Interim report
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1 YOUR NEXT LEVEL SUPPORT Alumexx N.V. Semi -annual report 2026 Etten-Leur, 25 September 2026
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2 Contents Semi-Annual Management Board Report ................................................................................ 3 Alumexx N.V. Semi-Annual Report .......................................................................................... 6 Condensed consolidated interim statement of profit or loss and comprehensive income ....... 7 Condensed consolidated interim statement of financial position .......................................... 10 Condensed consolidated interim statement of changes in equity .......................................... 12 Condensed consolidated interim statement of cash flows ..................................................... 14 Notes to the condensed consolidated interim financial statements ....................................... 16 Statement of the Management Board .................................................................................... 22 Colophon ................................................................................................................................ 23
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3 Semi-Annual Management Board Report Alumexx achieved stable revenue in line with the same period in 2025, despite a challenging start of the year, marked by geopolitical tensions, fluctuating raw material prices, and uncertainty in various markets, In addition, the company further improved its operating result, resulting in higher operating profit. Revenue for the first half of 2026 amounted to €21.0 million, compared to €21.5 million in the same period of 2025. The operating result increased slightly from €685 thousand to €710 thousand, underscoring the organization’s resilience and the effectiveness of its strategic decisions. EBITDA of €2.4 million remained stable. The company also demonstrates a strong cash position. In the first half of the year, the company achieved an increase in cash and cash equivalents of €1.4 million. Over the same period in 2025, the increase amounted to €0.1 million. The increase in the liquidity position since 30 June 2025, amounts to €3.1 million. This is partly the result of the issuance of the bond with attached warrants in the second half of 2025. As a result, unlike in the first half of 2025, the interest of the bond with warrants attached has been recognized. An amount of €238 thousand has been recorded as financing costs. Financing costs did not rise significantly because an additional repayment was made to Rabobank in 2025, causing total financing costs to increase slightly. Strong Recovery After a Challenging First Quarter The first quarter of 2026 was marked by an exceptionally turbulent international situation. Geopolitical conflicts, including the escalation of tensions in the Middle East, caused uncertainty among businesses and consumers worldwide. The availability and pricing of raw materials were also under pressure during this period, partly as a result of disruptions in supply chains. Despite these challenging circumstances, Alumexx managed to maintain its market position. Thanks to the organization’s flexibility and strong collaboration with suppliers and customers, Alumexx was able to turn these challenges into a highly successful month of June. In particular, growing export activities and the acquisition of attractive contracts in various market sectors, such as the rental industry, contributed to this success. Positive Outlook for the Second Half of 2026 Alumexx looks ahead with confidence to the second half of the year. The company has a solid order pipeline and is seeing sustained demand from multiple markets. A significant portion of the orders already received for the defense sector and the rental industry in the Netherlands and Germany will be delivered during the third quarter. In addition, the Special Products division also shows strong performance, with a growing order book and increasing market demand. The focus for Special Products is primarily on delivering customized solutions that allow for higher margins. Alumexx also expects the positive trend from the second quarter of 2026 to continue in the DIY stores and export markets. In particular, the export markets in Northern and Eastern Europe are showing attractive growth and offer opportunities for further expansion of market share. The company already made deliberate investments in the fourth quarter of 2025 and during the first half of 2026 to further strengthen its commercial organization and international sales
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4 activities. These investments are beginning to pay off in the form of new customers, higher export volumes, and a broader market position. Investments in E-commerce and Artificial Intelligence Starting in the third quarter, Alumexx has assembled a new specialized e-commerce team. This team is working with external experts to further grow online operations and strengthen Alumexx’s international brand awareness. The company views digital sales channels as a strategic growth pillar for the coming years. To this end, it is collaborating closely with the production and logistics departments to further optimize processes. Alumexx is leveraging the latest technological advancements in artificial intelligence (AI), data analysis, and automation. Through these developments, the company expects to operate more efficiently, respond more quickly to customer needs, and further strengthen its competitive position. Innovation Program on Track The development of the new automated ladder production line is proceeding according to plan and is expected to be fully operational in the fourth quarter of 2026. This investment represents an important step in the further modernization of Alumexx’s production capacity. The new production line also creates opportunities for the introduction of various innovative product groups that will be presented to the market during the 2027 International Construction Fair in Utrecht. One of the most promising innovations involves the strategic partnership with Scafom-RUX for the development of a completely new aluminum facade scaffolding system with universal dimensions. With this, Alumexx is entering a market segment where steel structures have traditionally been the primary choice. The new system combines the advantages of aluminum—such as lower weight, improved ergonomics, and greater efficiency—with a scalable and future-proof design. The board sees significant growth opportunities in this area for the coming years. Acquisition of FlexTable BV The acquisition of FlexTable BV took place in the first half of the year. With this acquisition, Alumexx N.V. obtained the ingenious patent for the Smart Level products. The patent covers a stepless aluminum construction used in aluminum bases for tables, standing tables, and furniture, among other things, and is particularly suitable for use on uneven surfaces. The unique Smart Level patent makes it possible to instantly level out the effects of an uneven surface with a single action. Alumexx sees opportunities to apply this patent to its products, which are also regularly used on uneven surfaces. Also included in the transaction was the acquisition of inventory, product designs, manufacturing licenses, and production molds from FlexTable B.V. In the first half of the year, the focus was primarily on determining the sales strategy for the FlexTable. As a result, its contribution to the financial results was limited.
