Financial statements - 30 june 2026

30 JUNE 2026

19 rue de l'Abbaye 88480 Étival-Clairefontaine - Tel. +33 (0)3 29 42 42 42 SA with capital of €4,525,920 - NAF 7010Z - RCS Épinal: 505 780 296

Website https://WWW.EXACOMPTACLAIREFONTAINE.FR - email ACTIONNAIRE@CLAIREFONTAINE.COM

Contents: page

Half-year activity report 3

Half-year consolidated financial statements 6

Statutory auditors' report

on the consolidated interim financial statements 24

Guillaume Nusse, Chairman of the Board of Directors Frédéric Nusse, Chief Executive Officer

Pierre Bordeaux Montrieux Dominique Daridan

Céline Goblot Amaury de Monicault Charles Nusse Gabriel Nusse

Jérôme Nusse Julien Nusse Laurent Nusse Lorraine Nusse

Emmanuel Renaudin Caroline Tamponnet Caroline Valentin

BATT AUDIT, 58 Boulevard d'Austrasie - 54000 Nancy, France Isabelle Sagot

ADVOLIS, 38 Avenue de l'Opéra - 75002 Paris, France Nicolas Aubrun - Hugues De Noray

To the Shareholders,

1. REVIEW AND APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS

   (€000)	H1 2026	H1 2025
   Revenue	380,648	393,698
   Operating income	13,358	11,625
   Net income before tax	12,839	9,406
   Net income after tax	10,062	6,518
   Group share	10,062	6,518

   Operating income includes a €2.4 million real estate capital gain in the processing division.

   1. PAPER PRODUCTION

      The European market for uncoated wood-free papers continued to decline in the first half of 2026, with consumption down 3% compared to the same period in 2025. Production at our four paper mills is holding up well under these circumstances and volumes are stable overall. However, rising raw material and energy prices combined with market overcapacity are exerting pressure on margins. We are continuing our efforts to maintain our commercial positioning while diversifying into higher value-added markets.

   2. PROCESSING

      In the first half of 2026, the Group's processing business proved resilient in the face of a declining stationery market. The French market was down 2.2% for the first half (GFK), including a sharp decline in manufactured papers (down 2.4%) and filing articles (down 3.6%).

      Despite these conditions, manufactured papers, office articles and the export subsidiaries business generated stable revenue overall driven by market share gains and the development of e-commerce. Despite pressure on volumes, several subsidiaries managed to improve their operating earnings through judicious cost control.

   3. FINANCIAL POSITION - DEBT

      At 30 June 2026, gross borrowings stood at €199,960,000 including €49,341,000 of financial liabilities arising from the capitalisation of leases.

      The Group has negotiated additional lines of credit totalling €1,204,000 with its banks. Commercial paper outstanding at 30 June 2026 amounted to €10 million out of a global programme of €125 million. With gross cash and cash equivalents of €127,546,000 at 30 June 2026, Group net borrowings amounted to €72,414,000.

   4. SHARE AND SHAREHOLDER INFORMATION

      The share listed at €169 on 2 January 2026 and €163 on 30 June 2026. The number of shares traded during first half 2026 was 2,857.

      The capital of the parent company is composed of 1,131,480 shares and did not change during the period. Our principal shareholder, Ets Charles Nusse, held 910,395 shares with double voting rights, representing 80.46% of the capital, at 30 June 2026.

      LG Invest crossed the 5% share capital ownership threshold on 21 September 2021.

      The parent company does not have a share buyback programme and there are no employee shareholders.

2. RISK FACTORS

   Risk factors related to economic activity and financial risks are of the same kind as those described in Section 2.4 of the 2025 Annual Report. There were no material changes during first half 2026. Provisions for financial risks at 30 June 2026 are presented in Note 2.6 to the consolidated half-year financial statements.

3. OUTLOOK

   No improvement is expected for the moment in the paper division, while margins could deteriorate. Meanwhile, the outlook for processing in the second half remains cautious. Earnings improvement will be limited by continued sluggish demand in several European markets, ongoing reorganisation across the Group and pressure on margins. In France, restocking volumes following the start of the school year were disappointing, further fuelling the uncertainty surrounding full-year earnings.

