solutions30-2026-03-30-en


	Solutions30 \| Annual Report 2025		2

Message from the Supervisory Board

In 2025, Solutions30 further strengthened its governance framework to support the Group’s

transformation in an increasingly demanding environment, especially in the connectivity sector.

Close cooperation between the Supervisory Board and the Management Board has ensured

and confirmed a strong alignment on the Group’s strategic priorities for the year ahead,

including the refocusing of the portfolio of activities, the improvement of margins, the

enhancement of cash generation and the creation of value for all stakeholders.

Changes within the Supervisory Board reflected this ambition, with the reappointment of

Pascale Mourvillier, as member of the Supervisory Board and as Chair of the Audit, Risk and

Compliance Committee, the arrival of Olivier Domergue — initially as a member of the

Supervisory Board and then as Chief Performance Officer within the Management Board as of

January 1, 2026 — as well as the appointment of Paola Bruno as the Vice-Chair of the

Supervisory Board and appointment of Maria Zesch as member of the Supervisory Board. With

a Board composed of five experienced and independent members, three of whom are women,

the Supervisory Board is well prepared for its tasks lying in front of us.

I would like to warmly thank Alexander Sator, my predecessor as Chairman of the Supervisory

Board, who has served on the Supervisory Board since 2015 and supported Solutions30 for

more than a decade. He left the company as of December, 31, 2025. His commitment and

contribution have been instrumental in the Group’s development.

On behalf of the Supervisory Board, I would like to reaffirm our confidence in the Group’s

strategy and our determination to support it in the years to come.

Thomas Kremer

Chair of the Supervisory Board


	Solutions30 \| Annual Report 2025		3

Message from the Management Board

The year 2025 was marked by significant challenges, profound

transformations, and advances that reinforce our long-term

vision.

In a mixed market environment, we have resolutely continued to

implement our refocusing strategy. In France, within the

telecommunications sector, we have embarked on a

comprehensive transformation of our operating model to adapt to

the new realities of this market, where we intend to remain

selective in the future. We have also successfully completed our

withdrawal from the UK market and the telecommunications

market in Spain.

At the same time, the strong performance of the Group’s other

businesses confirmed the relevance of our positioning. The

energy sector continues to emerge as a powerful driver of

growth, particularly in France. In Belgium, following a period of

market adjustments, the gradual return to normal levels of activity

in the fiber sector continues. In Germany, our structured growth,

supported by a favorable investment environment, continues to

demonstrate the long-term potential of this strategic market. In

other countries, particularly Italy and Spain, the transformation

initiatives underway have begun to yield results, with a notable

improvement in operational performance.

The year 2025 was also marked by key milestones for

Solutions30. We continued to strengthen our organization with

the appointment of new executives to bolster management teams

closest to the markets, as well as the addition of Olivier

Domergue to the Management Board effective January 1, 2026.

Olivier will closely oversee the Group’s operational performance,

supporting margin improvement and cash flow generation. At the

same time, the acquisition of Elektra Realizacje in Poland has

strengthened our presence in the energy business, a segment

central to our growth strategy.

Obtaining major certifications has confirmed the recognition of

our standards in quality, sustainability, and compliance. Finally,

the launch of landmark projects, including Europe’s largest solar

power plant, has demonstrated our ability to contribute to the

major transformations currently taking place in energy and digital

infrastructure.

True to our multi-technical and multi-local model, and backed by

our solid growth drivers, we are approaching 2026 with

determination. We remain fully committed to continuing the

turnaround of the Group’s performance and returning to a path of

sustainable value creation.

We sincerely thank you for your continued trust, commitment, and

loyalty. Together, we are building the future of Solutions30.

The Management Board


	Solutions30 \| Annual Report 2025		4

Our Mission

Making the technical and technological

changes that are changing our

everyday lives more accessible to

everyone in their homes and

businesses

The digital transformation and the energy transition are

changing the world, disrupting society, and transforming the

way we live. The digital transformation and the energy

transition are changing the world, disrupting society, and

transforming the way we live. The teams of Solutions30 SE and

its subsidiaries (“Solutions30”) are at the heart of these

changes, locally and across Europe, helping to make these

major trends a reality. Deploying new technologies, equipping

businesses and households, supporting users: this is our

commitment to contributing to the development of a more

interconnected and sustainable world .

Our Values

Entrepreneurship

A state-of-the-art

technological approach to

exceed our clients’

expectations and find

new, innovative ways to

solve problems

Autonomy and

responsibility are

essential for our

organization.

Innovation

Commitment

An ongoing commitment to

a more sustainable and

connected world, customer

satisfaction and value

creation.

Proximity

Proximity to our

customers and partners

to build solid

relationships of trust.

Agility

Professionalism

Our professionalism is

based on training and

development of expertise,

as well as integrity and

ethical behavior, as

performance drivers.

An agile organization for greater

efficiency and the ability to

adapt quickly to customer

demand in the constantly

changing world of technology.


	Solutions30 \| Annual Report 2025		5

A diversified expertise

We offer rapid-response multi-technology services to help accelerate the digital

transformation and the energy transition.

A true stakeholder in the digital and green

revolutions, Solutions30 connects businesses

and individuals to networks, installs and

maintains digital equipment, and supports end

users.

Solutions30 helps its customers, many of

whom are major international groups, to speed

up rollout and adoption times for new

technologies, offering end users a more fluid

and seamless experience.

Energy

✓Power Grid

✓ PV & BESS

✓ EVC

✓ Smart Meters

Connectivity

✓ Fiber Network Constructions

✓ Customer Connections

✓ Legacy Fixed

✓ Mobile

Technology

✓ IT & Retail

✓ Rail

✓ IoT

✓ Smart Cities

✓ Security

Une expertise diversifiée-02_Easy-Resize.com.jpg

Une expertise diversifiée-01_Easy-Resize.com.jpg

Une expertise diversifiée-03_Easy-Resize.com.jpg

Our services

DEPLOYMENT

Equipment installation and integration,

network roll-outs and updates, end user

call-outs

MANAGEMENT SERVICES

User experience, quality control,

process automation

MAINTENANCE

Preventative and curative

maintenance, user support

CONSULTING

Design studies & auditing, planning,

and follow-up


	Solutions30 \| Annual Report 2025		6

History

2003

First steps in the

stock market

2005

PC30

created

2007

245

employees

Revenue

30,1 M€

2008

Establishment

in Italy

2009

PC30 becomes

Establishment

in the Benelux

2013

2014

Establishment

in Germany

850

salariés

Revenue

111,5 M€

2015

Establishment

in Spain

2018

Establishment

in Portugal

2019

Establishment

in Poland

2020

Establishment

in the United

Kingdom

Revenue

892.4 M€

2025

5907

employees


	Solutions30 \| Annual Report 2025		7

Presence

A significant European footprint

SOLUTIONS30 technicians work directly with users

(individuals or companies) on behalf of the large

groups they represent. They are the key to

creating a positive user experience and managing

the customer relationship.

The density of Solutions30’s network ensures that

the right technician is available in the right place,

at the right time, and at the best price, while

supporting the most demanding roll-out schedules.

A solid technical platform: the backbone of

group efficiency

Since its creation in 2003, SOLUTIONS30 has

proven itself a trusted partner for major technology

and energy companies.

The organization combines growth and operational

efficiency by using an IT platform that ensures the

right skills are available in the right place, at the

right time and at the best price.

Between 1 and 2% of revenue is invested in this

platform every year and has been since the Group

was founded.

Acquisitions

Elektra Realizacje Acquisition_Poland.jpg

Acquisition of a majority stake in

Elektra Realizacje sp. z o.o.

The company offers a wide range of

services, including the replacement of

transformer stations, the dismantling

and replacement of switchgear, as well

as the maintenance of electrical

equipment.

Solutions30 becomes the majority

shareholder of SO-TEC , a French

company specializing in the design and

construction of structures for

photovoltaic plants, strengthening its

position in the solar market in France.

C3 Green is a consulting firm

specialized in the development of

wind, solar, and biogas projects.

This acquisition reinforces our position

in the renewable energy sector and

significantly expands our service

offering.


	Solutions30 \| Annual Report 2025		8

Financial performance

2025 Key Figures

16 000

Expert

technicians

892.4 M€

2025 REVENUE

In millions of euros

Daily call-outs

+ 80 000

since 2003

+ 65 millions

23%

Average annual

growth since 2007

NET INCOME, GROUP

ADJUSTED EBITDA

(60.7) M€

65.2 M€

In millions of euros

FREE CASH FLOW

CASH NET

(36.3) M€

15.0 M€

In millions of euros

0987654321


	Solutions30 \| Annual Report 2025		9

Management Board

Governance

Supervisory Board

Our independent Supervisory Board supervises group

management practices and advises the Management

Board, while ensuring compliance with applicable

rules and regulations.

The Supervisory Board is composed of five members, all of

whom are independent, and is supported by three

specialized subcommittees: the Nominations and

Remunerations Committee, the Audit, Risk and

Compliance Committee, and the Strategy and ESG

Committee.

Our Management Board focuses on the proper

execution of our profitable growth strategy .

The Management Board is made up of five members and

is supported by two types of executive committees: a

Group Executive Committee (support and groupwide

functions) and a Country Executive Committee

(operational management).

Gianbeppi FORTIS

Co-Founder and Chairman of the

Management Board

since 2005

Italian

Thomas KREMER

Chair of the Supervisory Board since November

2024 and Member of the Supervisory Board since

June 2022

Audit, Risk & Compliance Committee

Strategy & ESG Committee

Nominations & Remunerations Committee

German – Independent Member

Amaury BOILOT

Group Secretary General

Member of the Management

Board since May 2017

French

Paola BRUNO

Vice Chair of the Supervisory Board since

January 2025 and member of the

Supervisory Board since June 2023

Strategy & ESG Committee

Nominations & Remunerations Committee

Italian – Independent Member

Luc BRUSSELAERS

Chief Revenue Officer

Member of the Management Board since

July 2020

Belgian

Pascale MOURVILLIER

Member of the Supervisory Board

since December 2021

Chair of the Audit, Risk and Compliance

Committee

Strategy and ESG Committee

French – Independent member

Yves KERVEILLANT

Member of the Supervisory Board since

May 2019

Audit, Risk & Compliance Committee

Nominations & Remunerations Committee

French – Independent member

Wojciech POMYKALA

Chief Operations Officer

Member of the Management Board

since February 2023

Polish

Olivier DOMERGUE

Chief Performance Officer

Member of the Management Board

since January 2026

French

Maria ZESCH

Member of the Supervisory Board since

October 2025

Austrian – Independent member


	Solutions30 \| Annual Report 2025		10

2025 Key highlights

EVC Fastned_Spain_Easy-Resize.com (1).jpg

France: participation in the

Energaia Trade Fair

Spain: contract with Fastned

Poland: extension of

partnership with Orange

Italy: S30 and SEEDS join

forces for network security

Italy: renewal of FiberCop

contract

Germany: FTTH project in

Köngen

Belgium: modernization of

railway signaling

France: S30 supports SNCF

in social mediation

PV Project Bourgogne-Franche-Comté_France.jpg

Poland: EVC partnership

France: Geugnon floating

PV project

Belgium: 100 km of

low‑voltage cables installed .

S30 at Xurrent Connect 2025

Italy and France: partnership

with Spirii

Launch of the new website

Group: participation in the

TPICAP conference

Participation in Intersolar

Europe 2025


	Solutions 30 \| Rapport annuel 2025		11


	A unique business model positioned in attractive markets

A B2B2C and B2B model focused

on operations

IMPACT AND VALUE CREATION

Employees

163,965 hours of training in 2025

72% of staff covered by ISO 45001

or VCA**

92% of staff on permanent contracts

Environment

18% of revenue aligned to the green

taxonomy.

50% of revenue from ISO 14001-

certified countries (France, Spain,

Italy, Lux)

Customers

80,000 daily call-outs

Company /Local communities

88% of revenue related to the digital

transformation and energy transition

Use of local subcontractors

Finance/value distribution

Extra-financial commitment:

• SBTi

• UN Global Compact

• RFAR Charter

• Value distribution

Economic value distributed mainly to

employees (29.4%) and

subcontractors (65.9%) of the Group

SUSTAINABLE

DEVELOPMENT

GOALS

RESOURCES AND

STAKEHOLDERS

Human capital

5907 Employees¹

(992 women) trained in the

code of conduct and group

policies

28 training centers

86 nationalities

Industrial and relational

capital

Smartfix

MySupplace

Financial Capital

Multi-year and recurring

contracts, with an average

duration of 3 years

800 clients in various

industries

€892 million in revenue

€-36 million in cash net of

bank debt

Volumes

Automatization

Density

ENERGY

CONNECTIVITY

TECHNOLOGY

Deployment

& Integration

Maintenance

& Support

Consulting

Management

services

The Group's efficient backbone

SMARTFIX

A proprietary IT platform, the foundation of an effective organization

Customer’s CRM

User end

Back-Office

Partial outsourcing of back-office

and call centers.

European Footprint

(9 countries)

Benelux ( 40% of revenue)

France ( 34% of revenue)

Germany (11% of revenue)

Other countries (16% of revenue)

¹Average headcount

(excluding the United Kingdom

and the Connectivity business

in Spain).

Promising mega trends:

Digital transformation, Energy transition


	Solutions 30 \| Rapport annuel 2025		12

A sustainable growth

strategy based on

promising structural

trend

Digital transformation

Already the cornerstone of the digital

revolution, networks are increasingly called

upon to serve new purposes:

■ More screens and simultaneous

connections, content that takes up more

and more space, the general adoption of

video conferencing, streaming, and

remote working.

■ Tomorrow, we will have connected cities,

Industry 4.0, self-driving vehicles, smart

buildings, connected objects, and edge

computing.

Fixed and mobile networks are adapting and

growing: broadband and ultra-fast networks

are transforming the way we live, move,

work, and play. During the pandemic and

then with the rise of remote work and virtual

meetings, networks are under more pressure

than ever.

Today, countries across Europe are

upgrading their telecommunications

networks to increase their performance.

Solutions30 is ready to support national

service providers with roll-outs,

connecting subscribers, facilitating the

adoption of new technologies, and

assisting their end users.

Energy transition

Energy efficiency, European energy

sovereignty, and renewable energy have

become critical issues, in light of the

geopolitical context and the looming climate

crisis.

There are many implications for large energy

companies:

■ Installing smart electricity and gas meters

to better predict and reduce energy

consumption.

■ Growing solar and wind power production

capacity to accelerate the transition to

renewable energy sources.

■ Installing charging stations to support the

development of electric mobility.

■ Adapting networks that were originally

designed to be supplied by a limited

number of production sites, but that are

now supplied by a growing number of

producers scattered across a wide

geographic area.

Other growth opportunities for Solutions30

include expanding charging infrastructure

to accelerate the rise of electric mobility,

tapping the solar potential of unused sites,

such as roofs, open areas, and parking lots,

installing connected objects to help

manage energy consumption, and

maintaining smart grids.


	Solutions 30 \| Rapport annuel 2025		13

Extra‑Financial Performance

Consolidation of Commitments

For more than six years, Solutions30 has been

strengthening its strategic approach to corporate social

responsibility by deploying structured actions aligned with

international best practices. In 2025, the Group intensified

its efforts through several key initiatives that illustrate its

ambition and commitment to sustainable development:

■ Submission of our near‑term greenhouse gas (GHG)

emissions reduction targets (Scopes 1, 2 and 3) to

the SBTi .

■ Renewal of our commitment to the United Nations

Global Compact and the Sustainable Development

Goals (SDGs).

■ Annual review of the Double Materiality Assessment

(DMA) , ensuring its continuous update.

■ Calculation of the carbon footprint in accordance with

the GHG Protocol, verified by an external entity.

■ Implementation of the emissions reduction plan,

aligned with the targets validated by the SBTi.

■ Continued deployment of the FemmesForce

mentoring programme , promoting gender equality,

skills development and women’s representation.

■ Ongoing improvement of ESG data collection and

processing to ensure accuracy and consistency.

■ Rollout of an ESG risk‑management methodology ,

fully integrating sustainability considerations into the

Group’s overall management.

■ Maintenance of existing ISO certifications , supporting

performance and continuous improvement of

management systems.

■ Progressive strengthening of procurement practices

with the aim of obtaining RFAR certification in

France.

Raising Awareness and Embedding an

ESG Culture

Solutions30 continues to reinforce a corporate culture

centred on sustainability, fully integrating ESG principles into

governance, operations and internal practices. In 2025,

several initiatives were consolidated:

■ Strengthening the expertise and role of the Strategy

& ESG Committee to ensure structured oversight of

sustainability matters.

■ Regular monitoring of ESG commitments and

performance at every Executive Committee meeting.

■ Deployment of new training modules on ESG,

Cybersecurity, GDPR and Inclusion & Diversity

through the e‑learning platform.

■ Continuous employee awareness‑raising through

internal communication initiatives and dedicated

workshops.

■ Systematic integration of ESG criteria into key

decision‑making processes (M&A, tenders,

procurement, operational management).

■ Implementation and dissemination of policies,

procedures and codes of conduct, reinforcing ethics,

integrity and compliance.

■ Internal communication of the Whistleblowing Policy

and Platform, fostering a more transparent and

responsible environment.

2025 Key Performance Indicators (KPIs)

Social

Environmental

Governance

• Reduce the work‑related accident

severity rate to ≤ 0.65

• Maintain a high volume of training

hours (≥ 25 hours per employee)

• Increase the proportion of women

in managerial positions (≥ 25%

women in management roles).

• Increase the percentage of

subcontractors registered on

mySupplace. Achieve at least

95% of subcontractors

registered on mySupplace.

• Submission of near‑term GHG

emissions reduction targets (Scopes 1,

2 and 3) to the SBTi .

• 8.8% reduction in GHG emissions

intensity compared with 2024 (tCO₂e

per million euros of revenue).

• Increase the share of Green Activities

in Solutions30’s revenue by 19%

compared with 2024.

NOTE: Section “3.1.5.2. ESG KPI Results for 2025” presents a detailed analysis of the results achieved for each of the ESG indicators defined for

2025.


	Solutions 30 \| Rapport annuel 2025		14

Contributing to a more sustainable world

COVERED

EMPLOYEES

72%

BY ISO 45001

AND

BY VCA**

Solutions30 aims for

excellence in the safety

and health of its

employees and has

obtained ISO 45001:2018

certification

(Occupational Health

and Safety Management

System).

To support its growth and

ensure the continuous

integration of new skills, the

Group has launched an

extensive training program

that enables the hiring of

young people without

diplomas or those undergoing

career changes, thereby

significantly improving

professional inclusion.

163 965

TRAINING

HOURS

This strong growth

dynamic allows

Solutions30 to play an

important role in job

creation. The men and

women who make up

the Group are, through

their daily work, the

driving force behind its

success.

39%

OF NEW HIRES

ARE UNDER 30

YEARS OLD

By making technological

innovations that

transform our daily lives

more accessible to

everyone at home and in

the workplace,

Solutions30 contributes

to a more inclusive and

sustainable economy.

67% OF THE

GROUP’S

REVENUE IS

GENERATED BY

CONNECTIVITY‑

OPERATIONS

197 375

COMPUTERS

AND

49 558

PRINTERS

REPAIRED

The Group’s daily

operations help

significantly reduce the

disposal of used

equipment and position

the company within a

circular economy

approach.

Environmental

issues are part of all

group actions,

whether in due

diligence processes

or operational

activities.

24%

REDUCTION

IN GHG

EMISSIONS,

SCOPES 1 & 2

(2025 VS 2023)


Solutions 30 \| Rapport annuel 2025		15

CONTENTS


1	Group Presentation		17
	1.1.	A history of dynamic and profitable growth	17
	1.2.	The European leader in rapid-response multi-technology services	19
	1.3.	A proven growth strategy with four key pillars	28
	1.4.	Competitive position of the company	29
	1.5.	Structurally promising markets	31
2	Risk Factors and Internal Control System		39
	2.1.	Company-Specific Risk Factors	39
	2.2.	Insurance	47
	2.3.	internal Control System	47
	2.4.	Governance, Risk and Compliance	50
	2.5.	Transformation Takeaways	51
3	Sustainability Statement		55
	3.1.	General Information	58
	3.2.	Environment	74
	3.3.	Social	110
	3.4.	Governance	140
	3.5.	Our Commitments	152
	3.6.	Our Certifications and ESG Performance	156
	3.7.	ESRS Content Index	160
4	Corporate Governance		165
	4.1.	Governance Framework	165
	4.2.	Supervisory Board	169
	4.3.	Management Board	186
	4.4.	Remuneration	192
5	Comments on the Year		205
	5.1.	Review of the Group's financial position and earnings	205
	5.2.	Change of scope	210
	5.3.	Performance analysis for 2025	211
6	Consolidated Financial Statements		215
	6.1.	Consolidated Financial Statements	215
	6.2.	Notes to the Consolidated Financial Statements	221
	6.3.	Independent Authorized Auditor’s Report	259
7	Shareholder Structure and Additional Information		264
	7.1.	General Information Concerning the Company	264
	7.2.	Memorandums and Articles of Association	265
	7.3.	Share Capital	267
	7.4.	Shareholding	269
	7.5.	Stock Market Listing	270
	7.6.	Financial Communication	271
	7.7.	Person Responsible for the Document	271


	Solutions 30 \| Rapport annuel 2025		16

1 Group

Presentation

1.1 A history of dynamic and

profitable growth

1.2 The European leader in rapid-

response multi-technology services

1.3 A proven growth strategy with

four key pillars

1.4 Competitive position of the

company

1.5 Structurally promising markets


	Solutions30 \| Annual Report 2025		17

1. GROUP PRESENTATION

Solutions30 is the European leader in rapid-response

multi-technology services for telecommunications, energy,

and all things digital. Solutions30 operates in structurally

promising markets, where long-term growth is driven by

two “megatrends”: the digital transformation and the

energy transition.

With its scalable business model and solid competitive

advantages, the Group has experienced tremendous

growth since its creation in 2003. Despite consolidation

starting in 2024, revenue has grown from €125.2 million in

2015 to €891.5 million in 2025, resulting in an average

annual rate of growth of nearly 25% over this period.

1.1 A history of dynamic and profitable growth

Created in 2003, Solutions30’s revenue reached €891.5

million at the end of 2025.

2003-2007 : A national player primarily active in

information technology and telecommunications

PC30, the company that eventually became the

Solutions30 Group, was founded in France in 2003. Its

goal was to provide services to internet service providers

(ISPs) and other telecommunications players, such as

installing modems, personal computers, and routers, as

well as assistance with how to use them. To finance its

growth, the company went public in 2005 on the Access

compartment of Euronext Paris.

Between 2005 and 2007, in a market that was undergoing

restructuring, the company signed its first partnerships

with major French internet service providers (Alice,

Orange, 9 Telecom, Club-Internet, etc.), who wanted to

outsource their user service activities. The company saw

its revenue grow exponentially, and in 2007, just 4 years

after its creation, it was generating €30.1 million in

revenue.

2008-2014: Going international and developing

services for new markets

While its competitors sought to move up the value chain

by providing IT services, PC30 focused on its existing

range of rapid-response multi-technology services and on

expanding into new business sectors and geographic

markets. In 2008, PC30 established its first international

subsidiary in Italy. In 2009, PC30 ramped up its

international expansion by establishing itself in the

Benelux region and focusing on new business segments.

The energy sector was the primary focus at a time when

France was announcing a massive plan for installing next-

generation electricity meters.

In 2010, PC30, which had €54.7 million in revenue,

became Solutions30, highlighting its ability to offer its

customers integrated solutions. Solutions30 shares were

transferred to Euronext Growth.

The Group continued to develop, growing both organically

and through acquisitions. It gradually positioned itself as

the natural center of a highly fragmented market. The

objective was to reach a critical size that would enable it to

create a dense network of technicians, maximize

economies of scale, and amplify the profitability of its

model as quickly as possible.

2015-2020: Accelerated growth, the birth of a rapid-

response service champion

In 2015, Solutions30 entered a period of especially rapid

growth, signing two major contracts in France: for the roll-

out of smart electricity meters and of ultra-fast Internet

(optical fiber). The Group grew at an average rate of more

than 46% per year, with revenue rising from €125.2 million

in 2015 to €819.3 million in 2020. This dynamic and

profitable growth has allowed Solutions30 to accelerate its

expansion abroad.

During this time, the Group made some strategic

acquisitions in France, Germany, and the Benelux region,

and won a bid to take over the outsourced service

business of Belgian cable service provider Telenet, a

contract worth €70 million annually that enabled

Solutions30 to reach a critical size in the Benelux region.

At the same time, Solutions30 consolidated its growth

drivers in Italy and Spain. In 2019, the Group expanded to

Poland by acquiring two companies with a combined

revenue of €21 million. At the end of 2020, the Group

expanded to the United Kingdom, acquiring Comvergent,

a company that had developed a range of multi-technical

services for installing and maintaining mobile networks,

with €17.5 million in revenue.

In July 2020, the company’s shares were transferred to

Compartment A of Euronext Paris.

During the COVID-19 pandemic, Solutions30 was able to

quickly adapt its call-out processes to deal with the crisis,

ensuring the safety of its employees and its business

continuity. The Group has seen solid performance and

double-digit growth in its core businesses, driven by the

rise of remote work and greater needs for internet

connections.


	Solutions30 \| Annual Report 2025		18

2021-2025: Rebalancing the geographic mix and

developing energy-related activities

After a peak in French telecoms sector activity during the

pandemic lockdowns, the Group’s business underwent a

geographic and segment rebalancing in the second half of

2021.

While growth had historically been driven by fiber activities

in France, the Benelux region and Germany began to see

dynamic market growth. The French model was

successfully reproduced in high-potential European

markets, with the Benelux region growing by more than

70% in 2023. This strong growth made it the Group’s

leading geographic area in terms of revenue and margins.

In 2024, Solutions30 entered a phase of accelerated

growth in Germany, a market whose size and

attractiveness made it a powerful long-term growth driver

for the Group. At the same time, Solutions30 limited its

exposure in some of its most mature businesses, notably

in the French and Spanish telecommunications sectors.

Solutions30 is expanding its energy-related businesses,

especially solar power, an area where the Group has

gradually established itself as a leading player. In France,

for example, it helped build Europe’s largest floating solar

power station in Perthes, Haute-Marne and was part of the

Gravières de l’Arroux project in Bourgogne-Franche-

Comté.

Between 2023 and 2025, the Group made several

acquisitions in this sector, expanding its offerings and

asserting its presence. In France, it acquired Elec-ENR in

2023 and became the majority shareholder of So-Tec

between 2024 and 2025. The Group also diversified into

services for low- and medium-voltage electrical grids,

notably working with Fluvius in Belgium. The strong

growth of energy-related businesses is expected to

continue in the years to come. In 2025, the acquisition of a

majority stake in the Elektra Realizacje company

strengthened the Group’s presence in the Polish energy

sector.

This rebalancing of the Group’s activities, both

geographically and by segment, has coincided with a

phase of revenue consolidation, as emerging international

and energy-related growth drivers have not yet fully offset

declining revenue from mature businesses.

Over the longer term, the Group is well positioned to

benefit from favorable market dynamics driven by the

accelerating digital transformation and energy transition.

Revenue trends since 2007

Over the last 20 years, Solutions30 has become a European leader in rapid-response multi-technology services.

In 2025, 66% of revenue was generated outside of France.

The Group’s total headcount at the end of December 2025 was 5,627, compared with 6,057 at the end of December

2024.


	Solutions30 \| Annual Report 2025		19

1.2 The European leader in rapid-response multi-technology services

Solutions30 helps its customers, including major international groups, to outsource non-strategic activities that are

difficult to carry out in a streamlined and cost-effective manner: the roll-out, installation, and maintenance of digital

equipment, as well as end-user assistance.

Solutions30 offers a complete range of rapid-response multi-technology services, built around three kinds of solutions:

Connectivity solutions

(solutions for connectivity and

telecoms networks)

Energy solutions

(solutions for the energy sector: solar

power, smart meters, grids, and

electric vehicle charging stations)

Technology solutions

(dedicated solutions for digital

technologies, IT, security, payments,

and connected health)

The Group’s more than 16,000 expert technicians work

directly with users (individuals or companies) on behalf of

the large corporations they represent. This makes them

the key to creating a positive user experience and to

managing the customer relationship.

Since its inception, Solutions30 has proven itself to be a

trustworthy partner, one whose growth is based on its

ability to provide high quality services, faster and more

efficiently than if its clients provided them internally. The

Group operates in France, Benelux, Germany, Poland,

Italy, and the Iberian Peninsula. In 2025, the Group

successfully exited the UK market, in line with its strategy

to focus on other markets.

A network of technicians present across nine countries

Netherlands - 2009

Poland - 2019

Germany - 2013

Belgium - 2016

Luxembourg - 2013

France - 2003

Italy - 2008

Portugal - 2018

Spain - 2015

20x x : year the Group entered the market


	Solutions30 \| Annual Report 2025		20

1.2.1 An efficient business model as the foundation of the Group’s success

Solutions30’s business is based on pooling skills and technical resources, and on being able to quickly perform a call-out

everywhere the Group operates. This self-reinforcing operational model is built around three fundamental drivers of

efficiency:

VOLUME

DENSITY

High and recurring call-out volumes.

High volumes enable standardized and

streamlined call-outs, driving synergies

and economies of scale while

strengthening a collective knowledge

base. Combining these elements

increases call-outs’ economic and

technical efficiency and guarantees their

quality.

A dense network of technicians.

Rapid-response service and

geographical coverage are the keys

to guaranteeing very short response

times. Also, especially when

combined with large volumes, denser

geographical coverage makes more

operations profitable, since distances

between two call-outs will be shorter.

AUTOMATION

Powerful IT tools to automate

scheduling and optimization tasks

simultaneously and in real time.

This proven business model, combined with robust

operational processes, has demonstrated its effectiveness

and ability to adapt to new sectors and geographic

markets.

1.2.2 A standardized service platform deployed across

six complementary business sectors

The Group has ensured high call-out volumes by entering

into several partnerships with leading industrial and

service companies (e.g. Orange, Fluvius, and HP),

beginning with the telecommunications and IT sectors. To

maximize economies of scale, Solutions30 has extended

its model and service platform to related business sectors:

energy and digital TV since 2009, security and retail since

2011, and the Internet of Things since 2018. Technicians

are now able to perform call-outs for several different

industries.

Solutions30 focuses its sales approach and value

proposition on three market segments: Connectivity

Solutions (solutions for connectivity), Energy Solutions

(solutions for the energy sector), and Technology

Solutions (solutions for digital technologies, including all

other group activities including IT, security, payments, or

connected health).

Breakdown of Revenue by Business Segment


	Solutions30 \| Annual Report 2025		21


	CONNECTIVITY SOLUTIONS

Solutions30 started in the telecommunications sector,

assisting individuals and helping them connect to the

Internet just as ADSL technology was being rolled out. As

networks have continued to evolve, the fact that

Solutions30 is able to intervene quickly and across a wide

geographic area has allowed it to expand its activities to

include service providers, which it now helps with the roll-

out of broadband and ultra-fast internet networks.

While its core expertise remains in services related to the

“digital last mile,” in particular, setting up the Internet within

the home, Solutions30 has a structure in place to

intervene upstream, right from the initial deployment

phase. This position allows the Group to capture and

secure strong competitive positions for winning recurring

connection and maintenance contracts.

FIXED NETWORKS

Fiber, copper and coaxial networks

Underground, ducts, facade, poles

FTTH, FTTB, FTTA, FTTC

POP, DP, ILA

Carrier switching & routing

Legal clearance

CUSTOMER CONNECTIONS

SDU OHL/UG/PIA connections MDU

vertical cabling

Customer Enablement

Residential and business WAN/LAN

(see Technology Solutions)

5G Connections from RAN to BT

WIRELESS NETWORKS

Antenna

Radio network

Point-to-point

Base station

Small cells

Edge computing

Today, a large part of this business now involves the

installation and maintenance of FTTH, cable, and DSL

connections for end users in single-family homes,

apartment buildings, and offices. The Group’s technicians

also provide support for the use of these technologies.

Depending on the needs of its key accounts and the

market, Solutions30 may be asked to undertake more

advanced call-outs on network infrastructure. In such

cases, the Group does its best to outsource these services

to infrastructure specialists.

The telecoms business has enjoyed strong growth, driven

by the roll-out of ultra-fast FTTH (fiber-optic) networks.

Solutions30 has helped make France’s Ultra-Fast

Broadband Plan a success, rapidly installing the fiber-optic

network across the country. As this market reached

maturity following peak activity during the pandemic,

which accelerated FTTH deployments and new subscriber

connections, this expertise gave the Group significant

advantages as it expanded into other European markets

such as Belgium and Germany. Solutions30 has shown its

ability to meet demanding roll-out deadlines, to quickly

mobilize effective field teams, and to honor demanding

quality commitments.

Since 2020, Solutions30 has expanded into mobile

networks, leveraging strong relationships with leading

telecom service providers as well as its in-house

expertise. After the roll-out of 5G and the development of

its industrial applications, the Group is increasingly

focused on maintenance activities.

At the end of 2025, the telecommunications segment

accounted for approximately 68% of group revenue.


	Solutions30 \| Annual Report 2025		22


	ENERGY SOLUTIONS

SMART BUILDINGS

SMART CITIES

Smart meters (electricity, gas,

water)

Smart street lighting

Connected objects and smart

thermostats

Heat pumps

GREEN ENERGY

Solar power (residential, corporate,

industrial)

Electric vehicle charging (AC, DC,

HPC) for individuals, businesses,

and the general public

Battery-based energy storage

INFRASTRUCTURE

& NETWORKS

Engineering low- and medium-

voltage electrical grids

Network improvement and

modernization

Aerial and subterranean

networks

Solar farms (land-based and

floating)

Solutions30 generates 21% of its consolidated revenue in

the European energy sector. This revenue initially came

from the installation and maintenance of smart meters. In

France, the Group installed around 25% of all Linky

electricity meters on behalf of Enedis as its leading

partner. More recently in Belgium, the Group installed

around 40% of all smart electricity meters on behalf of the

Flemish service provider Fluvius.

In recent years, this business has been increasingly driven

by services related to the energy transition: renewable

energy and sustainable mobility. Throughout Europe, the

installation and maintenance of solar panels, electric

vehicle charging stations, and to a lesser extent, home

automation devices (smart thermostats and door locks,

LEDs, etc.), are also significant growth drivers for the

Group. These activities are supported by the shared

understanding that we need to adopt eco-responsible

behaviors to increase energy efficiency and reduce our

carbon footprint.

In particular, the solar panel installation market is a major

growth driver, and will remain so for years to come. The

Group has gradually come to be seen as a leading player

in this field, especially in France, where the market is

extremely dynamic, partly due to the adoption of the

“ENR” law in 2023.

In the still developing market for electric vehicle charging

stations, the Group is providing its services to a broad

range of market stakeholders: energy companies, car

manufacturers, rental companies, charging station

manufacturers, and oil companies.

Finally, since 2024, Solutions30 has been active in the

modernization of low- and medium-voltage electrical grids,

made necessary by the increasing number of electric

vehicles, heat pumps, and solar panels. In Belgium, the

Group is assisting Fluvius with its planned modernization

of the energy grid in Flanders. In France, it has become

one of Enedis’ key partners in a similar program.


