Half-yearly financial report as of 30 June 2026 2
Table of contents
Corporate Bodies ................................... ................................................... ................................................... 3 Interim Report on Operations ...................... ................................................... .............................................. 4 Consolidated statement of financial position .......... ................................................... .................................... 8 Consolidated income statement ........................ ................................................... .......................................10 Consolidated statement of comprehensive income .......... ................................................... .........................11 Consolidated statement of changes in equity............. ................................................... ...............................12 Consolidated statement of cash flow ................... ................................................... .....................................13 Notes to the Interim Report on Operations .......... ................................................... .....................................14 Attachment 1 - Certification of the Financial Reportin g Officer .......................................... ...........................31
Half-yearly financial report as of 30 June 2026 3
Corporate Bodies
Board of Directors Chairman Mr Filippo Casadio Executive Director Mr Francesco Gandolfi Colleoni Executive Director Ms Elena Casadio Non-Executive Director Mr Gianfranco Sepriano Non-Executive Director Ms Francesca Pischedda Non-Executive Director Mr Orfeo Dallago Independent Director Ms Marianna Fabbri Independent Director Ms Carlotta Armuzzi
Board of Statutory Auditors Chairman Mr Adalberto Costantini Standing Statutory Auditor Mr Fabio Senese Standing Statutory Auditor Ms Stefania Ricchieri Substitute Statutory Auditor Mr Federico Polini Substitute Statutory Auditor Ms Ylenia Fico
Independent Auditors
Deloitte & Touche S.p.A.
Components Control and Risks
Committee Remuneration
Committee Related Parties
Committee
Ms Marianna Fabbri ■ ■ ■ Ms Carlotta Armuzzi ■ ■ ■ Mr Orfeo Dallago ■ Mr Gianfranco Sepriano ■ Ms Francesca Pischedda ■
Financial Reporting Officer Mr Massimiliano Bacchini
Internal Auditor
Mr Fabrizio Bianchimani
Supervisory Board
Mr Francesco Bassi Mr Gabriele Fanti Mr Gianluca Piffanelli
Half-yearly financial report as of 30 June 2026 4
Interim Report on Operations
In the first half year 2026, IRCE Group (hereinafte r also the "Group") recorded a net profit of € 7.29 million.
Consolidated revenues amounted to € 223.35 million, an increase of 9.4% compared to € 204.09 million i n the first half of 2025. This growth is attributable to the rising trend in coppe r prices, which had a positive impact on results, d espite a contraction in sales volumes.
Market demand remained weak across both business li nes, with sales volumes declining compared to the f irst half of 2025. The decline in the winding wires segment is attributable both t o the loss of sales following the closure of the Du tch subsidiary Smit Draad in May 2025, and to difficulties in end markets, particularly th e automotive industry and household appliance manuf acturers. More significant was the contraction in the cable segment, where traditional markets, such as construction and cabling, show no signs of recovery. In addition, in April, the Guglionesi (CB) plant, dedicated to the production of low and medium voltage cables, had to halt production for almost a month due to flooding in the Molise region.
In this context, turnover without metal 1 decreased by 8.6%; the winding wires sector fell by 4.4% and the cable sector by 19.5%.
In detail:
Consolidated turnover without metal 1 30 June 2026 30 June 2025 Change (€/million) Value % Value % %
Winding wires 32.74 75.9% 34.26 72.6% (4.4%) Cables 10.39 24.1% 12.91 27.4% (19.5%) Total 43.13 100.0% 47.17 100.0% (8.6%)
The following table shows the changes in results co mpared with those of the same period of last year, including the adjusted values of
EBITDA and EBIT:
Consolidated income statement data 30 June 2026 30 June 2025 Change (€/million) Value Value Value Turnover 2 223.35 204.09 19.26
EBITDA 3 20.14 10.82 9.32
EBIT 15.19 7.92 7.27
Net result before tax 12.90 6.93 5.97 Net result for the period 7.29 3.81 3.48
Adjusted EBITDA 4 19.64 11.73 7.91 Adjusted EBIT 4 14.69 8.83 5.86
Consolidated statement of financial position data 30 June 2026 31 December 2025 Change (€/million) Value Value Value Net capital employed 5 254,44 223,56 30,88 Shareholders’ equity 166,27 155,96 10,31 Net financial position 6 88,17 67,60 20,57
1 Turnover without metal corresponds to overall turn over after deducting the metal component.
2 The item “Turnover” represents the “Revenues” repo rted in the income statement.
3 EBITDA is a performance indicator the Group’s Mana gement uses to assess the operating performance of the company and is not an IFRS measure;
IRCE S.p.A. calculates it by adding depreciation/am ortisation, provisions and write-downs to EBIT.
4 Adjusted EBITDA and EBIT are calculated as the sum of EBITDA and EBIT and the gains/losses on copper and electricity derivatives transactions if realized (€ -0.50 million in first half of 2026 and € +0.91 million in first half of 2025). These are indicators that the Group’s Management uses to moni tor and assess its own operating performance and are not IF RS measures. Given that the composition of these me asures is not regulated by the reference accounting standards, the criterion used by the Gro up may not be consistent with that adopted by other s and is therefore not comparable.
5 Net invested capital is the sum of net working cap ital, fixed assets, other receivables net of other payables, provisions for risks and charges and prov isions for employee benefits.
6 Net financial position is measured as the sum of s hort-term and long-term financial liabilities minus cash and current financial assets (see note n. 9 o f consolidated financial statements). It should be no ted that the method for measuring net financial pos ition comply with the one defined by the Consob’s notice no. 5/21 attention recall of 29 April 2021, which takes over the ESMA guideline of 4 March 2021 .
Half-yearly financial report as of 30 June 2026 5
Shareholders’ equity increased by € 10.31 million c ompared to December 31, 2025, net of dividend payme nts (€ 1.59 million), is mainly due to the profit for the period of € 7.29 million and the positive change in the translation reserve of € 4.54 million, largely attributable to the revaluation of the Brazilian real against the e uro since the beginning of the year.
The net financial position as of June 30, 2026, is € 88.17 million, up from € 67.60 million as of Dece mber 31, 2025. The increase is due to the growth in working capital, a consequence of the rise in copper prices.
Investments
The Group's investments in the first half of 2026, amounting to € 5.10 million, mainly refer to IRCE S ro in the Czech Republic and the Brazilian subsidiary IRCE Ltda.
Main Risks and Uncertainties The Group’s main risks and uncertainties, as well a s risk management policies, are detailed below.
Market risk
The Group focuses primarily on the pan-European mar ket; the risk of declining demand or an intensifyin g competitive scenario could impact its results. To mitigate these risks, the Gr oup’s medium- to long-term strategy involves geogra phic diversification into countries outside Europe.
Risk associated with changes in financial and econo mic variables Exchange rate risk The Group primarily uses the euro as its reference currency for sales transactions. It is exposed to t ransactional foreign exchange risks primarily in connection with its operational purchasing of raw materials (copper) which are part ly denominated in US dollars (USD)—and, where deemed appropriate, carries out hed ging strategies using forward derivative instrument s.
It is also exposed to translation risk arising from the consolidation of investments in foreign subsid iaries located outside the Eurozone specifically in Brazil, the UK, India, Switzerland, Poland, China, and the Czech Republic.
Translation risk is primarily concentrated in the B razilian subsidiary due to the historical volatilit y of the local currency (Real), the fluctuation of which directly impacts the carrying amount of equity upon consolidation. As of June 30, 2026, the spot exchange rate of the Brazilian real against the euro was 5.90, refle cting an appreciation compared to the value recorde d on December 31, 2025 (6.45).
