H1 2025-2026 Results

Paris, 4 March 2026

H1 2025-2026

results

• H1 2025-2026 revenue of €361.9 million, versus €389.3 million1 in H1 2024-2025, representing a decline of -3.3% like-for-like and -7.1% on a reported basis, due as announced to the disposal of franchised stores, against a still sluggish backdrop which also impacted adjusted EBITDA (€4.7 million at 31 December 2025 vs €8.9 million at 31 December 2024) and free cash flow ((€60.2 million) at 31 December 2025 vs (€31.8 million) at 31 December 2024).

• Group net income of (€89.4 million) versus (€38.1 million) in H1 2024-2025 impacted by the Goodwill impairment at Boulangerie Louise of (€50.4 million).

• Very rapid implementation of the new Strategic plan which helped achieve several targets as of end-2025:

  • In Garden Centre/Pet Retail

    • 97% of the network already franchised vs target of a return to full franchising for Gamm vert by the end of 2026,

    • End of the Noé, la Maison des Animaux experiment (three points of sale) in December 2025,

    • The reorganisation expected by the end of June 2026 of support and logistics functions in Garden Centre/Pet Retail has

      almost been completed at the beginning of 2026,

    • Own brand penetration rate of 25.8% at end-2025 vs target of 27.5% by June 2026,

    • Major advances in the e-commerce business with the double-digit growth target already achieved since 30 June 2025

      - and 320 third-party sellers at end-2025.

  • In Food Retail

    • Performance of the Boulangerie Louise franchise in line with targets, a growth model that continues to be deployed,

    • Disposal of Bio&Co finalised since October 2025,

    • Strong performance of flagship corners in Fresh Food stores.

• Almost all of the €35 million from store disposals cahsed-in at the end of December 2025 and €22.7 million in cost reductions already achieved at end-December 2025 of a targeted cumulative total amount of €40 million by end-June 2027.

• Following the 15 January 2026 announcement, InVivo Group and the Founders filed a proposed public buy-out offer followed by a squeeze-out of TERACT shares with the French Financial Markets Authority (AMF - Autorité des Marchés financiers) on 5 February 2026. This proposal and the contemplated changes to the share capital form part of a broader process aimed at strengthening strategic clarity, stabilising the shareholder base and improving TERACT's operational efficiency. In this context, InVivo Group intends to acquire the entire share capital of TERACT to fully support this process2.

‌1 In response to increased revenue from its own-brand brands, TERACT has restated its accounting treatment for the presentation of services and commercial partnerships received from its suppliers. As of June 30, 2025, an analysis of these services received, where TERACT acts as the "principal" supplier according to IFRS 15, led to a revision of their presentation in the income statement. These services, which were previously included in TERACT's revenue, are now presented as a deduction from cost of goods sold. The impact of this change is a decrease in revenue of (€6.8 million) for the financial statements ending December 31, 2024.

‌2All documentation relating to this proposed Offer is available on TERACT's website: https://teract.com/en/public-buy-out-offer

TERACT's business volume varies considerably over the course of the year, which can make it difficult to compare the consolidated financial statements for the first and second half-year periods. Seasonality effects have a particularly strong impact on revenue, adjusted EBITDA, current operating income and cash flow generation. In terms of Group revenue, the second half (1 January to 30 June) is typically stronger than the first half (1 July to 31 December), notably due to increased activity over the "peak season" (March to June) in the Garden Centre segment. In contrast, as most operating expenses (personnel costs, amortisation expenses, etc.) are spread out on a straight-line basis over the year, the Group's current operating income is historically weaker in the first half than in the second.

Breakdown of revenue by segment

Financial indicators

‌3 Constant scope restating all changes in the scope of consolidation.

‌4 In response to increased revenue from its own-brand brands, TERACT has restated its accounting treatment for the presentation of services and commercial partnerships received from its suppliers. As of June 30, 2025, an analysis of these services received, where TERACT acts as the "principal" supplier according to IFRS 15, led to a revision of their presentation in the income statement. These services, which were previously included in TERACT's revenue, are now presented as a deduction from cost of goods sold. The impact of this change is a decrease in revenue of (€6.8 million) for the financial statements ending December 31, 2024.