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5 Financial risk management Alumexx’s financial risk management objectives and measures are in line with the objectives and measures set out in the 2025 consolidated financial statements. CEO’s Comments Jeroen van den Heuvel, CEO of Alumexx N.V.: “It is truly wonderful to see how flexibly and resiliently our organization has responded during a period marked by significant global uncertainty. Following the outbreak of the conflict in Iran, many markets faced new challenges, but it was precisely under those circumstances that we demonstrated that Alumexx is a stable and innovative company. The strength of our team has enabled us to turn uncertainties into opportunities.” "In addition, our current order portfolio, growing export activities, and the volume of pending bids give us great confidence for the second half of 2026 and the years to come. I am truly proud of our employees, our partners, and the quality of the Dutch manufacturing industry that we represent every day." Etten-Leur, the Netherlands, 25 September 2026 Management Board: J. van den Heuvel H.L. Hakvoort
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6 Alumexx N.V. Semi-Annual Report
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7 Condensed consolidated interim statement of profit or loss and comprehensive income for the half year ended 30 June 2026 HY 2026 HY 2025 EUR 1.000 EUR 1.000 Revenue 21.021 21.461 Cost of materials and outsourced work -10.714 -11.942 Inventory movements of intermediates and finished goods 560 1.409 -10.154 -10.533 Added Value 10.867 10.928 Employee benefit cost -3.650 -3.454 Insourced direct staff -1.642 -1.901 Amortisation -541 -573 Depreciation -1.153 -1.179 Other expenses -3.171 -3.136 Operating profit 710 685 Finance income - - Finance costs -927 -908 Net finance costs -927 -908 Profit before tax -217 -223 Income tax expense -149 -143 Profit for the period -366 -366
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8 HY 2026 HY 2025 EUR 1.000 EUR 1.000 Other comprehensive income Items that will never be reclassified to profit or loss Not applicable - - - - Items that are or may be reclassified to profit or loss Cost of hedging reserve – changes in fair value 44 -4 44 -4 Other comprehensive income for the period, net of tax 44 -4 Total comprehensive income for the period -322 -370
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9 HY 2026 HY 2025 EUR 1.000 EUR 1.000 Profit attributable to: • Owners of the Company -452 -371 • Non-controlling interests 86 5 -366 -366 Total comprehensive income attributable to: • Owners of the Company -408 -375 • Non-controlling interests 86 5 -322 -370 Earnings per share Basic earnings per share (EUR 1) -0.02 -0.02 Diluted earnings per share (EUR 1) -0.02 -0.02
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10 Condensed consolidated interim statement of financial position as at 30 June 2026 (Before profit appropriation) 30 June 2026 31 December 2025 EUR 1.000 EUR 1.000 Assets Intangible assets and goodwill 13.463 13.776 Property, plant and equipment 1.642 1.545 Right of Use assets 3.240 4.082 Non-current assets 18.345 19.403 Inventories 10.009 10.831 Trade and other receivables 4.681 2.631 Current tax assets - 13 Cash and cash equivalents 3.503 2.075 Current assets 18.193 15.550 Total assets 36.538 34.953
