Solutions 30 SeEURONEXT: S30

2026 Interim financial report

· MarketScreener


‌FINANCIAL REPORT FOR THE

HALF YEAR



Sg!5。]0Uqコヨ上 S9‥ヨ^n。N Sg] 」n0d SU 。口…。S

DESUOHD'OS

ENDED JUNE 30, 2026

Solutions30 | Annual Report 2026 1

‌CONTENTS

HALF-YEARLY ACTIVITY REPORT AND 3

SIGNIFICANT EVENTS DURING THE PERIOD

CERTIFICATION OF THE HALF-YEARLY FINANCIAL 11

REPORT

CONDENSED INTERIM CONSOLIDATED 13

FINANCIAL STATEMENTS

  1. CONDENSED INTERIM CONSOLIDATED 14

    FINANCIAL STATEMENTS

    1. Consolidated statement of comprehensive 14

      income

    2. Consolidated statement of financial position 16

    3. Consolidated statement of changes in 17

      equity

    4. Consolidated statement of cash flows 18

  2. NOTES 20

Note 1: Information on the Company and the 20

Group

Note 2: Basis of preparation 20

Note 3: Significant events during the period 21

Note 4: Revenue 25

Note 5: Operating income 25

Note 6: Trade and other receivables 27

Note 7: Cash and cash equivalents 28

Note 8: Loans and related debts 28

Note 9: Financial risk management 29

Note 10: Intangible assets 30

Note 11: Other non-current Liabilities 30

Note 12: Off-balance sheet commitments related 31

to operating activities

Note 13: Income taxes 32

Note 14: Related party disclosures 32

Note 15: Important events after the end of the 32

reporting period

Note 16: List of consolidated subsidiaries 32

AUDITOR'S REPORT ON THE CONDENSED 33

Report for the Half-Year ended June 30, 2026

Solutions30 | Financial

INTERIM CONSOLIDATED FINANCIAL STATEMENTS



1

2

3

4

1

‌HALF-YEARLY ACTIVITY REPORT AND SIGNIFICANT EVENTS DURING THE PERIOD‌

  1. ‌Half-yearly activity report and significant events during the period ‌Key figures - Consolidated data

    In millions of euros

    H1 2026

    H1

    2025 restated*

    Change

    Revenue

    400.3

    450.2

    (11.1)%

    Adjusted EBITDA

    17.0

    31.6

    (46.3)%

    As a % of revenue (adjusted EBITDA margin)

    4.2%

    7.0%

    Adjusted EBIT

    (6.3)

    5.2

    (219.4)%

    As % of revenue

    (1.6)%

    1.2%

    Operating income

    (13.5)

    (8.5)

    n/a

    As % of revenue

    (3.4)%

    (1.9)%

    Net income, group share

    (24.5)

    (16.8)

    n/a

    Adjusted net income, group share **

    (21.2)

    (9.9)

    n/a

    Free cash flow

    (25.5)

    (29.1)

    n/a

    Net free cash flow

    (41.3)

    (45.3)

    n/a

    Financial structure figures In millions of euros

    30.06.2026

    31.12.2025

    Variation

    Equity

    24.7 46.9

    (22.2)

    Net debt

    119.0 99.6

    19.4

    Net bank debt

    67.1 36.3

    30.8

    * In accordance with IFRS 5, the 2025 comparative figures in the income statement have been restated to reflect the classification of the United Kingdom and the divested telecommunications business in Spain as discontinued operations.

    ** Adjusted for "net income from discontinued operations" as reported in the group financial statements, as well as amortization of customer relations (group share) net of the associated tax impact, a purely accounting charge related to past acquisitions, with no cash impact and not related to tangible assets.

    Solutions30's consolidated revenue for the first half of 2026 amounted to €400.3 million, down -11.1% compared to revenue for the first half of 2025, restated to exclude the contribution from the United Kingdom and the divested telecommunications business in Spain, to reflect their classification as discontinued operations in accordance with IFRS 5. The Group divested these businesses in 2025, in line with its strategy of selectivity and refocusing on its most promising markets.

    Organic growth stood at -13.6% and primarily reflects the exit from a major telecommunications framework contract in France, which will be fully completed by the end of 2026. Acquisitions contributed 2.6% and reflect the full consolidation of So-tec following the increase in the Group's stake in the company in April 2025. The impact of the change is negligible.

    In the second quarter, revenue reached €197.1 million, down -13.6% compared to the second quarter of 2025 (on a restated basis).

    The Group's adjusted EBITDA amounted to €17.0 million in the first half of 2026, down -46.3% compared to the first half of 2025 (on a restated basis). The adjusted EBITDA margin stood at 4.2%, down 280 basis points. This change is primarily driven by France, which is experiencing the effects of the termination of its major telecommunications contract. It is also attributable, to a lesser extent, to the performance in Germany, where the margin was negatively impacted in the first half of the year by one-time

    costs related to the termination of a contract with a FiberCo as part of the repositioning of its customer base toward incumbent carriers. Since all impacts were recognized in the first half of the year, the margin in Germany is expected to increase in the second half.

    Net income attributable to the Group was €-24.5 million, compared with €-16.8 million in the first half of 2025. The decline, which was limited to €-7.7 million despite a sharper drop in adjusted EBITDA, is primarily attributable to the recognition of non-recurring income of €7.1 million. This reflects the accounting effects of the deconsolidation of legal entities operating the telecommunications contract terminated in France and liquidated during the half-year as part of the rationalization measures implemented by the Group.

    The Group reported gross cash of €46.3 million at the end of June 2026. Net bank debt stood at €67.1 million at the same date, compared to €56.1 million at the end of June 2025 and €36.3 million at the end of December 2025. The increase in the first half of the year reflects cash outflows for the period, related to ongoing transformation initiatives and the Group's usual seasonality, as well as a reduction of €-16.0 million in the use of factoring. The outstanding balance of receivables assigned under the Group's non-recourse factoring program amounted to €45.3 million at the end of June 2026, compared with €61.4 million at the end of December 2025 and €62.4 million at the end of June 2025.

    ‌Analysis by geographical segment

    H1 2026

    H1 2025

    restated*

    Change

    Benelux

    Revenue

    169.2

    181.4

    (6.7)%

    Adjusted EBITDA

    19.0

    21.4

    (11.2)%

    Adjusted EBITDA margin

    %

    11.2%

    11.8%

    (60) bps

    France

    Revenue

    120.6

    154.3

    (21.8)%

    Adjusted EBITDA

    (1.2)

    7.0

    (117.1)%

    Adjusted EBITDA margin

    %

    (1.0)%

    4.5%

    (550) bps

    Germany

    Revenue

    40.7

    47.3

    (13.9)%

    Adjusted EBITDA

    (0.8)

    3.7

    (121.6)%

    Adjusted EBITDA margin

    %

    (1.9)%

    7.9%

    (980) bps

    Other Countries

    Revenue

    69.9

    67.2

    4.0%

    Adjusted EBITDA

    5.0

    4.4

    +13.6%

    Adjusted EBITDA margin

    7.1%

    +60 bps

    %

    6.5%

    HQ**

    (4.9)

    (4.9)

    -%

    Group

    Revenue

    400.3

    450.2

    (11.1)%

    Adjusted EBITDA

    17.0

    31.6

    (46.3)%

    Adjusted EBITDA margin

    4.2%

    7.0%

    (280) bps

    * In accordance with IFRS 5, the comparative figures for the first half of 2025 have been restated to reflect

    the classification of the United Kingdom and the divested telecom business in Spain ("Other Countries" segment) as discontinued operations.

    ** Costs related to the Group's centralized functions.

    In the Benelux region, the Group's largest geographic segment (accounting for 42.3% of total revenue in the first half of 2026), business remains resilient and structurally highly profitable.

    Revenue amounted to €169.2 million, down -6.7% on an organic basis due to the scheduled completion of the rollout of digital meters in Belgium, an effect that was partially offset by the strong performance of the electricity grid services business. In the Connectivity business (82% of revenue), the Belgian competition authority formally approved, in July 2026, the plan for telecom operators to mutualize certain fiber deployment programs. This clarification paves the way for a gradual acceleration of this market. Solutions30 is expected to benefit in particular from the ramp-up of its business with Wyre and anticipates a gradual acceleration of its growth in the telecommunications sector.

    Profitability in the Benelux region remains high, with an adjusted EBITDA margin of 11.2% in the first half of the year, compared with 11.8% a year earlier, and remains firmly in double digits. This performance reflects Solutions30's strong operational execution in this region, which serves as a foundation for the Group's profitability.

