2025 Half-yearly financial report

Contents

ACTIA Group

French limited liability company with a Board of Directors

with Share Capital of €15,074,955.75 Registered Office: 5, rue Jorge Semprun 31400 Toulouse

Toulouse Trade and Companies Register: 542 080 791

We present herein the interim financial report covering the six-month period ended 30 June 2025, drawn up in compliance with the provisions of Article 4.2 of the EURONEXT Growth Markets Rule Book.

Half-Yearly Financial Report – 30 June 2025

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This report is distributed in compliance with the provisions of Article 4.1.4 of the EURONEXT Growth Markets Rule Book. It is also available on our company site - https://www.actia.com.

Contents

CONTENTS

1. CHAIRMAN’S STATEMENT 4

2. HALF-YEARLY MANAGEMENT REPORT 5

   1. Activity 5

   2. Income 8

   3. Net debt 9

   4. Future prospects 9

   5. Principal related party transactions 9

3. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 10

   1. Condensed statement of the financial situation 10

   2. Condensed income statement 12

   3. Condensed statement of comprehensive income 13

   4. Condensed statement of changes in equity 14

   5. Condensed consolidated cash flow statement 15

   6. Notes to the consolidated financial statements 16

      Note 1. Information about the Group – Entity presenting the financial statements 16

      Note 2. Accounting principles 16

      Note 3. Consolidated companies 17

      Note 4. Goodwill 18

      Note 5. Intangible assets 18

      Note 6. Tangible assets 18

      Note 7. Stocks and work in progress 19

      Note 8. Trade receivables, Other current receivables and Current tax credit 19

      Note 9. Order book 20

      Note 10. Cash, cash equivalents and financial instruments at fair value through profit and loss 21

      Note 11. Deferred taxation 22

      Note 12. Financial assets and liabilities 22

      Note 13. Financial liabilities 23

      Note 14. Equity 25

      Note 15. Provisions 25

      Note 16. Personnel benefits 25

      Note 17. Trade payables, Other current liabilities, Corporate taxes (IS) 25

      Note 18. Assets and liabilities held for sale 26

      Note 19. Operating segments 26

      Note 20. Income taxes 29

      Note 21. Financial Result 29

      Note 22. Transactions with related parties 29

      Note 23. Off-balance-sheet commitments and encumbered assets 30

      Note 24. Risk factors 30

      Note 25. Post-balance sheet events 31

4. STATUTORY AUDITORS’ REPORT32

Half-Yearly Financial Report – 30 June 2025

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1. Chairman’s statement

   1. ‌CHAIRMAN’S STATEMENT

      I hereby certify, to the best of my knowledge, that the condensed interim financial statements have been drawn up in compliance with the applicable accounting standards and give a true and fair view of the assets, financial health and results of all the companies included in the scope of consolidation and that the half-yearly management report in Section 2 “Half-yearly Management Report” gives a true and fair view of the important events that have occurred during the six months under review and of their effect on the interim accounts, the principal related party transactions, and a description of the principal risks and areas of uncertainty for the remaining six months of the financial year.

      17 September 2025

      Jean-Louis Pech

      Chairman and CEO

      Half-Yearly Financial Report – 30 June 2025

      4

2. Half-yearly management report

1. ‌HALF-YEARLY MANAGEMENT REPORT

   1. ‌Activity
      1. Group

         The Group’s consolidated financial statements show turnover of €266.4 million for the first half of 2025, down

         by 4.7%.

         Consolidated turnover in €M, IFRS	2025	2024	Variation (in €M and as %)
         Q1	125.8	139.8	-14.0	-10.0%
         of which total sales (1)	138.1	151.6	-13.5	-8.9%
         of which intra-group sales	-12.3	-11.8	+0.5	+4.4%
         Q2	140.6	139.7	+0.9	+0.7%
         of which total sales (1)	151.5	150.2	+1.3	+0.9%
         of which intra-group sales	-10.8	-10.5	+0.4	+3.4%
         H1	266.4	279.5	-13.1	-4.7%
         of which total sales (1)	289.6	301.8	-12.2	-4.0%
         of which intra-group sales	-23.2	-22.3	+0.9	+3.9%

         (1) Consolidated turnover corresponds to sales from which intra-group invoices are deducted.

         France

         Europe (hors France) Asie

         Amériques Afrique & Océanie

         S1 2025

         266,4 M€

         S1 2024

         279,5 M€

         13,6%

         9,1%

         2,8%

         41,8%

         12,5%

         7,4%

         2,7%

         39,8%

         58.2% of consolidated turnover generated internationally.

         9.1%

         41.8%

32,7%

37,5%

1. Mobility Division

   The Mobility division designs and produces on-board electronic equipment and systems to address the various challenges faced by terrestrial mobility in the areas of road and rail transport, goods and passenger transport, and agriculture and construction machinery. Smart and upgradeable technologies are integrated into the wide range of solutions and associated services in order to improve the user experience, encourage the energy transition and contribute to the sustainability of vehicles, while also accelerating progress towards new generations of vehicles, such as software-defined, electric and autonomous vehicles, etc.

   For the first half of 2025, the division’s sales fell by 9.6% (-€22.8 million) to €215.5 million, and can be broken

   down as follows:

   Mobility Division, Sales in €M	2025	2024	Variation (in €M and as %)
   Q1 Q2	103.4 112.2	122.8 115.5	-19.5 -3.3	-15.9% -2.9%
   H1	215.5	238.3	-22.8	-9.6%

   Half-Yearly Financial Report – 30 June 2025

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   In €M

   H1 2025

   H1 2024

   Variation in Variation as

   €M

   %

   2. Half-yearly management report

   Light vehicles	31.7	42.4	-10.7	-25.2%
   HGVs	47.2	53.6	-6.4	-11.9%
   Buses & Coaches	47.0	40.7	6.3	15.5%
   Off highway (1)	33.8	34.4	-0.6	-1.7%
   Rail	21.6	31.3	-9.7	-31.0%
   Other	34.2	35.9	-1.7	-4.7%
   Mobility Division	215.5	238.3	-22.8	-9.6%

   (1) Off highway: agricultural machinery, construction machinery

   In Q2 2025, the Mobility Division generated sales of €112.2 million, representing 74.0% of Group sales, compared to 76.9% a year earlier. Although the difficulties in the European Automotive sector continue, the division has benefited from the introduction of new regulatory requirements (RED II), which have led some customers, particularly in the HGV sector, to shift their orders to older generations of products. This trend temporarily underpinned business in Q2, to the detriment of Q3, which should reflect a lag in demand for new generations of products developed by ACTIA. Major technical milestones were achieved in the development of new centralised electronic architectures (zonal computers and HPC*), notably for applications in the key HGV and Specialist Vehicle segments. Business in the Buses & Coaches sector continued to be driven by contracts won in China, where the vehicles are enjoying growing international success. In the Rail sector, sales fell back significantly, due to the completion in Q2 2024 of programmes (for the Olympic Games in particular) that had made a strong contribution to business a year earlier. Most of the new contracts, particularly with Alstom outside France, are currently in the engineering phase, with no significant deliveries expected before mid-2026. There are still many commercial successes in this segment, and ACTIA is continuing to reconfigure this Rail business, particularly at Millau, to take better advantage of opportunities in this market and maximise performance when future programmes come on stream.

