Author: Ravi Shankar

Strong growth driven by accelerating recurring revenue growth and sustained commercial momentum

• Q3 2026 revenue of € 57.4 million, up +15.6% year-on-year and +14.9% in constant currencies
• Strong recurring revenue growth driven by support activities reacceleration
• Continued commercial momentum in Q3 with new logos and expansions signed, including major wins in a broad range of verticals
• Successful release of Planisware’s unified platform 26Q4 version and launch of Prisma Beta, introducing enhanced AI-powered capabilities and expanded project portfolio management functionalities
• 2026 objectives confirmed:
  • At least +13% revenue growth in constant currencies
  • At least the adjusted EBITDA margin¹ level reached in FY 2025 (i.e. 37.4%)
  • Confirmed c. 80% Cash Conversion Rate*

Paris, France, October 23, 2026 – Planisware, a leading provider of B2B AI-powered SaaS platforms serving the rapidly growing Project Economy, announces today its Q3 2026 revenue. Revenue amounted to € 57.4 million, up by +15.6% in current currencies (€+7.8 million), mainly led by the continued success of the Group’s market-leading SaaS platform. In constant currencies, revenue growth reached +14.9% (€+7.4 million) in Q3 and +14.9% (€+21.7 million) for the first nine months of the year. Recurring revenue amounted to € 51.7 million in Q3 (90% of revenue, +130 bps compared to Q3 2025) and was up by +16.6% in constant currencies.

Loïc Sautour, CEO of Planisware, commented: “Our third-quarter performance confirms the strength of Planisware’s growth trajectory. The continued success of our SaaS platform, the acceleration of support activities and the successful implementation of the many customers signed over recent quarters once again translated into sustained growth and further demonstrate the scalability of our model.

Commercial momentum remained strong throughout the quarter, with new customer wins and expansions across geographies and industries. At the same time, our latest AI-powered capabilities continue to generate significant interest from both existing customers and prospects, further strengthening the value proposition of our unified platform and reinforcing our competitive differentiation.

Following a strong first nine months, we are confident in our ability to deliver on the objectives raised in July. As we enter the final quarter, we remain focused on delivering against these objectives, while maintaining our disciplined approach regarding expectations on the timing of non-recurring transactions expected in Q4 and remaining mindful of the ongoing macroeconomic and geopolitical uncertainties.

While our 2027 budgeting process remains underway, we are encouraged by the strength of our recurring revenue model, the quality of our commercial pipeline and the significant number of new customers signed since the beginning of the year that are currently being implemented and ramped up. We acknowledge that our strong 2026 performance creates a more demanding comparison basis for next year. Nevertheless, these recent customer wins provide a solid foundation for next year’s growth while expanding our future growth opportunities within our installed base. We remain focused on combining sustainable growth with strong profitability and cash generation.”

Q3 2026 revenue by revenue stream

In € million	Q3 2026	Q3 2025	Variation YoY	Variation in cc*
Recurring revenue	51.7	44.1	+17.2%	+16.6%
SaaS & Hosting	28.2	23.5	+19.8%	+19.1%
Annual licenses	0.1	0.1	+0.0%	+2.0%
Evolutive support	15.6	13.0	+20.0%	+19.6%
Subscription support	3.1	2.8	+11.5%	+10.3%
Maintenance	4.7	4.7	+0.4%	-0.2%
Non-recurring revenue	5.7	5.6	+2.5%	+1.7%
Perpetual licenses	1.3	2.5	-50.4%	-50.3%
Implementation & others non-recurring	4.5	3.0	+46.6%	+45.1%
Total revenue	57.4	49.6	+15.6%	+14.9%

* Revenue evolution in constant currencies, i.e. at Q3 2025 YTD average exchange rates

Reaching € 57.4 million in Q3 2026, revenue was up +15.6% in current currencies and +14.9% in constant currencies. Unlike in the first half, the foreign-exchange impact was slightly positive in Q3, at approximately €+0.3 million, reflecting the recent strengthening of the US dollar against the euro. In order to reflect the underlying performance of the Company independently from exchange rate fluctuations, the following analysis refers to revenue evolution in constant currencies, applying Q3 2025 YTD average exchange rates to Q3 2026 revenue figures, unless expressly stated otherwise.

Recurring revenue

Representing 90.0% of Q3 2026 total revenue versus 88.8% in Q3 2025, recurring revenue reached € 51.7 million, up +16.6%, accelerating from +12.6% in H1. Approximately 70% of recurring revenue growth in Q3 2026 came from new customers (defined as customers contributing to revenue for less than 12 months) while expansion within the historical customer base accounted for approximately 30%.

Recurring revenue growth was driven by a +18.6% increase in Planisware’s SaaS model revenues (i.e. SaaS & Hosting, Annual licenses and Evolutive & Subscription support) and in particular by the healthy +19.1% growth in SaaS & Hosting. Growth was also supported by the reacceleration of support activities (Evolutive & Subscription support) towards historical levels, with Evolutive support up +19.6% and Subscription support up +10.3% in Q3 2026, compared to +7.2% and 2.2% in H1 2026 respectively. This acceleration was driven by support activities related to new customers implemented earlier in the year, as well as by the reallocation of Evolutive Support teams that had focused during the first half on delivering the particularly high volume of new-logo implementations.

Maintenance revenue was stable in the context of the Group’s shift from its prior Perpetual license model to a SaaS model.

Non-recurring revenue

Non-recurring revenue increased by +1.7%, reflecting contrasting trends across its components. Perpetual licenses revenue declined by -50.3%, consistent with the Group’s continued shift to SaaS. Implementation was strongly up by +45.1%, driven by the continued strong commercial dynamic generating a high implementation activity for the onboarding of recently signed new logos, supporting the progressive ramp-up of these customers and their contribution to future recurring revenue.

Product enhancements and platform optimization

Planisware continues to invest in innovation and product development to offer cutting-edge solutions:

26Q4 release: new capabilities across the unified platform

Planisware released version 26Q4 of its unified platform, further enhancing the breadth of its capabilities. The release notably introduces new Agile-at-Scale functionalities, additional portfolio and resource management capabilities, and enhanced integrations with widely used enterprise applications. It also expands Planisware’s AI-powered capabilities, including natural-language formula generation through Oscar, the Group’s AI assistant. These enhancements further strengthen the value proposition of Planisware’s unified platform and its ability to support customers across the full spectrum of project and portfolio management use cases.

Successful launch of Prisma Beta

Materializing an important milestone in Planisware’s AI strategy, the Beta version of Prisma successfully launched at the end of Q3. Prisma is Planisware’s hybrid-reasoning AI agent designed to help organizations manage project portfolios and resources more effectively through task automation, decision support and enhanced operational efficiency. The Beta program currently includes Prisma and Prisma Pro, while Prisma Expert, focused on configuration and customization use cases, is expected to follow at a later stage. The launch has generated strong interest from both existing customers and prospects, validating both the relevance of the use cases and the Group’s monetization approach while already improving Planisware’s competitive win rate. The Beta program is intended to validate the solution in real-world environments and gather feedback from advanced users before broader commercialization.

Planisware confirms an official commercial release by the end of Q1 2027. Prisma direct contribution to the Group’s revenue is expected to begin progressively from that point onward, with adoption ramping across Planisware’s installed base and new logos.

Q3 2026 commercial momentum

Commercial activity remained strong in Q3 2026, with new customer wins and expansions across geographies and a broad range of verticals. Key wins included large industrial and automotive companies in Europe and the US, the French public health insurance fund, a leading German mutual insurer, and several pharmaceutical and biotechnology companies. These contracts reflect continued demand for Planisware’s unified platform to replace fragmented or legacy PPM environments, consolidate portfolio and resource management, and support large-scale transformation initiatives. The Group also secured a significant expansion with an existing US automotive customer, with potential deployment to approximately 3,500 users. Several contracts were won against Microsoft-based solutions and established PPM competitors, further demonstrating the competitiveness of Planisware’s offering and its ability to displace incumbent solutions.

2026 objectives confirmed

Taking into account, on the one hand, the strong performance achieved during the first nine months of 2026, supported by continued commercial momentum, healthy recurring revenue growth and solid business visibility, and, on the other hand, a macroeconomic and geopolitical environment that remains particularly volatile and difficult to anticipate, together with the inherent timing variability of certain non-recurring transactions in the fourth quarter, Planisware confirms all the 2026 objectives raised on July 30, 2026:

• Revenue growth in constant currencies: at least +13%
• Adjusted EBITDA margin^*: At least the level reached in FY 2025 (i.e. 37.4% of revenue)
• c. 80% Cash Conversion Rate*

Appendices

YTD 2026 revenue by revenue stream

In € million	9M 2026	9M 2025	Variation YoY	Variation in cc*
Recurring revenue	147.9	132.6	+11.5%	+13.9%
SaaS & Hosting	81.4	69.2	+17.6%	+20.2%
Annual licenses	0.1	0.1	–56.8%	–56.0%
Evolutive support	43.6	40.2	+8.6%	+11.2%
Subscription support	8.9	8.7	+1.9%	+4.8%
Maintenance	13.9	14.4	-3.4%	-2.1%
Non-recurring revenue	15.6	12.8	+22.0%	+24.3%
Perpetual licenses	2.6	4.5	-42.2%	-42.1%
Implementation & others non-recurring	13.0	8.3	+56.8%	+60.3%
Total revenue	163.5	145.4	+12.4%	+14.9%

* Revenue evolution in constant currencies, i.e. at Q3 2025 YTD average exchange rates

Investors & Analysts conference call

Planisware’s management team will host an international conference call on October 23, 2026 at 8:00am CET to detail Q3 2026 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.

Upcoming events

• February 24, 2027:        FY 2026 results publication
• April 21, 2027:                Q1 2027 revenue publication
• July 28, 2027:                H1 2027 results publication
• October 20, 2027:        Q3 2027 revenue publication

Contact

Investor Relations	Media
Benoit d’Amécourt	Brunswick Group Hugues Boëton / Tristan Roquet Montégon
benoit.damecourt@planisware.com	planisware@brunswickgroup.com
+33 6 75 51 41 47	+33 6 79 99 27 15 / +33 6 37 00 52 57

About Planisware

Planisware is a leading business-to-business (“B2B”) provider of AI-powered Software-as-a-Service (“SaaS”) platforms serving the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

With circa 900 employees across 20 offices, Planisware operates at significant scale serving around 700 organizational clients in a wide range of verticals and functions across more than 35 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

For more information, visit: https://planisware.com/ and connect with Planisware on LinkedIn.

Disclaimer

Forward-looking statements

This document contains statements regarding the prospects and growth strategies of Planisware. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that Planisware considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.

This information includes statements relating to Planisware’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. Planisware’s forward-looking statements speak only as of the date of this document. Absent any applicable legal or regulatory requirements, Planisware expressly disclaims any obligation to release any updates to any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this document is based. Planisware operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.

Rounded figures

Certain numerical figures and data presented in this document (including financial data presented in millions or thousands and certain percentages) have been subject to rounding adjustments and, as a result, the corresponding totals in this document may vary slightly from the actual arithmetic totals of such information.

Variation in constant currencies

Variations in constant currencies represent figures based on constant exchange rates using as a base those used in the prior year. As a result, such figures may vary slightly from actual results based on current exchange rates.

Non-IFRS measures

This document includes certain unaudited measures and ratios that the Group uses to measure financial or non-financial performance (the “non-IFRS measures”), such as “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Free Cash Flow”, “cash conversion rate”, and “Net cash position”. Non-IFRS financial information may exclude certain items contained in the nearest IFRS financial measure or include certain non-IFRS components. Readers should not consider items which are not recognized measurements under IFRS as alternatives to the applicable measurements under IFRS. These measures have limitations as analytical tools and readers should not treat them as substitutes for IFRS measures. In particular, readers should not consider such measurements of the Group’s financial performance or liquidity as an alternative to profit for the period, operating income or other performance measures derived in accordance with IFRS or as an alternative to cash flow from (used in) operating activities as a measurement of the Group’s liquidity. Other companies with activities similar to or different from those of the Group could calculate non-IFRS measures differently from the calculations adopted by the Group.

Main non-IFRS measures used by the Group and potentially included in this document are defined as follows:

• Adjusted EBITDA is calculated as Current operating profit including share of profit of equity-accounted investees, plus amortization and depreciation as well as impairment of intangible assets and property, plant and equipment, plus either non-recurring items or non-operating items.
• Adjusted EBITDA margin is the ratio of Adjusted EBITDA to total revenue.
• Adjusted FCF (Free Cash Flow) is calculated as cash flows from operating activities, less other financial income and expenses classified as operating activities in the cash-flow statement, and less net cash relating to capital expenditures.
• Cash Conversion Rate is defined as Adjusted FCF divided by Adjusted EBITDA.
• Net cash position is defined as Cash minus indebtedness excluding lease liabilities.
• Net Retention Rate (NRR) calculated as the recurring revenue of a given 12-month period generated by customers having contributed to recurring revenue of the prior 12-month period, divided by total recurring revenue in the prior 12-month period, in constant currencies. A customer is considered as a new customer during the first 12 months they generate recurring revenue.
• Churn rate is calculated as the prior 12-month period recurring revenue from customers which did not contribute to recurring revenue in the given 12-month period, divided by the recurring revenue from all customers in the prior 12-month period.

1 Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.

Attachment

• Planisware – Q3 2026 revenue – PR

eQ Plc interim report
23 October 2026 at 8:00 a.m.

eQ Plc’s interim report Q3 2026: Private Equity is performing strongly, implementation of the strategy is progressing

January to September 2026 in brief

• The Group’s net revenue for the reporting period was EUR 44.5 million (EUR 42.9 million 1 January – 30 September 2025). The Group’s net fee and commission income was EUR 43.3 million (EUR 43.7 million).
• The operating profit was EUR 18.8 million (EUR 19.4 million).
• Earnings per share were EUR 0.36 (EUR 0.37).
• The net revenue of the Asset Management segment was EUR 42.3 million (EUR 42.7 million), and the operating profit was EUR 21.3 million (EUR 23.6 million). The management fees of the Asset Management segment fell by 2 per cent to EUR 39.0 million (EUR 39.9 million) and the performance fees increased by 15 per cent to EUR 3.8 million (EUR 3.3 million). Cash flow from Private Equity performance fees totalled EUR 6.8 million
• At the end of the review period, assets managed by eQ amounted to EUR 13.9 billion (EUR 13.8 billion on 31 December 2025).
• The Corporate Finance segment’s net revenue was EUR 1.2 million (EUR 1.0 million) and operating profit EUR -0.9 million (EUR -1.3 million).
• eQ raised 312 million euros for Private Equity and Venture Capital funds and returned 275 million euros to investors during the review period.
• eQ Social Infrastructure was the first Nordic real estate fund to be awarded Moody’s Baa3 credit rating with a stable outlook.
• eQ Social Infrastructure and eQ Commercial Properties funds carried out refinancing totalling EUR 915 million on more favourable terms than before.
• eQ published an update of its strategy and long-term objectives on 3 February 2026. The aim of the updated 2030 strategy is to return to strong growth. eQ renewed the composition of its Management Team to support the implementation of the strategy and the management of the Group. In line with the strategy, growth investments were made in the personnel and the development of the brand, the website, and the customer portal.
• On 23 October 2026, eQ Plc signed a share purchase agreement to acquire the entire share capital of Genesta Property Nordic AB, a Nordic real estate asset management company. The transaction is expected to strengthen eQ’s international growth platform and expand its real estate asset management business into a Nordic operation.

