Strong growth in 2025 results and strengthened financial position

• Revenue up +6.0% for the 2025 financial year

• EBITDA¹ up +13.6% - EBITDA margin increased to 13.6% (vs. 12.7%)

• Consolidated net profit up +22.3% - Net margin of 5.1% (vs. 4.5%)

• Free cash flow (including IFRS 16) of €22.4 million - Net gearing ratio reduced to 24%

• Proposal to pay a dividend of €3.00 per share (double that of 2025)

The Board of Directors of EPC Groupe (Euronext - EXPL) met on 30 March 2026, chaired by Olivier Obst, to approve the financial statements for the 2025 financial year, ended 31 December 2025. The audit procedures on the consolidated annual accounts have been completed and the audit report will be issued shortly by the statutory auditors.

The financial indicators presented in the table below are taken from the Segment Information, set out in Note 4 to the consolidated financial statements, which is prepared on the basis of internal management data used to analyse business performance, i.e. with joint ventures accounted for using the proportional method. Reconciliation tables between the segment information published and the consolidated income statement are included in the appendix to this press release.

Olivier Obst, Chairman and Chief Executive Officer of EPC Group, said:

“The 2025 annual results confirm a trajectory of profitable growth, driven by the continuous improvement of our operational performance, net margin and financial strength.

Against the backdrop of 2026, marked by significant geopolitical instability, EPC Groupe remains fully committed to its long-term strategy: developing new production capacity to support its customers' growth, maintaining a sustained R&D effort to diversify its offering and strengthen its technological lead, particularly in software, and continuing its international expansion.

In this context, the proposed merger with Société Suisse des Explosifs would constitute a major strategic step, creating a European leader in civil explosives, backed by first-class industrial and logistics facilities. More than ever, the EPC Group intends to consolidate its role as a key global player.”

6% INCREASE IN CONSOLIDATED REVENUE TO €591.9 MILLION IN 2025, WITH ANNUAL GROWTH ACROSS ALL BUSINESS SEGMENTS

In 2025, the EPC Groupe recorded consolidated revenue (including joint ventures) of €591.9 million, up +6.0% (+6.0% at constant exchange rates and scope), against a backdrop of stable prices. The consolidation of the acquired companies, Blastcon Australia (since 1^st July 2024) and Pirobras (since
1^st June 2025), had a positive impact of +1.2 percentage points on annual growth, whilst exchange rate fluctuations (primarily the US dollar, Canadian dollar and pound sterling) had an adverse impact of -1.2 percentage points.

Despite an economic environment temporarily affected by upcoming elections in certain regions (Ivory Coast, Guinea, Cameroon), growth remained solid in 2025 in the Explosives & Drilling & Blasting market (+4.5%) thanks to stronger momentum in certain markets (Canada, Malaysia, Senegal and Morocco).

The Urban mining business (comprising Demolition and Circular Economy) showed clear growth in 2025 (+9.1%) following a 2024 financial year that was hampered by the hosting of the Paris Olympic and Paralympic Games.

The GTS business, reported separately since¹January 2025, is growing strongly, with a doubling of activity over the year (+103.9%), driven by the integration of Blastcon Australia and the strong performance of Vibraquipo and EPC Andes Chile.

THE EUROPE-MEDITERRANEAN-AMERICA REGION DRIVES GROWTH IN 2025

Geographically, the Europe, Mediterranean and Americas region stood out in 2025 (+10.2%) thanks to the ramp-up of operations in Canada, sustained growth in Morocco and the resilience of Southern European markets (notably Italy and Spain).

The Africa Asia-Pacific region saw a decline in 2025 (-4.6%), mainly due to falling sales in Saudi Arabia (a €16 million drop in contribution) and the fall in the US dollar (and associated currencies such as the Saudi riyal and the UAE dirham). The medium-term growth outlook for the region remains very strong, however, due to the numerous mining projects currently under development in both Africa and the Middle East.

