Slides
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First-half 2025 results
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2 #01 Key messages Contents #02 #03 #04 #05 Financial performance Market changes and HighCo client cases Guidance and conclusions Group highlights 11 September 2025
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Key messages #01 02. Financial performance 03. Market changes and HighCo client cases 04. Group highlights 05. Guidance and conclusions 311 September 2025
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4 #1. Key messages 11 September 2025 BUSINESS DECLINE IN LINE WITH EXPECTATIONS RESULTS AND PROFITABILITY DOWN AS ANTICIPATED Adjusted HPBIT2: €5.05 m down 33.4% Adjusted operating margin2: 16.3% down 620 bp Adjusted attributable net income3: €3.86 m down 26.5% Adjusted EPS3: €0.20 down 26.1% (1) Like for like: Based on a comparable scope and at constant exchange rates (see details on p. 7). (2) Adjusted headline profit before interest & tax: Recurring operating income before restructuring costs and excluding the impact of performance share plans. Adjusted operating margin (OPM): Adjusted headline PBIT/Gross profit. (3) Adjusted attributable net income: Attributable net income excluding the net after -tax impact of performance share plans, excluding other operating income and expenses, and excluding net income from assets held for sale and discontinued operations. Adjusted earnings per share: Adjusted attributable net income per share based on an average number of shares of 19,643,917 at 30 June 2025. (4) Op. CF: Operating cash flow excluding IFRS 16. (5) Net cash excluding operating working capital: Cash and cash equivalents less gross current and non -current financial debt, excluding operating working capital (€54.05 m at 30 June 2025). > Business decline due to the drop in activity with the client Casino despite the good performance of the Activation division. > Drop in adjusted operating margin and results. > High net cash at 30 June 2025 resulting from the sale of High Connexion in early June 2025. Op. CF4: €3.64 m down €4.95 m NET CASH excluding operating WC5: €39.91 m up €15.17 m (vs. 31 Dec. 2024) FINANCIAL POSITION REMAINS STRONG Decline in half-year financial performance as forecast Q2 2025 GROSS PROFIT €15.19 m down 10% LFL1 H1 2025 GROSS PROFIT €30.96 m down 8.2% LFL1
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5 #1. Key messages 11 September 2025 HIGH CONNEXION SOGEC / BUDGETBOX Acquisition of promotion activities of Sogec and of Budgetbox Deal completion expected by end-Sept. 2025 > Upward revision in 2025 guidance mainly due to the strength of the Activation division in France, with the development of the HighCo Nifty and HighCo Merely solutions, and the growth expected in the Consulting & In- Store Media Selling division in the second half of the year. > New agreements signed with Casino. > Implementation of performance share plans. 2025 GROSS PROFIT Stable at €61 m ADJUSTED 2025 OP. MARGIN Higher than 12% 2025 GUIDANCE1 M&A operations and further upward revision in 2025 guidance Sale of High Connexion on 5 June 2025 to a group of investors Special interim dividend payout of €1 per share on 5 September 2025 (1) This guidance does not factor in the current acquisition of the promotion activities of Sogec and BudgetBox, which could be c onsolidated as of Q4 2025.
