Earnings release
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Press release dated September 9, 2026 1/14 P RESS RELEASE First half 2026 results September 9, 2026 - 6.00 PM CEST Sales: €1,001m (+1.4% vs H1 2025) EBITDA: €60m (6% of sales vs 4.9% in H1 2025) Operating cash flow: €54m I n the first half of 2026, the Group operated in an environment of persistent uncertainty, exacerbated by geopolitical tensions notably in the Middle East. In this e nvironment, the Group managed to maintain its operational performance. T he JACQUET and STAPPERT divisions, specialized in stainless steels distribution, performed fairly well in their respective markets. Volumes distributed by JACQUET were +10.1% higher than those of H1 2025, benefiting notably from the strength of the division in North America, supported by its investment policy. For its part, STAPPERT recorded a +4.7% increase in volumes over the same period. T he IMS group division, specialized in engineering steels distribution, continue d to be affected by challenging conditions in the German market, in an otherwise slightly better oriented European context. Accordingly, volumes distributed by IMS group were down -4.4% compared to H1 2025. The Group’s sales totaled €1 billion for the first half of the year, up +1.4% from the previous year, and the gross margin represented 25.1% of sales, compared to 23.6% in H1 2025. E BITDA amounted to € 60 million, representing 6% of sales compared to 4.9% in H1 2025, and Net income (Group share) came to €22 million. A t the end of June 2026, the Group generated €54 million in operating cash flow, with shareholders’ equity of €677 million and a net debt-to-equity ratio (gearing) of 21% (stable compared to 2025 year-end). In the first half of 2026, capital expenditure amounted to €30 million, mainly related to two real estate acquisitions in Spain, in Zaragoza and Valencia, operated by the IMS g roup division, and the construction of a distribution center in Chengdu (China) that will enable JACQUET to triple its distribution capacity in that province over the medium term. I n May 2026, with the acquisition of the Spanish company SABATER Fundimol ( sales: €11 million), the IMS group division strengthened its aluminum business, which now accounts for approximately 10% of its activity.
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Press release dated September 9, 2026 2/14 Finally, the Group has just finalized the acquisition of the American company Energy Steel Products, specialized in the distribution of stainless steel long products ( sales: €25 million). This company, which operates out of Houston and Chicago, strengthens the JACQUET division’s distribution network in North America, which now accounts for approximately 38% of the division’s activity. Market conditions in the coming quarters are expected to remain similar to those observed since the beginning of the year. In this context of reduced visibility, the Group will focus on tight management of its financial balances while pursuing its investment and development policy. H1 2026 results On September 9, 2026, the Board of Directors, chaired by Éric Jacquet, approved the consolidated financial statements for the six months ended June 30, 2026, on which the Statutory Auditors had conducted a limited review. €m Sales Change 2026 vs 2025 Price effect Volume effect Scope effect Gross margin % of sales EBITDA * % of sales Adjusted operating income * % of sales Operating income Net income (Group share) * Adjusted for non-recurring items Consolidated sales amounted to €1,001 million, up +1.4% compared to H1 2025, including the following effects: - volumes sold: +1.5% (Q1 +0.8%; Q2 +2.3%); - prices: -0.3% (Q1 -2.4%; Q2 +2.1% and +3.2% vs Q1 2026); - scope: +0.2% (Q2 +0.4%) with the acquisition of SABATER Fundimol in May 2026. Gross margin amounted to €251 million representing 25.1% of sales (Q1 24.7%; Q2 25.5%), compared to €232 million in H1 2025 (23.6% of sales). Current operating expenses* amounted to €191 million, up +3.8% compared to those of H1 2025. Measures aiming to adapt the structure of the IMS group division generated savings of around €3.4 million in H1 2026, after €4 million already realized in 2025. Overall, these measures will generate annual savings of around €10 million (of which full impacts are expected in 2028). * excluding depreciation and amortization €(21)m and provisions €1m EBITDA amounted to €60 million and represented 6% of sales compared to €48 million in H1 2025 (4.9% of sales). Adjusted operating income amounted to €40 million (4% of sales). Net income (Group Share) amounted to €22 million, compared to €6 million in H1 2025. Q2 2026 Q2 2025 499 +4.8% +2.1% +2.3% +0.4% 476 127 25.5% 113 23.7% 31 6.3% 24 5.0% 21 4.2% 14 3.0% 24 15 14 4 H1 2026 H1 2025 1,001 +1.4% -0.3% +1.5% +0.2% 987 251 25.1% 232 23.6% 60 6.0% 48 4.9% 40 4.0% 29 2.9% 44 29 22 6
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Press release dated September 9, 2026 3/14 Financial position as of June 30, 2026 In H1 2026, the Group generated positive operating cash-flow of €54 million. Operating working capital amounted to €565 million (30.3% of sales), compared to €537 million at 2025 year-end (29.2% of sales), with inventories up by €21 million over the period (€590 million at the end of June 2026 compared to €569 million at 2025 year-end). After the financing of capital expenditure, net debt stood at €143 million with shareholders’ equity of €677 million, resulting in a net debt to equity ratio (gearing) of 21%, stable compared to 2025 year-end. As of June 30, 2026 , cash amounted to €179 million while lines of credit totaled €727 million (of which €405 mil- lion are unused).
