Hello everybody, thank you for being with us today. On our side, all the Comex is present for this presentation.

Israel Garcia, Managing Director of Business Development and Support, [Director?] of the Services and the Distribution in France, and responsible for the global group tech; and, as always, Philippe Renauld, Managing Director of Finance and M&A; and myself.

The agenda will be first a strategic update with Israel and Quentin. Then the numbers, the key figures of H1 that will be presented by Philippe.

An outlook for the future that I will be telling you, and then the Q&A for any of us. We are now with Israel going on the strategic update.

Thank you.

Thank you very much, Angel. Thank you very much, and really good morning to everyone, and thank you for joining us in this presentation of the Econocom first half 2026 results.

Over the next few minutes, we would like to explain you a bit how was the first semester. What I would like just to summarize a bit was a first semester of a resilient group that was able to navigate into a really difficult market, and later we will have some explanation around this, and disciplined execution of our strategic plan, and absolutely unchanged confidence in our trajectory and the job we are doing.

Yes, it's true, it's been a really difficult market. I'm sure you all know, the supply chains for key IT components have stayed really under pressure.

There was really a lot of movements around players, and later the Apple base with changes in the last weeks. Sure, it's the whole industry attention more focus on AI, of our customers and the customers into a wait-and-adapt posture, really managing in a very carefully tail the budgets and reviewing every euro they are spending.

Of course, this could cause a delay larger investments, what sometimes is difficult in our finance business. Let me start with the first slide talking about the first ring that is the part of the group transformation, and really that means that we've been working with a sharper commercial positioning, a leaner organization, and a really strong job done in order to manage and control our debt management.

Later we will talk a bit more about this, but I use these three main points in order to explain a bit the revenue down that we had with the 3.7%, just moving us into near the €1.4 billion figure. Just to explain and give you a bit more detail where it's coming from, it's mainly based and concentrated in a single business that is the Technology Management & Financing, and really specifically about our own-book deals, where we really kept a cautious situation and in order to preserve our financial debt.

Later I'm sure that Philippe will make a stronger conversation around this, and a stronger explanation around this that will give you more information. For sure, this is maybe one part of the information.

The strong information we have is we had a quite good business in P&S, quite good talking about a strong growth, being able to manage this curve, and of course, and joining to the third panel, being able to have a positive portfolio effect that as under our strategic plan, we've been working a lot under our strategic plan, under one portfolio, and this momentum that is in P&S of course is based on that. Maybe if we move into the next slide, we can discuss and this slide is trying to answer a logical question is if this environment is a bit difficult, what Econocom is doing internally to improve?

The answer is resting in many things, but of course we have three main levers. We've been executing with discipline throughout the Econocom plan.

We are repositioning our commercial offering toward higher-value solutions, and as this was one of our main levers in our strategic plan, and we are doing it structured around the four strategic domains that we have. Remember: Workplace, Infrastructure, Audiovisual, and Financing Solutions.

Of course, we are joining that with a good and very let me say very special IT investment in order to have all the information in place that as this information is needed in order to manage correctly our business. We are really addressing same time a cost reduction process.

It's a structurally cost reduction process, not really an opportunistic view, it's just I'm talking about the structure through the cycle with a specific focus in our processes in order to make it leaner. The objective we have is to really work on a leaner organization with a better operational leverage, and of course, being able to improve the way we're going to focus in the next years.

The last one, talking about the debt management, as we've been working strongly in so different internal projects in order to improve our working capital, what is starting to give us very good results in the first part of the year, and of course, really pushing into our group a cash culture with really strong CFOs working with all the teams, with the different P&L managers in order to improve the situation of our cash. If we go into the next slide, I think we have to close this block by putting the half of the year into its external context, because I'm sure it is going to help us to explain why we're acting the way we are doing.

The first one, as you can see, is the geopolitical uncertainty, which is leading customers to adopt a wait-and-adopt approach, as I was explaining before, and this is really a situation that is not only on Econocom side, but is really through all the markets. The second one is pressure, as I explained before, in our IT components, with a situation of the whole industry moving and focusing into AI.

For you to know, our portfolio right now is really developed into the AI business, with fantastic first projects done into this sector that are really moving us into more consulting approach, helping us to add more value to our solutions. Of course, against the backdrop that we were having, our business model is really resilient, that I think is one of the most important thing, is because this portfolio effect, and as I explained before, the combination of activities, products, geographies, and customer types allows us to offset weakness in one part of the business with a strength in another, rather than purely relying on a single growth engine.

