LISI : 2025 ANNUAL RESULTS

Press release
Paris, February 26, 2026

In 2025, the LISI Group posted organic growth of over 10% for the fourth consecutive year, with a significant increase in its financial results in line with its objectives

• Published revenue (excluding medical) reached a record level of €1,747.9 million, up +8.7% compared to 2024¹, reflecting in particular the strong ramp-up in all segments of the aerospace market.
• EBIT amounted to €161.0 million, up +63.2% compared to 2024. The current operating margin thus improved by +3.1 points to 9.2%.
• Free Cash Flow is strongly positive in both of the Group's divisions, LISI AEROSPACE and LISI AUTOMOTIVE, at €56.1 million after net industrial investments of nearly €100.0 million.
• The financial structure was strengthened with net financial debt falling to 0.9x EBITDA following the sale of the LISI MEDICAL division (compared to 2.3x in 2024).

Outlook:

• The strength of the aerospace division's order book points to another year of growth for the Group in 2026.
• Objective: to continue improving key financial indicators (particularly current operating income) and generate positive free cash flow in 2026, assuming constant exchange rates and macroeconomic conditions.

The LISI Board of Directors, chaired by Mr. Jean-Philippe KOHLER, met on February 26, 2026, to review the financial statements for the fiscal year ended December 31, 2025. The audit procedures on the consolidated financial statements and the verification work on sustainability information have been completed. The financial statements will be submitted for approval at the Combined Shareholders' Meeting on April 24, 2026.

Key figures as of December 31

Highlights of the financial year

a. Sale of the LISI MEDICAL division

On October 31, 2025, the LISI Group sold 100% of the capital of its LISI MEDICAL division to SK CAPITAL, a US private investor, for a net price of €270.4 million.

The Group acquired a minority stake of 9.988% in the holding company comprising all of the assets acquired by SK CAPITAL (stake valued at €18.1 million).

In addition to the 9.988% reinvestment, the forward sale price may be increased by two elements:

• the first, up to a maximum of €10.0 million if a first return on investment threshold is exceeded when SK CAPITAL resells the division,
• the second, an amount equal to 10% of the sale proceeds received by SK CAPITAL above a second threshold.

The accounting treatment of the sale is subject to the application of IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations." In order to ensure a clear reading of the performance of continuing operations, IFRS 5 requires the restatement of the financial items for the period relating to the entities sold and the isolation of the effects of the sale. All items are listed in the appendix to this document.

It should be noted that at the date of disposal on October 31, 2025, the LISI MEDICAL division had accumulated €149.9 million in revenue over 10 months, compared with €185.3 million for the 12 months of 2024. As a result, the increase in 2025 revenue at constant exchange rates for the LISI AEROSPACE division (+€189.0 million) offset the deconsolidation of the LISI MEDICAL division.

b. Inclusion in the SBF 120 and CAC Mid 60 indices

Since December 22, 2025, the LISI Group has been included in the SBF 120 and CAC Mid 60 indices following the quarterly review of the Euronext Paris indices. This inclusion in these prestigious indices marks a new milestone for LISI as a listed company. It reflects the financial markets' confidence in the Group's strategic vision and its ability to implement it.

Comments on activity for the 2025 financial year

The LISI Group posted organic growth of over 10% for the fourth consecutive year.

Consolidated revenue for 2025 reached a record level of €1,747.9 million, up +8.7% compared to restated 2024 revenue.

In line with the objective of maintaining positive organic growth in 2025, revenue growth at constant exchange rates and scope stood at +11.5% for the full year.

Change in reported revenue by quarter (in €M)

* like for like

Comments on fourth-quarter activity

At constant exchange rates and scope, fourth-quarter revenue reached a record level of €436.7 million, up +4.0% compared to the same period last year, with a high base effect (+14.2% in the fourth quarter of 2024).

