Author: Ravi Shankar

Nexans selected as Preferred Supplier for Strategic Mallorca-Menorca Power Cable Project with Red Eléctrica 
  

_PRESS RELEASE_

• Preferred Supplier with Red Eléctrica for the Mallorca-Menorca 3 interconnection project.
• The tender launched by Red Eléctrica for this project included a six-month collaborative engineering phase to set the grounds for an EPCI contract signature and start of Project delivery mid-2027.
• Strategic infrastructure project to strengthen the security and resilience of the Balearic Islands electricity network. 

Paris, France, October 22, 2026 – Nexans, a global leader in electrification, has been selected as Preferred Supplier by Red Eléctrica, Redeia’s subsidiary responsible for electricity transmission and the operation of Spain’s power systems, for the Mallorca-Menorca 3 interconnection project. This is a strategic power infrastructure initiative designed to strengthen the security and resilience of electricity supply in the Balearic Islands.

In accordance with the specific terms of the tender launched by Red Eléctrica for this project, the execution of the agreement will initiate a six-month engineering phase for a new 132 kV HVAC cable link between Mallorca and Menorca and lay the foundation for a future EPCI Contract. The project represents the next stage in the development of the electrical connection between the two islands and will support the long-term reliability and stability of the regional power system. The Menorca Island after delivery of this critical link by Nexans will significantly reduce its dependency on fossil fuel electricity generation.

Under the agreement, Nexans will conduct engineering activities for a comprehensive cable system incorporating both subsea and land cable infrastructure. The scope builds on Nexans’ longstanding experience delivering complex interconnection projects and its established presence in the region.

“Nexans is proud to have been selected by Red Eléctrica for this strategic project,” says Pascal Radue, EVP of PWR-Transmission at Nexans. “The Mallorca-Menorca interconnection is an important infrastructure investment that will help reinforce network resilience and support the energy transition in the Balearic Islands. This agreement reflects the confidence placed in Nexans’ end-to-end capabilities and our track record in delivering reliable and sustainable electrification solutions.”

The project will leverage Nexans’ expertise across engineering, manufacturing and installation. Particular attention will be given to environmental stewardship throughout project planning and execution, reflecting the ecological sensitivity of the project area.

The new interconnection builds on Nexans’ previous contribution to the existing electrical link between Mallorca and Menorca and further strengthens the long-standing collaboration between the two companies.

 

About Nexans

Nexans is the global pure player in sustainable electrification, building the essential systems that power the world’s transition to a connected, resilient, and low-carbon future. From offshore and onshore renewable energies to smart cities and homes, Nexans designs and delivers advanced cable solutions, accessories and services that electrify progress safely, efficiently, and sustainably.
With over 140 years of history, through three core businesses: PWR Transmission, PWR Grid, and PWR Connect, Nexans blends deep industry expertise with cutting-edge innovation to accelerate the energy transition, and better meet its customers’ needs. Its unique E3 model, focused on Environment, Economy and Engagement, drives every action, aligning performance with purpose.
Nexans operates in 39 countries with 12,830 people and generated €6.1 billion in standard sales in 2025. Nexans is committed to Net-Zero emissions by 2050 aligned with the Science Based Targets initiative (SBTi) and expanding energy access through the Fondation Nexans.

Nexans is listed on Euronext Paris, Compartment A.
www.nexans.com | #ElectrifyTheFuture

Contacts:

Communication   Mael Evin (Havas Paris) Tel.: +33 (0)6 44 12 14 91 nexans_h@havas.com   Maellys Leostic maellys.leostic@nexans.com   Olivier Daban olivier.daban@nexans.com

Investor relations   Audrey Bourgeois Tel.: +33 (0)1 78 15 00 43 audrey.bourgeois@nexans.com

Attachment

• 2026_10_22_pr-Nexans selected as Preferred Supplier for Strategic Mallorca-Menorca Power Cable Project with Red Eléctrica

• Year-to-date total sales growth of 24.6% at CER¹, or 23.0% as reported, with the core portfolio² achieving sales growth of 24.2%¹
• Further upgraded FY 2026 financial guidance: total sales growth around 23.0% at CER (prior guidance: greater than 20.0% at CER); core operating margin around 39.0% of total sales (prior guidance: greater than 37.0%)
• Multiple late-stage pipeline assets with blockbuster potential in Oncology, Rare Disease and Neuroscience, strengthening Ipsen’s future growth profile

PARIS, FRANCE, 22 October 2026 – Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-care biopharmaceutical company, today presents its sales for the year-to-date and third quarter of 2026. 

	YTD 2026	YTD 2025	% change		Q3 2026	Q3 2025	% change
	€m	€m	Actual	CER	€m	€m	Actual	CER
Oncology	2,196.9	1,912.0	14.9%	16.3%	745.4	624.0	19.4%	17.7%
Rare Disease	498.2	255.4	95.0%	100.1%	193.5	102.0	89.6%	88.6%
Neuroscience	669.1	567.3	17.9%	18.8%	235.1	188.9	24.4%	23.1%
Total Sales	3,364.2	2,734.8	23.0%	24.6%	1,173.9	915.0	28.3%	26.7%

“Our outstanding performance in the first nine months of 2026 is driven by the strength of our core portfolio and continued growth of Somatuline. This momentum, combined with disciplined execution, supports our further upgraded sales and margin guidance for the year,” said David Loew, Chief Executive Officer, Ipsen. “Looking ahead, we are excited by the significant opportunities emerging from our pipeline. We have the potential to address substantial unmet needs and expand our reach to new patient populations through Dysport in episodic and chronic migraine and, through Iqirvo with a potential label update in primary biliary cholangitis. We also look forward to the Phase III readout of navtemadlin in myelofibrosis next year. Together with potravitug in post-transplant nephropathy, these differentiated late-stage assets underscore our ambition to bring forward new medicines with blockbuster potential and make a meaningful difference for patients.”

Full-year 2026 guidance
Based on the strong year-to-date performance, Ipsen further upgrades its financial guidance for 2026:

• Total sales growth around 23.0%, at CER. Based on the current average level of exchange rates in October, an adverse effect from currencies of around 0.5% on total sales is expected
• Core operating margin around 39.0% of total sales

Full-year guidance on total sales and core operating margin assumes strong double-digit sales growth of the core portfolio and the growth of Somatuline sales despite the assumed entry of generic lanreotide in the fourth quarter.

External innovation
During the third quarter, Ipsen completed the acquisitions of Memo Therapeutics and Kartos Therapeutics, adding potravitug, a late-stage anti-BK polyomavirus monoclonal antibody, and navtemadlin, a Phase III MDM2 inhibitor for myelofibrosis. These transactions further strengthen Ipsen’s Rare Disease and Oncology pipelines and support the Group’s strategy of building long-term growth through differentiated late-stage assets.

Pipeline update
Ipsen strengthened its late-stage pipeline, advancing key programs and expanding into new disease areas:

• In Oncology, the acquisition of navtemadlin, alongside IPN60340, expanded Ipsen’s late-stage presence in hematology across myelofibrosis and acute myeloid leukemia
• In Rare Disease, elafibranor continues Phase III development in primary sclerosing cholangitis and regulatory filings for Iqirvo in primary biliary cholangitis are underway, while the recently acquired potravitug adds a Phase II/III program in post-transplant nephropathy
• In Neuroscience, regulatory submissions are underway for Dysport as a first botulinum toxin to achieve positive topline Phase III results in chronic and episodic migraine, while corabotase first-in-class recombinant neuroinhibitor (RNI^TM) progresses through Phase II and Phase III development across therapeutic and aesthetic indications

Galderma arbitration
In October 2026, Galderma initiated two further arbitration proceedings before the International Court of Arbitration of the International Chamber of Commerce (ICC) and the American Arbitration Association (AAA) concerning Ipsen’s new proprietary recombinant neuroinhibitor corabotase. Ipsen disagrees with Galderma’s position regarding the distribution agreements entered into between the Parties since 2007 and intends to vigorously defend its position in both proceedings. In separate proceedings, an ICC Arbitral Tribunal issued a final ruling in January 2026 in favor of Ipsen, dismissing Galderma’s claim related to Ipsen’s alleged wrongful termination of the R&D agreement entered into in 2014; as a result, Ipsen regained full rights to its clinical stage programs in the aesthetic field. Ipsen cannot at this stage reasonably predict the outcome of the proceedings or any potential financial impact.

Conference call
A conference call and webcast for investors and analysts will begin today at 1pm CEST. Participants can access the webcast here. Analysts can join the call and ask questions by registering here.

Calendar
Ipsen intends to publish its full-year results and fourth-quarter sales on 11 February 2027.

Notes
All financial figures are in € millions (€m). The performance shown in this announcement covers the nine-month period to 30 September 2026 (YTD 2026) and the three-month period to 30 September 2026 (Q3 2026), compared to the nine-month period to 30 September 2025 (YTD 2025) and the three-month period to 30 September 2025 (Q3 2025), respectively, unless stated otherwise. Commentary is based on the performance in YTD 2026, unless stated otherwise.

About Ipsen
We are a global biopharmaceutical company with a focus on bringing transformative medicines to patients in three therapeutic areas: Oncology, Rare Disease and Neuroscience. Our pipeline is fueled by internal and external innovation and supported by nearly 100 years of development experience and global hubs in the U.S., France and the U.K. Our teams in more than 40 countries and our partnerships around the world enable us to bring medicines to patients in more than 100 countries.

Ipsen is listed in Paris (Euronext: IPN) and in the U.S. through a Sponsored Level I American Depositary Receipt program (ADR: IPSEY). For more information, visit ipsen.com.

Ipsen Contacts

Investors
Henry Wheeler	henry.wheeler@ipsen.com	+33 7 66 47 11 49
Khalid Deojee	khalid.deojee@ipsen.com	+33 6 66 01 95 26
Media
Sally Bain	sally.bain@ipsen.com	+1 857 320 0517
Anne Liontas	anne.liontas.ext@ipsen.com	+33 7 67 34 72 96

Disclaimers and/or forward-looking statements
The forward-looking statements, objectives and targets contained herein are based on Ipsen’s management strategy, current views and assumptions. Such statements involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those anticipated herein. All of the above risks could affect Ipsen’s future ability to achieve its financial targets, which were set assuming reasonable macroeconomic conditions based on the information available today. Use of the words ‘believes’, ‘anticipates’ and ‘expects’ and similar expressions are intended to identify forward-looking statements, including Ipsen’s expectations regarding future events, including regulatory filings and determinations. Moreover, the targets described in this document were prepared without taking into account external-growth assumptions and potential future acquisitions, which may alter these parameters. These objectives are based on data and assumptions regarded as reasonable by Ipsen. These targets depend on conditions or facts likely to happen in the future, and not exclusively on historical data. Actual results may depart significantly from these targets given the occurrence of certain risks and uncertainties, notably the fact that a promising medicine in early development phase or clinical trial may end up never being launched on the market or reaching its commercial targets, notably for regulatory or competition reasons. Ipsen must face or might face competition from generic medicine that might translate into a loss of market share. Furthermore, the research and development process involves several stages each of which involves the substantial risk that Ipsen may fail to achieve its objectives and be forced to abandon its efforts with regards to a medicine in which it has invested significant sums. Therefore, Ipsen cannot be certain that favorable results obtained during preclinical trials will be confirmed subsequently during clinical trials, or that the results of clinical trials will be sufficient to demonstrate the safe and effective nature of the medicine concerned. There can be no guarantees a medicine will receive the necessary regulatory approvals or that the medicine will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements. Other risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and healthcare legislation and risks arising from unexpected regulatory or political changes such as changes in tax regulation and regulations on trade and tariffs, such as protectionist measures, especially in the United States; global trends toward healthcare cost containment; technological advances, new medicine and patents attained by competitors; challenges inherent in new-medicine development, including obtaining regulatory approval; Ipsen’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of Ipsen’s patents and other protections for innovative medicines; and the exposure to litigation, including patent litigation, and/or regulatory actions. Ipsen also depends on third parties to develop and market some of its medicines which could potentially generate substantial royalties; these partners could behave in such ways which could cause damage to Ipsen’s activities and financial results. Ipsen cannot be certain that its partners will fulfil their obligations. It might be unable to obtain any benefit from those agreements. A default by any of Ipsen’s partners could generate lower revenues than expected. Such situations could have a negative impact on Ipsen’s business, financial position or performance. Ipsen expressly disclaims any obligation or undertaking to update or revise any forward-looking statements, targets or estimates contained in this press release to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based, unless so required by applicable law. Ipsen’s business is subject to the risk factors outlined in its registration documents filed with the French Autorité des Marchés Financiers. The risks and uncertainties set out are not exhaustive and the reader is advised to refer to Ipsen’s latest Universal Registration Document, available on ipsen.com.