	Solutions30 \| Annual Report 2025		23


	TECHNOLOGY SOLUTIONS

Desktops and laptops

Servers

Tablets

Mobile phones

Audio-visual & video-

conferencing

Printers and copiers

NETWORKS

Routing and switching

WiFi

SDWAN, SDLAN

Local networks

Security devices

IP telephony

Smart homes and

businesses

TECHNICAL

FACILITIES

IoT devices, including

security devices

General services

Office lighting

Meeting room

management

Electrical and network

cabling

PAYMENT

SOLUTIONS

Sales outlets

POS payment

terminals

Retail services

The Group’s solutions for the segment that covers IT, retail

payments, security, and connected objects in general

accounted for 12% of consolidated group revenue.

As one of the Group’s historic businesses, IT services

target:

• IT sector OEMs, with a range of on-site call-out

services for supporting installations or curative and

preventative maintenance on the equipment they

manufacture (computers, printers, servers, etc.).

• Large companies from any industry, who use its

service desk offering (end-user support and workspace

engineering), which includes the implementation of an

optimal workstation architecture, change management

(migration, roll-out, training), and maintenance (Help

Desk support, remote access, rapid-response support,

service management, etc.). By extension, Solutions30

also offers Facility Management services.

• Individuals and small businesses, who can access

installation, maintenance, and training services for all

the products and services that make up their digital

infrastructure (desktop and laptop computers, printers

and other peripheral devices, software, smartphones,

WiFi terminals, Internet box and triple-play installation,

Internet services, media center, etc.).

With the rise of remote work, Solutions30’s ability to

provide IT support services in both offices and in private

homes has given it a unique advantage in this sector.

With its Money30 brand, Solutions30 targets major

corporations and retailers, offering them installation and

maintenance services for payment terminals or any other

equipment used for handling payments and sales,

installation and maintenance for digital point-of-sale

equipment (screens, tablets, terminals, infrared scanners,

etc.). The activity’s growth is driven by the modernization

of point-of-sale systems and retailers’ ongoing need to

streamline the customer experience.

In the security space, Solutions30 works on behalf of

alarm and video surveillance system suppliers, installing

and maintaining connected equipment (alarms, sensors,

cameras, and access control boxes).

Finally, in the railway sector, Solutions30 was awarded a

contract with the Belgian national railway infrastructure

operator in November 2025, to modernize the signaling

system for a line in Flanders.

Solutions30 is constantly searching for new avenues for

diversification in sectors that could use its services. This is

why Solutions30 continuously explores new opportunities

and assesses the development potential of emerging

activities driven by the widespread adoption of digital

technologies across all sectors of the economy.


	Solutions30 \| Annual Report 2025		24

1.2.3 Revenue split between new installations and

maintenance

Solutions30 is involved both in the roll-out and installation

of new digital equipment and in its maintenance. Every

year, approximately 8-15% of the customer installed base

requires maintenance call-outs. Besides call-outs for

hardware and software issues (under the Technology

Solutions business), there are also call-outs initiated when

someone changes operators, when a subscriber moves,

when new buildings are constructed (Connectivity

Solutions), or to maintain facilities and the network

(Energy Solutions).

1.2.4 A large portfolio of loyal key account customers

Across its current geographical coverage, Solutions30 has

won the loyalty of a large customer base that includes

major European telecoms service providers, gas and

electricity suppliers, and the main players in the world of

digital technology.

The Group’s relationships with its most important

customers are divided into different contracts, business

segments, and geographical regions, thus reducing its

commercial dependence. When all contracts are taken

together, Solutions30’s largest customer accounted for

19% of its consolidated revenue in 2025.

Customer portfolio concentration:


	2025	2024	2023
Largest customer	19%	16%	24%
Top 5	48%	48%	63%
Top 10	64%	65%	77%

The Solutions30 teams are fully integrated into the client’s

processes, with the customer and service provider sharing

connected IT systems, dividing certain tasks, pooling their

resources, sharing information, and carrying out additional

sales. This operations model, combined with solid

performance indicators and the signing of multi-year

contracts (3 to 5 years), which are often eligible for tacit

renewal, has enabled Solutions30 to build long-term

relationships with its customers. This can be seen in how

low its attrition rate has remained since its creation.

Historically focused on France, the Group now conducts

15% of its business in in its Other Countries segment. By

working with its main customers, Solutions30 was able to

enter new geographical markets where it is duplicating the

business model that made it so successful in France.

Geographic distribution of activity:


	IFRS
In millions of euros	Exercice clos Year ended December 31, 2025	As a %	Exercice clos Year ended December 31, 2024	As a %
Total Revenue	€892.4 M€	100%	€943.0 M€	99%
from Benelux	€352.6 M€	40%	€371.6 M€	39%
from France	€305.3 M€	34%	€360.8 M€	38%
from Germany	€95.9 M€	11%	€84.4 M€	9%
from Other Countries (*)	€138.7 M€	16%	€126.2 M€	13%

(*) Spain, Italy, Portugal, Poland

1.2.5 A flexible and reactive organizational structure that uses a unique proprietary tool to continuously optimize

structural efficiency in real time

The Group believes that physical proximity is fundamental

to serving its markets and customers efficiently, enabling it

to better understand and anticipate customer needs. Also,

as explained above, the density of the technician network

is an essential driver of productivity and performance.

Today, Solutions30 has a team of more than 16,000

technicians who carry out 80,000 call-outs every day. The

Group’s strength lies in its ability to integrate these new

employees and to plan, coordinate, and optimize their call-

out schedules. To manage these logistics, but also to

make the process easily reproducible and with the goal of

constantly enriching its knowledge base, the Group has

developed a unique IT platform, the backbone of its

organization. This platform ensures that the right skills are

available in the right place at the right time, and maximizes

the rate of call-outs that are successful on the first visit.


	Solutions30 \| Annual Report 2025		25

1.2.6 Smartfix, the backbone of group efficiency

Smartfix is Solutions30’s operational management tool,

which can be connected to its customers’ IT systems. This

central platform automates any task that can be

automated, especially the receipt of call-out requests

(tickets) generated by the customer, call-out scheduling,

technician route optimization, logistics issues that are

specific to each call-out (ordering and shipping hardware,

providing tools) and billing for the services that are

provided.

Solutions30’s field teams are connected to this tool, which

also facilitates remote support for technicians and hosts a

knowledge base that is updated in real time to anticipate

any problems and to make call-outs more efficient. By

automating many repetitive tasks, Smartfix reduces

human resource requirements, especially for all operations

management and back-office functions.

The Group focuses most of its investments on this tool,

which is strategically important, given how essential it is

for the company to operate smoothly. To ensure the best

possible operating conditions, 24/7 availability and perfect

control, this platform is managed and updated by a team

of around 100 people, including 35 in-house employees.

This team works to both maintain and further develop this

platform, constantly adding new features and systems.

Some of these features serve to continuously increase

task automation, including first-level support. Others focus

on enriching the end-user experience and are made

available to the customer as white-label products.

For example, the team developed a module that drew

direct inspiration from collaborative platforms to track

when technicians arrive and evaluate customer

satisfaction rates. The Group has also developed an

augmented reality solution that allows on-site teams to

access optimal support on call-outs or when something

unexpected happens. The goal is to improve call-out

effectiveness and first-time success rates. Solutions30 is

constantly striving to improve its tools, keeping an eye on

market needs and working with start-ups if need be. This

was the case, for example, when an operational process

optimization solution was implemented that used a visual

automation platform to analyze images taken by

technicians using artificial intelligence algorithms. The goal

is to help the technicians in their work and to indicate any

anomalies to them in real time.


	Solutions30 \| Annual Report 2025		26

1.2.7 Mobile application for monitoring technician availability (itinerary, exchanges, customer reviews, etc.)

This proprietary software platform is designed to be highly scalable and to interface quickly and easily with all types of

customer systems.

Solutions30 regularly invests in technological innovations for its IT platform, with the goal of supporting the continuous

optimization of its technicians’ activity and improving the Group’s profitability.

The development teams are based both in regions where

the Group provides services, as well as in more remote

locations, based on the availability of developers who

have the required technological skill sets.

While Solutions30 has a commercial presence in most

European countries, it has always turned to remote teams

to handle any support tasks that can be done remotely.

Thus, while technicians and key managers are naturally

present in all European countries where the Group

operates, support activities are based in regions where

costs are lower.


	Solutions30 \| Annual Report 2025		27

1.2.8 Optimized cost structure

Back-Office

Front-Office

Outsourcing

Internal

External

India

Philippines

BACK-OFFICE

Planning/Optimization |

Remote support

Logistics

FRONT-OFFICE

Physical call-outs

OUTSOURCING

Software development

Design department

Solutions30’s IT system is based on a fully redundant and

secure cloud architecture, which is regularly tested and

subject to specific measures to guarantee business

continuity in the event of a problem (disaster recovery

plan, backup and redundancy). It operates in compliance

with current cybersecurity standards and norms.

Solutions30’s IT system is based on a fully redundant and

secure cloud architecture, which is regularly tested and

subject to specific measures to guarantee business

continuity in the event of a problem (disaster recovery

plan, backup and redundancy). It operates in compliance

with current cybersecurity standards and norms.

The internal organization and procedures comply with the

General Data Protection Regulations (“GDPR”) that came

into force on May 25, 2018, and are subject to regular

audits from the Group’s customers.

This structure makes Solutions30 more competitive. The

Group has created a solid organizational base that can be

used as a starting point for the development of new

activities or new geographic markets. Smartfix is the heart

of what makes this system successful, acting not only as a

driver of operational efficiency that makes it easy to

duplicate the Solutions30 model and that supports its

growth, but also as a tool for increasing customer loyalty,

guaranteeing a constantly expanding range of services.


	Solutions30 \| Annual Report 2025		28

1.3 A proven growth strategy with four key pillars

The density of Solutions30’s network of technicians is the

key to its success, making the Group more competitive

and protecting its position as the market leader.

Solutions30 therefore focuses on high-volume markets,

working to maximize volume effects while also minding its

capacity for honoring its commitments. The Group has

built its dynamic growth on four key pillars:

1.3.1 Sector diversification

In order to increase its volumes, the Group has pursued a

strategy of sector diversification, capitalizing on its field

teams’ strengths and on its multi-technology skill base. By

expanding into new complementary growth markets, it has

been able to diversify its risks, while also taking advantage

of solid growth opportunities.

The Group focuses on high-volume markets:

• That require rapid-response technological call-outs,

and therefore, a dense network of technicians

• Whose growth is driven by underlying trends and in

which the Group’s ability to handle rapid ramp-ups

can set it apart

For example, the Group began generating revenue from

energy activities in 2015, making this area an essential

part of its diversification. Today, it has become a major

player in the European energy transition (solar power/

renewable energy, smart meters, modernization of energy

networks, charging stations for electric vehicles) and

continues to successfully deploy its business model in this

promising market, which now represents around €184

million or 21% of the Group’s consolidated revenue.

1.3.2 Geographic diversification

To confirm its position as a first entrant and to consolidate

barriers to entry for competing companies, Solutions30

has earned the loyalty of its customers by offering them

support across several European countries. In general, the

Group will expand into a new country in partnership with a

customer, after analyzing the market’s potential and the

assessing the Group’s ability to deploy its model there.

Solutions30 has often targeted countries that border

regions where it is already active, which have proven

growth potential, and whose accessibility and population

density make it possible to expect profitability levels that

are in line with Group standards. This is how Solutions30

expanded into Italy, the Iberian Peninsula, the Benelux

region, Germany, and Poland. Now that it has such a

strong European base, the Group plans on improving its

coverage within each of these regions.

1.3.3 Targeted acquisitions

Densifying the territorial network and geographic

diversification sometimes require targeted acquisitions to

achieve optimal density more quickly. Generally speaking,

Solutions30 operates in markets that are still highly

fragmented, and where customers want to reduce the

number of partners they work with. Thanks to its size,

Solutions30 is the natural center for any such market,

giving it plenty of opportunities and a strong initial

negotiating position. The success of the Group’s

acquisitions policy is based on its in-depth knowledge of

new markets and proven procedures. Solutions30 has a

long list of potential targets and is regularly presented with

new opportunities. Most of the transactions are carried out

directly, without intermediaries, and are financed by bank

debt, or more rarely from equity, depending on the type of

transaction.

The Group’s acquisitions are also often supported by its

customers, and in such cases, Solutions30 pursues

negotiations to acquire the target and to improve the

conditions of its agreements with customers at the same

time, especially in terms of assigned volumes. Over the

years, successive acquisitions have strengthened the

Group’s presence in its core segments, allowing it to

successfully capitalize on its historic markets and solidify

its business model.

In May 2025, Solutions30 announced that it had increased

its stake in SO-TEC, a French company that specializes in

designing and building infrastructure for photovoltaic

power plants. Following the initial acquisition of a 10%

stake announced in May 2024, Solutions30 now holds

60% of SO-TEC’s share capital and intends to increase its

ownership to 100% in the coming years, in accordance

with existing agreements with the company’s original

shareholders. Based near Montpellier, SO-TEC has nearly

100 employees and generates over €20 million in annual

revenue. With this investment, Solutions30 has

strengthened its foothold in the French energy services

market, which is driven by highly favorable underlying

trends, particularly in the renewable energy sector.

In September 2025, Solutions30 announced its acquisition

of a majority stake in Elektra Realizacje in Poland. This

company specializes in modernizing low- and medium-

voltage electrical grids, a key activity as Poland ramps up

its energy transition. This investment is an important step

in implementing Solutions30’s strategy in Poland, where it

aims to diversify into energy services after successful

growth in telecommunications in recent years. It also

paves the way for greater synergy between the two

business segments.

1.3.4 Unique operational structure

While Solutions30’s business is not very capital-intensive,

it does depend on the men and women in the field.

Revenue growth has therefore been paralleled by a similar

rise in the number of employees.

Today, Solutions30 is an international group with a

multicultural management team. The Group Management

Board, for instance, comprises five members from four

different nationalities. Their complementary management

skills will bring new energy and a focus on customer

service to the Group.

Beyond the central role of Smartfix, which, as explained

above, connects all the field teams, the Group’s structure

is based on identical operational structures for all business

sectors and countries. This creates synergies and


	Solutions30 \| Annual Report 2025		29

economies of scale by promoting the adoption of best

practices within the Group.

Many tasks have been automated to reduce the costs of

various centralized functions and maintain a flexible and

responsive structure capable of adapting quickly. Above

all, this automation enables a greater focus on field teams,

whose work ultimately ensures customer satisfaction.

Both salaried technicians and subcontractors—who make

up 30-50% of the field teams depending on the country

and provide the flexibility the Group needs to operate

smoothly—undergo a demanding and clearly defined

selection, recruitment, and training process. Solutions30

has strict operational procedures that were reinforced

starting in 2021 by the Governance, Risk and Compliance

project (see Section 2.4), integrated training centers, and

specific monitoring tools. The Group works hard to transfer

its expertise, know-how, and skills, helping to maintain a

high rate of customer satisfaction and guaranteeing that

the services it offers are standardized and consistent.

To enhance the sourcing and integration of

subcontractors, Solutions30 has developed an online

sourcing and staffing platform called mySupplace. This

platform is a dedicated Europe-wide compliance tool for

the Group (settings & customization for 100% of the

countries where the Group operates). Nearly 100% of

partners are registered on mySupplace, which is used to

oversee partner compliance checks (at the company and

technician level, with document collection and review).

This platform has helped to recruit 1,000 technicians in

France, while the database now has 6,000 subcontractor

companies approved at the European level, including

4,000 in France, for an average potential of 50,000 to

60,000 technicians. This is a major competitive advantage

in booming markets where qualified personnel are in high

demand.

Since 2025, this platform has served as a gateway to the

entire Solutions30 ecosystem. The QHSE component is

currently being deployed.

Solutions30 will continue to capitalize on the many growth

opportunities available across Europe, while prioritizing

the recovery of its operating margins. To this end, the

Group is pursuing (i) a selective approach and process

optimization in countries where it has already reached a

critical size, and (ii) rapid growth in other countries, with

the goal of reaching a size that will maximize potential

margins. Solutions30 will continue to rely on a model

where operations are given priority for financial resource

allocation, with the constant goal of maximizing efficiency.

Solutions30 rolls out and maintains new technologies,

often working in markets that are new to its customers. So,

when entering a new market, sometimes even before

winning a contract, the first step is to prepare the

organization and discuss with the customer the processes

that will be implemented.

The second step is to find, recruit, and train the

technicians who will carry out the field work, and to train

and sometimes recruit the management teams. During this

phase, Solutions30 bears the costs related to this

recruitment without yet receiving the corresponding

revenue in full. Profitability therefore mechanically takes a

hit, and the cash flow generated by more mature activities

is allocated to paying expenses.

This is followed by a third phase, when contracts begin to

ramp up, teams start to increase output, and profitability

gradually improves. The Group entered this phase in

Germany in 2024. However, this has an impact on working

capital, since immediate expenses will need to be covered

by customer payments that are only made after 60 or 90

days. This phase becomes easier to manage after

reaching critical size, defined as €100 million in revenue.

Phase 4 is when the contract reaches its cruising altitude.

During this phase, profitability and cash generation reach

normative levels. Then, when the deployment phase

comes to an end, as is the case for the installation of fiber

optics in France, Solutions30 begins an operational

transition. This transition may lead to a recurring

maintenance phase or towards new activities such as the

roll-out of 5G or EV charging stations.

☑ 2,500 active subcontractors and 6,000 supplier

companies listed in the database

→ a potential of nearly 60,000 technicians

☑ More than 7,500 applications received for

external resources, representing more than 20,000

technicians

☑ More than 1,000 technicians staffed in 18 months

→ all businesses (Telecoms, Energy, IT, Field)


	Solutions30 \| Annual Report 2025		30

1.4 Competitive position of the company

As explained above, Solutions30 operates in a highly

fragmented market, where one of the main growth factors

is major technology groups’ desire to outsource their rapid-

response service activities. The Group’s main competitors

are therefore its customers’ internal departments. This is

particularly true of telecoms service providers, major

energy companies, and IT hardware manufacturers.

However, these internal departments are not designed to

attract new customers or to expand into new business

sectors. Such services, which lie on the periphery of most

groups’ core businesses, are difficult to make profitable,

which has driven an underlying trend towards outsourcing.

As the first entrant into the rapid-response multi-

technology services market, Solutions30 is one of only a

few players in the sector that can undertake service visits

to private homes and that is active across a wide range of

business sectors and geographic regions. With strong

integration between Group and customer operational

processes, barriers to entry are high, especially given

Solutions30’s 20 years of expertise.

In Europe, the other players present in Solutions30’s

markets are therefore highly variable.

They include:

• Subsidiaries or internal departments of major

technology groups, energy suppliers, or equipment

manufacturers

• Multi-technology groups involved in infrastructure

projects, thus upstream of Solutions30, including

SPIE, Equans, Vinci, and Eiffage

• Multi-technology service providers that specialize in

each business sector, including Circet, Constructel,

Homeserve, Eltel, and Sogetrel

• A few national-level companies that work in a limited

number of business sectors, including Proxiserve or

Renew IT

• A large number of small- and medium-sized local and

regional companies, whose strategy is based on niche

expertise or on their proximity to their customers


	Solutions30 \| Annual Report 2025		31

1.5 Structurally promising markets

As the European leader in rapid-response multi-

technology services, Solutions30 operates in dynamic

markets whose structure allows the Group to capitalize on

its assets to solidify its position.

As explained above, the Group is involved in both

installation and maintenance activities, depending on the

life cycle of its markets. Once they have been rolled out,

new technologies need to be maintained, hence the

Group’s recurring maintenance business. Our capacity for

rolling out new technologies is the key to securing

contracts for maintaining facilities and keeping them in

proper working order.

In terms of installation activities, the maturity of the

targeted markets differs from one country to another.

Indeed, while the technologies in question are broadly the

same across Europe, investment decisions are made at

the national level, whether by public authorities or private

actors. This is an advantage for the Group, which can

leverage its experience in more advanced regions to test

and solidify its services locally, before duplicating them

elsewhere more effectively. The Group’s goal is to offer the

same services and to expand its network of technicians

across all markets, in all the countries where it is

established.

Given this ambition, the Group is organized by country

and around four geographic segments: France, Benelux,

Germany, and Other Countries. Local managers are

responsible for expanding the Group’s operations to

include all relevant markets (Connectivity, Energy, and

Technology).



In millions of euros	Exercice clos Year ended December 31, 2025	Exercice clos Year ended December 31, 2024
Connectivity	268.7	282.2
Energy	60.8	64.8
Technology	23.1	24.5
Total revenue from the Benelux	352.6	371.6
% of Total Revenue	39.5%	39.4%
Connectivity	136.6	208.8
Energy	103.7	78.4
Technology	65.0	73.6
Total revenue from France	305.3	360.8
% of Total Revenue	34.2%	38.3%
Connectivity	90.9	80.0
Energy	4.9	4.4
Total Revenue from Germany	95.9	84.4
% of Total Revenue	10.7%	9.0%
Connectivity	113.4	108.8
Energy	10.6	5.4
Technology	14.7	12.0
Total revenue from Other Countries	138.7	126.2
% of Total Revenue	15.5%	13.4%
Total Revenue	892.4	943.0


	Solutions30 \| Annual Report 2025		32

1.5.1. Main business sectors

his section will introduce the markets in which the Group

operates, as well as the geographical regions it targets,

with a focus on the activities with the greatest potential for

growth:

• Connectivity:

Building on its successful roll-out of ultra-fast Internet

in France, the Group has the solid experience and

substantial competitive advantages it needs to

significantly increase its market share in European

countries where this technology’s penetration rate

remains limited. This strategy is now proving its worth

in Germany, where the Group has entered a period of

dynamic growth.

• Energy:

The transition to renewable energy and the growth of

electric mobility create important revenue

opportunities for Solutions30, which has developed

services dedicated to installing and maintaining

electric vehicle charging stations, especially for

individuals and small businesses, as well as solutions

for installing solar panels as a B2C or B2B2C service.

Electrical grid services and smart meter roll-outs are

also among the Group’s key expertise areas.

• Technology:

Solutions30 provides direct IT support services to

customers and works on behalf of major IT

manufacturers to support their customers. Already

somewhat mature, this market still has growth

potential, and in a context where working remotely is

on the rise, the density of the Solutions30 network of

technicians is an important asset.

Solutions30 also has other avenues for growth in

areas like payment solutions, smart houses, smart

cities, logistics, transportation, and industry 4.0.


	Connectivity Solutions

Solutions30’s original core market, the

telecommunications sector, remains the primary driver of

the Group’s revenue. Already the cornerstone of the digital

revolution, networks are increasingly called upon to serve

new purposes. The widespread use of Internet video

streaming, the proliferation of content, the rise of remote

work, the growth of online shopping, and the digital

transformation at large that is affecting all areas of the

economy have caused network data transmission volumes

to skyrocket. These underlying trends are forcing service

providers to constantly adapt their infrastructures to offer

the most comprehensive network coverage and ever

faster connections. This is the context that surrounds the

roll-out of fiber-optic cables (FTTH) in Europe. While fiber-

optic connections are being promoted at both the

European and national levels, households have only

adopted them gradually. In the twenty-seven member

states of the European Union and the United Kingdom,

approximately 40% of households have a fiber connection,

which presents a significant opportunity for Solutions30.

There are also very large disparities between the various

countries in which Solutions30 operates. Spain has the

highest rate of coverage. In Germany, on the other hand,

the connection rate remains quite low.

In order to strengthen its position as the leading player in

the sector and to expand its territorial coverage, the Group

made several strategic acquisitions since 2018:

In 2018, the Group signed an outsourcing partnership with

the Belgian company Telenet that led to the creation of

Unit-T, a joint venture owned 70% by Solutions30 and

30% by Telenet. Unit-T draws on a network of 1,500

technicians and is responsible for a services contract

signed with Telenet. This subsidiary has since diversified

into the energy sector by deploying Fluvius smart meters

and participating in the low- and medium-voltage electrical

network modernization that Fluvius has undertaken.

The telecommunications sector remains a growth driver

for the Group across Europe, where more projects are

springing up to bridge the digital gap in several major

countries, including Germany, Belgium, and Poland.

Ultimately, in the European ultra-fast internet market, there

are several trends that stand out:

• Public incentives have been stepped up following the

pandemic to support the roll-out of FTTH technology

throughout Europe. Recovery plans worth €14 billion

have already been put into place for the

telecommunications sector (FTTH and 5G). Countries

only have a limited time to invest these European

subsidies, which has made a fast roll-out even more

important.

•In countries where traditional service providers have

been slow to roll out their FTTH networks, alternative

providers have stepped in, launching the transition to

FTTH networks.

•In some countries, such as France and Spain, the

market for FTTH network deployment has reached

maturity.

•Nevertheless, the regions where the Group operates

are teeming with new opportunities. For example, the

dismantling of the copper network could represent a

major growth driver in France. Solutions30’s

experience and strong competitive position in France

will be invaluable assets in seizing these

opportunities.

Building off of its strong fixed network position, the Group

is also active in mobile networks, particularly in the

deployment of fifth-generation (5G) networks. Solutions30

is already active in this field, leveraging its

telecommunications industry expertise to offer competitive

commercial services. Today, it works on behalf of telecoms

equipment manufacturers, preparing existing installations

and helping to upgrade them.

Experts expect that many small additional antennas

(microcells) will be rolled out and that edge computing will

develop to support 5G technology. 5G networks will need


	Solutions30 \| Annual Report 2025		33

to handle large data volumes. To reduce latency, computer

systems will be installed in base stations, close to

antennas. Solutions30 believes that it is ideally positioned

to participate in the roll-out and maintenance of these

systems. Due to its territorial coverage, it has a significant

competitive advantage over traditional IT companies,

which do not have field teams and are often based in

densely populated areas.


	Energy Solutions

While the Group still generates a significant portion of its

revenue from “Energy Solutions,” i.e. installing smart

electricity and gas meters primarily in Belgium, most of its

revenue and especially its growth comes from energy

transition activities. These mainly include solar power and

the installation of solar panels, as well as the upgrades to

electrical grids that these require. The boom in electric

mobility and the need for electric vehicle charging stations

are also presenting opportunities for growth.

The Energy Solutions segment directly benefits from the

substantial investments made across Europe to support

the energy transition.

Renewable energy: solar panels, wind turbines, and

smart grids

The energy transition and the rise of renewable energy

sources are also opportunities for Solutions30, which has

drawn on the expertise of its French subsidiary Sotranasa

to provide solar panel installation services to businesses

and to private individuals. Over the last few years, the

Group has secured its competitive position and risen to

become one of the three leading players in this market in

France. By leveraging synergies from its skills and

expertise in electrical grids, telecom networks, and

residential call-outs, Solutions30 can take on solar panel

projects of all kinds and sizes. The Group intends to

continue its strong growth in France—one of the European

countries with the greatest potential—while further

solidifying its services in the other countries where it

operates.

Growth in this market should continue over the coming

years, as it is an important factor in securing energy

sovereignty. With the goal of making the European Union

more energy independent, the “RePowerEU” plan raised

renewable energy integration targets from 40% to 45% by

2030.

This ambitious goal will rely heavily on a new solar power

strategy. For example, the European Commission has

proposed to drastically shorten authorization procedures

for renewable energy permits. It has also budgeted €300

billion for between now and 2030 and made solar panels

mandatory for public buildings and shopping malls starting

in 2025. This requirement will also be applied to new

housing units built after 2029.

Governments therefore need to implement incentive

measures. In France, for example, outdoor parking lots

over 1,500 m2 in size will have sun shades installed with

built-in solar panels. That is just the beginning, as there is

more than 1,100 GW of untapped solar potential across

the country.

According to Ademe (the French Environmental and

Energy Efficiency Agency), unexploited rooftop solar

potential alone represents 364 GW, i.e. three times more

than all the currently active power plants can produce

(nuclear, coal, gas, and renewables combined). Cerema

estimates that there are a further 775 GW of unexploited

potential in open areas and over parking lots. For

reference, French installed solar capacity will reach 19.0

GW by the end of 2023.

Solutions30 believes that it has the necessary strengths to

eventually thrive in these markets in all the countries

where it operates. With the acquisition of Elec-ENR, a

company that specializes in electric hookups for wind

farms in 2023, Solutions30 has expanded its capacity to

work in the field of renewable energy. To enhance its

service offerings in France, Solutions30 also acquired,

between May 2024 and May 2025, a 60% majority stake in

So-Tec. This company specializes in building photovoltaic

power plants. Solutions30 plans to increase this stake to

100% within four years, in line with current agreements

with the company’s existing shareholders.


	Solutions30 \| Annual Report 2025		34

As energy sources become more numerous and energy

needs continue to increase—whether for recharging

electric vehicles or running heat pumps—electrical grids

are being forced to adapt. The irregularity of renewable

energy sources’ contributions to electrical grids is a

serious barrier to their development. The European

Commission has estimated that the electrical grid will

require €584 billion in investments between 2020 and

2030, with a special focus on the distribution network. Out

of this total amount, €400 billion will be invested in the

distribution network, including €170 billion earmarked for

digitization.

The Solutions30 business model is highly relevant in this

area as well. Through its subsidiary Unit-T, the Group has

been supporting Fluvius with its energy network

modernization program in Flanders (Belgium) since 2023,

under an initial five-year contract. Over these first five

years, Solutions30 teams will transform more than 1,000

kilometers of the power grid and connect multiple homes

to a new energy network developed with local towns and

communities. By 2032, 40% of these low-voltage networks

and a third of medium-voltage cabinets in Flanders will

have been reinforced and modernized.

In France, Solutions30 has been one of Enedis’ key

partners for several years, contributing to the

modernization of the national electricity distribution

network. The investment budget for this modernization

nearly doubled between 2019 and 2025.

In Poland, Solutions30 acquired a majority stake in Elektra

Realizacje in September 2025. This company specializes

in upgrading low- and medium-voltage electrical grids. The

company offers a comprehensive range of services,

including transformer station replacement, switchgear

dismantling and replacement, and electrical equipment

maintenance.

In such a context, smart grids offer considerable

advantages. When integrated into production sites,

network infrastructure, and in consumers’ homes, smart

grids combine digital and electric technologies to optimize

the entire network.

Using smart grids also optimizes electricity use, from its

production through to its consumption. Smart grids collect

data about energy production and consumption using

smart meters, allowing for continuous network monitoring

and operational optimization.

The major players in smart grids are large energy

companies, telecommunications companies, as well as

electrotechnical and IT companies, all of whom are

Solutions30 customers, giving us a role to play in this

market segment.

Rolling out smart meters

The third “energy package” of European legislation

requires EU member states to oversee the roll-out of

smart meters in their respective countries. This roll-out

may be subject to the condition of a positive long-term

economic cost-benefit analysis.

According to the European Commission, the member

states’ commitment is equivalent to an investment of

around €45 billion for installing nearly 200 million smart

electricity meters (covering approximately 72% of

European consumers) and 45 million gas meters (nearly

40% of consumers).

Despite these directives, the actual roll-out of smart

meters across the European Union depends on criteria

specific to each member state. These criteria include

regulatory provisions, current standards, and

recommended features to ensure technical and

commercial interoperability and to guarantee data

protection and security.

Thus, each member state has begun to roll out smart

electricity meters, but with widely varying time frames and

targets.

In France, 95% of electricity meters are operated by

Enedis, which counts Solutions30 as its primary partner

for smart electric meter installation. As a result,

Solutions30 was a major player in the roll-out of smart

electricity meters in mainland France, up until this roll-out

drew to a close in 2022. By the end of 2022, the meters in

nearly all French households had been replaced. The

structure put into place to organize these roll-outs,

installation quality, and the trust-based relationship with

Enedis are important assets for upcoming projects related

to the energy transition, giving the Group a competitive

edge.

In Germany, Solutions30 signed a contract in 2019 with

Germany’s leading electricity and gas supplier to install

new smart meters. This first bid was for 2.3 million meters,

out of the 51 million total meters in Germany. Solutions30

won about 20% of this contract and will begin the roll-out

in Brandenburg and Bavaria in January 2020. Due to

bureaucratic and economic reasons, large-scale roll-outs

of smart meters have not yet begun in Germany. In early

2023, the country passed a new law to speed up the roll-

out of smart meters nationally, while also announcing that

only households consuming more than 6,000 kWh per

year would be required to install a smart meter. It is

therefore only a small minority of German households that

will be required to install smart meters, as the average

annual electricity consumption for a German household is

3,500 kWh. The Group will continue to monitor changes in

the German market, since while this new law is quite

narrow, electricity providers may decide to launch their

own smart meters roll-out plans.

In Belgium, the Flemish service provider Fluvius launched

its smart meter roll-out in March 2021. Unit-T, a subsidiary

of Solutions30, took charge of the roll-out of 40% of the

4.3 million meters that Fluvius has planned for an initial

phase, contributing to strong revenue growth in the region.

This initial phase is now nearly complete.

Electric vehicle charging stations

As part of the energy transition, the adoption of electric

mobility is expected to accelerate in the coming years. The

rules adopted by the European Council in 2023 set the

following targets:

• 55% reduction of CO2 emissions for new cars and a

50% reduction for new light trucks compared to 2021

by between 2030 and 2034


	Solutions30 \| Annual Report 2025		35

• 100% reduction of CO2 emissions for new cars and

new light trucks after 2035

While there are now more electric vehicles available than

ever before, the lack of charging stations is hindering their

wider adoption. It is likely that the pressure countries are

putting on manufacturers will impact electricity distribution

network operators, who will need to rapidly deploy

charging station equipment across Europe.

Solutions30 has the expertise and certifications needed to

operate in this market, with several commercial successes

around Europe in 2025.

The Group has positioned itself to provide installation and

maintenance services for electric vehicle charging

stations. The Group believes that its model enables it to

be particularly competitive in the market for installing

charging stations in homes and workplaces, since

installing public charging stations requires more intensive

work.

Today, Solutions30 has many active customers and has

become a recognized leader in this still highly fragmented

market. In 2025, the Group expanded its strategic

partnership with Spirii, a leading provider of platform

solutions for electric vehicle charging. Launched in Italy,

this partnership combines Solutions30’s operational

expertise installing and maintaining charging stations with

Spirii’s advanced technology, including its platform

ecosystem for managing charging services for fleets,

charging station operators, and mobility companies.

Building on their initial success, both partners have

expanded their cooperation across Europe, tailoring their

approach to local markets, notably in France. In France,

the Group is the preferred partner of Mobilize Power

Solutions, which is in charge of deploying charging

stations for Renault Group customers, and of EDF for the

deployment of its “electric mobility plan” across Europe.

Solutions30 also operates in Poland, where the Group

installed 23 charging stations in 2025 for Ekoenergetyka, a

European manufacturer that has already electrified more

than 40 cities in Europe.

The Group intends to pursue its commitment to innovation

in this field and meet the growing needs of the market.


	Technology Solutions

Solutions30 offers two types of services dedicated to IT

support:

- Call-out services to install, configure, and deploy

integrated IT solutions, with continuing support and

maintenance services

• Deployment, maintenance (uptime assurance), and

computer assistance on site or at a workshop for all

types of devices, IT and network hardware,

multimedia equipment

• Workstation management (IMAC - Install, Move, Add,

Change).