July to September 2026 in brief

• The Group’s net revenue in the third quarter was EUR 14.9 million (EUR 14.5 million 1 July – 30 September 2025). Group’s net fee and commission income were
  EUR 14.2 million (EUR 14.3 million).
• The operating profit was EUR 7.2 million (EUR 7.6 million).
• Earnings per share were EUR 0.14 (EUR 0.15).

Key ratios

	1-9/26	1-9/25	Change	7-9/26	7-9/25	Change	1-12/25
Net revenue, Group, MEUR	44.5	42.9	4 %	14.9	14.5	3 %	58.2
Net revenue, Asset Management, MEUR	42.3	42.7	-1 %	13.9	14.1	-1 %	56.9
Net revenue, Corporate Finance, MEUR	1.2	1.0	23 %	0.3	0.1	108 %	1.7
Group administration and eliminations
Net revenue, MEUR	1.0	-0.9		0.7	0.3		-0.4
Operating profit, Group, MEUR	18.8	19.4	-3 %	7.2	7.6	-6 %	27.4
Operating profit, Asset Management, MEUR	21.3	23.6	-10 %	7.5	8.4	-10 %	32.0
Operating profit, Corporate Finance, MEUR	-0.9	-1.3	31 %	-0.3	-0.4	36 %	-1.4
Operating profit, Group administration, MEUR	-1.6	-2.8		-0.1	-0.3		-3.2
Profit for the period, MEUR	14.8	15.3	-3 %	5.7	6.0	-6 %	21.6
	1-9/26	1-9/25	Change	7-9/26	7-9/25	Change	1-12/25
Earnings per share, EUR	0.36	0.37	-3 %	0.14	0.15	-6 %	0.52
Equity per share, EUR	1.53	1.51	1 %	1.53	1.51	1 %	1.67
Cost/income ratio, Group, %	57.8	54.6	-6 %	51.9	47.5	-9 %	52.9
Return on equity, ROE % p.a.	29.8	30.1	-1 %	37.4	40.1	-7 %	30.3
Liquid assets, MEUR	21.4	22.0	-3 %	21.4	22.0	-3 %	15.1
Private equity and real estate fund investments, MEUR	16.6	16.4	1 %	16.6	16.4	1 %	16.7
Interest-bearing bank loans, MEUR	0.0	0.0	0 %	0.0	0.0	0 %	0.0
Assets under management excluding reporting services, EUR billion	9.8	10.2	-3 %	9.8	10.2	-3 %	10.2
Assets under management, EUR billion	13.9	13.7	2 %	13.9	13.7	2 %	13.8

CEO’s review

Private Equity performed strongly, and profit for the review period was close to the previous year’s level. The implementation of eQ’s strategy is progressing as planned, and the acquisition of Genesta will accelerate eQ’s international expansion.

The aim of eQ’s updated 2030 strategy, published in February, is to return to strong growth and to double operating profit by the end of 2030 compared with the 2025 level. The goal is to further strengthen the client and employee experience, and to expand the business internationally and into the private client segment. To accelerate the implementation of the strategy, the necessary recruitment and growth investments were made during the review period.

On 23 October 2026, eQ Plc signed an agreement to acquire Genesta, a Nordic real estate asset management company. The acquisition of Genesta represents the first step in building an international private markets platform and expanding eQ’s real estate asset management business into a Nordic operation. Genesta’s institutional client relationships and networks, highly skilled personnel and Luxembourg fund platform will support the execution of eQ’s strategy and its international expansion. Genesta manages three real estate funds with approximately EUR 1 billion in assets under management. The company has 30 employees and offices in Stockholm, Helsinki, Copenhagen and Luxembourg. In 2025, the net revenue of its asset management business was approximately EUR 9.6 million and operating profit approximately EUR 2.7 million. The maximum debt-free value of the transaction before purchase price adjustments is EUR 15.5 million, comprising a base purchase price of EUR 11.5 million and an earn-out of up to EUR 4.0 million. The transaction is expected to close at the latest during the first quarter of 2027.

Result for the review period close to the comparative period

The net revenue of the eQ Group during the review period was EUR 44.5 million and the operating profit was EUR 18.8 million. Net revenue increased by 4 per cent and operating profit decreased by 3 per cent compared to the previous year. The Group’s cost/income ratio was 57.8 per cent.

eQ Asset Management raised EUR 312 million for Private Equity and Venture Capital funds

During the review period, eQ Asset Management raised EUR 312 million for its Private Equity and Venture Capital funds. The new eQ PE XVIII North fund raised EUR 166 million, and the eQ PE SF VI secondary market fund raised EUR 68 million during the review period. eQ PE Direct I is eQ’s first co-investment fund, investing in around 20 Northern European SMEs. EUR 40 million was raised for the eQ PE Direct I fund. In addition, eQ launched its third Venture Capital fund, eQ VC III US, which raised USD 43 million. During the third quarter, eQ made its new eQ PE Multi-Strategy fund available to its clients. The fund invests in European and North American private equity and venture capital.

The returns on the Private Equity funds managed by eQ were at a good level during the reporting period and in line with the funds’ return targets. eQ’s Venture Capital funds delivered excellent returns, underpinned by significant increases in the value of the underlying funds, particularly in the artificial intelligence and technology sectors. The combined net cash flow of eQ’s Private Equity funds was clearly positive during the review period, even though transaction volumes in the private equity market remain below their long-term average. During the review period, eQ’s Private Equity funds have returned EUR 275 million to investors.

At the end of the first quarter, eQ completed a significant private equity secondary sale, comprising commitments from a total of five eQ PE funds. The aim was to liquidate the portfolios of the most mature funds in particular. The total purchase price was more than EUR 49 million. The transaction brought forward equity repayments and boosted cash flow for fund investors.

At the end of 2025, one of the Private Equity programme funds managed by eQ transitioned to a performance fee phase in terms of cash flow. In addition, during the review period, two fund structures transitioned to a performance fee phase in terms of cash flow. During the review period, cash flow from Private Equity performance fees totalled EUR 6.8 million

In real estate business, eQ Social Infrastructure was the first Nordic real estate fund to be awarded Moody’s Baa3 credit rating with a stable outlook. An investment grade rating is an indicator of quality and credibility, and an important factor in building international recognition, growing the fund, and arranging financing for real estate funds. eQ Social Infrastructure and eQ Commercial Properties funds carried out refinancing totalling EUR 915 million on more favourable terms than before. Long-term, stable funding strengthens the funds’ potential for returns and the implementation of their investment strategies.

During the review period, eQ’s real estate fund returns were negatively affected by changes in the value of properties. There has not yet been a fall in real estate yield requirements, although trading activity has increased from the previous year. The majority of domestic open-ended real estate funds have been forced to postpone the payment of redemptions. In July, eQ paid out part of the previously deferred redemptions from both the eQ Social Infrastructure and eQ Commercial Properties funds.

eQ’s property funds performed exceptionally well in the 2026 international Global Real Estate Sustainability Benchmark (GRESB). Both the eQ Social Infrastructure and the eQ Commercial Properties funds achieved the highest five-star rating.

Net revenue in the Asset Management segment decreased by one per cent to EUR 42.3 million. The decrease in net revenue is explained by lower real estate asset management fees compared to the previous year. Asset Management segment’s operating profit fell by 10 per cent to EUR 21.3 million. The cost/income ratio of the Asset Management segment was 49.6 per cent.

Advium acted as adviser in three M&A transactions and two real estate transactions

The mergers and acquisitions market in Finland remained active during the review period, although talk of high valuations in the artificial intelligence sector and rising interest rates has, to some extent, dampened companies’ appetite for transactions. During the review period, there were a few major property transactions in the Finnish property market, as a result of which transaction volumes increased compared with the previous year. However, the rise in interest rates has been a factor in reducing activity in the property transaction market.

During the first nine months of 2026, Advium acted as an adviser on a total of five transactions. The success fees relating to two of these assignments had not yet been recognised as revenue during the reporting period.

The Corporate Finance segment’s net revenue during the review period was EUR 1.2 million (EUR 1.0 million) and operating profit was EUR -0.9 million (EUR -1.3 million).

Given the market situation, Advium’s order book is at a good level. However, the completion of transactions is largely dependent on the overall capital market situation and its development.

Jouko Pölönen
CEO, eQ Plc

Outlook

In Finland, the real estate transaction market has become more active. However, we have not yet seen a fall in real estate yield requirements. The recovery of the real estate market depends on the development of the Finnish economy and foreign capital. We expect market activity to increase and yield requirements to fall as more foreign capital begins to flow into Finland. Management fees for eQ’s real estate funds are expected to decrease in 2026 compared to the previous year.

Sales of eQ’s Private Equity products have continued at a good level. We believe that investors will increase their Private Equity allocations in their portfolios in the coming years. We estimate that eQ’s Private Equity fees will increase in 2026 compared to last year. At the end of 2025, one of the Private Equity programme funds, and during the review period 2026, two fund structures managed by eQ transitioned to a performance fee phase in terms of cash flow. In addition, one fund structure is expected to move into the cash flow phase of performance fees during the remainder of the year.

In terms of equity and fixed income asset management, fee trends are largely dependent on market developments.

Briefing on the Q3 2026 interim report

eQ’s CEO Jouko Pölönen and CFO Antti Lyytikäinen will present the financial result to press, investors and analysts in a press conference to be held on 23 October 2026 at 11:00 a.m.

The press conference will be held at eQ’s head office in Helsinki, address Aleksanterinkatu 19, 5th floor, 00100 Helsinki and it is also possible to participate via webcast. The webcast participation requires a registration.

The press conference will be held in Finnish. The presentation material can be viewed at eQ’s website after the press conference. To join the press conference, please register with linda.holm@eq.fi.

eQ Plc

Additional information:

Jouko Pölönen, CEO, tel. +358 50 1282

Antti Lyytikäinen, CFO, tel. +358 40 709 2847

Distribution: Nasdaq Helsinki, www.eQ.fi, media

eQ is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services for institutions and individuals. The assets managed by the group total approximately EUR 13.9 billion. Advium Corporate Finance, which is part of the group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. The share of the group’s parent company eQ Plc is listed on Nasdaq Helsinki. More information about the group is available on our website at www.eQ.fi.

Attachment

• eQ Plc interim report Q3 2026

Press Release

October 23, 2026

Highlights¹

• Sales of EUR 1,367 million with comparable sales growth of -3.4% (Q3 25: -3.9%)
• Adjusted EBITA of EUR 145 million (Q3 25: EUR 136 million), with a margin of 10.6% (Q3 25: 9.7%), including a EUR 28 million or 2.1 % net benefit from the US tariff refund
• Net income of EUR 88 million (Q3 25: EUR 76 million)
• Free cash flow of EUR 118 million (Q3 25: EUR 71 million)
• Received a Platinum EcoVadis sustainability rating for the seventh consecutive year, with a record score of 88/100 and a top 1% ranking globally.

Eindhoven, the Netherlands – Signify (Euronext: LIGHT), the world leader in lighting, today announced the company’s third quarter results of 2026.

“Our third-quarter results show that we are making progress in executing our strategy to build a more focused, better performing Signify. Despite continuing market weakness, we sequentially strengthened our profitability, reflecting disciplined pricing and strong cost management.

In our Harvest portfolio, our turnaround plans are on track, with OEM and Genlyte delivering improved profitability. We are following through on our portfolio choices in the Build portfolio: accelerating growth in and beyond lighting in India, taking decisive action in our Professional Europe business, and investing in customer acquisition in Consumer, while taking steps to improve productivity. In parallel, we are focusing our R&D investments on the areas where innovation can deliver the greatest returns.

Our teams continue to execute with great agility, mitigating higher input costs and supply constraints, while advancing the changes we have set out in our strategy. Our EcoVadis Platinum rating for the seventh consecutive year, with our highest-ever score, is further recognition of the strength of our approach. We remain focused on the actions within our control: making clear portfolio choices, improving performance and maintaining resilient margins as we build a stronger Signify.” said As Tempelman, CEO of Signify.

Outlook

Signify confirms its full-year adjusted EBITA margin guidance at the higher end of the 7.5–8.5% range including US tariff refunds received through the third quarter, and at the lower end excluding these refunds. Free cash flow guidance remains unchanged at 6.5–7.5% of sales.

Signify expects challenging market conditions to persist, with continued pressure in Professional Europe and softening of US project demand. Combined with a strong prior-year comparable in Consumer, fourth-quarter comparable sales growth is expected to be in line with or slightly below the third quarter.

Conference call and audio webcast

As Tempelman (CEO) and Željko Kosanović (CFO) will host a conference call for analysts and institutional investors at 9:00 a.m. CET to discuss the third quarter 2026 results. A live audio webcast of the conference call will be available via the Investor Relations website.

The analyst presentation is available via this link

1 This press release contains certain non-IFRS financial measures and ratios, which are not recognized measures of financial performance or liquidity under IFRS. For further details, refer to “Non-IFRS Financial Measures” in “Important information” of this press release.

Attachment

• signify-third-quarter-results-2026-report

Pratteln, Switzerland, October 23, 2026 – Santhera Pharmaceuticals (SIX: SANN) today notes that its licensing partner Nxera Pharma Co., Ltd. (“Nxera”) has submitted a Marketing Authorization Application (MAA) to South Korea’s Ministry of Food and Drug Safety (MFDS) for AGAMREE (vamorolone) for the treatment of Duchenne muscular dystrophy (DMD).

