October 2026 – Page 87

Robust Q3 2026 in a volatile used-car market, on track to achieve PowerUP 2026 targets

Posted on October 29, 2026 by Ravi Shankar

NET INCOME GROUP SHARE OF EUR 240 MILLION, DOWN 11.9% VS. Q3 2025
RETURN ON TANGIBLE EQUITY (ROTE) AT 13.2% VS. 14.3% IN Q3 2025

Q3 2026 RESULTS¹
Underlying margins² at EUR 817 million, up 4.6% vs. Q3 2025,

representing 620 bps of average earning assets vs. 593 bps in Q3 2025
Leasing and Services margins at EUR 761 million, down 2.0% vs. Q3 2025

Net Used Car Sales result³ at EUR -21 million vs. EUR 75 million in Q3 2025
Gross UCS result per unit⁴ at EUR 118 in Q3 2026 and EUR 313 in 9M 2026, in line with guidance

Synergies⁵ at EUR 116 million, up from EUR 104 million in Q3 2025
9M 2026 synergies at EUR 338 million vs. EUR 251 million in 9M 2025

Cost to income ratio⁶ at 49.2%, down 3.6 p.p. vs. 52.8% in Q3 2025, in line with guidance

Earning assets⁷ at EUR 52.8 billion, up 0.3% vs. end September 2025

CET1 ratio at 12.8% as at end September 2026

On 29 October 2026, Philippe de Rovira, CEO of Ayvens, commenting on the Q3 2026 Group results, stated:

“Ayvens has delivered a solid quarterly performance in a volatile used-car market environment. Our strong focus on profitable business and cost reductions has helped mitigate the decrease in used-car sales’ result exacerbated by the impact of high oil prices.

The strong positive jaws drove the Group’s cost-to-income ratio down to 49.2% and 51.1% for 9M 2026. ROTE stood at 13.2% and 13.6% for 9M 2026. These strong metrics demonstrate the robustness of our model and the relevance of our strategic actions in this uncertain environment.

Ayvens is well-positioned to successfully achieve its PowerUP 2026 financial targets and ready to launch the execution of its Ayvens 2029 strategic plan.”

Q3 2026 FINANCIAL RESULTS

Fleet and earning assets

Earning assets stood at EUR 52.8 billion vs. EUR 52.6 billion as at end September 2025.

Ayvens’ total fleet amounted to 3,044 thousand vehicles, down 0.3% compared to end June 2026 and down 4.7%⁸ year-on-year.

Full-service leasing contracts reached 2,470 thousand vehicles, down 0.2%⁸ compared to end June 2026.

Deliveries per powertrain⁹ showed a broadly stable BEV penetration at 30% vs. 31% in Q2 2026 and 28% in Q3 2025. Hybrids continued to increase their share of total deliveries, at 31% compared to 28% in Q2 2026 and 26% in Q3 2025. ICE penetration was stable vs. Q2 2026 at 26%, showing a marked decrease compared to 32% in Q3 2025.

Fleet management contracts reached 574 thousand vehicles, a decrease of 0.8% vs. Q2 2026.

Income statement

In a volatile used-car market environment, Ayvens’ net income group share stood at EUR 240 million, down 11.9% vs. Q3 2025. This financial performance was notably impacted by a significant decrease in net UCS result and a strong operating performance, with high margins and lower operating expenses, further supported by a lower effective tax rate.

Gross operating income

Gross operating income stood at EUR 739 million, a decrease of 13.1% vs. Q3 2025, reflecting the decrease in the net UCS result and the impact of hyperinflation in Turkey on margins. For 9M 2026, gross operating income stood at EUR 2,310 million, down 8.5% vs. 9M 2025.

Leasing contract and Services margins

Leasing and Services margins reached EUR 761 million, a decrease of 2.0% compared to Q3 2025 due to a higher negative hyperinflation impact. For 9M 2026, Leasing and Services margins stood at EUR 2,280 million, an increase of 3.8% compared to 9M 2025.

Underlying margins reached a high level, at EUR 817 million, showing an increase of 4.6% vs. Q3 2025 and stood at 620 bps vs. 593 bps in Q3 2025. In 9M 2026, underlying margins showed an increase of 5.6% compared to 9M 2025.

Non-recurring items totaled EUR -56 million vs. EUR -5 million in Q3 2025, reflecting hyperinflation impact in Turkey, as inflation continued to increase at a high pace while the used-car auto index was broadly stable in Q3 2026.

Used car sales result and Depreciation adjustments

Net UCS result stood at EUR -21 million vs. EUR 75 million in Q3 2025 and EUR -8 million in Q2 2026. For 9M 2026, net UCS result stood at EUR 29 million, vs. EUR 328 million in 9M 2025.

This results from a lower gross UCS result, at EUR 15 million in Q3 2026 vs. EUR 155 million in Q3 2025 and EUR 42 million in Q2 2026. Gross UCS per unit stood at EUR 118 vs. EUR 1,110 in Q3 2025 and EUR 326 in Q2 2026. This decrease reflects the ongoing normalization of UCS result on ICE vehicles and the adverse impacts of sustained high oil prices on demand for used ICE vehicles.

Depreciation adjustments amounted to EUR -36 million compared to EUR -80 million in Q3 2025 and EUR -50 million in Q2 2026. These depreciation adjustments include:

EUR -35 million resulting from the fleet reevaluation performed in H1 2026, driven mainly by the evolution of the UK BEV market, vs. EUR –48 million in Q3 2025,
EUR -16 million of reversal of prospective depreciation for vehicles sold, vs. EUR -38 million in Q3 2025
EUR 14 million of other reversals, mainly relating to the vehicles sold in Turkey and representing release of the impairment previously booked in the context of hyperinflation, vs. EUR 6 million in Q3 2025

Total volume of cars sold, at 127k units, was down vs. 140k units in Q3 2025, reflecting the lower number of new vehicles which were delivered in 2022 and 2023 in the context of supply chain disruptions.

As at end of Q3 2026, the Group’s stock of prospective depreciation costs to be reversed is EUR -61 million compared to EUR -12 million at end June 2026.

Operating expenses

Operating expenses amounted to EUR 407 million, a decrease of 5.1% vs. Q3 2025. Costs to achieve¹⁰ (CTA) amounted to EUR 5 million compared to EUR 17 million in Q3 2025.

Excluding CTA, underlying operating expenses amounted to EUR 402 million, a decrease of 2.5% vs. Q3 2025, reflecting increasing cost synergies, at EUR 52 million vs. EUR 39 million in Q3 2025, and continued strict cost monitoring across the organization.

The combined effect of higher underlying margins and lower underlying operating expenses resulted in a seasonally low underlying Cost/Income ratio at 49.2%, a 3.6 percentage point decrease compared to Q3 2025. In 9M 2026, underlying Cost/Income ratio stood at 51.1% vs. 56.1% vs. 9M 2025.

Cost of risk

Impairment charges on receivables came in at EUR 25 million compared to EUR 27 million in Q3 2025. The cost of risk¹¹ stood at 19 bps vs. 21 bps in Q3 2025.

Net income

Income tax expense came in at EUR 66 million down from EUR 116 million in Q3 2025, as a result of a lower profit before tax of EUR 306 million vs. EUR 390 million in Q3 2025 and a lower effective tax rate of 21.5% vs. 29.7% in Q3 2025.

The low tax rate in Q3 2026 is the result of two one-off gains: (i) a successful negotiation leading to the transfer of tax losses from a former Dutch LeasePlan entity to Ayvens and ii) a positive impact in Turkey coming from the reversal of deferred tax liabilities linked to inflation-related asset revaluation gains, following the election to recognize these gains as non-distributable equity under the local tax regulations. As a result, 9M 2026 effective tax rate stood at 25.3% vs. 29.7% in 9M 2025.

Ayvens’ net income group share reached EUR 240 million, compared to EUR 273 million in Q3 2025, reflecting a decrease in net UCS result partially offset by stronger margins, reduced operating expenses and lower income tax expense. In 9M 2026, net income group share stood at EUR 754 million, a decrease of 1.2% vs. 9M 2025 at EUR 764 million.

Diluted Earnings per share¹² was EUR 0.28 vs. EUR 0.31¹³ at Q3 2025.

The Return on Tangible Equity (ROTE) came in at 13.2% in Q3 2026 vs. 14.3% in Q3 2025. ROTE stood at 13.6% in 9M 2026 vs. 13.4% for 9M 2025, supported by a resilient net income group share and distribution of EUR 1.4 billion to shareholders through share buybacks and exceptional dividends announced in Q3 2025 and Q2 2026.

BALANCE SHEET AND REGULATORY CAPITAL

Financial structure

Group shareholders’ equity¹⁴ totaled EUR 10.3 billion compared to the same level as at 31 December 2025. Net asset value per share¹⁵ (NAV) was EUR 13.28 compared to EUR 13.05 as at 31 December 2025.

Net tangible asset value (NTAV) after dividend provision stood at EUR 6.8 billion vs. EUR 7.0 billion as at 31 December 2025. NTAV per share after distribution provision was EUR 8.84 as at 30 September 2026, and EUR 8.97 as at 31 December 2025.

Total balance sheet stood at EUR 71.3 billion, an increase of EUR 0.4 billion vs. 31 December 2025 largely reflecting an increase in retail deposits.

In September 2026, Ayvens successfully closed and settled a EUR 550 million securitisation transaction in Belgium, Europe’s first ABS backed entirely by BEVs, further demonstrating strong investor appetite for Ayvens’ debt instruments.
Ayvens has strong long-term debt credit ratings from Moody’s (A1), Fitch Ratings (A) and S&P Global Ratings (A-).

Regulatory capital

Ayvens’ risk-weighted assets (RWA) totaled EUR 53.4 billion compared to EUR 53.2 billion as at 30 June 2026, with credit risk-weighted assets accounting for 93% of the total.

Ayvens had a strong Common Equity Tier 1 ratio of 12.8% after distribution provision, i.e. 344 basis points above the minimum CET1 requirement of 9.35% and total Capital ratio stood at 17.0% compared to 12.6% and 16.9% respectively as at 30 June 2026.

CONFERENCE CALL FOR INVESTORS AND ANALYSTS

Date: 29 October 2026, at 10.00 am Paris time – 9.00 am London time
Speakers: Philippe de Rovira, CEO / Patrick Sommelet, Deputy CEO and CFO

CONNECTION DETAILS

Webcast link: https://edge.media-server.com/mmc/p/8pthusrg
Conference call:
- FR: +33 1 70 91 87 04
- UK: +44 121 281 8004
- US: +1 718 705 8796
- Other countries: + 39 02 802 09 11
- Access code: 457698

AGENDA

4 February 2027: Q4 2026 results
4 May 2027: Q1 2027 results


About Ayvens
Ayvens is a leading global sustainable mobility player committed to making life flow better. We’ve been improving mobility for decades, providing full-service leasing, flexible subscription services, fleet management and multi-mobility solutions to large international corporates, SMEs, professionals and private individuals.		With more than 13,000 employees across 40 countries, Ayvens manages 3.0 million vehicles and the world’s largest multi-brand EV fleet. The company is listed on Compartment A of Euronext Paris (ISIN: FR0013258662; Ticker: AYV). Societe Generale Group is Ayvens majority shareholder. Find out more at ayvens.com


Press contact
Elise Boorée Communications Department Tel: +33 (0)6 25 01 24 16 elise.booree@ayvens.com

The information contained in this document (the “Information”) has been prepared by Ayvens (the “Company”) solely for informational purposes. The Information is proprietary to the Company. This document and its content may not be reproduced or distributed or published, directly or indirectly, in whole or in part, to any other person for any purpose without the prior written permission of the Company.

“Ayvens” refers to the Company and its consolidated entities.

The Information is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy, and does not constitute a recommendation of, or advice regarding investment in, any security or an offer to provide, or solicitation with respect to, any securities-related services of the Company. This document is information given in a summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consult the relevant offering documentation, with or without professional advice when deciding whether an investment is appropriate.

This document contains forward-looking statements relating to the targets and strategies of the Company. These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union. These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Company may be unable to:

– anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;

– evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document.

Therefore, although the Company believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to various risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in the Company’s markets in particular, regulatory and prudential changes, and the success of the Company’s strategic, operating and financial initiatives. Unless otherwise specified, the sources for the business rankings and market positions are internal.

Other than as required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information or statements, opinion, projection, forecast or estimate set forth herein. More detailed information on the potential risks that could affect the Company’s financial results can be found in the 2025 Universal Registration Document filed with the French financial markets authority (Autorité des marchés financiers).

Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Company when considering the information contained in such forward-looking statements. To the maximum extent permitted by law, none of the Company or any of its affiliates, directors, officers, advisors and employees shall bear any liability (in negligence or otherwise) for any direct or indirect loss or damage which may be suffered by any recipient through use or reliance on anything contained in or omitted from this document and the related document or any other information or material arising from any use of its materials or their contents or otherwise arising in connection with these materials.

The financial information presented for quarter ending 30 September 2026 was reviewed by the Board of Directors on 28 October 2026 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date.

By receiving this document, you will be deemed to have represented, warranted and undertaken to have read and understood the above notice and to comply with its contents.

Appendix

CONSOLIDATED INCOME STATEMENT

in EUR million	Q3 2026	Q3 2025	Q Var.	9M 2026	9M 2025	9M Var.
Leasing revenues	2,833.3	2,783.1	1.8%	8,457.5	8,469.9	-0.1%
Leasing costs – depreciation	(2,060.2)	(1,975.7)	4.3%	(6,135.4)	(6,098.8)	0.6%
Leasing costs – financing	(440.2)	(459.5)	-4.2%	(1,297.0)	(1,414.9)	-8.3%
Unrealised gains/losses on financial instruments	(4.5)	(2.1)	111.5%	(4.4)	(37.6)	-88.3%
Leasing margin	328.5	345.8	-5.0%	1,020.8	918.6	11.1%
Services revenues	1,334.7	1,371.4	-2.7%	4,111.7	3,918.7	4.9%
Cost of services revenues	(902.4)	(941.0)	-4.1%	(2,852.1)	(2,640.6)	8.0%
Services margin	432.3	430.4	0.4%	1,259.6	1,278.1	-1.4%
*Leasing & Services margins*	*760.8*	*776.3*	*-2.0%*	*2,280.4*	*2,196.8*	*3.8%*
Proceeds of cars sold	1,975.0	2,137.7	-7.6%	6,236.0	6,560.4	-4.9%
Cost of cars sold	(1,960.1)	(1,982.7)	-1.1%	(6,110.6)	(6,031.2)	1.3%
Depreciation costs adjustments	(36.3)	(80.2)	-54.7%	(96.1)	(201.3)	-52.3%
Used car sales result and Depreciation adjustments	(21.4)	74.8	n.a.	29.3	327.9	-91.1%
Gross Operating Income	739.4	851.0	-13.1%	2,309.7	2,524.6	-8.5%
Staff expenses	(250.0)	(255.3)	-2.1%	(760.4)	(818.5)	-7.1%
General and administrative expenses	(116.8)	(131.2)	-11.0%	(361.6)	(402.3)	-10.1%
Depreciation and amortisation	(40.4)	(42.7)	-5.4%	(117.5)	(128.1)	-8.3%
Total operating expenses	(407.2)	(429.2)	-5.1%	(1,239.4)	(1,348.9)	-8.1%
Impairment charges on receivables	(24.5)	(27.5)	-10.6%	(66.2)	(85.4)	-22.4%
Other income / (expense)	(1.7)	(6.3)	-72.6%	5.0	(4.0)	n.a.
Operating result	306.0	388.0	-21.1%	1,009.0	1,086.4	-7.1%
Share of profit from associated and jointly controlled entities	0.4	1.5	-70.5%	2.2	4.8	-54.3%
Profit before tax	306.4	389.5	-21.3%	1,011.2	1,091.1	-7.3%
Income tax expense	(65.8)	(115.8)	-43.1%	(256.1)	(324.4)	-21.0%
Net income	240.6	273.7	-12.1%	755.0	766.8	1.5%
Non-controlling interests	(0.5)	(1.1)	-56.9%	(0.7)	(2.8)	-75.3%
Net income group share	240.1	272.7	-11.9%	754.3	763.9	-1.2%

BALANCE SHEET AS AT 30 SEPTEMBER 2026

in EUR million	30 September 2026	31 December 2025
Earning assets	52,759	53,045
o/w Rental fleet	50,988	51,168
o/w Finance lease receivables	1,771	1,877
Cash & Cash deposits with the ECB	1,863	2,045
Intangibles (incl. goodwill)	2,727	2,737
Operating lease and other receivables	9,530	8,394
Other	4,395	4,692
Total assets	71,274	70,913
Group shareholders’ equity	11,009	11,011
o/w Group shareholders’ equity excl. AT1	10,259	10,261
o/w AT1	750	750
Tangible shareholders’ equity	7,513	7,487
Non-controlling interests	24	29
Total equity	11,033	11,040
Deposits	15,025	14,308
Financial debt	35,711	36,379
Trade and other payables	6,283	5,861
Other liabilities	3,222	3,324
Total liabilities and equity	71,274	70,913

Breakdown of depreciation adjustments

P&L: Breakdown of depreciation adjustments in UCS

in EUR million	Q3 2026	Q3 2025
New prospective depreciation for running fleet¹⁶	(35)	(48)
Reversal of prospective depreciation for vehicles sold	(16)	(38)
Net prospective depreciation	(50)	(87)
Other reversals/impairments¹⁷	14	6
Depreciation adjustments	(36)	(80)

Balance sheet: prospective depreciation stock

	in EUR million
Prospective depreciation 30.06.2026	(12)
Net charge to Q3 2026 P&L	(50)
FX impact	1
Prospective depreciation 30.09.2026	(61)

EARNINGS PER SHARE (EPS)

Basic EPS	9M 2026	9M 2025
Existing shares	783,862,091	816,960,428
Shares allocated to cover shares awarded to staff	(218,239)	(484,981)
Other own shares and treasury shares	(12,797,902)	(130,929)
End of period number of shares	770,845,950	816,344,518
Weighted average number of shares used for EPS calculation (A)	777,012,554	816,152,996
in EUR million
Net income group share	754.3	763.9
Deduction of interest on AT1 capital	(51.3)	(54.2)
Net income group share after deduction of interest on AT1 capital (B)	703.1	709.7
Basic EPS (in EUR) (B/A)	0.90	0.87

Diluted EPS	9M 2026	9M 2025
Existing shares	783,862,091	816,960,428
Weighted average number of shares used for EPS calculation (A’)	783,862,091	816,960,428

Diluted EPS (in EUR) (B/A’)	0.90	0.87

Return on tangible equity (ROTE)

in EUR million	Q3 2026	Q3 2025	9M 2026	9M 2025
Equity base for ROE BoP	9,384.3	10,169.9	9,765.7	10,053.4
Group shareholders’ equity	11,008.8	11,458.5	11,008.8	11,458.5
AT1 Capital	(750.0)	(750.0)	(750.0)	(750.0)
Interest on AT1 capital	(18.4)	(18.1)	(18.4)	(18.1)
Distribution provision¹⁸	(695.8)	(1,073.5)	(695.8)	(1,073.5)
OCI excluding conversion reserves	(49.4)	8.2	(49.4)	8.2
Equity base for ROE EoP	9,495.2	9.625.1	9,495.2	9,625.1

Goodwill BoP	2,127.5	2,128.3	2,127.5	2,128.3
Goodwill EoP	2,127.5	2,128.3	2,127.5	2,128.3
Intangible assets BoP	602.6	652.6	609.2	662.9
Intangible assets EoP	599.6	640.2	599.6	640.2

Average equity base for ROE calculation	9,439.8	9,911.0	9,630.5	9,839.3
Average Goodwill	2,127.5	2,128.3	2,127.5	2,128.3
Average Intangible assets	601.1	654.7	604.4	651.6
Average tangible equity for ROTE calculation	6,711.2	7,128.1	6,898.6	7,059.5

Group net income after non-controlling interests	240.1	272.7	754.3	763.9
Interest on AT1 capital	(18.4)	(17.8)	(51.3)	(54.2)

Adjusted Group net income	221.7	254.8	703.1	709.7

ROTE	13.2%	14.3%	13.6%	13.4%

CRR3/CRD6 prudential capital ratios and Risk Weighted Assets

in EUR million	30 September 2026	30 June 2026	31 March 2026	31 December 2025
Group shareholders’ equity	11,009	11,115	11,380	11,011
AT1 capital	(750)	(750)	(750)	(750)
Distribution provision¹⁹ & interest on AT1 capital	(714)	(964)	(642)	(500)
Goodwill and intangible assets	(2,727)	(2,730)	(2,728)	(2,737)
Deductions and regulatory adjustments	6	51	32	75
Common Equity Tier 1 capital	6,824	6,722	7,293	7,099
AT1 capital	750	750	750	750
Tier 1 capital	7,574	7,472	8,043	7,849
Tier 2 capital	1,500	1,500	1,500	1,500
Total capital (Tier 1 + Tier 2)	9,074	8,972	9,543	9,349

Risk-Weighted Assets	53,363	53,175	52,583	53,745
Credit Risk Weighted Assets	49,409	49,230	48,664	49,889
Market Risk Weighted Assets	935	926	970	915
Operational Risk Weighted Assets	3,019	3,019	2,949	2,942

Common Equity Tier 1 ratio	12.8%	12.6%	13.9%	13.2%
Tier 1 ratio	14.2%	14.1%	15.3%	14.6%
Total Capital ratio	17.0%	16.9%	18.1%	17.4%

Tangible book value per share

in EUR million	30 September 2026	31 December 2025
Group shareholders’ equity	11,008.8	11,010.6
AT1 capital	(750.0)	(750.0)
Interest on AT1 capital	(18.4)	(37.2)
Net Asset Value (NAV)	10,240.4	10,223.5
Goodwill	(2,127.5)	(2,127.5)
Intangible assets	(599.6)	(609.2)
Net Tangible Asset Value (NTAV)	7,513.4	7,486.8
Distribution provision	(695.8)	(462.5)
NTAV after dividend provision²⁰	6,817.6	7,024.3

Number of shares²¹	770,845,950	783,179,157
NAV per share	13.28	13.05
NTAV per share	9.75	9.56
NTAV per share after distribution provision	8.84	8.97

Quarterly series

in EUR million	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Leasing margin	231.7	297.7	265.1	307.7	345.8	345.2	350.3	341.9	328.5
Services margin	414.8	377.5	443.3	404.4	430.4	402.1	407.0	420.3	432.3
*Leasing and Services margins*	*646.5*	*675.2*	*708.4*	*712.1*	*776.2*	*747.3*	*757.3*	*762.2*	*760.8*
Used Car Sales (UCS) result	222.3	199.6	193.4	180.9	154.9	98.9	68.5	41.9	14.9
Depreciation adjustments	(145.2)	(162.0)	(82.7)	(38.4)	(80.2)	(16.0)	(9.8)	(49.9)	(36.3)
*UCS result and Depreciation adjustments*	*77.2*	*37.7*	*110.6*	*142.5*	*74.8*	*82.9*	*58.7*	*(8.0)*	*(21.4)*
Gross operating income	723.7	712.9	819.0	854.7	851.0	830.2	816.1	754.2	739.4
Total operating expenses	(459.9)	(474.6)	(472.8)	(446.8)	(429.2)	(477.2)	(422.4)	(409.8)	(407.2)
Impairment charges on receivables	(28.8)	(36.1)	(30.7)	(27.2)	(27.5)	(27.5)	(25.5)	(16.2)	(24.5)
Other income/(expense)	(7.3)	(2.7)	(1.0)	3.2	(6.3)	(8.6)	(4.3)	10.9	(1.7)
Net result from equity method	2.0	4.4	1.6	1.7	1.5	1.5	1.1	0.6	0.4
Profit before tax	229.7	203.9	316.0	385.6	389.5	318.4	365.0	339.7	306.4
Income tax expense	(81.6)	(42.7)	(94.9)	(113.7)	(115.8)	(85.6)	(98.6)	(91.7)	(65.8)
Non-controlling interests	(1.4)	(1.6)	(1.2)	(0.6)	(1.1)	(1.0)	(0)	(0.3)	(0.5)
Net income group share	146.7	159.7	219.9	271.3	272.7	231.9	266.5	247.7	240.1

in ‘000	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
*Total Contracts²²*	*3,332*	*3,281*	*3,239*	*3,204*	*3,193*	*3,175*	*3,077*	*3,054*	*3,044*
Full service leasing contracts	2,653	2,609	2,578	2,557	2,539	2,525	2,494	2,475	2,470
Fleet management contracts	680	672	662	648	654	650	583	579	574

¹ The Group results as at 30 September 2026 were examined by the Board of Directors, chaired by Pierre Palmieri on 28 October 2026

² Excluding non-recurring items

³ Used car sales result and depreciation adjustments

⁴ Management information

⁵ Management information. Pre-tax gross synergies of which EUR 64 million in revenues from procurement, insurance and remarketing and EUR 52 million in operating expenses (Q3 2025: EUR 66 million in revenues and EUR 39 million in operating expenses)

⁶ Excluding Net UCS result and non-recurring items

⁷ Net carrying amount of the rental fleet plus net receivables from finance leases

⁸ Q3 2025 on a like-for-like perimeter: total fleet restated to exclude UAE following the completion of its sale in June 2026

⁹Management information, passenger cars and light commercial vehicles

¹⁰ Management information

¹¹ Annualized impairment charges on receivables expressed as a percentage of arithmetic average of earning assets

¹² Calculated according to IAS 33. Basic EPS at EUR 0.29

¹³ Restated to remove impact from warrants as not exercised

¹⁴ Excluding Additional Tier 1 capital

¹⁵ Before dividend provision

¹⁶ Based on H1 2026 fleet revaluation

¹⁷ EUR 14 million of reversals mainly relating to the vehicles sold in Turkey and representing release of the impairment previously booked in the context of hyperinflation

¹⁸ Assuming dividend payout ratio of 50% of adjusted net income group share and remaining share buyback and tax related impacts

¹⁹ Assuming dividend payout ratio of 50% of adjusted net income group share and remaining share buyback and tax related impacts

²⁰ Assuming dividend payout ratio of 50% of adjusted net income group share, and remaining share buyback and tax related impacts

²¹ The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares

²² Q4 2024 to Q3 2025 total fleet restated to exclude UAE following the completion of its sale in June 2026

Attachment

Ayvens Q3 2026 Press release_final

Posted in UncategorizedTagged GlobeNewswire

Flow Traders 3Q 2026 Trading Update

Posted on October 29, 2026 by Ravi Shankar

Flow Traders 3Q 2026 Trading Update

Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 3Q 2026 results.

Highlights

The third quarter of the year can generally be characterized by subdued market activity and lower volatility, which impacts the trading environment and consequently our financial results. Despite this, we continue to execute on our Horizon 2030 strategy, as demonstrated by the structural growth in our traditional business.
In YTD26, Flow Traders’ ETF value traded increased by 15% to €1,699bn compared to YTD25. During 3Q26, Flow Traders’ ETF value traded decreased by 2% to €553bn compared to 2Q26, while the market ETF value traded decreased by 6%.
Flow Traders recorded net trading income (NTI) of €388.2m and total income of €391.6m in YTD26, increases of 7% and 9% compared to YTD25, respectively. In 3Q26, NTI decreased to €84.5m and total income to €86.4m, 43% and 41% lower than in 2Q26, respectively.
The traditional business achieved an NTI of €336.4m, a 26% increase compared to YTD25, underlining its continued strong growth. In 3Q26, traditional NTI decreased by 46% to €70.8m, from €131.7m in 2Q26.
The digital assets business achieved an NTI of €51.7m YTD26, a decrease of 46% compared to YTD25, reflecting continued lower activity in digital asset markets. In 3Q26, digital assets NTI decreased by 15% to €13.8m, from €16.1m in 2Q26.
Fixed operating expenses were €180.2m for YTD26, in line with our 2026 guidance of €235-245m. Fixed operating expenses increased by 19% compared to YTD25, driven by higher technology expenses, the addition of subject matter experts, and one-off expenses, as we continue to invest in the capabilities required to deliver on our Horizon 2030 strategy. In 3Q26, fixed operating expenses increased by 9% to €64.8m, from €59.3m in 2Q26.
Total operating expenses were €238.2m for YTD26, an increase of 14% compared to YTD25, driven by higher fixed operating expenses, with variable employee expenses flat. In 3Q26, total operating expenses decreased by 18% to €68.9m, from €83.8m in 2Q26, mainly reflecting lower variable employee expenses.
EBITDA was €153.4m for YTD26, a 2% increase compared to YTD25, with an EBITDA margin of 39% compared to 42% in YTD25. In 3Q26, EBITDA decreased by 72% to €17.5m, from €63.6m in 2Q26, amid lower market activity, with the EBITDA margin declining to 20% from 43%.
Net profit was €97.6m for YTD26, a 1% decrease compared to YTD25, with basic and diluted EPS of €2.22 and €2.13, respectively. In 3Q26, net profit decreased by 84% to €6.4m, from €40.8m in 2Q26, with basic and diluted EPS of €0.15 and €0.14, respectively.
Trading capital stood at €1,137m at the end of 3Q26, compared to €1,150m at the end of 2Q26 and €848m at the end of 3Q25, and generated a 30% return on trading capital, compared with 53% in 2Q26 and 37% in 3Q25.
YTD26 return on trading capital is 47% compared to 59% YTD25.
The number of FTEs was 630 at the end of 3Q26, up 1% from 622 at the end of 3Q25 and down 2% from 641 at the end of 2Q26.

Financial overview

€million	3Q26	2Q26	Change	YTD26	YTD25	Change
Net trading income	84.5	147.8	(43)%	388.2	362.0	7%
Traditional	70.8	131.7	(46)%	336.4	266.3	26%
EMEA	34.4	72.0	(52)%	177.1	135.4	31%
U.S.	20.0	26.6	(25)%	72.0	49.5	45%
APAC	16.4	33.1	(50)%	87.4	81.4	7%
Digital assets	13.8	16.1	(15)%	51.7	95.7	(46)%
Other income	1.9	(0.3)	N.M.	3.4	(2.5)	N.M.
Total income	86.4	147.4	(41)%	391.6	359.5	9%
Fixed employee expenses	33.1	27.7	20%	88.3	71.6	23%
Technology expenses	22.9	20.6	12%	63.5	52.1	22%
Other expenses	8.7	11.1	(21)%	28.4	28.0	1%
Fixed operating expenses	64.8	59.3	9%	180.2	151.7	19%
Variable employee expenses	4.1	24.5	(83)%	58.0	58.0	(0)%
Total operating expenses	68.9	83.8	(18)%	238.2	209.7	14%
EBITDA	17.5	63.6	(72)%	153.4	149.8	2%
Interest expenses	5.4	5.1	6%	15.2	1.3	N.A.
Lease expenses	0.4	0.4	(1)%	1.2	1.4	(15)%
Depreciation & amortization	4.7	4.3	9%	13.1	14.0	(6)%
(Reversal of) Impairment of intangible assets	(0.1)	0.5	N.M.	1.3	8.3	(85)%
Profit/(loss) on equity-accounted investments	0.4	(1.0)	N.M.	(1.9)	(3.6)	(48)%
Profit before tax	7.6	52.3	(86)%	120.7	121.1	(0)%
Tax expense	1.1	11.5	(90)%	23.0	22.7	2%
Net profit	6.4	40.8	(84)%	97.6	98.5	(1)%
Basic EPS¹ (€)	0.15	0.93	(84)%	2.22	2.26	(2)%
Fully diluted EPS² (€)	0.14	0.89	(84)%	2.13	2.23	(4)%
EBITDA margin	20%	43%		39%	42%
FTEs	630	641	(2)%	630	622	1%

NTI split

€million³	3Q24	4Q24	1Q25	2Q25	3Q25	4Q25	1Q26	2Q26	3Q26
Traditional	75.4	107.3	98.8	125.2	42.3	77.6	134.0	131.7	70.8
EMEA	45.7	48.2	50.9	65.0	19.4	45.1	70.7	72.0	34.4
U.S.	12.9	13.5	9.1	28.5	11.8	15.9	25.4	26.6	20.0
APAC	16.9	45.6	38.7	31.7	11.0	16.6	37.9	33.1	16.4
Digital assets	31.9	46.6	41.4	18.3	36.1	46.3	21.9	16.1	13.8

Trading capital

	3Q24	4Q24	1Q25	2Q25	3Q25	4Q25	1Q26	2Q26	3Q26
Trading capital (€m)	668	775	803	831	848	1,044	1,092	1,150	1,137
Return on trading capital⁴	66%	85%	71%	70%	37%	52%	58%	53%	30%
Return on equity⁵	23%	35%	19%	25%	5%	16%	23%	17%	3%
Average VIX⁶	17.1	17.3	18.5	23.6	16.0	17.8	20.3	18.3	16.0

Value traded overview

€billion⁷	3Q26	2Q26	Change	YTD26	YTD25	Change
Market ETF value traded	20,550	21,962	(6)%	68,139	48,194	41%
Traditional ETF	20,241	21,674	(7)%	67,139	47,203	42%
EMEA	892	1,041	(14)%	3,105	2,413	29%
U.S.	13,731	15,286	(10)%	47,966	35,977	33%
APAC	5,619	5,347	5%	16,068	8,814	82%
EMEA digital assets ETF	4.0	3.6	11%	13.5	20.9	(35)%

Flow Traders ETF value traded	553	564	(2)%	1,699	1,473	15%
Traditional ETF	544	558	(2)%	1,674	1,431	17%
EMEA	257	279	(8)%	824	674	22%
U.S.	235	218	8%	683	639	7%
APAC	52	61	(14)%	167	119	41%
EMEA digital assets ETF	2.4	2.0	21%	7.4	11.1	(33)%

Market environment

Traditional

In 3Q26, the trading environment was marked by lower activity. Market ETF value traded declined 6% QoQ to €20,550bn, with traditional ETF value traded down 7% to €20,241bn, driven by EMEA (down 14%) and the U.S. (down 10%). The quarter was also characterized by lower volatility, with the average VIX falling to 16.0 in 3Q26 from 18.3 in 2Q26 and 20.3 in 1Q26, which impacted the trading environment.