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Financial performance #02 01. Key messages 03. Market changes and HighCo client cases 04. Group highlights 05. Guidance and conclusions 611 September 2025
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7 #2. Financial performance 11 September 2025 H1 2025 GROSS PROFIT > H1 2025 gross profit amounted to €30.96 m, down 8.2% like for like1. 1 Like for like: Based on a comparable scope and at constant exchange rates (i.e. applying the average exchange rate over the period to data from the compared period). Furthermore, in application of IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, the activities of High Connexion were reported as sold as of the first quarter of 2025. For reasons of consistency, the data reported for the first half of 2024 has been restated to account for the impact of High Connexion. As a result, like-for-like data is equal to restated data in H1 2025. H1 2024 reported €30.96 m H1 2025 -8.2% (€2.76 m) Q11 Q21 -6.4% -10.0% €37.70 m H1 2024 restated €33.72 m (€3.98 m) IFRS 51
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8 #2. Financial performance 11 September 2025 Gross profit by geographical area FRANCE > Decline in France and International business: - France: Down 7.9% to €26.89 m, 86.9% of the Group’s gross profit. - Belgium: Down 10.5% to €3.6 m, 11.6% of the Group’s gross profit. - Spain: Down 6.6% to €0.46 m, 1.5% of the Group’s gross profit. INTERNATIONAL H1 2024 restated1 H1 2025 -4.7% H1 20241 -10.1% H1 2025 -0.6% (1) LFL: Historical like-for-like data. (2) LFL data: See definition on p. 7. -7.9%2 France 86,9% Belgium 11,6% Spain 1,5%
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9 #2. Financial performance 11 September 2025 Gross profit by business activity Mobile 11,4% Consulting & In-store media selling 28,5%Activation 60,1% Mobile 11,5% Consulting & In-store media selling 21,0%Activation 67,5% H1 2025H1 2024 restated > Contrasted business performance in the first half of 2025: - Mobile down 7.8% to €3.55 m. - Consulting & In-store media selling down 32.1% to €6.51 m - Activation up 3.1% to €20.89 m, accounting for more than two-thirds of the Group’s gross profit +3.1% -7.8% -32.1% -8.2%
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10 #2. Financial performance 11 September 2025 Operating profitability (€ m) H1 2025 H1 2024 restated Change Gross profit 30.96 33.72 -8.2% Operating overheads (25.90) (26.14) -0.9% Adjusted headline PBIT 5.05 7.58 -33.4% Adjusted operating margin (Adjusted headline PBIT/gross profit) 16.3% 22.5% -620 bp > Decline in H1 2025 adjusted headline PBIT: down 33.4% to €5.05 m. > Decline in adjusted operating margin by 620 basis points to 16.3%.
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11 #2. Financial performance 11 September 2025 Operating profitability by geographical area (€ m) H1 2025 H1 2024 restated Change Adjusted headline PBIT1 France 4.68 6.93 -32.5% Adjusted headline PBIT1 International 0.37 0.65 -43.0% Adjusted headline PBIT1 Group 5.05 7.58 -33.4% Adjusted Group operating margin2 16.3% 22.5% -620bp > Decline in business activity as well as in headline PBIT in all regions. > Adjusted operating margin for France of 17.4%. > Adjusted operating margin for Belgium of 9.1%. (1) See definition on p. 4. (2) Head office costs allocated on a pro rata basis of the gross profit generated by geographical area.
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12 #2. Financial performance 11 September 2025 Operating profitability (€ m) H1 2025 H1 2024 restated Change Adjusted headline PBIT1 5.05 7.58 -33.4% Restructuring costs (0.02) (0.60) Adjusted recurring operating income 5.04 6.98 -27.8% Cost of performance share plans (0.29) - Recurring operating income 4.75 6.98 -31.9% Other operating income and expenses 0.00 0.24 Operating income 4.75 7.22 -34.1% > Given the sharp drop in restructuring costs over the first half of the year, adjusted recurring operating income totalled €5.04 m, down 27.8%. > With performance share plans at a cost of €0.29 m, recurring operating income came to €4.75 m, down 31.9%. > Operating income decreased by 34.1% to €4.75 m. (1) See definition on p. 4.
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13 #2. Financial performance 11 September 2025 Net profitability > With income from cash and cash equivalents of €0.82 m, the cost of net financial debt resulted in income of €0.76 m, compared with income of €0.87 m in H1 2024 based on restated figures. > Tax expense of €1.77 m; effective tax rate of 32% versus 26.4% in H1 2024 based on restated figures. (€ m) H1 2025 H1 2024 restated Change Operating income 4.75 7.22 -34.1% Cost of net debt and other financial income and expenses 0.76 0.87 Income tax expense (1.77) (2.07) Share in associates 0.00 (0.14) Net income from held for sale and discontinued operations 1.22 1.16 Net income 4.97 7.04 -29.3% Net income attributable to owners of the parent 4.46 6.37 -30.0% Adjusted net income attributable to owners of the parent1 3.86 5.25 -26.5% (1) See definition on p. 4.