The submission follows the Orphan Drug Designation (ODD) and Global Innovative Products on Fast Track (GIFT) designation granted by the MFDS in June 2026. GIFT is a priority review pathway designed to accelerate the review of innovative medicines targeting life-threatening or serious diseases, including rare diseases, and is expected to help shorten the review timeline and support earlier patient access to vamorolone. Nxera is targeting marketing authorization in South Korea in 2027, followed by a commercial launch in 2028.

Nxera holds exclusive rights to AGAMREE for Japan, South Korea, Australia, and New Zealand under a licensing agreement signed in January 2026. Santhera will receive sales and milestone payments and royalties on net sales of AGAMREE in the licensed territories.

About Santhera
Santhera Pharmaceuticals (SIX: SANN) is a Swiss specialty pharmaceutical company focused on the development and commercialization of innovative medicines for rare neuromuscular diseases with high unmet medical need. The Company has an exclusive license from ReveraGen for all indications worldwide to AGAMREE® (vamorolone), a dissociative corticosteroid with a novel mode of action, which was investigated in a pivotal study in patients with Duchenne muscular dystrophy (DMD) as an alternative to standard corticosteroids. AGAMREE® for the treatment of DMD is approved in the U.S. by the Food and Drug Administration (FDA), in the EU by the European Commission (EC), in the UK by the Medicines and Healthcare products Regulatory Agency (MHRA), in Switzerland by Swissmedic, in China by the National Medical Products Administration (NMPA), in Hong Kong by the Department of Health (DoH) and in Canada by Health Canada. Santhera has out-licensed the rights to AGAMREE® as follows: to Catalyst Pharmaceuticals for North America; to Sperogenix Therapeutics for China and certain countries in Southeast Asia; and to Nxera Pharma for Japan, South Korea, Australia, and New Zealand. For further information, please visit www.santhera.com.

AGAMREE® is a trademark of Santhera Pharmaceuticals.

About Nxera Pharma
Nxera Pharma is a technology powered biopharma company in pursuit of new specialty medicines to improve the lives of patients with unmet needs in Japan and globally. The Company has built an agile, new-generation commercial business in Japan to develop and commercialize innovative medicines, including several launched products, to address this high-value, large and growing market and those in the broader APAC region. In addition, the Company is advancing an extensive pipeline internally and in partnership with leading pharma and biotech companies powered by its unique NxWave™ GPCR structure-based drug discovery platform. Nxera Pharma operates at key locations in Tokyo and Osaka (Japan), London and Cambridge (UK), Basel (Switzerland) and Seoul (South Korea) and is listed on the Tokyo Stock Exchange (ticker: 4565).

For further information, please contact:

Santhera
Catherine Isted, Chief Financial Officer:                                         IR@santhera.com
ICR Healthcare:                                     Santhera@icrhealthcare.com

Stifel                                 +44 (0)20 7710 7600
Brough Ransom, Charles Hoare, Fred Walsh

Octavian                                        +41 (0)44 520 1588
Serge Monnerat, Marius Zuberbuehler

Disclaimer / Forward-looking statements
This communication does not constitute an offer or invitation to subscribe for or purchase any securities of Santhera Pharmaceuticals Holding AG. This publication may contain certain forward-looking statements concerning the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update these forward-looking statements.

##

Attachment

• 261023 Santhera Nxera South Korea submission Eng

Issy-les-Moulineaux, October 23, 2026
Sodexo (Euronext Paris: FR0000121220; OTC: SDXAY)

• Fiscal 2026 results:
  • Organic revenue growth of +2.0%, with Q4 activity stronger than anticipated
  • Underlying operating profit margin of 3.4%, at the upper end of the expected range
  • Encouraging commercial progress, with development¹ at 7.7% and client retention¹ at 94.4%
  • Free cash flow of 379 million euros; net debt of 2.9 billion euros and net debt to EBITDA of 2.4x
  • Proposed dividend of 1.74 euros per share, in line with the Group’s policy (50% payout)
• Fiscal 2027 guidance confirmed:
  • Organic revenue growth of between +2% and +3%
  • Underlying operating profit margin to be broadly in line with the 3.4% achieved in Fiscal 2026

At the Board of Directors meeting held on October 22, 2026, chaired by Sophie Bellon, the Board approved the consolidated accounts of Sodexo for the fiscal year ended August 31, 2026.

Fiscal 2026 key figures

(in million euros)	FISCAL 2026	FISCAL 2025	CHANGE
Revenues	23,963	24,074	(0.5%)
Organic revenue growth	+2.0%	+3.3%
Underlying operating profit	810	1,139	(28.9%)
Underlying operating profit margin	3.4%	4.7%	-130 bps
Other operating income and expenses	(290)	(154)
Operating profit	520	985	(47.2%)
Group net profit	304	695	(56.3%)
Underlying net profit	508	785	(35.3%)
Underlying EPS(in euros)	3.48	5.37	(35.2%)
Free cash flow	379	459
Net debt to EBITDA	2.4x	1.8x

¹ _{Retention and development are based on the annualized revenue of contracts gained or lost during the period, irrespective of their start dates, and exclude cross-selling. They therefore do not represent their contribution to revenue in the fiscal year.}

Thierry Delaporte, Chief Executive Officer of Sodexo, said:

“Fiscal 2026 was a year of reset and action for Sodexo. We ended the year with stronger organic growth than expected, supported by resilient demand and a continued focus on execution across the organization. This is encouraging. However, our overall performance remains below the full potential of the Group.

Three months on from the Investor Update, we have made progress on rebuilding our foundations: commercial capabilities are strengthening, the new account-management model is being implemented, simplification actions are underway in all geographies, and clearer performance expectations and accountability have been established across the organization.

In line with Shift & Grow 2030, we will continue in Fiscal 2027 the work underway to restore our competitiveness. I recognize the effort this transformation requires and want to thank our teams around the world for their professionalism and continued commitment to our clients and consumers. Our priorities are clear, and we remain focused on delivering the commitments we have made.”

Fiscal 2026 financial performance

Revenue and commercial activity

Fiscal 2026 consolidated revenues amounted to 24.0 billion euros, down -0.5% year-on-year. Organic revenue growth of +2.0% and a positive net contribution from acquisitions and disposals of +0.5% were offset by a negative currency impact of -3.0%, mainly due to the depreciation of the U.S. dollar.

Organic revenue growth was supported by pricing of around +2.4% and like-for-like volume growth of around +0.6%, including strong Sodexo Live! activity. These drivers were partly offset by a circa -0.7% headwind from the previously disclosed contract reclassification in North America Business & Administrations, along with slightly negative net new business.

By service line, organic revenue growth was +1.6% in Food services and +2.9% in Facilities Management services.

By geography:

• North America: organic growth of -1.0%, mainly reflecting prior contract losses in Education and Business & Administrations and the contract reclassification. Healthcare & Seniors delivered strong growth, driven by new contract ramp-ups, while Sodexo Live! sustained its momentum, supported by high activity levels across stadiums, conference centers and airport lounges.
• Europe: organic growth of +2.1%, supported by Healthcare & Seniors. Education and Business & Administrations were more subdued, reflecting negative net new business.
• Rest of the World: organic growth of +9.7%, driven by new contract ramp-ups and strong momentum in India, Australia and Brazil, reflecting both new business and additional activity at existing client sites.

For Fiscal 2026, client retention¹ was 94.4%, while development¹ reached 7.7%. Development included the previously announced global contract with Meta, which will ramp up progressively during Fiscal 2027.

Operating performance and net profit

Underlying operating profit amounted to 810 million euros and the underlying operating profit margin was 3.4%, compared with 4.7% in Fiscal 2025. The decrease reflected charges and provisions arising from the review of certain contracts and assets, accelerated investment to strengthen the Group’s capabilities, and operational factors.

Other operating income and expenses represented a net expense of 290 million euros, compared with 154 million euros in Fiscal 2025. The increase mainly reflected higher restructuring costs related to the Group’s transformation, together with specific asset-related and pension-related items, partly offset by a disposal gain.

Net financial expense increased to 137 million euros, compared with 88 million euros in Fiscal 2025, mainly reflecting higher financing costs.

Group net profit amounted to 304 million euros, compared with 695 million euros in Fiscal 2025. Underlying net profit was 508 million euros, compared with 785 million euros in the prior year.

Cash flow and financial position

Free cash flow amounted to 379 million euros, compared with 459 million euros in Fiscal 2025.
The decrease mainly reflected lower operating profit, higher interest payments and higher capital expenditure, driven by client investments associated with contract renewals and new business wins.
These effects were partly offset by the absence of the exceptional tax payment recorded in the prior year and a positive working capital contribution, supported by good collections as well as favorable timing and one-off effects. Net capital expenditure represented 2.5% of revenues, compared with 2.0% in Fiscal 2025.

As of August 31, 2026, net debt was 2.9 billion euros and the net debt to EBITDA ratio was 2.4x, compared with 1.8x at the end of Fiscal 2025. The increase in the ratio primarily reflected the lower EBITDA base in the context of the Group’s operational reset.

¹ _{Retention and development are based on the annualized revenue of contracts gained or lost during the period, irrespective of their start dates, and exclude cross-selling. They therefore do not represent their contribution to revenue in the fiscal year.}

Portfolio and financing developments

Consistent with Shift & Grow 2030, Sodexo maintained a selective and disciplined approach to M&A, focused on targeted bolt-on acquisitions in key activities and markets, while continuing to manage its portfolio actively.

• During Fiscal 2026, Sodexo completed the acquisition of Grupo Mediterránea, one of Spain’s leading food services providers, as well as several bolt-on acquisitions supporting the development of Entegra in Europe. The Group also signed agreements to acquire Menü 2000 in Germany and Olive Catering in the UK, and several smaller food services businesses in the Nordics. These transactions were completed in September 2026, after the fiscal year-end. Together, these operations strengthen Sodexo’s food offering and capabilities in Europe.
• On July 31, 2026, Sodexo completed the disposal of Active Global, a non-core Homecare business operating in Singapore and Hong Kong, completing the Group’s exit from its worldwide Homecare services.

On August 26, 2026, Sodexo priced a dual-tranche euro-denominated bond issuance totaling 1.1 billion euros, which settled on September 2, 2026. The proceeds will be used for general corporate purposes, including the redemption of the Group’s outstanding bonds totaling 800 million euros and due in April 2027.

Sustainability

The first year of Better Tomorrow 2028, Sodexo’s sustainability roadmap, delivered tangible progress across its people and environmental commitments.

• On people, Sodexo achieved a record-low Total Recordable Case Rate (TRCR) of 6.48 and continued to invest in employee development, reaching an average of 13.6 training hours per employee.
• On the environment, WasteWatch deployment reached a record 85.8%, while the Group achieved its target of reducing food waste by 50%.

Together, these achievements demonstrate how Sodexo is embedding sustainability into its operations to strengthen its value proposition and support its clients’ own sustainability ambitions.

Leadership and governance

Global Executive Team

On July 1, 2026, Agnès Park joined Sodexo as Group Chief Human Resources Officer and a member of the Global Executive Team, with a particular focus on workforce management, talent development and strengthening a high-performance culture as part of Shift & Grow 2030.

Board of Directors

Subject to the renewal of her term as Director at the Annual Shareholders Meeting on December 16, 2026, the Board is proposing the appointment of Nathalie Bellon-Szabo as Chairwoman. She would succeed Sophie Bellon, who has chaired the Board since 2016. Upon her appointment, Nathalie Bellon-Szabo would step down from her operational responsibilities as Chief Executive Officer of Sodexo Live! Worldwide.

Subject to the renewal of her term, Sophie Bellon would remain a Director of Sodexo. She would replace Nathalie Bellon-Szabo as a member of the Nominating Committee and would be appointed to the Compensation Committee. Nathalie Bellon-Szabo would remain a member of the Sustainability Committee. Sophie Bellon will also become Chairwoman of the Management Board of Bellon SA.

The Board will also propose the renewal, for three-year terms, of Gilles Pélisson and Federico J. González Tejera. Gilles Pélisson would continue to serve as Lead Independent Director and Chair of the Nominating Committee. He would also be appointed to the Compensation Committee and would remain a member of the Sustainability Committee. Federico J. González Tejera would remain a member of the Compensation Committee. Cathy Martin and Olivier Marchand have been reappointed as Directors representing employees.

If all proposed renewals are approved, the Board will continue to comprise 12 members. Excluding Directors representing employees, 40% of its members will be women and 60% will be independent.

Dividend

The Board proposes an ordinary dividend of 1.74 euros per share, in line with the Group’s policy of a 50% payout ratio based on underlying net income. The dividend will be submitted for approval at the Annual Shareholders Meeting on December 16, 2026. Subject to approval, the shares will trade ex-dividend from December 18, 2026, and the dividend will be paid on December 22, 2026.

Outlook

In line with the first phase of Shift & Grow 2030, focused on rebuilding competitiveness, Sodexo confirms the Fiscal 2027 outlook presented at its Investor Update in July 2026:

• Organic revenue growth of between +2% and +3%
• Underlying operating profit margin broadly in line with the 3.4% achieved in Fiscal 2026, reflecting continued investment to strengthen capabilities and restore competitiveness.

From Fiscal 2028 onwards: acceleration phase with progressive benefits from these actions, supporting improved growth, profitability and returns.

For Fiscal 2030, Sodexo expects to deliver:

• Organic revenue growth above +5%, including net new business above +3%;
• Underlying operating profit margin above 5%.

******************

Conference call

Sodexo will hold a conference call (in English) today at 9:00 a.m. (Paris time), 8:00 a.m. (London time) to comment on these Fiscal 2026 Results.

To join the call:

• from the UK / International, please dial: +44 (0) 121 281 8004
• from France, please dial: +33 (0) 1 70 91 87 04
• from the USA, please dial: +1 718 705 8796

Access Code: 07 26 13

A live audio webcast is also available on www.sodexo.com. 

The press release, presentation and webcast will be available on the Group website www.sodexo.com in both the “Newsroom” section and the “Investors – Financial Results” section.

Financial calendar

Fiscal 2026 Annual Shareholders Meeting	December 16, 2026
Fiscal 2027 First-quarter Revenues	January 7, 2027
Fiscal 2027 First-half Results	April 2, 2027
Fiscal 2027 Third-quarter Revenues	June 30, 2027
Fiscal 2027 Full-year Results	October 27, 2027
Fiscal 2027 Annual Shareholders Meeting	December 17, 2027

These dates are indicative and may be subject to change without notice. Regular updates are available in the calendar on our website www.sodexo.com. 