   The division’s EBITDA stood at €6.8 million, compared to €29.3 million at 30 June 2024 (-€22.5 million). The downturn in business recorded since the first months of 2024, reaching its low point in late 2024/early 2025, is impacting the profitability of the division, particularly the plants, and therefore affecting its operating income. It should be noted that the division did not benefit this year from the proceeds from the transfer of an ACTIA software solution for on-board systems for vehicles, as part of the technological collaboration with Ampere (March 2024), which had offset the collapse in operating profitability in 2024. In addition, the changes implemented in the organisation of the production sites have resulted in exceptional personnel costs for the year, for which provision is being made as of 30 June (around €3 million).

   *HPC: High Performance Computing

2. Aerospace Division

   The Aerospace Division designs and produces on-board electronic systems for aeronautics and space, as well as complete, integrated solutions for satellite telecommunications.

   Aerospace Division, Sales in €M	2025	2024	Variation (in €M and as %)
   Q1 Q2	15.8 20.6	13.2 18.1	+2.7 +2.5	+20.1% +13.7%
   H1	36.5	31.3	5.1	16.4%

   The division generated sales of €36.5 million in the first half of 2025 (+16.4%). In Q2 2025, the Aerospace Division once again posted sustained sales growth, up 13.7% to €20.6 million. This performance reflects growth in France and Sweden, stronger momentum from major European Defence customers, and the impact of the integration of STEEL Electronique, which has been consolidated since 1 June 2024. The Aerospace Division has confirmed its position as a systems manufacturer with a global offering that includes turnkey solutions, attracting strong interest from export markets.

   Half-Yearly Financial Report – 30 June 2025

   6

   2. Half-yearly management report

   The division’s EBITDA stood at €1.8 million compared to €1.3 million at 30 June 2024 (+€0.6 million).

   In addition, in accordance with the contracts signed in May 2024, DIADEM Industries exercised its put option on 3.75% of ACTIA Aerospace's capital. At 30 June 2025, ACTIA Group now holds 88.75% of its subsidiary's capital.

3. Energy Division

   The Energy Division develops, integrates and implements innovative solutions for the management, transmission and distribution of electric power for major energy players.

   Energy Division, Sales in €M	2025	2024	Variation (in €M and as %)
   Q1 Q2	8.2 7.5	6.0 6.0	+2.2 +1.4	+36.9% +23.7%
   H1	15.7	12.1	3.7	30.3%

   The division’s sales were €15.7 million in the first half of 2025. In Q2 2025, the Energy Division recorded growth of 23.7% to €7.5 million, in line with its development trajectory, driven in particular by the success of its solutions and equipment for smart grid management. This increase reflects the successful roll-out of solutions for energy networks in France, as well as the pursuance of the contracts won in Africa for the optimisation of electricity distribution infrastructure and smart grids.

   The division's EBITDA stood at break-even (~€0.0 million) compared to €0.7 million at 30 June 2024 (-€0.7 million). The strong growth in the business is generating substantial external costs at this stage, as it takes time to find the teams and organisation needed to sustain the business.

4. Engineering Services Division

   The Engineering Services Division designs and develops on-board products and systems, augmented with software services for the mobility and industrial sectors. This division includes technological collaborations in the field of on-board systems for vehicles.

   Engineering Division, Sales in €M	2025	2024	Variation (in €M and as %)
   Q1 Q2	9.2 9.7	8.7 9.7	0.5 0.0	+5.9% 0.0%
   H1	18.9	18.3	0.5	+2.8%

   The division generated sales of €18.9 million in the first half of 2025, up 2.8%. In Q2 2025, the Engineering Division generated turnover of €9.7 million, stable compared to the same period in 2024. ACTIA's expertise continues to be acclaimed, particularly in the field of on-board systems for vehicles and Software Defined Vehicles (SDV), and also for major European accounts in the electronics sector.

   The division’s EBITDA stood at €3.9 million, compared to €4.1 million at 30 June 2024 (-€0.3 million). Business growth has led to the development of a skilled R&D team in France, resulting in a slight increase in personnel costs.

   Half-Yearly Financial Report – 30 June 2025

   7
1. ‌Income

   The consolidated results were as follows:

   2. Half-yearly management report

   In €K	H1 2025	H1 2024	Variation % in €K variation
   Revenue	266,419	279,471	-13,052	-4.7%
   Operating income	-3,209	21,577	-24,786	-114.9%
   Financial Result	-10,985	-2,548	-8,438	331.2%
   Income for the period	-13,380	12,547	-25,927	-206.6%

   In conjunction with the decline in business and the reduction in inventoried production, the material consumption rate stood at 49.5% compared to 51.8% at 30 June 2024. Purchases also benefited from a sharp appreciation of the euro over the period, with the average US dollar exchange rate at 1.113 compared to 1.093 in the first half of 2024.

   Personnel expenses rose to €86.8 million from €83.2 million at 30 June 2024 (+€3.6 million). This increase is due to reorganisation costs, which were incurred or committed (provisions) to take account of production level and the challenges of digitalisation and robotisation to maintain our capacity to produce to the highest international standards. The workforce stands at 3,990, compared to 4,210 a year earlier (-220 people), taking into account the disposal of our subsidiary ATAL (45 people - February 2025) and the transfer of the team for Ampere (85 people compared to 30 June 2024 - October 2024). As a result of changes in our markets, recruitment to keep pace with requirements is now strictly controlled.

   External expenses were kept under control at €34.4 million, compared to €36.2 million at 30 June 2024

   (-5.1%), mainly due to lower maintenance and transport costs.

   Provisions for depreciation increased slightly to €14.5 million from €13.4 million at 30 June 2024.

   In a persistently difficult environment, R&D expenditure was devoted to developments linked to commercial successes, and reached €46.4 million in the first half of 2025, a decrease of €1.3 million compared to 30 June 2024. R&D expenditure corresponded to 17.4% of turnover, compared to 17.1 % at 30 June 2024. The re-invoicing rate was 51.2% (compared to 49.0% a year earlier) and the capitalisation rate fell slightly to 11.3% of expenditure, compared to 13.3% at 30 June 2024.