Interest rate risk The Group is exposed to interest rate fluctuation r isk due to medium- to long-term financial liabiliti es contracted primarily at variable rates (indexed to Euribor).
Management constantly monitors financial market dev elopments and reserves the right to implement appro priate hedging transactions based on macroeconomic conditions and expectations regarding interest rate trends.
Short-term financial exposure, represented by the u tilization of short-term and cash credit lines, is entirely subject to variable interest rates.
Risk related to fluctuation in the price of copper The primary raw material used by the Group is coppe r; fluctuations in its price can impact margins and financial requirements. To mitigate the effect of copper price fluctuations on margins, a hedging policy is implemented using for ward contracts covering positions arising from operating activities. However, given f alling copper prices, it remains a risk that closin g inventories may need to be valued at their estimated realizable value—should this fall below the period's average cost—thereby negatively impacting the result.
It is noted that the average copper price on the Lo ndon Metal Exchange during the first half of 2026 w as 11.22 €/kg—approximately 29.9% higher than the average for the preceding per iod (8.64 €/kg)—while the spot price on June 30, 20 26 (11.71 €/kg) was 10.6% higher than the price on December 31, 2025 (10.64 € /kg).
Half-yearly financial report as of 30 June 2026 6
Financial risks These are risks associated with financial resources .
o Credit risk Credit risk shows no significant concentrations. Ma nagement of the credit component is overseen throug h established internal procedures for creditworthiness assessment (credit scoring) and the underwriting of individual exposur es. The client base consists primarily of well-structured companies and industry leaders—a factor that mitigates the risk o f extended collection periods or credit deterioration. This risk profile remains stable, even when considering the indirect effects of ongoing conflicts (Russia-Ukraine, Israel-Palestine, and Iran-US). Fu rthermore, the Group employs selective insurance co verage to protect against the risk of insolvency.
o Liquidity risk Current cash levels and credit lines available rema in adequate to ensure business operations, despite the increase in net financial indebtedness recorded during the period—a rise primarily attributable to working capital dyn amics. Furthermore, the Group’s high standing enables timely access to new sources of financing on competitive terms, precludi ng any difficulty in meeting obligations associated with financial liabi lities.
Climate change risks The Group has assessed the risks and opportunities associated with climate change in relation to its b usiness model. Regarding transition risks, the sector is expected to benefit from incre ased demand in the areas of home automation, indust rial automation, and the automotive industry, as well as—more broadly—from the upgrading of electrical grids. Conversely, the high demand f or raw materials and renewable energy (particularly regarding copper cathodes and electricity) could create upward pressure on prices , carrying the potential risk of a time lag in passing these increased costs on to end cust omers.
Regarding acute physical risks arising from extreme weather events, the Group has established specific Business Continuity and Disaster Recovery Plans designed to ensure compliance with c ontractual supply schedules. These operational meas ures, supplemented by insurance coverage arranged with leading companies, make it possible to mitigate the negative impacts of potential adverse weather events on both the Group’s financial results and it s asset base.
Risks associated with international geopolitical te nsions For the IRCE Group, the primary risk factor derivin g from international geopolitical tensions is the v olatility and rapid surge in electricity and gas prices. Given the high energy consumption i nherent in the production process for electrical co nductors and cables, this cost item represents a critical variable for profit margins. Consequently, if this issue is not promptly address ed through appropriate sales policies, it could have a significant impact on the Group's fina ncial results.
With specific regard to the ongoing conflicts in th e Russia-Ukraine and Middle East regions—including t ensions along the Iran-US axis— no further material risks to the supply chain or sa les channels have been identified. The Group has no operational presence or significant commercial relationships with customers or supplier s in these areas; likewise, the volume of transacti ons subject to logistical challenges or involving the transit of goods through the Strai t of Hormuz and the Suez Canal is negligible.
Cybersecurity Risks
The increasing digitalization of processes and the sharing of sensitive information via virtual infras tructures expose the Group to potential cyber vulnerabilities capable of impacting corporat e operations and business continuity. In response t o the global rise in cyber attacks, and following a careful assessment of internal and external risks, IRCE has implemented a structured C yber Security Plan and specific system recovery procedures (Disaster Recovery).
In the current geopolitical landscape—characterized by the ongoing Russia-Ukraine and Middle East confl icts, as well as the associated tensions between Iran and the United States—the Grou p has further intensified its monitoring and defens e activities against potential cyber threats (malware and ransomware), adopting pr oactive measures aimed at risk mitigation.
Half-yearly financial report as of 30 June 2026 7
Intragroup transactions and transactions with Relat ed Parties The transactions between the Parent Company and the subsidiaries are of commercial and financial natur e.
With regard to transactions with related parties, i ncluding intra-group transactions, it should be not ed that they can be classified neither as atypical nor unusual, as they are part of the no rmal course of business of the Group’s companies an d have been carried out at arm’s length.
It is recalled that on December 18, 2025, an invest ment agreement totaling €15 million was signed with Simest to support the Irce Group’s expansion in China; this agreement provided for the disbursement of funds to Irce Electromagnet Wire ( Jiangsu) Co. Ltd—specifically €9 million from the Parent Company and €6 million from Simest.
As reported in the Press Release, this agreement is exempt from the obligations to publish the Informa tion Document pursuant to art. 14 of the same Regulation and the current corporate pr ocedure as it was entered into with a subsidiary in the absence of significant interests of other related parties.
Pursuant to Article 5, paragraph 8, of the “Regulat ion on Related Party Transactions” adopted by Conso b via Resolution no. 17221 of March 12, 2010—as subsequently supplemented and mos t recently amended by Resolution no. 21624 of Decem ber 10, 2020—it is hereby certified that, during the first half of 202 6, Irce S.p.A. carried out a “major transaction” wi th its subsidiary Irce Electromagnetic Wire (Jiangsu) Co. Ltd by subscribing to a share capital increase of €5 million, in partial execution of th e aforementioned investment agreement with Simest.
Outlook
Ongoing conflicts, which are driving up costs, comb ined with a decline in market demand, create uncert ainty regarding market prospects and the Group's results.
The Group continues its rationalization efforts whi le pursuing medium to long-term growth strategy foc using on sectors linked to the energy transition. These initiatives are expected to suppo rt efficiency gains and margin improvements, with a significant impact on future results.
Output continues to increase at the Czech plant, wh ile in China the installation of the systems is und erway, followed by the installation of the machinery.