Operationally, we are responding in a coordinating way as a group through an active procurement strategy, pushing offers built around extended equipment life cycles and refurbished products, what as during the last years, we've been strongly investing in this part of the refurbished products, what is really supporting us in this first part of the year, and we are sure it's going to give us very good news for the future. This is not just a tactical response to component shortage, it connects directly to our value proposition in financing solutions and to our sustainability commitment.

In short, the environment has not been easy, but Econocom's model, in our opinion, is designed to navigate, excite in this cycle that we are living right now. Its combination of internal discipline, portfolio resilience is giving the group a solid platform for the rest of the year.

As I started, the word resilience is part of us with these different kind of business we are doing. Let me now pass hand over to Quentin Bouchard, who is going to be explaining you this another interesting news about our first part of the year.

Thank you, Israel. Yes, thanks a lot.

As part of the strategic update, I would like to update you on two pillars of the strategic plan. We had a strong focus in the strategic plan about organic growth, and also a lever on inorganic growth on M&A with some tactical acquisitions, I will update you about.

Israel mentioned it, and the group is transforming toward vertical solutions, and I will explain bit more in detail where we are in this area. For many years, the group was mainly oriented around Distribution, Services, Managed Services, and Financing.

Since the beginning of the plan in '24, our goal is to present us to the market and deliver with verticals that are Audiovisual Solutions, Workplace, Infra Network Solutions, and Financing Solutions. As Israel was saying, we've been working and we are working a lot in order to produce this, and the good news is that now it's in place, and this is one of the explanation of the good momentum that we have in P&S activity, which is the most showing those offers to the customers.

Audiovisual Solutions, thanks to the acquisition we did last year, we now have a strong offering in audiovisual solutions, allowing us to capture this interesting market. What's more, Israel's team have been putting in place also a strong governance on this audiovisual solution in order to have in the countries, but also at European level, a very good coverage and offering on this audiovisual, with design, distribution, financing that is beginning, and managed services of big networks of stores of car dealer stores that are very interesting business.

In Workplace and Infra Network, that we'll address together, all the countries are also in place: Spain, France, Germany, and also UK, and also Italy was already really strong in this sector, but we reinforced this sector as I will show later on. On those sector, being focused on Workplace and on Infra allows us also to foster the innovation that is needed with the technological innovation, with deep data and AI, AI relying a lot on data.

This allows us to show to the customer and to deliver innovation in AI and to embed AI in the Workplace and Infra Networks offers. On Workplace, it's mainly chatbot and virtual bot that we are developing and also that we are in prod with our customers, which is really important, and measuring a lot where we can improve and make more efficient our services for the customers.

As you know and as you saw in all the newspapers, it's really a hard work to have a lot of efficiency gain, but we are having them, which is really interesting. Also in Infra Network, we spoke a lot about the sovereignty.

I think sovereignty is really in this vertical where it happens the most, and we are also, whether in Spain or in France, and I'm sure soon in other countries, having application and AI running on on-prem services thanks to a hard work with our partners, big infra partners that we have, very different as well, because they are all interesting in this topic. We are running application and AI model on-prem for our customers, which is really interesting and exciting to be part of.

In the next slide, I will focus more on the inorganic growth and tactical acquisition that we do. We are pleased to announce the acquisition of Bagnetti in Italy.

Italy is really a strong country for Econocom, and we are really pleased to announce this tactical acquisition of a company that is mainly in Workplace and Infra distribution and services, already in the vertical approach that I just talked about. Also what is very interesting, €30 million revenue and 25 employees, really in a complementary geographic and type of customer zone of Italy.

Very in the Latium space, Latium for those who don't know is around Rome, I didn't know and so Philippe told me that it was the region around Rome, and also very focused in public sector in Italy, where we had to grow before we had this acquisition. We tried to replicate the very good acquisition that we did some years ago in Spain with SEMIC, who was more in Catalonia and also in public sector.

We really have good hope in this acquisition in order to make it grow and having a really interesting return on this. We took 51% of the capital, and the founders, the Bagnetti people, are keeping 49%, and we will progress with them on this structure.

This is it for me, and we have a video showing the capabilities of Bagnetti in Italy.

Bagnetti è una realtà italiana con 45 anni di esperienza nel settore ICT. Nasce alla fine degli anni '70 come rivenditore e centro di assistenza Apple, e nel tempo cresce, affiancando i principali vendor del mercato IT, tra cui in particolare Dell Technologies, di cui oggi è partner titanio.