   As a result, the Group's current operating income fell to -€3.3 million, compared to €1.9 million at 30 June 2024 (-€5.2 million), reflecting the impact of the decline in sales from medium and large production runs (HGVs and off-highway) on the absorption of fixed costs, and the efforts made to adapt ACTIA's organisation to meet the challenges of international competition and improve its profitability.

   The operating income stood at -€3.2 million, compared to €21.6 million at the end of June 2024, with the inclusion of the proceeds from the transfer of an ACTIA software solution for on-board systems for vehicles, as part of the technological collaboration with Ampere (end of March 2024).

   EBITDA for the period stood at €11.5 million, compared to €35.2 million at 30 June 2024.

   The financial result stood at -€11.0 million compared to -€2.5 million at 30 June 2024 (-€8.4 million). It includes interest charges of -€4.6 million, compared to -€4.4 million at 30 June 2024. Despite the reduction in debt, this represents an additional charge of €0.2 million, linked to the rise in interest rates affecting the cost of short-term variable-rate borrowings and new medium-term credit lines. In this way, the average interest rate of the debt stood at 4.53% compared to 4.00% at 30 June 2024.

   Other financial income includes the -€6.6 million change in fair value of financial instruments at 30 June 2025, compared to €1.8 million for the same period last year, a difference of -€8.4 million. The purpose of hedging instruments is to ensure that the average purchase price of US dollars is equal to the price sold when customer contracts are signed.

   After income tax of +€0.7 million at 30 June 2025, compared to -€6.5 million a year earlier, income for the period fell to -€13.4 million, compared to €12.5 million at 30 June 2024 (-€25.9 million).

   Half-Yearly Financial Report – 30 June 2025

   8
2. ‌Net debt

   2. Half-yearly management report

   ACTIA generated cash flow from operations of €18.6 million over the period, including a €14.4 million reduction in WCR, reflecting the action taken to continue reducing inventories (down €9.4 million compared to 31 December 2024), which had risen abnormally following component shortages (February 2021 - June 2023).

   Cash flow from investment activities consumed €11.0 million, compared to a generation of €13.3 million last year, with the proceeds from the transfer of an ACTIA software solution for on-board systems for vehicles, as part of the technological collaboration with Ampere, and the cash flow from STEEL Electronique, acquired in May 2024. Apart from factors specific to the 2024 financial year, this level is slightly lower than in the past, reflecting the choices made to maintain investment in a constrained environment.

   As a result, net debt stood at €147.6 million at 30 June 2025, compared to €150.1 million at 31 December 2024, down by €2.5 million.

3. ‌Future prospects

   The contrasting performance of the various divisions in the first half of 2025 reflects the different dynamics of the markets addressed by ACTIA, but confirms the strength of its technological and industrial positioning. In the current economic climate, ACTIA Group remains cautious about the momentum of its Mobility Division, whose mass production markets are not recovering after a sharp erosion in 2024. Continued growth in the other 3 divisions (Aerospace, Energy and Engineering Services) should nevertheless enable turnover in 2025 to stabilise at the 2024 level of around €535 million.

   In response to this environment, ACTIA is continuing to adapt its industrial facilities as part of an overall rationalisation programme designed to bring its organisation and production capacity into line with current market realities, while preserving room for manoeuvre to enable a swift rebound if necessary. The various sites and their organisation continue to evolve to become more competitive, keep pace with technological developments and preserve the Group's expertise over time. This programme is also accompanied by increased efforts to preserve cash and reduce inventories, following on from the successful initiatives launched the previous year.

   As a driver of innovation, ACTIA Group is naturally moving towards Software-Defined Vehicle technologies, artificial intelligence and eco-design, which is the Group’s main lever in its contribution to decarbonisation. In 2026, the launch of new product families will reinforce ACTIA Group’s growth trajectory towards its target of €700 million in revenue by 2028.

   Consequently, the ACTIA Group Board of Directors approved the financial statements on 30 June 2025 according to the going concern principle.

4. ‌Principal related party transactions

   The principal transactions between related parties are described in Note 22 “Transactions with related parties”

   in the notes to the condensed consolidated financial statements at 30 June 2025.

   Half-Yearly Financial Report – 30 June 2025

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   3. Condensed consolidated interim financial statements

1. ‌CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

   1. ‌Condensed statement of the financial situation

      Consolidated assets in €K	Notes	30/06/2025	31/12/2024
      Goodwill Note 4		25,583	25,583
      Development costs Note 5		50,234	51,063
      Other intangible assets Note 5		4,612	5,232
      Total intangible assets Note 4 and 5		80,429	81,877
      Land Note 6		3,100	3,202
      Buildings Note 6		33,370	33,452
      Technical equipment Note 6		11,641	12,549
      Other tangible assets Note 6		12,837	15,383
      Total tangible assets Note 6		60,949	64,585
      Equity method investments		1,045	991
      Other non-current financial assets		1,823	1,975
      Deferred taxation Note 11		15,137	14,669
      Non-current tax credit		18,987	16,151
      TOTAL NON-CURRENT ASSETS		178,370	180,248
      Inventory and work-in-process Note 7		177,001	186,384
      Trade receivables Note 8		150,210	150,749
      Other current receivables Note 8		23,933	22,937
      Current tax credit Note 8		10,385	10,575
      Fair value of financial asset instruments Note 10.2		0	2,978
      Cash and cash equivalents Note 10.1		56,777	71,024
      TOTAL CURRENT ASSETS		418,305	444,647
      Assets held for sale Note 18		0	1,294
      TOTAL ASSETS		596,676	626,190

      Half-Yearly Financial Report – 30 June 2025

      10

      3. Condensed consolidated interim financial statements

      Consolidated Equity Capital and Liabilities in €K	Notes	30/06/2025	31/12/2024
      Capital Note 14		15,075	15,075
      Premiums Note 14		17,561	17,561
      Reserves Note 14		118,642	105,910
      Translation reserve Note 14		(7,230)	(4,878)
      Treasury shares Note 14		(162)	(162)
      Income for the period Note 14		(12,911)	13,932
      Group common shareholders’ equity Note 14		130,974	147,437
      Non-controlling interests Note 14		3,097	5,450
      EQUITY Note 14		134,071	152,887
      Borrowings from credit institutions Note 13		96,320	107,680
      Finance lease financial liabilities Note 13		11,642	12,582
      Other financial liabilities Note 13		6,826	8,611
      Total non-current debt Note 13		114,788	128,872
      Deferred tax liabilities Note 11		612	584
      Pension liabilities and other long-term benefits Note 16		7,428	7,666
      TOTAL NON-CURRENT LIABILITIES		122,827	137,123
      Provisions Note 15		11,827	10,577
      Borrowings from credit institutions - current share Note 13		42,099	42,737
      Finance lease financial liabilities - current share Note 13		5,324	5,248
      Other financial liabilities - current share Note 13		3,050	3,302
      Short-term bank borrowings Note 13		39,168	40,979
      Fair value of financial liability instruments Note 10.2		3,641	0
      Total current debt		93,282	92,266
      Trade payables Note 17		85,255	79,298
      Other liabilities Note 17		126,840	123,362
      Corporate taxes (IS) Note 17		2,235	8,258
      Deferred income		20,337	22,128
      TOTAL CURRENT LIABILITIES		339,777	335,888
      Liabilities held for sale Note 18		0	292
      TOTAL EQUITY AND LIABILITIES		596,676	626,190

