Investors Presentation
November
2025
SPEAKERS
Key managers
Anne-Sophie Herelle
SVP, Group CFO, since 2024
6 years as CFO of public companies,
Ex Bpifrance investement manager
Marie Calleux
Investor relations
& corporate communications since 2008
25 years in investor relations, financial & corporate communication
Henri Seydoux
Founder, chairman, CEO & controlling shareholder
Chris Roberts
SVP, Chief Revenue Officer
since 2006
Elise Tchen Thebault
SVP, Chief Industry Officer
since 2005
Pierre-Elie Fort
SVP, Chief People Officer since 2015
2
Investors Presentation - November 2025
EUROPEAN PROFESSIONAL MICRO-UAV LEADER
Professional UAVs
2024 revenue:
€48 million +45%
62% of the Group revenues
PARROT GROUP
€78m
+20%
2024
Revenue
vs 2023
Photogrammetry software for 3D modeling and mapping
2024 revenue:
€30 million -6%
38% of the Group revenues
Created in 1994 by
Henri Seydoux, Chairman & CEO,
main shareholder (62% ownership) Public limited
company with a board of directors
Head quarter: Paris, France
Main subsidiaries: Switzerland, USA, UK, South Korea
Stake
Outflier (France), majority SaaS inspection
H1 2025
headcount: 450
60%+ in R&D
Investors Presentation - November 2025 3
Parrot
today
complete Micro-UAV systems
+60
partners
3
9
BtoB software solutions
open source SDK
1
PROVIDING INTELLIGENCE, SURVEILLANCE & RECONNAISSANCE THROUGH AUTONOMOUS FLYING & HIGH-PRECISION IMAGING FOR DEFENSE AND SECURITY INSTITUTIONS AND PROFESSIONALS
Investors Presentation - November 2025 4
FROM CONSUMER SUCCESS TO TACTICAL READINESS
A 15-YEAR JOURNEY DISRUPTING THE DRONE INDUSTRY
As a global leader in connected device for the Automotive industry, Parrot pioneered the consumer drone revolution, building on its core expertise in digital signal processing and embedded electronics.
Launching some of the first major successes in consumer drones, Parrot early envisioned the potential of the drone industry
As the consumer drone market began to contract in 2017-2018, Parrot made accelerated its strategic shift toward commercial and public safety applications.
In 2019, Parrot was selected by the U.S. Defense Innovation Unit (DIU) to join the early stages of the Blue UAS program, validating its security, sovereignty and technological maturity.
In 2020, Parrot launched the ANAFI USA, a rugged, secure and ITAR-free micro-UAV manufactured in Massachusetts, designed for demanding defense and public safety.
2010 : AR.DRONE
1st consumer drone
2014 : BEBOP
consumer drone with
2016 : DISCO
1st fixed wing drone
2018 : ANAFI
complete drone
2021 : ANAFI USA
1st defense & public
2022 : ANAFI AI
smart 5G commercial
options for commercial use
addressing both consummer and commercial markets
platform for consumer and commercial
safety micro-UAV
micro-UAV
38
48
32
PARROT DRONE REVENUES (€m)
13
2020
14
2021
2022
2023
Investors Presentation - November 2025
2024
5
OFFER & GROWTH STRATEGY
Multi-million $ armed UAV, flying at +400km/h at 12km altitude: detect, identify, track, engage targets, and assess battle damage. Weight > 1T
Multi-thousand $ UAV, flying at +60km/h at 5km altitude: aerial intelligence for Multi-Domain Operations and Software Defined Defense for efficient and networked situational awareness. Weight > 5kg
<20k$ UAV, flying at +50km/h at max 4km altitude: smart, rugged, ISR micro-UAV range for Defense,
Public Safety and Government operations. Weight
ISR UAV: A MULTI-FACETED OPERATIONAL SEGMENT
ISR > Intelligence, Surveillance & Reconnaissance
UAVs equipped with EO/IR sensors to gather real-time tactical information.