Flow Traders’ ETF value traded fell 2% QoQ, against a 6% decline in the market. Traditional NTI was €70.8m in 3Q26, down 46% compared with €131.7m in 2Q26. On a year-to-date basis, traditional NTI increased 26% to €336.4m, from €266.3m in YTD25.

These results reflect the continued structural growth of the ETF market, with YTD traditional value traded up 42%, which supports our Horizon 2030 priority of expanding and scaling our ETF business.

Digital assets

Since 10 October 2025, the bitcoin and altcoin market has decreased materially. Bitcoin was down 33% compared to its peak in October 2025, with the broader digital assets market capitalization declining over the same period. Digital asset market trading volumes and volatility have remained subdued, with EMEA digital assets ETF market value traded down 35% YTD.

Our digital assets results declined in line with lower market activity YTD. In 3Q26, EMEA digital assets ETF value traded grew 11% for the market and 21% for Flow Traders. That said, centralized exchange trading volumes across the broader digital assets market declined, reaching multi-year lows during the quarter. As our NTI is driven by activity across the wider digital assets market, digital assets NTI was €13.8m in 3Q26, compared with €16.1m in 2Q26 and €36.1m in 3Q25. On a year-to-date basis, our EMEA digital assets ETF value traded decreased 33%, with digital assets NTI declining 46% to €51.7m from €95.7m in YTD25, contributing 13% of total NTI compared with 26% in YTD25. The tokenized RWA market continued to grow over the period, increasing to USD 39bn in 3Q26 from USD 36bn in 2Q26.

We continue to believe in the long-term trajectory of digital assets and tokenization, and remain committed to our Horizon 2030 strategy and targets, including growing our digital assets franchise and tokenized asset trading. The continued growth in the tokenized RWA market further supports our strategy and long-term opportunity.

Outlook

Fixed operating expenses for the year 2026 are expected to be €235-245m, driven by continued technology investments, talent additions to support growth initiatives, and one-off expenses. This excludes interest on the private credit facility, which is part of interest expenses.

CEO statement

Thomas Spitz, CEO

“The third quarter was marked by seasonally lower ETF market activity; however, we continued to build out our franchise and platform, as demonstrated by the 26% YTD NTI growth in our traditional business. Reflecting third-quarter seasonality, lower volatility and subdued activity in digital asset markets, our YTD26 EBITDA margin came in at 39%, alongside net profit of €97.6m and basic EPS of €2.22.

Despite disappointing financial results this quarter, we continue to focus on executing our Horizon 2030 strategy and building up the capabilities required to deliver long-term growth, especially research and technology, targeted regional growth and distribution.”

Preliminary financial calendar

11 February 2027 4Q26 and FY26 Results

Analyst conference call and webcast

The 3Q 2026 results analyst conference call will be held at 10:00 am CET on Thursday, 29 October 2026. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a webcast. A replay of the conference call will be available on the company website for at least 90 days.

Contact details

Flow Traders Ltd.

Investors

Dick Peters
Phone: +31 20 7996799
Email: investor.relations@flowtraders.com

Media

Eliza de Waard
Phone: +31 6 27357983
Email: press@flowtraders.com

About Flow Traders

Flow Traders is a leading global ETF and digital asset liquidity provider, on a mission to become the liquidity provider of choice in a 24/7 global financial ecosystem. Founded in 2004, Flow Traders has built on its heritage in European equity ETFs to provide liquidity across more than 25,000 products in ETFs, equities, fixed income, commodities, FX and digital assets, on over 150 venues globally. With more than EUR 7 trillion in annual value traded and over 1,600 active counterparties, Flow Traders plays a central role in ensuring markets remain resilient and transparent. The Company is investing in frontier technologies to drive innovation across traditional and digital asset markets. Operating from eight offices across Europe, the Americas and Asia, Flow Traders brings together over 600 professionals representing more than 60 nationalities.

Notes

Weighted average shares outstanding: 3Q26 – 44,072,124; 2Q26 – 44,067,179; YTD26 – 44,017,572; YTD25 – 43,508,858.
Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
NTI splits across Traditional and Digital Assets have been updated for 2Q25 (€0.6m from Traditional to Digital Assets), 3Q25 (€0.1m from Traditional to Digital Assets) and 4Q25 (€0.4m from Traditional to Digital Assets), with no impact on total NTI.
Return on trading capital: quarterly NTI annualized / average of current and prior quarter trading capital.
Return on equity: quarterly net profit annualized / average of current and prior quarter shareholder equity.
From 3Q24, average VIX is calculated as the mean of the three monthly averages of daily VIX closing levels in each quarter.
Total market ETF and Flow Traders ETF value traded for 2Q26 and 1H26 are lower than previously reported (most notably in the U.S.), following an adjustment to the recording of intra-group trades on RFQ transactions, with no impact on NTI.

Important legal information

This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

All results published in this release are unaudited.

This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Attachment

Flow Traders 3Q26 Trading Update Press Release

Posted in UncategorizedTagged GlobeNewswire

Flow Traders 3Q 2026 Trading Update

Posted on October 29, 2026 by Ravi Shankar

Flow Traders 3Q 2026 Trading Update

Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 3Q 2026 results.

Highlights

The third quarter of the year can generally be characterized by subdued market activity and lower volatility, which impacts the trading environment and consequently our financial results. Despite this, we continue to execute on our Horizon 2030 strategy, as demonstrated by the structural growth in our traditional business.
In YTD26, Flow Traders’ ETF value traded increased by 15% to €1,699bn compared to YTD25. During 3Q26, Flow Traders’ ETF value traded decreased by 2% to €553bn compared to 2Q26, while the market ETF value traded decreased by 6%.
Flow Traders recorded net trading income (NTI) of €388.2m and total income of €391.6m in YTD26, increases of 7% and 9% compared to YTD25, respectively. In 3Q26, NTI decreased to €84.5m and total income to €86.4m, 43% and 41% lower than in 2Q26, respectively.
The traditional business achieved an NTI of €336.4m, a 26% increase compared to YTD25, underlining its continued strong growth. In 3Q26, traditional NTI decreased by 46% to €70.8m, from €131.7m in 2Q26.
The digital assets business achieved an NTI of €51.7m YTD26, a decrease of 46% compared to YTD25, reflecting continued lower activity in digital asset markets. In 3Q26, digital assets NTI decreased by 15% to €13.8m, from €16.1m in 2Q26.
Fixed operating expenses were €180.2m for YTD26, in line with our 2026 guidance of €235-245m. Fixed operating expenses increased by 19% compared to YTD25, driven by higher technology expenses, the addition of subject matter experts, and one-off expenses, as we continue to invest in the capabilities required to deliver on our Horizon 2030 strategy. In 3Q26, fixed operating expenses increased by 9% to €64.8m, from €59.3m in 2Q26.
Total operating expenses were €238.2m for YTD26, an increase of 14% compared to YTD25, driven by higher fixed operating expenses, with variable employee expenses flat. In 3Q26, total operating expenses decreased by 18% to €68.9m, from €83.8m in 2Q26, mainly reflecting lower variable employee expenses.
EBITDA was €153.4m for YTD26, a 2% increase compared to YTD25, with an EBITDA margin of 39% compared to 42% in YTD25. In 3Q26, EBITDA decreased by 72% to €17.5m, from €63.6m in 2Q26, amid lower market activity, with the EBITDA margin declining to 20% from 43%.
Net profit was €97.6m for YTD26, a 1% decrease compared to YTD25, with basic and diluted EPS of €2.22 and €2.13, respectively. In 3Q26, net profit decreased by 84% to €6.4m, from €40.8m in 2Q26, with basic and diluted EPS of €0.15 and €0.14, respectively.
Trading capital stood at €1,137m at the end of 3Q26, compared to €1,150m at the end of 2Q26 and €848m at the end of 3Q25, and generated a 30% return on trading capital, compared with 53% in 2Q26 and 37% in 3Q25.
YTD26 return on trading capital is 47% compared to 59% YTD25.
The number of FTEs was 630 at the end of 3Q26, up 1% from 622 at the end of 3Q25 and down 2% from 641 at the end of 2Q26.

Financial overview

€million	3Q26	2Q26	Change	YTD26	YTD25	Change
Net trading income	84.5	147.8	(43)%	388.2	362.0	7%
Traditional	70.8	131.7	(46)%	336.4	266.3	26%
EMEA	34.4	72.0	(52)%	177.1	135.4	31%
U.S.	20.0	26.6	(25)%	72.0	49.5	45%
APAC	16.4	33.1	(50)%	87.4	81.4	7%
Digital assets	13.8	16.1	(15)%	51.7	95.7	(46)%
Other income	1.9	(0.3)	N.M.	3.4	(2.5)	N.M.
Total income	86.4	147.4	(41)%	391.6	359.5	9%
Fixed employee expenses	33.1	27.7	20%	88.3	71.6	23%
Technology expenses	22.9	20.6	12%	63.5	52.1	22%
Other expenses	8.7	11.1	(21)%	28.4	28.0	1%
Fixed operating expenses	64.8	59.3	9%	180.2	151.7	19%
Variable employee expenses	4.1	24.5	(83)%	58.0	58.0	(0)%
Total operating expenses	68.9	83.8	(18)%	238.2	209.7	14%
EBITDA	17.5	63.6	(72)%	153.4	149.8	2%
Interest expenses	5.4	5.1	6%	15.2	1.3	N.A.
Lease expenses	0.4	0.4	(1)%	1.2	1.4	(15)%
Depreciation & amortization	4.7	4.3	9%	13.1	14.0	(6)%
(Reversal of) Impairment of intangible assets	(0.1)	0.5	N.M.	1.3	8.3	(85)%
Profit/(loss) on equity-accounted investments	0.4	(1.0)	N.M.	(1.9)	(3.6)	(48)%
Profit before tax	7.6	52.3	(86)%	120.7	121.1	(0)%
Tax expense	1.1	11.5	(90)%	23.0	22.7	2%
Net profit	6.4	40.8	(84)%	97.6	98.5	(1)%
Basic EPS¹ (€)	0.15	0.93	(84)%	2.22	2.26	(2)%
Fully diluted EPS² (€)	0.14	0.89	(84)%	2.13	2.23	(4)%
EBITDA margin	20%	43%		39%	42%
FTEs	630	641	(2)%	630	622	1%

NTI split

€million³	3Q24	4Q24	1Q25	2Q25	3Q25	4Q25	1Q26	2Q26	3Q26
Traditional	75.4	107.3	98.8	125.2	42.3	77.6	134.0	131.7	70.8
EMEA	45.7	48.2	50.9	65.0	19.4	45.1	70.7	72.0	34.4
U.S.	12.9	13.5	9.1	28.5	11.8	15.9	25.4	26.6	20.0
APAC	16.9	45.6	38.7	31.7	11.0	16.6	37.9	33.1	16.4
Digital assets	31.9	46.6	41.4	18.3	36.1	46.3	21.9	16.1	13.8

Trading capital

	3Q24	4Q24	1Q25	2Q25	3Q25	4Q25	1Q26	2Q26	3Q26
Trading capital (€m)	668	775	803	831	848	1,044	1,092	1,150	1,137
Return on trading capital⁴	66%	85%	71%	70%	37%	52%	58%	53%	30%
Return on equity⁵	23%	35%	19%	25%	5%	16%	23%	17%	3%
Average VIX⁶	17.1	17.3	18.5	23.6	16.0	17.8	20.3	18.3	16.0

Value traded overview

€billion⁷	3Q26	2Q26	Change	YTD26	YTD25	Change
Market ETF value traded	20,550	21,962	(6)%	68,139	48,194	41%
Traditional ETF	20,241	21,674	(7)%	67,139	47,203	42%
EMEA	892	1,041	(14)%	3,105	2,413	29%
U.S.	13,731	15,286	(10)%	47,966	35,977	33%
APAC	5,619	5,347	5%	16,068	8,814	82%
EMEA digital assets ETF	4.0	3.6	11%	13.5	20.9	(35)%

Flow Traders ETF value traded	553	564	(2)%	1,699	1,473	15%
Traditional ETF	544	558	(2)%	1,674	1,431	17%
EMEA	257	279	(8)%	824	674	22%
U.S.	235	218	8%	683	639	7%
APAC	52	61	(14)%	167	119	41%
EMEA digital assets ETF	2.4	2.0	21%	7.4	11.1	(33)%

Market environment

Traditional

These results reflect the continued structural growth of the ETF market, with YTD traditional value traded up 42%, which supports our Horizon 2030 priority of expanding and scaling our ETF business.

Digital assets

Outlook

CEO statement

Thomas Spitz, CEO

Preliminary financial calendar

11 February 2027 4Q26 and FY26 Results

Analyst conference call and webcast

Contact details

Flow Traders Ltd.

Investors

Dick Peters
Phone: +31 20 7996799
Email: investor.relations@flowtraders.com

Media

Eliza de Waard
Phone: +31 6 27357983
Email: press@flowtraders.com

About Flow Traders

Notes

Weighted average shares outstanding: 3Q26 – 44,072,124; 2Q26 – 44,067,179; YTD26 – 44,017,572; YTD25 – 43,508,858.
Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
NTI splits across Traditional and Digital Assets have been updated for 2Q25 (€0.6m from Traditional to Digital Assets), 3Q25 (€0.1m from Traditional to Digital Assets) and 4Q25 (€0.4m from Traditional to Digital Assets), with no impact on total NTI.
Return on trading capital: quarterly NTI annualized / average of current and prior quarter trading capital.
Return on equity: quarterly net profit annualized / average of current and prior quarter shareholder equity.
From 3Q24, average VIX is calculated as the mean of the three monthly averages of daily VIX closing levels in each quarter.
Total market ETF and Flow Traders ETF value traded for 2Q26 and 1H26 are lower than previously reported (most notably in the U.S.), following an adjustment to the recording of intra-group trades on RFQ transactions, with no impact on NTI.

Important legal information

All results published in this release are unaudited.

This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

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Technip Energies 9M 2026 Financial Results

Posted on October 29, 2026 by Ravi Shankar

TECHNIP ENERGIES 9M 2026 FINANCIAL RESULTS

Managing the near-term; Strengthening long-term fundamentals


	Order intake of €14.1bn supports backlog of €24.5bn, providing excellent multi-year revenue visibility Revenue of €5.6bn and Recurring EBITDA of €385m Sustained strength in free cash flow generation and balance sheet position Guidance confirmed for 2026; on track to deliver more than €800m EBITDA by 2028 T.EN well positioned to capitalize on reinforced long-term fundamentals in its core markets

Paris, Thursday, October 29, 2026. Technip Energies (the “Company”), a global technology & engineering powerhouse leading in energy and decarbonization infrastructure, today announces its unaudited financial results for the first nine months of 2026.

Arnaud Pieton, Chief Executive Officer of Technip Energies, commented:

“Technip Energies’ (T.EN) performance in the first nine months demonstrates the resilience of our execution model amid prolonged disruption to the operating environment in the Middle East. We delivered year-over-year revenue growth through disciplined execution and close coordination with our customers. As anticipated, profitability recovered from the second quarter low and we achieved our highest-ever quarterly EBITDA in the third quarter. We confirm our full-year guidance.”

“That resilience is most evident in our response to the Strait of Hormuz crisis. Our teams have adapted quickly, deploying alternative logistical solutions that have allowed us to operate safely and keep our projects moving forward. Our operational progress is also translating into solid cash generation.”

“Importantly, we have strengthened the foundations for sustainable growth, with year-to-date order intake of more than €14 billion and a significantly expanded backlog. Project Delivery orders have been particularly robust and diversified across end markets and geographies, supporting a strong growth trajectory in the coming years. Technology, Products & Services (TPS) is also seeing renewed commercial momentum, particularly across ethylene, hydrogen and fertilizers.”

“This commercial strength validates our strategy of pursuing selective growth in Project Delivery, while enriching our TPS portfolio and increasing its contribution over time. In parallel, we are advancing adjacent business models through Reju, focused on the regeneration of post-consumer textile waste, and Rebound, for sustainable aviation fuels, to further enhance the quality and durability of our earnings.”

“The developments in the Middle East reinforce the need for a more secure, diversified and resilient energy system. At the same time, the imperative to reduce emissions remains. Together, these trends will drive investment in both traditional and low-carbon infrastructure, aligning directly to T.EN’s capabilities and expanding our global opportunity set.”

“With reinforced business and market fundamentals, we are on track to generate annual EBITDA of more than €800 million by 2028. Technip Energies is operating from a position of strength, with a near-record backlog underpinning multi-year visibility, a material net cash position supporting capital allocation flexibility, and a clear strategy for long-term value creation.”

Key financials – adjusted IFRS

(In € millions, except EPS and %)	9M 2026	9M 2025
Revenue	5,596.7	5,417.1
Recurring EBITDA	384.7	478.0
Recurring EBITDA margin %	6.9%	8.8%
Recurring EBIT	276.4	385.3
Recurring EBIT margin %	4.9%	7.1%
Net profit	184.8	281.9
Diluted earnings per share⁽¹⁾	€1.04	€1.58

Order intake	14,128.3	3,361.8
Backlog	24,506.8	16,764.0
Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. ¹9M 2026 and 9M 2025 diluted earnings per share have been calculated using the weighted average number of outstanding shares of 178,227,306 and 178,599,654 respectively.

Key financials – IFRS

(In € millions, except EPS)	9M 2026	9M 2025
Revenue	5,760.0	5,367.3
Net profit	185.9	278.9
Diluted earnings per share⁽¹⁾	€1.04	€1.56
¹ 9M 2026 and 9M 2025 diluted earnings per share have been calculated using the weighted average number of outstanding shares of 178,227,306 and 178,599,654 respectively.

Conditional 2026 segment guidance – adjusted IFRS

	Project Delivery	Technology, Products & Services
Revenue	€5.7 – 6.3 billion	€1.9 – 2.2 billion
EBITDA margin	>5.0%	~15%
Corporate costs ⁽¹⁾	€65 – 75 million
Effective tax rate⁽¹⁾	30 – 32%

Adjacent business model investment⁽²⁾	<€50 million
Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. Assumptions: current operating conditions persist throughout the remainder of the year. ¹Corporate costs have increased specifically due to the impact of “ESOP 2026”, the Company’s Employee Share Offering, announced on April 13, 2026. The expected cost (non-cash) associated with ESOP 2026 is ~€16m. Effective tax rate has increased, primarily reflecting unfavorable earnings mix, including negative taxable results in lower-tax jurisdictions for which deferred tax assets could not be fully recognized. ²As part of its capital allocation framework for long-term value creation, the Company may invest in adjacent business models including Build Own Operate (BOO) and co-development. Since Q3 2024, these investment costs are recorded as non-recurring items.

Conference call information

Technip Energies will host its 9M 2026 results conference call and webcast on Thursday, October 29, 2026 at 13:00 CET. Details:

France: +33 1 70 91 87 04

United Kingdom: +44 121 281 8004

United States: +1 718 7058796

Conference Code: 880901

The event will be webcast simultaneously and can be accessed at: T.EN 9M 2026 Results Webcast

Contacts

Investor Relations

Phillip Lindsay

Vice President, Investor Relations

Tel: +44 20 7585 5051

Email: investor.relations@ten.com

Media Relations

Jason Hyonne

Manager, Press Relations & Social Media

Tel: +33 1 47 78 22 89

Email: media_@ten.com

About Technip Energies
Technip Energies is a global technology and engineering powerhouse. With leadership positions in LNG, hydrogen, ethylene, sustainable chemistry, and CO₂ management, we are contributing to the development of critical markets such as energy, energy derivatives, decarbonization, and circularity. Our complementary business segments, Technology, Products and Services (TPS) and Project Delivery, turn innovation into scalable and industrial reality.
Through collaboration and excellence in execution, our 18,000+ employees across 35 countries are fully committed to bridging prosperity with sustainability for a world designed to last.
Technip Energies generated revenues of €7.2 billion in 2025 and is listed on Euronext Paris. The Company also has American Depositary Receipts trading over the counter.
For further information: www.ten.com.

Operational and financial review

Order intake, backlog and backlog scheduling

Adjusted order intake for 9M 2026 amounted to €14,128 million, equivalent to a book-to-bill of 2.5.

Adjusted order intake announced during the third quarter of 2026 included engineering and technology contracts by Petkim for the development of a proposed integrated petrochemical complex in Türkiye, a significant¹ contract by Larsen & Toubro Energy Hydrocarbon (LTEH) to provide detailed engineering services for a major ADNOC Offshore project in the United Arab Emirates, a large² EPC contract by HPCL for the Mumbai refinery modernization project in India, as well as other studies, services contracts and smaller projects.

For reference, commercial highlights for the first half of 2026 are included here: T.EN H1 2026 financial results.

¹A “significant” award for Technip Energies is a contract award representing between €50 million and €250 million of revenue.
²A “large” award for Technip Energies is a contract award representing between €250 million and €500 million of revenue.

(In € millions)	9M 2026	9M 2025
Adjusted order intake	14,128.3	3,361.8
Project Delivery	12,726.4	2,217.2
Technology, Products & Services	1,401.8	1,144.6
Reconciliation of IFRS to non-IFRS financial measures are provided in appendices.

Adjusted backlog increased by 54% to €24.5 billion compared to December 31, 2025, equivalent to 3.4x FY 2025 adjusted revenue.

(In € millions)	9M 2026	FY 2025
Adjusted backlog	24,506.8	15,955.4
Project Delivery	23,001.9	14,436.1
Technology, Products & Services	1,504.9	1,519.2
Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. Adjusted backlog at September 30, 2026, has been positively impacted by foreign exchange of €197.4 million.

The table below provides estimated backlog scheduling as of September 30, 2026.

(In € millions)	2026 (3M)	FY 2027	FY 2028+
Adjusted backlog	2,108.2	7,380.0	15,018.6
Project Delivery	1,679.4	6,714.7	14,607.8
Technology, Products & Services	428.8	665.3	410.8

Company financial performance

Adjusted statement of income

(In € millions, except %)	9M 2026	9M 2025	% Change
Adjusted revenue	5,596.7	5,417.1	3%
Adjusted recurring EBITDA	384.7	478.0	(20)%
Adjusted recurring EBIT	276.4	385.3	(28)%
Impacts of purchase accounting	(18.0)	—	—%
Non-recurring items	(47.4)	(49.4)	(4)%
EBIT	211.1	335.9	(37)%
Financial income (expense), net	65.7	70.5	(7)%
Profit (loss) before income tax	276.8	406.4	(32)%
Income tax (expense) profit	(87.4)	(121.2)	(28)%
Net profit (loss)	189.4	285.2	(34)%
Net profit (loss) attributable to Technip Energies Group	184.8	281.9	(34)%
Net profit (loss) attributable to non-controlling interests	4.6	3.3	39%

Business highlights

Project Delivery – adjusted IFRS

(In € millions, except % and bps)	9M 2026	9M 2025	% Change
Revenue	4,212.7	4,067.4	4%
Recurring EBITDA	218.5	324.0	(33)%
Recurring EBITDA margin %	5.2%	8.0%	(280) bps
Recurring EBIT	170.9	280.6	(39)%
Recurring EBIT margin %	4.1%	6.9%	(280) bps
Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition).

9M 2026 Adjusted revenue increased by 4% year-over-year to €4,212.7 million. Activity growth was achieved on LNG and decarbonization projects in the United States and Europe, while the impact of the Strait of Hormuz crisis was partially mitigated by deployment of alternative logistical solutions. Project Delivery delivered its highest-ever quarterly revenue in Q3 2026.

9M 2026 Adjusted recurring EBITDA decreased by 33% year-over-year to €218.5 million and Adjusted recurring EBITDA margin decreased year-over-year by 280 bps to 5.2%. The lower year-over-year margins reflect the continuation of the Middle East conflict and its associated secondary impacts. This includes 1) as previously disclosed, incremental costs incurred for logistics, safety and business continuity measures across Middle East projects. While cost recovery is expected through strong contractual protection, the exact extent and timing is dependent upon the evolution of the conflict and the outcome of commercial discussions; and 2) an assessment within the H1 2026 report of certain disputed items that remain subject to ongoing resolution processes and for which T.EN is pursuing its contractual rights. Q3 2026 adjusted recurring EBITDA margin showed a substantial improvement versus Q2 2026 as operating performance normalized.

Q3 2026 Key operational milestones

QatarEnergy North Field South (Qatar)

Start of electrical pre-commissioning and heavy lift activities.

Ruwais LNG (UAE)

20 million manhours worked on Site without LTI.

Coral Norte (Mozambique)

Successful erection of key turret and mooring components at yard in Malaysia.

NZT Power (UK)

Major project milestones, including first pipe cut and weld in the UK, and successful gas turbine delivery to Teesside.

SkyNRG DSL-01 (Netherlands)

SkyNRG launches construction of Europe’s groundbreaking standalone SAF plant.

Commonwealth LNG (USA)

100% of major equipment procured. Earthworks activities underway on site.

GranMorgu FPSO (Suriname)

Successful delivery of the 205-ton Gas Dehydration and Triethylene Glycol (TEG) regeneration module.

Marsa LNG (Oman)

Start of the heavy-lift campaign and steel structure erection.

Q3 2026 Key commercial and strategic highlights

Technip Energies awarded large¹ EPC contract by HPCL for Mumbai refinery modernization project in India

Technip Energies has been awarded a large¹ Engineering, Procurement and Construction (EPC) contract by Hindustan Petroleum Corporation Limited (HPCL) for its Lube Modernization and Bottom Upgradation (LMBU) project at the Mumbai Refinery in Maharashtra, India. The contract covers the delivery of a 550 KTA² Integrated Hydrocracker and Catalytic Dewaxing (IHCD) unit and an 850 KTA Solvent Deasphalting (SDA) unit. These units form a major part of HPCL’s LMBU project and will be integrated within the operating Mumbai Refinery. The project will modernize HPCL’s production of lube oil base stocks, key components used in the manufacture of automotive engine oils and industrial lubricants. It will also upgrade heavier refinery streams into higher-value products, improving resource utilization and supporting the refinery’s long-term competitiveness. As India continues to invest in the modernization of its refining infrastructure to meet growing domestic demand for fuels and specialty petroleum products, the project will contribute to strengthening the country’s production capabilities while improving the value generated from existing refining assets.

¹A “large” award for Technip Energies is an award representing between €250 million and €500 million of revenue.
² Kilotonnes per annum.

Technology, Products & Services (TPS) – adjusted IFRS

(In € millions, except % and bps)	9M 2026	9M 2025	Change
Revenue	1,384.0	1,349.7	3%
Recurring EBITDA	216.1	200.3	8%
Recurring EBITDA margin %	15.6%	14.8%	80 bps
Recurring EBIT	155.5	151.0	3%
Recurring EBIT margin %	11.2%	11.2%	0 bps
Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition).

9M 2026 Adjusted revenue increased year-over-year by 3% to €1,384.0 million. This reflects good activity in the assembly of CO₂ capture proprietary equipment, and strong volumes in consultancy and engineering services work, as well as contribution from AM&C. This more than offset reduced ethylene furnace activity.

9M 2026 Adjusted recurring EBITDA increased year-over-year to €216.1 million and Adjusted recurring EBIT increased by 3% year-over-year to €155.5 million.

Adjusted recurring EBITDA margin for 9M 2026 increased by 80 bps to 15.6%, with Q3 2026 recording the segment’s highest-ever quarterly margin at 16.1%. Adjusted recurring EBIT margin was stable year-over-year. Adjusted recurring EBITDA margin expansion benefited from proprietary product delivery milestones, consulting services, and the AM&C contribution. Comparatively, other factors driving the Adjusted recurring EBIT margin performance relate to the inclusion of AM&C, specifically the higher depreciation & amortization expense, and higher research & development expenditures.

Q3 2026 Key operational milestones

Numaligarh refinery (India)

30 million workhours without LTI.

Electric loading arms (France)

World first: T.EN Loading Systems installs the first fully electric loading arm for Fluxel SAS.

Genting FLNG (Indonesia)

Upstream FLNG: Hull and topside engineering completed; module installation on the FLNG hull achieved, with integration activities underway.

Q3 2026 Key commercial and strategic highlights

Technip Energies selected by L&T for a significant¹ engineering services contract for ADNOC Offshore in the UAE

Technip Energies has been awarded a significant¹ contract by Larsen & Toubro Energy Hydrocarbon (LTEH) to provide detailed engineering services for a major ADNOC Offshore project in the United Arab Emirates. The project, recently awarded by ADNOC Offshore to a consortium led by LTEH, covers the engineering, procurement, construction, installation and commissioning (EPCIC) of new offshore facilities, together with modifications and upgrades to existing infrastructure. Under the contract, which strengthens Technip Energies’ position in high-end engineering services, the company will draw on its strong local engineering capabilities and extensive experience with complex, large-scale offshore projects in the Middle East. The award also builds on the long-standing collaboration between Technip Energies and Larsen & Toubro (L&T) across a broad range of upstream, downstream and energy infrastructure projects worldwide.

¹A “significant” award for Technip Energies is a contract award representing between €50 million and €250 million of revenue.

Technip Energies awarded engineering and technology contracts by Petkim for the development of a proposed integrated petrochemical complex in Türkiye

Technip Energies has been awarded contracts by Petkim, a subsidiary of SOCAR, in connection with the development of a proposed integrated petrochemical complex in Aliağa, Türkiye. The contracts include the license for a world-scale mixed-feed ethylene cracking unit, as well as the integrated Process Design Package (PDP) and Front-End Engineering Design (FEED) services for the overall complex. The FEED scope covers the steam cracker designed with an ethylene production capacity of approximately 1,200 KTA¹ and a propylene production capacity of 550 KTA, together with an 850 KTA HDPE/LLDPE complex (two 425 KTA trains) and a 550 KTA polypropylene plant integrated with the new cracker. The awarded scope covers the licensing, PDP and FEED phases of the proposed project and constitutes an important step in its technical development prior to any Final Investment Decision (FID) by PETKIM. The planned integrated petrochemical complex is intended to produce key petrochemical building blocks used to manufacture a wide range of everyday products, including packaging materials, consumer goods, automotive components and industrial applications.

¹ Kilotons per annum

Technip Energies and EDF sign strategic framework agreement to support delivery of the EPR2 program

Technip Energies and EDF have signed a strategic framework agreement, to support execution, construction management, and delivery of EDF’s nuclear new-build program – EPR2. Under this non-exclusive agreement, Technip Energies will deploy experienced personnel into key operational roles within EDF, particularly in project and construction management process, as part of integrated teams working alongside EDF’s personnel. With this model, EDF will draw on Technip Energies’ proven expertise in the delivery of major complex industrial and energy projects to help strengthen execution discipline and improve schedule predictability across all EDF’s nuclear new-build activities. The agreement establishes a common foundation for long-term cooperation, enabling both companies to combine complementary capabilities and capitalize on lessons learned from large-scale industrial projects in support of EDF’s future nuclear developments.

Technip Energies announce strategic Licensing Collaboration Agreement with SABIC for CTR^® LDPE Technology

Technip Energies and SABIC have entered into an exclusive Licensing Collaboration Agreement (LCA) under which Technip Energies will act as the worldwide licensor of SABIC’s well-established Low-Density Polyethylene (LDPE) Clean Tubular Reactor (CTR^®) technology. This agreement expands the long-standing cooperation between the two companies and combines SABIC’s industry-leading technology with Technip Energies’ extensive experience in Polyolefins. Technip Energies has supported the CTR^® technology since 1996, contributing to basic design, engineering, construction and start-up activities, building deep operational and execution expertise.