      Half-Yearly Financial Report – 30 June 2025

      11
   2. ‌Condensed income statement

      3. Condensed consolidated interim financial statements

      Consolidated income in €K	Notes	H1 2025	H1 2024
      Revenue from ordinary activities (Turnover)	Note 19	266,419	279,471
      - Materials and supplies		(132,467)	(144,305)
      - Personnel expenses		(86,762)	(83,216)
      - External expenses		(34,396)	(36,228)
      - Taxes		(2,739)	(2,644)
      - Provisions for depreciation	Note 19	(14,545)	(13,437)
      +/- Changes in stocks of finished goods and work in progress		1,025	(660)
      +/- Exchange gains / losses on operating activities		(2,943)	865
      + Research tax credit		3,107	2,059
      Current operating income	Note 19	(3,301)	1,904
      + Other operating revenue and expenses		92	19,673
      - Impairment of goodwill	Note 4	0	0
      Operating income	Note 19	(3,209)	21,577
      + Income from cash and cash equivalents		155	3
      - Interest and financial costs	Note 19	(4,626)	(4,421)
      + Other financial income / (costs)		(6,515)	1,870
      Financial Result	Note 21	(10,985)	(2,548)
      + Net income Group share equity method consolidated companies		85	59
      + Income tax	Note 19 and 20	729	(6,542)
      Net income from continuing operations	Note 19	(13,380)	12,547
      Net income from discontinued operations		0	0
      Income for the period	Note 19	(13,380)	12,547
      * attributable to Group shareholders
      Net income from continuing operations		(12,911) 0 (12,911) (469) 0 (469)	12,196
      Net income from discontinued operations			0
      Net income for the period			12,196
      * non-controlling interests
      Net income from continuing operations			351
      Net income from discontinued operations			0
      Net income for the period			351
      Basic and diluted net earnings per share from continuing operations (in €) - Group share		(0.64)	0.61
      Basic and diluted net earnings per share from discontinued operations (in €) - Group share		0.00	0.00
      Basic and diluted earnings per share (in €) - Group share		(0.64)	0.61

      Half-Yearly Financial Report – 30 June 2025

      12

      3. Condensed consolidated interim financial statements

   3. ‌Condensed statement of comprehensive income

      Statement of comprehensive income in €K	H1 2025	H1 2024
      Income for the period (13,380) 12,547
      Items that will not be reclassified to profit or loss	400	187
      Defined benefit pension plans – Actuarial differences	530	246
      Deferred taxation on defined benefit pension plans – Actuarial differences	(129)	(59)
      Items that may subsequently be reclassified to profit or loss	(2,132)	(662)
      Cumulative translation differences	(2,132)	(662)
      Other comprehensive income, net of tax (1,732) (476)
      Comprehensive income for the period (15,112) 12,071
      Attributable:
      * to Group shareholders	(14,613)	11,721
      * to non-controlling interests	(499)	350
      Consolidated comprehensive income attributable to Group shareholders and coming from:
      * Continuing operations	(14,613)	11,721
      * Discontinued operations	0	0
      Consolidated comprehensive income attributable to non-controlling interests and coming from:
      * Continuing operations	(499)	350
      * Discontinued operations	0	0

      Half-Yearly Financial Report – 30 June 2025

      13

      3. Condensed consolidated interim financial statements

   4. ‌Condensed statement of changes in equity

      In €K	Capital	Treasury shares	Premiums	Consolidated reserves, retained earnings	Translation reserve	Total attributable to the Group	Non-controlling interests	Total Shareholders’ funds
      At 01/01/2024	15,075	(162)	17,561	110,231	(4,122)	138,583	3,236	141,819

      Consolidated income 0	0	0	12,196	0	12,196	351	12,547
      Other comprehensive income 0	0	0	179	(654)	(475)	(0)	(476)
      Comprehensive income for the period 0	0	0	12,375	(654)	11,721	350	12,071
      Transactions with shareholders
      Distributions to shareholders 0	0	0	(2,412)	0	(2,412)	(372)	(2,784)
      Capital increases 0	0	0		0	0	9,200	9,200
      Minority interests 0 from business combinations	0	0	6,088	0	6,088	(6,088)	0
      Cross call and put options on minority 0	0	0	(8,282)	0	(8,282)	0	(8,282)
      Other 0	0	0	153	0	153	(175)	(22)

      Comprehensive income

      interests

      At 30/06/2024	15,075	(162)	17,561	118,153	(4,776)	145,850	6,153	152,003
      At 01/01/2025	15,075	(162)	17,561	119,842	(4,878)	147,437	5,450	152,887

      Consolidated income 0	0	0	(12,911)	0	(12,911)	(469)	(13,380)
      Other comprehensive income 0	0	0	391	(2,093)	(1,702)	(30)	(1,732)
      Comprehensive income for the period 0	0	0	(12,520)	(2,093)	(14,613)	(499)	(15,112)
      Transactions with shareholders
      Distributions to shareholders 0	0	0	(2,424)	0	(2,424)	(246)	(2,670)
      Capital increases 0	0	0		0	0		0
      Minority interests 0 from business combinations	0	0	812	0	812	(812)	0
      Cross call and put options on minority 0	0	0	(180)	0	(180)		(180)
      Changes in scope 0	0	0	260	(260)	0	(794)	(794)
      Other 0	0	0	(58)	0	(58)	(2)	(60)
      At 30/06/2025 15,075	(162)	17,561	105,731	(7,231)	130,974	3,097	134,071

