• Data from pre-clinical renal disease models demonstrate potential of izicopan for kidney protection
  • Structural modeling provides new insight into izicopan’s differentiated molecular profile

Jena, Germany, Oct. 22, 2026 (GLOBE NEWSWIRE) — InflaRx N.V. (Nasdaq: IFRX), a biopharmaceutical company pioneering anti-inflammatory therapeutics by targeting the complement system, today announced the presentation of new pre-clinical data on izicopan in renal disease models at the American Society of Nephrology’s Kidney Week 2026, taking place in Denver, Colorado, October 21 – 25. The in vivo and in vitro data demonstrated that izicopan robustly inhibited C5aR-mediated inflammatory responses and provided renal protection, supporting its potential as a therapeutic candidate for complement-driven kidney diseases.

“The pre-clinical data presented at Kidney Week demonstrate the ability of izicopan to attenuate renal injury and provide a strong rationale for further development in renal diseases. Combined with its differentiated pharmacokinetic profile, including potentially reduced drug–drug interaction liability, faster onset of action, and more convenient dosing, we believe these results further support izicopan’s best-in-class potential,” said Renfeng Guo, MD, Chief Scientific Officer and Founder of InflaRx. “There is an important need for effective, safer treatment options for patients with complement-mediated inflammatory diseases, particularly in renal indications. We are excited to be advancing oral izicopan in ANCA-associated vasculitis as well as in additional kidney diseases.”

Izicopan was evaluated in two established hamster models of kidney injury: renal ischemia–reperfusion injury (IRI), a model of acute kidney injury, and unilateral ureteral obstruction (UUO)-induced nephropathy, a model of progressive renal injury and fibrosis. In both settings, oral izicopan significantly attenuated renal injury compared to vehicle-treated controls.

IRI model: A single oral dose of izicopan (100 mg/kg), administered four hours before surgery, significantly reduced plasma levels of the renal function markers creatinine and blood urea nitrogen (BUN) compared to vehicle (p < 0.001 for both). Izicopan also significantly improved the overall histopathological (H&E) score of the kidney, as well as the infarction and necrotic area scores (p < 0.05 for each).

UUO model: Izicopan, administered orally five hours before surgery and then once daily for 14 days, significantly reduced BUN levels (p < 0.001) and significantly improved the total H&E histopathological score (p < 0.05) compared to vehicle. Izicopan also showed a numerical trend toward reduced kidney fibrosis (p = NS), as assessed by Masson’s trichrome staining, and α-smooth muscle actin (α-SMA)-positive cell counts.

The structural modeling presented provides new insight into the differentiated molecular profile of izicopan. Compared with avacopan, izicopan preserves the key structural features required for high-affinity C5aR1 binding, while its trifluoromethyl substituent reduces interaction with CYP3A4/5, providing a molecular rationale for its low potential for clinically relevant time-dependent inhibition (TDI).

The poster, entitled “Izicopan, a second-generation oral C5a receptor 1 (C5aR1) antagonist, demonstrates promising therapeutic potential in kidney disease models”, can be accessed here.

About izicopan
Izicopan is an orally administered, small molecule inhibitor of the C5a receptor (C5aR) that has shown anti-inflammatory therapeutic effects in several pre-clinical disease models and in human studies. InflaRx is planning for development of izicopan in ANCA-associated vasculitis (AAV) and additional renal indications.

In contrast to the marketed C5aR inhibitor, in vitro experiments demonstrated that izicopan does not exhibit time-dependent inhibition of cytochrome P450 3A4 (CYP3A4/5), which plays an important role in the metabolism of a variety of metabolites and drugs, including glucocorticoids. Izicopan has also demonstrated a favorable reactive metabolite profile in human liver microsomes. Reported results from a first-in-human study demonstrated that izicopan was well tolerated in treated subjects and exhibited no safety signals of concern in single doses ranging from 3 mg to 240 mg or multiple doses ranging from 30 mg once per day to 90 mg twice per day for 14 days. Pharmacokinetic / pharmacodynamic data support the best-in-class potential of izicopan, with a ≥90% blockade of C5a-induced neutrophil activation achieved over the 14-day dosing period. Topline Phase 2a data further support the safety profile of izicopan, with no reported safety signals of concern. In patients with hidradenitis suppurativa, over 4 weeks of therapy, izicopan provided rapid and clinically meaningful reductions in abscesses and nodules and draining tunnels, robust HiSCR responses that continued to deepen four weeks after the treatment period, and substantial reductions in patient-reported pain scores, overall demonstrating the potential for biologic-like efficacy. In chronic spontaneous urticaria, InflaRx observed substantial reductions in the 7-day Urticaria Activity Score (UAS7) broadly across patients and particularly in those with severe disease, as well as improved disease control as measured by the Urticaria Control Test (UCT7).

About InflaRx
InflaRx (Nasdaq: IFRX) is a biopharmaceutical company pioneering anti-inflammatory therapeutics by applying its proprietary anti-C5a and anti-C5aR technologies to discover, develop and commercialize highly potent and specific inhibitors of the complement activation factor C5a and its receptor, C5aR. C5a is a powerful inflammatory mediator involved in the progression of a wide variety of inflammatory diseases. InflaRx‘s lead program is izicopan, an orally administered small molecule inhibitor of C5a-induced signaling via the C5a receptor, which has shown promising PK/PD characteristics as well as therapeutic potential in Phase 1 and Phase 2a clinical studies. The Company is developing izicopan for the treatment of ANCA-associated vasculitis and additional renal diseases. InflaRx also has developed vilobelimab, a novel, intravenously delivered, first-in-class, anti-C5a monoclonal antibody that selectively binds to free C5a and has demonstrated disease-modifying clinical activity and tolerability in multiple clinical studies.

InflaRx has offices and subsidiaries in Jena and Munich, Germany, as well as Ann Arbor, MI, USA. For further information, please visit www.inflarx.de. Follow InflaRx on LinkedIn. InflaRx GmbH (Germany) and InflaRx Pharmaceuticals Inc. (USA) are wholly owned subsidiaries of InflaRx N.V. (together, InflaRx).

Contacts:

InflaRx N.V. MC Services AG
Jan Medina, CFA
Vice President, Head of Investor Relations
Email: IR@inflarx.de
Katja Arnold, Laurie Doyle, Dr. Regina Lutz
Email: inflarx@mc-services.eu
Europe: +49 89-210 2280
U.S.: +1-339-832-0752

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “estimate,” “believe,” “predict,” “potential” or “continue,” among others. Forward-looking statements appear in a number of places throughout this release and may include statements regarding our intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, the therapeutic potential of izicopan in renal and other complement-mediated diseases; the success of our future clinical trials for izicopan’s treatment of AAV and other renal diseases, including aHUS, IgAN and C3G, and our ability to establish proof of concept for izicopan across such indications; the timing, progress and results of preclinical studies and clinical trials of vilobelimab, izicopan and any other of our product candidates; our interactions with regulators regarding the results of clinical trials and potential regulatory approval pathways, including potential regulatory paths in AAV for vilobelimab and izicopan and related discussions with EMA; the timing and outcome of any discussions or submission of filings for regulatory approval of vilobelimab, izicopan or any other product candidate, and the timing of and our ability to obtain and maintain full regulatory approval and/or marketing authorization for any indication; potential strategic transactions or collaborations, including a potential partnership of izicopan or vilobelimab for PG; whether the FDA, EMA or any comparable foreign regulatory authority will accept or agree with the number, design, size, conduct or implementation of our clinical trials, including any proposed primary or secondary endpoints for such trials; our ability to leverage our proprietary anti-C5a and anti-C5aR technologies to discover and develop therapies to treat complement-mediated immunological and inflammatory diseases; our ability to protect, maintain and enforce our intellectual property protection for vilobelimab, izicopan and any other product candidates, and the scope of such protection; our manufacturing capabilities and strategy, including the scalability and cost of our manufacturing methods and processes, the optimization of our manufacturing methods and processes, and our ability to rely on existing third-party manufacturers or engage additional third-party manufacturers for planned future clinical trials and commercial supply; our estimates of our expenses, ongoing losses, future revenue, capital requirements and our needs for or ability to obtain additional financing; our ability to defend against liability claims resulting from the testing of our product candidates in the clinic or, if approved or authorized, any commercial sales; if any of our product candidates obtain regulatory approval or authorization, our ability to comply with and satisfy ongoing drug regulatory obligations and continued regulatory oversight; our ability to comply with enacted and future legislation in seeking marketing approval, authorization or commercialization; our future growth and ability to compete, which depends on our retaining key personnel and recruiting additional qualified personnel; our competitive position and the development of and projections relating to our competitors in the development of C5a and C5aR inhibitors (including avacopan) and other therapeutic products being developed in similar medical conditions in which vilobelimab, izicopan or any other of our product candidates is being developed or our industry; and the risks, uncertainties and other factors described under the heading “Risk Factors” in our periodic filings with the SEC. These statements speak only as of the date of this press release and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future, except as required by law.

NACON UNVEILS THE REVOLUTION PRO X – SE,
A WIRELESS CONTROLLER THAT ADJUSTS JOYSTICK SENSITIVITY

Officially licensed by XBOX, the REVOLUTION PRO X – Special Edition combines joysticks with adjustable tension, Hall Effect technology and highly responsive micro-switches to deliver precise, customizable control on XBOX, PC, and Smart TVs.

Lesquin (France), October 22, 2026 – NACON, a major video game publisher and designer of premium gaming accessories, announces the availability of the REVOLUTION PRO X – SE, its new officially licensed XBOX* wireless precision controller. It is available now across Europe and on the nacongaming.com website.

Watch the announcement trailer of the REVOLUTION PRO X – Special Edition: https://youtu.be/xE3Zj_xrydU

Designed for competitive online gaming (FPS, TPS, racing games, and extraction shooters), the REVOLUTION PRO X – SE allows players on PC, XBOX Series X|S, XBOX One, and Smart TVs to fine-tune their controls to suit their playstyle. Its control ring lets you adjust the mechanical tension of the joysticks with a single gesture to prioritize either fast movements or precise aiming, depending on the situation.

The REVOLUTION PRO X – SE features a minimalist design inspired by Hell is Us art style. It incorporates Hall Effect joysticks, buttons and instant triggers equipped with micro-switch, as well as two programmable shortcut buttons on the back. On PC, it can be used in wired mode with a 1,000 Hz polling rate, corresponding to a claimed latency of 1 ms, to prioritize responsiveness.

“With the REVOLUTION PRO X – SE, we wanted to offer a full-featured precision controller at a competitive price,” says Yannick Allaert, Director of the Accessories Division at NACON. “Its joystick tension adjustment, Hall Effect sensors, and micro-switch combine technologies designed to allow every player to tailor their controls to their playing style.”

The REVOLUTION PRO X – SE is available now across Europe and on the official nacongaming.com website at a RRP of €129.99 / £109.99.

About NACON
NACON is a BIGBEN Group company founded in 2019 to optimize its strong synergies in the video game market. By bringing together its development studios, AA game publishing, and the design and distribution of premium gaming peripherals, NACON focuses 40 years of expertise on serving gamers. This new unified hub strengthens NACON’s position in the market and enables it to innovate by creating unique competitive advantages. https://corporate.nacongaming.com/

*XBOX, XBOX Series X|S are trademarks of the Microsoft group of companies. All Rights Reserved

Attachment

Regulated information
Nazareth (Belgium)/Rotterdam (The Netherlands), 22 October 2026 – 6 PM CET

Disclosure of a transparency notification from Aberdeen Group plc

Pursuant to the Belgian act of 2 May 2007 on the disclosure of major shareholdings in listed companies, Fagron received a transparency notification from Aberdeen Group plc, dated 16 October 2026.