- Service desks available at customer sites, providing

rapid-response service:

• Local multi-device support: handling requests and

incidents related to the working environment

• Preventive and curative maintenance for computer

and multimedia equipment

• Personalized VIP/Staff services: telephone and

physical assistance (even at home) 24 hours a day, 7

days a week.

This more mature market is also undergoing significant

changes. As IT hardware has become more affordable, it

has become a replacement market, where logistics skills

are key, rather than a repair and support market, where

technical skills are what makes the difference. Solutions30

relies on a dense territorial network of itinerant technicians

and high-performance management tools that enable it to

guarantee short response times and competitive rates.

The Group primarily targets companies with many sites in

a given region (banking networks, mass retailers, etc.) or

those with strong needs in terms of customer proximity

and in-home interventions (distributors of high-tech and

multimedia products), working with hardware

manufacturers to provide their maintenance services.

To accomplish these goals, Solutions30 relies on the

economies of scale created by its organizational structure,

including:

• Logistics centers that facilitate the provision of various

services, from receiving/sending equipment, to

checking, repairing, configuring, or setting up

equipment. These centers also house customers’ off-

site inventory, helping to guarantee rapid response

times.

• Call centers, in countries where the Group is present

but also in the Maghreb and Eastern Europe that

handle appointment scheduling, first-level technical

support, and remote troubleshooting.

• Proprietary IT tools that automate and track many

tasks, enriching the user experience.

Cloud computing, new types of equipment and mobility are

changing users’ needs. Soon, with the rise of 5G,

connected objects and edge computing—including new

applications and new required peripheral devices—will

generate new needs and new opportunities for

Solutions30’s Technology Solutions business. New

peripheral devices will not only need to be installed, but

they will also require rapid-response maintenance, no

matter where they are located. Luckily, Solutions30’s core

business has already cultivated the skills needed to

capture these new growth opportunities.

The rise of the Internet of Things has created significant

growth potential for Solutions30 since any connected

object requires physical installation and maintenance.

Industry 4.0, smart cities, smart buildings, smart homes,

self-driving vehicles and connected health are all concepts

that are taking shape as the related technologies become

more affordable and more widely available. These

technological advances help businesses to increase

productivity and they offer individuals major benefits in

terms of savings, health, and security.

The Internet of Things covers a wide array of applications,

since almost everything is connected these days.

Solutions 30 is already active in this market with several


	Solutions30 \| Annual Report 2025		36

major corporations as customers, including a telecoms

service provider that is rolling out a “connected home”

offering, the world leader in online sales, a manufacturer

of connected medical devices, and a manufacturer of

home automation solutions. This sector represents a

significant growth opportunity for the Group.

1.5.2 Geographic coverage

The Solutions30 Group is present in nine countries:

• France

•Belgium, the Netherlands, and Luxembourg (Benelux)

•Germany

•Spain and Portugal (Iberian Peninsula)

•Italy

•Poland

In 2025, in light of recent developments in the British

market, the Group withdrew from the United Kingdom.

The underlying economic factors in these markets are

similar, with strong trends towards outsourcing rapid-

response services and the presence of structural growth

drivers, such as the digital transformation and the energy

transition. The Group believes that it now has a significant

positioning in all the countries where it operates, even

though it has not yet reached its critical target size outside

France and the Benelux region.

Over the last two years, the revenue breakdown by

country was as follows:


In millions of euros	Exercice clos Year ended December 31, 2025	Exercice clos Year ended December 31, 2024
Benelux	352.6	371.6
France	305.3	360.8
Germany	95.9	84.4
Iberian Peninsula	15.7	12.9
Italy	61.1	54.9
Poland	61.9	58.4
Total Other Countries	138.7	126.2
Total Revenue	892.4	943.0

France

Between 2015 and 2021, France was the main driver of

Group growth, thanks to (i) the Plan Très Haut Débit

(Ultra-Fast Broadband Plan), which supported the rapid

roll-out of fiber connections in both European and

overseas France, with a significant peak in activity in 2020

and 2021 as huge numbers of people began to work from

home during the pandemic, and to (ii) the roll-out of

connected smart electricity meters.

Both markets have now reached maturity. Where before

they were focused on roll-out, these markets are now

shifting focus to maintenance, which is naturally a more

recurring service. The fiber connection market thus saw a

significant slowdown due to its maturity in 2024 and 2025,

so the Group reduced its exposure to certain contracts

whose profitability conditions had deteriorated. This

resulted in significantly reduced revenue in the

Connectivity business.

At the same time, activities related to the energy transition,

in particular solar power, saw significant growth starting in

2023 and have progressively established themselves as a

solid growth driver in the French market. In 2025, they

accounted for 45% of Solutions30’s revenue in France. In

2025, the total installed photovoltaic production capacity

rose to more than 160 MWh.

Benelux

In Belgium, Solutions30 has been one of the main players

in the market for rapid-response telecommunications

services since it signed an outsourcing agreement with

Telenet in the form of a vested partnership and the

creation of Unit-T in 2018. Unit-T is a joint venture in which

Solutions30 holds 70% of the shares and Telenet 30%. It

has significant growth potential, not only working with

Telenet but also with other customers, as evidenced by the

contracts signed with Fluvius in 2020 for the deployment

of its smart meters, and in 2024 for the modernization of

the low- and medium-voltage electric grid in Flanders.

Belgium has committed to ambitious plans for FTTH

deployment. Solutions30, with its solid experience

elsewhere in Europe and its dense territorial coverage,

has signed framework agreements with leading players

such as Fiberklaar and Unifiber, and has already become

an important part of these markets. This can be seen in

the high growth rates posted in the Benelux in 2023, over

70% over the full year, driven mostly by Belgium. This

growth slowed temporarily in 2024, as Belgian telecom

service providers adopted a wait-and-see approach to

negotiations to streamline deployment operations across

the country. To a lesser extent, the electoral context also

contributed to this slowdown. By the end of 2025,


	Solutions30 \| Annual Report 2025		37

operators had successfully concluded these negotiations

and activity levels began to return to normal.

In the Netherlands, a second wave of FTTH network

deployment is underway, and Solutions30 is actively

participating in deployment and connection projects on

behalf of Open Dutch Fiber and KPN.

Germany

In Germany, Solutions30 is currently benefiting from

strong market momentum in both the telecommunications

and energy sectors. In recent years, however, the Group

has been focusing on the telecoms market, particularly

fiber optics, where it rapidly established itself as a leading

partner for German telecom service providers, after

signing major contracts in 2023. Compared with other

European countries, Germany is behind in terms of

telecommunications infrastructure. In this context, all the

major telecom service providers have launched FTTH

deployment investment programs. After a challenging

start-up phase, the market entered a period of strong

growth in 2024, which continued into 2025 despite a less

consistent pacing of deployment operations in the second

half of the year, and operators prioritizing the connection

phase.

With 41.5 million households, Germany is an extremely

promising and strategic market for Solutions30. With its

offer of end-to-end services and strong commercial

relationships with the six main German operators,

Solutions30 is well positioned in this promising market,

which it sees as a powerful short-term growth driver.

The German energy services market also has

considerable opportunities to offer. Germany is the biggest

solar power market in Europe, with total production

capacity set to rise from 83 GW in 2023 to almost 186 GW

in 2028. The country is also planning a smart meter roll-

out program, to be completed by 2032, and is investing

massively in power grid modernization (€110 billion of

investments are required by 2033). Finally, the

development of electric vehicle charging infrastructure, for

both light and heavy vehicles, is a priority. While

Solutions30 currently generates only minor revenue in the

energy sector in Germany, the Group has set ambitious

goals, especially for solar power, signing its first B2B

partnerships in 2025.

Other Countries

In Italy, Solutions30 is a key partner of TIM (Telecom

Italia), on whose behalf the Group is deploying a fiber

network in Piedmont and the Aosta Valley. After a brief

pause in 2023 due to the challenges within TIM,

Solutions30 operations returned to normal in 2024 under

improved economic conditions. In 2025, the Group

showed strong growth in its fiber activities.

In May 2025, Solutions30 announced the renewal of its

contract with FiberCop, a leader in the development of

fiber-optic networks in Italy. The contract is valued at more

than €125 million over three years. The agreement

includes the continued deployment of the FTTH network in

the Piedmont and Aosta Valley regions. It will cover

approximately 300,000 property units, enhancing

connectivity across Italy and reducing the digital divide.

At the same time, Solutions30 is pursuing growth in

electric mobility in Italy, notably by signing a partnership

with Spirii (a subsidiary of Edenred) in June 2025 to install

and maintain charging stations throughout the country. In

line with Group strategy, Solutions30 has been working to

improve its profitability in Italy since 2024, with positive

results.

In Poland, the Group established itself in 2019 and has

gradually increased its market share both organically and

through external growth, becoming the preferred partner of

the national telecom service provider, Orange. The market

in Poland has very attractive fundamentals in terms of

size, population density, and market conditions, as the

country makes significant investments in its digital

infrastructure. In recent years, the Group has deployed the

same key elements that have driven its success in other

countries. It has gradually established itself as a major

player, increasing its market share in Connectivity

Solutions and expanding its customer base.

The Group is now replicating this success in its Energy

Solutions business: it has strengthened its presence in the

fast-growing Polish electric vehicle charging infrastructure

market, signing two contracts with key national players:

Ekoenergetyka and Enefit Polska. In 2025, it also entered

the low- and medium-voltage electrical network services

market by acquiring a majority stake in Elektra Realizacje.

In Spain, Solutions30 expanded its presence in 2018 and

subsequently increased its market share by strengthening

its collaboration not only with telecom service providers

but also with equipment manufacturers, including Ericsson

and Nokia. Because fiber has reached maturity in this

market, however, the Group recently implemented a plan

to refocus on its Energy and Technology businesses. In

2025, the Group began the process of selling off nearly all

the Connectivity business’s operational assets. This

strategic refocusing aims to maximize profits and to make

the most of promising growth opportunities.

In this context, in September 2025, Solutions30 began the

roll-out of Fastned’s electric vehicle charging stations,

installing two initial sites on the C-32 highway, each

offering eight 400 kW charging stations.

Active in the United Kingdom since 2020, with the roll-out

of services for mobile and later fixed telecommunications

networks, followed by electric mobility, the Group

completed its full exit from the UK market in 2025. The

decision to withdraw was made in light of recent

developments in the UK fiber market and aligns with the

Group’s strategy to optimize its portfolio.


	Solutions30 \| Annual Report 2025		38

2 Risk Factors and Internal

Control System

2.1 Company-Specific Risk

Factors

2.2 Insurance

2.3 Internal Control System

2.4 Governance, Risk and

Compliance

2.5 Transformation Takeaways


	Solutions30 \| Annual Report 2025		39

2. RISK FACTORS AND INTERNAL CONTROL

SYSTEM

2.1 Company-Specific Risk Factors

1.1 Governance

In 2025, the Group reinforced its risk management

framework by enhancing stakeholder engagement. It

continued leveraging its dedicated risk management tool

and introduced a comprehensive compliance program,

Naltilia, to ensure full conformity with Sapin II

requirements.

All identified risks are incorporated into the 2026 audit

plan, which is fully aligned with the COSO Framework.

Risk mapping across the Group is informed by

contributions from country CEOs, business unit directors,

and internal audit findings. To support effective monitoring

and mitigation, the Group leverages Zenya—a specialized

platform that enables systematic tracking and resolution of

risks.

1.2 Risk Management Framework

Risk management at Solutions30 is structured around the

widely recognized three lines of defense model:

*Operational Level (First Line of Defense): Risks are

identified and managed directly within business

operations. Internal controls are implemented at this level

to mitigate risks effectively.

*Support Functions (Second Line of Defense): Central

support teams oversee and coordinate risk management

activities across all entities, addressing cross-functional

risks that impact processes throughout the Group.

*Internal Audit (Third Line of Defense): Independent

auditors review the most critical processes and entities,

providing assurance and recommendations to strengthen

risk management. They report directly to the Group Head

of Risk & Compliance, who in turn reports to the Audit,

Risk & Compliance Committee and the Management

Board.


	Solutions30 \| Annual Report 2025		40

1.3 Risk Assessment Methodology

The Group adopts an integrated approach to risk

management, analyzing all potential risks and their

interdependencies. Once identified, each risk is assessed

based on:

Likelihood of occurrence, categorized as:


Exceptional	Once every 15 years
Unlikely	Once every 10 years
Likely	Once every 3 years
Very likely	Once every 12 months
Almost certain	Once every 6 months

The impact is assessed as follows:


	Very low	Low	Medium	High	Critical
Financial (€)	Insignificant cost, easily absorbed into the budget.	Small budget overruns, low financial pressure, < €100k.	Significant impact on financial targets, €100 - 500k.	Large budget overruns, €500k - €5 M.	Serious financial loss, threat to the company > €5 M.
Customer- Investor Relations / Reputation	Minimal concerns raised by a limited number of customers.	A few complaints or concerns.	Significant level of dissatisfaction among a customer segment. Negative publicity or negative market sentiment.	High level of dissatisfaction (strategic level), potential loss of key customers.	Critical dissatisfaction (strategic level), high potential for significant impact on revenues, reputation, and share price.
Legal / Compliance	Minimal non- conformity problems, limited impact and easy to rectify.	Minor non- conformity. Minor fines, minor breaches of regulations, which may require resources to resolve.	Moderate non- compliance with moderate penalties.	Serious non- compliance leading to major legal consequences and/or fines. Moderate operational impact.	Critical breaches of regulations, reporting requirements, and stock exchange listing rules. Serious legal repercussions with substantial fines and downtime. System failures or management problems that can impact investor confidence.
Health & Safety	May cause minor health problems.	Minor non-chronic health effects, such as temporary discomfort.	Moderate injuries or health problems requiring medical treatment but with no long-term consequences.	Significant, potentially chronic health problems or injuries requiring prolonged medical treatment or recovery time.	Serious incidents resulting in permanent disability, major disruption, or death.
Operations	Minimal disruption to an operational process (10’ max downtime).	Minor disruption to operational processes (more than 10’ downtime).	Moderate disruption to operational processes (more than 3 hours downtime).	Significant disruption to operational processes (more than 12 hours downtime).	Major disruption to operational processes (more than 3 days downtime).
Projects	Minor project delay or slight change in scope.	Short-term delays. Manageable human and budgetary variances.	Project milestones were not met, and a major adjustment of resources is required.	Delays in major project phases. Budget overrun.	Critical project failures: possibility of project abandonment or major redesign.


	Solutions30 \| Annual Report 2025		41


Human resources	Minor human resources concerns.	Minor legal disputes.	Moderate human resources challenges.	Significant legal disputes or compliance problems.	Critical human resources crisis or major organizational conflict.
Supply chain	Minor delays or quality deviations.	Shipping delays or problems with the material/ service ordered. No impact on the budget.	Moderate disturbances, some production stoppages. Limited budget impact.	Problems linked to the multiplicity of suppliers and regions. Long delays. Significant impact on the budget.	Major failures. Significant impact on businesses. Very significant budget impact.
IT security	Very minor data breaches, minimal IT disruptions with no operational impact, or minor problems in software development.	Minor data breaches, minor disruptions to IT systems, including software development problems.	Significant data breaches, moderate disruption to IT systems or limited operational impact, with notable vulnerabilities in software development.	Significant data breaches, moderate disruption to IT systems or limited operational impact, with notable vulnerabilities in software development.	Major security breaches leading to potential legal repercussions, substantial data loss or complete shutdown of IT systems, often linked to serious vulnerabilities in software development.

The likelihood and impact of each risk are multiplied together to give the following classification:


P = 5	5	10	15	20	25

P = 4	4	8	12	16	20

P = 3	3	6	9	12	15

P = 2	2	4	6	8	10

P = 1	1	2	3	4	5

Probability / Impact	I = 1	I = 2	I = 3	I = 4	I = 5


Risk Scale

	Very Low

	Low

	Medium

	High

	Very High

1.4 Risk Treatment Approach

The Group applies tailored measures to address identified

risks, which may include acceptance, avoidance, transfer,

or mitigation. When mitigation is required, actions are

determined following a cost-benefit analysis to ensure

efficiency and effectiveness.

Risks are prioritized based on their criticality:

*High-risk areas (red and orange zones): Require

immediate attention and remediation.

*Moderate risks (yellow zone): Managed as a secondary

priority.

*Low-risk areas (green and gray zones): Subject to

ongoing monitoring to ensure they remain within

acceptable thresholds.


	Solutions30 \| Annual Report 2025		42

This structured approach ensures resources are focused

where they deliver the greatest impact on risk reduction.

Most risks managed in 2024 remained present in 2025.

However, in many instances, their probability declined as a

result of the mitigation measures implemented, and the

impact was reduced for certain risks. Several risks were

eliminated from the risk map, reflecting the effectiveness

and robustness of the controls in place. Concurrently, new

risks emerged, directly or indirectly associated with the

ongoing restructuring initiatives.

1.5 Risk categories

Most risks managed in 2024 remained present in 2025.

However, in many instances, their probability declined as a

result of the mitigation measures implemented, and the

impact was reduced for certain risks. Several risks were

eliminated from the risk map, reflecting the effectiveness

and robustness of the controls in place. Concurrently, new

risks emerged, directly or indirectly associated with the

ongoing restructuring initiatives.

At Group level, the identified and managed risks can be

categorized as follows:


SUBCONTRACTOR MANAGEMENT
Risk		Mitigation
In 2025, Solutions30 Group partnered with approximately 7,500 subcontractors, operating either on behalf of the Group or independently. This model provides the flexibility required to adapt workforce capacity to evolving operational needs and market dynamics. While this approach is a key enabler of agility, it also introduces specific risks that the Group proactively manages: • Reputation of subcontractors, which can reflect on the Group’s image; • Oversight and coordination of subcontractor activities, ensuring quality and reliability; • Skills and qualifications of subcontractor personnel, critical for service excellence; • Compliance with labor and immigration regulations, safeguarding legal integrity; • Adherence to the Group’s internal policies, reinforcing ethical and operational standards. Unmanaged, these risks could impact the Group’s reputation, its ability to honor commitments, and its compliance obligations. All the risks linked to the subcontractors’ management are in the ‘Very-high’ risk area of the Group risk map.		To address these challenges, Solutions30 has implemented a robust third-party verification process designed to ensure the integrity and reliability of its subcontractor network. Every subcontractor wishing to work with the Group undergoes a comprehensive due diligence review, including: • Identity verification, assessment of ultimate beneficial owners, and financial solidity checks; • Evaluation of reputation and business connections, ensuring alignment with Group standards; This verification complies with the Group Third Party Due Diligence (TPDD) policy which is conducted by a dedicated compliance team using advanced tools. Once the first verification is finalized and does not reveal any red flag, subcontractors are required to upload all necessary legal and regulatory documentation to mySupplace, the Group’s secure platform for third-party management. Only after successful completion of the preliminary TPDD review and submission of all required documents can a commercial relationship be initiated. This database is continuously updated and monitored by local Compliance Officers, ensuring ongoing adherence to regulatory and internal requirements. These measures reflect the Group’s commitment to transparency, compliance, and operational excellence across its entire value chain.


	Solutions30 \| Annual Report 2025		43


INFORMATION SECURITY
Risk		Mitigation
Group activities and technicians’ call-outs are organized and optimized within the Group’s proprietary IT platform. This tool centralizes and assigns call-out requests while optimizing technician travel times, skills, and expertise. Moreover, Group is using multiple other IT systems to manage and optimize other organizational areas, such as finance, customer relations, or HR. A computer attack or technical failure could have an impact on the Group’s operations - especially its ability to optimize technician call-outs - and on its customers: damage to their reputation, disclosure of confidential information, disclosure of operational information, total or partial non-accessibility of data and non-compliance with legislation or customer requirements. All the risks linked to the Information Security management are in the ‘Very-high’ risk area of the Group risk map.		The Group established Information Security Management System (ISMS) in accordance with ISO 27001 standard. Compliance with standard was confirmed by independent auditing firm for wide scope of activities related to providing services to customers. The ISMS is supervised by Chief Information Security Officer function and continuously maintained to ensure ongoing compliance and further improvements. Information Security general practices were disclosed in Information Security Commitment document published on Solutions 30 website. A set of policies, procedures, and instructions related to different aspects of Information Security are published, communicated to relevant stakeholders, and enforced. Specific controls are driven by output from Information Security Risk Assessment performed at least once per year. Those controls include, but are not limited to: • User access management • Secure software development practices • Endpoint and network protection • Supplier due diligence and monitoring • Database backup processes and restoration testing • Incident management processes • Employee information security awareness • Threat intelligence Group maintains active cyber insurance.


FINANCE
Risk		Mitigation Measures
The Group faces several financial risks that could impact its performance and resilience. • Customer financial difficulties: Some clients may experience liquidity issues or insolvency, leading to delayed payments or defaults. This can affect the Group’s revenue streams and cash flow stability. • Cash management challenges: Managing working capital efficiently is critical, especially in periods of Activities reorganization. Risks include delays in receivables collection, pressure on liquidity, and increased financing costs. These situations can result in reduced profitability, higher credit exposure, and potential constraints on the Group’s ability to fund operations and growth initiatives. All the risks linked to Finance are in the ‘Very-high’ risk area of the Group risk map.		To address these risks, the Group has implemented a comprehensive financial risk management framework, including: • Rigorous Credit Assessment Continuous monitoring of customers’ financial health and creditworthiness to anticipate potential payment issues. • Diversification of Client Portfolio Reducing dependency on any single client or sector to limit exposure to financial distress. • Active Cash Flow Management • Daily tracking of cash positions, strict control of payment terms, optimization of working capital and use of working capital financing solutions. • Forward‑looking analysis and market scenarios • Discontinuation of non-profitable activities. These measures reflect the Group’s commitment to financial stability, resilience, and proactive risk management, safeguarding its ability to meet obligations and support long-term growth.


	Solutions30 \| Annual Report 2025		44


REGULATORY COMPLIANCE
Risk		Mitigation Measures
The Group operates in a complex and evolving regulatory environment, which includes requirements under NIS2 (Cybersecurity), Sapin II (Anti-corruption), CSRD (Corporate Sustainability Reporting Directive), AI act and GDPR (Data protection). Non-compliance with these regulations could result in: • Financial penalties and legal sanctions; • Reputational damage; • Operational disruptions due to corrective measures; • Loss of client trust and business opportunities. Given the increasing scope and complexity of these regulations, all the risks linked to Regulation are in the ‘Very-high’ risk area of the Group risk map.		To address these challenges, the Group has implemented a comprehensive compliance framework, including: • The GRC project, aimed at strengthening the Group’s governance, has resulted in policies, charters, and a series of structuring documents for the Group. It has resulted in robust internal controls covering anti-corruption, cybersecurity, artificial intelligence, sustainability reporting, and data protection. • Dedicated Compliance Teams ensuring Third Party Due Diligence verification prior to any activity and continuous verification of compliance of third parties. • Mandatory training on GRC for all the employees of the Group. Regular awareness sessions for employees and management to reinforce compliance and regulatory knowledge. • Use of dedicated tools for regulatory compliance, TPDD verification and risk management. • Deployment of a Compliance program aimed at reducing compliance risks internally and across their value chain. • Periodic reviews by external auditors to validate compliance and identify areas for improvement. • Management of reports via the whistleblowing platform; • Immediate sanctions applied when non-compliance involves a governance element • Implementation of NIS2 directive. • Communication and training on Group IA policy. These measures reflect the Group’s commitment to integrity, transparency, and regulatory excellence, ensuring compliance across all jurisdictions where it operates.


GROUP ACTIVITIES
Risk		Mitigation measures
The Group operates across market segments with varying levels of maturity. Managing ramping-up, growth in expanding segments and reorganizing declining segments can create risks such as: • Loss of quality ; • Customer dissatisfaction ; • Margin erosion ; • Recruitment challenges ; • Changes in volume ; • Key staff leaving the Group and • M&A integration. All the risks linked to the Group activities are in the ‘High’ risk area of the Group risk map.		To address these challenges, the Group has implemented the following measures. • Making sure its activity portfolio remains diversified in terms of geography, business type, and client profile. • Fostering synergies between activities, enabling the transfer of skills and personnel across segments. This approach aims to make transition phases - whether growth or contraction - as short and efficient as possible. • Use of subcontracting (representing approximately half of the Group’s workforce) is also a key lever, providing the flexibility needed to manage transitional phases effectively. • Discontinuation of non-profitable activities.


	Solutions30 \| Annual Report 2025		45


REPUTATION
Risk		Mitigation Measures
A smear campaign, adverse media coverage, or the publication of inappropriate messages could damage the Group’s image and reputation. This risk linked to Reputation is in the ‘High’ risk area of the Group risk map.		To reduce the likelihood of such campaigns, the Group has implemented several measures: • Strengthening governance to ensure transparency and accountability; • Employee awareness programs to promote responsible communication; • Crisis management plan to respond swiftly and effectively to reputational threats; • Regular communication policy to maintain clarity and consistency in messaging; • Media monitoring system to detect and address potential issues early; • Participation in targeted external events to reinforce the Group’s positive image. These actions reflect the Group’s commitment to protecting its reputation and maintaining stakeholder trust.


GEOPOLITICS
Risk		Mitigation Measures
The Group operates in geographical regions that are close to conflict zones. This exposes the Group activities to heightened geopolitical and security risks, which may result in: • Operational Disruption: Temporary or prolonged suspension of activities due to instability. • Supply Chain Disruptions: Increased difficulty in sourcing materials and equipment due to regional instability and logistical constraints. • Financial Impact: Increased insurance premiums, security costs, and potential loss of revenue. • Labor Market Pressure: Reduced availability of skilled workers and potential migration flows affecting recruitment. • Reputational Risk: Negative perception from stakeholders if operations are linked to conflict areas. • Regulatory and Security Risks: Heightened compliance requirements and potential restrictions on cross-border activities. These factors could lead to delays in project execution, increased operating costs, and reduced profitability in the region. This risk linked to Geopolitics is in the ‘High’ risk area of the Group risk map.		To minimize these risks, the Group has implemented a proactive strategy: • Diversification of Suppliers: Expanding sourcing channels beyond the affected region to ensure continuity of supply. • Flexible Workforce Management: Leveraging subcontracting and mobility programs to address labor shortages and maintain service quality. • Cost Control and Hedging: Monitoring energy and transportation costs closely and using financial instruments where appropriate to mitigate volatility. • Enhanced Compliance and Security Protocols: Strengthening local governance and risk monitoring to ensure adherence to evolving regulations and safeguard operations. • Scenario Planning and Contingency Measures: Regular assessment of geopolitical developments and readiness plans to adapt quickly to changing conditions. These actions reflect the Group’s commitment to resilience and operational continuity, even in a challenging geopolitical environment.


	Solutions30 \| Annual Report 2025		46


ESG
Risk		Mitigation
ESG criteria are a cornerstone of the Group’s strategy and embedded in all its projects. The presence of an ESG Strategy Committee within the Supervisory Board clearly reflects this commitment. Our ESG initiatives are both numerous and ambitious: • Rigorous monitoring of key performance indicators, including CO₂ emissions, accident severity rates, and subcontractor compliance. • Submission of our CO₂ reduction targets to the Science Based Targets initiative (SBTi), currently awaiting validation. • Publication of our sustainability statement for the second consecutive financial year, in full compliance with the Corporate Sustainability Reporting Directive (CSRD). • Systematic inclusion of ESG responses in all tender submissions. • Continuous maintenance and improvement of our ESG ratings by leading agencies. Each of these actions entails risks that the Group actively manages daily. These risks linked to ESG are in the ‘Medium’ risk area of the Group risk map.		To address ESG-related risks and ensure the achievement of our strategic objectives, the Group has implemented a series of concrete measures: • Definition of an absolute CO₂ emissions reduction target, as part of our commitment to the Science Based Targets initiative (SBTi); • E-learning programs available on the S30 Academy platform, accessible to all Group employees; • Monthly monitoring of key ESG indicators, ensuring continuous progress tracking; • Direct link between ESG performance and managers’ variable remuneration, fostering alignment with sustainability goals; • Ongoing collaboration between local teams and the central ESG team, ensuring consistency and best practices across the Group; • Weekly follow-up of ESG activities with Management board. For further details, see Sustainability declaration in Chapter 3 of this report.

1.6 Risk review

Our risk register is dynamic: risks are continuously

monitored and updated whenever a new event s that could

impact the Group’s activities occurs.

Once a year, risks are formally reviewed with the

Management Board.

As of today, the Group does not identify any additional

governmental, economic, budgetary, monetary, or political

risk factors that could have a significant direct or indirect

impact on its activities.


	Solutions30 \| Annual Report 2025		47

2.2 Insurance

Solutions30 has set up a centrally managed international

insurance program covering, among other, general and

professional liability and cyber security. Moreover, each of

the operating subsidiaries of Solutions30 maintains

various local insurance policies that are mandatory at the

local level and at the same time must adhere to insurance

program, that is negotiated and put into place at the Group

level, unless there are stricter local regulations or specific

geographic exceptions required.

The Group’s liability insurance policies were renewed on

January 1, 2026, for a period of one year, based on

market conditions. The Group has policies with several

leading and internationally recognized insurers.

In light of the expanding activities and markets in other

countries, in Q1 2023 Solutions30 initiated a Group-wide

audit of its insurance program, with an assistance of a top-

tier insurance broker. The mentioned audit aimed to

ensure adequate and consistent coverage in every country

Solutions30 operates and to optimize and minimize related

costs.

The outcome of the audit revealed that the Group’s

insurance program was in line with industry practice and

sufficient to cover normal risks associated with its

operations.

To continue this trend, the Group insurance program is

subject to periodic review to ensure that it meets the

evolving needs of our business, while also adhering to

best practices in corporate governance, risk management,

and compliance with market and regulatory standards.

Group’s insurance policies, governance mechanisms, and

continuous monitoring processes contribute to ensuring

adequate protection of assets and operations, while

supporting the long-term resilience and sustainable

development of the Group.

2.3. Internal Control System

2.3.1 Definition of internal control

Internal control is an integral part of the Group’s

processes. As part of the ongoing transformation

described in section 2.4 of this Report, the internal control

process has been reviewed and documented. It aims to

ensure:

• Compliance with laws and regulations

• Application of Management Board directives and

guidelines

• Proper functioning of internal group processes,

especially those to safeguard

• Group assets and the proper provision of services

• Reliability of financial information

The goal of the internal control mechanism is to prevent

and control risks that could compromise the Group’s ability

to reach its goals.

2.3.2 Internal control organizational structure

The primary bodies that oversee internal control activities

within Solutions30 are as follows:

Audit, Risk and Compliance Committee

The main goal of the Audit, Risk and Compliance

Committee is to assist the Supervisory Board in its

oversight of the Management Board by supervising,

advising, and informing decisions regarding the Group’s

compliance with applicable laws and regulations and its

review of internal control and risk management systems,

among other topics.

In line with the Audit, Risk and Compliance Committee

Charter, the Audit, Risk and Compliance Committee’s

group wide internal control and risk management

responsibilities are as follows:

A. Discuss and evaluate group risk management

policies, internal control procedures, and professional

ethics procedures (including procedures for preparing

and processing accounting and financial data), as well

as review the compliance and effectiveness of the

mechanisms put into place to implement these

procedures and policies.

B. Report to the Supervisory Board any major financial

risks that the Group is exposed to, advise on matters

related to financial information and the Management

Board’s initiatives to monitor and manage these risks

and issues.

C. Review and evaluate reports related to potential

shortcomings, or any other similar matters that may

arise and be relevant to the Group, as the case may

be.

The Audit, Risk and Compliance Committee frequently

invites key Group functions to its meetings, including the

Secretary General who oversees Group finance, the Head

of Consolidation, the Head of Risk, Compliance and ESG

and the Head of Legal. The active involvement of these

individuals is indispensable in the context of internal

controls related topics and verification of compliance with

the processes implemented within the Group.


	Solutions30 \| Annual Report 2025		48

Further details on the Audit, Risk and Compliance

Committee, including its composition and responsibilities

are mentioned in chapter 4.2. of this Report.

Management Board

The Management Board decides on general management

principles that the Group will follow. It defines the powers

that will be delegated to BU Directors, to the Group

Executive Committee and the Country Executive

Committees, and sets thresholds up to which these

powers apply, if need be. These rules apply to the

following areas: subsidiary management, mergers and

acquisitions, legal affairs, financial management,

operational management, commercial management,

human resources management, and communications etc.

The Group Executive Committee and Country

Executive Committees

(referred to together as the “Executive Committee”)

The Executive Committee handles all issues concerning

the operations or activities of Group subsidiaries in their

various operational and financial aspects It also supports

the Management Board in streamlining the decision-

making process and prioritizing the issues the latter has to

deal with.

In March 2024 the Group Executive Committee was

reorganized and the Management Board appointed new

members with expertise in legal, compliance, risk

management, finance, IT, HR, ESG, data protection,

investors relations, and communication.

Management Board is also assisted by the Country

Executive Committees where each respective member is

responsible for internal control within the BU, or country,

they oversee and in line with pre-established rules of

power delegation. Every month, the respective Country

Executive Committee receives a report from each BU that

includes raw data and analysis, as well as key

performance indicators (KPIs). Besides monthly activity

and financial performance monitoring data, the report also

includes an update on staff, business opportunities, and

major operating risks. All this makes the report a key

internal control tool for the Group. At its monthly meetings,

the Country Executive Committee looks at data from the

previous month and decides what corrective actions

should be taken if any are needed.

Further details on the composition and responsibilities of

the Executive Committee are available in chapter 4.3.3.

In addition to these corporate governance bodies,

Solutions30 has put in place Three Lines of Defense

(3LoD) model:

1. Operations

Beyond its controls that protect internal group

administrative and accounting processes, the Group also

carries out operational controls of the services that it

provides. These control activities are handled by quality

managers who implement, manage, and monitor controls

with the operational teams.

2. Support services

Compliance Department TPDD and other controls

Internal control

One of the primary goals of internal control is to prevent

and control risks arising from group activities, as well as

error and fraud risks, especially in the areas of accounting

and finance.

During the first quarter of 2025, we initiated a collaboration

with a company specializing in compliance. The aim of this

cooperation is to structure, streamline, and further

strengthen our Group-wide anti-corruption compliance

program. Controls will be more closely aligned with risks,

and a “Compliance” dashboard will allow the Group to

manage compliance in real time and on an ongoing basis.

Control of business partners

A dedicated team is responsible for carrying out due

diligence on the Group’s business partners before entering

into any business relationship with them.

These upfront controls relate to the financial situation, the

network, and the reputation of group partners. The results

are recorded in a specific in-house compliance platform

which is continuously updated.

This dedicated team also performs numerous ad hoc

controls of business units to ensure appropriate levels of

compliance.

Finance Department

The Group Finance Department and the Finance

Departments of each country are jointly responsible for the

production and integrity of accounting data.

Financial control is ensured within each subsidiary by

financial controllers who are responsible for both financial

control and internal control. This role reports to the chief

financial officer of each country. Each month, group-wide

financial control analyzes the financial performance for the

past month and the year to date. These data are

compared to the monthly budget provisions from the

previous year. This control takes place within each

business unit, as well as at a consolidated group level.

The corporate and consolidated accounts undergo an

external audit, which is carried out by group and

subsidiary auditors. The auditors of the subsidiaries carry

out limited reviews of the half-yearly financial statements,

as well as an audit of the annual financial statements. Any

recommendations the auditors may make are studied,

implemented, and monitored by the Group under the

supervision of the Audit, Risk and Compliance Committee.