    In France, revenue amounted to €120.6 million in the first half of 2026, down -21.9% (-28.7% organically). In the

    Connectivity segment, the Group is continuing to rapidly reduce its exposure to the French telecommunications market. This transformation is currently coming to fruition with the termination of a major framework contract still in effect in this segment. This contract had generated

    €117.6 million in revenue in 2025, accounting for 38% of Solutions30's business in France (33.0% in the first half of 2026), but was loss-making. Its exit will be finalized by the end of 2026, and it will no longer contribute to the Group's revenue starting in 2027.

    During the first half of the year, the Energy business in France experienced the indirect repercussions of a significant reorganization of French entities, stemming from the withdrawal from the telecommunications contract. These repercussions negatively impacted its financial profile and revenue base. Specific measures have been implemented to reorganize this activity and put it back on a growth trajectory, in markets (electric grid services, photovoltaics, electric vehicle charging infrastructure, etc.) where fundamentals remain strong and demand for qualified technicians is high.

    Adjusted EBITDA in France was €-1.2 million, representing a margin of -1.0%, heavily impacted by the downsizing of the entire French operation to align with its new level of activity. Nevertheless, the Technology segment posted a double-digit margin. The same applies to the So-Tec division, which is set to become the Group's

    primary vehicle for development in the renewable energy sector in France.

    France is expected to enter 2027 with a streamlined business base, focused on growth markets in Energy and Technology, and with improved profitability.

    In Germany, the need for fiber deployment remains significant. However, the market structure has evolved: Investors specializing in fiber optics are becoming more selective, while established telecom operators which are financially stronger, are awarding larger contracts that offer greater visibility. Solutions30 is consequently repositioning its customer base by reducing its exposure to FiberCos and ramping up contracts signed with Deutsche Telekom and Vodafone. This transition weighed on business in the first half of 2026, with revenue of €40.7 million, representing a purely organic decline of -14.0%, reflecting the Group's exit from a contract with a FiberCo.

    Solutions30 completed the adjustment measures associated with this divestiture in the first half of the year. All operating losses and related costs were recognized during the period, significantly weighing on adjusted EBITDA, which came in at €-0.8 million, or -1.9% of revenue, compared to €3.7 million or 7.9% in the first half of 2025. Now that this phase has been completed, the margin in Germany is expected to improve significantly in the second half of the year.

    Furthermore, Solutions30 is entitled to compensation under this contract. The amount is still under discussion with the customer, and no positive impact has been recognized in the first-half results. Subject to the finalization of these discussions, this compensation is expected to have a positive impact on second-half results.

    In the Other Countries segment, the transformation that began two years ago has been completed in its key areas: exit from the United Kingdom, divestiture of the connectivity business in Spain, and refocusing on energy and technology; turnaround in Italy; and diversification into the energy sector in Poland through the acquisition of Elektra Realizacje. This transformation has facilitated a major repositioning of the segment toward its growth markets, leading to a 620-basis-point increase in its adjusted EBITDA margin between 2023 and 2025, on a narrower revenue base.

    The segment's results for the first half of 2026 confirm the success of this transformation: Revenue, at €69.9 million, increased by 4.0% (compared to the first half of 2025, restated for discontinued operations), driven by strong growth in Italy. The adjusted EBITDA margin rose again, by 60 basis points, to 7.1%, driven by an improved business mix favoring energy services.

    Consolidated earnings

    Based on adjusted EBITDA of €17.0 million in the first half of 2026, after recognizing impairment charges and operating provisions totaling €8.9 million (compared to

    €12.1 million in the first half of 2025), and after amortization of the right-of-use of leased assets (IFRS 16) of €14.4 million (compared to €14.3 million), the Group's

    adjusted EBIT came in at €-6.3 million, compared to €5.2 million in the first half of 2025.

    Operating income amounted to €-13.5 million, compared with €-8.5 million in the first half of 2025. It includes:

    • €-9.3 million in non-recurring operating expenses (compared to €-7.7 million in the first half of 2025), which include the cost of restructuring and headcount reductions undertaken by the Group primarily to scale back the French operations to match the company's new level of activity, and to reorganize operations in Germany as part of the repositioning of the customer base;

    • Non-recurring operating income of €7.1 million, corresponding to the accounting effects of the deconsolidation of legal entities operating the telecommunications contract terminated in France and liquidated during the half-year as part of the rationalization measures implemented by the Group.

    • €5.1 million Amortization of customer relationships (€6.1 million for the first half of 2025). This charge, relating to past acquisitions, is purely accounting in nature, with no cash impact, and is not related to tangible assets.

    The financial result came in at €-5.2 million, a slight improvement compared to the first half of 2025 (€-6.5 million).

    After recording a net tax expense of €-3.9 million, consolidated net income amounted to €-22.6 million (€-16.4 million for the first half of 2025). After deducting minority interests of €1.9 million, net income attributable to the Group came to €-24.5 million, compared to €-16.8 million in 2025.

    Cash flow

    Note: The cash flow and balance sheet items presented below include the contribution from discontinued operations for the first half of 2025, which are reported separately in the consolidated financial statements in accordance with IFRS 5.

    Cash flow for the first half of 2026 was, as expected, impacted by the restructuring measures implemented to complete the Group's transformation, notably the termination of the major French telecommunications framework contract and the repositioning of its customer portfolio in Germany. Furthermore, given the seasonal nature of working capital requirements, the Group's operating cash flow is typically lower in the first half of the year than in the second.

    The Group's cash flow from operations amounted to €6.8 million in the first half of 2026, compared with €20.4 million in the first half of 2025, a trend generally in line with that of adjusted EBITDA. The change in working capital (WC), adjusted for non-cash items, represents a negative cash flow of €-28.3 million compared to €-42.0 million in the first half of 2025. It includes a €-16.0 million reduction in factoring and the reclassification of a €14.1 million operating liability as other long-term liabilities, with no impact on cash. Excluding these two effects, the change in working capital was slightly positive in the first

    half. As a result, cash flow from operating activities for the first half of 2026 was €-21.5 million, at a similar lever to that recorded in the first half of 2025.

    Net operating investments amounted to €-3.9 million, or 1.0% of revenue, in line with historical levels, and were primarily related to information systems and technical equipment.

    In total, free cash flow amounted to €-25.5 million in the first half of 2026, compared to €-29.1 million in the first half of 2025. After accounting for changes in lease liabilities and related interest (IFRS 16) totaling €-15.9 million, net free cash flow amounted to €-41.3 million, compared with €-45.3 million in the first half of 2025.

    Taking into account the earnouts paid on past acquisitions totaling €-0.3 million, acquisitions and disposals during the period, resulting in a net amount of cash acquired or disposed of (not significant in the first half of 2026), interest paid of €-3.1 million, distributions to minority shareholders (immaterial in the first half of 2026), the net change in bank loans of €18.0 million, and the impact of foreign exchange rates (immaterial in the first half of 2026), the change in the Group's cash and cash equivalents amounted to €-26.9 million.

    Financial structure

    The Group's gross cash balance stood at €46.3 million as of June 30, 2026, compared with €59.1 million at the end of June 2025 and €73.2 million at the end of December 2025, reflecting the impact of recent transformation measures as well as the usual seasonality of the Group's working capital requirements. Gross bank debt amounted to €113.4 million, compared with €109.6 million as of December 31, 2025. As a result, the Group reported net bank debt of €67.1 million at the end of June 2026, compared with €56.1 million at the end of June 2025 and

    €36.3 million at the end of December 2025. The change during the first half of 2026 reflects the effect of a €-16.0 million decrease in the outstanding balance of receivables assigned under the Group's non-recourse factoring program, which amounted to €45.3 million at the end of June 2026 (€61.4 million at the end of December 2025 and €62.4 million at the end of June 2025).

    After accounting for €46.5 million in lease liabilities (IFRS 16), a sharp decrease compared to the first half of 2025 (€66.0 million), reflecting the streamlining of the vehicle fleet and real estate portfolio amid declining business activity, particularly in France, and €5.5 million in potential financial debt related to earnouts and put options, the Group's total net debt amounted to €119.0 million at the end of June 2026, down €8.4 million from the €127.4 million recorded on June 30, 2025 (€99.6 million at the end of December 2025).

    Following the strategic decision to exit a major framework contract in the French telecommunications market, Solutions30 has initiated the operational adjustments required to align its organization with its new scope of activities. These adjustments will be completed by the end of 2026, providing the Group with greater visibility over its business portfolio and target operating structure. In parallel, the Group has entered into discussions with its financial partners to reinforce its existing financing arrangements and thereby enable an accelerated repositioning towards its most attractive markets. As these discussions had not been finalized as of the publication of this report, there is uncertainty regarding the level of the Group's short-term financing. However, Management expects these discussions to reach an outcome in the coming weeks.