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14 #2. Financial performance 11 September 2025 Net profitability Sale of High Connexion – Main financial impacts - Sale of the 51% stake held in High Connexion with loss of exclusive control on 5 June 2025 - Net impact on the income statement of the withdrawal from the consolidation scope = income of €1.2 m - Reduction in goodwill €18 m (balance sheet) - Impact on cash for the period = increase of €13.7 m (sale price less the cash position of High Connexion)
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15 #2. Financial performance 11 September 2025 Net profitability > Net income of €1.22 m from held for sale and discontinued operations. > Decrease in adjusted attributable net income1 to €3.86 m (down 26.5%). (€ m) H1 2025 H1 2024 restated Change Operating income 4.75 7.22 -34.1% Cost of net debt and other financial income and expenses 0.76 0.87 Income tax expense (1.77) (2.07) Share in associates 0.00 0.14 Net income from held for sale and discontinued operations 1.22 1.16 Net income 4.97 7.04 -29.3% Net income attributable to owners of the parent 4.46 6.37 -30.0% Adjusted net income attributable to owners of the parent1 3.86 5.25 -26.5% (1) See definition on p. 4.
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16 #2. Financial performance 11 September 2025 Earnings per share Adjusted EPS1 & Adjusted diluted EPS1 > Adjusted EPS and adjusted diluted EPS for H1 2025 fell by 26.1% to €0.20. H1 2024 restated H1 2025 €0.20 €0.27 -26.1% (1) Adjusted earnings per share: Attributable net income per share excluding the net after -tax cost of performance share plans, excluding other operating income and expenses, and excluding net after -tax income per share from assets held for sale and discontinued operations, based on an average number of shares of 19,643,917 at 30 June 2025 and 19,736,546 at 30 June 2024.
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17 #2. Financial performance 11 September 2025 Financial structure (€ m) 30 June 2025 31 Dec. 2024 Change Cash and cash equivalents 93.97 80.69 +13.27 Of which Operating working capital 54.05 55.95 -1.90 Cash from operating activities 39.91 24.74 +15.17 Gross debt 0.00 0.00 - Of which Syndicated loan and other financial debt 0.00 0.00 - Net cash position1 93.97 80.69 +13.27 Net cash excluding operating working capital 39.91 24.74 +15.17 > Excluding operating working capital, the Group posted net cash of €39.91 m, up €15.17 m with respect to 31 December 2024.
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18 #2. Financial performance 11 September 2025 Financial structure (1) Net cash excluding operating working capital: see definition on page 4. NET CASH excl. operating WC1 at 30 Jun 2025 NET CASH excl. operating WC1 at 31 Dec. 2024 €39.91 m CAPEX (€0.47 m) €5.68 m REPMT. LEASE DEBT (€2.04 m) OTHER €0.01 m DIVIDENDS (€5.16 m) > Net cash excluding operating working capital totalled €39.91m, up €15.17 m, with cash-generating flows of €20.8 m (mainly from the sale of High Connexion) and cash-consuming flows of €5.63 m (mainly dividend payouts). OP. CASH FLOW NET ACQUISITIONS/ DISPOSALS & EARN-OUT €13.69 m €24.74 m CHANGE IN WCR DISCONTINUED OPERATIONS €3.46 m
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0 € 1 € 2 € 3 € 4 € 5 € - 20 40 60 80 100 120 140 sept.-22 mars-23 sept.-23 mars-24 sept.-24 mars-25 sept.-25 19 #2. Financial performance 11 September 2025 Share performance at 3 September 2025 > The HighCo share price (€3.66 at the close of trading on 3 September 2025 and after the ex-dividend date1) has risen significantly, by 89.8%, since the beginning of the year, compared to increases of 44.5% and 6.6% for the CAC Small and CAC Mid & Small indices, respectively. Share performance over the past three years1 Change with respect to benchmark indices Since 1 January 2025 +44.5% Over 1 year +39.2% +3.0%+6.6% +81.0%1 CAC Mid & Small HighCoCAC Small +89.8%1€3.66 (1) In accordance with Euronext Paris market rules, historical prices and volumes (in number of shares) were adjusted after the e x-dividend date of the interim payout on 3 September 2025. Historical volumes in capital (euros) remain unchanged.