About Sodexo

Founded in Marseille in 1966 by Pierre Bellon, Sodexo is the leader in Food and Services, shaping better everyday experiences at every moment in life: work, heal, learn and play. The Group stands out for its independence, its founding family shareholding and its responsible business model. With its services, Sodexo meets all the challenges of everyday life with a dual goal: to improve the quality of life of our employees and those we serve, and contribute to the economic, social and environmental progress in the communities where we operate. For Sodexo, growth and social commitment go hand in hand. Our purpose is to create a better everyday for everyone to build a better life for all.
Sodexo is included in the CAC Next 20, Bloomberg France 40, CAC SBT 1.5, FTSE 4 Good and DJSI indices.

Sodexo Key figures

• 24 billion euros Fiscal 2026 consolidated revenues	• 43 countries
• 443,000 employees as at August 31, 2026	• 80 million consumers served daily
• #1 France-based private employer worldwide	• 8.3 billion euros in market capitalization  (as at October 22, 2026)

	Contacts
	Analysts and Investors		Media
	Juliette Klein +33 1 57 75 80 27 juliette.klein@sodexo.com		Mathieu Scaravetti +33 6 28 62 21 91 mathieu.scaravetti@sodexo.com

Fiscal 2026 Activity Report

1.1        Consolidated income statement

(in million euros)	FISCAL 2026	FISCAL 2025	CHANGE	CHANGE CONSTANT RATES
Revenues	23,963	24,074	-0.5%	+2.5%
Organic growth	+2.0%	+3.3%
Underlying operating profit	810	1,139	-28.9%	-26.2%
Underlying operating profit margin	3.4%	4.7%	-130 bps	-130 bps
Other operating income and expenses	(290)	(154)
Operating profit	520	985	-47.2%	-45.4%
Net financial expense	(137)	(88)
Tax charge	(88)	(198)
Effective tax rate(1)	23.4%	22.2%
Net profit (group share)(2)	304	695	-56.3%	-54.8%
Basic EPS (in euros)	2.09	4.76
Underlying net profit (group share)	508	785	-35.3%	-32.7%
Basic Underlying EPS (in euros)	3.48	5.37	-35.2%

^{(1) ETR based on Pre-tax profit excluding share of profit from Equity method of 376 million euros in Fiscal 2026 and 892 million euros in Fiscal 2025.
(2) Profit attributable to non-controlling interests were a loss of 1 million euros in Fiscal 2026 and a gain of 11 million euros in Fiscal 2025.}

1.2        Revenues

Revenues by region
REVENUES (in million euros)	FISCAL 2026	FISCAL 2025		ORGANIC GROWTH	EXTERNAL GROWTH	CURRENCY EFFECT	TOTAL GROWTH
North America	10,491	11,180		-1.0%	+0.3%	-5.5%	-6.2%
Europe	8,852	8,593		+2.1%	+1.7%	-0.7%	+3.0%
Rest of the World	4,620	4,301		+9.7%	-1.3%	-0.9%	+7.4%
TOTAL	23,963	24,074		+2.0%	+0.5%	-3.0%	-0.5%

 

Fiscal 2026 consolidated revenues amounted to 24.0 billion euros, down -0.5% year on year. This change reflected organic revenue growth of +2.0%, a positive net contribution from acquisitions and disposals of +0.5%, and a negative currency impact of -3.0%, mainly due to the depreciation of the US dollar.

Organic revenue growth was supported by pricing of around +2.4% and like-for-like volume growth of around +0.6%, reflecting solid activity in client projects and cross-selling, as well as strong sports and events activity. These drivers were partly offset by headwinds from net new business, which was slightly negative during the year, and from a contract reclassification in North America Business & Administrations. Following the renegotiation and renewal of the contract, revenue has been recognized on a net rather than gross basis since January 1, 2026. This change reduced Group organic revenue growth by approximately 70 basis points in Fiscal 2026 and is expected to have an annualized impact of around 100 basis points.

By service, organic revenue growth was +1.6% in Food services and +2.9% in Facilities Management services.

Organic growth by geography in Fiscal 2026 is summarized below:

• North America: Organic growth was -1.0%, mainly reflecting prior contract losses in Education and Business & Administrations and, to a lesser extent, changes in scope on certain contracts, alongside the contract reclassification effect described above. Healthcare and Seniors continued to deliver strong growth, driven by new contracts ramp-ups, while Sodexo Live! benefited from high activity levels across stadiums, conference centers and airport lounges, supported by high attendance and strong consumer spending.
• Europe: Organic revenue grew by +2.1%, supported by Healthcare & Seniors, while Education and Business & Administrations were more subdued, reflecting negative net new business.
• Rest of the World:  Organic revenue grew by +9.7%, driven by new contract ramp-ups and strong underlying momentum notably in India, Australia and Brazil, reflecting both new business and additional activity at existing client sites.

The tables below provide a detailed breakdown of organic growth by segment within each geographic zone.

North America

REVENUES BY SEGMENT (in million euros)	FISCAL 2026	FISCAL 2025	ORGANIC GROWTH
Business & Administrations	2,545	2,948	-9.7%
Sodexo Live!	1,581	1,560	+7.3%
Healthcare & Seniors	3,526	3,504	+6.5%
Education	2,839	3,168	-5.1%
NORTH AMERICA TOTAL	10,491	11,180	-1.0%

 

Europe

REVENUES BY SEGMENT (in million euros)	FISCAL 2026	FISCAL 2025	ORGANIC GROWTH
Business & Administrations	4,790	4,746	+1.6%
Sodexo Live!	710	707	+2.9%
Healthcare & Seniors	2,154	1,987	+5.0%
Education	1,198	1,153	-1.6%
EUROPE TOTAL	8,852	8,593	+2.1%

 

Rest of the World

REVENUES BY SEGMENT (in million euros)	FISCAL 2026	FISCAL 2025	ORGANIC GROWTH
Business & Administrations	4,007	3,708	+10.2%
Sodexo Live!	58	54	+13.9%
Healthcare & Seniors	368	352	+6.5%
Education	187	187	+4.3%
REST OF THE WORLD TOTAL	4,620	4,301	+9.7%

 

1.3        Underlying operating profit

Fiscal 2026 underlying operating profit was 810 million euros, down -28.9% year-on-year. The underlying operating profit margin decreased by 130 basis points to 3.4%. The decline reflected charges and provisions arising from the Group’s review of contracts and assets, accelerated investments to strengthen commercial and operational capabilities, as well as operational factors. These included underperformance across parts of the portfolio, as well as a tougher second-half comparison due to a non-recurring indirect tax benefit recognized in Rest of the World in the prior-year period.

Operational factors weighed on margin throughout the year. The impact of the contract and asset review was more concentrated in the first half, while accelerated investment had a greater impact in the second half.

By geography, the decline in underlying operating profit margin was more pronounced in North America, where the margin decreased by approximately 180 basis points at 4.0%.

This reflected a higher concentration of operational execution challenges, accelerated investments, and the impact of the contract and asset review in the region.

In Europe, the underlying operating profit margin decreased by approximately 90 basis points to 3.4%, mainly reflecting charges and provisions arising from the contract and asset review.

In Rest of the World, the underlying operating profit margin decreased by approximately 90 basis points to 4.0%. On a full-year basis, review-related charges and provisions contributed to the decline. The more pronounced decrease in the second half largely reflected a tougher comparison, as the prior-year period benefited from a non-recurring indirect tax item, together with accelerated transformation investment, including the ERP pilot in India.

(in million euros)	UNDERLYING OPERATING PROFIT FISCAL 2026	CHANGE	CHANGE CONSTANT CURRENCY	UNDERLYING OPERATING PROFIT MARGIN FISCAL 2026	CHANGE IN MARGIN	CHANGE CONSTANT CURRENCY
North America	416	-35.5%	-31.6%	4.0%	-180 bps	-180 bps
Europe	300	-18.3%	-16.9%	3.4%	-90 bps	-90 bps
Rest of the World	184	-12.8%	-12.3%	4.0%	-90 bps	-90 bps
Corporate expenses/HQ costs	(90)	+7.1%	+7.1%
UNDERLYING OPERATING PROFIT	810	-28.9%	-26.2%	3.4%	-130 bps	-130 bps

 

1.4        Net profit

(in million euros)	FISCAL 2026	FISCAL 2025
Underlying operating profit	810	1,139
Net impact related to consolidation scope changes	46	3
Restructuring and rationalization costs	(216)	(97)
Amortization of purchased intangible assets	(34)	(35)
Other	(86)	(25)
Other operating income and expenses	(290)	(154)
Operating profit	520	985
Net financial expense	(137)	(88)
Net income before tax & shares accounted for equity method	376	892
tax charge	(88)	(198)
Net profit (group share)	304	695
Underlying net profit (group share)	508	785

 

Other operating income and expenses amounted to -290 million euros in Fiscal 2026, compared to -154 million euros in Fiscal 2025. This mainly reflected higher restructuring and rationalization costs associated with the Group’s Shift & Grow 2030 transformation program, including organizational simplification, workforce transformation initiatives and the continued development of shared service centers across several geographies. Other operating income and expenses also included specific items related to asset and footprint rationalization, as well as pension-related items arising from a change in labor legislation in India and the recognition of one-‌off costs relating to a multi-employer pension plan in the U.S. These expenses were partly offset by the gain on the disposal of Active Global.

As a result, operating profit reached 520 million euros compared to 985 million euros in the previous year, reflecting lower underlying operating profit and year-on-year differences in other operating income and expenses.

Net financial expenses amounted to -137 million euros, compared to -88 million euros in the prior year, mainly reflecting the full-year impact of the U.S. dollar bond issuance completed in May 2025, together with lower interest income and fewer one-off financial gains.

The tax charge was -88 million euros, corresponding to an effective tax rate of 23.4%, compared with 22.2% in Fiscal 2025. The year-‌on-‌year increase in effective tax rate mainly reflects the non-‌recurrence of favorable items recognized in the prior year, including the reassessment of the risk related to the Sodexo S.A. tax audit following the finalization of the related procedures, and the recognition of previously unrecognized tax losses in France. The Fiscal 2026 effective tax rate nevertheless remained below the expected level of around 26%, primarily reflecting the geographic mix of profits, notably the gain on the disposal of Active Global in Singapore.

Group net profit amounted to 304 million euros, compared to 695 million euros in Fiscal 2025. Underlying net profit, adjusted for other operating income and expenses net of tax, amounted to 508 million euros, compared with 785 million euros in Fiscal 2025, representing a decrease of -32.7% at constant currencies. The decline in both measures mainly reflected lower underlying operating profit, impacted by operational factors, charges and provisions arising from the review of certain contracts and assets, and increased investment to strengthen the Group’s capabilities and support its transformation. Group net profit was also impacted by higher other operating expenses, notably restructuring.

‌1.5        Cash flows

(in million euros)	FISCAL 2026	FISCAL 2025
Operating cash flow(1)	1,091	1,200
Change in working capital	75	(69)
IFRS 16 leases outflow	(183)	(188)
Net capital expenditure (including new client investments)	(604)	(484)
Free cash flow(2)	379	459
Net acquisitions	(175)	(93)
Share buy-backs	(32)	(83)
Dividends paid to shareholders	(394)	(388)
Other changes (including scope and exchange rates)	37	18
(Increase)/decrease in net debt	(185)	(87)

^{(1) The difference with the operating cash flow as presented in the consolidated cash flow statement (section 2.4) comes from the payment of client investments during the period, presented in this table within net capex (within operating cash flow in the cash flow statement).
(2) The Group does not believe the accounting treatment introduced by IFRS 16 modifies the operating nature of its lease transactions. Accordingly, to ensure the Group’s performance measures continue to best reflect its operating performance, the Group considers repayments of lease liabilities as operating items impacting the Free cash flow, which integrates all lease payments (fixed or variable). To be consistent, the lease liabilities are not included in net debt (treated as operating items).}

Free cash flow amounted to 379 million euros in Fiscal 2026 compared with 459 million euros in Fiscal 2025.

Operating cash flow amounted to 1.1 billion euros, compared with 1.2 billion euros in the previous year. The decrease mainly reflected lower operating profit and higher interest payments, partly offset by the absence in Fiscal 2026 of the exceptional tax payment relating to the Sodexo S.A. tax reassessment recorded in the prior year.

The change in working capital was an inflow of 75 million euros, compared with an outflow of 69 million euros in Fiscal 2025, supported by strong collection performance, together with favorable timing and one-offs effects.

Net capital expenditure, including client investments, increased to 604 million euros, representing 2.5% of revenues, compared with 484 million euros, or 2.0% of revenues, in Fiscal 2025. The increase mainly reflected client investments associated with contract renewals and new business wins.

Acquisitions net of disposals represented an outflow of 175 million euros, mainly reflecting the acquisition of Grupo Mediterránea and smaller bolt-on acquisitions in Europe, partly offset by the proceeds from the disposal of Active Global.

The Fiscal 2025 dividend paid during the fiscal year amounted to 394 million euros, compared with 388 million euros in the prior fiscal year, corresponding to a payout ratio of 50% of Fiscal 2025 underlying net profit.

After taking into account other movements, including currency effects, consolidated net debt increased by 185 million euros during the year.

1.6        Condensed consolidated statement of financial position at ‌August ‌31, ‌2026

(in million euros)	AUGUST 31, 2026	AUGUST 31, 2025		(in million euros)	AUGUST 31, 2026	AUGUST 31, 2025
Non-current assets	8,999	8,524		Shareholders’ equity	3,766	3,786
Current assets excluding cash	4,369	4,234		Non-controlling interests	8	13
				Non-current liabilities	4,509	5,212
Cash and cash equivalent	1,131	2,091		Current liabilities	6,216	5,838
TOTAL ASSETS	14,499	14,849		TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	14,499	14,849

(in million euros)	AUGUST 31, 2026	AUGUST 31, 2025
Gross debt	4,003	4,777
Net debt	2,872	2,687
Gearing ratio	76%	71%
Net debt ratio (net debt/EBITDA)	2.4x	1.8x

As at August 31, 2026, net debt stood at 2.9 billion euros, compared with 2.7 billion euros at the end of Fiscal 2025. The increase mainly reflected the lower level of free cash flow, the net cash outflow related to acquisitions and disposals, and the Fiscal 2025 dividend payment.

Net debt-to-EBITDA ratio increased to 2.4x, compared with 1.8x as at August 31, 2025. The increase reflected both the higher level of net debt and the decline in EBITDA, notably due to charges and provisions arising from the contract and asset review, as well as accelerated transformation investments. Gearing rose by 5 points to 76%.