    ‌Financial indicators not defined by IFRS

    The Group uses financial indicators not defined by IFRS:

    • Profitability indicators and their components are key operational performance indicators used by the Group to monitor and evaluate its overall operating earnings and earnings by country.

    • Cash flow indicators are used by the Group to implement its investment and resource allocation strategy.

    The non-IFRS financial indicators used are calculated as follows:

    Organic growth includes the organic growth of acquired companies after they are acquired, which Solutions30 assumes they would not have experienced had they remained independent. In 2026, the Group's organic growth included only the internal growth of its longstanding subsidiaries.

    Adjusted EBITDA is the "operating margin" as reported in the Group's financial statements.

    Free cash flow corresponds to the net cash flow from operating activities less acquisitions of intangible assets; property, plant and equipment; and non-current financial assets.

    Calculation of free cash flow

    In millions of euros

    H1 2026

    H1

    2025 restated

    Net cash flows from operating activities

    (21.5)

    (21.5)

    Acquisition and disposal of non-current financial assets

    (4.5)

    (7.3)

    Disposal of non-current assets after tax

    0.5

    -

    Free cash flow

    (25.5)

    (29.1)

    Net free cash flow is equal to free cash flow minus "Repayment of lease debt," "Repayment of lease debt related to discontinued operations," "interest paid on lease debt" and "interest paid on lease debt related to discontinued operations" as shown in the Group's consolidated statement of cash flows.

    Calculation of net free cash flow:

    In millions of euros

    30.06.2026

    31.12.2025

    Free cash flow

    (25.5)

    (29.1)

    Repayment of lease liabilities

    (14.7)

    (14.4)

    Repayment of lease liabilities related to discontinued operations

    -

    (0.3)

    Interest paid on lease liabilities

    (1.2)

    (1.5)

    Net free cash flow

    (41.3)

    (45.3)

    Adjusted EBIT corresponds to operating income as shown in the Group's financial statements, to which "Customer relationship amortization" and "Other non-recurring operating expenses" are added and from which "Other non-recurring operating income" is deducted.

    Reconciliation between operating income and adjusted EBIT

    In millions of euros

    H1 2026

    H1

    2025 restated

    Operating income

    (13.5)

    (8.5)

    Customer relationship amortization

    5.1

    6.1

    Other non-recurring operating income

    (7.1)

    -

    Other non-recurring operating expenses

    9.3

    7.7

    Adjusted EBIT

    (6.3)

    5.2

    As % of revenue

    (1.6)%

    1.2 %

    Non-current transactions include other income and expenses that are significant in their amount, unusual, and infrequent.

    Net debt corresponds to "Debt, long-term," "Debt, short-term," and long- and short-term "Lease liabilities" as they appear in the Group's financial statements from which "Cash and cash equivalents" as they appear in the Group's financial statements are deducted.

    In millions of euros

    30.06.2026

    31.12.2025

    Bank debt

    113.4

    109.6

    Lease liabilities

    46.5

    57.3

    Liabilities from earnouts and put options

    5.5

    6.0

    Cash and cash equivalents

    (46.3)

    (73.2)

    Net debt

    119.0

    99.6

    Equity

    24.7

    46.9

    % of net debt

    482.3 %

    212.3 %

    Net debt-to-equity ratio corresponds to "Net debt/Equity." Net debt

    Net bank debt corresponds to "Long-term loans from credit institutions" and "Short-term loans from credit institutions, lines of credit, and bank overdrafts" as they appear in note 10.2 of the Group's annual financial statements from which are deducted "Cash and cash equivalents" as they appear in the Group's financial statements.

    Cash net of bank debt corresponds to "Cash and cash equivalents" as it appears in the Group's financial statements from which is deducted "Loans from credit institutions, long-term" and "Short-term loans from credit institutions, lines of credit, and bank overdrafts" as they appear in note 10.2 of the Group's annual financial statements.

    Net bank debt

    In millions of euros

    30.06.2026

    31.12.2025

    Loans from credit institutions, longterm

    Short-term loans from credit institutions, lines of credit, and bank overdrafts

    71.2

    42.2

    76.9

    32.6

    Gross bank debt

    113.4

    109.5

    Cash and cash equivalents

    (46.3)

    (73.2)

    Net bank debt

    67.1

    36.3

    Cash net of bank debt

    (67.1)

    (36.3)

    Gross bank debt corresponds to "Loans from credit institutions, long-term" and "Short-term loans from credit institutions, lines of credit, and bank overdrafts" as they appear in note 10.2 of the Group's annual financial statements.

    Working capital corresponds to "current assets" as reported in the Group's financial statements (excluding "Cash and cash equivalents" and "Derivative financial instruments") less "current liabilities" (excluding "Debt, short-term," "Current provisions," and "Lease liabilities").

    Working capital:

    In millions of euros

    30.06.2026

    31.12.2025

    Inventory and work in

    progress

    20.8

    22.9

    Trade receivables and related

    accounts

    236.1

    240.9

    Current contract assets

    1.0

    1.0

    Other receivables

    91.8

    95.9

    Prepaid expenses

    2.7

    3.4

    Trade payables

    (158.0)

    (172.2)

    Tax and social security liabilities

    (166.3)

    (166.4)

    Other current liabilities

    (11.7)

    (20.7)

    Deferred income

    (30.5)

    (53.9)

    Working capital

    (14.1)

    (49.1)

    Change in working capital

    34.9

    13.4

    Non-monetary items

    (6.6)

    4.7

    Change in working capital adjusted for non-monetary items

    28.3

    18.1

    Net investments correspond to the sum of the lines "Acquisition of current assets", "Acquisition of non-current financial assets", and "Disposal of non-current assets after tax"as they appear in the consolidated statement of cash flows.

    Net investments:

    In millions of euros

    H1 2026

    H1

    2025 restated

    Acquisition of non-current assets

    (4.4)

    (7.2)

    Acquisition of fixed assets related to discontinued

    -

    (0.2)

    operations

    Acquisition of non-current financial assets

    -

    (0.1)

    Disposal of non-current assets after tax

    0.5

    -

    Net investments

    (3.9)

    (7.5)

    Expenses related to centralized functions of the Group refer to costs incurred by the parent company's headquarters functions and are included in the "operating margin."

    ‌Disclaimer

    This document may contain certain forecasts, projections and forward-looking statements, i.e. statements relating to future and not past events in connection with or with respect to the financial position, operations or activities of Solutions30 SE. Such statements imply risks and uncertainties because they relate to future events and circumstances. Many factors could cause actual results or developments to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, political, economic, commercial, competitive or reputational factors. Nothing in this document should be construed as a profit estimate or forecast. Solutions30 SE makes no commitment to update or revise any forward-looking statement to reflect any change in circumstances or expectations.

    ‌ 2 CERTIFICATION OF THE‌

    HALF-YEARLY FINANCIAL REPORT
  2. ‌Certification of the half-yearly financial report

"I hereby attest that, to the best of my knowledge, the consolidated financial statements for the recent six-month period of 2026 have been prepared in accordance with all applicable accounting standards and present fairly the assets, financial condition and income of the Company and of all the companies included in the consolidation, and that the attached six-month business review presents a true picture of events that occurred during the first six months of the year, their impact on the financial statements, the main transactions between related parties and a description of the principal risks and uncertainties for the remaining six months of 2026."

Luxembourg, September 17, 2026 Gianbeppi Fortis, Chief Executive Officer



‌ 3 CONDENSED INTERIM CONSOLIDATED FINANCIALSTATEMENTS‌
  1. ‌CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS‌
    1. ‌Consolidated statement of comprehensive income‌ Earnings for the 6-month period ending June 30th

      (In millions of euros)

      Notes

      2026

      2025

      restated (1)

      Revenue

      4.1

      400.3

      450.2

      Other current operating income

      6.2

      8.6

      Raw materials, goods and consumables

      (42.8)

      (45.4)

      Employee costs

      (98.1)

      (109.4)

      Payroll taxes, taxes, duties, and similar payments

      (28.4)

      (31.4)

      Other current operating expenses

      (220.2)

      (241.0)

      Operating margin (Adjusted EBITDA)

      5.1

      17.0

      31.6

      Depreciation, amortization and impairment of fixed assets

      (27.9)

      (29.6)

      Charges to and reversals of provisions

      (0.4)

      (2.9)

      Other non-recurring operating income

      3.1

      7.1

      -

      Other non-recurring operating expenses

      5.2

      (9.3)

      (7.7)

      Operating income

      (13.5)

      (8.5)

      Financial income

      0.9

      1.4

      Financial expenses

      (6.1)

      (7.9)

      Net financial income

      (5.2)

      (6.5)

      Income taxes

      13.1

      (3.9)

      1.5

      Net income from continuing operations

      (22.6)

      (13.5)

      Net income from discontinued operations

      3.2

      -

      (2.9)

      Consolidated net income

      (22.6)

      (16.4)

      Group share

      (24.5)

      (16.8)

      Minority interests

      1.9

      0.3

      Basic earnings per share, group share (in euros)

      (0.229)

      (0.157)

      Diluted earnings per share, group share (in euros)

      (0.229)

      (0.157)

      1) In accordance with the provisions of IFRS 5, the comparative figures as of June 30, 2025, have been restated to present the Group's UK operations and the divested telecommunications business in Spain as discontinued operations (see Note 3.2).