Analysis of activity by division

LISI AEROSPACE

In 2025, revenue for the LISI AEROSPACE division grew for the fourth consecutive year, reaching a record level of €1,191.1 million compared to €1,030.1 million in 2024. This 15.6% increase in one year is all the more remarkable when compared to an average increase of more than 22% over the previous three financial years.

Revenue for the fourth quarter of 2025 stood at €307.7 million, the highest level for the year (+6.9% compared to the same period last year).

The Fasteners business in North America (+18.4%) benefited from Boeing's ramp-up and a catch-up effect in sales prices to offset previous cost increases. The Fasteners business in Europe (+14.4%) also confirmed its strong momentum in the wake of Airbus and benefited from the gradual ramp-up of the A350 program. The "Structural Components" business posted a +15.5% increase in 2025 compared to 2024, as supply chain delays gradually eased.

Restated for currency effects and excluding scope effects, LISI AEROSPACE's revenue grew organically by +11.5% in the fourth quarter and +18.3% for the full year 2025.

LISI AUTOMOTIVE

Sales for the LISI AUTOMOTIVE division amounted to €558.5 million, down 3.7% compared to 2024. The fourth quarter was down 2.6% compared to the same period last year. This change is mainly attributable to market share losses suffered by the division's main customers (American and European) who saw their global registrations decline.

Adjusted for currency fluctuations, the deconsolidation of LISI AUTOMOTIVE Nomel as of December 31, 2024, and the integration of LISI AUTOMOTIVE Hungary as of October 2025, the LISI AUTOMOTIVE division's revenue was up +1.5% in the last quarter and down slightly (-0.6%) for the full year. This takes into account:

• a 0.9% decline in global production by the division's automotive customers;
• a clear commitment to continuing the repositioning of the product portfolio towards higher value-added parts, which began several years ago. This is reflected in particularly strong order intake for new products, which accounted for 13.0% of sales (€71.5 million), compared with 12.4% in 2024.

The division has explicitly adopted a targeted development strategy that focuses on expansion in promising and profitable segments (braking systems, interior trim), agility in adapting product ranges, and positioning in electromobility (wiring and battery environment).

Group financial indicators in line with targets

The current EBITDA margin reached 15.0% of revenue, up +3.6 points compared to the same period last year. It benefited from significant leverage, notably due to:

• a strong volume effect in the aerospace division;
• improved industrial productivity resulting from training efforts for the numerous recruits in 2023 and 2024 in the LISI AEROSPACE division;
• the impact of inflation on sales prices, with the latest negotiations with customers finalized in 2025;
• efforts to lower the break-even point in the LISI AUTOMOTIVE division.

The net effect of provisions and reversals of provisions was negative in 2025 at -€7.6 million, compared with +€8.0 million in 2024.

Current operating income amounted to €161.0 million, up +63.2% compared to 2024, representing a current operating margin of 9.2% compared to 6.1% in 2024.

Non-recurring operating income and expenses amounted to -€20.8 million, compared with -€23.1 million in 2024, mainly corresponding to the finalization of an amicable agreement with the city of Torrance (California) relating to a historical environmental risk concerning the Hi-Shear site.

The financial result was -€52.4 million (-€15.1 million in 2024). This is mainly due to the following factors:

• the effects of the revaluation of foreign currency debts and receivables and the change in the fair value of hedging instruments for -€32.1 million compared to +€11.1 million in 2024;
• financial expenses, corresponding to the cost of long-term net debt, amounted to -€25.9 million (-€30.3 million in 2024).
• gains on current cash investments amounted to €5.6 million, higher than in 2024 (€4.1 million).

The corporate tax rate is 27.9%, in line with the Group's historical rates.

The impact of the sale of LISI MEDICAL, recorded under "Income from discontinued operations," amounted to €76.4 million.

As a result, net income reaches a record high of €139.7 million (8.0% of revenue), a very sharp increase compared to 2024 (€56.0 million, 3.5% of revenue, or 2.5 times higher).

Operating Free Cash Flow (€56.1 million) was positive in both of the Group's divisions thanks to increased cash flow from operations and effective control of working capital requirements. It should be noted that the sale of LISI MEDICAL did not affect operating free cash flow.