During Fiscal 2026, the Group repaid at maturity the remaining $328 million bond in April and a €500 million bond in June, using available liquidity.

As of August 31, 2026, reported gross debt totaled 4 billion euros and operating cash amounted to 1.1 billion euros. Unused credit lines totaled 1.75 billion euros, with a 5-year maturity.

On August 26, 2026, Sodexo successfully priced a €1.1 billion dual-tranche euro-denominated bond issuance, comprising €600 million of bonds maturing in 2032 and €500 million of bonds maturing in 2036. The transaction settled on September 2, 2026 and is therefore not reflected in the balance sheet as of August 31, 2026.

On a pro forma basis, taking into account the settlement of the issuance, 61% of the Group’s gross debt was denominated in euros, 32% in U.S. dollars and 7% in sterling. The blended cost of debt was 3.1%, the average maturity was 4.2 years, 95% of debt was at fixed rates and the debt remained entirely covenant-free. The issuance strengthened the Group’s liquidity profile and will notably support the upcoming redemption of the €800 million bonds due in April 2027.

1.7        Earnings per share

Based on an average number of shares of 145,700,133, compared with 146,014,551 in Fiscal 2025, earnings per share (EPS) amounted to 2.09 euros versus 4.76 euros in the prior year, while underlying EPS amounted to 3.48 euros, versus 5.37 euros.

1.8        Proposed dividend

The Board proposes an ordinary dividend of 1.74 euros per share, in line with the Group’s policy of a 50% pay-out ratio based on underlying net profit.

1.9        Currency effect

Exchange rate fluctuations do not generate operational risks, because each subsidiary bills its revenues and incurs its expenses in the same currency.

€1=	AVERAGE RATE FY 2026	AVERAGE RATE FY 2025	AVERAGE RATE FY 2026 VS. FY 2025	CLOSING RATE AT 08/31/2026	CLOSING RATE AT 08/31/2025	CLOSING RATE 08/31/2026 VS. 08/31/2025
U.S. dollar	1.164	1.100	-5.5%	1.160	1.166	+0.5%
Pound Sterling	0.869	0.842	-3.1%	0.856	0.867	+1.2%
Brazilian real	6.085	6.295	+3.5%	5.997	6.325	+5.5%

In Fiscal 2026, revenues were impacted by a -3.0% currency effect, primarily reflecting the depreciation of the U.S. dollar against the euro since the beginning of the year.

As at the end of Fiscal 2026, the Group operates in 43 countries. The percentage of total revenues and Underlying operating profit denominated in the main currencies is as follows:

FISCAL 2026	% OF REVENUES	% OF UNDERLYING OPERATING PROFIT
U.S. dollar	42%	56%
Euro	24%	1%
Pound Sterling	9%	10%
Brazilian real	4%	6%

The currency effect is determined by applying the previous year’s average exchange rates to the current year figures.

1.10        Outlook

In line with the first phase of Shift & Grow 2030, focused on rebuilding competitiveness, Sodexo confirms the outlook for Fiscal 2027 announced at its Investor Update in July 2026:

• Organic revenue growth of between +2% and +3%;
• Underlying operating profit margin broadly in line with the 3.4% achieved in Fiscal 2026, reflecting continued investment to strengthen capabilities and restore competitiveness.

From Fiscal 2028 onwards: acceleration phase with progressive benefits from these actions, supporting improved growth, profitability and returns.

For Fiscal 2030, Sodexo expects to deliver:

• Organic revenue growth above +5%, including net new business above +3%;
• Underlying operating profit margin above 5%.

1.11        Subsequent events.

On September 2, 2026, the Group settled the €1.1 billion bond issuance announced on August 26, 2026. The issuance comprised €600 million of bonds maturing in 2032 and €500 million of bonds maturing in 2036.

At the end of September 2026, the Group acquired Menü 2000, a leading independent workplace catering provider operating approximately 250 workplace restaurants in Germany, as well as Olive Catering, one of the leading independent contract catering providers in the UK.

On September 28, 2026, the Board of Directors announced its intention to appoint Nathalie Bellon-Szabo as non-executive Chairwoman, subject to the renewal of her term as Director at the Annual Shareholders Meeting on December 16, 2026. She would then succeed Sophie Bellon, who has served as Chairwoman of the Board of Directors since 2016.

1.12        Alternative performance measure definitions

Blended cost of debt

The blended cost of debt is calculated at period end and is the weighted blended financing rate on borrowings (including derivative financial instruments and commercial papers) and cash pooling balances at period end.

Financial ratios

Please refer to section 2.6.

Free cash flow

Please refer to the section entitled Consolidated financial position.

Growth excluding currency effect

The currency effect is determined by applying the previous year’s average exchange rates to the current year figures except in hyper-inflationary economies where all figures are converted at the latest closing rate for both periods when the impact is significant.

Net debt

Net debt is defined as Group borrowing at the balance sheet date, less operating cash.

Organic growth

Organic growth corresponds to the increase in revenue for a given period (the “current period”) compared to the revenue reported for the same period of the prior fiscal year, calculated using the exchange rate for the prior fiscal year; and excluding the impact of business acquisitions (or gain of control) and divestments, as follows:

• for businesses acquired (or gain of control) during the current period, revenue generated since the acquisition date is excluded from the organic growth calculation;
• for businesses acquired (or gain of control) during the prior fiscal year, revenue generated during the current period up until the first anniversary date of the acquisition is excluded;
• for businesses divested (or loss of control) during the prior fiscal year, revenue generated in the comparative period of the prior fiscal year until the divestment date is excluded;
• for businesses divested (or loss of control) during the current fiscal year, revenue generated in the period commencing 12 months before the divestment date up to the end of the comparative period of the prior fiscal year is excluded.

Underlying net profit

Underlying net profit presents a net income excluding significant unusual and/or infrequent elements. Therefore, it corresponds to the Net income Group share excluding other income and expense and significant non-recurring elements in both net financial expense and income tax expense where relevant.

Underlying net profit per share

underlying net profit per share presents the Underlying net profit divided by the average number of shares.

Underlying operating profit margin

The underlying operating profit margin corresponds to underlying operating profit divided by revenues.

Underlying operating profit margin at constant rates

The underlying operating profit margin at constant rates corresponds to underlying operating profit divided by revenues, calculated by converting 2026 figures at Fiscal 2025 rates, except for countries with hyperinflationary economies.

Fiscal 2026 Condensed consolidated financial statements

The notes to these consolidated financial statements will be published shortly as part of the Universal Registration Document.

2.1        Consolidated income statement

(in millions of euros)	NOTES	FISCAL  2026	FISCAL 2025
Revenues	4.1	23,963	24,074
Cost of sales	4.2	(21,422)	(21,241)
Gross profit		2,541	2,833
Selling, general and administrative costs	4.2	(1,738)	(1,699)
Share of profit of companies accounted for using the equity method that directly contribute to the Group’s business	8	7	5
Underlying operating profit	4.1	810	1,139
Other operating income	4.2	46	21
Other operating expenses	4.2	(336)	(175)
Operating profit		520	985
Financial income	12.1	53	90
Financial expenses	12.1	(190)	(178)
Share of profit of other companies accounted for using the equity method	8	8	7
Profit before tax		391	904
Income tax expense	9.2	(88)	(198)
Net profit		303	706
Of which:
Profit attributable to non-controlling interests		(1)	11
PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT		304	695
Basic earnings per share(in euros)	11.2	2.09	4.76
Diluted earnings per share(in euros)	11.2	2.07	4.71

 

2.2        Consolidated statement of comprehensive income

(in millions of euros)	NOTES	FISCAL  2026	FISCAL 2025
NET PROFIT		303	706
Items of other comprehensive income that may be reclassified subsequently to profit or loss		101	(230)
Change in fair value of derivatives hedging instruments	12.5 and 11.1	—	—
Change in fair value of derivatives hedging instruments reclassified to profit or loss	12.5 and 11.1	—	—
Exchange differences	11.1	101	(218)
Exchange differences reclassified to profit or loss	11.1	—	(12)
Tax on items of other comprehensive income that may be reclassified subsequently to profit or loss	11.1	—	—
Share of other items of comprehensive income (loss) of companies accounted for using the equity method, net of tax	11.1 and 8	—	—
Items of other comprehensive income that will not be reclassified subsequently to profit or loss		(21)	—
Remeasurement of defined benefit plan obligation	5.1 and 11.1	17	2
Change in fair value of financial assets remeasured through other comprehensive income	12.3 and 11.1	(46)	—
Tax on items of other comprehensive income that will not be reclassified subsequently to profit or loss	11.1	8	(2)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), AFTER TAX		80	(230)
COMPREHENSIVE INCOME		383	476
Of which:
Attributable to equity holders of the parent		384	466
Attributable to non-controlling interests		(1)	10

 

2.3        Consolidated statement of financial position

Assets

(in millions of euros)	NOTES	AUGUST 31, 2026	AUGUST 31, 2025
Goodwill	6.1	5,691	5,404
Other intangible assets	6.2	500	507
Property, plant and equipment	6.3	599	571
Right-of-use assets	7.2	583	616
Client investments	4.4	880	698
Investments in companies accounted for using the equity method	8	68	71
Non-current financial assets	12.3 and 12.5	351	383
Other non-current assets		141	120
Deferred tax assets	9.3	186	154
NON-CURRENT ASSETS		8,999	8,524
Current financial assets	12.3 and 12.5	21	45
Inventories		329	304
Income tax receivable		142	130
Trade receivables and other current operating assets	4.3	3,877	3,755
Cash and cash equivalents	12.2	1,131	2,091
Assets held for sale		—	—
CURRENT ASSETS		5,500	6,325
TOTAL ASSETS		14,499	14,849

 

Shareholders’ equity and liabilities

(in millions of euros)	NOTES	AUGUST 31, 2026	AUGUST 31, 2025
Share capital		590	590
Additional paid-in capital		248	248
Reserves and retained earnings		2,928	2,948
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT		3,766	3,786
NON-CONTROLLING INTERESTS		8	13
TOTAL SHAREHOLDERS’ EQUITY	11.1	3,774	3,799
Non-current borrowings	12.4 and 12.5	3,181	3,962
Non-current lease liabilities	7.1	493	509
Employee benefits	5.1	258	259
Other non-current liabilities	4.3	276	256
Non-current provisions	10.1	190	95
Deferred tax liabilities	9.3	111	131
NON-CURRENT LIABILITIES		4,509	5,212
Bank overdrafts	12.2	—	1
Current borrowings	12.4 and 12.5	823	819
Current lease liabilities	7.1	156	155
Income tax payable		127	135
Current provisions	10.1	172	58
Trade and other payables	4.3	4,938	4,670
Liabilities directly associated with assets held for sale		—	—
CURRENT LIABILITIES		6,216	5,838
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES		14,499	14,849

 

2.4        Consolidated cash flow statement

(in millions of euros)	NOTES	FISCAL  2026	FISCAL 2025
Operating profit		520	985
Depreciation, amortization and impairment of intangible assets, property, plant and equipment and right-of-use assets(1)		525	490
Payment of client investments during fiscal year		(259)	(167)
Amortization of client investments during fiscal year	4.4	137	131
Provisions		185	(16)
(Gains) losses on disposals and dilution		(33)	(10)
Other non-cash items		23	28
Dividends received from companies accounted for using the equity method	8	19	10
Interest paid		(157)	(116)
Interest received		42	72
Interest paid on lease liabilities		(23)	(26)
Income tax paid		(147)	(348)
Operating cash flow		832	1,033
Change in inventories		(17)	9
Change in trade receivables and other current operating assets		(43)	(249)
Change in trade and other payables		135	171
Change in working capital relating to operating activities		75	(69)
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES		907	964
Acquisitions of property, plant and equipment and intangible assets		(364)	(333)
Disposals of property, plant and equipment and intangible assets		19	16
Change in financial assets and share of companies consolidated by the equity method		19	20
Acquisition of subsidiaries, net of cash acquired	3	(188)	(104)
Disposal of subsidiaries, net of cash transferred	3	82	11
NET CASH USED IN INVESTING ACTIVITIES		(432)	(390)
Dividends paid to Sodexo S.A. shareholders	11.1	(394)	(388)
Dividends paid to non-controlling shareholders of consolidated companies		(2)	(14)
Purchases of treasury shares	11.1	(32)	(83)
Sales of treasury shares	11.1	—	(4)
Change in non-controlling interests		—	—
Proceeds from borrowings	12.4	1,286	1,838
Repayment of borrowings	12.4	(2,138)	(1,691)
Repayments of lease liabilities	7.1	(183)	(188)
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES		(1,463)	(530)
NET EFFECT OF EXCHANGE RATES AND OTHER EFFECTS ON CASH		29	(88)
CHANGE IN NET CASH AND CASH EQUIVALENTS		(959)	(44)
NET CASH AND CASH EQUIVALENTS, BEGINNING OF FISCAL YEAR		2,090	2,134
NET CASH AND CASH EQUIVALENTS, END OF YEAR	12.2	1,131	2,090

^{(1) Including 203 million euros corresponding to the depreciation of right-of-use assets recognized in Fiscal 2026 in accordance with IFRS 16 (197 million euros recognized in Fiscal 2025).}

2.5        Consolidated statement of changes in shareholders’ equity

(in millions of euros)	NUMBER OF SHARES OUTSTANDING	SHARE CAPITAL	ADDITIONAL PAID-IN CAPITAL	CONSOLIDATED RESERVES	CURRENCY TRANSLATION RESERVE	TOTAL SHAREHOLDERS’ EQUITY
						ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT	NON-CONTROLLING INTERESTS	TOTAL
Notes	11.1			11.1
SHAREHOLDERS’ EQUITY AS OF AUGUST 31, 2025	147,454,887	590	248	3,575	(628)	3,786	13	3,799
Net profit				304		304	(1)	303
Other comprehensive income (loss), net of tax				(21)	101	80	—	80
Comprehensive income				283	101	384	(1)	383
Dividends paid				(394)		(394)	(2)	(396)
Treasury share transactions				(32)		(32)		(32)
Share-based payment (net of income tax)				28		28		28
Change in ownership interest without any change of control				—		—	—	—
Other				(6)		(6)	(2)	(8)
SHAREHOLDERS’ EQUITY AS OF AUGUST 31, 2026	147,454,887	590	248	3,454	(527)	3,766	8	3,774

