Earnings release
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Press release dated November 5, 2025 1/14 PRESS RELEASE Results as of September 30, 2025 November 5, 2025 - 6.00 PM CET Sales: €1,427m (-7.5% vs 30.09.2024) EBITDA: €71m (4.9% of sales vs 3.9% as of 30.09.2024) Operating cash-flow: €60m As of September 30, 2025, Group sales, primarily marked by low demand, notably in Germany, and pressure on prices, amounted to €1,427 million, -7.5% lower than those recorded a year earlier (Q3 -6%), while the gross margin represented 23.5% of sales (Q3: 23.5%), compared to 21.4% a year earlier. The JACQUET and STAPPERT divisions, specialized in stainless steels distribution, were resilient overall. The volumes distributed by JACQUET were +1.7% higher than those of 2024 (Q3 +6.8%), benefiting from the division’s positioning in North America and Asia. Meanwhile, STAPPERT maintained stable volumes, - 0.5% versus 2024 (Q3 +1.1%). The IMS group division, specialized in engineering steels distribution, was particularly affected by the slowdown in industrial activity on the German market . Activity was also curbed by ongoing measures aiming to adapt the structure of the division in Germany and the decision to stop distributing certain low value-added product ranges. As of September 30, 2025, a t constant scope, IMS group volumes were down -5.1% versus the previous year (Q3 +0.2%). In these conditions, EBITDA amounted to €71 million, representing 4.9% of sales (Q3: 5%) compared to €61 million as of September 30, 2024 (3.9% of sales), while Net income (Group share) came to €9 million. In this context, the Group generated positive operating cash-flow of €60 million. At the end of September 2025, capital expenditure amounted to €16 million, with shareholders' equity of €650 million and a net debt to equity ratio (gearing) of 26% (27% at 2024 year-end). Over the coming months, in the current troubled and uncertain geopolitical and economic environment, the Group will focus on managing its working capital and costs, maintaining its financial strength, and pursuing its investment and development policy.
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Press release dated November 5, 2025 2/14 Results as of September 30, 2025 On November 5, 2025, the Board of Directors, chaired by Éric Jacquet, approved the consolidated financial statements as of September 30, 2025. €m Sales Gross margin % of sales EBITDA* % of sales Adjusted operated income* % of sales Operating income Net income (Group share) * Adjusted for non-recurring items. Consolidated sales amounted to €1,427 million, down -7.5% compared to September 30, 2024, including the following effects: - volumes sold: -2.3% (Q3 +2.1%); - prices: -5.6% (Q3 -8.1% and -1.7% vs Q2 2025); - scope: +0.4% (Q1 +1.1%) with the acquisition of COMMERCIALE FOND (Italy) in March 2024. Gross margin amounted to €336 million representing 23.5% of sales (Q3: 23.5%), compared to €330 million a year earlier (21.4% of sales). Current operating expenses* amounted to €265 million, down -2.1% compared to those as of September 30, 2024, at constant scope (-1.6% taking into account the Q1.2025 contribution of the acquisition made in 2024). Measures aiming to adapt the structure of the IMS group division are continuing and will generate annual savings of around €10 million (of which full impacts are expected in 2027). * excluding depreciation, amortization €(32)m and provisions €2m EBITDA amounted to €71 million and represented 4.9% of sales compared to €61 million as of September 30, 2024 (3.9% of sales). Adjusted operating income amounted to €40 million (2.8% of sales). Net income (Group share) amounted to €9 million, compared to €4 million as of September 30, 2024 (the latter included the recognition of a €4.4 million badwill gain). In application of IAS 29 on h yperinflationary economies – Turkey in the present case – the 2025 result includes a financial expense of €2.1 million, including €1.1 million without impact on shareholders’ equity (corresponding to the inflation impact from 2022 to 2024). Q3 2025 Q3 2024 441 469 104 23.5% 106 22.5% 22 5.0% 22 4.7% 11 2.5% 10 2.2% 11 10 3 1 30.09.25 9 months 30.09.24 9 months 1,427 1,543 336 23.5% 330 21.4% 71 4.9% 61 3.9% 40 2.8% 28 1.8% 40 34 9 4
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Press release dated November 5, 2025 3/14 Financial position as of September 30, 2025 During the first 9 months of 2025, the Group generated positive operating cash-flow of €60 million. Operating working capital amounted to € 573 million (30.9% of sales) as of September 30, 2025, compared to €564 million at 2024 year-end (28.6% of sales), with inventories down by €48 million (€567 million at the end of September 2025 compared to €615 million at 2024 year -end). After the financing of capital expenditure, net debt stood at €170 million with shareholders’ equity of € 650 million, resulting in a net debt to equity ratio (gearing) of 26%, compared to 27% at 2024 year-end. At the end of September 2025, cash amounted to €169 million while lines of credit totaled €742 million (of which €404 million is unused).