   Our priorities remain cost control, the preservation of margins and a gradual return to equilibrium among the most vulnerable subsidiaries.

4. GREENHOUSE GAS EMISSIONS

The fourth phase of the EU Emissions Trading Scheme (2021-2030) has entered its second sub-period covering 2026-2030.

The amount of allowances issued free of charge for this sub-period is not known as yet, but is expected to decrease sharply. The missing emissions allowances are purchased on the European exchange market in order to comply with the requirement to surrender them to the State.

CO2 emissions during first half 2026 totalled 36,727 tonnes.

Exacompta Clairefontaine S.A.

Consolidated financial statements for the six months ended 30 June 2026

Half-year consolidated financial statements

1. Consolidated financial statements 7

2. Notes to the consolidated half-year financial statements 11

3. Segment information 19

4. Consolidated entities 22

1. Consolidated financial statements

   Consolidated financial position

   €000	30/06/2026	31/12/2025
   NON-CURRENT ASSETS	337,269	332,604
   Goodwill	33,650	33,650
   Intangible assets	13,841	16,228
   Property, plant and equipment	283,836	276,582
   Financial assets	4,044	4,600
   Deferred taxes	1,898	1,544
   CURRENT ASSETS	611,512	584,886
   Inventories	272,925	264,163
   Trade and other receivables	204,138	130,616
   Advances	2,851	3,072
   Taxes receivable	4,052	2,085
   Cash and cash equivalents	127,546	184,950
   TOTAL ASSETS	948,781	917,490

   Notes

   (2.1.1)

   (2.1.1)

   (2.1.2)

   (2.1.3)

   (2.4)

   (2.2.1)

   (2.2.2)

   SHAREHOLDERS' EQUITY	553,247	549,804
   Share capital	4,526	4,526
   Consolidated reserves	538,659	523,661
   Net income - Group share	10,062	21,617
   Shareholders' equity - Group share	553,247	549,804
   Minority interests	-	-
   NON-CURRENT LIABILITIES	190,412	181,349
   Non-current loans and borrowings	112,593	118,442
   Lease liabilities (IFRS 16)	38,824	23,654
   Deferred taxes	21,572	21,468
   Provisions	17,423	17,785
   CURRENT LIABILITIES	205,122	186,337
   Trade payables	80,616	74,902
   Current loans and borrowings	38,026	29,832
   Lease liabilities (IFRS 16) - short term	10,517	10,406
   Provisions	1,516	2,335
   Tax liabilities	450	561
   Other payables	73,997	68,301
   TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	948,781	917,490

   (2.2.3)

   (2.6)

   (2.6)

   (2.4)

   (2.5)

   (2.6)

   (2.6)

   (2.5)

   (2.9)

   Consolidated income statement

   €000	H1 2026	H1 2025
   Revenue	380,648	393,698
   	377,423 3,225	387,355 6,343
   Other operating income	9,629	9,783
   	2,318 7,311	6,118 3,665
   Change in inventories of finished products and work-in-progress	14,872	14,630
   Goods and materials used	(191,970)	(207,316)
   External expenses	(60,782)	(62,680)
   Personnel expenses	(102,635)	(100,586)
   Taxes and duties	(5,838)	(5,941)
   Depreciation/amortisation	(25,437)	(26,130)
   Other operating expenses	(5,129)	(3,833)
   Operating income - before goodwill impairment	13,358	11,625
   Goodwill impairment / badwill gain	-	-
   Operating income - after goodwill impairment	13,358	11,625
   Financial income Financial expenses	2,862 (3,381)	3,524 (5,743)
   Net financial items	(519)	(2,219)
   Income taxes	(2,777)	(2,888)
   CONSOLIDATED NET INCOME	10,062	6,518

   • Sales of products

   • Sales of services

   • Subsidies

   • Other income

   Net income - minority share	0	0
   Net income - Group share	10,062	6,518

   Notes

   (2.2.1)