(in millions of euros)	NUMBER OF SHARES OUTSTANDING	SHARE CAPITAL	ADDITIONAL PAID-IN CAPITAL	CONSOLIDATED RESERVES	CURRENCY TRANSLATION RESERVE	TOTAL SHAREHOLDERS’ EQUITY
						ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT	NON-CONTROLLING INTERESTS	TOTAL
Notes	11.1			11.1
SHAREHOLDERS’ EQUITY AS OF AUGUST 31, 2024	147,454,887	590	248	3,342	(399)	3,782	16	3,798
Net profit				695		695	11	706
Other comprehensive income (loss), net of tax				—	(229)	(229)	(1)	(230)
Comprehensive income				695	(229)	466	10	476
Dividends paid				(388)		(388)	(8)	(396)
Treasury share transactions				(87)		(87)		(87)
Share-based payment (net of income tax)				33		33		33
Change in ownership interest without any change of control				—		—	—	—
Other				(20)		(20)	(5)	(25)
SHAREHOLDERS’ EQUITY AS OF AUGUST 31, 2025	147,454,887	590	248	3,575	(628)	3,786	13	3,799

 

2.6        Financial ratios

		FISCAL 2026	FISCAL 2025
Gearing ratio	Borrowings (A) – operating cash (B)	76.1%	70.7%
	Shareholders’ equity and non-controlling interests
Net debt ratio	Borrowings (A) – operating cash (B)	2.4	1.8
	Underlying EBITDA (underlying operating profit before impairment, depreciation and amortization) (C)
Debt coverage	Borrowings	3,7 years	4 years
	Operating cash flow(1)
Financial independence	Non-current borrowings	84.2%	104.2%
	Shareholders’ equity and non-controlling interests
ROE (Return on equity)	Profit attributable to equity holders of the parent	8.8%	22.5%
	Shareholders’ equity attributable to equity holders of the parent (before profit for the year)
ROCE (Return on capital employed)	Underlying operating profit after tax	9.2%	13.5%
	Average capital employed
Interest cover	Operating profit	5.0	15.1
	Net borrowing cost

^{(1) Operating cash flow as defined in the activity report in note 3.3 (chapter 3 of URD) for Fiscal 2025 and 2024.}

Financial ratios have been calculated based on the following key indicators:

(in millions of euros)		FISCAL 2026	FISCAL 2025
(A) Borrowings(1)	Non current borrowings	3,181	3,962
	+ Current borrowings	823	819
	– Derivative financial instruments recognized as assets	(1)	(4)
	BORROWINGS	4,003	4,777
(B) Operating cash	Cash and cash equivalents	1,131	2,091
	– Bank overdrafts	—	(1)
	OPERATING CASH	1,131	2,090
(C) Underlying EBITDA	Underlying operating profit	810	1,139
	+ Impairment, depreciation and amortization	455	454
	+ Client investment amortization	137	131
	– Lease payments	(206)	(214)
	UNDERLYING EBITDA (UNDERLYING OPERATING PROFIT BEFORE IMPAIRMENT, DEPRECIATION AND AMORTIZATION)	1,196	1,510
(D) Underlying operating profit after tax	Underlying operating profit	810	1,139
	Underlying effective tax rate(3)	26.2%	25.0%
	UNDERLYING OPERATING PROFIT AFTER TAX	598	854
(E) Average capital employed(2)	Property, plant and equipment	585	562
	+ Right-of-use assets	600	645
	+ Lease liabilities	(657)	(696)
	+ Goodwill	5,548	5,484
	+ Other intangible assets	504	472
	+ Client investments	789	705
	+ Working capital excluding financial assets	(877)	(860)
	+ Impact of assets held for sale	—	10
	AVERAGE CAPITAL EMPLOYED	6,492	6,320

^{(1) The Group does not believe the accounting treatment introduced by IFRS 16 modifies the operating nature of its leases. Accordingly, to ensure the Group’s performance measures continue to best reflect its operating performance, the Group considers repayments of lease liabilities as operating items with an impact on free cash flow, integrating all lease payments (fixed or variable). As a result, lease liabilities are excluded from borrowings.
(2) Average capital employed between the beginning and the end of the Fiscal year.
(3) The underlying effective tax rate is calculated as follows:}

(in millions of euros)	FISCAL 2026			FISCAL 2025
	PROFIT BEFORE TAX EXCLUDING SHARE OF PROFIT OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD	INCOME TAX EXPENSE	RATE	PROFIT BEFORE TAX EXCLUDING SHARE OF PROFIT OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD	INCOME TAX EXPENSE	RATE
EFFECTIVE	376	(88)	23.4%	892	(198)	22.2%
Adjustments:
Restructuring costs	216	(55)		97	(25)
Impairment losses and amortization of intangible assets relating to client relationships and trademarks	67	(17)		35	(9)
Recognition of deferred taxes					(16)
Other	7	(14)		22	(14)
UNDERLYING	666	(174)	26.2%	1,046	(261)	25.0%

Attachment

• PR Sodexo – Fiscal 2026 Results EN

Hydro’s adjusted EBITDA for the third quarter of 2026 was NOK 9,089 million, up from NOK 5,996 million in the same quarter last year. Higher all-in metal prices and higher alumina prices contributed positively in the quarter, along with improved earnings in Recycling and Extrusions. The strong performance was partially offset by higher anode and energy costs in Aluminium Metal, increased energy costs in Bauxite & Alumina due to gas supply disruptions, a stronger NOK vs USD, and negative price area differences in Energy.

• Alunorte resumed regular operations following temporary gas supply disruptions 

• Free cash flow of NOK 1.4 billion impacted by higher metal prices and associated working capital requirements and prepayments

• First metal produced at HalZero test facility, marking important milestone for carbon-free technology track

• Commercial momentum continues for Hydro’s low-carbon and recycled aluminium portfolio

• New PPAs secured, further strengthening Hydro’s long-term power position

Hydro delivered strong profitability in the quarter, with adjusted earnings per share increasing from NOK 1.0 in the third quarter of 2025, to NOK 2.3 in the third quarter of 2026. Free cash flow was NOK 1.4 billion, as strong adjusted EBITDA was partly offset by higher net operating capital, primarily driven by increased metal prices and associated working capital requirements and prepayments. While this development reflects the current market environment, improving cash conversion and working capital efficiency remains a clear priority going forward. Consequently, Hydro has updated its year-end capex guiding to around NOK 12.5 billion, down from NOK 13.5 billion, and net working capital guiding to around NOK 32 billion, up from NOK 30 billion. The twelve month adjusted RoaCE ended at 12.5 percent.

“Hydro’s third quarter results reflect strong operational performance amplified by market tailwinds. Record high liquid metal production from our Norwegian smelter system, combined with strong pricing throughout the quarter drove solid earnings and strong profitability. Operational excellence enables us to capture more of the upside when markets are strong and, more importantly, builds resilience when markets turn,” says Eivind Kallevik, President and CEO of Hydro. 

During the third quarter, disruption in natural gas supplies to Alunorte temporarily reduced production at the refinery. Through mitigating actions, including securing alternative LNG supply, Hydro maintained operational continuity and successfully restored alumina production.

Aluminium Metal benefited from higher all-in metal prices and strong operational performance, while Recycling and Extrusions delivered improved earnings supported by strong recycling margins. Hydro’s Norwegian smelters increased liquid metal production to record levels, reinforcing Hydro’s position as a reliable supplier of low-carbon aluminium to European customers.

In parallel, Hydro experienced continued momentum for its low-carbon and recycled products, with leading brands like CHANEL Fragrances and Beauty, General Motors, and Mercedes-Benz integrating Hydro’s solutions in their product lines.

“We continue to see strong demand for our low-carbon and recycled offerings from some of the world’s leading consumer brands. When brands like CHANEL Fragrances and Beauty and Mercedes-Benz choose Hydro, they place their trust in our quality, reliability, and ability to help them achieve their ambitions. That trust has commercial value and reinforces our confidence in the long-term opportunities for low-carbon and recycled aluminium,” says Kallevik.

Hydro reached an important milestone in the development of its HalZero technology by producing aluminium for the first time, demonstrating the core electrolysis technology beyond laboratory scale. The achievement marks an important step toward Hydro’s long-term ambition of eliminating emissions from electrolysis and anode production. Further testing, piloting and technology development remain before any potential industrial application. Enova awarded NOK 82 million in funding to support the concept development and planning of an industrial concept pilot.

“This is an important milestone and a significant step forward in the development of HalZero. Producing the first metal demonstrates that the electrolysis technology works and paves the way for the continued development of a game changing technology with the potential to enable emission-free aluminium production in the future,” says Kallevik.

During the quarter, Slovalco began the restart of primary aluminium production following the agreement announced in July on long-term framework conditions with the Slovak government. The restart commenced in late August, marking the return of capacity curtailed during the European energy crisis in 2022. The first phase targets an annual production capacity of 75,000 tonnes by the end of February 2027. The restart reflects the importance of competitive power, predictable regulatory frameworks, and effective industrial policy in maintaining and rebuilding Europe’s industrial base.

Results and market development per business area

Adjusted EBITDA for Bauxite & Alumina decreased compared to the third quarter of last year, to NOK 283 million from NOK 1,290 million, mainly driven by lower alumina sales prices, natural gas supply disruptions resulting in higher LNG sourcing costs and unfavourable BRL/USD exchange rate effects.This was partly offset by lower raw material costs and lower fixed costs.

PAX traded up throughout the third quarter 2026 to USD 370 per mt at the end on the quarter, diverging from Chinese alumina prices moving down. Despite lower alumina production at certain refineries in Indonesia because of raw material supply challenges, the World ex-China alumina market was oversupplied in the quarter. China’s alumina market became increasingly oversupplied during the quarter as new refinery capacity came on line.  Chinese alumina prices were close to the marginal cash production cost. Approximately half of China’s alumina production depends on bauxite imported from Guinea. The government of Guinea is considering the possibility of restricting annual bauxite exports volume, but no formal announcement has been made.

Adjusted EBITDA for Energy decreased in the third quarter compared to the same period last year, to NOK 411 million from NOK 828 million. The decrease is mainly due to a loss on price area differences compared to a gain in the same period last year.

Average Nordic power prices increased in the third quarter compared with both the previous quarter and the same quarter last year. The increase was mainly driven by weak hydrological conditions and higher power prices in Continental Europe. Price area differences between the south and north of the Nordic market were above the previous quarter and below the same period last year. The price difference between central Norway and northern Sweden widened significantly compared with both the previous quarter and the same quarter last year.

The Nordic hydrological balance at the end of the quarter was 13 TWh below normal, compared to 15 TWh below normal at the end of last quarter and 1 TWh below normal at the same time last year. Norwegian hydropower reservoirs were around 67.8 percent of full capacity at the end of the quarter, which is below the normal for this time of year of 82.8 percent. The distribution was uneven, with lower than normal levels in the southern and central Norway, and higher than normal levels in the north.

Adjusted EBITDA for Aluminium Metal increased in the third quarter of 2026 compared to the third quarter of 2025, to NOK 7,031 million from NOK 2,732 million, due to higher all-in metal prices, partly offset by lower sales volume, higher energy and carbon cost, and weaker USD to NOK. Global primary aluminium consumption was slightly higher compared to the third quarter of 2025, driven by a 3.0 percent increase in Asia. Primary consumption in the World ex. China is estimated to be down compared to the third quarter of 2025. The Middle East crisis continued to affect the aluminium market and prices during the third quarter. Following indications that the conflict might be nearing an end at the end of the second quarter, tensions increased again in the third quarter, directly contributing to higher aluminium prices. Throughout the quarter the market traded in a range between USD 3,100 per mt and USD 3,300 per mt. Consequently, the three month aluminium price increased slightly throughout the third quarter of 2026, starting the quarter at USD 3,076 per mt and ending at USD 3,170 per mt. 

Adjusted EBITDA for Metal Markets decreased in the third quarter of 2026 compared to the same period last year, to NOK 125 million from NOK 154 million, due to lower results from sourcing and trading activities, partly offset by higher results from recyclers.

Adjusted EBITDA for Extrusions increased in the third quarter of 2026 compared to the same quarter last year, to NOK 1,189 million from NOK 1,107 million, driven by higher recycling margins in combination with increased sales volume, partly offset by higher maintenance cost, higher SG&A cost and negative currency effects mainly from stronger NOK/USD.

CRU estimates that European extrusion demand increased by 1 percent in the third quarter of 2026 compared to the same quarter last year, following weaker market conditions in the first half of the year. Automotive demand remained positive, supported by continued growth in battery electric vehicle production. Non-automotive transportation also turned positive after a weak start to the year, while building and construction remained broadly stable in the quarter.

CRU estimates that North American extrusion demand remained broadly unchanged in the third quarter of 2026 compared to the same quarter last year, following a decline in the first half of the year. Commercial transportation continued to grow, supported by improving truckload rates, with further growth expected going forward. The industrial segment also remained solid, supported in part by continued datacenter investments. Automotive demand remained subdued, reflecting persistent headwinds in electric vehicle production.

Other key financials

Compared to the second quarter of 2026, Hydro’s adjusted EBITDA increased to NOK 9,089 million from NOK 8,923 million, mainly due to higher all-in metal and alumina prices and lower fixed costs in the third quarter of the year. This was partially offset by higher energy costs in Bauxite & Alumina due to gas supply disruptions and seasonally lower Extrusion volumes and margins.

Net income (loss) amounted to NOK 5,263 million in the third quarter of 2026. Net income (loss) included unrealized derivative losses, mainly on LME related contracts of NOK 204 million, environmental cost of NOK 111 million, rationalization charges and closure costs of NOK 81 million, and impairment charges on fixed assets of NOK 70 million. The tax effect on these adjustments reflected a standardized tax rate for taxable gains and tax deductible losses. Adjusted net income (loss) for the first quarter ended at NOK 4,372 million.

Hydro’s net debt decreased from NOK 16.3 billion to NOK 15.4 billion during the third quarter of 2026. The net debt decrease was mainly due to positive EBITDA contributions, partially offset by net operating capital build, investments and negative other operating cash flow.

Adjusted net debt decreased from NOK 22.8 billion to NOK 21.9 billion, mainly driven by the decrease in net debt.

Reported earnings before financial items and tax (EBIT), and net income include effects that are disclosed in the quarterly report. Adjustments to EBITDA, EBIT, and net income (loss) are defined and described as part of the alternative performance measures (APM) section in the quarterly report.