Notification from Aberdeen Group plc

  • On 19 October 2026, Fagron received a transparency notification from Aberdeen Group plc informing the Company that its shareholding has crossed the 3% disclosure threshold upwards, following the acquisition of voting securities or voting rights attached to shares in Fagron.
  • The notification was submitted by ‘a parent undertaking or a controlling person’.
  • According to the notification, as of 14 October 2026, Aberdeen Group plc holds a total of 2,382,461 voting rights attached to shares in Fagron, consisting of:
    • 1,603,022 shares held through abrdn Investment Management Limited and;
    • 779,439 shares held through abrdn Investments Limited;

The total number of 2,382,461 shares corresponds to the same number of voting rights.

  • According to the notification, Aberdeen Group plc is the parent company of the underlying intermediate holding companies disclosed above.
  • Based on the total number of outstanding voting rights (73,817,024 as the applicable denominator), this shareholding of 2,382,461 voting rights held by Aberdeen Group plc represents 3.23% of the total voting rights.
  • The full transparency notification from Aberdeen Group plc is available on the Fagron website via the link.

Further information
Ignacio Artola
Global Head of Investor Relations
investors@fagron.com

About Fagron

Fagron is the leading global company active in pharmaceutical compounding, focusing on delivering personalized medicine to hospitals, pharmacies, clinics, and patients in more than 40 countries around the world.

The Belgian company Fagron NV is based in Nazareth and is listed on Euronext Brussels and Euronext Amsterdam under the ticker symbol ‘FAGR’. Fagron’s operational activities are managed through the Dutch company Fagron BV with head office in Rotterdam. 

Important information regarding forward-looking statements

Certain statements in this press release may be deemed to be forward-looking. Such forward-looking statements are based on current expectations and are influenced by various risks and uncertainties. Consequently, Fagron cannot provide any guarantee that such forward-looking statements will, in fact, materialize and cannot accept any obligation to update or revise any forward-looking statement as a result of new information, future events or for any other reason.

In the event of differences between the English translation and the Dutch original of this press release, the latter prevails.

Attachment

ADJUSTED LFL GROWTH ACCELERATING TO +6.9% 1

L’ORÉAL CONTINUES ITS WINNING STREAK

  • Sales: 35.33 billion euros: +6.9% like-for-like2 and +7.7% reported.
  • Adjusted like-for-like growth1: +6.9% – significantly ahead of the global beauty market.
  • Growth in all Divisions with remarkable performances from PPD and LDB and a strong recovery in Luxe.
  • Growth in all regions, led by SAPMENA-SSA; strong momentum across all of the developed regions.
  • Fragrances and haircare driving growth. Skincare continuing to accelerate.
  • E-commerce3 up around +17%, well ahead of the online market.
  • Growth driven predominantly by mix and volume.
  • Closing of the acquisition of a majority stake in Innovist, a leading digital-first Indian personal care house of brands.

Commenting on the figures, Nicolas Hieronimus, CEO of L’Oréal, said:

“L’Oréal delivered an exceptional third quarter as adjusted like-for-like growth accelerated to +7.7%.

The global beauty market, once again, proved its resilience in a challenging context – and we continued to significantly outpace it.

Driven by the success of our innovation plan, and the passion of our teams, we continue to win in haircare and fragrances but are now also outperforming the market in the all-important skincare category.

Growing well ahead of the market in e-commerce, we continue to double down on this winning channel with spectacular results across all regions, notably emerging markets.

The impressive results in SAPMENA-SSA, including in India, and the strong performances across all developed regions, with a special mention of Europe, illustrate our local teams’ ability to win across terrains.

All this underpins my conviction that we are better positioned than ever to win in the long run, leveraging AI to augment the strengths of the L’Oréal model.

Our performance in the first nine months gives me confidence that L’Oréal will deliver another year of growth in sales and profit, whilst strengthening our global leadership.”

 

SALES AT 30 SEPTEMBER 2026

In the first nine months, salesamounted to 35.33 billion euros, up +7.7% reported.

Like-for-like, i.e. based on a comparable structure and identical exchange rates, sales grew by +6.9%.

Like-for-like adjusted1, sales grew by +6.9%.

The net impact of changes in the scope of consolidation was +2.0%.

Growth at constant exchange rates came out at +8.9%.

Currency fluctuations had a negative impact of -1.2% at the end of September 2026. If the exchange rates on 30 September 2026, i.e., 1€=$1.1355, were extrapolated until 31 December, the impact of currency fluctuations on sales would be around -0.3% for the whole of 2026.

Sales by Division and Region

  3rd quarter 2026 Nine months 2026
    Growth   Growth
  €m Like-for-like Adjusted like-for-like* Reported €m Like-for-like Adjusted like-for-like* Reported
By Division                 
Professional Products 1,469.1 +12.1% +13.9% +19.1% 4,389.8 +12.4% +12.3% +16.1%
Consumer Products 4,044.3 +4.3% +3.8% +7.5% 12,687.1 +4.2% +4.2% +4.2%
L’Oréal Luxe 4,176.6 +6.4% +7.0% +12.3% 12,173.3 +5.7% +5.8% +7.0%
Dermatological Beauty 1,871.6 +12.2% +13.9% +15.7% 6,087.4 +11.6% +11.6% +11.2%
Group total 11,561.4 +7.2% +7.7% +11.9% 35,337.6 +6.9% +6.9% +7.7%
By Region                
Europe   4,043.2 +9.9% +8.9% +13.2% 12,177.0 +7.0% +7.0% +9.6%
North America 3,151.1 +2.2% +5.6% +6.0% 9,218.2 +6.3% +6.3% +4.8%
North Asia 2,229.0 +7.8% +7.8% +14.1% 7,743.5 +5.5% +5.5% +5.4%
SAPMENA – SSA 1,222.7 +19.2% +19.5% +21.0% 3,470.0 +15.7% +15.8% +13.1%
Latin America 915.5 -1.0% -3.0% +11.0% 2,728.9 +2.4% +2.4% +9.6%
Group total 11,561.4 +7.2% +7.7% +11.9% 35,337.6 +6.9% +6.9% +7.7%

* Adjusted LFL growth: 9M26 LFL growth (+6.9%) adjusted for the net impact of the phasing of the IT transformation in 9M26 (0.0%) and 9M25 (0.0%). 3Q26 LFL growth (+7.2%) adjusted for the net impact of the phasing of the IT transformation in 3Q26 (+1.4%) and 3Q25 (-0.9%).

 

Summary byDivision

PROFESSIONAL PRODUCTS

Adjusted like-for-like growth amounted to +12.3%.

Professional Products continued to deliver spectacular growth, significantly outperforming the market. This was led by the ongoing premiumisation of the haircare category as well as the division’s successful omnichannel strategy. Growth was driven by both volume and value.In the salon channel, which has been showing signs of recovery, the Division continued its focus on elevating the consumer experience through tailored services. 

By category, premium haircare remained the key driver: Kérastase posted remarkable double-digit growth propelled by Gloss Absolu, Genesis and Chronologiste; momentum was fueled further by Redken Acidic Grow Full and L’Oréal Professionnel Keratin Alpha Sleek. In hair colour, against a more challenging market backdrop, sales continued to grow and the Division continued to outpace the market, stimulating salon traffic with breakthrough innovations like Redken Shades EQ and lighteners. In hair styling, the rollout of Color Wow is underway.

Progress was broad-based across all regions. North America was the largest contributor, while Europe was particularly dynamic in the DACH, Spain/ Portugal and Poland-Baltics clusters. North Asia was driven by continued strength in China, while emerging markets delivered spectacular growth, particularly in Brazil, India and the GCC.

CONSUMER PRODUCTS

Adjusted like-for-like growth amounted to +4.2%.

The Division posted solid growth with the clear acceleration in unit growth vindicating its strategic focus on consumer conquests – whether by brand, category or region. 

All global brands grew, with particularly strong performances from L’Oréal Paris and NYX Professional Makeup. The regional mass skincare brands remained highly dynamic: Mixa pursued its successful rollout in new markets; Thayers saw an outstanding performance in the US; Dr.G continued its global expansion including in China and Southeast Asia, with the US to come in the fourth quarter. 

All categories advanced. The Division continued to win big in haircare, posting double-digit growth with the rollout of L’Oréal Paris Elsève Collagen Lifter and Garnier Fructis Diamond Sleek. In a resilient makeup market, growth was driven by innovations like L’Oréal Paris Infaillible, Maybelline New York Sky Tubes Mascara and NYX Professional Makeup Fat Matte Smooth Lipstick – and the rollout of 3CE in Asia. In skincare, Garnier Dry Touch pursued its successful expansion across Europe and Latin America; L’Oréal Paris benefited from the launches of Glass Skin and Revitalift PDRN Filler.

By region, consumer recruitment drove growth across emerging markets, notably SAPMENA-SSA – with double-digit growth in India and Vietnam and a strong rebound in Indonesia – as well as Brazil. Europe remained remarkably resilient across all categories, with particularly noteworthy performances in the UK and Southern Europe. North America maintained its momentum thanks to spectacular haircare growth.

LUXE

Adjusted like-for-like growth amounted to +5.8%.

Growth accelerated strongly and the Division significantly outpaced the global selective market – testament to its ambitious innovation plan and the power of its highly complementary luxury portfolio.

Fragrances remained the primary growth engine, cementing L’Oréal Luxe’s global number one position. Earlier launches like blockbuster Prada Paradigme and Emporio Armani Stronger with You posted stellar growth; the core powerhouses consolidated their leadership, led by Yves Saint Laurent: Libre and MYSLF grew in double digits. Newly acquired Creed delivered a strong performance, reinforcing the Division’s presence in the very dynamic luxury collection segment. Recent launches like Valentino Vendetta and Giorgio Armani I Will had a promising start.

Skincare momentum strengthened, driven by the ultra-premium segment, where Helena Rubinstein continued to deliver phenomenal growth, boosted by the Re-Plasty franchise – as well as luxury medical beauty, where Medik8 pursued its exceptional trajectory. Chinese brand Yue-Sai continued to grow strongly.

In makeup, Yves Saint Laurent reinforced its Couture leadership with strong double-digit growth, carried by both blockbusters like Lovenude, and All Hours as well as recent launches like Make Me Blush.

All regions grew. Particularly impressive was the performance in North Asia as momentum accelerated strongly, placing L’Oréal Luxe well ahead of the market – boosted by the ongoing strength in China, up in low double digits. Europe accelerated quarter after quarter, while the emerging markets remained a dynamic growth engine, driven by SAPMENA-SSA.

DERMATOLOGICAL BEAUTY

Adjusted like-for-like growth amounted to +11.6%.

Dermatological Beauty delivered strong, double-digit growth, outpacing a dynamic market.

All three billionaire brands grew in double digits.

La Roche-Posay was powered by both the continued strength of its key pillars and successful launches like Mela B3 Double-Dose and Anthelios UV Air.

For CeraVe, momentum remained robust in North America and highly dynamic in all other regions, notably SAPMENA-SSA.

SkinCeuticals’ growth was driven by strong momentum in its two key markets, the US and China, as well as the continued success of A.G.E. Interrupter Ultra Serum.