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¹ At constant exchange rates (CER), which exclude any foreign-exchange impact by recalculating the performance for the relevant period by applying the exchange rates used for the prior period
² All medicines excluding Somatuline

Attachment

• Ipsen – YTD 2026 results announcement

Ad hoc announcement pursuant to Art. 53 LR

Basel, 22 October 2026

Roche continues strong momentum in the third quarter with sales growth of +7% at constant exchange rates (CER) and +8% in CHF; Group sales increase +6% (CER), +1% in CHF, in the first nine months of 2026

• Group sales were +6% at constant exchange rates (CER)¹, +1% when reported in CHF and +7% in USD², in the first nine months of 2026, driven by high demand for our innovative medicines and diagnostics. In the third quarter, sales grew +7% (CER) and +8% in CHF (+7% in USD), as exchange rates stabilised.
• Pharmaceuticals Division sales were +7% at CER, +2% when reported in CHF and +8% in USD, in the first nine months, due to continued high demand for medicines to treat severe diseases; Xolair (chronic hives, food allergies), Hemlibra (haemophilia A), Ocrevus (multiple sclerosis), Phesgo (breast cancer) and Vabysmo (severe eye diseases) were the top growth drivers.
• Diagnostics Division sales were +4% at CER, stable when reported in CHF and +6% in USD, in the first nine months, as demand for core lab and pathology solutions more than offset the impact of healthcare pricing reforms in China.
• Highlights:
  • US approval for Tecentriq for the adjuvant treatment of stage-III DNA mismatch repair colon cancer, Gazyva/Gazyvaro for reducing the risk of relapse in patients 2 years of age and older with frequently relapsing or steroid-dependent childhood-onset idiopathic nephrotic syndrome and Enspryng in thyroid eye disease
  • US Priority Reviews for fenebrutinib in both relapsing and primary progressive multiple sclerosis and Enspryng in MOGAD, an autoimmune disease; vamikibart filing acceptance in uveitic macular edema, a leading cause of vision loss
  • EU approval for Susvimo in neovascular age-related macular degeneration (nAMD), a severe eye disease, and Ocrevus in paediatric relapsing multiple sclerosis; EMA validation of application for Enspryng in MOGAD in Europe

• • Positive data for: sefaxersen in an autoimmune condition affecting kidney function (phase III), Lunsumio in blood cancer (phase III), Tam-Peli in relapsed small-cell lung cancer (phase III) as well as enicepatide and petrelintide in overweight or obesity and type 2 diabetes (both phase II)
  • US clearance for Elecsys pTau217 test, providing clinicians across primary and specialty care with a single-biomarker blood test to aid in identifying amyloid pathology associated with Alzheimer’s disease
  • Launch of two new, real-time PCR tests to support public health epidemic response to the US outbreak of the Cyclospora cayetanensis parasite
  • Delivery of molecular tests to support the Democratic Republic of the Congo health ministry-led response to the Ebola outbreak
  • Manufacturing and R&D capacity expansion: Hillsboro injectable medicines facility and Innovation Center Boston for cardiovascular, renal and metabolic diseases in the US and small molecules facility in Basel, Switzerland
• Outlook for 2026 confirmed

Roche CEO Thomas Schinecker: “In the third quarter, we delivered strong sales growth of +7% at constant exchange rates and +8% in Swiss francs.

Most importantly, we continued to make meaningful progress for patients. We advanced another five potential new medicines into the final stage of development this year and now aim to bring up to 20 new medicines to patients by 2030.

The US FDA granted Priority Review for fenebrutinib in both relapsing and primary progressive multiple sclerosis, bringing us closer to delivering the first high-efficacy, brain-penetrant oral therapy to patients. Giredestrant is also under FDA Priority Review in both early-stage and advanced breast cancer, and we are fully prepared to launch later this year, pending approval.

In Diagnostics, we received US FDA clearance for Elecsys pTau217, the first and only FDA-cleared single-biomarker blood test for Alzheimer’s disease that supports both rule-in and rule-out assessment of amyloid pathology across primary and specialty care settings.

 We confirm our full-year outlook.”

Outlook for 2026
Roche (SIX: RO, ROP; OTCQX: RHHBY) expects an increase in Group sales in the mid single digit range (CER) for 2026. Core earnings per share are targeted to develop in the high single digit range (CER). Roche expects to further increase its dividend in Swiss francs.

Sales	CHF millions		As % of sales		% change
January–September	2026	2025	2026	2025	At CER	In CHF	In USD
Group	46,493	45,862	100.0	100.0	+6	+1	+7
Pharmaceuticals Division	36,212	35,555	77.9	77.5	+7	+2	+8
United States	18,712	18,798	40.2	41.0	+5	0
Europe	6,819	6,818	14.7	14.9	+2	0
Japan	2,352	2,139	5.1	4.7	+25	+10
International	8,329	7,800	17.9	16.9	+10	+7
Diagnostics Division	10,281	10,307	22.1	22.5	+4	0	+6
International: Asia-Pacific, CEETRIS (Central Eastern Europe, Türkiye, Russia and Indian subcontinent), Latin America, Middle East, Africa, Canada, others

Group sales
In the first nine months of 2026, Roche sales were +6% at CER, +1% when reported in CHF, to CHF 46.5 billion due to strong demand for pharmaceutical products and diagnostic solutions. The appreciation of the Swiss franc against most currencies, notably the US dollar, had a significant impact on the results reported in Swiss francs compared to constant exchange rates. This currency impact reversed in the third quarter.

Sales growth in the Pharmaceuticals Division was +7% at CER, +2% when reported in CHF, to CHF 36.2 billion, with medicines for severe diseases continuing their strong growth.

The top five growth drivers – Xolair, Hemlibra, Ocrevus, Phesgo and Vabysmo – achieved total sales of CHF 16.8 billion, an increase of +12% at CER, or +6% in CHF, compared to the first nine months of 2025.

Sales of products with expired patents (Avastin, Herceptin, MabThera/Rituxan, Lucentis and Actemra/RoActemra) decreased by a combined CHF 0.4 billion at CER, or CHF 0.6 billion in CHF.

In the United States, sales were +5% at CER, stable when reported in CHF, due to continued growth of Xolair, Hemlibra, Ocrevus, Polivy (blood cancer) and Tecentriq (cancer immunotherapy). This growth more than compensated for the lower sales of Kadcyla (breast cancer) and Perjeta (breast cancer).

Sales in Europe were +2% at CER, stable when reported in CHF, as the growing demand for Ocrevus, Phesgo and Evrysdi (spinal muscular atrophy) more than offset the impact of biosimilar competition on Actemra/RoActemra and the conversion to Phesgo on Perjeta.

In Japan, sales were +25% at CER, +10% when reported in CHF, mainly due to product supply to third parties and continued growth of Lunsumio (blood cancer), Hemlibra, Polivy, Elevidys (Duchenne muscular dystrophy) and Vabysmo. There was also a positive impact of timing effects related to the implementation of a new enterprise resource planning (ERP) system.

Sales in the International region were +10% at CER, +7% when reported in CHF, led by higher sales of Phesgo, Vabysmo, Hemlibra, Ocrevus and Evrysdi. In China, sales were stable at CER and when reported in CHF, driven by continued growth of Phesgo, Vabysmo, Alecensa and Polivy. The increase was partially offset by lower sales of Perjeta due to the conversion to Phesgo and Xofluza due to a milder flu season in 2025.

The Diagnostics Division’s sales were +4% at CER, stable when reported in CHF, to CHF 10.3 billion as growth in demand for core lab and pathology solutions more than offset the impact of healthcare pricing reforms in China.

Sales in the Europe, Middle East and Africa (EMEA) region were +3% at CER, unchanged when reported in CHF, driven by higher sales of clinical chemistry and immunodiagnostic products. In North America, sales were +9% at CER, +3% when reported in CHF, with growth across the Core Lab, Pathology Lab and Molecular Lab customer areas. Sales in Asia-Pacific were -4% at CER, or -8% when reported in CHF, due to the healthcare pricing reforms in China. In Latin America, sales growth was +12% at CER, or +11% when reported in CHF.