Imola, 11 September 2026
Half-yearly financial report as of 30 June 2026 8
Consolidated statement of financial position
2026 2025
(Thousand of Euro) Notes 30 June 31 December
ASSETS
Non current assets Goodwill and other intangible assets 47 55 Property, plant and machinery 3 75,402 71.141 Equipments and other tangible assets 3 2,326 2.056 Assets under construction and advances 3 24,579 26.728 Non current financial assets 6 7 Deferred tax assets 4,306 4.135
NON CURRENT ASSETS 106,666 104,122
Current assets
Inventories 4 135,278 103.498 Trade receivables 5 79,380 56.945 Tax receivables 6 378 319 Other current assets 7 4,363 3.699 Current financial assets 295 295 Cash and cash equivalents 17,068 17.952
CURRENT ASSETS 236,762 182,708
TOTAL ASSETS 343,428 286,830
Half-yearly financial report as of 30 June 2026 9
2026 2025
(Thousand of Euro) Notes 30 June 31 December
EQUITY AND LIABILITIES
Shareholders' equity
Share capital 13,737 13,739 Reserves 145,544 136,349 Profit (loss) for the period 7,294 6,176 Shareholders' equity attributable to shareholders o f Parent company 166,575 156,264 Shareholders equity attributable to Minority intere sts (304) (304)
TOTAL SHAREHOLDERS' EQUITY 8 166,271 155,960
Non current liabilities Non current financial liabilities 9 43,717 39,482 Deferred tax liabilities 246 251 Non current provisions for risks and charges 10 1,102 558 Non current provisions for post employment obligati on 11 3,286 3,404
NON CURRENT LIABILITIES 48,351 43,695
Current liabilities
Current financial liabilities 9 61,819 46,362 Trade payables 12 51,899 30,397 Current tax payables 6 4,234 1,217 (of which related parties) 2,574 262 Social security contributions 1,531 1,706 Other current liabilities 13 9,210 7,381 Current provisions for risks and charges 10 112 112
CURRENT LIABILITIES 128,805 87,175
SHAREHOLDERS' EQUITY AND LIABILITIES 343,428 286,830
Half-yearly financial report as of 30 June 2026 10
Consolidated income statement
2026 2025
(Thousand of Euro) Notes 30 June 30 June
Sales revenues 14 223,349 204.086 Other revenues and income 15 1,076 1.308
TOTAL REVENUES AND INCOME 224,425 205.394
Raw materials and consumables 16 (186,704) (164.837) Change in inventories of work in progress and finis hed goods 20,303 9.005 Cost for services 17 (21,855) (20.915) Personnel costs 18 (15,154) (17.173) Amortization /depreciation/write off tangible and i ntangible assets 19 (3,902) (3.066) Provision and write downs 20 (1,039) 164 Other operating costs (880) (654)
EBIT 15,194 7.918
Financial income / (charges) 21 (2,292) (992)
RESULT BEFORE TAX 12,902 6.926
Income taxes 22 (5,608) (3.104)
NET RESULT FOR THE PERIOD 7,294 3.822
Net result attributable to non-controlling interest s - 10 Net result attributable to shareholders of the Pare nt Company 7,294 3.811
EARNINGS/(LOSSES) PER SHARES
- basic EPS for the period attributable to sharehol ders of the parent company 23 0.2761 0,1441
- diluted EPS for the period attributable to shareh olders of the parent company 23 0.2761 0,1441
Half-yearly financial report as of 30 June 2026 11
Consolidated statement of comprehensive income
2026 2025
(Thousand of Euro) Notes 30 June 30 June
Net result for the period 7,294 3,822 Translation difference on financial statements of f oreign companies 8 4,539 (37) Total items that will be reclassified to net result 4,539 (37) Actuarial gain / (losses) IAS 19 11 93 98 Tax effect (18) (20) Total IAS 19 reserve variance 8 75 78 Total items that will not be reclassified to net re sult 75 78
Total comprehensive income for the period 11,908 3,863 Attributable to shareholders of Parent company 11,908 3,853 Attributable to Minority interest - 10
Half-yearly financial report as of 30 June 2026 12
Consolidated statement of changes in equity
Share
capital Other reserves Retained earnings Equity
attributable to
parent
company
shareholders' Equity
attributable
to minority
interest Total
shareholders'
equity (Thousand of Euro) Share
premium
reserve Other
reserves Legal
reserve Ias 19
reserve Retained
earnings
Translation
reserve Result for
the period
Opening balance previous year 13,756 40,337 45,923 2,925 (891) 76,941 (34,967) 6,900 150,924 (308) 150,616
Dividends
-
-
-
-
-
(1,586)
-
-
(1,586)
-
(1,586)
Sell / (purchase) own shares
(12)
(34)
-
-
-
-
-
-
(46)
-
(46)
Allocation of previous year net result -
-
-
-
-
6,900
-
(6,900)
-
-
-
Other comprehensive income for the
period
-
-
-
-
78 -
(37)
-
41 -
41 Net result for the period -
-
-
-
-
-
-
3,811
3,811
10
3,822
Total comprehensive income for the period - - - - 78 - (37) 3,811 3,853 10 3,863 Closing balance previous period 13,744 40,303 45,923 2,925 (813) 82,255 (35,004) 3,811 153,145 (298) 152,847
Opening balance current year 13,739 40,290 45,923 2,925 (790) 82,255 (34,254) 6,176 156,263 (304) 155,960
Dividends
-
-
-
-
-
(1,585)
-
-
(1,585)
-
(1,585)
Sell / (purchase) own shares (3) (8) -
-
-
-
-
-
(11)
-
(11)
Allocation of previous year net result -
-
-
-
-
6,176
-
(6,176)
-
-
-
Other comprehensive income for the
period
-
-
-
-
75 -
4,539
-
4,614
-
4,614
Net result for the period -
-
-
-
-
-
-
7,294
7,294
(0)
7,294
Total comprehensive income for the period - - - - 75 - 4,539 7,294 11,908 (0) 11,908 Closing balance current period 13,737 40,282 45,923 2,925 (715) 86,846 (29,716) 7,294 166,575 (304) 166,271
Half-yearly financial report as of 30 June 2026 13
Consolidated statement of cash flow
2026 2025
(Thousand of Euro) Notes 30 June 30 June
OPERATING ACTIVITIES
Result of the period (Group and Minorities) 7,294 3,822
Adjustments for:
Depreciation / Amortization 19 3,902 3,066 Net change in deferred tax (assets) / liabilities 22 (162) (98) Capital (gains) / losses from disposal of fixed ass ets (243) (49) Losses / (gains) on unrealised exchange rate diffe rences 262 (44) Provisions/write down (release/reversal) 20 1,039 (164) Income taxes 22 5,770 3,203 Financial (income) / expenses 21 1,272 292 Operating result before changes in working capital 19,134 10,028 Income taxes paid (3,415) (953) Financial charges paid 21 (2,461) (2,433) Financial income collected 21 1,189 2,141 Decrease / (Increase) in inventories (29,724) (21,609) Change in trade receivables (21,268) (13,783) Change in trade payables 20,809 17,957 Net changes in current other assets and liabilities 1,165 2,302 Net changes in current other assets and liabilities - related parties 19 (27) Net changes in non current other assets and liabili ties (32) (333)
CASH FLOW FROM OPERATING ACTIVITIES (14,584) (6,710)
INVESTING ACTIVITIES
Investments in intangible assets - (22) Investments in tangible assets 3 (5,099) (10,651) Disposals of tangible and intangible assets 342 142
CASH FLOW FROM INVESTING ACTIVITIES (4,757) (10,531)
FINANCING ACTIVITIES
Repayments of loans 9 (5,052) (2,271) Obtainment of loans 9 8,000 5,000 Net changes of current financial liabilities 16,438 12,407 Net changes of current financial assets (166) (62) Dividends paid to shareholders 8 (1,585) (1,586) Sell/(purchase) of own shares 8 (11) (46)
CASH FLOW FROM FINANCING ACTIVITIES 17,624 13,442
NET CASH FLOW FROM THE PERIOD (1,717) (3,799)
CASH BALANCE AT THE BEGINNING OF THE PERIOD 9 17,952 13,859
Exchange rate differences 833 (131)
NET CASH FLOW FROM THE PERIOD (1,717) (3,799)
CASH BALANCE AT THE END OF THE PERIOD 9 17,068 9,929
Half-yearly financial report as of 30 June 2026 14
Notes to the Interim Report on Operations
GENERAL INFORMATION
The IRCE Group is a leading European industrial pla yer in the field of winding wires and, in Italy, in the electric cable sector.
As of June 30, 2026, production takes place at thre e plants in Italy (Imola, Guglionesi and Umbertide) and five abroad: Blackburn (UK), Joinville SC (Brazil), Kochi (India), Kierspe (Germ any), and Ostrava (Czech Republic).