Legal Department

The Legal Department establishes a general set of

corporate governance rules that apply to all Group

employees and partners and oversees the controls that

ensure the Group’s operations are in legal compliance.

As part of the GRC project (described in detail in section

2.4 below), several Group-wide policies and procedures

were established and continue to be updated for Group


	Solutions30 \| Annual Report 2025		49

employees and partners, namely the Code of Conduct, the

Business Partner Code of Conduct, the Anti-corruption

Policy, the Third Party Due Diligence Policy (TPDD), etc.

The goal of these policies is to set rules for proper

behavior within the scope of professional activities that

apply to all employees and subcontractors, as well as to

any representatives, administrators, consultants, or other

service provider acting on behalf of the Group or of one of

its various subsidiaries.

All employees, no matter their seniority, must adhere to

the principles of the Code of Conduct in fulfilling all duties

and responsibilities. These principles are based on the fair

and good faith performance of the employee’s contract

and on ensuring that all rules are also followed within an

employee’s team, or by those under their supervision.

Each code of conduct mentioned above is divided into

three sections, which cover the following themes:

A. Responsibility of each person as a member of

society

• Human Rights

•Equal opportunity and equal treatment

•Sustainability and environmental protection

•Donations, sponsorships, and charity

B. Individual responsibility as a business partner

• Conflicts of interest

•Gifts, hospitality, and invitations

•Prohibition of corruption

•Dealings with officials and holders of political office

•Prohibition of money laundering and terrorism

financing;

•Free and fair competition

•Prohibition of insider trading.

C. Individual responsibility in the workplace

• Occupational safety and healthcare

•Data protection

•Security and protection of information, know-how, and

intellectual property

•IT security

•Handling of company assets

Also, as part of the GRC project, Solutions30 introduced

an Internal Control and Risk Management System that

includes policies, guidelines, procedures, and measures to

ensure operational efficiency and compliance with all

applicable laws and regulations.

Accounting

Accounting practices aim to:

• Ensure the soundness of the processes used to collect

and process data for the financial information

database

• Guarantee that corporate and consolidated financial

statements are produced consistently, in line with

current laws and regulations, and that they provide a

true and fair view of the company’s situation and

activities

• Make financial information available in a form that

makes it easy to understand and use

• Publish corporate and consolidated group financial

statements within time frames that meet both legal

requirements and the demands of financial markets

• Define and supervise the application of financial

security procedures, including the separation of duties

principle

• Integrate financial security procedures into accounting

and management information systems and identify and

implement other necessary modifications

A financial ERP (Oracle Netsuite) continues its

implementation to push process harmonization even

farther.

Cash and financing

The Solutions30 finance team provides centralized cash

management. There are tools and procedures in place to

limit risk exposure, notably through managing interest

rates, automatic cash pooling, and the use of

deconsolidation factoring.

Financial communication

The financial communication role is responsible for

sharing information about the Group’s finances and

strategy, both within and outside of the Group. Financial

information must be shared in strict compliance with

market operating rules and with respect for the equal

treatment of investors (see section 7.6 of this Report).

3. Internal audit

In Q1 2024 the Management Board and the Supervisory

Board approved the creation of an internal audit

department dedicated to the additional verification of the

internal controls and compliance within the Group. An

internal audit charter has been developed. The internal

risk driven audits are included in an audit plan validated by

the Audit, Risk and Compliance Committee. The audits

focus on the internal controls developed during the GRC

project.

In the course of 2025, the internal audit plan was executed

and the internal audit team carried out a comprehensive

series of audits and assessments, focusing on the review

of the internal controls developed during the GRC project.

Key activities included:

• GRC audits conducted across various business units

as well as subsidiaries, focusing, among other, on

processes related to the verification of third parties,

finance, operations, IT and procurement.

• Given the increasing focus on data security and

compliance with the General Data Protection

Regulation (GDPR) and NIS2 Directive, one key

process under review during the audits is dedicated

the NIS2 directive implementation and the

effectiveness of our cybersecurity controls and data

privacy processes.

• A part of audits focused on the Group’s financial

reporting processes, ensuring the accuracy and

reliability of financial statements.

• A number of operational audits were conducted to

assess the efficiency of processes, particularly in the

supply chain, procurement, fleet and stock review

areas.


	Solutions30 \| Annual Report 2025		50

The Internal Audit function reports directly to the Audit,

Risk and Compliance Committee, providing regular

updates on audit activities, key findings, and actions

taken. The Internal Audit team also works closely with

senior management to ensure that audit recommendations

are implemented effectively and that any significant risks,

if applicable, are mitigated in a timely manner.

In 2025, Internal Audit submitted 10 reports to the Audit,

Risk and Compliance Committee, covering areas such as

financial controls, IT security, vehicle fleet management,

operations, and business partner due diligence. In

addition, 3 ad hoc audits were performed to meet specific

needs.

By remaining agile and forward-thinking, the Internal Audit

team will continue to play a critical role in supporting

Solutions30’s long-term success and ensuring that risks

are effectively managed.


2.4 Governance, Risk and Compliance

In 2021 Solutions30 initiated a transformation plan with the

aim of further improving its governance framework and

applying the best-in-class practices. Solutions30’s

Supervisory Board selected an external partner, a leading

specialist firm, whose support allowed Solutions30 to

launch a project to improve its governance as well as its

risk management and compliance (“the GRC project”).

Through this project, Solutions30 consolidated its

foundations to build a better future for the company and its

growth. Compliance standards were set within the whole

organization to guide all business relations, between the

Group and its stakeholders. The objective of the GRC

project was to enhance all policies and procedures within

Solutions30, align them with best practices, and apply

harmonized processes across the entire Group.

Solutions30 chose to use the French anti-corruption law

Sapin II as a benchmark for the GRC Project and focused

on the following areas (for more details, see chapter 2.4 of

the 2022 Annual Report):

1. Standardizing third party due diligence (TPDD)

2. Uniform risk mitigation procedures and enhanced

internal control

3. Revised codes of conduct

4. Improvingthewhistleblowingprocess

and launching the dedicated whistleblower platform

5. Training

6. Definition of disciplinary actions

7. Monitoring

The following actions were taken as part of the GRC

project: (i) review of all existing policies and procedures,

(ii) analysis of group compliance with applicable anti-

corruption regulations, (iii) in-depth interviews with

Solutions30 and subsidiary management and (iv)

consolidation and analysis of all information gathered in

the above phases to better define areas for improvement.

In the course of 2025 Solutions30 continued the

verification of the compliance levels across the Group with

the GRC policies, procedures and internal controls as well

as the overall functioning of the GRC processes. The key

conclusions of the 2025 GRC focused verifications are as

follows:

A. Numerous GRC sessions organized by Solutions30

throughout the Group continued during the year and

remained highly effective, improving general

understanding and awareness among employees. They

further demonstrated the strengthened commitment of

employees to applying GRC practices and guidelines in

their day-to-day work.

B. New employees within the Group continue to undergo

mandatory GRC training which remains part of the

onboarding package for all newcomers.

C. TPDD process continued to evolve and improve, and is

applied Group-wide; all business partners go through the

TPDD process with a dedicated TPDD team managing the

verification of Solutions30’s business partners.

D. Compliance organization within Solutions30 was further

reinforced over the year, with the compliance responsible

identified in each country continuing to oversee, in addition

to the TPDD team, all compliance verification of the

respective subcontractors.

E. Whistleblowing platform remains fully operational, and

the related whistleblower policy continues to be applied

effectively. The platform is managed by a dedicated

whistleblowing team and is made available through the

Group’s website. The entire whistleblowing system at

Solutions30 continues to meet the requirements of EU

Whistleblower Directive.

F. Sanctions policy and the guidelines for disciplinary

actions and sanctions catalog remain fully implemented

Group-wide.

G. GRC Knowledge Center (internal GRC platform)

continues to function effectively and is accessible to all

employees in all operating languages of Solutions30.

H. The Group further developed its IT governance

framework considering the requirements of the NIS2

Directive, with the purpose of reinforcing the security,

reliability and resilience of its information systems. The

objective is to ensure that the Group’s processes and

structures remain adequate to prevent, detect, and

respond to cybersecurity risks. This includes improving

policies, strengthening internal controls, enhancing

monitoring and reporting procedures, and ensuring that

essential IT functions continue to operate in a secure and

compliant manner across the Group.


	Solutions30 \| Annual Report 2025		51

I. On-site compliance and internal controls’ verifications

continued to be carried out within entities belonging to

Solutions30 Group and such controls will be further

expanded going forward.

J. Subsidiaries continue to apply the internal controls

introduced by the GRC project and continue to improve

the formalization of the mentioned controls.

K. Overall transparency and GRC commitment of the

subsidiaries continued to increase during the year and

proved to remain effective.

In addition, GRC targets continue to be included in the

annual objectives of members of the Management Board

and key managers to emphasize the importance of this

topic to Solutions30.

The implementation of the GRC set of policies and

procedures continues to be monitored and evaluated

under the supervision of the Group Head of Risk and

Compliance through various compliance control exercises

in the subsidiaries of Solutions30 Group.

Moreover, in Q1 2024 Solutions30 created additional level

of control namely internal audit function. At the same time

the Group Internal Audit Charter was revised and updated.

Group Internal Audit Charter includes core principles of

internal auditing and sets out a binding framework for audit

and operational planning, the preparation and

performance of audits, controls, and the creation of

reports. Besides the applicable procedures, the charter

also describes the roles and responsibilities within the

departments and specifies how quality assurance is

ensured within the auditing areas.

In 2025, the internal audit plan was executed and the

internal audit team carried out a comprehensive series of

audits and assessments, focusing on the review of the

internal controls developed during the GRC project and on

the NIS2 directive. Further details on the key activities of

the internal audit team are available in chapter 2.2.3.3.

2.5 Transformation Takeaways

Since its entry onto the regulated market, Solutions30 has

carried out major transformations and deployed significant

resources since in this respect. Drawing on the lessons

learned from the smear campaign waged against the

Company in 2020-2021, and by analyzing the weaknesses

identified at that time when the Company was not

operating on a regulated market, the Group has since

implemented the most demanding practices in several

areas:

– Applying IFRS, in particular with regards to the

accounting methods used to define the scope of

consolidation in the context of the M&A transactions

– Strengthening audit and planning processes

– Defining new compliance rules, in particular with

regards to transactions with related parties, directors’

remuneration, and relations with group subcontractors

– Applying harmonized internal control framework to all

levels and geographies of the organization

– Structuring the validation process for financial

communications

Application of IFRS accounting standards

Following the adoption of IFRS, the Group changed its

teams and working methods:

– Strengthening IFRS expertise by recruiting for the

Solutions30 finance department and appointing Audit,

Risk and Compliance Committee members with in-

depth technical accounting expertise.

– Improvement of the documentation related to the

accounting methods applied to the scope of

consolidation

– Systematic review of the accounting methods by the

Audit, Risk and Compliance Committee

Audit process and planning

To continuously improve its internal processes, the Group

has implemented the following strategic actions to

strengthen control and planning:

– The deployment of cross-functional accounting tools

and implementation of common accounting policies to

standardize and streamline accounting practices

across all Group divisions

– The development of more detailed planning processes

for more precise oversight

– The organization of monthly reviews with each

business unit to ensure regular monitoring of

operations

– The reinforcement of the audit committee, responsible

for overseeing and guaranteeing the integrity of

financial and internal control practices

Related parties’ transactions

A rigorous process for monitoring transactions with related

parties continues to be applied throughout the Group:

– Implementation of a systematic process of due

diligence of third parties (TPDD) with whom the Group

has commercial relations. This due diligence is carried

out by an internal team of around twenty people,

equipped with specific IT tools and skills, under the


	Solutions30 \| Annual Report 2025		52

supervision of the Group Head of Risk and

Compliance. These processes are supplemented by

additional investigations and analyses carried out by

specialized partners when necessary.

– The compliance team continues to be strengthened

with the appointment of a compliance officer in each

country, responsible for managing, in addition to the

TPDD team, all compliance verifications of group

subcontractors. A monthly meeting bringing together

all compliance officers is organized to address any

new compliance related topics.

– 1,282 entities were subject to verification by the

Solutions30 TPDD team in 2025, The major checks

were carried out on the SMEs (66%) and self-

employed entrepreneurs (32%).

– Training and awareness-raising sessions were

organized to make all staff aware of the concept of

transactions with related parties and the importance of

declaring such related parties.

– In 2025, all newly onboarded employees participated

in the GRC training and 8 additional GRC training

sessions were organized with the management and

operational teams of all Group subsidiaries and

continue to be held in 2026.

– Transactions with related parties are subject to an in-

depth and exhaustive review twice a year, as part of a

process involving the Group Head of Legal, Group

Head of Compliance, the Management Board and the

Audit, Risk and Compliance Committee.

Remuneration of directors

Executive remuneration is determined, validated, and

communicated according to rigorous processes:

– All remuneration of the Management Board is

reviewed by the Nominations and Remuneration

Committee of the Supervisory Board of Solutions30

and must be formally approved by the Supervisory

Board. This includes fixed salaries, bonuses,

instruments giving access to the Company's capital,

long term incentive plans, benefits in kind, insurance,

pensions and generally any item involving a financial

benefit for the Management Board member.

– In addition, the Group ensures that remuneration is

disclosed in the Group’s annual report, in the interests

of transparency and in accordance with the applicable

laws.

– The annual objectives of members of the Management

Board and the Group’s key executives systematically

include risk management and compliance targets.

Strengthening internal control

Solutions30 has deployed significant internal control

measures:

– Solutions30 Group has set up a whistleblowing

platform enabling anyone with any doubts about the

nature of certain transactions or inappropriate behavior

to inform the Company's control bodies. The platform

is operating effectively and is accessible to all

employees and business partners. The table below

shows the number of alerts received and processed

since the whistleblowing platform was set up:


	2023	2024	2025
Analyzed	4	7	13
Non-receivable -Test	2	3	1
Total	6	10	14

Further details of the whistleblowing platform and

procedure are given in chapters 2.4 and 3.4.1.1 of this

Report.

– The Group has deployed and continues to monitor an

internal control framework in all its subsidiaries, based

on the most demanding European laws on financial

transparency and anti-corruption treatment.

– An internal audit team, independent of Group

Management Board and reporting directly to the Audit,

Risk and Compliance Committee, has been set up and

continues to monitor compliance with the applicable

laws, management directives and the internal controls

The table below shows the scope of internal audit, and the

process in 2025:


Audited entities 2025	Scope of 2025 internal audit
Germany	• 91 internal controls verified • Audited processes: – HR – Procurement – Operations (subcontractors, fleet, planning) – Sales – IT (NIS2) – GDPR – Finance/Accounting
Netherlands
Luxembourg (Opco)
Italy
Belgium
Unit-T
Portugal
Poland
United Kingdom
France – Solutions 30 ETC – Solutions 30 GSE – Caribbean (Guyane)

Further details of the internal audit and related process are

given in chapter 2.3 of this Report.

Financial Communication

As part of its commitment to enhancing the transparency

and quality of its financial communications, the Group has

undertaken several strategic actions:


	Solutions30 \| Annual Report 2025		53

– Solutions30’s financial communications team has been

restructured and new skills integrated to better meet

the growing demands of the market and investors.

– In addition, financial press releases, particularly those

concerning the Group’s results, are now drafted in

collaboration with specialist external advisors, thus

guaranteeing clear and accurate presentation of

financial information. Before publishing, these press

releases are systematically reviewed by the Audit, Risk

and Compliance Committee, as well as by the

Supervisory Board, to ensure rigorous validation and

optimum compliance with current standards.

– Finally, audited financial information is systematically

reviewed by the Group’s authorized auditor.

Building on the progress achieved to date, going forward

the Group will further strengthen its organizational

structures, improve operational efficiency, and refine its

risk management and compliance frameworks.

Continuous improvement initiatives will be pursued across

all functional areas to ensure that the Group remains agile,

resilient, and aligned with regulatory expectations and

industry best practices. These efforts are designed to

support sustainable growth, reinforce operational

excellence, and ensure that the Group remains well

positioned to respond to evolving market conditions,

technological developments, and stakeholder

expectations.


	Solutions30 \| Annual Report 2025		54

SUMMARY OF GRC DELIVERABLES

Risk and Internal Controls

• Verification of internal controls group-wide

• Formalization of internal controls

• Risk and Control Matrix, as well as the manual sent out and applied

group-wide

• Country compliance teams enhanced

Third Party Due Diligence

• Functioning third party due diligence (TPDD)e

• Third party due diligence is applied

• TPDD team operational group-wide

Whistleblower Mechanism

• Whistleblowing Platform accessible and effective

• Whistleblower Policy and process applied

Code of Conduct

• New Code of Conduct implemented

• New Business Partner Code of Conduct communicated

Training

• GRC training (Governance, Risk and Compliance) part of

onboarding package

• GRC awareness sessions held and effective

Disciplinary Sanctions

• Sanction Management Policy and process applied

Internal Audit

• Internal audit charter applied

• Risk driven audits performed


	Solutions30 \| Annual Report 2025		55

shutterstock_1617040402_Easy-Resize.com.jpg

3 Sustainability

Statement

3.1 General Information

3.2 Environment

110

3.3 Social

140

3.4 Governance

152

3.5 Our Commitments

157

3.6 Our Certifications and ESG

Performance

160

3.7 ESRS Content Index


	Solutions30 \| Annual Report 2025		56

Message from the Management Board

Dear Shareholders, Employees & Partners,

We are pleased to present Chapter 3 of our Annual Report, which highlights the Group’s

ongoing progress in environmental, social, and governance (ESG) responsibility. This

year has been marked by major milestones that reflect our ambition to integrate

sustainability at every level of our organization.

We are proud to report that the Group met all its ESG key performance indicators for the

year. From reducing greenhouse gas emissions and improving energy efficiency, to

strengthening diversity, investing in training, and enhancing governance practices, these

achievements demonstrate our continued ability to convert our commitments into

measurable results.

Our commitment to the Science Based Targets initiative (SBTi) is central to our climate

ambitions. Throughout the year, we advanced the work required to define greenhouse

gas (GHG) emission reduction targets aligned with scientifically validated pathways. By

engaging with SBTi and preparing to adopt science-aligned targets, we reaffirm our

intention to contribute to limiting global warming to 1.5°C, in line with the Paris

Agreement. This approach provides a robust and credible foundation to guide our long

term decarbonization strategy.

The Supervisory Board played a decisive role in overseeing these efforts. Its involvement

in ESG matters continued to grow throughout the year, reflecting the strategic importance

of sustainability for the Group. The Board closely monitored the execution of our ESG

roadmap, reviewed progress against all key targets, and provided guidance on major

initiatives, particularly our alignment with the Science Based Targets initiative (SBTi).

Thanks to the extensive work carried out in 2025, our greenhouse gas emission reduction

objectives were formally validated by the SBTi in early 2026, marking a significant

milestone in our climate strategy. A dedicated ESG session was held in Q4 2025 bringing

together the Supervisory Board and the Group Management Board to review

achievements for 2025, assess ongoing projects, and evaluate ESG performance

indicators. This active oversight strengthens our governance framework and ensures that

ESG considerations remain embedded in decision making at the highest level.

Although the Corporate Sustainability Reporting Directive (CSRD) has not yet been

transposed in Luxembourg, where the Group is headquartered, we have chosen to

publish for the second year this report in accordance with the directive. This proactive

approach enhances transparency, comparability, and accountability in our ESG

disclosures and reinforces our integration of sustainability considerations into corporate

governance. It also supports stronger stakeholder confidence in our extra financial

performance.

In conclusion, we extend our sincere appreciation to all employees and partners for their

contribution to these achievements. Together, we are shaping for a more responsible,

resilient, and forward-looking Group. Our commitment to sustainability continues to

deepen, and we remain determined to build on this momentum in the years ahead.

The Management Board


	Solutions30 \| Annual Report 2025		57

Solutions30’s Local ESG Initiatives for 2025

Emergency support due to fires_France_Easy-Resize.com.jpg

Campaign SOPRO 1_Portugal_Easy-Resize.com.jpg

Environment

France – Telecom Mobilization

After the Wildfires in Aude

The Solutions30 teams in Occitanie were

fully mobilized to rebuild network

infrastructure and restore telecom services

in the Aude department (11), which was hit

by one of the most devastating wildfires in

recent years.

The teams intervened near Coustouges,

where a temporary repair made it possible

to restore services in the surrounding

villages. On this occasion, 6,414 meters of

cable were laid in a single day. Nearly 800

poles were affected.

Environment

Poland – National “Healthy

Cities” Initiative

S30 Poland took part in LUX MED’s

national “Healthy Cities” initiative, which

encouraged everyone to walk at least

6,000 steps per day for a month. This

challenge combined personal well‑being

with environmental engagement, while

fostering friendly competition between

companies and cities. Congratulations

to all employees who showed strong

commitment - every step made a

difference!

Environment

Portugal – Repsol Diesel Nexa

100% Renewable (HVO) Pilot

Project

S30 Portugal partnered with Repsol to

launch a pilot project using exclusively

Repsol Diesel NEXA 100% renewable

(HVO) across our entire diesel vehicle

fleet in Portugal. This six‑month pilot

made it possible to monitor fuel

consumption, engine performance, and

CO₂ emissions in order to assess the

real impact of switching from traditional

diesel to HVO.

Social

International Women’s Rights Day

Solutions30 celebrated International

Women’s Rights Day with a dedicated

video campaign that gave a voice to 10

women from different countries and

cultures across the Group. The initiative

aimed to highlight equality, diversity, and

the essential role women play within the

organization.

Social

France – Pink October at Money30

The Money30 teams gathered at the Joué-

lès-Tours site to support Pink October with

great energy and solidarity. Dressed for

the occasion, employees took part in a

charity quiz organized in pairs. Thanks to

this initiative, funds were raised and fully

donated to the ARC Foundation, which is

dedicated to cancer research.

Social

Portugal – Solidarity Campaigns

Solutions30 Portugal once again partnered

with SOPRO for a food donation drive to

support families in need. The “Pirilampo

Mágico” campaign also mobilized teams to

promote the inclusion of people with

disabilities.

In addition, another blood donation drive

was organized with the participation of

employees, helping to save lives.

These initiatives reflect the company’s

ongoing commitment to supporting local

solidarity efforts.


	Solutions30 \| Annual Report 2025		58

3. SUSTAINABILITY STATEMENT

3.1 General Information

3.1.1. Corporate Sustainability Reporting Directive

The Solutions30 Group presents in this chapter its

sustainability report, titled “Sustainability Statement”,

prepared in accordance with the requirements of the

European Sustainability Reporting Standards (ESRS). The

adopted structure follows the sequence defined in

Appendix D of ESRS 1 – General Requirements,

organizing the content into six sections (subchapters):

• General Information

• Environmental Information (including the mandatory

disclosures related to the EU Taxonomy)

• Social Information

• Governance Information

• Our Commitments

• Our Certifications and ESG Ratings

Each subchapter identifies the ESRS disclosure

requirements addressed in this report (supplemented by

the ESRS Correspondence Table in section 3.7). It is

worth noting that, while some disclosures may not yet fully

meet all referenced requirements/ data points, the

intention is to demonstrate clear alignment with the ESRS

and to reflect the Group’s continuous efforts to improve

and enhance the completeness, consistency, and quality

of its sustainability reporting.

In addition, this Sustainability Statement has been

prepared in alignment with the Corporate Sustainability

Reporting Directive (CSRD), incorporating the

clarifications and adjustments introduced by the “CSRD

quick fix”. These amendments provide transitional

flexibilities to support a progressive implementation of the

new reporting obligations. The Solutions30 Group closely

follows these regulatory developments to ensure that the

structure, scope, and presentation of its sustainability

information reflect both current legal requirements and the

temporary simplifications designed to facilitate an orderly

and consistent adoption of the European sustainability

reporting framework..

The disclosure of the material topics (subchapters: 3.2,

3.3, and 3.4) is structured as follows:

a. Our Approach: strategy, business model and Policies

(including internal programs and external

commitments)

b. Material Impacts, Risks and Opportunities (IRO)

c. Actions to mitigate impacts or risks and maximize

opportunities.

d. Objectives, targets and Key Performance Indicators

(KPIs)

e. Data information according to the ESRS disclosure

requirements (data points)

The information provided in this report reflects the Group's

key results and details aspects considered material, as

determined by the double materiality analysis conducted in

2024 (see section 3.1.5).

All the data points included in the Environmental, Social,

and Governance sections (3.2, 3.3 and 3.4 respectively)

have been assessed as material according to our double

materiality assessment (DMA). The following pages also

provide information on our DMA’s limitations to scope and

our methodology. All greenhouse gas data points (GHG

scope 1, 2 and 3) are reported based on the Greenhouse

Gas Protocol.

Consolidation

All sustainability data is consolidated in accordance with

the same principles applied to the Group’s financial

statements. Consequently, the consolidated quantitative

ESG information covers the parent company, Solutions30

SE, and all subsidiaries.

Following the exit from the United Kingdom and the

Telecom activity in Spain at the end of 2025, IFRS 5 was

applied to the consolidated income statement and cash

flow statement for 2025, as well as to the comparative

figures for 2024. For this reason, and in order to ensure

full alignment between the financial reporting and the data

presented in this Sustainability Statement, the necessary

adjustments were made to all figures disclosed throughout

Chapter 3. As a result, previously published figures for

2023 and 2024 were recalculated to remove the

contributions from the UK operations and from the

Telecom activity in Spain. In the case of Spain, the Non

Telecom activity remains included in this report.

Due to the inability to accurately segregate resources and

other operational components between the Telecom and

Non Telecom businesses, the allocation was performed

using the revenue share of each activity as the basis for

calculation for each year under review.

The consolidation of all quantitative ESG data follows

these principles unless otherwise specified in the

accounting methodologies presented alongside each

reported metric in the tables included in the Environmental

(3.2), Social (3.3), and Governance (3.4) sections.

Monitoring ESG Regulatory Developments

The Group continuously monitors new international and

domestic ESG regulations to be implemented, ensuring

that the company remains up-to-date with evolving

requirements. This proactive approach supports timely


	Solutions30 \| Annual Report 2025		59

compliance and integration of ESG best practices across

all operations.

Main Estimates and Extrapolations

We use occasional estimates and extrapolations for

certain data points (e.g. for some categories of Scope 3

emissions). These estimates are periodically reviewed and

updated to reflect our evolving experience, advances in

ESG reporting practices, improvements in data‑collection

processes, and other relevant factors.

To ensure full transparency and traceability, we clearly

identify all instances where estimates or extrapolated

values are applied. These indications are provided directly

alongside the corresponding data tables throughout this

report.

Any revisions to previously applied estimates are

recognised in the reporting period in which the change

occurs.

Restatements of Previously Published Values

In line with the information presented in the previous

section on consolidation, certain figures from prior years

included in this report may differ from those published in

earlier annual reports. In most cases, these differences

result from ensuring full alignment between the financial

reporting and the data presented in this Sustainability

Statement. They may also arise from newly available data,

updates to calculation methodologies to ensure alignment

with ESRS requirements, revisions to estimates or

extrapolations, or other necessary adjustments.

For ESG data, each case is assessed individually to

determine whether a restatement is required. Whenever

restatements are made, they are clearly identified to

ensure transparency and comparability over time.

These updates reflect our commitment to accuracy,

reliability, and continuous improvement in our reporting

practices. Any significant changes are explicitly explained

to ensure clarity for our stakeholders and full alignment

with best practice sustainability reporting expectations.

Our ESG Reporting Timeline:

3.1.2. S30 CSR Principles and CSR Group’s Policy

Solutions30 plays a pivotal role in advancing digital

technology and facilitating the global energy transition.

Our mission is to make the technical and technological

innovations that are reshaping daily life accessible to

everyone, whether in homes or businesses. Every day, our

teams drive digital transformation by empowering users to

fully embrace and leverage cutting-edge innovations,

ensuring no one is left behind in this fast-evolving

landscape.

This transformative approach is rooted in the Solutions30

philosophy of service excellence, a commitment that

resonates in the loyalty and trust of our customers. By

building strong relationships and providing tailored

solutions, we continue to be a trusted partner for

individuals and businesses alike.

At Solutions30, we are deeply committed to a

comprehensive and integrated approach to environmental,

social, and governance (ESG) issues. This means actively

addressing our environmental footprint, promoting social

responsibility, and ensuring robust governance practices

while considering the needs and expectations of all

stakeholders (customers, employees, partners, investors

and communities).

The seven principles of CSR of Solutions30 strategy

As part of its sustainable development strategy,

Solutions30 has based its vision of corporate social

responsibility on seven fundamental principles:

• Developing innovative services that have less of an

environmental impact (Global Compact) and that help

to build a sustainable and circular economy

• Facilitating digital transformations by providing access

to technology for companies and individuals alike

• Striving for excellence in terms of workplace health

and safety

• Promoting youth employment and developing human

potential with training and education

• Optimizing relationships with stakeholders through

transparency and commitment

• Promoting a culture of integrity within the Group

• Involving suppliers and partners in all its CSR efforts

through communication, interaction, and active

listening


	Solutions30 \| Annual Report 2025		60

As a responsible organization, Solutions30 is dedicated to

integrating environmental, social, and governance (ESG)

considerations into its daily operations. The company

continuously strives to enhance its Corporate Social

Responsibility (CSR) strategy and refine its ESG reporting

practices, ensuring transparency, accountability, and

sustainable growth.

CSR Policy

Our CSR Group Policy was approved in 2024 and

reviewed again in 2025, confirming that it remains up to

date and fully aligned with our strategy and principles. This

policy applies to all companies within the Solutions30

Group and defines, among other elements, the roles and

responsibilities related to Corporate Social Responsibility

across the organization.

The key objectives of our CSR Policy are to:

• Define and prioritise the focus areas for our Corporate

Social Responsibility activities

• Set out the implementation strategy for CSR initiatives

• Establish the monitoring mechanisms for CSR

programmes

• Measure the outcomes and impacts of CSR actions

• Promote the continuous improvement of our CSR

performance

The Solutions30 Group CSR Policy is built on an

assessment of the concerns and priorities of both internal

and external stakeholders, as well as on our Double

Materiality analysis. Financial objectives must be achieved

while considering their social, societal, and environmental

impacts.

Solutions30 is committed to ensuring optimal value chain

management by applying the principles of Corporate

Social Responsibility, particularly with regard to customer

satisfaction and the ethical management of its supply

chain.

Regarding the monitoring and reporting of CSR issues,

our approach aims to provide management with accurate

and exhaustive information to support proper decision-

making:

• Every month, at least one CSR meeting is conducted

with all CSR Country SPOCs of the Solutions30

Group. These meetings focus on various CSR

management topics, including ongoing projects, ESG

KPI status, initiatives, improvement actions, best

practices, and training needs.

• Monthly, the ESG KPI status is shared with the

Country SPOC and the Country CEO or Business Unit

Manager. This allows them to analyse interim results

and annual projections, enabling them to define and

implement improvement actions to ensure the

achievement of the set targets by year-end.

• Additionally, on a monthly basis, the Group Head of

CSR presents the status of CSR objectives and

projects to the Management Board. This includes

updates on each country’s CSR KPIs, a summary of

improvement actions, and the overall group status.

• Quarterly, the CSR Manager holds individual meetings

with the Country CEOs or Business Unit Leaders to

review the status of each ESG KPI and ensure

progress toward the established goals.

The Group Head of ESG also reports to the Strategy-ESG

Committee on the status of ESG KPIs. In these meetings,

the ESG strategy is presented alongside the results of

already implemented projects, the ongoing projects, and

the respective action plans for their implementation. This

provides a comprehensive overview to ensure alignment

and progress toward achieving the defined targets.

Limited Assurance Review

As Solutions30 Group is headquartered in Luxembourg,

and Luxembourg has not yet transposed the CSRD

Directive into national law, a limited assurance review is

not currently required. Once the Directive is formally

transposed and the corresponding national requirements

take effect, Solutions30 will update its reporting and

assurance processes to ensure full alignment.


	Solutions30 \| Annual Report 2025		61

3.1.3. Sustainability governance at Solutions30 (CSR organization chart)

Solutions30 has a CSR/ESG department that is made up as follows:

Supervisory Board

During 2025, the Supervisory Board was composed of

seven members (three women and four men). Two

mandates reached their term during the year and were not

renewed, and two new members joined the Board in the

second semester. All members of the Supervisory Board

are fully independent, they have complementary

professional backgrounds, as detailed in section 4.2. They

share a strong commitment to advancing the Group’s

sustainable development strategy.

In the fourth quarter of 2025, the Supervisory Board and

the Group Management Board held a dedicated meeting

to review ESG matters. Discussions focused on the

Group’s ESG achievements for 2025, oversight of ongoing

initiatives, including the definition of GHG emissions

reduction targets aligned with the Science Based Targets

initiative (SBTi), and a comprehensive review of ESG

performance indicators.

Strategy and ESG Committee

The Strategy and ESG Committee oversees and

evaluates the Group’s strategy, particularly in relation to

ESG criteria, and proactively identifies and proposes

measures to mitigate risks. This includes conducting an

annual review of ESG objectives and strategic plans,

analyzing investment plans, overseeing the Group

Management Board, and contributing to strategic decision-

making processes related to ESG.

This committee plays a crucial role in embedding

environmental, social, and governance considerations into

the Group’s overarching strategy and to review and

support the central team management of ESG projects. It

met 4 times in 2025, with an attendance rate of 100%.

Management Board

The members of the Management Board possess strong

technical and operational expertise, reflecting the Group’s

preference for internal promotions to these positions.

Historically, the industries in which we operate had lower

female participation, which has resulted in a more limited

representation of women in leadership roles with extensive

technical experience. Consequently, there are currently no

women serving on the management board. To address

this, responsibility for setting targets to increase the

number of female employees has been assigned to the

Country Executive Committees.

The Group Management Board closely monitors ESG

performance indicators, receiving monthly reports from the

CSR Department that prompt follow-up discussions and

strategic actions.

The Management Board is responsible for defining the

general management principles that guide the Group. It

establishes the powers delegated to the Executive

Committee and Business Unit (BU) managers and

determines the thresholds for these delegations as

necessary.


	Solutions30 \| Annual Report 2025		62

In particular, the Group Management Board is tasked with

the following:

• Authorizing and ensuring the establishment of an

effective CSR team;

• Reviewing, approving, and overseeing the

implementation of the CSR Policy;

• Approving the annual CSR activity plan; and

• Reporting on progress and developments to the

Supervisory Board.

Group Executive Committee

The Group Executive Committee is a standing committee

of the Group Management Board.

The main purpose of the Group Executive Committee is to

provide to the Group Management Board all necessary

assistance, support and advice in order to streamline the

decision-making process and prioritize issues to be

handled by the Group Management Board.

In addition, the duties of the Group Executive Committee

include the following matters:

• Participation in the implementation of internal policies

on GRC (governance, risk and compliance), ESG,

security, IT, communications, data protection,

investors relations, finance related procedures, quality

management, security, human resources etc.

• Submitting recommendations to improve these

policies.

• Advising the Group Management Board on best

practices implemented locally, as well as on

investments, general organization of the Group.

• Promoting the convergence and centralization of

certain activities at the group level in order to reduce

related costs.

The Group Executive Committee consists of seven

members, including four women and three men, illustrating

the Group’s ongoing commitment to gender equality and

diversity. This composition demonstrates our intention to

embed balanced representation at the highest levels of

governance and to set a clear example for the broader

organization.

