Business
Jacquet Metals : 2025 Half-year financial report
Jacquet Metals : 2025 Half-year financial
About this update from Jacquet Metals Sa
2025 Half-year financial report A major player in the distribution of special metals 119 distribution centers located in 24 countries • Staff: 3 336 JACQUET METALS markets its products through a portfolio of three divisions, each of which targets specific customers and markets. Stainless steel quarto plates Stainless steel long products Engineering metals Table of contents Half-year activity report - June 30, 2025 4 Summary interim consolidated financial statements 20 Statutory Auditors' Review Report on the Half-yearly Financial Information 31 Statement by the person responsible for the half-year financial report 33 Half-year activity report - June 30, 2025 Market conditions in the first half of 2025, in line with those of 2024, were marked by low demand, notably in Germany, and pressure on prices. IMS group division, specialized in engineering steels distribution and well established in this market, was particularly affected by the slowdown in industrial activity. At constant scope, volumes distributed by IMS group in H1 2025 were thus -7.3% lower than those of H1 2024. The JACQUET and STAPPERT divisions, specialized in stainless steels distribution, were more resilient with a limited decline in volumes (-0.3% and -1.3% compared to H1 2024, respectively). In H1 2025, the Group posted sales of €987 million, down -8.1% compared to a year earlier, while the gross margin represented 23.6% of sales, compared to 20.9% in H1 2024. The pressure exerted on the gross margin by the decrease in average sales prices was offset by the decrease in average inventory prices. In these conditions, EBITDA amounted to €48 million, representing 4.9% of sales compared to 3.6% in H1 2024, while Net income (Group share) came to €6.4 million. In H1 2025, the Group generated operating cash-flow of €50 million. At the end of H1 2025, capital expenditure amounted to €10 million, with shareholders' equity of €647 million and a net debt to equity ratio (gearing) of 25% (27% at 2024 year-end). The economic situation is not expected to improve in the coming months and, in the current troubled and uncertain geopolitical and economic context, the Group will focus on managing its working capital and costs, maintaining its financial strength, and pursuing its investment and development policy. H1 2025 results On September 10, 2025, the Board of Directors, chaired by Éric Jacquet, approved the consolidated financial statements for the six months ended June 30, 2025, on which the Statutory Auditors had conducted a limited review. Q2 2025 Q2 2024 476 515 113 23.7% 111 21.6% 24 5.0% 19 3.7% 14 3.0% 9 1.8% 15 10 4 1 H1 2025 H1 2024 987 1,074 232 23.6% 225 20.9% 48 4.9% 39 3.6% 29 2.9% 18 1.7% 29 24 6 4 €m Sales Gross margin % of sales EBITDA* % of sales Adjusted operated income * % of sales Operating income Net income (Group Shares) * Adjusted for non-recurring items. Consolidated sales amounted to €987 million, down -8.1% compared to H1 2024, including the following effects: - volumes sold: -4.1% (Q1 -5.7%; Q2 -2.2%); - prices: -4.6% (Q1 -3.9%; Q2 -5.5% and -0.9% vs Q1 2025); - scope: +0.6% (Q1 +1.1%) with the acquisition of COMMERCIALE FOND (Italy) in March 2024. Gross margin amounted to €232 million representing 23.6% of sales (Q1 23.4%; Q2 23.7%), compared to €225 million in H1 2024 (20.9% of sales). Current operating expenses* amounted to €184 million, down -1.9% compared to those of H1 2024 at constant scope (-1.2% taking into account the Q1.2025 contribution of the acquisition made in 2024). Measures aiming to adapt the structure of the IMS group division continue and will result in a reduction of around -35% of distribution capacities in Germany (staff and storage areas) over the coming quarters. These measures will generate annual savings of around €10 million (of which full impacts are expected in 2027). * excluding depreciation, amortization €(22)m and provisions €2m. EBITDA amounted to €48 million and represented 4.9% of sales compared to €39 million in H1 2024 (3.6% of sales). Adjusted operating income amounted to €29 million (2.9% of sales). Net income (Group Share) amounted to €6.4 million, compared to €3.6 million in H1 2024 (the latter included the recognition of a €4.4 million badwill). Financial position as of June 30, 2025 The Group generated positive operating cash-flow of €50 million in H1 2025. Operating working capital amounted to €570 million (30.3% of sales) at the end of June 2025, compared to €564 million at 2024 year-end (28.6% of sales), with over the period net trade receivables up by €51 million and inventories down by €38 million (€577 million at the end of June 2025 compared to €615 million at 2024 year-end). After the financing of capital expenditure, net debt stood at €161 million with shareholders' equity of €647 million, resulting in a net debt to equity ratio (gearing) of 25%, compared to 27% at 2024 year-end. At the end of June 2025, cash amounted to €200 million while lines of credit totaled €797 million (of which €436 million is unused). The €146 million Schuldscheindarlehen (SSD) (repayable at maturity in July 2026) was repaid in advance in the amount of €66 million, and the €80 million remaining balance refinanced by a new SSD (repayable at maturity in April 2030). The €95 million term loans PPR were repaid in advance, in the amount of €80 