Slide 1: FY 2024 Connect the future
FY 2024 Connect the future Investor presentation – March 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Ekinops. This presentation is not for purely indicative. It does not constitute an offer or invitation for the sale or onward distribution. Neither the whole nor any part of the information in this purchase of securities or any of the businesses or a
Slide 3: Speakers
Speakers Didier Brédy Dmitri Pigoulevski CEO CFO 3 Classification : public
Slide 4: Ekinops' Mission Statement
Ekinops’ Mission Statement To provide open, trusted and innovative network connectivity. We enable our customers’ success by delivering high value-added software-driven solutions. Open Trusted Innovative 4 Classification : public
Slide 5: We provide open, trusted and innovative network connectivity solutions
We provide open, trusted and innovative network connectivity solutions 2024 revenue: €118 m • 2024 : 15.3% EBITDA • 2023 : 14.4% EBITDA • 2022 : 17.7% EBITDA Carrier-grade Solutions • 2021 : 16.9% EBITDA Optical Transport Global operations • Customers in over 70 countries • Worldwide customer suppor
Slide 6: Ekinops' Portfolio
Ekinops’ Portfolio Network Management System SBC, SD-WAN, Visibility, FW, SDN-NFV Edge Computing COMPOSE Solutions for Software Defined Networks & Network Management System Software Hardware ONEACCESS EKINOPS360 Data & Voice DWDM L1 Routers Ethernet Device L2, L3 Optical Transport Solutions for Anyh
Slide 7: A Partner for Service Providers
A Partner for Service Providers Building Next-Generation Solutions for Service Providers 7 Classification : public
Slide 8: Activity & Highlights FY 2024
ACTIVITY & HIGHLIGHTS FY 2024 Classification : public
Slide 9: 2024 revenue: €117.7m
2024 revenue: €117.7m • Revenue of 117.7 m€ in FY 2024, down by -9% • H2 2024 consolidated revenue : up +4% from H2 2023, superior to H2 2023 and H1 2024 • To be compared to competition €m - IFRS - Audited FY 2023 FY 2024 Change H1 Revenue 71.0 57.5 -19% • +11% growth in Access in 2024, -30% fall in
Slide 10: +18% activity growth in France
+18% activity growth in France France EMEA North America Asia-Pacific (excl. France) 41% 37% 20% 2% vs. 32% vs. 41% vs. 25% identical a year earlier a year earlier a year earlier a year earlier +18% growth -18% decline -26% decline Revenue down -32% (identical in US dollars) Propelled by the sales o
Slide 11: Some important 2024 achievements
Some important 2024 achievements • Significant improvement of our SD-WAN software • Acquisition of “5view” • Important SD-WAN customers won such as o ADNOV o Orange • 800G Transport product released o Product at the leading edge • New HQ in Lannion housing all Transport R&D • EBITDA and cash flow pe
Slide 12: Orange Business launches its SD-WAN Essentials solution based on Ekinops' technology
Orange Business launches its SD-WAN Essentials solution based on Ekinops’ technology Orange Business SD-WAN Essentials is a co-managed solution giving businesses access to the essentials of SD-WAN services, providing • control • reliability • performance • application-level routing • security Soluti
Slide 13: A new private and exclusive network offering Leveraging SD-WAN Xpress solution
A new private and exclusive network offering Leveraging SD-WAN Xpress solution ADNOV (part of ADSN group): • a solution provider that supports French notaries in their digital transformation • a long standing Ekinops customer A new network offering built on Ekinops’ SD-WAN Xpress solution • an innov
Slide 14: Infovista's 5view software makes SD-WAN even more competitive
Infovista’s “5view” software makes SD-WAN even more competitive • Acquisition of the “5View” software suite from Infovista, an infrastructure management software editor for mobile and fixed networks • 5View: a solution for analyzing application performance across networks • Collects data in real tim
Slide 15: Financial Results FY 2024
FINANCIAL RESULTS FY 2024 Classification : public
Slide 16: P&L (1/2)
P&L (1/2) In €m - IFRS - Audited FY 2023 FY 2024 • 54.8% gross margin in FY 2024 vs. 52.1% in FY 2023 Revenue 129.1 117.7 • return to a “normalized” level of margin • growing weight of S&S (18% vs 17%) Gross margin 67.3 64.5 • control over the manufacturing costs & inventory % of revenue 52.1% 54.8%
Slide 17: EBITDA margin of 15.3% in FY 2024
EBITDA margin of 15.3% in FY 2024 14.3 m€ FY 2024: EBITDA EBITDA margin (in m€) (in % of revenue) 18.0 m€ 20.2% 15.3% 11.8 m€ 10.8 m€ 18.3% 9.8 m€ 9.4 m€ 17.0% 8.3 m€ 16.2% 8.1 m€ 18.4% 8.2 m€ 8.2 m€ 17.9% 6.9 m€ 17.5% 15.4% 14.3% 6.4 m€ 6.5 m€ 14.2% 15.3% 14.3% 4.0 m€ 4.3 m€ 7.4% 9.5% H1 2018 H2 20
Slide 18: P&L (2/2)
P&L (2/2) €m - IFRS - Audited FY 2023 FY 2024 EBITDA(1) 18.6 18.0 % of revenue 14.4% 15.3% D&A - tangible & intangible assets (4.6) (5.8) • D&A charge of 10.8 m€, including 2.0 m€ (5.3) (2.0) Amortization - Technologies (PPA) of PPA technologies Amortization - Right of use assets (2.2) (2.3) Net pro