A leadership team enriched with diverse perspectives

strengthens the quality of strategic decisions and supports

more inclusive, forward‑looking management practices.

The Group continues to promote gender balance across

all levels of the organization, including through initiatives

aimed at increasing the presence of women in

management roles. These efforts form part of our broader

ambition to cultivate an equitable and inclusive working

environment that fosters the professional development of

all employees.

CSR Department

The Solutions30 CSR Department plays a central role in

coordinating and overseeing the Group’s

sustainability‑related activities. Since its creation in July

2022, the team has remained stable and focused on the

Group’s material topics while providing guidance and

support to all local CSR teams across the countries where

Solutions30 operates. The department is led by a member

of the Executive Committee and supported by a Group

CSR Manager, with strong expertise in quality,

environment, and health and safety, as well as a dedicated

data analyst responsible for the collection, processing, and

consolidation of all ESG‑related data, indicators, targets,

and reporting requirements.

The CSR Department operates in close collaboration with

local teams. Each country or entity depending on its size,

has its own teams responsible for human resources,

quality, environmental management, and health and

safety. The CSR leads in each country, referred to as

Country SPOCs (Single Points of Contact), are

responsible for collecting data generated by their

operational teams. They upload this information monthly to

the central ESG SharePoint. The Group CSR team then

reviews, validates, and analyses the data, consolidates

KPIs at Group level, and reports the results to the Group

Management Board. In addition, Country SPOCs

contribute to the implementation of CSR initiatives within

their respective subsidiaries.

Through regular interaction with the Group CSR team,

these local leads help standardize processes and

methodologies, such as data‑collection procedures, and

promote the sharing of best practices, fostering continuous

improvement of the Group’s CSR performance.

To ensure consistency and efficiency across all entities,

the CSR Department has formalized the procedures for

CSR data collection, validation, and reporting. These

procedures have been shared with all relevant

stakeholders, and internal training sessions were

organized to raise awareness and ensure that all teams

are fully familiar with the process. Each country, company,

or Business Unit has its own dedicated ESG SharePoint

site, used to update information and report ESG data on a

monthly basis. This data is essential for monitoring and

calculating ESG KPIs at Group level.

Using the information collected, the Group CSR team

performs comprehensive analyses, including:

• Assessing the Group’s overall performance against

ESG indicators;

• Tracking KPI trends over time;

• Conducting cross‑country and cross‑entity

comparisons;

• Defining action plans; and

• Evaluating the effectiveness of those actions.

The Group CSR Department has also established a robust

ESG risk‑analysis framework, linked to each defined

target. The probability of achieving each target is

assessed and updated monthly, enabling proactive

management of the Group’s sustainability objectives.

When preliminary results indicate that KPIs are not

progressing in line with defined targets or thresholds, the

Group CSR team works closely with local teams to

oversee and support the implementation of improvement

actions, ensuring alignment with the Group’s objectives.

Additionally, the CSR Department provides continuous

support and expert guidance to local teams on

ESG‑related matters, including responses to CSR

questionnaires from clients or prospective clients, and

active participation in meetings and projects with

customers, partners, and suppliers on sustainability topics.


	Solutions30 \| Annual Report 2025		63

3.1.4. Double Materiality Assessment (DMA)

3.1.4.1. Introduction

In 2023, the Group completed an ESG assessment project

overseen by the Group Head of CSR and supported by an

external ESG specialist. This work comprised the

identification of stakeholders and sustainability matters,

followed by a structured interview process that informed

the development of the Group’s first double materiality

matrix. The assessment covered both impact materiality—

evaluating actual and potential impacts of Solutions30’s

activities on stakeholders—and financial materiality,

analyzing how sustainability related risks and opportunities

could affect the Group’s strategy, business model and

financial performance.

As the 2023 double materiality matrix, published in the

2023 Annual Report, had been finalized prior to the

release of the ESRS Standards, a revision became

necessary to ensure consistency with the Corporate

Sustainability Reporting Directive (CSRD) and the

European Sustainability Reporting Standards.

In 2024, the CSR team carried out a comprehensive

update of the double materiality assessment (DMA) in line

with the CSRD Directive (EU) 2022/2464, the ESRS

Standards set out in the relevant Commission Delegated

Regulation, and the accompanying guidance provided by

EFRAG. Given the analytical complexity of quantifying

sustainability related financial risks, the 2024 revision

placed particular emphasis on strengthening the impact

materiality assessment.

In 2025, the Group conducted an additional review of the

DMA to ensure its continued relevance and alignment with

regulatory expectations. This analysis confirmed that the

existing materiality results remained fully reflective of

Solutions30’s operational context, stakeholder

expectations and sustainability priorities. Accordingly, no

modifications were deemed necessary, and the 2025

Sustainability Statement continues to rely on the material

topics identified in the revised 2024 assessment.

3.1.4.2. Double materiality assessment methodology

In the double materiality analysis, several internal and

external stakeholders were consulted to quantify the

impact of Solutions30’s activities on people, environment,

and society (materiality of impact), as well as how ESG

factors influence the company’s financial performance,

identifying risks, and opportunities (financial materiality).

Our dual materiality analysis followed these general steps:

• Context Analysis: Collection and mapping of

information, by an external company expert in the

topic of sustainability, relating to:

– Global sustainability trends, particularly in the

sector of activity in which the Solutions30 Group

operates

– Sustainability topics, which reflect real and

potential impacts

This step was carried out in the 2023 materiality analysis

and used as input in the review and adaptation of the

double materiality analysis carried out in 2024.

• Stakeholder Identification and Engagement:

Identification of the most important internal and

external stakeholders, based on the level of

relationship and the level of impact. Both internal and

external stakeholders, including employees,

customers, investors, regulators, were identified and

engaged. Their input was critical for understanding the

organization’s sustainability context. This step had

already been carried out in the materiality analysis

carried out in 2023 and was used as input in the

review and adaptation of the double materiality

analysis carried out in 2024.

• Identification of Relevant ESG Topics: to this end

we carry out an internal analysis of the activities of

Solutions30 Group, benchmark of CSR issues and

CSR strategies of companies in our sector of activity,

analysis of sector literature on CSR and ESG

reporting standards. A broad range of ESG topics

were identified based on the organization’s activities,

industry standards, and emerging global issues.

Sources such as ESRS 01 and EFRAG guidelines

were used to frame these topics.

• Data Collection and Evaluation: Quantitative and

qualitative data was collected through surveys,

interviews, and internal CSR reporting systems. The

data was analyzed to assess the significance of each

ESG topic under both impact and financial materiality

dimensions.

• Scoring Impacts, risks and Opportunities: To

calculate impact materiality, we follow the

recommendations of the EFRAG Guidance, assessing

three parameters: “Scope (Perimeter),” “Scale

(Magnitude),” and “Irremediability.”

– Scope: We assessed the perimeter of the impact

using parameters such as the percentage of sites,

employees, or financial spending that the impact

relates to. Scope describes how widespread the

impact is, considering factors like geographic or

demographic reach and the number of individuals

affected.

– Scale: Scale measures the significance or

severity of an impact’s consequences. We evaluated

the magnitude of the impact on the environment or

people, after consideration of mitigation actions

already in place.

– Irremediability: We assessed the difficulty of

reversing the damage caused by the impact,

considering both cost and the time horizon.

Irremediability highlights the extent to which an

impact cannot be undone or repaired.

For potential impacts, an additional parameter of

“likelihood” was scored.


	Solutions30 \| Annual Report 2025		64

When scoring risks, we assessed the potential magnitude

of financial effects, which accounted for half of the score,

and the likelihood of occurrence, which made up the other

half. These assessments included consideration of risk

mitigation actions already in place.

For the classification of “Potential Magnitude,” a 5-level

scale was used, ranging from “Very Low” to “Very High.

For the classification of “Likelihood,” a 5-level scale was

also used: “Rare,” “Unlikely,” “Possible,” “Likely,” and

“Current.” Each level was defined with a specific meaning

to ensure clarity and consistency.

However, due to the complexity of defining exact monetary

values for potential sustainability risk scenarios, qualitative

assessments were heavily relied upon to complement the

quantification in monetary terms.

• Development of the Materiality Matrix: Construction

of the materiality matrix, enabling to identify the most

critical issues to be addressed in its CSR strategy.

The outcome can be visualized in a materiality matrix

that categorizes ESG topics based on their relevance

from both perspectives. The matrix highlights priority

areas where Solutions30 should focus its

sustainability efforts.

• Approval of the Double Materiality Matrix by the

Management Board, the double materiality matrix

carried out in 2024, which includes the identification

and hierarchy of material topics, was revised and

approved by the Management Board on 27/01/2025.

• Integration and Reporting: the material topics are

integrated into the organization’s sustainability

strategy and reported in alignment with CSRD and

ESRS standards. This ensures that stakeholders have

a clear view of both the company’s external impacts

and its internal risks and opportunities.

As noted above, surveys and interviews conducted with

internal and external stakeholders played a pivotal role in

determining the most important issues from both a

financial materiality perspective and an impact materiality

perspective. The resulting materiality matrix reflects this

“double relative importance,” accounting for both

dimensions of materiality as required by the Corporate

Sustainability Reporting Directive (CSRD). The directive

mandates that both impact materiality and financial

materiality be considered in sustainability reporting.

The analysis revealed a strong convergence of opinions

among internal and external stakeholders regarding the

issues of greatest material importance.

3.1.4.3. Double materiality assessment outcome

We have identified our impacts on the environment and

society (impact materiality assessment) as well as the

sustainability-related risks to which we are exposed

(financial materiality assessment). The results are

categorized according to ESRS topics, highlighting that

“E1 – Climate Change,” “S1 – Own Workforce,” “S2 –

Workers in the Value Chain,” “S4 – Consumers and End-

Users,” and “G1 – Business Conduct” are our most

material sustainability matters.

Our environmental impacts, risks, and opportunities within

“E1 – Climate Change” are closely tied to our strategic

efforts to deliver renewable energy solutions. These

include initiatives such as installing photovoltaic solar

panel plants, developing networks of electric vehicle

battery chargers, and deploying smart meters.

While the development of new renewable capacity

mitigates climate impacts, it also requires significant travel

by technicians, which has adverse effects on the climate

and environment due to greenhouse gas (GHG)

emissions.

Our operations (primarily connectivity services and

renewable energy solutions) also significantly impact

people and societies. This is reflected in the material

topics “S1 – Own Workforce,” “S2 – Workers in the Value

Chain,” and “S4 – Consumers and End-Users.” We

prioritize ensuring a safe working environment for both our

technicians and subcontractors. Additionally, we invest in

continuously enhancing our technicians’ skills through

tailored training programs that align with their needs and

support the development of our range of solutions.

We believe that the provision and expansion of internet

networks further contributes to improving the quality of life

in communities, positively impacting the inclusion of

vulnerable groups.

The topic “S4 - Consumers and End-Users” is also vital to

the sustainability and growth of Solutions30’s business.

Customer satisfaction is a cornerstone of our success,

directly influencing client retention, loyalty, and our ability

to expand in a competitive market. By prioritizing the

needs and expectations of our clients, we strengthen

relationships and create long-term value for all

stakeholders.

Equally important is our commitment to cybersecurity,

which plays a critical role in building and maintaining trust.

As a company entrusted with handling sensitive data, such

as end-user customer databases, we understand the

paramount importance of safeguarding this information.

Robust cybersecurity measures not only protect against

threats but also reassure our clients that their data is

managed securely and responsibly.

The topic “G1 - Business Conduct” is of critical importance

to Solutions30, particularly as a publicly listed company.

Transparent governance and robust business practices

are fundamental to maintaining trust and ensuring the

long-term success of our operations.

A key element of our approach is the implementation of a

comprehensive third-party due diligence system. This

ensures that our subcontractors and business partners

comply with our standards of integrity and ethical conduct.

Given that a significant portion of our services is delivered

through subcontracting, verifying compliance is essential

to safeguarding our reputation and operational reliability.

These measures are not merely supportive but structural

to the success of our business activities. By fostering

transparency, ensuring accountability, and maintaining

high ethical standards across our value chain, we create a

strong foundation for sustainable growth and stakeholder

confidence.

As outcome of the 2024 double materiality assessment, 14

material topics were identified from the total number of


	Solutions30 \| Annual Report 2025		65

sustainability topics assessed during the consultation

process. CRS topics were considered material if:

• It was considered material from an impact materiality

perspective.

• It was considered material from a financial materiality

perspective.

• It was considered material from both perspectives,

which are considered the most critical material topics.

Double Materiality Matrix:

Below we present the list of material topics/ sub-topics by

scope:

Environment:

• Climate change

• Sustainable mobility

• Contribution to the energy transition

Social:

• Health and safety (own workforce and value chain)

• Training and skills development (own workforce and

value chain)

• Attractiveness and retention (own workforce and value

chain)

• Cybersecurity, data protection and privacy

• Customer satisfaction

• Digital and technological inclusion

Governance:

• Business ethics and regulatory compliance, Company

governance

• Due diligence and evaluation of suppliers and

subcontractors

Among these 14 material topics, 9 were identified as

critical by the double materiality analysis, these were:

• Cybersecurity, data protection and privacy

• Health and safety (own workforce)

• Health and safety (value chain)

• Training and skills development (own workforce)

• Training and skills development (value chain)

• Attractiveness and retention (own workforce)

• Attractiveness and retention (value chain)

• Climate change

• Sustainable mobility

• Contribution to the energy transition

List of material topics for each ESRS standard:


Scope	Standard	Material Topic
Environment	ESRS E1	• Climate change • Sustainable mobility • Contribution to the energy transition
Social	ESRS S1	• Health and safety for employees (own workforce) • Training and skills development (own workforce) • Attractiveness and retention (own workforce)
	ESRS S2	• Health and safety for subcontractors • Training and skills development (value chain) • Attractiveness and retention (value chain)
	ESRS S4	• Cybersecurity, data protection and privacy • Customer experience and satisfaction • Digital and technological inclusion
Governance	ESRS G1	• Business ethics and regulatory compliance, Company governance • Due diligence and evaluation of suppliers and subcontractors

3.1.4.4. Material sustainability-related impacts and risks

As shown in the matrix on next page, we have identified

14 sub-topics as material to Solutions30. Each material

ESRS topic is detailed in the following subchapters (3.2,

3.3 and 3.4), where we specify the subtopics related to our

material impacts, risks, and opportunities, such as climate

change mitigation, climate change adaptation, health and

safety, and more.

Brief descriptions of the material impacts, risks, and

opportunities, along with further details on how we

address their effects, are provided in the tables included in

the subchapters “3.2. Environment,” “3.3. Social” and “3.4.

Governance.”

Across the tables in subchapters 3.2, 3.3 and 3.4, we also

indicate whether the impacts and risks are within our own

operations or along the value chain. Additionally, we

specify whether the impacts are positive or negative.

Impacts are considered actual unless explicitly noted as

potential.

In the 2024 materiality assessment, the scoring of impacts

and risks incorporated mitigation actions that are already

integrated into our daily operations to reduce or mitigate

negative impacts or risks. As a result, the impacts and

risks presented in the tables reflect the residual impact or

risk after these mitigation efforts.


	Solutions30 \| Annual Report 2025		66

3.1.4.5. Stakeholders’ identification and mapping

In 2023, Solutions30 completed the “ESG Project,” a key

initiative with several objectives, one of which was

identifying the stakeholders most relevant to the Group’s

activities. This project was overseen by the Group Head of

CSR and led by an external consultant with expertise in

ESG matters.

Stakeholders were classified based on three criteria: the

extent of Solutions30’s impact on each stakeholder, their

involvement in major issues relevant to Solutions30, and

the frequency of their interaction with the Group.

The matrix below presents the list of stakeholders,

highlighting their relevance to Solutions30:

Key Stakeholders

Solutions30 maintains an ongoing dialogue with its key

stakeholders (customers, employees, subcontractors,

suppliers, investors, and social partners), recognizing that

their involvement is essential for the company’s

sustainable development. Our engagement policy defines

the channels, frequency, and objectives of this dialogue,

ensuring a structured, transparent, and value-driven

approach. Feedback from stakeholders informs our

materiality assessment, ESG priorities, and the continuous

improvement of our practices.

Solutions30 key stakeholders are subcontractors,

customers, and employees. The company maintains

active engagement with each group to ensure alignment

with its values, compliance requirements, and strategic

objectives. The most important stakeholders are the

following:

• Customers

Ongoing dialogue with customers is a cornerstone of

Solutions30’s approach. Regular customer audits evaluate


	Solutions30 \| Annual Report 2025		67

how services are provided, assess the company’s ability to

meet customer needs, and analyze Solutions30’s role in

supporting customers’ operations. These audits not only

strengthen relationships but also help identify areas for

improvement, uncover new opportunities, and guide

potential strategic adjustments.

• Subcontractors

Solutions30 maintains constant communication with its

business partners, ensuring they adhere to the company’s

code of conduct specifically designed for subcontractors.

These partners are also required to meet Solutions30’s

rigorous compliance standards. This collaboration upholds

the integrity of the services delivered.

• Employees

Solutions30 actively engages with its employees to

support their well-being and professional growth. Key

initiatives include:

– Anonymous Surveys: Employees participate in

anonymous surveys to measure job satisfaction,

workplace environment quality, and overall well-being.

– Training Programs: The company provides targeted

training sessions to enhance operational quality, boost

employee motivation, and facilitate upskilling.

– Internal Communication: The Solutions30 newsletter

serves as a key communication channel, sharing

company updates, fostering discussions, and

promoting corporate social responsibility (CSR)

initiatives across the Group and its subsidiaries.

– Labor Relations: Solutions30 maintains positive labor

relations by working closely with employee

representative bodies. Several agreements have been

signed to support and protect employees, reflecting

the company’s commitment to a collaborative

workplace environment.

• Investors and Banks

Solutions30 is in regular contact with investors through in

person and virtual meetings held when revenue and

earnings figures are published, roadshows, general

meetings, permanent dialog, and financial reporting. There

is a dedicated team that ensures transparent

communication with investors and shareholders. Along

with the CSR team, the investor relations team answers

questions and information requests from non-financial

ratings agencies. They also discuss environmental, social,

and governance issues with potential investors, analysts,

and shareholders.

• Training Agencies and Employment Agencies

The quality of new hires is a top priority for Solutions30. To

ensure this, the company has established strategic

partnerships with employment agencies and training

institutions across multiple European countries. These

collaborations help Solutions30 attract and develop highly

qualified talent to meet its operational and strategic needs.

While suppliers and technical certifying bodies are not part

of the core stakeholder group, they play an essential role

in the company’s overall ecosystem. Their contributions

ensure the reliability and quality of the solutions provided

by Solutions30.

Stakeholder Communication Channels

A comprehensive overview of the communication channels

utilized to engage with various stakeholder groups is

provided below. Solutions30 emphasizes transparency

and collaboration to strengthen these relationships and

foster mutual success.


Stakeholder	Communication Channel	Frequency of Communication
Customers	• Customer audits • Dedicated Account Managers • Management and business reviews • Customer satisfaction evaluation surveys • CSR questionnaire responses • ESG status meetings • Social media channels to communicate updates and corporate news	Continuous
Employees	• Onboarding Programs/ Training / S30 Academy e-learning platform • Monthly newsletter • Social dialog • Employee satisfaction monitoring • Mentorship Programs • Yearly performance reviews • Social and Team-Building Events • Social media channels to communicate updates and corporate news	Continuous
Subcontractors	• External business partner code of conduct • On-site training • Subcontractor Portal (mySupplace) • Third-party due diligence • Performance Feedback and Reviews	Continuous
Investors/ Financiers	• Dedicated Investor Relations Team • Financial and non-financial reporting • Financial Performance Updates (Quarterly) • Webcasts and presentations • Investor Conferences • General meetings • Corporate news (S30 website) • Social media channels to communicate updates and corporate news	Continuous/ at least once per quarter


	Solutions30 \| Annual Report 2025		68


Stakeholder	Communication Channel	Frequency of Communication
Employment agencies and training institutions	• Partnerships • Training	Continuous
Suppliers	• External business partner code of conduct • Third-party due diligence • Assessment and qualification of key suppliers (ISO 9001)	Continuous
Technical certifiers	• Audits • Consulting	Continuous/ at least once per year

3.1.4.6. ESG Strategy

Solutions30 has based its new ESG strategy on the

double materiality matrix presented at the section 3.1.4.4.

The ESG strategy is central to our mission of driving

sustainable value for all stakeholders. We are committed

to reducing our environmental footprint, fostering a safe

and inclusive work environment, and ensuring the integrity

and transparency of our governance practices.

Our approach is guided by global standards and

frameworks, including our commitment to the United

Nations Global Compact, the Sustainable Development

Goals (SDGs), the Science-Based Targets initiative (SBTi),

and the promotion and protection of human rights.

Below we present the pillars and commitments of our ESG

strategy:


	E Reduce the environmental impact of our activities and contribute to the energy transition			1) Reduce the energy intensity and the environmental impact of our own operations 2) Reduce the environmental impacts of our customers with solutions contributing to the energy transition, shift from fossil-based systems of energy production and consumption to renewable energy sources

	S Promote a secure, fulfilling and inclusive work environment			1) Train and develop our employees, their skills and their career 2) Promote diversity and equal opportunities and foster youth employment 3) Ensure a safe and secure work environment for our employees and our subcontractors 4) Improve our employer brand

	G Make Solutions30 a preferred and trusted partner, ensuring quality, security and integrity of our services			1) Ensure due diligence for all partners 2) Ensure an independent and qualified governance 3) Conduct our business in an ethical and transparent way 4) Guarantee customer satisfaction and make Solutions30 a preferred partner 5) Guarantee cybersecurity and data protection for our stakeholders

In 2025, Solutions30 reaffirmed its commitment to the

United Nations Global Compact, pledging to uphold and

implement its ten principles within its sphere of influence

while actively contributing to the advancement of the

Sustainable Development Goals (SDGs).

Comprehensive details about our engagement with the UN

Global Compact and our contributions to the SDGs can be

found in subsection “3.5. Our Commitments.”

3.1.5. ESG Objectives, targets and performance

indicators

3.1.5.1. ESG Strategy Pillars and Commitments

As previously mentioned, Solutions30’s ESG strategy is

grounded in three core pillars “Environment, Social, and

Governance” each supported by specific commitments

and measurable objectives. These pillars are

interconnected, and the 2025 targets reflect a coherent

framework designed to operationalize the company’s

sustainability ambitions.

Environment: Our environmental commitments center on

reducing the impact of our operations while actively

supporting energy transition. Through a wide range of

energy sector solutions, including solar plants, electric

vehicle charging infrastructure (EVCs), smart meter

deployment, and the modernisation and expansion of

electricity distribution networks, we help increase grid

capacity and enable the development of eco efficient


	Solutions30 \| Annual Report 2025		69

technologies that depend on these improved energy

systems.

For 2025, we established a target directly related to

climate change mitigation: the reduction of greenhouse

gas (GHG) emissions intensity (tCO₂ per million euros of

revenue, Scope 1 and 2). This target reflects a

measurable and quantitative effort to align our operational

practices with climate-related objectives.

A second environmental target was also approved for

2025, focused on the energy transition. This target relates

to increasing the percentage of revenue generated by

activities internally classified as “Green Activities”, defined

as operations aligned with the EU Taxonomy and eligible

under its technical screening criteria. This reinforces our

strategic commitment to expanding services that support

the low-carbon transition.

Together, these objectives demonstrate our quantitative

commitment to integrating climate considerations into our

operations. Progress toward these targets is supported by

initiatives to improve energy efficiency across our

activities, as well as by the deployment of solutions that

enable our customers to advance along their own energy

transition pathways, generating measurable environmental

benefits both internally and externally.

Social: The social pillar prioritizes the development of

human capital and workplace safety. Targets such as

increasing training volume per employee per year and

enhancing gender diversity in management and the

supervisory board are directly tied to measurable

outcomes in employee skill development and inclusion.

Additionally, the objective of reducing the work accident

severity rate (ISR) is a concrete measure of workplace

safety, reinforcing the technical focus on risk management

and compliance with occupational health standards. These

efforts also align with commitments to secure and improve

employment conditions for subcontractors.

Governance: Governance commitments are centered on

ensuring robust oversight, ethical conduct, and operational

transparency. The 2025 objective of increasing the

percentage of subcontractors registered on “mySupplace”

directly supports the implementation of third-party due

diligence and compliance controls. This platform facilitates

document management and ensures alignment with

regulatory requirements. Other governance goals, such as

strengthening cybersecurity and improving customer

satisfaction, are quantitatively assessed and align with

commitments to integrity and service quality.

The alignment between the 20 targets and the ESG

strategy pillars ensures a structured approach to

implementing sustainability initiatives. Each target is

designed with measurable outcomes, providing a technical

framework for tracking progress and ensuring that the

company’s commitments are systematically addressed

and fulfilled.

3.1.5.2. ESG KPI Results for 2025

Our strategy is based on a structured objective-setting

methodology, which clearly defines objectives and annual

targets, as well as the corresponding performance

indicators and metrics used for their monitoring and

control.

While ensuring that several key performance indicators

remain consistent over time—such as average training

hours per employee, injury severity rate, and

subcontractor registration rate thus enabling trend analysis

and performance tracking, Solutions30 also seeks to

annually expand and diversify its KPI framework. This

approach allows for a broader and more comprehensive

assessment of ESG performance.

Accordingly, in January 2025, seven key ESG objectives

and targets were established and approved for the year,

representing an increase of two objectives compared to

those defined for 2024. A new environmental objective

was introduced, aligned with our ambition to increase the

share of revenue generated by “green” activities and

services related to the energy transition. In addition, a new

social objective was added, aimed at enhancing ESG

awareness and engagement across all employees of the

Group.

For each of these objectives, specific targets and

performance indicators were defined at both Group level

and country level across all geographies in which the

Solutions30 Group operates. These targets were adapted

to local contexts while maintaining a strong commitment to

high standards and the continuous improvement of our

sustainability performance.

A rigorous monthly monitoring process enabled the Group

to assess the status of each objective, analyze

performance trends, and evaluate the risk of non-

achievement within the established timeframe. This

methodology allowed for the early identification of interim

KPI results that were not fully aligned with defined targets

and, where necessary, the timely development and

implementation of corrective action plans to ensure the

achievement of all ESG objectives by year-end.

In summary, and thanks to the collective efforts of both

local teams and the Group as a whole, Solutions30

successfully achieved, for the second consecutive

year, all ESG objectives established and approved for

2025. In several cases, performance exceeded the targets

in a clear and significant manner. This outcome reflects a

strong sense of accomplishment and provides a solid

foundation for future progress, while also reinforcing our

awareness that further ambition is both possible and

necessary. The Group therefore remains committed to

continuously challenging itself to identify and implement

solutions that respond to internal expectations, customer

requirements, and existing and emerging regulatory

obligations in the short and medium term.

The following table presents the seven main ESG

objectives established for the Group for 2025, together

with the results achieved and the corresponding positive

or negative deviations from the defined targets.


	Solutions30 \| Annual Report 2025		70


	Objective/ Commitment	Target definition	Unit	2025 Target	2025 Results	Deviation from Target
E	Reduce the environmental impact of our activities.	Reduce GHG emissions intensity (Scopes 1&2) by 8.8% compared to 2024	tCO2e/M€	26.42	26.33	(0.3)%
E	Contributing to a low- carbon economy by delivering solutions that drive and support the energy transition.	Increase the percentage of Green Activities* of Solutions30 revenue in 19% compared to 2024	%	15.2%	18.0%	18.4%
S	Ensure a safe and secure work environment	Keep the injury severity rate (ISR) below than 0,65 .	(**)	0.65	0.58	(10.8)%
	Train our employees, developing their skills to advance their careers	Have at least 25 hours of training per employee during the year	hours	25	27.8	11.2%
		Ensure that at least 80% of active employees participate in ESG awareness sessions	%	80%	81%	1.3%
	Promote diversity and equal opportunities	Ensure at least 25% of women in management positions.	%	25%	26.7%	6.8%
G	Subcontractors registration in mySupplace	At least 95% of subcontractors registered in mySupplace	%	95%	99%	4.2%

(*) *Green activities = eligible and aligned with the EU Taxonomy

(**) The injury severity rate is calculated using the following formula: ISR = (number of days lost due to work-related accidents) / (total

number of worked hours) x 1000.

2025 Objective result analysis

■ GHG emissions intensity (Scopes 1&2)

The reduction target set for 2025 was an 8.8% decrease in

Scope 1 and 2 GHG emissions intensity (tCO₂e/M€)

compared with 2024. This target was disclosed in our

2024 Annual Report. In 2025, we achieved a 9.6%

reduction relative to the 2024 baseline, thereby

exceeding the established target.

This performance primarily reflects the implementation of

measures included in the Group’s decarbonisation plan,

particularly:

• the gradual electrification of the vehicle fleet,

• the use of biofuels such as HVO (Hydrotreated

Vegetable Oil),

• the optimization of technician travel routes, and

• the ongoing awareness efforts directed at all

employees to reduce our environmental footprint, with

a particular focus on lowering our carbon emissions.

A further contributing factor was the increased share of

activity from the “Energy” business line within the Group’s

overall revenue. On average, the GHG emissions intensity

associated with “Energy” activities is lower than that of

“Connectivity” activities. As a result, for an equivalent level

of revenue, “Energy” operations tend to generate fewer

GHG emissions than “Connectivity” operations,

contributing to an overall reduction in carbon intensity.

In line with our SBTi validated near term targets, from

2026 onwards Solutions30 will transition from relative

emissions reduction targets to absolute emissions

reduction targets. Although we will continue to monitor our

carbon intensity KPI (tCO₂e/M€), no relative intensity

reduction targets will be set going forward, as our

decarbonisation strategy will be driven by absolute

emission reductions, in accordance with SBTi guidance.

■ Injury severity rate (ISR)

The injury severity rate is calculated using the following

formula: ISR = (number of days lost due to work-related

accidents) / (total number of hours worked) x 1000. When

calculating the number of days lost, holidays and

weekends are not taken into account. Only days lost due

to accidents occurring in the calendar year 2025 are

considered in the calculation.

Since 2021, the injury severity rate has been steadily

decreasing (as shown in the graph below), indicating a

year-over-year reduction in the severity of workplace

accidents. This positive trend is the result of the health

and safety strategy and policy, as well as a series of

actions and initiatives implemented by all entities within

the Group to improve health and safety conditions for all

workers, particularly our technicians who perform

fieldwork. The key factors contributing to the reduction in

workplace accidents were as follows:


	Solutions30 \| Annual Report 2025		71

• Continuous improvement of our Health and Safety

Management Systems, through ISO 45001 and VCA

certifications, the last one applicable only to

companies located in Belgium and the Netherlands.

• Focus on prevention through technical training and

health and safety training. As shown in the table under

section 3.1.5.2. In 2025, the S30 Group ensured an

average of more than 27 hours of training per

employee, with Technicians being the professional

group that received the highest volume of training

throughout the year, approximately 60% of the total

training volume provided in 2025.

• Inspection, monitoring, and internal field audits,

conducted by the Occupational Health and Safety

teams.

• Improvement plans focused on the investigation and

analysis of workplace accidents, incidents and near-

misses.

The graph below shows the historical annual trend of the

injury severity rate at Group level:

In summary, the 2025 target of achieving an Injury

Severity Rate (ISR) below 0.65 was clearly exceeded. On

average, both the number of lost days and the severity of

incidents recorded in 2025 were lower than those

observed in 2024.

■ Increase training

Training hours are calculated by considering all

awareness-raising and training activities provided to

employees. The following key aspects are included in the

calculation:

• Types of Training: Both internal (delivered by S30

Group members) and external training (provided by

external entities such as consultants, universities,

customers, etc) are included.

• Formats: Training sessions can occur in-person,

remotely (e.g., via Teams), or through e-learning

platforms and are considered regardless of whether

they take place during or after working hours.

• Content Areas: All training areas are accounted for,

including technical skills, IT, languages, quality,

environment, health and safety, eco-driving, GRC,

ESG, cybersecurity and others.

• Evidence Requirements: For training to be recorded,

evidence such as certificates, attendance lists, or

platform reports must be provided. The evidence

should include details like the training name, date(s),

participants, trainer, duration, and in some cases,

signatures.

This comprehensive approach ensures that all relevant

training efforts are accurately reflected in the ESG data

collection process.

The graph below shows the historical data of training

hours per employee per year, at Group level:

In summary, the 2025 target of delivering a minimum of 25

hours of training per employee per year was surpassed.

For the fourth consecutive year, Solutions30 maintained

an average annual training volume of more than 25 hours

per employee.

■ Percentage of women in management positions

At Solutions30, we remain firmly committed to promoting

diversity and inclusion across all levels of the organisation.

A key objective within our diversity strategy is to ensure

that at least 25% of management positions are held by

women. While this goal is ambitious, we recognize the

structural challenges associated with our sector.

Historically, the technical fields in which Solutions30

operates have been predominantly male dominated,

resulting in a significantly higher number of male

technicians compared with female technicians. Given that

many middle management roles are filled internally by

promoting experienced technicians or supervisors, the

pool of potential female candidates has traditionally been

limited. This context continues to influence the pace at

which gender balance can be achieved in management

roles.

To address these challenges and reinforce our

commitment to equal opportunities, the Group established

the FemmesForce initiative. This dedicated team

develops and implements projects aimed at increasing the

representation of women within Solutions30. Their efforts

include promoting awareness among women about career

opportunities in our industry, challenging stereotypes

associated with technical professions, and encouraging

greater participation in these fields.

One of FemmesForce’s flagship initiatives is the

Mentoring Programme, created to strengthen the skills,

confidence and career development of women across the

Group. The program supports female employees in

expanding their capabilities, preparing for leadership roles,

and progressing within the organisation.

Through initiatives such as the Mentoring Program and

other targeted actions led by FemmesForce, Solutions30

continues to take meaningful steps toward building a more


	Solutions30 \| Annual Report 2025		72

diverse and equitable workplace. These efforts contribute

to fostering an environment where women can envision

and pursue long-term, rewarding careers in technical,

supervisory and management positions.

For 2025, the Group set a minimum threshold of 25%

women in management positions. This target was

achieved and surpassed, with women representing an

average of 26.7% of management roles during the year.

■ Percentage of subcontractor’s registration in

mySupplace

Solutions30 has developed an innovative online platform,

mySupplace, designed to support sourcing, onboarding,

and staffing activities across the Group. The platform plays

a central role in ensuring consistent and standardized

compliance management at the European level.

Beyond its onboarding function, mySupplace serves as a

continuous compliance‑management tool throughout the

entire duration of each subcontractor’s contract. By

centralizing documentation and workflows, the platform

enables effective oversight of all critical compliance

processes, including third‑party due diligence, validation of

mandatory subcontractor documentation, and ongoing

monitoring of contractual requirements.

Our objective is to ensure that all subcontractors working

with the Group are fully registered on mySupplace,

thereby strengthening transparency, improving operational

control, and ensuring full alignment with the Group’s

compliance standards.

Since 2023, the Group has set annual quantitative targets

for the registration of active subcontractors on the

platform. For 2025, a minimum target of 95% of active

subcontractors registered on mySupplace was

established. Although the finalization of the registration

process depends on subcontractor engagement,

Solutions30 actively supports them by providing ongoing

assistance. The Compliance team maintains regular

communication with subcontractors to facilitate timely and

complete registration.

