HALF-YEARLY RESULTS 30th June 2026
External Public
The LISI Group announces a significant improvement in its results for the 1st half of 2026, ahead of schedule
- Revenue growth driven by strong activity across all segments of the aerospace market,
- Improved profitability ahead of schedule: current operating margin of 11.3%, supported by significant productivity gains and the increasing value of the product portfolio in both divisions,
- Half-year EBIT exceeded €100 million for the first time,
- FCF remains positive, with capacity investments and inventory levels tailored to support the acceleration of business at the LISI AEROSPACE division and thereby secure customer deliveries.
- 2026 targets confirmed driven by high-stakes projects: improvement for the fourth consecutive fiscal year of key financial indicators, including current operating income, as well as, once again, the generation of a positive Free Cash Flow*.
Paris, July 23, 2026—LISI today announced its results for the 1st half-year ended June 30, 2026. These financial statements were subject to a limited review by the Statutory Auditors and were presented to the Board of Directors at its meeting held today.
Six months ended June 30
| Key items in the income statement | H1 2026 | H1 20251 | Change |
|---|---|---|---|
| Revenue M€ | 942.9 | 891.7 | +5.7% |
| EBITDA M€ | 148.3 | 133.1 | +11.4% |
| EBIT M€ | 106.2 | 86.5 | +22.8% |
| Current operating margin % | 11.3% | 9.7% | +1.6 pts |
| Reported net income for the period attributable to the company’s equity holders M€ | 62.4 | 38.5 | +62.1% |
| Diluted earnings per share € | 1.34 | 0.83 | +67.5% |
| Key items in the cash flow statement | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Cash flow from operations M€ | 119.4 | 88.8 | +30.6 €M |
| Net capital expenditures M€ | -48.0 | -52.7 | -4.7 €M |
| Operating Free Cash Flow2 M€ | 5.9 | -14.3 | +20.2 €M |
Key Financial Highlights
| H1 2026 | 12/31/2025 | Change | |
|---|---|---|---|
| Net financial debt M€ | 265.1 | 233.7 | +31.4 €M |
| Net debt-to-equity ratio % | 23.2% | 21.4% | +1.8 pts |
Comments on the Half-Year Performance
| Revenue in M€ | 2026 | 20251 | 2026 / 2025 | On a like-for-like basis and at constant exchange rates |
|---|---|---|---|---|
| 1st quarter | 468.0 | 442.0 | +5.9% | +10.9% |
| 2nd quarter | 474.9 | 449.7 | +5.6% | +7.0% |
| 6 months ended June 30 | 942.9 | 891.7 | +5.7% | +9.2% |
* The consolidated figures for 2025 do not include LISI MEDICAL’s revenue for the first quarter of 2025, which amounted to €44.7 million, or for the second quarter, which amounted to €42.4 million.
Consolidated revenue for the first half of 2026 totaled 942.9 €M, up +5.7% compared to the same period in 2025, and reflects the following factors:
- an average negative currency impact of -28.2 €M (3.0% of revenue), resulting primarily from the weakening of the average U.S. dollar exchange rate against the euro;
- a scope-of-consolidation effect of +3.3 €M (0.4% of revenue) related to the acquisition of LISI AUTOMOTIVE Hungary on September 30, 2025;
- a scope-of-consolidation effect of -5.6 €M (0.6% of revenue) related to the removal of Ankit (India) from the LISI AEROSPACE scope of consolidation on December 31, 2025.
Adjusted for currency and scope changes over the first six months of the year, organic growth remained at a high level of +9.2% of revenue.
EBITDA reached 148.3 €M, an increase of 15.2 €M compared to H1 2025. Both divisions contributed to this result:
- LISI AEROSPACE: strong volume effect and improved industrial productivity. This improvement stems, on the one hand, from the automation of manufacturing processes, and on the other hand, from training efforts for the many new hires in 2023 and 2024,
- LISI AUTOMOTIVE: progress in the structural reduction of the break-even point, combined with the continued repositioning of the product portfolio toward higher-value-added products.
The current EBITDA margin reached 15.7% of revenue (14.9% in H1 2025, which had benefited from the lingering effects of inflation on selling prices).