      Comprehensive income

      interests

      Half-Yearly Financial Report – 30 June 2025

      14

      3. Condensed consolidated interim financial statements

   5. ‌Condensed consolidated cash flow statement

      Consolidated cash flow statement in €K	Notes	H1 2025	H1 2024
      Income for the period	Note 3.2	(13,380)	12,547
      Adjustments for:
      Depreciation and provisions		14,997	13,943
      Profit / loss from disposal of assets		899	(19,942)
      Interest charges	Note 3.2	4,626	4,421
      Current tax charge (excl. research tax credit)		362	3,263
      Changes to deferred taxation		(1,091)	3,279
      Research tax credit		(3,107)	(2,059)
      Other income / expense		7,390	(2,179)
      Share of the profit / loss of associates	Note 3.2	(85)	(59)
      Operating cash flow before changes to working capital requirements		10,610	13,212
      Changes to working capital requirements related to the business		14,448	3,686
      Income tax paid (excluding research tax credit)		(6,722)	(1,470)
      Research tax credit collected		292	4,020
      Net cash flow from operating activities		18,629	19,448
      Capital purchases		(8,409)	(10,521)
      Dividends received from associates		31	27
      Income from disposal of assets		52	20,012
      Changes in loans and advances		150	91
      Cash flow from changes in scope	Note 1	(2,832)	3,698
      Net cash flow from investing activities		(11,007)	13,306
      Dividends paid to the owners of the parent company		0	(2,412)
      Dividends paid to non-controlling interests in consolidated companies		0	(372)
      New borrowings	Note 13	9,601	1,665
      Repayment of borrowings	Note 13	(21,824)	(22,492)
      Reimbursement of lease liabilities	Note 13	(2,971)	(3,446)
      Interest paid		(4,626)	(4,421)
      Net cash flow from financing activities		(19,819)	(31,477)
      Effect of exchange rate changes		(999)	(119)
      Cash and cash equivalents - opening balance	Note 10.1	30,804	(1,217)
      Cash and cash equivalents - closing balance	Note 10.1	17,609	(58)
      Changes in cash and cash equivalents		(13,195)	1,159

      Half-Yearly Financial Report – 30 June 2025

      15

      3. Condensed consolidated interim financial statements

   6. ‌Notes to the consolidated financial statements

‌Note 1. Information about the Group – Entity presenting the financial statements

ACTIA Group is domiciled in France. The Company’s registered head office is located at 5, Rue Jorge Semprun -31400 Toulouse. The Company’s condensed consolidated financial statements include the Company and its subsidiaries (jointly referred to as the “Group”). The principal business areas of the Group are high-added-value, onboard electronic systems for the automotive and telecommunications markets.

The condensed consolidated financial statements at 30 June 2025 were approved by the Board of Directors on 17 September 2025.

The condensed consolidated financial statements at 30 June 2025 were subject to a limited review by the statutory auditors.

Significant events of the period

ACTIA Railway implemented a reorganisation plan to safeguard the company's competitiveness and secure its future. Negotiations with the Works Council led to agreement on the implementation of a new organisational structure that limits forced redundancies and on support measures to minimise the plan’s social impact.

The final plan involves the elimination of 30 positions and received positive feedback from the Regional Directorate for the Economy, Employment, Labour, and Solidarity (DREETS) on 24 June. Provisions have been made for all related costs in the company's accounts at 30 June 2025.

A provision of €2,232 thousand has been recorded to cover the company's commitments (Note 15).

In accordance with the contracts signed in May 2024, DIADEM Industries exercised its €2.3 million put option on 3.75% of ACTIA Aerospace's capital. At 30 June 2025, ACTIA Group now holds 88.75% of its subsidiary's capital. The buyback undertaking recognised under miscellaneous liabilities has been adjusted accordingly to reflect this transaction (Note 13).

Following the exercise in November 2024 by ATAL's minority shareholder of its option to purchase the 59.98% of shares held by the Group, the actual sale was completed in February 2025. This transaction led to the deconsolidation of the subsidiary in the consolidated accounts at 30 June 2025 (Note 3).

‌Note 2. Accounting principles

Note 2.1 Basis for the preparation of the financial statements

The accounting methods and means of calculation have been applied in an identical manner for all the periods presented.

The sums stated in these financial statements are expressed in thousands of euros (€K).

The condensed consolidated interim financial statements are drawn up in accordance with the IAS 34 standard, Interim financial reporting. They do not include all the information required for the annual financial statements and should be read in conjunction with the Group’s financial statements for the financial period ended 31 December 2024, presented in the 2024 Annual Report.

Note 2.2 Use of estimates and judgements

The preparation of financial statements in accordance with IFRS requires management to exercise judgement, and make estimates and assumptions that have an impact on the application of the accounting methods and on the value of assets, liabilities, income and expenditure. These underlying estimates and assumptions are made on the basis of past experience and other factors considered to be reasonable in view of the circumstances. They therefore serve as the basis for exercising the judgement needed to determine the book value of certain assets and liabilities that cannot otherwise be determined directly from other sources. The actual value may differ from the estimated value.

These underlying estimates and assumptions are constantly re-examined. The impact of changes to accounting estimates is recognised during the period in which the change occurs if they only affect that period, or in the period in which the change occurs and the subsequent periods if these are also affected by the change.

The principal line items in the balance sheet that are affected by these estimates are deferred tax assets (see Note 11 “Deferred taxation”), goodwill (see Note 4 “Goodwill”), capitalised development costs (see Note 5 “Intangible assets”), and provisions (see Note 15 “Provisions”).

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16

3. Condensed consolidated interim financial statements

Note 2.3 Changes to IFRS

The new IAS/IFRS texts and interpretations that became effective on 1 January 2025 and have been applied by the Group when preparing these consolidated financial statements at 30 June 2025 are as follows:

The application of these texts had no impact on the Group’s consolidated financial statements.

New standards, interpretations and amendments to IFRS standards published and applied early by the Group as of 1 January 2025: none.

The new IAS/IFRS texts and interpretations in issue but pending adoption by the European Union and not yet applicable are:

‌Note 3. Consolidated companies

As mentioned in Note 1 “Significant events of the period”, ATAL was deconsolidated following the sale of the shares

held by the Group to minority shareholders.

During the first half of the year, ACTIA Aeronautic Services, a company wholly-owned by the Group, was set up in Tunisia. It will be mainly in charge of R&D activities for the aerospace sector.

Half-Yearly Financial Report – 30 June 2025

17

3. Condensed consolidated interim financial statements

‌Note 4. Goodwill

Impairment tests are conducted each year at closing on 31 December, or in the event of indications of loss of value (quantified or non-quantified indicators).

No indication of loss of value was detected at 30 June 2025.

‌Note 5. Intangible assets

During the first half of 2025, capitalised development costs amounted to €5.3 million compared to €6.3 million for the

first half of 2024.

Details of acquisitions of intangible assets are given in the following table:

‌Note 6. Tangible assets

During the first half of 2025, acquisitions of tangible assets amounted to €5.4 million (compared to €7.3 million for the

first half of 2024); all were acquired from outside suppliers. Details of these acquisitions are given in the following table:

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3. Condensed consolidated interim financial statements

‌Note 7. Stocks and work in progress

The net realisable value of stocks was as follows:

During the first half of 2025, stocks fell overall by €9.4 million.

