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Investor presentation: H1-2025 earnings
Investor presentation: H1-2025
About this update from Parrot Sa
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 1 st consumer drone 2014 : BEBOP consumer drone with 2016 : DISCO 1 st fixed wing drone 2018 : ANAFI complete drone 2021 : ANAFI USA 1 st 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 France 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 Lettonie 2015 Unknown <1 kg 30 - 40 min Camera EO, IR optional, digital zoom non Blue UAS Height Technologies HT-100 / HT-750 Holland 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 PIX4D capture Pro PIX4D catch RTK (précision GPS) Investors Presentation - November 2025 Mapping & 3D modeling PIX4D matic PIX4D mapper PIX4D fields PIX4D react PIX4D engine Cloud Solutions PIX4D cloud PIX4D survey +55,000 users 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 & OUTLOOK HISTORICAL 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 Revenues (€m) Gross margin (%) 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: [email protected] 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