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Press release dated September 9, 2026 4/14 H1 2026 earnings 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 2026 vs 2025 Price effect Volume effect Scope effect EBITDA 1 2 % of sales Adjusted operating income 2 % of sales 1 Excluding IFRS 16 impacts. As of June 30, 2026, non-division operations (mainly holding companies and real-estate companies) and the application of IFRS 16 - Leases contributed €3 million and €10 million to EBITDA respectively. 2 Adjusted for non-recurring items. n.a.: Not applicable. Q2 2026 JACQUET Stainless steel quarto plates STAPPERT Stainless steel long products IMS group Engineering metals 131 137 235 17.3% +5.6% -1.7% +5.1% -1.7% +2.7% +12.2% +7.3% -5.2% n.a. n.a. +0.8% 11 7 6 8.6% 4.9% 2.6% 9 6 4 7.1% 4.7% 1.6% H1 2026 JACQUET Stainless steel quarto plates STAPPERT Stainless steel long products IMS group Engineering metals 255 277 476 +9.5% +1.6% -2.6% -0.6% -3.1% +1.5% +10.1% +4.7% -4.4% n.a. n.a. +0.4% 22 14 11 8.5% 5.1% 2.3% 18 13 8 7.0% 4.8% 1.7%
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Press release dated September 9, 2026 5/14 JACQUET The division specializes in the distribution of stainless steel quarto plates. It generates 59% of its sales in Europe and 35% in North America. Sales amounted to €255 million, up +9.5% from €233 million in H1 2025: - volumes sold: +10.1% (Q1 +8.2%; Q2 +12.2%); - prices: -0.6% (Q1 -5.8%; Q2 +5.1% and +4.0% vs Q1 2026). Gross margin amounted to €79 million, representing 31.1% of sales, compared to €65 million in H1 2025 (28.0% of sales). EBITDA amounted to €22 million, representing 8.5% of sales, compared to €12 million in H1 2025 (5.0% of sales). Finally, the Group has just finalized the acquisition of the American company Energy Steel Products, specialized in the distribution of stainless steel long products (sales: €25 million). This company, which operates out of Houston and Chicago, strengthens the JACQUET division’s distribution network in North America. With this acquisition, this region now accounts for approximately 38% of the division’s activity. €m Q2 2026 Q2 2025 H1 2026 H1 2025 Sales 130.7 111.4 255.3 233.1 Change 2026 vs 2025 +17.3% +9.5% Price effect +5.1% -0.6% Volume effect +12.2% +10.1% Gross margin 40.9 32.0 79.3 65.3 % of sales 31.3% 28.7% 31.1% 28.0% EBITDA 11.2 5.3 21.8 11.7 % of sales 8.6% 4.7% 8.5% 5.0% Adjusted operating income 9.3 3.3 17.9 7.7 % of sales 7.1% 3.0% 7.0% 3.3%
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Press release dated September 9, 2026 6/14 STAPPERT The division specializes in the distribution of stainless steel long products mainly in Europe. It generates 41% of its sales in Germany, the largest European market. Sales amounted to €277 million, up +1.6% from €273 million in H1 2025: - volumes sold: +4.7% (Q1 +2.3%; Q2 +7.3%); - prices: -3.1% (Q1 -4.3%; Q2 -1.7% and +2.5% vs Q1 2026). Gross margin amounted to €60 million, representing 21.5% of sales, compared to €58 million in H1 2025 (21.1% of sales). EBITDA amounted to €14 million, representing 5.1% of sales, compared to €14 million in H1 2025 (5.1% of sales). €m Q2 2026 Q2 2025 H1 2026 H1 2025 Sales 136.8 129.5 277.5 273.1 Change 2026 vs 2025 +5.6% +1.6% Price effect -1.7% -3.1% Volume effect +7.3% +4.7% Gross margin 29.7 27.2 59.7 57.7 % of sales 21.7% 21.0% 21.5% 21.1% EBITDA 6.7 5.4 14.1 13.9 % of sales 4.9% 4.1% 5.1% 5.1% Adjusted operating income 6.4 5.6 13.4 13.5 % of sales 4.7% 4.3% 4.8% 4.9%