million in Q2 2025, and the €15 million remaining balance in July 2025. Finally, the maturity of the €160 million syndicated revolving loan (unused to date) was extended until July 2028. H1 2025 earnings by division Q2 2025 JACQUET Stainless steel quarto plates STAPPERT Stainless steel long products IMS group Engineering metals 111 130 239 -6.9% -6.5% -8.6% -5.3% -4.8% -5.8% -1.7% -1.7% -2.8% n.a. n.a. n.a. 5 5 5 4.7% 4.1% 2.0% 3 6 3 3.0% 4.3% 1.4% H1 2025 JACQUET Stainless steel quarto plates STAPPERT Stainless steel long products IMS group Engineering metals 233 273 488 -3.9% -5.4% -11.4% -3.6% -4.1% -5.3% -0.3% -1.3% -7.3% n.a. n.a. +1.2% 12 14 9 5.0% 5.1% 1.8% 8 13 6 3.3% 4.9% 1.3% JACQUET METALS markets its products through a portfolio of three divisions, each of which targets specific customers and markets: €m Sales Change 2025 vs 2024 Price effect Volume effect Scope effect EBITDA 1 2 % of sales Adjusted operating income 2 % of sales 1 Excluding IFRS 16 impacts. As of June 30, 2025, non-division operations (mainly holding companies and real-estate companies) and the application of IFRS 16 - Leases contributed €3 million and €11 million to EBITDA respectively. 2 Adjusted for non-recurring items. n.a.: Not applicable. JACQUET The division specializes in the distribution of stainless steel quarto plates. It generates 61% of its sales in Europe and 33% in North America. Sales amounted to €233 million, down -3.9% from €243 million in H1 2024: - volumes sold: -0.3% (Q1 +1.0%; Q2 -1.7%); - prices: -3.6% (Q1 -2.0%; Q2 -5.3% and -5.8% vs Q1 2025). Gross margin amounted to €65 million, representing 28.0% of sales, compared to €62 million in H1 2024 (25.6% of sales). EBITDA amounted to €12 million, representing 5.0% of sales, compared to €9 million in H1 2024 (3.9% of sales). €m Q2 2025 Q2 2024 H1 2025 H1 2024 Sales Change 2025 vs 2024 Price effect Volume effect 111.4 -6.9% -5.3% -1.7% 119.7 233.1 -3.9% -3.6% -0.3% 242.7 Gross margin % of sales 32.0 28.7% 31.2 26.1% 65.3 28.0% 62.2 25.6% EBITDA % of sales 5.3 4.7% 4.5 3.7% 11.7 5.0% 9.5 3.9% Adjusted operating income % of sales 3.3 3.0% 2.6 2.2% 7.7 3.3% 5.6 2.3% STAPPERT The division specializes in the distribution of stainless steel long products mainly in Europe. It generates 42% of its sales in Germany, the largest European market. Sales amounted to €273 million, down -5.4% from €289 million in H1 2024: - volumes sold: -1.3% (Q1 -0.9%; Q2 -1.7%); - prices: -4.1% (Q1 -3.4%; Q2 -4.8% and -0.2% vs Q1 2025). Gross margin amounted to €58 million, representing 21.1% of sales, compared to €49 million in H1 2024 (16.9% of sales). EBITDA amounted to €14 million, representing 5.1% of sales, compared to €5 million in H1 2024 (1.8% of sales). €m Q2 2025 Q2 2024 H1 2025 H1 2024 Sales Change 2025 vs 2024 Price effect Volume effect 129.5 -6.5% -4.8% -1.7% 138.6 273.1 -5.4% -4.1% -1.3% 288.6 Gross margin % of sales 27.2 21.0% 25.1 18.1% 57.7 21.1% 48.7 16.9% EBITDA % of sales 5.4 4.1% 2.8 2.0% 13.9 5.1% 5.1 1.8% Adjusted operating income % of sales 5.6 4.3% 2.1 1.5% 13.5 4.9% 3.5 1.2% IMS group The division specializes in the distribution of engineering metals, mostly in the form of long products. It generates 38% of its sales in Germany, the largest European market. Sales amounted to €488 million, down -11.4% from €551 million in H1 2024: - volumes sold: -7.3% (Q1 -11.2%; Q2 -2.8%); - prices: -5.3% (Q1 -4.9%; Q2 -5.8% and +0.9% vs Q1 2025); - scope: +1.2% (Q1 +2.2%) with the acquisition of COMMERCIALE FOND (Italy) in March 2024. Gross margin amounted to €109 million, representing 22.4% of sales, compared to €114 million in H1 2024 (20.7% of sales). EBITDA amounted to €9 million, representing 1.8% of sales, stable compared to H1 2024 (1.7% of sales). Measures aiming to adapt the structure of the IMS group division continue and will result in a reduction of around -35% of distribution capacities in Germany (staff and storage areas) over the coming quarters. These measures will generate annual savings of around €10 million (of which full impacts are expected in 2027). €m Q2 2025 Q2 2024 H1 2025 H1 2024 Sales Change 2025 vs 2024 Price effect Volume effect Scope effect 238.8 -8.6% -5.8% -2.8% n.a. 261.3 488.4 -11.4% -5.3% -7.3% +1.2% 551.4 Gross margin % of sales 53.8 22.5% 54.9 21.0% 109.5 22.4% 113.9 20.7% EBITDA % of sales 4.9 2.0% 3.2 1.2% 8.9 1.8% 9.2 1.7% Adjusted operating income % of sales 3.4 1.4% 2.1 0.8% 6.4 1.3% 7.3 1.3% Stock market information Indices CAC ® All Shares, CAC® All-Tradable, CAC® Basic Materials, CAC® Mid & Small, CAC® Small Market Euronext Paris - Compartment B Listed on Euronext Paris Code or ticker JCQ ISIN code FR0000033904 Reuters JCQ.PA Bloomberg JCQ : FP 30.06.25 31.12.24 Number of shares at end of period shares 21,531,967 22,016,467 Market capitalization at end of period €k 475,856 373,399 High € 23.00 20.00 Low € 14.86 13.50 Price at end of period € 22.10 16.96 Average daily trading volume shares 17,247 18,197 Average daily traded capital € 328,712 292,102 Pursuant to the delegation granted by the General Meeting, the Board of Directors of the company JACQUET METALS SA ("the Company"), at its meeting held on June 27, 2025, resolved to cancel 484,500 treasury shares with effect as of June 30, 2025. Following this cancellation, the share capital of the Company comprised 21,531,967 shares. On September 9, 2025, the JACQUET METALS ("JCQ") share price was €19.00. JACQUET METALS' shares are followed by: ODDO BHF Corporates & Markets; Portzamparc of BNP Paribas group; GILBERT DUPONT of Société Générale group. Information on capital Breakdown of share capital and voting rights as of August 31, 2025: % % Exercisable exercisable Number of shares % share capital Theoritical voting rights theoretical voting rights voting rights in GM voting rights in GM Concert JACQUET 1 9,690,296 45.00% 19,352,266 61.87% 19,352,266 64.36% Amiral Gestion 2 1,745,821 8.11% 1,745,821 5.58% 1,745,821 5.81% Moneta Asset Management 3 1,731,440 8.04% 1,731,440 5.54% 1,731,440 5.76% R.W. Colburn 4 1,198,699 5.57% 1,198,699 3.83% 1,198,699 3.99% Other shareholders 5,954,711 27.66% 6,042,024 19.31% 6,042,024 20.08% Treasury shares 1,211,000 5.62% 1,211,000 3.87% - - Total 21,531,967 100.00% 31,281,250 100.00% 30,070,250 100.00% The concert JACQUET is composed of Mr Éric JACQUET and his family. Information dated July 14, 2025. Information dated July 21, 2025. Information dated November 2, 2023. Other shareholders Concert JACQUET Treasury shares Moneta Asset Management R.W. Colburn Free-float Amiral Gestion Financial analysts meeting (French language): September 11, 2025 - 11.00 AM CEST Access Financial communication schedule Results as of September 30, 2025 November 5, 2025 2025 annual results March 2026 Investors and shareholders may obtain complete financial information from the Company's website at: jacquetmetals.com. Summary consolidated income statement Results as of June 30, 2025 are compared to the results available in the 2024 half-year financial report and in the 2024 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF, French financial market regulator) on April 25, 2025 (filing No. D.25-0298). €k H1 2025 H1 2024 Sales 986,683 1,073,743 Gross margin % of sales 232,448 23.6% 224,826 20.9% Operating expenses (184,103) (186,287) Net depreciation and amortization (21,780) (21,115) Net provisions 2,345 913 Gains / losses on disposals of non-current assets 102 973 Other non-current income / (expenses) - 4,401 Operating income 29,012 23,711 Financial result (11,692) (8,998) Income before tax 17,320 14,713 Corporate income tax (10,029) (9,286) Consolidated net income 7,291 5,427 Net income (Group share) 6,403 3,584 Earnings per share in circulation (€) 0.30 0.16 Operating income 29,012 23,711 Non-recurring items and gains / losses on disposals (102) (5,374) Adjusted operating income 28,910 18,337 % of sales 2.9% 1.7% Net depreciation and amortization 21,780 21,115 Net provisions (2,345) (913) Non-recurring items - - EBITDA 48,345 38,539 % of sales 4.9% 3.6% Sales Consolidated sales amounted to €987 million, down -8.1% compared to H1 2024. €m Q2 2025 Q2 2024 H1 2025 H1 2024 Sales 476 515 987 1,074 Change 2025 vs 2024 -7.7% -8.1% Price effect -5.5% -4.6% Volume effect -2.2% -4.1% Scope effect* n.a. +0.6% The various effects are calculated as follows: volume effect = (Vn - Vn-1) × Pn-1, where V = volumes and P = average sale price converted into euros at the average exchange rate; price effect = (Pn - Pn-1) × Vn; the exchange rate effect is included in the price effect. There was no significant impact as of June 30, 2025; change in consolidation (current year acquisitions and disposals): acquisitions: change in consolidation corresponds to the contribution (volumes and sales) of the acquired entity since the acquisition date; disposals: change in consolidation corresponds to the contribution (volumes and sales) made by the sold entity in the year preceding disposal from the date falling one year before the disposal date until the end of the previous year; change in consolidation (previous year acquisitions and disposals): acquisitions: the impact of the change in consolidation scope corresponds to the contribution (volumes and sales) of the acquired entity in the current year from January, 1 until the anniversary of the acquisition; disposals: the impact of the change in consolidation scope corresponds to the contribution (volumes and sales) of the sold entity from January, 1 the previous year until the date of disposal. * Excluding the non-significant impact of the sale of 3 Baltic companies at the end of June 2024 (purchased in October 2023). The breakdown of sales by region is as follows: North America 8% Asia / Outside Europe 2% Other Europe 26% The Netherlands 7% Germany 32% France 10% Italy 8% Spain 7% Gross margin Gross margin amounted to €232 million representing 23.6% of sales, compared to €225 million in H1 2024 (20.9% of sales). €m Q2 2025 Q2 2024 H1 2025 H1 2024 Sales 476 515 987 1,074 Cost of goods sold Incl. purchases consumed Incl. inventory impairment (363) (368) 5 (404) (403) (1) (754) (766) 11 (849) (852) 4 Gross margin % of sales 113 23.7% 111 21.6% 232 23.6% 225 20.9% Operating income Current operating expenses* amounted to €184 million, down -1.9% compared to those of H1 2024 at constant scope (-1.2% taking into account the Q1.2025 contribution of the acquisition made in 2024). * excluding depreciation, amortization €(22)m and provisions €2m. Current operating expenses break down as follows: personnel expenses (€105 million); other expenses (€79 million), notably including transport, consumables, energy, maintenance, fees and insurance. EBITDA amounted to €48 million and represented 4.9% of sales compared to €39 million in H1 2024 (3.6% of sales); it has not been restated for any non-recurring items. Adjusted operating income amounted to €28.9 million (2.9% of sales) and the Operating income, after recognizing a €0.1 