Dear Madam, dear Sir, dear investor,

2023 was marked by a sharp decline in the worldwide printed circuit board distribution activity due to the decline in global demand, an unfavourable impact on sales prices and the normalisation of our customers' inventories.

This trend mechanically impacts our revenue target of €500 million in 2026, which we are postponing to the medium term. We remain fully committed to our growth trajectory, thanks to the relevance of our acquisitions policy. In addition, our robust financing capacity, which reflects the confidence of our banking partners, will cover our acquisition ambitions up to 2026. These factors, together with our stepped-up cost optimisation policy, enable us to reaffirm our targets for organic growth, external growth, and profitability by 2026.

In this uncertain environment, we will be able to rely on ICAPE's unrivalled technological expertise in the PCB and technical parts supply chain, as well as on the rigorous management of our cost structure, coupled with the synergies generated by our recent acquisitions.