Condensed Consolidated Interim Financial Statements as at June 30, 2025

AMA Group

Condensed Consolidated Interim

Financial Statements

June 30,2025

‌CONSOLIDATED INCOME STATEMENT

Profit (loss) for the year attributable to :

Owners of the Group Non-controlling interests

(4 728)

(42)

(2 888)

(17)

Earnings per share

2

Basic earnings per share (in euros) Diluted earnings per share (in euros)

3

4

‌CONSOLIDATED BALANCE SHEET

Equity attributable to owners of the Group

5

€ 000 Note

‌CONSOLIDATED CASH FLOW STATEMENT

2025.06

2024.06

Notes

€ 000 € 000

6

(696)

Net increase (decrease) in cash and cash equivalents

1. ‌Presentation of the Group

   AMA Corporation Plc ("the Company") is domiciled in the United Kingdom. The Company's registered office is located in London. The consolidated financial statements comprise those of the Company and its subsidiaries (together referred to as "the Group").

   The Group is a software developer and systems integrator for collaborative work, providing advanced, highly-secure remote solutions for connected devices. The Group's XpertEye suite provides augmented reality, dynamic workflow management, and dynamic online scheduling and planning. Combined with smart glasses or other camera sources (endoscope, microscope, dermatoscope, etc.), these innovative solutions enable experts and on-site technicians to share data and knowledge in real time, making remote support easier and more effective for users. They meet an increasing need for smart workplace transformation in companies seeking to boost productivity and competitiveness in a wide range of areas such as remote support, training, testing and healthcare.

   These IFRS condensed consolidated interim financial statements for the 6-month period ending on June 30, 2025 have been approved by the Board of the Company on October 29, 2025.

2. ‌Basis for preparation

   1. ‌Statement of compliance

      These condensed consolidated interim financial statements for the 6-month period ending on June 30, 2025 have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union (EU) and should be read in conjunction with the latest Company's annual financial statements for the year ending on December 31, 2024 of the Company (the "latest annual financial statements").

      They do not include all the information required for a complete set of financial statements prepared under IFRS. They do, however, include selected notes explaining significant events and transactions in order to understand the changes in the Company's financial position and performance since the last annual financial statements.

      The accounting policies used to prepare these unaudited interim condensed consolidated financial statements are identical to those applied by the Group as of December 31, 2024, except for:

      • texts whose application is compulsory as from January 1, 2025;

      • the specific provisions of IAS 34 used in the preparation of the interim financial statements.

      The application of the new Amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability" is mandatory for annual reporting periods beginning on or after January 1, 2025. The Group concluded that these issued accounting pronouncements are not applicable for the periods presented.

      The standards and interpretations not yet mandatory as of June 30, 2025 are the following:

      7

      • Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures -Amendments to the Classification and Measurement of Financial Instruments, whose application is for

        annual reporting periods beginning on or after January 1, 2026, as approved by the EU on May 28, 2025;

      • Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures -Contracts Referencing Nature-dependent Electricity, whose application is for annual reporting periods beginning on or after January 1, 2026, as approved by the EU on June 30, 2025;

      • IFRS 18 Presentation and Disclosure in Financial Statements, whose application is for annual reporting periods beginning on or after January 1, 2027 (not yet approved by the EU);

      • IFRS 19 Subsidiaries without Public Accountability: Disclosures, whose application is for annual reporting periods beginning on or after January 1, 2027 (not yet approved by the EU), and

      • Annual Improvements Volume 11, whose application is for annual reporting periods beginning on or after January 1, 2026, as approved by the EU on July 9, 2025.

      These texts have not been early adopted. The expected impacts are not considered significant, except for IFRS 18, for which the Group has not completed its assessment to date.

   2. ‌Use of judgments and estimates

      In preparing these condensed interim financial statements, management has made judgments and estimates that affect the application of the Company's accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual values may differ from estimated values.

   3. ‌Functional and presentation currency

      The consolidated financial statements are presented in euros, which is the Company's functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated.

   4. ‌Seasonality of operations

      8

      The Group is not subject to significant seasonal fluctuations. The Group activity is linked to the progress of our clients' projects, which are not connected to seasonal events but depend on the internal schedules of each client.