Key applications
Defense: tactical surveillance, force protection, target identification Homeland Security: border control, crowd monitoring, police operations Infrastructure Protection: critical site surveillance, rapid deployment
ISR drone categories
HALE / MALE (e.g. Reaper): long-endurance, armed-capable
Tactical VTOL (e.g. Quantum Vector, Tekever AR3, Trinity): long-range, semi-mobile
Micro ISR UAVs (e.g. ANAFI USA / ANAFI UKR): hand-portable, ultra-mobile, field-ready
MICRO ISR UAVS ADDRESS URGENT SHORT-RANGE NEEDS WITH AUTONOMY, DISCRETION AND LOW LOGISTICAL FOOTPRINT
<1 kg.
Investors Presentation - November 2025 7
ANAFI USA (range), starting at €7,000
¬ 3 versions: classic, gov, mil
¬ 32X zoom camera & thermal
camera
¬ Deployable in 55 seconds.
¬ 32 minutes of flight time and 4 km range (+ unrestricted version for the military)
>15,000 units sold
& €100m of sales
since launch in 2021
ANAFI Ai, starting at €4,000
PARROT'S
¬ 48MP camera
¬ 4G connectivity
¬ Integrated automatic
MICRO-UAV
SYSTEMS
FOR DEFENSE, LAW ENFORCMENT & GOVERNMENT AGENCIES
photogrammetry
¬ Programmable robotic platform
>2,500 units sold
& €6.8m of sales
since launch in 2022
Investors Presentation - November 2025 8
ANAFI UKR RANGE:
TACTICAL AI-BASED AUTONOMY
Full autonomy in GNSS-denied and jammed zones, thanks to embedded AI and optical navigation
Combat-proven design, developed with operational
¬ 2 versions: Gov, XLR
¬ 35x zoom camera & thermal camera
(FLIR BOSON)
¬ 32/70 minutes of flight time and 20
feedback from high-threat environments
No cloud dependency: real-time perception, tracking, and decision-making processed entirely on board
No Chinese components, aligned with U.S. and European
km range (unrestricted version)
¬ Optical navigation for GNSS-denied flight
¬ 3-camera IR/EO stabilized gimbal
¬ Deployment time: < 2 min
¬ Mass: 959 g (2.11 lb) / 1,450 g (3.20
procurement frameworks
Modular and open architecture: SDK access, system integration, and mission-specific customization
lb)
¬ Radio link: 5G, Wi-Fi, MARS (Radio-jamming resistance through Frequency Hopping), Encrypted backup LoRa radio
¬ Video resolution: 4K / FHD / HD, drect video stream at 1080p at 30 fps
Investors Presentation - November 2
025
ANAFI URK (range), starting at €15,000
¬ Sound power level: 77 dBA
¬ Service ceiling: 5,000 m above MSL
¬ Operating temperature: -36 °C to
+50 °C (-33 °F to +122 °F)
¬ No NFZ (No-Fly Zones) limitation
¬ Takes off from / lands in the hand of
the operator
¬ Zero data shared without user consent, upon consent anonymous shared data secured on European servers
¬ SD card AES-XTS encryption with a 512-bit key + AES 256 encryption for packet and radio level
9
CHUCK 3.0: THE SOVEREIGN
AI AUTOPILOT PLATFORM
All-in-one module: AI flight core, jam-resistant multi-band radio, day/night gimbal
Multiple OEMs worldwide still lack a certified, sovereign autopilot
< 4-month plug-in integration vs 2-3 years in-house development
100% non-Chinese component chain for faster procurement for NATO & allied customers
Early traction from Taiwan & Ukraine, several in due diligence phase
Investment highlights
Converts 15 years of Parrot IP into a high value-added module
Directly addresses urgent sovereign-tech demand and funded defense budgets
Brings high tech scalability to the next level
Investors Presentation - November 2025 10
SELECTED PARTNERS ACROSS TECHNOLOGY & OPERATIONS,
THANKS TO PARROT OPEN SOURCE SDK
PARROT OPEN SOURCE
SDK (software development kit) Aversatile suite of software development tools enabling applications and collaborations with partners, delivering specialist solutions to professional users.