Distribution is handled through agents and the foll owing trading subsidiaries: Isomet AG in Switzerlan d, DMG GmbH in Germany, Isolveco 2 Srl in Italy, Irce S.L. in Spain, and IRCE SP.ZO. O in Poland.
The consolidated perimeter of the Irce Group also i ncludes 2 plant currently not operational for which the start of activities is expected within the next fiscal year, namely Irce Electromag netic Wire (Jiangsu) Co. Ltd based in Haian (China) and Fine Wire P. Ltd. based in Kochi (Kerala - India).
GENERAL DRAFTING CRITERIA
The Half-yearly financial report has been drawn up in compliance with the IAS 34 “Interim Financial Re porting” pursuant to the provisions for the condensed interim financial statements and with article 154 ter of TUF. This interim consolida ted financial report doesn’t include all information requested by annual consolidated fi nancial statements and should be read jointly with the 31 December 2025 consolidated financial statements.
The Half-yearly financial report is drafted in euro and all values reported in the notes are in thousa nds of Euro, unless specified otherwise.
The formats used for the Half-yearly financial repo rt have been prepared in accordance with the provis ions of IAS 1. In particular:
the statement of financial position was drafted by presenting current and non-current assets, and cur rent and non-current liabilities, as separate classifications;
the income statement was drafted by classifying th e items by nature;
the statement of cash flows was drafted, in accord ance with IAS 7, by classifying cash flows during t he period into operating, investing and financing activities. Cash flows from operating activities were presented using the “indirect meth od”.
The Directors have assessed the applicability of th e going concern assumption in the preparation of th e interim consolidated financial statements, concluding that this assumption is appr opriate as there is no doubt about the company’s ab ility to continue as a going concern.
ACCOUNTING PRINCIPLES
The accounting principles and criteria adopted for the preparation of the Half-yearly financial report as at 30 June 2026 are consistent with those used for the preparation of the financial sta tements as at 31 December 2025 to which reference s hould be made for further information, with the exception of the new standard s which have come into force, and which have been e ndorsed and became effective from 1 January 2026, subsequently summarized.
Half-yearly financial report as of 30 June 2026 15
ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATION S APPLIED FROM 1 JANUARY 2026
Accounting standard, Amendment, Interpretation Issu e date Endorsement date Effective date Annual Improvements Volume 11 18/07/2024 09/07/2025 01/01/2026
Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 18/12/2024 30/06/2025 01/01/2026
Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 30/0 5/2024 27/05/2025 01/01/2026
The adoption of these amendments did not have any s ignificant impact on the Group consolidated financi al statements.
ACCOUNTING PRINCIPLES, AMENDMENTS AND IFRS INTERPRE TATIONS APPROVED BY THE EUROPEAN UNION, NOT YET
MANDATORY AND NOT EARLY ADOPTED BY THE GROUP AS OF JUNE 30, 2026
Accounting standard, Amendment, Interpretation Issu e date Endorsement date Effective date IFRS 18 Presentation and Disclosure in Financial St atements 09/04/2024 13/02/2026 01/01/2027
The Directors are currently assessing the impact of the introduction of this new standard on the Group ’s consolidated financial statements.
Accounting standard, Amendment, Interpretation Issue date Endorsement date Effective date
Amendment to IAS 21: The Effects of Changes in Fore ign Exchange Rates, titled Translation to a Hyperinflationary Pr esentation Currency. 13/11/2025 - 01/01/2027
Amendments to the Fair Value Option in IAS 28: Inve stments in Associates and Joint Ventures 27/06/2026 - 01/01/2027
IFRS 20: Regulatory Asset and Regulatory Liabilitie s 27/05/2026 - 01/01/2029
The Directors do not expect a significant impact on the Group’s consolidated financial statements resu lting from the adoption of these standards, amendments, and interpretations.
USE OF ESTIMATES
The drafting of the condensed consolidated half-yea rly financial statements pursuant to IFRSs requires to make estimates and assumptions which affect the amounts of the assets and liabilities recognised in the financial stateme nts as well as the disclosure related to contingent assets and liabilities at the reporti ng date. The final results could differ from these estimates. Estimates are mainly used to assess the recoverability of fixed assets, recognis e the provisions for bad debt, realisable value, in ventory obsolescence, depreciation and amortisation, impairment of assets, employee be nefits, and taxes. The estimates and assumptions ar e reviewed periodically and the effects of each change are reflected in the income statement.
Half-yearly financial report as of 30 June 2026 16
SCOPE OF CONSOLIDATION
The following table shows the list of companies inc luded in the scope of consolidation as of 30 June 2 026:
Company % of
investment Registered
office Currency
Capital Share
Capital Consolidation
Isomet AG 100% Switzerland CHF 1,000,000 line by line Smit Draad Nijmegen BV in liquidation 100% Netherla nds EUR 1,165,761 line by line FD Sims Ltd 100% UK GBP 15,000,000 line by line Isolveco Srl in liquidation 75% Italy EUR 46,440 line by line DMG GmbH 100% Germany EUR 255,646 line by line Irce SL 100% Spain EUR 150,000 line by line Irce Ltda 100% Brazil BRL 157,894,223 line by line Isodra GmbH 100% Germany EUR 25,000 line by line Stable Magnet Wire P.Ltd. 100% India INR 493,594,06 0 line by line Irce SP.ZO.O in liquidation 100% Poland PLN 200,000 line by line Isolveco 2 Srl 100% Italy EUR 10,000 line by line Irce Electromagnetic Wire (Jiangsu) Co. Ltd 100% Ch ina CNY 126.468.153 line by line Irce s.r.o 100% Czech Republic CZK 752,550,000 line by line Fine Wire P. Ltd 100% India INR 820,410 line by line It should be noted that the Indian company Fine Wir e P. Ltd is indirectly owned by IRCE through Stable Magnet Wire P.Ltd.
EXCHANGE RATE
The exchange rates used to translate the balance sh eet and income statement items of the Irce Group’s subsidiaries as of June 30, 2026, and for the comparative periods—specifically Decembe r 31, 2025 (“Previous Year”) for the Statement of F inancial Position and June 30, 2025 (“Previous Period”) for the Income Statement—ar e as follows:
Current period Previous year Previous period Currency Average Spot Average Spot Average Spot
GBP 0,8673 0,8615 0,8566 0,8730 0,8423 0,8554
CHF 0,9179 0,9223 0,9369 0,9314 0,9412 0,9346
BRL 6,0060 5,8962 6,3052 6,4516 6,2933 6,4309
INR 108,6957 107,5269 98,0392 105,2632 94,3396 101,0101
CNY 8,0128 7,7340 8,1169 8,2169 7,9302 8,4034
PLN 4,2427 4,2937 4,2391 4,2194 4,2319 4,2427
CZK 24,3309 24,2718 24,6914 24,2365 25,0000 24,7525
Half-yearly financial report as of 30 June 2026 17
1. SEGMENT REPORTING
IFRS 8 defines an operating segment as follows. An operating segment is a component of an entity:
a) that engages in business activities from which i t may earn revenues and incur expenses (including r evenues and expenses relating to transactions with other components of the same enti ty);
b) whose operating results are reviewed regularly b y the entity’s chief operating decision maker to ma ke decisions about resources to be allocated to the segment and assess its performa nce;
c) for which discrete financial information is avai lable.