Vichy maintained its solid growth driven by the continued success ofits Dercos haircare brand, which was boosted by its anti-hair-loss innovation.

Sun care accelerated, driven by La Roche-Posay Anthelios and the successful launch of CeraVe Sun.

All regions contributed strongly with double-digit growth in North America and North Asia, high-single-digit growth in Europe, and outstanding emerging markets performance, led by SAPMENA.

 

Summary byRegion

EUROPE 

Adjusted like-for-like growth amounted to +7.0%.

L’Oréal continued to significantly outpace a robust beauty market across all categories and in both offline and online channels, with a particularly strong online performance.

Growth was led by the Spain/ Portugal and Poland/ Baltics clusters – with strong performances also in most mid-sized countries.

Consumer Products maintained strong momentum, driven by haircare and makeup all the while attracting new consumers with Mixa in body care and L’Oréal Men Expert in hygiene.

L’Oréal Luxe continued to grow significantly faster than the market, driven by the ongoing success of fragrances – notably men’s fragrances and the Couture brands.

Professional Products pursued its impressive trajectory, supported by robust consumer demand for premium haircare with outstanding performances from Kérastase and Redken.

Dermatological Beauty continued to widen its market outperformance, propelled by strong skincare sales – notably in anti-aging and skin-repair – and a successful sun season for La Roche-Posay and CeraVe.

NORTH AMERICA

Adjusted like-for-like growth amounted to +6.3%.

L’Oréal delivered another strong performance, outpacing a growing beauty market, driven by successful innovations, close partnerships with key retailers, and a continued focus on digital, e-commerce, and AI-powered consumer journeys.

Professional Products posted high-single-digit growth. Premium haircare was particularly strong, propelled by Kérastase and Redken. Hair colour was dynamic, outpacing the market, benefiting from breakthrough innovation like Redken Shades ALK and Blonde IQ. SalonCentric continued to accelerate.

Dermatological Beauty advanced in double digits, led by a standout performance from La Roche-Posay, broad-based across key franchises and boosted by the successful expansion at Walmart. CeraVe pursued its upward trajectory, driven by both skincare and haircare.

Consumer Products grew, led by L’Oréal Paris’ double-digit growth. Haircare was particularly dynamic, driven by Elvive and Ever, while makeup benefited from a steady stream of successful innovations. Among the smaller brands, Thayers progressed strongly in skincare.

L’Oréal Luxe outpaced the market, supported by the strength of its fragrance portfolio. The most recent launches were off to a strong start, including Armani I Will and Valentino Vendetta; the recently integrated Kering Beauté brands, notably Creed, performed well. In skincare, Medik8 continued to accelerate.

NORTH ASIA

Adjusted like-for-like growth amounted to +5.5%.

L’Oréal delivered a robust performance, accelerating strongly in the third quarter.

By country, the key driver was China. In a market growing in low single digits – still driven by the selective segment – L’Oréal advanced almost three times faster than the market, benefiting from its strong selective footprint, its unrivalled brand portfolio, and its innovation step-up; growth was robust online and offline. L’Oréal grew in Japan, still impacted by subdued tourism, and in Korea, fueled by a rebound in travel activity. The integration of Dr.G strengthened the regional performance. Travel Retail returned to positive growth in the third quarter; L’Oréal continued to outpace the market.

In North Asia, growth was driven by the three selective Divisions: Luxe accelerated, boosted by the ongoing strength in fragrances, and the steady recovery of skincare, led by Helena Rubinstein and Aesop. Dermatological Beauty and Professional Products reinforced their leadership with all key brands growing in double digits.

SAPMENA–SSA4

Adjusted like-for-like growth amounted to +15.8%.

In SAPMENA, growth was exceptional and broad-based; all countries, Divisions and categories contributed; it was driven by mix and volume – aligned with the region’s strategy of new consumer acquisition.

By country, the Australia-New Zealand cluster maintained its strong momentum; India and Indonesia both further accelerated, driven by haircare and skincare; Vietnam continued to post outstanding growth. The GCC cluster advanced in double digits despite challenges resulting from customs clearance issues and the current geopolitical situation in the region.

All Divisions grew in double digits led by Dermatological Beauty and Professional Products, where haircare remained particularly strong. In Consumer Products, momentum was driven by haircare. Makeup was also boosted by strong innovations and the expansion of 3CE in Southeast Asia. Growth in the Luxe Division was fueled by fragrances, notably Couture brands such as Yves Saint Laurent, Prada and Armani.

Across the region, online maintained outstanding momentum, notably in Southeast Asia, India, and GCC.

In the Sub-Saharan Africa (SSA) region, South Africa was the single largest growth contributor. By Division, momentum was particularly dynamic in Dermatological Beauty and Professional Products.

LATIN AMERICA

Adjusted like-for-like growth amounted to +2.4%.

Market growth in Latin America continued to soften with both Brazil and Mexico advancing in mid-single digits.

In that context, L’Oréal’s performance was marked by two different realities.

On the one hand, momentum was strong in Brazil, where all Divisions grew – led by Professional Products and Dermatological Beauty – and where L’Oréal significantly outpaced the market.

On the other hand, growth was negative in Mexico, where the Consumer Products Division faced a serious air pocket due to commercial issues and temporary supply chain disruptions in the makeup category – exacerbated by retailer inventory adjustments. 

Momentum was strong and broad-based throughout the Andean region.

E-commerce remained the key growth channel across the region.

 

IMPORTANT EVENTS SINCE THE LAST PUBLICATION

STRATEGY

  • Closing of the acquisition of a majority stake in Innovist, a leading digital-first Indian personal care house of brands that will further support the acceleration of L’Oréal’s business in India.
  • L’Oréal’s corporate venture fund BOLD and Nykaa, India’s largest beauty retailer, announced a partnership to take minority stakes in high-growth Indian beauty, personal care, and wellness brands.
  • L’Oréal and Cosmax, a leading Korean cosmetics research, development, and manufacturing company, have signed a Memorandum of Understanding to collaborate on next-generation beauty innovations.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE PERFORMANCE

  • L’Oréal named the second cohort of 13 pioneering companies to join L’AcceleratOR, its flagship sustainable innovation programme. Endowed with €100 million, it aims to identify, pilot and scale solutions to address the most urgent challenges in climate, nature and circularity.
  • In 2026, for the 15th consecutive year, L’Oréal was awarded “Prime” status in the ISS ESG Corporate Rating, acknowledging the company’s ability to manage its environmental, social, and governance (ESG) risks.

OTHER

  • L’Oréal successfully priced a €2 billion three-part bond, the net proceeds of which will be used for general corporate purposes. The bonds, which have been rated AA (Stable) by S&P and Aa1 (Stable) by Moody’s, have been admitted to trading on Euronext Paris.

 

“This news release does not constitute an offer to sell, or a solicitation of an offer to buy L’Oréal shares. If you wish to obtain more comprehensive information about L’Oréal, please refer to the public documents registered in France with the Autorité des Marchés Financiers, also available in English on our website www.loreal-finance.com.

This news release may contain some forward-looking statements. While the Company believes that these statements are based on reasonable assumptions as of the date of publication of this press release, they are by nature subject to risks and uncertainties which may lead to a discrepancy between the actual figures and those indicated or suggested in these statements.”

 

About L’Oréal

For over 115 years, L’Oréal, the world’s leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as essential, inclusive, ethical and generous. With our broad portfolio of 40 international brands and strong sustainability ambitions in our L’Oréal for the Future programme, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality.

With more than 95,000 committed employees, a balanced geographical footprint and sales across all distribution networks (ecommerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), in 2025 the Group generated sales amounting to 44.05 billion euros. With 22 research centers across 7 regional hubs around the world and a dedicated Research and Innovation team of over 4,000 scientists and more than 8,000 Digital, Tech and Data talents, L’Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse.

In 2025, L’Oréal has been named the most innovative company in Europe by Fortune magazine, out of 300 companies, in a ranking spanning 21 countries and 16 industries in Europe.

More information on https://www.loreal.com/en/mediaroom

 

L’ORÉAL CONTACTS

Switchboard

+33 (0) 1 47 56 70 00

Individual shareholders

Angélique Fruchtenreich

+33 (0)1 47 56 45 35

angelique.fruchtenreich@loreal.com

Investor relations

Eva Quiroga

+33 (0)7 88 14 22 65

eva.quiroga@loreal.com

Journalists

Brune Diricq

+33 (0)6 63 85 29 87

brune.diricq@loreal.com

Christine Burke

+33 (0)6 75 54 38 15

christine.burke@loreal.com

 

For more information, please contact your bank, broker or financial institution (I.S.I.N. code: FR0000120321), and consult your usual newspapers, the website for shareholders and investors, www.loreal-finance.com or the L’Oréal Finance app; alternatively, call +33 (0)1 40 14 80 50.

This press release has been secured and authenticated with blockchain technology. 
You can verify its authenticity on the website www.wiztrust.com

 

Appendix

Appendix: L’Oréal group sales 2025/2026 (€ million)

  2025 2026
First quarter 11,734.7 12,152.3
Second quarter 10,738.6 11,623.9
First half total 22,473.3 23,776.1
Third quarter 10,333.7 11,561.4
Nine months total 32,807.0 35,337.6
Fourth quarter 11,245.0  
Full year total 44,052.0  
  1. Adjusted LFL growth: LFL growth adjusted for the net impact of the phasing of the IT transformation. See detail on page 2.
  2. LFL growth: based on a comparable structure and identical exchange rates.
  3. Includes sales on L’Oréal’s brand websites, sales to online pure players, and the e-commerce portion of sales to traditional retailers (based on non-audited declarative data.)
  4. SAPMENA – SSA: South Asia Pacific, Middle East, North Africa, Sub-Saharan Africa.
  5. GCC: Gulf Cooperation Council.

Attachment

BUSINESS ACTIVITY AT 30 SEPTEMBER 2026
GUIDANCE FOR 2026 CONFIRMED
BUSINESS ACTIVITY IN LINE WITH H1 AND OVERALL MARKET TRENDS
NEXITY PROACTIVELY ADAPTING GROUP TO MARKET CYCLE

Guidance for 2026 confirmed:1 Improvement in current operating profit (COP) from projects underway thanks to ongoing transformations and actions taken since 2023

  • Margins restored in Planning and Development, positive contribution from Serviced Properties business and results of the €100m cost-savings plan achieved by year-end 2026
  • Ongoing financial discipline: Selective approach to development of projects and measures to secure project structuring and marketing (>90% of supply for sale located in supply-constrained areas, absorption rate below 6 months, no completed unsold inventory)

Business activity for the first 9 months of the year: Retail sales in line with first half of the year

  • 5,394 reservations, including ~3,100 retail sales; bulk sales are not representative of the full year, as the majority of such deals are signed in Q4
  • Revenue of €1.6bn (down 17%): Automatic reflection of the slowdown in business activity from projects underway in Planning and Development, partly offset by growth in Serviced Properties
  • Backlog of €3.5bn at end-September, equating to 1.6 years’ revenue: Further replenishment through a selective approach with projects at target commitment margins

An increasingly challenging market environment: Confirmation of the revised cycle announced in July

  • Housing now a political priority at the national and European level: Measures to be taken in France’s 2028 budget bill
  • Persistently unfavourable macroeconomic backdrop, marked by an uptick in inflation (up 3% year-on-year) and in long-term interest rates (with French 10-year government bond [OAT] at ~5% currently), which automatically reduce household purchasing power and borrowing capacity
  • New home market stuck at a low point

Nexity is stepping up its transformation to adapt the Group to a cyclical low that has intensified in both scale and duration

  • Ongoing reinforcement of financial structure:
    • Nexity’s partner banks have reaffirmed their confidence in the Group and the strategy of its management; negotiations launched in advance2 with the syndicate of banks to extend the credit facility and completion guarantees, with an agreement expected to be finalised in the coming weeks
    • Development focused on commercially secure programmes in supply-constrained areas, with rigorous control maintained over the Group’s balance sheet exposure
  • Launch of a review of the portfolio of business activities outside property development
  • Ongoing measures to adapt organisations to the market cycle: Review of organisations, brand portfolio and overhead costs

VÉRONIQUE BÉDAGUE, CHAIRWOMAN AND CHIEF EXECUTIVE OFFICER, COMMENTED:

“Our business activity for the first nine months of the year followed the trend seen in the first half of the year, with the difference that retail sales appeared better orientated than the market in Q3. Our financial trajectory for 2026 is based above all on the measures we have proactively and continuously implemented since 2023, which has enabled us to confirm our guidance for 2026. There are signs confirming the delay in the recovery cycle we announced at the end of July. As such, starting in this quarter, we have scaled up the decisive measures aimed at further reinforcing Nexity’s financial structure and continuing to adjust the Group’s organisations.” 

