2024 Q1 Revenue Report

• Revenue up +3.8% in Q1 2024 to €265.0 million
• Continued strong growth in the Benelux
• Energy transition-related activities confirmed as a powerful growth driver
• Continued rebalancing of the business mix in France
• Temporary impact from the situation in Italy, currently being normalized. Q1 growth excluding Italy: +6.7%
• Reaffirming 2024 targets:

- Continued revenue growth, at a higher rate compared to Q1, with significantly improved visibility in Italy and in Belgium, and the announced acceleration of growth in Germany
- Continued improvement in adjusted EBITDA margin

In millions of euros	Q1 2024	Q1 2023	Var. %
Revenue	265,0	255,3	+3.8%
o/w Benelux	100,7	82,8	+21.6%
o/w France	97,9	101,6	-3.7%
o/w Other Countries	66,5	70,8	-6.2%

Gianbeppi Fortis, Chief Executive Officer of Solutions30, stated: “In the first quarter of 2024, Solutions30 continued to benefit from strong growth in the Benelux, with the continued ramp-up of fiber-related activities, good momentum in Poland, and solid growth in Germany. Our energy transition activities are booming and have shown themselves to be powerful growth drivers, notably in France. We are also maintaining a high level of selectivity in some of our more mature markets, such as the fiber markets in France and Spain, systematically prioritizing profitability over volume. Excluding Italy, where the situation with our main customer should return to normal over the course of the year, allowing us to resume normal activity, our first-quarter growth was +6.7%. With much-improved visibility in Italy and in Belgium, where we now believe we are in a position to minimize the impact of the upcoming elections, and the acceleration of our growth in Germany, we expect full-year revenue growth to exceed that of the first quarter. We also expect margins to continue improving towards their normative double-digit level.