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20 #2. Financial performance 11 September 2025 Treasury shares 1 Sept. 2025 30 June 2025 31 Dec. 2024 Number of existing shares 20,455,403 20,455,403 20,455,403 Maximum number of potential performance shares 1,940,000 1,940,000 - Number of treasury shares (790,822) (803,565) (817,845) O/w treasury shares in the liquidity contract (63,929) (76,672) (90,952) Percentage of treasury shares out of existing shares 3.9% 3.9% 4.0% > Treasury shares at 1 September 2025 remained stable from 31 December 2024. > The maximum number of potential performance shares at this date represented 9.5% of the number of existing shares.
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21 #2. Financial performance 11 September 2025 Share ownership structure at 01/09/2025 Share ownership structure at 1 September 2025 > HighCo continues to benefit from a relatively stable ownership structurewith respect to 31 December 2024. WPP GBP1Management Eximium2 0 bp -10 bp Treasury shares0 bpFree float (1) GBP: Gérard de Bartillat Participations. (2) Eximium: Company controlled by the Baulé family according to the most recent declaration of threshold crossing filed with the AMF on 1 August 2017. Change in ownership in basis points since 31 December 2024 FREE FLOAT 39.1% WPP 37,4% EXIMIUM 11,3% GBP 5.0% MANAGEMENT 3,3% TREASURY SHARES 3.9% 0 bp +40 bp -30 bp
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22 #2. Financial performance 11 September 2025 Change in main financial indicators in H1 2025 (€ m) 30 June 2025 H1 2025/ H1 2024 restated change Gross profit 30.96 -8.2% Adjusted headline PBIT 5.05 -33.4% Operating margin 16.3% -620 bp Operating income 4.75 -34.1% Adjusted net income attributable to owners of the parent1 3.86 -26.5% Adjusted earnings per share attributable to owners of the parent2 €0.20 -26.1% Cash flow excluding IFRS 16 3.64 -€4.95 m Net cash excluding operating working capital 39.91 +€15.17 m (1) Adjusted attributable net income: Attributable net income excluding the net after -tax impact of performance share plans, excluding other operating income and expenses, and excluding net income from assets held for sale and discontinued operations. (2) Adjusted earnings per share: Attributable net income per share excluding the net after-tax impacts of performance share plans, excluding other operating income and expenses, and excluding net after-tax income per share from assets held for sale and discontinued operations, based on an average number of shares of 19 ,643,917 at 30 June 2025.
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Market changes and HighCo client cases #03 23 01. Key messages 02. Financial performance 04. Group highlights 05. Guidance and conclusions
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24 #03.1 Consumer goods market
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25 #03.1.1 CONSUMPTION The consumer goods/self- service produce market resumed growth in the first half of the year (up 1.9% of revenue) driven by the combination of higher volumes (up 1.4%) and a slight shift to higher-end goods. #03.1 Consumer goods market
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26 #03.1.2 RETAIL #03.1 Consumer goods market • Leclerc continues to dominate large food retail. • Carrefour, Les Mousquetaires and Coopératives U are growing. The sector shift towards concentration continues: Les Mousquetaires bought Colruyt stores in France. Sources: LSA – Parts de marché 2025 (July 2025) / Les Echos – Intermarché gagne son match… (June 2025)
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27 #03.2 HighCo client cases (H1 2025)
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28 HighCo and Ogilvy continued their collaboration with Netto to develop two strategic angles: • An advertising film entitled “Any cheaper than Netto would be giving it away”, which primarily aimed to enhance the chain’s reputation and remind people through a bit of humour of its discount positioning. • Two in-store events to boost sales activity (live in-store, CRM, web, etc.): Fresh produce month & Anniversary. Netto + Advertising film “Any cheaper than Netto would be giving it away”.