      (In millions of euros)

      2026

      2025

      restated (1)

      CONSOLIDATED NET INCOME

      (22.6)

      (16.4)

      Items recyclable or recycled to profit or loss: Translation differences recognized in equity Items not recyclable to profit or loss:

      Change in actuarial gains and losses

      Deferred taxed on changes in actuarial gains and losses

      -

      0.3

      (0.1)

      0.4

      0.3

      (0.1)

      COMPREHENSIVE INCOME RECOGNIZED IN EQUITY

      0.2

      0.7

      COMPREHENSIVE INCOME

      (22.3)

      (15.8)

      Group share

      Minority interests

      (24.3)

      1.9

      (16.1)

      0.3

    2. ‌Consolidated statement of financial position‌ Assets

      (In millions of euros)

      Notes

      30.06.2026

      31.12.2025

      Goodwill

      10

      58.9

      58.9

      Other intangible assets

      10.2

      61.0

      71.5

      Property, plant and equipment

      16.2

      18.9

      Right-of-use assets

      46.9

      57.3

      Non-current lease receivables

      6.2

      1.1

      1.0

      Non-current financial assets

      2.5

      3.2

      Deferred tax assets

      13.2

      20.8

      23.1

      NON-CURRENT ASSETS

      207.4

      234.0

      Inventories

      20.8

      22.9

      Trade receivables and related accounts

      6.1

      236.1

      240.9

      Current lease receivables

      6.2

      1.0

      1.0

      Other receivables

      91.8

      95.9

      Prepaid expenses

      2.7

      3.4

      Cash and cash equivalents

      7

      46.3

      73.2

      CURRENT ASSETS

      398.8

      437.4

      TOTAL ASSETS

      606.2

      671.4

      Liabilities

      (In millions of euros)

      30.06.2026

      31.12.2025

      Subscribed capital

      13.7

      13.7

      Share premiums

      17.4

      17.4

      Legal reserve

      1.4

      1.4

      Consolidated reserves

      (3.0)

      57.4

      Net income for the period

      (24.5)

      (60.7)

      EQUITY, GROUP SHARE

      4.9

      29.1

      Minority interests

      19.7

      17.8

      EQUITY

      24.7

      46.9

      Debt, long-term

      74.0

      79.8

      Lease liabilities

      25.1

      31.8

      Non-current provisions

      24.3

      25.4

      Deferred tax liabilities

      10.9

      12.6

      Other non-current liabilities

      11

      14.1

      -

      NON-CURRENT LIABILITIES

      148.4

      149.6

      Debt, short-term

      44.9

      35.8

      Derivative financial liabilities

      -

      0.1

      Current provisions

      0.3

      0.3

      Lease liabilities

      21.4

      25.4

      Trade payables

      158.0

      172.2

      Tax and social security liabilities

      166.3

      166.4

      Other current liabilities

      11.7

      20.7

      Deferred income

      30.5

      53.9

      CURRENT LIABILITIES

      433.1

      474.9

      TOTAL EQUITY & LIABILITIES

      606.2

      671.4

    3. ‌Consolidated statement of changes in equity‌

      Share Legal Group Cumulative Capital premium reserve reserves translation

      (In millions of euros) adjustments

      Equity, group share

      Minority interests

      Total equity

      POSITION AT 01.01.2025

      13.7

      17.4

      1.4

      61.1

      (0.8)

      92.8

      15.3

      108.1

      Income at June 30, 2025

      -

      -

      -

      (16.8)

      -

      (16.8)

      0.3

      (16.4)

      Income recognized in equity

      -

      -

      -

      0.2

      0.4

      0.7

      -

      0.7

      Comprehensive income at June 30, 2025

      -

      -

      -

      (16.5)

      0.4

      (16.1)

      0.3

      (15.8)

      Changes in scope of consolidation (1)

      -

      -

      -

      -

      -

      -

      2.6

      2.6

      IFRS 2 Share-based payment

      -

      -

      -

      0.1

      -

      0.1

      -

      0.1

      Other changes (1)

      -

      -

      (2.4)

      -

      (2.4)

      (2.6)

      (5.0)

      POSITION AT 30.06.2025 13.7 17.4 1.4 42.3 (0.3) 74.4 15.7 90.1

      (1) The increase in minority interests (+€2.6 million) in 2025 under the item "Changes in scope of consolidation" corresponds to their share of shareholders' equity when Solutions 30 Solaire was taken over on April 1, 2025. Furthermore, the recognition of call options granted to minority shareholders of Solutions 30 Solaire (€5.0 million in total, covering the remaining 40% of the capital) led to a decline in Group reserves (-€2.4 million) and minority interests (-€2.6 million) under the item "Other changes."

      (In millions of euros)

      Capital

      Share premium

      Legal reserve

      Group reserves

      Cumulative translation adjustments

      Equity, group share

      Minority interests

      Total equity

      POSITION AT 01.01.2026

      13.7

      17.4

      1.4

      (2.9)

      (0.4)

      29.1

      17.8

      46.9

      Income at June 30, 2026

      -

      -

      -

      (24.5)

      -

      (24.5)

      1.9

      (22.6)

      Income recognized in equity

      -

      -

      -

      0.2

      -

      0.2

      -

      0.2

      Comprehensive income at June 30, 2026

      -

      -

      -

      (24.3)

      -

      (24.3)

      1.9

      (22.3)

      IFRS 2 Share-based payment

      -

      -

      -

      0.1

      -

      0.1

      -

      0.1

      POSITION AT 30.06.2026

      13.7

      17.4

      1.4

      (27.1)

      (0.4)

      4.9

      19.7

      24.7

      ‌3.1.4 CONSOLIDATED STATEMENT OF CASH FLOWS‌

      For the 6-month period ending June 30th

      (In millions of euros)

      Notes

      2026

      2025

      restated (1)

      CONSOLIDATED NET INCOME

      (22.6)

      (16.4)

      Net income, group share

      (24.5)

      (16.8)

      Net income, minority interests

      1.9

      0.3

      Non-monetary items from continuing operations:

      Depreciation, amortization and impairment

      27.9

      29.6

      Allocations to provisions

      0.4

      2.9

      Elimination of deferred taxes

      13

      1.0

      (2.9)

      Elimination of current taxes

      13

      2.9

      1.3

      Share-based payment

      5.3

      0.1

      0.1

      Change in fair value of derivatives

      (0.2)

      -

      Change in fair value of options and earnouts

      (0.2)

      (0.4)

      Elimination of interest expenses

      4.5

      5.5

      Net (gain) loss on change in scope

      3.1

      (7.1)

      0.1

      Revaluation of pre-existing interest in associates

      -

      (0.7)

      Non-monetary items from discontinued operations:

      Depreciation, amortization and impairment from discontinued operations

      -

      1.6

      Allocations to provisions for discontinued operations

      -

      (0.1)

      Change in deferred taxes for discontinued operations

      -

      (0.2)

      Elimination of interest expenses for discontinued operations

      -

      0.1

      Operating cash flow from consolidated companies

      6.8

      20.4

      Change in working capital requirements for operations

      (28.3)

      (42.0)

      Components of continuing operations:

      Decrease (increase) in inventory

      2.2

      (0.8)

      Decrease (increase) in trade receivables and related accounts and other receivables

      3.3

      (18.7)

      Increase in trade & other payables

      (2.4)

      (6.7)

      Changes in other receivables and debts

      (29.6)

      (7.0)

      Corporate tax paid

      (1.9)

      (7.0)

      Components of discontinued operations:

      Change in working capital requirements related to discontinued operations

      -

      (1.8)

      Net cash flows from operating activities

      (21.5)

      (21.5)

      Of which, cash flows related to continuing operations

      (21.5)

      (18.2)

      Of which, cash flows related to discontinued operations

      -

      (3.3)

      CASH FLOW FROM INVESTING ACTIVITIES

      Components of continuing operations:

      Acquisition of non-current assets

      (4.4)

      (7.2)

      Acquisitions of subsidiaries, net of cash received

      -

      (1.6)

      Acquisitions of minority interests and earnouts paid

      8.2

      (0.3)

      (2.7)

      Disposals of subsidiaries, net of cash transferred

      3.2

      (0.1)