Pharmaceuticals: key developments

Compound	Milestone
Regulatory
Enspryng Thyroid eye disease	FDA approves Enspryng, a first-in-class IL-6R inhibitor, as the first and only at-home subcutaneous treatment option for thyroid eye disease (TED) FDA approval based on phase III SatraGO-1 and -2 studies, with SatraGO-2 demonstrating a significant reduction in eye bulging (proptosis) and improvement in diplopia (double vision), with a favourable safety profile, regardless of TED activity or duration. Enspryng (satralizumab) represents an important advance for people with TED, offering the first at-home subcutaneous treatment option every four weeks during maintenance phase, allowing for greater flexibility in how treatment is administered. Enspryng is an anti-IL-6R monoclonal antibody using novel recycling antibody technology designed to inhibit IL-6 signalling upstream of autoantibody-driven pathology. TED is a rare autoimmune disease affecting approximately 155 out of every 100,000 people in the US that can lead to facial disfigurement and vision-threatening complications if left untreated. More information: Media Release, 16 October 2026
Tecentriq Different types of cancer	FDA approves Tecentriq in combination with a fluoropyrimidine and oxaliplatin for the adjuvant treatment of a certain type of stage III colon cancer The approval is based on results from the landmark phase III ATOMIC study, published in The New England Journal of Medicine, which showed Tecentriq plus chemotherapy reduced the risk of disease recurrence or death by 50% compared to chemotherapy alone. It is the first approved adjuvant immunotherapy regimen for stage III dMMR colon cancer, positioning Tecentriq as a new post-surgery standard of care. Nearly 25% of all colon cancers are diagnosed at stage III, and almost one in three patients with stage III colon cancer experience a recurrence within five years. Approval marks the twelfth indication for Tecentriq in the US. More information: Media Release, 9 October 2026
Fenebrutinib Multiple sclerosis	Fenebrutinib is the first BTK inhibitor to receive US FDA filing acceptance in both relapsing and primary progressive multiple sclerosis Fenebrutinib cut relapses by 51% and 58% vs teriflunomide in phase III RMS trials (FENhance 1 and 2) while showing a consistent, positive trend in delaying disability. Fenebrutinib became the first investigational medicine in more than a decade to slow disability progression in a phase III PPMS trial (FENtrepid), with numerical benefit vs Ocrevus. Fenebrutinib is designed to address two drivers of MS – acute inflammation causing relapses and chronic brain inflammation driving disability progression. If approved, fenebrutinib would become the first BTK inhibitor and first high-efficacy oral treatment for both RMS and PPMS, offering a new option for the nearly 1 million people living with MS in the US. More information: Media Release, 30 September 2026
Susvimo Severe eye diseases	European Commission approves Susvimo for the treatment of neovascular age-related macular degeneration   By continuously delivering medicine into the eye through the Contivue refillable implant, Susvimo is the first and only continuous delivery treatment that offers an alternative to standard-of-care eye injections for nAMD. Susvimo helps people with nAMD maintain their vision with as few as two treatments per year. Data from the phase III Archway study showed that Susvimo maintained vision equivalent to monthly intravitreal ranibizumab injections. nAMD is a leading cause of vision loss in adults over 60 and affects approximately 1.7 million people across the European Union. More information: Media Release, 21 September 2026
Enspryng MOGAD	FDA grants Priority Review for Enspryng for MOGAD, an autoimmune disease with no approved treatments If approved, Enspryng would be the first and only disease-modifying therapy for MOGAD (myelin oligodendrocyte glycoprotein antibody-associated disease). The filing acceptance is based on the phase III METEOROID study showing that Enspryng reduced the risk of relapses by 68%. The European Medicines Agency (EMA) has validated the application for Enspryng for MOGAD in Europe, with a decision expected in Q3 2027. More information: Media Release, 10 September 2026
Phase III, pivotal and other key read-outs
Sefaxersen IgA nephropathy	Positive interim data shows sefaxersen significantly reduces proteinuria in people with IgA nephropathy (IgAN) In the phase III IMAgINATION study, sefaxersen demonstrated statistically significant and clinically meaningful reductions in proteinuria versus placebo at 37 weeks, showing best-in-class potential. Sefaxersen inhibits complement factor B production at its primary source in the liver, thus blocking a key driver of IgAN-related kidney damage. Interim data will be presented at an upcoming medical meeting and shared with health authorities. More information: Media Release, 23 September 2026
Enicepatide Obesity	Roche announces positive phase II results for dual GLP-1/GIP receptor agonist enicepatide in people living with type 2 diabetes and overweight or obesity At the highest dose (24 mg), enicepatide achieved a mean HbA1c reduction of 2.65% at 48 weeks, highlighting its potential for best-in-disease glycaemic control. By week 48, 90% of patients in the 24 mg enicepatide arm met the type-2-diabetes glycaemic target of ≤6.5% HbA1c, while 62% achieved normoglycaemia (HbA1c <5.7%). At the highest 24 mg dose, enicepatide achieved a mean weight loss of 15.5% at 48 weeks, without a weight loss plateau. More information: Media Release, 22 September 2026
Lunsumio Blood cancer	Regimen based on Lunsumio significantly improves progression-free survival in follicular lymphoma in phase III CELESTIMO study Phase III CELESTIMO study met its primary endpoint at the interim analysis demonstrating a statistically significant and clinically meaningful reduction in the risk of disease progression in people with follicular lymphoma who have received at least one prior line of treatment. Data reinforce the potential of this regimen based on Lunsumio to improve clinical outcomes, while offering a tolerable safety profile, a simple dosing schedule and outpatient administration. CELESTIMO is the confirmatory study required to convert the accelerated approval / conditional marketing authorisation of Lunsumio monotherapy for third-line or later (3L+) follicular lymphoma to full approval, as well as to secure an indication in second-line or later (2L+) follicular lymphoma. Data will be submitted to health authorities and presented at an upcoming medical meeting. More information: Media Release, 17 September 2026
Tam-Peli Lung cancer	Roche’s collaborator MediLink announces phase III data for Tam-Peli showing significantly improved overall survival in Chinese patient population with relapsed small-cell lung cancer Tambotatug pelitecan (Tam-Peli) demonstrated statistically significant efficacy over topotecan in a phase III study conducted in China, reducing the risk of death by 54% and disease progression by 71%, while achieving an objective response rate of 59.1% vs 9.7%. The novel B7-H3-targeted antibody-drug conjugate with a dual release mechanism of the payload is based on MediLink’s proprietary TMALIN platform, designed to maximise antitumour activity while minimising off-target toxicity. Roche is developing and commercialising Tam-Peli outside mainland China, Hong Kong and Macau across multiple tumour types, with plans to rapidly initiate global trials. Tam-Peli has received US FDA and China CDE Breakthrough Therapy Designations for relapsed small-cell lung cancer. More information: Media Release, 13 September 2026
Vabysmo Severe eye diseases	Vabysmo demonstrates sustained two-year results in a difficult-to-treat form of nAMD The SALWEEN study showed significant improvements in vision and retinal health. More than 60% of Asian patients with polypoidal choroidal vasculopathy (PCV), an aggressive subtype of nAMD, treated with Vabysmo showed no signs of polypoidal lesions. By the end of year two, more than 60% of patients were on an extended 20-week treatment interval, reducing treatment burden. More information: Media Release, 28 August 2026
Other
ESMO presentation Lung and breast cancer portfolio	Roche to present pivotal data at ESMO 2026, showcasing advances across its lung and breast cancer late-stage portfolio Phase III Krascendo 1 results demonstrated divarasib’s superiority over current standard-of-care, first-generation KRAS G12C inhibitors in previously treated advanced G12C-mutated non-small cell lung cancer. Patient-reported outcomes from phase III lidERA study showed that improved efficacy of giredestrant over standard endocrine therapy is achieved without compromising tolerability and health-related quality of life in early-stage breast cancer. Phase III results in Chinese patients with metastatic nasopharyngeal carcinoma demonstrate the potential of Tam-Peli, a next-generation B7-H3-targeted ADC, to deliver robust efficacy with a favourable safety profile in high-unmet-need solid tumours.   More information: Media Release, 19 October 2026
Vamikibart Uveitic macular edema	Roche presents new phase III one-year data for vamikibart in uveitic macular edema (UME), a serious cause of vision loss In the MEERKAT and SANDCAT studies, vamikibart demonstrated sustained improvements in vision and reductions in macular thickness in patients with UME at 52 weeks. UME is the leading cause of moderate and severe vision loss in patients with uveitis, posing a significant risk of blindness if left untreated. The FDA has accepted Roche’s Biologics License Application (BLA), with an approval decision expected by July 2027. More information: Media Release, 10 October 2026
Vabysmo Severe eye diseases	Roche presents new data at EURETINA, highlighting the real-world effectiveness and safety of Vabysmo across major retinal conditions New real-world results for Vabysmo in nAMD, diabetic macular edema and retinal vein occlusion reinforce robust effectiveness and durability across previously untreated and treated eyes, with no new safety signals. Advanced AI-enabled analysis of imaging confirms rapid and meaningful anatomical drying supporting Vabysmo as a standard-of-care therapy in routine clinical care. With more than 5,000 patients enrolled, VOYAGER is the largest, prospective, non-interventional real-world dataset evaluating Vabysmo across diverse clinical practice settings worldwide.   More information: Media Release, 1 October 2026
Giredestrant Breast cancer	Giredestrant combination significantly improved progression-free survival in ER-positive advanced breast cancer in phase III evERA data published in The New England Journal of Medicine Giredestrant plus everolimus reduced the risk of disease progression or death by 44% and 62% in ITT and ESR1-mutated populations, respectively, versus standard endocrine therapy plus everolimus. By targeting resistance to endocrine treatments, the giredestrant combination seeks to delay disease progression and improve overall patient outcomes. The FDA has set a PDUFA goal date for giredestrant in early-stage breast cancer of 30 November 2026 and in advanced disease of 18 December 2026. More information: Media Release, 1 October 2026
Board of Directors nomination	Roche proposes Dr Christophe Weber, former CEO of Takeda Pharmaceuticals, for election to its Board of Directors at the 2027 Annual General Meeting Roche’s Board of Directors has approved to propose Dr Christophe Weber, former CEO of Takeda Pharmaceuticals, for election to the Board at the Annual General Meeting on 9 March 2027. Roche Chairman Severin Schwan highlighted Dr Weber’s extensive healthcare industry knowledge and leadership experience as valuable assets for the Board. Roche continues its commitment to transformative medicines and diagnostics, focusing on major disease areas and global healthcare challenges. More information: Media Release, 23 September 2026
Innovation Center Boston	Roche announces grand opening of its Innovation Center Boston to drive advancements in cardiovascular, renal and metabolic diseases The centre will be a hub for Roche and Genentech, bringing together expertise in cardiovascular, renal and metabolic diseases, as well as for data science and AI specialists to drive innovation in drug discovery and development. It will expand Roche’s and Genentech’s presence in Boston, reflecting a long-term commitment to one of the world’s leading life sciences hubs. This is part of Roche and Genentech’s USD 50 billion investment in US manufacturing and R&D, building on recent investments and manufacturing milestones in Holly Springs, North Carolina, and Hillsboro, Oregon. More information: Media Release, 17 September 2026
Hillsboro facility	Genentech, Roche’s US subsidiary, announces a USD 750 million manufacturing expansion in Hillsboro, Oregon The new facility in Hillsboro, Oregon for the assembly of injectable medicines and delivery devices will further advance end-to-end US drug manufacturing capabilities. Approximately USD 750 million investment will double the size of the existing facility and is expected to create an additional 250 specialised manufacturing jobs. Flexible manufacturing capacity will support advanced drug delivery devices that can provide patients with more convenient ways to receive treatment. More information: Media Release, 20 August 2026

Pharmaceuticals sales

Sales	CHF millions		As % of sales		% change
January–September	2026	2025	2026	2025	At CER	In CHF
Pharmaceuticals Division	36,212	35,555	100.0	100.0	+7	+2
United States	18,712	18,798	51.7	52.9	+5	0
Europe	6,819	6,818	18.8	19.2	+2	0
Japan	2,352	2,139	6.5	6.0	+25	+10
International	8,329	7,800	23.0	21.9	+10	+7

International: Asia-Pacific, CEETRIS (Central Eastern Europe, Türkiye, Russia and Indian subcontinent), Latin America, Middle East, Africa, Canada, others

Top 20 best-selling pharmaceuticals (% change at CER1)	Total		United States		Europe		Japan		International
	CHF m	%	CHF m	%	CHF m	%	CHF m	%	CHF m	%
Ocrevus Multiple sclerosis	5,317	+7	3,581	+5	1,136	+9	–	–	600	+21
Hemlibra Haemophilia A	3,750	+12	2,006	+9	769	+5	291	+20	684	+23
Vabysmo Eye diseases (nAMD, DME, RVO)	3,196	+10	2,060	+2	585	+7	131	+41	420	+65
Tecentriq Cancer immunotherapy	2,615	+5	1,243	+8	626	-2	245	+6	501	+9
Xolair3 Chronic hives, food allergies	2,521	+20	2,521	+20	–	–	–	–	–	–
Phesgo Breast cancer	2,064	+18	486	-1	657	+11	152	+24	769	+43
Perjeta3 Breast cancer	2,040	-8	824	-10	361	-13	38	-20	817	-3
Actemra/RoActemra3 RA, COVID-19	1,621	-10	795	-9	328	-26	232	+14	266	-4
Evrysdi Spinal muscular atrophy	1,470	+18	497	+12	504	+14	65	+7	404	+33
Kadcyla3 Breast cancer	1,339	-9	442	-19	370	-5	65	+9	462	-2
Polivy Blood cancer	1,302	+24	606	+29	204	-9	176	+30	316	+44
Alecensa Lung cancer	1,213	+6	391	-1	189	-3	154	+15	479	+15
MabThera/Rituxan3 Blood cancer, RA	919	+3	605	+12	94	-8	8	-16	212	-10
Activase/TNKase3 Cardiac diseases	830	+6	792	+5	–	–	–	–	38	+12
Gazyva/Gazyvaro3 Blood cancer, lupus nephritis	751	+7	369	+4	176	-2	28	+28	178	+25
Herceptin3 Breast and gastric cancer	695	-12	140	-15	205	-6	3	-35	347	-13
Avastin3 Various cancer types	639	-12	195	-8	56	+5	56	-43	332	-9
Columvi Blood cancer	327	+67	146	+24	92	+113	–	–	89	+167
Enspryng Acute inflammation of brain, spinal cord and optic nerves	319	+28	79	+18	34	+18	138	+30	68	+42
Pulmozyme3 Cystic fibrosis	303	-12	214	-11	43	-11	1	+38	45	-18

DME: diabetic macular edema / nAMD: neovascular or ‘wet’ age-related macular degeneration / RVO: retinal vein occlusion / RA: rheumatoid arthritis

Diagnostics key developments

Product

Milestone

Elecsys pTau217 Alzheimer’s disease

Roche receives FDA clearance for Elecsys pTau217, advancing Alzheimer’s disease assessment across primary and specialty care It is the first and only FDA-cleared, single-biomarker blood test supporting both rule-in and rule-out assessment of amyloid pathology across primary and specialty care settings. The test delivers consistency across clinical settings by using the same validated cut-offs in primary and specialty care. It is designed for broad implementation across Roche’s installed base of more than 4,500 cobas laboratory instruments in the US supporting access through existing laboratory infrastructure.   More information: Investor Update, 24 August 2026

Diagnostics sales

Sales	CHF millions		As % of sales		% change
January–September	2026	2025	2026	2025	At CER	In CHF
Diagnostics Division	10,281	10,307	100.0	100.0	+4	0
Customer areas
Core Lab	5,755	5,688	56.0	55.2	+5	+1
Molecular Lab	1,836	1,861	17.9	18.1	+3	-1
Near Patient Care	1,348	1,477	13.1	14.3	-5	-9
Pathology Lab	1,342	1,281	13.0	12.4	+10	+5
Regions
Europe, Middle East, Africa	3,698	3,686	36.0	35.8	+3	0
North America	3,389	3,305	32.9	32.1	+9	+3
Asia-Pacific	2,343	2,547	22.8	24.7	-4	-8
Latin America	851	769	8.3	7.4	+12	+11

More information on Roche’s performance in the first nine months of 2026:

• 9M 2026 presentation
• Appendix with tables 

About Roche
Roche (SIX: RO, ROP; OTCQX: RHHBY) is a healthcare company uniquely placed to prevent, stop and cure diseases by uniting leading science and technology across diagnostics, medicines and digital solutions.

Roche was founded in Basel, Switzerland in 1896 and today is a leading provider of transformative medicines and diagnostics for millions of people in over 150 countries around the world. It is dedicated to tackling healthcare challenges that place the greatest strain on patients, families, communities and healthcare systems. Across its Diagnostics and Pharmaceuticals Divisions, Roche focuses on areas including oncology, neurology, cardiovascular and metabolic diseases, ophthalmology, infectious diseases and immunology with the aim of providing real and positive change for patients, the people they love and the professionals who care for them.

Genentech in the United States is a fully owned subsidiary in the Roche Group. Roche is the majority shareholder in Chugai Pharmaceutical, a major innovator in the Japanese therapeutic antibody market.

For more information, please visit www.roche.com.

All trademarks used or mentioned in this release are protected by law.

References
[1] CER (Constant Exchange Rates). The percentage changes at constant exchange rates are calculated using simulations by reconsolidating both the 2026 and 2025 results at constant exchange rates (the average rates for the year ended 31 December 2025). For the definition of CER, see page 178 of the Roche Finance Report 2025.
[2] USD (US dollars). The percentage changes for selected sales figures at US dollars are calculated by translating both the 2026 and 2025 sales figures at the respective average US dollar exchange rate for the period in question. This supplementary information is provided to assist readers when assessing comparability with other companies.
[3] Products launched before 2015.

Cautionary statement regarding forward-looking statements
This document contains certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes’, ‘expects’, ‘anticipates’, ‘projects’, ‘intends’, ‘should’, ‘seeks’, ‘estimates’, ‘future’ or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this document, such as: (1) pricing and product initiatives of competitors; (2) legislative and regulatory developments and economic conditions; (3) delay or inability in obtaining regulatory approvals or bringing products to market; (4) fluctuations in currency exchange rates and general financial market conditions; (5) uncertainties in the discovery, development or marketing of new products or new uses of existing products, including without limitation negative results of clinical trials or research projects, unexpected side effects of pipeline or marketed products; (6) increased government pricing pressures; (7) interruptions in production; (8) loss of or inability to obtain adequate protection for intellectual property rights; (9) litigation; (10) loss of key executives or other employees; and (11) adverse publicity and news coverage. The statement regarding earnings per share growth is not a profit forecast and should not be interpreted to mean that Roche’s earnings or earnings per share for this or any subsequent period will necessarily match or exceed the historical published earnings or earnings per share of Roche.