Oggi supportiamo aziende private e pubbliche amministrazioni nella progettazione, realizzazione e gestione delle infrastrutture IT. Operiamo in ambiti come data center, networking, digital workplace, servizi gestiti, con un approccio fortemente orientato alla consulenza e alla costruzione di rapporti a lungo termine con i nostri clienti.

Entrare a far parte di Econocom significa aprire un nuovo capitolo della nostra storia. Bagnetti porta una solida esperienza nel settore della pubblica amministrazione e una presenza consolidata sul mercato italiano.

Econocom aggiunge una dimensione internazionale, un portafoglio di servizi ancora più ampio e una grande capacità di investimento. Insieme possiamo offrire ai clienti soluzioni ancora più complete e creare nuove opportunità di sviluppo.

Hello everybody. Let me share with you the financial outcome of this first semester of 2026, which has been marked by the severe environment, as well as the resilience and the diverse performance of our portfolio of activity.

In this first semester, overall revenue declined by 3.7%, mainly marked by the TMF businesses, with an overall margin declining from 41% down to from €41 million down to €31 million. The erosion of the profitability is mainly due to this stiff market environment, as a combination of lower demand, higher competitive pressure, as well as our willingness to reduce the own-book deals on the TMF businesses, which are quite high margin and margin relative.

The organic growth stand at 5.3%. The difference is mainly due to the acquisition in the audiovisual segment that have been performed in July, namely the acquisition of ISS in Ireland, Avanzia in Spain, as well as ICT in Germany.

On top of that, we made the acquisition of bibinet in the highly important segment of the refurbishment in January 2025. In the TMF segment, decline of revenue is 24% 24.5%.

Restated by own-book deals, the decline has been only of 8%. If you take this restatement for the overall group, the group has actually demonstrated a growth of 2.5%, thanks to the strong momentum of the distribution businesses.

The profitability rate has declined due to lower scale effect, lower operational leverage, in the context whereby last year first semester has experienced a very significant increase in margin, with a margin in excess of 5%, which was largely due to these own-book deals. The strategic intention to reduce the own-book deals is due to our willingness to reduce our leverage, as they are consuming part of the balance sheet of the group.

In the distribution business, we experienced a strong growth led by the anticipated demand due to scarcity or fear of scarcity, as well as fear of price increase, and we are able to have an operational margin of €10 million, demonstrating an increase in our profitability, moving from 1% as of first semester 2025 to 1.5% as of first semester 2026. This is a demonstration of our strong capabilities to turn demand in scarcity into opportunities, also benefited from the momentum of the audiovisual segment, which is of higher margin than the usual workplace and app segment.

In the services business, we had a competitive environment, quite stiff, with a margin erosion down from 3.8% to 3%, in the context of slow growth. We have in front of us some challenges in terms of commercial performance, and we are working hard on that.

We've increased our sales force people, as well as strong push toward higher-margin segments. This segment also suffered from restricted demand from clients, in the context whereby new elements and new device were reduced demanded.

We had less project, which allows us to have higher margin and higher value-added offers to our clients. Overall, if we look at the full P&L, revenue declined down to €1.4 billion in this challenging micro environment.

Overall operational margin stood at €31 million, decline from 2.8% down to 2.2%, mainly due to the TMF segment and the pressure from our competition, as well as the pressure from our client in this inflationary environment due to the increase of the price of the chips. Operating margin stood at 20 We have to change a certain number of things.

The pivoting of the structure and the environment also is costing us a certain level of exceptional, which we expect to have the benefit from in the second half of the year as well as in 2027. Net profit stood at €7.8 million for continued operations.

It was impacted by the increase of the financial expenses. Last year we benefited from a plus €3 million capital gain in this captions.

This year we did not have such repeated positive capital gain of €3 million, as well as we suffered from increase of the interest rate which occurred during the first half of 2026 compared to 2025. On top of that, average notional debt during the first half of the year has been slightly higher than the one we experimented during 2025 due to the on-book deals that I mentioned, which were made in 2025 and have their full year effect in 2026.

In respect of net profit, we had the last losses in conjunction of Synertrade for total aggregated amount of €6 million. Synertrade, as have been disposed on the 31st of March 2026.

It occurred losses in between the first quarter consolidated losses as well as the last impairment of €6 million. In terms of balance sheet and cash flows, we stand at 226 €29 million net debt.