million gain on disposals of assets, amounted to €29 million. Financial result Net financial expense amounted to €12 million, compared to 9 million in H1 2024. This increase is mainly due to the expiration of the hedging instruments that benefited to the Group until 2024 year-end (SWAP and CAP comprised between 0.15% and 0.20%) and the costs related to the decrease in gross debt (repayment in advance of term loans PPR, implementation of a new Schuldscheindarlehen). As of June 30, 2025, the average gross debt rate (over 12 rolling months) was 4.9% (average gross debt: €495 million) compared to 5.1% as of December 31, 2024 (average gross debt in 2024: €540 million). €m Q2 2025 Q2 2024 H1 2025 H1 2024 Net cost of debt (5.3) (3.7) (9.7) (7.8) Other financial items (0.5) (0.4) (2.0) (1.2) Net financial expense (5.8) (4.1) (11.7) (9.0) Net income Net income (Group Share) amounted to €6.4 million, compared to €3.6 million in H1 2024 (the latter included the recognition of a €4.4 million badwill). In H1 2025, the average tax rate is 35%. Due to deferred tax on accounting restatements and due to the non-recognition of certain tax carry-forward, the effective tax rate came to 58%. €m Q2 2025 Q2 2024 H1 2025 H1 2024 Income before tax 8.7 5.8 17.3 14.7 Corporate income tax Income tax rate (4.3) 49.8% (4.1) 70.2% (10.0) 57.9% (9.3) 63.1% Consolidated net income 4.4 1.7 7.3 5.4 Minority interests (0.2) (0.9) (0.9) (1.8) Net income (Group share) % of sales 4.1 0.9% 0.8 0.2% 6.4 0.6% 3.6 0.3% Post balance sheet events None. Summary consolidated financial position Balance sheets €m 30.06.25 31.12.24 Goodwill 70 70 Net non-current assets 257 264 Right-of-use assets 65 73 Net inventory 577 615 Net trade receivables 239 188 Other assets 96 114 Cash & cash equivalents 200 356 Total assets 1,503 1,680 Shareholders' equity 647 658 Provisions (including provisions for employee benefit obligations) 82 88 Trade payables 246 239 Borrowings 361 531 Other liabilities 93 82 Lease liabilities 73 82 Total equity and liabilities 1,503 1,680 Working capital Operating working capital amounted to €570 million (30.3% of sales) at the end of June 2025, compared to €564 million at 2024 year-end (28.6% of sales), with over the period net trade receivables up by €51 million and inventories down by €38 million (€577 million at the end of June 2025 compared to €615 million at 2024 year-end). €m 30.06.25 31.12.24 Variations Net inventory 577 615 -38 Days sales inventory * 184 188 Net trade receivables 239 188 +51 Days sales outstanding 48 49 Trade payables (246) (239) -7 Days payables outstanding 57 65 Net operating working capital 570 564 +6 % of sales * 30.3% 28.6% Other receivables / payables excluding taxes and financial items (44) (19) Working capital excluding taxes and financial items 526 545 -20 Consolidation and other changes (5) Working capital before taxes and financial items and adjusted for other changes 526 540 -14 % of sales * 27.9% 27.4% * 12 rolling months Provisions for contingencies and charges and employee benefit obligations Provisions for contingencies and charges and employee benefit obligations amounted to €82 million at the end of June 2025, compared to €88 million at 2024 year-end. These provisions consist of: provisions for employee benefit obligations (€34 million at the end of June 2025, compared to €37 million at 2024 year-end) mainly related to pension obligations; current and non-current provisions (€48 million at the end of June 2025, compared to €50 million at 2024 year-end), mainly relating to contractual commitments (site remediation, etc.), litigation risks, reorganization costs, or even risks of retroactive taxation on certain imports. €m H1 2025 H1 2024 Operating cash-flow before change in working capital Change in working capital 35 14 34 101 Cash-flow from operating activities 50 136 Capital expenditure (10) (28) Asset disposals 0 3 Dividends paid to shareholders of JACQUET METALS SA - - nterest paid (12) (9) Other movements (14) (31) Change in net debt 14 70 Net debt brought forward 175 210 Net debt carried forward 161 140 Cash-flow and net debt I In H1 2025, the Group generated positive operating cash-flow of €50 million. Capital expenditure amounted to €10 million, mainly dedicated to modernization and increase in distribution capacities. "Other movements" notably consist of share buybacks (€4 million) and rent expenses pursuant to the application of IFRS 16 - Leases (€10 million). After the financing of capital expenditure, net debt amounted to €161 million with shareholders' equity of €647 million, resulting in a net debt to equity ratio (gearing) of 25%, compared to 27% at 2024 year-end. €m 30.06.25 31.12.24 Borrowings 361.2 531.1 Cash and cash equivalents 200.3 355.7 Net debt 160.9 175.4 Net debt to equity ratio (gearing) 24.9% 26.6% Borrowings As of June 30, 2025, the Group had €797 million in lines of credit, 45% of which had been used: €m Maturity Authorized Used at % 2026- 2028- 2030 at 30.06.25 30.06.25 used 2025 2027 2029 and beyond Syndicated revolving 2028 160 - 0% - - - - Schuldsheindarlehen 2029 72 72 100% - - 72 - Schuldsheindarlehen 2030 80 80 100% - - - 80 Term loans PPR 15 15 100% 15 - - - Term loans 86 86 100% 14 44 27 2 Other lines of credit 141 30 21% 15 15 - - JACQUET METALS SA borrowings 554 283 51% 43 59 99 82 Operational lines of credit (letter of credit, etc.) 158 36 23% 36 - - - Factoring 43 1 1% 1 - - - Assets financing (term loans, etc.) 42 42 100% 4 19 