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Press release dated September 9, 2026 7/14 IMS group The division specializes in the distribution of engineering metals, mostly in the form of long products. It generates 35% of its sales in Germany, the largest European market. Sales amounted to €476 million, down -2.6% from €488 million in H1 2025: - volumes sold: -4.4% (Q1 -3.7%; Q2 -5.2%); - prices: +1.5% (Q1 +0.3%; Q2 +2.7% and +3.2% vs Q1 2026); - scope: +0.4% (Q2 +0.8%) with the acquisition of SABATER Fundimol in May 2026. Gross margin amounted to €112 million, representing 23.6% of sales, compared to €109 million in H1 2025 (22.4% of sales). Measures aiming to adapt the structure of the IMS group division generated savings of around €3.4 million in H1 2026, after €4 million already realized in 2025. Overall, these measures will generate annual savings of around €10 million (of which full impacts are expected in 2028). EBITDA amounted to €11 million, representing 2.3% of sales, compared to €9 million in H1 2025 (1.8% of sales). In May 2026, with the acquisition of the Spanish company SABATER Fundimol (sales: €11 million), the IMS group division strengthened its aluminum business, which now accounts for approximately 10% of its activity. €m Q2 2026 Q2 2025 H1 2026 H1 2025 Sales 234.8 238.8 476.0 488.4 Change 2026 vs 2025 -1.7% -2.6% Price effect +2.7% +1.5% Volume effect -5.2% -4.4% Scope effect +0.8% +0.4% Gross margin 56.7 53.8 112.4 109.5 % of sales 24.1% 22.5% 23.6% 22.4% EBITDA 6.1 4.9 11.1 8.9 % of sales 2.6% 2.0% 2.3% 1.8% Adjusted operating income 3.8 3.4 8.3 6.4 % of sales 1.6% 1.4% 1.7% 1.3%
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Press release dated September 9, 2026 8/14 Summary consolidated income statement Results as of June 30, 2026 are compared to results available in the H1 2025 press release and in the 2025 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF, French financial market regulator) on April 23, 2026 (filing No. D.26-0283). €k H1 2026 H1 2025 Sales 1,000,969 986,683 Gross margin % of sales 251,374 25.1% 232,448 23.6% Operating expenses (191,108) (184,103) Net depreciation and amortization (20,993) (21,780) Net provisions 994 2,345 Gains / losses on disposals of non-current assets 3,249 102 Other non-current income / (expenses) - - Operating income 43,576 29,012 Financial result (9,528) (11,692) Income before tax 34,048 17,320 Corporate income tax (9,727) (10,029) Consolidated net income 24,321 7,291 Net income (Group share) 22,452 6,403 Earnings per share in circulation (€) 1.07 0.30 Operating income 43,576 29,012 Non-recurring items and gains / losses on disposals (3,249) (102) Adjusted operating income 40,327 28,910 % of sales 4.0% 2.9% Net depreciation and amortization 20,933 21,780 Net provisions (994) (2,345) Non-recurring items - - EBITDA 60,266 48,345 % of sales 6.0% 4.9% Sales Consolidated sales amounted to €1,001 million, up +1.4% compared to H1 2025. €m Q2 2026 Q2 2025 H1 2026 H1 2025 Sales 499 476 1,001 987 Change 2026 vs 2025 +4.8% +1.4% Price effect +2.1% -0.3% Volume effect +2.3% +1.5% Scope effect +0.4% +0.2% 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 June 30, 2026; - 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.