   (2.1.1,

   2.1.2)

   (2.1.1)

   (2.8)

   (2.4)

   Net income for the period	10,062	6,518
   Number of shares	1,131,480	1,131,480
   Earnings per share (basic and diluted)	8.89	5.76

   (2.3)

   Comprehensive income statement

   €000	H1 2026	H1 2025
   Net income	10,062	6,518
   Actuarial gains/losses on post-employment benefits Tax on items not reclassified to profit or loss	1,265 (316)	1,748 (437)
   Items not reclassified to profit or loss	949	1,311
   Currency translation differences arising from foreign entities' financial statements Tax on items reclassified to profit or loss	416 -	(480) -
   Items reclassified to profit or loss	416	(480)
   Items of other comprehensive income	-	-
   Total comprehensive income	11,427	7,349
   Attributable to:	11,427 -	7,349 -

   • the Group

   • minority interests

   Statement of changes in consolidated shareholders' equity

   €000	Share capital	Additional paid-in capital	Reserves and consolidated	Actuarial gains/losses	Currency translation adjustments	Total - Group share	Total - minority interests	Total shareholders' equity
   Shareholders' equity at 31/12/2024	4,526	92,745	430,166	243	8,428	536,108	-	536,108
   Dividends distributed			(8,486)			(8,486)		(8,486)
   Net income for the period			21,617			21,617		21,617
   Items of other comprehensive income				877	(915)	(38)		(38)
   Reclassification of actuarial gains/losses			243	(243)		-		-
   Other restatements			603			603		603
   Shareholders' equity at 31/12/2025	4,526	92,745	444,143	877	7,513	549,804	-	549,804
   Dividends distributed			(8,034)			(8,034)		(8,034)
   Net income for the period			10,062			10,062		10,062
   Items of other comprehensive income				949	416	1,365		1,365
   Reclassification of actuarial gains/losses			877	(877)		-		-
   Other restatements			50			50		50
   Shareholders' equity at 30/06/2026	4,526	92,745	447,098	949	7,929	553,247	-	553,247

   Statement of consolidated cash flows

   €000	H1 2026	H1 2025
   Total consolidated net income	10,062	6,518
   	25,500	25,750
   	(1,683)	38
   	(128)	545
   Cash flow before cost of borrowings and tax	33,751	32,851
   	1,764	1,969
   	2,777	2,888
   Cash flow after cost of borrowings and tax	38,292	37,708
   	(73,195)	(77,852)
   (1) Net cash flow from operating activities	(34,903)	(40,144)
   	(13,868)	(18,157)
   	4,181	1,043
   	-	-
   (2) Net cash flow from investing activities	(9,687)	(17,114)
   	1,204 (14,401)	10,000 (15,262)
   	(5,575)	(7,098)
   	(1,646)	(1,841)
   	(8,034)	(8,486)
   (3) Net cash flow from financing activities	(28,452)	(22,687)
   (4) Currency effect on cash	211	(447)
   (1+2+3+4) Total cash flow	(72,831)	(80,392)

   • Depreciation, amortisation and provisions

   • Gains or losses on sales

   • Currency translation adjustments

   • Cost of borrowings

   • Tax charge for the period and deferred taxes

   • Change in operating working capital

   • Purchases of fixed assets

   • Sales of fixed assets

   • Changes in consolidation

   • New borrowings

   • Loans repaid

   • Lease liability payments

   • Change in interest paid

   • Dividends paid

   Opening cash	182,342	178,399
   Closing cash	109,511	98,007
   Change in cash	(72,831)	(80,392)

   Change in cash

   Notes

   (2.1.1 to

   2.1.3, 2.5)

   (2.4)

   Balance sheet

   (2.1.1 to

   2.1.3)

   (2.6)

   €000	30/06/2026	31/12/2025	Change	30/06/2025
   Reported cash and cash equivalents Bank overdrafts	127,546 (18,035)	184,950 (2,608)	(57,404) (15,427)	133,229 (35,222)
   Net cash and cash equivalents	109,511	182,342	(72,831)	98,007

   Presentation of the consolidated financial statements

   1. General principles - statement of compliance

      The EXACOMPTA CLAIREFONTAINE Group consolidated financial statements are prepared in accordance with IFRS (International Financial Reporting Standards), as adopted within the European Union. The Exacompta Clairefontaine Group summary consolidated half-year financial statements were prepared in accordance with IAS 34 - Interim financial reporting. They were approved by the Board of Directors on 17 September 2026.