Technip Energies selected by Transition Industries LLC for Project Management Consulting services on major ultra-low-carbon Methanol Project in Mexico

Technip Energies has been selected by Transition Industries to provide Project Management Consultancy (PMC) services for the Pacifico Mexinol project in Mexico, one of the world’s largest ultra-low-carbon chemical production facilities. The facility, located in Sinaloa, is expected to produce around 1.8 million tonnes of blue methanol per year, supporting growing demand for lower-carbon chemicals. This contract highlights Technip Energies’ project management, technical and execution capabilities, while reinforcing its long-standing relationship with Transition Industries and its presence in the Americas.

Technip Energies awarded enhanced Project Management Consulting (ePMC) Contract for AMIGO LNG Project in Mexico

Technip Energies has been awarded an enhanced Project Management Consultancy (ePMC) contract by LNG Alliance for the AMIGO LNG project in Guaymas, Mexico, where it will act as the key technical, integration and project management partner. The scope covers a 6 million tonnes per annum (MTPA) LNG facility comprising two floating process barges, associated marine infrastructure and export facilities, with T.EN providing overall oversight of project execution and integration. The award marks Technip Energies’ first project with LNG Alliance and its second global ePMC contract supporting the development of a floating LNG (FLNG) facility.

Q3 2026 Other key highlights

Technip Energies launches SnapLNG™ 1.5 with Honeywell Technologies and Siemens Energy for faster, more predictable LNG project delivery

Technip Energies announced SnapLNG™ 1.5, a standardized, fully modular and electrified LNG solution enabled by Honeywell Technologies and Siemens Energy. Built around a 1.5 million-tonne-per-annum (MTPA) train, the solution is designed to help developers bring LNG capacity online faster, improve execution certainty and reduce operational emissions. As LNG demand is expected to grow significantly over the coming decade, more than 200 MTPA of new LNG capacity could be required by 2035, creating a substantial opportunity for project developers. The United States is expected to account for approximately 50% of global LNG market growth, reinforcing the need for solutions that can accelerate project delivery while reducing complexity, improving reliability and supporting lower-carbon operations. SnapLNG™ 1.5 addresses these challenges through a standardized and replicable design tailored to the growing small-to-mid-scale LNG market. Commercialized by Technip Energies, SnapLNG™ 1.5 combines Technip Energies’ LNG project execution expertise, modularization capabilities and digital project delivery approach with Honeywell Technologies’ proven gas pretreatment, liquefaction and automation technologies and Siemens Energy’s electrified turbomachinery and compression solutions. Designed around a standardized 1.5 MTPA train that can be replicated for larger developments, SnapLNG™ 1.5 leverages extensive offsite fabrication and electric motor-driven liquefaction technology to reduce development complexity, shorten project schedules by up to two years and enhance operational performance.

Reju Opens First U.S. Research & Development Center in Conshohocken, Pennsylvania

Reju, the textile-to-textile materials regeneration company, announced the opening of its first dedicated North American R&D Center in Conshohocken, Pennsylvania. Located within Technip Energies’ Advanced Materials and Catalysts research facility, the center will accelerate the deployment of Reju’s recycling technologies and support the development of next-generation circular solutions. The R&D Center marks the relocation of Reju’s core research team from IBM’s Almaden Research Center in San Jose, California, where Reju’s Volcat depolymerization technology, a catalytic chemical recycling method breaking down polyester into reusable raw materials, was first developed. The facility will be focused on the full development spectrum, from early-stage feasibility through to kilo-scale production. It will span polyester recycling, mixed-fabric solutions, and new circular chemistry pathways, enabling rapid iteration and accelerating Reju’s path from concept to industrial reality. The new R&D center will support the development and validation of technologies intended for deployment across Reju’s future Regeneration Hubs. By locating the facility within Technip Energies’ existing research infrastructure, Reju will benefit from direct access to decades of Technip Energies’ expertise in catalysis, process development, technology integration and industrial scale-up. The establishment of the R&D Center is a component of Reju’s broader strategy to build a closed-loop recycling ecosystem that converts discarded fabric and textiles back into quality products. The center joins Reju’s growing global infrastructure, including their first textile-to-textile facility Regeneration Hub Zero in Frankfurt, Germany and future Regeneration Hubs that have been announced in Sittard (Netherlands), Lacq (France), and Rochester, New York (USA).

Corporate and other items – adjusted IFRS

Corporate costs, excluding non-recurring items, were €49.9 million for the first nine months of 2026 and included costs associated with the employee share offering (“ESOP 2026”). The non-cash expense of ESOP 2026 is €16 million.

Impacts of purchase accounting. The €18.0 million expense primarily reflects incremental depreciation and amortization arising from the 2025 acquisition of AM&C. This results from fair value uplifts applied to property, plant and equipment, the product portfolio, and inventory as part of purchase price allocation. This expense is non-cash and excluded from recurring business performance.

Non-recurring expense amounted to €47.4 million. This includes costs incurred related to investment in adjacent business models, particularly for Reju, and to a lesser extent, the Rebound joint venture, as well as AM&C integration, other strategic initiatives, and restructuring costs.

Net financial income of €65.7 million benefited from interest income generated from cash and cash equivalents, partially offset by the cost of debt, lease expenses and pension costs.

Effective tax rate is 31.6% in the first nine months of 2026, in line with the full-year guidance range of 30%-to-32%. This included negative taxable results in lower-tax jurisdictions for which deferred tax assets could not be fully recognized.

Depreciation and amortization expense was €118.7 million, of which €60.0 million is related to IFRS 16 and €10.4m is arising from the purchase price allocation step-up on AM&C’ tangible and intangible assets.

Gross cash at September 30, 2026 was €5.0 billion, which compares to €3.8 billion at December 31, 2025. Gross debt was €1.4 billion at September 30, 2026, and has increased relative to the position at December 31, 2025 due to an increase in long-term debt associated to the issuance of €500 million aggregate principal amount of 4% unsecured notes due June 10, 2033. This offset the reduction in short-term debt as the Company retired commercial paper towards a more normalized level following the transaction of AM&C in the fourth quarter of 2025.

Free cash flow was €1,058.8 million for the first nine months of 2026. Free cash flow, excluding the working capital and provisions variance of €723.3 million, was €335.5 million, benefiting from consistently high conversion from recurring EBITDA of 87%. Free cash flow is stated after net capital expenditures of €38.2 million. Operating cash flow was €1,097.0 million.

Debt and Liquidity – adjusted IFRS

Liquidity of €5.7 billion at September 30, 2026 comprised of €5.0 billion of cash and €750 million of liquidity provided by the Company’s undrawn Revolving Credit Facility (RCF).

On June 4, 2026, Technip Energies announced it had priced an issuance of €500 million aggregate principal amount of 4% senior unsecured notes due June 10, 2033 (the “Notes”). The offering was more than five times oversubscribed among a broad European investor base. Technip Energies intends to use the net proceeds from the offering of the Notes for general corporate purposes.

IFRS 18-Presentation and Disclosure in Financial Statements: illustrative impact on the first nine months of 2026

IFRS 18 Presentation and Disclosure in Financial Statements will apply to annual reporting periods beginning on or after January 1, 2027. The Group will apply the standard retrospectively and restate its 2026 comparative information accordingly.

IFRS 18 will not affect net income or equity. It will change the structure of the income statement by introducing operating, investing, financing and income tax categories, together with two new required subtotals: operating profit, and profit before financing and income taxes (“PBFT”).

On an illustrative, unaudited Adjusted IFRS basis, applying IFRS 18 to the Group’s figures for the first nine months of 2026 would have resulted in operating profit of €212.7 million, compared with an operating profit of €213.7 million as currently reported. The subtotal currently reported as “Profit before financial expenses, net financing and income taxes” will be replaced by “Profit before financing and income taxes”. On the same illustrative basis, PBFT would have been €94.6 million higher than the currently reported amount, mainly because interest income on cash and cash equivalents would be reclassified to investing activities. Net income would have been unchanged.

Adjusted Recurring PBFT & PBFTDA (Profit Before Financing, Tax, Depreciation and Amortization) are expected to qualify as management-defined performance measures under IFRS 18. They will therefore be reconciled in the notes to the financial statements, including disclosure of the income tax and non-controlling interest effects of each reconciling item. These preliminary assessments remain subject to change until the restated 2026 comparative information is published.

(In Adjusted IFRS, in € millions – unaudited, illustrative)	9M 26 as reported IAS 1	Interest income reclassified to investing	FX reclassified in investing	Other reclassifications from financing	9M 26 IFRS 18
Operating income / Operating profit	213.7	—	(1.6)	0.6	212.7
Share of profit (loss) of equity-accounted investees	(2.6)	—	—	—	(2.6)
Interest income from cash and cash equivalents	—	94.5	—	—	94.5
Other investing income (expense)	—	—	1.6	(0.5)	1.1
Profit before financial expense, net financing and income taxes / Profit before financing and income taxes	211.1	94.5	—	0.1	305.7
Income tax (expense) / profit	(87.4)	—	—	—	(87.4)
Net profit (loss)	189.4	—	—	—	189.4

Recurring EBITDA / PBFTDA	384.7	94.5	—	0.5	479.7
Recurring EBIT / PBFT	276.4	94.5	—	0.5	371.4

Forward-looking statements

This press release contains forward-looking statements that reflect Technip Energies’ (the “Company”) intentions, beliefs or current expectations and projections about the Company’s future results of operations, anticipated revenues, earnings, cashflows, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are often identified by the words “believe”, “expect”, “anticipate”, “plan”, “intend”, “foresee”, “should”, “would”, “could”, “may”, “estimate”, “outlook”, and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on the Company’s current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on the Company. While the Company believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that the Company anticipates.

All of the Company’s forward-looking statements involve risks and uncertainties, some of which are significant or beyond the Company’s control, and assumptions that could cause actual results to differ materially from the Company’s historical experience and the Company’s present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.

For information regarding known material factors that could cause actual results to differ from projected results, please see the Company’s risk factors set forth in the Company’s 2025 Annual Financial Report filed on March 10, 2026, with the Dutch Autoriteit Financiële Markten (AFM) and the French Autorité des Marchés Financiers (AMF) and in the Company’s 2026 Half-Year Report filed on July 30, 2026 with the AFM and the AMF, which include a discussion of factors that could affect the Company’s future performance and the markets in which the Company operates.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. The Company undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

APPENDIX

APPENDIX 1.0: ADJUSTED STATEMENT OF INCOME – FIRST NINE MONTHS 2026

(In € millions)	Project Delivery		Technology, Products & Services		Corporate/non allocable		Total
(In € millions)	9M 26	9M 25	9M 26	9M 25	9M 26	9M 25	9M 26	9M 25
Adjusted revenue	4,212.7	4,067.4	1,384.0	1,349.7	—	—	5,596.7	5,417.1
Adjusted recurring EBITDA	218.5	324.0	216.1	200.3	(49.9)	(46.3)	384.7	478.0
Adjusted recurring EBITDA margin %	5.2%	8.0%	15.6%	14.8%	—%	—%	6.9%	8.8%
Adjusted amortization and depreciation	(47.6)	(43.4)	(71.1)	(49.3)	—	—	(118.7)	(92.7)
Impacts of purchase accounting			10.4				10.4	—
Adjusted recurring EBIT	170.9	280.6	155.5	151.0	(49.9)	(46.3)	276.4	385.3
Adjusted recurring EBIT margin %	4.1%	6.9%	11.2%	11.2%	—%	—%	4.9%	7.1%
Impacts of purchase accounting			(18.0)				(18.0)	—
Non-recurring items (transaction & one-off costs)	(18.0)	(13.4)	(21.7)	(18.9)	(7.7)	(17.1)	(47.4)	(49.4)
EBIT	152.9	267.2	115.8	132.2	(57.6)	(63.5)	211.1	335.9
Financial income							100.9	94.7
Financial expense							(35.2)	(24.3)
Profit (loss) before income tax							276.8	406.4
Income tax (expense) profit							(87.4)	(121.2)
Net profit (loss)							189.4	285.2
Net profit (loss) attributable to Technip Energies Group							184.8	281.9
Net profit (loss) attributable to non-controlling interests							4.6	3.3

APPENDIX 1.1: ADJUSTED STATEMENT OF INCOME – THIRD QUARTER 2026

(In € millions)	Project Delivery		Technology, Products & Services		Corporate/non allocable		Total
(In € millions)	Q3 26	Q3 25	Q3 26	Q3 25	Q3 26	Q3 25	Q3 26	Q3 25
Adjusted revenue	1,448.6	1,331.2	495.1	439.5	—	—	1,943.7	1,770.7
Adjusted recurring EBITDA	100.9	109.3	79.6	63.3	(8.0)	(13.6)	172.4	159.0
Adjusted recurring EBITDA margin %	7.0%	8.2%	16.1%	14.4%	—%	—%	8.9%	9.0%
Adjusted amortization and depreciation	(14.3)	(16.2)	(22.9)	(14.9)	—	—	(37.2)	(31.1)
Impacts of purchase accounting			3.7				3.7	—
Adjusted recurring EBIT	86.6	93.1	60.4	48.3	(8.0)	(13.6)	139.0	127.9
Adjusted recurring EBIT margin %	6.0%	7.0%	12.2%	11.0%	—%	—%	7.1%	7.2%
Impacts of purchase accounting			(7.6)				(7.6)	—
Non-recurring items (transaction & one-off costs)	(5.3)	(3.8)	(8.3)	(5.2)	(3.3)	(11.9)	(16.9)	(20.8)
EBIT	81.3	89.4	44.5	43.2	(11.3)	(25.5)	114.4	107.1
Financial income							40.1	25.4
Financial expense							(15.7)	(6.3)
Profit (loss) before income tax							138.8	126.2
Income tax (expense) profit							(43.4)	(37.6)
Net profit (loss)							95.4	88.6
Net profit (loss) attributable to Technip Energies Group							88.9	90.9
Net profit (loss) attributable to non-controlling interests							6.5	(2.3)

APPENDIX 1.2: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST NINE MONTHS 2026

(In € millions)	9M 26 IFRS	Adjustments	9M 26 Adjusted
Revenue	5,760.0	(163.3)	5,596.7
Costs and expenses
Cost of sales	(5,215.2)	199.3	(5,015.9)
Selling, general and administrative expense	(284.2)	(11.0)	(295.2)
Research and development expense	(43.6)	(4.4)	(48.0)
Impairment, restructuring and other expense	(44.0)	—	(44.0)
Acquisition and integration costs	(3.4)	—	(3.4)
Other operating income (expense), net	24.2	(0.6)	23.6
Operating profit (loss)	193.8	19.9	213.7
Share of profit (loss) of equity-accounted investees	23.4	(26.0)	(2.6)
Profit (loss) before financial income (expense), net and income tax	217.2	(6.1)	211.1
Financial income	95.4	5.5	100.9
Financial expense	(33.4)	(1.8)	(35.2)
Profit (loss) before income tax	279.2	(2.4)	276.8
Income tax (expense) profit	(88.7)	1.3	(87.4)
Net profit (loss)	190.5	(1.1)	189.4
Net profit (loss) attributable to Technip Energies Group	185.9	(1.1)	184.8
Net profit (loss) attributable to non-controlling interests	4.6	—	4.6

APPENDIX 1.3: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST NINE MONTHS 2025

(In € millions)	9M 25 IFRS	Adjustments	9M 25 Adjusted
Revenue	5,367.3	49.8	5,417.1
Costs and expenses
Cost of sales	(4,687.8)	2.3	(4,685.5)
Selling, general and administrative expense	(282.1)	(2.0)	(284.1)
Research and development expense	(44.6)	—	(44.6)
Impairment, restructuring and other expense	(49.4)	—	(49.4)
Other operating income (expense), net	(13.9)	0.3	(13.6)
Operating profit (loss)	289.4	50.5	339.9
Share of profit (loss) of equity-accounted investees	45.2	(49.2)	(4.0)
Profit (loss) before financial income (expense), net and income tax	334.6	1.3	335.9
Financial income	91.4	3.3	94.7
Financial expense	(23.4)	(0.9)	(24.3)
Profit (loss) before income tax	402.6	3.8	406.4
Income tax (expense) profit	(120.3)	(0.9)	(121.2)
Net profit (loss)	282.2	3.0	285.2
Net profit (loss) attributable to Technip Energies Group	278.9	3.0	281.9
Net profit (loss) attributable to non-controlling interests	3.3	—	3.3

APPENDIX 1.4: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED – THIRD QUARTER 2026

(In € millions)	Q3 26 IFRS	Adjustments	Q3 26 Adjusted
Revenue	1,935.0	8.7	1,943.7
Costs and expenses
Cost of sales	(1,710.5)	6.6	(1,703.9)
Selling, general and administrative expense	(89.9)	(3.9)	(93.8)
Research and development expense	(14.0)	(1.4)	(15.4)
Impairment, restructuring and other expense	(16.2)	—	(16.2)
Acquisition and integration costs	(0.7)	—	(0.7)
Other operating income (expense), net	4.9	(3.4)	1.5
Operating profit (loss)	108.5	6.7	115.2
Share of profit (loss) of equity-accounted investees	9.2	(10.0)	(0.8)
Profit (loss) before financial income (expense), net and income tax	117.7	(3.3)	114.4
Financial income	37.2	2.9	40.1
Financial expense	(14.9)	(0.8)	(15.7)
Profit (loss) before income tax	140.0	(1.2)	138.8
Income tax (expense) profit	(44.2)	0.8	(43.4)
Net profit (loss)	95.8	(0.4)	95.4
Net profit (loss) attributable to Technip Energies Group	89.3	(0.4)	88.9
Net profit (loss) attributable to non-controlling interests	6.5	—	6.5

APPENDIX 1.5: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED – THIRD QUARTER 2025

(In € millions)	Q3 25 IFRS	Adjustments	Q3 25 Adjusted
Revenue	1,766.6	4.1	1,770.7
Costs and expenses
Cost of sales	(1,583.4)	49.8	(1,533.6)
Selling, general and administrative expense	(87.5)	(0.9)	(88.4)
Research and development expense	(16.1)	—	(16.1)
Impairment, restructuring and other expense	(20.8)	—	(20.8)
Acquisition and integration costs	—	—	—
Other operating income (expense), net	(4.1)	0.5	(3.6)
Operating profit (loss)	54.8	53.4	108.2
Share of profit (loss) of equity-accounted investees	50.8	(52.0)	(1.2)
Profit (loss) before financial income (expense), net and income tax	105.6	1.5	107.1
Financial income	24.7	0.7	25.4
Financial expense	(5.9)	(0.4)	(6.3)
Profit (loss) before income tax	124.5	1.7	126.2
Income tax (expense) profit	(37.2)	(0.4)	(37.6)
Net profit (loss)	87.3	1.3	88.6
Net profit (loss) attributable to Technip Energies Group	89.6	1.3	90.9
Net profit (loss) attributable to non-controlling interests	(2.3)	—	(2.3)

APPENDIX 2.0: ADJUSTED STATEMENT OF FINANCIAL POSITION

(In € millions)	9M 26	FY 25
Goodwill	2,149.7	2,140.1
Intangible assets	216.0	203.6
Property, plant and equipment	365.2	404.8
Right-of-use assets	236.1	221.6
Equity accounted investees	15.0	12.2
Other non-current assets	377.7	345.9
Total non-current assets	3,359.7	3,328.3
Trade receivables	1,408.7	1,407.0
Contract assets	304.0	384.0
Other current assets	1,055.0	972.9
Cash and cash equivalents	4,957.6	3,843.0
Total current assets	7,725.3	6,606.9
Total assets	11,085.0	9,935.1
Total equity	2,218.0	2,268.9
Long-term debt, less current portion	1,177.3	681.9
Lease liabilities	204.0	195.0
Accrued pension and other post-retirement benefits, less current portion	91.5	84.9
Other non-current liabilities	101.8	117.2
Total non-current liabilities	1,574.6	1,079.0
Short-term debt	227.9	333.6
Lease liabilities	62.4	61.7
Accounts payable, trade	1,590.1	1,480.7
Contract liabilities	4,685.0	3,890.5
Other current liabilities	727.0	820.7
Total current liabilities	7,292.4	6,587.2
Total liabilities	8,867.0	7,666.2
Total equity and liabilities	11,085.0	9,935.1

APPENDIX 2.1: STATEMENT OF FINANCIAL POSITION – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST NINE MONTHS 2026

(In € millions)	9M 26 IFRS	Adjustments	9M 26 Adjusted
Goodwill	2,118.2	31.5	2,149.7
Intangible assets	195.6	20.4	216.0
Property, plant and equipment	277.3	87.9	365.2
Right-of-use assets	232.0	4.1	236.1
Equity accounted investees	355.7	(340.7)	15.0
Other non-current assets	372.4	5.3	377.7
Total non-current assets	3,551.2	(191.5)	3,359.7
Trade receivables	1,373.9	34.8	1,408.7
Contract assets	299.2	4.8	304.0
Other current assets	953.2	101.8	1,055.0
Cash and cash equivalents	4,595.6	362.0	4,957.6
Total current assets	7,221.9	503.4	7,725.3
Total assets	10,773.1	311.9	11,085.0
Total equity	2,219.1	(1.1)	2,218.0
Long-term debt, less current portion	1,175.3	2.0	1,177.3
Lease liabilities	200.3	3.7	204.0
Accrued pension and other post-retirement benefits, less current portion	90.4	1.1	91.5
Other non-current liabilities	234.7	(132.9)	101.8
Total non-current liabilities	1,700.7	(126.1)	1,574.6
Short-term debt	183.1	44.8	227.9
Lease liabilities	62.1	0.3	62.4
Accounts payable, trade	1,459.5	130.6	1,590.1
Contract liabilities	4,430.7	254.3	4,685.0
Other current liabilities	717.9	9.1	727.0
Total current liabilities	6,853.3	439.1	7,292.4
Total liabilities	8,554.0	313.0	8,867.0
Total equity and liabilities	10,773.1	311.9	11,085.0

APPENDIX 2.2: STATEMENT OF FINANCIAL POSITION – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST NINE MONTHS 2025

(In € millions)	9M 25 IFRS	Adjustments	9M 25 Adjusted
Goodwill	2,070.3	—	2,070.3
Intangible assets	150.0	—	150.0
Property, plant and equipment	164.0	1.0	165.0
Right-of-use assets	221.8	0.4	222.2
Equity accounted investees	114.3	(101.0)	13.3
Other non-current assets	359.2	(8.6)	350.6
Total non-current assets	3,079.6	(108.2)	2,971.4
Trade receivables	1,217.7	(69.2)	1,148.5
Contract assets	400.0	(0.1)	399.9
Other current assets	796.1	24.4	820.5
Cash and cash equivalents	3,788.8	282.0	4,070.8
Total current assets	6,202.6	237.1	6,439.7
Total assets	9,282.2	128.9	9,411.1
Total equity	2,248.9	3.0	2,251.9
Long-term debt, less current portion	638.1	15.9	654.0
Lease liabilities	196.3	—	196.3
Accrued pension and other post-retirement benefits, less current portion	89.2	1.0	90.2
Other non-current liabilities	227.0	(103.7)	123.3
Total non-current liabilities	1,150.6	(86.8)	1,063.8
Short-term debt	92.7	5.3	98.0
Lease liabilities	63.3	0.4	63.7
Accounts payable, trade	1,519.0	82.4	1,601.4
Contract liabilities	3,379.9	124.4	3,504.3
Other current liabilities	827.7	0.3	828.0
Total current liabilities	5,882.6	212.8	6,095.4
Total liabilities	7,033.3	125.9	7,159.2
Total equity and liabilities	9,282.2	128.9	9,411.1

APPENDIX 3.0: ADJUSTED STATEMENT OF CASH FLOWS

(In € millions)	9M 26	9M 25
Net profit (loss)	189.4	285.2
Change in working capital and provisions	723.3	47.3
Non-cash items and other	184.3	190.2
Cash provided (required) by operating activities	1,097.0	522.7
Acquisition of intangible and tangible assets	(50.1)	(59.9)
Acquisition of financial assets	(18.6)	(22.0)
Business combinations, net of cash acquired	9.6	—
Proceeds from disposal of assets	11.9	0.4
Proceeds from disposals of subsidiaries, net of cash disposed	1.5	(0.7)
Other	(5.1)	(4.6)
Cash provided (required) by investing activities	(50.8)	(86.6)
Proceeds from issues of shares	55.0	—
Net increase (repayment) in long-term, short-term debt and commercial paper	362.6	6.7
Payments for acquisition of treasury shares	(150.0)	(2.2)
Share issue and buy-back transactions costs	(1.0)	—
Dividends paid to shareholders	(175.8)	(150.2)
Payments for the principal portion of lease liabilities	(57.5)	(59.1)
Other (of which dividends paid to non-controlling interests)	(15.3)	(17.8)
Cash provided (required) by financing activities	18.0	(222.5)
Effect of changes in foreign exchange rates on cash and cash equivalents	50.4	(200.8)
(Decrease) Increase in cash and cash equivalents	1,114.6	12.8
Cash and cash equivalents, beginning of period	3,843.0	4,058.0
Cash and cash equivalents, end of period	4,957.6	4,070.8

APPENDIX 3.1: STATEMENT OF CASH FLOWS – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST NINE MONTHS 2026

(In € millions)	9M 26 IFRS	Adjustments	9M 26 Adjusted
Net profit (loss)	190.5	(1.1)	189.4
Change in working capital and provisions	612.5	110.8	723.3
Non-cash items and other	171.9	12.4	184.3
Cash provided (required) by operating activities	974.8	122.1	1,097.0
Acquisition of intangible and tangible assets	(47.4)	(2.7)	(50.1)
Acquisition of financial assets	(18.6)	—	(18.6)
Business combinations, net of cash acquired	9.6	—	9.6
Proceeds from disposal of assets	11.9	—	11.9
Proceeds from disposals of subsidiaries, net of cash disposed	1.5	—	1.5
Other	(14.4)	9.3	(5.1)
Cash provided (required) by investing activities	(57.4)	6.6	(50.8)
Proceeds from issues of shares	55.0	—	55.0
Net increase (repayment) in long-term, short-term debt and commercial paper	329.7	32.9	362.6
Payments for acquisition of treasury shares	(150.0)	—	(150.0)
Share issue and buy-back transactions costs	(1.0)	—	(1.0)
Dividends paid to shareholders	(175.8)	—	(175.8)
Payments for the principal portion of lease liabilities	(57.0)	(0.5)	(57.5)
Other (of which dividends paid to non-controlling interests)	(15.2)	(0.1)	(15.3)
Cash provided (required) by financing activities	(14.4)	32.4	18.0
Effect of changes in foreign exchange rates on cash and cash equivalents	49.1	1.3	50.4
(Decrease) Increase in cash and cash equivalents	952.1	162.5	1,114.6
Cash and cash equivalents, beginning of period	3,643.5	199.5	3,843.0
Cash and cash equivalents, end of period	4,595.6	362.0	4,957.6

APPENDIX 3.2: STATEMENT OF CASH FLOWS – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST NINE MONTHS 2025

(In € millions)	9M 25 IFRS	Adjustments	9M 25 Adjusted
Net profit (loss)	282.2	3.0	285.2
Change in working capital and provisions	3.9	43.4	47.3
Non-cash items and other	181.8	8.4	190.2
Cash provided (required) by operating activities	467.9	54.8	522.7
Acquisition of intangible and tangible assets	(59.8)	(0.1)	(59.9)
Acquisition of financial assets	(22.0)	—	(22.0)
Proceeds from disposal of assets	0.4	—	0.4
Proceeds from disposals of subsidiaries, net of cash disposed	(0.7)	—	(0.7)
Other	(4.6)	—	(4.6)
Cash provided (required) by investing activities	(86.7)	0.1	(86.6)
Net increase (repayment) in long-term, short-term debt and commercial paper	(17.1)	23.8	6.7
Payments for acquisition of treasury shares	(2.2)	—	(2.2)
Dividends paid to shareholders	(150.2)	—	(150.2)
Settlements of mandatorily redeemable financial liability	(0.5)	0.5	—
Payments for the principal portion of lease liabilities	(58.6)	(0.5)	(59.1)
Other (of which dividends paid to non-controlling interests)	(17.8)	—	(17.8)
Cash provided (required) by financing activities	(246.3)	23.8	(222.5)
Effect of changes in foreign exchange rates on cash and cash equivalents	(192.8)	(8.0)	(200.8)
(Decrease) Increase in cash and cash equivalents	(57.9)	70.7	12.8
Cash and cash equivalents, beginning of period	3,846.7	211.3	4,058.0
Cash and cash equivalents, end of period	3,788.8	282.0	4,070.8

APPENDIX 4.0: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES – FIRST NINE MONTHS 2026

(In € millions, except %)	9M 26	% of revenues	9M 25	% of revenues
Adjusted revenue	5,596.7		5,417.1
Cost of sales	(5,015.9)	89.6%	(4,685.5)	86.5%
Adjusted gross margin	580.8	10.4%	731.6	13.5%
Adjusted recurring EBITDA	384.7	6.9%	478.0	8.8%
Amortization, depreciation and impairment	(118.7)		(92.7)
Impacts of purchase accounting	10.4		—
Adjusted recurring EBIT	276.4	4.9%	385.3	7.1%
Impacts of purchase accounting	(18.0)		—
Non-recurring items	(47.4)		(49.4)
Adjusted profit (loss) before financial income (expense), net and income tax	211.1	3.8%	335.9	6.2%
Financial income (expense), net	65.7		70.5
Adjusted profit (loss) before tax	276.8	4.9%	406.4	7.5%
Income tax (expense) profit	(87.4)		(121.2)
Adjusted net profit (loss)	189.4	3.4%	285.2	5.3%

APPENDIX 4.1: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES – THIRD QUARTER 2026

(In € millions, except %)	Q3 26	% of revenues	Q3 25	% of revenues
Adjusted revenue	1,943.7		1,770.7
Cost of sales	(1,703.9)	87.7%	(1,533.6)	86.6%
Adjusted gross margin	239.8	12.3%	237.1	13.4%
Adjusted recurring EBITDA	172.4	8.9%	159.0	9.0%
Amortization, depreciation and impairment	(37.2)		(31.1)
Impacts of purchase accounting	3.7		0.0
Adjusted recurring EBIT	139.0	7.1%	127.9	7.2%
Impacts of purchase accounting	(7.6)		—
Non-recurring items	(16.9)		(20.8)
Adjusted profit (loss) before financial income (expense), net and income tax	114.4	5.9%	107.1	6.0%
Financial income (expense), net	24.4		19.1
Adjusted profit (loss) before tax	138.8	7.1%	126.2	7.1%
Income tax (expense) profit	(43.4)		(37.6)
Adjusted net profit (loss)	95.4	4.9%	88.6	5.0%

APPENDIX 5.0: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION – FIRST NINE MONTHS 2026

(In € millions)	Project Delivery		Technology, Products & Services		Corporate/non allocable		Total
(In € millions)	9M 26	9M 25	9M 26	9M 25	9M 26	9M 25	9M 26	9M 25
Revenue	4,212.7	4,067.4	1,384.0	1,349.7	—	—	5,596.7	5,417.1
Profit (loss) before financial income (expense), net and income tax							211.1	335.9
Non-recurring items:
Other non-recurring income/(expense)							47.4	49.4
Adjusted recurring EBIT	170.9	280.6	155.5	151.0	(49.9)	(46.3)	276.4	385.3
Adjusted recurring EBIT margin %	4.1%	6.9%	11.2%	11.2%	—%	—%	4.9%	7.1%
Adjusted amortization and depreciation	(47.6)	(43.4)	(71.1)	(49.3)	—	—	(118.7)	(92.7)
Adjusted recurring EBITDA	218.5	324.0	216.1	200.3	(49.9)	(46.3)	384.7	478.0
Adjusted recurring EBITDA margin %	5.2%	8.0%	15.6%	14.8%	—%	—%	6.9%	8.8%

APPENDIX 5.1: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION – THIRD QUARTER 2026

(In € millions, except %)	Project Delivery		Technology, Products & Services		Corporate/non allocable		Total
(In € millions, except %)	Q3 26	Q3 25	Q3 26	Q3 25	Q3 26	Q3 25	Q3 26	Q3 25
Revenue	1,448.6	1,331.2	495.1	439.5	—	—	1,943.7	1,770.7
Profit (loss) before financial income (expense), net and income tax							114.4	107.1
Non-recurring items:
Other non-recurring income/(expense)							16.9	20.8
Adjusted recurring EBIT	86.6	93.1	60.4	48.3	(8.0)	(13.6)	139.0	127.9
Adjusted recurring EBIT margin %	6.0%	7.0%	12.2%	11.0%	—%	—%	7.1%	7.2%
Adjusted amortization and depreciation	(14.3)	(16.2)	(22.9)	(14.9)	—	—	(37.2)	(31.1)
Adjusted recurring EBITDA	100.9	109.3	79.6	63.3	(8.0)	(13.6)	172.4	159.0
Adjusted recurring EBITDA margin %	7.0%	8.2%	16.1%	14.4%	—%	—%	8.9%	9.0%

APPENDIX 6.0: BACKLOG – RECONCILIATION BETWEEN IFRS AND ADJUSTED

(In € millions)	9M 26 IFRS	Adjustments	9M 26 Adjusted
Project Delivery	22,710.9	291.0	23,001.9
Technology, Products & Services	1,494.7	10.2	1,504.9
Total	24,205.7		24,506.8

APPENDIX 7.0: ORDER INTAKE – RECONCILIATION BETWEEN IFRS AND ADJUSTED

(In € millions)	9M 26 IFRS	Adjustments	9M 26 Adjusted
Project Delivery	12,311.1	415.3	12,726.4
Technology, Products & Services	1,338.7	63.2	1,401.8
Total	13,649.8		14,128.3

APPENDIX 8.0: Definition of Alternative Performance Measures (APMs)

Certain parts of this Press Release contain the following non-IFRS financial measures: Adjusted Revenue, Adjusted Recurring EBIT, Adjusted Recurring EBITDA, Adjusted net (debt) cash, Adjusted Backlog, and Adjusted Order Intake, which are not recognized as measures of financial performance or liquidity under IFRS and which the Company considers to be APMs. APMs should not be considered an alternative to, or more meaningful than, the equivalent measures as determined in accordance with IFRS or as an indicator of the Company’s operating performance or liquidity.