12 7 Subsidiaries borrowings 243 78 32% 41 19 12 7 Total 797 361 45% 84 78 111 89 In addition to the financing shown in the above table, the Group also had €74 million in non-recourse receivable assignment facilities, €48 million of which had been used as of June 30, 2025. Borrowings by rate: €m 30.06.25 31.12.24 Fixed rates 116.9 203.5 Floating rates 244.2 327.6 Total borrowings 361.2 531.1 The €146 million Schuldscheindarlehen (SSD) (repayable at maturity in July 2026) was repaid in advance in the amount of €66 million, and the €80 million remaining balance refinanced by a new SSD (repayable at maturity in April 2030). The €95 million term loans PPR were repaid in advance, in the amount of €80 million in Q2 2025, and the €15 million remaining balance in July 2025. Syndicated revolving loan 2028 Schuldscheindarlehen 2029 Schuldscheindarlehen 2030 Term loans PPR Date of signature July 2023 February 2024 April 2025 Q4 2023 Maturity July 2028 February 2029 April 2030 Repaid in advance in Q2.2025 and in July 2025 Amount €160 million (unused as of June 30, 2025) €72 million (fully used) €80 million (fully used) €15 million as of June 30, 2025 Amortization n.a. in fine Deferred for 4 years and 3 months then quarterly amortization Guarantee None Change of control clause JSA must hold at least 37% of JACQUET METALS SA's share capital or voting rights Main covenants Compliance with one of the two ratios: Net debt to equity ratio (gearing) less than 100%, or Leverage less than 2 Net debt to equity ratio (gearing) less than 100% Compliance with one of the two ratios: Net debt to equity ratio (gearing) less than 100%, or Leverage less than 2 Finally, the maturity of the €160 million syndicated revolving loan (unused to date) was extended until July 2028. Borrowings covenants mainly apply to the following borrowings: n.a.: Not applicable As of June 30, 2025, all borrowings covenants were in compliance €k Notes 30.06.25 30.06.24 Sales 2.2.1 986,683 1,073,743 Cost of goods sold 2.2.1 (754,235) (848,917) Gross margin 2.2.1 232,448 224,826 Operating expenses (79,377) (83,533) Personnel expenses (104,686) (103,048) Miscellaneous taxes (2,924) (2,747) Other income 2,884 3,041 Net depreciation and amortization (21,780) (21,115) Net provisions 2,345 913 Other non-current income / (expenses) 102 5,374 Operating income 29,012 23,711 % of sales 2.9% 2.2% Net cost of debt (9,703) (7,844) Other financial income - 407 Other financial expenses (1,989) (1,561) Net financial loss (11,692) (8,998) Income before tax 17,320 14,713 Corporate income tax 2.2.2 (10,029) (9,286) Total consolidated net income 7,291 5,427 % of sales 0.7% 0.5% Minority interests (888) (1,843) Net income (Group share) 2.2.3 6,403 3,584 % of sales 0.6% 0.3% Items that may be reclassified to profit Translation differences (10,055) 777 Cash-flow hedging and others (264) (1,000) Hyperinflation 2.1.1 753 674 Items not reclassified to profit Actuarial gains 1,097 1,816 Total comprehensive net income (Group share) (2,066) 5,851 Minority interests 767 1,780 Total comprehensive net income (1,299) 7,631 Basic earnings per share (€) 2.2.3 0.31 0.16 Diluted earnings per share (€) 2.2.3 0.31 0.16 Summary interim consolidated financial statements Consolidated statement of comprehensive income Statement of financial position €k 30.06.25 31.12.24 Notes Net Net Assets Goodwill 2.2.4 69,655 69,859 Intangible assets 2.2.5 1,359 1,806 Property, plant and equipment 2.2.5 255,255 262,365 Right-of-use assets 2.2.6 64,544 72,662 Other financial assets 16,831 17,065 Deferred tax 2.2.13 48,105 51,367 Non-current assets 455,749 475,124 Inventory 2.2.1, 2.2.7 576,620 614,779 Trade receivables 2.2.1, 2.2.8 238,844 188,164 Tax assets receivable 7,812 7,548 Other assets 23,549 38,144 Derivatives 23 137 Cash and cash equivalents 2.2.9 200,283 355,728 Current assets 1,047,131 1,204,500 Total assets 1,502,880 1,679,624 Equity and liabilities Share capital 32,825 33,564 Consolidated reserves 594,166 603,370 Shareholders' equity (Group share) 626,991 636,934 Minority interests 20,198 21,477 Shareholders' equity 2.2.10 647,189 658,411 Deferred tax 2.2.13 7,246 7,705 Non-current provisions 2.2.11 5,874 6,590 Provisions for employee benefit obligations 2.2.12 34,113 37,187 Other non-current liabilities 4,373 4,358 Long-term borrowings 2.2.9 244,710 419,790 Long-term lease liabilities 2.2.6 53,424 61,255 Non-current liabilities 349,740 536,885 Short-term borrowings 2.2.9 116,466 111,314 Short-term lease liabilities 2.2.6 19,820 20,283 Trade payables 2.2.1 245,677 238,697 Current tax liabilities 9,362 13,077 Current provisions 2.2.11 42,473 43,864 Derivatives 393 117 Other liabilities 71,760 56,976 Total current liabilities 505,951 484,328 Total equity and liabilities 1,502,880 1,679,624 Cash-flow statement €k 30.06.25 30.06.24 Cash and cash equivalents at beginning of period 355,728 342,341 Operating activities Net income 7,291 5,427 Depreciation, amortization and provisions 18,183 20,140 Capital gains on asset disposals (102) (973) Change in deferred taxes 2,067 1,903 Other non-cash income and expenses 929 (4,008) Operating cash-flow after tax and cost of borrowings 28,368 22,489 Cost of borrowings 10,959 8,939 Current income tax 7,962 7,383 Taxes paid (11,878) (4,636) Operating cash-flow before change in working capital 35,411 34,175 Change in inventory 32,796 72,980 Change in trade receivables (52,444) (47,364) Change in trade payables 8,699 61,175 Other changes 25,296 14,542 