The net effect of provisions and reversals of provisions of +4.3 €M in the first half of 2026 is primarily due to the reclassification of a provision that had no impact on current operating income.
As a result, half-year EBIT exceeded 100 €M for the first time in the Group’s history, reaching 106.2 €M - an increase of 22.8% compared to the first half of 2025 - representing a recurring operating margin of 11.3% versus 9.7% in H1 2025.
Non-recurring operating income and expenses totaled -23.0 €M, compared to -3.4 €M in H1 2025. These primarily reflect costs associated with the transfer of operations from the Puiseux site (France) to other sites within the LISI AUTOMOTIVE division (see the April 23, 2026 press release regarding the first quarter).
The financial result came in at -2.7 €M (-40.0 €M in H1 2025). This is attributable to the following main factors:
- effects related to the revaluation of foreign-currency debts and receivables and the change in the fair value of hedging instruments, amounting to +3.7 €M compared to -29.1 €M in H1 2025;
- financial expenses, corresponding to the cost of net long-term debt, of -8.9 €M (-13.1 €M in H1 2025);
- gains on investments of working capital, amounting to +2.5 €M (+2.2 €M in H1 2025).
The corporate income tax rate was 23.8%, in line with the Group’s historical rates.
Net income amounted to 62.4 €M (representing 6.6% of revenue), compared to 38.5 €M (4.3% of revenue) in H1 2025.
Operating Free Cash Flow was positive at 5.9 €M, driven by an increase in cash flow from operations.
At 119.4 €M, cash flow from operations is up compared to the same period of the prior fiscal year (+30.6 €M) and represents 12.7% of revenue. It covers the full 48.0 €M in funding required for investment programs. These programs are primarily dedicated to advancing strategic initiatives aimed at implementing multi-year industrial programs and developing new products and technologies.
Working capital requirements stand at 84 days of revenue (75 days as of December 31, 2025), with inventories - expressed in terms of days of revenue - on the rise (109 days compared with 99 days as of December 31, 2025). These inventories consist primarily of raw materials and work-in-progress intended to support production increases in the coming months to meet the sharp rise in demand from major customers in the LISI AEROSPACE division.
Taking these factors into account and in line with established objectives, operating Free Cash Flow was positive at 5.9 €M (0.6% of revenue).
Solid financial structure characterized by the Group’s historically low debt level
Net financial debt stood at 265.1 €M in the first half of 2026, including 123.3 €M in debt related to lease agreements (IFRS 16). It represents 23.2% of equity and 1.0x current EBITDA (annualized). It is well below the covenants authorized by the banking partners, which are set at 120% of equity and 3.5x current EBITDA (annualized), respectively.
LISI AEROSPACE (70% of total consolidated revenue)
- Significant revenue growth driven by strong activity across all segments of the aerospace market and market share gains,
- Improved manufacturing productivity following the high level of hiring in recent years and the implementation of plans to optimize production flows,
- Positive operating Free Cash Flow amid a rise in work-in-progress inventory to meet the sharp increase in demand from the division’s major customers.
Analysis of Revenue Trends
| Revenue in M€ | 2026 | 2025 | 2026 / 2025 | On a like-for-like basis and at constant exchange rates |
|---|---|---|---|---|
| 1st quarter | 325.1 | 294.4 | +10.4% | +17.6% |
| 2nd quarter | 338.1 | 306.5 | +10.3% | +13.1% |
| 6 months ended June 30 | 663.2 | 600.8 | +10.4% | +15.8% |
Aerospace Market
Global air traffic and cargo volumes performed well during the first half of the year despite the crisis in the Strait of Hormuz.
The global commercial aviation market remains strong, with long-term prospects still favorable, as reflected in the high volume of orders received by major manufacturers. Demand from airlines continues to outpace supply from aircraft manufacturers.
Production rates continue to rise for the Airbus A320 family (currently 66 aircraft per month, with a target of 75 aircraft per month by 2027) as well as for the A350 program. At Boeing, the ramp-up in production of the B737 MAX and B787 has materialized. The strong performance of the helicopter and defense segments, which account for 10% and 15% of the division’s business, respectively, is also helping to support overall demand.