Roche Global Media Relations
Phone: +41 61 688 88 88 / e-mail: media.relations@roche.com

Tristan Schmitz Phone: +41 79 529 70 35	Lorena Corfas Phone: +41 79 568 24 95
Simon Goldsborough Phone: +44 797 32 72 915	Karsten Kleine Phone: +41 79 461 86 83
Kirti Pandey Phone: +41 79 398 38 53	Yvette Petillon Phone: +41 79 961 92 50
Irène Stephan Phone: +41 79 377 83 75	Albert Thottiyil Phone: +41 79 775 66 12

Roche Investor Relations

Dr Bruno Eschli Phone: +41 61 687 5 284 e-mail: bruno.eschli@roche.com	Dr Sabine Borngräber Phone: +41 61 688 80 27 e-mail: sabine.borngraeber@roche.com
Dr Birgit Masjost Phone: +41 61 688 48 14 e-mail: birgit.masjost@roche.com

Investor Relations North America

Loren Kalm Phone: +1 650 225 3217 e-mail: kalm.loren@gene.com

Attachments

• Communications appendix tables_YTD Sep 2026_Sales_02102026
• Media Investor Release Roche Q3 2026 English

(2026-10-22) Kitron today reported strong growth in revenue and operating profit, along with a record order backlog, reflecting robust demand across market sectors.

Kitron’s revenue for the third quarter was EUR 266.8 million, an increase of 59 per cent from 167.8 million in the same quarter last year. The Defence/Aerospace market sector continued to show an exceptional increase from last year, but there was solid progress across other market sectors as well.

Third-quarter operating profit (EBIT) was EUR 25.2 million, compared with 14.6 million in the same quarter last year, an increase of 73 per cent. Profitability expressed as EBIT margin was 9.5 per cent, compared with 8.7 per cent in the same quarter last year. This is in line with the strategic target of maintaining an EBIT margin above 9 per cent.

The order backlog ended at EUR 843.3 million, an increase of 41 per cent compared with last year, reflecting broad-based demand across market sectors.

Peter Nilsson, Kitron’s CEO, comments:
“This was a quarter where the shape of our growth changed. Over the past year, Defence & Aerospace has led the way. In the third quarter, growth was broader. Electrification is where the change is clearest. We will enter 2027 on a broader base than we started 2026 with.”

Profit after tax amounted to EUR 17.4 million, compared with 9.1 million in the same quarter of the previous year. This corresponds to earnings per share of EUR 0.08, up from 0.05 last year.

Outlook
For 2026, Kitron expects revenue of EUR 1050 to 1150 million. Operating profit (EBIT) is expected to be between EUR 97 and 112 million. This is unchanged from the lifted outlook published on 24 August.

The quarterly report and presentation are attached. The interim report is presented today at 8.30 a.m. CEST by CEO Peter Nilsson and CFO Cathrin Nylander. It will be webcast at the following link:
https://qcnl.tv/p/S5gKW7VyZaDF8biUxsoZig

For further information, please contact:
Peter Nilsson, President and CEO, tel. +47 948 40 850
Cathrin Nylander, CFO, tel. +47 900 43 284
E-mail: investorrelations@kitron.com

Kitron is a leading Scandinavian electronics manufacturing services company for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors. The group has operations located in Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech Republic, India, Malaysia, China and the United States. Kitron has more than 3 000 employees, and revenues were EUR 738 million in 2025.

www.kitron.com

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock exchange announcement was published by Cathrin Nylander, CFO of Kitron ASA, at the time and date stated above in this announcement.

Attachments

• Kitron 2026 Q3 Report
• Kitron 2026 Q3 Presentation

9M 2026 financial information
Exceptionally high momentum in PWR-Grid and PWR-Connect
PWR-Transmission continued growth normalization while margin will continue to improve in FY 2026
Integration of Republic Wire in the U.S. well on track
Successful completion of €500 million bond issuance
2026 guidance confirmed

• Standard sales approached the €5 billion milestone in first nine months of 2026. 9M 2026 Group organic growth at +3.9%, including a high +9.0% organic growth in Q3 2026
  • Standard sales of €4,946.7 million in the first nine months of 2026, up +10.1% year on year, including +3.9% organic growth, +5.6% scope contribution thanks to acquisitions and +0.6% foreign exchange effect
  • Electrification businesses up +12.9% in the first nine months of 2026, including +5.3% organically and +6.6% related to scope, and up +7.1% organically in the third quarter of 2026 along with a +10.9% effect of scope thanks to acquisitions
  • Adjusted backlog for PWR-Transmission, mainly subsea-driven, at €7.8 billion as of September 30, 2026, up +0.7% compared to June 30, 2026
• Strategic M&A continues to be a key capital allocation priority to drive Nexans’ next phase of growth, following the completion of its portfolio rotation
  • Integration of Republic Wire in PWR-Connect in the U.S. is well on track, delivering expected results
  • M&A remains a key pillar of Nexans’ strategy, we nurture a rich pipeline of opportunities worldwide
• In September, Nexans successfully completed a €500 million bond issuance
  • Proceeds used for refinancing the bridge loan started in April 2026 and put in place to fund the acquisition of Republic Wire in the U.S.
  • 5-year maturity and fixed interest rate of 4.25%
• Full-year 2026 guidance confirmed, as upgraded in July 2026 :
  • Adjusted EBITDA: €770 – 840 million,
  • Free Cash Flow: €235 – 325 million,

This guidance does not assume execution of the Great Sea Interconnector project in 2026 but includes the load of MI line at the end of 2026
This guidance takes into account the contribution of Republic Wire starting 1^st June 2026 and excludes the contribution of any future acquisitions

Paris, October 22, 2026 – Nexans, a global leader in the design and manufacturing of cable systems to power the world, announces its financial information for the first nine months of 2026.
Commenting on the Group’s performance, Julien Hueber, Nexans’ Chief Executive Officer, said:
“Our third-quarter performance reflects very positive business trends and the continued commitment of our teams. The momentum we have seen during the quarter is encouraging and reinforces our confidence in Nexans’ strategic direction and unique positioning across the Electrification value chain. As we enter the final quarter, we continue to take a measured approach, recognizing that quarterly performance naturally reflects the timing and mix of activity. Our focus remains on delivering consistent execution and sustainable value over time.
We are investing in PWR-Grid Accessories to expand our medium-voltage production capacity in Europe and the U.S., enabling us to enhance operational excellence and to be well-positioned to capture growth in strategic markets such as data centers and solar activities.
In PWR-Connect, the integration of Republic Wire in the United States is well on track and providing already good results on the key performance indicators of our roadmap. Again, M&A remains a key pillar of our strategy and we nurture a rich pipeline of opportunities worldwide.
Our priority remains to translate positive market trends into sustainable, profitable growth, supported by rigorous execution and financial discipline. We enter the final quarter with confidence in the fundamentals of our business to achieve our near-term outlook. We will continue to focus on serving our customers, delivering quality of execution and creating long-term value for our shareholders.”

CONSOLIDATED SALES BY SEGMENT
At standard metal prices (copper reference at €5,000/ton)

In millions of euros	9M 2026	9M 2025		Change	o/w organic growth	o/w scope effect	o/w foreign exchange
PWR-Transmission	1,155.0	1,114.5		+3.6%	-1.4%	–	+5.1%
PWR-Grid	1,065.8	991.5		+7.5%	+8.1%	–	-0.6%
PWR-Connect	2,124.7	1,742.6		+21.9%	+8.3%	+14.5%	-0.9%
Subtotal Electrification	4,345.6	3,848.6		+12.9%	+5.3%	+6.6%	+1.0%
Other activities	601.2	643.6		-6.6%	-5.2%	–	-1.4%
Total Group	4,946.7	4,492.2		+10.1%	+3.9%	+5.6%	+0.6%

9M 2025 is restated in compliance with IFRS 5 linked to the portfolio rotation. See appendices

In millions of euros	Q3 2026	Q3 2025		Change	o/w organic growth	o/w scope effect	o/w foreign exchange
PWR-Transmission	378.3	367.6		+2.9%	-4.0%	–	+6.9%
PWR-Grid	363.9	314.4		+15.8%	+14.8%	–	+1.0%
PWR-Connect	749.8	551.1		+36.0%	+10.5%	+24.4%	+1.2%
Subtotal Electrification	1,492.0	1,233.1		+21.0%	+7.1%	+10.9%	+3.1%
Other activities	206.2	165.6		+24.5%	+24.7%	–	-0.2%
Total Group	1,698.2	1,398.7		+21.4%	+9.0%	+9.6%	+2.8%

Q3 2025 is restated in compliance with IFRS 5 linked to the portfolio rotation. See appendices

9M AND Q3 2026 HIGHLIGHTS

In the first nine months of 2026, the Group’s standard sales amounted to €4,946.7 million, up +3.9% organically compared to the same period last year. The scope effect in the first nine months of 2026 accounted for +5.6% linked to the acquisition of Republic Wire in the U.S. (contribution starting June 2026), Electro Cables in Canada (contribution starting January 2026) and Cables RCT in Spain (contribution starting June 2025). The foreign exchange effect was up +0.6% mainly related to a positive pattern of Norwegian Krone and partially mitigated by U.S. Dollar and Canadian Dollar.

The Electrification businesses recorded +5.3% organic growth in the first nine months of 2026 and +7.1 % in Q3 2026 supported by high demand in strategic verticals across PWR-Grid and PWR-Connect, favorable seasonality in PWR-Grid with Q2 and Q3 typically being the strongest quarters, and the successful execution of large-scale projects. PWR-Transmission continued its sales normalization while the margin will continue to improve in FY 2026. 

STANDARD SALES PER SEGMENT

| PWR-TRANSMISSION (23% OF 9M 2026 TOTAL STANDARD SALES)

PWR-Transmission standard sales stood at €1,155.0 million in the first nine months of 2026, compared to €1,114.5 million over the same period last year, down -1.4% organically as expected in a context of normalization of the organic growth this year and that should get back to our mid-term guidelines during 2027. Foreign exchange accounted for +5.1% over the period, related to Norwegian krone.

In Q3 2026, organic growth was down -4.0%, with a very high comparison effect that becomes even tougher in Q4 (Q3 2025 at +33.3% and Q4 2025 at +40.0% organically). Overall for the year 2026, margins are expected to improve despite the normalization in organic growth, reflecting disciplined execution and a sustained focus on operational efficiency.

Adjusted backlog reached €7.8 billion at September 30, 2026, up + 0.7% compared to June 30, 2026. The pipeline of activity remains strong in subsea activity.

| PWR-GRID (22% OF 9M 2026 TOTAL STANDARD SALES)

PWR-Grid standard sales reached €1,065.8 million in the first nine months of 2026 compared to €991.5 million over the same period last year, up +8.1% organically. Foreign exchange amounted to -0.6% over the period.

In Q3 2026, PWR-Grid confirmed a strong trajectory with +14.8% organic growth, well above our mid-term guidelines (mid-single-digit CAGR of organic growth). This performance was driven by Europe, which benefited from the typically stronger seasonal activity in Q2 and Q3, and the progressive ramp-up of additional production capacity along with a continued focus on maximizing plant output thanks to mutualization of our industrial footprint. Performance was also supported by frame agreements with utilities and demand from data centers in North America and large-scale solar projects in South America and the Middle East and Africa (mainly Turkey and Morocco).

Accessories business continued to register strong momentum related to high demand from our customers for added value solutions.

To support profitable growth Nexans will invest c.€62 million over the next few years to expand its medium-voltage accessories production capacity in Europe and the U.S.

In the U.S., the investment will expand the existing Republic Wire facility to shorten lead times and capture growing demand from data centers and grid verticals.

In Europe, we invest for the expansion of our saturated manufacturing capacity and to scale up advanced offers, in line with our mid-term targets.

| PWR-CONNECT (43% OF 9M 2026 TOTAL STANDARD SALES)

PWR-Connect standard sales amounted to €2,124.7 million in the first nine months of 2026 compared to €1,742.6 million in the first nine months of 2025. Total growth was up +21.9% including +8.3% organic growth, +14.5% scope effect with the acquisition of Republic Wire in the U.S. (contribution starting June 2026), Electro Cables in Canada (contribution starting January 2026) and Cables RCT in Spain (contribution starting June 2025), and foreign exchange for -0.9% over the period.

In Q3 2026, PWR-Connect organic growth was at +10.5% with signs of recovery in Europe and a remarkable performance in other regions such as (i) North America supported by demand in hyperscale data centers, (ii) South America led by solar activities and residential demand and (iii) Middle East & Africa benefitting from a strong momentum.