By the end of 2025, the Group achieved a registration

rate of 99.1%, and the annual average monthly

registration rate reached 98.8%, thereby surpassing the

target set at the beginning of the year.

For the calculation of this indicator, “active subcontractors”

are defined as subcontractors currently working with

Solutions30 or those who have submitted invoices to the

Group within the previous three months.

3.1.5.3. ESG Objectives, targets and KPIs for 2026

Building on our ESG strategy and principles, and taking

into account the Group’s financial and operational outlook,

Solutions30 has defined a comprehensive set of ESG

objectives, targets and performance indicators for 2026.

These objectives are aligned with our commitment to

continuous improvement in sustainability performance.

From an environmental perspective, our primary focus

remains on reducing our carbon footprint, strengthening

our contribution to the renewable energy sector, and

increasing the share of activities that are eligible or aligned

with the EU Taxonomy for climate change mitigation.

As noted earlier, from 2026 onwards Solutions30 will

adopt absolute GHG emissions reduction targets only, in

line with our SBTi‑validated near‑term targets. While no

new relative carbon‑intensity reduction targets will be

established, we will continue to monitor our carbon

intensity indicator (tCO₂e/M€) as an internal management

KPI.

Monitoring both absolute emissions and carbon intensity

provides complementary insights into our decarbonisation

performance. Absolute emissions reflect the real

environmental impact of our activities and constitute the

metric required by SBTi. In parallel, tracking the relative

indicator (tCO₂e/M€) allows us to understand how

efficiently we are decarbonizing as the business evolves.

For example, periods of revenue growth or contraction

may influence intensity figures differently from absolute

emissions, enabling a more nuanced interpretation of

trends and drivers of performance.

The absolute GHG emissions reduction target defined for

2026 represents a further decrease relative to 2023, our

base year. This target will be reassessed if any merger or

acquisition activity requires a recalculation of the base

year and corresponding emissions inventories. Further

details on our near‑term GHG emissions targets and

decarbonisation roadmap are provided in Subchapter 3.2.

In the social domain, our priorities include preventing

work-related accidents by optimizing our health and safety

management systems, supported by ISO 45001 and VCA

certifications, and by strengthening internal controls and

audit mechanisms. In parallel, we continue to invest in

employee qualification, training and awareness initiatives,

complemented by actions to promote equal opportunities

and diversity across the Group.

In this context, we have maintained all KPIs defined for

2025 while updating the corresponding targets for 2026.

Additionally, and following the positive outcomes achieved

in 2025, we have introduced two new KPIs related to our

commitment to “Train our employees, developing their

skills to advance their careers.” Specifically, we expanded

the set of training related targets to cover three areas

considered essential to the continuous improvement of our

ESG performance: ESG Awareness, Eco Driving and Safe

Driving, and Cybersecurity.

More detailed information on our social performance is

provided in Subchapter 3.3.

In the area of governance, the Group remains firmly

committed to strengthening compliance among

subcontractors and business partners. These efforts are

essential to upholding transparency and maintaining the

confidence of our clients, shareholders and investors.

Further information on our governance related

performance can be found in Subchapter 3.4.

The table below summarizes the ESG objectives and

targets defined and approved for 2026 at Group level,

ensuring consistency and alignment across all entities

within Solutions30.


	Solutions30 \| Annual Report 2025		73

ESG objectives and targets defined and approved for 2026 at Group level:


	Strategy Pillar / Commitment	Objectives for 2026 - Group Level	2026 Target/ Threshold
E	Reduce the environmental impact of our activities.	Reduce absolute GHG emissions (Scope 1) by 27% compared to 2023.	22 467 tCO2e
	Reduce the environmental impact of our activities.	Reduce absolute GHG emissions (Scope 2) by 21% compared with 2023 (Market‑based approach and calculation method)	630 tCO2e
	Contribut to a low-carbon economy by delivering solutions that drive and support the energy transition.	Increase the percentage of Green Activities* of Solutions30 revenue in 5.5% compared to 2025 *Green activities = eligible and aligned with the EU Taxonomy	19%
S	Ensure a safe and secure work environment	Keep the injury severity rate (ISR) below than 0.65	0.65
	Train our employees and develop their skills to advance their careers	Have at least 25 hours of training per employee during the year	25h
		Increase the number of active employees with ESG training to at least 85%.	85%
		Ensure that at least 70% of active employees (with company car) attend the Eco-driving and Safe driving training.	70%
		Ensure that at least 70% of active employees (staff and managers) attend the cybersecurity training.	70%
	Promote diversity and equal opportunities	Ensure at least 27% of women in management positions	27%
G	Make Solutions30 a reliable partner by ensuring that our partners and subcontractors are thoroughly verified.	Have at least 97% of active subcontractors registered in mySupplace	97%
G	Conduct business transparently and ethically	Risk management implementation rate across all EU S30 Countries must reach 90% by the end of 2026	90%

3.1.5.6. S30 Group’s commitment to ESG and GRC objectives in executive remuneration

Solutions30 Group places significant importance on ESG

objectives, demonstrating its commitment by linking a

substantial portion of top executives’ remuneration to the

achievement of these goals.

To better align management interests with the ESG

strategy, the Supervisory Board has tied the variable

remuneration of Management Board members to the

attainment of the ESG targets. Specifically, 5% of this

variable remuneration depends on meeting environmental

and social goals, while another 5% is tied to governance,

risk, and compliance (GRC) objectives, as detailed in item

4.4. These same principles apply to the variable

remuneration of country managers.

In summary, a minimum of 10% of the variable

remuneration for both the Management Board and

Country Managers is directly linked to the successful

fulfillment of the Group’s established and approved ESG

and GRC targets, underscoring the S30 Group’s

unwavering commitment to sustainable and responsible

governance.


	Solutions30 \| Annual Report 2025		74

ENVIRONMENT

ELECTRICITY CONSUMPTION

3,257,632 kWh (+0.6%)

3,658 kWh/ M€ Revenue (+6.6%)

ENERGY INTENSITY PER M€ OF REVENUE

106.31 MWh /M€ Revenue (-9.3%)

GHG EMISSIONS (Scope 1+2+3)

126,614 tCO 2 e (-11%)

GHG INTENSITY EMISSIONS (Scope 1+2+3)

138.38 tCO2 e/ M€ Revenue (-3.2%)

18% OF REVENUE ELIGIBLE AND ALIGNED

WITH EU TAXONOMY (+34%)

(Percentage of change compared to 2024)

NOTE : The Group figures shown above exclude the

UK data and the Spain Connectivity activity.


	Solutions30 \| Annual Report 2025		75

3.2 Environment

3.2.1 Environmental Taxonomy

The Group’s business model aims to create a more

sustainable economy. As part of its activities, Solutions30

provides its customers with access to technologies that

will reduce their environmental impact and increase their

energy efficiency. Smart houses, connected objects, and

smart cities all improve user experiences and make it

significantly easier to use resources more efficiently.

The widespread adoption of broadband internet would not

have been possible without the field technicians who

handle in-home installations.

Broadband fiber to the home and next-generation

networks provide better connectivity, leading to gains in

efficiency and less resource consumption. Installing smart

appliances and meters in homes helps to further reduce

household energy consumption. Electric vehicles need

charging stations and Solutions30 is providing the

qualified technicians to install them. The Group also

provides all the maintenance and management that these

technologies require.

Solutions30 is thus contributing to Goal #13 – Climate

Action of the United Nations Sustainable Development

Goals. According to figures from the environmental

taxonomy below, 18 % of group revenue is aligned with

the taxonomy’s climate mitigation target. Reuse and

refurbishment activities contribute to Sustainable

Development Goal #12 – Sustainable Consumption and

Production.

3.2.1.1 Solutions30 Environmental Taxonomy

The European Union taxonomy is a system for scoring

sustainable economic activities on their environmental

impact. The creation of an environmental taxonomy was

one of the ten items on the March 2018 European Union

Action Plan on Financing Sustainable Growth.

The June 2020 Taxonomy Regulation aims to classify

sustainable activities based on the following six

environmental goals:

• Climate change mitigation

• Climate change adaptation

• Conservation of resources and the transition to a

circular economy

• Protection of biodiversity and ecosystems

• Conservation and protection of water and marine

resources

• Pollution prevention and control

In June 2021, the European Commission published the

European Climate Law, including a list of activities that are

eligible for the taxonomy for mitigating and adapting to

climate change.

In June 2023, the European Commission published the

delegated act on the environment, establishing the list of

activities eligible for the taxonomy under the four

environmental objectives: water, circular economy,

pollution, and biodiversity.

For 2022, the Group published its key performance

indicators (KPIs) for the activities eligible under and

aligned with the goals of mitigating and adapting to climate

change. These KPIs included the proportions to total

group revenue of the revenue from these activities, any

related qualified investments and operational expenses,

and any other investments (for example, to bring an

eligible activity more in line with the taxonomy), and other

operating expenses related to equipment listed in the

taxonomy.

Since 2023, they were asked to publish indicators for

eligible and aligned activities under the 6 goals.

a) Activities eligible for the taxonomy

Most Solutions30 activities have been analyzed and

mapped. For each activity, the descriptive documents

needed for the final evaluation were collected and

archived. To identify eligible activities, Solutions30

selected the following categories set forth in the delegated

regulation on climate change mitigation and adaptation as

Solutions30 activities that are eligible under the taxonomy

and for which Solutions30 has an offer. Solutions30 has

not identified any eligible activities in the environmental

delegated act:

• 7.4 Installation, maintenance, and repair of electric

vehicle charging stations in buildings (and in parking

areas attached to buildings) (Solutions30 charging

station services)

• 7.5 Installation, maintenance and repair of instruments

and devices for measuring, regulating, and controlling

building energy efficiency (Solutions30 smart meter

services)

• 7.6 Installation, maintenance, and repair of renewable

energy technologies (Solutions30 solar panel services)

• 4.9. Electricity transmission and distribution

Investments and operating expenses incurred by these

activities, which were eligible according to the European

Commission’s instructions, were themselves considered

taxonomy-eligible.

As for 2024, the Group has identified a number of

investments in activities not operated by Solutions30,

which may themselves be eligible for the environmental

taxonomy, in particular rights of use for leasing (Activity

“6.5. Transport by motorcycle, passenger car and light

commercial vehicle” over several years of hybrid and

electric vehicles.

Judgments:

After analyzing the energy business, it was decided not to

consider electrical network installation and renovation

services as part of the electrical charging station and solar

panel installation activities.

In fact, although indirectly linked to the installation of

electric charging stations and solar panels, the installation

and renovation of the electrical network does not meet the

definition set out in the delegated acts.


	Solutions30 \| Annual Report 2025		76

Ineligible activities:

As indicated in note 3 “Revenue” to the 2025 consolidated

financial statements, the Group generates its revenue

through the provision of digital equipment installation and

maintenance services in its three lines of business:

Connectivity, Energy, and Technology Solutions.

The clearly defined and uncomplicated segmentation of

the Connectivity (telecom-type services) and Technology

(which groups together money and IT-type services)

businesses means that they do not need to be qualified at

the source.

The activities mentioned in the delegated acts for climate

change mitigation, adaptation to climate change,

biodiversity, circular economy, pollution, and water have

been excluded from eligible activities.

For the energy business, which mainly involves the

installation and maintenance of smart electricity meters,

charging stations, and solar panels, only eligible activities

7.4, 7.5 and 7.6 were selected.

b) Revenue for 2025

Revenue for taxonomy-aligned activities

Eligible revenue within the meaning of the European

Taxonomy are determined on the basis of group revenue

as described in the delegated acts.

In 2024 and 2025, after an eligibility analysis of its

activities in 2021, Solutions30 studied the conditions to

determine for each activity whether it could be qualified as

an “activity aligned with the environmental taxonomy”

under the goal of mitigating and adapting to climate

change.

The three necessary conditions were:

Condition 1: Contributes substantially to the goal of

mitigating climate change by meeting a list of technical

criteria pre-established for each activity or corresponding

to specific products and services.

Condition 2: Does not cause significant harm to other

environmental goals of the taxonomy.

Condition 3: Respects provisions for minimum human

rights protections, both in terms of labor rights and of

business ethics.

This analysis showed that all three conditions are met for

the three eligible activities, and therefore these three

activities are aligned with the taxonomy and can be

qualified as truly sustainable.

Analysis of conditions:

Condition 1:

With regard to condition 1, the Group has verified that its

offering in eligible activities meets the criteria of

substantial contribution. This is the case for its electric

vehicle charging station installation, maintenance, and

repair business in activity 7.4, for its smart metering

business in activity 7.5, for solar power systems in activity

7.6 to mitigate climate change as well as its activity 4.9.

Electricity transmission and distribution. As these four

activities are enabling activities, the only technical

examination criterion is compliance with the activity

definition. Solutions30 verified compliance with the

definition for all four activities, and thus validated the

substantial contribution criterion.

For the criteria of substantial contribution to climate

change adaptation, the only technical review criterion is

that the implementation of physical and non-physical

solutions (“adaptation solutions”) substantially reduce the

most significant physical climate risks that are important

for this activity. Based on a rigorous assessment of

climate-related risks and vulnerability, no physical climate

risks that are important for the activity were identified,

therefore Solutions30 complied with the definition and thus

validated the substantial contribution criterion.

Condition 2:

Concerning the technical review criteria for climate change

mitigation to determine whether the economic activity

causes significant harm to other environmental objectives.

Through a local risk and vulnerability analysis, the Group

has ensured that the other five objectives of the taxonomy

are not adversely affected. In particular, a rigorous

assessment of climate-related risks and vulnerability,

which is the only technical criterion to be met. On this

basis, no significant physical climatic risks for the business

have been identified.

Concerning the technical review criteria for climate change

adaptation to determine whether the economic activity

causes significant harm to other environmental objectives.

The Group was unable to validate the technical review

criteria, as there is no procedure in place to identify the

proportion of activities that do or do not meet the technical

criterion “The building is not intended for the extraction,

storage, transport, or manufacture of fossil fuels.”

Condition 3:

For the third condition, the Group met the requirements

and minimum guarantees of the Taxonomy Regulation and

the Sustainable Finance Platform report on human rights,

corruption, competition, and taxation.

Solutions30 is firmly committed to protecting the rights of

all those involved in its operations, whether directly or

indirectly affected, and to promoting sustainability through

responsible business practices. The Group has adopted a

Human Rights Policy, integrating its principles into its

activities, policies, and systems to ensure their alignment

with the following international and European legal

frameworks:

• The International Bill of Human Rights, including:

– The Universal Declaration of Human Rights

– The International Covenant on Civil and Political

Rights

– The International Covenant on Economic, Social,

and Cultural Rights

• The fundamental conventions of the International

Labor Organization (ILO), in particular Conventions

Nos. 29, 87, 98, 100, 105, 111, 138 and 182, as well

as the Declaration on Fundamental Principles and

Rights at Work

• The United Nations Convention on the Rights of the

Child


	Solutions30 \| Annual Report 2025		77

• The European Convention on Human Rights

Solutions30 also applies the principles of leading voluntary

corporate responsibility standards, including the United

Nations Global Compact, the OECD Guidelines for

Multinational Enterprises, the ILO Tripartite Declaration,

and the UN Guiding Principles on Business and Human

Rights.

As a signatory of the United Nations Global Compact,

Solutions30 is committed to respecting its ten fundamental

principles, which cover:

• Human rights

• Labor standards

• Environmental responsibility

• The fight against corruption

This commitment also extends to aligning its activities with

the United Nations’ Sustainable Development Goals

(SDGs), including:

– SDG 3: Good Health and Well-Being

– SDG 4: Quality Education

– SDG 8: Decent Work and Economic Growth

– SDG 9: Industry, Innovation, and Infrastructure

– SDG 12: Responsible Consumption and

Production

– SDG 13: Climate Action

Solutions30 confirms its compliance with Article 18 of EU

Regulation 2020/852, relating to the European Taxonomy,

guaranteeing that its activities not only contribute to

environmental objectives, but also respect essential social

and ethical standards.

Internally, Solutions30 is guided by its Human Rights

Policy, Group Code of Conduct and Business Partner

Code of Conduct, which define expectations in terms of

human rights, non-discrimination, workplace safety,

working hours, and fair wages. Suppliers and partners

must adhere to these principles, or they may face

corrective measures or termination of the business

relationship.

Implementing ESG principles at Solutions30

To ensure effective compliance with these principles,

Solutions30 has defined three main actions:

• Internal audits: The aim of these audits is to verify

that the Group’s main entities comply with all internal

rules, processes, and procedures. They are based on

a detailed evaluation grid covering various topics,

including those related to Minimum Guarantees

(Article 18 of EU Regulation 2020/852). These audits

are carried out by a compliance team, under the

coordination of the Group Head of Risk and

Compliance.

• Third-party due diligence: Solutions30 has a team

dedicated to monitoring the compliance of all current

and potential subcontractors and business partners. All

subcontractors are screened for compliance (checking

for any infringements or negative alerts). If the

subcontractor is approved, they are registered on the

“mySupplace” platform, where the required legal

documents and the execution of the subcontracting

agreement incorporating the Business Partner Code of

Conduct are verified.

• Governance, Risk and Compliance (GRC) training:

Solutions30 requires all its employees to complete

GRC training as soon as they join the company.

Refresher training sessions are organized periodically

to reinforce the importance of these topics.

Through these initiatives, Solutions30 is committed to

building a sustainable, ethical, and inclusive future, with a

positive impact on society and the environment.

Related documents

For more information, please consult our policies and

codes of conduct available on the website:

• Human Rights Policy

• Code of Conduct

• Business Partner Code of Conduct

Revenue from the activity of installing, maintaining, and

repairing electric charging stations for vehicles (Activity

7.4), revenue from the energy efficiency regulation and

control instrument activity (Activity 7.5), revenue from the

“Installation, maintenance, and repair of renewable energy

technologies” activity (Activity 7.6) and activity 4.9.

Electricity transmission and distribution made up the total

taxonomy aligned revenue.

This taxonomy aligned revenue amounted to €160.5

million and accounted for 18 % of total revenue, which

was €892.4 million in 2025, compared to 13.2% of

revenue in 2024. The increase is due to strong growth in

Electricity transmission and distribution.

c) Taxonomy-aligned operating expenses for 2025

The Group used the exemption for reporting eligible

operating expenses because they were not significant at

the Group level, with the denominator of eligible operating

expenses being €21.7 million, or 2.6% (2.0% in 2024) of

total 2025 consolidated group operating expenses of

€846.4 million.

As a service company, the majority of operating expenses

are purchases and subcontractor costs, and personnel

expenses (including taxes and related payments) on

customers. As a result, the Group considers that eligible

opex, consisting mainly of short-term leases and

maintenance and repair contracts, are insignificant in

relation to its business model.

Eligible operating expenses are determined on the basis

of the following direct non-capitalized costs: research and

development, building renovation, short-term leases,

maintenance and repairs, and any other direct expenditure

relating to the ongoing upkeep of tangible assets by the

company or a third party.

d) Taxonomy-aligned investments in 2025

• Investments (“Capex” in the table below) are also

aligned with the taxonomy, and represent €1.7 million.

• The Group examined the investments related to non-

aligned activities, but that could be included in the

investments aligned with the taxonomy. In this regard,

the Group recognizes as taxonomy-aligned

investments those related to hybrid and electric

vehicles (Activity “6.5. Transport by motorcycles,


	Solutions30 \| Annual Report 2025		78

passenger cars, and light commercial vehicles”) that

meet the criteria for substantial contribution,

particularly concerning CO2/km emissions. These

investments primarily correspond to rights of use for

electric and hybrid vehicles under lease agreements

(Activity “6.5. Transport by motorcycles, passenger

cars and light commercial vehicles”), amounting to

€1.7 million in 2025.

• For the year 2025, the Group’s total investments

aligned with the climate change mitigation objective

amounted to €1.7 million, representing 5.3% of total

Group investments of €33.1 million (compared to

14.49% in 2024).

Eligible Capex within the meaning of the European

Taxonomy is determined on the basis of total investments

in tangible and intangible assets during the year under

review, before depreciation, amortization, and revaluations

associated with taxonomy-eligible activities.

The percentage of Solutions30’s Capex relating to eligible

activities is determined by dividing the sum of the capex of

eligible activities within the meaning of the European

Taxonomy by the sum of the consolidated Capex

presented in notes “11.1 Rights of use” amounting to

€21.3 million, “14.2 Other intangible assets” amounting to

€7.7 million and “14.3 Property, plant and equipment”

amounting to €4.1 million.

Methodology: for each activity, the descriptive documents

needed for the final evaluation were collected and

archived.

The Group did not calculate alternative performance

indicators.

In line with regulations, the process was carried out for the

6 goals, based on the alignment criteria. The Group

determined that its activities and investments contribute to

climate change mitigation, but not to climate change

adaptation. The other 4 goals are not applicable to eligible

group activities.


	Solutions30 \| Annual Report 2025		79

Key performance indicators are listed in the tables below.

KPI 1 – Revenue

Fiscal 2025

2025

Substantial contribution criteria

Absence of significant harm criteria

(“DNSH criteria”)

Economic activity

Code(s)

Revenue

Share of revenue,

year N

Climate change

mitigation

Climate change

adaptation

Water

Pollution

Circular economy

Biodiversity

Climate change

mitigation

Climate change

adaptation

Water

Pollution

Circular economy

Biodiversity

Minimum

guarantee

Share of

aligned (A.1.)

or eligible for

(A.2.) the

taxonomy,

year N-1

Category

(enabling

activity)

Category

(transition

al activity)

M€

YES, NO,

N/EL

YES, NO,

N/EL

YES, NO,

N/EL

YES,

NO,

N/EL

YES,

NO,

N/EL

YES,

NO,

N/EL

YES/NO

YES/

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1 Activities that are environmentally sustainable (aligned with the taxonomy)

4.9. Electricity transmission and distribution

CCM 4.9

€50.9 M

7.0%

YES

N/EL

YES

1.8%

7.4 Installation, maintenance and repair of electric vehicle charging stations

inside of buildings (and in parking garages attached to buildings)

CCM 7.4

€12.8 M

1.4%

YES

N/EL

YES

1.4%

7.5 Installation, maintenance and repair of instruments and devices for

measuring, regulating, and controlling building energy efficiency

CCM 7.5

€38.2 M

4.3%

YES

N/EL

YES

5.4%

7.6 Installation, maintenance and repair of technologies related to renewable

energy

CCM 7.6

€58.6 M

6.6%

YES

N/EL

YES

4.6%

Revenue from environmentally sustainable activities (aligned with the

taxonomy) (A.1)

€160.5 M

18.0%

YES

13.2%

Of which enabling

€160.5 M

18.0%

—%

YES

13.2%

Of which transitional

0M€

YES

A.2 Activities eligible for the taxonomy but not environmentally sustainable (not aligned with the taxonomy)

EL;N/EL

EL;N/

Revenue from activities eligible for the taxonomy but not environmentally

sustainable (not aligned with the taxonomy) (A.2)

€0 M

—%

A. Revenue from taxonomy-eligible activities (A.1+A.2)

€160.5 M

18.0%

13.2%

B. TAXONOMY NON-ELIGIBLE ACTIVITIES

Revenue from activities not eligible for the taxonomy

€731.9 M

82.0%

TOTAL

€892.4 M

100.0%

The portion of Solutions30 revenue from eligible activities is calculated by dividing the total revenue from eligible activities as described in section “3.2.6 Environmental taxonomy” and

using the definition of the European Taxonomy by consolidated revenue (established using IFRS 15) as presented in “Note 3 - Revenue.”


	Solutions30 \| Annual Report 2025		80

KPI 2 – Capex

Fiscal 2025

2025

Substantial contribution criteria

Absence of significant harm criteria

(“DNSH criteria”)

Economic activity

Code

CAPEX

Percent

age of

capex,

year N

Climate change

mitigation

Climate change

adaptation

Water

Pollution

Circular economy

Biodiversity

Climate change

mitigation

Climate change

adaptation

Water

Pollution

Circular economy

Biodiversity

Minimum

guarantee

Percentage of

capex aligned

with (A.1.) or

eligible for

(A.2.) the

taxonomy,

year N-1

Category

(enabling

activity)

Category

(transitiona

l activity)

M€

YES, NO,

N/EL

YES, NO,

N/EL

YES, NO,

N/EL

YES,

NO,

N/EL

YES,

NO,

N/EL

YES,

NO,

N/EL

YES/NO

YES/

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1 Activities that are environmentally sustainable (aligned with the taxonomy)

4.9. Electricity transmission and distribution

CCM

4.9

€— M

—%

YES

N/EL

YES

2.10%

7.4 Installation, maintenance and repair of electric vehicle charging stations

inside of buildings (and in parking garages attached to buildings)

CCM

7.4

€— M

—%

YES

N/EL

YES

0.39%

7.5 Installation, maintenance and repair of instruments and devices for

measuring, regulating, and controlling building energy efficiency

CCM

7.5

€— M

—%

YES

N/EL

YES

1.21%

7.6 Installation, maintenance and repair of technologies related to

renewable energy

CCM

7.6

€— M

—%

YES

N/EL

YES

1.44%

6.5 Transportation using motorcycles, personal vehicles, and light

commercial vehicles

CCM

6.5

€1.738 M

5.25%

YES

N/EL

YES

9.35%

Capex for environmentally sustainable activities (aligned with the

taxonomy) (A.1)

€1.738 M

5.25%

YES

14.49%

Of which enabling

€1.738 M

5.25%

—%

YES

14.49%

Of which transitional

—%

YES

—%

A.2 Activities eligible for the taxonomy but not environmentally sustainable (not aligned with the taxonomy)

Capex for activities eligible for the taxonomy but not environmentally

sustainable (not aligned with the taxonomy) (A.2)

€0.000 M

0.00%

A. Capex from activities eligible for the taxonomy (A.1+A.2)

€1.738 M

5.25%

14.49%

B. TAXONOMY NON-ELIGIBLE ACTIVITIES

Capex from activities not eligible for the taxonomy (B)

€31.4 M

€94.9%

TOTAL

€33.1 M

€100.0%

The percentage of Solutions30 capex on eligible activities is calculated by dividing total capex from eligible activities as described in section “3.2.6 Group activities and environmental

taxonomy” and using the definition of the European Taxonomy by consolidated capex as presented in notes “11.1 Usage Rights” (€21.3 million), “14.2 Other Intangible Assets” (€7.7

million), and “14.3 Property, Plant and Equipment” (€4.1 million).


	Solutions30 \| Annual Report 2025		81

ICP 3 – Opex

Fiscal 2025

2025

Substantial contribution criteria

Absence of significant harm criteria

(“DNSH criteria”)

Economic activity

Code

Opex

Percent

age of

opex,

year N

Climate change

mitigation

Climate change

adaptation

Water

Pollution

Circular economy

Biodiversity

Climate change

mitigation

Climate change

adaptation

Water

Pollution

Circular economy

Biodiversity

Minimum

guarantee

Percentage of

opex aligned

with (A.1.) or

eligible for (A.2.)

the taxonomy,

year N-1

Category

(enabling

activity)

Category

(transitional

activity)

€M

YES, NO,

N/EL

YES, NO,

N/EL

YES, NO,

N/EL

YES,

NO,

N/EL

YES,

NO,

N/EL

YES,

NO,

N/EL

YES/NO

YES/

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1 Activities that are environmentally sustainable (aligned with the taxonomy)

4.9. Electricity transmission and distribution

CCM 4.9

€0.0 M

YES

N/EL

YES

7.4 Installation, maintenance and repair of electric vehicle charging stations

inside of buildings (and in parking garages attached to buildings)

CCM 7.4

€0.0 M

YES

N/EL

YES

7.5 Installation, maintenance and repair of instruments and devices for

measuring, regulating, and controlling building energy efficiency

CCM 7.5

€0.0 M

YES

N/EL

YES

7.6 Installation, maintenance and repair of technologies related to

renewable energy

CCM 7.6

€0.0 M

YES

N/EL

YES

6.5 Transportation using motorcycles, personal vehicles, and light

commercial vehicles

CCM 6.5

€0.0 M

YES

N/EL

YES

Opex for environmentally sustainable activities (aligned with the

taxonomy) (A.1)

€0.0 M

YES

Of which enabling

€0.0 M

—%

YES

Of which transitional

YES

A.2 Activities eligible for the taxonomy but not environmentally sustainable (not aligned with the taxonomy)

EL;N/EL

EL;N/

Opex for activities eligible for the taxonomy but not environmentally

sustainable (not aligned with the taxonomy) (A.2)

0.0M€

A. Opex from activities eligible for the taxonomy (A.1+A.2)

0.0M€

B. TAXONOMY NON-ELIGIBLE ACTIVITIES

Opex from activities not eligible for the taxonomy

€21.7 M

100%

TOTAL

€21.7 M

100%


	Solutions30 \| Annual Report 2025		82

Eligibility and alignment by environmental goal:


	Percentage of revenue / Total revenue
	Aligned with taxonomy by objective	Eligible for taxonomy by objective
CCM	18.0%	18.0%
CCA	0.0%	0.0%
WTR	0.0%	0.0%
CE	0.0%	0.0%
PPC	0.0%	0.0%
BIO	0.0%	0.0%


	Percentage of capex / Total capex
	Aligned with taxonomy by objective	Eligible for taxonomy by objective
CCM	5.3%	5.3%
CCA	0.0%	0.0%
WTR	0.0%	0.0%
CE	0.0%	0.0%
PPC	0.0%	0.0%
BIO	0.0%	0.0%


	Solutions30 \| Annual Report 2025		83

3.2.2. ESRS E1 – Climate Change

3.2.2.1. Our approach and policies

At Solutions30, our mission is to operate in a way that

minimises negative impacts and enhances positive impacts

on the environment. This commitment underpins our efforts

to deliver advanced solutions in connectivity, technology

and the energy sector.

Year after year, Solutions30 has increased the share of

revenue generated from activities that are eligible or

aligned with the EU Taxonomy, particularly in the

installation of electric vehicle charging stations (EVC), the

deployment of solar panel farms and the upgrading and

modernisation of electrical networks, initiatives that, in turn,

enable the broader adoption of renewable energy and

electric mobility. These activities not only support the use of

cleaner energy sources but also help reduce emissions

across the entire value chain. Through this work, we play

an active role in accelerating the transition toward a

low‑carbon economy.

Our commitment to sustainability is led by the Group Head

of ESG, Compliance and Risk, and is overseen by the

Supervisory Board through the Strategy and ESG

Committee, which ensures transparency, rigour and the

consistent implementation of best practices across the

Group.

As a long‑standing industry player in connectivity,

renewable energy and technology, Solutions30 recognises

its responsibility to advance both technological progress

and environmental sustainability. While our activities

contribute to the deployment of cleaner and more efficient

solutions, such as telecommunications infrastructure and

renewable energy systems, we remain fully aware of the

environmental impacts associated with our operations,

including the GHG emissions generated by our own

vehicles fleet and the fleets operated by our

subcontractors.

We are therefore committed not only to measuring and

monitoring our carbon footprint but also to actively reducing

it across all areas of our operations. As part of these

efforts, we continue to implement the “GHG Emission

Reduction” project, aligned with the SBTi framework,

alongside the ongoing deployment of renewable energy

solutions within our service offering. These initiatives form

a central pillar of our long‑term decarbonisation strategy.

• Science-aligned climate action

To align our core business activities with our sustainability

ambition, in October of 2025, a significant milestone was

achieved with the formal submission of our near term

greenhouse gas (GHG) emissions reduction targets to the

Science Based Targets initiative (SBTi). This step

represents a major achievement in our sustainability

journey.

On 22 January 2026, the SBTi officially approved our

near term science based targets. Having our targets

validated confirms that our decarbonisation strategy is not

only ambitious but also credible and grounded in climate

science.

The Solutions30 Group committed to:

■ Reduce absolute Scope 1 and 2 GHG emissions by

42% by 2030, from a 2023 base year.

■ Reduce absolute Scope 3 GHG emissions by 25%

by 2030, from the same base year.

These ambitions focus on the areas where the Group can

have the greatest influence, both in the way we operate

and in the way we collaborate with suppliers, partners, and

clients. The approval of these targets represents strong

external validation of the work undertaken across the

Group. It demonstrates that we are taking meaningful,

measurable actions to reduce our environmental footprint

and contribute to global climate action efforts. This

recognition marks an important step forward in the

implementation of our sustainability strategy.

For more detailed information about our near term science

based targets, please refer to Chapter 3.5 – “Our

Commitments”.

• Renewable energy deployment

We continue to invest in the development, installation and

maintenance of renewable energy assets, including solar

farms and electric vehicle charging infrastructure (EVC).

Our investments in solar energy directly increase

renewable generation capacity, while the deployment of EV

chargers plays a critical role in supporting the transition to

electric mobility and reducing transport related emissions.

A key area of our contribution to the energy transition also

includes the upgrading, modernisation and expansion of

electrical distribution networks. These activities enhance

grid stability and capacity, enabling the installation of

additional EV charging points and increasing the share of

electricity sourced from 100% renewable systems, such as

solar power.

In 2025, the share of Group revenue generated from

“green activities”, that is, activities eligible or aligned with

the EU Taxonomy, grew by 34% compared with 2024. For

2026, one of our primary objectives is to ensure this trend

continues, with a target of at least a further 5.5% increase

in revenue from Taxonomy eligible and aligned activities by

year end.

To address any potential negative impacts across our value

chain, we work closely with key customers to promote and

develop low emission solutions. In 2026, we will continue

strengthening collaboration with our subcontractors,

encouraging the adoption of sustainable practices

consistent with our own environmental standards.

Our goal is to keep expanding these environmental

initiatives while ensuring that every phase of our work, from

planning to operation, contributes to a cleaner, more

sustainable and resilient energy future.


	Solutions30 \| Annual Report 2025		84

3.2.2.2. Material Impacts, Risks and Opportunities

(IRO)

In the image on the right, we present the materiality level of

each sub-topic related to the topic “Climate Change.” This

aims to highlight the relative importance of each sub-topic,

within the Solutions30 environmental strategy.

The table below outlines the sustainability-related impacts,

risks, and opportunities (IRO) identified and assessed as

material through our double materiality assessment

process. Specifically, it refers to the IROs associated with

“Climate Change (ESRS E1)”.

Additionally, we specify whether these impacts are positive

or negative. All impacts are considered actual unless

explicitly stated as potential impacts.


