2025 Half-year financial report

2025

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.

Table of contents

1. Half-year activity report - June 30, 2025 4

2. Summary interim consolidated financial statements 20

3. Statutory Auditors' Review Report on the Half-yearly Financial Information 31

4. Statement by the person responsible for the half-year financial report 33

1. ‌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

   1Excluding 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.

   2Adjusted 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 JACQUET1	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%

     1. The concert JACQUET is composed of Mr Éric JACQUET and his family.

     2. Information dated July 14, 2025.

     3. Information dated July 21, 2025.

     4. 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

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.

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).

Consolidated sales amounted to €987 million, down -8.1% compared to H1 2024.

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.

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.

As of June 30, 2025, the Group had €797 million in lines of credit, 45% of which had been used:

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:

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. Borrowings covenants mainly apply to the following borrowings:

n.a.: Not applicable

As of June 30, 2025, all borrowings covenants were in compliance

1. ‌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.

   1. 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.

      1. 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.

      2. Changes in consolidation scope

         None.

   2. Notes to the consolidated statement of comprehensive income and to the statement of financial position
      1. Operating segments

         €m	JACQUET	STAPPERT	IMS group	Other1	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 sales3	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	Other1	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 sales3	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.

      2. 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%.

      3. 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

      4. 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

           1. 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.

           2. 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.

           3. 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.

           4. Shareholders' equity

              In accordance with a resolution of the June 27, 2025 General Meeting, on July 3rd, 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.

           5. 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

              1including €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.

           6. 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.

           7. 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.

   3. 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

   4. Post balance sheet events

None.