Comments on First-Half Performance
Revenue for the LISI AEROSPACE division reached a record high of 663.2 €M in the first half of 2026, up 10.4% from the already high baseline of the first half of 2025.
With a 23.7% increase, revenue for the “Fasteners” business in the United States during the first half of 2026 posted the strongest growth; it benefited from Boeing’s ramp-up. The “Fasteners” business in Europe and the “Structural Components” business also posted strong growth, up 10.7% and 11.2%, respectively, compared to the first half of 2025.
Adjusted for currency effects and the change in scope resulting from the divestiture of Ankit (India) as of December 31, 2025, the LISI AEROSPACE division’s revenue posted sustained organic growth of +15.8% in the first half of 2026.
Record Results
The division benefited from volume increases, market share gains, initiatives to expand high-valueadded product lines, improved industrial productivity following the initial phase of heavy hiring in previous fiscal years, and the ongoing optimization of production flows.
The current EBITDA margin thus increased by 1.3 points compared to the first half of 2025, reaching 18.4% of revenue. The EBIT totaled 97.3 €M. Operating leverage was particularly strong, driven by improved industrial productivity (revenue: +10.4%, recurring operating income: +30.7%). The recurring operating margin increased by 2.3 points compared to H1 2025 and stood at 14.7% of the division’s revenue.
Operating Free Cash Flow increased compared to the first half of the year (6.6 €M as of June 30, 2026, compared to 1.4 €M as of June 30, 2025), despite an increase in work-in-progress inventory linked to the ramp-up in production.
Capital expenditures totaled 37.1 €M (31.9 €M in 2025), primarily intended to support the ramp-up of production capacity and boost industrial productivity in response to sustained customer demand.
LISI AUTOMOTIVE (30% of total consolidated revenue)
- Decline in global production among the division’s major customers,
- Market share gains driven by strong momentum in new product order intake,
- Temporary effects related to the industrial reorganization following the shutdown of manufacturing operations at the Puiseux-Pontoise site (France).
Analysis of Revenue Trends
| Revenue in M€ | 2026 | 2025 | 2026 / 2025 | On a like-for-like basis and at constant exchange rates |
|---|---|---|---|---|
| 1st quarter | 143.0 | 148.3 | -3.5% | -2.6% |
| 2nd quarter | 136.9 | 143.8 | -4.8% | -6.3% |
| 6 months ended June 30 | 279.9 | 292.1 | -4.2% | -4.4% |
Automotive Market
Global light vehicle registrations fell by -3.9% in the first half of 2026 compared to the same period last year. This decline was particularly pronounced in China (-22.7%) and in the NAFTA region (Canada, United States, Mexico) at -2.1%. The European region, meanwhile, posted growth of +6.1%.
Comments on the Half-Year Performance
Revenue for the LISI AUTOMOTIVE division totaled 279.9 €M in the first half of 2026, down -4.2% compared to the same period in 2025.
Adjusted for currency effects and the change in scope resulting from the consolidation of LISI AUTOMOTIVE Hungary in October 2025, the decline was -4.4% in the first half of 2026 and reflects:
- a 2.5% decline in global production by the division’s automotive manufacturer customers;
- a resolutely maintained strategy to reposition the product portfolio toward higher-value-added product families, initiated several years ago. This focus is reflected in orders for new products, which remain particularly strong, accounting for 12.2% of revenue for the half-year.
The division continues to expand in promising and profitable segments (braking systems, electromobility, interior trim, and cable channels). It demonstrates agility in adapting its product lines and solid operational execution.
Results
The implementation of the industrial reorganization related to the shutdown and transfer of manufacturing activities from the Puiseux-Pontoise site (France) to other sites within the division is proceeding according to plan but is temporarily leading to increases in inventory.
Nevertheless, the division’s financial indicators show good resilience, thanks in particular to the disciplined pursuit of measures to optimize fixed costs.
The current EBITDA margin thus stood at 10.3% (11.1% in H1 2025), and the operating margin reached 4.2% (4.9% in H1 2025). The EBIT totaled 11.8 €M (14.3 €M in H1 2025).