The integration of Republic Wire is progressing well and delivering the expected results. We continue to execute our integration roadmap, with a focus on aligning operations, strengthening collaboration across teams and capturing the anticipated synergies. Progress to date reinforces our confidence in the integration’s successful completion and its ability to create long-term value for the Group.

| OTHER ACTIVITIES (12% OF 9M 2026 OF TOTAL STANDARD SALES)

The Other Activities segment – corresponding mainly to copper wire sales (Metallurgy) and corporate costs that cannot be allocated to other segments – reported standard sales of €601.2 million in the first nine months of 2026 compared to €643.6 million in the same period last year, down -5.2% organically year-on-year as expected. Foreign exchange accounted for -1.4% over the period.

In Q3 2026, organic growth was up +24.7% mainly reflecting an unusual semester phasing in 2025, with very strong H1 2025 momentum driven by U.S. customers bringing forward copper orders ahead of tariffs, creating a high comparison basis in H1 and a correction in Q3 2025 with a low comparison at -6.3% organic growth.

Nexans’ strategy is to reduce external copper wire sales in favor of internal sourcing and recycled-content offerings.

FINANCING – BOND ISSUANCE

On September 9, 2026 Nexans announced the success of a bond issuance in an aggregate principal amount of €500 million with a 5-year maturity and an annual interest rate of 4.25%.

The proceeds of this bond issuance was used to refinance the €500 million bridge term loan Nexans entered into with BNP PARIBAS and Société Générale on 27 April 2026. This bridge term loan was put in place to fund the acquisition of Republic Wire in the U.S.

Nexans seized the opportunity offered by a resilient market environment and the transaction has been welcomed by institutional fixed income investors in France and abroad, confirming the market’s confidence in the Group’s credit quality.

2026 OUTLOOK CONFIRMED

The Group 2026 guidance is confirmed as follows:

• Adjusted EBITDA: €770 – 840 million,
• Free Cash Flow: €235 – 325 million,

This guidance does not assume execution of the Great Sea Interconnector project in 2026 but includes the load of MI line at the end of 2026
This guidance takes into account the contribution of Republic Wire starting 1^st June 2026 and excludes the contribution of any future acquisitions

Nexans also reaffirms its commitment to the 2024 Capital Markets Day targets and will continue to execute its strategic roadmap and priorities.

SIGNIFICANT EVENT SINCE THE END OF SEPTEMBER 2026

On October 14^th, 2026 Stéphane Artaud was appointed as Chief Operating Officer.

Stéphane Artaud will join Nexans’ Executive Committee effective November 1^st, 2026, with a mandate to strengthen the performance and transformation of the Group’s industrial operations and supply chain. He succeeds Vijay Mahadevan, who held the role on an interim basis and will now devote his full attention on leading the Group’s Grid & Connect activities in Europe.

With 30 years of international experience at Saint-Gobain, Stéphane Artaud brings extensive expertise in managing large-scale industrial operations, improving operational performance and transforming organizations. Throughout his career, he has held senior leadership positions in Europe, North and South America, and Asia, leading industrial development projects, optimizing production capacities and improving profitability.

In his new role at Nexans, Stéphane Artaud will lead the transformation and performance improvement of the Group’s industrial operations and supply chain worldwide. He will contribute to the implementation of the Group’s growth strategy by continuing to modernize and optimize its industrial footprint and strengthening operational excellence.

CONFERENCE CALL FOR INVESTORS AND ANALYSTS

Date: Thursday, October 22, 2026
9:00 am Paris time – 8:00 am London time

Speakers:
Julien Hueber, CEO
Vincent Piquet, CFO

Webcast
https://nexans.engagestream.euronext.com/9m_2026_financial_information

Audio dial-in
Please register by clicking on the following link: Registration.

Connection details will be sent to you directly upon registration.

The third quarter 2026 financial information press release and investor presentation are available in the Investor Relations Results section at Nexans – Financial results.

Financial calendar

February 24, 2027: 2026 full-year results

About Nexans

Nexans is the global pure player in sustainable electrification, building the essential systems that power the world’s transition to a connected, resilient, and low-carbon future. From offshore and onshore renewable energies to smart cities and homes, Nexans designs and delivers advanced cable solutions, accessories and services that electrify progress safely, efficiently, and sustainably. 
With over 140 years of history, through three core businesses: PWR Transmission, PWR Grid, and PWR Connect, Nexans blends deep industry expertise with cutting-edge innovation to accelerate the energy transition, and better meet its customers’ needs. Its unique E3 model, focused on Environment, Economy and Engagement, drives every action, aligning performance with purpose. 
Nexans operates in 39 countries with 12,830 people and generated €6.1 billion in standard sales in 2025. Nexans is committed to Net-Zero emissions by 2050 aligned with the Science Based Targets initiative (SBTi) and expanding energy access through the Fondation Nexans. 

Nexans is listed on Euronext Paris, Compartment A.
www.nexans.com | #ElectrifyTheFuture

Contacts:

Investor relations

Audrey Bourgeois
Tel.: +33 (0)1 78 15 00 43
audrey.bourgeois@nexans.com

Communication

Mael Evin (Havas Paris)
Tel.: +33 (0)6 44 12 14 91
nexans_h@havas.com

Maellys Leostic
maellys.leostic@nexans.com

Olivier Daban
olivier.daban@nexans.com

NB: Any discrepancies are due to rounding

This press release contains forward-looking statements which are subject to various expected or unexpected risks and uncertainties that could have a material impact on the Company’s future performance.

Readers are invited to visit the Group’s website where they can view and download the Universal Registration Document, which includes a description of the Group’s risk factors. 

Attachment

• Nexans_Q3 2026 Press release

After a record first half, Kinepolis strengthens its lead in the third quarter

Regulated information

22 October 2026, 07:00 CET

Kinepolis delivered record results in the third quarter, recording a 49.1% increase in visitor attendance, driven by an exceptionally successful summer film slate and the expansion of its U.S. footprint. As a result, the Group further widened its lead over 2025, both in terms of attendance and financial performance. 

The success of ‘The Odyssey’ and ‘Spider-Man: Brand New Day’, among others, drove significant like-for-like visitor and revenue growth, despite adverse exchange rate effects from the Canadian and U.S. dollar versus the euro. Revenue per visitor continued to increase, driven by higher in-theatre sales per visitor and the success of premium cinema experiences such as IMAX and ScreenX.

Continued cost management and investment in premium offerings allow Kinepolis to take full advantage of favorable market dynamics, resulting in exceptional EBITDAL and net profit growth, both in Q3 and year-to-date.

Important achievements Q3 2026

• Acquisition of US Showcase cinemas
• Opening of IMAX 70mm auditorium in Brussels, with ‘The Odyssey’ screenings sold out through early November
• Spider-Man themed ScreenX takeovers at seven locations across Europe and North America
• Introduction of recliners at Kinepolis Breda and Leidschendam (NL)

Eddy Duquenne, CEO Kinepolis Group, on the third quarter:

“We are firmly on track for a record year, supported by a strong and promising year-end, with highly anticipated releases such as ‘Avengers: Doomsday’ and ‘Dune: Part Three’.

The integration of Emagine and Showcase is progressing successfully and we remain disciplined in the execution of our yearly improvement exercise. At the same time, we continue to invest in and actively pursue opportunities to drive further growth, while consistently enhancing the moviegoing experience for our customers.”

Business update Q3 2026 attached.

Attachment

• ENG Business Update Q3 2026

• Third quarter 2026 total revenues increase by 21% to approximately US$117.6 million, compared to third quarter 2025
• Third quarter 2026 total operating expenses of approximately US$74.6 million, in line with third quarter 2025
• Tightened 2026 total revenue guidance to US$380 million – US$390 million from prior US$375 million – US$395 million
• Full third quarter financial results and business update brought forward to October 27, 2026; conference call and webcast for analysts and investors to follow at 13:30 CET/08:30 EDT

Leiden, the Netherlands, October 22, 2026: Pharming Group N.V. (Euronext Amsterdam: PHARM/Nasdaq: PHAR), a global biotechnology company focused on rare immune and genetic diseases, today announces preliminary, unaudited revenue and select financial information for the three months ended September 30, 2026. Pharming will report its full preliminary (unaudited) financial results for the third quarter 2026 and provide a business update on October 27, 2026, brought forward from November 5, 2026 following results indicating revenue above and total operating expenses below analyst consensus.

Total revenues for the third quarter 2026 are expected to be approximately US$117.6 million, compared with US$97.3 million in the third quarter of 2025. This represents growth of approximately 21% year-on-year, reflecting strong performance from RUCONEST® and Joenja®.

Third quarter revenues comprise approximately US$93.8 million from RUCONEST, a 14% increase compared to the third quarter of 2025 and a 30% increase compared to the second quarter of 2026, and US$23.8 million from Joenja®, a 58% increase compared to the third quarter of 2025.

The RUCONEST revenue performance reflects stabilization and continued recovery of demand in the US, early seasonal increase in channel inventory at a single U.S. specialty pharmacy customer following significant drawdowns earlier in the year, and the completion of the planned withdrawal from non-U.S. markets.

Joenja revenue growth was driven by continued strong growth in the number of U.S. patients on paid therapy, significantly increased international demand – including from launches in Germany and Japan during the quarter and continued penetration in the U.K. – with temporary benefit from ordering patterns in other international markets.

Total operating expenses for the third quarter are expected to be approximately US$74.6 million, in line with US$74.5 million in the third quarter 2025. This performance is reflective of efficient scaling of the business.

Full-year 2026 outlook
Tightened 2026 total revenue guidance to between US$380 million and US$390 million (1% to 4% growth) from prior US$375 million to US$395 million (0% to 5% growth) and lowered total operating expense guidance to between US$310 million and US$315 million (0% to 1% growth) from prior US$315 million to US$320 million (1% to 3% growth).

Clinical updates
At ESID 2026, Pharming presented positive Phase II data for leniolisib in patients with genetically defined primary immunodeficiencies (PIDs) with immune dysregulation linked to PI3Kδ signaling; Pharming expects topline Phase II results from its separate trial in CVID patients with immune dysregulation, with or without an identified genetic cause, in November 2026. We are working towards a single registrational Phase III trial in the broader CVID indication, incorporating patient populations from both studies. The estimated prevalence rate for CVID with immune dysregulation is approximately 39 patients per million, compared with approximately 1.5 patients per million for APDS, representing substantial growth potential for Joenja.

For Napazimone (KL1333) for mtDNA-driven mitochondrial disease, we expect approximately 145 of the planned 180 subjects to be enrolled in the pivotal FALCON clinical trial by the end of 2026. We now expect enrollment to be completed in the first half of 2027. Topline results from the pivotal FALCON study are expected approximately one year after the completion of enrollment.

Full third-quarter results
Pharming will report third quarter 2026 financial results and provide a business update on October 27, 2026. Management will host a conference call and webcast for analysts and investors on the same day at 13:30 CET/08:30 EDT. To participate in the conference call or to watch the live webcast, please register in advance using the links below.

Conference call registration:
https://register-conf.media-server.com/register/BI6feabfc862ab4ba1bc7e6386d00414a3
Once registered, dial-in information and a unique PIN will be provided, allowing access to the call.

Please note, the Company will only take questions from dial-in attendees.

Webcast registration:
https://edge.media-server.com/mmc/p/nnjperkk

The webcast will also be accessible on the Pharming website at Investors/Financial Documents & Reports, and a replay will be available shortly after the event.

Trademarks
Joenja® and RUCONEST® are registered trademarks owned by or licensed to Pharming Group N.V. or its affiliates.

About Pharming

Pharming Group N.V. (Euronext Amsterdam: PHARM/Nasdaq: PHAR) is a global biotechnology company that develops and commercializes innovative medicines for people living with rare immune and genetic diseases.

We combine specialized scientific, medical, regulatory and commercial expertise to advance a focused portfolio of approved medicines and development programs that address significant unmet medical needs. Guided by insights from patients and the wider rare disease community, we are dedicated to delivering innovative therapies for some of the most challenging rare diseases.

Pharming is headquartered in Leiden, the Netherlands, with operations in the United States and Europe.

For more information, visit www.pharming.com and find us on LinkedIn.

For further public information, contact:
Pharming
Michael Levitan, VP Investor Relations & Capital Markets
T: +1 (908) 705 1696
E: investor@pharming.com

Saskia Mehring, Head of Corporate Communications
T: +31 6 28 32 60 41
E: media.relations@pharming.com

Media Relations
Julia Deutsch (Lyra Strategic Advisory on behalf of Pharming)
E: JDeutsch@lyraadvisory.com

Netherlands: Leon Melens (LifeSpring Life Sciences Communication on behalf of Pharming)
T: +31 6 53 81 64 27

Forward-looking Statements

This press release may contain forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “see”, “should”, “target”, “will” and similar terms and phrases. Examples of forward-looking statements may include statements with respect to timing and progress of Pharming’s preclinical studies and clinical trials of its product candidates, Pharming’s clinical and commercial prospects, and Pharming’s expectations regarding its projected working capital requirements and cash resources, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to the scope, progress and expansion of Pharming’s clinical trials and ramifications for the cost thereof; and clinical, scientific, regulatory, commercial, competitive and technical developments. In light of these risks and uncertainties, and other risks and uncertainties that are described in Pharming’s 2025 Annual Report and the Annual Report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission, the events and circumstances discussed in such forward-looking statements may not occur, and Pharming’s actual results could differ materially and adversely from those anticipated or implied thereby. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Any forward-looking statements speak only as of the date of this press release and are based on information available to Pharming as of the date of this release. Pharming does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information.