Slide 19: Cash-Flow Statement
Cash-Flow Statement €m - IFRS - Audited FY 2023 FY 2024 Cash flow before working capital & taxes 17.8 13.4 • Working capital change 2024: 7.6 m€ Change in operating working capital (3.3) 7.6 • lower trade receivables and inventories Tax paid (1.0) (0.2) Cash flow from operating activities 13.5 20.8
Slide 20: Net cash of 29.5 m€ by end 2024
Net cash of 29.5 m€ by end 2024 €m - IFRS - Audited 31/12/2024 • 16.9 m€ of various bank loans Cash & cash equivalent 46.4 • No use of M&A line so far Financial liabilities2 16.9 o/w bank loans 15.0 • Factoring liabilities: receivables factored are included in trade receivables o/w factoring liabili
Slide 21: Balance sheet
Balance sheet €m - IFRS - Audited 31/12/2023 31/12/2024 €m - IFRS - Audited 31/12/2023 31/12/2024 Non-current assets 78.8 82.0 Shareholders’ equity 119.4 112.1 o/w goodwill 28.5 28.4 Financial liabilities 21.4 16.9 o/w intangible assets 17.1 13.4 o/w bank loans 18.6 15.0 o/w right-of-use assets 6.7
Slide 22: Capital markets snapshot
Capital markets snapshot Shareholding Stock market data (March 3, 2025) 26,994,049 shares (31 December 2024) • ISIN: FR0011466069 0.5% 3.7% • Ticker symbol: EKI Treasury Stock • Stock price: €3.52 11.8% • Market capitalization: €95 m Management & Employees • Daily average liquidity (over 1 year) : €
Slide 23: Enhanced sustainability actions in 2024
Enhanced sustainability actions in 2024 Double materiality analysis 2030 carbon trajectory 3 strategic axes Identifying relevant extra-financial IRO* -15% reduction in GHG vs. 2023, following a -44% reduction a year earlier • Be an employer of choice for internal and external stakeholders tCO2e/m€ r
Slide 24: BRIDGE: Our 3-year plan to Bridge us to success
BRIDGE Our 3-year plan to Bridge us to success Classification : public
Slide 25: Corporate objectives
Corporate objectives 1. Be positioned as a leader in growing segments 2. Return as soon as possible to 2 Digits Growth • At least 30% of Software & Services revenue of which over 50% is ARR 3. EBITDA% in the 20s 4. Build a brand Not just that of an equipment vendor but also that of a high value-adde
Slide 26: Company strengths
Company strengths 1. The management team is strong and got stronger with a new CPO: • Harald Bock (Infinera, Nokia Siemens, Marconi), who started Feb 1, 2025 2. We are going to go after high-growth segments with Bridge’s 4 piers 3. Our Balance Sheet 4. We can acquire, size matters • Strengthen our o
Slide 27: 7-in-1 Firewall SD-WAN
: 7-in-1 Firewall SD-WAN Voice Routing LAN / switch Wi-Fi Data Routing 4G / 5G In the future… AI Support 27 Classification : public
Slide 28: Optical transport line interface types
Optical transport line interface types 400G Muxponder (PM_400FR05-C2B) 400G Pluggable transceiver 400G CFP2-DCO 400G QSFP-DD- DCO 100G Transponder (PM_100HDF01) 100G Pluggable transceiver 100G QSFP28- DCO 28 Classification : public
Slide 29: The 4 piers of our Bridge new programs
The 4 piers of our Bridge 4 new programs
Slide 30: Transport Piers 1 and 2: ekinopsDCI
Transport Piers 1 and 2: ekinopsDCI Layer 1 - Optical Transport is evolving from the TELCO model (current ekinops360 offering) to the DCI model - We’ll address this evolution by launching a new family of products, ekinopsDCI, in 2 major steps: Pier 1: 9U CHASSIS, DCI-compatible, the C900HC • front t
Slide 31: Access Piers 3 and 4: Access Security
Access Piers 3 and 4: Access Security - Our 7-in-one strategy requires security which has only been developed as an entry-level FireWall - We’ll address this challenge through further development of our Firewall and a SASE solution Pier 3: Ekinops’ firewall Layer 1 Layer 2 Layer 3 Layer 4 Layer 5 La
Slide 32: New segments
New segments • To grow, we’ll go after 2 major segments which are growing very fast • In Transport, we’ll go after the DCI segment • We’ll provide to Tier 2 and Tier 3 service providers a DCI solution • The solution is not designed for hyper-scalers • The solution, ekinopsDCI, will address both DCI
Slide 33: Addressable Market (SAM) - Expansion Strategy
Addressable Market (SAM) - Expansion Strategy access to higher growth segments Ekinops Addressable Market ($M) $2 500 $2 000 New addressable Market Expansion $1 500 • $1,64B in 2028 • CAGR 57,4% $1 000 Core addressable $ 500 Market Expansion • $568M in 2028 • CAGR 3,2% $- 2024 2025 2026 2027 2028 CA
Slide 34: 2025 Outlook
2025 OUTLOOK Classification : public
Slide 35: 2025 Outlook: 1st year of deployment of Bridge
2025 Outlook: 1st year of deployment of Bridge • No guidance in the context of complex and uncertain market conditions • R&D investment for new DCI and SASE solutions without a significant increase in R&D OPEX • Bolstering our leadership team • appointment of Harald Bock as Chief Product Officer • e
Slide 36: Thank you
Thank you Connect www.ekinops.com the future