      -

      Acquisition and disposal of non-current financial assets

      -

      (0.1)

      Disposal of non-current assets after tax

      0.5

      -

      Components of discontinued operations:

      Acquisitions and disposals of fixed assets related to discontinued operations

      -

      (0.2)

      Net cash flow from investing activities

      (4.3)

      (11.9)

      Of which, cash flows related to continuing operations

      (4.3)

      (11.7)

      Of which, cash flows related to discontinued operations

      -

      (0.2)

      (In millions of euros)

      Notes

      2026

      2025 (1)

      CASH FLOW FROM FINANCING ACTIVITIES

      Components of continuing operations:

      Distributions paid to minority shareholders

      -

      (2.4)

      Loan issuance

      13.0

      25.2

      Loan repayment

      (9.2)

      (7.0)

      Interest paid on borrowings

      (3.1)

      (3.7)

      Other non-current liabilities

      11

      14.1

      -

      Repayment of lease liabilities

      (14.7)

      (14.4)

      Interest paid on lease liabilities

      (1.2)

      (1.5)

      Components of discontinued operations:

      Interest paid on borrowings related to discontinued operations

      -

      (0.1)

      Repayment of lease liabilities related to discontinued operations

      -

      (0.3)

      Net cash flow from financing activities

      (1.0)

      (4.2)

      Of which, cash flows related to continuing operations

      (1.0)

      (3.8)

      Of which, cash flows related to discontinued operations

      -

      (0.4)

      Impact of currency exchange rate fluctuations on continuing operations

      -

      (0.3)

      Impact of currency exchange rate fluctuations on discontinued operations

      -

      0.7

      INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

      (26.9)

      (37.1)

      Opening cash balance

      73.2

      96.3

      Closing cash balance

      46.3

      59.1

      1) In accordance with the provisions of IFRS 5, the comparative figures as of June 30, 2025, have been restated to present the Group's UK operations and the divested telecommunications business in Spain as discontinued operations (see Note 3.2).

  2. ‌NOTES‌
‌Note 1: Information on the Company and the Group‌

The condensed interim consolidated financial statements of Solutions30 SE and its subsidiaries (collectively, the "Group") for the year ended June 30, 2026, were prepared by the Management Board and reviewed by the Supervisory Board on September 17, 2026. Solutions30 (the "Company" or the "parent company") is a European company incorporated and domiciled in the Grand-Duchy of Luxembourg with shares listed in Compartment C on the Euronext Paris exchange. Its registered office is located at:

21, rue du Puits Romain

L-8070 Bertrange, Grand Duchy of Luxembourg

The Group is mainly involved in providing support services for new digital technologies, and assists its customers with the implementation of these new technologies throughout Europe: telecom service providers, energy suppliers, IT and digital equipment manufacturers and distributors, managed service companies, and digital equipment integrators.

‌Note 2: Basis of preparation‌
  1. ‌Base de préparation

    In accordance with the principles set forth in IAS 1 regarding going concerns, management has assessed the Group's ability to continue as a going concern for at least twelve months from the balance sheet closing date, taking into account the losses recognized for the first half of 2026 as well as the decrease in the Group's cash position during that period.

    ‌The Group is not directly exposed to current macroeconomic uncertainties, whether related to the conflict in Ukraine, U.S. tariff measures, or energy price pressures. However, the Group had identified some uncertainties at the end of the previous fiscal year, particularly regarding the performance of the Connectivity business in France.

    In this context, Management has implemented several turnaround measures aimed at adapting the Group's organization to the termination of telecom contracts whose profitability levels no longer met its objectives. It has also begun discussions with its financial partners to strengthen the Group's external financing resources. As of the date of publication of the financial statements, these discussions had not been finalized, and the lack of an agreement poses a significant risk to the Group's ability to continue as a going concern. However, given the progress of these discussions as of the publication date of the statements, Management believes that the assumptions used in preparing the consolidated financial statements remain appropriate.

    The condensed interim consolidated financial statements for the half-year ended , have been prepared in accordance with IAS 34 - Interim Financial Reporting, as adopted by the European Union. The financial statements were prepared on a going-concern basis and using the historical cost method, with the exception of certain assets and liabilities measured at fair value.

    They do not include all of the information and notes required for a complete set of annual financial statements

    and, as such, should be read in conjunction with the Group's consolidated financial statements as of December 31, 2025.

    • Critical accounting judgments and key sources of estimation uncertainty.

    Critical accounting judgments and key sources of estimation uncertainty have not undergone significant change from December 31, 2025.

  2. New IFRS, amendments, and interpretations

    The accounting methods adopted in the preparation of these interim consolidated financial statements are consistent with those used to prepare the Group's annual consolidated financial statements for the fiscal year ended December 31, 2025, except for newly adopted standards, effective as of January 1, 2026. As of June 30, 2026, the Group has not proactively adopted any standard, interpretation, or amendment that has been published by the IASB and adopted by the European Union but has not yet come into effect.

    Three amendments apply for the first time from January 1, 2026, but they have no material impact on the Group's consolidated financial statements at June 30, 2026:

    • Amendments relating to the classification and measurement of financial instruments (amendments to IFRS 9 and IFRS 7) (published on May 30, 2024).

    • Volume 11 amendments related to "Annual Improvements to IFRS Accounting Standards" (published on July 18, 2024). This volume contains amendments to five standards as part of the IASB's annual improvements project.

    • Amendments to "Renewable Electricity Contracts" (amendments to IFRS 9 and IFRS 7 published on December 18, 2024). This standard

      relating to physical delivery contracts for renewable energy purchases has no impact because the Group has no relevant transactions.

      Standards, amendments to standards, and interpretations of standards published by the IASB, adopted by the European Union, and applicable after June 30, 2026:

    • ‌ IFRS 18 "Presentation and Disclosure in Financial Statements" was published on April 9, 2024. This standard replaces IAS 1 and is designed to facilitate financial performance comparability. IFRS 18 provides an overview of the financial statements (balance sheet, income statement, statement of changes in shareholders' equity) and the information to be provided in the notes. It will apply to fiscal years beginning on or after January 1, 2027. IFRS 18 will have an impact on the presentation of financial statements, particularly the income statement. An in-depth analysis of the impact of applying this standard is currently underway.

      ‌Standards, amendments to standards, and interpretations of standards published by the IASB but not adopted by the European Union. Impacts on the financial statements of texts published by the IASB as of June 30, 2026, but that are not yet in force in the European Union are presented below:‌‌

    • IFRS 19 applicable to "Subsidiaries without Public Accountability: Disclosures" published by the IASB on May 9, 2024. The purpose of IFRS 19 is to enable certain eligible subsidiaries to apply other IFRS standards (recognition, measurement, presentation), while benefiting from a significant reduction in disclosure requirements, for financial years beginning on or after January 1, 2027. The aim of this new standard is to reduce the administrative burden and cost of producing IFRS financial statements for subsidiaries whose consolidated financial statements are already included in the financial statements of a group publishing IFRS-compliant statements. This standard is not applicable to the Group insofar as none of its consolidated subsidiaries publishes separate IFRS financial statements or falls within the scope defined by the IASB.

    • The amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates" were published by the IASB on November 13, 2025. They specify the procedures for converting financial statements when an entity uses a reporting currency belonging to a hyperinflationary economy, as defined by IAS 29. This standard is not applicable to the Group as none of its consolidated subsidiaries operate in a hyperinflationary economy.

    • The amendments to IAS 28, "Investments in Associates and Joint Ventures," regarding the fair value option were published by the IASB on June 26, 2026. They specify which entities may measure certain investments in associates or joint ventures at fair value through profit or loss rather than using the equity method. These amendments do not apply to the Group, as it does not hold any equity interests affected by this accounting option.

    • IFRS 20, "Regulatory Assets and Regulatory Liabilities," was issued by the IASB on May 27, 2026. This standard introduces an accounting model for regulatory assets and liabilities arising from rate regulation mechanisms and aims to better reflect the effects of timing differences between the delivery of goods or services and their billing to customers. It is effective for fiscal years beginning on or after January 1, 2029, with early adoption permitted. This standard does not apply to the Group, as none of its activities are subject to a price regulation regime that falls within its scope. Consequently, its implementation is not expected to have any impact on the Group's consolidated financial statements.

  3. 2025 Comparative Data

In accordance with the provisions of IFRS 5, the comparative figures as of June 30, 2025, have been restated to present the Group's UK operations and the divested telecommunications business in Spain as discontinued operations (see Note 3.2).