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Press release dated November 5, 2025 4/14 Results as of September 30, 2025 by division JACQUET METALS markets its products through a portfolio of three divisions, each of which targets specific customers and markets: Stainless steel quarto plates Stainless steel long products Engineering metals €m Sales Change 2025 vs 2024 Price effect Volume effect Scope effect EBITDA 1 2 % of sales Adjusted operating income 2 % of sales 1 Excluding IFRS 16 impacts. As of September 30, 2025, non-division operations (mainly holding companies and real-estate companies) and the application of IFRS 16 - Leases contributed €5 million and €16 million to EBITDA respectively. 2 Adjusted for non-recurring items. n.a.: Not applicable. Q3 2025 JACQUET Stainless steel quarto plates STAPPERT Stainless steel long products IMS group Engineering Metals 109 123 212 -0.1% -7.8% -7.8% -6.9% -9.0% -8.0% +6.8% +1.1% +0.2% n.a. n.a. n.a. 6 4 4 5.5% 3.4% 2.0% 4 3 2 3.8% 2.8% 1.0% 30.09.25 9 months JACQUET Stainless steel quarto plates STAPPERT Stainless steel long products IMS group Engineering metals 342 396 700 -2.7% -6.2% -10.4% -4.4% -5.6% -6.1% +1.7% -0.5% -5.1% n.a. n.a. +0.8% 18 18 13 5.2% 4.6% 1.9% 12 17 8 3.5% 4.3% 1.2%
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Press release dated November 5, 2025 5/14 JACQUET The division specializes in the distribution of stainless steel quarto plates. It generates 60% of its sales in Europe and 34% in North America. Sales amounted to €342 million, down -2.7% from €352 million as of September 30, 2024: - volumes sold: +1.7% (Q1 +1.0%; Q2 -1.7%; Q3 +6.8%); - prices: -4.4% (Q1 -2.0%; Q2 -5.3%; Q3 -6.9% and -0.7% vs Q2 2025). Gross margin amounted to €96 million, representing 28.2% of sales, compared to €91 million as of September 30, 2024 (25.9% of sales). EBITDA amounted to €18 million, representing 5.2% of sales, compared to €14 million as of September 30, 2024 (3.9% of sales). €m Q3 2025 Q3 2024 30.09.25 9 months 30.09.24 9 months Sales 109.2 109.4 342.4 352.0 Change 2025 vs 2024 -0.1% -2.7% Price effect -6.9% -4.4% Volume effect +6.8% +1.7% Gross margin 31.2 28.9 96.5 91.1 % of sales 28.6% 26.4% 28.2% 25.9% EBITDA 6.0 4.3 17.7 13.8 % of sales 5.5% 3.9% 5.2% 3.9% Adjusted operating income 4.2 2.3 11.9 7.9 % of sales 3.8% 2.1% 3.5% 2.2%
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Press release dated November 5, 2025 6/14 STAPPERT The division specializes in the distribution of stainless steel long products mainly in Europe. It generates 42% of its sales in Germany, the largest European market. Sales amounted to €396 million, down -6.2% from €422 million as of September 30, 2024: - volumes sold: -0.5% (Q1 -0.9%; Q2 -1.7%; Q3 +1.1%); - prices: -5.6% (Q1 -3.4%; Q2 -4.8%; Q3 -9.0% and -3.1% vs Q2 2025). Gross margin amounted to €82 million, representing 20.8% of sales, compared to €76 million as of September 30, 2024 (18.0% of sales). EBITDA amounted to €18 million, representing 4.6% of sales, compared to €12 million as of September 30, 2024 (2.7% of sales). €m Q3 2025 Q3 2024 30.09.25 9 months 30.09.24 9 months Sales 122.7 133.2 395.9 421.8 Change 2025 vs 2024 -7.8% -6.2% Price effect -9.0% -5.6% Volume effect +1.1 % -0.5% Gross margin 24.8 27.3 82.5 75.9 % of sales 20.2% 20.5% 20.8% 18.0% EBITDA 4.2 6.5 18.1 11.6 % of sales 3.4% 4.9% 4.6% 2.7% Adjusted operating income 3.5 5.8 16.9 9.3 % of sales 2.8% 4.4% 4.3% 2.2%