3. ‌Significant events of the period In 2025:

   • A shareholder loan was granted by Guillemot Brothers SAS for €2,000k on June 27, 2025. The loan was later fully waived on June 27, 2025.

   • As part of the continuation of the global savings plan launched in 2024, severance costs amounting to €147k were recorded in the first half of the year

   • In March 2023, the Company established a stock option plan that represented 3% of AMA's share capital at the time. These stock options had a six-year lifespan and were exercisable at a price of €0.35 two years after their issuance, contingent upon meeting a condition of ongoing employment. The vesting period ends on 27.03.25, and the option exercise period runs until 26.03.29.

     In February 2025, the Board of Directors, acting in accordance with section 16.2 of the plan, ratified a revision of the stock options' pricing and approved the grant of additional stock options. This adjustment involved issuing new options to supersede the original ones, aimed at maintaining their motivational value by lowering the exercise price from €0.35 to €0.17. This pricing revision affected 794,000 stock options, which accounted for 1.49% of AMA's share capital. The supplementary allocation covers 667,000 options, corresponding to 1.25% of the share capital. The financial impact recognized in the first quarter under IFRS 2 for this revision is approximately €41k.

   • In January 2025, AMA Corporation Plc's owned 89,11% Romanian subsidiary, AMA Xperteye SRL, underwent liquidation. In March 2025, the liquidation process was also initiated for AMA Xperteye K.K., located in Japan, and AMA Xperteye Ltd HK, located in Hong Kong both 85% owned by AMA Corporation Plc. These actions were undertaken as part of the Group's restructuring strategy launched in 2022 and 2024, and had no material impact on the Group's consolidated financial position.

   In 2024:

   • In the first half 2024, AMA launched a global savings plan focused on scaling back its workforce by more 20 positions in France and 6 in other countries, with one non-priority commercial business units shut down in China and the management of the customers reassigned to the other subsidiaries. That's the reason why, a non-recurring expense for €650k has been recorded in the Group financial statements.

   • On January 24, 2024, AMA Corporation Plc's wholly-owned Italian subsidiary, AMA Xperteye SRL, and on September 10, 2024, AMA L'oeil de l'expert Inc (Canada) underwent liquidation. This action was carried out as part of the Group's restructuring strategy initiated in 2022 and had no notable impact on the Group's consolidated financial position.

   • A shareholder loan was granted by Guillemot Brothers SAS for €4,000k on June 3, 2024. The loan was later fully waived on June 4, 2024.

   • On 31 January 2022, AMA granted stock options to employees with an exercise price of €2.03, a vesting period ending on 31 January 2024, and an option exercise period extending until 30 January 2028. On January 8, 2024, the Board of Directors, acting in accordance with section

     16.2 of the plan, ratified a revision of the stock options' pricing. This adjustment involved issuing new options to supersede the original ones, aimed at maintaining their motivational value by lowering the exercise price from €2.03 to €0.21. This revision affected 878,500 stock options, which accounted for 1.7% of AMA's share capital. The financial impact recognized in January 2024 under IFRS 2 for this revision is €94k.

     9

   • The subsidiary AMA SA proceeded with a capital reduction by decreasing the nominal value of the share, which went from €0.10199 to €0.07433. This reduction was allocated to other reserves and had no impact on the consolidated accounts of the Group.

4. ‌Subsequent events

   In October 2025, AMA Xperteye UK was liquided. This action was carried out as part of the Group's restructuring strategy initiated in 2022 and had no notable impact on the Group's consolidated financial position.

   10

   Étienne Guillemot is stepping down from his position as Chief Executive Officer. The CEO role is being assumed by the current Chairman, Christian Guillemot, with no impact on strategy.