Total change in working capital 14,347 101,333 Cash-flow from operating activities 49,758 135,508 Investing activities Acquisitions of fixed assets (9,927) (28,234) Disposal of assets 175 2,914 Acquisitions of subsidiaries - (14,658) Changes in consolidation and other 54 5,168 Cash-flow from investing activities (9,698) (34,810) Financing activities Dividends paid to parent company shareholders - - Dividends paid to minority shareholders of consolidated companies (2,020) (1,427) New borrowings 90,000 106,301 Lease liabilities payments (10,488) (11,179) Lease receivables 376 380 Change in borrowings (256,289) (119,839) Interest paid (11,698) (8,989) Other changes (3,914) (4,084) Cash-flow from financing activities (194,033) (38,837) Change in cash and cash equivalents (153,973) 61,861 Translation differences (1,472) (77) Cash and cash equivalents at end of period 200,283 404,125 Change in consolidated shareholders' equity €k Notes Number of shares Share capital Reserves Translation differences (Group share) Share-holders' equity (Group share) Minority interests Share-holders' equity At 01.01.24 2.2.10 22,497,209 34,297 629,170 (5,144) 658,323 22,408 680,731 Net income 3,584 - 3,584 1,843 5,427 Translation differences - 777 777 (64) 713 Actuarial gains 1,816 - 1,816 - 1,816 Others (326) - (326) 1 (325) Total comprehensive net income 5,074 777 5,851 1,780 7,631 Change in consolidation scope (1,179) - (1,179) (615) (1,794) Dividend payments (4,499) - (4,499) (1,525) (6,024) Others (480,742) (733) (3,371) - (4,104) 1 (4,103) At 30.06.24 2.2.10 22,016,467 33,564 625,195 (4,367) 654,392 22,049 676,441 At 01.01.25 2.2.10 22,016,467 33,564 606,808 (3,438) 636,934 21,477 658,411 Net income 6,403 - 6,403 888 7,291 Translation differences - (10,055) (10,055) (121) (10,176) Actuarial gains 1,097 - 1,097 - 1,097 Others 489 - 489 - 489 Total comprehensive net income 7,989 (10,055) (2,066) 767 (1,299) Change in consolidation scope - - - - - Dividend payments (4,066) - (4,066) (2,045) (6,111) Others (484,500) (739) (3,072) - (3,811) (1) (3,812) At 30.06.25 2.2.10 21,531,967 32,825 607,659 (13,493) 626,991 20,198 647,189 Notes to the consolidated financial statements The notes are an integral part of the summary interim consolidated financial statements. The JACQUET METALS Group's ("the Group") consolidated financial statements for the six months ended June 30, 2025 were approved by the Board of Directors on September 10, 2025. All figures are reported in thousands or millions of euros unless otherwise stated. Some totals may display differences in rounding. Consolidation principles and method Pursuant to European Regulation 1606/2002 of July 19, 2002 on international financial reporting standards, the Group summary interim consolidated financial statements for the six months ended June 30, 2025 and the comparative 2024 financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) in force as of June 30, 2025, as approved by the European Union. The standards and interpretations applied are those published in the Official Journal of the European Union (OJEU) before June 30, 2025 for compulsory application as from this date. These guidelines cover all of the standards approved by the International Accounting Standards Board (IASB) and adopted by the EU, i.e. IFRS, International Accounting Standards (IAS), and interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC). The summary interim consolidated financial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting , which allows a condensed presentation of the notes to the financial statements. The financial statements should therefore be read with reference to the consolidated financial statements for the year ended December 31, 2024 and, in particular, §2.1 "Consolidation principles and methods" and §2.2 "Valuation methods" as contained in the Universal Registration Document filed with the Autorité des Marchés Financiers ("AMF") on April 25, 2025 under number D. 25-0298 and available for consultation on the Company website at: jacquetmetals.com. With the exception of the points described in the paragraph below, the accounting principles applied are identical to those used in the audited consolidated financial statements for the year ended December 31, 2024. The new legislation or amendments adopted by the European Union for compulsory application as from January 1, 2025 have been applied in the summary interim consolidated financial statements for the six months ended June 30, 2025. They comprise the following amendments: - Amendment to IAS 21 - lack of exchangeability (impact no significant). Use of estimates The preparation of IFRS-compliant consolidated financial statements requires management to take into account assumptions and estimates that have an impact on the assets and liabilities shown in the statement of financial position, and mentioned in the notes to the financial statements, as well as on the income and expenses recorded in the consolidated statement of comprehensive income. The estimates may be revised if the circumstances under which they were based change, or in accordance with new information obtained. Actual results may differ from these estimates. In accordance with IAS 10 , management's estimates are based on the information available at the balance sheet date, taking post balance sheet events into account. The summary consolidated interim financial statements have been established on the basis of rules applied for the 2024 