+14% INCREASE IN EBITDA IN 2025, REPRESENTING AN EBITDA MARGIN OF 13.6%

EBITDA[2] (including the share of equity-accounted joint ventures) amounted to €80.3 million in 2025, up +13.6% compared with 2024, representing an improvement of €9.6 million year-on-year.

The EBITDA margin thus stood at 13.6% in 2025, compared with 12.7% a year earlier. As a reminder, a non-cash personnel expense of €2.7 million had been recognised in 2024 relating to the accounting valuation of the EPC Share employee share scheme.

This strong operational performance is the result of (i) the recovery in 2025 of the profitability of the Urban Mining business following a 2024 that was adversely affected by the Paris 2024 Olympic and Paralympic Games, and (ii) the strong improvement in profitability in the Europe, Mediterranean and Americas region, driven primarily by the dynamism of the civil engineering business, particularly in France with the Lyon-Turin rail tunnel, but also in Morocco and the United Kingdom, and by the strong growth in the mining business in Canada. Conversely, the Africa-Middle East region performed less well overall in 2025, impacted by the sharp decline in volumes in Saudi Arabia.

This solid operational performance demonstrates the robustness of EPC Groupe's business model, which more than offset the significant decline in activity in Saudi Arabia through additional volumes in other regions with equivalent margins.

Recurring operating profit (including the share of equity-accounted joint ventures) stood at €44.4 million, representing a year-on-year increase of +22.4%. Depreciation and amortisation charges remained stable year-on-year (€34.2 million in 2025 and €34.2 million in 2024). The current operating margin stood at 7.5% in 2025, compared with 6.5% a year earlier.

With virtually no other operating income or expenses for the financial year, operating profit also stood at €44.4 million, an increase of +23.2%.

The financial result stood at €-7.5 million for the 2025 financial year, compared with €-5.2 million in 2024, mainly due to net foreign exchange losses (€2.7 million) against a backdrop of the euro appreciating against other currencies and a decrease in discounting income on the environmental provision (decommissioning & decontamination) linked to the increase in the discount rates applied to these provisions.

After taking into account corporation tax of €6.5 million (up +8%), consolidated net profit stood at €30.4 million at the end of the 2025 financial year, compared with €24.9 million a year earlier, representing an increase of +22.3%. This represents a net margin of 5.1%, compared with 4.5% for the previous financial year.

INCREASE IN CASH FLOW FROM OPERATIONS, RISE IN WORKING CAPITAL AND A €9.9 MILLION INCREASE IN CASH FLOW IN 2025

Driven by the Groupe's strong results, cash flow from operations stood at €72.3 million in 2025, an increase of €6.3 million (+9.6%).

The increase in working capital requirements is attributable to revenue growth, whilst the addition of new subsidiaries contributed approximately €2 million to this increase.

Operating cash flow stood at €59.0 million for the financial year, compared with €67.0 million in 2024, which had benefited from an exceptional reduction in working capital requirements.

Investment cash flows amounted to €36.6 million, reflecting a still significant level of investment, with €28.1 million spent on fixed asset acquisitions (a slight increase compared with 2024), and the completion of a significant external growth transaction during the financial year (Pirobras in Brazil). In 2025, EPC Groupe's free cash flow stood at €22.4 million, compared with €40.0 million a year earlier.

In 2025, EPC Groupe secured new financing, including a Canadian dollar facility to support its expansion in Ontario and Quebec (totaling CAD 25 million over seven years), and drew down credit facilities from its banking partners in connection with the acquisition of Pirobras. The Groupe thus issued €11.3 million in net new borrowings during the financial year (€32.4 million in new borrowings and €21.1 million in repayments of bank loans) and amortized €12.5 million of lease liabilities (IFRS 16). In total, cash flows from financing activities amounted to €-11.3 million.

At the end of the 2025 financial year, the change in cash and cash equivalents was positive at €9.9 million, compared with €3.4 million a year earlier.

A STRONGER BALANCE SHEET POSITION IN 2025, WITH NET GEARING LIMITED TO 24% AT THE END OF 2025

Non-current assets continue to grow, driven by ongoing investment efforts focused primarily on the construction of Booster lines in France and the UK, the modernisation of the MFQ production plant in Canada, and the integration of Pirobras' production assets.