5. ‌Consolidation scope

   1. ‌Consolidation scope

      The consolidated companies are as follows:

      FC

      FC FC FC FC FC FC FC FC

      FC

      FC FC FC FC FC FC FC FC FC FC

      Parent

      company 99,35 %

      89,80 %

      89,11 %

      86,20 %

      86,20 %

      85,00 %

      100,00 %

      85,00 %

      100,00 %

      85,00 %

      Parent

      company 98,59 %

      89,80 %

      89,11 %

      86,20 %

      86,20 %

      85,00 %

      100,00 %

      85,00 %

      100,00 %

      100,00 %

      Percentage Percentage interest control

Parent

company 99,35 %

89,80 %

89,11 %

86,20 %

86,20 %

85,00 %

100,00 %

85,00 %

Parent

company 98,86 %

89,80 %

89,11 %

86,20 %

86,20 %

85,00 %

100,00 %

85,00 %

30 June 2025 31 Dec. 2024 30 June 2024

Company Name Country Business activity

AMA CORPORATION UK Parent company

AMA SA France Distribution & support functions

AMA XPERTEYE INC USA Distribution

AMA XPERTEYE SRL Romania Distribution

AMA XPERTEYE GMBH Germany Distribution

AMA XPERTEYE UK UK Distribution

AMA XPERTEYE HK Hong Kong Distribution AMA XPERTEYE SHANGHAI China Distribution AMA JAPAN Japan Distribution AMA OEIL DE L'EXPERT CANADA Canada Distribution AMA SPAIN Spain Distribution

11

*AMA OEIL DE L'EXPERT CANADA was indirectly held through AMA SA.

Consolidation method

Consolidation method

1. ‌Segment information

   The Group's chief operating decision maker refers to the members of the Executive Committee and the Board of Directors.

   The Group comprises eight distribution subsidiaries, covering three geographic areas corresponding to the following segments:

   • Europe, which includes subsidiaries in France, Germany, the UK and Romania and which primarily invoice customers in Europe;

   • North America, which includes subsidiary in the United States and which primarily invoice customers in the North American area;

   • Asia, which includes subsidiaries in Hong Kong, Shanghai and Japan and which primarily invoice customers in the Asia area.

   The subsidiaries in each geographic area correspond to operating segments with similar economic characteristics.

   All of the subsidiaries offer similar products and services but are strategically monitored by geographic area.

   Information relating to each operating segment is presented below. Operating income and adjusted EBITDA for each segment are used to measure performance as management considers that this information is the most relevant for understanding the earnings of each segment compared with earnings from other entities. Adjusted EBITDA is defined as operating income plus depreciation, amortisation and impairment of property, plant and equipment and intangible assets, share-based payment expenses, and other non-current expenses/income.

   The other items in the income statement, including financial income and expenses as well as taxes, are included within "Registered office, support functions and intragroup".

   12

   The "Cost of Sales" in the income statement is equal to the sum of "Merchandise purchases" and "Change in inventories" (included in the Profit margin in the segment information table below) and "Inventory impairment" (excluded from the Profit margin).

   Period ended June 30, 2025

   Europe North America Asia

   Head office and support functions and intra-group

   Total

Revenue Cost of sales

Inventory changes Partnership commissions

Leased 'Xperteye Amortisation and rental costs

Margin excluding in inventory depreciation

Reversal / Depreciation of inventory Other income

Other purchases and external expenses Personnel expenses

Other depreciation of property, plant and equipment and intangible assets Other non-current expenses

Intersector*

Current operating loss

Other non-current expenses

Other non-current income

Non-current operating loss

• Depreciation of property, plant and equipment and intangible assets

• Other non-current expenses/(income)

• Share-based payments

  Adjusted EBITDA

  Six-month period ended June 30, 2024

  Europe North America Asia

  Head office and support functions and intra-group

  Total

Revenue Cost of sales

Inventory changes Partnership commissions

Leased 'Xperteye Amortisation and rental costs

Margin excluding in inventory depreciation

Reversal / Depreciation of inventory Other income

Other purchases and external expenses Personnel expenses

Other depreciation of property, plant and equipment and intangible assets Other non-current expenses

Intersector*

Current operating loss

Other non-current expenses

Other non-current income

Non-current operating loss

• Depreciation of property, plant and equipment and intangible assets

• Other non-current expenses/(income)

• Share-based payments

Adjusted EBITDA

*Reinvoicing between the AMA Corporation Plc parent company or AMA SA and distribution subsidiaries

In 2025, following the continuation of the global savings plan launched in the previous year, severance costs were recorded at €136k.

In 2024, two major events had an impact on the EBITDA of the Group. The events have been restated in the "Adjusted EBITDA" to provide an accurate reflection of the Group's financial performance. The following adjustments were made:

• Non-current expenses of €647k linked to the redundancy plan.