Operating Free Cash Flow for the period was negative at -2.7 €M (+5.0 €M in H1 2025), primarily impacted by the temporary build-up of inventory associated with the transfer of manufacturing activities from the Puiseux-Pontoise site (France) to other entities within the division.
The division also maintained a steady level of investment over the half-year (10.8 €M) to ensure the continued development of new products and improvements in industrial productivity.
LISI GROUP OUTLOOK AND OBJECTIVES FOR 2026–2027
LISI AEROSPACE
The aerospace market remains particularly favorable across all civil platforms. The helicopter and defense segments are also maintaining their strong momentum. Gaining market share with major strategic customers - notably through the renewal of major contracts in 2025 and 2026 - is further driving this growth. In addition, LISI AEROSPACE’s order backlog for 2026 and 2027 remains very strong. The key focus areas are therefore:
- the establishment of additional production capacity (the “Fasteners” business) and the improvement of industrial productivity (the “Structural Components” business), in order to meet growing demand;
- the ability to increase production volumes while maintaining control over the cost structure and inventory levels. The goal is to meet customer needs and ensure the continuity of programs amid persistent, significant pressures across the entire aerospace supply chain.
LISI AUTOMOTIVE
LISI AUTOMOTIVE is continuing the structural initiatives it has been implementing for several years, with two priorities: securing its positioning in new vehicle models and adjusting the fixed-cost structure. These efforts aim to preserve the division’s competitiveness and its ability to rebound in a global automotive market undergoing profound changes in terms of competition, geography, and technology.
Priorities for the second half of the year center on two major areas:
- advancing the industrial reorganization project underway at the Puiseux-Pontoise site (France). This includes transferring production to other sites within the “Clipped Solutions” business, as well as relocating the sales teams and design office to the LISI AEROSPACE site in Saint-Ouen l’Aumône,
- finalizing the operational and functional integration of LISI AUTOMOTIVE Hungary in Györ, along with strengthening industrial capacity at the division’s sites in China, Mexico, and Morocco.
LISI Group
The Group reaffirms its ambition to improve its key financial indicators for the fourth consecutive year in 2026 - most notably recurring operating income - and to generate positive operating Free Cash Flow.
The Group’s longer-term cross-functional strategic initiatives - automation, robotization, digitalization, new products, capacity investments, and rationalization of its geographic footprint - will support the expansion of production capacity, the enhancement of the portfolio’s value, and improved productivity. Given their implementation timelines, learning curves, and the need to adapt industrial resources to program development, their rollout could temporarily moderate operational leverage without undermining the strength of the Group’s current trajectory.
Building on solid financial fundamentals, the LISI Group reaffirms its ability to strengthen its global positions in its high-value-added businesses over the long term.
LISI Group Consolidated Income Statement
| (in thousands of euros) | 06/30/2026 | 06/30/20251 |
|---|---|---|
| REVENUE EXCL. TAX | 942 879 | 891 689 |
| Changes in inventories, finished products and production in progress | 27 714 | 14 390 |
| Total production | 970 593 | 906 078 |