KEY FIGURES FOR 9M 2026

Business activity – France 9M 20253 9M 2026 Change vs 9M 2025
Reservations: Residential Real Estate      
Volume 6,536 units 5,394 units -17%
Value €1,419m €1,147m  -19%
 
Revenue (in millions of euros) 9M 2025 9M 2026 Change vs 9M 2025
Planning and Development 1,620 1,295 -20%
Residential Real Estate 1,577 1,254 -20%
Commercial Real Estate 44 40 -7%
Services 300 292 -3%
Serviced Properties 226 232 +2%
Distribution 73 60 -18%
Other Activities (a) 3 3 N/A
Revenue – New Nexity 1,923 1,589 -17%
International operations (b) 0 22 N/A
Discontinued operations (c) 10 0 N/A
Total revenue 1,934 1,611 -17%

(a)   The “Other Activities” line item, which remained stable at €3 million, notably includes the now reclassified Costame-Moreau construction diagnostics and expertise business, previously reported under “Property Management”.
(b)   Revenue from international operations, which are being managed on a run-off basis, reflects the delivery of units in Italy (revenue recognised on a percentage-of-completion basis) and the sale of land in Germany.
(c)   In 2025, the “Discontinued operations” line item included the contributions from the Week’in and Accessite subsidiaries, sold in Q3 and Q4 2025, respectively.

Business activity and revenue

Planning and Development

Business activity for the first nine months of the year continued to follow the same trend as in the first half of the year. However, the market environment worsened considerably over the summer, against a persistently unfavourable macroeconomic backdrop: the conflict in the Middle East (which covered seven of the nine months of the period), together with a slowdown in the French economy, fuelled an uptick in inflation (up 3% year-on-year in September), which weighed on household purchasing power. The increase in long-term interest rates (with French 10-year government bond [OAT] at ~5% currently) has also reduced household borrowing capacity (with the average mortgage rate in September coming to 3.40%,4 up 15 basis points since June, and 3.82% for a 25-year mortgage, weighing on the core market of first-time homebuyers).

Planning and Development – Residential Real Estate

Supply for sale at end-September 2026 stood at 4,891 units (down 4% relative to September 2025).
This supply presents a lower risk profile and higher quality thanks to the Group’s decision to maintain its more selective approach.

  • Supply for sale is firmly established in high-quality locations, with 92% of units available for sale located in supply-constrained areas with high demand (Abis, A and B1), a 15-point increase compared with 2022.
  • Supply for sale thus appears well-suited to current market conditions, as evidenced by the following:
    • High pre-selling rate: 73% for projects launched during the period
    • Stable absorption rate, which held steady at under 6 months (compared with an absorption rate of more than 20 months5 for the overall market at year-end 2025)
    • Volume of unsold completed homes marginal

Business activity
Nexity booked a total of 5,394 reservations over the first nine months of the year:

  • Retail sales accounted for 3,094 reservations over the period, down 10% by volume, in a market that was down 14% in the first eight months of the year (source: Adéquation).
    • Sales to homebuyers (down 18%) were negatively affected during the period by higher interest rates and lower household purchasing power.
    • Individual investors accounted for 27% of the client mix, with 1,465 reservations. The Jeanbrun scheme launched in Q1 gradually ramped up, with more than 260 reservations during the period.
    • Our Q3 retail sales (-12%) remain in line with the 9-month trend.
  • Bulk sales, which are not linear over the year, accounted for a volume of 2,300 units over the period. For reference, Q4 2025 accounted for 3,800 units and 51% of bulk sales in full-year 2025.

The Planning business accounted for nearly 750 reservations for subdivisions in the period, amounting to €71 million.

Leading indicators: At end-September, the backlog stood at €3.5 billion, equivalent to 1.6 years’ revenue.
Planning and Development – Commercial Real Estate

With the market still at a cyclical low, Nexity recorded an order intake of €23 million, mainly concentrated outside the Paris region.

The Group’s commercial asset diversification initiative is ongoing, with strong momentum in calls for proposals, covering a wide range of property types – including hotels, cinemas, hospitals and regional centres – as well as its general contractor business.

The backlog stood at around €50 million at end-September 2026.

Revenue – Planning and Development

The Planning and Development division (excluding international operations) recognised revenue of €1,295 million in the first nine months of 2026, down 20% relative to the same period in 2025.
This change was in line with our expectations and mainly reflected the following:

  • Residential Real Estate: Decline in business activity from projects underway since 2022, due to the recognition of revenue using the percentage-of-completion method
  • Commercial Real Estate: Limited replenishment of the backlog over the past three years

It should be noted that revenue generated by the development businesses from VEFA off-plan sales and CPI development contracts is recognised using the percentage-of-completion method, i.e. on the basis of notarised sales and pro-rated to reflect the progress of all inventoriable costs.

Services

Following the finalisation in 2025 of the Property Management disposal plan, the Services business is now focused solely on Serviced Properties and Distribution.

Revenue from Services for the period was virtually stable at €292 million:

  • Revenue from Serviced Properties accounted for 80% of revenue from Services and rose by 2% to €232 million, driven by occupancy rates remaining high for student residences (97%) and for coworking spaces (83%).6

As a reminder, the total number of serviced properties in operation includes 17,000 student residence units spread across 54 cities and over 170,000 sq.m7 of coworking spaces.

  • Revenue from Distribution (which accounted for 20% of revenue from Services) fell by €13 million (down 18%) to €60 million. This change included the impact of a base effect linked to the delivery of the Carré Invalides programme in April 2025 and the lower number of deeds registered during the period relative to 9M 2025 as a result of the market downturn.

Strategic partnership with BPCE in the distribution of new and renovated homes

Following the announcement made on 2 July 2026, Nexity entered into a framework agreement with Groupe BPCE on 17 October 2026 regarding distribution operations, with a view to enabling the following:

  • Launch of a joint venture dedicated to selecting, acquiring and structuring a range of real estate programmes featuring new and renovated property in France, sourced from developers
  • Consolidation by BPCE of the distribution operations carried out within the Banque Populaire and Caisse d’Epargne network

This partnership is scheduled to take effect in December 2026.

Outlook

Guidance for 2026 confirmed

The Group’s financial trajectory for 2026 current operating profit (COP) is not based on any assumptions regarding a market recovery, but instead on the transformations underway and actions over which we have control and have been implementing since 2023:

  • Launch of New Nexity, with restored margins, in addition to the €100 million cost-savings plan, enabling an improvement in COP from projects underway with respect to 2025
  • Ongoing financial discipline through selective development of our operations and more secure project structuring to preserve the Group’s balance sheet and limit exposure to financial risk

As such, barring any significant new deterioration in the market environment, the guidance issued in February 2026 for financial year 2026 as a whole remains unchanged:

  • Improvement in operating profitability, with COP for New Nexity8 up in 2026
    • Ongoing reduction in the leverage ratio,9 with the swiftest possible return to a level below the target of 3.5x, no later than 2027

Nexity is proactively adapting the Group to the market cycle

Nexity has noted the deterioration in the market environment in Q3, confirming the revised cycle announced in July. Nexity is stepping up its transformation to adapt the Group to a cyclical low that has intensified in both scale and duration:

Ongoing reinforcement of financial structure

  • Nexity’s partner banks have reaffirmed their confidence in the Group and the strategy of its management; negotiations launched in advance with the syndicate of banks to extend the credit facility and completion guarantees, with an agreement expected to be finalised in the coming weeks:
    • Completion guarantees serve to ensure our clients that programmes will be completed
    • For reference, the credit facility totals €625 million (maturing in February 2028) and the completion guarantees have a current balance of €1.4 billion; at end-June 2026, 76% of the Group’s debt was fixed-rate
  • Development focused on commercially secure programmes in supply-constrained areas, with rigorous control maintained over the Group’s balance sheet exposure
  • Launch of a review of our portfolio of business activities outside property development

Ongoing measures to adapt organisations to the market cycle

  • Review of organisations, brand portfolio and overhead costs

FINANCIAL CALENDAR & PRACTICAL INFORMATION

  • Full-year results for 2026                         Wednesday, 24 February 2027 (after market close)
  • Shareholders’ Meeting                         Thursday, 20 May 2027
A conference call with video will be held today at 6:30 p.m. (Paris time)
in French, with simultaneous translation into English

The presentation accompanying this conference will be available on the Group’s website from 6:15 p.m. (Paris time).
A recording of the webcast will be available the following day at www.nexity.group/en/finance.

The information, assumptions and estimates that the Company could reasonably use to determine its targets are subject to change or modification, notably due to economic, financial and competitive uncertainties. Furthermore, it is possible that some of the risks described in Chapter 2 of the Universal Registration Document filed with the AMF under number D.26-0249 on 13 April 2026 could have an impact on the Group’s operations and the Company’s ability to achieve its targets. Accordingly, the Company cannot give any assurance as to whether it will achieve its stated targets, and makes no commitment or undertaking to update or otherwise revise this information.

NEXITY – LIFE TOGETHER

With €2.8 billion in revenue in 2025, Nexity has a nationwide presence as an urban operator working for urban regeneration and meeting the needs of regions and its clients. Drawing on our dual expertise as a planner/developer and a developer/operator, we are rolling out a regional, multi-product range of services and solutions. As a long-standing proponent of access to housing for all and the leader in our sector when it comes to low-carbon construction, we are dedicated to making new and renovated real estate both affordable and sustainable. In line with our corporate purpose, “Life together”, we endeavour to help build more vibrant, livable cities that are more welcoming and affordable and that respect individuals, the community and the planet. In 2025, Nexity was ranked France’s number-one low-carbon project owner by the BBCA for the seventh year running and came fifth in the customer relations ranking drawn up by Les Échos and HCG.

Nexity is eligible for the Deferred Settlement Service (SRD), listed on Euronext’s Compartment B in the CAC Mid & Small index, and is included in particular in Euronext’s FAS IAS and CAC SBT 1.5° indices.