‌5 Defined as current operating income plus the elimination of expenses (or income) related to depreciation/amortisation or impairment (or reversals of depreciation/amortisation or impairment) of fixed assets.

‌6 Based on net cash flow from operating activities, plus disposals and deductions of property, plant and equipment and intangible assets and after the deduction of investments in property, plant and equipment and intangible assets.

Revenue for the Garden Centre/Pet Retail business, which includes the Jardiland, Gamm vert (and Frais d'ICI corners), Delbard and Jardineries du Terroir banners, amounted to €294.2 million for H1 2025-2026, compared to €317.5 million7 in H1 2024-2025. This represents a decrease of -7.3% on a reported basis and

-3.9% like-for-like, due to the return to franchising of 38 Gamm vert stores over the period, as stated in the 2024-2025 annual results publication8. Despite a consumer backdrop that remains challenging, TERACT continued to focus on its strategic targets by achieving an own brand penetration rate at 31 December 2025 of 25.8% of integrated store sales and consistently achieving double-digit growth in its e-commerce business since 30 June 2025.

In Food Retail, which includes the Grand Marché La Marnière and Boulangerie Louise banners, revenue stood at €67.6 million in H1 2025-2026. This represented a -5.8% decrease on a reported basis and -0.8% like-for-like, also due to the disposal of Bio&Co in October 2025 and the lesser performance of certain integrated Boulangerie Louise stores. In contrast, franchised stores enjoyed a positive performance over the half year thanks to a more flexible, capex-efficient and profitable model. Finally, the strong performance of the Grand Marché La Manière stores in Fresh Food was driven by the flagship fruit and vegetable, poultry and meat corners.

€0.5 million in H1 2024-2025. This expense mainly included in H1 2025-2026 the Goodwill impairment at Boulangerie Louise. This unfavorable economic context weighed on the Group's performance, particularly on the Boulangerie Louise integrated stores, leading to a revision of the business plan for the Boulangerie Louise Business CGU. Based on this revised plan, an impairment test was performed, resulting in the recognition of an impairment of the goodwill related to the Boulangerie Louise Business CGU of (€50.4) million as of December 31, 2025 (no cash impact). The other operating income and expenses in H1 2025-2026

‌7 In response to increased revenue from its own-brand brands, TERACT has restated its accounting treatment for the presentation of services and commercial partnerships received from its suppliers. As of June 30, 2025, an analysis of these services received, where TERACT acts as the "principal" supplier according to IFRS 15, led to a revision of their presentation in the income statement. These services, which were previously included in TERACT's revenue, are now presented as a deduction from cost of goods sold. The impact of this change is a decrease in revenue of (€6.8 million) for the financial statements ending December 31, 2024.

‌8 See the press release dated 8 October 2025.

included, to a lesser extent, the positive impact of capital gains from the disposal of Bio&Co and Gamm vert stores.

The Group's free cash flow stood at (€60.2 million) at 31 December 2025 compared to (€31.8 million) at 31 December 2024. This was due to net cash flow from activities corresponding to an outflow of (€58.8 million), compared to an outflow of (€7.7 million) at 31 December 2024. Cash flow decreased to (€0.1 million) at 31 December 2025 versus €9.3 million at 31 December 2024, mainly due to a decrease in EBITDA. Furthermore, the change in WCR was impacted in H1 2025-2026 ((€58.6 million) as of December 31, 2025, compared to (€21.1 million) as of December 31, 2024), particularly in the Garden Centre/Pet retail segment: TERACT ensured that its trade payables were settled as quickly as possible. Moreover, sound inventory management helped optimise this component of WCR. Finally, capex was down markedly over the period (€9.8 million compared to €25.6 million at 31 December 2024), notably following the disposal of stores and the streamlining of IT expenditure.

The Group posted net debt of €553.3 million at 31 December 2025 (stable vs €551.8 million at 31 December 2024), of which €361.0 million with its parent company InVivo Group and €191.7 million in rental liabilities. The change compared to 30 June 2025 is mainly due to seasonality effects, as net debt at 30 June is structurally weaker given the significant business volume recorded at the end of the farming year.