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11 30 June 2026 31 December 2025 EUR 1.000 EUR 1.000 Equity Share capital 1.500 1.484 Share premium 20.636 20.435 Hedging reserve -34 -78 Warrants 628 628 Retained earnings -17.882 -17.491 Equity attributable to owners of the Company 4.848 4.978 Non-controlling interest 71 -15 Total equity 4.919 4.963 Liabilities Loans and borrowings 17.690 19.084 Lease liabilities 2.058 2.502 Provisions 173 173 Deferred tax liabilities 861 936 Non-current liabilities 20.782 22.695 Current tax liabilities 555 - Loans and borrowings 2.897 2.182 Lease liabilities 1.712 1.759 Trade and other payables 5.607 3.354 Current liabilities 10.837 7.295 Total liabilities 31.620 29.990 Total equity and liabilities 36.538 34.953
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12 Condensed consolidated interim statement of changes in equity for the half year ended 30 June 2026 Share capital Share premium Hedging reserve Warrants Retained earnings Total NCI Total equity EUR 1.000 EUR 1.000 EUR 1.000 EUR 1.000 EUR 1.000 EUR 1.000 EUR 1.000 EUR 1.000 Balance at 1 January 2026 1.484 20.435 -78 628 -17.491 4.978 -15 4.963 Total comprehensive income Profit (loss) for the period - - - - -452 -452 86 -366 Other comprehensive income - - 44 - - 44 - 44 Total comprehensive income - - 44 - -452 -408 86 -322 Transactions with owners of the Company Issue of shares related to business combinations 16 201 - - - 217 - 217 Share based payments - - - - 61 61 - 61 Total transactions with owners of the Company 16 201 - - 61 278 - 378 Balance at 30 June 2026 1.500 20.636 -34 628 -17.882 4.848 71 4.919
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13 Share capital Share premium Hedging reserve Retained earnings Total NCI Total equity EUR 1.000 EUR 1.000 EUR 1.000 EUR 1.000 EUR 1.000 EUR 1.000 EUR 1.000 Balance at 1 January 2025 1.484 20.435 -122 -16.897 4.900 - 4.900 Total comprehensive income Profit (loss) for the period - - - -371 -371 5 -366 Other comprehensive income - - -4 - -4 - -4 Total comprehensive income - - -4 -371 -375 5 -370 Transactions with owners of the Company Share based payments - - - 33 33 - 33 Other movements - - - -32 -32 - -32 Total transactions with owners of the Company - - - 1 1 - 1 Balance at 30 June 2025 1.484 20.435 -126 -17.267 4.526 5 4.531
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14 Condensed consolidated interim statement of cash flows for the half year ended 30 June 2026 2026 2025 EUR 1.000 EUR 1.000 Cash flows from operating activities Profit for the period -366 -366 Adjustments for: • Depreciation 1.153 1.179 • Amortisation 541 573 • Net finance costs 927 908 • Gain on sale of property, plant and equipment - - • Equity-settled share-based payment transactions 66 33 • Tax expense 149 143 • Trade receivables written off - - • Provision for bad and doubtful receivables - - 2.836 2.836 Changes in: • Inventories 822 1.492 • Trade and other receivables -2.050 -525 • Trade and other payables 2.319 168 • Provisions - - Cash generated from operating activities 3.561 3.605 Interest paid -433 -648 Income taxes paid 377 -370 Net cash from operating activities 3.505 2.587 Cash flows from investing activities Proceeds from sale of property, plant and equipment - - Acquisition of subsidiary, net of cash acquired -124 96 Acquisition of property, plant and equipment -331 -108 Net cash from (used in) investing activities -455 -12
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15 2026 2025 EUR 1.000 EUR 1.000 Cash flows from financing activities Proceeds from loans and new borrowings - - Repayment of borrowings -663 -1.666 Payment of contingent consideration -128 -255 Payment of lease liabilities -831 -554 Net cash from (used in) financing activities -1.622 -2.475 Net increase/decrease in cash and cash equivalents 1.428 100 Cash and cash equivalents at 1 January* 2.075 85 Cash and cash equivalents at 30 June* 3.503 185 * Cash and cash equivalents includes bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management.