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29 • HighCo continues to support E.Leclerc by managing its nationwide retail Events and promotions. • At the same time, HighCo is also developing promotional campaigns for the chain’s Regional Departments as well as for its specialised retail chains: E.Leclerc
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30 • After a successful deployment in H1 2025, Leroy Merlin’s Purchasing and Event Planning departments use the HighCo Merely platform to build and monitor their business action plan. • The chain’s teams are currently preparing all promotional campaigns for 2026 on the HighCo Merely platform. Leroy Merlin
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31 Mobile coupons X HighCo seals a new agreement with Winpharma (pharmacy management software) to expand its network (14,000 pos -> 20,000 pos). HighCo Nifty’s solution now covers 99% of French pharmacies. Number of campaigns planned in 2025 vs. 2024: x2
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Group highlights #04 32 01. Key messages 02. Financial performance 03. Market changes and HighCo client cases 05. Guidance and conclusions
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33 #04.1 Update on Casino
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34 An amendment to the collaboration agreement with Casino Group (Monoprix / Franprix / Convenience) was signed concerning the retail media business scope, following the sale of hypermarkets and supermarkets. A new contract was signed with the Monoprix chain to gradually equip stores with screens and sell advertising space to brands. #04.1 Update on Casino SECURING AND EXTENDING THE SCOPE OF COLLABORATION
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35 #04.2 Historical acquisition: Sogec + Budgetbox
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36 #04.2 Historical acquisition: Sogec + Budgetbox 1. Strengthen HighCo’s positioning on the promotion market. 2. Boost the future growth of the Activation division. 30 Sept. 31 Dec. OBJECTIVES Exclusivity period 17 June Consolidation planned for Q4 2025 TIMETABLE
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37 #04.2 Historical acquisition: Sogec + Budgetbox + OMNICHANNEL PROMOTION ACTIVATION - Discount coupon issuing and processing - Digital cashback platform - Quoty application - Games and loyalty programmes - Prizes and logistics RETAIL MEDIA - Targeted, personalised activation campaigns based on consumers’ online and in-store behaviour.
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38 #04.2 Historical acquisition: Sogec + Budgetbox 1 2024 data. 90 €18.7 m1 people in revenue €10.1 m1 in gross profit 65 €8.6 m1 people in revenue €6.7 m1 in gross profit TOTAL : Revenue = €27,3 m (1) / GP = €16.8 m (1) / People = 155 +
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39 #04.3 HighCo teams
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40 #04.3 HighCo teams #04.3.1 THE GROUP’S 35TH ANNIVERSARY • On 17 June, all of HighCo’s staff members met in Aix-en-Provence to ring in the Group’s 35th anniversary! • 24 hours of innovation (AI – social media) and celebrations were devoted to team-building and enhancing their feeling of belonging to the Group. • For employees, this event already marks a key highlight in the Group’s history.