CONTACTS:
Anne-Sophie Lanaute – Head of Investor Relations & Financial Communications
+33 (0)6 58 17 24 22 / investorrelations@nexity.fr
Nicolas Rehel – Media Relations & Social Media Manager
+33 (0)6 59 06 66 46 – presse@nexity.fr

ANNEXES

1.   Residential Real Estate Development – Quarterly reservations

    2024   2025   2026
Number of units   Q1 Q2 Q3 Q4   Q1 Q2 Q3 Q4   Q1 Q2 Q3
New homes (France)   2,005 3,055 3,049 5,278   1,434 2,844 2,828 4,902   1,449 2,409 1,536
Subdivisions   221 218 267 362   278 406 313 410   278 271 194
Total number of reservations (France)   2,226 3,273 3,316 5,640   1,712 3,250 3,141 5,312   1,727 2,680 1,730
Reservations cancelled *       -1,504 -1,340       -570 -357        
Total number of reservations (France) after cancellations   2,226 3,273 1,812 4,300   1,712 3,250 2,571 4,955   1,727 2,680 1,730

    2024   2025   2026
Value (€m incl. VAT)   Q1 Q2 Q3 Q4   Q1 Q2 Q3 Q4   Q1 Q2 Q3
New homes (France)   446 614 630 1,028   312 618 585 977   320 489 337
Subdivisions   18 17 24 36   26 32 34 41   31 21 19
Total amount of reservations (France)   464 631 654 1,064   339 650 619 1,018   351 510 356
Reservations cancelled *       -271 -195       -96 -56        
Total amount of reservations (France) after programmes abandoned   464 631 383 869   339 650 523 962   351 510 356

2.   Residential Real Estate Development – Cumulative reservations

    2024   2025   2026
Number of units   Q1 H1 9M 12M   Q1 H1 9M 12M   Q1 H1 9M
New homes (France)   2,005 5,060 8,109 13,387   1,434 4,278 7,106 12,008   1,449 3,858 5,394
Subdivisions   221 439 706 1,068   278 684 997 1,407   278 549 743
Total number of reservations (France)   2,226 5,499 8,815 14,455   1,712 4,962 8,103 13,415   1,727 4,407 6,137
Reservations cancelled *       -1,504 -2,844       -570 -927        
Total number of reservations (France) after cancellations   2,226 5,499 7,311 11,611   1,712 4,962 7,533 12,488   1,727 4,407 6,137

    2024   2025   2026
Value (€m incl. VAT)   Q1 H1 9M 12M   Q1 H1 9M 12M   Q1 H1 9M
New homes (France)   446 1,060 1,690 2,718   312 930 1,515 2,492   320 809 1,147
Subdivisions   18 35 58 95   26 58 92 133   31 51 71
Total amount of reservations (France)   464 1,095 1,748 2,812   339 988 1,607 2,625   351 861 1,217
Reservations cancelled *       -271 -465       -96 -152        
Total amount of reservations (France) after programmes abandoned   464 1,095 1,477 2,347   339 988 1,511 2,473   351 861 1,217

* Reservations cancelled related to developments abandoned at our instigation

3.   Breakdown of new home reservations by client (France)

Breakdown of new home reservations by client (France) – New scope   9M 2025 *   9M 2026   Change vs
9M 2025
 
Homebuyers   1,994 31%   1,629 30%   -18%  
o/w:    – First-time buyers   1,749 27%   1,429 26%   -18%  
– Other homebuyers   245 4%   200 4%   -18%  
Individual investors   1,447 22%   1,465 27%   1%  
Retail sales   3,441 53%   3,094 57%   -10%  
Professional landlords   3,095 47%   2,300 43%   -26%  
o/w:    – Institutional investors   1,055 16%   435 8%   -59%  
– Social housing operators   2,040 31%   1,865 35%   -9%  
Total *   6,536 100%   5,394 100%   -17%  
* After taking into account reservations cancelled                  

4.   Backlog

    2024   2025   2026
(In millions of euros, excl. VAT)   Q1 H1 9M 12M   Q1 H1 9M 12M   Q1 H1 9M
Backlog – Residential Real Estate Development (France)   4,845 4,699 4,411 4,354   4,036 4,022 3,844 3,833   3,679 3,635 3,411
Commercial Real Estate Development   248 208 43 38   41 26 23 63   66 56 47
Total (France)   5,093 4,907 4,455 4,392   4,077 4,047 3,867 3,896   3,745 3,690 3,458

5.   Services

Serviced Properties   Dec. 2025   9M 2026   Change vs
Dec. 2025
Student residences            
Number of residences in operation   138   138   0
Occupancy rate (rolling 12-month basis)   97.6%   97.4%   -0.3 pts
Shared office space            
Number of sites – Morning   53   49   -4
Number of sites – Hiptown   38   37   -1
Number of sites   91   86   -5
             
Floor space under management (in sq.m) – Morning   140,386   141,685   +1,299
Floor space under management (in sq.m) – Hiptown   26,757   30,652   +3,895
Floor space under management (in sq.m)   167,143   172,337   +5,194
             
Occupancy rate (rolling 12-month basis) – Morning   80.0%   81.0%   +1.0 pts
Occupancy rate (rolling 12-month basis) – Hiptown   78.0%   81.0%   +3.0 pts
Occupancy rate (rolling 12-month basis)   79.7%   81.0%   +1.3 pts
             
Occupancy rate at mature sites (rolling 12-month basis) – Morning   84.0%   83.4%   -0.6 pts
Occupancy rate at mature sites (rolling 12-month basis) – Hiptown   78.8%   81.0%   +2.2 pts
Occupancy rate at mature sites (rolling 12-month basis)   82.9%   82.9%   +0.0 pts
             
Distribution   9M 2025   9M 2026   Change vs
9M 2025
Total reservations (1)   1,884   1,524   -19%
(1) Of which: Reservations for Nexity            

6.   Revenue – Quarterly figures

    2024   2025   2026
(In millions of euros)   Q1 Q2 Q3 Q4   Q1 Q2 Q3 Q4   Q1 Q2 Q3
Planning and Development   556 745 715 752   484 611 525 706   411 446 438
Residential Real Estate (1)   452 667 547 728   470 594 513 700   405 429 421
Commercial Real Estate   104 78 168 24   15 17 12 6   6 17 17
Services   85 87 115 145   101 96 103 113   101 97 93
Serviced Properties   63 65 72 76   74 71 81 75   78 80 74
Distribution   22 22 44 70   27 25 22 38   23 17 19
Other Activities   1 1 1 2   1 1 1 2   1 1 1
Revenue – New Nexity   642 833 831 899   586 708 629 820   513 544 532
International operations (managed on a run-off basis) (2)   0 3 1 -1   0 0 0 67   6 1 15
Revenue from discontinued operations (3)   87 17 16 5   3 3 4 0   0 0 0
Revenue   729 852 848 904   590 712 633 887   518 545 548
(1) Retail recognised within Residential Real Estate (vs Property Management)
(2) International operations being managed on a run-off basis (Germany, Italy and Belgium)
(3) Discontinued operations: Accessite and Week’in in 2025 (vs Property Management)

GLOSSARY

Absorption rate: Available market supply compared to reservations for the last 12 months, expressed in months, for the new homes business in France.

Business potential: The total volume of potential business at any given moment, expressed as a number of units and/or revenue excluding VAT, within future projects in Residential Real Estate Development (new homes, subdivisions and international) as well as Commercial Real Estate Development, validated by the Group’s Committee, in all structuring phases, including the programmes of the Group’s urban regeneration business (Villes & Projets); this business potential includes the Group’s current supply for sale, its future supply (project phases not yet marketed on purchased land, and projects not yet launched associated with land secured through options).

Current operating profit/(loss): Includes all operating profit items with the exception of items resulting from unusual, abnormal and infrequently occurring transactions. In particular, impairment of goodwill is not included in “Current operating profit/(loss)”.

Development backlog (or order book): The Group’s already secured future revenue, expressed in euros, for its real estate development businesses (Residential Real Estate Development and Commercial Real Estate Development). The backlog includes reservations for which notarial deeds of sale have not yet been signed and the portion of revenue remaining to be generated on units for which notarial deeds of sale have already been signed (portion remaining to be built).

EBITDA: Defined by Nexity as equal to current operating profit before depreciation, amortisation and impairment of non-current assets, net changes in provisions, share-based payment expenses and the transfer from inventory of borrowing costs directly attributable to property developments, plus dividends received from equity-accounted investees whose operations are an extension of the Group’s business. Depreciation and amortisation includes right-of-use assets calculated in accordance with IFRS 16, together with the impact of neutralising internal margins on disposal of an asset by development companies, followed by take-up of a lease by a Group company.

EBITDA after lease payments: EBITDA net of expenses recorded for lease payments that are restated to reflect the application of IFRS 16 Leases.

Free cash flow: Cash generated by operating activities after taking into account tax paid, financial expenses, repayment of lease liabilities, changes in WCR, dividends received from companies accounted for under the equity method and net investments in operating assets.

Joint ventures: Entities over whose activities the Group has joint control, established by contractual agreement. Most joint ventures are property developments (Residential Real Estate Development and Commercial Real Estate Development) undertaken with another developer (co-developments).

Land bank: Amount corresponding to acquired land development rights for projects in France carried out before obtaining a building permit or, in some cases, planning permissions.

Market share for new homes in France: Number of reservations recorded by Nexity (retail and bulk sales) divided by the number of reservations (retail and bulk sales) reported by the French Federation of Real Estate Developers (FPI).

Net profit/(loss) before non-recurring items: Group share of net profit restated for non-recurring items such as change in fair value adjustments in respect of the ORNANE bond issue and items included in “Non-current operating profit/(loss)” (disposal of significant operations, any goodwill impairment losses, remeasurement of equity-accounted investments following the assumption of control).

Operational reporting: According to IFRS but with joint ventures proportionately consolidated. This presentation is used by management as it better reflects the economic reality of the Group’s business activities.

Order intake – Commercial Real Estate Development: The total of selling prices excluding VAT as stated in definitive agreements for Commercial Real Estate Development projects, expressed in euros for a given period (notarial deeds of sale or development contracts).

Pipeline: Sum of backlog and business potential; may be expressed in months or years of revenue (as for backlog and business potential) based on revenue for the previous 12-month period.

Property Management: Management of residential properties (rentals, brokerage), common areas of apartment buildings (as managing agent on behalf of condominium owners), commercial properties, and services provided to users.

Reservations by value (or expected revenue from reservations) – Residential Real Estate: The net total of selling prices including VAT as stated in reservation agreements for development programmes, expressed in euros for a given period, after deducting all reservations cancelled during the period.

Revenue: Revenue generated by the development businesses from VEFA off-plan sales and CPI development contracts is recognised using the percentage-of-completion method, i.e. on the basis of notarised sales and pro-rated to reflect the progress of all inventoriable costs.

Serviced Properties: Operation of student residences and flexible workspaces.


1 Taking into account the deterioration in the market environment observed in Q3, and barring any significant new deterioration in the market environment
2 Credit facility totalling €625m to date, maturing in February 2028

3 Net reservations in the period to end-September 2025 (by volume and by value) are presented as contributing to the backlog. They include the impact of reservations cancelled prior to 2024 as a result of the Group’s decision in 2025 to abandon certain programmes (see breakdown by quarter in the annexes).