annual financial statements. In this regard, it is appropriate to clarify the treatment of income taxes: for interim financial statements, the current and deferred tax charge is calculated by applying the estimated annual average tax rate for the current financial year to the six-month taxable income for each legal entity or tax group, as adjusted for non-recurring items allocated to the period. As of June 30, 2025, the main estimates involved: assessment of the recoverability of deferred tax assets: the method followed is based on internal business plans, and takes into account the local legislation in effect at the balance sheet date; the value of goodwill: tested for impairment at least once a year for the annual financial statements and whenever an indication of loss of value arises; inventory valuation: the method followed to determine the net realizable value of inventory is based on the best estimate, as of the date of the preparation of the financial statements, of the future sale price in the normal course of business less any estimated selling costs; measurement of right-of-use assets and lease liabilities following the adoption of IFRS 16 ; impairment of receivables: reviewed on a case-by-case basis in light of the specific situation of particular customers; employee benefit liabilities: measured based on actuarial assumptions; current and non-current provisions: estimated to reflect the best estimate of the risks as of the balance sheet date. Hyperinflation Since June 30, 2022, the Group has applied IAS 29 - Financial Reporting in Hyperinflationary Economies to the financial statements of IMS Özel Çelik located in Turkey. The financial statements of this entity have been restated to reflect the evolution of general purchasing power in the functional currency, with an positive impact of €0.8 million in consolidated reserves as of June 30, 2025 and a €0.6 million charge in H1 2025 net financial expense. Changes in consolidation scope None. Notes to the consolidated statement of comprehensive income and to the statement of financial position Operating segments €m JACQUET STAPPERT IMS group Other 1 Inter-divisions eliminations Total Sales 233 273 488 - (8) 987 Changes 2025 vs 2024 -3.9% -5.4% -11.4% n.a. n.a. -8.1% Price effect -3.6% -4.1% -5.3% n.a. n.a. -4.6% Volume effect -0.3% -1.3% -7.3% n.a. n.a. -4.1% Scope effect n.a. n.a. +1.2% n.a. n.a. +0.6% Gross margin 65 58 109 - - 232 Adjusted operating income² 8 13 6 1 - 29 Operating working capital 162 117 284 7 - 570 % of sales 3 36.1% 22.6% 30.5% 30.3% The Group is organized on the basis of 3 divisions (JACQUET, STAPPERT, IMS group). As of June 30, 2025, the key indicators per operating segment are as follows: 1 Non-division operations (including JACQUET METALS SA). 2 Adjusted for non-recurring items. 3 Rolling 12 months. n.a.: Not applicable As of June 30, 2024, the key indicators per operating segment were as follows: €m JACQUET STAPPERT IMS group Other 1 Inter-divisions eliminations Total Sales 243 289 551 - (9) 1,074 Changes 2024 vs 2023 -18.7% -19.5% -11.7% n.a. n.a. -15.5% Price effect -17.0% -15.4% -13.5% n.a. n.a. -14.8% Volume effect -1.6% -4.1% -8.7% n.a. n.a. -5.8% Scope effect n.a. n.a. +10.5% n.a. n.a. +5.1% Gross margin 62 49 114 - - 225 Adjusted operating income² 6 4 7 2 - 18 Operating working capital 156 114 308 5 - 583 % of sales 3 33.5% 20.7% 28.3% n.a. n.a. 27.9% ¹ Non-division operations (including JACQUET METALS SA). 2 Adjusted for non-recurring items. 3 Rolling 12 months (including 2023 and 2024 acquisitions over rolling 12 months) n.a.: Not applicable. Corporate income tax Net income includes a tax charge of €10 million. In H1 2025, the average tax rate is 35%; however, in accordance with deferred tax rules on accounting restatements and due to the non-recognition of certain tax carry-forward, the effective tax rate came to 58%. Earnings per share 30.06.25 30.06.24 Net income (Group share) (€k) 6,403 3,584 Weighted average number of shares 22,013,790 22,491,926 Treasury shares 1,193,896 56,307 Weighted average number of shares excluding treasury shares 20,819,894 22,435,619 Basic earnings per share (€) 0.31 0.16 Free shares 127,060 1,000 Weighted diluted average number of shares, excluding treasury shares 20,946,954 22,436,619 Diluted earnings per share (€) 0.31 0.16 Goodwill - Business combinations Goodwill amounted to €69.7 million as of June 30, 2025 and breaks down as follows: JACQUET CGU: €10.7 million; STAPPERT CGU: €40.5 million IMS group CGU: €18.4 million. The Group analyzed the results of the various cash-generating units (CGU); no indication of impairment has been identified. 2.2.5 Change in PP&E and intangible assets €m Net book value as of December 31, 2024 264.2 Acquisitions 9.9 Net disposals and scraps (0.0) Net depreciation / amortization (11.9) Translation differences (5.5) Change in consolidation scope - Other (0.0) Net book value as of June 30, 2025 256.6 2.2.6 Change in right-of-use assets and lease liabilities €m Net book value of right-of-use assets as of December 31, 2024 72.7 New right-of-use assets 1.6 Net depreciation (9.9) Revaluation of right-of-use assets 1.2 Translation differences (0.8) Other (0.2) Net book value of right-of-use assets as of June 30, 2025 64.5 Lease liabilities as of December 31, 2024 81.5 New right-of-use assets 1.6 Repayments of lease liabilities (10.5) Revaluation of right-of-use assets 1.2 Translation differences (0.5) Other (0.0) Lease liabilities as