UAV fleet management Autonomous UAV operations UAV automation platform Advanced mission planning
UAV charging case solution VR & AR display solution Integrated wearable ecosystem Tether solution
PARROT'S PARTNER ECOSYSTEM CREATES LASTING COMPETITIVE DIFFERENTIATION BY ENABLING MODULARITY, SCALABILITY, AND GLOBAL INTEGRATION, MAKING PARROT UAVS MORE ADAPTABLE AND MISSION-READY THAN CLOSED PROPRIETARY SYSTEMS
Investors Presentation - November 2025 11
SECURITY BY DESIGN
Secure Elements integration: protection of the UAV's digital identity, preventing firmware or data corruption and ensuring a secure connection between the controller and the UAV (technological partnership with Wisekey)
High level of data encryption: algorythm AES-XTS (512 bits key)
Open standards and protocols: WPA2 secure certification to authenticate and encrypt all Wi-Fi communications. Use of open protocols such as RTP/RTSP, H.264 and Gutma to ensure interoperability of all recorded data
Investors Presentation - November 2025
12
GDPR: fully compliant with the General Data Protection Regulation of Europe Independently audited (Bishopfox), taking parts in bug bounty (yeswehack) High level of certification: FIPS140-2 (USA) & CC EAL5+ (Europe & USA)
CERTIFICATION, TECHNOLOGIES, SOVEREIGNTY AND LONG TERM PROVEN CAPABILITIES
MAKE PARROT UAVS UNIQUE
Company | Product | Country, year created | Production | Weight | Autonomy | Sensors | Certification / regulation | |
Parrot | ANAFI USA / ANAFI UKR | France 1994 | Fabless (USA, South Korea) | <1 kg | 25 - 32 min (70 min) | EO/IR, zoom 32×, thermal, GPS-secured, multi connectivity | Blue UAS, NDAA-compliant | |
Novadem | NX70 / NX160 | 2006 | Internal (France) | 1.2 - 2.2 kg | 40 - 60 min | EO/IR, digital zoom, software stabilisation | non Blue UAS | |
Atlas UAS | Martlet Mi-1 | 2015 | Unknown | <1 kg | 30 - 40 min | Camera EO, IR optional, digital zoom | non Blue UAS | |
Height Technologies | HT-100 / HT-750 | 2014 | Unknown | 0.9 - 2 kg | 30 - 45 min | EO/IR, digital zoom | non Blue UAS | |
Skydio | X10D | USA 2014 | Internal (USA) | 1.32 kg | 25 - 35 min | EO/IR, thermal Boson+, NightSense | Blue UAS, NDAA-compliant | |
Teal (RedCat) | Teal 2 | USA | Internal (USA) | 1.04 kg | 20 - 30 min | EO/IR coming, thermal Boson 640 | Blue UAS, NDAA-compliant |
What defines Parrot's segment:
Advanced EO/IR for GNSS denied environment
Multi connectivity secured communication
Investors Presentation - November 2025
13
Rapid deployment by a single operator
Weight under 2 kg
Unarmed, short-range tactical use
9 GEOSPATIAL DATA ANALYSIS SOFTWARE
+ COMPLEMENTARY EQUIPMENT
Capture applications & devices
PIX4Dcapture Pro
PIX4Dcatch
RTK (précision GPS)
Investors Presentation - November 2025
Mapping & 3D modeling
PIX4Dmatic PIX4Dmapper PIX4Dfields PIX4Dreact PIX4Dengine
Cloud Solutions PIX4Dcloud PIX4Dsurvey
+55,000users 14
TURNING VISUAL DATA INTO ACTIONABLE INTELLIGENCE
THE SCIENCE OF EXTRACTING GEOMETRIC, SPATIAL AND VISUAL DATA FROM IMAGES, TRANSFORMING THEM INTO 2D MAPS,
3D MODELS OR HIGH-PRECISION MEASUREMENTS
Enables smarter operations in construction, agriculture, infrastructure, energy, and public safety
Responds to growing needs from governments, industries, and agencies for better situational awareness
Used to monitor crops, inspect utilities, assess disaster
