Selected notes

1. General

The half-year financial statements were prepared by the Management Board, discussed with the Supervisory Board and released for publication on 21 August 2025. The external auditor was not engaged to, and did not, conduct an audit or review with respect to this half-year report.

2. Accounting policies for the half-year financial statements

The half-year financial statements for the period from 1 January to 30 June 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting and the information and notes contained in these are more condensed than that required for annual financial statements. The half-year financial statements have been prepared in accordance with the same accounting policies as those specified in the 2024 consolidated financial statements. Where necessary, comparable figures were adjusted for comparison purposes.

3. Seasonal influences

The Group’s revenue and results are not structurally influenced by seasonal effects of sales, although project revenue may fluctuate at Industrial Systems, due to its dependence on progress made.

4. Segment reporting

The table below shows the breakdown of a number of key figures between Industrial Systems and Hightech Components for the period from 1 January to 30 June of the year in question.

5. Breakdown of revenue by type

The table below shows the breakdown of revenue by type for the period from 1 January to 30 June in the year in question.

6. Result from participating interests

The result from participating interests came from the 60% stake in the income and expenses of Proqraft Holding B.V., which was acquired in late 2024. The result was measured based on Hydratec Industries’ accounting policies.

7. Fair value of financial instruments

Lias Industries B.V. has a call option to acquire 10% of the shares in Proqraft Holding B.V. as of December 2027. This option has been recognised as a financial instrument under other financial fixed assets. Furthermore, the minority shareholders have a put option to sell their stake in Proqraft Holding B.V. as of December 2027. This option has been recognised under other financial instruments.

These options have been recognised at fair value as determined under the ‘Profitability-Weighted Expected Return’ method. This method qualifies as a Level 3 fair value method (determination of the value based on non-listed data and assumptions).

The other financial instruments mainly consist of interest rate swaps (IRS) concluded to lower the risk of interest rate fluctuations on corporate finance. This finance is provided at a variable interest rate and fixed by means of the interest rate swap. In addition, derivatives such as forward exchange contracts (Forwards) and foreign exchange swaps (FX Swaps) are used to hedge the risk of projects paid in foreign currencies. All these derivatives are designated as ‘cash flow hedge’ and are measured initially at the fair value on the contract date and, on subsequent reporting dates, at the fair value applicable on those dates.

The effective portion of movements is recognised directly in shareholders’ equity in a separate shareholders’ equity component: the hedge reserve. Any ineffective portion is recognised in the statement of profit or loss. Hydratec only designates the spot component of forward exchange contracts as hedging instruments.

8. Dividend distribution

In April 2025, it was decided to pay a dividend of €7.8 million to Hydratec shareholders on 28 May 2025. This payment related to the final dividend for 2024.

9. Share issue

In 2025, 1,536 ordinary shares were issued with a nominal value of €0.45 per share at an issue price of €167.46 per share. The aim of this share issue was to issue shares for the participation plan for the Management Board and management of Hydratec and its operating companies. This issue resulted in an increase in share capital of €1,000 and an addition to the share premium reserve of €257,000. The other change in equity is accounted for in accordance with IFRS 2.

10. Capital investment commitments

The Group entered into material capital investment commitments on 30 June 2025. These commitments totalled €0.6 million (2024: €1.7 million).

11. Bank guarantees issued

As at 30 June 2025, the Group had issued bank guarantees to customers for the delivery of plant and equipment to the value of €8.5 million (2024: €3.1 million).

12. Related party transactions

Transactions with related parties take place on an arm's length basis.

13. Events after the balance sheet date

No events took place after the balance-sheet date which lead to material changes.

14. Involvement of the auditor

The external auditor was not engaged to, and did not, conduct an audit or review with respect to this half-year report.

Director's statement (statement as referred to in Article 5:25D[2][C]FMSA)

The Management Board of the company hereby declares that, as far as it is aware:

• the half-year financial statements for the first half of the 2025 financial year provide a true and fair view of the assets, liabilities, financial position and profit of the company and of its consolidated companies;

• the half-year report for the first half of the 2025 financial year contains a true and fair view of:

• • significant events that occurred in the first six months of the corresponding financial year and of their effect on the half-year financial statements;

  • the most significant transactions undertaken with related parties in this period;

  • the main risks and uncertainties for the other six months of the corresponding financial year.

Amersfoort, 21 August 2025

Management Board

Mr B. F. Aangenendt, Co-CEO
Ms E. H. Slijkhuis RA, Co-CEO & CFO