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Press release dated November 5, 2025 7/14 IMS group The division specializes in the distribution of engineering metals, mostly in the form of long products. It generates 38% of its sales in Germany, the largest European market. Sales amounted to €700 million, down -10.4% from €781 million as of September 30, 2024: - volumes sold: -5.1% (Q1 -11.2%; Q2 -2.8%; Q3 +0.2%); - prices: -6.1% (Q1 -4.9%; Q2 -5.8%; Q3 -8.0% and -1.3% vs Q2 2025); - scope: +0.8% (Q1 +2.2%) with the acquisition of COMMERCIALE FOND (Italy) in March 2024. Gross margin amounted to €157 million, representing 22.4% of sales, compared to €163 million as of September 30, 2024 (20.9% of sales). EBITDA amounted to €13 million, representing 1.9% of sales, compared to €12 million as of September 30, 2024 (1.6% of sales). Measures aiming to adapt the structure of the IMS group division are continuing and will result in a reduction of around - 35% by 2027 of its distribution capacities in Germany (staff and storage areas). These measures are continuing and will generate annual savings of around €10 million (of which full impacts are expected in 2027). €m Q3 2025 Q3 2024 30.09.25 9 months 30.09.24 9 months Sales 211.9 229.9 700.3 781.3 Change 2025 vs 2024 -7.8% -10.4% Price effect -8.0% -6.1% Volume effect +0.2% -5.1% Scope effect n.a. +0.8% Gross margin 47.6 49.4 157.0 163.3 % of sales 22.5% 21.5% 22.4% 20.9% EBITDA 4.3 3.1 13.2 12.3 % of sales 2.0% 1.4% 1.9% 1.6% Adjusted operating income 2.0 0.5 8.4 7.8 % of sales 1.0% 0.2% 1.2% 1.0%
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Press release dated November 5, 2025 8/14 Summary consolidated income statement Results as of September 30, 2025, are compared to results available in the Q3 2024 press release and in the 2024 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF, French financial market regulator) on April 25, 2025 (filing No. D.25-0298). €k 30.09.25 9 months 30.09.24 9 months Sales 1,427,183 1,542,504 Gross margin % of sales 336,013 23.5% 330,340 21.4% Operating expenses (265,499) (269,825) Net depreciation and amortization (32,352) (32,424) Net provisions 1,969 341 Gains / losses on disposals of non-current assets 355 1,117 Other non-current income / (expenses) - 4,401 Operating income 40,486 33,950 Financial result (18,009) (14,355) Income before tax 22,477 19,595 Corporate income tax (12,236) (12,943) Consolidated net income 10,241 6,652 Net income (Group share) 9,032 4,093 Earnings per share in circulation (€) 0.42 0.19 Operating income 40,486 33,950 Non-recurring items and gains / losses on disposals (355) (5,518) Adjusted operating income 40,131 28,432 % of sales 2.8% 1.8% Net depreciation and amortization 32,352 32,424 Net provisions (1,969) (341) Non-recurring items - - EBITDA 70,514 60,515 % of sales 4.9% 3.9% Sales Consolidated sales amounted to €1,427 million, down -7.5% compared to September 30, 2024. €m Q3 2025 Q3 2024 30.09.25 9 months 30.09.24 9 months Sales 441 469 1,427 1,543 Change 2025 vs 2024 -6.0% -7.5% Price effect -8.1% -5.6% Volume effect +2.1% -2.3% Scope effect* n.a. +0.4% The various effects are calculated as follows: - volume effect = (Vn - Vn-1) × Pn-1, where V = volumes and P = average sale price converted into euros at the average exchange rate; - price effect = (Pn - Pn-1) × Vn; - the exchange rate effect is included in the price effect. There was no significant impact as of September 30, 2025; - change in consolidation (current year acquisitions and disposals): - acquisitions: change in consolidation corresponds to the contribution (volumes and sales) of the acquired entity since the acquisition date; - disposals: change in consolidation corresponds to the contribution (volumes and sales) made by the sold entity in the year preceding disposal from the date falling one year before the disposal date until the end of the previous year; - change in consolidation (previous year acquisitions and disposals): - acquisitions: the impact of the change in consolidation scope corresponds to the contribution (volumes and sales) of the acquired entity in the current year from January, 1 until the anniversary of the acquisition; - disposals: the impact of the change in consolidation scope corresponds to the contribution (volumes and sales) of the sold entity from January, 1 the previous year until the date of disposal. * Excluding the non-significant impact of the sale of 3 Baltic companies at the end of June 2024 (purchased in October 2023).
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Press release dated November 5, 2025 9/14 The breakdown of sales by region is as follows: North America 8% Germany 32% Asia / Outside Europe 2% Other Europe 26% France 10% Italy 8% The Netherlands 7% Spain 7% Gross margin Gross margin amounted to € 336 million representing 23.5% of sales, compared to € 330 million a year earlier (21.4% of sales). €m Q3 2025 Q3 2024 30.09.25 9 months 30.09.24 9 months Sales 441 469 1,427 1,543 Cost of goods sold (337) (363) (1,091) (1,212) Incl. purchases consumed (340) (365) (1,106) (1,218) Incl. inventory impairment 3 2 15 5 Gross margin 104 106 336 330 % of sales 23.5% 22.5% 23.5% 21.4% Operating income Current operating expenses* amounted to €265 million, down -2.1% compared to those as of September 30, 2024 at constant scope (-1.6% taking into account the Q1.2025 contribution of the acquisition made in 2024). * excluding depreciation, amortization €(32)m and provisions €2m. Current operating expenses break down as follows: - personnel expenses (€150 million); - other expenses (€115 million), notably including transport, consumables, energy, maintenance, fees and insurance. EBITDA amounted to €71 million and represented 4.9% of sales compared to €61 million as of September 30, 2024 (3.9% of sales); it is not restated from non-recurring items. Adjusted operating income amounted to €40.1 million (2.8% of sales) and the Operating income, after recognizing a €0.4 million gain on disposals of assets, amounted to €40.5 million.