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41 #04.3 HighCo teams #04.3.2 PERFORMANCE SHARE GRANT Performance share plans implemented to benefit Group employees among others. This scheme aims to align the interests of all staff members more closely with value creation as the Group takes steps stimulate growth. It is part of an active loyalty policy to acknowledge employee engagement and motivate teams to contribute towards the Group’s new growth prospects. Main characteristics of the plans: - Maximum of 1,940,000 performance shares granted (9.5% of share capital) - Awards to corporate officers, managers and employees in France - Vesting based on criteria of annual performance and company service from 2025 to 2030 - No dilution of share capital (grants of treasury shares) - Estimated impact on 2025 headline PBIT = (€1.8 m)
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Guidance and conclusions #05 01. Key messages 02. Financial performance 03. Market changes and HighCo client cases 04. Group highlights 4211 September 2025
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4311 September 2025 05. GUIDANCE AND CONCLUSIONS Gross profit by business activity H1 2025 67% Activation 21% Consulting & In-store media selling 11% Mobile 2025 FORECAST >62% Activation >25% Consulting & In-store media selling 11% Mobile H2 2025 FORECAST 56% Activation 32% Consulting & In-store media selling 12% Mobile
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44 Businesses GROSS PROFIT Stable at €61 m H1 2025: €30.96 m / down 8.2% 2024 adjusted for High Connexion: €61.03 m / down 8.5% OPERATING MARGIN Higher than 12% H1 2025: 16.3% 2024 adjusted for High Connexion: 12.4% 05. GUIDANCE AND CONCLUSIONS Investments CAPEX Less than €1 m H1 2025: €0.47 m 2024: €0.50 m M&A Sogec + Budgetbox acquisition Consolidation planned as of 1 October 2025 Shareholder returns DIVIDEND €0.25 per share paid end-May 2025 2024: €0.20/share €1.00 per share paid in early Sept. 2025 for the completed sale of High Connexion SHARE BUYBACK PROGRAMME CONTINUED Around €1 m H1 2025: no buybacks 2024: €0.34 m CSR strategy Leading by EXAMPLE in terms of HR, social and environmental performance ROLL-OUT of CSR strategy across three identified pillars DECARBONISATION PATHWAY Employee ENGAGEMENT Guidance1 11 September 2025 (1) This guidance does not factor in the current acquisition of the promotion activities of Sogec and BudgetBox, which could be consolidated as of Q4 2025.
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45 05. GUIDANCE AND CONCLUSIONS Conclusion 11 September 2025 In line with forecasts, HighCo recorded a decline in business activity in the first half of the year mainly due to Casino. At the same time, the sale of High Connexion in June led to a special interim dividend payout of €1 per share on 5 September 2025. In the second half, the Group expects resumed growth, both organic and external, which is driven by: - the strength of the Activation division in France - new agreements signed with Casino Group - deal in progress to acquire the promotions businesses of Sogec and Budgetbox, which will be transformational for the Group’s future Lastly, guidance for 2025 was raised with stable gross profit of €61 m and adjusted operating margin of more than 12% (excluding the acquisition in progress).
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Appendices
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Cécile COLLINA-HUE Managing Director and Management Board member comfi@highco.com Investor relation contacts Addresses 8, rue Catherine de la Rochefoucauld 75009 Paris Tel : +33 (0)1 77 75 65 06 Headquarter : 365, avenue Archimède – CS 60346 13799 Aix-en-Provence Cedex Tel : +33 (0)4 42 24 58 24 11 September 2025
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3 Publication takes place after market close. o Q3 and 9-month YTD 2025 Gross Profit: Wednesday, 15 October 2025 o Q4 and FY 2025 Gross Profit: Wednesday, 28 January 2026 Financial reporting calendar 2025 11 September 2025
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4 Breakdown of gross profit by geographic area France 87% Belgium 12% Spain 1% 11 September 2025