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Press release dated September 9, 2026 9/14 The breakdown of sales by region is as follows: Gross margin Gross margin amounted to € 251 million representing 25.1% of sales, compared to € 232 million in H1 202 5 (23.6% of sales). €m Q2 2026 Q2 2025 H1 2026 H1 2025 Sales 499 476 1,001 987 Cost of goods sold (371) (363) (750) (754) Incl. purchases consumed (366) (368) (743) (766) Incl. inventory impairment (6) 5 (7) 11 Gross margin 127 113 251 232 % of sales 25.5% 23.7% 25.1% 23.6% Operating income Current operating expenses* amounted to €191 million, up +3.8% compared to those of H1 2025. Measures aiming to adapt the structure of the IMS group division generated savings of around €3.4 million in H1 2026. Overall, these measures will generate annual savings of around €10 million (of which full impacts are expected in 2028). * excluding depreciation and amortization €(21)m and provisions €1m Current operating expenses break down as follows: - personnel expenses (€107 million); - other expenses (€84 million), mainly composed of variable costs (transport, consumables, energy, maintenance, etc.) and of fixed costs for the remaining portion (fees, insurance, etc.). EBITDA amounted to €60 million and represented 6% of sales compared to €48 million in H1 2025 (4.9% of sales); it is not adjusted for non- recurring items. Net depreciation and amortization amounted to €21 million, including €9 million right-of-use amortization (application of IFRS 16). Adjusted operating income amounted to €40 million (4 % of sales). The Operating income, after recognizing a €3.2 million gain on disposals of non- current assets primarily linked to the sale of a site in Germany, amounted to €44 million. Italy 8% Spain 7% The Netherlands 7% North America 9% Other Europe 27% France 10% Asia / Other 2% Germany 30%
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Press release dated September 9, 2026 10/14 Financial result Net financial expense amounted to €10 million, compared to €12 million in H1 2025. As of June 30, 2026, the average gross debt rate (over 12 rolling months) was 4.3% (average gross debt: €335 million) compared to 4.6% in 2025 (average gross debt in 2025: €397 million). €m Q2 2026 Q2 2025 H1 2026 H1 2025 Net cost of debt (3.6) (5.3) (7.3) (9.7) Other financial items (1.1) (0.5) (2.2) (2.0) Net financial expense (4.8) (5.8) (9.5) (11.7) Net income Net income (Group share) amounted to €22.5 million, compared to €6.4 million in H1 2025. In H1 2026, the average tax rate came to 28.6%. €m Q2 2026 Q2 2025 H1 2026 H1 2025 Income before tax 19.3 8.7 34.0 17.3 Corporate income tax Income tax rate (4.8) 25.1% (4.3) 49.8% (9.7) 28.6% (10.0) 57.9% Consolidated net income 14.5 4.4 24.3 7.3 Minority interests (0.9) (0.2) (1.9) (0.9) Net income (Group share) % of sales 13.6 2.7% 4.1 0.9% 22.5 2.2% 6.4 0.6% Post balance sheet events None.
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Press release dated September 9, 2026 11/14 Summary consolidated financial position Balance sheets €m 30.06.26 31.12.25 Goodwill 73 70 Net non-current assets 271 254 Right -of-use assets 64 66 Net inventory 590 569 Net trade receivables 274 186 Other assets 99 98 Cash & cash equivalents 179 179 Total assets 1,550 1,421 Shareholders' equity 677 654 Provisions (including provisions for employee benefit obligations) 77 79 Trade payables 299 217 Borrowings 322 319 Other liabilities 102 78 Lease liabilities 72 74 Total equity and liabilities 1,550 1,421 Working capital Operating working capital amounted to €565 million (30.3% of sales), compared to €537 million at 2025 year -end (29.2% of sales), with inventories up by €21 million over the semester (€590 million at the end of June 2026 compared to €569 million at 2025 year-end). Operating working capital includes a provision of around €5 million for the European Carbon Border Adjustment Mechanism (CBAM). Having come into force in early 2026, the tax rules have only been partly defined by the regulator to date. Consequently, while the Group’s subsidiaries concern ed by this mechanism are seeking to gradually include this charge into their selling prices, the amount can only be estimated at this stage. This tax will be paid for the first time in 2027. €m 30.06.26 31.12.25 Variations Net inventory 590 569 +21 Days sales inventory1 187 189 Net trade receivables 274 186 +89 Days sales outstanding 49 49 Trade payables (299) (217) -82 Days payables outstanding 61 63 Net operating working capital 565 537 +28 % of sales1 30.3% 29.2% Other receivables / payables excluding taxes and financial items (42) (25) Working capital excluding taxes and financial items 523 512 +10 Consolidation and other changes 13 Working capital before taxes and financial items and adjusted for other changes 523 5252 -3 % of sales1 28.0% 28.4% 1 12 rolling months (including the acquisition of SABATER Fundimol in 2026 over 12 rolling months) 2 Restated from other variations and perimeter changes