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16 Notes to the condensed consolidated interim financial statements for the half year ended 30 June 2026 1 General (a) Reporting entity and relationship with parent company (companies) Alumexx N.V. (the ‘Company’) is a public limited liability company domiciled in the Netherlands. The Company was incorporated in the Netherlands. The Company’s registered office is at Leerlooierstraat 30 4871 EN Etten-Leur. The Company was founded in 1991 and is registered in the Trade Register at the Chamber of Commerce under number 34110628. As per 31 March 2026 100% of the shares of FlexTable B.V. were acquired. The activities of FlexTable B.V. constitute a business. As per acquisition date the FlexTable is consolidated. These condensed consolidated interim financial statements comprise the Company and its subsidiaries (collectively the ‘Group’ and individually ‘Group companies’). The Company is a holding company. The main activities of the G roup of which the Company is the parent are related to manufacturing and selling of climbing materials. The activities of the Company and the Group are carried out both inland and abroad, with the countries of the European Union being the primary sales market. (b) Financial reporting period These condensed consolidated interim financial statements cover the first half year of 2026, which ended at the reporting date of 30 June 2026. (c) Going concern The financial statements of the Company have been prepared on the basis of the going concern assumption taking into consideration the following: • Working capital is positive • Cash and cash equivalents are positive • The operating cash flow is positive • Solvency is within the capital restrictions set by the Management Board. • The overdraft amounting to EUR 2.000 is not used as per 30 June 2026 • Covenants in connection with secured bank loans are met as per 30 June 2026. Based on current forecasts it is expected that there will not be a breach of covenants for the next 12 months. 2 Basis of preparation (a) Statement of compliance These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Company’s last annual consolidated financial statements as at and for the year ended 31 December 2025. The condensed consolidated interim financial statements do not contain all of the information required for full financial statements and should be read in combination with Alumexx ’s 2025 consolidated financial statements. They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS accounting standards. However, selected explanatory notes are included to explain events and transactions that are
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17 significant to an understanding of the changes in the Company’s financial position and performance since the last annual financial statements. The condensed consolidated interim financial statements were authorised for issue by the Management Board on 25 September 2026. (b) Key accounting policies The accounting policies and calculation methods used by the Company in these condensed consolidated interim financial statements are the same as the accounting policies and calculation methods applied in the consolidated financial statements for the 2025 financial year, with the exception of new standards and interpretations. (c) New standards and interpretations Several new or changed standards and interpretations took effect on 1 January 2026 and are of limited relevance to the Company . The application of these new standards and interpretations has had no impact on the Group’s result or financial position. (d) Use of judgements and estimates Compilation of the interim report requires management to make judgements, estimates and assumptions that affect the application of accounting policies used for financial reporting and the reported value of assets, liabilities, income and costs. The actual results may differ from these estimates. In compiling these consolidated interim financial statements, the important assessments formed by the management used for the application of the accounting policies for Alumexx’s financial reporting and the most important sources of estimates used are the same as the assessments and sources applied in the compilation of the consolidated financial statements for the 2025 financial year. The most critical estimate relates to the ability to apply the going concern assumption. Further estimates relate primarily to measurement of leases, contingent considerations and provisions. 3 Operating segments The Group has no reportable segments. The activities of the Group are fully integrated and therefore the activities are not able to divide in reportable segments. All material activities are in the Netherlands. Financial information on nature of revenue st reams and geographical distribution of markets is provided in note 22 of the consolidated financial statement of 2025. The Group’s Board (CODM) reviews internal management reports on consolidated basis only on a monthly basis. There is no dependence on a single customer. The largest customer in the first half of 2026 represented 5% (2025: 5%) of total revenue. Based geographical distribution all non-current assets are allocated to the Netherlands. 4 Acquisition of subsidiary On 31 March 2026 the Company acquired all shares of FlexTable B.V. (hereinafter "FlexTable"). The initial accounting period within the measurement period of 12 months after the acquisition date will end on 31 March 2027. As the initial accounting is not finalized at the reporting date, the Purchase Price Allocation accounting in the se condensed consolidated interim financial statements is indicated as provisional. The assets and liabilities acquired constitute a business. Included in the identifiable assets and liabilities acquired at the date of acquisition of the acquirees are inputs ( patents, technology, inventories and a web shop). The Group has determined that together the acquired inputs