  13

• The revision of the stock options' pricing, recognized in January 2024 under IFRS 2, has a financial impact of €94 k.

1. ‌Operating data

   1. ‌Revenue

      Revenue

      Revenue is split as follows:

      2025.06	2024.06
      694	931
      377	288
      2	2
      1 073	1 221
      105	67
      1 178	1 288

      € 000

      Software & support services Equipment sales

      Pilot contracts

      XpertEye solution revenue

      Other services

      Total revenue

      The Group recorded a 9% decrease in turnover compared to the previous year.

      Revenues from equipment sales, such as connected devices, smart glasses, and smartphones rose by 31%, while revenues from the XpertEye software suite declined by 25%.These trends continue to reflect the cautious approach adopted by clients and prospects in response to the deteriorating economic environment.

      Contract liabilities

      Changes in contract liabilities (prepaid income) is split as follows:

      2025.06	2024.06
      1 018	1 308
      561 (541)	680 (765)
      1 038	1 223

      € 000 Contract liabilities at 1 January

      Increase in amounts received, net of revenue recognised for the period

      Revenue recognised for the period included in opening amount

      Contract liabilities at 30 june

   2. ‌Other income

      Other income breaks down as follows:

      Operating grants Other operating income	40 54
      Total other operating income	94

      € 000 2025.06 2024.06

      47

      31

      78

      On June 30, 2025, Other operating income mainly consists of the reversal of €28k provision for trade receivable impairment and a €13k reversal of inventory.

      On June 30, 2024, Other operating income mainly comprises the reversal of the €8k provision for employment safeguard plans and the reversal of the €14k for the depreciation of trade receivables.

      14

   3. ‌Operating expenses

      Operating expenses break down as follows: € 000		2025.06 2024.06
      Equipment purchases		(225)	(245)
      Change in inventories		(108)	(99)
      Inventory impairment increase (-)/reversal (+)		(87)	56
      Partnership commissions		(14)	(21)
      Total cost of sales		(435)	(310)
      Total employee benefits	7.4.3.	(1 785)	(2 840)
      Non-stock purchases		(7)	(31)
      Lease expenses	12.	(13)	(24)
      General sub-contracts		(651)	(645)
      Professional fees		(240)	(413)
      Travel & entertainment		(63)	(142)
      Trade fairs & marketing fees		(44)	(214)
      Other		(252)	(345)
      Total other purchases and external expenses		(1 271)	(1 815)
      Total amortisation and depreciation of property, plant and equipment, intangible and right of use assets	11. & 12.	(312)	(468)
      Taxes		(29)	(40)
      Other		(181)	(44)
      Total other expenses		(210)	(83)

      The decrease in "Professional fees" (€173k) is mainly linked to the decrease in legal and professional fees (€86k), certification fees (€44k), accounting and other fees (€17k) and legal audit fees (€17k).

      The decrease in "Travel & entertainment" (€-79k) is linked to the decrease of sales and business in the subsidiaries.

      "Trade fairs & marketing fees" decreased (€170k) due to fewer trade shows, lower digital marketing costs, and the end of specific partnerships.

      15

      The decrease in external expenses under "Other" (€93k) is related to lower third-party software maintenance costs, reduced telecommunications expenses, and decreased facility maintenance costs.

   4. ‌Personnel and headcount

      1. ‌Headcount

         Managers Others employees	2025.06
         	36 4
         Average headcount in the period	40

      2. ‌Personnel expenses Personnel expenses break down as follows:

         2024.06

         47

         31

         78

         2025.06

€ 000 2024.06

16

The decrease in personnel expenses mainly reflects the reduction in the number of employees (see Note 7.4.1).

1. 1. 1. ‌Share-based payment

         In March 2023, the Company established a stock option plan that represented 3% of AMA's share capital at the time. These stock options had a six-year lifespan and were exercisable at a price of €0.35 two years after their issuance, contingent upon meeting a condition of ongoing employment. The vesting period ends on 27.03.25, and the option exercise period runs until 26.03.29.

         In February 2025, the Board of Directors, acting in accordance with section 16.2 of the plan, ratified a revision of the stock options' pricing and approved the grant of additional stock options.