Each of the APMs is defined below:

Adjusted revenue: represents the revenue recognized under IFRS as adjusted according to the method described below. For the periods presented in this Press Release, the Company’s proportionate share of joint venture revenue from the following most material projects was included: the revenue from ENI CORAL FLNG, NFE and Zeolyst is included at 50%, the revenue from BAPCO Sitra Refinery is included at 36%, the revenue from GranMorgu project is included at 48% and the one of Ruwais project at 40%. The Company believes that presenting the proportionate share of its joint venture revenue in construction projects carried out in joint arrangements enables management and investors to better evaluate the performance of the Company’s core business period-over-period by assisting them in more accurately understanding the activities actually performed by the Company on these projects.
Adjusted recurring EBIT: represents profit before financial income (expense), net, and income taxes recorded under IFRS as adjusted to reflect line-by-line for their respective share incorporated construction project entities that are not fully owned by the Company (applying to the method described above under Adjusted Revenue) and adds or removes, as appropriate, items that are considered as non-recurring from EBIT (such as items not arising from the Group’s normal operations, including restructuring expenses, significant litigation, costs related to strategic initiatives and investments in adjacent business models, as well as expenses incurred in connection with the business combination including purchase accounting impacts). The Company believes that the exclusion of such expenses or profits from these financial measures enables investors and management to evaluate the Company’s operations and consolidated results of operations period-over-period, and to identify operating trends that could otherwise be masked to both investors and management by the excluded items.
Adjusted recurring EBITDA: corresponds to the adjusted recurring EBIT as described above before depreciation and amortization expenses.
Adjusted net (debt) cash: reflects cash and cash equivalents, net of debt (including short-term debt), as adjusted according to the method described above under adjusted revenue. Management uses this APM to evaluate the Company’s capital structure and financial leverage. The Company believes adjusted net (debt) cash, is a meaningful financial measure that may assist investors in understanding the Company’s financial condition and recognizing underlying trends in its capital structure.
Adjusted backlog: backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the relevant reporting date. Adjusted backlog takes into account the Company’s proportionate share of backlog related to equity affiliates (mainly in relation to ENI Coral FLNG, BAPCO Sitra Refinery and two affiliates of the NFE joint-venture). The adjusted backlog from GranMorgu project is included at 48% and the one of Ruwais project at 40%. The Company believes that the adjusted backlog enables management and investors to evaluate the level of the Company’s core business forthcoming activities by including its proportionate share in the estimated sales coming from construction projects in joint arrangements.
Adjusted order intake: order intake corresponds to signed contracts which have come into force during the reporting period. Adjusted order intake adds the proportionate share of orders signed related to equity affiliates (mainly in relation to ENI Coral FLNG, BAPCO Sitra Refinery and two affiliates of the NFE joint-venture). This financial measure is closely connected with the adjusted backlog in the evaluation of the level of the Company’s forthcoming activities by presenting its proportionate share of contracts which came into force during the period and that will be performed by the Company.

•
Contacts

Investor Relations

Phillip Lindsay

Vice President, Investor Relations

Tel: +44 20 7585 5051

Email: investor.relations@ten.com

Media Relations

Jason Hyonne

Manager, Press Relations & Social Media

Tel: +33 1 47 78 22 89

Email: media_@ten.com

Attachment

Technip Energies 9M 2026 Financial Results

Posted in UncategorizedTagged GlobeNewswire

Technip Energies 9M 2026 Financial Results

Posted on October 29, 2026 by Ravi Shankar

TECHNIP ENERGIES 9M 2026 FINANCIAL RESULTS

Managing the near-term; Strengthening long-term fundamentals


	Order intake of €14.1bn supports backlog of €24.5bn, providing excellent multi-year revenue visibility Revenue of €5.6bn and Recurring EBITDA of €385m Sustained strength in free cash flow generation and balance sheet position Guidance confirmed for 2026; on track to deliver more than €800m EBITDA by 2028 T.EN well positioned to capitalize on reinforced long-term fundamentals in its core markets

Arnaud Pieton, Chief Executive Officer of Technip Energies, commented:

Key financials – adjusted IFRS

(In € millions, except EPS and %)	9M 2026	9M 2025
Revenue	5,596.7	5,417.1
Recurring EBITDA	384.7	478.0
Recurring EBITDA margin %	6.9%	8.8%
Recurring EBIT	276.4	385.3
Recurring EBIT margin %	4.9%	7.1%
Net profit	184.8	281.9
Diluted earnings per share⁽¹⁾	€1.04	€1.58

Order intake	14,128.3	3,361.8
Backlog	24,506.8	16,764.0
Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. ¹9M 2026 and 9M 2025 diluted earnings per share have been calculated using the weighted average number of outstanding shares of 178,227,306 and 178,599,654 respectively.

Key financials – IFRS

(In € millions, except EPS)	9M 2026	9M 2025
Revenue	5,760.0	5,367.3
Net profit	185.9	278.9
Diluted earnings per share⁽¹⁾	€1.04	€1.56
¹ 9M 2026 and 9M 2025 diluted earnings per share have been calculated using the weighted average number of outstanding shares of 178,227,306 and 178,599,654 respectively.

Conditional 2026 segment guidance – adjusted IFRS

	Project Delivery	Technology, Products & Services
Revenue	€5.7 – 6.3 billion	€1.9 – 2.2 billion
EBITDA margin	>5.0%	~15%
Corporate costs ⁽¹⁾	€65 – 75 million
Effective tax rate⁽¹⁾	30 – 32%

Adjacent business model investment⁽²⁾	<€50 million
Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. Assumptions: current operating conditions persist throughout the remainder of the year. ¹Corporate costs have increased specifically due to the impact of “ESOP 2026”, the Company’s Employee Share Offering, announced on April 13, 2026. The expected cost (non-cash) associated with ESOP 2026 is ~€16m. Effective tax rate has increased, primarily reflecting unfavorable earnings mix, including negative taxable results in lower-tax jurisdictions for which deferred tax assets could not be fully recognized. ²As part of its capital allocation framework for long-term value creation, the Company may invest in adjacent business models including Build Own Operate (BOO) and co-development. Since Q3 2024, these investment costs are recorded as non-recurring items.

Conference call information

Technip Energies will host its 9M 2026 results conference call and webcast on Thursday, October 29, 2026 at 13:00 CET. Details:

France: +33 1 70 91 87 04

United Kingdom: +44 121 281 8004

United States: +1 718 7058796

Conference Code: 880901

The event will be webcast simultaneously and can be accessed at: T.EN 9M 2026 Results Webcast

Contacts

Investor Relations

Phillip Lindsay

Vice President, Investor Relations

Tel: +44 20 7585 5051

Email: investor.relations@ten.com

Media Relations

Jason Hyonne

Manager, Press Relations & Social Media

Tel: +33 1 47 78 22 89

Email: media_@ten.com

Operational and financial review

Order intake, backlog and backlog scheduling

Adjusted order intake for 9M 2026 amounted to €14,128 million, equivalent to a book-to-bill of 2.5.

For reference, commercial highlights for the first half of 2026 are included here: T.EN H1 2026 financial results.

(In € millions)	9M 2026	9M 2025
Adjusted order intake	14,128.3	3,361.8
Project Delivery	12,726.4	2,217.2
Technology, Products & Services	1,401.8	1,144.6
Reconciliation of IFRS to non-IFRS financial measures are provided in appendices.

Adjusted backlog increased by 54% to €24.5 billion compared to December 31, 2025, equivalent to 3.4x FY 2025 adjusted revenue.

(In € millions)	9M 2026	FY 2025
Adjusted backlog	24,506.8	15,955.4
Project Delivery	23,001.9	14,436.1
Technology, Products & Services	1,504.9	1,519.2
Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. Adjusted backlog at September 30, 2026, has been positively impacted by foreign exchange of €197.4 million.

The table below provides estimated backlog scheduling as of September 30, 2026.

(In € millions)	2026 (3M)	FY 2027	FY 2028+
Adjusted backlog	2,108.2	7,380.0	15,018.6
Project Delivery	1,679.4	6,714.7	14,607.8
Technology, Products & Services	428.8	665.3	410.8

Company financial performance

Adjusted statement of income

(In € millions, except %)	9M 2026	9M 2025	% Change
Adjusted revenue	5,596.7	5,417.1	3%
Adjusted recurring EBITDA	384.7	478.0	(20)%
Adjusted recurring EBIT	276.4	385.3	(28)%
Impacts of purchase accounting	(18.0)	—	—%
Non-recurring items	(47.4)	(49.4)	(4)%
EBIT	211.1	335.9	(37)%
Financial income (expense), net	65.7	70.5	(7)%
Profit (loss) before income tax	276.8	406.4	(32)%
Income tax (expense) profit	(87.4)	(121.2)	(28)%
Net profit (loss)	189.4	285.2	(34)%
Net profit (loss) attributable to Technip Energies Group	184.8	281.9	(34)%
Net profit (loss) attributable to non-controlling interests	4.6	3.3	39%

Business highlights

Project Delivery – adjusted IFRS

(In € millions, except % and bps)	9M 2026	9M 2025	% Change
Revenue	4,212.7	4,067.4	4%
Recurring EBITDA	218.5	324.0	(33)%
Recurring EBITDA margin %	5.2%	8.0%	(280) bps
Recurring EBIT	170.9	280.6	(39)%
Recurring EBIT margin %	4.1%	6.9%	(280) bps
Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition).

Q3 2026 Key operational milestones

QatarEnergy North Field South (Qatar)

Start of electrical pre-commissioning and heavy lift activities.

Ruwais LNG (UAE)

20 million manhours worked on Site without LTI.

Coral Norte (Mozambique)

Successful erection of key turret and mooring components at yard in Malaysia.

NZT Power (UK)

Major project milestones, including first pipe cut and weld in the UK, and successful gas turbine delivery to Teesside.

SkyNRG DSL-01 (Netherlands)

SkyNRG launches construction of Europe’s groundbreaking standalone SAF plant.

Commonwealth LNG (USA)

100% of major equipment procured. Earthworks activities underway on site.

GranMorgu FPSO (Suriname)

Successful delivery of the 205-ton Gas Dehydration and Triethylene Glycol (TEG) regeneration module.

Marsa LNG (Oman)

Start of the heavy-lift campaign and steel structure erection.

Q3 2026 Key commercial and strategic highlights

Technip Energies awarded large¹ EPC contract by HPCL for Mumbai refinery modernization project in India

Technip Energies has been awarded a large¹ Engineering, Procurement and Construction (EPC) contract by Hindustan Petroleum Corporation Limited (HPCL) for its Lube Modernization and Bottom Upgradation (LMBU) project at the Mumbai Refinery in Maharashtra, India. The contract covers the delivery of a 550 KTA² Integrated Hydrocracker and Catalytic Dewaxing (IHCD) unit and an 850 KTA Solvent Deasphalting (SDA) unit. These units form a major part of HPCL’s LMBU project and will be integrated within the operating Mumbai Refinery. The project will modernize HPCL’s production of lube oil base stocks, key components used in the manufacture of automotive engine oils and industrial lubricants. It will also upgrade heavier refinery streams into higher-value products, improving resource utilization and supporting the refinery’s long-term competitiveness. As India continues to invest in the modernization of its refining infrastructure to meet growing domestic demand for fuels and specialty petroleum products, the project will contribute to strengthening the country’s production capabilities while improving the value generated from existing refining assets.

¹A “large” award for Technip Energies is an award representing between €250 million and €500 million of revenue.
² Kilotonnes per annum.

Technology, Products & Services (TPS) – adjusted IFRS

(In € millions, except % and bps)	9M 2026	9M 2025	Change
Revenue	1,384.0	1,349.7	3%
Recurring EBITDA	216.1	200.3	8%
Recurring EBITDA margin %	15.6%	14.8%	80 bps
Recurring EBIT	155.5	151.0	3%
Recurring EBIT margin %	11.2%	11.2%	0 bps
Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition).

9M 2026 Adjusted recurring EBITDA increased year-over-year to €216.1 million and Adjusted recurring EBIT increased by 3% year-over-year to €155.5 million.

Q3 2026 Key operational milestones

Numaligarh refinery (India)

30 million workhours without LTI.

Electric loading arms (France)

World first: T.EN Loading Systems installs the first fully electric loading arm for Fluxel SAS.

Genting FLNG (Indonesia)

Upstream FLNG: Hull and topside engineering completed; module installation on the FLNG hull achieved, with integration activities underway.

Q3 2026 Key commercial and strategic highlights

Technip Energies selected by L&T for a significant¹ engineering services contract for ADNOC Offshore in the UAE

Technip Energies has been awarded a significant¹ contract by Larsen & Toubro Energy Hydrocarbon (LTEH) to provide detailed engineering services for a major ADNOC Offshore project in the United Arab Emirates. The project, recently awarded by ADNOC Offshore to a consortium led by LTEH, covers the engineering, procurement, construction, installation and commissioning (EPCIC) of new offshore facilities, together with modifications and upgrades to existing infrastructure. Under the contract, which strengthens Technip Energies’ position in high-end engineering services, the company will draw on its strong local engineering capabilities and extensive experience with complex, large-scale offshore projects in the Middle East. The award also builds on the long-standing collaboration between Technip Energies and Larsen & Toubro (L&T) across a broad range of upstream, downstream and energy infrastructure projects worldwide.

¹A “significant” award for Technip Energies is a contract award representing between €50 million and €250 million of revenue.

Technip Energies awarded engineering and technology contracts by Petkim for the development of a proposed integrated petrochemical complex in Türkiye

Technip Energies has been awarded contracts by Petkim, a subsidiary of SOCAR, in connection with the development of a proposed integrated petrochemical complex in Aliağa, Türkiye. The contracts include the license for a world-scale mixed-feed ethylene cracking unit, as well as the integrated Process Design Package (PDP) and Front-End Engineering Design (FEED) services for the overall complex. The FEED scope covers the steam cracker designed with an ethylene production capacity of approximately 1,200 KTA¹ and a propylene production capacity of 550 KTA, together with an 850 KTA HDPE/LLDPE complex (two 425 KTA trains) and a 550 KTA polypropylene plant integrated with the new cracker. The awarded scope covers the licensing, PDP and FEED phases of the proposed project and constitutes an important step in its technical development prior to any Final Investment Decision (FID) by PETKIM. The planned integrated petrochemical complex is intended to produce key petrochemical building blocks used to manufacture a wide range of everyday products, including packaging materials, consumer goods, automotive components and industrial applications.

¹ Kilotons per annum

Technip Energies and EDF sign strategic framework agreement to support delivery of the EPR2 program

Technip Energies and EDF have signed a strategic framework agreement, to support execution, construction management, and delivery of EDF’s nuclear new-build program – EPR2. Under this non-exclusive agreement, Technip Energies will deploy experienced personnel into key operational roles within EDF, particularly in project and construction management process, as part of integrated teams working alongside EDF’s personnel. With this model, EDF will draw on Technip Energies’ proven expertise in the delivery of major complex industrial and energy projects to help strengthen execution discipline and improve schedule predictability across all EDF’s nuclear new-build activities. The agreement establishes a common foundation for long-term cooperation, enabling both companies to combine complementary capabilities and capitalize on lessons learned from large-scale industrial projects in support of EDF’s future nuclear developments.

Technip Energies announce strategic Licensing Collaboration Agreement with SABIC for CTR^® LDPE Technology

Technip Energies and SABIC have entered into an exclusive Licensing Collaboration Agreement (LCA) under which Technip Energies will act as the worldwide licensor of SABIC’s well-established Low-Density Polyethylene (LDPE) Clean Tubular Reactor (CTR^®) technology. This agreement expands the long-standing cooperation between the two companies and combines SABIC’s industry-leading technology with Technip Energies’ extensive experience in Polyolefins. Technip Energies has supported the CTR^® technology since 1996, contributing to basic design, engineering, construction and start-up activities, building deep operational and execution expertise.

Technip Energies selected by Transition Industries LLC for Project Management Consulting services on major ultra-low-carbon Methanol Project in Mexico

Technip Energies has been selected by Transition Industries to provide Project Management Consultancy (PMC) services for the Pacifico Mexinol project in Mexico, one of the world’s largest ultra-low-carbon chemical production facilities. The facility, located in Sinaloa, is expected to produce around 1.8 million tonnes of blue methanol per year, supporting growing demand for lower-carbon chemicals. This contract highlights Technip Energies’ project management, technical and execution capabilities, while reinforcing its long-standing relationship with Transition Industries and its presence in the Americas.

Technip Energies awarded enhanced Project Management Consulting (ePMC) Contract for AMIGO LNG Project in Mexico

Technip Energies has been awarded an enhanced Project Management Consultancy (ePMC) contract by LNG Alliance for the AMIGO LNG project in Guaymas, Mexico, where it will act as the key technical, integration and project management partner. The scope covers a 6 million tonnes per annum (MTPA) LNG facility comprising two floating process barges, associated marine infrastructure and export facilities, with T.EN providing overall oversight of project execution and integration. The award marks Technip Energies’ first project with LNG Alliance and its second global ePMC contract supporting the development of a floating LNG (FLNG) facility.

Q3 2026 Other key highlights

Technip Energies launches SnapLNG™ 1.5 with Honeywell Technologies and Siemens Energy for faster, more predictable LNG project delivery

Technip Energies announced SnapLNG™ 1.5, a standardized, fully modular and electrified LNG solution enabled by Honeywell Technologies and Siemens Energy. Built around a 1.5 million-tonne-per-annum (MTPA) train, the solution is designed to help developers bring LNG capacity online faster, improve execution certainty and reduce operational emissions. As LNG demand is expected to grow significantly over the coming decade, more than 200 MTPA of new LNG capacity could be required by 2035, creating a substantial opportunity for project developers. The United States is expected to account for approximately 50% of global LNG market growth, reinforcing the need for solutions that can accelerate project delivery while reducing complexity, improving reliability and supporting lower-carbon operations. SnapLNG™ 1.5 addresses these challenges through a standardized and replicable design tailored to the growing small-to-mid-scale LNG market. Commercialized by Technip Energies, SnapLNG™ 1.5 combines Technip Energies’ LNG project execution expertise, modularization capabilities and digital project delivery approach with Honeywell Technologies’ proven gas pretreatment, liquefaction and automation technologies and Siemens Energy’s electrified turbomachinery and compression solutions. Designed around a standardized 1.5 MTPA train that can be replicated for larger developments, SnapLNG™ 1.5 leverages extensive offsite fabrication and electric motor-driven liquefaction technology to reduce development complexity, shorten project schedules by up to two years and enhance operational performance.

Reju Opens First U.S. Research & Development Center in Conshohocken, Pennsylvania

Reju, the textile-to-textile materials regeneration company, announced the opening of its first dedicated North American R&D Center in Conshohocken, Pennsylvania. Located within Technip Energies’ Advanced Materials and Catalysts research facility, the center will accelerate the deployment of Reju’s recycling technologies and support the development of next-generation circular solutions. The R&D Center marks the relocation of Reju’s core research team from IBM’s Almaden Research Center in San Jose, California, where Reju’s Volcat depolymerization technology, a catalytic chemical recycling method breaking down polyester into reusable raw materials, was first developed. The facility will be focused on the full development spectrum, from early-stage feasibility through to kilo-scale production. It will span polyester recycling, mixed-fabric solutions, and new circular chemistry pathways, enabling rapid iteration and accelerating Reju’s path from concept to industrial reality. The new R&D center will support the development and validation of technologies intended for deployment across Reju’s future Regeneration Hubs. By locating the facility within Technip Energies’ existing research infrastructure, Reju will benefit from direct access to decades of Technip Energies’ expertise in catalysis, process development, technology integration and industrial scale-up. The establishment of the R&D Center is a component of Reju’s broader strategy to build a closed-loop recycling ecosystem that converts discarded fabric and textiles back into quality products. The center joins Reju’s growing global infrastructure, including their first textile-to-textile facility Regeneration Hub Zero in Frankfurt, Germany and future Regeneration Hubs that have been announced in Sittard (Netherlands), Lacq (France), and Rochester, New York (USA).

Corporate and other items – adjusted IFRS

Net financial income of €65.7 million benefited from interest income generated from cash and cash equivalents, partially offset by the cost of debt, lease expenses and pension costs.

Debt and Liquidity – adjusted IFRS

Liquidity of €5.7 billion at September 30, 2026 comprised of €5.0 billion of cash and €750 million of liquidity provided by the Company’s undrawn Revolving Credit Facility (RCF).

IFRS 18-Presentation and Disclosure in Financial Statements: illustrative impact on the first nine months of 2026

(In Adjusted IFRS, in € millions – unaudited, illustrative)	9M 26 as reported IAS 1	Interest income reclassified to investing	FX reclassified in investing	Other reclassifications from financing	9M 26 IFRS 18
Operating income / Operating profit	213.7	—	(1.6)	0.6	212.7
Share of profit (loss) of equity-accounted investees	(2.6)	—	—	—	(2.6)
Interest income from cash and cash equivalents	—	94.5	—	—	94.5
Other investing income (expense)	—	—	1.6	(0.5)	1.1
Profit before financial expense, net financing and income taxes / Profit before financing and income taxes	211.1	94.5	—	0.1	305.7
Income tax (expense) / profit	(87.4)	—	—	—	(87.4)
Net profit (loss)	189.4	—	—	—	189.4

Recurring EBITDA / PBFTDA	384.7	94.5	—	0.5	479.7
Recurring EBIT / PBFT	276.4	94.5	—	0.5	371.4

Forward-looking statements

APPENDIX

APPENDIX 1.0: ADJUSTED STATEMENT OF INCOME – FIRST NINE MONTHS 2026

(In € millions)	Project Delivery		Technology, Products & Services		Corporate/non allocable		Total
(In € millions)	9M 26	9M 25	9M 26	9M 25	9M 26	9M 25	9M 26	9M 25
Adjusted revenue	4,212.7	4,067.4	1,384.0	1,349.7	—	—	5,596.7	5,417.1
Adjusted recurring EBITDA	218.5	324.0	216.1	200.3	(49.9)	(46.3)	384.7	478.0
Adjusted recurring EBITDA margin %	5.2%	8.0%	15.6%	14.8%	—%	—%	6.9%	8.8%
Adjusted amortization and depreciation	(47.6)	(43.4)	(71.1)	(49.3)	—	—	(118.7)	(92.7)
Impacts of purchase accounting			10.4				10.4	—
Adjusted recurring EBIT	170.9	280.6	155.5	151.0	(49.9)	(46.3)	276.4	385.3
Adjusted recurring EBIT margin %	4.1%	6.9%	11.2%	11.2%	—%	—%	4.9%	7.1%
Impacts of purchase accounting			(18.0)				(18.0)	—
Non-recurring items (transaction & one-off costs)	(18.0)	(13.4)	(21.7)	(18.9)	(7.7)	(17.1)	(47.4)	(49.4)
EBIT	152.9	267.2	115.8	132.2	(57.6)	(63.5)	211.1	335.9
Financial income							100.9	94.7
Financial expense							(35.2)	(24.3)
Profit (loss) before income tax							276.8	406.4
Income tax (expense) profit							(87.4)	(121.2)
Net profit (loss)							189.4	285.2
Net profit (loss) attributable to Technip Energies Group							184.8	281.9
Net profit (loss) attributable to non-controlling interests							4.6	3.3

APPENDIX 1.1: ADJUSTED STATEMENT OF INCOME – THIRD QUARTER 2026

(In € millions)	Project Delivery		Technology, Products & Services		Corporate/non allocable		Total
(In € millions)	Q3 26	Q3 25	Q3 26	Q3 25	Q3 26	Q3 25	Q3 26	Q3 25
Adjusted revenue	1,448.6	1,331.2	495.1	439.5	—	—	1,943.7	1,770.7
Adjusted recurring EBITDA	100.9	109.3	79.6	63.3	(8.0)	(13.6)	172.4	159.0
Adjusted recurring EBITDA margin %	7.0%	8.2%	16.1%	14.4%	—%	—%	8.9%	9.0%
Adjusted amortization and depreciation	(14.3)	(16.2)	(22.9)	(14.9)	—	—	(37.2)	(31.1)
Impacts of purchase accounting			3.7				3.7	—
Adjusted recurring EBIT	86.6	93.1	60.4	48.3	(8.0)	(13.6)	139.0	127.9
Adjusted recurring EBIT margin %	6.0%	7.0%	12.2%	11.0%	—%	—%	7.1%	7.2%
Impacts of purchase accounting			(7.6)				(7.6)	—
Non-recurring items (transaction & one-off costs)	(5.3)	(3.8)	(8.3)	(5.2)	(3.3)	(11.9)	(16.9)	(20.8)
EBIT	81.3	89.4	44.5	43.2	(11.3)	(25.5)	114.4	107.1
Financial income							40.1	25.4
Financial expense							(15.7)	(6.3)
Profit (loss) before income tax							138.8	126.2
Income tax (expense) profit							(43.4)	(37.6)
Net profit (loss)							95.4	88.6
Net profit (loss) attributable to Technip Energies Group							88.9	90.9
Net profit (loss) attributable to non-controlling interests							6.5	(2.3)

APPENDIX 1.2: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST NINE MONTHS 2026

(In € millions)	9M 26 IFRS	Adjustments	9M 26 Adjusted
Revenue	5,760.0	(163.3)	5,596.7
Costs and expenses
Cost of sales	(5,215.2)	199.3	(5,015.9)
Selling, general and administrative expense	(284.2)	(11.0)	(295.2)
Research and development expense	(43.6)	(4.4)	(48.0)
Impairment, restructuring and other expense	(44.0)	—	(44.0)
Acquisition and integration costs	(3.4)	—	(3.4)
Other operating income (expense), net	24.2	(0.6)	23.6
Operating profit (loss)	193.8	19.9	213.7
Share of profit (loss) of equity-accounted investees	23.4	(26.0)	(2.6)
Profit (loss) before financial income (expense), net and income tax	217.2	(6.1)	211.1
Financial income	95.4	5.5	100.9
Financial expense	(33.4)	(1.8)	(35.2)
Profit (loss) before income tax	279.2	(2.4)	276.8
Income tax (expense) profit	(88.7)	1.3	(87.4)
Net profit (loss)	190.5	(1.1)	189.4
Net profit (loss) attributable to Technip Energies Group	185.9	(1.1)	184.8
Net profit (loss) attributable to non-controlling interests	4.6	—	4.6

APPENDIX 1.3: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST NINE MONTHS 2025

(In € millions)	9M 25 IFRS	Adjustments	9M 25 Adjusted
Revenue	5,367.3	49.8	5,417.1
Costs and expenses
Cost of sales	(4,687.8)	2.3	(4,685.5)
Selling, general and administrative expense	(282.1)	(2.0)	(284.1)
Research and development expense	(44.6)	—	(44.6)
Impairment, restructuring and other expense	(49.4)	—	(49.4)
Other operating income (expense), net	(13.9)	0.3	(13.6)
Operating profit (loss)	289.4	50.5	339.9
Share of profit (loss) of equity-accounted investees	45.2	(49.2)	(4.0)
Profit (loss) before financial income (expense), net and income tax	334.6	1.3	335.9
Financial income	91.4	3.3	94.7
Financial expense	(23.4)	(0.9)	(24.3)
Profit (loss) before income tax	402.6	3.8	406.4
Income tax (expense) profit	(120.3)	(0.9)	(121.2)
Net profit (loss)	282.2	3.0	285.2
Net profit (loss) attributable to Technip Energies Group	278.9	3.0	281.9
Net profit (loss) attributable to non-controlling interests	3.3	—	3.3

APPENDIX 1.4: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED – THIRD QUARTER 2026

(In € millions)	Q3 26 IFRS	Adjustments	Q3 26 Adjusted
Revenue	1,935.0	8.7	1,943.7
Costs and expenses
Cost of sales	(1,710.5)	6.6	(1,703.9)
Selling, general and administrative expense	(89.9)	(3.9)	(93.8)
Research and development expense	(14.0)	(1.4)	(15.4)
Impairment, restructuring and other expense	(16.2)	—	(16.2)
Acquisition and integration costs	(0.7)	—	(0.7)
Other operating income (expense), net	4.9	(3.4)	1.5
Operating profit (loss)	108.5	6.7	115.2
Share of profit (loss) of equity-accounted investees	9.2	(10.0)	(0.8)
Profit (loss) before financial income (expense), net and income tax	117.7	(3.3)	114.4
Financial income	37.2	2.9	40.1
Financial expense	(14.9)	(0.8)	(15.7)
Profit (loss) before income tax	140.0	(1.2)	138.8
Income tax (expense) profit	(44.2)	0.8	(43.4)
Net profit (loss)	95.8	(0.4)	95.4
Net profit (loss) attributable to Technip Energies Group	89.3	(0.4)	88.9
Net profit (loss) attributable to non-controlling interests	6.5	—	6.5

APPENDIX 1.5: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED – THIRD QUARTER 2025

(In € millions)	Q3 25 IFRS	Adjustments	Q3 25 Adjusted
Revenue	1,766.6	4.1	1,770.7
Costs and expenses
Cost of sales	(1,583.4)	49.8	(1,533.6)
Selling, general and administrative expense	(87.5)	(0.9)	(88.4)
Research and development expense	(16.1)	—	(16.1)
Impairment, restructuring and other expense	(20.8)	—	(20.8)
Acquisition and integration costs	—	—	—
Other operating income (expense), net	(4.1)	0.5	(3.6)
Operating profit (loss)	54.8	53.4	108.2
Share of profit (loss) of equity-accounted investees	50.8	(52.0)	(1.2)
Profit (loss) before financial income (expense), net and income tax	105.6	1.5	107.1
Financial income	24.7	0.7	25.4
Financial expense	(5.9)	(0.4)	(6.3)
Profit (loss) before income tax	124.5	1.7	126.2
Income tax (expense) profit	(37.2)	(0.4)	(37.6)
Net profit (loss)	87.3	1.3	88.6
Net profit (loss) attributable to Technip Energies Group	89.6	1.3	90.9
Net profit (loss) attributable to non-controlling interests	(2.3)	—	(2.3)

APPENDIX 2.0: ADJUSTED STATEMENT OF FINANCIAL POSITION

(In € millions)	9M 26	FY 25
Goodwill	2,149.7	2,140.1
Intangible assets	216.0	203.6
Property, plant and equipment	365.2	404.8
Right-of-use assets	236.1	221.6
Equity accounted investees	15.0	12.2
Other non-current assets	377.7	345.9
Total non-current assets	3,359.7	3,328.3
Trade receivables	1,408.7	1,407.0
Contract assets	304.0	384.0
Other current assets	1,055.0	972.9
Cash and cash equivalents	4,957.6	3,843.0
Total current assets	7,725.3	6,606.9
Total assets	11,085.0	9,935.1
Total equity	2,218.0	2,268.9
Long-term debt, less current portion	1,177.3	681.9
Lease liabilities	204.0	195.0
Accrued pension and other post-retirement benefits, less current portion	91.5	84.9
Other non-current liabilities	101.8	117.2
Total non-current liabilities	1,574.6	1,079.0
Short-term debt	227.9	333.6
Lease liabilities	62.4	61.7
Accounts payable, trade	1,590.1	1,480.7
Contract liabilities	4,685.0	3,890.5
Other current liabilities	727.0	820.7
Total current liabilities	7,292.4	6,587.2
Total liabilities	8,867.0	7,666.2
Total equity and liabilities	11,085.0	9,935.1