Investor contact: 

Gerd Aalborg Aas

+47 91305534

gerd.aalborg.aas@hydro.com

Valentina Gandolfi

+47 95882355

Valentina.Gandolfi@hydro.com 

Media contact: 

Halvor Molland 

+47 92979797

Halvor.Molland@hydro.com

The information was submitted for publication from Hydro Investor Relations and the contact persons set out above. Certain statements included in this announcement contain forward-looking information, including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Hydro management concerning plans, objectives and strategies, such as planned expansions, investments, divestments, curtailments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro’s markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, and (i) qualified statements such as “expected”, “scheduled”, “targeted”, “planned”, “proposed”, “intended” or similar. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty.  

Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream businesses; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro’s key markets and competition; and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Except where required by law, Hydro disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Attachment

• NHY presentation Q3 2026

Stock exchange release, inside information

23.10.2026 at 7:50 a.m.

eQ Plc has today signed a share purchase agreement to acquire the entire share capital of Genesta Property Nordic AB, a company specialising in Nordic real estate asset management. The transaction is expected to strengthen eQ’s international growth platform and expand its real estate asset management business into a Nordic-wide business. If completed, the transaction would provide eQ with an international institutional client base and network, local operations in Sweden, Norway and Denmark, and a Luxembourg-based fund management company authorised as an alternative investment fund manager (AIFM).

The maximum debt-free transaction value before purchase price adjustments is EUR 15.5 million, comprising a base purchase price of EUR 11.5 million and a conditional earn-out of EUR 4.0 million.

• Before purchase price adjustments, both the base purchase price and the earn-out will be paid 50% in cash and 50% in new shares in eQ Plc.
• Upon closing of the transaction, Genesta’s current shareholders Caprock Ventures AB, Philip Björk Invest II AB, Pinetwig AB and Ted Söderlund Invest AB would become shareholders in eQ through the share consideration. The sellers have undertaken to comply with transfer restrictions applying to the shares. Genesta’s partners David C. Neil, Philip Björk, Daniel Tallqvist and Ted Söderlund are committed to continuing the long-term development of the business as part of eQ.

A strategically significant step

If completed, the transaction will support the implementation of eQ’s Strategy 2030 – Return to Strong Growth. Founded in 2003, Genesta is a Nordic real estate investment manager managing three real estate funds and approximately EUR 1 billion in assets. The company has 30 employees and offices in Stockholm, Helsinki, Oslo, Copenhagen and Luxembourg. The net sales of the company’s asset management business in 2025 were approximately EUR 9.6 million (EUR 9.1 million in 2024), and operating profit was approximately EUR 2.7 million (EUR 2.5 million in 2024).

Genesta has more than 20 institutional investor clients, primarily European pension investors, as well as long-standing investor relationships and an extensive international investor network. Genesta’s Nordic organisation, international investor base and Luxembourg fund platform are expected to complement eQ’s existing strengths in private markets investing and support the development and international distribution of new products. eQ’s strategic targets for 2030 remain unchanged.

“In line with eQ’s strategy, we are pursuing growth through, among other things, international institutional client relationships, particularly in private equity and real estate investing, and by strengthening eQ’s position as a leading real estate asset manager. The acquisition of Genesta is the first step in building an international private markets growth platform and expanding our real estate asset management business into a Nordic-wide operation. Genesta’s institutional client relationships and networks, highly skilled personnel and Luxembourg fund platform support the implementation of eQ’s strategy and its international expansion,” says Jouko Pölönen, CEO of eQ Plc.

“eQ’s strategy, culture and long-term approach make it a strong owner for Genesta. Together, we can strengthen our position in asset management and grow the business internationally. Joining forces with eQ will provide our clients with a significantly broader service offering and create development opportunities for our personnel as part of a larger organisation,” says David C. Neil, CEO of Genesta.

Key terms of the transaction

The maximum debt-free transaction value before purchase price adjustments is EUR 15.5 million. The base purchase price is EUR 11.5 million, and the conditional earn-out is EUR 4.0 million.

Before purchase price adjustments, the base purchase price will be paid 50% in cash and 50% in new shares in eQ Plc. The base purchase price comprises a cash component of approximately EUR 5.75 million and 680 471 new shares in eQ Plc, with a subscription price of EUR 8.45 per share, to be paid as a contribution in kind at the closing. The subscription price is based on the 30-trading-day volume-weighted average price of the eQ Plc share before signing of the share purchase agreement. In accordance with the share purchase agreement, the cash consideration will be adjusted after closing on the basis of net debt and net working capital. The number of new shares is fixed and will not be subject to adjustment.

The earn-out is based on the achievement of agreed fundraising targets within two years following closing of the transaction and will be paid in full if its conditions are met. The earn-out will be paid 50% in cash and 50% in new shares in eQ Plc. The subscription price for each earn-out share will be based on the 30-trading-day volume-weighted average price of the eQ Plc share. This 30-trading-day period will be calculated backwards from the date on which the obligation to pay the earn-out is finally confirmed in accordance with the share purchase agreement, at which time the number of earn-out shares will also be determined.

The cash consideration and the cash component of any earn-out will be financed from eQ’s cash reserves and, if necessary, with debt financing. Subject to fulfilment of the conditions precedent to closing of the transaction, the new shares will be issued in connection with closing. The issuance of the earn-out shares will be decided separately if the conditions for the earn-out are met.

Financial effects and timetable of the transaction

The transaction is not expected to affect eQ’s outlook for 2026.

Closing of the transaction is subject to, among other things, the receipt of the necessary regulatory approvals and the fulfilment of certain customary conditions precedent. The transaction is expected to close at the latest during the first quarter of 2027.

Briefing for analysts, investors and the media

eQ will arrange a briefing on the transaction and the Q3 interim report for analysts, investors and the media. The briefing will be held on 23.10.2026 at 11.00 a.m. at eQ’s premises at Aleksanterinkatu 19, 5th floor, Helsinki. The briefing may also be followed via webcast. Advance registration is required to participate in the webcast, and a link to the webcast will be sent to registered participants. Please register by email at linda.holm@eq.fi

Helsinki 23 October 2026

eQ Plc

Further information:

Jouko Pölönen, CEO, tel. +358 50 1282

Pertti Vanhanen, Director, International Business, tel. +44 792059394

Antti Lyytikäinen, CFO, tel. +358 40 709 2847

Media: Taina Kyllönen, Director, HR and Communications, tel. +358 40 582 2175

Distribution: Nasdaq Helsinki, www.eq.fi, key media

eQ is a Finnish group focusing on asset management and corporate finance operations. eQ Asset Management offers a broad range of asset management services to both institutional and private clients. The Group’s assets under management total EUR 14.3 billion. Advium Corporate Finance, which is part of the Group, provides services related to corporate and real estate transactions and capital arrangements. The shares of the Group’s parent company, eQ Plc, are listed on Nasdaq Helsinki. Further information about the Group is available at www.eq.fi.

IMPORTANT NOTICE

The information contained in this release does not constitute an offer document, prospectus, an offer to sell or a solicitation of an offer to acquire any securities referred to in this release in any jurisdiction.

Certain statements in this release are “forward-looking statements”. Forward-looking statements include statements concerning the transaction and its effects on eQ, as well as eQ’s plans, assumptions, estimates, objectives, targets, ambitions, strategies, future events, future revenues or performance, plans or intentions relating to acquisitions, eQ’s competitive strengths and weaknesses, financing plans or objectives, future operations and development, its business strategy and anticipated trends in the political and legal environment of the industry in which it operates, and other information that is not historical information. In some cases, they may be identified using forward-looking terminology, including the terms “believes”, “may”, “intends”, “might”, “will” or “should”, or, in each case, their negative forms or variations of comparable terminology.

The forward-looking statements in this release are based on assumptions. Forward-looking statements inherently involve risks, uncertainties and assumptions, both general and specific, and there is a risk that forecasts, projections, estimates, plans and other forward-looking statements will not be achieved. In light of these risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements contained in this release are made in light of the information available as at the date of this release. eQ does not intend, and assumes no obligation, to update or revise any forward-looking statements contained in this release.

Wholly owned subsidiaries of Liven AS (“Liven”) have signed general contractor agreements for the construction of phase II of the Regati project and the terraced houses and apartment buildings of the next phase of the Iseära project. In the two projects combined, construction of 179 new homes has started; the homes will be completed in 2027 and 2028 and will support Liven’s revenue and results in those years.

Liven Kodu 20 OÜ, which is developing the Regati project, signed the phase II general contractor agreement with Mitt & Perlebach OÜ, which was also the general contractor of phase I. Phase II of the project comprises 102 new homes and commercial premises in three apartment buildings; the first building will be completed at the end of 2027 and the other two in the first half of 2028. The base volume of the construction works, including the works on the promenade, is EUR 28.3 million, plus VAT.

Phase I of the Regati project, comprising 112 homes and 7 commercial premises, was completed at the end of 2025. To date, 85% of the phase I homes have been sold and 24, or 24%, of the 102 phase II homes, including 27% in the building to be built first have been sold or booked. The construction of phase I was financed by LHV Pank AS. The architect of the project is Salto arhitektid and more information is available at regati.liven.ee.

Liven Kodu 16 OÜ, which is developing the Iseära project, has signed general contractor agreements with Tesron Ehitus OÜ for the construction of both the seven terraced houses and the three apartment buildings of the next phase; Tesron Ehitus OÜ has also been the general contractor for all previous terraced houses in the project. In Harkujärve village, 43 new homes in seven terraced houses will be completed in the autumn of 2027 and 34 new homes in three apartment buildings at the end of 2027. The base volume of the construction works is nearly EUR 9.0 million for the terraced houses and EUR 4.7 million for the apartment buildings, plus VAT. Of all 77 homes in the phase, 26, or 34%, have been sold and booked to date, including 42% in the terraced houses and 24% in the apartment buildings.

In the earlier phases of the Iseära project, a total of 107 homes in terraced houses and 36 homes in apartment buildings have been completed or will be completed by the end of 2026; their construction has been financed by Bigbank AS. The architect of the project is ARS Projekt OÜ and more information is available at iseara.liven.ee.

Joonas Joost
CFO, Liven AS
E-mail: joonas.joost@liven.ee

Ad Hoc Announcement Pursuant to Article 53 of the SIX Exchange Regulation Listing Rules

SIKA DELIVERS STRONG NINE-MONTH RESULTS WITH 4.8% SALES GROWTH IN LOCAL CURRENCIES AND REITERATES 2026 GUIDANCE

• Sika posts strong nine-month sales growth of 4.8% in local currencies; reported sales of CHF 8.71 billion (+1.6% in CHF, including a foreign currency effect of -3.2%)
• Organic growth of 3.5%; acquisition effect of 1.3%
• Material margin up 40 basis points year on year to 55.4%
• EBITDA increased by 1.9% to CHF 1.68 billion, with an EBITDA margin of 19.2%
• Net profit of CHF 887.8 million (2025: CHF 870.9 million); diluted earnings per share of CHF 5.52 (2025: CHF 5.42)
• Fast Forward on track to deliver benefits of CHF 80 million in 2026 and CHF 150 to 200 million from 2028
• Bolt-on growth strategy continues: Akkim acquisition successfully completed; Azpects Group acquired in the UK; agreement reached to take over the adhesives business of Resonac Corporation in Japan
• Guidance for 2026 reiterated

Thomas Hasler, CEO: “Sika’s momentum continued through the third quarter, with 6.1% local currency growth and 4.8% for the first nine months of the year. This performance reflects continued market share gains in what remains a muted market environment. We are delivering this outperformance from our leading global positions in attractive growth segments, particularly in large infrastructure projects, data centers, and energy infrastructure. It is Sika’s expertise, value-creating innovation, and strong partnerships with customers who increasingly rely on our ability to deliver best-in-class solutions that enable us to sustain our market share gains across our footprint. At the same time, our global supply chain makes Sika a trusted partner for a growing number of customers around the world.”

“One year after its launch, Sika’s Fast Forward program is delivering its expected results. Our productivity measures have been successfully implemented, and we are on track to achieve savings of CHF 80 million in 2026. Our focus from here is to strengthen our leading positions and accelerate growth initiatives to deliver further outperformance. We are implementing targeted investments in digitalization, product innovation, and digital channels enhancing customer value. Fast Forward is increasing our competitiveness and laying the foundations for further sustainable and profitable growth.”

INCREASED MATERIAL MARGIN – EBITDA MARGIN 19.2%
In the first nine months of 2026, Sika continued its growth driven by industry outperformance. The company grew sales in local currencies by 4.8% and 6.2% excluding the decline of the Chinese construction business. Currency impact was at -3.2% on nine months’ revenue growth. Sika’s nine-month sales was CHF 8.71 billion (2025: CHF 8.58 billion).

Sika’s nine-month material margin increased to 55.4% (2025: 55.0%), while its EBITDA margin was 19.2% (2025: 19.2%). The benefits of Fast Forward and disciplined pricing, supported by Sika’s focus on innovative, best-in-class solutions for customers, are offsetting higher costs. Absolute operating profit before depreciation and amortization (EBITDA) increased by 1.9% to CHF 1.68 billion in the first nine months (2025: CHF 1.64 billion).

Net profit for nine months amounted to CHF 887.8 million (2025: CHF 870.9 million).

GAINS IN MARKET SHARE ACROSS ALL REGIONS
In the first nine months of the year, Sika grew sales in the EMEA region (Europe, Middle East, Africa) by 8.3% in local currencies (2025: 2.1%). Sika accelerated its sales in Germany as sentiment improved in the wake of federal funding for large infrastructure projects. The exceptional heat waves in July and August impacted construction activity in parts of Central and Southern Europe, causing a short-term slowdown. However, it recovered in September. The Middle East delivered strong double-digit growth with a focus on investments in large infrastructure projects where Sika benefits from deep customer partnerships and provides solutions for these complex builds. Across the EMEA region, Sika’s improving leadership in strategically important growth segments and investment across products and distribution channels is leading to accelerating market share gains.

In the Americas region, nine-month sales grew by 4.1% in local currencies (2025: 2.9%), while the third quarter accelerated to 6.7%. Sika’s performance gained momentum, driven by strong performance across large infrastructure projects, both in terms of new-build and renovation. Sika’s data center growth continued at a double-digit pace, supplying more customers with more high-performance content across a growing number of solutions. Sika delivered good growth in Canada in the first nine months of the year, with a strong performance in its mining solutions business. Business in Latin America picked up momentum in the third quarter, mainly driven by large infrastructure projects.