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18 contribute to the ability to create revenue. The Group has concluded that the acquired set of assets and liabilities is a business. Taking control of FlexTable will enable the Group to incorporate the acquired technology in its own products and initiate diversification of its range of products. In the 3 months period ended 30 June 2026, FlexTable contributed no revenue and EBITDA to the Group’s results. If the acquisition had occurred on 1 January 2026, management estimates that consolidated revenue would have been EUR 21.031, and consolidated EBITDA for the reporting period would not have been impacted . In determining these amounts, management has assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2026. Acquisition-related costs The Group incurred no material acquisition-related costs. Consideration transferred The following table summarises the acquisition- date fair value of each major class of consideration transferred. EUR 1,000 Cash 125 Equity instruments issued (150.000 shares) 216 Total consideration transferred 341 Equity instruments issued In total 150.000 shares were issued consisting of 100.000 ordinary shares and 50.000 A Shares. The fair value of the 150.000 shares issued was based on the listed VWAP share price of the Company at 31 March 2026 of EUR 1,4392 per share. A contractual lock -up period of one year from March 31, 2026 has been agreed with sellers for 50.000 A shares out of the total 150.000 A shares. Identifiable assets acquired and liabilities assumed The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date. EUR 1.000 Intangible assets (patent) 230 Inventories 161 Cash and cash equivalents 1 Deferred tax liabilities -51 Total identifiable net assets acquired 341
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19 Measurement of fair values The valuation techniques used for measuring the fair value of material assets acquired were as follows. Assets acquired Valuation technique Intangible assets The cost approach: The cost approach comprises valuation techniques that reflect the amount that would be required to replace the service capacity of an asset. The primary method used to measure fair value under the cost approach is the depreciated replacement cost (DRC) method. A DRC valuation considers how much it would cost to reproduce an asset of equivalent utility taking into account physical, functional and economic obsolescence. Inventories Market comparison technique: The fair value is determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to complete and sell the inventories. Goodwill Goodwill arising from the acquisition has been recognised as follows: EUR 1,000 Consideration transferred 341 Fair value of identifiable net assets 341 Goodwill - As both the consideration transferred and the net assets are have the same value, no goodwill has been recognised.
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20 5 Revenue Disaggregation of revenue from contracts with customers In the following table, revenue from contracts with customers is disaggregated by primary geographical market and channels of revenue recognition. HY 2026 HY 2025 In % of total In % of total (Primary geographical markets Domestic 65% 73% Germany 7% 5% Belgium 13% 12% Other EU 13% 9% Non EU 2% 1% Total 100% 100% Revenue channels Dealers / direct customers 70% 72% Own online platforms 27% 26% Third party online platforms 3% 2% Total 100% 100% 6 Share-based payment arrangement During the period under review no options were granted. As at 1 October 2026 the Company expects to grant approximately 660.000 options of which 260.000 to the Management Board. The options granted to the Management Board are subject to achieving of objectives. 7 Earnings before interest, tax, depreciation and amortisation (EBITDA) Management has presented the performance measure EBITDA because it monitors this performance measure at a consolidated level and it believes that this measure is relevant to an understanding of the Group’s financial performance. EBITDA represents an indication of the operating cash flow. EBITDA is also a key measure used for covenant reporting. EBITDA is calculated by increasing operating profit with depreciation, amortisation, and impairment losses/reversals related to goodwill, intangible assets, property, plant and equipment. EBITDA is not a defined performance measure in IFRS. The Group’s definition of EBITDA may not be comparable with similarly titled performance measures and disclosures by other entities.
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21 Reconciliation of EBITDA to operating profit HY 2026 HY 2025 EUR 1.000 EUR 1.000 Operating profit 710 685 Adjustments for: • Depreciation 1.153 1.179 • Amortisation 541 573 EBITDA 2.404 2.437 8 Related parties The nature and extent of the transactions with related parties are comparable with the transactions disclosed in note 33 in the consolidated financial statements 2025. 9 Subsequent events The are no subsequent events to be reported.
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22 Statement of the Management Board pursuant to Article 5:25d (2)(c) of the Dutch Financial Supervision Act To the best of our knowledge: 1. the interim condensed consolidated financial statements give a faithful representation of the assets, liabilities, financial position, and profit/loss of Alumexx N.V. and the companies included in the consolidation in accordance with IAS 34; and 2. the semi-annual Directors’ Report, as included in this half-yearly report, gives a faithful representation of the information required under Article 5:25d, subsections 8 and 9 of the Dutch Financial Supervision Act (Wet op het Financieel Toezicht). Etten-Leur, the Netherlands, 25 September 2026 Management Board: J. van den Heuvel H.L. Hakvoort
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23 Colophon Alumexx N.V. Leerlooierstraat 30 4871 EN Etten-Leur Nederland Website: www.alumexx-nv.nl Email: info@alumexx.nl Chamber of commerce: 34110628