         This adjustment involved issuing new options to supersede the original ones, aimed at maintaining their motivational value by lowering the exercise price from €0.35 to €0.17. This pricing revision affected 794,000 stock options, which accounted for 1.49% of AMA's share capital. The supplementary allocation covers 667,000 options, corresponding to 1.25% of the share capital.

         The fair value of the stock options was measured based on Black-Scholes model. The inputs used to measure the stock options fair value at grant date are as follows:

         SO 2025

         Fair value at grant date	€0,05
         Share price at grant date	€0,17
         Exercice price of the option	€0,17
         Expected volatility (weighted average)	40,42%
         Expected life span	4 years
         Maturity	2 years - mid-life
         Expected dividend	-
         Risk-free interest rate (based on government bonds)	2,179%
         Turnover rate	0%

         In 2025, changes in the number of stock options were as follows:

         Options number

         2025.06

         Options nb SO 2022 SO 2023 Total

         Outstanding at 1 January		878 500		781 000	1 659 500
         Lapsed during the period	-	159 000		- 27 000	-	186 000
         Exercised during the period	-	123 000	-	140 000	-	263 000
         Granted during the period				667 000		667 000
         Exercisable at December 31						-

         Outstanding as of June 30, 596 500 1 281 000 1 877 500

   2. ‌Non-current operating income and expenses

      17

      On June 30 2024, Non-current operating expenses relates to the Group restructuring plan for €647k. It includes €508k for employment safeguard plans (including a provision for €481k) and €139k of termination benefits costs. For 2025, the amount related to this plan is €136 k.

2. ‌Net financial income and expense

   Group financial income and expense is split as follows:

   € 000	2025.06	2024.06
   Interest expense on loans and lease liability	(63)	(60)
   Foreign exchange losses	(22)	(24)
   Other interest expense	(4)	(7)
   Interest and related expenses	(88)	(91)

   Foreign exchange gains Other financial income	29 38	8 120
   Interest and related income	67	128

   Total

   (21)

   37

3. ‌Taxation

   18

   The income tax expense is determined based on the pre-tax profit for the interim period multiplied by management's best estimate of the weighted average annual tax rate expected for the full year. This rate is adjusted for the tax effect of certain items fully recognized in the interim period. Accordingly, the effective tax rate in the interim financial statements may differ from management's estimate of the effective tax rate in the annual financial statements.

4. ‌Earnings per share

   Earnings attributable to holders of ordinary shares (basic):

   € 000	2025.06	2024.06
   Net earnings attributable to owners of the Company	(2 888)	(4 728)
   Net earnings attributable to holders of ordinary shares	(2 888)	(4 728)

   Weighted average number of ordinary shares (basic and diluted):

   2025.06

2024.06

Weighted average number of ordinary shares at 30 June 2025 does not include the outstanding stock options.

19

Indeed, as the result of continuing operations is a loss, instruments giving deferred rights to capital such as stock options have an anti-dilutive effect. They are therefore not considered, and basic earnings per share are therefore identical to diluted earnings per share.

1. ‌Intangible assets and property, plant and equipment

   1. ‌Intangible assets Intangible assets are split as follows:

      20

      30 June 2025

€ 000 31 Dec. 2024 Additions Disposals Amortisation for Others changes Reclassifications the period

Reclassifications

21

Other fixtures, fittings and equipment correspond to work done in AMA offices.

1. 1. ‌Impairment tests

      During the year 2022, the Group's market capitalization declined by more than 80% which constitutes an indication of impairment. To determine if the carrying amount of R&D at the end of June 2022 exceeded its recoverable amount, the company used the value-in-use method. The value in use method involves estimating the future cash flows that the R&D's cash-generating unit (CGU) will generate over the useful life of 5 years. All assets of the Group being largely dependent, budgets realized and validated by the management for all the Group are the most relevant inputs for estimating the future discounted cash flow generated by this R&D's CGU.

      The comparison of this recoverable amount estimated under reasonable and supportable assumptions to the carrying amount of the Group's net assets led to depreciate R&D capitalized costs for their total amount.

      In 2025, the underlying assumptions used in 2022 are maintained, and the research & development costs are recognized in expenses.

2. ‌Leases

   In the course of its business, the Group leases premises and vehicles and accesses dedicated servers with a lease component.