In accordance with the provisions of IFRS 8, the co mpanies of the Irce Group were grouped in the follo wing 3 geographical operating segments, considering their similar economic charac teristics:
- Italy: Irce SpA, Isolveco 2 Srl and Isolveco Srl in liquidation;
- EU: Smit Draad Nijmegen BV, DMG Gmbh, Irce S.L., Isodra Gmbh, Irce SP. ZO.O. and Irce S.r.o.
- Non-EU: FD Sims Ltd, Irce Ltda, Isomet AG, Stable Magnet Wire P.Ltd, Irce Electromagnetic Wire (Jian gsu), Fine Wire P. Ltd, Below is the income statement broken down by geogra phic operating segment, compared with the period 30 June 2025, as well as the balance sheet balances of intangible and tangible f ixed assets, compared with 31 December 2025:
(Thousand of Euro) Italy UE Extra UE Consolidation entries Irce Group
Current period
Sales revenues 148.445 11.370 86.812 (23.277) 223.349 Ebitda 13.267 (1.820) 9.307 (619) 20.135 Ebit 11.283 (2.683) 8.379 (1.785) 15.194 Financial income/(charge) - - - - (2.292) Income taxes - - - - (5.608) Net result for the period - - - - 7.294
Intangible assets 41 - 5 - 47 Tangible assets 25.825 49.110 26.576 795 102.307
Previous period
Sales revenues 132.241 15.744 65.427 (9.325) 204.086 Ebitda 11.134 (2.557) 2.208 35 10.821 Ebit 9.481 (3.094) 1.496 35 7.918 Financial income/(charge) - - - - (992) Income taxes - - - - (3.105) Net result for the period - - - - 3.822
Intangible assets 49 - 6 - 55 Tangible assets 27.247 48.470 23.593 616 99.925
Half-yearly financial report as of 30 June 2026 18
2. DERIVATIVE INSTRUMENTS
The Group holds the following types of derivative i nstruments:
• Derivative instruments relating to forward purcha se and sale transactions for metals with maturity d ates beyond June 30, 2026.
These transactions do not meet the conditions requi red for designation as hedging instruments for hedg e accounting purposes.
Below is a summary of the metal derivative contract s outstanding as at 30 June 2026:
Notional amount Fair value at 30/06/2026
Assets (Ton) Liabilities (Ton) Current assets (€/000) Current liabilities (€/000) Net carrying
amount (€/000)
Forward purchase and sale transactions on
copper
300 (1.175)
151 (714) (563)
Derivative instruments relating to forward currenc y purchase and sale transactions with a maturity da te beyond June 30, 2026. These transactions do not meet the conditions required fo r accounting treatment as hedging instruments for c ash flow hedge accounting purposes.
Below is a summary of the currency derivative contr acts outstanding as at 30 June 2026:
Notional amount Fair value at 30/06/2026
Assets
(Thousand) Liabilities
(Thousand) Current Assets
(€/000) Current
Liabilities (€/000) Net carrying
amount (€/000)
Forward sale
transactions on GBP
(11.000)
(286) (286)
Half-yearly financial report as of 30 June 2026 19
COMMENT ON THE MAIN ITEMS OF THE CONSOLIDATED STATE MENT OF FINANCIAL POSITION
3. TANGIBLE ASSETS
The following table shows the breakdown and changes in tangible assets for the period closed as at 30 June 2026:
(Thousand of Euro) Lands Buildings Plant and machinery Equipments Other
tangible
assets Assets
under
construction
and
advances Total
Closing balance - previous period 15,558 35,987 19,597 1,195 861 26,728 99,925
Changes - current period Purchase - 155 2,403 479 60 2,001 5,099 Depreciation (14) (980) (2,509) (280) (110) - (3,893) Reclass (137) 0 4,469 132 0 (4,464) 0 Disposals - - (6,808) (668) (9) - (7,485) Disposals - Depreciation fund - - 6,729 652 5 - 7,387 Exchange rate differences 237 115 599 1 7 313 1,273 Closing balance- current period 15,644 35,277 24,481 1,511 815 24,579 102,307
As of June 30, 2026, the Group's investments amount ed to €5,099 thousand, primarily concerning the sub sidiaries Irce Sro and Irce Ltda, while disposals related essentially to Smit Draad N ijmegen, an Irce Group company currently in liquida tion.
The “Reclassification” item refers to investments m ade in prior years or during the current financial year that were initially recorded under the “Assets under construction and advances” catego ry and subsequently allocated to their specific cat egories upon completion.
The balance as of June 30, 2026, amounting to €102, 307 thousand, includes €1,434 thousand relating to Smit Draad Nijmegen, an Irce Group company currently in liquidation. Based on th e analyses performed, the Directors consider the ca rrying amount of the Dutch subsidiary's property, plant, and equipment to be r ecoverable.
The Directors consider the Group’s medium- to long- term outlook to be substantially confirmed, as refl ected in the 2026–2030 plan used to prepare the impairment test as of December 31, 2 025. Therefore, having analyzed the Group’s actual results for the half-year, confirmed the expected performance during the explicit foreca st period of the Plan, and noted that the Group’s W ACC as of June 30, 2026, is aligned with that of December 31, 2025, they believe there are no indicators of impairment regarding the carry ing amounts of tangible and intangible assets; consequently, they did not deem it necessary to update the impairment test as of Ju ne 30, 2026.
4. INVENTORIES
The inventories, detailed below, are not pledges no r used as collateral.
2026 2025
(Thousand of Euro) 30 June 31 December
Raw materials, ancillary and consumables - gross va lue 51,964 41,095 Work in progress and semi-finished goods - gross va lue 26,769 14,830 Finished products and goods - gross value 62,902 53,449 Provision for write down of raw material (4,586) (4,276) Provision for write down of work in progress and se mi-finished goods (112) (76) Provision for write down of finished products and g oods (1,660) (1,524) Total inventories 135,278 103,498 The change for the period relative to December 31, 2025, is attributable to both a volume effect—essen tially driven by higher copper inventory levels—and the metal price effect.
Specifically, the average copper price on the Londo n Metal Exchange during the first half of 2026 was €11.22/kg—approximately 29.9% higher than the average for the preceding period (€ 8.64/kg)—while the spot price on June 30, 2026 (€11. 71/kg) was 10.6% higher than the price on December 31, 2025 (€10.64/kg). After J une 30, the price of copper showed a slight upward trend, reaching an average of €11.31/kg in July.
Half-yearly financial report as of 30 June 2026 20
Based on the foregoing, and taking into account rec ent copper price trends and expectations regarding the timeframe for realizing existing inventory, it is noted that the conditions stipulat ed by the Group’s policy and IFRS for writing down copper inventory to its estimated realizable value have not been met.
The changes in the provision for write-down of inve ntories during the first half 2026 are as follows:
(Thousand of Euro) Opening balance Provision Utilization Exchange
rate
differences Closing
balance
Provision for write down of raw material (4,276) (312) 8 (6) (4,586) Provision for write down of work in progress (76) (36) - - (112) Provision for write down of finished products (1,5 24) (135) - - (1,660) Total (5,876) (483) 8 (6) (6,358) The provision for write-downs of raw materials refe rs to the amount deemed necessary to cover the risk s of obsolescence, mainly of packaging and maintenance material, whilst the prov ision for write-downs of finished products is set a side against slow-moving or non-
moving finished products as well as to products tha t are no longer suitable for sale.