		ESRS E1 – Climate Change
		• Climate change mitigation • Climate change adaptation • Energy
IRO Identification			Material impact, risk or Opportunity	Description
	Positive impact		Renewable energy solutions	Renewable energy is one of the key technologies needed to decarbonize society and limit global heating to 1.5 °C. Our activities, which are aligned with and eligible under the EU Taxonomy, directly contribute to climate change mitigation. By engaging in the installation of photovoltaic solar panels and electric vehicle charging infrastructure, we support the transition to renewable energy and sustainable mobility, reducing greenhouse gas emissions and promoting a low-carbon economy.
	Negative impact		GHG emissions	A significant portion of this impact arises from the vehicles used by our technicians (Scope 1) and those operated by our subcontractors (Scope 3), which are still predominantly fuel powered. Given the high frequency of daily interventions and continuous travel required for our operations, these vehicle emissions contribute notably to our carbon footprint. We respond to this impact through our strategic targets and our actions to reduce our carbon footprint.
	Risk		Fleet electrification and the potential impact on service performance reaction and efficiency	Fleet electrification poses a potential risk due to its impact on service performance, reaction times, and overall efficiency. Transitioning from fuel- powered vehicles to electric ones may introduce challenges such as limited vehicle range, longer charging times, and the availability of charging infrastructure. These factors could affect the ability of our technicians to respond promptly to service requests and maintain the high frequency of daily interventions required. Ensuring a smooth transition while maintaining operational efficiency will require careful planning and investment.
	Risk		Sustainable mobility	Reputational risks can quickly become financial risks. Especially as customers are less willing to work with partners that do not consider sustainable mobility seriously.
	Opportunity		Increase the share of revenue aligned with the EU Taxonomy	This represents a significant opportunity for us, as the growing demand for photovoltaic solar panel installations, electric vehicle charging stations and the upgrading and modernisation of electrical distribution networks aligns directly with our expertise. These network improvements increase grid capacity and stability, enabling the deployment of more EV charging points and allowing a greater share of electricity to come from 100% renewable sources such as solar power. The expansion of these activities not only supports the transition to cleaner energy but also positions Solutions30 to capture value in a rapidly growing market. By leveraging our capabilities in renewable energy deployment, EV infrastructure and electrical network modernisation, we continue to drive business growth while reinforcing our long‑term commitment to sustainability.


	Solutions30 \| Annual Report 2025		85

3.2.2.3. Transition Plan for Climate Change Mitigation

Path to Sustainability and Emission Reduction

The “GHG Reduction” project reflects our commitment to

pursuing absolute, science based, short term emission

reduction targets, aligned with the global objective of

limiting temperature rise to 1.5°C.

The first major milestone of this project was reached in

January 2024, when the Executive Board made the

strategic decision to formally commit the Group to the

Science Based Targets initiative (SBTi).

The second milestone involved engaging an external

specialised consultancy in carbon footprint reduction to

support us in defining realistic near term targets and

developing a detailed roadmap to ensure their

achievement. As part of this process, the external third

party conducted a thorough review of our GHG inventory

methodology and calculations, with particular focus on

2023, which was established as our base year for target

setting.

This independent verification was essential, as it enabled

us to define objectives and targets based on a solid,

validated and externally reviewed baseline.

The third major milestone, achieved very recently, was the

submission and subsequent validation of our near term

GHG emission targets by the SBTi, confirming that the

project is progressing as expected and meeting all interim

milestones originally defined.

Reducing our carbon footprint remains our primary ESG

priority. To steer this work, we have established a

dedicated internal team composed of both permanent and

occasional members:

• Permanent members: the entire Group ESG team

and two members of the Management Board. This

team meets weekly to review the status of ESG topics,

including the decarbonisation plan.

• Occasional members: fleet managers from several

countries/companies and CSR representatives from

each country, company or Business Unit. Meetings

with these members occur less frequently, with no

fixed periodicity; however, they have convened at least

once per month.

Structure and Review of the Transition Plan

Our transition plan strategy was defined at the beginning of

2024 and is reviewed periodically to ensure that it remains

up to date and aligned with the Group’s strategic,

operational and financial developments.

The plan is structured into two distinct phases:

■ Phase 1 – “Containment and Minimisation of GHG

Emissions”: Implemented during 2024 and 2025, this

phase focused on stabilising and reducing emissions

as much as possible ahead of defining SBTi aligned

emission reduction pathways.

■ Phase 2 – “GHG Emissions Reduction”: Covering

2026 and beyond, this phase focuses on achieving our

science based targets through the implementation of

the mitigation actions defined in our roadmap.

NOTE: The annual CO2e emissions reduction graph above is for

illustration purposes only.

1^st Phase: Limitation and Minimization of GHG

Emissions (2024-2025)

The primary objective of this phase was to prepare the

Group for the second stage of the transition plan. This

phase allowed us to study different scenarios and

solutions, analyse risks, impacts and opportunities,

implement pilot projects, test potential mitigation measures,

raise awareness among all employees (e.g., ESG

awareness sessions), and define measurable objectives as

well as short and medium term action plans. All these

steps were based on a pragmatic, realistic and sustainable

approach, aligned with the characteristics of our business

sectors.

This phase culminated in the approval of our near term

GHG emission reduction targets by the SBTi, along with

the finalisation of our carbon reduction roadmap to ensure

the achievement of these targets.

Below, we present the main activities and actions planned

for implementation during Phase 1, alongside the status of

their completion.


Main Activities	Status
• Create the project team and define tasks and responsibilities.	Completed
• Commit to the SBTi	Completed
• Define Intensity Target (tCO 2 e/M€)	Completed
• Analyze IRO’s (list of all obstacles and constraints).	Completed
• Define the transition plan.	Completed
• Define a detailed action plan to limit the increase of CO2 emissions (by country)	Completed
• Submit Near-term target to SBTi – Scope 1, 2 and 3 and action plan.	Completed


	Solutions30 \| Annual Report 2025		86

Main Actions

• Gradually electrifying the vehicle fleet and Pilot

projects.

• Optimizing technicians’ routes.

• Eco-driving and ESG trainings.

• Vehicle Telematics – implementing vehicle

telematics systems to monitor and improve driver

behavior (fuel efficiency).

• Training more versatile technicians, linked to an

area and not to an activity anymore.

• Analyzing the possibility of using “eco” fuels such

as hydrotreated vegetable oil (HVO).

Status

Overall, the actions planned for the first phase have

largely been implemented. The gradual electrification

of the vehicle fleet is ongoing, and technicians’ route

optimization is also being progressively implemented.

Around 81% of Group employees have participated in

ESG training, and many have received Eco-driving

training over the past three years, with a

reinforcement/refresher program planned for 2026

(see Group ESG objectives). HVO is already being

used in France and Portugal. Continuous efforts have

been made to strengthen and broaden technicians’

technical skills. The only area slightly behind schedule

is the implementation of vehicle telematics systems,

mainly due to GDPR law restrictions, which limit the

use of GPS tracking on company vehicles used by

employees.

2^nd Phase: GHG Emission Reduction (2026 and

Beyond)

This phase consists of two areas of action: internal action

(within the S30 Group) and external action (within our

value chain). The primary objective is the implementation

of the roadmap and action plan defined under our

commitment to the SBTi, ensuring we achieve the targets

submitted and validated by this initiative.

At this stage, targets will be set in absolute terms, aligned

with the global objective of limiting warming to 1.5°C. We

anticipate that GHG emission reductions will follow an

exponential rather than linear trend, meaning that the

annual reduction percentage will increase year after year.

This strategy will be supported by technological

advancements in vehicles and batteries, the development

of electric and alternative non-polluting solutions, and the

expansion of electric vehicle charging networks in the

countries and regions where we operate.

A significant part of our operations relies on the daily

mobility and interventions of thousands of technicians,

making vehicle autonomy and the availability of fast-

charging infrastructure critical factors in maintaining

operational efficiency and productivity. Any limitations in

these areas could directly impact our ability to deliver

services effectively. Therefore, the successful

implementation of our fleet electrification strategy and,

consequently, a significant reduction in our carbon footprint

depends on the continuous advancement of technology,

infrastructure, and available solutions. Ensuring that these

developments keep pace with our needs is essential to

achieving our sustainability goals while maintaining service

quality and operational performance.

Main Activities

• Define a vehicle fleet electrification plan for each

country

• Define annual absolute GHG emissions reduction

targets according to SBTi alignment

• Adjust SBTi targets and base year according to

merge and acquisitions

• Define a detailed action plan to reduce the GHG

emissions taking into account the revenue increase

by type of activity (by country/company)

• Monitor external factors (e.g. possible changes to the

SBTi agreement or COP strategy)

• Monitor the evolution of each country in terms of EVC

network, taxes and costs for electric cars or other

less polluting technologies

• Reassess the risks associated with the CO 2 reduction

pathway

Main Actions

• Fleet Electrification – Sustainable and progressive

replacement of fuel vehicles with vehicles using non-

polluting technologies (electric vehicles, hydrogen

vehicles, etc.)

• Actions to ensure and advise our subcontractors so

that they can align their carbon footprint reduction

strategies with our targets

• Continue to implement the remaining reduction

measures defined for the 1st phase

Carbon Footprint Reduction and Energy Transition

Over the past four years, Solutions30 has focused its

efforts on reducing its carbon footprint and planning the

transition to renewable energy. This journey has been

marked by the following advancements:

a. Growth of “green” activities: Our activities aligned

with the EU taxonomy have significantly increased. In

2025, they accounted for 18% of our total revenue,

reflecting a 34% growth compared to 2024. The goal

for 2025 is to increase this percentage by an additional

5.5% compared to 2025, requiring strong commitment

from the entire organization to capture and execute a

higher volume of activities in the renewable energy

sector.

b. Use of 100% renewable energy: Some of

Solutions30 Group companies already operate

buildings powered exclusively by electricity from

renewable sources. This initiative reflects our

commitment to reducing indirect emissions and will be

progressively expanded across the Group. For 2026,

we have decided to separate our emissions reduction

target into two distinct components: one dedicated to

Scope 1 emissions and another dedicated to Scope 2

emissions. Regarding Scope 2, the primary action will

be to increase the percentage of Solutions30 offices

and warehouses supplied exclusively with electricity

from 100% renewable sources. This strategic focus is

particularly important in the context of the ongoing

electrification of our fleet. As the proportion of fully

electric and plug-in hybrid vehicles continues to grow,

a significant increase in electricity consumption (kWh)


	Solutions30 \| Annual Report 2025		87

is expected. Ensuring that this additional electricity

demand is met with renewable energy is therefore

essential to effectively reducing our overall carbon

footprint.

c. Alignment with the UN Sustainable Development

Goals (SDGs): In 2025, Solutions30 strengthened its

commitment to the principles of the UN Global

Compact, further embedding sustainable best

practices throughout its operations and governance

framework. Our sustainability strategy is aligned with

the United Nations Sustainable Development Goals

(SDGs), which serve as a guiding framework for our

environmental, social, and governance priorities.

Detailed information on how the Group contributes to

each of the SDGs considered material and applicable

to our activities is provided in Subchapter 3.5, “Our

Commitments.”.

d. Reduction of GHG emissions: Between 2023 and

2025, we achieved a significant absolute reduction

of 24% in our Scope 1 and Scope 2 greenhouse gas

(GHG) emissions. Over the same period, our Scope 3

emissions decreased by 23%. These reductions

across all emission scopes demonstrate the

effectiveness of our decarbonisation strategy and

position us strongly in relation to our near-term targets

validated by the Science Based Targets initiative

(SBTi). Our progress is not limited to absolute

reductions. We have also delivered substantial

improvements in emissions intensity, reinforcing the

structural nature of our decarbonisation efforts. Our

primary relative performance indicator is carbon

intensity, measured in tonnes of CO₂ equivalent per

million euros of revenue (tCO₂e/M€). From 2023 to

2025, we reduced our Scope 1 and 2 carbon

intensity by 11.8%, while Scope 3 carbon intensity

decreased by 11.0% over the same period. These

results reflect our ability to decouple emissions growth

from business expansion and confirm that

sustainability is increasingly embedded in our

operational and value chain decisions.

e. Collaboration with our Customers: We actively

collaborate with our key clients to develop innovative

and more effective solutions aimed at reducing

environmental impact across the value chain. By

working closely with customers, we identify

opportunities to extend product life cycles, optimise

resource use, and promote circular economy

principles. A notable example is our initiative focused

on repairing computers and printers to enable their

reuse, thereby reducing electronic waste and lowering

the demand for new equipment. Through such

partnerships, we contribute to measurable

environmental benefits while supporting our clients in

achieving their own sustainability objectives..

f. Definition of annual environmental targets,

designed to continuously improve our sustainability

performance. These include specific objectives related

to greenhouse gas (GHG) emissions management,

energy efficiency, and the expansion of green

initiatives across our operations. To reinforce

accountability and alignment with our sustainability

strategy, a percentage of the variable remuneration of

managers is directly linked to the achievement of

defined ESG objectives and targets. This approach

strengthens governance, embeds sustainability into

decision-making processes, and promotes a culture of

responsibility throughout the organisation. The ESG

objectives defined for 2026 are presented in detail in

Subchapter 3.1.

g. Monitoring and measurement: Solutions30 has

implemented a robust and comprehensive system for

the collection, validation, and monitoring of

environmental data, enabling the accurate calculation

of monthly greenhouse gas (GHG) emissions. This

structured approach ensures consistency, traceability,

and reliability of reported information across the

Group. We produce detailed monthly performance

reports at multiple levels, including the consolidated

Group level, as well as by country, company, Business

Unit, and key projects, allowing for granular analysis of

emissions sources and trends. This continuous

monitoring framework strengthens our capacity to

identify risks and improvement opportunities in a timely

manner. Based on the insights generated, we regularly

review and adjust our operational and strategic action

plans to ensure the progressive reduction of GHG

emissions and the continuous mitigation of our

environmental impact.

h. Adjustment of action plans: Through continuous

monitoring and performance assessment, we

systematically refine our emissions reduction

strategies and environmental action plans. This

dynamic approach enables us to respond proactively

to operational changes, regulatory developments, and

evolving sustainability priorities. By regularly

evaluating the effectiveness of implemented

measures, reallocating resources where necessary,

and prioritising high-impact initiatives, we maximize the

efficiency of our decarbonisation efforts and reinforce

our commitment to continuous environmental

improvement.

As part of our strategy and with a view to reducing our

Scope 3 emissions, we also plan to decarbonize our Value

Chain. Since our primary source of emissions is the activity

carried out by our subcontracting network, we aim to

continually increase awareness and engagement among

our subcontractors on climate change issues in 2026.

During 2026, we plan to introduce concrete measures and

actions to increase the number of subcontractors aligned

with our GHG emission reduction targets, encouraging

them to join our decarbonization journey while sharing our

experience and knowledge. This initiative will follow the

validation of our targets with the SBTi and will always be

aligned with the goal of limiting global warming to 1.5°C.

Supervision of the Transition Plan

Our transition plan was formally approved by the Group’s

Management Board and subsequently presented to the

Supervisory Board during the Strategy and ESG

Committee meeting held in November 2024. The plan was

also presented to and discussed with the Executive

Committee in January 2025, ensuring alignment at the

highest levels of governance and reinforcing accountability

for its implementation across the Organisation.

At the end of 2025, the transition plan was subject to a

comprehensive review. Following this assessment, it was

concluded that the plan remains robust, fit for purpose, and

fully adequate to address the Group’s decarbonisation


	Solutions30 \| Annual Report 2025		88

challenges. The review confirmed that the strategic

priorities, implementation roadmap, and underlying

assumptions continue to be aligned with our climate

commitments, regulatory developments, and evolving

market conditions.

All initiatives and progress are summarized in our internal

monthly ESG report. At least once a year, all relevant

activities, projects, and initiatives, along with their results

and defined targets, are reported in detail and

transparently in the Group’s annual report. This report is

made available to all stakeholders and includes the

evolution of our plan and climate goals.

■ Climate Resilience

Scope of Climate Resilience Analysis

As a leading company in the connectivity, renewable

energy, and IT sectors, we adopt a comprehensive

approach to assessing and managing risks and

opportunities related to climate change and the transition to

a low-carbon economy. This strategy aims to ensure

alignment with evolving regulatory requirements while

maintaining the resilience of our business model and long-

term strategy.

Our resilience analysis is based on two fundamental pillars:

1. Assessment and management of risks and

opportunities related to the transition to a low-carbon

economy, including macroeconomic, political,

technological, and market factors.

2. Assessment of physical climate risks, considering

the long-term impacts of climate change and extreme

weather events on our operations and infrastructure.

Transition Risks and Opportunities

Transition risks arise from the changes required for a low-

carbon economy and include factors such as new

regulations, technological innovation, market shifts, and

evolving consumer preferences. In recent years, we have

mitigated these risks by expanding our sustainable

activities and increasingly integrating solutions aligned with

global climate goals. This progress positions us favorably

to capitalize on the growing demand for sustainable

services and technologies.

As previously mentioned, revenue from "green

activities" (activities eligible and aligned with the EU

Taxonomy) accounted for 18% of our total revenue in 2025,

representing a 34% growth compared to 2024. Our goal is

to systematically increase this percentage, with the Group

targeting at least 19% of green activities by 2026, an

additional 5.5% increase compared to 2025.

One of the challenges identified in our analysis is

uncertainty regarding political and regulatory support for

the energy transition. Changes in legislation, reductions in

tax incentives, and new reporting obligations can influence

the growth rate of renewable energy and sustainable

digitalization. Therefore, we closely monitor political and

economic trends to ensure that our business strategies

adapt to market conditions.

Physical Climate Risks

Physical climate risks include extreme weather events

(storms, floods, heatwaves, and cold spells) and chronic

climate changes (temperature variations, precipitation

patterns, and availability of natural resources). These risks

can impact the operational efficiency of

telecommunications and connectivity infrastructure, as well

as the performance of renewable energy assets.

To ensure the resilience of our assets and services, we

conduct detailed assessments of the potential impacts of

climate change on our network and operational structure.

Our analysis process aligns with the EU Taxonomy criteria

for climate adaptation, ensuring that our facilities and

equipment are prepared to withstand adverse weather

conditions and that contingency plans are in place to

ensure business continuity in the event of an

environmental anomaly.

Resilience Analysis Methodology

1. Management of transition risks: This analysis was

conducted through the Group’s strategic risk

assessment process, which monitors geopolitical,

economic/financial, business, and corporate risks. It

was complemented by our double materiality analysis.

This structured and proactive approach allows us to

not only identify and mitigate the risks and

opportunities associated with transitioning to a more

sustainable business model but also assess the impact

of our activities on the environment and society. This

ensures a more effective strategic adaptation aligned

with the Group’s long-term resilience.

2. Analysis of physical climate risks: In 2024, we

conducted an assessment of the real or potential

impact that physical climate risks may have on our

operations. Climate risk was determined by analyzing

two factors:

• Exposure: Current and future exposure of the system

to physical climate risks (e.g., flooding, cyclones, forest

fires, heat or cold waves, etc.). Current exposure was

calculated based on historical data of adverse weather

events in the locations/regions where Solutions30

operates. Future exposure was calculated through

climate projections and scenarios (e.g., IPCC climate

projections) in the locations/regions where Solutions30

operates, with medium and long-term scenario

analysis extending to 2100.

• Vulnerability: Current and future sensitivity of

company sites to external factors (e.g., work

stoppages due to weather events). Vulnerability was

measured by analyzing the impact of real events over

the last five years, counting the number of days of

work stoppage caused by these events. Note: This

analysis was conducted by country/region.

This analysis allowed us to assess future risks and

prioritize adaptation strategies to ensure the security and

efficiency of our assets, enabling a more robust and

preventive response to climate challenges.


	Solutions30 \| Annual Report 2025		89

Below, we present the physical climate risks analyzed in alignment with the EU Taxonomy Climate Delegated Act.


Hazard Group	Type	Physical Climate Risk	Hazard included in the assessment
Water-related hazards	Acute	Drought	Yes
	Acute	Heavy precipitation (rain, hail, snow/ice)	Yes
	Acute	Flooding (coastal, river, rain, groundwater rising)	Yes
	Acute	Rupture of glacial lakes	No
	Chronic	Hydrological or precipitation variability	Yes
	Chronic	Ocean acidification	Yes
	Chronic	Seawater infiltration	Yes
	Chronic	Sea level rise	Yes
	Chronic	Water stress	Yes
Temperature-related hazards	Acute	Heat wave	Yes
	Acute	Cold wave/frost	Yes
	Acute	Forest fire	Yes
	Chronic	Temperature changes (air, freshwater, seawater)	Yes
	Chronic	Thermal stress	Yes
	Chronic	Temperature variability	Yes
	Chronic	Thawing of permafrost	No
Wind-related hazards	Acute	Cyclone, hurricane or tornado	Yes
	Acute	Storm (including snow, dust and sand storms)	Yes
	Chronic	Changes in wind patterns	Yes
Hazards related to solid masses	Acute	Avalanche	No
	Acute	Landslide	Yes
	Acute	Subsidence (sudden collapse of the ground surface)	Yes
	Chronic	Coastal erosion	Yes
	Chronic	Soil degradation	Yes
	Chronic	Soil erosion	Yes
	Chronic	Solifluction	Yes

NOTE: The risks identified above as not considered in the executed assessment were excluded from the evaluation because they were

deemed inapplicable due to the geographical location of the Group’s entities.

Resilience Analysis Results

Our analysis confirms that transition risks and opportunities

are an integral part of investment and business

development decisions. Our strategy focuses on:

• Increasing portfolio diversification to mitigate regulatory

and political risks.

• Monitoring political and regulatory stability in the

markets where we operate.

• Strengthening strategic partnerships with clients and

suppliers to drive the transition to sustainable solutions.

Our proactive approach allows us not only to minimize

risks but also to leverage opportunities in the transition to a

more sustainable economic model, ensuring the long-term

resilience and competitiveness of our Group.

Physical Climate Risk Analysis Results

In summary, the assessment of physical climate risks

indicates that all our operations are protected against the

impacts of climate change, thanks to the geographical

location, the type of construction, and the structural

integrity of our buildings, as well as the mitigation

measures in place.

From an operational standpoint, based on historical

occurrences over the past five years, we have identified

that the primary threats to our activities are floods and

storms, which may cause temporary disruptions to our

operations as well as ongoing projects.

In 2026, we will conduct a full reassessment of climate risk

analysis, ensuring that our risk management remains up to

date and aligned with the evolution of Solutions30’s

activities and the latest climate projections and scenarios.


	Solutions30 \| Annual Report 2025		90

3.2.2.4. Actions to mitigate impacts or risks and maximize opportunities

Solutions30 has conducted a thorough assessment to

identify the Impacts, Risks, and Opportunities (IRO)

relevant to its operations. Based on this analysis, the

company has strategically planned, defined, and

implemented a comprehensive set of actions aimed at

minimizing negative impacts and risks while maximizing

potential opportunities. These actions are designed to

enhance operational efficiency, strengthen employee well-

being, and support sustainable growth.

To ensure continuous improvement, Solutions30 actively

monitors the outcomes of these initiatives and regularly

evaluates their effectiveness. This approach allows for

necessary adjustments and optimizations, ensuring that

the actions remain aligned with the company’s strategic

objectives and evolving challenges.

The table below provides a summary of the actions and

projects that have been implemented or are planned, in

alignment with our workforce strategy and policies.


Topic	Main action description
Climate Change Reducing emissions from operations	• Submission of Near-Term GHG Emissions Targets to the Science Based Targets initiative (SBTi): In October 2025, Solutions30 submitted its near-term absolute greenhouse gas (GHG) emissions reduction targets (Scopes 1, 2 and 3) for 2030 to the Science Based Targets initiative (SBTi). These targets were formally validated and approved by the SBTi on 22 January 2026, confirming their alignment with the latest climate science and global decarbonisation pathways.This milestone reinforces the Group’s commitment to a structured and science-based approach to climate action, providing a clear roadmap for emissions reduction across operations, energy consumption and the value chain. The validation also strengthens transparency and accountability towards stakeholders, ensuring that our decarbonisation strategy is measurable, credible and aligned with international best practices. • Fleet Electrification: Solutions30 is progressively transforming its vehicle fleet through the systematic replacement of internal combustion vehicles with fully electric (BEV) and plug-in hybrid (PHEV) alternatives. This transition represents one of the Group’s most significant levers for reducing direct emissions (Scope 1) and supporting the broader decarbonisation of its operations. In 2025, the Group continued to increase the share of fully electric and plug-in hybrid vehicles, which represented 10% of the total fleet by year-end (excluding heavy goods vehicles – HGVs). Compared with 2024, the proportion of BEV and PHEV vehicles rose from 8.2% to 10%, corresponding to a relative increase of 20% and a parallel reduction in the share of of diesel-powered vehicles. Beyond emissions reduction, fleet electrification contributes to lower fuel costs, reduced noise pollution and improved alignment with regulatory developments and low-emission mobility trends across the countries in which the Group operates. • Selection of Vehicles with Lower CO₂ Emission Factors: For combustion vehicles that remain necessary for operational or technical reasons, vehicle procurement decisions prioritise emissions performance, measured in grams of CO₂ per kilometre (gCO₂/km). Country-specific car policies incorporate emissions thresholds and efficiency criteria to guide purchasing decisions and ensure consistency with the Group’s environmental objectives. This approach enables the progressive reduction of the average emissions intensity of the fleet, even where full electrification is not yet operationally feasible, while also supporting compliance with evolving regulatory requirements and corporate sustainability commitments. • Use of HVO as an alternative to conventional Diesel Hydrotreated Vegetable Oil (HVO) is a renewable fuel that can be used as a direct substitute for conventional diesel in compatible internal combustion engines. It offers a significantly lower lifecycle carbon footprint compared with fossil diesel, while maintaining similar performance characteristics and operational flexibility. The main advantages of HVO include a substantial reduction in lifecycle GHG emissions, improved local air quality due to lower particulate and NOx emissions, and compatibility with most existing diesel engines without requiring vehicle modifications. HVO can therefore be deployed rapidly, allowing operational continuity, particularly for activities that require long ranges, high utilisation rates or specific technical vehicle configurations. However, the use of HVO also presents some limitations. Availability remains uneven across geographies, with distribution infrastructure still developing in several markets. The cost of HVO is generally higher than that of conventional diesel, which may limit large-scale deployment depending on local market conditions. Furthermore, as with all biofuels, sustainability depends on the responsible sourcing of raw materials and certification schemes that ensure traceability and environmental integrity. In 2025, Solutions30 launched a pilot project in Portugal to assess the real-world performance of HVO, including fuel consumption, vehicle performance and operational suitability. From June onwards, all diesel vehicles equipped with engines compatible with this type of fuel transitioned to the exclusive use of HVO. The results observed to date have been very positive, confirming the operational reliability of the fuel and its potential to contribute to emissions reduction without disrupting field activities.


	Solutions30 \| Annual Report 2025		91


Topic	Main action description
Climate Change Reducing emissions from operations	• Following this initial experience, the Group has already begun extending the use of HVO to part of its operations in France and continues to assess opportunities to expand its adoption in other countries where it operates. This expansion will depend on financial feasibility, market conditions and the availability of adequate fuel distribution networks. Solutions30 views HVO as a practical and complementary solution within its broader fleet decarbonisation strategy. While electrification remains a priority and the long-term direction for reducing transport-related emissions, HVO provides a viable transitional alternative for vehicle categories where electric solutions are not yet available or where they remain financially or operationally unsuitable for the nature of the Group’s activities. • Optimisation of Technician Routes A significant share of Solutions30’s operational activities, particularly within the Telecom business unit, relies on advanced route-optimisation software. These digital tools support more efficient planning of daily operations by considering geographical distribution, service priorities and travel times. By reducing unnecessary mileage and improving scheduling efficiency, the Group minimises fuel consumption, lowers GHG emissions and optimises resource allocation. Route optimisation also enhances productivity and service quality, enabling technicians to complete assignments more efficiently while reducing their environmental footprint. • Multi-skilled Technicians The continuous training and upskilling of technicians to perform a wide range of services enables the Group to assign personnel to specific geographical areas, thereby reducing travel distances and associated emissions. A multi-skilled workforce also increases operational flexibility, improves responsiveness to customer needs and reduces the need for additional trips or specialised interventions. In 2025, technicians received a total of 101,175 hours of training, corresponding to an average of 25 hours per technician. This investment in skills development supports both operational excellence and environmental performance, while reinforcing employee engagement and long-term employability. • Eco-driving Training Solutions30 delivers eco-driving training programmes to employees who use company vehicles, with the aim of reducing fuel consumption, limiting vehicle wear and lowering associated GHG emissions. These sessions focus on practical driving techniques, responsible behaviour on the road and the environmental and safety impacts of driving practices. Over the past three years, more than 3,100 hours of eco-driving and road safety training have been delivered across the Group. For 2026, our objective is that at least 70% of all Group employees who are assigned or regularly use company vehicles attend the “Eco-driving & Safe Driving” training during the year. This initiative aims to reinforce awareness of responsible driving practices that contribute to emissions reduction and improved road safety during work-related travel. • GPS Tracking System in Company Vehicles Where feasible, and taking into account applicable local legislation and data protection requirements, Solutions30 is implementing GPS tracking systems in company vehicles. These systems enable the monitoring of fuel consumption, driving speeds and overall driving behaviour. The data collected will support the identification of inefficiencies, encourage responsible driving habits and discourage excessive speeding. In addition, it will provide valuable insights to improve fleet management and to design more targeted and effective eco-driving and safe driving training programmes. • Reducing Vehicle Weight to Lower Fuel Consumption Operational guidelines encourage technicians to avoid carrying unnecessary tools, equipment or materials in company vehicles. Lower vehicle weight contributes directly to improved fuel efficiency and reduced emissions. Awareness sessions and internal communication campaigns will reinforce best practices, helping employees understand the environmental and operational benefits of optimised vehicle loading. This initiative complements broader efforts to improve fleet efficiency and reduce the carbon footprint of day-to-day activities. • ESG Awareness Sessions All employees are required to participate in ESG awareness sessions designed to strengthen understanding of the Group’s sustainability strategy, commitments and targets. Particular emphasis is placed on climate-related objectives and the reduction of the Group’s carbon footprint. The ESG awareness campaign was launched in the second half of 2025, with the objective of reaching at least 80% of active Group employees. Participation reached 81% in 2025, demonstrating strong engagement across the organisation. For 2026, the Group aims to further increase participation, targeting a minimum participation rate of 85% of employees. These sessions play a key role in embedding ESG principles into daily operations, fostering a culture of responsibility and ensuring that sustainability objectives are shared across all levels of the organisation.


	Solutions30 \| Annual Report 2025		92


Topic	Main action description
Climate Change Reducing emissions from operations	• Increase in Renewable (“Green”) Electricity Procurement This initiative aims to reduce GHG emissions associated with Scope 2 by increasing the share of electricity purchased from renewable sources. Several Group companies already operate using 100% renewable electricity, demonstrating the feasibility and benefits of this transition. In line with SBTi requirements, Scope 2 emissions must be calculated using the market- based method. Considering the expected increase in electricity consumption driven by the expansion of the electric vehicle fleet, transitioning from “grey” electricity to renewable (“green”) electricity procurement is a strategic priority. This shift will support further reductions in indirect emissions, strengthen alignment with climate targets and contribute to a more resilient and sustainable energy strategy across the Group.

Between 2024 and 2025, S30 achieved an absolute reduction of 16.9% in our Scope 1 and 2 emissions (market-

based). In terms of intensity (tCO2e/M€ of revenue), we achieved a reduction of 9.6%, in our Scope 1 and 2 emissions.

Regarding S30 Scope 3 GHG emissions, we achieved an 9.6% reduction between 2024 and 2025. In terms of intensity

(tCO2e/M€ of revenue), we achieved a reduction of 1.6%, in our Scope 3 emissions.


	Solutions30 \| Annual Report 2025		93


Topic	Main action description
Descarbonization and Energy Transition	Advancing Decarbonization Through Renewable Energy Solutions Our decarbonization strategy is closely aligned with key climate-related opportunities and is designed to deliver measurable positive environmental impact. Central to this approach is the expansion of renewable energy products and services, including the installation of solar photovoltaic systems, the deployment of electric vehicle (EV) charging infrastructure, the rollout of smart metering solutions, and the upgrading and modernisation of electrical grids. In the previous reporting years, the activities carried out by Solutions30 in the upgrading and modernisation of the electrical grid had not been classified as eligible or aligned with the EU Taxonomy. In 2025, following a more detailed technical assessment, we concluded that these activities are both eligible and aligned with the criteria established under the EU Taxonomy framework. As a result, the 2025 Taxonomy disclosures now include the contribution of these grid‑related activities. To ensure full transparency and comparability, the 2024 Taxonomy values were also restated to incorporate the same electrical‑grid activities. This sector represents not only a significant growth opportunity for our business but also a critical lever for accelerating the energy transition. Solar energy projects increase the availability and accessibility of renewable electricity, while EV charging networks support the shift towards low- carbon mobility. At the same time, the upgrading and modernisation of power grids enable the integration of distributed renewable generation and facilitate the broader adoption of electric mobility. Smart meters further contribute by empowering customers to optimise energy consumption, improve efficiency, and manage resources more sustainably. Across the Group’s activities, “green activities”, defined as those eligible and aligned with the EU Taxonomy, represented 18% of total revenue in 2025. This marks a significant increase compared to the previous year, when such activities accounted for 13.5% of the Group’s revenue. In absolute terms, this progress corresponds to an increase of more than €33 million between 2024 and 2025, reflecting both the scaling of our solutions and growing market demand for low-carbon technologies. NOTE: The figures reported above were calculated excluding the United Kingdom and the Connectivity activity in Spain for both years under review (2024 and 2025), to ensure direct comparability of results. Looking ahead, the Group has established a new target for 2026, aiming for green activities to account for at least 19% of total revenue, representing a further increase of approximately 5.5% compared to 2025. This ambition reinforces our commitment to decarbonisation, innovation, and the delivery of solutions that support customers and communities in the transition to a more sustainable energy system.
Descarbonization and Energy Transition


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3.2.2.5. Objectives, Targets and Key Performance Indicators (KPIs)

■ Our Environmental Targets


At Solutions30, we are committed to reducing our carbon footprint and strengthening our contribution to the energy transition by expanding and diversifying our renewable energy solutions. Setting clear objectives, measurable targets, and key performance indicators (KPIs) enables us to monitor progress, drive continuous improvement, and ensure alignment with our CSR strategy and policy commitments. These metrics form the foundation for assessing our performance while ensuring transparency and accountability. To align our core business activities with our sustainability ambitions, a significant milestone was reached in January 2026 with the official approval of our near-term greenhouse gas (GHG) emissions reduction targets by the Science Based Targets initiative (SBTi). This marked an important step forward in our sustainability journey. The Solutions30 Group has committed to: • Reducing absolute Scope 1 and 2 GHG emissions by 42% by 2030, using 2023 as the base year. • Reducing absolute Scope 3 GHG emissions by 25% by 2030 , using the same base year. These ambitions focus on the areas where the Group can exert the greatest influence, both through our own operations and through collaboration with suppliers, partners, and clients. The approval of these targets provides strong external validation of the efforts undertaken across the Group and demonstrates our commitment to taking meaningful, measurable action to reduce our environmental footprint and contribute to global climate action. This recognition represents an important step in the implementation of our sustainability strategy and reinforces our long-term commitment to responsible and climate-aligned growth.

Environmental Targets for 2026

The Solutions30 Group defines a comprehensive set of ESG objectives, targets and KPIs each year, as outlined in

Subchapter 3.1.5. These indicators guide our sustainability strategy and ensure that our commitments remain measurable,

transparent and aligned with both regulatory requirements and our long‑term vision.

