Slide 1: Investor Presentation FY 2025 Results
Investor Presentation FY 2025 RESULTS 12 MARCH 2026 Classification: public
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Ekinops. This presentation is not for solicitation or recommendation. This presentation is for information onward distribution. Neither the whole nor any part of the information in this purposes only and is purely indicative. It does not constitute a
Slide 3: Speakers
Speakers Lionel Chmilewsky Dmitri Pigoulevski CEO CFO 3 Classification: public
Slide 4: Ekinops – Our Mission
Ekinops – Our Mission TRUSTED Ekinops specializes in innovative networking solutions, enabling high-capacity, agile, and secure networks. We are committed to customer success, innovation in software and hardware, and value OPEN INNOVATIVE creation for our stakeholders. 4 Classification: public
Slide 5: We provide open, secured, trusted and innovative network connectivity solutions
We provide open, secured, trusted and innovative network connectivity solutions 2025 revenue: 105 m€ - 15.8 m€ ARR • 2025: 10.0% EBITDA • 2024: 15.3% EBITDA • 2023: 14.4% EBITDA Carrier-grade Solutions Optical Transport Global operations • Customers in over 70 countries • Worldwide customer support,
Slide 6: Global and Diversified Portfolio of Blue-Chip Customers
Global and Diversified Portfolio of Blue-Chip Customers Ekinops Supplies the Largest Telecom Operators & Service Providers in the World As well as Enterprises and Public Organizations Major French Healthcare Local Authorities Institutions FRANCE Media & Telecom Conglomerate > 100 > 100 > 20 Customer
Slide 7: Ekinops enables O2 Telefónica highest availability and speeds for Fixed Mobile B2B Connectivity Services
Ekinops enables O2 Telefónica highest availability and speeds for Fixed Mobile B2B Connectivity Services MRU-5G: a centrally manageable outdoor 5G unit. Coupled with Ekinops’ enterprise routers (OneOS6), it delivers gigabit services with 5G backup for businesses in difficult coverage locations. ×10
Slide 8: Activity & Highlights FY 2025
ACTIVITY & HIGHLIGHTS FY 2025 8 Classification: public
Slide 9: FY 2025 Revenue: 105 m€
FY 2025 Revenue: 105 m€ €m - IFRS - audited 2024 2025 Change FY 2025 Revenue 117.7 105.0 -11% • FY 2025 revenue down -11% Y-o-Y • Q4 2025: revenue up +15% sequentially (vs. Q3 2025) • Olfeo contributed 3.7 m€ to Ekinops’ FY 2025 revenue • Decline in Optical Transport and Access in FY 2025 (Y-o-Y) •
Slide 10: Software & Services up +27% – ARR of 15.8 m€
Software & Services up +27% – ARR of 15.8 m€ • Strong growth in Software & Services in 2025: +27% Share of Software & Services sales • Driven by the growth of Services activities and the ARR contribution in % of Total revenue from Olfeo • Software & Services represented 25% of total Group revenue in
Slide 11: Geographical Breakdown of Revenue
Geographical Breakdown of Revenue Europe France North America Rest of the World (excl. France) 43% (vs. 41% in FY 2024) 33% 19% 5% (vs. 33% in FY 2024) (vs. 20% in FY 2024) (vs. 6% in FY 2025) -8% decline -10% decline -14% decline -20% decline (-16% in USD) Strong growth last year Slightly returning
Slide 12: Some 2025 achievements
Some 2025 achievements • Acquisition of Olfeo, key move towards SASE • Launch of C700HC, 1st product in a new category of hybrid optical transport : WDM / DCI-specific • Subsea cable network and rural broadband wins: Global Caribbean Network (GCN), Whidbey Telecom • Major win for Compose Cloud: Telu
Slide 13: May 2025: Ekinops acquires Olfeo and becomes a network cybersecurity player
May 2025: Ekinops acquires 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 • 60 employe
Slide 14: Financial Results FY 2025
FINANCIAL RESULTS FY 2025 14 Classification: public
Slide 15: P&L (1/2)
P&L (1/2) €m – IFRS - audited 2024 2025 • Solid 57.3% gross margin in FY 2025 • vs. 54.8% in FY 2024 Revenue 117.7 105.0 • OPEX up +4% Y-o-Y Gross margin 64.5 60.2 • Stable R&D expenses: % of revenue 54.8% 57.3% • increase in staff costs : +0.2 m€ • headcount increase compensated by CIR*/R&D Cap Ope