      No changes were made compared to the accounting rules and methods applied to the 2025 full-year consolidated financial statements.

   2. Adoption of new standards

   The Group did not opt for early application of any standard, amendment or interpretation that is not mandatory in 2026.

2. Notes to the consolidated half-year financial statements
   1. Non-current assets

      1. INTANGIBLE ASSETS AND GOODWILL

         At 30 June 2026 (€000)	Goodwill	Concessions, licences, trademarks and similar rights	Other	Total intangible assets
         Gross value b/fwd	55,699	61,137	5,550	66,687
         Purchases		271	220	491
         Sales		(432)	(2)	(434)
         Changes in consolidation scope
         Currency translation adjustments		29	24	53
         Transfers and other changes		201	(150)	51
         Gross value c/fwd	55,699	61,206	5,642	66,848
         Amortisation and write-downs b/fwd	22,049	45,790	4,669	50,459
         Sales		(317)	(2)	(319)
         Changes in consolidation scope
         Amortisation		2,601	222	2,823
         Write-downs
         Reversals
         Currency translation adjustments		21	23	44
         Transfers and other changes
         Amortisation and write-downs c/fwd	22,049	48,095	4,912	53,007
         Net book value b/fwd	33,650	15,347	881	16,228
         Net book value c/fwd	33,650	13,111	730	13,841

         Trademarks

         "Concessions, licences, trademarks and similar rights" includes trademarks totalling €2,807,000. No impairment was recorded in the first half 2026 financial statements.

         Goodwill

         Goodwill mainly pertains to the businesses of the Digital department (€13.2 million) and Manufactured Papers (€19.6 million).

         The segment information shows the breakdown of goodwill by business and geographic segment.

         Given the levels of performance observed in first half 2026 and the seasonal factors to which some departments are exposed, the Group identified no indications of impairment at 30 June 2026. As such, the projections drawn up at the 2025 balance sheet date were maintained at 30 June 2026 and, therefore, no impairment testing was carried out as part of the 2026 half-yearly closing procedure.

      2. Property, plant and equipment

         IFRS 16 - Leases

         As it is not possible to determine the interest rates implicit in the leases, the Group uses its incremental borrowing rate to measure the lease liability. Real estate leases account for over 90% of leases in terms of right-of-use asset value.

         Lease categories at 30/06/2026

         €000	Real estate	Industrial equipment	Other	Total
         Right-of-use assets	95,901	5,250	4,345	105,496
         Depreciation	51,346	2,233	2,881	56,460
         Net amount	44,555	3,017	1,464	49,036

         In the first half 2026 income statement, the depreciation charge on right-of-use assets amounts to

         €5,571,000 and lease interest payments amount to €312,000.

         Leases are aggregated in the tables of changes in property, plant and equipment.

         At 30 June 2026 (€000) Incl. IFRS 16 right-of-use assets	Land and buildings	Plant and equipment	Other PP&E	Advances and PP&E in progress	Total
         Gross value b/fwd	304,932	600,896	63,458	9,989	979,275
         Purchases	21,825	2,746	1,756	5,742	32,069
         Sales	(9,726)	(6,441)	(1,203)		(17,370)
         Changes in consolidation scope
         Currency translation adjustments	156	155	48	9	368
         Transfers and other changes	762	1,194	265	(2,272)	(51)
         Gross value c/fwd	317,949	598,550	64,324	13,468	994,291
         Depreciation and write-downs b/fwd	189,028	462,882	50,783	0	702,693
         Sales	(8,398)	(5,768)	(935)		(15,101)
         Changes in consolidation scope
         Depreciation	8,270	12,338	2,006		22,614
         Write-downs
         Reversals
         Currency translation adjustments	94	138	41		273
         Transfers and other changes	(10)	(13)	(1)		(24)
         Depreciation and write-downs c/fwd	188,984	469,577	51,894	0	710,455
         Net book value b/fwd	115,904	138,014	12,675	9,989	276,582
         Net book value c/fwd	128,965	128,973	12,430	13,468	283,836