   Right-of-use assets break down as follows:

   € 000	Land and buildings	Vehicles		Servers		Other	TOTAL
   Balance at Dec. 31, 2023	251	85		756		1	1 093
   Depreciation for the period	(131)	(37)		(161)		(1)	(330)
   Additions to right-of-use assets	58	74		352		-	483
   Derecognition of right-of-use assets	(63)			(70)		-	(133)
   Foreign currency gains (losses)	(0)	-		-		0	(0)
   Balance at June 30, 2024	114	122		877		0	1 113
   Balance at Dec. 31, 2024	869	92		833		-	1 794
   Depreciation for the period	(91)	(21)		(155)		-	(267)
   Additions to right-of-use assets	-	24		-		-	24
   Derecognition of right-of-use assets	-	(24)		(36)		-	(60)
   Foreign currency gains (losses)	(3)	-		-		-	(3)
   Balance at June 30, 2025	775	71		642		-	1 488

   The related impact on profit and loss and cash flow is as follows:

   - Amounts recognised in net profit (loss)

   2025.06

€ 000

Interest on lease liabilities Depreciation charge

2024.06

(12)

(330)

The expense recognised for leases of low-value assets or leases for less than one year is not material.

22

- Amounts recognised under cash flows:

€ 000

Total cash outflows attributable to leases

2024.06

420

1. ‌Financial assets

   Financial assets break down as follows:

   € 000	30 June 2025	31 Dec. 2024
   Non-consolidated equity investments	4	4
   Other non-consolidated deposit - non-current	112	112
   Loans, guarantees and other receivables - non-current	40	50
   Financial assets	155	165
   Imp. of loans, deposits and guarantees	- 1	- 1
   Impairement of financial assets	- 1	- 1
   Total net book value	155	165

2. ‌Inventories

   € 000	30 June 2025	31 Dec. 2024
   Gross amount	489	600
   Impairment	(304)	(218)
   Net	185	382

   Inventories mainly comprise glasses and accessories.

   23

   Inventory is regularly reviewed to identify discontinued items or items that pose resale difficulties.

3. ‌Trade and other receivables, other current assets

   Trade receivables and other current assets break down as follows:

   € 000	30 June 2025	31 Dec. 2024
   Trade and other receivables	311	358
   Impairment of receivables for expected losses	(6)	(37)
   Total trade and other receivables	305	321
   Current tax receivables	173	127
   Prepaid expenses	230	214
   State receivables (excl. income tax) - current	48	48
   Staff and social security receivables	8	22
   Other current assets	86	25
   Total other current assets	373	324

   24

4. ‌Cash and cash equivalents

   € 000	30 June 2025	31 Dec. 2024
   Bank accounts	4 590	5 320
   Demand deposits	501	501
   Cash and cash equivalents reported in the statement of financial position	5 091	5 821
   Bank overdrafts repayable on demand and used for cash management purposes	-	(0)
   Cash and cash equivalents reported in the statement of cash flows	5 091	5 821

5. ‌Equity

   1. ‌Share capital

      AMA Corporation Plc's share capital breaks down as follows:

      Shares capital

      Share premium

      2025.06

      Shares capital Share premium

      2024.12

      Nb of shares € 000 € 000 Nb of shares € 000 € 000

      Shares outstanding at 1 January Capital reduction Capital increase	53 227 045 263 000	7 680 38	37 505 11
      Shares outstanding at 30 June - fully paid	53 490 045	7 719	37 516

      53 227 045	7 680	37 505
      53 227 045	7 680	37 505

      25

      The par value of ordinary shares is €0.144.

6. ‌Provisions and contingent liabilities

   € 000	Provision for replacement Google Pixel telephones	Provision for employment safeguard plans	Others provisions	TOTAL
   Balance at Dec. 31, 2023		8	3	11
   Provisions made during the year	-	481	-	481
   Recovery for the period (provision used)	-	(8)	-	(8)
   Recovery for the period (provision not used)				-
   Balance at Jun 30, 2024	-	481	3	483
   Provisions made during the year		(481)		(481)
   Recovery for the period (provision used)	-	11		11
   Recovery for the period (provision not used)				-
   Balance at Dec. 31, 2024	-	11	3	13
   Provisions made during the year		-	150	150
   Recovery for the period (provision used)	-	(11)	-	(11)
   Recovery for the period (provision not used)				-
   Balance at Jun 30, 2025	-	-	153	153

   26

   In 2024, an additional provision was recognised for employment safeguard plans (€481k). The restructuring plans include termination benefits and personnel expenses.

