APPLUS SERVICES S.A.

Latest Results (04.03.2026):

APPLUS SERVICES S.A. — third quarter 2024 (YTD Q3 to 30 Sep 2024): Revenue for the nine-month period was €1,632.3m, up 7.5% year‑on‑year (organic +7.6%). Adjusted operating profit was €189.0m (adjusted operating margin 11.6%, +66bps) and adjusted free cash flow improved to €157.8m (up €39.0m). The Group completed the 80% acquisition of IDIADA in September and reaffirmed its full‑year outlook while the delisting process is in final stages.

Revenue and growth

YTD Q3 revenue €1,632.3m (+7.5% vs. prior year); organic growth 7.6%. Q3 alone was +3.9% total revenue (organic +5.4%). Inorganic contribution from recent acquisitions ~1.4%; FX drag c.‑1.5% YTD.

Adjusted operating profit and margins

Adjusted operating profit €189.0m, up 13.9% year‑on‑year; adjusted margin 11.6% (+66bps). Including IDIADA accelerated depreciation (€30.4m) adjusted operating margin falls to 9.7%.

IDIADA acquisition impact

Acquisition of 80% of IDIADA closed 9 Sep 2024. IDIADA contributed €265.7m revenue (16% of Group YTD) and generated significant accelerated depreciation (€30.4m) affecting statutory margins and profit.

Statutory profit and finance costs

Reported operating profit YTD €66.9m (vs €104.8m prior year) after PPA amortisation and other items; statutory profit before tax was a €0.5m loss, driven by higher net finance expense of €67.5m (vs €30.9m) and takeover/takeover‑related other costs.

Cash flow, capex and liquidity

Adjusted EBITDA €283.0m; adjusted operating cash flow €192.5m; adjusted free cash flow €157.8m (cash conversion 68.0%). Capex €54.6m (3.3% of revenue). Net cash decreased by €54.7m to €153m at period end after acquisition payments and financing activity.

Segments

Energy & Industry €838.6m (+5.2%); Laboratories €209.5m (+15.8%); Auto €318.3m (+4.7%, FX headwind mainly Argentina); IDIADA €265.7m (+12.4% organic).

Outlook and corporate actions

Full‑year outlook maintained: mid‑to‑high single‑digit organic revenue growth and adjusted operating margin around 11.5% (pre‑IDIADA accelerated depreciation). Group remains focused on portfolio quality and acquisitions; delisting process from the Spanish exchange expected to complete before year‑end.