of June 30, 2025 73.2 Inventory €m 30.06.25 31.12.24 Gross value 704 755 Impairment (127) (140) Net value 577 615 Inventory primarily consists of finished goods inventories (whole and cut plates, long products, etc.). As of June 30, 2025, after taking into account inventory turnover and net realizable value, inventory was adjusted via an impairment amounting to 18.1% of its gross value, compared to 18.6% as of December 31, 2024. Trade receivables €m 30.06.25 31.12.24 Gross value 245 195 Impairment (7) (7) Net value 239 188 As of June 30, 2025, the share of insured trade receivables amounted to 96 %. All receivables have a maturity of less than one year. The net value of receivables does not include the receivables assigned on a non-recourse basis, which amounted to €47.9 million at the end of June 2025, compared to €37.5 million at 2024 year-end. Net cash and borrowings €m 30.06.25 31.12.24 Cash 155 205 Cash equivalents 45 151 Gross value 200 356 Net debt breaks down as follows: €m 30.06.25 31.12.24 Fixed rate borrowings Floating rate borrowings 117 244 203 328 Total borrowings 361 531 Cash and cash equivalents 200 356 Net debt 161 175 The €146 million Schuldscheindarlehen (SSD) (repayable at maturity in July 2026) was repaid in advance in the amount of €66 million, and the €80 million remaining balance refinanced by a new SSD (repayable at maturity in April 2030). The €95 million term loans PPR were repaid in advance, in the amount of €80 million in Q2 2025, and the €15 million remaining balance in July 2025. Shareholders' equity In accordance with a resolution of the June 27, 2025 General Meeting, on July 3 rd , 2025, the Company JACQUET METALS SA paid out a dividend of €0.2 per share amounting to €4.1 million in total. This amount is recognized under "Other liabilities" on the balance sheet. Pursuant to the delegation granted by the General Meeting, the Board of Directors of the Company JACQUET METALS SA, at its meeting held on June 27, 2025, resolved to cancel 484,500 treasury shares with effect as of June 30, 2025. Following this cancellation, the share capital of the Company comprised 21,531,967 shares. A free shares allocation plan was set up in March 2025 comprising the allocation of 126,060 shares (the "2025 Plan"). The definitive vesting date for the shares is scheduled between March 31, 2026, and March 31, 2030, depending on the beneficiaries. The definitive vesting of the shares is subject to an attendance condition and, for certain beneficiaries, performance conditions. The total charge related to this plan is estimated at €2.4 million spread over the vesting period. As of June 30, 2025, the corresponding charge amounted to €0.2 million. Current and non-current provisions €m 31.12.24 Addition Reversals (unused) Reversals (used) Other Translation differences 30.06.25 Non-current provisions 6.6 0.0 (0.4) (0.3) 0.0 0.0 5.9 Current provisions 43.9 0.7 (1.0) (1.2) 0.0 (0.0) 42.5 Total 50.5 0.7 (1.3) (1.5) 0.0 (0.0) 48.3 1 including €1.1 million of reversals of provisions used classified as personnel expenses in the consolidated statement of comprehensive income Current and non-current provisions correspond to disputes with employees, reorganization costs, risks of retroactive taxation and disputes with customers and suppliers. Provisions for employee benefit obligations In accordance with IAS 34 - Interim Financial Reporting , the change in employee benefit obligations is based on the annual actuarial projection for December 31, 2025 as estimated as of December 31, 2024 by external actuaries. The impact on income is accrued straight line over time. The discount rate applied as of June 30, 2025 was 3.6%, compared with 3.25% as of December 31, 2024, or 3.8% for plans exceeding a duration of 20 years (Netherlands), compared with 3.6% at December 31, 2024. The impact before tax on comprehensive income came to €1.5 million. Deferred tax The origin of deferred tax is as follows: €m 30.06.25 31.12.24 Temporary differences Tax losses carried forward Other IFRS restatements* 21 7 20 23 6 22 Deferred tax assets 48 51 Temporary differences Tax losses carried forward Other IFRS restatements* 1 0 (8) 0 0 (8) Deferred tax liabilities (7) (8) * These are primarily restatements relating to the rules for harmonizing the accounting process between the subsidiaries. Borrowings covenants Syndicated revolving loan 2028 Schuldscheindarlehen 2029 Schuldscheindarlehen 2030 Term loans PPR Date of signature July 2023 February 2024 April 2025 Q4 2023 Maturity July 2028 February 2029 April 2030 Repaid in advance in Q2.2025 and in July 2025 Amount €160 million (unused as of June 30, 2025) €72 million (fully used) €80 million (fully used) €15 million as of June 30, 2025 Amortization n.a. in fine Deferred for 4 years and 3 months then quarterly amortization Guarantee None Change of control clause JSA must hold at least 37% of JACQUET METALS SA's share capital or voting rights Main covenants Compliance with one of the two ratios: Net debt to equity ratio (gearing) less than 100% Compliance with one of the two ratios: Net debt to equity ratio (gearing) less than 100%, or Leverage less than 2 Net debt to equity ratio (gearing) less than 100%, or Leverage less than 2 The maturity of the €160 million syndicated revolving loan was extended until July 2028. Borrowings covenants mainly apply to the following borrowings: As of June 30, 2025, all borrowings covenants were in compliance Post balance sheet events None.