Pledged inventories are set out in Note 23 “Off-balance-sheet commitments and encumbered assets”.

‌Note 8. Trade receivables, Other current receivables and Current tax credit

The details of trade receivables are given in the following table:

Half-Yearly Financial Report – 30 June 2025

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3. Condensed consolidated interim financial statements

Receivables assignment programmes are in place within the Group (reverse factoring and non-recourse factoring) at ACTIA Automotive, ACTIA Aerospace, ACTIA Railway, ACTIA Energy, ACTIA Italia, ACTIA Nordic, ACTIA Systems, ACTIA de Mexico and ACTIA do Brasil.

The Group analysed the main characteristics of these programmes. With regard to deconsolidated receivables, the Group concluded that almost all the risks and rewards associated with the assigned receivables have been transferred to the assignees.

The total amount used by the Group (reverse factoring and factoring) was €48.1 million, including €41.3 million in deconsolidated non-recourse factoring, €4.7 million in non-deconsolidated non-recourse factoring and €2.2 million in deconsolidated reverse factoring at 30 June 2025.

At 31 December 2024, the total amount used was €57.5 million, including €42.9 million in deconsolidated non-recourse factoring, €5.3 million in non-deconsolidated non-recourse factoring and €9.3 million in deconsolidated reverse factoring.

At 30 June 2025, the schedule for gross trade receivables not yet due and past due (aged balance) was as follows:

Gross at 31/12/2024 120,547 12,231 6,749 4,419 11,524 155,470

No significant uncollectable debt was recognised at 30 June 2025 or at 30 June 2024.

The details of other current receivables and current tax credit are given in the following table:

‌Note 9. Order book

The Group applies IFRS 15 “Revenue from contracts with customers”, which introduces the notion of a financial order book (“revenue still to be recognised for service obligations that are either as yet unexecuted or partially executed at the date of closing”).

Therefore, the total order book for the Group stood at €432,868 thousand at 30 June 2025, of which 74.4% was expected

to generate revenues within one year. The order book is defined as follows:

• Firm notified contracts, including R&D and/or products;

• Non-firm contracts:

  • R&D orders secured by a firm financing clause;

  • Delivery schedules communicated by the customer for the product part;

  • Forecast delivery schedules under multi-year contracts.

• Services: firm subscriptions.

Order book 432,868 428,361

Half-Yearly Financial Report – 30 June 2025

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3. Condensed consolidated interim financial statements

‌Note 10. Cash, cash equivalents and financial instruments at fair value through profit and loss Note 10.1 Cash and cash equivalents

These changed as follows:

lines

presented in the Cash flow statement

Short-term bank borrowings are included in “Short-term debt” under Current liabilities.

Cash equivalents are very liquid short-term investments comprised of marketable securities readily convertible into a known amount of cash and subject to an insignificant risk of a change in value. They are recognised at the market value at the balance sheet date, with the investment bonus recognised in income.

The change of €1,078 thousand consists of new cash equivalents for €1,100 thousand.

‌Note 10.2 Financial instruments at fair value through profit and loss

These include:

• Interest rate hedging instruments

  ACTIA no longer has any interest rate hedging instruments;

• Currency hedging instruments

  At 30 June 2025, ACTIA Automotive held currency hedging contracts. Details of these hedges are given in the following table:

  In currency

  Maximum amount remaining to be acquired at 30/06/2025

  Maturity

  Currency purchases

  EUR/USD Accumulator $62,068,996 < 1 year

  EUR/USD Accumulator $30,560,000 < 2 years

  Total $92,628,996

  The Group recognises these currency hedging instruments at fair value through profit and loss. They are presented in

  the “Financial result” on the “Other financial income / (costs)” line of the Condensed income statement.

  The impact of this treatment on the financial statements is shown in the following table:

  In €K	30/06/2025		31/12/2024
  	Fair value	Impact	Fair value	Impact
  ASSET (LIABILITY) Derivatives
  EUR/USD Hedges	(3,641)	(6,618)	2,978	4,069
  Total	(3,641)	(6,618)	2,978	4,069

  Half-Yearly Financial Report – 30 June 2025

  21

  3. Condensed consolidated interim financial statements

  ‌Note 11. Deferred taxation

  In €K	30/06/2025	31/12/2024
  Tax assets recognised under:
  Timing differences	8,076	6,640
  Of which provision for pension benefits	1,350	1,405
  Of which profits on stocks	690	681
  Of which other adjustments	6,037	4,555
  Losses carried forward	7,061	8,029
  Net total tax assets	15,137	14,669
  Tax liabilities recognised under:
  Deferred tax liabilities	612	584
  Net total tax liabilities	612	584
  Net total deferred tax assets and liabilities	14,526	14,085

  ‌Note 12. Financial assets and liabilities

  The Group distinguishes between three categories of financial instruments according to the consequences of their characteristics in terms of their valuation method, and uses this classification to present some of the types of information required by the standard IFRS 13:

• Level 1 “market value”: financial instruments quoted on an active market;

• Level 2 “model with observable inputs”: financial instruments valued using valuation techniques based on

  observable inputs;

• Level 3 “model with unobservable inputs.”

At 30 June 2025, financial assets measured at fair value were classified as follows:

At 30 June 2025, financial liabilities measured at fair value were classified as follows:

Half-Yearly Financial Report – 30 June 2025

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3. Condensed consolidated interim financial statements

‌Note 13. Financial liabilities

Financial liabilities by type and by maturity break down as follows:

During the first half of 2025, financial debt changed as follows:

(1)As part of the acquisition of STEEL Electronique, the Group and DIADEM Industries (former shareholder of STEEL Electronique) signed promissory purchase and sale agreements aimed at providing a framework for the purchase of minority interests in ACTIA Aerospace.

The Group recognised these call options under “Other financial liabilities”, with a corresponding reduction in

shareholders' equity.

During the first half of 2025, DIADEM Industries exercised a put option on 108,531 shares, representing 3.75% of the share capital. As a result, the Group's commitment has been reduced by €2.3 million, with a corresponding entry to shareholders' equity. In addition, the remaining commitment was remeasured at 30 June 2025, with a corresponding entry to shareholders' equity.

At 30 June 2025, the schedule for financial liabilities, including interest not yet accrued, breaks down as follows:

Half-Yearly Financial Report – 30 June 2025

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3. Condensed consolidated interim financial statements

Financial debt by currency breaks down as follows:

The breakdown between fixed and variable rate debt was as follows:

All covenants on borrowings and bank credits must be reviewed annually at the end of each financial year (31 December), with the exception of one covenant on borrowing which is subject to an additional review at 30 June each year.

