Memscap : Inside Information / News release on accounts, results

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PRESS RELEASE GRENOBLE (FRANCE) 25 MARCH 2026 - 06:30 PM MEMSCAP 2025 RESULTS : 2025 REVENUE OF €11,987K 2025 ADJUSTED EBITDA 1 : €1,583K (13.2% OF REVENUE) 2025 NET PROFIT: €894K (7.5% OF REVENUE) AVAILABLE CASH OF €6,037K AS OF DECEMBER 31, 2025, WITH NO BANK FINANCIAL DEBT GROUP EQUITY UP 4.2% TO €19,039K VS. PRIOR YEAR RAMP-UP OF THE "ENGINE CONTROL" AND "FLUIDIC SYSTEMS" PROGRAMS SOLID OUTLOOK, SUPPORTED BY GROWTH DRIVERS, BASED ON A SUSTAINABLE AND PROFITABLE INDUSTRIAL MODEL PROPOSAL TO PAY A FIRST DIVIDEND OF €0.066 PER SHARE (TOTAL DIVIDEND AMOUNT OF €501K) Continued strong growth momentum in the aerospace segment, up 7.5% Decline in the medical segment, reflecting lower orders from two long-standing major customers, offset by the strong performance of the aerospace and optical communications segments Net profit of €894 thousand for FY 2025 (7.5% of revenue) Adjusted EBITDA 1 of €1,583 thousand for FY 2025 (13.2% of revenue) Available cash of €6,037 thousand as of December 31, 2025 No bank financial debt (excluding lease liabilities) Solid outlook, reinforced by growth drivers from the "Engine Control" and "Fluidic Systems" activities Proposal to pay a first dividend of €0.066 per share, marking an important milestone in the Group's shareholder return policy Grenoble (France) - March 25, 2026 - 06:30 p.m. MEMSCAP (Euronext Paris: MEMS), leading provider of high-accuracy, high-stability pressure sensor solutions for the aerospace and medical markets using MEMS technology (Micro Electro Mechanical Systems), today announced its earnings for the 2025 financial year ending December 31, 2025. 1 / 9 Consolidated revenue analysis In line with previous quarterly publications, the Group's audited revenue for the fiscal year 2025 amounted to €11,987 thousand, compared to €12,660 thousand for the fiscal year 2024. The breakdown of consolidated revenue from continuing operations by business sector for the fiscal year 2025 is as follows: Market segments / Revenue (In thousands of euros) 2024 2024 (%) 2025 2025 (%) Aerospace 8,195 65% 8,806 73% Medical 3,147 25% 1,472 12% Optical communications 1,237 10% 1,626 14% Others (Royalties from licensed trademarks) 81 1% 83 1% Total revenue from continuing operations 12,660 100% 11,987 100% (Any apparent discrepancies in totals are due to rounding.) Revenue from continuing operations for fiscal year 2025 declined compared to fiscal year 2024 by -5.3% in euros and -1.3% in U.S. dollars. It should be noted that sales denominated in U.S. dollars represented approximately 75% of consolidated revenue from continuing operations for fiscal year 2025. The decline observed compared to fiscal year 2024 is directly attributable to the Group's medical activities, which were impacted by a decrease in orders from two major long-standing customers. The impact on consolidated revenue amounted to €1,646K. As a result, revenue from the medical segment totalled €1,472K (€1,675K decrease / -53.2% compared to 2024), representing 12.3% of the Group's consolidated revenue for fiscal year 2025, versus 24.9% in fiscal year 2024. As the Group's leading market, avionics activities remained the primary contributor to consolidated revenue for the fiscal year ended December 31, 2025. Over the year, avionics sales reached €8,806K, compared to €8,195K in 2024, representing an increase of +7.5%. The aerospace segment confirms a strong growth momentum driven by the development of "Engine control" and "Fluidic systems" programs, enabling the Group to address new markets. This segment accounted for 73.5% of the Group's consolidated revenue for fiscal year 2025 (fiscal year 2024: 64.7%), confirming the central role of the aerospace sector in the Group's business model. The optical communications division reported revenue of €1,626K (+€389K / +31.4% compared to 2024) and represented 13.6% of the Group's consolidated sales for fiscal year 2025. This niche market is characterized by high volatility linked to fiber optic investment cycles in Asia, particularly in China. Thanks to its fabless operating model, this activity supports the Group's profitability, regardless of activity levels in this market. The dermocosmetics division (brand license royalties) includes the operation and management of the Group's assets related to the dermatology and cosmetology sectors, notably the Ioma brand. Revenue from this segment amounted to €83K, stable compared to the previous fiscal year. The structure of the Group's revenue continues to evolve favourably toward its higher value-added strategic segments, particularly aerospace, which now represents nearly three-quarters of total activity over the twelve months of fiscal year 2025. Presentation of the consolidated income statement The Group's consolidated income statement for the fiscal year 2025 is as follows: In thousands of euros 2024 2025 Revenue from continuing operations 12,660 11,987 Cost of revenue (7,638) (7,029) Gross margin 5,022 4,958 % of revenue 39.7% 41.4% Operating expenses * (3,850) (3,957) Operating profit / (loss) 1,172 1 001 Financial profit / (loss) 226 (105) Income tax expense (24) (2) Net profit / (loss) 1,374 894 (Financial data were subject to an audit by the Group's statutory auditors who will issue