5. TRADE RECEIVABLES
The details of trade receivables are as follows:
2026 2025
(Thousand of Euro) 30 June 31 December
Current trade receivables - third parties 81,111 58,205 Current bad debt provision - third parties (1,731) (1,260) Total trade receivables 79,380 56,945
The change in trade receivables is primarily attrib utable to the increase in revenue recorded by the G roup in the first half of 2026 compared to the second half of 2025—a trend driven mainly by the rise in the average price of copper. A shift i n the customer mix, characterized by longer average payment terms, also played a role. T his increase in the balance was partially offset by a higher volume of non-recourse assignments of receivables (not yet due) outstandin g as of June 30, 2026, compared to December 31, 202 5.
It is worth noting, in particular, that trade recei vables subject to non-recourse assignment not yet d ue as at June 30, 2026, amounted to €26.0 million—approximately €12.0 million higher th an the €14.7 million assigned as of December 31, 20 25.
The movements in the provision for bad debts during the first half of 2026 are detailed below:
(Thousand of Euro) Opening balance Provision Utilization Exchange
rate
differences Closing
balance
Current bad debt provision - third parties (1,260) (497) 28 (2) (1,731) The allocation for the period relates primarily to the subsidiary FD Sims.
6. TAX RECEIVABLES AND PAYABLES
The following tables set out the details of tax rec eivables and payables.
2026 2025
(Thousand of Euro) 30 June 31 December
Tax receivables 378 319 Total 378 319
Half-yearly financial report as of 30 June 2026 21
The increase for the period is primarily attributab le to the Chinese subsidiary.
2026 2025
(Thousand of Euro) 30 June 31 December
Tax payables due to Aequafin 2,574 262 Tax payables-current 1,660 955 Total tax payables 4,234 1,217 The “Tax payables due to Aequafin” reflects Irce’s net balance for the Italian corporation tax (IRES) with its parent company, with whom a tax consolidation agreement is in place, whereas “Short-term tax payables” presents the net IRAP bal ance for Irce and the direct tax liabilities of the subsidiaries.
This item shows an increase due to the higher resul t recorded as of June 30, 2026.
7. OTHER CURRENT ASSETS
Below is the item detailed:
2026 2025
(Thousand of Euro) 30 June 31 December
Accrued income and prepaid expenses 777 357 Social securities receivables 26 48 Other current assets 1,033 2,060 VAT receivables 2,527 1,233 Total other current assets 4,363 3,698 The increase in the “Accrued income and prepaid exp enses” item is primarily due to services invoiced b y suppliers at the beginning of the year that relate to subsequent periods.
The change in “Other receivables” is essentially at tributable to the Parent Company and relates to the reclassification—within trade receivables—of the benefit recognized as of December 31, 2025, arising from participation in the energy release mechanism following its invoicing.
The increase in “VAT receivables” is largely attrib utable to Irce Ltda.
8. SHAREHOLDERS’ EQUITY
The item "Shareholders' equity" amounts to €166.3 m illion as of June 30, 2026 (€156.0 million as of De cember 31, 2025) and is detailed in the following table.
2026 2025
(Thousand of Euro) 30 June 31 December
Share capital 14,627 14,627 Own share capital (890) (887) Share premium reserve 40,539 40,539 Revaluation reserve 22,328 22,328 Own share premium (257) (249) Legal reserve 2,925 2,925 IAS 19 Reserve (715) (790) Extraordinary reserve 64,572 60,748 Other reserve 23,595 23,595 Profit (losses) of previous years 22,274 21,507 Translation Reserve (29,716) (34,254) Profit (loss) for the period 7,294 6,176 Total shareholders' equity attributable to Parent c ompany 166,575 156,263 Shareholders' equity attributable to Minority inter ests (304) (304) Total shareholders' equity 166,271 155,960
Half-yearly financial report as of 30 June 2026 22
Share capital
The following table shows the breakdown of the shar e capital:
2026 2025
(Thousand of Euro) 30 June 31 December
Subscribed share capital 14,627 14,627 Treasury share capital (890) (887) Total share capital 13,737 13,740 The share capital is made up of 28,128,000 ordinary shares worth € 14,626,560. Treasury share capital as of 30 June 2026 amounted to 1,711,600 corresponding to 6.09% of the share capit al. The total number of outstanding shares is then 26,416,400. The following table shows, in thousands, the movements of outstanding s hares during the period:
Outstanding shares Thousand of
shares
Balance as of 31.12.2025 26.421 Share buyback (5) Sales of treasury shares -
Balance as of 30.06.26 26.416 IAS 19 Reserve This reserve includes actuarial gains and losses ac cumulated as a result of the application of IAS 19 Revised. The change in the reserve, in thousand, is as follows:
Changes in IAS 19 Reserve Thousand of
Euro
Balance as of 31.12.2025 (790) Actuarial valuation 93 Tax effect on actuarial valuation (18) Balance as of 30.06.26 (715)
Extraordinary reserve
The increase in the extraordinary reserve is primar ily attributable to the Parent Company’s profits fr om the previous financial year carried forward, net of distributed dividends, amounting to €1,585 thousand in 2026.
Retained earnings/losses carried forward The change for the period relates to the 2025 resul ts of the subsidiaries carried forward.
Foreign currency translation reserve The positive change in the translation reserve, amo unting to €4,538 thousand, is primarily attributabl e to the appreciation of the Brazilian real against the euro compared to December 31, 2025 .
9. NON-CURRENT AND CURRENT FINANCIAL LIABILITIES
Details of non-current and current financial liabil ities are shown in the following tables:
2026 2025
(Thousand of Euro) 30 June 31 December
Non current Financial liabilities due to banks 42,246 39,298 Non current Financial liabilities - IFRS 16 135 184 Other non current financial liabilities 1,336 -
Total non current financial liabilities 43,717 39,482 The item “Other non-current financial liabilities” refers to the financing provided to Irce Electromag netic Wire (Jiangsu) Co. by Simest in the form of a capital injection subject to a repaym ent obligation by December 31, 2030, effected throu gh the subscription of cross put and call options.
Half-yearly financial report as of 30 June 2026 23
The increase in “Non-current financial liabilities to banks” is attributable to the contracting of two new loans granted by Banco BPM and Banca MPS, totaling €8 million.
The table below shows the breakdown of “Non-current financial liabilities due to banks” outstanding at the end of the period, highlighting, in particular, the type of rate and d ue date.
(Thousand of Euro) Currency Rate Company 30.06.2026 31.12.2025 Due date Banca di Imola EUR Floating IRCE SpA 8,750 10,000 2034 Banco Popolare EUR Floating IRCE SpA 9,583 5,000 2033 Deutsche Bank EUR Floating IRCE SpA - 875 2027 BPER EUR Floating IRCE SpA 3,055 3,333 2032 BPER EUR Floating IRCE SpA 9,063 10,000 2034 MPS EUR Floating IRCE SpA 8,750 10,000 2034 MPS EUR Floating IRCE SpA 3.000 - 2032 Credit Suisse EUR Fixed Isomet AG 45 89 2027 Total 42,246 39,298
The following table sets out the details of current financial liabilities:
2026 2025
(Thousand of Euro) 30 June 31 December
Current Financial liabilities due to banks 54,273 42,222 Mark to market losses derivatives on metal 563 14 Current Financial liabilities - IFRS 16 100 106 Other current financial liabilities 18 1 Mark to market losses derivatives exchange rate 286 4 Long term loans- current portion 6,250 3,508 Financial accrued expenses liabilities 328 508 Total current financial liabilities 61,819 46,362 The items “Mark-to-market losses derivatives on met al” and “Mark-to-market losses derivatives exchange rate ” refer to the negative fair value of copper and currency forward contracts open at the end of the period, entered into by the pare nt company IRCE S.p.A. For further details, please refer to paragraph 2.
The decrease in the “Financial accrued expenses lia bilities” item is due to the settlement in March 20 26 of interest accrued on ordinary current accounts as of December 31, 2025.