zones, and digitize critical assets
Land & Urban
Planning
Infrastructure &
Transport
Agriculture
Public Safety &
Justice
Investors Presentation - November 2025 15
Delivers accurate, real-time 3D models
PIX4D'S POSITIONING IN A STRUCTURALLY
FRAGMENTED MARKET
Company / Product | Country, year created | Market positioning | Solution type | Strengths | Weaknesses | Drone Integration | |
Pix4D | Switzerland 2011 | Drone photogrammetry, cloud- native, SDK integrated | Cloud + Desktop + SDK | Complete drone-to-cloud workflow, broad product range (Mapper, Fields, Inspect, React) | Segmented licenses, costly if multiple tools are required | Core use case | |
Russia 2006 | |||||||
Agisoft Metashape | Advanced desktop photogrammetry (drone, aerial, terrestrial) | Desktop (Win/Linux/Mac) | Mature, reliable, widely compatible with many cameras/sensors | Less optimized for cloud/mobile workflows, Russian company | Optional | ||
RealityCapture | Slovakia 2013 | High-end 3D modeling, photogrammetry + LiDAR fusion | Desktop (GPU- intensive) | Extremely fast with GPU, dense reconstruction, LiDAR support | High GPU requirements, premium pricing | Optional | |
3DF Zephyr | Italy 2011 | Modular photogrammetry for general use | Desktop | User-friendly interface, various license levels | Limited for enterprise-scale mapping or automation | Optional | |
SimActive (Correlator3D) | Canada 2003 | Professional mapping at large scale (airborne/satellite) | Desktop / Network | High accuracy, scalable workflow, trusted in mapping industry | High cost, suited for expert GIS professionals | Optional (mostly aerial imagery) | |
Bentley ContextCapture | USA 1984 | Photogrammetry & mesh generation for BIM/infrastructure | Desktop + Bentley integration | Strong BIM integration, mesh precision, volumetrics | Not ideal for agile or field-based drone surveys | Optional | |
Autodesk ReCap | USA 1982 | 3D capture and processing within Autodesk ecosystem | Desktop + Autodesk Cloud | Easy to use, native to Autodesk ecosystem | Limited features for aerial/drone survey professionals | Not designed for drone workflows | |
Austria 1992 | |||||||
Vexcel (UltraMap) | High-resolution aerial photogrammetry suite | Proprietary suite (camera + software) | Highest quality imagery, vertical integration of hardware + software | Highly specialized, less accessible, requires own sensors | Not integrated - aerial camera-based | ||
China 2006 | |||||||
DJI / DJI Terra | Integrated photogrammetry for DJI drones (mapping, 3D, inspection) | Desktop + optional Cluster Edition | Seamless integration with DJI drones, simple interface, fast processing, affordable | Locked to DJI ecosystem, limited third-party compatibility, no SDK, restricted in public tenders | Required - DJI drones only |
Investors Presentation - November 2025
16
STRONG SUPPLY CHAIN
& GLOBAL DISTRIBUTION NETWORK
Fabless model with established EMS partners in the U.S. & South Korea
Built on non-Chinese, NDAA-compliant components
Uses widely available, high-grade parts, reducing sourcing risks
and enhancing trust
Industrial and logistical processes already aligned with institutional procurement standards
(ISO certification: 45001, 14001, 9001)
Multi-channel go-to-market: direct sales, integrators, certified distributors