      3. Financial assets

         At 30 June 2026 (€000)	Unconsolidated equity interests	Loans	Other receivables	Total
         Gross value b/fwd	1,327	894	3,674	5,895
         Purchases			80	80
         Sales		(21)	(640)	(661)
         Changes in consolidation scope
         Currency translation adjustments			5	5
         Transfers and other changes
         Gross value c/fwd	1,327	873	3,119	5,319
         Write-downs b/fwd	1,295	0	0	1,295
         Purchases/sales
         Changes in consolidation scope
         Write-downs
         Reversals	(20)			(20)
         Currency translation adjustments
         Transfers and other changes
         Write-downs c/fwd	1,275	0	0	1,275
         Net book value b/fwd	32	894	3,674	4,600
         Net book value c/fwd	52	873	3,119	4,044

         Unconsolidated equity interests and other long-term investments are stated at cost if there is no reliable fair value.

         Intercompany receivables, loans and other financial assets are valued at amortised cost. The book value is equal to the fair value.

         Other receivables mainly comprise deposits and guarantees totalling €2,802,000.

      4. Table of maturities of other financial assets

         At 30 June 2026 (€000)	< 1 year	1-5 years	> 5 years	Total
         Loans Other financial assets	69 1,034	186 690	618 1,395	873 3,119
         Financial assets and receivables	1,103	876	2,013	3,992

   2. Current assets

      1. Inventories by type

         At 30 June 2026 (€000)	Raw materials	Work-in-progress	Semi-finished and finished goods	Total
         Gross value b/fwd	120,358	29,021	136,610	285,989
         Change	(6,114)	(3,002)	17,507	8,391
         Changes in consolidation scope
         Gross value c/fwd	114,244	26,019	154,117	294,380
         Write-downs b/fwd	12,323	1,454	8,049	21,826
         Additions	9,801	848	5,240	15,889
         Reversals	(9,699)	(1,053)	(5,514)	(16,266)
         Changes in consolidation scope
         Currency translation adjustments and other	1		5	6
         Write-downs c/fwd	12,426	1,249	7,780	21,455
         Net book value b/fwd	108,035	27,567	128,561	264,163
         Net book value c/fwd	101,818	24,770	146,337	272,925

      2. Write-down of other current assets

         €000	Write-downs b/fwd	Additions	Reversals	Changes in consolidation scope and other differences	Write-downs c/fwd
         Trade receivables	2,212	599	(532)	4	2,283
         Other receivables	241		(241)		0
         Total	2,453	599	(773)	4	2,283

         Statement of maturities of trade and other receivables

         €000	< 1 year	1-5 years	> 5 years	Total
         Trade and similar receivables Taxes and social security contributions receivable Other receivables	177,761 20,836 2,328			177,761 20,836 2,328
         	200,925			200,925
         Impairment				(2,283)
         Financial assets				198,642

         Prepaid expenses	5,496
         Reported trade and other receivables	204,138

      3. Cash and cash equivalents

         €000	30/06/2026	31/12/2025	Change
         Cash at bank	31,462	62,083	(30,621)
         Cash equivalents	96,084	122,867	(26,783)
         Total	127,546	184,950	(57,404)

         Financial assets held for trading (marketable securities) are assets valued at fair value through profit or loss. The book value of €96,084,000 equals the market value at 30 June 2026. The book value is equal to the fair value.