The free cash flow stand at €63 million. A few element worth mentioning on this slide: so we had quite a resilient operational cash flows in increasing from last year same period.

We have been able to reduce the rents due to the reorganization which are ongoing, moving them down from €16 million down to €14 million. The working capital requirement has been quite a challenge, and there've been a program which has been launched within Econocom to improve working capital requirement.

We had the negative effect of the mixed growth of our distribution business, which is the highest segment in terms of working capital requirement. Nevertheless, we've been able to improve our working capital to have a positive effect of €38 million.

Financial expense increased, as I mentioned, due to the increase of interest rate, as well as increase of notional due to the own-book deals. Income taxes and capex remain under control at €20 million.

M&As, as is part of the path of growth of Econocom. Out of those €43 million, it is a combination of acquisition of the audiovisual deal that we made last year, as well as the minority interest of certain number of company which were acquired.

As the path of inorganic growth for Econocom is to acquire the control, as we've did for Bagnetti this year, and to acquire the remaining stakes over a period of 3-4 years. We have put and call options with our minority stakeholder, which have been the case for this €43 million.

Roughly half is coming from new acquisition, and half from acquisition of minority interest. We made share buyback program for €24 million in order to support the stock prices, and dividend stood at €16 million.

As this year the dividend proposed for the shareholder meeting has been moved from 10 cents per share down to 5 cents, next year the dividend will be standing at €8 million. IFRS 5 and others stand at €2 million, thanks to the disposal of Synertrade.

Now looking at the nature of the debt, our debt is mainly composed out of the Schuldschein bond. As we've been able to make an issuance of Schuldschein in 2025.

In terms of nature of debt, we have a debt which is composed of a term loan for €215 million, Schuldschein bond, and this year we've been able to execute the refinancing of our 2027 as well as 70% of the 2028 tranches of our piece of debt, and so our bond now stand at €362 million, some short-term debt, and ample of cash for €385 million €84 million. We have factoring and reverse factoring, which stand at €234 million as of June this year compared to €213 million as of June last year.

As mentioned, this is a very important element. In June 2026, we issued a new bond.

Initial offer was for €100 million. We were able to top up this initial offer up to €240 million to allow us to refinance the whole 2027 tranches, which was issued in 2022, as well as 70% of the 2028 tranches.

We issued 3- and 5-years tranches: 90% is floating, 10% is fixed. Right now, it allow us to benefit from the interest rate curve, as Euribor 6-month is below the 3- and 5-years swap.

During this period in front of us, we'll be keeping on transforming the group, pivoting the organization, reducing our cost, as well as putting in place higher-value offer, and be in a position to work on a permanent basis for the debt reduction with a program named Robot, which is implemented within the group. In terms of ESG, we've achieved the highest performance with the EcoVadis Platinum medal.

We are now within the top 1% in the digital segment companies. It allow us to have a competitive positive advantage in the tender offer.

It is more and more important in the tender offer and RFP and RFI to have this position and to be in a position to propose responsible offer. Another element is the circular approach.

As mentioned by Israel and Quentin, more and more people, more and more corporate have a strong interest in circular offer with the benefit of used material. This is a very important path in which Econocom has been involved.

We made the acquisition of Ecofactory in France a few years ago. Last year, in 2025, we made the acquisition of bibinet, now Econocom remarketing GmbH in Germany.

In early this year, in 2026, we made the acquisition of Back IT in France, close to Ecofactory, in order to strengthen our capabilities, as well as to be in a position to have even more inclusive program, as Back IT is employing disabled people. This allow us to be very competitive in this segment, as well as to share our value in terms of inclusion, and to reduce our environmental footprint.

Now leaving the floor to Angel, our CEO. Hello everybody, thank you for being with us today.

On our side, all the Comex is present for this presentation. Israel Garcia, Managing Director of Business Development and Support, [Director?]

of the Services and the Distribution in France, and responsible for the global group tech; and, as always, Philippe Renault, Managing Director of Finance and M&A; and myself. The agenda will be first a strategic update with Israel and Quentin.

Then the numbers, the key figures of H1 that will be presented by Philippe. An outlook for the future that I will be telling you, and then the Q&A for any of us.

We are now with Israel going on the strategic update. Thank you.

Thank you very much, Angel. Thank you very much, and really good morning to everyone, and thank you for joining us in this presentation of the Econocom first half 2026 results.