Established presence in North America, Europe and Asia
Partners in defense, civil security, infrastructure, and
inspection
Global logistics and after-sales support structured for professional & governmental users
ANAFI UKR component sourcing (by cost)
Group % of revenues by geography in 2024
USA Europe
Asia Pacific
8%
ROW
11%
France
14%
Japan/Taiwan
Example of selected suppliers
USA 29%
Europe 38%
Example of selected integrators & distributors
Investors Presentation - November 2025 17
2025-26
CUSTOMERS & PIPELINE
BROAD, DIVERSE & INTERNATIONAL
MICRO-UAV CUSTOMER BASE
SPECIAL FORCES
NATIONAL DEFENCE
DGA DMAE
JGSDF
ADF
Australian Defense Forces
NATO Support and
Procurement Agency
US ARMY FBI CBP
Lithuanian
Defense Resources Agency (GRA)
MOD
FMV
Tender wins at end of October for ANAFI UKR range:
>3,000 units (total order book since launch)
Swedish Defence Materiel Administration
TEXAS Dept of
STATES &
Investors Presentation - November 2025
Military Dept. STATE
COUNTY
Example of selected active costumers 19
CURRENT TRENDS IN TENDERS:
MORE COUNTRIES, LARGER VOLUMES, LONGER LEAD TIME
Example of selected ongoing tenders
Known major tenders for ANAFI UKR range:
a potential for >15,000 units
Investors Presentation - November 2025
Example of recent trade shows attended
20
FINANCIAL HIGHLIGHTS
H1 2025 & PRIOR
& OUTLOOKHISTORICAL REVENUE & GROSS MARGIN
109.2
31%
76.1
64%
57.3
70%
54.3
72%
GROUP REVENUE & GROSS MARGIN - 2018 TO 2024
Consolidated, IFRS, audited
71.9 65.0 78.1
78% 72% 74%
2018 2019 2020
Exiting the consumer business
Ramping up the commercial UAV
business
Investors Presentation - November 2025
2021 2022 2023 2024
MICRO UAV REVENUES (Excl. PIX4D)
Unaudited
13.3
38.4
31.8
48,0
2021 2022 2023 2024
CAGR: 37% 22
MAINTAINING INNOVATION CAPACITY
& STRICT COST CONTROL
€99,7m
9.1
17.0
OPEX PER FUNCTION - 2018 TO 2024
Consolidated, IFRS, audited, €m
R&D S&M G&A P&I
€76,9m €76,7m €73,3m €75,0m €74,3m
36.5
6.6
13.4
21.7
6.1
13.7
16.7
5.4
13.7
14.0
5.5
14.8
11.1
4.7
11.8
12.3
€65,9m
5.0
10.8
10.4
37.1
35.2
40.2
40.2
43.6
45.5
39.7
2018 2019 2020 2021 2022 2023 2024
Profitability trajectory = cost control + revenue growth
Investors Presentation - November 2025 23
2024-2025 EVOLUTION
Investors Presentation - November 2025
High comparison basis in H2
H1 2024 | H2 2024 | H1 2025 | YoY change | FY 2024 | ||
Micro-UAV revenues 1 | 15,1 | 33,0 | 18,0 | +19% | 48,1 | |
Photogrammetry revenues | 15,5 | 14,4 | 15,5 | +0% | 30 | |
Group Revenues* | 30,6 | 47,5 | 33,5 | +9% | 78,1 | |
Group Gross margin 2 | 82,7% | 68,6% | 74,8% | -7,9pt | 74,1% | |
Group Opex | 35,0 | 30,9 | 40,0 | +14% | 55,9 | |
Micro-UAV EBIT | -6,9 | 4,6 | -11,7 | NA | -2,3 | |
Photogrammetry EBIT 3 | -1,2 | -1,7 | -0,8 | NA | -3,0 | |
Group EBIT* | -9,7 | 1,7 | -12,9 | NA | -8,0 | |
Group Inventory (end of period) 4 | 16,8 | 10,5 | 14,1 | -16% | 10,5 | |
Group Net Cash (end of period) 5 | 19,6 | 33,6 | 17,0 | -13% | 33,6 | |
due to launch of ANAFI UKR
Product mix where product at
launch generate less GM than
mature products
Positive EBIT in H2-24
4
Inventory (components & finished products) related to product launch
5 Net cash benefiting from H2-24 & from €5m shareholder (owner) loan
24
PARROT GROUP OWNERSHIP & LEGAL STRUCTURE
Ownership Simplified legal structure
Public 22.6%
BPIfrance (french IB) (1)
5.1%
Moneta AM (2)
7.5%