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Press release dated November 5, 2025 10/14 Financial result The net cost of debt was €13.4 million c ompared to €11.8 million as of September 30, 2024. This increase is mainly due to the expiration of the hedging instruments at 2024 year-end (SWAP and CAP below 0.20%). As of September 30, 2025, the average gross debt rate (over 12 rolling months) was 4.8% (average gross debt: €448 million) compared to 5.1% as of December 31, 2024 (average gross debt in 2024: €540 million). ‘Other financial items’ increased by €2 million to €4.6 million, mainly due to the application of IAS 29 on hyperinflationary economies – Turkey in the present case – which led the Group to record a loss of €2.1 million (compared to €0.8 million as of September 2024), including €1.1 million without impact on shareholders’ equity (corresponding to the inflation impact from 2022 to 2024). €m Q3 2025 Q3 2024 30.09.25 9 months 30.09.24 9 months Net cost of debt (3.7) (4.0) (13.4) (11.8) Other financial items (2.6) (1.4) (4.6) (2.6) Net financial expense (6.3) (5.4) (18.0) (14.4) Net income Net income (Group Share) amounted to €9 million, compared to € 4 million as of September 30, 2024 (the latter included the recognition of a €4.4 million badwill). As of September 30, 2025, the average tax rate is 35%. However, due to deferred tax on accounting restatements and due to the non-recognition of certain tax carry-forward, the effective tax rate came to 54%. €m Q3 2025 Q3 2024 30.09.25 9 months 30.09.24 9 months Income before tax 5.2 4.9 22.5 19.6 Corporate income tax Income tax rate (2.2) 42.8% (3.7) 74.9% (12.2) 54.4% (12.9) 66.1% Consolidated net income 3.0 1.2 10.2 6.7 Minority interests (0.3) (0.7) (1.2) (2.6) Net income (Group share) % of sales 2.6 0.6% 0.5 0.1% 9.0 0.6% 4.1 0.3% Post balance sheet events None.
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Press release dated November 5, 2025 11/14 Summary consolidated financial position Balance sheets €m 30.09.25 31.12.24 Goodwill 70 70 Net non-current assets 257 264 Right -of-use assets 62 73 Net inventory 567 615 Net trade receivables 215 188 Other assets 97 114 Cash & cash equivalents 169 356 Total assets 1,436 1,680 Shareholders' equity 650 658 Provisions (including provisions for employee benefit obligations) 81 88 Trade payables 209 239 Borrowings 339 531 Other liabilities 85 82 Lease liabilities 72 82 Total equity and liabilities 1,436 1,680 Working capital Operating working capital amounted to €573 million (30.9% of sales) as of September 30, 2025, compared to €564 million at 2024 year -end (28.6% of sales), with the following changes: - net trade receivables up by €27 million; - trade payables down by €30 million , and - inventories down by €48 million (€ 567 million at the end of September 2025 compared to €615 million at 2024 year-end). €m 30.09.25 31.12.24 Change Net inventory 567 615 -48 Days sales inventory* 186 188 Net trade receivables 215 188 +27 Days sales outstanding 47 49 Trade payables (209) (239) +30 Days payables outstanding 54 65 Net operating working capital 573 564 +9 % of sales* 30.9% 28.6% Other receivables / payables excluding taxes and financial items (40) (19) Working capital excluding taxes and financial items 533 545 -13 Consolidation and other changes (6) Working capital before taxes and financial items and adjusted for other changes 533 540 -7 % of sales* 28.7% 27.4% * 12 rolling months
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Press release dated November 5, 2025 12/14 €m 30.09.25 9 months 30.09.24 9 months Operating cash-flow before change in working capital Change in working capital 53 7 52 81 Cash-flow from operating activities 60 133 Capital expenditure (16) (53) Asset disposals 1 1 Dividends paid to shareholders of JACQUET METALS SA (4) (4) Interest paid (16) (14) Other movements (19) (48) Change in net debt 6 14 Net debt brought forward 175 210 Net debt carried forward 170 196 Provisions for contingencies and charges and employee benefit obligations Provisions for contingencies and charges and employee benefit obligations amounted to € 81 million