APPENDIX 2.1: STATEMENT OF FINANCIAL POSITION – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST NINE MONTHS 2026

(In € millions)	9M 26 IFRS	Adjustments	9M 26 Adjusted
Goodwill	2,118.2	31.5	2,149.7
Intangible assets	195.6	20.4	216.0
Property, plant and equipment	277.3	87.9	365.2
Right-of-use assets	232.0	4.1	236.1
Equity accounted investees	355.7	(340.7)	15.0
Other non-current assets	372.4	5.3	377.7
Total non-current assets	3,551.2	(191.5)	3,359.7
Trade receivables	1,373.9	34.8	1,408.7
Contract assets	299.2	4.8	304.0
Other current assets	953.2	101.8	1,055.0
Cash and cash equivalents	4,595.6	362.0	4,957.6
Total current assets	7,221.9	503.4	7,725.3
Total assets	10,773.1	311.9	11,085.0
Total equity	2,219.1	(1.1)	2,218.0
Long-term debt, less current portion	1,175.3	2.0	1,177.3
Lease liabilities	200.3	3.7	204.0
Accrued pension and other post-retirement benefits, less current portion	90.4	1.1	91.5
Other non-current liabilities	234.7	(132.9)	101.8
Total non-current liabilities	1,700.7	(126.1)	1,574.6
Short-term debt	183.1	44.8	227.9
Lease liabilities	62.1	0.3	62.4
Accounts payable, trade	1,459.5	130.6	1,590.1
Contract liabilities	4,430.7	254.3	4,685.0
Other current liabilities	717.9	9.1	727.0
Total current liabilities	6,853.3	439.1	7,292.4
Total liabilities	8,554.0	313.0	8,867.0
Total equity and liabilities	10,773.1	311.9	11,085.0

APPENDIX 2.2: STATEMENT OF FINANCIAL POSITION – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST NINE MONTHS 2025

(In € millions)	9M 25 IFRS	Adjustments	9M 25 Adjusted
Goodwill	2,070.3	—	2,070.3
Intangible assets	150.0	—	150.0
Property, plant and equipment	164.0	1.0	165.0
Right-of-use assets	221.8	0.4	222.2
Equity accounted investees	114.3	(101.0)	13.3
Other non-current assets	359.2	(8.6)	350.6
Total non-current assets	3,079.6	(108.2)	2,971.4
Trade receivables	1,217.7	(69.2)	1,148.5
Contract assets	400.0	(0.1)	399.9
Other current assets	796.1	24.4	820.5
Cash and cash equivalents	3,788.8	282.0	4,070.8
Total current assets	6,202.6	237.1	6,439.7
Total assets	9,282.2	128.9	9,411.1
Total equity	2,248.9	3.0	2,251.9
Long-term debt, less current portion	638.1	15.9	654.0
Lease liabilities	196.3	—	196.3
Accrued pension and other post-retirement benefits, less current portion	89.2	1.0	90.2
Other non-current liabilities	227.0	(103.7)	123.3
Total non-current liabilities	1,150.6	(86.8)	1,063.8
Short-term debt	92.7	5.3	98.0
Lease liabilities	63.3	0.4	63.7
Accounts payable, trade	1,519.0	82.4	1,601.4
Contract liabilities	3,379.9	124.4	3,504.3
Other current liabilities	827.7	0.3	828.0
Total current liabilities	5,882.6	212.8	6,095.4
Total liabilities	7,033.3	125.9	7,159.2
Total equity and liabilities	9,282.2	128.9	9,411.1

APPENDIX 3.0: ADJUSTED STATEMENT OF CASH FLOWS

(In € millions)	9M 26	9M 25
Net profit (loss)	189.4	285.2
Change in working capital and provisions	723.3	47.3
Non-cash items and other	184.3	190.2
Cash provided (required) by operating activities	1,097.0	522.7
Acquisition of intangible and tangible assets	(50.1)	(59.9)
Acquisition of financial assets	(18.6)	(22.0)
Business combinations, net of cash acquired	9.6	—
Proceeds from disposal of assets	11.9	0.4
Proceeds from disposals of subsidiaries, net of cash disposed	1.5	(0.7)
Other	(5.1)	(4.6)
Cash provided (required) by investing activities	(50.8)	(86.6)
Proceeds from issues of shares	55.0	—
Net increase (repayment) in long-term, short-term debt and commercial paper	362.6	6.7
Payments for acquisition of treasury shares	(150.0)	(2.2)
Share issue and buy-back transactions costs	(1.0)	—
Dividends paid to shareholders	(175.8)	(150.2)
Payments for the principal portion of lease liabilities	(57.5)	(59.1)
Other (of which dividends paid to non-controlling interests)	(15.3)	(17.8)
Cash provided (required) by financing activities	18.0	(222.5)
Effect of changes in foreign exchange rates on cash and cash equivalents	50.4	(200.8)
(Decrease) Increase in cash and cash equivalents	1,114.6	12.8
Cash and cash equivalents, beginning of period	3,843.0	4,058.0
Cash and cash equivalents, end of period	4,957.6	4,070.8

APPENDIX 3.1: STATEMENT OF CASH FLOWS – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST NINE MONTHS 2026

(In € millions)	9M 26 IFRS	Adjustments	9M 26 Adjusted
Net profit (loss)	190.5	(1.1)	189.4
Change in working capital and provisions	612.5	110.8	723.3
Non-cash items and other	171.9	12.4	184.3
Cash provided (required) by operating activities	974.8	122.1	1,097.0
Acquisition of intangible and tangible assets	(47.4)	(2.7)	(50.1)
Acquisition of financial assets	(18.6)	—	(18.6)
Business combinations, net of cash acquired	9.6	—	9.6
Proceeds from disposal of assets	11.9	—	11.9
Proceeds from disposals of subsidiaries, net of cash disposed	1.5	—	1.5
Other	(14.4)	9.3	(5.1)
Cash provided (required) by investing activities	(57.4)	6.6	(50.8)
Proceeds from issues of shares	55.0	—	55.0
Net increase (repayment) in long-term, short-term debt and commercial paper	329.7	32.9	362.6
Payments for acquisition of treasury shares	(150.0)	—	(150.0)
Share issue and buy-back transactions costs	(1.0)	—	(1.0)
Dividends paid to shareholders	(175.8)	—	(175.8)
Payments for the principal portion of lease liabilities	(57.0)	(0.5)	(57.5)
Other (of which dividends paid to non-controlling interests)	(15.2)	(0.1)	(15.3)
Cash provided (required) by financing activities	(14.4)	32.4	18.0
Effect of changes in foreign exchange rates on cash and cash equivalents	49.1	1.3	50.4
(Decrease) Increase in cash and cash equivalents	952.1	162.5	1,114.6
Cash and cash equivalents, beginning of period	3,643.5	199.5	3,843.0
Cash and cash equivalents, end of period	4,595.6	362.0	4,957.6

APPENDIX 3.2: STATEMENT OF CASH FLOWS – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST NINE MONTHS 2025

(In € millions)	9M 25 IFRS	Adjustments	9M 25 Adjusted
Net profit (loss)	282.2	3.0	285.2
Change in working capital and provisions	3.9	43.4	47.3
Non-cash items and other	181.8	8.4	190.2
Cash provided (required) by operating activities	467.9	54.8	522.7
Acquisition of intangible and tangible assets	(59.8)	(0.1)	(59.9)
Acquisition of financial assets	(22.0)	—	(22.0)
Proceeds from disposal of assets	0.4	—	0.4
Proceeds from disposals of subsidiaries, net of cash disposed	(0.7)	—	(0.7)
Other	(4.6)	—	(4.6)
Cash provided (required) by investing activities	(86.7)	0.1	(86.6)
Net increase (repayment) in long-term, short-term debt and commercial paper	(17.1)	23.8	6.7
Payments for acquisition of treasury shares	(2.2)	—	(2.2)
Dividends paid to shareholders	(150.2)	—	(150.2)
Settlements of mandatorily redeemable financial liability	(0.5)	0.5	—
Payments for the principal portion of lease liabilities	(58.6)	(0.5)	(59.1)
Other (of which dividends paid to non-controlling interests)	(17.8)	—	(17.8)
Cash provided (required) by financing activities	(246.3)	23.8	(222.5)
Effect of changes in foreign exchange rates on cash and cash equivalents	(192.8)	(8.0)	(200.8)
(Decrease) Increase in cash and cash equivalents	(57.9)	70.7	12.8
Cash and cash equivalents, beginning of period	3,846.7	211.3	4,058.0
Cash and cash equivalents, end of period	3,788.8	282.0	4,070.8

APPENDIX 4.0: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES – FIRST NINE MONTHS 2026

(In € millions, except %)	9M 26	% of revenues	9M 25	% of revenues
Adjusted revenue	5,596.7		5,417.1
Cost of sales	(5,015.9)	89.6%	(4,685.5)	86.5%
Adjusted gross margin	580.8	10.4%	731.6	13.5%
Adjusted recurring EBITDA	384.7	6.9%	478.0	8.8%
Amortization, depreciation and impairment	(118.7)		(92.7)
Impacts of purchase accounting	10.4		—
Adjusted recurring EBIT	276.4	4.9%	385.3	7.1%
Impacts of purchase accounting	(18.0)		—
Non-recurring items	(47.4)		(49.4)
Adjusted profit (loss) before financial income (expense), net and income tax	211.1	3.8%	335.9	6.2%
Financial income (expense), net	65.7		70.5
Adjusted profit (loss) before tax	276.8	4.9%	406.4	7.5%
Income tax (expense) profit	(87.4)		(121.2)
Adjusted net profit (loss)	189.4	3.4%	285.2	5.3%

APPENDIX 4.1: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES – THIRD QUARTER 2026

(In € millions, except %)	Q3 26	% of revenues	Q3 25	% of revenues
Adjusted revenue	1,943.7		1,770.7
Cost of sales	(1,703.9)	87.7%	(1,533.6)	86.6%
Adjusted gross margin	239.8	12.3%	237.1	13.4%
Adjusted recurring EBITDA	172.4	8.9%	159.0	9.0%
Amortization, depreciation and impairment	(37.2)		(31.1)
Impacts of purchase accounting	3.7		0.0
Adjusted recurring EBIT	139.0	7.1%	127.9	7.2%
Impacts of purchase accounting	(7.6)		—
Non-recurring items	(16.9)		(20.8)
Adjusted profit (loss) before financial income (expense), net and income tax	114.4	5.9%	107.1	6.0%
Financial income (expense), net	24.4		19.1
Adjusted profit (loss) before tax	138.8	7.1%	126.2	7.1%
Income tax (expense) profit	(43.4)		(37.6)
Adjusted net profit (loss)	95.4	4.9%	88.6	5.0%

APPENDIX 5.0: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION – FIRST NINE MONTHS 2026

(In € millions)	Project Delivery		Technology, Products & Services		Corporate/non allocable		Total
(In € millions)	9M 26	9M 25	9M 26	9M 25	9M 26	9M 25	9M 26	9M 25
Revenue	4,212.7	4,067.4	1,384.0	1,349.7	—	—	5,596.7	5,417.1
Profit (loss) before financial income (expense), net and income tax							211.1	335.9
Non-recurring items:
Other non-recurring income/(expense)							47.4	49.4
Adjusted recurring EBIT	170.9	280.6	155.5	151.0	(49.9)	(46.3)	276.4	385.3
Adjusted recurring EBIT margin %	4.1%	6.9%	11.2%	11.2%	—%	—%	4.9%	7.1%
Adjusted amortization and depreciation	(47.6)	(43.4)	(71.1)	(49.3)	—	—	(118.7)	(92.7)
Adjusted recurring EBITDA	218.5	324.0	216.1	200.3	(49.9)	(46.3)	384.7	478.0
Adjusted recurring EBITDA margin %	5.2%	8.0%	15.6%	14.8%	—%	—%	6.9%	8.8%

APPENDIX 5.1: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION – THIRD QUARTER 2026

(In € millions, except %)	Project Delivery		Technology, Products & Services		Corporate/non allocable		Total
(In € millions, except %)	Q3 26	Q3 25	Q3 26	Q3 25	Q3 26	Q3 25	Q3 26	Q3 25
Revenue	1,448.6	1,331.2	495.1	439.5	—	—	1,943.7	1,770.7
Profit (loss) before financial income (expense), net and income tax							114.4	107.1
Non-recurring items:
Other non-recurring income/(expense)							16.9	20.8
Adjusted recurring EBIT	86.6	93.1	60.4	48.3	(8.0)	(13.6)	139.0	127.9
Adjusted recurring EBIT margin %	6.0%	7.0%	12.2%	11.0%	—%	—%	7.1%	7.2%
Adjusted amortization and depreciation	(14.3)	(16.2)	(22.9)	(14.9)	—	—	(37.2)	(31.1)
Adjusted recurring EBITDA	100.9	109.3	79.6	63.3	(8.0)	(13.6)	172.4	159.0
Adjusted recurring EBITDA margin %	7.0%	8.2%	16.1%	14.4%	—%	—%	8.9%	9.0%

APPENDIX 6.0: BACKLOG – RECONCILIATION BETWEEN IFRS AND ADJUSTED

(In € millions)	9M 26 IFRS	Adjustments	9M 26 Adjusted
Project Delivery	22,710.9	291.0	23,001.9
Technology, Products & Services	1,494.7	10.2	1,504.9
Total	24,205.7		24,506.8

APPENDIX 7.0: ORDER INTAKE – RECONCILIATION BETWEEN IFRS AND ADJUSTED

(In € millions)	9M 26 IFRS	Adjustments	9M 26 Adjusted
Project Delivery	12,311.1	415.3	12,726.4
Technology, Products & Services	1,338.7	63.2	1,401.8
Total	13,649.8		14,128.3

APPENDIX 8.0: Definition of Alternative Performance Measures (APMs)

Each of the APMs is defined below:

Adjusted revenue: represents the revenue recognized under IFRS as adjusted according to the method described below. For the periods presented in this Press Release, the Company’s proportionate share of joint venture revenue from the following most material projects was included: the revenue from ENI CORAL FLNG, NFE and Zeolyst is included at 50%, the revenue from BAPCO Sitra Refinery is included at 36%, the revenue from GranMorgu project is included at 48% and the one of Ruwais project at 40%. The Company believes that presenting the proportionate share of its joint venture revenue in construction projects carried out in joint arrangements enables management and investors to better evaluate the performance of the Company’s core business period-over-period by assisting them in more accurately understanding the activities actually performed by the Company on these projects.
Adjusted recurring EBIT: represents profit before financial income (expense), net, and income taxes recorded under IFRS as adjusted to reflect line-by-line for their respective share incorporated construction project entities that are not fully owned by the Company (applying to the method described above under Adjusted Revenue) and adds or removes, as appropriate, items that are considered as non-recurring from EBIT (such as items not arising from the Group’s normal operations, including restructuring expenses, significant litigation, costs related to strategic initiatives and investments in adjacent business models, as well as expenses incurred in connection with the business combination including purchase accounting impacts). The Company believes that the exclusion of such expenses or profits from these financial measures enables investors and management to evaluate the Company’s operations and consolidated results of operations period-over-period, and to identify operating trends that could otherwise be masked to both investors and management by the excluded items.
Adjusted recurring EBITDA: corresponds to the adjusted recurring EBIT as described above before depreciation and amortization expenses.
Adjusted net (debt) cash: reflects cash and cash equivalents, net of debt (including short-term debt), as adjusted according to the method described above under adjusted revenue. Management uses this APM to evaluate the Company’s capital structure and financial leverage. The Company believes adjusted net (debt) cash, is a meaningful financial measure that may assist investors in understanding the Company’s financial condition and recognizing underlying trends in its capital structure.
Adjusted backlog: backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the relevant reporting date. Adjusted backlog takes into account the Company’s proportionate share of backlog related to equity affiliates (mainly in relation to ENI Coral FLNG, BAPCO Sitra Refinery and two affiliates of the NFE joint-venture). The adjusted backlog from GranMorgu project is included at 48% and the one of Ruwais project at 40%. The Company believes that the adjusted backlog enables management and investors to evaluate the level of the Company’s core business forthcoming activities by including its proportionate share in the estimated sales coming from construction projects in joint arrangements.
Adjusted order intake: order intake corresponds to signed contracts which have come into force during the reporting period. Adjusted order intake adds the proportionate share of orders signed related to equity affiliates (mainly in relation to ENI Coral FLNG, BAPCO Sitra Refinery and two affiliates of the NFE joint-venture). This financial measure is closely connected with the adjusted backlog in the evaluation of the level of the Company’s forthcoming activities by presenting its proportionate share of contracts which came into force during the period and that will be performed by the Company.

•
Contacts

Investor Relations

Phillip Lindsay

Vice President, Investor Relations

Tel: +44 20 7585 5051

Email: investor.relations@ten.com

Media Relations

Jason Hyonne

Manager, Press Relations & Social Media

Tel: +33 1 47 78 22 89

Email: media_@ten.com

Attachment

Technip Energies 9M 2026 Financial Results

Posted in UncategorizedTagged GlobeNewswire

Solid customer activity, broad-based growth and strong credit quality drove strong results for the first nine months of 2026. Net profit of DKK 18.3 bn. Outlook for the full year 2026 narrowed to a net profit in the range of DKK 24-25 bn

Posted on October 29, 2026 by Ravi Shankar

Press release

Danske Bank
Bernstorffsgade 40
DK-1577 København V
Tel. + 45 45 14 14 00

29 October 2026

Page 1 of 3

Solid customer activity, broad-based growth and strong credit quality
drove strong results for the first nine months of 2026
Net profit of DKK 18.3 billion
Outlook for the full year 2026 narrowed to a net profit in the range of DKK 24-25 billion

Carsten Egeriis, Chief Executive Officer, comments on the financial results:

“In the first nine months of 2026, we delivered a strong financial result, with net profit up 9% to DKK 18.3 billion year-on-year. Solid customer activity drove higher net interest income and net fee income, while credit quality remained strong and costs developed as expected.

More customers are choosing us and trusting us with their business, which is leading to a continued improvement in our financial performance. This can be seen, among other things, in higher corporate lending and continued net inflows into our investment solutions, which have brought assets under management to a record high. It confirms the value that customers see in the advice and solutions we offer.

We continue to make good progress on our Forward ’28 strategy. Investments in advisory services, digital solutions, AI and technology are making us more competitive and efficient, while also enabling more proactive and personalised advice. We remain on track to deliver on our 2028 financial targets.”

Strong financial performance

Danske Bank delivered a net profit of DKK 18.3 billion for the first nine months of 2026, which corresponded to a return on equity of 14.3%. The result was supported by income growth, disciplined cost management and continued strong credit quality, and our cost/income ratio improved year-on-year from 45.6% to 44.2%.

Net interest income increased 4% to DKK 28.3 billion, primarily driven by higher deposit and lending volumes, improved deposit margins and higher income from interest rate risk management.

Net fee income increased 14% to DKK 12.0 billion, mainly due to an increase in investment fee income that was supported by increased customer activity within daily banking.

Net trading income decreased 37% to DKK 1.5 billion due to a lower performance in Fixed Income amid geopolitical uncertainty as well as effects from hedging and liquidity management activities.

Operating expenses increased 2% to DKK 19.4 billion, as expected, mainly due to larger digital investments under the Forward ’28 strategy and higher provisions for performance-based compensation.

Loan impairment charges remained low for the first nine months of 2026, amounting to at a net charge of DKK 65 million after a net reversal of DKK 200 million in the third quarter. Credit quality remained strong across the business, and we continue to apply significant post-model adjustments related to macroeconomic and geopolitical uncertainty.

Danske Bank’s capital and liquidity positions remain robust, with significant buffers above regulatory requirements. The capital relief related to resolved legacy cases has reduced our CET1 capital requirement by around 40 basis points, as previously guided, which is reflected in our third-quarter numbers. We remain well positioned to support customers and pursue profitable growth while progressing towards our 2028 CET1 capital ratio target.

“Our strong financial performance allows us to invest for future growth and create more value for our customers. By investing in technology and AI, we can make banking simpler and increasingly provide customers with better products and services while improving the efficiency and profitability of the bank,” says Cecile Hillary, Chief Financial Officer.

First nine months of 2026 vs first nine months of 2025

Total income of DKK 43.9 billion (DKK 41.6 billion in the first nine months of 2025)

Operating expenses of DKK 19.4 billion (DKK 19.0 billion in the first nine months of 2025)

Loan impairments of DKK 65 million (DKK 258 million in the first nine months of 2025)

Net profit of DKK 18.3 billion (DKK 16.7 billion in the first nine months of 2025)

Return on shareholders’ equity of 14.3% (13.0% in the first nine months of 2025)

Total capital ratio of 21.3% and CET1 capital ratio of 17.2% (total capital ratio of 22.4% and CET1 capital ratio of 18.7% in the first nine months of 2025)

Nordic economies remain resilient amid higher energy prices
The Nordic economies continued to show resilience in the third quarter, with the outlook for economic activity remaining generally positive despite higher and fluctuating energy prices.

In Denmark, GDP growth is expected to be around 4% in 2026, supported by continued momentum in the pharmaceutical sector, high employment and strong public finances. Even excluding pharmaceuticals, the economy has shown solid underlying growth.

Rising real wages, increasing employment and higher social benefits are strengthening household purchasing power and supporting consumption. However, consumer confidence remains low, partly reflecting geopolitical uncertainty, while higher interest rates could dampen activity in the future.

Housing market activity remains solid overall, although price growth is slowing in the Copenhagen area. Globally, growth has remained robust despite higher energy prices and interest rates, but energy prices, bond market volatility and external disruptions remain key sources of uncertainty.

“The impact of higher energy prices on growth and inflation has been less than feared and the outlook for the immediate future seems reasonably good, although there are of course plenty of risks and problems to contend with,” says Las Olsen, Head of Macro Research.

Personal Customers

Profit before tax amounted to DKK 7,973 million in the first nine months of 2026 (Q1-Q3 2025: DKK 6,400 million), an increase of 25% from the level in the first nine months of 2025. The increase was driven primarily by higher interest income from deposits, higher net fee income and higher other income, with a positive contribution from the reversal of a provision related to the sale of the personal customer business in Norway. The increase was further supported by a net reversal of loan impairments but was partly offset by higher operating expenses.

Business Customers

In the first nine months of 2026, profit before tax amounted to DKK 7,777 million, an increase of 5% from the level in the same period in 2025 (Q1-Q3 2025: DKK 7,399 million). The increase was driven by higher net interest income and net fee income, supported by growth in lending and deposit volumes as well as higher daily banking fee income. A higher net loan impairment reversal than in the same period last year also had a positive effect.

Large Corporates & Institutions

Profit before tax amounted to DKK 7,095 million, on par with the level in the first nine months of 2025, as higher net interest income and net fee income were offset by lower net trading income, higher impairment charges and higher operating expenses.

Danica

Net income at Danica amounted to DKK 1,359 million, up by 24% in the first nine months of 2026 from the level in the first nine months of 2025. The increase in net income was driven by an improvement in the insurance service result, while the decline in the net financial result was due to less favourable financial market developments in the first nine months of 2026 than in the year-earlier period. The insurance service result benefitted from a positive result in the health and accident business.

Northern Ireland

Profit before tax was DKK 1,828 million in the first nine months of 2026 (Q1-Q3 2025: DKK 1,606 million), with the underlying financial performance reflecting strong income, balance sheet growth and profitability alongside continued low loan impairments.

Outlook for 2026

We have narrowed the outlook for the full year 2026 as we now expect a net profit in the range of DKK 24-25 billion, reflecting a return on equity of above 14% in 2026.

Danske Bank

Contact: Stefan Kailay Wind, Nordic Head of Media Relations, tel. +45 45 14 14 00

Attachments

Posted in UncategorizedTagged GlobeNewswire

Solid customer activity, broad-based growth and strong credit quality drove strong results for the first nine months of 2026. Net profit of DKK 18.3 bn. Outlook for the full year 2026 narrowed to a net profit in the range of DKK 24-25 bn

Posted on October 29, 2026 by Ravi Shankar

Press release

Danske Bank
Bernstorffsgade 40
DK-1577 København V
Tel. + 45 45 14 14 00

29 October 2026

Page 1 of 3

Carsten Egeriis, Chief Executive Officer, comments on the financial results:

Strong financial performance

Net interest income increased 4% to DKK 28.3 billion, primarily driven by higher deposit and lending volumes, improved deposit margins and higher income from interest rate risk management.

Net fee income increased 14% to DKK 12.0 billion, mainly due to an increase in investment fee income that was supported by increased customer activity within daily banking.

Net trading income decreased 37% to DKK 1.5 billion due to a lower performance in Fixed Income amid geopolitical uncertainty as well as effects from hedging and liquidity management activities.

Operating expenses increased 2% to DKK 19.4 billion, as expected, mainly due to larger digital investments under the Forward ’28 strategy and higher provisions for performance-based compensation.

First nine months of 2026 vs first nine months of 2025

Total income of DKK 43.9 billion (DKK 41.6 billion in the first nine months of 2025)

Operating expenses of DKK 19.4 billion (DKK 19.0 billion in the first nine months of 2025)

Loan impairments of DKK 65 million (DKK 258 million in the first nine months of 2025)

Net profit of DKK 18.3 billion (DKK 16.7 billion in the first nine months of 2025)

Return on shareholders’ equity of 14.3% (13.0% in the first nine months of 2025)

Total capital ratio of 21.3% and CET1 capital ratio of 17.2% (total capital ratio of 22.4% and CET1 capital ratio of 18.7% in the first nine months of 2025)

Personal Customers

Business Customers

Large Corporates & Institutions

Danica

Northern Ireland

Outlook for 2026

We have narrowed the outlook for the full year 2026 as we now expect a net profit in the range of DKK 24-25 billion, reflecting a return on equity of above 14% in 2026.

Danske Bank

Contact: Stefan Kailay Wind, Nordic Head of Media Relations, tel. +45 45 14 14 00

Attachments

Posted in UncategorizedTagged GlobeNewswire

Eramet: solid operational momentum in Q3 and progress on the funding plan

Posted on October 29, 2026 by Ravi Shankar

Not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Australia, Japan or South Africa.
Paris, 29 October 2026, 7:30 a.m.

PRESS RELEASE

Eramet: solid operational momentum in Q3 and progress on the funding plan

*Millions of euros*	Q3 2026	Q3 2025	Chg. (€m)	Chg. (%)
Adjusted turnover¹, o/w:	746	720	+26	+4%
Manganese	482	421	+61	+14%
Lithium	70	7	+63	10x
Adjusted Nickel (excluding SLN)	51	142	-91	-64%
Production and Sales
Manganese ore transportation – Mt	1.7	1.6	+0.1	+7%
Lithium carbonate production – t-LCE	4,260	2,080	+2,180	+105%
Nickel ore external sales (100%) – Mwmt	1.6	9.3	-7.7	-83%

¹ See definition in the financial glossary in Appendix 7.

ESG commitments

Safety: TRIFR improved (0.6 over nine months), in line with the CSR roadmap

Solid operational momentum in Q3 2026, with increased manganese and lithium activities

Manganese ore: higher transported volumes, supported by works to upgrade the Transgabonese railway
Lithium: strengthened operational performance in Argentina during the quarter

Adjusted turnover¹ of €746m in Q3 2026, up 4%

Positive price effect (+15%), despite a decline in prices during the quarter, particularly for lithium
Negative volume effect (-12%), due to the suspension of ore production at PT WBN (Indonesia) for most of the quarter, following four months of Care & Maintenance; operations resumed in September after new permits were obtained

Progress on the funding plan

Continued progress under the performance improvement program (ReSolution)
€500m capital increase project in Q4 2026, the successful completion of which remains essential: subscription agreements signed with the reference shareholders and necessary waiver obtained from the French Financial Markets Authority (Autorité des Marchés Financiers, “AMF”)

Adjusted EBITDA¹ expected between €540m and €610m in 2026

Operational targets confirmed, with an upward revision for PT WBN: between 23 and 26 Mwmt in nickel ore sold externally (vs. 9 Mwmt initially), albeit with a very unfavourable mix in Q4
Q4 price assumptions broadly in line with consensus, with a more conservative view for lithium as recently observed

Controlled capex confirmed: between €250m and €290m in 2026

Balance sheet strengthening conditional upon completion of the capital increase planned by year-end

Adjusted leverage¹ expected below 3.0x and Gearing² expected below 100% at end-December

Christel Bories, Eramet Group Chair and CEO:

In a market environment that remains complex and volatile, the improvement in our operational performance is confirmed, and the strengthening of our financial structure is ongoing.

The results posted in Q3 reflect the progress made in all our activities, notably the increase in transported volumes in Gabon, the ramp-up of the Centenario lithium plant in Argentina, the restart of our mining activities in Indonesia and the partial resumption of shipments in Senegal.

The performance improvement programme is progressing according to plan and continues to deliver results. We are also reaching further milestones in our funding plan, with the execution of our capital increase project by the end of the year. This plan aims to provide Eramet with the resources to continue implementing its strategy and return to sustainable growth over the long term.

Plan to enhance cash generation and strengthen the balance sheet

In October, Eramet reached a major milestone in the funding plan announced in February, with confirmation of its capital increase project in 2026, backed by the support of its reference shareholders and a strategic investment by the French State.

This capital increase will enable Eramet to strengthen its balance sheet and continue implementing the other pillars of this plan, namely asset monetisation and performance improvement, under the best possible conditions. The plan is intended to enable the Group to return to growth in the medium-term.

Capital increase project

As stated in the press release of 12 October, Eramet confirmed its intention to launch, following the publication of Q3 turnover and before year-end³, a €500m capital increase with Preferential Subscription Rights (“PSRs”).

Three Subscription Undertakings were entered into on 23 October between Eramet and its two reference shareholders, the French State Shareholding Agency (Agence des Participations de l’État, “APE”)⁴ and Sorame-CEIR; they set out the commitments already outlined in the press release of 12 October. An explanatory notice summarising these undertakings was published on Eramet’s website (link).

On 26 October, the French Financial Markets Authority (Autorité des Marchés Financiers, “AMF”) granted the APE a waiver regarding the obligation to launch a mandatory public offer resulting from individual threshold crossings triggered by its agreement with Sorame-CEIR.

Preparatory work for this capital increase is ongoing with the formation of a banking syndicate tasked with assisting the Group with the preparation of the transaction documentation and ensuring the proper execution of the transaction.

Through the execution of the capital increase by end-2026, the Group is targeting adjusted leverage¹ below 3.0x and a Gearing² below 100% from end-December onwards⁵.

Eramet also undertakes not to resume dividend distributions until its adjusted leverage¹ falls back below 1.0x.

Strategic review of assets with monetisation options

Eramet is continuing its strategic portfolio review, aimed at the targeted monetisation of assets, which could materialise through the signing of agreements with partners by the end of 2026. Several options remain under consideration, in particular one or more disposals of minority stakes in certain of the Group’s activities.

Performance improvement and cash generation

Q3 operational performance confirmed the tangible results of the performance improvement initiatives implemented under the ReSolution programme, with further productivity gains as well as fixed cost reductions and procurement savings.

In Gabon, rail transport performance continues to improve, with tonnage transported by Setrag up 14% year-on-year across all rail users (+11% over the first nine months).

The Capex plan also remains under tight control.

CSR commitments

Safety

TRIFR⁶ was 0.6 over nine months, confirming the improving trend observed in H1 and remaining lower than the limit set in the CSR roadmap for 2026 (<1.0). Nevertheless, two serious accidents occurred in Q3, in Gabon during rail shunting operations and in Norway during production operations.

The Group reiterates that the safety of its employees and contractors remains its top priority.

ESG

In September, Virginie de Chassey, Chief Sustainability and External Affairs Officer and member of Eramet’s Executive Committee, was appointed to the Board of Directors of the Initiative for Responsible Mining Assurance (IRMA). As a result, Eramet was selected to serve as a mining sector representative. The appointment marks a further step in Eramet’s commitment to responsible mining, as part of its Act for Positive Mining roadmap. It follows the IRMA 50 performance level achieved by Eramet Grande Côte in February 2026.

In Gabon, Eramet and its subsidiaries continued their efforts to support territories, making a direct contribution to improving access to essential services for local populations. In Haut-Ogooué, Eramet Comilog handed over nearly €10m worth of drinking water supply and public lighting infrastructure to the Gabonese State, including a water treatment plant serving 417 homes, benefiting approximately 2,000 people. In Booué, SETRAG completed the renovation and expansion of the departmental hospital, which now features a maternity ward, a laboratory, a medical imaging department and an operating theatre.

Eramet Beyond also completed two programmes in Indonesia: Eramet Beyond Scholarship, which supported 41 students in eastern Indonesia through 46 training sessions, and LAKSMI, the Indonesian version of Femmes d’Avenir (Women for Future), which supported 468 women entrepreneurs, 100 of whom benefitted from mentoring and grants. These initiatives reflect Eramet Beyond’s commitment to investing in individual development and making a lasting contribution to local communities.