| Other income | 18 282 | 29 308 |
| TOTAL OPERATING REVENUES | 988 875 | 935 386 |
| Consumed goods | (276 424) | (266 979) |
| Other purchases and external expenses | (212 594) | (207 019) |
| Taxes and duties | (7 679) | (7 707) |
| Employee benefits expense (including temps) | (343 838) | (320 567) |
| EBITDA | 148 340 | 133 114 |
| Depreciation | (46 404) | (46 501) |
| Net provisions | 4 257 | (155) |
| CURRENT OPERATING PROFIT (EBIT) | 106 193 | 86 458 |
| Non-recurring operating income and expenses | (23 023) | (3 443) |
| OPERATING PROFIT | 83 169 | 83 015 |
| Financing expenses and revenue on cash | (6 477) | (10 820) |
| Revenue on cash | 2 613 | 2 289 |
| Financing expenses | (9 090) | (13 109) |
| Other financial income and expenses | 3 739 | (29 147) |
| Other financial items | 20 892 | 12 291 |
| Other interest expenses | (17 152) | (41 438) |
| Taxes (including CVAE (Tax on Companies' Added Value)) | (19 143) | (11 136) |
| RESULTS OF CONTINUING OPERATIONS | 61 288 | 31 912 |
| Results from discontinued operations | 6 798 | |
| PROFIT (LOSS) FOR THE PERIOD | 61 288 | 38 710 |
| Attributable as company shareholders' equity | 62 437 | 38 506 |
| Interest not granting control over the company | (1 149) | 204 |
| EARNINGS PER SHARE (IN €) | 1,36 | 0,84 |
| DILUTED EARNINGS PER SHARE (IN €) | 1,34 | 0,83 |
SUMMARY OF STATEMENT OF COMPREHENSIVE INCOME
| (in thousands of euros) | 06/30/2026 | 06/30/2025 |
|---|---|---|
| PROFIT (LOSS) FOR THE PERIOD | 61 288 | 38 710 |
| Elements not recyclable in result | ||
| Revaluation of net liabilities (assets) of defined benefit plans (gross element) | -1 547 | -443 |
| Revaluation of net liabilities (assets) of defined benefit plans (tax impact) | 90 | 0 |
| Elements that can subsequently be recycled as a result | ||
| Exchange rate differences resulting from foreign operations | 14 312 | -46 516 |
| Hedging instruments (gross element) | -701 | 2 736 |
| Hedging instruments (tax impact) | 177 | -698 |
| TOTAL OTHER PORTIONS OF GLOBAL EARNINGS FOR THE PERIOD, AFTER TAXES | 12 331 | -44 921 |
| TOTAL OVERALL INCOME FOR THE PERIOD | 74 290 | -6 212 |
| Attributable as company shareholders' equity | 74 782 | -6 086 |
| Interest not granting control over the company | -491 | -125 |
Consolidated balance sheet of the LISI Group
ASSETS
| ASSETS (in thousands of euros) | 06/30/2026 | 12/31/2025 |
|---|---|---|
| NON-CURRENT ASSETS | ||
| Goodwill | 322 622 | 318 031 |
| Other intangible assets | 24 054 | 24 731 |
| Tangible assets | 703 020 | 676 426 |
| Non-current financial assets | 52 982 | 50 852 |
| Deferred tax assets | 49 206 | 48 067 |
| Other non-current assets | – | – |
| TOTAL NON-CURRENT ASSETS | 1 151 884 | 1 118 107 |
| CURRENT ASSETS | ||
| Inventories | 517 780 | 460 682 |
| Taxes - Claim on the state | 16 473 | 12 770 |
| Trade and other receivables | 292 602 | 241 518 |
| Cash and cash equivalents | 246 756 | 270 437 |
| TOTAL CURRENT ASSETS | 1 073 612 | 985 407 |
| Assets held for sale | – | 13 498 |
| TOTAL ASSETS | 2 225 496 | 2 117 012 |
EQUITY AND LIABILITIES
| TOTAL EQUITY AND LIABILITIES (in thousands of euros) | 06/30/2026 | 12/31/2025 |
|---|---|---|
| 30/06/2026 | 31/12/2025 | |
| SHAREHOLDERS' EQUITY | ||
| Capital stock | 18 615 | 18 615 |
| Treasury shares | (19 742) | (19 796) |
| Consolidated reserves | 1 055 442 | 934 762 |
| Conversion reserves | 28 833 | 14 521 |
| Other elements of comprehensive income | (4 961) | (2 981) |
| Profit (loss) for the period | 62 437 | 139 724 |
| TOTAL SHAREHOLDERS' EQUITY - GROUP'S SHARE | 1 140 619 | 1 084 843 |