   3. Shareholders' equity

      The parent company's share capital consists of 1,131,480 shares with a par value of 4 euros each, totalling

      €4,525,920, and did not change during the period. A double voting right is granted to each fully paid-up share which has been registered for at least two years in the name of the same shareholder.

      ETABLISSEMENTS CHARLES NUSSE holds 80.46% of the share capital.

   4. Deferred taxes

      The principal sources of deferred taxes are trademarks, regulated provisions, public subsidies, internal profits on inventories and provisions.

      Change in deferred taxes

      €000	30/06/2026	31/12/2025	Change
      Deferred tax assets	1,898	1,544	354
      Deferred tax liabilities	21,572	21,468	104
      Net deferred tax	19,674	19,924	(250)

      Breakdown of tax charge

      €000	H1 2026	H1 2025
      Current tax	(3,346)	(4,243)
      Deferred taxes	569	1,355
      Tax income/(charge)	(2,777)	(2,888)

   5. Provisions

      €000	Provisions b/fwd	Additions	Reversals	Other changes	Provisions c/fwd
      Post-employment benefits	17,785	1,395	(492)	(1,265)	17,423
      Non-current provisions	17,785	1,395	(492)	(1,265)	17,423
      Provisions for contingent liabilities	2,112	237	(981)	1	1,369
      Other provisions for charges	223		(76)		147
      Current provisions	2,335	237	(1,057)	1	1,516

      Provisions for post-employment benefits are provisions for pensions and similar obligations. The other changes correspond to actuarial adjustments recorded under comprehensive income.

      Post-employment benefits mainly consist of retirement indemnities.

      They are calculated at each closing date according to the following main parameters:

      • probability of retirement, staff turnover and mortality;

      • projected salary increases;

      • discounting the resulting liability at 3.87%.

      The amounts paid to insurance organisations are deducted from provisions. Net change in the provision for pensions and similar obligations

      €000	30/06/2026	30/06/2025
      Liability b/fwd	17,785	19,317
      Cost of services rendered	1,163	1,364
      Financial expense	650	646
      Changes for the period	(910)	(1,445)
       o/w new recruits	7	1
       o/w departures during the period	(917)	(1,446)
      Liability excluding actuarial gains and losses	18,688	19,882
      Actuarial gains and losses under comprehensive income	(1,265)	(1,748)
      Liability c/fwd	17,423	18,134

      The recorded liability includes €13,843,000 of obligations under the plan applicable to French companies and €3,580,000 under plans applicable to foreign companies.

   6. Loans, borrowings and lease liabilities

      Statement of liquidity risk

      €000	< 1 year	1-5 years	> 5 years	Total
      Loans from financial institutions	17,809	45,505	9,088	72,402
      Lease liabilities	10,517	28,206	10,618	49,341
      Bank loans and overdrafts	18,035			18,035
      Subtotal	46,361	73,711	19,706	139,778
      Shareholder loan accounts (credit balance)	2,000		58,000	60,000
      Accrued interest	182			182
      Total	48,543	73,711	77,706	199,960

      Medium and long-term financing excluding IFRS 16 lease liabilities consists of loans negotiated at fixed rates.

      €000	31/12/2025	Cash flows	Non-cash items			30/06/2026
      			Changes in consolidation scope	New leases	Foreign exchange losses
      Bank loans and overdrafts	2,608	15,427	-	-	-	18,035
      Loans from financial institutions	85,504	(13,100)	-	-	(2)	72,402
      Lease liabilities	34,060	(5,575)	-	20,842	14	49,341
      Total bank borrowings	122,172	(3,248)	-	20,842	12	139,778
      Shareholder loans	60,000	-	-	-	-	60,000
      Other payables	-	-	-	-	-	-
      Total other borrowings	60,000	-	-	-	-	60,000
      Accrued interest	162	20	-	-	-	182
      Total borrowings	182,334	(3,228)	-	20,842	12	199,960

      The fair value of borrowings is equal to the book value. Change in borrowings

      New leases are shown net of early terminations totalling €580,000.