Eramet group adjusted turnover by activity⁷

Millions of euros¹	Q3 2026	Q3 2025	Chg.¹	Chg.⁵	9m 2026	9m 2025	Chg.¹	Chg.⁵
Millions of euros¹	Q3 2026	Q3 2025	(€m)	(%)	9m 2026	9m 2025	(€m)	(%)
Manganese	482	421	+61	+15%	1,480	1,369	+111	+8%
Manganese ore activity^2,3	290	221	+69	+31%	871	745	+126	+17%
Manganese alloys activity²	192	200	-8	-4%	609	624	-15	-2%
Lithium	70	7	+63	10x	206	11	+195	18x
Adjusted Nickel (excluding SLN)²	51	142	-91	-64%	276	373	-97	-26%
Share of PT WBN (38.7% – excluding off-take contract)	17	88	-71	-81%	153	244	-91	-37%
Weda Bay (trading activity, off-take contract)	34	54	-20	-37%	123	129	-6	-5%
Mineral Sands	22	51	-29	-57%	78	186	-108	-58%
Holding and eliminations⁴	121	98	+23	+23%	355	308	+47	+15%
Eramet group adjusted (excluding SLN)²	746	720	+26	+4%	2,395	2,248	+147	+7%

¹ Data rounded to the nearest million.
² See definition in Appendix 7.
³ Turnover linked to external sales of manganese ore only, including €19m in Q3 2026 linked to Setrag transport activity other than Comilog’s ore (€18m in Q3 2025).
⁴ Mainly includes turnover from the sale of SLN’s ferronickel since it is booked under “Eramet S.A.”; SLN’s turnover linked to the sale of nickel ore and others was excluded from the figures presented.
⁵Data rounded to higher or lower %.

Adjusted turnover¹ at €746m in Q3 2026, +4% vs. Q3 2025 (+3% at constant scope and exchange rates¹, with a currency effect of +1%): positive price effect (+15%) and an unfavourable volume effect (-12%), solely linked to the decrease in sales volumes in Indonesia.

In Q3 2026, the metals markets showed mixed trends compared with H1. The manganese ore market remained in surplus and prices declined, while alloys prices were supported in Europe by the CBAM⁹ and safeguard measures, but remained under pressure in the United States.

In the lithium market, demand continued to grow, but the increase in supply weighed on prices, which significantly declined in September.

The nickel market remained pressured, against a backdrop of more ample Indonesian supply.

In the mineral sands market, zircon returned to a better balance during the quarter, with tighter supply and sustained demand, enabling prices to continue rising compared with H1. As regards ilmenite, prices were still under pressure, in a market remaining in surplus.

The market context and price trends for each activity during the quarter are presented in Appendix 4.

Manganese

In Gabon, ore transportation increased over the quarter (1.7 Mt, +7%), once again reflecting Setrag’s excellent operational performance.

Turnover of the Manganese activities at €482m, +15% vs. Q3 2025:

Ore: +31%, increase in realised selling prices (+18%) and significant increase in volumes sold externally (+15%);
Alloys: -4%, with the decrease in sales volumes partly offset by favourable price and mix effects.

Manganese ore	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	Chg.
Manganese ore	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	(%)
Turnover – €m¹	290	221	+31%	871	745	+17%
Manganese ore and sinter transportation – Mt	1.7	1.6	+7%	4.9	4.6	+6%
External manganese ore sales – Mt	1.4	1.2	+15%	4.2	3.9	+8%
FOB cash cost (excl. export duties) – $/dmtu²	2.2	2.3	-3%	2.3	2.3	+0%
Manganese alloys	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	Chg.
Manganese alloys	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	(%)
Turnover – €m	192	200	-4%	609	624	-2%
Alloys sales – kt	142	156	*-9%*	479	465	+3%
o/w refined alloys (%)	58%	54%	+7%	54%	51%	+6%

¹ Turnover linked to external sales of manganese ore only, including €19m linked to Setrag transport activity other than Comilog’s ore (vs. €18m in Q3 2025).
²Excluding mining taxes and royalties (non-controllable), which account for 6% of FOB turnover (see financial glossary in Appendix 7).

Operations

Ore

In Gabon, production at the Moanda mine remained stable over the quarter, at 1.9 Mt.

Parallel to this, Setrag continued to post an improved performance with 1.7 Mt in transported ore for Comilog over the period (+7% vs. Q3 2025, impacted by operational difficulties). This performance was again supported by sustained progress in the works to upgrade the Transgabonese railway: 19 km of sleepers (+24% vs. Q3 2025) and 21 km of track (+38% vs. Q3 2025) were replaced. It also benefited from improvements in the reliability of Comilog’s logistics equipment.

External ore volumes sold came out to 1.4 Mt over the quarter, an increase of 15%, with a realised selling price up by 18%, outperforming the CIF China 44% reference index, thanks to an improved product mix and a favourable geographic mix (increased share of sales generated outside China).

FOB cash cost¹ for the manganese ore activity averaged $2.2/dmtu for the period, improving by 3%, mainly driven by the positive impact of higher transported volumes. Mining taxes and royalties stood at $0.3/dmtu while sea transport costs per tonne totalled $0.9/dmtu.

Alloys

Manganese alloys production was down at 157 kt (-10% vs. Q3 2025, -16% vs. Q2 2026), factoring in the shutdown of a furnace in Norway for refurbishment during the quarter. In parallel, manganese alloys sales declined to 142 kt (-9% Q3 2025), on the back of a lag in some volumes in Q4, with a significantly improved mix (58% of refined alloys).

Furthermore, despite weak demand in Europe and declining prices in the United States, higher prices in Europe had a favourable impact on the average selling price of alloys during the quarter compared with Q3 2025.

This positive impact was nevertheless offset by higher costs of manganese ore consumed during the period, while the cost of reductants consumed remained stable.

Outlook

In Q4, demand for manganese ore is expected to decline, owing to higher comparatives in Q4 2025, particularly in China. Demand from China should continue declining, partly offset by the robust growth in demand from India, where Eramet has a strong business footprint. As a result, supply is expected to adjust downwards, notably in South Africa where exports of lower-grade ore should be impacted by record diesel prices and the increase in sea freight, owing to renewed tensions around the Strait of Hormuz.

The market consensus for high grade manganese ore (CIF China 44%) currently stands at around $4.95/dmtu⁸ on average for Q4 2026, a level that appears consistent with respect to the market situation and in line with the market prices expected in Q4.

In Europe, refined manganese alloys selling prices should continue to trend positively in Q4 2026, supported by the impact of the CBAM⁹, while those for standard alloys are set to continue facing higher volatility, in connection with the potential exemption of many countries from the ferroalloy safeguard measures¹⁰. In the United States, and despite robust demand, prices are expected to remain stable, owing to Indian imports.

Ore

The target for transported ore volumes is confirmed between 6.4 Mt and 6.8 Mt in 2026, as is FOB cash cost guidance¹ between $2.4 and $2.6/dmtu.

Development capex, intended to improve the Gabonese supply chain, is still estimated at around €70m for 2026.

Following an identified discrepancy, a comprehensive inventory of manganese ore stockpiles was carried out by an independent firm in September. These discrepancies were due to counting errors relating to quantities and the assessment of densities¹¹. As a result:

In accordance with IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors), discrepancies relating to periods prior to 2025 will be booked retrospectively in equity as at 1 January 2025 for an amount of €39m, net of deferred tax.
Discrepancies relating to 2026 will be booked in EBITDA with a non-recurring impact of €20m in 2026. In addition, part of the inventory obsolescence provision¹² booked in H1 will be reversed to account for non-existent inventory. This reversal amounts to €20 million. Consequently, there will be no additional impact on H2 EBITDA.

Alloys

Alloy sales volumes in Q4 are expected to be higher than in Q3 and are still expected to be up for the year compared with 2025. Manganese alloy margins are nevertheless expected to remain pressured in Q4 due to the expected increase in the cost of reductants consumed¹³. This increase notably reflects current tightness in the coking coal market, particularly in China.

Lithium

In Q3, Centenario’s Direct Lithium Extraction (“DLE”) plant underwent an extended 14-day maintenance period to stabilise production and enhance operational reliability.

Turnover for the Lithium activity at €70m for the period, with 4,620 t-LCE sold in a context of continued favourable prices over the quarter.

Lithium	Q3 2026	Q3 2025	Chg.	9m 2026	9m 2025	Chg.
Lithium	Q3 2026	Q3 2025	(%)	9m 2026	9m 2025	(%)
Turnover – €m	70	7	+872%	206	11	+1,739%
Lithium carbonate production – t-LCE	4,260	2,080	+105%	12,700	2,790	+355%
Lithium carbonate sales – t-LCE	4,620	1,000	+362%	12,940	1,520	+751%

Operations

In Q3 2026, after having reached 90% of its nameplate capacity in June, the plant underwent an extended period of maintenance works intended to stabilise operations and improve the reliability of its production units. Production was therefore reduced by the 14-day shutdown and the subsequent time required to restart all the facilities. Since then, the plant has continued to ramp up, confirming the progressive stabilisation of operations.

It has been operating at nameplate capacity since the beginning of October, without any maintenance-related downtime.

Lithium carbonate production volumes totalled 4,260 t-LCE over the quarter, vs. 2,080 t-LCE in Q3 2025. Volumes sold reached 4,620 t-LCE, primarily to CAM producers in China, vs. 1,000 t-LCE in Q3 2025 (4,400 t-LCE in Q2 2026).

The Ex-Works cash cost¹ continued to improve as the plant ramps up production, which is gradually approaching the full capacity target.

Outlook

In the short term, demand for lithium should continue to trend positively but will slow in Q4, mainly due to lower-than-expected battery production in China, despite year-on-year growth, which is weighing on market sentiment.

On a full-year basis and in the longer term, global demand fundamentals nevertheless remain favourable, supported by the rapid deployment of stationary energy storage systems (“ESS”) in China, as well as their increasing adoption in Europe and North America. Demand is also expected to benefit from the continued adoption of electric vehicles, notably in China, where the sales penetration rate is expected to reach 60% in 2026, and in Europe, where it should exceed 30%.

On the supply side, global production is expected to grow further, propelled by the restart of Australian mines and the development of new projects in Africa.

The market consensus (battery-grade CIF Asia lithium carbonate) currently averages around $19,000/t-LCE⁸ in Q4 2026. This consensus nevertheless appears high in light of the price level observed in the second half of October, which fell below $13,000/t-LCE, amid high market volatility.

The ramp-up of the Centenario plant is continuing well, with the goal of reaching a level close to 100% of nameplate capacity by end-2026. As a result, guidance for produced volumes of lithium carbonate is still expected between 17 and 20 kt-LCE over the year.

In parallel, the Group continues to focus on optimising cash cost (Ex-Works) which is expected to be between $5,400 and $5,800/t-LCE (based on 2025 economic conditions) at nameplate capacity, still positioned in the first quartile of the cost curve.

As a reminder, the PFS¹⁴ for the initial phase of a brownfield expansion of the plant for additional annual capacity of 11 kt-LCE was completed, with detailed engineering studies currently underway. The project would represent a potential additional investment of around $350m, subject to a final investment decision (“FID”) which could be made by end-2027. It aims to deliver a lower capital intensity while further strengthening the operation’s position within the first quartile of the global lithium industry cost curve. Regarding this investment, Eramet also plans to apply for inclusion under Argentina’s Large Investment Incentive Regime (RIGI¹⁵) in the near future.

In October 2026, the AGeLi project, developed by Eramet in partnership with Électricité de Strasbourg, was selected by the European Commission under the Innovation Fund, with a subsidy of €158m, subject to the finalisation of the grant agreement¹⁶. Longer-term, the first phase of the project aims to produce approximately 15 kt-LCE per year from geothermal brines in Alsace. An FID could be made before 2030, subject to the project’s industrial and financial viability.

Nickel – PT Weda Bay Nickel (“PT WBN”)

In Indonesia, external volumes sold were heavily constrained over the quarter, factoring in the gradual restart of the mine in September, after four months of being placed into Care & Maintenance.

Adjusted turnover¹ for the Nickel activity at €51m, -64% vs. Q3 2025:

PT WBN share (excluding off-take): €17m (vs. €88m in Q3 2025), reflecting the mine being placed into Care & Maintenance for most of the quarter;
NPI off-take¹⁷: €34m (-37%), in line with the decrease in volumes sold following maintenance on two furnaces during the quarter.

Nickel ore	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	Chg.
Nickel ore	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	(%)
PT WBN (38.7%)¹ share of turnover – €m	17	88	-81%	153	244	-37%
Nickel ore external sales (100%) – Mwmt	1.6	9.3	-83%	11.0	20.3	-46%
o/w Saprolite – Mwmt	1.0	6.2	-83%	6.8	14.6	-54%
o/w Limonite – Mwmt	0.5	3.0	-83%	4.2	5.7	-27%
Nickel Pig Iron (NPI)	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	Chg.
Nickel Pig Iron (NPI)	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	(%)
Off-take turnover – €m	34	54	-37%	123	129	-5%
NPI production (100%) – kt	5.5	9.4	-42%	22.2	26.4	-16%
NPI sales (43% off-take) – kt	2.2	4.1	-46%	9.3	11.4	-19%

¹ Excluding NPI off-take.

Operations

In Indonesia, the Indonesian government¹⁸ granted PT WBN a revision of the 2026 RKAB in September (annual production and sales volumes initially limited to 12 Mwmt, including 3 Mwmt of internal sales).

After being placed under Care & Maintenance for more than four months, PT WBN’s mine was able to gradually resume operations, as contractors were remobilised and the mine plan adapted.

As a result, PT WBN was able to sell 1.6 Mwmt of nickel ore externally¹⁹ over the quarter (-83% vs. Q3 2025), including 1 Mwmt of saprolite and 0.5 Mwmt of limonite. The average nickel grades of saprolite and limonite sold were 1.5% and 1.1%, respectively. Internal consumption for the NPI plant reached 0.6 Mwmt over the quarter.

As expected, the gradual restart of operations following the period of Care & Maintenance weighed on the mine’s production costs, factoring in the necessary adjustment of the mining plan and the difficulties in remobilising contractors, as well as the backdrop of rising energy prices.

Production at the NPI plant came out to 5.5 kt-Ni in Q3 2026, a 42% decline year-on-year, owing to the maintenance of two furnaces over the quarter, which have since resumed production. As part of the off-take contract (trading activity) NPI sales stood at 2.2 kt-Ni, declining by 46%.

Outlook

Following a seasonal slowdown in Q3, nickel demand is expected to trend upwards again. Similarly, primary nickel production should continue to grow, with increased NPI production in Indonesia, as a direct result of additional mining quotas being granted.

The nickel market should therefore be in a slight surplus in Q4, and slightly in deficit for the full year 2026.

The market consensus for LME prices currently averages around $17,235/t-Ni⁸ for Q4 2026, an optimistic estimate given recent price trends, with prices currently standing at levels close to $16,000/t.

Indonesian nickel ore market prices are under pressure following the easing of RKAB restrictions. The HPM prices for saprolite, following a sharp increase in Q3 compared with H1 (see Appendix 4), are currently stabilising at around $55/wmt for a 1.6% grade, while those for limonites, which remain under pressure (see Appendix 4), stand at approximately $25/wmt for a 1.2% grade.

Following the revision to its 2026 RKAB in September and given the gradual restart of the mine after four months of Care & Maintenance, the target for external nickel ore sales was revised upwards to between 23 and 26 Mwmt, albeit with an unfavourable mix, largely consisting of limonite ore in Q4. The average grade for nickel ore sold in 2026 should be stable vs. 2025.

The gradual resumption and ramp-up of production are expected to result in most sales volumes being concentrated in November and December, with cash receipts primarily expected in early 2027.

Mineral Sands

Turnover for the Mineral Sands activity at €22m, down by 57% vs. Q3 2025, reflecting production levels limited to around 30% following a fire that took place in February.

Mineral Sands	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	Chg.
Mineral Sands	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	(%)
Turnover – €m	22	51	-57%	78	186	-58%
Mineral Sands production – kt	87	239	-64%	264	729	-64%
Ilmenite sales – kt	57	115	-50%	204	407	-50%
Zircon sales – kt	7	17	-59%	27	50	-46%

Operations

As a reminder, in Senegal, a fire broke out in February in the Wet Concentration Plant (“WCP²⁰”), where heavy minerals are separated from mineral bearing sands, leading to a shutdown of production. Since end-April, production has partially restarted, at a level of around 30% of nameplate capacity using the Supplementary Dry Mining Unit (“SDM²¹”). As a result, mineral sands production was 87 kt-HMC²² in Q3 2026, down 64% vs. Q3 2025.

Following the restart of the Mineral Separation Plant (“MSP²³”) in July, production and shipments of finished products also resumed, albeit intermittently, depending on the availability of HMC inventory²². As a result, in Q3, produced and sold volumes of zircon amounted to 11 kt and 7 kt respectively. Ilmenite production and sales volumes for the period totalled 76 kt and 57 kt respectively.

The force majeure provision, which applies to customer and supplier contracts, remains in force to date.

Outlook

Continued tight supply and growing demand from advanced industries (electronics, medical, nuclear and batteries) are expected to drive a further increase in average zircon prices in Q4 2026.

Conversely, the imbalance observed in the titanium products market is expected to continue in Q4, reflected in full-year ilmenite prices averaging below those of 2025.

Mineral Sands production is estimated between 300 and 400 kt-HMC in 2026.

The work to rebuild the damaged Wet Concentration Plant (“WCP”) facilities to their original specifications is ongoing, with the aim of being able to restart end-2026 with a return to full production capacity in Q1 2027.

After deducting insurance proceeds, the total net cash impact of the fire is estimated at around €45m in 2026. It includes around €45m in operating losses and around €50m in rebuilding capex (of which €35m paid in 2026) for insurance proceeds of €50m.

Outlook and Guidance

With the completion of the capital increase planned by year-end, Eramet is exceptionally providing an adjusted EBITDA guidance for 2026 in this press release. It is estimated at between €540m and €610m, based on the volume targets for the year and the Q4 price assumptions set out below.

Price assumptions²⁴ and exchange rate²⁵ for Q4 2026:

Indicator	9-month average in 2026	Q4 2026 assumptions
CIF China 44% manganese ore	$5.14/dmtu	c.$4.95/dmtu
LME Nickel	$17,371/t	$16,000/t
HPM price for 1.6% saprolites	$52/wmt¹	c.$55/wmt¹
HPM price for 1.2% limonites	$34/wmt¹	c.$25/wmt¹
Lithium carbonate (battery-grade, CIF Asia)	$20,389/t-LCE	c.$13,000/t-LCE, amid high volatility
Hedged €/$ exchange rate	1.17	1.17²

¹ New calculation formula effective since mid-April; new formula update for limonites in September
²Based on the Bloomberg exchange rate consensus for Q4 2026, which stood at €/$1.14 at end-October

As a reminder, in early January, the Group had exceptionally set up a hedge on its EUR/USD exposure. The latter concerns around half of its annual exposure²⁶ at end-September, with a rate of 1.20. To date, the hedged exchange rate for 2026 is therefore currently estimated at approximately €/$1.17, based on Bloomberg’s exchange rate consensus (€/$ 1.15 for 2026 at end-October).

Sensitivities of Group adjusted EBITDA¹ to metal prices and exchange rates are presented in Appendix 5.

In addition, sea freight rates should remain high in Q4 2026, in a highly volatile environment linked to tensions along global maritime trade routes. Reductant costs and energy costs are also expected to remain at high levels. However, the Group’s highly electricity-intensive alloy production sites benefit from hedging arrangements covering their electricity costs.

2026 operating targets:

Activities	Indicator	2026 guidance (29/07/2026)	2026 guidance (29/10/2026)
Manganese	Transported volumes	6.4 – 6.8 Mt	Confirmed
	FOB cash cost^1,2	$2.4 – $2.6/dmtu	Confirmed
	Alloys sales	Up vs. 2025	Confirmed
Lithium	Produced volumes	17 – 20 kt-LCE	Confirmed
Nickel ore	External volumes sold (Mwmt)	Limited to 9 Mwmt on the basis of the initial 12 Mwmt RKAB	23 – 26 Mwmt with an unfavourable product mix, largely consisting of limonites in Q4
Mineral Sands	HMC production	300-400 kt-HMC	Confirmed

¹ Definitions in the financial glossary in Appendix 7.
²For an exchange rate of $/€1.17 at 29/07/2026 and $/€1.15 at the end of October

The capital expenditure amount²⁷ remains estimated between €250m and €290m in 2026, thanks to their tight control.

Capex	Activity	2026 guidance (29/07/2026)	2026 guidance (29/10/2026)
Sustaining	Group	€160m – €200m	Confirmed
Debottlenecking	Group, o/w:	c.€90m	Confirmed
	*Manganese* – Improvement of logistics chain in Gabon	c.€70m	Confirmed
	*Mineral Sands* – Completion of production capacity expansion project and decarbonisation of operations	c.€20m	Confirmed

Calendar

17.02.2027: Publication of 2026 Group annual results

29.04.2027: Publication of 2027 Group first-quarter turnover

ABOUT ERAMET

Eramet transforms the Earth’s mineral resources to provide sustainable and responsible solutions to the growth of the industry and to the challenges of the energy transition.

Its employees are committed to this through their civic and contributory approach in all the countries where the mining and metallurgical group is present.

Manganese, nickel, mineral sands and lithium: Eramet recovers and develops metals that are essential to the construction of a more sustainable world.

As a privileged partner of its industrial clients, the Group contributes to making robust and resistant infrastructures and constructions, more efficient means of mobility, safer health tools and more efficient telecommunications devices.

Fully committed to the era of metals, Eramet’s ambition is to become a reference for the responsible transformation of the Earth’s mineral resources for living well together.

www.eramet.com

INVESTOR CONTACT Director of Investor Relations Sandrine Nourry-Dabi T. +33 1 45 38 37 02 sandrine.nourrydabi@eramet.com	PRESS CONTACT Group Communications Director Laurent Cicolella +33 1 45 38 41 38 laurent.cicolella@eramet.com
	Media Relations Officer Nedjma Amrani T. +33 7 65 65 44 49 nedjma.amrani@eramet.com

Appendix 1: Reconciliation tables

*Millions of euros*	9m 2026	9m 2025	Chg. (€m)	Chg. (%)
Turnover – published financial statements	2,296	2,045	+251	+12%
Share of PT WBN (38.7% – excluding off-take contract)	153	244	-91	-37%
Adjusted turnover	2,449	2,289	+160	+7%
Turnover excluded from SLN¹	-54	-40	-14	n.a.
Adjusted turnover (excluding SLN)²	2,395	2,248	+147	+7%

¹ Turnover linked to the sale of nickel ore and others; turnover from the sale of SLN’s ferronickel which is booked under “Eramet S.A.”.
² Definition in the financial glossary in Appendix 7.

Appendix 2: Quarterly turnover

Millions of euros¹

Q3 2026

Q2 2026

Q1 2026

Q4
2025

Q3
2025

Q2
2025

Q1
2025

Manganese

482

535

464

474

421

492

457

Manganese ore activity²

290

310³

271

264

221

275

250

Manganese alloys activity²

192

224³

193

210

200

217

207

Lithium

Adjusted Nickel (excluding SLN)²

163

245

142

117

114

Mineral Sands

Holding, elim. and others⁴

121

117

105

104

Eramet group adjusted (excluding SLN)

746

809

840

907

720

786

742

SLN turnover⁵

Eramet group published financial statements

751

813

732

708

641

716

688

¹ Data rounded to the nearest million.
² See definition in the financial glossary in Appendix 7.
³ Q2 revenue corrected following the double counting of CMM revenue (impact of €11m). This had no impact on total revenue for the Manganese Ore BU.
⁴ Mainly includes turnover from the sale of SLN’s ferronickel since it is booked under “Eramet S.A.”; SLN’s turnover linked to the sale of nickel ore and others was excluded from the figures presented.
⁵ SLN’s turnover linked to the sale of nickel ore and others.

Appendix 3: Productions and shipments

	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	9m 2026	9m 2025
Manganese
Manganese ore and sinter production (Mt)	1,910	1,574	1,595	1,680	1,874	1,764	1,785	5,079	5,423
Manganese ore and sinter transportation (Mt)	1,696	1,614	1,608	1,517	1,586	1,659	1,386	4,918	4,631
External manganese ore sales (Mt)	1,432	1,430	1,359	1,572	1,245	1,432	1,240	4,221	3,917
Manganese alloys production (kt)	157	186¹	168	157	174	160	162	511	496
Manganese alloys sales (kt)	142	179	158	174	156	161	149	479	465
Lithium
Lithium carbonate production (t-LCE)	4,260	4,720	3,720	3,900	2,080	270	440	12,700	2,790
Lithium carbonate sales (t-LCE)	4,620	4,400	3,920	3,900	1,000	480	40	12,940	1,520
Nickel
Marketable nickel ore production – PT WBN (100% basis – kwmt)²	5,890	1,842	10,042	13,303	12,323	7,080	9,169	17,774	28,572
Nickel ore external sales – PT WBN (100% basis – kwmt)	1,551	1,073	8,340	18,234	9,271	5,639	5,399	10,964	20,309
o/w Saprolite – (kwmt)	*1,043*	*970*	*4,762*	10,907	6,243	4,574	3,757	6,775	14,574
o/w Limonite – (kwmt)	*508*	*102*	*3,579*	7,327	3,028	1,065	1,642	4,189	5,734
NPI production – PT WBN (100% basis – kt-Ni content)	5.5	7.7	9.0	9.4	9.4	7.9	9.1	22.2	26.4
NPI sales – PT WBN – Eramet off-take 43% (kt-Ni content)	2.2	3.3	3.8	4.4	4.1	3.5	3.9	9.3	11.4
Mineral Sands
Mineral Sands production (kt)	87	56	121	254	239	253	236	264	729
Ilmenite production (kt)	76	0	121	168	145	174	130	197	449
Zircon production (kt)	11	0	12	19	17	19	16	23	52
Ilmenite sales (kt)	57	53	94	177	115	166	126	204	407
Zircon sales (kt)	7	4	16	15	17	16	17	27	50

¹ Manganese alloy production volumes for Q2 revised from 191 kt to 186 kt (-5 kt), following the recognition of manganese oxide production, which is now reported separately (5 kt in H1 2026).
² With the approval of a new feasibility study (long-term mining plan) during summer 2024, certain nickel-poor ores, which were considered as waste rock and not recognised in official ore production, are now classified as ores and recorded in production.

Appendix 4: Market trends and prices

	9m 2026	Q3 2026	H1 2026	9m 2025	Q3 2025	H1 2025	Chg. Q3 2026	Chg. 9m 2026
	9m 2026	Q3 2026	H1 2026	9m 2025	Q3 2025	H1 2025	– Q3 2025	– 9m 2025
Manganese
Mn CIF China 44% ($/dmtu)¹	5.14	4.94	5.24	4.54	4.34	4.64	+14%	+13%
Ferromanganese MC – Europe (€/t)¹	1,596	1,664	1,563	1,419	1,337	1,460	+24%	+12%
Silicomanganese – Europe (€/t)¹	1,155	1,199	1,133	1,061	1,027	1,078	+17%	+9%
Lithium
Lithium carbonate, battery-grade, CIF China excl. VAT ($/t LCE)²	20,389	19,294	20,987	8,795	9,048	8,657	+113%	+132%
Nickel
Ni LME ($/t)³	17,371	16,598	17,757	15,252	15,011	15,372	+11%	+14%
Ni LME ($/lb)³	7.88	7.53	8.05	6.92	6.81	6.97	+11%	+14%
SMM NPI Index ($/t)⁴	14,174	14,497	14,013	11,757	11,520	11,876	+26%	+21%
SMM CIF 1.6% ($/wmt)⁵	68	66	69	51	52	50	+26%	+33%
HPM Nickel prices 1.6%/35% ($/wmt)⁶	52	64	46	27	26	27	+142%	+93%
Mineral Sands
Zircon ($/t)⁷	1,617	1,750	1,550	1,723	1,630	1,770	+7%	-6%
Chloride ilmenite ($/t)⁸	250	250	251	278	270	283	-7%	-10%
Exchange rate
EUR/USD ($/€)⁹	1.16	1.15	1.17	1.12	1.17	1.09	-1%	+4%

¹Average market prices (based on monthly Index CRU prices), Eramet calculation and analysis.
² SMM (Shanghai Metals Market): lithium carbonate Ex-Works China battery grade spot price, excluding VAT.
³LME (London Metal Exchange) prices.
⁴SMM NPI 10-12% index, effective January 2026 (formerly SMM NPI 8-12%, abandoned end-2025). The SMM index was adjusted to reflect the current structure of the nickel market, which is dominated by high-grade Indonesian NPI (>10%); this change does not materially impact prices, as the transactions covered by the two indices are virtually equivalent.
⁵ Market price index for Indonesian ore with a 1.6% grade and 35% moisture content, including the HPM price floor and the premium level above it.
⁶Official index for domestic nickel ore prices in Indonesia. New calculation formula introduced in mid-April, which drove the index up much higher in Q2 2026.
⁷Market and Eramet analysis (premium zircon).
⁸ Market and Eramet analysis.
⁹ Bloomberg.

Manganese²⁸^,²⁹

Global carbon steel production was 451 Mt in Q3 2026, down 1% in Q3 and the first nine months of the year, delivering a mixed performance: production in China declined by 2%, against a backdrop of ongoing weakness in the real estate sector. Conversely, production increased in Europe (+7%), propelled in particular by protective trade measures, as well as in India (+5%) and North America (+3%).

On the other hand, demand for manganese ore significantly declined by 7%, to 4.9 Mt-Mn. Manganese ore supply was down 7% in Q3, to 5.1 Mt-Mn, but remained in surplus with Chinese port ore inventories reaching 6.2 Mt at end-September, vs. 5.7 Mt at end-June, approximately equivalent to 12 weeks of consumption.

South African supply remained at high levels despite a decrease from Q3 2025 (-11%, nearly 50% of seaborne production). Australia also posted a decline, of 17%, offset by the supply from Gabon which increased by 25% over the quarter.

Against this background, the CRU for manganese ore CIF China 44% price index averaged $4.9/dmtu in Q3 2026, up 14% year-on-year, notably driven by rising freight rates. However, the index was down 6% from H1 2026, driven by weaker demand and high supply.

In Europe, in Q3 2026, manganese alloys prices continued to benefit from the implementation of the CBAM⁹ (refined alloys, +24%) and EU safeguard measures¹⁰ (standard alloys, +17%). In the United States, competitive pressure from Indian imports continued to weigh on prices, particularly on refined alloys (-19%).

Lithium³⁰

In Q3 2026, global electric vehicle (“EV”) sales continued to trend positively (+4%), propelled by Europe where sales were up 34% while sales declined by 10% in China and by 40% in the United States, owing to the discontinuation of certain purchase subsidies. For the first nine months of the year, global growth reached 3%.

Parallel to this, installations of stationary energy storage systems (“ESS”) continued their robust growth (+47%), particularly in Europe. In this context, demand for lithium was up 10%, reaching 538 kt-LCE in Q3 (+44% over nine months).

In parallel, lithium supply amounted to 560 kt-LCE (+35%), mainly driven by increased volumes from battery recycling in China as well as rising mining production by established players in Australia and Chile. The upturn in Argentinian production, at the same time as the ramp-up in new spodumene mines in Mali and Australia, is adding to existing supply.

The SMM battery-grade index (Ex-Works, China) averaged $19,294/t-LCE over the quarter, up 113% (-8% vs. H1 2026).

Nickel³¹

Global stainless-steel production was up nearly 4% to 16.2 Mt in Q3 2026 (+5% over nine months). It was driven by China (+8%, more than 60% of global supply), while the rest of the world posted a quarterly decline of 3%, with a 6% decline for Indonesia.

Primary nickel demand increased by 4% to 0.9 Mt-Ni (+5% over nine months), propelled by stainless-steel (60% of demand) and batteries. Global primary nickel production was down 7% to 0.9 Mt-Ni (-4% over nine months): the decline in Indonesian NPI¹⁷ (-7%), HPAL³² production (-33%) and traditional production (-2%) was partly offset by the increase in NPI from China (+15%).

Over the period, the supply/demand (class I and II³³) was in deficit. However, visible inventories at the LME/SHFE³⁴ were up, reaching 392 kt-Ni at end-September (vs. 376 kt-Ni at end-June), approximately equivalent to 6 weeks of consumption.

Against this background, the LME price average for Q3 2026 was $16,598/t-Ni (+11%), while the NPI price index³⁵, as sold at Weda Bay, was $14,497/t (+26%).

Presented below, in Indonesia, the new HPM formula³⁶ now factors in the value of other metals contained in the ore, and notably cobalt. This has led to a sharp increase in reference ore prices, with prices for saprolite containing 1.6% nickel rising by 142% to $64.0/wmt in Q3 2026. This new pricing formula has mainly impacted premiums, which are now virtually zero, as they are factored into the benchmark price (HPM).

The market price of saprolite (SMM 1.6% CIF) averaged $65.6/wmt over the quarter, down 13% from Q2, notably reflecting the decline in LME nickel prices.

With regard to limonite, the HPM reference price calculation formula was revised in September, as the surge in sulphur prices is eroding the profitability of the HPAL plants. The revised formula now incorporates lower correction (adjustment) factors for other metals. As such, this new formula is beginning to be applied, but prices are already pressured.