The following table highlights the net financial po sition of Irce Group, determined on the basis of th e scheme envisaged by Consob attention call no. 5/21 of 29 April 2021, which inc orporates the ESMA guideline published on 4 March 2 021:
2026 2025
(Thousand of Euro) 30 June 31 December
Cash and cash equivalents 17,068 17,952 Current financial assets 295 295 Liquid assets 17,363 18,247 Other current financial liabilities (55,569) (42,855) Long term loans - current portion (6,250) (3,508) Current net financial position (44,456) (28,115) Non current financial liabilities third parties (43,717) (39,482) Net financial position (88,173) (67,597) The net financial position amounts to € €88.2 milli on as of June 30, 2026, up from € 67.6 million as o f December 31, 2025; this increase was driven by a rise in net working capital resulti ng from higher copper prices.
Half-yearly financial report as of 30 June 2026 24
It should be noted that, as of June 30, 2026, the I rce Group has a single outstanding loan facility su bject to financial covenants with a year-end testing date; compliance with these covena nts is expected as of December 31, 2026.
As of June 30, 2026, the Irce Group had contractual commitments totaling approximately €82.8 million, primarily relating to copper purchases.
10. PROVISIONS FOR RISKS AND CHARGES
Changes in provisions for non-current and current r isks and charges as at 30 June 2026 are shown below :
(Thousand of Euro) Opening Provision Utilization Exchange
rate
differences Closing
Provision for severance payments to agents 125 - - - 125 Other funds – non current 433 543 - 1 977 Total provision - non current 558 543 - 1 1,102
With regard to the “Other funds – non-current” item , the provision of €543 thousand relates primarily to an open claim involving a customer concerning alleged product defects. The balance of €977 thousand relates to the Parent Company as well as the subsidiaries FD Sims and Isodra.
(Thousand of Euro) Opening Reclass Provision Utilization Closing
Other funds - current 112 - - - 112 Total provision - current 112 - - - 112
11. PROVISION FOR EMPLOYEE DEFINED BENEFITS
The item refers to € 2,424 thousand for the Parent Company, € 709 thousand for Isomet, € 40 thousand f or Stable Magnet Wire and € 114 thousand for Isolveco 2.
Below is the changes in the Provision for Employee Defined Benefit in the first half of 2026.
(Thousand of Euro) Opening Provision Net equity effect Utilization Exchange
rate
differences Closing
Provision for employee defined benefit 3,405 50 (93) (83) 7 3,286 Total 3,405 50 (93) (83) 7 3,286
12. TRADE PAYABLES
2026 2025
(Thousand of Euro) 30 June 31 December
Trade payables 51,899 30,397 Total trade payables 51,899 30,397
The change in trade payables compared to the balanc e at December 31, 2025, is primarily attributable t o the Parent Company and the Brazilian subsidiary; it is essentially due to high er quantities of copper in transit at the close of the half-year, as well as the increase in the price of copper during the period.
Half-yearly financial report as of 30 June 2026 25
13. OTHER CURRENT LIABILITIES
Details of Other current liabilities are set out be low:
2026 2025
(Thousand of Euro) 30 June 31 December
Payables due to employees 4,047 3,033 Accrued liabilities and deferred income 2,534 2,918 Other payables 283 370 VAT payables 2,167 553 Income taxes withheld on income from employees 178 507 Total other current liabilities 9,210 7,381
“Payables to employees” include liabilities for the thirteenth-month salary, accrued and untaken holid ay, and production bonuses. The increase in debt is attributable to the Parent Comp any, reflecting the dynamics of deferred remunerati on liabilities—which were lower at year-end due to the payment of the thirteenth-month salary in December and higher leave utilization.
The change in the "Accrued liabilities and deferred income" item is primarily attributable to the Pare nt Company and relates to the release—under "Other revenue and income"—of capital grants associated with the "Industry 4.0" tax credi t pertaining to the period, in line with the depreciation of the related tangible fixed assets.
The increase in "VAT payables" is attributable to t he Parent Company and the subsidiary FD Sims.
The reduction of the item 'Income taxes withheld on income from employees'—primarily relating to the co mpany IRCE—is attributable to two main events: the remittance to the tax authorit ies in January 2026 of withholdings on December 202 5 wages (including the thirteenth-
month salary), and the offsetting—in the June payro ll—of IRPEF tax credits arising from employees' tax returns.
Half-yearly financial report as of 30 June 2026 26
COMMENT ON THE MAIN ITEMS OF THE CONSOLIDATED INCOM E STATEMENT
14. REVENUES
The item refers to revenues from the sale of goods, net of returns, rebates and the return of packagin g.
2026 2025
Change
(Thousand of Euro) 30 June 30 June
Sales revenues 223,349 204,086 19,263 Consolidated revenue amounted to €223.3 million, a 9.4% increase compared to the €204.1 million record ed in the first half of 2025; this rise was driven by the increase in the price of cop per (the average LME price for the first half of 20 26, at €11.22/kg, was 29.9% higher than the €8.64/kg recorded in the same period of 20 25), though it was only partially offset by lower s ales volumes.
The following tables highlight revenues broken down by product and by geographical area of destination of finished products.
Current period Previous period (Thousand of Euro) Winding wires Cables Total Widing wires Cables Total
Revenues 186,409 36,941 223,349 164,236 39,850 204,086 % of total 83.5% 16.5% 100.0% 80.5% 19.5% 100.0%
Current period Previous period (Thousand of Euro) Italy UE Extra UE Total Italy EU Extra EU Total
Revenues 79,367 50,762 93,221 223,349 75,236 52,483 76,367 204,086 % of total 35.5% 22.7% 41.7% 100.0% 36.9% 25.7% 37.4% 100.0%
For further details, please refer to the Report on Operations.
15. OTHER REVENUES AND INCOME
2026 2025
Change
(Thousand of Euro) 30 June 30 June
Increase in internally generated fixed assets 194 316 (122) Capital gains on assets disposals 247 49 198 Insurance reimbursements - 173 (173) Contingent assets 29 75 (46) Other revenues 605 695 (90) Total other revenues and income 1,076 1,308 (232) The capital gain on asset disposals relates primari ly to the Dutch subsidiary.
The “Other revenues” item primarily includes the po rtion of capital grants attributable to the Parent Company’s “Industry 4.0” tax credit.
Half-yearly financial report as of 30 June 2026 27
16. RAW MATERIALS AND CONSUMABLES
Costs for raw material and consumables are detailed as follows:
2026 2025
Change
(Thousand of Euro) 30 June 30 June
Raw materials and consumables (191,614) (171,747) (19,867) Change in inventory of raw materials and consumable s 9,364 12,605 (3,241) Purchasing finished goods (4,453) (5,695) 1,242 Total raw materials and consumables (186,704) (164,837) (21,867) The item 'Raw materials and consumables,' amounting to €191.6 million, includes the costs incurred for the purchase of raw materials, among which the most significant are represented by copper and aluminium, insulating materials, and pa ckaging and maintenance materials. The change in the period compared to Jun e 30, 2025, is due to the increase in the average p rice of copper, only partially offset by lower purchase volumes of both metal and insulating raw materials.
17. COST FOR SERVICES
The "Costs per service" are detailed below:
2026 2025
Change
(Thousand of Euro) 30 June 30 June
External processing (4,753) (4,271) (482) Utility expenses (7,299) (7,475) 176 Maintenance (1,226) (1,498) 271 Transport of sales (3,263) (3,050) (213) Payable fees (109) (199) 90 Statutory auditors compensation (52) (35) (17) Other services (4,980) (4,196) (784) Operating leasing (not in scope for IFRS 16) (172) (191) 19 Total cost for services (21,855) (20,915) (940) The change in “External processing” is primarily at tributable to the increased volumes of copper scrap reprocessed and reintroduced into production by Irce S.p.A. and IRCE S.r.o.