at the end of September 2025, compared to €88 million at 2024 year-end. These provisions consist of: - provisions for employee benefit obligations (€ 34 million at the end of September 2025, compared to € 37 million at 2024 year-end) mainly related to pension obligations; - current and non-current provisions (€47 million at the end of September 2025, compared to €50 million at 2024 year-end), mainly relating to contractual commitments (site remediation, etc.), litigation risks, reorganization costs, or even risks of retroactive taxation on certain imports. Cash-flow and net debt As of September 30, 2025, the Group generated positive operating cash-flow of €60 million. Capital expenditure amounted to €16 million, mainly dedicated to modernization and increase in distribution capacities. "Other movements" notably consist of share buybacks and rent expenses pursuant to the application of IFRS 16 - Leases. After the financing of capital expenditure, net debt amounted to €170 million with shareholders’ equity of € 650 million, resulting in a net debt to equity ratio (gearing) of 26%, compared to 27% at 2024 year-end. €m 30.09.25 31.12.24 Borrowings 338.6 531.1 Cash and cash equivalents 168.9 355.7 Net debt 169.7 175.4 Net debt to equity ratio (gearing) 26.1% 26.6%
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Press release dated November 5, 2025 13/14 Borrowings As of September 30, 2025, the Group had €742 million in lines of credit, 46% of which had been used: €m Maturity Authorized at 30.09.25 Used at 30.09.25 % used 2025 and indefinite maturity 2026- 2027 2028- 2029 2030 and beyond Syndicated revolving loan 2028 160 - 0 % - - - - Schuldsheindarlehen 2029 72 72 100 % - - 72 - Schuldsheindarlehen 2030 80 80 100 % - - - 80 Term loans 81 81 100 % 7 43 28 3 Other lines of credit 125 29 23 % 10 19 - - JACQUET METALS SA borrowings 518 262 50 % 17 62 100 83 Operational lines of credit (letter of credit, etc.) 140 36 26 % 36 - - - Factoring 44 0 1 % 0 - - - Assets financing (term loans, etc.) 40 40 100 % 3 19 12 7 Subsidiaries borrowings 224 77 34 % 39 19 12 7 Total 742 339 46 % 56 81 112 89 In addition to the financing shown in the above table, the Group also had €69 million in non-recourse receivable assignment facilities, €41 million of which had been used as of September 30, 2025. Borrowings by rate: €m 30.09.25 31.12.24 Fixed rates 96.1 203.5 Floating rates 242.5 327.6 Total borrowings 338.6 531.1 Borrowings covenants mainly apply to the following borrowings: Syndicated revolving loan 2028 Schuldscheindarlehen 2029 Schuldscheindarlehen 2030 Date of signature July 2023 February 2024 April 2025 Maturity July 2028 February 2029 April 2030 Amount €160 million (unused as of September 30, 2025) €72 million (fully used) €80 million (fully used) Amortization n.a. in fine Guarantee None Change of control clause JSA must hold at least 37% of JACQUET METALS SA's share capital or voting rights Main covenants Compliance with one of the two ratios: - net debt to equity ratio (gearing) less than 100%, or - leverage less than 2 Net debt to equity ratio (gearing) less than 100% As of September 30, 2025, all borrowings covenants were in compliance.
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Press release dated November 5, 2025 14/14 Financial analysts meeting (French language): November 5, 2025 – 6.15 PM CET Access Financial communication schedule 2025 annual results March 18, 2026 Investors and shareholders may obtain complete financial information from the Company's website at: jacquetmetals.com.
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JACQUET METALS is a major player in the distribution of special metals. The Group develops and operates a portfolio of three brands: JACQUET stainless steel quarto plates - STAPPERT stainless steel long products - IMS group engineering metals With a headcount of 3,336 employees, JACQUET METALS has a network of 119 distribution centers in 24 countries in Europe, Asia and North America. JACQUET METALS: Thierry Philippe - Chief Financial Officer - comfi@jacquetmetals.com NEWCAP: Thomas Grojean - T +33 1 44 71 98 55 – jacquetmetals@newcap.eu