HPM calculation formula in Indonesia

Since 15 April 2026, the formula to calculate the nickel ore reference price (“HPM”) has been updated by the Indonesian government through the country’s Ministry of Energy and Mineral Resources Decree (“Kepmen ESDM”) No. 144/2026. The new formula now incorporates the value of other metals contained in the ore (iron, cobalt, chromium), in addition to nickel content. It was subsequently revised on 15 September 2026 under Ministerial Decree No. 363/2026 (Kepmen ESDM), exclusively for low-grade nickel ore (with a nickel content of 1.2% or less). The structure of the formula remains unchanged and is calculated as follows:

M [Nickel Ore Floor Price] = [(Ni% * CF_Ni * HMA [Nickel Ore Reference Price] Ni) + (Fe% * CF_Fe * HMA_Fe) + (Co% * CF_Co * HMA_Co) + (Cr% * CF_Cr * HMA_Cr)] * (1 – MC [Moisture Content])
The Indonesian government developed a website where the HPM can be calculated directly via the following link, using the below parameters: HPM calculator

HPM: nickel ore floor price (FOB), derived from the Indonesian term ‘Harga Patokan Mineral’
Ni% / Fe% / Co% / Cr%: nickel, iron, cobalt and chromium content
CF_Ni / CF_Fe / CF_Co / CF_Cr: applicable correction factors (factors for adjustment)
- CF_Ni = 30% +/-1% for every +/-0.1% of nickel grade vs. the reference of 1.6%.¹
- CF_Fe = 30%
- CF_Co = 30%²
- CF_Cr = 10%
HMA: nickel ore reference price, derived from the Indonesian term ‘Harga Mineral Acuan,’ equivalent to the average spot price of nickel, iron, cobalt and chromium on the LME, with a lag, expressed in $/tonne of nickel, and published twice a month at the following link (“HMA”)
MC: nickel moisture content

¹Since 15 September 2026, for limonite ore with a nickel content of 1.2% or less only, CF_Ni has been set at 14%, decreasing by 1 percentage point for every 0.1 percentage point reduction in nickel content.
²Since 15 September 2026, for limonite ore with a nickel content of 1.2% or less only, CF_Co has been set at 17%, compared with 30% previously.

Mineral Sands³⁷

The zircon market remained balanced in Q3 2026. Demand remained brisk in volume terms, despite macroeconomic uncertainty and rising production costs affecting the ceramics industry, the main consumer of zircon, while supply tightened as some mining companies cut production.

As a result, zircon premium prices rose 7% over the period to $1,750/t FOB, (+7% vs. Q3 2025).

By contrast, the market for titanium-based products³⁸ was still characterised by an imbalance with an oversupply, despite robust demand from TiO₂ chloride pigment producers, the main end-market for our ilmenite. This situation is partly attributable to high volumes of ilmenite derived from heavy mineral concentrate produced by Chinese players in Africa.

In this context, the market price for ilmenite (chloride) remained stable vs. H1 2026, albeit posting a year-on-year decline of 7%.

Appendix 5: Sensitivities of Group adjusted EBITDA (excluding SLN)

Sensitivities	Change	Adjusted EBITDA impact (excl. SLN)¹
Manganese ore prices (CIF China 44%)	+$1/dmtu	c.€220m
Manganese alloys prices	+$100/t	c.€55m
Nickel ore prices (HPM Nickel) – Weda Bay	+$10/wmt	c.€90m
Lithium prices (lithium carbonate, battery-grade, CIF Asia)	+$1,000/t-LCE	c.€10m
Exchange rate²	-$0.1/€	c.€84m

¹ Based on a hedged exchange rate of $/€1.17.
² Sensitivity calculated, factoring in the Euro/USD currency hedge set up in 2026.

Appendix 6: Société Le Nickel (SLN)

	Q3	Q2	Q1	Q4	Q3	Q2	Q1	9m	9m
	2026	2026	2026	2025	2025	2025	2025	2026	2025
Nickel ore production – (kwmt)	944	908	632	762	809	694	700	2,484	2,203
Nickel ore external sales – (kwmt)	280	285	73	54	116	169	230	638	514
Ferronickel production – (kt-Ni content)	8.9	8.8	9.3	9.6	9.2	8.8	8.7	27.0	26.7
Ferronickel sales – (kt-Ni content)	9.0	8.7	9.4	9.8	8.9	9.3	8.2	27.1	26.4
Ni ore CIF China 1.8% ($/wmt)¹	91.3	95.8	90.2	79.2	79.7	81.3	75.0	92.5	78.7

¹CNFEOL (China FerroAlloy Online), “Other mining countries”.

In New Caledonia, SLN’s mining production stood at 944 kwmt in Q3 2026, up 17% year-on-year, notably driven by the opening of a new mine in Houaïlou and resumed activity at the Kouaoua site. SLN’s mining activity remains heavily impacted by the closure of certain mining sites on the East Coast.

SLN nickel ore exports amounted to 0.3 Mt over the quarter, with produced ore volumes mainly directed to the ferronickel plant.

Nickel ore prices (1.8% CIF China), as exported by SLN, averaged $91/wmt in Q3 2026, up by 15% year-on-year, reflecting the rise in nickel prices at the LME.

Ferronickel production came out to 8.9 kt-Ni, down 3% versus the same period a year earlier. Volumes sold stood at 9.0 kt-Ni (+1% vs. Q3 2025).

The cash cost¹ of ferronickel production averaged $8.1/lb, down 4% vs. Q3 2025 ($8.4/lb). This improvement is mainly attributable to controlled costs and a favourable currency effect.

The spot price of ferronickel as produced by SLN (also class II nickel) was set above prices for NPI.

Appendix 7: Financial glossary

Consolidated performance indicators

The consolidated performance indicators used for the financial reporting of the Group’s results and economic performance and presented in this document are restated data from the Group’s reporting and are monitored by the Executive Committee.

Turnover at constant scope and exchange rates

Turnover at constant scope and exchange rates corresponds to turnover adjusted for the impact of the changes in scope and the fluctuations in the exchange rate from one financial year to the next. The scope effect is calculated as follows: for the companies acquired during the financial year, by eliminating the turnover for the current period and for the companies acquired during the previous period by integrating, in the previous period, the full-year turnover; for the companies sold, by eliminating the turnover during the period considered and during the previous comparable period. The exchange rate effect is calculated by applying the exchange rates of the previous financial year to the turnover for the year under review.

Adjusted turnover (excluding SLN)

Adjusted turnover is presented to provide a better understanding of the underlying operational performance of the Group’s activities. Adjusted turnover corresponds to turnover including Eramet’s share of the turnover of significant joint ventures accounted for using the equity method in the Group’s financial statements, restated for the off-take of all or part of the business activity.

As of 30 September 2026, turnover was adjusted to include the contribution of PT Weda Bay Nickel, a company in which Eramet owns a 38.7% indirect interest. Eramet owns a 43% interest in Strand Minerals Pte Ltd, the holding which owns 90% of PT Weda Bay Nickel and is booked in the Group’s consolidated financial statements under the equity method. An off-take agreement for nickel ferroalloys production (NPI) is in place with Tsingshan, with Eramet holding a 43% interest, and Tsingshan 57%.

Adjusted turnover also excludes turnover linked to the sales of nickel ore and others from SLN, as a standalone company, given that the entity’s losses have been fully financed by the French State since 2024, following an agreement signed with Eramet. However, turnover linked to ferronickel trading is still booked in the adjusted turnover (under “Holding”), given the existence of a purchase agreement between SLN and Eramet S.A., and a sales agreement between Eramet S.A. and end customers.

Adjusted EBITDA (excluding SLN)

Adjusted EBITDA is presented to provide a better understanding of the underlying operational performance of the Group’s activities. Adjusted EBITDA corresponds to EBITDA including Eramet’s share of the EBITDA of significant joint ventures accounted for using the equity method in the Group’s financial statements.

In 2026, EBITDA was adjusted to include the proportional EBITDA of PT Weda Bay Nickel, a company in which Eramet owns a 38.7% indirect interest. Eramet owns a 43% interest in Strand Minerals Pte Ltd, the holding which owns 90% of PT Weda Bay Nickel and is booked in the Group’s consolidated financial statements under the equity method.

In addition, adjusted EBITDA excludes the EBITDA of SLN as a standalone company, since the entity’s losses have been fully financed by the French State since 2024, following an agreement signed with Eramet. However, EBITDA linked to ferronickel trading is still booked in the adjusted EBITDA (under “Holding”), given the existence of a purchase agreement between SLN and Eramet S.A., and a sales agreement between Eramet S.A. and end customers.

Adjusted leverage

Adjusted leverage is defined as consolidated net debt, restated for the available cash provided by the French State (via “TSDI”) to finance SLN’s future losses, over adjusted EBITDA (as defined above).

However, in the future, should other significant joint ventures restated for adjusted EBITDA have external debt, net debt will be adjusted to include Eramet’s share in the external debt of the joint ventures (“adjusted net debt”). Adjusted leverage would then be defined as adjusted net debt to adjusted EBITDA, in compliance with a fair and economic approach to Eramet’s debt.

Manganese ore activity

Manganese ore activity corresponds to Comilog’s mining activities (excluding the activity of the Moanda Metallurgical Complex, “CMM”, which produces manganese alloys) and Setrag’s transport activities.

Manganese alloys activity

Manganese alloys activity corresponds to the plants that transform manganese ore into manganese alloys. It includes the three Norwegian plants comprising Eramet Norway (“ENO”, i.e. Porsgrunn, Sauda, and Kvinesdal), Eramet Marietta (“EMI”) in the United States, Comilog Dunkerque (“CDK”) in France and the Moanda Metallurgical Complex (“CMM”) in Gabon.

Manganese ore FOB cash cost (new definition)

The FOB (“Free On Board”) cash cost of manganese ore is defined as all production and overhead costs (R&D including exploration geology, administrative expenses, sales expenses, overland transport expenses), which cover all stages of ore extraction through to shipping to the port of shipment and loading, and which impact the EBITDA in the Company’s financial statements, over tonnage sold for a given period. This cash cost does not include sea transport or marketing costs and now also does not include the mining taxes and royalties from which the Gabonese State benefits.

Ex-Works cash cost for lithium carbonate

The Ex-Works cash cost for lithium carbonate produced by Eramine is defined as all the production and structure costs covering the entire extraction and refining stages required to make the finished or final product upon leaving the plant, and which have an impact on EBITDA in the Company’s financial statements, over tonnage sold for a given period. This cash cost does not include land and sea transport costs, mining taxes and royalties from which the Argentine State benefits, or marketing costs.

SLN’s cash cost

SLN’s cash cost is defined as all production and overhead costs (R&D including exploration geology, administrative expenses, logistical and commercial expenses), net of by-products credits (including exports and nickel ore) and local services, which cover all the stages of industrial development of the finished product until delivery to the end customer and which impact the EBITDA in the Company’s financial statements, over tonnage sold.

Important information

No communication and no information in respect of the transaction referenced in this document may be distributed to the public in any jurisdiction where a registration or approval is required. No steps have been or will be taken in any jurisdiction (other than France) where such steps would be required. The issue, the subscription for or the purchase of securities of Eramet S.A. (“Eramet” or the “Company”) may be subject to specific legal or regulatory restrictions in certain jurisdictions. Eramet assumes no responsibility for any violation of any such restrictions by any person.

This document is not and should not be construed as a “prospectus” within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended (the “EU Prospectus Regulation”) or within the meaning of the Public Offers and Admissions to Trading Regulations 2024 (the “POATR”).

In accordance with the EU Prospectus Regulation, the Company will make available a French voluntary prospectus relating to the share capital increase with preferential subscription rights (the “Rights Issue”) prepared in accordance with the EU Prospectus Regulation that will be submitted for the approval of the French financial markets authority (Autorité des marchés financiers) in connection with the public offering in France (including New Caledonia (la Nouvelle-Calédonie)) and the admission on Euronext Paris of the new shares issued in the Rights Issue.

With respect to the member states of the European Economic Area other than France (the “Member States”), no action has been undertaken or will be undertaken to make an offer to the public of securities requiring the publication of a prospectus in any Member States. As a result, any securities of Eramet may only be offered in Member States (i) to “qualified investors”, as defined by the EU Prospectus Regulation; (ii) to fewer than 150 natural or legal persons per Member State, other than “qualified investors” (as defined in the EU Prospectus Regulation); or (iii) in any other circumstances, not requiring Eramet to publish a prospectus as provided under Article 1(4) of the EU Prospectus Regulation; and provided that none of the offers mentioned in paragraphs (i) to (iii) above requires the publication of a prospectus by Eramet pursuant to Article 3 of the EU Prospectus Regulation, a supplement to the EU Prospectus Regulation pursuant to Article 23 of the EU Prospectus Regulation, or the publication of an Annex IX document pursuant to Article 1(4) of the EU Prospectus Regulation.

With respect to the United Kingdom, no action has been undertaken or will be undertaken to make an offer to the public of securities requiring the publication of a prospectus in the United Kingdom. As a result, any securities of Eramet may only be offered in the United Kingdom (i) to “qualified investors”, as defined under paragraph 15 of Schedule 1 to the POATR; (ii) to fewer than 150 natural or legal persons, other than “qualified investors” (as defined under paragraph 15 of Schedule 1 to the POATR); or (iii) in any other circumstances falling within Part 1 of Schedule 1 to the POATR.

This document and any other materials in relation to the securities of Eramet have not been made, and have not been approved, by an “authorised person” within the meaning of Section 21(1) of the Financial Services and Markets Act 2000 (as amended, the “FSMA”). As a consequence, this document is directed only at persons who (A) are located outside the United Kingdom or (B) are “qualified investors” within the meaning of paragraph 15 of Schedule 1 to the POATR (i) who are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”), (ii) who fall within Article 49(2)(a) to (d) of the Order, or (iii) to whom it may be lawfully communicated (all such persons collectively being referred to as “Relevant Persons”). Any securities are intended only for Relevant Persons and no invitation, offer or agreements to subscribe, purchase or acquire the securities may be proposed or made other than with Relevant Persons. Any person other than a Relevant Person may not act or rely on this document or any provision thereof. This document is not a prospectus which has been approved by the Financial Conduct Authority or any other United Kingdom regulatory authority within the meaning of Section 85 of the FSMA.

This document does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States of America, its territories and possessions, any State of the United States of America and the District of Columbia (the “United States”). Securities may not be offered, subscribed or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Eramet have not been and will not be registered under the U.S. Securities Act. Eramet does not intend to register any portion of the offering of its securities in the United States or to conduct a public offering of its securities in the United States.

The distribution of this document in certain countries may constitute a breach of applicable law and regulation.

The information contained in this document does not constitute an offer of securities for sale in the United States, Canada, Australia, Japan or South Africa.

This document may not be published, forwarded or distributed, directly or indirectly, in or into the United States, Canada, Australia, Japan or South Africa.”

Appendix 8: Footnotes

1 Definitions presented in the financial glossary in Appendix 7
2 Gearing within the meaning of bank covenants
3 Subject to market conditions and the Agence des Participations de l’Etat (“APE”) obtaining from the AMF a waiver from its obligation to file a mandatory public offer, with such waiver being final and no longer subject to appeal.
4 Acting through FSI-Equation (Strategic Investment Fund)
5 Calculated on the basis of adjusted EBITDA and capex targets for 2026, as presented in the ‘Guidance’ section of this press release.
6 TRIFR (Total Recordable Injury Frequency Rate) = FR2: Frequency rate of accidents at work of Eramet employees, temporary staff and (sub-)contractors (fatal + Lost Time Injury [LTI] + Non-Lost Time Injury [NLTI]), expressed as the number of accidents per million hours worked
7All the commented changes in the third quarter of 2026 (“Q3 2026”) are calculated with respect to the third quarter of 2025 (“Q3 2025”), unless otherwise specified. Mentions of Q1, Q2, Q3 and Q4 refer to the four quarters of the financial year.
8 In October 2026
9 Carbon Border Adjustment Mechanism (“CBAM”): a mechanism introduced by the European Union (“EU”) to apply a carbon cost to imports that is comparable to that borne by European producers through the European Trading System (“ETS” – carbon market)
10 Safeguard measures for ferroalloys: EU trade mechanism restricting ferroalloy imports by means of import quotas, beyond which customs duties are levied in order to protect European producers
11 m³-to-tonne conversion factor
12 A value adjustment of -€32m on manganese ore inventories was booked for the first half following a reassessment of their pace of destocking.
13 With a lag of around three months between their purchasing and consumption dates
14 Pre-Feasibility Study
15 RIGI (“Régimen de Incentivo para Grandes Inversiones”) is Argentina’s Large Investment Incentive Regime, which notably provides tax, customs and foreign exchange incentives, in addition to regulatory stability.
16 Expected to be signed by the end of Q1 2027
17 Nickel Pig Iron (“NPI”)
18 ESDM (Kementerian Energi dan Sumber Daya Mineral): Ministry of Energy and Mineral Resources
19 At the plants on the industrial park, other than the NPI JV plant
20 Wet Concentration Plant
21 Supplementary Dry Mining Unit
22 Heavy Mineral Concentrate
23 Mineral Separation Plant
24 Eramet analysis based on current market conditions, October spot prices and a panel of the main sell-side and market analysts
25 Hedged exchange rate estimated as of the date of publication, based on Bloomberg consensus exchange rate forecasts as at 21 October for 2026 (€/$1.15).
26 At end-September 2026, the hedge ratio was estimated at around 50% of annual exposure, which may vary significantly depending on changes in volumes and prices throughout the year.
27 Net of the French State’s contribution to SLN’s capex
28 Unless otherwise indicated, market data corresponds to Eramet estimates based on World Steel Association production data
29 Unless otherwise indicated, price data corresponds to the average for market prices, Eramet calculations and analysis; manganese ore price index: CRU CIF China 44% spot price; manganese alloys price indices: CRU Western Europe spot price

30 Unless otherwise indicated, price data corresponds to the average for market prices, Eramet calculations and analysis; Lithium carbonate price index: SMM – battery-grade spot price Ex-Works China
31 Unless otherwise indicated, market data corresponds to Eramet estimates
32 High Pressure Acid Leach
33 Class I: produced with a nickel content above or equal to 99%; Class II: produced with a nickel content below 99%
34 LME: London Metal Exchange; SHFE: Shanghai Futures Exchange
35 SMM NPI 10–12% index from January 2026 (previously 8–12%, discontinued at end-2025). The SMM index was adjusted to reflect the current structure of the nickel market, which is dominated by high-grade Indonesian NPI (over 10% nickel content). This change has no material impact on prices, as the transactions covered by the two indices are virtually identical.
36 FOB monthly price floor, as established by the government and indexed to the LME nickel price

37 Unless otherwise indicated, price data corresponds to the average for market prices, Eramet calculations and analysis; Source Zircon premium (FOB prices): Market and Eramet analysis; Source Chloride ilmenite (FOB prices); Market and Eramet analysis
38 Titanium dioxide slag, ilmenite, leucoxene and rutile

Attachment

2026 10 29 – Eramet – PR Q3 2026 EN VFF

Posted in UncategorizedTagged GlobeNewswire

Eramet: solid operational momentum in Q3 and progress on the funding plan

Posted on October 29, 2026 by Ravi Shankar

Not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Australia, Japan or South Africa.
Paris, 29 October 2026, 7:30 a.m.

PRESS RELEASE

Eramet: solid operational momentum in Q3 and progress on the funding plan

*Millions of euros*	Q3 2026	Q3 2025	Chg. (€m)	Chg. (%)
Adjusted turnover¹, o/w:	746	720	+26	+4%
Manganese	482	421	+61	+14%
Lithium	70	7	+63	10x
Adjusted Nickel (excluding SLN)	51	142	-91	-64%
Production and Sales
Manganese ore transportation – Mt	1.7	1.6	+0.1	+7%
Lithium carbonate production – t-LCE	4,260	2,080	+2,180	+105%
Nickel ore external sales (100%) – Mwmt	1.6	9.3	-7.7	-83%

¹ See definition in the financial glossary in Appendix 7.

ESG commitments

Safety: TRIFR improved (0.6 over nine months), in line with the CSR roadmap

Solid operational momentum in Q3 2026, with increased manganese and lithium activities

Manganese ore: higher transported volumes, supported by works to upgrade the Transgabonese railway
Lithium: strengthened operational performance in Argentina during the quarter

Adjusted turnover¹ of €746m in Q3 2026, up 4%

Positive price effect (+15%), despite a decline in prices during the quarter, particularly for lithium
Negative volume effect (-12%), due to the suspension of ore production at PT WBN (Indonesia) for most of the quarter, following four months of Care & Maintenance; operations resumed in September after new permits were obtained

Progress on the funding plan

Continued progress under the performance improvement program (ReSolution)
€500m capital increase project in Q4 2026, the successful completion of which remains essential: subscription agreements signed with the reference shareholders and necessary waiver obtained from the French Financial Markets Authority (Autorité des Marchés Financiers, “AMF”)

Adjusted EBITDA¹ expected between €540m and €610m in 2026

Operational targets confirmed, with an upward revision for PT WBN: between 23 and 26 Mwmt in nickel ore sold externally (vs. 9 Mwmt initially), albeit with a very unfavourable mix in Q4
Q4 price assumptions broadly in line with consensus, with a more conservative view for lithium as recently observed

Controlled capex confirmed: between €250m and €290m in 2026

Balance sheet strengthening conditional upon completion of the capital increase planned by year-end

Adjusted leverage¹ expected below 3.0x and Gearing² expected below 100% at end-December

Christel Bories, Eramet Group Chair and CEO:

In a market environment that remains complex and volatile, the improvement in our operational performance is confirmed, and the strengthening of our financial structure is ongoing.

Plan to enhance cash generation and strengthen the balance sheet

Capital increase project

Through the execution of the capital increase by end-2026, the Group is targeting adjusted leverage¹ below 3.0x and a Gearing² below 100% from end-December onwards⁵.

Eramet also undertakes not to resume dividend distributions until its adjusted leverage¹ falls back below 1.0x.

Strategic review of assets with monetisation options

Performance improvement and cash generation

In Gabon, rail transport performance continues to improve, with tonnage transported by Setrag up 14% year-on-year across all rail users (+11% over the first nine months).

The Capex plan also remains under tight control.

CSR commitments

Safety

The Group reiterates that the safety of its employees and contractors remains its top priority.

ESG

Eramet group adjusted turnover by activity⁷

Millions of euros¹	Q3 2026	Q3 2025	Chg.¹	Chg.⁵	9m 2026	9m 2025	Chg.¹	Chg.⁵
Millions of euros¹	Q3 2026	Q3 2025	(€m)	(%)	9m 2026	9m 2025	(€m)	(%)
Manganese	482	421	+61	+15%	1,480	1,369	+111	+8%
Manganese ore activity^2,3	290	221	+69	+31%	871	745	+126	+17%
Manganese alloys activity²	192	200	-8	-4%	609	624	-15	-2%
Lithium	70	7	+63	10x	206	11	+195	18x
Adjusted Nickel (excluding SLN)²	51	142	-91	-64%	276	373	-97	-26%
Share of PT WBN (38.7% – excluding off-take contract)	17	88	-71	-81%	153	244	-91	-37%
Weda Bay (trading activity, off-take contract)	34	54	-20	-37%	123	129	-6	-5%
Mineral Sands	22	51	-29	-57%	78	186	-108	-58%
Holding and eliminations⁴	121	98	+23	+23%	355	308	+47	+15%
Eramet group adjusted (excluding SLN)²	746	720	+26	+4%	2,395	2,248	+147	+7%

In the lithium market, demand continued to grow, but the increase in supply weighed on prices, which significantly declined in September.

The nickel market remained pressured, against a backdrop of more ample Indonesian supply.

The market context and price trends for each activity during the quarter are presented in Appendix 4.

Manganese

In Gabon, ore transportation increased over the quarter (1.7 Mt, +7%), once again reflecting Setrag’s excellent operational performance.

Turnover of the Manganese activities at €482m, +15% vs. Q3 2025:

Ore: +31%, increase in realised selling prices (+18%) and significant increase in volumes sold externally (+15%);
Alloys: -4%, with the decrease in sales volumes partly offset by favourable price and mix effects.

Manganese ore	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	Chg.
Manganese ore	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	(%)
Turnover – €m¹	290	221	+31%	871	745	+17%
Manganese ore and sinter transportation – Mt	1.7	1.6	+7%	4.9	4.6	+6%
External manganese ore sales – Mt	1.4	1.2	+15%	4.2	3.9	+8%
FOB cash cost (excl. export duties) – $/dmtu²	2.2	2.3	-3%	2.3	2.3	+0%
Manganese alloys	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	Chg.
Manganese alloys	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	(%)
Turnover – €m	192	200	-4%	609	624	-2%
Alloys sales – kt	142	156	*-9%*	479	465	+3%
o/w refined alloys (%)	58%	54%	+7%	54%	51%	+6%

Operations

Ore

In Gabon, production at the Moanda mine remained stable over the quarter, at 1.9 Mt.

Alloys

This positive impact was nevertheless offset by higher costs of manganese ore consumed during the period, while the cost of reductants consumed remained stable.

Outlook

Ore

The target for transported ore volumes is confirmed between 6.4 Mt and 6.8 Mt in 2026, as is FOB cash cost guidance¹ between $2.4 and $2.6/dmtu.

Development capex, intended to improve the Gabonese supply chain, is still estimated at around €70m for 2026.

In accordance with IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors), discrepancies relating to periods prior to 2025 will be booked retrospectively in equity as at 1 January 2025 for an amount of €39m, net of deferred tax.
Discrepancies relating to 2026 will be booked in EBITDA with a non-recurring impact of €20m in 2026. In addition, part of the inventory obsolescence provision¹² booked in H1 will be reversed to account for non-existent inventory. This reversal amounts to €20 million. Consequently, there will be no additional impact on H2 EBITDA.

Alloys

Lithium

In Q3, Centenario’s Direct Lithium Extraction (“DLE”) plant underwent an extended 14-day maintenance period to stabilise production and enhance operational reliability.

Turnover for the Lithium activity at €70m for the period, with 4,620 t-LCE sold in a context of continued favourable prices over the quarter.

Lithium	Q3 2026	Q3 2025	Chg.	9m 2026	9m 2025	Chg.
Lithium	Q3 2026	Q3 2025	(%)	9m 2026	9m 2025	(%)
Turnover – €m	70	7	+872%	206	11	+1,739%
Lithium carbonate production – t-LCE	4,260	2,080	+105%	12,700	2,790	+355%
Lithium carbonate sales – t-LCE	4,620	1,000	+362%	12,940	1,520	+751%

Operations

It has been operating at nameplate capacity since the beginning of October, without any maintenance-related downtime.

The Ex-Works cash cost¹ continued to improve as the plant ramps up production, which is gradually approaching the full capacity target.

Outlook

On the supply side, global production is expected to grow further, propelled by the restart of Australian mines and the development of new projects in Africa.

Nickel – PT Weda Bay Nickel (“PT WBN”)

Adjusted turnover¹ for the Nickel activity at €51m, -64% vs. Q3 2025:

PT WBN share (excluding off-take): €17m (vs. €88m in Q3 2025), reflecting the mine being placed into Care & Maintenance for most of the quarter;
NPI off-take¹⁷: €34m (-37%), in line with the decrease in volumes sold following maintenance on two furnaces during the quarter.

Nickel ore	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	Chg.
Nickel ore	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	(%)
PT WBN (38.7%)¹ share of turnover – €m	17	88	-81%	153	244	-37%
Nickel ore external sales (100%) – Mwmt	1.6	9.3	-83%	11.0	20.3	-46%
o/w Saprolite – Mwmt	1.0	6.2	-83%	6.8	14.6	-54%
o/w Limonite – Mwmt	0.5	3.0	-83%	4.2	5.7	-27%
Nickel Pig Iron (NPI)	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	Chg.
Nickel Pig Iron (NPI)	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	(%)
Off-take turnover – €m	34	54	-37%	123	129	-5%
NPI production (100%) – kt	5.5	9.4	-42%	22.2	26.4	-16%
NPI sales (43% off-take) – kt	2.2	4.1	-46%	9.3	11.4	-19%

¹ Excluding NPI off-take.

Operations

After being placed under Care & Maintenance for more than four months, PT WBN’s mine was able to gradually resume operations, as contractors were remobilised and the mine plan adapted.

Outlook

The nickel market should therefore be in a slight surplus in Q4, and slightly in deficit for the full year 2026.

The gradual resumption and ramp-up of production are expected to result in most sales volumes being concentrated in November and December, with cash receipts primarily expected in early 2027.

Mineral Sands

Turnover for the Mineral Sands activity at €22m, down by 57% vs. Q3 2025, reflecting production levels limited to around 30% following a fire that took place in February.

Mineral Sands	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	Chg.
Mineral Sands	Q3 2026	Q3 2025	Chg. (%)	9m 2026	9m 2025	(%)
Turnover – €m	22	51	-57%	78	186	-58%
Mineral Sands production – kt	87	239	-64%	264	729	-64%
Ilmenite sales – kt	57	115	-50%	204	407	-50%
Zircon sales – kt	7	17	-59%	27	50	-46%

Operations

The force majeure provision, which applies to customer and supplier contracts, remains in force to date.

Outlook

Continued tight supply and growing demand from advanced industries (electronics, medical, nuclear and batteries) are expected to drive a further increase in average zircon prices in Q4 2026.

Conversely, the imbalance observed in the titanium products market is expected to continue in Q4, reflected in full-year ilmenite prices averaging below those of 2025.

Mineral Sands production is estimated between 300 and 400 kt-HMC in 2026.

Outlook and Guidance

Price assumptions²⁴ and exchange rate²⁵ for Q4 2026:

Indicator	9-month average in 2026	Q4 2026 assumptions
CIF China 44% manganese ore	$5.14/dmtu	c.$4.95/dmtu
LME Nickel	$17,371/t	$16,000/t
HPM price for 1.6% saprolites	$52/wmt¹	c.$55/wmt¹
HPM price for 1.2% limonites	$34/wmt¹	c.$25/wmt¹
Lithium carbonate (battery-grade, CIF Asia)	$20,389/t-LCE	c.$13,000/t-LCE, amid high volatility
Hedged €/$ exchange rate	1.17	1.17²

Sensitivities of Group adjusted EBITDA¹ to metal prices and exchange rates are presented in Appendix 5.

2026 operating targets:

Activities	Indicator	2026 guidance (29/07/2026)	2026 guidance (29/10/2026)
Manganese	Transported volumes	6.4 – 6.8 Mt	Confirmed
	FOB cash cost^1,2	$2.4 – $2.6/dmtu	Confirmed
	Alloys sales	Up vs. 2025	Confirmed
Lithium	Produced volumes	17 – 20 kt-LCE	Confirmed
Nickel ore	External volumes sold (Mwmt)	Limited to 9 Mwmt on the basis of the initial 12 Mwmt RKAB	23 – 26 Mwmt with an unfavourable product mix, largely consisting of limonites in Q4
Mineral Sands	HMC production	300-400 kt-HMC	Confirmed

¹ Definitions in the financial glossary in Appendix 7.
²For an exchange rate of $/€1.17 at 29/07/2026 and $/€1.15 at the end of October

The capital expenditure amount²⁷ remains estimated between €250m and €290m in 2026, thanks to their tight control.

Capex	Activity	2026 guidance (29/07/2026)	2026 guidance (29/10/2026)
Sustaining	Group	€160m – €200m	Confirmed
Debottlenecking	Group, o/w:	c.€90m	Confirmed
	*Manganese* – Improvement of logistics chain in Gabon	c.€70m	Confirmed
	*Mineral Sands* – Completion of production capacity expansion project and decarbonisation of operations	c.€20m	Confirmed

Calendar

17.02.2027: Publication of 2026 Group annual results

29.04.2027: Publication of 2027 Group first-quarter turnover

ABOUT ERAMET

Eramet transforms the Earth’s mineral resources to provide sustainable and responsible solutions to the growth of the industry and to the challenges of the energy transition.

Its employees are committed to this through their civic and contributory approach in all the countries where the mining and metallurgical group is present.

Manganese, nickel, mineral sands and lithium: Eramet recovers and develops metals that are essential to the construction of a more sustainable world.

Fully committed to the era of metals, Eramet’s ambition is to become a reference for the responsible transformation of the Earth’s mineral resources for living well together.

www.eramet.com

INVESTOR CONTACT Director of Investor Relations Sandrine Nourry-Dabi T. +33 1 45 38 37 02 sandrine.nourrydabi@eramet.com	PRESS CONTACT Group Communications Director Laurent Cicolella +33 1 45 38 41 38 laurent.cicolella@eramet.com
	Media Relations Officer Nedjma Amrani T. +33 7 65 65 44 49 nedjma.amrani@eramet.com

Appendix 1: Reconciliation tables

*Millions of euros*	9m 2026	9m 2025	Chg. (€m)	Chg. (%)
Turnover – published financial statements	2,296	2,045	+251	+12%
Share of PT WBN (38.7% – excluding off-take contract)	153	244	-91	-37%
Adjusted turnover	2,449	2,289	+160	+7%
Turnover excluded from SLN¹	-54	-40	-14	n.a.
Adjusted turnover (excluding SLN)²	2,395	2,248	+147	+7%

¹ Turnover linked to the sale of nickel ore and others; turnover from the sale of SLN’s ferronickel which is booked under “Eramet S.A.”.
² Definition in the financial glossary in Appendix 7.

