Slide 1: HY Results 2025
HY RESULTS 2025 17 SEPTEMBER 2025
Slide 2: Disclaimer
DISCLAIMER This presentation, the presentation materials and discussion may contain certain forecasts, projections and forward-looking statements – that is statements related to future, not past, events – in relation to, or in respect of, the financial condition, operations or businesses of Solution
Slide 3: Today's Presenters
TODAY’S PRESENTERS Gianbeppi Fortis Amaury Boilot Chief Executive Officer Group General Secretary 3
Slide 4: H1 2025 Key Highlights
H1 2025 KEY HIGHLIGHTS Gianbeppi Fortis, CEO 4
Slide 5: H1 2025 Results Highlights
H1 2025 RESULTS HIGHLIGHTS Half-year results reflect solid trends across the Group’s businesses except in French telecoms ▪ Revenue of €467.4 million in H1 2025 (-9.7%) ▪ Adjusted EBITDA margin at 6.7%, down 60 bps due to current pressure in French telecoms, partially offset by improved profitabilit
Slide 6: Revenue down -9.7%, stable excluding French connectivity activities
REVENUE DOWN -9.7% STABLE EXCLUDING FRENCH CONNECTIVITY ACTIVITIES Group revenue in H1 517.4 467.4 € 467.4m 119.6 Connectivity in France: -40.5% H1 2025 revenue 71.1 Group excl. Connectivity in France: -0.4% (Q2: +2.2%) France excl. Connectivity: +21.0% -9.7% 397.8 396.3 vs. H1 2024 Germany: +23.6%
Slide 7: Continued execution of our diversification strategy: Energy now 20% of Group revenue
CONTINUED EXECUTION OF OUR DIVERSIFICATION STRATEGY ENERGY NOW 20% OF GROUP REVENUE € -50m (-9.7%) H1 2025 revenue by activity Organic: -10.7% Technology 11% 517.4 -72.3 21.1 467.4 (H1 2024: 10%) 1.2 Energy 20% (H1 2024: 14%) -18.2% +2.3% +30.0% Connectivity 69% (H1 2024: 77%) Q2 2023 Connectivity T
Slide 8: Q2 revenue slightly up sequentially compared to Q1
Q2 REVENUE SLIGHTLY UP SEQUENTIALLY COMPARED TO Q1 -6.7% organic: -8.5% 287.2 263.8 265.0 255.3 250.7 252.0 253.6 231.9 235.6 225.4 Q2 up sequentially +1.6% vs. Q1 2025 ✓ Benelux: +5.9% - Fiber roll-out resuming gradually ✓ France: +2.2% - Increasing share of high-growth Energy activities ✓ Germany:
Slide 9: Adjusted EBITDA margin: pressure in French connectivity, progress in the rest of the Group
ADJUSTED EBITDA MARGIN PRESSURE IN FRENCH CONNECTIVITY, PROGRESS IN THE REST OF THE GROUP France Benelux Germany Other Countries € 31.5m 4.5% 11.8% 7.9% 5.0% H1 2025 Adjusted EBITDA H1 adj. EBITDA margin H1 adj. EBITDA margin H1 adj. EBITDA margin H1 adj. EBITDA margin -470 bps +180 bps -220 bps +23
Slide 10: H1 2025 Financial Results
H1 2025 FINANCIAL RESULTS Amaury Boilot, Group General Secretary
Slide 11: Income Statement Highlights
INCOME STATEMENT HGHLIGHTS € millions H1 2025 H1 2024 Change 24/25 Revenue 467.4 517.4 -9,7% Operational costs 395,8 431.4 -8.2% As % of turnover 84.7% 83.4% Central org. costs 40.1 48.4 -17.2% As % of turnover 8.6% 9.4% Adjusted EBITDA(1) 31,5 37.7 -16.6% As % of revenue 6.7% 7.3% Operational depre
