Earnings release
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Press release dated November 4, 2026 1/14 PRESS RELEASE Results as of September 30, 2026 November 4, 2026 - 6.00 PM CET Sales: €1,479m (+3.7% vs 30.09.2025) EBITDA: €95m (6.4% of sales vs 4.9% as of 30.09.2025) Operating cash-flow: €37m Net income (Group share) : €34m As of September 30, 2026, Group sales amounted to €1.5 billion, +3.7% higher than those recorded a year earlier, and the gross margin represented 25.4% of sales (Q3: 25.9%), compared to 23.5% as of September 30, 2025. I n an environment of persistent uncertainty, 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 +8.9% higher than those recorded as of September 30, 2025 (Q3: +6.5%), benefiting notably from the strength of the division in North America, supported by its investment policy. For its part, STAPPERT recorded a +5% increase in volumes over the same period (Q3: +5.8%). T he IMS group division, specialized in engineering steels distribution, continued 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 -5.4% year-on-year (Q3: -7.7%). EBITDA amounted to €95 million, representing 6.4% of sales compared to 4.9% as of September 30, 2025, Net income (Group share) came to €34 million, and operating cash flow amounted to €37 million. D uring the first nine months of 2026, capital expenditure (excluding external growth) amounted to €47 million, mainly related to real estate acquisitions completed by IMS group, in Zaragoza and Valencia (Spain) , and by JACQUET in Montreal (Canada) and Chengdu (China) . In Montreal, the new distribution center acquired in August will gather from mid-2027, the operations currently carried out at two leased sites. In Chengdu, the new distribution center, now operational, will enable JACQUET to triple its distribution capacity in that province over the medium term. T he Group also completed two acquisitions: SABATER Fundimol in Spain (sales: €11 million), strengthening the IMS group division’s aluminum business, and Energy Steel Products in the USA (sales: €25 million), strengthening the JACQUET division’s distribution network in North America. Following the latter acquisition, North America now accounts for approximately 38% of the JACQUET division’s activity and 10% of the Group’s activity.
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Press release dated November 4, 2026 2/14 At the end of September 2026, shareholders’ equity amounted to €689 million and the net debt-to-equity ratio (gearing) to 31.1% (21.4% at 2025 year-end). 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. Results as of September 30, 2026 On November 4, 2026, the Board of Directors, chaired by Éric Jacquet, approved the consolidated financial statements as of September 30, 2026. €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 €1,479 million, up +3.7% compared to those as of September 30, 2025, including the following effects: - volumes sold: +0.9% (Q1 +0.8%; Q2 +2.3%; Q3 -0.6%); - prices: +2.3% (Q1 -2.4% ; Q2 +2.1%; Q3 +8.2% and +3.7% vs Q2 2026). - scope: +0.5% (Q2 +0.4%; Q3 +1.1%) with the acquisitions of SABATER Fundimol in May 2026 and Energy Steel Products in September 2026. Gross margin amounted to €375 million representing 25.4% of sales (Q3 : 25.9%), compared to €336 million a year earlier (23.5% of sales). Current operating expenses* amounted to €280 million, up +5.5% compared to those of as of September 30, 2025 (5,2 % at constant scope). Measures aiming to adapt the structure of the IMS group division generated additional savings of around €3 million as of September 30, 2026, after savings of €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 €(32)m and provisions €0.1m EBITDA amounted to €95 million and represented 6.4% of sales compared to €71 million as of September 30, 2025 (4.9% of sales). Adjusted operating income amounted to €64 million (4.3% of sales). Net income (Group Share) amounted to €34 million, compared to €9 million as of September 30, 2025. Q3 2026 Q3 2025 478 +8.6% +8.2% -0.6% +1.1% 441 124 25.9% 104 23.5% 35 7.3% 22 5.0% 23 4.9% 11 2.5% 23 11 12 3 30.09.26 9 months 30.09.25 9 months 1.479 +3.7% +2.3% +0.9% +0.5% 1,427 375 25.4% 336 23.5% 95 6.4% 71 4.9% 64 4.3% 40 2.8% 67 40 34 9
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Press release dated November 4, 2026 3/14 Financial position as of September 30, 2026 During the first 9 months of 2026, the Group generated positive operating cash-flow of €37 million. Operating working capital amounted to €624 million (32.5% of sales), compared to €537 million at 2025 year- end (29.2% of sales), with inventories up by €45 million (€613 million at the end of September 202 6 compared to €569 million at 2025 year-end). After the financing of capital expenditure, net debt stood at €214 million with shareholders’ equity of € 689 million, resulting in a net debt to equity ratio (gearing) of 31.1%, compared to 21.4% at 2025 year-end. At the end of September 202 6, cash amounted to €154 million while lines of credit totaled €7 51 million (of which €383 million is unused).