Over the next few minutes, we would like to explain you a bit how was the first semester. What I would like just to summarize a bit is was a first semester of a resilient group that was able to navigate into a really difficult market, and later we will have some explanation around this, and disciplined execution of our strategic plan, and absolutely unchanged confidence in our trajectory and the job we are doing.

Yes, it's true, it's been a really difficult market. I'm sure you all know, the supply chains for key IT components have stayed really under pressure.

There was really a lot of movements around players, and later the Apple base with changes in the last weeks. Sure, it's the whole industry attention more focus on AI, of our customers and the customers into a wait-and-adapt posture, really managing in a very carefully tail the budgets and reviewing every euro they are spending.

Of course, this could cause a delay larger investments, what sometimes is difficult in our finance business. Let me start with the first slide talking about the first ring that is the part of the group transformation, and really that means that we've been working with a sharper commercial positioning, a leaner organization, and a really strong job done in order to manage and control our debt management.

Later we will talk a bit more about this, but I use these three main points in order to explain a bit the revenue down that we had with the 3.7%, just moving us into near the €1.4 billion figure. Just to explain and give you a bit more detail where it's coming from, it's mainly based and concentrated in a single business that is the Technology Management & Financing, and really specifically about our own-book deals, where we really kept a cautious situation and in order to preserve our financial debt.

Later I'm sure that Philippe will make a stronger conversation around this, and a stronger explanation around this that will give you more information. For sure, this is maybe one part of the information.

The strong information we have is we had a quite good business in P&S, quite good talking about a strong growth, being able to manage this curve, and of course, and joining to the third panel, being able to have a positive portfolio effect that as under our strategic plan, we've been working a lot under our strategic plan, under one portfolio, and this momentum that is in P&S of course is based on that. Maybe if we move into the next slide, we can discuss and this slide is trying to answer a logical question is if this environment is a bit difficult, what Econocom is doing internally to improve?

The answer is resting in many things, but of course we have three main levers. We've been executing with discipline throughout the Econocom plan.

We are repositioning our commercial offering toward higher-value solutions, and as this was one of our main levers in our strategic plan, and we are doing it structured around the four strategic domains that we have. Remember: Workplace, Infrastructure, Audiovisual, and Financing Solutions.

Of course, we are joining that with a good and very let me say very special IT investment in order to have all the information in place that as this information is needed in order to manage correctly our business. We are really addressing same time a cost reduction process.

It's a structurally cost reduction process, not really an opportunistic view, it's just I'm talking about the structure through the cycle with a specific focus in our processes in order to make it leaner. The objective we have is to really work on a leaner organization with a better operational leverage, and of course, being able to improve the way we're going to focus in the next years.

These three levers, talking about the debt management, as we've been working strongly in so different internal projects in order to improve our working capital, what is giving starting to give us very good results in the first part of the year, and of course, really pushing into our group a cash culture with really strong CFOs working with all the teams, with the different P&L managers in order to improve the situation of our cash. If we go into the next slide, I think we have to close this block by putting the half of the year into its external context, because I'm sure it is going to help us to explain why we're acting the way we are doing.

The first one, as you can see, is the geopolitical uncertainty, which is leading customers to adopt a wait-and-adopt approach, as I was explaining before, and this is really a situation that is not only on Econocom side, but is really through all the markets. The second one is pressure, as I explained before, in our IT components, with a situation of the whole industry moving and focusing into AI.

For you to know, our portfolio right now is really developed into the AI business, with fantastic first projects done into this sector that are really moving us into more consulting approach, helping us to add more value to our solutions. Of course, against the backdrop that we were having, our business model is really resilient, that I think is one of the most important thing, is because this portfolio effect, and as I explained before, the combination of activities, products, geographies, and customer types allows us to offset weakness in one part of the business with a strength in another, rather than purely relying on a single growth engine.

Operationally, we are responding in a coordinating way as a group through an active procurement strategy, pushing offers built around extended equipment life cycles and refurbished products, what as during the last years, we've been strongly investing in this part of the refurbished products, what is really supporting us in this first part of the year, and we are sure it's going to give us very good news for the future. This is not just a tactical response to component shortage, it connects directly to our value proposition in financing solutions and to our sustainability commitment.

In short, the environment has not been easy, but Econocom's model, in our opinion, is designed to navigate, excite in this cycle that we are living right now. Its combination of internal discipline, portfolio resilience is giving the group a solid platform for the rest of the year.

As I started, the word resilience is part of us with these different kind of business we are doing. Let me now hand over to Quentin Bouchard, who is going to be explaining you this another interesting news about our first part of the year.