At €198.3 million, cash flow from operations is up compared to the same period last year (€170.0 million) and represents 11.3% of revenue. It enables the financing of the entire €99.9 million investment program (5.7% of revenue), which is slightly lower than in 2024 (€100.4 million).

LISI AEROSPACE invested €63.8 million in 2025 to increase its production capacity in order to support its customers' ramp-up and continue to modernize its equipment, notably by:

• increased production capacity for hydraulic screws and fittings for the "Fasteners" business, particularly in its US plants, and for forged parts and leading edges for the "Structural Components" business;
• expanding production areas at the Villefranche-de-Rouergue and Vignoux-sur-Barangeon sites in the "Fasteners" business in France;
• Investments in Research & Development on long-term innovation projects.

Efforts to improve performance and modernize production facilities continued, particularly in the LISI AUTOMOTIVE division (€28.0 million in investments).

These include:

• the delivery and installation of two new cold forging presses for the Delle and Dasle sites (France) to produce parts for electric vehicles (battery tray fasteners and electric motor cradle reinforcements);
• orders for machining and inspection equipment to produce aluminum components for electric parking brakes in Shanghai (China);
• the modernization of the surface treatment line in Grandvillars (France) for the preparation of wire for the division's European cold forming sites.

Working capital requirements stood at 73 days of sales (72 days in 2024), with inventories expressed in number of days of sales also down for the third consecutive year (99 days compared with 103 days in 2024).

Taking these factors into account and in line with the targets set, operating free cash flow is largely positive at €56.1 million (3.2% of revenue). Adjusted for the unfavorable conversion impact of the weakening of the dollar against the euro, the divisions' operating free cash flow is positive at €87 million.

Group debt at a historic low following the sale of the LISI MEDICAL division

Net debt stands at €233.7 million, down €254.8 million compared to 2024. It benefits from the early repayment of certain loans made possible by the sale of the LISI MEDICAL division. It represents 21.4% of equity (48.6% as of December 31, 2024). Based on current EBITDA, the net financial debt ratio stands at 0.9x (2.3x as of December 31, 2024), well below the covenant level authorized by the banking partners (3.5x).

Return on capital employed before tax was 12.2%, a significant improvement on the 2024 figure (7.7%).

Furthermore, the annual impairment tests did not reveal any loss in value.

The Board of Directors will propose to the Combined Shareholders' Meeting that the dividend for the 2025 financial year be set at €0.46 per share (€0.39 in 2024).

LISI AEROSPACE

• Record revenue of €1,191.1 million (2024: €1,030.1 million), supported by strong activity across all segments of the aerospace market;
• Current operating income of €140.1 million (2024: €85.7 million), up for the fourth consecutive year, driven by improved industrial productivity;
• Free cash flow from operations at €61.5 million, up threefold compared to 2024 (€20.8 million in 2024), driven by improved recurring operating income and a gradual decline in inventory levels, particularly raw materials.

Key figures as of December 31

* Free Cash Flow from operations: cash flow from operations less net industrial investments and changes in working capital.

** Including temporary staff.

LISI AUTOMOTIVE

• The division's revenue amounted to €558.5 million, down 3.7% compared to 2024, impacted by the decline in global production by the division's automotive manufacturer customers.
• The current operating margin increased by two points compared to 2024 and stood at 5.0% of revenue.
• Operating free cash flow was positive for the tenth consecutive year.

Key figures as of December 31

* Free Cash Flow from operations: cash flow from operations less net industrial investments and changes in working capital.