Inventory levels remained virtually unchanged at €63.9 million despite the growth in business, thanks to rigorous management, particularly of raw material stocks. The increase in trade receivables is mainly attributable to the rise in business activity.

Available cash stood at €40.0 million at the end of December 2025, an increase of €9.3 million compared with the end of December 2024.

Equity continued to rise, reaching €197.9 million at the end of the financial year.

As a result of the new financing arrangements, gross financial debt (excluding IFRS 16 lease liabilities) stood at €88.1 million at the end of 2025 (72% of which was non-current financial debt), compared with €78.4 million at the end of 2024.

Net financial debt (excluding IFRS 16 lease liabilities) stands at €48.1 million as at 31 December 2025, compared with €47.7 million at the end of 2024. The net gearing ratio has fallen to 24%, compared with 28% as at 31 December 2024. The leverage ratio monitored by financial partners (net financial debt / EBITDA on a consolidated basis including joint ventures) now stands at 0.89 at the end of December 2025, compared with 1.04 at the end of 2024.

The Groupe also has €41.9 million in unused credit facilities as at 31 December 2025.

PROPOSED DIVIDEND DISTRIBUTION OF €3.00 PER SHARE FOR THE 2025 FINANCIAL YEAR

The Board of Directors will propose to the Annual General Meeting of Shareholders on 30 June 2026 the payment of a dividend of €3.00 per share for the 2025 financial year, double the dividend paid for the 2024 financial year. This represents a payout ratio of 24% of the Group's net profit.

UPDATE ON THE PROPOSED MERGER BETWEEN EPC GROUPE AND THE SWISS EXPLOSIVES COMPANY

On 24 February 2026, EPC Groupe and SSE Holding SA (“SSE Group”), one of Europe's leading manufacturers of civil explosives, announced[3] that they had entered into exclusive discussions with a view to combining their activities in civil explosives and drilling and blasting.

This proposed merger is part of a strategy of collaboration and partnership between two leading players, their employees, their management teams and their shareholders.

With this merger, the new entity would become the leader in the European civil explosives market. The two companies aim to continue developing the new entity at a sustained pace over the coming years, combining organic growth and acquisitions, with the goal of becoming one of the top five global players in civil explosives.

The transaction would take the form of a contribution by SSE Group of all its civil explosives and drilling and blasting activities to EPC SA, in exchange for 725,000 new ordinary shares in EPC Groupe issued as part of a capital increase. The transaction would also involve the sale by SSE of 75,000 EPC Groupe shares to 4 Décembre SAS (or one of its affiliates). Upon completion of the transaction, SSE Group would hold nearly 25% of EPC Group's share capital, thereby becoming the groupe's second largest shareholder, and would be represented on its Board of Directors.

The transaction remains subject to the completion of standard due diligence, consultation with EPC Groupe's employee representative bodies, applicable regulatory conditions precedent, and approval by the general meetings of EPC Groupe and SSE Group. The parties hope to finalise the transaction during the third quarter of 2026.

EPC GROUPE STRENGTHENS ITS POSITION IN THE MIDDLE EAST WITH THE SIGNING OF THREE MAJOR CONTRACTS IN THE GOLD MINING SECTOR

Through its subsidiaries, EPC Groupe announces a significant strengthening of its position in the Middle Eastern mining market.

Valued at approximately €240 million, these contracts were awarded to the MCS joint venture (40.0% owned by EPC Group) for terms of 5 and 7 years.

They cover the following services:

• the supply of explosives and accessories from local production;
• logistics and on-site delivery;
• the execution of operations.

IMPACT OF THE WAR IN IRAN AND THE PERSIAN GULF REGION

The Groupe employs 448 staff in the region, mainly through its joint ventures. These subsidiaries account for €37 million in consolidated revenue (including the proportionate share of joint ventures): €6 million in the United Arab Emirates and €31 million in Saudi Arabia.