their reports at a later date. On March 25 th , 2026, the MEMSCAP's board of directors authorized the release of the FY 2025 consolidated financial statements. Any apparent discrepancies in totals are due to rounding.) * Net of research & development grants. Benefiting from a favourable product mix and volume effect, gross margin for fiscal year 2025 amounted to €4,958K, bringing the annual gross margin rate to 41.4% of consolidated revenue, compared with 39.7% in the previous fiscal year. Operating expenses, net of subsidies, totalled €3,957K, compared with €3,850K in fiscal year 2024. Net of subsidies, research and development expenses amounted to €1,577K in fiscal year 2025, compared with €1,434K in the previous fiscal year, and notably include the development of new generations of avionics and medical products. Net R&D expenses therefore represented 13.2% of consolidated revenue (2024: 11.3%). The reorganization of the Group's sales teams led to a reduction in related expenses of -12.3% compared with the previous fiscal year. Administrative expenses increased by +5.9%, in line with the continued structuring of the Group's operations. The Group's average full-time equivalent workforce decreased from 59.6 employees in fiscal year 2024 to 54.2 employees in fiscal year 2025, representing a reduction of -9.1%. For fiscal year 2025, operating income amounted to €1,001K (8.4% of revenue), compared with operating income of €1,172K (9.3% of revenue) in fiscal year 2024. Financial result, corresponding to a net financial loss of €105K in fiscal year 2025 (2024: net financial gain of €226K), notably includes a foreign exchange loss of €205K (2024: foreign exchange gain of €165K). The income tax expense recognized in fiscal years 2025 and 2024 corresponds to changes in deferred tax assets and has no impact on the Group's cash position. On a consolidated basis, net income amounted to €894K (7.5% of revenue) in fiscal year 2025, compared with net income of €1,374K (10.9% of revenue) in fiscal year 2024. Based on these results, the Board of Directors will propose at the next General Meeting the payment of a dividend of €501K, i.e. €0.066 per share. Evolution of the Group's cash / Consolidated shareholders' equity Adjusted EBITDA¹ from continuing operations for fiscal year 2025 amounted to €1,583K (13.2% of revenue), compared with €2,148K (17.0% of revenue) in fiscal year 2024. It is specified that research and development expenses were fully expensed and that no development costs were capitalized on the Group's balance sheet in fiscal years 2025 and 2024. As of December 31, 2025, the Group reported available cash of €6,037K (December 31, 2024: €5,452K), including cash and cash equivalents as well as financial investments recorded under other non-current financial assets. As of December 31, 2025, the Group had no financial borrowings (excluding lease liabilities). Net cash (excluding lease liabilities) therefore amounted to €6,037K (December 31, 2024: €5,426K). As of December 31, 2025, MEMSCAP Group equity amounted to €19,039K (December 31, 2024: €18,270K). 1 Adjusted EBITDA means operating profit before depreciation, amortisation, and share-based payment charge (IFRS 2) and including foreign exchange gains/losses related to ordinary activities. Perspectives The performance for the fiscal year confirms MEMSCAP's corporate strategy focused on profitable growth, leveraging its key strengths, strong technological barriers and a sustainable business model. Aerospace activities are becoming the main driver of the Group's performance and profitability. In particular, the development of the "Engine control" and "Fluidic systems" businesses reinforces these ambitions for the years ahead. At the same time, MEMSCAP continues to work on strengthening its operational and financial performance. Q1 2026 earnings: April 30, 2026 Annual meeting of shareholders: June 04, 2026 MEMSCAP is a leading provider MEMS based pressure sensors, best-in-class in terms of precision and stability (very low drift) for two market segments: aerospace and medical. MEMSCAP also provides variable optical attenuators (VOA) for the optical communications market. Yann Cousinet Chief Financial Officer Ph.: +33 (0) 4 76 92 85 00 [email protected] For more information, visit our website at: https://www.memscap.com MEMSCAP is listed on Euronext Paris (Euronext Paris - Memscap - ISIN code: FR0010298620 - Ticker symbol: MEMS) CONSOLIDATED STATEMENT OF FINANCIAL POSITION at 31 December 2025 31 December 31 December 2025 2024 €000 €000 Assets Non-current assets Property, plant and equipment..................................................................... 1 007 1 087 Goodwill and intangible assets...................................................................... 6 509 6 531 Right-of-use assets ........................................................................................ 4 119 4 657 Other non-current financial assets................................................................ 1 582 1 489 Employee benefit net asset........................................................................... 31 39 Deferred tax asset ......................................................................................... 77 80 13 325 13 883 Current assets Inventories .................................................................................................... 