Slide 12: Benelux: strong increase in margin, fiber roll-out in Belgium resuming gradually
BENELUX: STRONG INCREASE IN MARGIN, FIBER ROLL-OUT IN BELGIUM RESUMING GRADUALLY H1 Revenue H1 Adjusted EBITDA ▪ Strong increase in Adjusted EBITDA margin: -7.8% +9.3% Agility and efficiency of operating model 196.8 ▪ Energy: maturity of smart meter roll-out 181.4 activities, growth drivers ramping-
Slide 13: France: margin pressure in Connectivity, active transformation of operating model
FRANCE: MARGIN PRESSURE IN CONNECTIVITY, ACTIVE TRANSFORMATION OF OPERATING MODEL H1 Revenue H1 Adjusted EBITDA ▪ Sharper-than-anticipated slowdown in fiber roll-out activities -18.1% -67.2% ▪ Actively transforming operating model to adapt to evolving telecom customers’ needs and 188.4 restore Conne
Slide 14: Germany: strong growth, investing in our operating structure
GERMANY: STRONG GROWTH, INVESTING IN OUR OPERATING STRUCTURE IN ANTICIPATION OF FURTHER GROWTH H1 Revenue H1 Adjusted EBITDA ▪ Gradual ramp-up of fiber deployment +23.6% -5.1% ▪ Leading position and continued geographical expansion (Mainz, Dortmund, Frankfurt) in a market still in structuring proces
Slide 15: Other Countries: sharp margin increase thanks to performance improvement measures
OTHER COUNTRIES: SHARP MARGIN INCREASE THANKS TO PERFORMANCE IMPROVEMENT MEASURES IN ITALY AND SPAIN H1 Revenue H1 Adjusted EBITDA ▪ Adjusted EBITDA margin doubled compared -10.1% +61.5% to S1 2024, performance improvement measures in Italy and Spain bearing fruit ▪ Continued positive momentum in Po
Slide 16: Net Income Group Share
NET INCOME GROUP SHARE Financial result: ▪ Interest expense from bank debt stable year-on-year at €4.0m ▪ Interest expense from IFRS 16 lease debt: €1.6m, compared to €1.5m in H1 2024 € millions H1 2025 H1 2024 ▪ FX impact variance H1 2025 vs. H1 2024: € -1.4m Adjusted EBIT 4.7 11.1 Non-recurring it
Slide 17: H1 free cash flow reflecting intra-year seasonality and ramp-up in Energy and Germany
H1 FREE CASH FLOW REFLECTING INTRA-YEAR SEASONALITY AND RAMP-UP IN ENERGY AND IN GERMANY Group Free Cash Flow1 in €m: € millions H1 2025 H1 2024 45.8 46.5 Cash Flow From Operations 20.4 32.8 40.2 Change in WC -42.0 -30.6 13.4 Capex -7.5 -8.5 Free Cash Flow1 -29.1 -6.3 -6.3 Lease payment -16.2 -17.6
Slide 18: H1 2025 Change in Gross Cash Position
H1 2025 CHANGE IN GROSS CASH POSITION Net free cash-flow: € -45.3m Free cash-flow: € -29.1m Net amount drawn on credit 20 facilities €18.2m Interest paid 96 €-3.8m Dividend to minority shareholders of acquired company €-2.4m -42 -8 12 1 59 Impact of lower Ramp-up of fiber roll-out EBITDA in Germany,
Slide 19: Solid financial structure, high liquidity and limited net financial debt
SOLID FINANCIAL STRUCTURE HIGH LIQUIDITY AND LIMITED NET FINANCIAL DEBT Equity 108.1 Equity 90.1 €56.1m Fixed assets Fixed assets 214.4 209.2 Net Financial debt at end June 2025 (excluding IFRS 16 lease debt) vs. Provisions 38.2 Provisions 39.6 €26.7m at end June 2024 €0.8m at end Dec. 2024 IFRS 16