| Interest not granting control over the company | 2 598 | 6 175 |
| TOTAL SHAREHOLDERS' EQUITY | 1 143 217 | 1 091 018 |
| NON-CURRENT LIABILITIES | ||
| Non-current provisions | 63 046 | 71 956 |
| Non-current borrowings | 350 500 | 395 118 |
| Other non-currents liabilities | 12 293 | 14 054 |
| Deferred tax liaibilities | 38 940 | 41 844 |
| TOTAL NON-CURRENT LIABILITIES | 464 780 | 522 972 |
| CURRENT LIABILITIES | ||
| Current provisions | 27 706 | 5 753 |
| Current borrowings | 161 307 | 109 040 |
| Trade and other accounts payable | 414 164 | 359 771 |
| Taxes due | 14 322 | 24 027 |
| TOTAL CURRENT LIABILITIES | 617 499 | 498 591 |
| Liabilities directly associated with assets held for sale | – | 4 431 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 2 225 496 | 2 117 012 |
| * Including short-term banking facilities | 20 388 | 14 682 |
LISI Group Consolidated Cash Flow Statement
| (in thousands of euros) | 06/30/2026 | 06/30/2025 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| NET PROFIT (LOSS) | 61 288 | 38 710 |
| Elimination of net expenses not affecting cash flows: | ||
| - Depreciation, Amortization and non-current financial provisions | 46 384 | 45 934 |
| - Changes in deferred taxes | (4 466) | (4 324) |
| - Incarne on disposals, provisions for liabilities and others | 15 795 | 8 967 |
| GROSS CASH FLOW MARGIN | 119 001 | 89 287 |
| Net changes in provisions associated with ongoing operations | 411 | (501) |
| OPERATING CASH FLOW | 119 410 | 88 787 |
| Income tax expense elimination | 23 608 | 17 775 |
| Restatement of financial items (interest and exchange) | 7 202 | 29 720 |
| Effect of changes in inventory | (54 561) | (42 200) |
| Effect of changes in accounts receivable and accounts payable | 2 775 | (17 025) |
| NET CASH PROVIDED BY OR USED FOR OPERATIONS BEFORE TAX | 98 436 | 77 056 |
| Tax paid | (37 384) | (8 924) |
| CASH PROVIDED BY OR USED FOR OPERATING ACTIVITIES (A) | 61 052 | 68 133 |
| INVESTMENT ACTIVITIES | ||
| Acquisition of consolidated companies | – | – |
| Acquired cash | – | – |
| Acquisition of tangible and intangible fixed assets | (58 610) | (53 322) |
| Acquisition of financial assets | (2 003) | (5 000) |
| Change in granted loans and advances | (24) | – |
| TOTAL CASH USED FOR INVESTMENT ACTIVITIES | (60 637) | (58 322) |
| Proceeds from the sale of subsidiaries, net of cash transferred | 6 415 | (6 671) |
| Disposal of consolidated companies | – | – |
| Disposal of tangible and intangible fixed assets | 10 628 | 619 |
| Disposal of financial assets | – | – |
| TOTAL CASH FROM DISPOSALS | 17 042 | (6 053) |
| CASH PROVIDED BY OR USED FOR INVESTMENT ACTIVITIES (B) | (43 594) | (64 377) |
| FINANCING ACTIVITIES | ||
| Capital increase | – | – |
| Capital decrease (OPRA) | – | – |
| Dividends paid to Group shareholders | (21 305) | (17 897) |
| Dividends paid to minority interests of consolidated companies | – | – |
| TOTAL CASH FROM EQUITY TRANSACTIONS | (21 305) | (17 897) |
| New long-term loans | 40 966 | 41 573 |
| New short-term loans | 802 | 1 702 |
| Repayment of long-term loans | (1 424) | 640 |
| Repayment of short-term loans | (60 618) | (59 018) |
| Net interest expense paid | (7 200) | (12 183) |
| TOTAL CASH FROM ON LOANS AND OTHER FINANCIAL LIABILITIES | (27 473) | (27 287) |
| CASH PROVIDED BY OR USED FOR FINANCING ACTIVITIES (C) | (48 778) | (45 184) |
| Effect of change in foreign exchange rates (D) | 1 879 | (12 445) |
| Effect of adjustments in treasury shares (D) | 54 | 644 |
| CHANGES IN CASH (A+B+C+D) | (29 387) | (53 230) |
| Cash at January 1 (E) | 255 754 | 152 270 |
| Cash at year-end (A+B+C+D+E) | 226 368 | 99 040 |