Slide 16: P&L (2/2)
P&L (2/2) €m - IFRS - audited 2024 2025 EBITDA(1) 18.0 10.5 % of revenue 15.3% 10.0% • D&A charge of 8.5 m€, including 2.5 m€ D&A - tangible & intangible assets (5.8) (6.0) of intangible assets post PPA of Olfeo (vs 10.8 m€ & 2.0 m€ in FY 2024) Amortization - Technologies (PPA) (2.0) (2.5) Amortizat
Slide 17: Cash-Flow Statement
Cash-Flow Statement €m - IFRS - audited 2024 2025 Cash flow before working capital & taxes 13.4 6.8 Change in operating working capital 7.6 (2.2) • Change in working capital requirements: -2.2m€ • mainly due to lower purchases at year end Tax paid (0.2) (1.0) Cash flow from operating activities 20.8
Slide 18: Balance sheet
Balance sheet €m - IFRS - audited 31/12/2024 31/12/2025 €m - IFRS 31/12/2024 31/12/2025 Non-current assets 82.0 105.8 Shareholders’ equity 112.1 105.9 o/w goodwill 28.4 41.6 Financial liabilities 16.9 25.8 o/w intangible assets 13.4 23.6 o/w bank loans 15.0 23.5 o/w right-of-use assets 11.6 10.0 o/w
Slide 19: Net cash of 6.3 m€ by end 2025
Net cash1 of 6.3 m€ by end 2025 €m - IFRS - Interim review 31/12/2025 Cash & cash equivalent 32.1 • 25.8 m€ of various bank loans, including M&A line Financial liabilities2 25.8 • Factoring liabilities: receivables factored are included in o/w bank loans 23.5 trade receivables o/w factoring liabilit
Slide 20: Capital markets snapshot
Capital markets snapshot Shareholding Stock market data (March 10, 2026) 27,034,997 shares (31 December 2025) • ISIN: FR0011466069 2.1% • Ticker symbol: EKI • Stock price: €2.06 11.8% • Market capitalization: 56 m€ Management & Employees • Daily average liquidity (over 1 year) : €239 K 11.7% Bpifran
Slide 21: Strengthened ESG commitment in 2025
Strengthened ESG commitment in 2025 3 strategic axes • Be an employer of choice First CSRD report • Be a responsible company towards stakeholders CoP 2025 (Corporate Sustainability Reporting Directive) • Limiting the environmental impact of our activities (Communication on Progress) Marking a signif
Slide 22: Outlook
OUTLOOK 2026: A YEAR OF MAJOR STRATEGIC INVESTMENTS 22 Classification: public
Slide 23: Be positioned as a leader in growing segments
Bridge Network Security SASE DCI BE POSITIONED AS A LEADER IN GROWING SEGMENTS 23 Classification: internal public
Slide 24: Addressable Market (SAM) - Expansion Strategy
Addressable Market (SAM) - Expansion Strategy access to higher growth segments $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 CAGR Access SASE $ 253 $ 428 $ 595
Slide 25: Accelerating in the fastest-growing market segments
Accelerating in the fastest-growing market segments C700HC Chassis Ongoing development First hybrid equipment combining traditional WDM transport of new PTM line DCI - Datacenter functionalities with specific DCI First very high-performance transponder already at an advanced stage of development Int
Slide 26: Strengthening our go-to-market strategy
Strengthening our go-to-market strategy… Strengthened sales Indirect distribution Strategic alliances team Expanding direct Combining direct sales To win new customers, sales force to with an indirect model particularly among large accelerate market through integrators enterprise accounts, penetrati
Slide 27: Our 2026 roadmap
Our 2026 roadmap OUR PRIORITIES Invest heavily in new solutions and go-to-market strategy in order to accelerate our development in the most dynamic segments of our markets Planned recruitment of ~30 R&D engineers to accelerate both DCI and SASE product roadmap 2025 2026 Single-digit Revenue 105 M€
Slide 28: Confirmation of Bridge Strategic Plan objectives
Confirmation of Bridge Strategic Plan objectives 1. Be positioned as a leader in growing segments 2. Return as soon as possible to 2 digits growth 3. Build a brand not just that of an equipment vendor but also that of a high value-added, software-driven solution vendor 4. Continuously improve the Co
Slide 29: Thank you
Thank you www.ekinops.com Classification: public