Borrowing

Half-Yearly Financial Report – 30 June 2025

24

3. Condensed consolidated interim financial statements

1. L = Loan

   O = Overdraft

2. CA AG = ACTIA Group Consolidated Financial Statements R = Respected

3. B = Breached

   N/A = Not Applicable

4. Long-term portion of debt reclassified under “Short-term debt”

At 31 December 2024, the leverage and gearing covenants had been respected on all borrowings.

The guarantees given for borrowings and financial debts are listed in Note 23 “Off-balance-sheet commitments and

encumbered assets”.

In connection with the loan agreements obtained by the Group, certain banks include in these agreements general provisions relating to the right to use assets or obtain new loans and, sometimes, a requirement to maintain the composition of the capital, with any changes requiring prior information of the partners.

Based on the information available to the Group on the date this document was published, at least one of the two ratios would not be respected at 31 December 2025.

‌Note 14. Equity

The breakdown of the changes in numbers of shares over the period is as follows:

‌Note 15. Provisions

The increase in this item over the first half is mainly due to the implementation of a reorganisation plan at ACTIA Railway.

Provisions for this amounted to €2,232 thousand at 30 June 2025 (see Note 1).

‌Note 16. Personnel benefits

During the first half of 2025, provisions for pension and other long-term benefits fell by €238 thousand to

€7,428 thousand at 30 June 2025. The actuarial difference recognised under Other Comprehensive Income corresponds to a decrease in the provision of €530 thousand. The assumptions underlying the calculation at 30 June 2025 changed as follows:

• Discount rate of 3.35% (3.35% at 31 December 2024) for the French companies, 9.98% (9.98% at 31 December 2024) for the Tunisian companies.

  The other assumptions underlying the calculation did not change. They may be adjusted on the basis of internal analyses of the payroll.

  ‌Note 17. Trade payables, Other current liabilities, Corporate taxes (IS)

  Details of Trade payables, Other current liabilities and Corporate taxes (IS) are given below:

  In €K	Net value at 31/12/2024	Changes over the period	IFRS 5	Effect of exchange rates	Changes in scope	Net value at 30/06/2025
  Suppliers of goods and services	79,298	6,575	0	(618)	0	85,255

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  25

  3. Condensed consolidated interim financial statements

  In €K	Net value at 31/12/2024	Changes over the period	IFRS 5	Effect of exchange rates	Changes in scope	Net value at 30/06/2025
  Other operating liabilities	123,362	3,732	0	(253)	0	126,840
  Corporate taxes (IS)	8,258	(5,878)	0	(145)	0	2,235

  ‌Note 18. Assets and liabilities held for sale

  In 2021, the Group launched a project to sell the Vehicle Inspection & Garage Equipment business including:

  • The sale of its Garage Equipment and Vehicle Inspection business;

  • The real estate site in Chartres, France;

  • And the shares of its subsidiary ACTIA CZ.

    The Vehicle Inspection & Garage Equipment business had been presented in “Assets and liabilities held for sale” at

    31 December 2021.

    The operation had been finalised on 21 April 2022 for €12 million, but with only 30% of ACTIA CZ shares, as the buyer did not have sufficient funds for the entire acquisition. The remaining 60% (ACTIA investments) was to be sold by early 2023 at the latest. The net impact of the operation was recognised in “Other operating revenue and expenses” for a negligible amount. At 31 December 2022, assets and liabilities of the ATAL subsidiary (formerly ACTIA CZ) remained in view of the upcoming sale.

    At 31 December 2023, the Group considered that the conditions for recording under “Assets and liabilities held for sale” were no longer met on the date when the financial statements were approved, as the buyer no longer expressed interest in acquiring the remaining 60%.

    On 29 November 2024, the minority shareholder holding 30% of ATAL’s capital exercised its option to purchase the 59.98% of shares held by the Group. ATAL’s assets and liabilities were classified as “Assets and liabilities held for sale”.

    ATAL’s assets and liabilities were measured at the lower of net book value and fair value. At 31 December 2024, an impairment loss of €928 thousand was recognised and classified under “Other operating revenue and expenses” in the consolidated income statement.

    ATAL was sold on 18 February 2025.

    	30/06/2025	31/12/2024
    In €K	Book value Fair value Impairment loss	Book value Fair value Impairment loss
    Non-current assets	0 0 0 439 236 203 0 0 0 1,784 1,058 726
    Current assets
    Assets held for sale 0 0 0 2,223 1,294 929
    Non-current liabilities	0 0 0 0 0 0 0 0 0 292 292 0
    Current liabilities
    Liabilities held for sale 0 0 0 292 292 0

    ‌Note 19. Operating segments

    In accordance with the provisions of IFRS 8, the information by operating segment is based on the approach taken by management, meaning the way in which management allocates resources depending on the performance of the different segments. Within the Group, the Chairman of the Board of Directors and CEO is the chief operating decision maker.

    The Group segments its activities into 4 Divisions (Mobility, Energy, Aerospace and Engineering Services). The types of activities conducted by each segment presented may be summarised as follows:

• The Mobility Division designs and produces on-board electronic equipment and systems to address the various challenges faced by terrestrial mobility in the areas of road and rail transport, goods and passenger transport, and agriculture and construction machinery. The wide range of solutions and associated services incorporates smart,

  Half-Yearly Financial Report – 30 June 2025

  26

  3. Condensed consolidated interim financial statements

  scalable technologies to enhance the user experience, promote the energy transition, contribute to the sustainability of vehicles, and accelerate the shift towards new generations of vehicles (software-defined vehicles, electric vehicles, autonomous vehicles, etc.).

• The Aerospace Division designs and produces on-board electronic systems for aeronautics and space, as well as complete, integrated solutions for satellite telecommunications.

• The Energy Division develops, integrates and implements innovative solutions for the management, transmission and distribution of electric power for major energy players.

• The Engineering Services Division designs and develops on-board products and systems, augmented with software services for the mobility and industrial sectors.

  In addition to these four operating divisions there is also:

• An “Others” heading that includes the holding company ACTIA Group S.A. and the SCI Les Coteaux de Pouvourville

  property management company (both accounted for by the equity method).