| Cash and cash equivalents | 246 756 | 255 248 |
| Short-term banking facilities | (20 388) | (156 208) |
| CLOSING CASH POSITION | 226 368 | 99 040 |
Changes in the LISI Group's Consolidated Equity
| (in thousands of euros) | Capital stock | Capital-linked premiums | Treasury shares | Consolidated reserves | Conversion reserves | Other elements of comprehensive income | Profit for the period, Group share | Group's share of shareholders' equity | Minority interests | Total shareholders' equity |
|---|---|---|---|---|---|---|---|---|---|---|
| SHAREHOLDERS’ EQUITY AT JANUARY 1, 2025 | 18 615 | – | (20 080) | 891 754 | 59 635 | (6 295) | 56 006 | 999 633 | 6 567 | 1 006 200 |
| Profit (loss) for the period N (a) | – | – | – | – | – | – | 38 506 | 38 506 | 204 | 38 710 |
| Translation differences (b) | – | – | – | – | (46 171) | – | – | (46 171) | (345) | (46 516) |
| Payments in shares | – | – | – | 989 | – | – | – | 989 | – | 989 |
| Restatement of treasury shares | – | – | 689 | 283 | – | – | – | 972 | – | 972 |
| Revaluation of net liabilities (assets) of defined benefit plans (c) | – | – | – | – | – | -443 | – | -443 | – | -443 |
| Appropriation of N-1 earnings | – | – | – | 56 006 | – | – | (56 006) | – | – | – |
| Dividends distributed | – | – | – | (17 897) | – | – | – | (17 897) | – | (17 897) |
| Restatement of financial instruments (d) | – | – | – | – | – | 2 022 | – | 2 022 | 16 | 2 038 |
| Various | – | – | – | (38) | – | – | – | (38) | – | (38) |
| SHAREHOLDERS’ EQUITY AT June 30ST, 2025 | 18 615 | – | (19 391) | 931 104 | 13 464 | (4 716) | 38 506 | 977 574 | 6 441 | 984 014 |
| including total income and expenses reported for the year (a) + (b) + (c) + (d) | – | – | – | 0 | (46 171) | 1 579 | 38 506 | (6 086) | (125) | (6 212) |
| SHAREHOLDERS’ EQUITY AT JANUARY 1ST, 2026 | 18 615 | – | (19 796) | 934 758 | 14 521 | (2 981) | 139 724 | 1 084 843 | 6 175 | 1 091 018 |
| Profit (loss) for the period N (a) | – | – | – | – | – | – | 62 437 | 62 437 | (1 149) | 61 288 |
| Translation differences (b) | – | – | – | – | 14 312 | – | – | 14 312 | 670 | 14 983 |
| Payments in shares | – | – | – | 2 107 | – | – | – | 2 107 | – | 2 107 |
| Restatement of treasury shares | – | – | 54 | 262 | – | – | – | 316 | – | 316 |
| Perimeter variations | – | – | – | – | – | – | – | – | (3 053) | (3 053) |
| Revaluation of net liabilities (assets) of defined benefit plans (c) | – | – | – | – | – | -1 456 | – | -1 456 | – | -1 456 |
| Appropriation of N-1 earnings | – | – | – | 139 724 | – | – | (139 724) | – | – | – |
| Dividends distributed | – | – | – | (21 305) | – | – | – | (21 305) | – | (21 305) |
| Restatement of financial instruments (d) | – | – | – | – | – | -511 | – | -523 | -13 | -523 |
| Various | – | – | – | -124 | – | – | – | -124 | -31 | -155 |
| SHAREHOLDERS’ EQUITY AT JUNE 30 2026 | 18 615 | – | (19 742) | 1 055 442 | 28 833 | (4 961) | 62 437 | 1 140 619 | 2 598 | 1 143 217 |
| including total income and expenses reported for the year (a) + (b) + (c) + (d) | – | – | – | – | 14 312 | -1 967 | 62 437 | 74 782 | (491) | 74 290 |
Notes
- In accordance with IFRS 5, the 2025 figures have been restated following the sale of the LISI MEDICAL division on October 31, 2025. Income from discontinued operations is presented on a separate line item in the income statement titled “Income from discontinued operations, net of tax.” The 2025 comparative figures relating to the sale of LISI MEDICAL on October 31, 2025, have been restated to conform to this presentation.
- Operating Free Cash Flow: cash flow from operations less net capital expenditures and changes in working capital.