The increase in “Other services” is attributable to the Parent Company and relates mainly to higher ex penditure on studies and research.
18. PERSONNEL COSTS
Personnel costs are detailed as follows:
2026 2025
Change
(Thousand of Euro) 30 June 30 June
Salaries and wages (10,099) (11,785) 1,686 Social security charges (2,897) (2,821) (76) Pension costs (566) (898) 332 Other personnel costs (1,592) (1,669) 77 Total personnel costs (15,154) (17,173) 2,019
The change in personnel expenses is attributable to the closure of the subsidiary Smit Draad’s operati ons in May 2025—resulting in the termination of all employees' employment by July 20 25—which was only partially offset by the increase i n labor costs at the Parent Company, Irce Sro, and Irce Ltda.
Half-yearly financial report as of 30 June 2026 28
19. AMORTIZATION/DEPRECIATION AND WRITE DOWNS OF TA NGIBLE AND INTANGIBLE ASSETS
Here is the breakdown of depreciation/amortisation and write-off of tangible and intangible assets:
2026 2025
Change
(Thousand of Euro) 30 June 30 June
Amortization of intangible assets (9) (14) 5 Depreciation of tangible assets (3,824) (2,968) (856) Depreciation of tangible assets - IFRS 16 (69) (52) (17) Write off tangible assets - (32) 32 Total amortization/depreciation and write-down (3,902) (3,066) (836)
The increase in the “Depreciation of tangible fixed assets” item is primarily attributable to new mach inery installed at Irce Ltda and the commencement of production at Irce Sro, only partia lly offset by lower depreciation charges for the Du tch subsidiary following the start of its liquidation.
20. PROVISIONS AND WRITE-DOWNS
Provisions and write-downs are detailed as follows:
2026 2025
Change
(Thousand of Euro) 30 June 30 June
Bad debt provision (485) 164 (649) Receivables losses (12) - (12) Provision for risks (543) - (543) Total provisions and write-downs (1,039) 164 (1,203) Regarding the item “Bad debt provision,” please ref er to paragraph 5 – Trade receivables.
With reference to the item “Provisions for risks,” please refer to paragraph 10 – “Provision for risks and charges.”
21. FINANCIAL INCOME AND CHARGES
Financial income and charges are broken down as fol lows:
2026 2025
Change
(Thousand of Euro) 30 June 30 June
Financial income 1,189 2,141 (952) Financial charges (2,461) (2,433) (29) Foreign exchanges (1,019) (700) (319) Total financial income and charges (2,292) (992) (1,300) The net negative change of €981 thousand in “financ ial income” and “financial charges” is attributable to the impact of metal derivatives— which were negative by €504 thousand in the first h alf of 2026 and positive by € 913 thousand in the f irst half of 2025—only partially offset by higher interest income from payment extensions g ranted to customers by the Brazilian subsidiary.
The “Foreign exchange gains and losses” item includ es €471 thousand in realized negative exchange rate differences, €261 thousand in unrealized negative exchange rate differences, and €286 thousand representing the negative effect of f oreign exchange derivatives.
Half-yearly financial report as of 30 June 2026 29
22. INCOME TAXES
Below is the breakdown of income taxes:
2026 2025
Change
(Thousand of Euro) 30 June 30 June
Current taxes (3,476) (1,450) (2,026) Income taxes related to previous years 1 11 (9) Deferred tax liabilities (PL) 162 99 64 Current tax - Ires (2,296) (1,763) (533) Total income tax (5,608) (3,105) (2,504) Current taxes relate essentially to the Parent Comp any and the Brazilian subsidiary. It should be note d that the “current taxes” item refers to all subsidiaries—specifically Irce Ltda—as well as the Parent Company’s IRAP, whereas the “Cur rent IRES taxes” item relates solely to Irce SpA.
The tax rate for the first half of 2026, at 43.5%, was in line with that of the first half of 2025 (44 .8%). The high tax rate is attributable to loss-making subsidiaries for which no deferred tax assets were recognized, due to the lack of reasonab le certainty regarding their recoverability.
23. EARNINGS PER SHARE
As required by IAS 33, here below are the disclosur es on the data used to calculate basic and diluted earnings per share .
Basic and diluted earnings per share were equal, as there are no ordinary shares that could have a dil utive effect and no shares or warrants that could have a dilutive effect will be exercised.
2026 2025
30 June 30 June
Result for the period (Thousand of Euro) 7,294 3,812 Average weighted number of ordinary shares outstand ing 26,417,035 26,442,760 Basic earnings/(loss) per Share 0.2761 0.1441 Diluted earnings/(loss) per Share 0.2761 0.1441
24. RELATED PARTY DISCLOSURES
In accordance with the requirements of IAS 24, the remuneration received by the members of the Board o f Directors of Irce SpA as at 30 June 2026 is as follows:
Campensation
for office head Compensation for other tasks Total (Thousand of Euro)
Directors 124 205 329 This table shows the compensation paid for any reas on and in any form, excluding social security contr ibutions.
In addition, it should be noted that Irce SpA has a tax payables vs the Parent company Aequafin SpA of € 2.6 million deriving from the National Tax Consolidation Agreement.
Half-yearly financial report as of 30 June 2026 30
25. GUARANTEES
In relation to the guarantees provided, the parent company Irce SpA issued sureties for a total of € 2 .5 million in favour of a publicly owned company to guarantee the supply of electrical cables.
26. EVENTS AFTER THE REPORTING PERIOD
No significant subsequent events occurred from June 30, 2026, to the date of preparation of this finan cial statement.
Half-yearly financial report as of 30 June 2026 31
Attachment 1 - Certification of the Financial Repor ting Officer
Certification of the condensed consolidated interim financial statements as at 30 June 2026 pursuant t o Article 154-bis, paragraph 5, of Italian Legislative Decree no. 58 o f 24 February 1998:
1. The undersigned Dr. Filippo Casadio as Chairman and Dr. Massimiliano Bacchini as Manager responsible f or the preparation of the company accounting documents of IRCE S.p.A, cer tify in accordance with article 154-bis, paragraphs 3 and 4, of Legislative Decree No. 58 of February 24, 1998:
- the appropriateness of the financial statements in relation to the characteristics of the company, an d
- the effective application of the administrative and accounting procedures in preparing the condensed interim financial statement s as of June 30, 2026.
2. In this respect it is noted that no significant mat ters arose.
3. It is also certified that:
3.1 The condensed consolidated half-year financial statements:
a) are prepared in accordance with International Fi nancial Reporting Standards endorsed by the Europea n Community pursuant to Regulation (EC) 1606/2002 of the European Parlia ment and of the Council of 19 July 2002;
b) are consistent with accounting books and records ;
c) are prepared in accordance with Article 154-ter of the aforesaid Legislative Decree 58/98 and subse quent amendments and integrations and they provide a true and fair view of the financial position and results of operations and cash flows of the Issuer as well as of the group of companies include d within the scope of consolidation.
3.2 The directors’ interim report on operations pro vides a reliable analysis of the important events t aking place in the first six months of the year and their impact on the condense d consolidated half-year financial statements, toge ther with a description of the key risks and uncertainties for the remainin g six months of the year. The directors’ interim re port on operations also includes a reliable analysis of significant transac tions with related parties.
Imola, 11 September 2026
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