4 716 5 032 Trade and other receivables.......................................................................... 2 636 2 746 Prepayments ................................................................................................. 240 205 Cash and short-term deposits ....................................................................... 4 455 3 963 12 047 11 946 Total assets 25 372 25 829 Equity and liabilities Equity Issued capital................................................................................................. 1 927 1 927 Share premium.............................................................................................. 17 972 17 972 Treasury shares ............................................................................................. (630) (599) Retained earnings ......................................................................................... 3 360 2 520 Foreign currency translation ......................................................................... (3 590) (3 550) 19 039 18 270 Non-current liabilities Lease liabilities .............................................................................................. 3 804 4 237 Employee benefit liability.............................................................................. 99 90 3 903 4 327 Current liabilities Trade and other payables ............................................................................. 1 709 2 391 Lease liabilities .............................................................................................. 672 782 Interest-bearing loans and borrowings ......................................................... - 26 Provisions ...................................................................................................... 49 33 2 430 3 232 Total liabilities 6 333 7 559 Total equity and liabilities 25 372 25 829 CONSOLIDATED STATEMENT OF INCOME For the year ended 31 December 2025 2025 2024 Continuing operations €000 €000 Sales of goods and services ........................................................................... 11 987 12 660 Revenue.................................................................................................... 11 987 12 660 Cost of sales ................................................................................................... (7 029) (7 638) Gross profit............................................................................................... 4 958 5 022 Other income................................................................................................. 354 388 Research and development expenses ........................................................... (1 931) (1 822) Selling and distribution costs ......................................................................... (864) (985) Administrative expenses................................................................................ (1 516) (1 431) Operating profit / (loss) ............................................................................ 1 001 1 172 Finance costs ................................................................................................. (353) (173) Finance income.............................................................................................. 248 399 Profit / (loss) for the year from continuing operations before tax ............. 896 1 398 Income tax expense ....................................................................................... (2) (24) Profit / (loss) for the year from continuing operations .............................. 894 1 374 Profit / (loss) for the year.......................................................................... 894 1 374 Earnings per share: Basic, for profit / (loss) for the year attributable to ordinary equity holders of the parent (in euros) .............................................................. € 0.118 € 0.179 Diluted, for profit / (loss) for the year attributable to ordinary equity holders of the parent (in euros) .............................................................. € 0.118 € 0.179 Basic, profit / (loss) for the year from continuing operations attributable to ordinary equity holders of the parent (in euros)................................. € 0.118 € 0.179 Diluted, profit / (loss) for the year from continuing operations attributable to ordinary equity holders of the parent (in euros)............. € 0.118 € 0.179 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December 2025 2025 2024 €000 €000 Profit / (loss) for the year ........................................................................................... 894 1 374 Items that will not be reclassified subsequently to profit or loss Actuarial gains / (losses)................................................................................................... (15) 28 Elimination of intra-group restructuring operations ........................................................ Income tax on items that will not be reclassified to profit or loss ................................... - - - - Total items that will not be reclassified to profit or loss ............................................. (15) 28 Items that may be reclassified subsequently to profit or loss Net gain / (loss) on available-for-sale financial assets ..................................................... (39) 59 Exchange differences on translation of foreign operations ............................................. Income tax on items that may be reclassified to profit or loss ........................................ (40) - (424) - Total items that may be reclassified to profit or loss .................................................. (79) (365) Other comprehensive income for the year, net of tax................................................. (94) (337) Total comprehensive income for the year, net of tax.................................................. 800 1 037 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 2025 (In thousands of euros, except for number of shares) Number of shares Issued capital €000 Share premium €000 Treasury shares €000 Retained earnings €000 Foreign currency translation €000 Total shareholders' equity €000 At 1 January 2024 ............................................................................ 7 476 902 1 869 17 972 (134) 1 095 (3 126) 17 676 Profit for the year................................................................................. - - - - 1 374 - 1 374 Other comprehensive income for the year, net of tax......................... - - - - 87 (424) (337) Total comprehensive income ........................................................... - - - - 1 461 (424) 1 037 Capital increase .................................................................................... 230 000 58 - - (58) - - Treasury shares .................................................................................... - - - (465) - - (465) Share-based payments......................................................................... - - - - 22 - 22 At 31 December 2024 ...................................................................... 7 706 902 1 927 17 972 (599) 2 520 (3 550) 18 270 At 1 January 2025 ............................................................................ 7 706 902 1 927 17 972 (599) 2 520 (3 550) 18 270 Profit for the year................................................................................. - - - - 894 - 894 Other comprehensive income for the year, net of tax......................... - - - - (54) (40) (94) Total comprehensive income ........................................................... - - - - 840 (40) 800 Treasury shares .................................................................................... - - - (31) - - (31) At 31 December 2025 ...................................................................... 7 706 902 1 927 17 972 (630) 3 360 (3 590) 19 039 CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 2025 2025 2024 €000 Operating activities: €000 Net profit / (loss) for the year...................................................................................... 894 1 374 Non-cash items written back: Amortization and depreciation.............................................................................. 784 790 Loss / (capital gain) on disposal of fixed assets ..................................................... (30) 4 Other non-financial activities ................................................................................ 6 32 Accounts receivable..................................................................................................... 330 (144) Inventories................................................................................................................... 299 (1 182) Other debtors .............................................................................................................. (227) (137) Accounts payable......................................................................................................... (670) (54) Other liabilities ............................................................................................................ (29) (135) Total net cash flows from / (used in) operating activities ....................................... 1 357 548 Investing activities: Purchase of fixed assets............................................................................................... (92) (206) Proceeds from sale / (purchase) of other non-current financial assets....................... (104) 14 Total net cash flows from / (used in) investing activities ........................................ (196) (192) Financing activities: Repayment of borrowings ........................................................................................... (26) (102) Payment of principal portion of lease liabilities .......................................................... (608) (620) Sale / (purchase) of treasury shares ............................................................................ (31) (464) Total net cash flows from / (used) in financing activities ........................................ (665) (1 186) Net foreign exchange difference ................................................................................. (4) (8) Increase / (decrease) in net cash and cash equivalents .......................................... 492 (838) Opening cash and cash equivalents balance ........................................................... 3 963 4 801 Closing cash and cash equivalents balance ............................................................. 4 455 3 963

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