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Press release dated November 4, 2026 4/14 Results as of September 30, 2026 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 September 30, 2026, non-division operations (mainly holding companies and real-estate companies) and the application of IFRS 16 - Leases contributed €5 million and €15 million to EBITDA respectively. 2 Adjusted for non-recurring items. n.a.: Not applicable. Q3 2026 JACQUET Stainless steel quarto plates STAPPERT Stainless steel long products IMS group Engineering Metals 130 139 214 +19.2% +12.9% +0.8% +10.6% +7.1% +7.3% +6.5% +5 .8% -7.7% +2.0% n.a. +1.2% 11 10 7 8.4% 7.0% 3.4% 9 9 5 6.8% 6.7% 2.2% 30.09.26 9 months JACQUET Stainless steel quarto plates STAPPERT Stainless steel long products IMS group Engineering metals 386 416 690 +12.6% +5.1% -1.5% +3.1% +0.1% +3.2% +8.9% +5.0% -5.4% +0.6% n.a. +0.6% 33 24 18 8.5% 5.7% 2.7% 27 23 13 6.9% 5.4% 1.9%
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Press release dated November 4, 2026 5/14 JACQUET The division specializes in the distribution of stainless steel quarto plates. It generates 56% of its sales in Europe and 38% in North America. Sales amounted to €386 million, up +12.6% from €342 million as of September 30, 2025: - volumes sold: +8.9% (Q1 +8.2%; Q2 +12.2%; Q3 +6.5%); - prices: +3.1% (Q1 -5.8%; Q2 +5.1%; Q3 +10.6% and +3.8% vs Q2 2026); - scope: +0.6% (Q3 +2.0%) with the acquisition of Energy Steel Products in September 2026. Gross margin amounted to €119 million, representing 30.9% of sales, compared to €96 million as of September 30, 2025 (28.2% of sales). EBITDA amounted to €33 million, representing 8.5% of sales, compared to €18 million as of September 30, 2025 (5.2% of sales). In September 2026, the Group realized 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 Q3 2026 Q3 2025 30.09.26 9 months 30.09.25 9 months Sales 130.2 109.2 385.5 342.4 Change 2026 vs 2025 +19.2% +12.6% Price effect +10.6% +3.1% Volume effect +6.5% +8.9% Scope effect +2.0% +0.6 % Gross margin 40,0 31.2 119.3 96.5 % of sales 30.7% 28.6% 30.9% 28.2% EBITDA 11.0 6.0 32.8 17.7 % of sales 8.4% 5.5% 8.5% 5.2% Adjusted operating income 8.9 4.2 26.8 11.9 % of sales 6.8% 3.8% 6.9% 3.5%
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Press release dated November 4, 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 €416 million, up +5.1% from €396 million as of September 30, 2025: - volumes sold: +5.0% (Q1 +2.3%; Q2 +7.3%; Q3 +5.8%); - prices: +0.1% (Q1 -4.3%; Q2 -1.7%; Q3 +7.1% and +4.8% vs Q2 2026). Gross margin amounted to €91 million, representing 22.0% of sales, compared to €82 million as of September 30, 2025 (20.8% of sales). EBITDA amounted to €24 million, representing 5.7% of sales, compared to €18 million as of September 30, 2025 (4.6% of sales). €m Q3 2026 Q3 2025 30.09.26 9 months 30.09.25 9 months Sales 138.6 122.7 416.1 395.9 Change 2025 vs 2026 +12.9% +5.1% Price effect +7.1% +0.1% Volume effect +5.8% +5.0% Gross margin 31.7 24.8 91.5 82.5 % of sales 22.9% 20.2% 22.0% 20.8% EBITDA 9.8 4.2 23.9 18.1 % of sales 7.0% 3.4% 5.7% 4.6% Adjusted operating income 9.3 3.5 22.7 16.9 % of sales 6.7% 2.8% 5.4% 4.3%
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Press release dated November 4, 2026 7/14 IMS group The division specializes in the distribution of engineering metals, mostly in the form of long products. It generates 36% of its sales in Germany, the largest European market. Sales amounted to €690 million, down -1.5% from €700 million as of September 30, 2025: - volumes sold: -5.4% (Q1 -3.7%; Q2 -5.2%; Q3 -7.7%); - prices: +3.2% (Q1 +0.3%; Q2 +2.7%; Q3 +7.3% and +3.0% vs Q2 2026); - scope: +0.6% (Q2 +0.8%; Q3 +1.2%) with the acquisition of SABATER Fundimol in May 2026. Gross margin amounted to €164 million, representing 23.9% of sales, compared to €157 million as of September 30, 2025 (22.4% of