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Press release dated September 9, 2026 12/14 Provisions for contingencies and charges and employee benefit obligations Provisions for contingencies and charges and employee benefit obligations amounted to €77 million at the end of June 2026, compared to € 79 million at 2025 year-end. These provisions consist of: - provisions for employee benefit obligations (€ 30 million at the end of June 202 6, compared to € 32 million at 2025 year-end) mainly related to pension obligations; - current and non-current provisions (€47 million at the end of June 2026, stable compared to 2025 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 In H1 2026, the Group generated positive operating cash- flow of €54 million . In the first half of 2026, capital expenditure amounted to €30 million, mainly related to two real estate acquisitions in Spain, in Zaragoza and Valencia, operated by the IMS group division, and the construction of a distribution center in Chengdu (China) that will enable JACQUET to triple its distribution capacity in that province in the medium term. “Other movements” notably consist of the purchase price of the acquisition of SABATER Fundimol, rent expenses pursuant to the application of IFRS 16 - Leases (€ 9 million) as well as the impact of the initial application of the amendment to IFRS 9 - Financial Instruments. The application of this amendment results in a reclassification of assets and liabilities, leading to an increase in net debt and Working capital by €7 million at the opening date and by €8 million at the end of June 2026. At the end of H1 2026, net debt amounted to € 143 million with shareholders’ equity of € 677 million, resulting in a net debt to equity ratio (gearing) of 21%, stable compared to 202 5 year-end. €m 30.06.26 31.12.25 Borrowings 321.7 318.8 Cash and cash equivalents 178.9 179.0 Net debt 142.8 139.8 Net debt to equity ratio (gearing) 21.1% 21.4% €m H1 2026 H1 2025 Operating cash-flow before change in working capital Change in working capital 51 3 35 14 Cash-flow from operating activities 54 50 Capital expenditure (30) (10) Asset disposals 6 0 Dividends paid to shareholders of JACQUET METALS SA - - Interest (8) (12) Other movements (25) (14) Change in net debt (3) 14 Net debt brought forward 140 175 Net debt carried forward 143 161
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Press release dated September 9, 2026 13/14 Borrowings As of June 30, 2026, the Group had €727 million in lines of credit, 44% of which had been used: €m Maturity Authorized at 30.06.26 Used at 30.06.26 % used 2026 and indefinite maturity 2027- 2028 2029- 2030 2031 and beyond Syndicated revolving loan 2028 160 - 0% - - - - Schuldscheindarlehen 2029 72 72 100% - - 72 - Schuldscheindarlehen 2030 80 80 100% - - 80 - Term loans 80 80 100% 14 41 24 1 Other lines of credit 129 35 27% 12 23 - - JACQUET METALS SA borrowings 521 267 51% 26 64 176 1 Operational lines of credit (letter of credit, etc.) 134 25 19% 20 5 - - Factoring 44 1 3% 1 - - - Assets financing (term loans, etc.) 28 28 100% 4 16 4 5 Subsidiaries borrowings 206 55 27% 25 21 4 5 Total 727 322 44% 51 85 179 6 In addition to the financing shown in the above table, the Group also had €73 million in non-recourse recei- vable assignment facilities, €44 million of which had been used as of June 30, 2026. Borrowings by rate: €m 30.06.26 31.12.25 Fixed rates 76 89 Floating rates 246 230 Total borrowings 322 319 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 June 30, 2026) €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% n.a.: Not applicable As of June 30, 2026, all borrowings covenants were in compliance.
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Press release dated September 9, 2026 14/14 F inancial analysts meeting (French language): September 10, 2026 – 11.00 AM CEST Access Fina ncial communication schedule R esults as of September 30, 2026 November 4, 2026 2026 annual results March 2027 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 3,290 employees, JACQUET METALS has a network of 120 distribution centers in 23 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