** Including temporary staff.

Outlook

LISI AEROSPACE

The gradual ramp-up confirms that demand remains strong over the long term in civil aerospace across all platforms. The division's book-to-bill ratio (order value/sales) remains well above 1, confirming the strength of medium-term demand across all platforms. Other market segments, including helicopters and military (approximately 15% of LISI AEROSPACE's revenue), are also buoyant. The momentum of all aerospace markets is being accelerated by the acquisition of market share from major strategic customers (renewal of major contracts in 2025). The focus in 2026 will be on:

• the implementation of capacity measures (Fixings business) and improvements in industrial productivity (Structural Components business) to meet rising demand;
• the continued reduction in inventory levels begun in 2025, particularly for raw materials and work in progress, with the acceleration of flows.

LISI AUTOMOTIVE

In a global automotive environment characterized by low visibility, LISI AUTOMOTIVE must continue the actions it has been pursuing for several years, which focus in particular on:

• positioning on new vehicles and maintaining a high level of orders for new high value-added products;
• industrial agility based on adapting its cost structure to maintain competitiveness and carry out the reorganization projects essential to cope with the changes imposed by a market undergoing profound transformations.

In this context, on January 21, 2026, LISI AUTOMOTIVE announced an industrial reorganization project involving the shutdown of manufacturing activities at its Puiseux-Pontoise site (France), the transfer of production to other Clipped Solutions sites, the transfer of sales and design teams to the LISI AEROSPACE site in Saint-Ouen l'Aumône, and the development of a trading activity.

The Group is committed to offering redeployment solutions to as many employees as possible from the Puiseux-Pontoise plant to other Group sites in France.

The operational and functional integration of the new Hungarian entity LISI AUTOMOTIVE Hungary in Györ will also be a focus during the coming financial year.

LISI GROUP

The Group remains vigilant in the face of global geopolitical and macroeconomic uncertainties, particularly changes in customs policies and currency exchange rates.

The aerospace development plan is the Group's main growth driver, with excellent visibility over the long term. Furthermore, the persistent uncertainty surrounding developments in the global automotive market requires the automotive division to continue its efforts to lower its break-even point, which is already well advanced.

With its strengthened financial position, the Group is confident that it will be able to consolidate its position as the global leader in its chosen niche markets in the future. Its objective, assuming constant exchange rates and macroeconomic conditions, is to improve its key financial indicators, including current operating income, for the fourth consecutive financial year and to once again generate positive free cash flow.

APPENDIX: IFRS 5 restatement – Sale of the LISI MEDICAL division

As the LISI MEDICAL division constitutes a separate main line of business, it meets the criteria requiring this restatement, with the following impacts:

• Income statement: specific line presented before the net income line, labeled "net income from discontinued operations," including the following items:
  • Net income of the LISI MEDICAL division from January1 to October 31, including the recycling into income of conversion reserves accumulated since the acquisition (no other impact on other lines of the income statement);
  • Profit from the disposal (net capital gain less fees related to the disposal and tax);
• Balance sheet: Removal of balance sheet balances as of October 31, 2025, no restatement of the balance sheet published in 2024;
• Cash Flow Statement (CFS): the CFS for 2025 includes the division's cash flows up to the date of disposal, with no restatement of the CFS published in 2024;
• The notes to the consolidated financial statements will include a paragraph detailing the impacts on the various aggregates compared to the statements published in 2024 in pro forma form.

Impact on the 2025 consolidated financial statements

Impact on the 2024 consolidated financial statements

Consolidated income statement of the LISI Group

* In accordance with IFRS 5, the result from discontinued operations is presented on a separate line in the income statement entitled “Result from discontinued operations, net of tax.” For the financial years presented, the comparative figures for 2024 have been restated to comply with this presentation. The impact of applying IFRS 5 on the data published as of December 31, 2024, and 2025 is presented in the notes to the consolidated financial statements.

SUMMARY OF COMPREHENSIVE INCOME STATEMENT

Consolidated balance sheet of the LISI Group

Consolidated cash flow statement for the LISI Group

Change in consolidated equity of the LISI Group

Notes

1. Restated 2024 revenue for LISI MEDICAL equal to €1,608.7 million
2. In accordance with IFRS 5, the 2024 figures have been restated following the sale of the LISI MEDICAL division on October 31, 2025.