Appendix 2: Quarterly turnover

Millions of euros¹

Q3 2026

Q2 2026

Q1 2026

Q4
2025

Q3
2025

Q2
2025

Q1
2025

Manganese

482

535

464

474

421

492

457

Manganese ore activity²

290

310³

271

264

221

275

250

Manganese alloys activity²

192

224³

193

210

200

217

207

Lithium

Adjusted Nickel (excluding SLN)²

163

245

142

117

114

Mineral Sands

Holding, elim. and others⁴

121

117

105

104

Eramet group adjusted (excluding SLN)

746

809

840

907

720

786

742

SLN turnover⁵

Eramet group published financial statements

751

813

732

708

641

716

688

Appendix 3: Productions and shipments

	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	9m 2026	9m 2025
Manganese
Manganese ore and sinter production (Mt)	1,910	1,574	1,595	1,680	1,874	1,764	1,785	5,079	5,423
Manganese ore and sinter transportation (Mt)	1,696	1,614	1,608	1,517	1,586	1,659	1,386	4,918	4,631
External manganese ore sales (Mt)	1,432	1,430	1,359	1,572	1,245	1,432	1,240	4,221	3,917
Manganese alloys production (kt)	157	186¹	168	157	174	160	162	511	496
Manganese alloys sales (kt)	142	179	158	174	156	161	149	479	465
Lithium
Lithium carbonate production (t-LCE)	4,260	4,720	3,720	3,900	2,080	270	440	12,700	2,790
Lithium carbonate sales (t-LCE)	4,620	4,400	3,920	3,900	1,000	480	40	12,940	1,520
Nickel
Marketable nickel ore production – PT WBN (100% basis – kwmt)²	5,890	1,842	10,042	13,303	12,323	7,080	9,169	17,774	28,572
Nickel ore external sales – PT WBN (100% basis – kwmt)	1,551	1,073	8,340	18,234	9,271	5,639	5,399	10,964	20,309
o/w Saprolite – (kwmt)	*1,043*	*970*	*4,762*	10,907	6,243	4,574	3,757	6,775	14,574
o/w Limonite – (kwmt)	*508*	*102*	*3,579*	7,327	3,028	1,065	1,642	4,189	5,734
NPI production – PT WBN (100% basis – kt-Ni content)	5.5	7.7	9.0	9.4	9.4	7.9	9.1	22.2	26.4
NPI sales – PT WBN – Eramet off-take 43% (kt-Ni content)	2.2	3.3	3.8	4.4	4.1	3.5	3.9	9.3	11.4
Mineral Sands
Mineral Sands production (kt)	87	56	121	254	239	253	236	264	729
Ilmenite production (kt)	76	0	121	168	145	174	130	197	449
Zircon production (kt)	11	0	12	19	17	19	16	23	52
Ilmenite sales (kt)	57	53	94	177	115	166	126	204	407
Zircon sales (kt)	7	4	16	15	17	16	17	27	50

Appendix 4: Market trends and prices

	9m 2026	Q3 2026	H1 2026	9m 2025	Q3 2025	H1 2025	Chg. Q3 2026	Chg. 9m 2026
	9m 2026	Q3 2026	H1 2026	9m 2025	Q3 2025	H1 2025	– Q3 2025	– 9m 2025
Manganese
Mn CIF China 44% ($/dmtu)¹	5.14	4.94	5.24	4.54	4.34	4.64	+14%	+13%
Ferromanganese MC – Europe (€/t)¹	1,596	1,664	1,563	1,419	1,337	1,460	+24%	+12%
Silicomanganese – Europe (€/t)¹	1,155	1,199	1,133	1,061	1,027	1,078	+17%	+9%
Lithium
Lithium carbonate, battery-grade, CIF China excl. VAT ($/t LCE)²	20,389	19,294	20,987	8,795	9,048	8,657	+113%	+132%
Nickel
Ni LME ($/t)³	17,371	16,598	17,757	15,252	15,011	15,372	+11%	+14%
Ni LME ($/lb)³	7.88	7.53	8.05	6.92	6.81	6.97	+11%	+14%
SMM NPI Index ($/t)⁴	14,174	14,497	14,013	11,757	11,520	11,876	+26%	+21%
SMM CIF 1.6% ($/wmt)⁵	68	66	69	51	52	50	+26%	+33%
HPM Nickel prices 1.6%/35% ($/wmt)⁶	52	64	46	27	26	27	+142%	+93%
Mineral Sands
Zircon ($/t)⁷	1,617	1,750	1,550	1,723	1,630	1,770	+7%	-6%
Chloride ilmenite ($/t)⁸	250	250	251	278	270	283	-7%	-10%
Exchange rate
EUR/USD ($/€)⁹	1.16	1.15	1.17	1.12	1.17	1.09	-1%	+4%

Manganese²⁸^,²⁹

Lithium³⁰

The SMM battery-grade index (Ex-Works, China) averaged $19,294/t-LCE over the quarter, up 113% (-8% vs. H1 2026).

Nickel³¹

Against this background, the LME price average for Q3 2026 was $16,598/t-Ni (+11%), while the NPI price index³⁵, as sold at Weda Bay, was $14,497/t (+26%).

The market price of saprolite (SMM 1.6% CIF) averaged $65.6/wmt over the quarter, down 13% from Q2, notably reflecting the decline in LME nickel prices.

HPM calculation formula in Indonesia

HPM: nickel ore floor price (FOB), derived from the Indonesian term ‘Harga Patokan Mineral’
Ni% / Fe% / Co% / Cr%: nickel, iron, cobalt and chromium content
CF_Ni / CF_Fe / CF_Co / CF_Cr: applicable correction factors (factors for adjustment)
- CF_Ni = 30% +/-1% for every +/-0.1% of nickel grade vs. the reference of 1.6%.¹
- CF_Fe = 30%
- CF_Co = 30%²
- CF_Cr = 10%
HMA: nickel ore reference price, derived from the Indonesian term ‘Harga Mineral Acuan,’ equivalent to the average spot price of nickel, iron, cobalt and chromium on the LME, with a lag, expressed in $/tonne of nickel, and published twice a month at the following link (“HMA”)
MC: nickel moisture content

Mineral Sands³⁷

As a result, zircon premium prices rose 7% over the period to $1,750/t FOB, (+7% vs. Q3 2025).

In this context, the market price for ilmenite (chloride) remained stable vs. H1 2026, albeit posting a year-on-year decline of 7%.

Appendix 5: Sensitivities of Group adjusted EBITDA (excluding SLN)

Sensitivities	Change	Adjusted EBITDA impact (excl. SLN)¹
Manganese ore prices (CIF China 44%)	+$1/dmtu	c.€220m
Manganese alloys prices	+$100/t	c.€55m
Nickel ore prices (HPM Nickel) – Weda Bay	+$10/wmt	c.€90m
Lithium prices (lithium carbonate, battery-grade, CIF Asia)	+$1,000/t-LCE	c.€10m
Exchange rate²	-$0.1/€	c.€84m

¹ Based on a hedged exchange rate of $/€1.17.
² Sensitivity calculated, factoring in the Euro/USD currency hedge set up in 2026.

Appendix 6: Société Le Nickel (SLN)

	Q3	Q2	Q1	Q4	Q3	Q2	Q1	9m	9m
	2026	2026	2026	2025	2025	2025	2025	2026	2025
Nickel ore production – (kwmt)	944	908	632	762	809	694	700	2,484	2,203
Nickel ore external sales – (kwmt)	280	285	73	54	116	169	230	638	514
Ferronickel production – (kt-Ni content)	8.9	8.8	9.3	9.6	9.2	8.8	8.7	27.0	26.7
Ferronickel sales – (kt-Ni content)	9.0	8.7	9.4	9.8	8.9	9.3	8.2	27.1	26.4
Ni ore CIF China 1.8% ($/wmt)¹	91.3	95.8	90.2	79.2	79.7	81.3	75.0	92.5	78.7

¹CNFEOL (China FerroAlloy Online), “Other mining countries”.

SLN nickel ore exports amounted to 0.3 Mt over the quarter, with produced ore volumes mainly directed to the ferronickel plant.

Nickel ore prices (1.8% CIF China), as exported by SLN, averaged $91/wmt in Q3 2026, up by 15% year-on-year, reflecting the rise in nickel prices at the LME.

Ferronickel production came out to 8.9 kt-Ni, down 3% versus the same period a year earlier. Volumes sold stood at 9.0 kt-Ni (+1% vs. Q3 2025).

The cash cost¹ of ferronickel production averaged $8.1/lb, down 4% vs. Q3 2025 ($8.4/lb). This improvement is mainly attributable to controlled costs and a favourable currency effect.

The spot price of ferronickel as produced by SLN (also class II nickel) was set above prices for NPI.

Appendix 7: Financial glossary

Consolidated performance indicators

Turnover at constant scope and exchange rates

Adjusted turnover (excluding SLN)

Adjusted EBITDA (excluding SLN)

Adjusted leverage

Manganese ore activity

Manganese alloys activity

Manganese ore FOB cash cost (new definition)

Ex-Works cash cost for lithium carbonate

SLN’s cash cost

Important information

The distribution of this document in certain countries may constitute a breach of applicable law and regulation.

The information contained in this document does not constitute an offer of securities for sale in the United States, Canada, Australia, Japan or South Africa.

This document may not be published, forwarded or distributed, directly or indirectly, in or into the United States, Canada, Australia, Japan or South Africa.”

Appendix 8: Footnotes

Attachment

2026 10 29 – Eramet – PR Q3 2026 EN VFF

Posted in UncategorizedTagged GlobeNewswire

74Software: Solid Q3 Growth and Continued Subscription Expansion

Posted on October 29, 2026 by Ravi Shankar

Press Release

Paris, October 29, 2026

74Software: Solid Q3 Growth and Continued Subscription Expansion

74Software (Euronext Paris: 74SW) reported Q3 2026 revenue of €183.9 million, up 5.8% organically, supported by subscription growth at both Axway and SBS. Product revenue increased by 9.5% organically, while ARR grew by close to 10% year on year at constant exchange rates for both brands. The Group confirmed its full-year objectives.

Key Financial Indicators — Q3 2026

Indicator	Q3 2026 (€m)	Q3 2025 Comparison base (€m)*	Change / Ratio

Revenue	183.9	173.9	Organic growth: 5.8%
Product revenue	154.4	141	Organic growth: 9.5%
ARR at period-end — Axway	294.2	267.7	9.9% YoY at constant FX
ARR at period-end — SBS	257.3	235.1	9.4% YoY at constant FX
Net debt at period-end	192.6	196.1	Down €3.6m YoY
			* Revenue comparatives at 2026 scope and exchange rates.

Business Highlights

At 74Software, growth in both subscription models more than offset lower Maintenance & Support revenue. Product revenue represented 84.0% of Group revenue, compared with 81.1% a year earlier, reflecting the continued shift in the Group’s revenue mix toward software.
Axway recorded new MFT customer wins in the automotive and luxury goods sectors, alongside renewals and extensions in healthcare and financial services. Amplify Fusion recorded 83 new customer contracts across the Group over the first nine months and remains on track to meet its annual target of 100.
- SBS combined strong subscription growth with contrasting trends across its portfolio. ARR grew at double-digit rates in Integrated Products, Modular Products and Financing Products, while Banking Components remained slightly below the previous year’s level. Lower Services activity, reflecting a deliberate focus on higher-value engagements, moderated overall revenue growth. Commercial highlights included a contract for SBS Digital Banking Suite with an existing customer in the consumer finance sector, extending SBS’s role from core banking to customer-facing digital services and illustrating the cross-selling potential of its portfolio.
- Product development and investment focused on extending customers’ existing software environments. Axway continued to develop its Amplify platform, including Fusion and AI governance capabilities, and to commercialize Workbench for unified MFT monitoring and operational control. An industry analyst assessment also gave Axway the highest scores for distributed API management and API productization. SBS continued to invest in SBS Digital Core, SBS Digital Banking Suite and AI. SBS AI Foundation, built on NVIDIA technologies and already in production with a UK customer, enables banks to use AI while retaining control over their data environment. Its roadmap also includes process automation through AI agents, drawing in particular on the AI Control Plane developed by Axway.

Patrick Donovan, Chief Executive Officer, stated:

“I am happy to see our continued transition towards subscriptions supporting product revenue growth in Q3 and over the first nine months. New MFT customer wins and further Amplify Fusion contracts supported Axway’s commercial activity, while SBS secured important renewals and expanded its software relationships with existing customers. Our priority is to convert this progress into cash while maintaining cost discipline. The performance over the first nine months gives us confidence in delivering our full-year targets as we continue to invest in our products and work toward our 2028 ambitions.”

Q3 2026 Activity

Revenue by Portfolio Brand

	Q3 2026	Q3 2025 Reported	Q3 2025 Restated*	Total Growth	Organic Growth
€m / %	Q3 2026	Q3 2025 Reported	Q3 2025 Restated*	Total Growth	Organic Growth
Axway Scope	87.6	82.6	83.4	6.1%	5.1%
SBS Scope	96.7	90.8	91.1	6.5%	6.1%

Consolidation	-0.3	-0.5	-0.5

74Software	183.9	172.8	173.9	6.5%	5.8%
* Revenue at 2026 scope and exchange rates

Q3 revenue reached €183.9 million, up 6.5% on a reported basis and 5.8% organically. Axway contributed €87.6 million, up 5.1% organically, while SBS generated €96.7 million, up 6.1% organically.

Q3 Revenue by Type

	Q3 2026	Q3 2025 Reported	Q3 2025 Restated*	Total Growth	Organic Growth
€m / %	Q3 2026	Q3 2025 Reported	Q3 2025 Restated*	Total Growth	Organic Growth
Product revenue	154.4	140.1	141.0	10.2%	9.5%
Recurring revenue	145.7	129.2	130.2	12.8%	11.9%
o/w Maintenance & Support	37.2	43.7	44.0	-14.9%	-15.4%
o/w Customer-managed Subscription	68.0	51.0	51.4	33.4%	32.2%
o/w Upfront Revenue	37.4	29.6	29.6	26.2%	26.2%
o/w Recurring	30.6	21.4	21.8	43.3%	40.4%
o/w Own-managed Subscription	40.5	34.5	34.8	17.4%	16.5%
License revenue	8.7	10.9	10.8	-19.9%	-19.6%

Services revenue	29.5	32.7	32.9	-9.8%	-10.3%

Total revenue	183.9	172.8	173.9	6.5%	5.8%
* Revenue at 2026 scope and exchange rates

Product revenue reached €154.4 million, up 9.5% organically, and represented 84.0% of Group revenue, compared with 81.1% a year earlier. Recurring revenue increased by 11.9% organically to €145.7 million, equivalent to 94.3% of Product revenue.

Axway’s Product revenue amounted to €79.0 million, up 5.6% organically. Own-managed subscriptions increased by 22.3% to €17.2 million, while customer-managed subscriptions grew by 14.4% to €52.8 million. These increases more than offset a 35.3% decline in Maintenance & Support revenue to €7.8 million, reflecting the continued transition toward subscriptions.

SBS’s Product revenue grew by 13.4% organically to €75.8 million. Customer-managed subscriptions contributed the largest increase, reaching €15.5 million, compared with €5.3 million a year earlier. Own-managed subscriptions rose by 9.7% to €23.4 million, while Maintenance & Support revenue declined by 7.9% to €29.4 million. Overall, recurring revenue increased by 16.7% to €68.2 million.

License revenue declined by 19.6% organically to €8.7 million. Axway contributed €1.2 million, down 53.2% against a prior-year comparison of €2.5 million, while SBS generated €7.6 million, down 9.6%.

Services revenue amounted to €29.5 million, down 10.3% organically. It remained broadly stable at Axway, at
€8.6 million, and declined by 14.0% at SBS, to €20.9 million. Services accounted for 16.0% of Group revenue, compared with 18.9% a year earlier.

For the first nine months of 2026, Group revenue reached €550.9 million, up 6.6% on a reported basis and 7.7% organically. Axway generated €262.2 million, up 9.4% organically, while SBS contributed €290.0 million, up 6.0%. Product revenue increased by 10.4% organically to €458.5 million, including recurring revenue of €423.3 million, up 10.6% organically. On an organic basis, License revenue grew by 7.3% to €35.2 million, while Services revenue declined by 4.1% to €92.4 million.

ARR Breakdown by Product Line at Constant Exchange Rates as of End-Q3 2026

	2025				2026			YoY Change *at constant FX*
€m	2025				2026
	Q1	Q2	Q3	Q4	Q1	Q2	Q3
Axway	255.7	260.2	267.7	278.2	278.3	289.3	294.2	+ 9.9%
Managed File Transfer	108.3	110.4	112.5	121.3	120.5	125.1	126.7	+ 12.7%
B2B Integration	58.7	61.2	63.6	64.3	63.8	65.8	64.3	+ 1.2%
API Management	48.3	49.5	52.4	53.1	55.4	58.8	63.9	+ 21.8%
Specialized Products	40.5	39.1	39.2	39.5	38.5	39.6	39.4	+ 0.3%
SBS	229.1	232.4	235.1	245.4	249.4	253.4	257.3	+ 9.4%
Integrated Products	94.1	96.3	94.9	100.0	103.9	106.5	107.5	+ 13.3%
Banking Components	47.8	46.8	46.3	49.2	47.0	45.8	45.7	– 1.3%
Modular Products	25.3	28.0	29.6	30.3	31.8	31.7	33.3	+ 12.5%
Financing Products	61.9	61.3	64.2	65.8	66.7	69.4	70.8	+ 10.1%

At September 30, 2026, Axway ARR reached €294.2 million, up 9.9% at constant exchange rates, supported by growth in Managed File Transfer (12.7%) and API Management (21.8%), including Amplify Fusion. SBS ARR reached €257.3 million, up 9.4% at constant exchange rates, with growth in Integrated Products (13.3%), Modular Products (12.5%) and Financing Products (10.1%), partly offset by a 1.3% decline in Banking Components.

Financial position as of September 30, 2026

As of September 30, 2026, 74Software’s net debt amounted to €192.6 million, compared with €181.3 million at June 30, 2026 and €193.0 million at December 31, 2025. Cash and cash equivalents stood at €82.0 million, while gross financial debt amounted to €274.6 million.

Under its share buyback program, the Group repurchased 641,315 shares for €22.4 million during the first nine months of 2026, at a weighted average price of €34.8 per share, including 220,263 shares for €8.3 million during Q3. These repurchases form part of the Group’s previously announced intention to acquire up to 800,000 shares in 2026 to cover its employee long-term incentive plans.

Internal Legal Reorganization

As announced on September 16, 2026, 74Software will transfer Axway’s French operating activities to its wholly owned subsidiary, Axway SAS, effective November 1, 2026. The reorganization brings the Group’s legal structure into line with its portfolio-based operating model. Under this model, 74Software serves as the listed parent company, responsible for Group strategy, capital allocation and governance, while its software businesses manage operations. The transaction has no impact on the Group’s scope of consolidation or strategy, or on Axway’s business operations.

Outlook & Targets

The performance over the first nine months reinforces 74Software’s confidence in achieving its full-year organic revenue growth guidance. The Group confirms its 2026 objectives, as updated in July.

Organic revenue growth in Q4 is expected to be more moderate than over the first nine months, reflecting contract phasing and prior-year comparisons. Disciplined cost management and cash conversion remain priorities through year-end.

2026 Guidance and Medium-term ambition

FY 2026 Guidance Raised in July, confirmed At constant exchange rates	– Organic revenue growth: 4% to 6% – Margin on operating activities: 16% to 18% – Unlevered free cash flow: around 10% of revenue
Medium-term ambition	– Revenue close to €800m and margin on operating activities ~ 20% by end-2028 – €1bn revenue ambition over the medium term, including selective acquisitions

Financial Calendar

Wednesday, February 24, 2027, after market close: FY 2026 Results
Wednesday, April 21, 2027, after market close: Q1 2027 Revenue

Glossary and Alternative Performance Measures

Axway ARR: Annual Recurring Revenue – Expected annual billing amounts from all active maintenance and subscription agreements.

Brand Contribution: Contribution to profit on operating activities from the two brands (Axway and SBS) before centrally managed general and administrative expenses.

SBS ARR: Annual Recurring Revenue – Monthly recurring revenue (MRR) for the last month of the reporting period multiplied by 12. Where contracts are affected by seasonality or contracted volume-based elements, the last 12 months of revenue are aggregated in determining ARR. Expected recurring revenue from contracts signed but not yet active is not included in ARR.

NPS: Net Promoter Score – Customer satisfaction and recommendation indicator for a company.

Organic growth: Growth in revenue between the period under review and the prior period, restated for consolidation scope and exchange rate impacts.

Profit on operating activities: Profit from recurring operations adjusted for the non-cash share-based payment expense, as well as the amortization of allocated intangible assets.

Restated revenue: Revenue for the prior year, adjusted for the consolidation scope and exchange rates of the current year.

Unlevered free cash flow: Free cash flow before exceptional items and before net interest expense.

About 74Software

74Software is an enterprise software group combining Axway and SBS – independently operated leaders delivering mission-critical software for a data-driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major corporate and government customers around the globe. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer finance and asset finance services. 74Software serves more than 12,000 companies, including over 1,500 financial services customers. To learn more, visit 74Software.com.

Contacts – Investor Relations:

Arthur Carli – +33 (0)1 47 17 24 65 – acarli@74software.com

Chloé Chouard – +33 (0)1 47 17 21 78 – cchouard@74software.com

Get the latest 74Software IR updates in your inbox by subscribing to our mailing list here.

Appendices (1/4)

Changes in Main Exchange Rates

For €1	Average Rate	Average Rate	Change
	9M 2026	9M 2025	Change
US Dollar	1.161	1.119	-3.6%
Pound Sterling	0.863	0.851	-1.5%
Indian Rupee	109.071	96.808	-11.2%

Impact on Nine-month Revenue of Changes in Scope and Exchange Rates

€m / %	9M 2026	9M 2025	Growth
	9M 2026	9M 2025	Growth
Revenue	550.9	516.8	+ 6.6%
Changes in exchange rates		-5.0
Revenue at constant exchange rates	550.9	511.7	+ 7.7%
Changes in scope		+0.0
Revenue at constant scope and exchange rates	550.9	511.7	+ 7.7%

Quarterly Revenue Breakdown by Portfolio Brand

	Q1 2026	Q2 2026	Q3 2026	9M 2026
€m	Q1 2026	Q2 2026	Q3 2026	9M 2026
Axway Scope	89.0	85.6	87.6	262.2
SBS Scope	94.0	99.3	96.7	290.0

Consolidation	-0.4	-0.6	-0.3	-1.2

74Software	182.7	184.3	183.9	550.9

Nine-month Revenue by Type

	9M 2026	9M 2025 Reported	9M 2025 Restated*	Total Growth	Organic Growth
€m / %	9M 2026	9M 2025 Reported	9M 2025 Restated*	Total Growth	Organic Growth
Product revenue	458.5	420.1	415.4	9.1%	10.4%
Recurring revenue	423.3	387.2	382.6	9.3%	10.6%
o/w Maintenance & Support	114.3	135.2	133.7	-15.5%	-14.5%
o/w Customer-managed Subscription	192.4	149.7	148.0	28.6%	30.0%
o/w Upfront Revenue	110.1	86.0	84.8	28.1%	29.9%
o/w Recurring	82.3	63.7	63.2	29.2%	30.1%
o/w Own-managed Subscription	116.6	102.3	100.8	14.0%	15.6%
License revenue	35.2	33.0	32.8	6.7%	7.3%

Services revenue	92.4	96.6	96.4	-4.4%	-4.1%

Total revenue	550.9	516.8	511.7	6.6%	7.7%
* Revenue at 2026 scope and exchange rates

Quarterly Revenue Breakdown by Type

	Q1 2026	Q2 2026	Q3 2026	9M 2026
€m	Q1 2026	Q2 2026	Q3 2026	9M 2026
Product revenue	150.8	153.2	154.4	458.5
Recurring revenue	137.2	140.4	145.7	423.3
o/w Maintenance & Support	38.8	38.3	37.2	114.3
o/w Customer-managed Subscription	60.7	63.8	68.0	192.4
o/w Upfront Revenue	35.6	37.2	37.4	110.1
o/w Recurring	25.1	26.6	30.6	82.3
o/w Own-managed Subscription	37.7	38.4	40.5	116.6
License revenue	13.7	12.8	8.7	35.2

Services revenue	31.9	31.1	29.5	92.4

Total revenue	182.7	184.3	183.9	550.9

Appendices (2/4)

ARR Breakdown by Type at Constant Exchange Rates as of End-Q3 2026

	2025				2026			YoY Change *at constant FX*
€m	2025				2026
	Q1	Q2	Q3	Q4	Q1	Q2	Q3
Axway	255.7	260.2	267.7	278.2	278.3	289.3	294.2	+ 9.9%
Maintenance and support	50.7	46.4	41.3	37.0	34.8	30.0	26.5	– 35.8%
Customer-managed subscription	149.9	156.4	166.6	179.9	181.6	196.6	200.7	+ 20.5%
Own-managed subscription	55.2	57.4	59.8	61.2	61.9	62.7	67.0	+ 12.0%
SBS	229.1	232.4	235.1	245.4	249.4	253.4	257.3	+ 9.4%
Maintenance and support	142.2	142.0	147.7	142.7	134.2	133.0	129.3	– 12.5%
Customer-managed subscriptions	15.1	14.3	7.8	18.9	29.5	32.2	35.7	+ 355.3%
Own-managed subscriptions	71.8	76.1	79.5	83.7	85.6	88.2	92.3	+ 16.1%

Nine-month Revenue Breakdown by Region

	9M 2026		9M 2025 Reported	9M 2025 Restated*	Total Growth	Organic Growth
	9M 2026
	€m	% of Rev.
Europe	323.4	58.7%	309.5	308.1	4.5%	5.0%
o/w France	150.9	27.4%	147.3	147.2	2.5%	2.5%
o/w UK	76.3	13.8%	70.9	70.0	7.5%	9.0%
Americas	123.9	22.5%	114.3	110.7	8.4%	11.9%
Middle East & Africa	76.4	13.9%	66.1	66.0	15.7%	15.7%
Asia & Pacific	27.3	4.9%	26.9	26.9	1.5%	1.5%

74Software	550.9		516.8	511.7	6.6%	7.7%
* Revenue at 2026 scope and exchange rates

Appendices (3/4) – Axway

Q3 Revenue by Type – Axway

	Q3 2026	Q3 2025 Reported	Q3 2025 Restated*	Total Growth	Organic Growth
€m / %	Q3 2026	Q3 2025 Reported	Q3 2025 Restated*	Total Growth	Organic Growth
Product revenue	79.0	73.9	74.7	6.9%	5.6%
Recurring revenue	77.8	71.4	72.3	9.0%	7.7%
o/w Maintenance & Support	7.8	11.8	12.1	-33.8%	-35.3%
o/w Customer-managed Subscription	52.8	45.7	46.1	15.6%	14.4%
o/w Upfront Revenue	29.2	28.2	28.2	3.6%	3.6%
o/w Recurring	23.6	17.5	18.0	34.9%	31.5%
o/w Own-managed Subscription	17.2	13.9	14.0	23.8%	22.3%
License revenue	1.2	2.5	2.5	-53.7%	-53.2%

Services revenue	8.6	8.7	8.6	-0.4%	0.2%

Total revenue Axway	87.6	82.6	83.4	6.1%	5.1%
* Revenue at 2026 scope and exchange rates

Nine-month Revenue by Type – Axway

	9M 2026	9M 2025 Reported	9M 2025 Restated*	Total Growth	Organic Growth
€m / %	9M 2026	9M 2025 Reported	9M 2025 Restated*	Total Growth	Organic Growth
Product revenue	236.2	217.2	213.9	8.8%	10.4%
Recurring revenue	230.1	213.0	209.8	8.1%	9.7%
o/w Maintenance & Support	25.8	39.1	38.2	-34.0%	-32.5%
o/w Customer-managed Subscription	156.0	132.7	131.0	17.5%	19.0%
o/w Upfront Revenue	91.4	80.0	78.8	14.3%	16.0%
o/w Recurring	64.5	52.7	52.2	22.5%	23.5%
o/w Own-managed Subscription	48.4	41.2	40.6	17.4%	19.3%
License revenue	6.1	4.2	4.1	44.4%	47.4%

Services revenue	26.0	26.2	25.8	-0.6%	0.8%

Total revenue Axway	262.2	243.3	239.7	7.8%	9.4%
* Revenue at 2026 scope and exchange rates

Quarterly Revenue Breakdown by Type – Axway

	Q1 2026	Q2 2026	Q3 2026	9M 2026
€m	Q1 2026	Q2 2026	Q3 2026	9M 2026
Product revenue	80.1	77.2	79.0	236.2
Recurring revenue	76.3	76.1	77.8	230.1
o/w Maintenance & Support	9.4	8.5	7.8	25.8
o/w Customer-managed Subscription	51.4	51.8	52.8	156.0
o/w Upfront Revenue	31.6	30.7	29.2	91.4
o/w Recurring	19.8	21.1	23.6	64.5
o/w Own-managed Subscription	15.5	15.8	17.2	48.4
License revenue	3.8	1.1	1.2	6.1

Services revenue	9.0	8.4	8.6	26.0

Total revenue – Axway	89.0	85.6	87.6	262.2

Appendices (4/4) – SBS

Q3 Revenue by Type – SBS

	Q3 2026	Q3 2025 Reported	Q3 2025 Restated*	Total Growth	Organic Growth
€m / %	Q3 2026	Q3 2025 Reported	Q3 2025 Restated*	Total Growth	Organic Growth
Product revenue	75.8	66.8	66.8	13.5%	13.4%
Recurring revenue	68.2	58.4	58.5	16.9%	16.7%
o/w Maintenance & Support	29.4	31.9	31.9	-7.9%	-7.9%
o/w Customer-managed Subscription	15.5	5.3	5.2	194.0%	194.7%
o/w Upfront Revenue	8.1	1.4	1.4	482.1%	482.1%
o/w Recurring	7.3	3.9	3.8	89.5%	90.1%
o/w Own-managed Subscription	23.4	21.2	21.3	10.2%	9.7%
License revenue	7.6	8.4	8.4	-9.7%	-9.6%

Services revenue	20.9	24.0	24.3	-13.2%	-14.0%

Total revenue SBS	96.7	90.8	91.1	6.5%	6.1%
* Revenue at 2026 scope and exchange rates

Nine-month Revenue by Type – SBS

	9M 2026	9M 2025 Reported	9M 2025 Restated*	Total Growth	Organic Growth
€m / %	9M 2026	9M 2025 Reported	9M 2025 Restated*	Total Growth	Organic Growth
Product revenue	223.5	204.5	203.0	9.3%	10.1%
Recurring revenue	194.4	175.7	174.3	10.7%	11.5%
o/w Maintenance & Support	88.5	96.1	95.5	-7.9%	-7.3%
o/w Customer-managed Subscription	37.7	17.0	17.0	121.9%	121.5%
o/w Upfront Revenue	18.7	6.0	6.0	212.0%	212.0%
o/w Recurring	19.0	11.0	11.0	72.6%	72.2%
o/w Own-managed Subscription	68.2	62.6	61.8	9.0%	10.4%
License revenue	29.1	28.8	28.7	1.2%	1.5%

Services revenue	66.4	70.5	70.5	-5.8%	-5.8%

Total revenue SBS	290.0	275.0	273.6	5.5%	6.0%
* Revenue at 2026 scope and exchange rates

Quarterly Revenue Breakdown by Type – SBS

	Q1 2026	Q2 2026	Q3 2026	9M 2026
€m	Q1 2026	Q2 2026	Q3 2026	9M 2026
Product revenue	71.1	76.6	75.8	223.5
Recurring revenue	61.3	64.9	68.2	194.4
o/w Maintenance & Support	29.4	29.7	29.4	88.5
o/w Customer-managed Subscription	9.7	12.6	15.5	37.7
o/w Upfront Revenue	4.0	6.5	8.1	18.7
o/w Recurring	5.6	6.0	7.3	19.0
o/w Own-managed Subscription	22.2	22.6	23.4	68.2
License revenue	9.9	11.7	7.6	29.1

Services revenue	22.9	22.7	20.9	66.4

Total revenue SBS	94.0	99.3	96.7	290.0

Attachment

29102026_74Software_PR_Q3Revenue_English_VFinal

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