7. ‌Loans and borrowings

   1. ‌Main terms and conditions

      The terms and conditions of current loans are as follows:

      30 June 2025 31 Dec. 2024

      Currency Annual nominal

      interest rate

      Year of maturity

      Carrying amount

      Nominal value

      750 900 400 600 2 000

      4 650 5 000 1 750 2 500 1 500

      10 750

      15 400

      € 000

      Carrying amount

      € 000

      BPI €750 thousand loan EUR Fixed rate 2024

      BPO €900 thousand loan EUR Fixed rate 2024

      CIC €400 thousand loan EUR Fixed rate 2024

      CREDIT COOP €600 thousand loan EUR Fixed rate 2029

      BPI France €2,000 thousand loan EUR Fixed rate 2028

      Other financial liabilities due within one year and accrued loan interest

      Total bank loans

      Arkea credit line EUR Floating rate 2025

      Société Générale credit line EUR Floating rate 2027

      Crédit Agricole credit line EUR Floating rate Undetermined

      LCL credit line EUR Floating rate Undetermined

      Total available credit lines Total

      27

      Fixed rates range from 0% to 1.9%, while floating rates are EURIBOR 3M +3.587%.

      - -

      - -

      - -

      493 552

      1 400 1 600

      27 28

      1 920 - 2 180

      - -

      1 920 2 180

   2. ‌Change in loans and borrowings distinguishing cash and non-cash flows Changes to loans and borrowings and lease liabilities in 2025 and 2024 were as follows:

      € 000	31 Dec. 2024	Cash flows			Changes in non-cash flows							30 June 2025
      		Cash inflows from new debt	Interest paid	Repayment of borrowings	Foreign exchange gains (losses)	Interest expense	Non-cash from new leases	Impact of IFRS 16 - Leases	Waiver of Guillemot Brothers' shareholder loan	Reclass.
      Bank loans	1 600	-	(200)		-	-				-		1 400
      Current account with Guillemot Brothers Ltd	-	2 000	-		-				(2 000)	-		-
      Total non-current borrowings and financial liabilities	1 600	2 000	-	(200)	-	-		-	(2 000)	-		1 400
      Non-current lease liabilities	1 338		(32) -		0	32	-	-		(214)		1 124
      Bank loans	552	-	(31)	(58)	-	31				-		493
      Bonds
      Accrued loan interest	1		(0)		-					-		0
      Other financial liabilities due within one year	27	-	-		(1) -							26
      Current account with Guillemot Brothers Ltd	(0)	-	-		-		-		-	-		-
      Total current borrowings and financial liabilities	579	-	(31)	(58)	(1)	31	-	-	-	-		520
      Current lease liabilities	543	(257)			(3)		24	(59)		214		463

      Cash flows

      Changes in non-cash flows

      € 000

      31 Dec. 2023

      30 June. 2024

      Bank loans

      Current account with Guillemot Brothers Ltd

      Total non-current borrowings and financial liabilities

      2 152

      -

      1 893

      -

      2 152

      1 893

      Non-current lease liabilities

      574

      Bank loans Bonds

      Accrued loan interest

      Other financial liabilities due within one year Current account with Guillemot Brothers Ltd

      660

      1

      39

      -

      -

      707

      -549

      -1

      27

      -

      Total current borrowings and financial liabilities

      700

      577

      -

      Current lease liabilities 529 - (35) 1 (71) 424

      258

      -

      -

      -

      60

      1

      (382)

      (60)

      -

      -

      -

      -

      -

      -

      -1

      -

      258

      60

      -

      71

      -

      (0)

      (13)

      -

      -

      -

      (369)

      (60)

      -

      (420)

      483

      (258)

      -

      -

      -

      -

      -

      -

      -

      -

      -

      (258)

      -

      -

      -

      -

      -

      allocation to GB Reclass. current account

      new leases 16 - Leases

      expense

      Interest Non-cash from Impact of IFRS Capital reduction by

      Foreign exchange gains (losses)