Note 3: Significant events during the period
  1. Significant events in 2026

    • Reduction of telecom operations in France:

      As part of the Group's strategic repositioning aimed at reducing its exposure to mature markets and especially following the end of a significant contract in the Connectivity segment in France the decision was made to permanently discontinue the operational activities of the following companies:

      • Solutions 30 Guyane (May 28, 2026)

      • Solutions 30 Guadeloupe (May 29, 2026)

      • Solutions 30 Martinique (June 15, 2026)

      • Solutions 30 Sud-Est (June 17, 2026)

      • Solutions 30 GSE (June 17, 2026)

      • Solutions 30 TP (June 24, 2026)

        Insolvency proceedings were initiated between May 28 and June 30, 2026.

        Solutions 30 Grand Sud-Ouest remains consolidated as of June 30, 2026, as liquidation proceedings were initiated after the closing date (see Note 15).

        The Group nevertheless intends to continue its operations in the Connectivity segment in France. This reduction in operations therefore does not meet the definition of a discontinued operation of a major line of business as defined by IFRS 5.

        During the period from January 1, 2026, to the date of loss of control, the six companies removed from the scope of consolidation contributed €16.4 million to the Group's consolidated revenue (€32.5 million during the first half of 2025) and -€8.1 million to the consolidated

        operating margin (€2.4 million during the first half of 2025).

        The income related to the loss of control of these companies amounts to €7.1 million and breaks down as follows:

      • The net assets of the liquidated companies amounted to €45.3 million as of the date of loss of control. This amount includes the impairment loss on the intangible asset related to customer relationships associated with these companies' operations, recognized in the amount of €2.7 million, which occurred concurrently with the permanent termination of the significant contract mentioned above and the loss of control over the entities in question.

      • The impairment of intragroup receivables held from these companies which were previously eliminated as

        part of the consolidation in the amount of €38.3 million, as these reciprocal balances are no longer intended to be offset due to these companies' exclusion from the scope of consolidation.

        The decline in business activity also resulted in restructuring costs related to the discontinuation of operations at the liquidated companies, totaling €5.1 million (see Note 5.2).

        Information regarding the deconsolidation is presented in the table below:

        (In millions of euros)

        TOTAL

        Total Assets

        21.3

        Total Equity & Liabilities

        66.6

        Negative book value of deconsolidated net assets

        45.3

        Loss on receivables from deconsolidated companies

        (38.3)

        Gain on deconsolidation

        7.1

        Change in cash and cash equivalents due to deconsolidation

        (0.1)

  2. ‌Significant events 2025
    • As described in the consolidated financial statements as of December 31, 2025, the comparative figures as of June 30, 2025, have been restated to reflect, on the one hand, the removal of the British subgroup "Solutions30 UK" from the scope of consolidation following its entry into voluntary administration and, on the other hand, the sale of the telecommunications

      business of Solutions 30 Iberia ("S30 Spain"). Since these operations were classified as discontinued operations within the meaning of IFRS 5, the corresponding operating results as of June 30, 2025 (€-2.0 million for the United Kingdom and €-0.9 million for Spain) were reclassified to the line item "Net income from discontinued operations."

    • Net income from discontinued operations for the six-month period ended June 30, 2025

      S30 Spain Solutions30 TOTAL

      UK 06.2025

(In millions of euros)

Revenue

5.4

11.8

17.2

Operating expenses

(6.2)

(13.3)

(19.5)

Financial expenses

(0.1)

(0.7)

(0.8)

Pre-tax income from discontinued operations

(1.0)

(2.2)

(3.2)

Taxes

0.1

0.2

0.3

Total current net income from discontinued operations

(0.9)

(2.0)

(2.9)

Net income from discontinued operations

(0.9)

(2.0)

(2.9)

  • ‌Restated consolidated results as of June 30, 2025:‌

    In accordance with the provisions of IFRS 5, the 2025 income statement has been restated to present the Group's UK operations and the divested telecommunications business in Spain as discontinued operations. The income from discontinued and divested operations is now presented under the line item "Net income from discontinued operations."

    Restated income as of June 30, 2025

    (In millions of euros)

    2025

    reported

    Reclassifications Reclassifications IFRS 5 IFRS 5

    Spain United Kingdom

    2025

    restated

    Revenue

    467.4

    (5.4)

    (11.8)

    450.2

    Operating margin (Adjusted EBITDA)

    31.5

    -

    0.2

    31.7

    Operating income

    (10.8)

    0.9

    1.5

    (8.5)

    Net financial income

    (7.4)

    0.1

    0.7

    (6.5)

    Net income from continuing operations

    (16.4)

    0.9

    2.0

    (13.5)

    Net income from discontinued operations

    -

    (0.9)

    (2.0)

    (2.9)

    Consolidated net income

    (16.4)

    -

    -

    (16.4)

  • ‌Restated consolidated statement of cash flows as of June 30, 2025:

(In millions of euros)

2025

reported

Reclassifications Reclassifications IFRS 5 IFRS 5

United Kingdom Spain

2025

restated

CONSOLIDATED NET INCOME

(16.4)

-

-

(16.4)

Non-monetary items from discontinued operations:

Depreciation, amortization and impairment from discontinued operations

-

1.1

0.5

1.6

Allocations to provisions for discontinued operations

-

(0.1)

-

(0.1)

Change in deferred taxes for discontinued operations

-

(0.2)

(0.1)

(0.2)

Elimination of interest expenses for discontinued operations

-

-

0.1

0.1

Operating cash flow from consolidated companies

20.4

-

-

20.4

Change in working capital requirements for operations

(42.0)

-

-

(42.0)

Components of discontinued operations:

Change in working capital requirements related to discontinued operations

-

0.3

(2.0)

(1.8)

Net cash flows from operating activities

(21.5)

-

-

(21.6)

Of which, cash flows related to discontinued operations

-

(0.9)

(2.4)

(3.3)

CASH FLOW FROM INVESTING ACTIVITIES

Components of discontinued operations:

Acquisition of fixed assets related to discontinued operations

-

(0.2)

-

(0.2)

Net cash flow from investing activities

(11.9)

-

-

(11.9)

CASH FLOW FROM FINANCING ACTIVITIES

Components of discontinued operations:

Interest paid on borrowings related to discontinued operations

-

-

(0.1)

(0.1)

Repayment of lease liabilities related to discontinued operations

-

(0.1)

(0.1)

(0.3)

Net cash flow from financing activities

(4.2)

-

-

(4.2)

Of which, cash flows related to discontinued operations

-

(0.1)

(0.2)

(0.4)

Impact of currency exchange rate fluctuations on discontinued operations

-

0.7

-

0.7

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

(37.1)

-

-

(37.1)

Opening cash balance

96.3

96.3

Closing cash balance

59.1

59.1

‌PERFORMANCE ‌Note 4: Revenue‌
  1. ‌Breakdown of revenue

The breakdown of the Group's revenue from contracts with customers by activity type is as follows:

(In millions of euros) Benelux France Germany Other

2026

On-site services

169.2

118.6

40.7

69.9

398.3

Connectivity

139.3

41.5

37.6

56.8

275.3

Energy

19.7

46.2

3.1

4.9

73.8

Technology

10.2

30.8

-

8.2

49.2

Leasing of payment terminals

-

2.0

-

-

2.0

Technology

-

2.0

-

-

2.0

Total revenue from contracts with customers

169.2

120.6

40.7

69.9

400.3

(In millions of euros) Benelux France Germany Other

2025 restated

On-site services

181.4

152.3

47.3

67.2

448.2

Connectivity

137.4

71.1

45.1

55.7

309.3

Energy

31.1

51.7

2.2

4.3

89.4

Technology

12.9

29.4

-

7.2

49.5

Leasing of payment terminals

-

2.0

-

-

2.0

Technology

-

2.0

-

-

2.0

Total revenue from contracts with customers

181.4

154.3

47.3

67.2

450.2

‌As of June 30, 2026, group revenue is down -11.1% compared to June 30, 2025.

‌Note 5: Operating income‌
  1. Operating margin (Adjusted EBITDA)

    The main indicator of group operating profitability is the operating margin (adjusted EBITDA). It corresponds to operating income before depreciation, amortization, reversals, and provisions, income from the sale of holdings, the cost of services provided by the Group's holding company and other non-recurring operating income and expenses.

    Solutions30's segment reporting is based on geographical segments, the same as in the internal management data used by the group management board, and in accordance with the principles of IFRS 8.