4 Source: Observatoire Crédit Logement
5 Data: Adéquation
6 Occupancy rate at mature sites – open for more than 12 months
7 Total floor area net of additions/disposals
8 Current operating profit/(loss) (COP) for New Nexity – Excluding discontinued operations and international operations being managed on a run-off basis.
9 Level of the leverage ratio included in the banking covenants: <8.5x at year-end 2025, <7x at year-end 2026 and ≤3.5x at year-end 2027

Attachments

Paris, 22 October 2026 – Amundi announces the success of its capital increase reserved for employees, “We Share Amundi”. Almost one employee out of two globally and two out of three employees in France subscribed to the operation, which allows them to benefit from a 30% discount on the share price. In total, more than 2,500 employees across 15 countries took part, for a total amount of €40.8 million.

With this tenth employee capital increase reserved for employees, Amundi confirms its commitment to employee share ownership.

Valérie Baudson, Chief Executive Officer of Amundi, commented: “Our employees are at the heart of Amundi’s long-term development and success. Employee share ownership is an effective way to share with them the value they help create every day, to enable them to benefit directly from the company’s financial performance, and to strengthen their sense of belonging. The high level of participation demonstrates their confidence in the Group’s strategy and future.”

Carried out under the legal authorisations approved by the Annual General Meeting of 27 May 2025, this transaction will result in the creation of 613,300 new shares, representing approximately 0.3% of capital before the transaction. Its impact on earnings per share will remain very limited.

Post this transaction, employees will hold approximately 2.5% of Amundi’s capital, compared with 2.2% previously.

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players1, offers over 200 million investors a complete range of savings and investment solutions in active and passive management, in listed and private assets. Developed for a range of distributors (banks, wealth managers, financial advisors…) as well as for institutional investors and corporates, this offering is enhanced by services and technology tools covering the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.6 trillion of assets2.

Its six international investment hubs3, its financial and extra-financial research capabilities and its long-standing commitment to responsible investment make Amundi a leading player in the international asset management landscape.

Thanks to its strong local presence, particularly in Europe and Asia, Amundi offers its clients the expertise and advice of 5,400 professionals across 34 countries.

Amundi, a trusted partner, working every day in the interest of its clients and for society.

www.amundi.com 


1 Source: IPE « Top 500 Asset Managers » published in June 2026, based on assets under management as at 31/12/2025

2 Amundi data as at 30/06/2026

3 Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

Attachment

Lille, Oct. 22, 2026 (GLOBE NEWSWIRE) — Top Wealth Group Holding Limited (NASDAQ: TWG) (“Top Wealth” or the “Company”), announces the approval of the proposed 1-for-100 share consolidation of the Class A ordinary shares (“Class A Ordinary Shares”) and Class B ordinary shares (“Class B Ordinary Shares”, together with the Class A Ordinary Shares, the “Ordinary Shares”) of US0.009 par value each (the “Share Consolidation”).

Beginning with the opening of trading on October 26, 2026, being the market effective date, the Class A Ordinary Shares will begin trading on a post-Share Consolidation basis on the Nasdaq Capital Market under the same symbol “TWG” but under a new CUSIP number of G8945S128. The objective of the Share Consolidation is to enable the Company to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing on the Nasdaq Capital Market.

Upon the effectiveness of the Share Consolidation, every 100 issued and outstanding Ordinary Shares of a par value of US$0.009 each will automatically be consolidated into one issued and outstanding Ordinary Share of par value US$0.9 each. No fractional shares will be issued as a result of the Share Consolidation. Instead, any fractional shares that would have resulted from the Share Consolidation will be rounded up to the next whole number. The Share Consolidation affects all shareholders uniformly and will not alter any shareholder’s percentage interest in the Company’s outstanding Ordinary Shares, except for adjustments that may result from the treatment of fractional shares. The Share Consolidation was approved by the Company’s board of directors and its shareholders on September 29, 2026.

About Top Wealth Group Holding Limited

Top Wealth Group Holding Limited is a holding company incorporated in the Cayman Islands, with all operations carried out through its operating subsidiary in Hong Kong, Top Wealth Group (International) Limited. The Company specializes in supplying premium-class sturgeon caviar, and its caviar and caviar products are endorsed with the Convention on International Trade in Endangered Species of Wild Fauna and Flora (“CITES”) permits. The Company supplies caviar to customers under customer brand labels (i.e. private labeling), and also sells under its own brand, “Imperial Cristal Caviar,” which has continuously achieved significant sales growth since its launch.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in verbal statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:
Top Wealth Group Holding Limited
Investor Relations
Email: ir@topwealth.cc

Revenue at 30 September 2026

Business in line with Group expectations

  • Revenue at 30 September 2026 of €573.8m, down 1.3% at CER1 and like-for-like2; excluding China, business grew by 1%, with a positive contribution from the three regions (EMEA, Americas and Asia)
  • In the third quarter, revenue fell by 3.6% at CER and like-for-like, and was stable excluding China

All financial targets confirmed for 2026

Villepinte, 22 October 2026, 5.45 p.m.: Guerbet (FR0000032526 GBT), a global specialist in contrast agents and solutions for medical imaging, is publishing its revenue for the first nine months of 2026.

At 30 September 2026, Group revenue totalled €573.8 million, down 2.2% on a reported basis compared with the first nine months of 2025. At constant exchange rates (CER)1, the decline was 1.3% over the period, with the negative exchange rate effect of €4.8 million confined to the first six months of the year and largely linked to the depreciation of the Japanese yen. As there was a very small scope effect, the change at CER and like-for-like² was also -1.3%. Excluding China, where the healthcare product market is undergoing a major restructuring, Guerbet’s revenue would have grown over the period (+1%). In the third quarter alone, revenue at CER and like-for-like was down 3.6%, but was stable excluding China.

Geographical breakdown of consolidated revenue (IFRS)

In € millions

Q3   9 months
2025 2026 % change % chg. at CER   2025 2026 % change % chg. at CER
Sales in EMEA 86.2 86.0 -0.2% -0.4%   255.8 259.0 +1.3% +1.0%
Sales in the Americas 58.8 61.6 +4.9% +0.2%   176.5 178.5 +1.1% +0.9%
Sales in Asia 53.7 46.9 -12.7% -13.0%   152.4 134.7 -11.6% -7.9%
Total like-for-like 198.7 194.6 -2.1% -3.6%   584.7 572.2 -2.1% -1.3%
Out-of-scope activities* 0.0 0.0 – –   1.8 1.6 – –
Total 198.7 194.6 -2.1% -3.7%   586.5 573.8 -2.2% -1.3%

*sales of components and finished products related to the urology business (sold in July 2024)

In EMEA, revenue came to €259.0 million at 30 September 2026, up 1.0% at CER and like-for-like, impacted by a continuous recovery in activity in France and a decrease in indirect sales (distributors). Revenue in the third quarter was virtually stable (-0.4%) despite a difficult comparison base (+10.2% in the third quarter of 2025).

In the Americas, sales reached €178.5 million at end-September, up 0.9% at CER and like-for-like. After a sharp recovery in the second quarter (+4.8%), the third quarter was stable (+0.2%) amid a continued normalisation at the Raleigh industrial site, where a return to normative batch release levels is still expected at the end of the financial year.

In Asia, revenue amounted to €134.7 million for the first nine months, down 7.9% at CER and like-for-like, of which -13.0% in the third quarter alone. This decline is attributable to the ongoing contraction in sales in China, where the policy to sharply reduce healthcare spending is leading to a profound recomposition of the market, linked to a gradual elimination of intermediaries (CSO business model) and a more widespread use of volume-based tenders (VBP business model).

Breakdown of consolidated revenue by activity (IFRS)

In € millions

Q3   9 months
2025 2026 % change % chg. at CER   2025 2026 % change % chg. at CER
Diagnostic Imaging 174.0 166.9 -4.0% -5.7%   508.0 492.1 -3.1% -2.5%
MRI 65.0 62.0 -4.7% -5.8%   192.5 185.8 -3.5% -2.7%
X-ray 108.9 105.0 -3.6% -5.6%   315.4 306.3 -2.9% -2.4%
Interventional Radiology 24.8 27.7 +11.7% +10.7%   76.7 80.0 +4.4% +6.6%
Total like-for-like 198.7 194.6 -2.1% -3.6%   584.7 572.2 -2.1% -1.3%
Out-of-scope activities* 0.0 0.0 – –   1.8 1.6 – –
Total 198.7 194.6 -2.1% -3.7%   586.5 573.8 -2.2% -1.3%

*sales of components and finished products related to the urology business (sold in July 2024)

By business, revenue in Diagnostic Imaging came to €492.1 million in the first nine months, down 2.5% at CER and like-for-like, including a 5.7% decline in the third quarter alone.

  • Sales of the IRM division amounted to €185.8 million, down 2.7% at CER and like-for-like. The decline in the third quarter (-5.8%) was due entirely to the contraction in sales to third parties, linked to the planned slowdown in subcontracting activities at Gadopiclenol, which will take place, as expected, in two stages: end-2026 for Fill & Finish and end-2028 at the earliest for the production of active pharmaceutical ingredients (API). Meanwhile, sales of Elucirem™ remained very dynamic over the period.
  • Revenue in the X-ray division came to €306.3 million, down 2.4% at CER and like-for-like (-5.6% in the third quarter). The favourable price effect over the period was not enough to offset the fall in volumes of Optiray® and Xenetix®, largely due to the contraction of sales in China.

Revenue in Interventional Radiology came to €80.0 million in the first nine months, up 6.6% at CER and on a like-for-like basis. Growth accelerated in the third quarter (+10.7%), still driven by momentum in sales of Lipiodol® in the vascular embolization market.

2026: full-year financial targets confirmed

At the end of the third quarter, in line with the Group’s expectations, Guerbet reiterated all of its financial targets. For 2026, the Group’s targets are:

  • Revenue stable or showing a slight decrease at CER and on a like-for-like basis.
  • Restated EBITDA margin rate3 of around 8%, including around €35 million related to the costs of the remediation plan at the Raleigh site.
  • Strongly negative free cash flow of between -€50 million and -€70 million, due to the expected decrease in restated EBITDA, the increase in the CAPEX plan and non-recurring restructuring costs linked to the Group’s transformation plan, including in particular the redundancy plan in France.

Continuation of discussions with financial partners

Guerbet is continuing its discussions with its financial partners on its refinancing, as mentioned in its recent communications.

As a reminder, the Group has secured waivers from its financial partners relating to the leverage ratio tested at 30 June 2026, 31 December 2026 and 30 June 2027.

Next event:

2026 annual sales
February 4, 2027 after market close

About Guerbet

At Guerbet, we build lasting relationships so that we enable people to live better. That is our purpose. We are a global leader in medical imaging, offering a comprehensive range of pharmaceutical products, medical devices, and digital and AI solutions for diagnostic and interventional imaging. As pioneers in contrast products for 100 years, with 2,746 employees worldwide, we continuously innovate and devote 10% of our revenue to Research and Development in four centers in France and the United States. Guerbet (GBT) is listed in Compartment B of Euronext Paris and generated revenue of €786 million in 2025. For more information, please visit www.guerbet.com.

Forward-looking statements

Certain information contained in this press release is not historical data but constitutes forward-looking statements. These forward-looking statements are based on estimates, forecasts and assumptions including, without limitation, assumptions regarding the Group’s current and future strategy and the economic environment in which the Group
operates. They involve known and unknown risks, uncertainties and other factors, which may result in a significant difference between the Group’s actual performance and results and those presented explicitly or implicitly in these forward-looking statements.