      Cash inflows from Interest paid Repayment of new debt borrowings

      
      
      

8. ‌Trade accounts payable, other current liabilities

   28

   Trade payables and other current liabilities break down as follows:

   € 000	30 June 2025	31 Dec. 2024
   Trade payables	911	834
   Staff and social security payables - current	460	468
   Tax payables (excl. income tax)	88	110
   Other payables - current	13	8
   Total other liabilities	560	587
   Total	1 471	1 420

9. ‌Financial instruments and risk management

   1. ‌Classification and fair value of financial instruments

      € 000	Accounting category	Fair value level	Carrying amount	Fair value
      Loans, guarantees and deposit	Amortised cost	Level 2 - Note 2	151	151
      Non-consolidated equity investments	Fair value through P&L	Level 3 - Note 3	4	4
      Total non-current financial assets			155	155
      Trade and other receivables	Amortised cost	Note 1	305	305
      Cash and cash equivalents	Amortised cost	Note 1	5 091	5 091
      Total current financial assets			5 396	5 396
      Total assets			5 551	5 551
      Bank loans and other financial liabilities	Amortised cost	Level 2 - Note 5	1 400	2 111
      Current account with Guillemot Brothers Ltd	Amortised cost	Level 2 - Note 5	-	-
      Total non-current financial liabilities			1 400	2 111
      Non-current lease liabilities	Amortised cost	Level 2 - Note 4	1 124	N/A
      Bank loans and other financial liabilities	Amortised cost	Level 2 - Note 5	520	706
      Current account with Guillemot Brothers Ltd	Amortised cost	Level 2 - Note 5	-	-
      Trade payables	Amortised cost	Note 1	911	911
      Bank overdraft	Amortised cost	Note 1	-	-
      Total current financial liabilities			1 430	1 616
      Current lease liabilities	Amortised cost	Level 2 - Note 4	463	N/A
      Total liabilities			4 417	3 728

      30 June 2025 31 Dec. 2024

      Carrying amount Fair value

      161 161

      4 4

      165 165

      321 321

      5 821 5 821

      6 158 6 158

      6 323 6 323

      1 600 2 111

      - -

      1 600 2 111

      1 338 N/A

      579 707

      - 0 - 0

      834 834

      1 413 1 541

      543 N/A

      4 894 3 652

      Note 1 - The carrying amount of current financial assets and liabilities is deemed to be approximately their fair value.

      Note 2 - The difference between the carrying amount and fair value of loans and guarantees is deemed immaterial.

      Note 3 - The fair value of unconsolidated equity investments is immaterial.

      Note 4 - As allowed for under IFRS, the fair value of lease liabilities and their level in the fair value hierarchy is not presented.

      29

      Note 5 - The fair value of loans and borrowings was estimated using future cash flows discounted at a market rate.

10. ‌Risk management

    The Group is exposed to interest rate risk, credit risk and liquidity risk. The Group has not identified any significant changes in the identified risks compared to December 31, 2024.

11. ‌Related-party transactions

    Following a reorganization of the Company's ownership structure on July 12, 2022, Guillemot Brothers SAS became the new parent company of the Group, with its headquarters located in France. On this date, Guillemot Brothers Ltd executed a transfer of its shares in AMA Corporation Plc to Guillemot Brothers SAS.

    Guillemot Brothers SAS backs some of AMA SA's bank loans and credit facilities, which are subject to a regulated agreement with Guillemot Brothers SAS.

    In 2023, AMA also took a strategic technological turn by integrating Artificial Intelligence into its R&D investments, thanks in particular to the partnership established between AMA SA and Ariann (Advanced Research In Artificial Neural Networks Inc), a sister company of AMA Corporation Plc, specialized in Artificial Intelligence research since 2017.

    Balance sheet and income statement balances relating to Ariann in December, 2024 and June, 2025 are as follows:

    € 000

    Trade and other payables Operating expenses

    31 Dec. 2024

    0

    401

232

495

The remuneration of key management personnel is presented in Note 7.4.5.

1. ‌Off-balance sheet commitments

30

The Group has not identified any significant changes in off-balance sheet commitments in the first half of 2025 compared to December 31, 2024.