sales). Measures aiming to adapt the structure of the IMS group division generated additional savings of around €3 million as of September 30, 2026, after savings of €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 €18 million, representing 2.7% of sales, compared to €13 million as of September 30, 2025 (1.9% 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 Q3 2026 Q3 2025 30.09.26 9 months 30.09.25 9 months Sales 213.6 211.9 689.5 700.3 Change 2026 vs 2025 +0.8% -1.5% Price effect +7.3% +3.2% Volume effect -7.7% -5.4% Scope effect +1.2% +0.6% Gross margin 52.1 47.6 164.5 157.0 % of sales 24.4% 22.5% 23.9% 22.4% EBITDA 7.2 4.3 18.3 13.2 % of sales 3.4% 2.0% 2.7% 1.9% Adjusted operating income 4.7 2.0 13.0 8.4 % of sales 2.2% 1.0% 1.9% 1.2%
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Press release dated November 4, 2026 8/14 Summary consolidated income statement Results as of September 30, 2026, are compared to results available in the Q3 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 30.09.26 9 months 30.09.25 9 months Sales 1,479,445 1,427,183 Gross margin % of sales 375,258 25.4% 336,013 23.5% Operating expenses (280,153) (265,499) Net depreciation and amortization (31,580) (32,352) Net provisions 65 1,969 Gains / losses on disposals of non-current assets 3,307 355 Other non-current income / (expenses) - - Operating income 66,897 40,486 Financial result (13,763) (18,009) Income before tax 53,134 22,477 Corporate income tax (16,497) (12,236) Consolidated net income 36,637 10,241 Net income (Group share) 34,020 9,032 Earnings per share in circulation (€) 1.62 0.42 Operating income 66,897 40,486 Non-recurring items and gains / losses on disposals (3,307) (355) Adjusted operating income 63,590 40,131 % of sales 4.3% 2.8% Net depreciation and amortization 31,580 32,352 Net provisions (65) (1,969) Non-recurring items - - EBITDA 95,105 70,514 % of sales 6.4% 4.9% Sales Consolidated sales amounted to €1,479 million, up +3.7% compared to September 30, 2025. €m Q3 2026 Q3 2025 30.09.26 9 months 30.09.25 9 months Sales 478 441 1,479 1,427 Change 2026 vs 2025 +8.6% +3.7% Price effect +8.2% +2.3% Volume effect -0.6% +0.9% Scope effect +1.1% +0.5% 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, 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 November 4, 2026 9/14 The breakdown of sales by region is as follows: Gross margin Gross margin amounted to € 375 million representing 25.4% of sales, compared to € 336 million as of September 30, 2025 (2 3.5% of sales). €m Q3 2026 Q3 2025 30.09.26 9 months 30.09.25 9 months Sales 478 441 1,479 1,427 Cost of goods sold (355) (337) (1,104) (1,091) Incl. purchases consumed (355) (340) (1,097) (1,106) Incl. inventory impairment 0 3 (7) 15 Gross margin 124 104 375 336 % of sales 25.9% 23.5% 25.4% 23.5% Operating income Current operating expenses* amounted to €2 80 million, up +5.5% compared to those as of September 30, 2025 (+5.2% at constant scope). Measures aiming to adapt the structure of the IMS group division generated savings of around €3 million as of September 30, 2026, after €4 million already realized in 2025. Overall, these measures will generate annual savings of around €10 million (of whic h full impacts are expected in 2028). * excluding depreciation, amortization €(32)m and provisions €0.1m. Current operating expenses break down as follows: - personnel expenses (€156 million); - other expenses (€124 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 €95 million and represented 6.4% of sales compared to €71 million as of September 30, 2025 (4.9% of sales); it is not restated from non-recurring items. Net depreciation and amortization amounted to €32 million, including €13 million right-of-use amortization (application of IFRS 16). Adjusted operating income amounted to €64 million (4.3% of sales). The Operating income, after recognizing a €3.3 million gain on disposals of non-current assets primarily linked to the sale of a site in Germany, amounted to €67 million. Italy 8% Spain 7% The Netherlands 7% North America 10% Other Europe 27% France 9% Asia / Other 2% Germany 30%