    (In millions of euros)

    Benelux

    France

    Germany

    Countries

    HQ*

    2026

    Revenue

    169.2

    120.6

    40.7

    69.9

    -

    400.3

    Operating margin (Adjusted EBITDA)

    19.0

    (1.2)

    (0.8)

    5.0

    (4.9)

    17.0

    Operating margin (Adjusted EBITDA) as a %

    11.2 %

    (1.0)%

    (1.9)%

    7.1 %

    -

    4.2 %

    (In millions of euros)

    Benelux

    France

    Germany

    Countries

    HQ*

    2025 restated

    Revenue

    181.4

    154.3

    47.3

    67.2

    -

    450.2

    Operating margin (Adjusted EBITDA)

    21.4

    7.0

    3.7

    4.4

    (4.9)

    31.7

    Operating margin (Adjusted EBITDA) as a %

    11.8 %

    4.5 %

    7.9 %

    6.5 %

    -

    7.0 %

    *Group central operations costs

  2. ‌Other non-recurring operating income and expenses‌

    Non-recurring operating expenses for the first half of 2026 totaled €9.3 million. These consist primarily of restructuring costs related to the termination of a telecommunications contract in France and workforce reductions implemented, particularly in France and Belgium, totaling €7.2 million, as well as a charge of

    €1.6 million related to the reduction in operations in Germany, following a customer's decision to halt the deployment of fiber-optic networks in several cities. The amount of compensation that may be obtained from this German customer is currently under discussion; its potential accounting impact has not been reflected in the financial statements as of June 30, 2026.

    ‌Non-recurring operating expenses for the first half of 2025 totaled €7.7 million. They mainly included restructuring costs related to personnel cuts (€5.3 million), impairment of trade receivables following the closure of a partner's business (€1.2 million), and expenses linked to the closure of the Xperal business (€0.8 million).

  3. Share-based payment

The Group reported an expense of €0.3 million in 2025 (€0.1 million in the first half of 2025) in respect of share-based payment transactions, which is presented under "Other non-recurring operating expenses" (see Note 5.2).

‌WORKING CAPITAL Note 6: Trade and other receivables
  1. ‌Trade receivables and related accounts‌‌

    At June 30, 2026, receivables totaled €236.1 million (€240.9 million at December 31, 2025):

    (In millions of euros)

    30.06.2026

    31.12.2025

    Trade receivables

    98.1

    80.1

    Invoices to be issued

    95.9

    100.1

    Contract assets

    36.0

    50.9

    Trade payables - advances and down payments

    6.1

    9.9

    TOTAL

    236.1

    240.9

    Total assigned receivables, deconsolidated under the Group's non-recourse factoring program, amounted to €45.3 million at June 30, 2026 (€61.4 million at December 31, 2025).

    During the first half of 2026, the Group recognized an impairment of €-0.6 million (€0.3 million during the first half of 2025) on its trade receivables. All trade receivables and related accounts are due in less than one year.

  2. ‌Lease receivables

Lease receivables relate to the lease contracts for payment terminals marketed by the group. At June 30, 2026, lease receivables stood at €2.0 million (2025: €2.0 million).

FINANCIAL STRUCTURE AND FINANCIAL RISK MANAGEMENT ‌Note 7: Cash and cash equivalents‌

The Group's cash and cash equivalents are as follows:

(In millions of euros)

30.06.2026

31.12.2025

Money market

0.5

0.5

Cash and cash equivalents

45.8

72.7

TOTAL

46.3

73.2

‌Note 8: Loans and related debts‌
  1. ‌Debt

    The Solutions30 Group has short-, medium- and long-term bank loans, with €113.4 million in remaining principal as of June 30, 2026, compared with €109.6 million at the end of 2025.

  2. ‌Earnouts, call and put options granted to minority shareholders

Earnouts, call options, and put options are recognized at fair value and recorded under "Debt, short-term" in the statement of financial position if they are due within 12 months of the end of the fiscal year, or under "Debt, long-term" if they are due beyond a 12-month period. The change in the fair value of debts related to future earnouts and call options is presented in the table below:

(In millions of euros)

01.01.2026

Increase Earnout Fair value

payment adjustment

30.06.2026

Earnouts

0.3

- -

-

0.3

Put and call options

5.7

- (0.3)

(0.2)

5.2

TOTAL

6.0

- (0.3)

(0.2)

5.5

The fair value of earnouts, put options, and call options is based on the present value of probable future cash flows taking into account the Group's contractual commitments (level 3). Changes in fair value have been recognized in the consolidated statement of comprehensive income under "Financial income".

The Group analyzed whether the fair value of earnouts, put options, and call options was reasonable given the modifications made to the primary assumptions used to determine this fair value. These sensitivity calculations show that a 5% change in assumed future cash flow would have the following impact on the fair value figures and therefore on the Group's consolidated financial statements at June 30, 2026.

Sensitivity to future cash flow

(In millions of euros)

- 5 %

+ 5 %

Earnouts

-

-

Put and call options

(0.3)

0.3

TOTAL

(0.3)

0.3

‌Note 9: Financial risk management‌
  1. ‌Nature and management of financial risks

    The Group's activities are exposed to certain risk factors described in note 13 to consolidated financial statements as of December 31, 2025. These risks have not changed significantly as of June 30, 2026.

  2. ‌Information on the evaluation, classification, and fair value of financial assets and liabilities

The following table presents information about the book values of financial instruments and the fair values of financial instruments at June 30th.

(In millions of euros)

30.06.2026

31.12.2025

Financial

statements note

IFRS 9*

Category

Book Fair value Book value value

Fair value

Non-current financial assets

15.1

AC

2.5

2.5

3.2

3.2

Trade receivables and related accounts

6.1

AC

236.1

236.1

240.9

240.9

Lease receivables

6.3

AC

2.0

2.0

2.0

2.0

Other receivables**

6.2

AC

17.0

17.0

16.7

16.7

Derivative financial assets

13.1

FVTPL***

0.2

0.2

0.1

0.1

Cash and cash equivalents

9

FVTPL

46.3

46.3

73.2

73.2

Financial assets

304.1

304.1

336.2

336.2

Debt (borrowing, lines of credit, bank

overdrafts)

10.2

AC

113.4

113.4

109.6

109.6

Debt (earnouts, call and put options)

10.2; 10.3

FVTPL***

5.5

5.5

6.0

6.0

Lease liabilities

11

CA

46.5

46.5

57.3

57.3

Derivative financial liabilities

FVTPL***

-

-

0.1

0.1

Trade payables

AC

158.0

158.0

172.2

172.2

Other current liabilities

AC

11.7

11.7

20.7

20.7

Financial liabilities

335.1

335.1

365.8

365.8

* "AC" stands for "amortized cost" and "FVTPL" stands for "fair value through profit or loss"

** Excludes tax claims, tax receivables, and social security receivables

*** Level 2 of the fair value hierarchy

**** Level 3 of the fair value hierarchy

The Group divides its financial assets into the following categories: assets measured at fair value through profit or loss ("FVTPL") and assets measured at amortized cost ("AC").

The Group divides its financial liabilities into the following categories: liabilities measured at fair value through profit or loss ("FVTPL") and liabilities measured at amortized cost ("AC").

‌Financial assets and liabilities measured at their fair value are ranked in 3 levels. Levels 1 to 3 in the fair value hierarchy each represent a level of fair value observability:

  • Level 1 fair value evaluations are based on quoted prices in active markets for identical assets or liabilities.

  • Level 2 fair value evaluations are those based on inputs other than the quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

  • Level 3 fair value evaluations are those determined using valuation techniques that include inputs for the asset or liability that are not based on observable market data.

LONG-TERM ASSETS AND LIABILITIES ‌Note 10: Intangible assets‌
  1. ‌Breakdown of major assets by sector

    The Group's segment reporting is based on geographical segments, the same as in the internal management data used by the group management board, and in accordance with the principles of IFRS 8.

    (In millions of euros)

    30.06.2026

    Benelux

    France

    Germany

    Other

    Goodwill

    58.9

    28.3

    29.4

    0.4

    0.8

    (In millions of euros)

    31.12.2025

    Benelux

    France

    Germany

    Other

    Goodwill

    58.9

    28.3

    29.4

    0.4

    0.8

  2. ‌Impairment tests for intangible assets

The Group performed its annual impairment test in December 2025 and updates it whenever circumstances indicate a risk of impairment. The Group's impairment test for goodwill and intangible assets is based on the calculation of value in use. The key assumptions used to determine the recoverable amounts of the various cash-generating units are presented in the 2025 consolidated financial statements.

‌During the first half of 2026, indicators of impairment were identified for the cash-generating units in France and Germany. In France, these figures are primarily due to the termination of a significant contract in the Connectivity business. In Germany, this was due to a decline in operations following a customer's decision to halt the deployment of fiber-optic networks in several cities.‌

Consequently, as of June 30, 2026, the Group updated the impairment tests for the French and German CGUs based on the information and outlook available as of the balance sheet closing date. The determined recoverable amounts remain higher than the carrying amounts of the assets in question. Consequently, no impairment of goodwill or other intangible assets was recognized as of June 30, 2026.