Registered shares
Horizon
Parrot Inc. (USA)
50%
Pix4D (Switzerland+USA+ESpain+Germany+Roumania+Japan)
Parrot Korea (South Korea)
Parrot Drones S.A.S (France)
Outflier S.A.S (France)
PARROT SA (holding) | ||
100% | ||
100% | ||
100% | ||
95% | ||
(Henri Seydoux) 62.4%
As at June 13, 2025 (AMF threshold crossing declaration)
Stock exchange key data
Market: Euronext Paris, FR0004038263, PARRO
Consolidated
Equity method
Market cap: circa €260m
2025 daily average volume: 58k shares 2025 daily average turnover: €505k 2025 capital turnover rate: 60%
Investors Presentation - November 2025
25
PARROT'S STRATEGIC EDGE
IN THE EVOLVING DEFENSE ECOSYSTEM
Best in class technologies in micro-UAV
Sovereign-by-design architecture
Strong supply chain expertise
Trusted software ecosystem
Clear strategic & execution path
Advanced onboard AI, autonomous navigation, object tracking, secured comms and mission continuity in contested environments
Lightweight, powerful, modular, field-proven platforms
NDAA-compliant, GDPR-ready, certified Blue UAS
End-to-end software stack: flight control, data encryption, secure streaming
Investors Presentation - November 2025 26
Onboard processing and encrypted data flows
Proven design, sourcing & engineering capabilities over 15+ years
Sovereign supply chain using high-grade, widely available components
Scalable fabless manufacturing capacities
Open-source DNA
SDKs and APIs designed for easy integration with third-party systems
Dual-use by design: supports defense, security, inspection, and infrastructure resilience
A defense positioning built on a decade of real-world expertise
Trusted by institutional clients (DoD, NATO forces, civil agencies)
Publicly listed, founder-led, and strategically aligned for long-term execution
2025-2026 OUTLOOK
Considering longer lead times on larger tenders and various political slow downs, H2-2025 will most likely not beat H2-2024.
Strong tender pipeline: Parrot is well positioned to benefit from the relaunch of global
defense programs and move into a new phase of growth in 2026.
The Group is continuing with its efforts to get on track for profitability, limiting its cash consumption in H2-2025.
Supported by its main shareholder Horizon, and an offering that is effectively aligned with the
market's needs, Parrot is looking ahead to the coming period with confidence.
Investors Presentation - November 2025
27
Additional financial data next slide
174 quai Jemmapes
75010 Paris
INVESTORS & ANALYSTS contact: marie.calleux@parrot.com
https://www.parrot.com https://www.pix4d.com
CONSOLIDATED
BALANCE SHEET
ASSETS - IFRS, in €m | Dec 31, 2023 | Dec. 31, 2024 | June 30, 2025 |
Non current assets | 20.6 | 22.2 | 16.7 |
Goodwill | 0.0 | 4.6 | 4.6 |
Other intangible assets | 0.1 | 0.4 | 0.4 |
Property, plant & equipment | 1.7 | 2.6 | 2.5 |
Right of use | 8.2 | 8.0 | 8.1 |
Investments in associates | 3.5 | 0.1 | 0.0 |
Financial assets | 6.6 | 6.7 | 1.0 |
Deferred tax assets | 0.5 | 0.0 | 0.0 |
Other non-current assets | 0.0 | 0.0 | 0.0 |
Current assets | 66.6 | 63.2 | 49.8 |
Inventories | 19.4 | 10.5 | 14.1 |
Trade receivables | 5.7 | 4.9 | 3.4 |
Tex receivables | 7.4 | 4.1 | 5.5 |
Other receivables | 6.1 | 10.1 | 9.7 |
Cash & cash equivalent | 28.1 | 33.6 | 17.0 |
Total Assets | 87.2 | 85.4 | 66.5 |