   7. Issuance & financial instruments programmes

      Commercial paper

      Short-term needs are financed by commercial paper issued by Exacompta Clairefontaine. A fixed rate determined at the moment of issue is paid on the commercial paper, which has a maximum term of 365 days.

      At the interim balance sheet date, €10 million of commercial paper had been issued out of a maximum authorised outstanding amount of €125 million.

      Lines of credit

      Lines of credit are in place with several banks for a total amount of €125 million, with maturities not exceeding five years.

      The term of drawdowns ranges from ten days to twelve months. No amounts were drawn as at 30/06/2026. Related covenants are not relevant to the half-year financial statements, as the associated ratios are calculated on the basis of the annual consolidated financial statements.

   8. Financial income and expenses

      €000	H1 2026	H1 2025
      Income from other receivables and marketable securities	1,729	1,768
      Other financial income	136	244
      Reversal of provisions and write-downs	20	-
      Foreign exchange losses	977	1,512
      Total financial income	2,862	3,524
      Increase in provisions and write-downs	-	21
      Interest and financial expenses	2,076	2,122
      Foreign exchange losses	1,269	3,593
      Other financial expenses	36	7
      Total financial expenses	3,381	5,743

   9. Other current liabilities

      €000	30/06/2026	31/12/2025
      Advances and down payments received	964	912
      Taxes and social security contributions payable	47,412	38,002
      Fixed asset payables	1,850	4,499
      Other liabilities	22,382	23,521
      Deferred income	1,389	1,367
      Total	73,997	68,301

   10. Related parties

       Group companies benefit from the leadership provided by Ets Charles Nusse and pay a fee equal to 0.6% of the added value for the previous year.

       Manufacturing, logistics and office facilities are leased to certain Group companies on arm's length terms. These leases have been adjusted following the application of IFRS 16.

       Transactions carried out by the Group with Etablissements Charles Nusse.

       €000	30/06/2026 (six months)	30/06/2025 (six months)
       Balance sheet
       Current account balances:
       Financial liabilities	58,000	58,000
       Financial liabilities (short-term)	2,000	2,000
       Income statement
       Financial expenses	774	797
       Fees	817	844
       Leases excluding expenses	4,534	4,626

3. Segment information

   As in the financial statements, segment information is presented for the prevailing consolidation scope at each balance sheet date.

   Correspondence with the consolidated balance sheet:

   • "Other assets allocated" includes inventories and advances;

   • "Unallocated assets" consists of tax receivable and deferred tax assets.

   • Segment information by business - 30/06/2026 (6 months)

     €000

     Paper

     Processing

     Inter-segment transactions

     Total

     Segment income statement

     Revenue	176,007	276,868	(72,227)	380,648
     Depreciation/amortisation (net of reversals)	8,560	16,877		25,437
     Write-downs and provisions	(97)	(372)		(469)
     Operating income/(loss) (excl. goodwill impairment)	12,310	1,402	(354)	13,358
     Goodwill impairment

     Segment assets

     Net PP&E and intangible assets o/w capex Goodwill	116,593 4,588	181,084 6,550 33,650		297,677 11,138 33,650
     Trade receivables Other receivables	56,092 12,961	154,508 16,251	(35,122) (552)	175,478 28,660
     Balance sheet total	69,053	170,759	(35,674)	204,138
     Other assets allocated Unallocated assets	96,904	183,536	(4,664)	275,776 5,950
     Total assets	282,550	569,029	(40,338)	817,191

     Segment liabilities

     Current provisions	703	813		1,516
     Trade payables	31,826	83,869	(35,079)	80,616
     Other payables	23,175	51,444	(622)	73,997
     Unallocated liabilities				450
     Total liabilities	55,704	136,126	(35,701)	156,579

   • Segment information by geographic area - 30/06/2026 (6 months)