For the Group's other cash-generating units, no indications of impairment were identified during the first half of 2026. Consequently, the results of the impairment tests performed as of December 31, 2025, remain unchanged.

Sensitivity analysis of the value-in-use of cash-generating units (CGU) to the proposed scenarios:

change of 100 basis points in the assumed discount rate, a change of 50 basis points in the long-term growth rates, or a change of 100 basis points in the adjusted EBITDA margin would not have a significant impact on the results of the impairment tests and, therefore, on the Group's consolidated financial statements.

As part of the update to the impairment tests performed as of June 30, 2026, for the France and Germany CGUs, sensitivity analyses were also performed on the key assumptions. These analyses do not indicate any impairment.

Note 11: Other non-current liabilities

Other non-current liabilities totaled €14.1 million as of June 30, 2026.

This item represents a rescheduled debt owed to one of the Group's business partners, resulting primarily from the balance of a cash advance granted to the Group to support, under deteriorating operating conditions, the resumption of operations by a defaulting third-party subcontractor, supplemented by amounts due in connection with the performance of operating contracts, the repayment terms of which were restructured as part of an agreement reached during the year.

This agreement provides for a phased repayment extending through 2033. Pending repayment of this debt, the company has committed to not distributing any dividends, reserves, or premiums.

Based on the sensitivity analysis disclosed in the consolidated financial statements for December 31, 2025, these sensitivity calculations show that changes that are reasonably possible in the Benelux region such as a

‌OTHER ‌Note 12: Off-balance sheet commitments related to operating activities‌

Guarantees granted (pledges, mortgages, guarantees, etc.) are listed below. Guarantees received from group companies are excluded.

Country

Principal

Type of guarantee

Guaranteed obligations

Term

Amount in millions of euros

Germany

Solutions30 Field Services Sud Gmbh

Customer guarantee

Obligations arising from the performance of services under contract, in particular those relating to the telecoms business

Applicable during the entire contractual relationship

19.0

Belgium

Group's Belgian companies

Demand guarantee

Obligations arising from bank guarantees

Applicable during the entire contractual relationship

15.0

Belgium

Group's Belgian companies

Customer guarantee

Obligations arising from the performance of services under contract, in particular those relating to the telecoms and energy businesses

Applicable during the entire contractual relationship

9.1

Germany

Solutions30 Field Services Sud Gmbh

Guarantee

Obligations arising from the performance of services under contract, in particular those relating to the telecoms business in Germany

Applicable during the entire contractual relationship

4.5

Spain

Group's Spanish companies

Customer guarantee

Obligations arising from the performance of services under contract, in particular those relating to the telecoms business

Applicable during the entire contractual relationship

1.6

France

SOLUTIONS 30 ETC

Indemnity bond

Obligations arising from the performance of services under contract, including the provision of payment terminals

Applicable during the entire contractual relationship

0.8

Poland

S30 Group's Polish companies

Customer guarantee

Obligations arising from the performance of services under contract, in particular those relating to the telecoms business

Applicable during the entire contractual relationship

0.4

France

Solutions30 Energies SARL

Guarantee

Obligations arising from the performance of services under contract, in particular those relating to the photovoltaic business

Applicable during the entire contractual relationship

0.3

Belgium

Group's Belgian companies

Customer guarantee

Obligations arising from the performance of services under contract, in particular those relating to the telecoms and energy businesses

Applicable during the entire contractual relationship

0.2

France

Group's French companies

Demand guarantee

Payment of any amount charged by the beneficiary as part of their business and of any product or service provided via its fuel cards

Applicable during the entire contractual relationship

0.2

Spain

Group's Spanish companies

Bank guarantee

Payment of any amount charged by the beneficiary in connection with its business

Applicable during the entire contractual relationship

0.1

Spain

Group's Spanish companies

Demand guarantee

Payment of any amount charged by the beneficiary as part of their business and of any product or service provided via its fuel cards

Applicable during the entire contractual relationship

0.1

‌Note 13: Income taxes‌
  1. ‌Tax expense

    The Group calculates the income tax expense for the period using the tax rate that would apply to the total expected annual income. The tax expense consists of:

    (In millions of euros)

    2026

    2025

    restated

    Deferred taxes

    (1.0)

    2.9

    Current taxes

    (2.9)

    (1.3)

    Income taxes

    (3.9)

    1.5

  2. ‌Loss carryforwards

The principles used for recognizing and measuring deferred tax assets related to tax loss carryforwards are described in Note 17.3 to the consolidated financial statements as of December 31, 2025.

During the first half of 2026, events that could affect the recoverability of certain deferred tax assets were identified in France and Germany. In France, these figures are primarily due to the termination of a significant contract in the telecommunications business. In Germany, this was due to a decline in operations following a customer's decision to halt the deployment of fiber-optic networks in several cities.

‌Consequently, as of June 30, 2026, the Group reassessed the recoverability of the deferred tax assets recognized in connection with tax loss carryforwards in these two countries. This analysis was based on updated five-year business plans consistent with those used for the asset impairment tests performed as of June 30, 2026.‌

Based on this review, the Group believes it remains probable that future taxable income will be sufficient to allow for the use of capitalized tax loss carryforwards within the timeframes established at the close of the year ending December 31, 2025. Consequently, no impairment or adjustment to deferred tax assets related to tax loss carryforwards was recognized for France and Germany as of June 30, 2026.

‌Note 14: Related party disclosures‌

During the first half of 2026, there was no significant change in transactions with related parties compared to December 31, 2025 (see note 18 in the Notes to the Consolidated Financial Statements).

‌Note 15: Important events after the end of the reporting period‌
  • As of July 31, 2026, the Belgian company Brabamij Technics was merged into Unit-T Certified Service with retroactive effect as of January 1, 2026.

  • On August 12, 2026, bankruptcy proceedings were initiated against the Dutch company Solutions30

    Projects B.V. Management analyzed this post-closing event and concluded that it does not have a significant impact on the Group's consolidated financial statements as of June 30, 2026.

  • As part of the Group's strategic repositioning aimed at reducing its exposure to the mature market for fiber-optic deployment in France (see Note 3.3), the court ordered on August 31, 2026, the commencement of judicial liquidation proceedings against Solutions30 Grand Sud-Ouest. Based on data available as of June 30, 2026, the removal of this subsidiary from the scope of consolidation following the resulting loss of control is expected to generate revenue of approximately €8.5 million, with the final amount to be determined at the end of the fiscal year.

Note 16: List of consolidated subsidiaries

The Group's subsidiaries contributing to the financial information presented in these consolidated financial statements are listed in note 21.5 of the annual consolidated financial statements for the year ended December 31, 2025, excluding the 2026 scope changes mentioned in Note 3.

‌AUDITOR'S REPORT ON THE CONDENSED‌

4 INTERIM CONSOLIDATED FINANCIAL STATEMENTS





‌REPORT OF THE STATUTORY AUDITOR

To the Shareholders of Solutions30 SE

21, rue du Puits Romain L-8070 Bertrange

Report on Review of Interim Condensed Consolidated Financial Statements Introduction

We have reviewed the accompanying interim condensed consolidated financial statements of Solutions30 SE (the "Group") for the period from 1 January to 30 June 2026, which comprise the consolidated statements of financial position, of comprehensive income, changes in consolidated equity, statement of cash flows, and the notes, including a summary of significant accounting policies and other explanatory notes. The Management Board is responsible for the preparation and fair presentation of the interim consolidated condensed financial statements in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the European Union. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (ISRE 2410), Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

PKF Audit & Conseil Sàrl

Cabinet de révision agréé - RC B222994

76 Avenue de la Liberté L1930 Luxembourg +352 28 80 12

PKF Audit & Conseil is a member of PKF Global, the network of member firms of PKF International Limited, each of which is a separate and independent legal entity and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm(s).



Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements do not present fairly, in all material respects, the financial position of the Group as at 30 June 2026, and its financial performance and its cash flows for the six-month period then ended in accordance with IAS 34 as issued by the International Accounting Standards Board and as adopted by the European Union.

Material Uncertainty Related to Going Concern

We draw attention to Note 2.1, Basis of preparation of the interim condensed consolidated financial statements, which indicates that the Group incurred losses for the six-month period ended June 30, 2026, and experienced a decrease in cash during the period. As indicated in the note, Management has implemented several turnaround measures with respect to the Group's operations and is engaged in discussions with its financial partners. These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern.

Our conclusion is not modified in respect of this matter.

Luxembourg, September 17, 2026

PKF Audit & Conseil SARL

Licensed audit firm

Jean Medernach

This is a translation into English of the review report of interim condensed consolidated financial statements issued in French.

‌SolntionsüO

SoíuLions pour íes Nouvelles Technologies

Earlier from Solutions 30

All Solutions 30 news releases