SHAREHOLDERS EQUITY & LIABILITIES - IFRS, in €m | Dec 31, 2023 | Dec. 31, 2024 | June 30, 2025 |
Shareholders' equity | 55.2 | 49.7 | 29.4 |
Share capital | 4.7 | 4.7 | 4.7 |
Additional paid-in capital | 331.6 | 331.6 | 331.6 |
Reserves excluding earnings for the period | -258.4 | -290.0 | -303.8 |
Earnings for the period - Group share | -32.5 | -9.2 | -14.4 |
Exchange gains or losses | 9.3 | 9.9 | 8.7 |
Equity attrib. to Parrot SA shareholders | 54.7 | 46.9 | 26.8 |
Non-controlling interests | 0.5 | 2.8 | 2.6 |
Non-current liabilities | 11.6 | 13.6 | 10.7 |
Non-current financial liabilities | 0.0 | 0.5 | 0.5 |
Non-current lease liabilities | 6.4 | 5.9 | 5.7 |
Prov. for pensions & other employee ben. | 2.3 | 2.4 | 1.7 |
Deferred tax liabilities | 0.0 | 0.0 | 0.0 |
Other non-current provisions | 0.1 | 0.1 | 0.3 |
Other non-current liabilities | 2.6 | 4.7 | 2.5 |
Current liabilities | 20.5 | 22.1 | 26.4 |
Current financial liabilities | - | - | - |
Current lease liabilities | 1.9 | 2.3 | 2.7 |
Current provisions | 3.0 | 1.2 | 1.0 |
Trade payables | 5.3 | 7.5 | 6.9 |
Current tax liabilities | 0.1 | 0.2 | 0.2 |
Other current liabilities | 10.2 | 10.9 | 15.7 |
Total Shareholders' equity & Liabilities | 87.2 | 85.4 | 66.5 |
Investors Presentation - November 2025
29
Strict working capital control: significant reduction in inventory No material bank debt
IFRS, in €m | Dec. 31, 2023 | Dec. 31, 2024 | June 30, 2025 |
OPERATING CASH FLOW | |||
Earnings for the period | -33.0 | -9.4 | -14.4 |
Share in income from associates | 0.5 | -0.7 | 0.2 |
Depreciation and amortization | 4.4 | 1.9 | 2.0 |
Capital gains and losses on disposals | -3.3 | 0,9 | 0.1 |
Capital gain related to the revaluation of Outflier | - | -1.0 | - |
Tax expense | 0.1 | 0.9 | 0.2 |
Cost of share-based payments | 1.3 | 0.1 | 0.4 |
Net finance costs | 0.3 | 0.9 | 0.1 |
Cash flow from operations before net financial costs and tax | -29.7 | -5.1 | -11.7 |
Change in working capital requirements | -11.0 | 12.1 | -2.1 |
Tax paid | 0.0 | -0.3 | -0.0 |
Cash flow from operations (A) | -40.7 | 6.7 | -13.7 |
INVESTMENT CASHFLOWS | |||
Acquisition of PPE | -0.8 | -2.2 | -0.8 |
Acquisition of subsidiaries (net of cash acquired) | - | 1.4 | - |
Acquisition of financial asset | -0.2 | -0.1 | -0.1 |
Disposal of tangible & intangible assets | 0.0 | 0.0 | - |
Disposal of financial assets | 5.5 | 0.6 | 0.1 |
Cash flow from investment (B) | 4.5 | -0.4 | 0.8 |
FINANCING CASH FLOW | |||
Equity contributions | -1.6 | 0.0 | - |
Cash from new borrowings | - | 2.5 | - |
Net financial cost | -0.3 | -0.9 | -0.1 |
Repayment of short-term financial debt (net) | -2.5 | -2.7 | -1.4 |
Cash flow from financing activities (C) | -4.4 | -1.1 | -1.5 |
NET CHANGE IN CASH POSITION (D = A+B+C) | -40.6 | +5.2 | -16.0 |
Impact of change in exchange rates | 0.2 | 0.3 | -0.6 |
CASH AND CASH EQUIVALENTS AT YEAR-START | 68.5 | 28.1 | 33.6 |
CASH AND CASH EQUIVALENTS AT YEAR-END | 28.1 | 33.6 | 17.0 |
CONSOLIDATED CASH FLOW STATEMENT
2024 change in working capital:
€-9.1m inventories
€-3.3m taxe expenses
2024 Investments €-0.4m:
€-1.9m production equipement acquisition
€+1.4m cash from Outflier.
2024 Financing €-1,1m:
30
€-2.7m lease contacts IFRS 16,
€-0.9m financial interest
€+2.5m financing granted by Horizon,
extended in H1 2025
Investors Presentation - November 2025