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Press release dated November 4, 2026 10/14 Financial result Net financial expense amounted to €14 million, compared to €18 million as of September 30, 2025. The average gross debt rate as of September 30, 2026 (over 12 rolling months) was 4.2% (average gross debt: €339 million) compared to 4.6% in 2025 (average gross debt in 2025: €397 million). €m Q3 2026 Q3 2025 30.09.26 9 months 30.09.25 9 months Net cost of debt (3.9) (3.7) (11.2) (13.4) Other financial items (0.3) (2.6) (2.6) (4.6) Net financial expense (4.2) (6.3) (13.8) (18.0) Net income Net income (Group Share) amounted to €34.0 million, compared to €9 million as of September 30, 2025. As of September 30, 2026, the average tax rate came to 31.0%. €m Q3 2026 Q3 2025 30.09.26 9 months 30.09.25 9 months Income before tax 19.1 5.2 53.1 22.5 Corporate income tax Income tax rate (6.8) 35.5% (2.2) 42.8% (16.5) 31.0% (12.2) 54.4% Consolidated net income 12.3 3.0 36.6 10.2 Minority interests (0.7) (0.3) (2.6) (1.2) Net income (Group share) % of sales 11.6 2.4% 2.6 0.6% 34.0 2.3% 9.0 0.6% Post balance sheet events None.
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Press release dated November 4, 2026 11/14 Summary consolidated financial position Balance sheets €m 30.09.26 31.12.25 Goodwill 77 70 Net non-current assets 288 254 Right -of-use assets 62 66 Net inventory 613 569 Net trade receivables 250 186 Other assets 98 98 Cash & cash equivalents 154 179 Total assets 1,543 1,421 Shareholders' equity 689 654 Provisions (including provisions for employee benefit obligations) 78 79 Trade payables 239 217 Borrowings 368 319 Other liabilities 99 78 Lease liabilities 70 74 Total equity and liabilities 1,543 1,421 Working capital As of September 30, 2026, operating working capital amounted to €624 million (32.5% of sales), compared to €537 million at 2025 year-end (29.2% of sales), with inventories up by €45 million (€613 million at the end of September 2026 compared to €569 million at 2025 year -end). Operating working capital includes a provision of around €8 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 concerned 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 30.09.26 31.12.25 Change Net inventory 613 569 +45 Days sales inventory1 190 189 Net trade receivables 250 186 +65 Days sales outstanding 48 49 Trade payables (239) (217) -22 Days payables outstanding 56 63 Net operating working capital 624 537 +87 % of sales1 32.5% 29.2% Other receivables / payables excluding taxes and financial items (43) (25) Working capital excluding taxes and financial items 582 512 +69 Consolidation and other changes 26 Working capital before taxes and financial items and adjusted for other changes 582 5392 +43 % of sales1 30.3% 28.8% 1 12 rolling months (including the acquisitions in 2026 of SABATER Fundimol and Energy Steel Products over 12 rolling months as of September 30, 2026) 2 Restated from other variations and perimeter changes
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Press release dated November 4, 2026 12/14 €m 30.09.26 9 months 30.09.25 9 months Operating cash-flow before change in working capital Change in working capital 80 (43) 53 7 Cash-flow from operating activities 37 60 Capital expenditure (47) (16) Asset disposals 6 1 Dividends paid to shareholders of JACQUET METALS SA (4) (4) Interest paid (12) (16) Other movements (54) (19) Change in net debt (74) 6 Net debt brought forward 140 175 Net debt carried forward 214 170 Provisions for contingencies and charges and employee benefit obligations Provisions for contingencies and charges and employee benefit obligations amounted to €78 million at the