These forward-looking statements are only valid as of the date of this press release and the Group expressly disclaims any obligation or commitment to issue an update or revision of the forward-looking statements contained in this press release to reflect changes in the assumptions, events, conditions or circumstances on which such forward-looking statements are based. Forward-looking statements contained in this press release are for illustrative purposes only. Forward-looking statements and information are not guarantees of future performance and are subject to risks and uncertainties that are difficult to predict and generally beyond the control of the Group.

These risks and uncertainties include, but are not limited to, uncertainties inherent in research and development, future clinical data and analyses, including post-marketing analyses, decisions by regulatory authorities, such as the Food and Drug Administration or the European Medicines Agency, whether or not to approve, and when, the application for a drug, process or biological product for one of these candidate products, as well as their labeling decisions and other factors that may affect the availability or commercial potential of these candidate products. A detailed description of the risks and uncertainties related to the Group’s activities can be found in chapter 4.8 “Risk factors” of the Group’s Universal Registration Document registered by the AMF under number D.25-0220 on April 3, 2025, available on the Group’s website (www.guerbet.com).

Glossary

EBITDA: EBITDA is defined as operating income plus net depreciation, amortization, impairment and provisions for risks.

Free cash flow (FCF): Free cash flow is defined as the change in net debt from one year to the next.

Net financial debt: Net financial debt is defined as the sum of current and non-current borrowings less cash and cash equivalents and marketable securities.

Like-for-like basis: Like-for-like basis refers to the scope excluding the urology and Accurate businesses, sold in July 2024 and January 2025 respectively.

At constant exchange rates: At constant exchange rates means the impact of exchange rates is eliminated by recalculating sales for the period based on the exchange rates used for the previous year.


1 Constant exchange rates: the exchange rate impact was eliminated by recalculating sales for the period on the basis of the exchange rates used for the previous financial year.
2 Excluding sales in 2026 of components and finished products related to the urology business (sold in July 2024) and sales in 2025 of microcatheters.
3 Restated EBITDA excludes non-recurring expenses related to restructuring


Contacts:

Guerbet    
Jérôme Estampes, Chief Financial Officer +33 (0)1 45915000 / jerome.estampes@guerbet.com
Christine Allard, SVP Public Affairs and Corporate Communications +33 6 30115782 / christine.allard@guerbet.com

Seitosei.Actifin                                                                               
Marianne Py, Financial Communication +33 6 85527693 / marianne.py@seitosei-actifin.com
Jennifer Jullia, Press +33 6 02084549 / jennifer.jullia@seitosei-actifin.com

Attachment

Nanterre, 22 October 2026

 FURTHER GROWTH IN REVENUE AND ORDER INTAKE

                                                                       

  • Strong revenue increase in the third quarter: up 5%, driven by business outside France and Energy Solutions
  • Robust order intake; satisfactory order book renewal rate
  • Very solid financial position
  • 2026 guidance confirmed, excluding the impact of a possible increase in the TEITLD1, currently being reviewed by the French parliament

  

Revenue – MAIN INDICATORS

  First nine months 2026/2025 change    
(in € millions) 2026 2025 Actual Like-for-like2
Concessions 9,551 9,379 +1.8% +2.4%
Energy Solutions 22,255 20,725 +7.4% +4.6%
Construction 24,579 24,479 +0.4% −0.6%
Eliminations and adjustments (428) (331)    
Group total* 55,957 54,253 +3.1% +1.8%
of which:         France 22,505 22,895 −1.7% −1.8%
        International 33,452 31,357 +6.7% +4.4%
        Europe excl. France 21,840 20,453 +6.8% +4.0%
        International excl. Europe 11,612 10,905 +6.5% +5.1%
         
VINCI Autoroutes’ traffic levels     −3.3%  
VINCI Airports’ passenger numbers     −0.2%  
Order intake (in € billions) 49.6 46.9 +6%
Order book** (in € billions) 75.4 70.6 +7%
Net financial debt** (in € billions) (20.2) (21.4) +1.2

* Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see glossary).
** At 30 September.

The changes set out below are relative to the first nine months of 2025 or the third quarter of 2025 unless otherwise stated.

I.  GOOD OVERALL PERFORMANCE DRIVEN BY BUSINESS OUTSIDE FRANCE AND ENERGY SOLUTIONS

FURTHER REVENUE GROWTH

Consolidated revenue in the third quarter grew strongly by 5% (after remaining stable in the first quarter and rising by 4% in the second quarter), with revenue outside France up 10%.

In the first nine months of 2026, consolidated revenue thus totalled €56.0 billion, a 3.1% rise comprising organic growth of 1.8%, a 1.6% positive impact from changes in scope3 and a negative currency effect of 0.2%. It should be noted that:

  • this increase was driven by good momentum at Energy Solutions (up 7.4%);
  • revenue outside France rose by 6.7% (including a 4.4% increase on a like-for-like basis), accounting for 60% of the total, compared with 58% in the first nine months of 2025.

ROBUST ORDER INTAKE AND HIGH ORDER BOOK

Order intake at Energy Solutions and VINCI Construction totalled €49.6 billion at 30 September 2026, a noteworthy increase of 6%.4

This leads to a satisfactory renewal rate for the order book, with order intake well above revenue generated by these business lines in the first nine months of the year (€46.2 billion). At 30 September 2026, the order book reached the high level of €75.4 billion, up 7% year on year.
It represents 14 months of average business activity for VINCI Energies, Cobra IS and VINCI Construction, offering visibility to the Group. International business made up 71% of the order book (70% at 30 September 2025).

VERY SOLID FINANCIAL POSITION

VINCI’s consolidated net financial debt at 30 September 2026 amounted to €20.2 billion, down €1.2 billion year on year.

VINCI’s liquidity position remains very strong:

  • €14.7 billion of net cash managed;
  • a €6.5 billion confirmed and unused credit facility5 at VINCI SA.

Supported by its high-quality order book and its very solid financial position, the Group looks to the future with serenity.

II.  KEY HIGHLIGHTS BY BUSINESS

CONCESSIONS

Revenue in the Concessions business amounted to €9.6 billion, up 1.8% on an actual basis (up 2.4% like-for-like) despite an unfavourable economic environment. This performance reflects the good diversification of its portfolio of airport and motorway assets and their resilience to headwinds.

  • VINCI Airports

VINCI Airports’ passenger numbers remained stable despite high prices for kerosene and geopolitical disruptions, with 253 million passengers welcomed across the airports managed by the Group in the first nine months of 2026.6 Solid growth at a number of airports (particularly Edinburgh, Belgrade and Budapest as well as the network’s airports in Portugal, Cabo Verde and the Dominican Republic) offset the weakness noted at London Gatwick and in Asia.

Nevertheless, revenue at VINCI Airports rose by 2.8% on an actual basis (including a 4.2% rise in the third quarter) to €3.8 billion, despite negative scope effects7. On a like-for-like basis, it grew by 5.0%. This performance demonstrates the ability of the division to optimise both aviation and non-aviation activities, in particular by passing on inflation.

  • VINCI Autoroutes

In the first nine months of 2026, traffic levels across all vehicle types fell by 3.3%. Light vehicle traffic was down 4.0%, primarily due to surging fuel prices. Meanwhile, heavy vehicle traffic continued to show a positive trend (up 1.2%).

This good momentum for heavy vehicle traffic partially accounts for the relatively limited decline in revenue recorded by VINCI Autoroutes (down 0.8% to €5.1 billion).

  • VINCI Highways

Buoyed by the addition of Brazilian highways to the portfolio,8 revenue saw a strong increase of 40% on an actual basis (up 10% like-for-like) to €528 million.

ENERGY SOLUTIONS

VINCI’s Energy Solutions business operates in buoyant markets: increasing shift towards electrification, growth for AI and data centres, digital infrastructure services, optimisation of industrial processes and building performance, defence and sovereignty challenges.

Shaped by these powerful megatrends, the main indicators relating to this business in the first nine months of 2026 were very well oriented. Highlights included:

  • revenue growth (up 7.4% to €22.3 billion, 70% of which was generated outside France), with strong growth in the third quarter (up 8.6%);
  • increases in order intake (up 9% to €24.3 billion) and the order book (up 9% year on year to €38.5 billion);
  • VINCI Energies’ active acquisition policy in fragmented markets.
  • VINCI Energies

Revenue rose by 8.2% in the third quarter (up 4.2% like-for-like). In the first nine months of 2026, it amounted to €16.4 billion, an increase of 7.2% (up 3.7% like-for-like). This performance reflects the dynamism of the business line’s companies in robust markets, both in France (up 5.2%) and internationally (up 8.5%, including a 12% increase in Germany, to €2.9 billion). Revenue generated outside France accounted for 60% of the total.

Order intake was up 8% to €18.5 billion9 and was appreciably higher than revenue in the first nine months of 2026. It also hit a new rolling 12-month record of nearly €24 billion.

VINCI Energies’ order book at 30 September 2026 amounted to €20.2 billion, up 11% year on year, and represents 11 months of the business line’s average business activity.

  • Cobra IS

Revenue rose by 9.7% in the third quarter. In the first nine months of 2026, it rose by 8.0% to €5.8 billion. This growth was driven in particular by flow business (60% of total revenue), which remains very strong in Spain.

Order intake in the first nine months of 2026 rose by 11% to €5.8 billion, due to the many contracts for projects of varying sizes won in the third quarter.10

Cobra IS’s order book at 30 September 2026 amounted to €18.3 billion, up 6% year on year. It represents more than two years of the business line’s average business activity.

CONSTRUCTION

In the Construction business, revenue reached a high level (€24.6 billion). Highlights included good momentum outside France for both Proximity Networks and Specialty Networks and the successful integration of the New Zealand public works company Fletcher Construction.

  • VINCI Construction 

Buoyed by dynamic activity outside France in the third quarter,11 revenue totalled €23.9 billion in the first nine months of 2026 (up 0.8% actual and down 0.2% like-for-like).

In line with the trend observed in previous quarters, key points were:

  • lower business levels for Major Projects (representing less than 10% of the total revenue of VINCI Construction), due in particular to progress on the High Speed 2 line in the United Kingdom;
  • a decline in revenue in France, as a consequence of the usual electoral cycles,12 and phasing effects for some building projects;
  • a favourable revenue trend at the business line’s other divisions, particularly Oceania, Central Europe and the United Kingdom.

Order intake in the first nine months of 2026 rose by 3% to €25.3 billion13 and was higher than revenue in the period.

VINCI Construction’s order book at 30 September 2026 amounted to €36.9 billion, up 5% year on year. It represents 14 months of the business line’s average business activity.

  • VINCI Immobilier

In a property development market still facing very challenging conditions, VINCI Immobilier’s revenue was down 14% to €630 million.

Against this backdrop, the number of reservations in France fell by 23% to 2,313 residential units.

  

III.   OTHER HIGHLIGHTS

MAIN RECENT DEVELOPMENTS

  • Energy Solutions

VINCI Energies completed the acquisitions of 23 new companies in the first nine months of 2026, representing combined annual revenue of around €220 million, mainly outside France (in the Benelux countries, the United Kingdom, North America, Australia and New Zealand).

Furthermore, on 13 October 2026, VINCI Energies completed the acquisition of the German company All for One, a specialist in the integration and maintenance of business applications having generated revenue of €500 million in 2025, with a workforce of around 3,000 highly skilled employees.
This acquisition gives VINCI Energies a stronger presence and further supports its ambitions, through its Axians brand, in the fast-growing digital infrastructure services market (business applications, cloud services, data analytics and AI). It will allow Axians to seize the many opportunities created by the acceleration of digital transformation in Europe.