     €000

     France

     Europe

     Outside Europe

     Total

     Revenue

     190,242

     173,237

     17,169

     380,648

     Net PP&E and intangible assets o/w capex Goodwill	246,323 8,565 16,505	40,915 2,037 17,145	10,439 536	297,677 11,138 33,650
     Trade receivables Other receivables	141,776 22,758	32,171 4,108	1,531 1,794	175,478 28,660
     Balance sheet total	164,534	36,279	3,325	204,138
     Other assets allocated Unallocated assets	234,291	31,180	10,305	275,776 5,950
     Total assets	661,653	125,519	24,069	817,191

   • Segment information by business - 30/06/2025 (6 months)

     €000

     Paper

     Processing

     Inter-segment transactions

     Total

     Segment income statement

     Revenue	183,996	283,003	(73,301)	393,698
     Depreciation/amortisation (net of reversals)	7,921	18,209		26,130
     Write-downs and provisions	1,158	(1,899)		(741)
     Operating income/(loss) (excl. goodwill impairment)	14,952	(1,059)	(2,268)	11,625
     Goodwill impairment

     Segment assets

     Net PP&E and intangible assets o/w capex Goodwill	127,863 6,040	179,998 8,431 34,703		307,861 14,471 34,703
     Trade receivables Other receivables	56,888 8,840	158,049 15,779	(34,519) (519)	180,418 24,100
     Balance sheet total	65,728	173,828	(35,038)	204,518
     Other assets allocated Unallocated assets	104,798	182,408	(4,457)	282,749 2,648
     Total assets	298,389	570,937	(39,495)	832,479

     Segment liabilities

     Current provisions	1,430	2,961		4,391
     Trade payables	35,479	82,928	(34,517)	83,890
     Other payables	31,020	50,795	(519)	81,296
     Unallocated liabilities				530
     Total liabilities	67,929	136,684	(35,036)	170,107

   • Segment information by geographic area - 30/06/2025 (6 months)

   €000

   France

   Europe

   Outside Europe

   Total

   Revenue

   203,012

   174,580

   16,106

   393,698

   Net PP&E and intangible assets o/w capex Goodwill	260,434 11,473 17,558	36,949 2,816 17,145	10,478 182	307,861 14,471 34,703
   Trade receivables Other receivables	146,558 18,619	32,236 3,913	1,624 1,568	180,418 24,100
   Balance sheet total	165,177	36,149	3,192	204,518
   Other assets allocated Unallocated assets	243,257	30,287	9,205	282,749 2,648
   Total assets	686,426	120,530	22,875	832,479

4. Consolidated entities

All companies are fully consolidated and wholly owned.

Statutory Auditor Statutory Auditor

Member of the Paris Institute of Statutory Auditors Member of the East Region Institute of Statutory Auditors

38 Avenue de l'Opéra 58 Boulevard d'Austrasie 75002 PARIS 54000 NANCY

Statutory Auditors' limited review report on the consolidated interim financial statements

Period from 1 January to 30 June 2026

To the Chief Executive Officer,

In our capacity as statutory auditors of EXACOMPTA CLAIREFONTAINE and in response to your request, we have conducted a limited review of the attached consolidated interim financial statements of your company for the period from 1 January to 30 June 2026.

The consolidated interim financial statements were prepared under the responsibility of the Board of Directors. It is our responsibility, based on our limited review, to express an opinion on these consolidated interim financial statements.

We conducted our limited review in accordance with professional standards applicable in France and the professional policies of the Compagnie Nationale des Commissaires aux Comptes (French National Institute of Statutory Auditors) relating to such engagements. A limited review mainly involves the conducting of interviews with the senior executives responsible for accounting and financial matters and the implementation of analytical procedures. The work is of limited scope compared to the work required for an audit performed in accordance with auditing standards applicable in France. Accordingly, a limited review provides only a moderate degree of assurance, less than that provided by an audit, that the consolidated interim financial statements, taken as a whole, are free from material misstatements.

On the basis of our limited review, we did not identify any material misstatements that cause us to question the compliance of the consolidated interim financial statements with IFRS standard IAS 34 -Interim financial reporting, as adopted by the European Union.

Paris and Nancy, 18 September 2026 The Statutory Auditors,

Hugues de Noray Nicolas Aubrun Isabelle Sagot