Inside Information
This press release relates to the disclosure of information that qualifies, or may have qualified, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Attachment

• Pharming Group third quarter 2026 pre-announcement_EN_22OCT26

OSLO, Norway (22 October 2026) – TGS today reports interim financial results for Q3 2026.

Financial highlights:

• Revenues of USD 397 million driven by high contract activity, compared to USD 388 million in Q3 2025 
• EBITDA of USD 222 million, including USD 41 million in gain from sale of the well data business, compared to USD 242 million in Q3 2025
• EBIT of USD 86 million, including USD 41 million in gain from sale of the well data business, compared to USD 94 million in Q3 2025
• Cost impacted by operational challenges 
• Robust order inflow¹ of USD 357 million resulting in a total order backlog¹ of USD 679 million, a Y/Y increase of 52%
• Dividend of USD 0.155 per share to be paid in Q4 2026

“The third quarter saw strong contract activity across both the 3D streamer vessel fleet and the Ocean Bottom Node (OBN) operations, resulting in the highest contract revenues since the fourth quarter of 2024. Although a higher activity level led to year-over-year growth in revenue, margins were negatively impacted by a combination of higher costs, driven by operational challenges, and low contract pricing. Going forward we are pleased to see a stronger pipeline of streamer contract opportunities, with clients competing for available capacity on several occasions. This development gives us confidence that contract pricing will improve from 2027. In OBN, tendering activity continues to increase, reinforcing our expectation of higher activity levels next year.

Our order intake continues to be strong, supported by a healthy mix of new contract awards and multi-client projects during the quarter, bringing total backlog to USD 679 million, up 52% from Q3 last year. The streamer fleet is fully booked for the fourth quarter, and visibility has improved significantly compared with the same period last year, enabling us to optimize asset allocation. Given the increased volume of contract work in the pipeline, we have decided to defer certain multi-client projects. As a result, we now expect multi-client investments in 2026 to be approximately USD 510 million, compared with our previous guidance of approximately USD 550 million.

Sustained high oil prices have strengthened our customers’ cash flows, while a marked increase in acreage awards has created a growing inventory of areas yet to be evaluated and explored. Together, these developments are driving demand for high-quality seismic data and reinforce our confidence in the opportunities ahead,” says Kristian Johansen, CEO of TGS.

Management presentation
CEO Kristian Johansen and CFO Sven Børre Larsen will present the results today at 09:00 a.m. CEST. The presentation will be webcasted live.

Webcast access and registration are available by copying and pasting the link below into your browser, or use the link on the front page of www.tgs.com:
https://qcnl.tv/p/F9pp7ArbItpZ5nPyrrIErw

The Q3 2026 earnings release and presentation will be available on www.tgs.com and www.newsweb.no.

For more information, visit TGS.com (http://www.tgs.com) or contact:

Bård Stenberg, VP IR & Business Intelligence
Mobile: +47 992 45 235
E-mail: investor@tgs.com

^{¹Order inflow and backlog excludes the North American well data business, which was sold in Q3 2026.}

About TGS 
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

Forward Looking Statement
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

 

Attachments

• Earnings Release Q3 2026
• Q3 2026 Presentation

Nokia Corporation
Interim report
22 October 2026 at 08:00 EEST

Nokia Corporation Interim Report for Q3 2026

Nokia delivers strong net sales and profit growth

• Q3 net sales grew 9% y-o-y on a constant currency basis (+10% reported).
• Network Infrastructure net sales grew 15% y-o-y on a constant currency basis, led by IP Networks growing 43% and Optical Networks 18%. Group net sales to AI & Cloud customers grew 123% and order intake 118%.
• Mobile Infrastructure net sales grew 5% y-o-y, in part due to acceleration of revenue from Q4 into Q3. The segment benefited from product mix, commercial discipline and continued execution of the cost reduction program.
• Q3 comparable gross margin was largely stable y-o-y at 44.6%. Reported gross margin declined 220bps to 42.2%.
• Q3 comparable operating margin increased 220bps y-o-y to 11.7% benefiting from revenue growth and operating efficiency. Reported operating margin declined 160bps to 3.8% due to accelerated restructuring and integration cost.
• Q3 comparable diluted EPS from continued operations of EUR 0.09; reported diluted EPS from continued operations of EUR 0.03.
• Nokia’s full year financial outlook is unchanged.

“Team Nokia continues to deliver on our commitments as we execute against our strategy. In Q3, we grew net sales by 9% and improved comparable operating margin by 220 basis points. We continue to simplify our portfolio, and we are on track to complete the Infinera integration by the end of 2026, one year ahead of plan with EUR 200 million of net synergies.

In AI & Cloud, net sales more than doubled year-over-year and we secured EUR 1.5 billion in new orders. Our strong order backlog also positions us for future growth. We expect our combined Optical and IP Networks businesses to grow between 25% and 30% in 2027. Nokia’s strengths are uniquely suited to meet growing demands for AI infrastructure that is larger, more distributed and hyperconnected. We are investing where we can differentiate and co-innovate with hyperscalers. Our partnership with Google in support of their EUR 13 billion investment in Finland is an example of how our optical and IP networks provide the critical connectivity AI infrastructure requires.

AI-native networks are moving into the physical world, and our AI-RAN platform is being developed to deliver the performance needed for this market. Together with T-Mobile and NVIDIA, we completed the world’s first AI-RAN call in a live operator network in line with the commitment we announced last year. As we move towards commercial deployment the features and spectral efficiency delivered by our platform are uniquely differentiated in the market.

Overall, growth is accelerating, operating leverage is becoming more visible and I’m confident in the long-term shareholder value Team Nokia is creating.”

Justin Hotard, President and CEO

This is a summary of the Nokia Corporation Interim Report for Q3 2026 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

FINANCIAL RESULTS

EUR million (except for EPS in EUR)	Q3’26	Q3’25	YoY change	Q1-Q3’26	Q1-Q3’25	YoY change
Reported results
Net sales	5 154	4 700	10%	14 402	13 443	7%
Gross margin %	42.2%	44.4%	(220)bps	43.7%	43.5%	20bps
Operating profit	196	252	(22)%	229	403	(43)%
Operating margin %	3.8%	5.4%	(160)bps	1.6%	3.0%	(140)bps
Profit from continuing operations	176	90	96%	307	150	105%
Loss from discontinued operations	(21)	(10)		(59)	(34)
Profit for the period	156	80	95%	248	116	114%
EPS from continuing operations, diluted	0.03	0.01	200%	0.05	0.02	150%
Net cash and interest-bearing financial investments	2 584	3 001	(14)%	2 584	3 001	(14)%
Comparable results
Net sales	5 154	4 705	10%	14 405	13 453	7%
Constant currency and portfolio YoY change			9%			7%
Gross margin %	44.6%	44.8%	(20)bps	45.5%	44.4%	110bps
Operating profit	605	448	35%	1 340	1 024	31%
Operating margin %	11.7%	9.5%	220bps	9.3%	7.6%	170bps
Profit from continuing operations	498	334	49%	1 223	760	61%
EPS from continuing operations, diluted	0.09	0.06	50%	0.21	0.13	62%

Segment results	Network Infrastructure		Mobile Infrastructure		Portfolio Businesses
EUR million	Q3’26	Q3’25	Q3’26	Q3’25	Q3’26	Q3’25
Net sales	2 158	1 850	2 902	2 755	96	97
YoY change	17%		5%		(1)%
Constant currency YoY change	15%		5%		(2)%
Gross margin %	41.2%	42.7%	47.5%	47.3%	31.3%	18.6%
Operating profit/(loss)	216	143	420	355	3	(4)
Operating margin %	10.0%	7.7%	14.5%	12.9%	3.1%	(4.1)%

OUTLOOK

	Full Year 2026
Comparable operating profit(1),(2)	EUR 2.1 billion to EUR 2.6 billion

¹ Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q3 2026 for a full explanation of how this term is defined.
² Outlook is based on a EUR:USD rate of 1.14 for the remainder of 2026.

The outlook and the underlying outlook assumptions are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this release.
Along with Nokia’s official outlook target provided above, Nokia provides the below assumptions that support the group level financial outlook for 2026.

	Full year 2026	Comment
Q4 seasonality		Nokia assumes a 20% to 24% q-o-q increase in net sales in Q4. Comparable operating profit: Nokia assumes a typically strong q-o-q increase in operating profit in Q4 to deliver full year operating profit above the mid-point of our comparable operating profit outlook.
Network Infrastructure net sales growth(1)	12 – 14%	This incorporates an updated assumption for combined Optical and IP Networks to grow somewhat above Nokia’s prior 18-20% assumption in 2026.
Comparable financial income and expenses	Positive EUR 300 to 400 million (update)	Strong income from Nokia’s venture fund investments is leading to an increase in the outlook assumption for 2026.
Comparable income tax rate	~26% (update)	Nokia’s effective tax rate remains sensitive to geographic mix.
Cash outflows related to income taxes	EUR 500 million
Capital expenditures	EUR 750 – 850 million (update)	Reduced assumption partially due to some changes in real estate plans and the timing of some of the cash impact of manufacturing investments moving to 2027. Nokia’s optical manufacturing expansion plans remain on-track, this only relates to timing of some cash payments.
Free cash flow conversion from comparable operating profit	35% to 55% (update)	Nokia is lowering its FCF conversion assumption due to investments the company is making in working capital during 2026 to secure supply and support the growth opportunity in 2027 along with accelerated restructuring. Nokia is now planning to invest an additional EUR 400 million in working capital this year.
Restructuring and associated charges related to cost savings programs	EUR 1 100 million (update)	Nokia has increased the scale of some of its restructuring programs as it accelerates efforts to simplify the company’s operations and location strategy and increase operating leverage in the business going forward.
Restructuring and associated cash outflows	EUR 800 – 900 million (update)	Restructuring and related cash outflows relating to all Nokia restructuring programs.

¹ Net sales growth assumption is on a constant currency and portfolio basis.

SHAREHOLDER DISTRIBUTION

Dividend

Under the authorization by the Annual General Meeting held on 9 April 2026, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of financial year 2025. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason.

On 22 October 2026, the Board resolved to distribute a dividend of EUR 0.03 per share. The dividend record date is 27 October 2026 and the dividend will be paid on 5 November 2026. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

Following this announced distribution, the Board’s remaining distribution authorization is a maximum of EUR 0.03 per share.

RISK FACTORS

Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

• Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
• Changes in customer network investments related to their ability to monetize the network or opportunities related to AI and data center growth;
• Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
• Our ability to procure or manufacture certain components (e.g. semiconductors), the costs thereof and our ability to align our inventory levels and supplier commitments with customer demand
• Disturbance in the global supply chain;
• Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
• Potential economic impact and disruption of global pandemics;
• War or other geopolitical conflicts, disruptions and potential costs thereof;
• Other macroeconomic, industry and competitive developments;
• Timing and value of new, renewed and existing patent licensing agreements with licensees;
• Results in technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
• The outcomes of on-going and potential disputes and litigation;
• Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
• Timing of completions and acceptances of certain projects;
• Our product and regional mix;
• Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
• Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
• Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

as well the risk factors specified under Forward-looking statements of this release, and our 2025 annual report on Form 20-F published on 5 March 2026 under Operating and financial review and prospects-Risk factors.

FORWARD-LOOKING STATEMENTS

Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, products, growth management, licenses, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) our ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

ANALYST WEBCAST

• Nokia’s webcast will begin on 22 October 2026 at 3.00 p.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
• The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
• A link to the webcast will be available at www.nokia.com/financials.
• Media representatives may join the conference call via the link, where dial-in details are also available.

FINANCIAL CALENDAR

Nokia plans to publish its fourth quarter and full year 2026 results on 28 January 2027.

About Nokia

Nokia is a global leader in connectivity infrastructure, enabling the AI supercycle. We build networks that connect intelligence and deliver a comprehensive connectivity solution across fixed, mobile, IP, optical, core, and data center networks. With security by design, AI-driven innovation, and AI-optimized architecture, Nokia delivers trusted infrastructure that enables AI to scale and advances connectivity to secure a brighter world.