In July, Cobra IS sold its 50% stake in the Brazilian company Pampa, which holds the public-private partnership (PPP) contract for the high-voltage transmission line project of the same name. Cobra IS will continue to operate and maintain the Pampa transmission line.
This transaction is a fine illustration of Cobra IS’s expertise in carrying out major high-voltage transmission line projects (such as currently in Brazil and Australia) and in optimising the management of its asset portfolio.
Since 2023 in Brazil, Cobra IS has also sold its 50% stakes in the Mantiqueira Transmissora, Sertaneja and Chimarrao PPPs. The four disposals have generated proceeds of more than €300 million.

SHAREHOLDER REMUNERATION

The Group carried out share buy-backs in the total amount of €1.7 billion in the first nine months of 2026 (13.7 million shares bought back at an average price of €122.5).14

On 1 October 2026, VINCI implemented a new share buy-back programme with a maximum purchase amount of €270 million to be completed by 21 December 2026.

  

IV.   2026 GUIDANCE CONFIRMED AT CONSTANT TAXATION

Given the excellent financial performance noted since the start of the year, VINCI confirms its 2026 guidance, which anticipates:

  • further growth in its revenue, operating earnings and net income attributable to owners of the parent;
  • free cash flow that could reach €6 billion.15

This guidance does not factor in the adverse impact of a possible increase in France’s tax on long-distance transport infrastructure operators (mainly those operating motorways), which is currently being reviewed by the French parliament.16
As an initial estimate, the potential accounting impact of such a measure on VINCI’s operating earnings and net profit attributable to owners of the parent in 2026 would be an additional charge of around €450 million, to be paid in 2027.

Conference call and financial calendar

The Group will comment on its revenue and business activities in the nine months ended 30 September 2026 in a conference call to be held in English today (Thursday, 22 October 2026) at 18:00 CEST.

To take part, please obtain an individual access code ahead of the call via the following link:
https://register-conf.media-server.com/register/BI8180f8c92f1c466a8f57fc2fbdd781c6

and then dial one of the following numbers:
FR:          +33 1 86 47 80 85
UK:         +44 1400 220156
US:         +1 864 991 4103

*********

Financial calendar
17 November 2026 VINCI Autoroutes’ traffic levels and VINCI Airports’ passenger numbers for October 2026 (after the market close)
17 December 2026 VINCI Autoroutes’ traffic levels and VINCI Airports’ passenger numbers for November 2026 (after the market close)
10 February 2027 Publication of VINCI’s full-year 2026 results (after the market close)

**********

About VINCI
VINCI is a world leader in concessions, energy solutions and construction, employing 294,000 people in more than 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general. www.vinci.com

GLOSSARY

Concession subsidiaries’ revenue derived from works carried out by non-Group companies: this indicator relates to construction work done by concession companies as programme manager on behalf of concession grantors. Consideration for that work is recognised as an intangible asset or financial asset depending on the accounting model applied to the concession contract, in accordance with IFRIC 12 “Service Concession Arrangements”. It excludes work done by the VINCI Energies, Cobra IS and VINCI Construction business lines.

Like-for-like revenue growth: this indicator measures the change in revenue at constant scope and exchange rates.

  • Constant scope: the scope effect is neutralised as follows:
    • For revenue in year Y, revenue from companies that joined the Group in year Y is deducted.
    • For revenue in year Y−1, the full-year revenue of companies that joined the Group in year Y−1 is included, and revenue from companies that left the Group in years Y−1 and Y is excluded.
  • Constant exchange rates: the currency effect is neutralised by applying exchange rates in year Y to foreign currency revenue in year Y−1.

Net financial surplus/debt: this corresponds to the difference between financial assets and financial debt. If the assets outweigh the liabilities, the balance represents a net financial surplus, and if the liabilities outweigh the assets, the balance represents net financial debt. Financial debt includes bonds, bank borrowings and debt owed to financial institutions (including derivatives and other liabilities relating to hedging instruments). Financial assets include cash and cash equivalents and assets relating to derivative instruments.

Under IFRS 16, the Group recognises right-of-use assets relating to leased items under non-current assets, along with a liability corresponding to the present value of lease payments still to be made. That liability is not included in net financial surplus/debt as defined by the Group, and is presented directly on the balance sheet.

Order book:

  • At VINCI Energies, Cobra IS and VINCI Construction, the order book represents the volume of business yet to be carried out on projects where the contract is in force (in particular after service orders have been obtained or after conditions precedent have been met) and financed.
  • At VINCI Immobilier, the order book corresponds to the revenue, recognised on a progress-towards-completion basis, that is yet to be generated on a given date with respect to property sales confirmed by a notarised deed or with respect to property development contracts on which the works order has been given by the project owner.

Order intake:

  • At VINCI Energies, Cobra IS and VINCI Construction, a new order is recorded when the contract has been not only signed but is also in force (for example, after the service order has been obtained or after conditions precedent have been met) and when the project’s financing is in place. The amount recorded in order intake corresponds to the contractual revenue.
  • At VINCI Immobilier, order intake (reservations) corresponds to the value of properties sold off-plan or sold after completion in accordance with a notarised deed, or revenue from property development contracts where the works order has been given by the project owner.

For joint property developments:

  • If VINCI Immobilier has sole control over the development company, it is fully consolidated. In that case, 100% of the contract value is included in order intake.
  • If the development company is jointly controlled, it is accounted for under the equity method and its order intake is not included in the total.

VINCI Airports’ passenger numbers: this is the number of passengers who have travelled on commercial flights from or to a VINCI Airports airport during a given period, and is a relevant indicator for estimating an airport’s revenue from both aviation and non-aviation activities.

VINCI Autoroutes’ traffic levels: this is the number of kilometres travelled by light and heavy vehicles on the motorway network managed by VINCI Autoroutes during a given period.


1 Tax on long-distance transport infrastructure operators in France.
2 See glossary.
3 Changes mainly consisted of the following: (i) in the Concessions business, the full consolidation of the Brazilian highway concession holder Entrevias since October 2025 (revenue of €106 million in the first nine months of 2026) at VINCI Highways; the end of the concession contract for Phnom Penh airport in Cambodia at VINCI Airports in September 2025 (see details on the following page); the end of the concession contract for the Stade de France in August 2025 at VINCI Stadium (which had made a revenue contribution of around €60 million in 2025); (ii) at VINCI Energies, 23 acquisitions in the first nine months of 2026 and 33 acquisitions in 2025, which contributed €530 million to the increase in revenue in the period; (iii) at VINCI Construction, more than €375 million of additional revenue, of which nearly €170 million for Fletcher Construction in New Zealand (acquisition completed at end-May 2026).
4 Including a 6% rise also in flow business, which accounts for the majority of revenue for the Energy Solutions and Construction businesses.
5 Due to expire in January 2031.
6 Figures at 100% including passenger numbers at all managed airports over the period as a whole.
7 The previous international airport in Phnom Penh (Cambodia), which was operated by VINCI Airports subsidiary Cambodia Airports under a concession contract, closed in early September 2025. Since then, Cambodia Airports has held an operating contract for Phnom Penh’s new international airport (Techo International). Overall, Cambodia Airports generated revenue of €29 million in the first nine months of 2026, as opposed to €119 million in the first nine months of 2025.
8 As a reminder, apart from Entrevias (see previous page), VINCI Highways took over operation – under a new concession – of Via Cristais in Brazil in March 2025 (€66 million of revenue in the first nine months of 2026 and €47 million of revenue in the first nine months of 2025).
9 The main contracts won by VINCI Energies in the third quarter included technical works packages for a data centre in Indonesia, a high-tech clean room for semiconductor R&D in Singapore and the renovation of power lines in Germany and the United Kingdom.
10 The main contracts won by Cobra IS in the third quarter included the construction of a solar plant in Mexico, the installation of a cooling system for a data centre campus located in the Iberian Peninsula (see the VINCI press release dated 20 October 2026), the installation of synchronisers on the Spanish grid, a further phase of electromechanical works for a data centre in Spain and the renovation / maintenance of public lighting systems in Huelva (Spain).
11 Up 11% actual and up 6% like-for-like.
12 Municipal elections were held in March 2026.
13 The main contracts won by VINCI Construction in the third quarter included the extension of the T7 tram line in the Paris region, multi-year road services in Greater London, roadworks in Australia and the construction of a conference centre in Southport (United Kingdom).
14 As a reminder, the Group carried out share buy-backs in the total amount of €1.4 billion in the first nine months of 2025 (12.1 million shares bought back at an average price of €119.4).
15 Assuming that Zero.e’s capex is similar to its 2025 level (€0.9 billion).
16 Article 22 of France’s 2027 Finance Bill presented to the French parliament proposes “an increase in the long-distance transport infrastructure tax for the most profitable operators”.

Attachment

Press release        Regulated information

Brussels, October 22, 2026, 17:45 CEST

In line with Belgian transparency legislation (Law of May 2, 2007), SIH Partners, LLLP recently sent to Solvay the following transparency notification indicating that it crossed the threshold of 5%.

Here is a summary of the notification:

Date on which the threshold is crossed Voting rights after the transaction Equivalent financial instruments after the transaction Total
October 16, 2026 0.15% 4.94% 5.09%

The notification, dated October 19, 2026, contains the following information:

  • Reason for the notification:
    • Acquisition or disposal of financial instruments that are treated as voting securities
  • Notified by: A parent undertaking or a controlling person
  • Date on which the threshold is crossed: October 16, 2026
  • Threshold crossed: 5% downwards
  • Denominator: 105,876,416
  • Additional information: Update to a previously disclosed position due to Susquehanna International Securities Limited crossing below the 5% threshold in voting rights held through financial instruments.
  • Persons subject to the notification requirement: SIH Partners, LLLP, One Commerce Center 1201 N Orange Street Suite 715, Wilmington, Delaware, United States of America

Transparency notifications and the full chain of controlled undertakings through which the holding is effectively held are available on the Investor Relations Section of Solvay’s website.

Contacts

Investor relations

Geoffroy d’Oultremont: +32 478 88 32 96
Vincent Toussaint: +33 6 74 87 85 65
Charlotte Vandevenne: +32 471 68 01 66
investor.relations@solvay.com

Media relations

Peter Boelaert: +32 479 30 91 59
Laetitia Van Minnenbruggen: +32 484 65 30 47
media.relations@solvay.com

About Solvay

Solvay, a pioneering chemical company with a legacy rooted in founder Ernest Solvay’s pivotal innovations in the soda ash process, is dedicated to delivering essential solutions globally through its workforce of around 8,400 employees. Since 1863, Solvay harnesses the power of chemistry to create innovative, sustainable solutions that answer the world’s most essential needs such as purifying the air we breathe and the water we drink, preserving our food supplies, protecting our health and well-being, creating eco-friendly clothing, making the tires of our cars more sustainable and cleaning and protecting our homes. Solvay’s unwavering commitment drives the transition to a carbon-neutral future by 2050, underscoring its dedication to sustainability and a fair and just transition. As a world-leading company with €4.3 billion in net sales in 2025, Solvay is listed on Euronext Brussels and Paris (SOLB). For more information about Solvay, please visit solvay.com or follow Solvay on Linkedin.

Ce communiqué de presse est également disponible en français.
Dit persbericht is ook in het Nederlands beschikbaar.

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