end of September 202 6, compared to €79 million at 2025 year -end. These provisions consist of: - provisions for employee benefit obligations (€30 million at the end of September 2026, compared to €32 million at 2025 year -end) mainly related to pension obligations; - current and non-current provisions (€48 million at the end of September 2026, compared to €47 million 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 As of September 30, 2026, the Group generated positive operating cash-flow of €37 million. During the first nine months of 2026, capital expenditure (excluding external growth) amounted to €47 million, mainly related to real estate acquisitions completed by IMS group , in Zaragoza and Valencia (Spain), and by JACQUET in Montreal (Canada) and Chengdu (China) . In Montreal, the new distribution center acquired in August will gather from mid-2027, the operations currently carried out at two leased sites. In Chengdu, the new distribution center, now operational, will enable JACQUET to triple its distri bution capacity in that province over the medium term. “Other movements” notably consist of the purchase price of the acquisition of SABATER Fundimol and Energy Steel Products, rent expenses pursuant to the application of IFRS 16 - Leases (€14 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 September 2026. At the end of September 2026, net debt amounted to €214 million with shareholders’ equity of €689 million, resulting in a net debt to equity ratio (gearing) of 31.1%, compared to 21.4% at 2025 year -end. €m 30.09.26 31.12.25 Borrowings 368.3 318.8 Cash and cash equivalents 154.3 179.0 Net debt 214.0 139.8 Net debt to equity ratio (gearing) 31.1% 21.4%
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Press release dated November 4, 2026 13/14 B orrowings As of S eptember 30, 2026, the Group had €751 million in lines of credit, 49% of which had been used: €m Ma turity Authorized at 30.09.26 Used at 30.09.26 % used 2026 and indefinite maturity 2027- 2028 2029- 2030 2031 and beyond Syndicated revolving loan 2028 160 - 0% - - - - Schuldsheindarlehen 2029 72 72 100% - - 72 - Schuldsheindarlehen 2030 80 80 100% - - 80 - Term loans 93 83 89% 7 45 28 3 Other lines of credit 134 67 50% 3 2 35 - - JACQUET METALS SA borrowings 539 302 56% 39 80 180 3 Operational lines of credit (letter of credit, etc.) 142 39 27% 3 1 8 - - Factoring 44 1 3% 1 - - - Assets financing (term loans, etc.) 26 26 100% 1 16 4 6 Subsidiaries borrowings 212 66 31% 33 24 4 6 Total 751 368 49% 73 104 183 9 In addition to the financing shown in the above table, the Group also had €73 million in non-recourse receivable assignment facilities, € 42 million of which had been used as of September 30, 2026. Bo rrowings by rate: €m 30.09.26 31.12.25 Fixed rates 72 89 Floating rates 297 230 Total borrowings 368 319 A s of September 30, 2026, 8% of floating-rate financial borrowings was hedged through hedging instruments. Bo rrowings 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, 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% As o f September 30, 2026, all borrowings covenants were in compliance.
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Press release dated November 4, 2026 14/14 Financial analysts meeting (French language): November 4, 2026 – 6.15 PM CET Access Financial communication schedule 2026 annual results March 17, 2027 Investors and shareholders may obtain complete financial information from the Company's website at: jacquetmetals.com.
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J ACQUET 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 3,305 employees, JACQUET METALS has a network of 122 distribution centers in 23 countries in Europe, Asia and North America. J ACQUET METALS: Thierry Philippe - Chief Financial Officer - comfi@jacquetmetals.com NEWCAP: Thomas Grojean - T +33 1 44 71 98 55 – jacquetmetals@newcap.eu