Inquiries:

Nokia
Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Vice President, Corporate Communications

Nokia
Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

Attachment

• 2026_Q3_Nokia_ Earnings_release_English

    

PRESS RELEASE – OCTOBER 22, 2026

Solid operational performance of Wendel Investment Managers with +10% revenue growth at constant perimeter and constant exchange rate since the start of the year

Ongoing active capital rotation of WPI: c.€1.6 billion value crystallization from the disposals of Stahl (achieved) and IHS¹, at a 20% premium to NAV²

A solid financial structure, with long debt maturities
and a 9.5% LTV ratio as of September 30, 2026

Q3 2026 NAV per share at €167.0, up 5.1% since Q2
and up 3.9% YTD³

Wendel Investment Managers (third-party private asset management): continued fundraising momentum and revenue growth year to date

• Wendel IM reached €48.7 billion of assets under management across private equity, private debt and secondaries
• More than €3.0 billion raised during the first nine months of 2026, including $2.0 billion in private credit and €1.3 billion in secondaries;
• Fee Paying AuM totaled €37.7 billion, up 9% over the last twelve months and 5% since the start of the year
• Management fees and other revenues totaled €344.0 million⁴ over the first nine months of the year, representing growth of +41.3% compared to the prior year, reflecting the full-year contribution from Monroe Capital and the acquisition of Committed Advisors in April 2026. Growth at constant perimeter and constant exchange rate was +10%

Wendel Principal Investments (Wendel’s own balance sheet investments): numerous value creation initiatives and value crystallization events

• Solid performance from the majority of portfolio companies in the first nine months of the year
• €1.14 billion of cash proceeds received on October 1^st following the completion of the disposal of Stahl, at a 20% premium to pre-announcement NAV
• IHS disposal process underway (closing expected by year-end)
• €50 million equity injection into Globeducate (Wendel share) to support its external growth

Fully diluted Net Asset Value⁵ as of September 30, 2026: €167.0 per share

• Fully diluted Net Asset Value per share increased by 5.1% since June 2026, mainly driven by the rebound in market multiples during the third quarter, together with the accretive impact (+€0.5 per share) of share buybacks in the third quarter of 2026.
  • Wendel Investment Managers: Valuation in NAV remained broadly stable this quarter, increasing by €0.3 per share compared with the end of June 2026. Pro forma of Stahl and IHS, Asset management now represents roughly a third of GAV excluding cash⁶
  • Wendel Principal Investments:
    • Listed assets : total value up by €2.7 per share due to Bureau Veritas share price increase in Q3 2026.
    • Unlisted assets’ valuation: total value up by €5.8 per share, due to a rebound in market multiples in Q3 2026.

Dynamic execution of 2030 Strategic roadmap

• Development of the third-party asset management platform
  • Completion of the acquisition of Committed Advisors, a manager specialized in the secondary market: Wendel Investment Managers further strengthens its position as a leading European midmarket private asset management platform.
  • Platform development: appointment of Bénédicte Rabier as Chief Product Officer of Wendel Investment Managers, responsible for defining and implementing the product roadmap and marketing strategy for Wendel Investment Managers.
  • Wendel Investment Managers (Wendel IM), is expected to generate around €200 million in 2026 annual FRE⁷ in private equity, private debt, and secondary. 
• Portfolio rotation within WPI
  • €1.6 billion of disposal proceeds from Stahl and IHS⁸, announced in February 2026; the disposal of Stahl was completed on October 1, 2026.
  • €50 million reinvested in Globeducate (Wendel share) in September 2026 to support the company’s external growth strategy.
• Over €500 million returned to shareholders
  • Interim dividend of €2.55 per share payable on November 19, 2026, representing half of the minimum dividend for the 2026 financial year.
  • 2026 share buyback program equivalent to 9% of share capital, completed in full on July 27, 2026, for a total consideration of €310 million.

Strong financial structure

• Available cash of €1.5 billion post Stahl disposal, gross bond debt of €1.4 billion, and €875 million in syndicated credit (undrawn)
• Average debt maturity of 5.8 years, with no maturity before 2030 and an average fixed cost of 2.8%
• Loan-To-Value ratio at 9.5%⁹ as of September 30, 2026
• S&P confirmed the BBB credit rating during Q1 2026

Laurent Mignon, Wendel Group CEO, commented: “During the first nine months of 2026, we continued to resolutely transform Wendel and execute our strategic roadmap through to 2030. Wendel Investment Managers is demonstrating its full value creation potential. Wendel IM is now a global and diversified mid-market private asset management platform with close to €50 billion in assets under management. Fundraising momentum and revenue growth continued, in line with our ambitions. At the same time, we are continuing to build out the platform, notably through the creation of a business development function. We are continuing to implement our capital allocation strategy through the completion of the disposal of Stahl in October and the ongoing disposal process of IHS. Together, these two transactions represent approximately €1.6 billion in cash proceeds, at a premium of around 20% to their initial valuation in our Net Asset Value10. These transactions enable us to execute our ambitious growth strategy while maintaining a very strong financial structure, with long maturities and funding secured at attractive fixed interest rates. Wendel IM and WPI are two strong and complementary drivers of value creation, enabling us to deliver ambitious returns to shareholders. This value creation is already materializing in 2026 through more than €500 million in returns to shareholders, via the share buyback program representing 9% of the share capital, the dividend paid in May and the payment of an interim dividend of €2.55 to be paid in November. Our transformation towards a more attractive business model is underpinned by a robust balance sheet with permanent capital, attractive investment opportunities and a leading private asset management business dedicated to private assets, which has now reached critical scale and benefits from strong growth prospects for the years ahead.”

Wendel Investment Managers: c.36% of Gross Asset Value excluding cash, pro forma of IHS disposal

9 months Performance

Over the first nine months of 2026, the Wendel IM platform (IK Partners, Monroe Capital and Committed Advisors), focused on the midmarket private markets registered again a strong level of activity, generating a total of €344.0 million¹¹ in Management Fees and others, up by +41.3% vs 2025 thanks to the acquisition of Monroe Capital which is consolidated since April 1^st, 2025 and Committed Advisors consolidation since April 1^st, 2026. At constant perimeter and exchange rate, growth was +10 %. Including PRE, Wendel IM total revenues amounted to €350.9 million, up 42.1% vs 9 months 2025.

Wendel Investment Managers maintained strong fundraising momentum, raising €3.0 billion year-to-date, including $2.0 billion for Monroe Capital and €1.3 billion for Committed Advisors. At Monroe Capital, net equity outflows (new subscriptions net of redemption requests) from the non-listed BDC, Monroe Capital Income Plus, were limited to $0.17 billion year-to-date, with redemption requests declining in the third quarter compared with the second quarter.

As of September 30, 2026, Wendel’s private asset management platform had total assets under management (AUM) of €48.7 billion (including €9.9 billion of dry powder) and fee-paying assets under management (FPAUM) of €37.7 billion. Year-to-date, €5.3 billion of new fee-paying assets under management were generated, while approximately €4.9 billion of outflows and redemptions were recorded.

FRE for the full-year 2026 are expected to be around €200 million, on a pro forma basis¹², assuming a full-year contribution from Committed Advisors and at constant exchange rates.

Sponsor money invested by Wendel
Wendel commitments in IK Partners, Monroe Capital and Committed Advisors funds amount to €733 million as of September 30, 2026. Valuation of sponsor money in NAV stands at €383 million as of September 30, 2026.

Principal Investment companies’ value creation and performance

Wendel’s Principal Investments’ portfolio rotation

Early 2026, Wendel announced the following transactions:

• Sale of Stahl (excluding Muno) finalized on October 1^st, 2026: The transaction has generated total net proceeds (after debt and transaction costs) of c.€1.14 billion for Wendel

• Sale of IHS: Wendel supports MTN’s offer to acquire IHS Towers pursuant to which it will receive full liquidity on its 19% stake, representing net proceeds of approximately $535m. Closing is expected to occur by year end.

Together, these two transactions will generate approximately €1.6 billion and give Wendel full flexibility to achieve its long-term value creation objectives through investments in private assets, the development of Wendel Investment Managers (Wendel IM), and a higher return to shareholders

Listed Asset

Bureau Veritas – Double digit total revenue growth in the third quarter of 2026; Organic revenue growth sequential improvement; 2026 outlook confirmed
(full consolidation)

Revenue in the third quarter of 2026 amounted to €1,569.7 million, an 10.1% increase compared to the third quarter of 2025. Bureau Veritas delivered organic growth of 6.2%, showing a slight sequential acceleration compared to 5.9% delivered in the second quarter of the year. The scope effect was positive at 1.8%, reflecting bolt-on acquisitions (contributing to +2.7%) finalized in the past few quarters and partially offset by the impact of divestments completed over the last twelve months (contributing to -0.9%). Currency fluctuations had a positive impact of 2.1%, driven by the strengthening of the dollar against the euro, following two quarters of negative year-to-date currency effects.

Q3 2026 Highlights

• Broad growth across most divisions and geographies; with strong organic growth from Buildings & Infrastructure at +7.9% and Product Testing & Services at +7.0%, robust growth for Industrials & Commodities at 5.1%, and moderate for Business Assurance at +3.2%
• Three years of strong organic growth and a completion of c. 21% portfolio rotation support LEAP | 28 ambitions that were confirmed at the 2026 Capital Markets Day
• Total revenue growth target at constant currency upgraded to a double-digit CAGR for 2027-2028
• AI identified as a key lever for both growth and performance. Commitment for €1 billion revenue ambition for AI-driven markets and services by 2030
• Successful placement of a €700 million, A3-rated bond due in September 2034, with a 4.125% coupon, most debt maturities now extend beyond 2031 and are at fixed interest rates;
• A third of the €200 million share buyback program announced at the end of February 2026 completed

Confirmed 2026 Outlook

In a fast-changing global business environment, Bureau Veritas confirms its full year 2026 guidance. This is building on a solid 9-month delivery, a growing pipeline and a reshaped portfolio ¹³. The full-year 2026 guidance is as follows:

• Mid-to-high single-digit organic revenue growth
• Adjusted operating margin improvement at constant exchange rates
• Strong cash flow generation

Bureau Veritas is fully committed to its LEAP | 28 financial guidance, capitalizing on favorable market trends, and from the sustained execution of the strategy’s portfolio and performance programs.

For more information : group.bureauveritas.com

Unlisted Assets:

	Sales (in millions)
	9M 2025	9M 2026
CPI(1)	$115.5	$115.2
ACAMS(2)	$81.7	$83.6
Scalian	€378.6	€358.1
Globeducate(3)	€269.8	€308.3

(1)  In accordance with IFRS 5, the contribution of CPI France has been classified as “Net income from discontinued operations and operations held for sale” as from 2025. Comparable revenue for 9M 2025 amounted to $115.5 million, compared with reported revenue of $115.9 million at Q3 2025. The $0.4 million difference corresponds to CPI France, which was classified as held for sale and as a discontinued operation in accordance with IFRS 5.

(2)  In accordance with IFRS 5, the contribution from the Risk Assessment business was reclassified under “Net income from discontinued operations and assets held for sale” in Q3 2026. Comparable revenue for 9M 2025 amounted to $81.7 million, compared with reported revenue of $84.4 million at Q3 2025. The $2.7 million difference corresponds to the Risk Assessment business, which was classified as held for sale and as a discontinued operation in accordance with IFRS 5.

(3)  Equity-accounted. 9M revenue covering the period from December 1, 2025 to August 31, 2026. The Indian operations were not consolidated in Globeducate’s financial statements in 2025 but are included in the 9M 2026 figures (€17.3 million).

Crisis Prevention Institute – Revenue slightly down -0.3% as compared with 9M 2025
(full consolidation) 

Crisis Prevention Institute ended the first nine months with revenue of $115.2 million, slightly down -0.3% compared to 9M 2025. The year-to-date period in 2026 was characterized by the persistence of challenging market conditions with continued federal oversight and funding uncertainty across CPI’s customer’s end markets in North America (-1.3% in revenue). Despite these challenges, CPI benefited from higher instructor renewal rates and Learner Material sales, demonstrating continued customer engagement and activity. CPI’s International operations delivered growth of +6.9%, supported by favourable commercial momentum and accelerating demand.

Organic growth was -1.0% while +0.7% came from FX movements.

Andee Harris, CPI’s new CEO who joined in August 2025, is leading an effort to strengthen the company’s management and commercial organization to best capture market opportunities and return to stronger growth. These initiatives include, in particular, the reinforcement of the go-to-market capabilities, with a more targeted approach for new account development.

ACAMS – 9M 2026 pro forma revenue growth of +4.9% as compared to 9M 2025, driven by strong recovery in Europe and sustained growth in the Americas and the Middle East.

(full consolidation)

ACAMS reported revenue of $83.6 million¹⁴, up +2.3% compared to 9M 2025, or up +4.9% pro forma for timing of the Assembly Las Vegas flagship conference which was held September 29 to October 1, 2026 versus mid-September 2025.

9M 2026 performance reflects the ongoing commercial transformation, including recently appointed executive leadership and go-to-market teams, an enhanced technology platform, and strengthening demand across the Americas and EMEA amidst heightened recent enforcement activity.

Organic growth stood at +1.8% over the period while FX contributed by +0.4%. Pro forma organic growth was +4.4% over the period while FX contributed +0.4%.

Scalian – Revenue down 5.4% YTD, amid continued challenging market conditions

(Full consolidation)  

Scalian, a leading consulting firm specializing in systems engineering, operational performance and AI transformation, reported revenue of €358.1 million in the first nine months of 2026, down 5.4% compared with the same period in 2025. Organic growth stood at -5.1% over the period.

This performance reflects continued challenging market conditions, particularly in France, where the decline in activity was partly offset by a more resilient performance internationally. Recent commercial wins are expected to support a gradual improvement in performance over the coming quarters. In parallel, management continues to execute operational initiatives aimed at enhancing the Group’s profitability, in line with plan. 