None of the Groupe's four plants in the region sustained any damage.

In the United Arab Emirates, EPC Asia-Pacific staff were asked to work from home during the first week of the conflict. At the AREX joint venture, production was suspended during the same period but has since resumed, although order volumes from the main customer—which exported half of its production to India and Pakistan via the Strait of Hormuz—have fallen.

No specific measures have been taken in Saudi Arabia. It should be noted that activity is generally reduced at this time of year due to the Hajj pilgrimage at the end of Ramadan.

The Arabian Gulf is a key supplier of ammonia and urea. The availability of ammonium nitrate could therefore be affected in the coming months. Supply difficulties are expected to increase following Ukrainian air strikes on ammonia facilities in Russia, another major supplier on the global market.

OUTLOOK

In 2025, EPC Groupe continued to deliver profitable growth, capitalising on the great strength of its business model and its resilience by offsetting the significant decline in activity in Saudi Arabia with additional volumes in other regions. The responsiveness of the operational teams and close proximity to customers enable the Groupe to find the best technical and financial solutions in constantly changing environments.

The year 2026 began to the sound of gunfire in the Arabian Gulf. Although the direct impact on the Group is currently limited, the indirect consequences will once again require a strong response at all levels of the organisation. The main challenges relate to the following:

• Ensuring the safety of staff in environments exposed to national and international tensions;
• Maintaining a supply of raw materials to the various production sites around the world at a reasonable cost;
• Passing on to selling prices the cost increases incurred by the Groupe as a producer or imposed on it as a distributor.

Despite these external shocks, EPC Groupe remains committed to its long-term strategy, which is based on:

• Significant R&D investment, covering both products and software development;
• Consolidating EPC Groupe's position as a technological leader in the market, in the Explosives & Drilling & Blasting sectors as well as in Urban Mining;
• The pursuit of a rigorous CSR approach, another key driver of long-term development.

The growth momentum of the markets in which the Groupe operates is confirmed in 2026.

This is reflected in contracts signed in Africa, the Middle East and Canada. Urban Mining is also extremely well positioned to benefit from the recovery in a sector that has stabilised after several years of crisis.

The proposed merger of activities with the SSE Group would represent a significant opportunity for both companies. It would create the European leader in civil explosives, backed by high-quality industrial and logistics facilities. The R&D efforts of the two groups are highly complementary. They would reinforce the technological leadership of the new entity.

Finally, the ongoing improvement in profitability, coupled with a strengthened financial structure, will enable EPC Groupe to continue positioning itself as a key player in the global consolidation of the sector.

Upcoming dates:

Publication of the Universal Registration Document on 30 April 2026

First-quarter 2026 revenue, 13 May 2026, after the close of trading on Euronext

Annual General Meeting, 30 June 2026

EPC Groupe (Euronext - EXPL) is one of the world leaders in the manufacturing, storage, and distribution of explosives. For 130 years, the Groupe has been leveraging its expertise, technical skills, and technological innovations to provide solutions that generate performance and value for its clients in the mining, quarrying, infrastructure, and underground works sectors.

EPC Groupe is also one of the leading companies in France in demolition and construction waste recycling, with a presence across the entire country. It is involved in numerous renovation projects in the fields of cultural heritage, housing, and industry, and is also a recognized player in the circular economy.

With revenue of more than €590 million in 2025, EPC Groupe employs over 2,900 people across its 44 subsidiaries in more than 29 countries.

APPENDIX

Consolidated income statement

Consolidated balance sheet

Consolidated cash flow statement

Reconciliation of segment information to the consolidated income statement (IFRS)

[1] Alternative performance measure: EBITDA is calculated based on current operating profit, adjusted for depreciation, amortisation and provisions (including those relating to working capital).

[2] Alternative performance measure: EBITDA is calculated based on current operating profit adjusted for depreciation, amortisation and provisions (including those relating to working capital).

^[3] Read the press release of 24 February 2026: EPC Group and Société Suisse des Explosifs enter into exclusive negotiations with a view to combining their activities in civil explosives and drilling and mining