Ann: March 2024 Quarterly Report / Appendix 4C, page-7

Good to see that there is now more regularity in their results, while there was a large volatility in the past :
. revenues : - 16 % yoy in Q1 24, + 19 % yoy in Q2 and + 38 % yoy in Q3,
. gross margin : 25 % in Q1, 26 % in Q2 and 30 % in Q3,
. EBITDA margin : 3.2 % in Q1, 8.8 % in Q2 and 12.4 % in Q3,
. cash flow from operation : 0.7 m$ in Q1, 0.8 m$ in Q2 and 3.8 m$ in Q3 (in line with EBITDA of 3.6 m$ in Q3).

Interesting also to note that several elements explain both the top line growth and the margin expansion :
- revenue growth coming from all their businesses : + 100 % yoy for water technologie, + 33 % for mining and construction and + 25 % for energy services,
- the gross margin expansion is due to the strong growth of their high margin business (water technologie), as well the demand increase for their proprietary chemistry solution, in particular for energy.

Despite the recent increase of the share price, the valuation remains OK with an EV/EBITDA of 3.9 x if we annualise the Q3 results.