Slide 20: Conclusion
CONCLUSION Gianbeppi Fortis, CEO 20
Slide 21: Robust performance across the Group excluding French connectivity
ROBUST PERFORMANCE ACROSS THE GROUP EXCLUDING FRENCH CONNECTIVITY French Connectivity Rest of the Group 15% of H1 revenue 85% of H1 revenue France Energy & × Sharper-than-expected Technology 18% ✓ Stabilized revenue (-0.4% in H1) slowdown in fiber deployment prompting margin pressure ✓ France - Ener
Slide 22: Q&A
Q&A PLEASE TYPE IN YOUR QUESTION BY USING THE BUTTON ON THE READER 22
Slide 23: Next event: 5 November Q3 revenue
NEXT EVENT: 05 november: Q3 revenue 23
Slide 24: Appendix
Appendix Solutions lutions Fe Soli ‘or New Technologies
Slide 25: Q2 revenue by geography and by activity
Q2 REVENUE BY GEOGRAPHY AND BY ACTIVITY -6.7% -6.7% 252.4 252.4 235.6 Energy 235.6 35.8 +41.0% France 50.4 90.6 24.9 -13.9% 78 Technology -2.8% 24.2 Benelux 96.1 -2.9% 93.3 191.7 Connectivity -16.1% 160.9 Germany 20.1 +26.2% 25.4 45.6 Other Countries 38.9 -14.6% Q2 2024 Q2 2025 Q2 2024 Q2 2025 Franc
Slide 26: Q2 revenue by activity – Benelux, France, Germany
Q2 REVENUE BY ACTIVITY – BENELUX, FRANCE, GERMANY BENELUX FRANCE GERMANY -2.9% -13.9% +26.2% 96.1 93.3 90.6 15.9 Energy Energy 17.5 17.7 78.0 +10.1% +63.7% 5.2 6.2 17.3 28.9 25.4 Technology Technology +19.8% -15.3% 20.1 Energy 1.1 -25.0% 14.7 1.5 75.0 Connectivity 69.5 Connectivity -7.3% 55.6 -38.2%
Slide 27: Q2 Revenue Bridge
Q2 REVENUE BRIDGE € -16.8 m (-6.7%) Organic change: € -21.6 m (-8.5%) 252.4 -2.8 -17.2 517.4 +5.3 -6.7 +4.6 +0.2 235.6 -2.9% -19.0% +26.2% -15.0% Benelux - Organic Germany Acquisitions Revenue - 2023 Q2 2024 H1 2024 Benelux France France - Organic Germany Other Other Countries -… Acquisitions FX FX
Slide 28: H1 revenue by geography and by activity
H1 REVENUE BY GEOGRAPHY AND BY ACTIVITY -9.7% -9.7% 517.4 517.4 467.4 Energy 70.5 467.4 +30.0% 188.4 France 50.0 91.6 -18.1% 154.3 Technology +2.3% 51.1 Benelux 196.8 -7.8% 181.4 397.0 Connectivity -18.2% 324.7 Germany 38.3 +23.6% 47.3 93.9 Other Countries 84.4 -10.1% H1 2024 H1 2025 H1 2024 H1 2025
Slide 29: H1 Revenue Bridge
H1 REVENUE BRIDGE € -50.0 m (-9.7%) Organic change: € -55.3 m (-10.7%) 517.4 -15.4 517.4 -38.7 +9.0 -10.2 467.4 +4.6 +0.7 -7.8% -20.6% +23.6% -10.9% Benelux - Organic Germany Acquisitions Revenue - 2023 H1 H1 2024 2024 Benelux France France - Organic Germany Other Other Countries -… Acquisitions FX
Slide 30: Q2 breakdown of Other Countries revenue
Q2 BREAKDOWN OF OTHER COUNTRIES REVENUE Total Poland Italy Spain UK +0.8% +3.4% -46.8% -33.2% -14.6% 45.6 38.9 14.0 14.1 14.1 14.6 10.5 7.0 5.6 4.7 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 In millions of euros 30
Slide 31: www.solutions30.com
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