On October 5, Scalian announced the appointment of Clément Charruel, as the Group’s Chief AI Officer. In his new role, he will be responsible for defining and implementing Scalian’s artificial intelligence strategy, embedding AI at the heart of its clients’ critical systems engineering processes, particularly in the aerospace, space, defence and energy sectors.

Globeducate – Revenue growth of +14.3% for the nine-month period ended August 31, 2026

 (Accounted for by the equity method. Revenue for the nine-month period from December 1, 2025 to August 31, 2026).

Globeducate, one of the world’s leading bilingual K-12 education groups, recorded €308.3 million of revenue for the nine-month period ended August 31, 2026, representing a total increase of +14.3% compared with the same period in the previous year. Of this increase, +5.5% was organic growth, +8.6% came from scope effects, -0.8% came from FX movements and +0.9% from changes in accounting and cut-offs. In 2025, Indian activities were not consolidated in Globeducate’s accounts but are consolidated in 2026 (€17.3 million, this impact is included in the +8.6% scope effect).

On September 30, 2026, Globeducate completed the acquisition of Queen Morta Schools, Lithuania’s leading private network of general education and early childhood education institutions, founded in 2011. Its schools serve more than 1,700 students across four Lithuanian cities.

Other unlisted assets
Tarkett is now an unlisted asset and Muno is classified as an asset held for sale (IFRS 5). The combined value of these two assets in Wendel’s NAV as of September 30, 2026 is approximately €300 million. Given the geopolitical context, the contribution of Tarkett’s Russian operations is excluded from the valuation of Tarkett in the NAV.

Net Asset Value as of September 30, 2026: €167.0 per share on a fully diluted basis

Change in NAV compared to June 30, 2026:

Wendel’s Net Asset Value (NAV) as of September 30, 2026, was prepared by Wendel to the best of its knowledge and on the basis of market data available at that date, in compliance with its methodology.

Fully diluted Net Asset Value was €167.0 per share as of September 30, 2026 (see detail in Appendix 1), compared to €158.9 per share as of June 30, 2026, representing an increase of +5.1% over the quarter.

The change in NAV in the third quarter breaks down as follows:

• Wendel Investment Managers contributed slightly positively to NAV growth, by +€0.3 per share in Q3 2026, mainly driven by the valuation increase in sponsor money, corresponding to investments in funds managed by IK Partners, Monroe Capital and Committed Advisors.
• Wendel Principal Investments contributed positively to value creation, with an increase of +€8.5 per share in Q3 2026:
  • Listed assets: total value creation per share of +€2.7 on a fully diluted basis over the quarter, driven by the share price performance of Bureau Veritas (c.15% economic interest owned by Wendel), which contributed +€2.7 to NAV. As of September 30, 2026, its 20-day average share price was up 6.2% compared to the previous quarter;
  • Unlisted assets: contribution to NAV was positive over the third quarter, with a total change of +€5.8 per share, mainly reflecting market multiples evolution during the quarter.
• Other elements impacting the fully diluted Net Asset Value:
  • Cash operating costs, net financing results and other items impacted NAV by -€1.2 per share over Q3. Wendel continued to maintain strict cost discipline (-€0.6 per share), while other assets and net financial result had a slightly negative impact (-€0.6 per share).
  • Wendel completed its share buyback program in July 2026. These share repurchases had a +€0.5 per share positive impact on Wendel’s fully diluted Net Asset Value in the third quarter.

Impact of changes in interest rates on the financial structure of Wendel and its portfolio companies

Wendel SE is fully financed at fixed rates, with €1.4 billion of bond debt carrying an average cost of 2.8%. The average maturity of this bond debt is 5.8 years, with no maturity before 2030. Following the completion of the Stahl disposal, Wendel has €1.5 billion of cash, currently invested at an average rate of 2.75%.

As regards Wendel Principal Investments’ portfolio companies, Bureau Veritas is fully financed at fixed rates, while the Group’s unlisted companies have, on average, hedged approximately 60% of their floating-rate exposure through swap and cap instruments. The unlisted companies advised by IK Partners benefit from the expertise of IK Partners’ Capital Markets team, which continuously optimizes their capital structure, debt maturities and financing costs.

The asset management companies within Wendel Investment Managers are structurally debt-free. As part of its business model and product offering to clients, Monroe Capital issues non-operating debt (Fund O and CLO-related debt), the interest rate effects of which are broadly offset by the financed assets.

Return to shareholders

9% Share Buyback Program Completed on July 27, 2026
Since February 27, 2026, Wendel has repurchased 3.835 million shares for a total amount of €310 million. This represents 9% of its share capital, acquired at an average price of €80.85 per share. The share buyback program was fully completed on July 27, 2026.

Dividends
An interim dividend of 2.55 euros will be paid on November 19, 2026, representing 50% of the minimum dividend to be paid for fiscal year 2026.
This interim dividend is in addition to the amount of 3.6 euros paid in May, corresponding to the 5.10 euro dividend paid for fiscal year 2025.

Agenda

Wednesday, December 2, 2026  
Investor Day 2026

Friday, February 26, 2027
Full-Year 2026 Results – Publication of NAV as of December 31, 2026, and Full-Year consolidated financial statements (before-market release)

Thursday, April 22, 2027  
Q1 2027 Trading update – Financial communication as of March 31, 2027 (before-market release)  
  

Thursday, May 27, 2027  
Annual General Meeting   
  

Thursday, July 29, 2027  
H1 2027 Results – Financial communication as of June 30, 2027, and Half-Year consolidated financial statements (before-market release)

About Wendel
Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In this context, Wendel completed the acquisitions of a 51% stake in IK Partners in May 2024, 72% of Monroe Capital in March 2025 and 64% (including forward sale) of Committed Advisors in April 2026. As of September 30, 2026, Wendel Investment Managers manages 48.7 billion euros on behalf of third-party investors, and c.3.6 billion euros (PF sale of Stahl & IHS) invested in its Principal Investments activity.
Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2

Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.

For more information: wendelgroup.com
Follow us on LinkedIn @Wendel

Press contacts	Analyst and investor contacts
Christine Anglade: +33 6 14 04 03 87	Olivier Allot: +33 1 42 85 63 73
c.anglade@wendelgroup.com	o.allot@wendelgroup.com
Caroline Decaux: +33 1 42 85 91 27	Lucile Roch: +33 1 42 85 63 72
c.decaux@wendelgroup.com	l.roch@wendelgroup.com
Primatice
Olivier Labesse: +33 6 79 11 49 71
olivierlabesse@primatice.com
Hugues Schmitt: +33 6 71 99 74 58
huguesschmitt@primatice.com

Appendix 1: Fully diluted NAV per share of €167.0 as of September 30, 2026

(in millions of euros)			09/30/2026		06/30/2026
Listed investments	Number of shares	Share price (1)	2,295		2,189
Bureau Veritas	66.6m/66.6m	€27.4/€25.8	1,823		1,719
IHS	63.0m/63.0m	$8.5/$8.5	471		470
Investment in unlisted assets (2)			2,189		3,069
Asset Management Activities (3)			2,233		2,153
Asset Managers (IK Partners, Monroe Capital & Committed Advisors)			1,850		1,881
Sponsor Money			383		273
Other assets and liabilities of Wendel and holding companies (4)			261		276
Stahl proceeds received on October 1, 2026			1,145		n/a
Net cash position & financial assets (5)			366		507
Gross asset value			8,488		8,194
Wendel bond debt			-1,411		-1,419
IK Partners transaction deferred payment, Monroe & Committed Advisors earnouts				-273	-268
Net Asset Value			6,804		6,507
Treasury share cancellation			-352		-329
Net Asset Value fully diluted			6,452		6,177
Number of shares – fully diluted			38,648,801		38,879,366
Net Asset Value per share			€167.0		€158.9

(1)     Last 20 trading days average as of September 30, 2026, and June 30, 2026.
(2)  Investments in unlisted companies (Tarkett, Stahl as of end of June, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Muno, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16. Globeducate valued based on transaction multiples.
(3)  Investments in IK Partners (c.51%), Monroe Capital (c.72%) and Committed Advisors (c. 64% incl. forward sale) (excl. Cash to be distributed to shareholders). Valued as a platform based on FY25, FY26 & FY27 Net Income / Distributable earnings multiples.
(4)  Of which 4 222 240 treasury shares as of September 30, 2026 and 3 958 171 treasury shares as of June 30, 2026
(5)  Cash position and financial assets of Wendel & holdings.

Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 286 of the 2025 Registration Document.

Appendix 2: Loan-to-Value Ratio as of September 30, 2026

	September 30, 2026
Total Assets as of September 30, 2026 (A)	6 977
Total cash as of September 30, 2026 including Stahl proceeds received on October 1st 2026	1 500
Bond debt & accrued interest	(1 411)
IK Partners deferred payments, Monroe & Committed Advisors earnouts	(273)
Total debt as of September 30, 2026	(1 684)
Net debt (B)	(183)
Spot LTV before restatements (B/A)	2.6%
Puts related to Monroe acquisition	(435)
Puts related to Committed Advisors	(115)
Funds Uncalled Commitments Monroe Capital	(83)
Funds Uncalled Commitments IK Partners	(103)
Funds Uncalled Commitments Committed Advisors	(164)
Funds Uncalled Commitments Iron Wave	(44)
Post September 30, 2026 sales & acquisitions, including SBB	414
Total adjustments (C)	(529)
Adjusted net debt (B+C)	(714)
S&P LTV as of September 30, 2026 (B+C)/(A-C)	9.5%

Appendix 3: Glossary

• AUM (Assets under Management): AUM refers to the total value of assets managed by a company on behalf of its clients, including all portfolios and mandates, whether those assets are equities, bonds, real estate, or other types. AUM is used to measure the size and influence of an asset manager, considering invested, committed, or available funds. Its composition may vary depending on calculation methods, but it remains a key indicator for comparing asset management firms and tracking their growth. 
• BDC: A business development company, or BDC, is a closed-end investment company that was created by American Congress in 1980 in order to assist middle market companies to meet their capital needs and grow. Most BDCs are publicly traded, but some BDCs are private vehicles.  BDCs can help investors generate current income, offering access to institutional loan investments.
• Fee paying AUM: The general definition of Fee-paying assets under management is the share of the AUM of the company that generates fees.
• Dry Powder : Committed capital that has not yet been invested and remains available for future investments by the fund manager.
• FRE (Fee-Related Earnings): This indicator is used by Wendel Investment Managers. It corresponds to operating income from third-party asset management activities, excluding Performance Related Earnings (see below). FRE also includes net income from Monroe Capital’s Fund O. It does not take into account other financial results, (with the exception of financial income from investment activities), impairment of non-current assets, non-recurring income and expenses (in particular restructuring costs), income and expenses unrelated to the business, entries relating to mergers and acquisitions (in particular gains and losses on disposals, impairment of goodwill allocations, earn-out and deferred payment expenses) and taxes.
• PRE (Performance Related Earnings): this indicator is used by Wendel Investment Managers. It constitutes the variable portion of fees (carried interest allocated to the Group).
• GP (General Partner): Entity in charge of the overall management, administration and investment of the funds. The GP is paid by management fees charged on assets under management (AuM).
• Sponsor Money : Capital committed by Wendel alongside third-party investors into funds managed by Wendel Investment Managers, aligned with the interests of fund investors.

---

1 Closing of Stahl’s disposal achieved on October 1^st, 2026. IHS transaction expected to occur in H2 2026, subject to IHS shareholders approval, regulatory approvals in the relevant markets, and customary closing conditions.

2 The disposals of Stahl and IHS were, or are expected to be, completed at a 20% premium to their valuation in the last reported NAV prior to the announcement of their disposals.

3 Restated from the €3.6 per share dividend paid in May 2026.

4 Including €13.9 million of fees paid by Wendel to IK related to the advisory mandate on WPI unlisted assets year-to-date.

5 Fully diluted of share buybacks and treasury shares.
6 GAV excluding cash & other assets.

7 Pro forma consolidated fee-related earnings (FRE), including minority interests, on a full-year basis. EUR/USD at 1.17.

8 Closing of Stahl finalized on October 1, 2026. IHS disposal is expected to occur in 2026, subject to IHS shareholders’ approval, regulatory approvals in the relevant markets, and customary closing conditions.

9 LTV calculation explained in Appendix 2.
10 The disposals of Stahl and IHS were completed or are expected to be completed at a 20% premium to their respective valuations in NAV prior to the disposal announcements.

11 Including €13.9m of fees paid by Wendel to IK related to the advisory mandate on WPI unlisted assets in 9M2026.

12 Pro forma consolidated fee-related earnings (FRE), including minority interests, on a full-year basis. EUR/USD at 1.17.

13 As per IFRS 5, excluding the activities planned for exit (Oil & Petrochemicals and Coal Testing and Inspection and from the “Government Services” businesses)

¹⁴ 9M2026 and 9M2025 figures exclude the non-core Risk Assessment offering which has been discontinued in accounting presentations starting from Q3 2026.

 

Attachment

• Wendel_Q3_2026_EN