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5 Consolidated income statement (in € thousands, except for earnings per share) 30/06/2025 30/06/2024 restated Sales 45 033 48 101 Purchases and external charges (19 395) (19 893) Personnel expenses (16 903) (17 195) Taxes (531) (528) Depreciation and amortization (2 413) (2 408) Other current operating income 76 85 Other current operating expenses (1 114) (1 183) Recurring operating income 4 753 6 979 Other operating income and expenses - 237 Operating income 4 753 7 215 Financial income 820 985 Gross cost of financial debt (54) (117) Net cost of financial debt 767 868 Other financial income 1 - Other financial costs (4) (2) Income tax expense (1 768) (2 068) Share of income of associates 3 (138) Net income from continuing operations 3 752 5 876 Net income from non-current assets held for sale and discontinued operations 1 222 1 159 Net income 4 975 7 035 – HighCo shareholders 4 458 6 365 – Minority interest 516 670 Basic earnings per share from continuing operations in euros (1) 0.19 0.30 Diluted net earnings per share from continuing operations in euros (2) 0.19 0.30 Basic earnings per share attributable to HighCo shareholders in euros (1) 0.23 0.32 Diluted net earnings per share attributable to HighCo shareholders in euros (2) 0.23 0.32 (1) Based on an average number of shares of 19 643 917 at June 30, 2025 and 19 736 546 at June 30, 2024. (2) Based on an average number of shares of 19 643 917 at June 30, 2025 and 19 736 546 at June 30, 2024. 11 September 2025
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6 Consolidated balance sheet Assets (in € thousands) 30/06/2025 31/12/2024 Non-current assets Goodwill 55 460 73 460 Net intangible assets 733 882 Net tangible assets 1 139 1 236 Right-of-use assets related to leases 4 829 5 539 Investments in associates 50 47 Other non-current financial assets 245 245 Other non-current assets - - Deferred income tax assets 978 624 Total non-current assets 63 434 82 032 Current assets Inventories and work in progress 35 37 Advances and prepayments 399 123 Trade and other receivables 19 634 33 262 Other current assets 4 914 4 089 Tax receivables due 90 1 409 Tax receivables 3 573 5 177 Cash and cash equivalents 93 968 80 695 Total current assets 122 613 124 792 Assets held for sale - - Total assets 186 048 206 824 Liabilities (in € thousands) 30/06/2025 31/12/2024 Shareholders’ equity Ordinary shares 10 228 10 228 Share premium 21 715 21 715 Other reserves 56 500 53 622 Net income for the year 4 458 7 463 Group shareholders’ equity 92 901 93 027 Minority interest in equity (38) 1 874 Total shareholders’ equity 92 862 94 901 Non-current liabilities Borrowings - - Non-current lease liabilities 2 473 3 275 Provisions for liabilities and charges 4 640 4 802 Other non-current liabilities - - Total non-current liabilities 7 113 8 078 Current liabilities Financial debt 1 1 Current lease liabilities 2 524 2 824 Provisions for liabilities and charges 711 805 Trade and other payables 15 250 32 932 Other current liabilities 60 901 59 699 Tax debts payable 1 051 302 Tax debts 5 635 7 282 Total current liabilities 86 073 103 845 Total debts 93 185 111 923 Liabilities directly associated with assets held for sale - - Total liabilities 186 048 206 824 11 September 2025
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7 Consolidated cash flow statement (in € thousands) 30/06/2025 31/12/2024 30/06/2024 Net income 4 975 8 915 7 035 Net income from discontinued operations (1 222) 282 265 Depreciation and provisions charges (net) 2 178 6 528 2 869 Income and expenses arising from share-base payments 185 - - Dividends from associates - 75 75 Remeasurement (Fair Value) - (375) (211) Share of profit of associates (3) 131 138 Deferred tax (436) 171 92 Gain or loss on sales of assets - 13 - Other non-cash income and expenses - - - Net cash from operating activities - before changes in working capital 5 676 15 739 10 263 Changes in working capital 1 564 8 857 246 Net cash from operating activities 7 240 24 596 10 509 Purchases of fixed assets (466) (496) (238) Proceeds from disposal of fixed assets 2 79 79 Change in other non-current assets - 24 25 Net cash allocated to subsidiary acquisitions/disposals 13 694 (319) (278) Net cash from investing activities 13 231 (712) (413) Capital increase - - - Dividends paid to shareholders (5 158) (5 547) (5 547) New loans - - - Repayment of loans - - - Repayment of lease liabilities (2 038) (3 438) (1 677) Treasury shares - (338) (321) Net cash from financing activities (7 196) (9 323) (7 546) Foreign exchange impact (1) 1 - Net cash inflow (outflow) 13 274 14 562 2 551 Cash and cash equivalents at the beginning of the period 80 695 66 133 66 133 Cash and cash equivalents at the end of the period 93 968 80 695 68 684 Change 13 274 14 562 2 551 11 September 2025