Slide 1: H1 2025 Connect the future
H1 2025 Connect the future 28 July 2025 - Investor presentation 1 Classification : public
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 H1 2025 revenue: 57.2 m€ • H1 2025: 13.1% EBITDA • 2024: 15.3% EBITDA • 2023: 14.4% EBITDA Carrier-grade Solutions • 2022: 17.7% EBITDA Optical Transport Global operations • Customers in over 70 countries • Worldwide customer sup
Slide 6: Ekinops' Portfolio
Ekinops’ Portfolio Network Management System SBC, Virt, Container, SD-WAN, Visibility, FW, SSE SD-WAN SSE COMPOSE marketplace Orchestration Solutions for Software Defined Networks & Network Management System Software Hardware ONEACCESS EKINOPS360 Data & Voice DWDM L1 Routers Ethernet Device L2, L3 O
Slide 7: A Partner for Service Providers & Enterprises
A Partner for Service Providers & Enterprises 7 Classification : public
Slide 8: Activity & Highlights H1 2025
ACTIVITY & HIGHLIGHTS H1 2025 8 Classification : public
Slide 9: H1 2025 revenue: 57.2 M€
H1 2025 revenue: 57.2 M€ €m - IFRS - non-audited 2024 2025 Change Q1 Revenue 28.3 28.5 +1% Q2 Revenue 29.2 28.7 -2% H1 Revenue 57.5 57.2 -1% • Revenue of 57.2 m€ in H1 2025, down -1% (identical at constant exchange rates) • On a sequential basis, Q2 2025 revenue was up +1% compared to Q1 2025 • Olfe
Slide 10: Geographical breakdown of revenue
Geographical breakdown of revenue Europe France North America Rest of the World (excl. France) 41% 33% 20% 6% -6% decline +15% growth -9% decline Stable decline in Access sales in Q2 driven by the strong growth of +9% growth in USD in Q2 broadly balanced sales concentrated on the most Optical Transp
Slide 11: H1 2025 business highlights
H1 2025 business highlights ecotel has successfully deployed a completion of EMBRACE project, virtualized network for Volkswagen Group reaching its main objective to perform a Retail Deutschland (VGRD GmbH), multiband (S-+C-+L-band) optical Germany's largest automobile trading transmission in a metr
Slide 12: H1 2025 business highlights
H1 2025 business highlights Signature of a distribution agreement with Strategic technology partnership to Auroz-Pure Distribution, an Australian- upgrade Telegraph42’s international traffic owned distributor of Unified bandwidthto and provide it with a Communications and Video platform for a high-p
Slide 13: Ekinops completes the acquisition of Olfeo and becomes a network cybersecurity player
Ekinops completes the acquisition of Olfeo and becomes a network cybersecurity player FINAL TERMS OF THE TRANSACTION • #1 for Secure Web Gateway in France • 20 years' experience in cyber and filtering • Acquisition by Ekinops of 100% of Cyber Expertise Olfeo’s shares • 500 customers in all fields •
Slide 14: Ekinops to enter the SASE market!
Ekinops to enter the SASE market! Ekinops to provide Cyber Security that really scales To be sold solely as a Service (SaaS) through subscription (ARR) To become The European, Unified SASE Leader 14 Classification : public
Slide 15: ESG: progress and active projects in H1 2025
ESG: progress and active projects in H1 2025 First CSRD report 3 strategic axes CoP 2025 (Corporate Sustainability Reporting (Communication on Progress) Directive) Third annual communication issued under • Be an employer of choice Disclosing non-financial information for FY the United Nations’ Globa
Slide 16: Financial Results H1 2025
FINANCIAL RESULTS H1 2025 16 Classification : public
Slide 17: P&L (1/2)
P&L (1/2) €m - IFRS - Interim review H1 2024 H1 2025 FY 2024 • 55.9% gross margin in H1 2025 • vs. 53.6% In H2 2024 Revenue 57.5 57.2 117.7 • Continuous OPEX optimization (-2% decrease Y-o-Y) Gross margin 32.2 32.0 64.5 • -6% in R&D: -0.7 m€ % of revenue 56.1% 55.9% 54.8% • decrease in external staf
Slide 18: P&L (2/2)
P&L (2/2) €m - IFRS - Interim review H1 2024 H1 2025 FY 2024 EBITDA(1) 8.2 7.5 18.0 • D&A charge of 4.7 m€, including 0.7 m€ % of revenue 14.3% 13.1% 15.3% of PPA technologies (vs 4.1 m€ & 1.1 m€ in H1 2024) D&A - tangible & intangible assets (2.9) (3.0) (5.8) Amortization - Technologies (PPA) (1.1)
Slide 19: Cash-Flow Statement
Cash-Flow Statement €m - IFRS - Interim review H1 2024 H1 2025 Cash flow before working capital & taxes 7.3 6.5 • Change in working capital requirements: +5.4 m€ Change in operating working capital (2.1) (5.4) • normalization in inventory management • significant decrease in trade payables, due to l
Slide 20: Net cash of 11.0 m€ by end June 2025
Net cash1 of 11.0 m€ by end June 2025 €m - IFRS - Interim review 30/06/2025 Cash & cash equivalent 36.7 • 25.2 m€ of various bank loans, including M&A line Financial liabilities2 25.7 • Factoring liabilities: receivables factored are included in o/w bank loans 25.2 trade receivables o/w factoring li
Slide 21: Balance sheet
Balance sheet €m - IFRS - Interim review 31/12/2024 30/06/2025 €m - IFRS - Interim review 31/12/2024 30/06/2025 Non-current assets 82.0 100.8 Shareholders’ equity 112.1 112.8 o/w goodwill 28.4 46.4 Financial liabilities 16.9 25.7 o/w intangible assets 13.4 16.0 o/w bank loans 15.0 25.2 o/w right-of-
Slide 22: Capital markets snapshot
Capital markets snapshot Shareholding Stock market data (July 24, 2025) 27,034,997 shares (30 June 2025) • ISIN: FR0011466069 4.3% • Ticker symbol: EKI • Stock price: €4.11 11.8% • Market capitalization: 111 m€ Management & Employees • Daily average liquidity (over 1 year) : €76 K 11.7% Bpifrance Fi
Slide 23: Outlook H1 2025
OUTLOOK H1 2025 23 Classification : public
Slide 24: Outlook
Outlook • 2025: 1st deployments of Bridge • R&D investment for new DCI and SASE solutions without a significant increase in R&D OPEX • New products will start coming out in Q4 and early 2026, positioning Ekinops at the heart of the adjacent, fast-growing segments of DCI and cybersecurity • Ekinops i
Slide 25: Thank you
Thank you www.ekinops.com 25 Classification : public