In the Asia/Pacific region, sales in the first nine months declined -2.3% in local currencies (2025: -3.9%), with the third-quarter down 2.7%. The Chinese construction industry posted a double-digit decline due to continued weakness in residential construction. Adjusted for the Chinese construction business, the Asia/Pacific region recorded strong organic growth of 7.7%, driven by market share gains. Performance was particularly strong in India, where the infrastructure business continued to perform at a high level, and in Southeast Asia, where new commercial construction projects are driving growth.

FAST FORWARD ON TRACK
Sika’s implementation of Fast Forward is on track to deliver the CHF 80 million benefits targeted for 2026. Productivity initiatives, including regional plant rationalization and operational optimization, led to a monthly savings run rate of CHF 8 million exiting the reporting period. Through Fast Forward, Sika is accelerating its growth through targeted investments in digital solutions that drive innovation, customer value, and operational excellence. Sika is progressing well with these growth strategies, which will deliver a total of CHF 150 million to CHF 200 million in benefits from 2028 with an attractive ROI.

ACQUISITIONS STRENGTHEN GROWTH PLATFORMS
During the third quarter, Sika completed the acquisition of Akkim, a leading global manufacturer of adhesives and sealants based in Turkey. The acquisition strengthens Sika’s position in the adhesives and sealants industry and creates significant growth opportunities through a complementary product range with broader distribution, greater geographic reach, and expanded production capacity. Akkim is a fast-growing company, with net sales of around CHF 220 million in 2025. Sika expects to double Akkim’s revenue within five years.

In October, Sika acquired the Azpects Group, a leading UK producer of polymeric sands for landscaping. The acquisition opens up attractive cross-selling opportunities thanks to the complementary product portfolios and distribution channels of the two companies, while also strengthening Sika’s position in this fast-growing segment. In addition, Sika has agreed to acquire the adhesives business of Resonac Corporation, a Japan-based chemical company. Closing is expected in mid 2027.

OUTLOOK
Sika reiterates its full-year guidance as presented at the half-year results in July: Local currency growth of 3% to 6% , an EBITDA margin of 19.0% to 19.5%, and the consensus EBITDA of CHF 2,160 million as of 28 July 2026.

Sika confirms its medium-term strategic targets for sustainable and profitable growth as part of Strategy 2028.

KEY FIGURES FOR THE FIRST NINE MONTHS OF 2026

in CHF million	1/1/2025–30/9/2025	1/1/2026–30/9/2026	Change in %
Net sales	8,578.1	8,711.8	1.6
Gross result	4,714.7	4,822.0	2.3
Operating profit before depreciation (EBITDA)	1,644.7	1,676.2	1.9
Operating profit (EBIT)	1,237.9	1,265.8	2.3
Net profit	870.9	887.8	1.9

NET SALES BY REGION

in CHF million	1/1/2025–30/9/2025	1/1/2026–30/9/2026	Change compared to prior year (+/- in %)
			In Swiss francs	In local currencies1	Currency effect	Acquisition effect2	Organic growth3
EMEA	3,834.0	4,054.6	5.8	8.3	-2.5	2.7	5.6
Americas	2,996.6	3,019.6	0.8	4.1	-3.3	0.1	4.0
Asia/Pacific	1,747.5	1,637.6	-6.3	-2.3	-4.0	0.0	-2.3
Net sales	8,578.1	8,711.8	1.6	4.8	-3.2	1.3	3.5
Products for construction industry	7,321.5	7,441.8	1.6	4.9	-3.3	1.5	3.4
Products for industrial manufacturing	1,256.6	1,270.0	1.1	3.7	-2.6	0.0	3.7
1 Growth in local currencies including acquisitions.
2 Share of sales of acquired companies.
3 Growth adjusted for acquisition and currency effects.

Webcast on 23 October 2026 at 3 p.m. (CEST) A webcast will take place today focusing on the results for the first nine months of the year. www.sika.com/9months-webcast This link will allow you to participate in the webcast with CEO Thomas Hasler, CFO Adrian Widmer, Dominik Slappnig (Head Corporate Communications & IR), and Christine Kukan (Head Investor Relations). A recording of the webcast will be made available on the Sika website in the “Investors” area.

FINANCIAL CALENDAR
Media conference/analyst presentation
on full-year results Capital Markets Day 59th Annual General Meeting Net sales first quarter 2027 Half-year report 2027 Results first nine months	Friday, 19 February 2027 Thursday, 11 March 2027 Tuesday, 23 March 2027 Tuesday, 13 April 2027 Tuesday, 27 July 2027 Friday, 22 October 2027

SIKA CORPORATE PROFILE
Sika is a specialty chemicals company with a globally leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing, and protection in the building sector and industry. Sika has subsidiaries in 103 countries around the world, produces in over 400 factories, and develops innovative technologies for customers worldwide. In doing so, it plays a crucial role in enabling the transformation of the construction and transportation industries toward greater environmental compatibility. In 2025, Sika’s 33,700 employees generated annual sales of CHF 11.20 billion.

CONTACT
Dominik Slappnig
Corporate Communications and
Investor Relations
+41 58 436 68 21
slappnig.dominik@ch.sika.com

The media release can be downloaded from the following link:
Media Release

Ad Hoc Announcement Pursuant to Article 53 of the SIX Exchange Regulation Listing Rules

SIKA DELIVERS STRONG NINE-MONTH RESULTS WITH 4.8% SALES GROWTH IN LOCAL CURRENCIES AND REITERATES 2026 GUIDANCE

• Sika posts strong nine-month sales growth of 4.8% in local currencies; reported sales of CHF 8.71 billion (+1.6% in CHF, including a foreign currency effect of -3.2%)
• Organic growth of 3.5%; acquisition effect of 1.3%
• Material margin up 40 basis points year on year to 55.4%
• EBITDA increased by 1.9% to CHF 1.68 billion, with an EBITDA margin of 19.2%
• Net profit of CHF 887.8 million (2025: CHF 870.9 million); diluted earnings per share of CHF 5.52 (2025: CHF 5.42)
• Fast Forward on track to deliver benefits of CHF 80 million in 2026 and CHF 150 to 200 million from 2028
• Bolt-on growth strategy continues: Akkim acquisition successfully completed; Azpects Group acquired in the UK; agreement reached to take over the adhesives business of Resonac Corporation in Japan
• Guidance for 2026 reiterated

Thomas Hasler, CEO: “Sika’s momentum continued through the third quarter, with 6.1% local currency growth and 4.8% for the first nine months of the year. This performance reflects continued market share gains in what remains a muted market environment. We are delivering this outperformance from our leading global positions in attractive growth segments, particularly in large infrastructure projects, data centers, and energy infrastructure. It is Sika’s expertise, value-creating innovation, and strong partnerships with customers who increasingly rely on our ability to deliver best-in-class solutions that enable us to sustain our market share gains across our footprint. At the same time, our global supply chain makes Sika a trusted partner for a growing number of customers around the world.”

“One year after its launch, Sika’s Fast Forward program is delivering its expected results. Our productivity measures have been successfully implemented, and we are on track to achieve savings of CHF 80 million in 2026. Our focus from here is to strengthen our leading positions and accelerate growth initiatives to deliver further outperformance. We are implementing targeted investments in digitalization, product innovation, and digital channels enhancing customer value. Fast Forward is increasing our competitiveness and laying the foundations for further sustainable and profitable growth.”

INCREASED MATERIAL MARGIN – EBITDA MARGIN 19.2%
In the first nine months of 2026, Sika continued its growth driven by industry outperformance. The company grew sales in local currencies by 4.8% and 6.2% excluding the decline of the Chinese construction business. Currency impact was at -3.2% on nine months’ revenue growth. Sika’s nine-month sales was CHF 8.71 billion (2025: CHF 8.58 billion).

Sika’s nine-month material margin increased to 55.4% (2025: 55.0%), while its EBITDA margin was 19.2% (2025: 19.2%). The benefits of Fast Forward and disciplined pricing, supported by Sika’s focus on innovative, best-in-class solutions for customers, are offsetting higher costs. Absolute operating profit before depreciation and amortization (EBITDA) increased by 1.9% to CHF 1.68 billion in the first nine months (2025: CHF 1.64 billion).

Net profit for nine months amounted to CHF 887.8 million (2025: CHF 870.9 million).

GAINS IN MARKET SHARE ACROSS ALL REGIONS
In the first nine months of the year, Sika grew sales in the EMEA region (Europe, Middle East, Africa) by 8.3% in local currencies (2025: 2.1%). Sika accelerated its sales in Germany as sentiment improved in the wake of federal funding for large infrastructure projects. The exceptional heat waves in July and August impacted construction activity in parts of Central and Southern Europe, causing a short-term slowdown. However, it recovered in September. The Middle East delivered strong double-digit growth with a focus on investments in large infrastructure projects where Sika benefits from deep customer partnerships and provides solutions for these complex builds. Across the EMEA region, Sika’s improving leadership in strategically important growth segments and investment across products and distribution channels is leading to accelerating market share gains.

In the Americas region, nine-month sales grew by 4.1% in local currencies (2025: 2.9%), while the third quarter accelerated to 6.7%. Sika’s performance gained momentum, driven by strong performance across large infrastructure projects, both in terms of new-build and renovation. Sika’s data center growth continued at a double-digit pace, supplying more customers with more high-performance content across a growing number of solutions. Sika delivered good growth in Canada in the first nine months of the year, with a strong performance in its mining solutions business. Business in Latin America picked up momentum in the third quarter, mainly driven by large infrastructure projects.

In the Asia/Pacific region, sales in the first nine months declined -2.3% in local currencies (2025: -3.9%), with the third-quarter down 2.7%. The Chinese construction industry posted a double-digit decline due to continued weakness in residential construction. Adjusted for the Chinese construction business, the Asia/Pacific region recorded strong organic growth of 7.7%, driven by market share gains. Performance was particularly strong in India, where the infrastructure business continued to perform at a high level, and in Southeast Asia, where new commercial construction projects are driving growth.

FAST FORWARD ON TRACK
Sika’s implementation of Fast Forward is on track to deliver the CHF 80 million benefits targeted for 2026. Productivity initiatives, including regional plant rationalization and operational optimization, led to a monthly savings run rate of CHF 8 million exiting the reporting period. Through Fast Forward, Sika is accelerating its growth through targeted investments in digital solutions that drive innovation, customer value, and operational excellence. Sika is progressing well with these growth strategies, which will deliver a total of CHF 150 million to CHF 200 million in benefits from 2028 with an attractive ROI.

ACQUISITIONS STRENGTHEN GROWTH PLATFORMS
During the third quarter, Sika completed the acquisition of Akkim, a leading global manufacturer of adhesives and sealants based in Turkey. The acquisition strengthens Sika’s position in the adhesives and sealants industry and creates significant growth opportunities through a complementary product range with broader distribution, greater geographic reach, and expanded production capacity. Akkim is a fast-growing company, with net sales of around CHF 220 million in 2025. Sika expects to double Akkim’s revenue within five years.

In October, Sika acquired the Azpects Group, a leading UK producer of polymeric sands for landscaping. The acquisition opens up attractive cross-selling opportunities thanks to the complementary product portfolios and distribution channels of the two companies, while also strengthening Sika’s position in this fast-growing segment. In addition, Sika has agreed to acquire the adhesives business of Resonac Corporation, a Japan-based chemical company. Closing is expected in mid 2027.

OUTLOOK
Sika reiterates its full-year guidance as presented at the half-year results in July: Local currency growth of 3% to 6% , an EBITDA margin of 19.0% to 19.5%, and the consensus EBITDA of CHF 2,160 million as of 28 July 2026.

Sika confirms its medium-term strategic targets for sustainable and profitable growth as part of Strategy 2028.

KEY FIGURES FOR THE FIRST NINE MONTHS OF 2026

in CHF million	1/1/2025–30/9/2025	1/1/2026–30/9/2026	Change in %
Net sales	8,578.1	8,711.8	1.6
Gross result	4,714.7	4,822.0	2.3
Operating profit before depreciation (EBITDA)	1,644.7	1,676.2	1.9
Operating profit (EBIT)	1,237.9	1,265.8	2.3
Net profit	870.9	887.8	1.9

NET SALES BY REGION

in CHF million	1/1/2025–30/9/2025	1/1/2026–30/9/2026	Change compared to prior year (+/- in %)
			In Swiss francs	In local currencies1	Currency effect	Acquisition effect2	Organic growth3
EMEA	3,834.0	4,054.6	5.8	8.3	-2.5	2.7	5.6
Americas	2,996.6	3,019.6	0.8	4.1	-3.3	0.1	4.0
Asia/Pacific	1,747.5	1,637.6	-6.3	-2.3	-4.0	0.0	-2.3
Net sales	8,578.1	8,711.8	1.6	4.8	-3.2	1.3	3.5
Products for construction industry	7,321.5	7,441.8	1.6	4.9	-3.3	1.5	3.4
Products for industrial manufacturing	1,256.6	1,270.0	1.1	3.7	-2.6	0.0	3.7
1 Growth in local currencies including acquisitions.
2 Share of sales of acquired companies.
3 Growth adjusted for acquisition and currency effects.

Webcast on 23 October 2026 at 3 p.m. (CEST) A webcast will take place today focusing on the results for the first nine months of the year. www.sika.com/9months-webcast This link will allow you to participate in the webcast with CEO Thomas Hasler, CFO Adrian Widmer, Dominik Slappnig (Head Corporate Communications & IR), and Christine Kukan (Head Investor Relations). A recording of the webcast will be made available on the Sika website in the “Investors” area.

FINANCIAL CALENDAR
Media conference/analyst presentation
on full-year results Capital Markets Day 59th Annual General Meeting Net sales first quarter 2027 Half-year report 2027 Results first nine months	Friday, 19 February 2027 Thursday, 11 March 2027 Tuesday, 23 March 2027 Tuesday, 13 April 2027 Tuesday, 27 July 2027 Friday, 22 October 2027

SIKA CORPORATE PROFILE
Sika is a specialty chemicals company with a globally leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing, and protection in the building sector and industry. Sika has subsidiaries in 103 countries around the world, produces in over 400 factories, and develops innovative technologies for customers worldwide. In doing so, it plays a crucial role in enabling the transformation of the construction and transportation industries toward greater environmental compatibility. In 2025, Sika’s 33,700 employees generated annual sales of CHF 11.20 billion.

CONTACT
Dominik Slappnig
Corporate Communications and
Investor Relations
+41 58 436 68 21
slappnig.dominik@ch.sika.com

The media release can be downloaded from the following link:
Media Release