  During the first half of 2025, the key indicators by operating segment were as follows:

  30/06/2025 In €K Mobility Aerospace Energy Engineering Other Inter- Total Division Division Division Services Divisions segments Division (*)
  Revenue	215,517	36,463	15,713	18,856	3,055	(23,186)	266,419
  Provisions for depreciation	(11,806)	(908)	(1,053)	(706)	(73)	0	(14,545)
  Current operating income	(4,744)	1,097	(861)	2,873	(1,500)	(167)	(3,301)
  Impairment of goodwill	0	0	0	0	0	0	0
  Operating income	(4,676)	1,072	(929)	2,868	(1,504)	(39)	(3,209)
  Interest and financial costs	(3,604)	(556)	(302)	(93)	(976)	906	(4,626)
  Financial instruments	(6,618)	0	0	0	0	0	(6,618)
  Income tax	(4)	(16)	47	830	(127)	0	729

  Net income for the period	(14,689)	544	(1,194)	3,852	(1,893)	0	(13,380)
  EBITDA from continuing operations	6,774	1,846	(45)	3,812	(910)	0	11,477

  TOTAL SEGMENT ASSETS	389,801	141,812	52,631	42,209	62,691	(92,468)	596,676
  INVESTMENTS Intangible	3,075	730	1,620	9	0	0	5,434
  Tangible	3,615	972	462	273	32	0	5,354
  Financial	(301)	(169)		1	0	0	(469)
  TOTAL INVESTMENTS	6,389	1,533	2,082	283	33	0	10,319
  TOTAL SEGMENT LIABILITIES	312,772	122,891	32,825	16,450	70,133	(92,468)	462,604

  (*) Including €14,237 thousand in inter-segment revenue for the Mobility Division.

  Half-Yearly Financial Report – 30 June 2025

  27

  3. Condensed consolidated interim financial statements

  The information at 30 June 2024 has been restated as per the new segmentation of activities:

  30/06/2024 In €K Mobility Aerospace Energy Engineering Other Inter- Total Division Division Division Services Divisions segments Division (*)
  Revenue	238,323	31,325	12,057	18,345	1,736	(22,315)	279,471
  Provisions for depreciation	(11,049)	(745)	(1,042)	(545)	(57)	0	(13,437)
  Current operating income	(905)	753	(100)	3,579	(1,119)	(303)	1,904
  Impairment of goodwill	0	0	0	0	0	0	0
  Operating income	18,706	633	(166)	3,579	(1,150)	(25)	21,577
  Interest and financial costs	(3,819)	(552)	(239)	(40)	(837)	1,065	(4,421)
  Financial instruments	1,779	0	0	0	0	0	1,779
  Income tax	(3,849)	62	23	(542)	(2,236)	0	(6,542)

  Net income for the period	13,020	170	(394)	2,991	(3,241)	0	12,547
  EBITDA from continuing operations	29,277	1,253	694	4,109	(165)	0	35,168

  TOTAL SEGMENT ASSETS	426,884	140,920	52,979	22,035	40,517	(60,995)	622,339
  INVESTMENTS Intangible	5,025	1,167	1,448	23	0	0	7,664
  Tangible	4,979	376	54	1,646	224	0	7,278
  Financial	(174)	(0)	0	83	100	0	9
  TOTAL INVESTMENTS	9,830	1,543	1,501	1,752	324	0	14,951
  TOTAL SEGMENT LIABILITIES	309,834	123,517	32,682	15,377	49,921	(60,995)	470,336

  (*) Including €13,658 thousand in inter-segment revenue for the Mobility Division.

  Half-Yearly Financial Report – 30 June 2025

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  3. Condensed consolidated interim financial statements

  ‌Note 20. Income taxes

  The details of the Group’s income taxes are as follows:

  In €K	H1 2025	H1 2024
  Income from consolidated companies	(13,465)	12,487
  Current taxation (debit)	362	3,263
  Deferred taxation (credit)	(1,090)	3,280
  Of which Deferred taxation on temporary differences	(1,090)	3,279
  Deferred taxation on changes in tax rates	0	1
  Income from consolidated companies before tax	(14,193) 19,029

  ‌Note 21. Financial Result

  There has been no material change to the type of financial result since 31 December 2024. The impact of financial instruments at fair value through profit and loss is given in Note 10.2.

  ‌Note 22. Transactions with related parties

  The details of transactions with parties related to the Group that occurred during the first half of 2025 are presented below.

  Note 22.1 With the holding company: LP2C S.A.

  There has been no material change to the type or amount of transactions with LP2C S.A. since 31 December 2024.

  Note 22.2 With investments consolidated by the equity method

  There has been no material change to the type or amount of transactions with SCI Los Olivos and SCI Pouvourville since 31 December 2024.

  Note 22.3 With subsidiaries

  These are the companies included in the scope of consolidation of the Group (see Note 3 - Notes to the consolidated financial statements of the 2024 Annual Report).

  Note 22.4 With members of management bodies

  This is the compensation paid to individuals who are corporate officers of ACTIA Group S.A. :

• By ACTIA Group: Chairman and CEO and Directors;

• By LP2C, controlling company: Chairman and CEO and the Deputy CEOs There has been no material change to the compensation and benefits principles.

  Half-Yearly Financial Report – 30 June 2025

  29

  3. Condensed consolidated interim financial statements

  ‌Note 23. Off-balance-sheet commitments and encumbered assets

  The off-balance-sheet commitments break down as follows:

  In €K	30/06/2025	31/12/2024
  Commitments received
  Bank guarantees	8,511	12,743
  Total commitments received 8,511 12,743

  The above information does not include:

• Lease financing balances that are covered under Note 13 “Financial liabilities”,

• Lease financing commitments and operating leases,

• Interest on borrowings that are covered under Note 13 “Financial liabilities”,

• Foreign currency term sales commitments that are covered under Note 10.2 “Financial instruments at fair value through profit and loss”.

Encumbered assets corresponds to assets serving as security against debts recognised under liabilities. They break down as follows:

‌Note 24. Risk factors

The Group undertakes reviews of risks that may have a material adverse effect on its business, its financial health, its results, and its ability to achieve its objectives.

The principal risks to which Group is exposed have been identified and are described in the 2024 Annual Report (Chapter 5).

The most relevant and material risk factors identified at the date of publication of this Half-yearly Report are presented in this section.

Other than the risks presented below, the Group considers that there are no other significant risks.

Note 24.1 Liquidity risks

The Company has undertaken a specific review of its liquidity risk and considers that it is in a position to meet its future commitments. Such reviews are undertaken on a regular basis in order to be prepared for any eventualities and to be able to provide a rapid response if necessary.

A detailed study of financial debt, the cash position, net debt and debt including interest is provided under Note 13

“Financial liabilities”.

Generally, the half-yearly accounts do not allow for the presentation of the medium-term financing required for investments in R&D for the year because these will be put in place mainly during the second half year, since the ACTIA file is processed after publication of the annual accounts.

In 2025, the various partners had been contacted, but the processing times did not allow us to record the first financing agreements at 30 June. As this document went to press, we had received some initial favourable responses.

For the Group, an entity’s risk of experiencing difficulties in meeting its financial obligations is linked to the level of

amounts invoiced and the collection of receivables. In this respect, there are no difficulties to be reported.

Half-Yearly Financial Report – 30 June 2025

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