For 2026, the Group has established a focused set of environmental targets aligned with our science‑based

decarbonization pathway and the ongoing expansion of our environmentally sustainable activities:


• GHG emissions (Scope 1) : 27% reduction compared with 2023 , our SBTi validated base year. This target reflects our continued efforts to decarbonise our operations by improving fleet efficiency, increasing electrification and promoting responsible driving behaviours. • GHG emissions (Scope 2): 21% reduction compared with 2023 . Achieving this will depend on increasing the share of electricity sourced from 100% renewable origins across all Group entities, in line with the SBTi requirement to report using the market based method. • Green Activities: ≥ 19% of total Group revenue. “Green activities” correspond to activities eligible and aligned with the EU Taxonomy, including renewable energy deployment (e.g., solar installations), electric vehicle charging infrastructure, smart metering, and electrical grid upgrading and modernisation. This target represents continued growth compared with 2025 and reinforces our ambition to expand our contribution to the climate transition.	Environmental Targets Set for 2026


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Blow is a summary of the objectives, targets, and KPIs for 2026 related to the “Climate Change”:


Strategy Pillar / Commitment	Objectives for 2026 - Group Level	Target/ Threshold for 2026	KPI
Reduce the environmental impact of our activities	Achieve a cumulative 27% reduction in absolute GHG emissions (Scope 1) by 2026 compared to the 2023 baseline.	22467 tCO 2 e	Total GHG emissions (Scope 1).
Reduce the environmental impact of our activities	Achieve a cumulative 21% reduction in absolute GHG emissions (Scope 2) by 2026 compared to the 2023 baseline.	630 tCO2 e	Total GHG emissions (Scope 2) - Market-based calculation
Contributing to a low- carbon economy by delivering solutions that drive and support the energy transition	Increase the percentage of Green Activities* of Solutions30 revenue in 5.5% compared to 2025 *Green activities = eligible and aligned with the EU Taxonomy	19%	Total green activities divided by the Group’s total revenue

At the same time, annual objectives are established for all countries in which the Group operates, tailored to the specific

activities, operational contexts and local realities of each one. These country‑level objectives are fully aligned with the

Group’s overarching commitments, ensuring that their achievement contributes directly to the delivery of our global ESG

targets.

All these KPIs are monitored on a monthly basis, allowing us to closely track progress, identify deviations early and

implement corrective actions when necessary.

■ Other important performance indicators defined and monitored

In addition to KPIs with associated targets, the Group monitors a set of KPIs related to the "Climate Change" topic, which,

although not having quantified targets, are regularly tracked, with actions taken if any trends deviate from the Group’s

guidelines and expectations. Every month, the ESG team collects a wide range of relevant data to analyze the company’s

performance in this area and reports internally on progress.


Strategy Pillar / Commitment	Topic	KPI	Monitoring frequency
Reduce the environmental impact of our activities	Energy	• Energy consumption • Percentage of renewable energy • Natural gas consumption	Monthly
Reduce the environmental impact of our activities	Sustainable mobility	• Fuel consumption by type of fuel • Gas consumption • Evolution of fleet electrification	Monthly



Energy Consumption	% Renewable energy	Fuel Consumption	Fleet Electrification


	Solutions30 \| Annual Report 2025		96

3.2.2.6. Carbon Footprint

In 2024, we initiated a comprehensive project to define

absolute GHG emission reduction targets based on the

Science Based Targets initiative (SBTi) framework. As part

of this initiative, Solutions30 engaged a specialised carbon

footprint consultancy to support the definition of our targets

and the development of the corresponding action plan to

achieve them.

A key early step in this project was the verification and

validation of the data collected, the methodology applied,

and the calculations performed by the ESG team, as well

as the carbon footprint results for 2023. This independent

verification enhanced the accuracy, credibility and

transparency of the information disclosed by Solutions30,

strengthening the confidence of all our stakeholders. It also

ensured full alignment between our methodology and the

requirements of the SBTi framework.

For the calculation of our carbon footprint, we apply the

GHG Protocol, an internationally recognised standard for

measuring, reporting and managing greenhouse gas

emissions across both private and public sector activities.

The same GHG Protocol methodology was consistently

applied for the 2025 carbon inventory, ensuring

comparability of results over time and reinforcing the

robustness of our year on year analysis.

Below, we present Solutions30’s carbon footprint for the

year 2025, reported in accordance with the GHG Protocol

framework:

The GHG Protocol categorizes

emissions into three scopes:

• Scope 1 : Direct emissions

from company-owned or

controlled sources.

• Scope 2: Indirect

emissions from purchased

electricity and energy

consumption (market-

based).

• Scope 3: Indirect

emissions from the value

chain, including suppliers/

subcontractors and product

usage.

These emissions are measured

in tons of carbon dioxide

equivalent (tCO2e), which

accounts for the varying global

warming potentials of different

greenhouse gases.

As illustrated in the image above, 18.4% of our total carbon

footprint comes from Scope 1, primarily driven by CO₂

emissions from our vehicle fleet. Scope 2 accounts for our

electricity consumption, while Scope 3 is largely dominated

by emissions from Purchased Goods & Services. Within

Scope 3, the procurement of services from our

subcontractors represents the largest share of our indirect

emissions.

The 2025 Carbon Footprint Inventory was prepared in

accordance with the GHG Protocol, which Solutions30 has

adopted as its reference framework for greenhouse gas

accounting since the 2023 reporting cycle.

As part of our project to submit our near term targets to the

Science Based Targets initiative (SBTi), we engaged an

external expert company to review and assess our carbon

accounting methodology. This assessment enabled us to

identify previously unaccounted emission sources and to

select the most appropriate emission factors for calculating

our carbon footprint.

In the 2025 inventory, we expanded the scope of our

reporting to include emissions from Scope 3 Category 11

(“Use of sold products”), insofar as they apply to our

activities. These emissions relate to the installation

processes carried out at our clients’ premises or at end

customer locations. Although these emissions represent a

relatively small share of our overall footprint (approximately

0.2% in 2025), the 2023 and 2024 inventories were also

restated to incorporate this category. As a result, the

emissions associated with our base year (2023), which

were communicated to the SBTi and underpin our near

term targets, now fully reflect this additional emission

source.

To ensure the robustness and reliability of the updated

inventory, the revised 2023 and 2024 carbon footprint

figures were reviewed and validated by an independent

third party. This external verification confirms our alignment

with the GHG Protocol and, consequently, our compliance

with the methodological requirements set by the SBTi.


	Solutions30 \| Annual Report 2025		97

The table below provides a review of GHG emissions by scope for three last years:


Greenhouse Gas emissions (GHG)		2023 (tCO 2 e)	2024 (tCO 2 e)	2025 (tCO 2 e)	Difference 2025 vs 2023
Scope 1	Total GHG direct emissions	30,777	28,204	23,306	(24.3)%
	Direct emissions (mobile and stationary combustion)	30,145	27,873	23,218	(23.0)%
	Fugitive Emissions	632	330	88	(86.1)%
Scope 2	Indirect GHG emissions: location-based	585	645	647	10.6%
Scope 2	Indirect GHG emissions: market-based	797	660	675	(15.3)%
Scope 3	Total GHG emissions (indirect emissions)	132,894	113,508	102,633	(22.8)%
	01: Purchased Goods & Services	92,456	91,565	87,253	(5.6)%
	02: Capital Goods	10,889	4,218	1,626	(85.1)%
	03: Fuel & Energy-related Activities	7,487	6,923	5,791	(22.7)%
	04: Upstream Transportation & Distribution	8,173	1,659	1,552	(81.0)%
	05: Waste Generated in Operations	2,132	2,182	3,022	41.7%
	06: Business Travel	6,010	2,793	801	(86.7)%
	07: Employee Commuting	5,152	3,852	2,350	(54.4)%
	08: Upstream leased assets*	0	0	0	—%
	09: Downstream transportation and distribution*	0	0	0	—%
	10: Processing of sold products*	0	0	0	—%
	11: Use of sold products	596	317	239	(59.9)%
	12: End-of-life treatment of sold products*	0	0	0	—%
	13: Downstream leased assets*	0	0	0	—%
	14: Franchises*	0	0	0	—%
	15: Investments*	0	0	0	—%
Scope 1+2	Total GHG emissions (location-based)	31,362	28,849	23,953	(8.3)%
Scope 1+2	Total GHG emissions (market-based)	31,574	28,863	23,981	(9.0)%
Scope 1+2+3	Total GHG emissions (location-based)	164,256	142,357	126,586	(14.8)%
Scope 1+2+3	Total GHG emissions (market-based)	164,468	142,372	126,614	(15.0)%

*Not applicable to Solutions30 activities

Important notes on the results obtained and on the

variations compared with previous inventories

The following section outlines a number of important

considerations regarding the results obtained and the main

variations observed when compared with previous carbon

footprint inventories.

Group wide results: The figures presented above represent

the total Carbon Footprint Inventory of the Solutions30

Group and also include all emissions from both the United

Kingdom and the Connectivity activity in Spain. As our

2023 base year encompasses these two countries entire

activities, we considered it appropriate, particularly for

assessing genuine year on year reductions, not to exclude

the UK and Spanish Connectivity emissions from the 2025

inventory. It is important to highlight that, in 2025, the

combined contribution of the UK and the Spanish

Connectivity activity accounted for only 2.3% of the

Group’s total GHG emissions. Emissions from our UK

operations represented just 1.4% of the Group total, while

emissions from the Connectivity activity in Spain

represented 0.9%. Given these proportions, the 5%

threshold that would trigger a mandatory recalculation of

our 2023 base year, and consequently an update to our

near term targets submitted to and approved by the SBTi,

was not approached.

Below, we present the overall GHG emissions excluding

the UK and the Connectivity activity in Spain:


Greenhouse Gas emissions (GHG) Without UK and Spain (connectivity)		2025 (tCO 2 e)
Scope 1	Total GHG direct emissions	23,021
Scope 2	Indirect GHG emissions (LB)	635
Scope 2	Indirect GHG emissions (MB)	673
Scope 3	Total GHG emissions (indirect emissions)	99,993
Scope 1+2+3	Total GHG emissions (LB)	123,649
Scope 1+2+3	Total GHG emissions (MB)	123,687

LB: Location-based; MB: Market-based


	Solutions30 \| Annual Report 2025		98

Electricity consumption: electricity consumption

increased in 2025, largely due to the growing number of full

electric and plug in hybrid vehicles in the Group’s fleet.

This resulted in higher GHG emissions under the location

based calculation method. However, when assessed under

the market based approach, emissions decreased, this

means, a positive outcome that reflects the Group’s

increasing procurement of renewable electricity, which is

progressively offsetting the rise in consumption.

Capital goods: emissions from Capital Goods fluctuate

from year to year because they relate to long lived assets,

which are not renewed or replaced annually. Variations

therefore depend on the timing and scale of specific

investment cycles.

Upstream Transportation & Distribution: a significant

reduction in emissions was observed for Upstream

Transportation & Distribution, primarily driven by a marked

decrease in land transport services used across the Group.

Business travel: a substantial decrease in emissions from

Business Travel was recorded in 2025, reflecting a notable

reduction in travel activity, particularly regarding

accommodation and catering services. Since 2024, Group

guidelines have prioritised remote meetings whenever

possible, limiting physical travel and contributing directly to

this downward trend.

Waste: Although the Group’s overall operational activity

decreased in 2025 compared with 2024, emissions

associated with waste increased. This rise is explained by

the implementation of a more rigorous and comprehensive

data collection process, which improved accuracy and

captured emissions that were previously underestimated.

Employee commuting: To calculate Employee

Commuting emissions for 2025, the Group conducted a

survey across nearly all countries, enabling a more

accurate determination of employees’ average daily

commuting distance, the modes of transport used, and the

number of teleworking days.

This enhanced data collection significantly improved the

accuracy of the calculation method and reduced the

uncertainty compared with the estimates used in 2023 and

2024.

■ Estimates and Extrapolations Applied

In Scope 2 for France and in some Scope 3 categories, it

was necessary to apply estimates and extrapolations to

calculate the GHG emissions of certain countries where

data were unavailable or incomplete. Whenever estimation

was required, the methodology relied on actual data from

countries with similar operational profiles, ensuring that the

resulting calculations remained as robust and

representative as possible.

All estimates and extrapolations were performed using

annual revenue and/or total workforce as the primary

scaling criteria, depending on the nature of the activity and

data category. These parameters were selected because

they provide a reliable and consistent basis for proportional

allocation when real consumption data or other physical

data are not fully accessible.

A practical example of this approach concerns electricity

consumption in France. In many French facilities, electricity

charges are included within rental agreements, and

landlords do not systematically provide monthly

consumption figures. As a result, it was not possible to

collect complete and verifiable electricity‑use data for 2025.

To address this gap, we applied the kWh‑per‑employee

ratio from Belgium,a country with comparable operational

characteristics, to estimate France’s electricity

consumption for the year.

Should it be possible to obtain the actual data for any of

the values currently estimated or extrapolated, these

figures will be reviewed, updated and transparently

disclosed in the 2026 Sustainability Statement.

■ Out‑of‑Scope GHG Emissions

In 2025, Solutions30 began partially replacing conventional

diesel with HVO (Hydrotreated Vegetable Oil) in its fleet.

HVO is a renewable fuel that, when burned, emits biogenic

CO₂ emissions that fall under the category of Out‑of‑Scope

emissions according to the GHG Protocol.

Out‑of‑Scope emissions refer to biogenic CO₂ emissions

released from the combustion of biofuels. These emissions

are not included in an organisation’s total carbon footprint

because the CO₂ released originates from biological

sources that are part of the short carbon cycle, meaning

the carbon was recently absorbed from the atmosphere

during biomass growth. For this reason, these emissions

are reported separately, ensuring transparency while

avoiding double counting in the inventory.

In 2025, the Out‑of‑Scope emissions associated with our

annual HVO consumption amounted to:

• HVO (Out‑of‑Scope emissions): 74.54 tCO₂e.

Methodological note: For the calculation of these

Out‑of‑Scope emissions, we used the UK Government

GHG Conversion Factors published by the Department for

Energy Security & Net Zero (DESNZ).

■ Emissions Intensity (tCO2e/M€)

Since 2023, we have monitored an GHG emissions

intensity indicator, recognising that our GHG emissions are

closely linked to fluctuations in Group revenue. Tracking

emissions intensity allows us to better understand the

relationship between our operational activity and the

emissions generated, while ensuring comparability across

years and business units.

The table on the next page provides a detailed overview of

GHG‑emission intensities for 2023, 2024 and 2025,

presented by scope. The figures use the market‑based

method for Scope 2, in full alignment with the GHG

Protocol requirements, ensuring comparability and

methodological consistency across reporting years.


	Solutions30 \| Annual Report 2025		99


Greenhouse Gas emissions (GHG) in tCO 2 e/M€ or tCO2e/employee		2023 (tCO2e)	2024 (tCO2e)	2025 (tCO2e)	Diference 2025 vs 2023
Scope 1	GHG emissions intensity by revenue	29.12	28.32	25.47	(12.5)%
Scope 1	GHG emissions intensity by employee	4.26	4.1	3.84	(9.9)%
Scope 2	GHG emissions intensity by revenue	0.75	0.66	0.74	(1.3)%
Scope 2	GHG emissions intensity by employee	0.11	0.10	0.11	—%
Scope 1+2	GHG emissions intensity by revenue	29.87	28.98	26.21	(12.3)%
Scope 1+2	GHG emissions intensity by employee	4.37	4.19	3.95	(9.6)%
Scope 3	GHG emissions intensity by revenue	125.73	113.96	112.17	(10.8)%
Scope 3	GHG emissions intensity by employee	18.39	16.5	16.9	(8.1)%
Scope 1+2+3	GHG emissions intensity by revenue	155.6	142.94	138.38	(11.1)%
Scope 1+2+3	GHG emissions intensity by employee	22.76	20.69	20.85	(8.4)%

The chart below provides a year‑over‑year comparison of GHG‑emission intensity per million euros of revenue, illustrating

the evolution of Scope 1, Scope 2 (market‑based), Scope 3, and total Scope 1+2+3 intensities across 2023, 2024 and

2025.

The 2025 results confirm a continued downward trend in

GHG emissions also in relative terms, measured in tonnes

of CO₂e per million euros of revenue. This improvement

has been consistently observed since 2023 and

demonstrates the effectiveness of the measures

implemented under our decarbonisation programme.

Summary of 2025 Results:

• Scopes 1 and 2: In 2025, we achieved a 9.6%

reduction compared with 2024, corresponding to a

cumulative reduction of 12.3% relative to the 2023 base

year.

• Scopes 1, 2 and 3 (total carbon footprint): In 2025,

we recorded a 3.2% reduction compared with 2024,

resulting in a cumulative reduction of 11.1% relative to

the 2023 base year.

These results demonstrate that Solutions30 is not only

reducing emissions in absolute terms, but also improving

carbon efficiency, meaning that the Group is generating

less CO₂e per unit of economic value created. This

reinforces the robustness of our decarbonisation strategy


	Solutions30 \| Annual Report 2025		100

and our alignment with the reduction pathway defined

under our SBTi validated near term targets.

Carbon Footprint Evolution

■ Absolute Emissions Analysis

In 2025, the Group’s absolute GHG emissions (all scopes)

decreased by 11% compared with 2024 and by 23%

compared with 2023, our SBTi validated base year.

For Scopes 1 and 2, absolute emissions decreased by

17% compared with 2024, a reduction more than twice as

significant (in percentage terms) as the decline in revenue

over the same period.

Compared with the base year (2023), the absolute

reduction achieved in 2025 reached 23%, a meaningful

decrease despite a 13.4% reduction in revenue between

2023 and 2025.

This demonstrates that the Group was able to achieve real

decoupling between emissions and economic activity,

reducing emissions at a faster rate than the decline in

revenue.

Absolute GHG Emissions Graphs & Trend

■ Relative Emissions Analysis

In relative terms, expressed as carbon intensity (tCO₂e per

€M of revenue), we also achieved significant improvements

in 2025.

Compared with 2023:

• For Scopes 1, 2 and 3 combined, carbon intensity

decreased by 11.1%.

• For Scopes 1 and 2, the reduction was even more

substantial, reaching 12.3%.

These results confirm that the Group is generating less

GHG emissions per unit of economic value, demonstrating

continued efficiency gains and improved carbon

management across operations.

GHG Intensity Emissions Graphs & Trend

■ Conclusion

In theory, a reduction in business activity should naturally

result in lower GHG emissions, a trend that is clearly

reflected when examining total emissions across all three

scopes. However, when focusing specifically on Scopes 1

and 2, the relationship is less direct. The decrease in

overall activity increased the relative share of work carried

out by our in house technicians (whose emissions fall

under Scope 1), while significantly reducing activities

performed by subcontractors (whose emissions fall under

Scope 3).

Against this backdrop, it is particularly positive that the

percentage reduction in Scopes 1 & 2 emissions

significantly exceeded the percentage decrease in

revenue. This outcome highlights improved operational

efficiency and a tangible absolute reduction in direct GHG

emissions, rather than reductions driven solely by

decreased activity.

We attribute these reductions in GHG emissions to three

main factors:

1) Implementation of decarbonisation measures outlined in

Section 3.2.2.4, particularly:


	Solutions30 \| Annual Report 2025		101

• The planned electrification of our vehicle fleet,

especially in countries with more developed EV

charging infrastructure,

• The optimisation of technicians’ routes,

• The use of HVO biofuel.

2) A reduction in Group activity levels between 2023 and

2025, supporting the decrease in overall emissions.

3) Strengthened sustainable mobility initiatives, including:

• A structured and effective sustainable mobility policy

• Enhanced Eco driving training programmes,

• Ongoing ESG awareness initiatives among

employees.

Collectively, these measures demonstrate that Solutions30

is not only reducing emissions in response to lower activity,

but is also achieving structural, efficiency based and

technology driven emission reductions aligned with its long

term decarbonisation commitments.

■ Fleet of Vehicles

In 2025, we continued to reduce the overall number of

vehicles in our fleet compared with the previous year, with

a notable decrease in internal combustion vehicles. This

reduction was driven primarily by a decline in diesel

vehicles, which accounted for the majority of the decrease;

the remainder related to gasoline and conventional hybrid

(HEV) vehicles.

At the same time, we significantly increased the number of

battery electric (BEV) and plug in hybrid (PHEV) vehicles,

continuing the gradual and prudent electrification of our

light vehicle fleet. Compared with last year, the share of

BEVs and PHEVs rose by 14.3%.

By December 2025, BEV and PHEV vehicles

represented 9.4% of the Group’s total fleet, up from

8.2% in 2024. When including conventional hybrids, the

share reached 13.6% in 2025, versus 11.0% in 2024.

The evolution of our fleet composition demonstrates our

ongoing commitment to electrification, the modernisation of

our mobility strategy, and the reduction of operational GHG

emissions. In addition to lowering tailpipe emissions, the

increased deployment of electric vehicles supports

progress towards our science based targets.

Methodological note: the fleet figures refer exclusively to

light vehicles and exclude heavy goods vehicles, which

account for 2.9% of the Group’s total fleet. In addition, for

the sake of transparent year‑on‑year comparability, the

figures exclude vehicles from the UK and from Spain

(Connectivity activity) for both 2025 and 2024.

Below is a summary of the key developments in our vehicle fleet:


FLEET OF VEHICLES	2023	2024	2025	Diference 2025 vs 2024
FLEET OF VEHICLES	2023	2024	2025	%
Percentage of full electric vehicles and plug-in hybrids	3.4%	8.2%	9.4%	14.6%
Percentage of combustion vehicles (including regular hybrids)	96.6%	91.8%	90.6%	(1.3)%

■ Other air pollutants

In 2025, the Solutions30 fleet continued to demonstrate

meaningful progress in reducing overall air emissions,

supported by improvements in fleet composition, increased

electrification, and ongoing optimisation of operational

routes. Compared with both 2024 and the SBTi base year

(2023), the 2025 results show clear positive trends,

particularly in the reduction of NOx emissions and in

overall air-emissions intensity.

Although certain pollutants increased in specific segments,

notably CO and PM2.5, these changes are explainable and

linked to the evolving composition of the fleet. Importantly,

total air emissions per kilometre travelled continued to

decline, confirming tangible improvements in efficiency and

environmental performance.

Main indicators

• In 2025, total kilometres driven decreased by

16.2%, compared with 2024.

• Absolute NOx emissions decreased significantly

by 22% compared with 2024, and by 30% compared

with 2023. Given that NOx represented, on average,

80% of Solutions30’s total air emissions (CO, NOx and

PM2.5), this constitutes a strong environmental

achievement, particularly considering the harmful

impact of NOx on air quality.

• Overall fleet air-emissions intensity improved

again, decreasing by 1.2% versus 2024 and

continuing the downward trend observed since 2023.

• NOx intensity decreased by 6.5%, compared with

2024, reinforcing both operational and environmental

efficiency gains.

• CO emissions increased by 28%.

• PM2.5 emissions increased by 13%.


	Solutions30 \| Annual Report 2025		102

Explaining the increases

The increases in CO and PM2.5 are primarily linked to the

growing share of gasoline-based hybrid vehicles in the

fleet. Gasoline engines emit more CO and PM2.5 per litre

than diesel engines, and hybrid vehicles rely on gasoline

for part of their operation.

As a result, even as fleet electrification progresses, a

temporary rise in CO and PM2.5 emissions can be

expected when diesel units are replaced with gasoline

hybrids in certain geographies where full electrification is

not yet operationally feasible.

Overall conclusion

The 2025 fleet emissions analysis demonstrates clear

progress in several critical pollutants, particularly NOx, as

well as continued improvement in overall air-emissions

intensity, confirming that the Group is moving towards a

more efficient and cleaner fleet.

The temporary increases in CO and PM2.5 are fully

explainable and primarily linked to the evolving fleet mix,

notably the expansion of gasoline hybrid vehicles in

markets where full electrification is not yet operationally

viable. This transition phase is expected and remains

aligned with the Group’s long-term decarbonisation

pathway.

These results, combined with ongoing fleet electrification,

route optimisation, the adoption of HVO in multiple

countries, and enhanced eco-driving practices, reinforce

that Solutions30 is progressing in the right direction and

strengthening its trajectory towards its SBTi-aligned

emission-reduction targets.

The tables and charts below present the absolute values

and intensity of CO, NOx and PM2.5 emissions over the

past three years.

To ensure alignment with the Group’s financial reporting

scope, all figures presented exclude the UK and also Spain

Telecom business unit. For this reason alone, the values

shown in the tables below for 2023 and 2024 differ from

those previously disclosed in the 2024 Annual Report.

■ Emissions of Nitrogen Oxides (NOx), Carbon Monoxide (CO) and Particulate Matter 2.5 (PM 2.5) in absolute

value.


PASSENGERS CARS EMISSIONS ⁽¹⁾	2023	2024	2025	2025 vs 2024
CO (kg)	3,067	2,847	2,695	(5.4)%
NOx (kg)	8,700	7,196	4,675	(35.0)%
PM 2.5 (kg)	7.1	7.9	7.1	(9.6)%


EMISSIONS FROM VANS AND TRUCKS ⁽¹⁾	2023	2024	2025	2025 vs 2024
CO (kg)	7,361	6,344	7,155	12.8%
NOx (kg)	48,197	43,342	34,901	(19.5)%
PM 2.5 (kg)	34.5	28.3	27.1	(4.2)%


TOTAL NOx, CO, AND PM 2.5 EMISSIONS FOR THE ENTIRE FLEET ⁽¹⁾	2023	2024	2025	2025 vs 2024
CO (kg)	10,428	9,191	9,850	7.2%
NOx (kg)	56,897	50,538	39,576	(21.7)%
PM 2.5 (kg)	41.6	36.2	34.2	(5.4)%


	Solutions30 \| Annual Report 2025		103

■ Emissions of nitrogen oxides (NOx), carbon monoxide (CO) and particulate matter 2.5 (PM 2.5) per 1000 km:


ENTIRE FLEET: EMISSIONS PER 1000 KM OF NOx, CO AND PM 2.5 ICP (kg/1000 km) ⁽¹⁾	2023	2024	2025	2025 vs 2024
CO (kg/Mkm)	0.080	0.078	0.095	21.8%
NOx (kg/Mkm)	0.436	0.428	0.403	(5.8)%
PM 2.5 (kg/Mkm)	0.0003	0.0003	0.0003	—%
Total atmospheric emissions (kg/Mkm)	0.517	0.506	0.499	(1.4)%
⁽¹⁾Source : To calculate the emissions of CO, NOx, and PM2.5, the emission factors from the European Environment Agency - Air Pollutant Emission Inventory Guide 2023 (updated in 2024) were used. The values presented for the years 2023, 2024 and 2025 were calculated using the "Tier 2" methodology.


	Solutions30 \| Annual Report 2025		104

■ Energy management and energy efficiency

Energy efficiency and conservation offer both economic

and environmental benefits. As a key enabler of the energy

transition, Solutions30 is deeply committed to reducing

energy consumption within the Group and contributing to

the preservation of natural resources.

To enhance its energy efficiency efforts and mitigate

environmental impact, Solutions30 has implemented an

environmental management system aligned with ISO

14001, ensuring a structured approach to continuous

improvement in energy efficiency and pollution prevention.

The Group’s commitment to energy efficiency and

conservation extends beyond fleet management and

encompasses various aspects of daily operations,

including reducing energy consumption for lighting, air

conditioning, office equipment (laptops, desktop

computers, photocopiers), and other electrical appliances.

Key initiatives include:

• Employee Awareness – Regular reminders encourage

employees to turn off electrical devices and lights when

not in use, particularly at the end of the workday.

• Energy-Efficient Equipment – Kitchens are equipped

with energy-efficient appliances, including refrigerators,

dishwashers, and microwaves.

• Responsible Air Conditioning Usage – Air

conditioning is used efficiently to minimize energy

waste.

• Efficient Lighting – Energy-efficient light bulbs are

used across facilities to reduce overall electricity

consumption.

Through these measures, Solutions30 reinforces its

commitment to sustainability, operational efficiency, and

responsible resource management, aligning with global

best practices in energy conservation.


TOTAL ANNUAL CONSUMPTION
Type of energy	Unit	2023	2024	2025	2025 vs 2024
Diesel	L	10,187,313	9,354,404	7,788,990	(17)%
Petrol	L	1,222,786	1,482,835	1,460,207	(2)%
Electricity	kWh	3,084,937	3,238,247	3,257,632	1%
Natural Gas	m3	97,232	134,116	118,779	(11)%


ENERGY CONSUMPTION AND MIX	Unit	2023	2024	2025	2025 vs 2024
Fossil Energy
Fuel consumption from coal and coal products	MWh	_	_	_	_
Fuel consumption from crude oil and petroleum products	MWh	111,982	105,922	90,136	(14.9)%
Fuel consumption from natural gas	MWh	1,046	1,443	1,278	(11.4)%
Fuel consumption from other fossil sources	MWh	_	_	_	_
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources	MWh	2,067	1,855	1,866	0.6%
Total fossil energy consumption	MWh	115,095	109,220	93,280	(14.6)%
Share of fossil sources in total energy consumption	%	99.1%	98.7%	98.5%	(0.2)%

Renewable Energy
Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)	MWh	_	_	_	_
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources	MWh	1,018	1,383	1,392	0.6%
The consumption of self-generated non-fuel renewable energy	MWh	_	_	_	_
Total renewable energy consumption	MWh	1,018	1,383	1,392	0.6%
Share of renewable sources in total energy consumption	%	0.9%	1.3%	1.5%	17.5%

TOTAL ENERGY CONSUMPTION	MWh	116,113	110,604	94,672	(14.4)%

Energy Intensity (MWh/M€ Revenue) (Total energy consumption/Total revenue in millions of euros)	MWh/M€	118.94	117.26	106.31	(9.3)%
* Please read the additional information in the next page.


	Solutions30 \| Annual Report 2025		105

Additional Information:

– “The data refers to the energy consumption of the Solutions30 Group and is aligned with the entities included in the financial report,

which means that the values relating to the UK and to the connectivity activity in Spain were not considered in the annual figures

presented for 2023, 2024 and 2025.

– Regarding the total electricity consumption of the entities in France, obtaining actual values was not possible in many cases, as

electricity costs are often included in building rental agreements. Given this limitation, and considering that operations in France

account for more than 33% of the Group’s revenue,we estimated the electricity consumption based on the average consumption per

employee. To achieve this, we used the annual average electricity consumption per employee in Belgium (the second country in the

Group in terms of revenue) and calculated the total electricity consumption for France by multiplying this average by the total number

of employees in France.

– The 2024 electricity total consumption figure has been corrected compared with the value previously reported in the 2024 Annual

Report. Last year, due to an oversight, the total electricity consumption disclosed did not include the electricity used to charge electric

vehicles at public charging stations. As a result, the updated figure presented in this Annual Report, although still excluding

consumption from the UK and the Connectivity activity in Spain, is significantly higher than the value published in last year’s report.

– For the conversion of diesel and gasoline (liters), electricity (kWh), and natural gas (m³) into Megawatt-hour (MWh), we applied the

conversion factors provided by the International Energy Agency (https://www.iea.org).

Summary of energy consumption and energy efficiency results (2023 - 2025):


In 2025, total energy consumption decreased by 14.4% compared with 2024 , falling from 110,604 MWh to 94,672 MWh, representing a reduction of 15,932 MWh. In absolute terms, the decrease in energy consumption was greater than the reduction in annual revenue (approximately 5.6%), highlighting a continued improvement in the Group’s overall energy efficiency. Compared with 2023, total energy consumption in 2025 declined by 18.5%. The Group achieved a significant reduction in diesel consumption and recorded a slight decrease in gasoline consumption. Electricity consumption increased marginally, reflecting the continued growth in the number of electric vehicles within our fleet.
In relative terms (energy intensity), Solutions30 continued to improve its energy performance, achieving a 9.3% reduction in energy intensity compared with 2024 and 10.6% compared with 2023 .


	Solutions30 \| Annual Report 2025		106

■ Green Electricity versus Grey Electricity

• Green Electricity: Green electricity refers to electricity

generated from renewable energy sources that have

minimal environmental impact and produce little to no

greenhouse gas emissions. These sources include

wind, solar, hydro, geothermal, and biomass energy.

• Grey Electricity: Grey electricity is electricity produced

from non-renewable energy sources, primarily fossil

fuels such as coal, oil, and natural gas. The generation

of grey electricity typically results in significant carbon

dioxide (CO₂) and other greenhouse gas emissions,

contributing to climate change and environmental

pollution.

In line with the methodology applied in the previous year, in

2025 we carried out a new assessment of the energy mix

associated with the electricity purchased and consumed by

the Solutions30 Group, broken down by country and by

company (in Belgium and Portugal). We successfully

collected this information for all countries in which the

Group operates, with the exception of France.

In France, due to the large number of sites, particularly

warehouses, and the difficulty in obtaining reliable

information from landlords, we opted to use the percentage

of renewable electricity published by Eurostat. Accordingly,

we considered that 30% of all electricity purchased by

Solutions30 in France originates from 100% renewable

energy sources.

The countries for which we obtained detailed data on the

share of green electricity represent approximately 63% of

the Group’s total electricity consumption. Given this level of

coverage, we consider the dataset sufficiently

representative for the analysis presented below.

In 2025, two Group countries, The Netherlands and Spain,

procured only green electricity for their offices and

warehouses. However, the exclusion of the Connectivity

activity in Spain from the reported data, to align with the

financial reporting perimeter, had a negative impact on the

Group’s overall percentage of green electricity

consumption.

Based on the collected information, and excluding the

Connectivity activity in Spain, we conclude that 43% of all

electricity purchased and consumed in 2025 was green

electricity, meaning it was sourced entirely from

renewable energy sources. The remaining 57%

corresponded to electricity purchased from non renewable

sources (“grey energy”).

As previously mentioned, several of our entities have

already transitioned to sourcing 100% green electricity, and

we remain committed to significantly increasing this share

in the coming years.

This objective is fully aligned with our commitment to the

Science Based Targets initiative (SBTi), particularly our

Scope 2 emission reduction target, which was formally

submitted in October 2025 and approved in January 2026.

Given the expected and progressive increase in electricity

consumption between 2025 and 2030, driven primarily by

the electrification of our vehicle fleet, it will be essential to

increase the proportion of electricity purchased from

renewable energy sources. This is a critical enabler that

will allow the Group to accommodate higher electricity

demand while simultaneously reducing its Scope 2 GHG

emissions.

In line with this strategic direction, a specific Scope 2

reduction target has been set for 2026, intentionally

defined as a stand alone objective and not combined with

Scope 1 reductions. In practical terms, for 2026 we aim to

achieve a minimum reduction of 7% in Scope 2 GHG

emissions compared with 2024, which corresponds to a

cumulative reduction of 21% relative to our base year

(2023).

Increasing the consumption of green electricity will

therefore remain a key pillar in achieving this target and

reinforcing the Group’s long term commitment to

sustainability and carbon footprint reduction.


	Solutions30 \| Annual Report 2025		107

3.2.3. Other Environmental Topics

3.2.3.1. Resource use and Circular economy

According to the double materiality assessment conducted

in 2024, the topics “Circular economy, use of resources

and waste management,” “Air, soil and water pollution,”

“Water consumption,” and “Biodiversity and ecosystems”

were not considered material due to the nature of our

business sector and the activities we undertake.

Although “Resource use and circular economy” was not

identified as a material topic in this assessment, we

acknowledge its broader significance in the sustainability

landscape. The assessment determined that this topic has

low impact materiality for the Group, as well as low

financial materiality. However, we recognize the

importance of maintaining transparency on key aspects

such as energy consumption and efficiency, waste

management, and circular economy initiatives.

Our continued efforts in these areas reflect our

commitment to responsible resource management,

operational efficiency, and the promotion of sustainable

practices that support long-term environmental and

economic resilience.

■ Waste management

As part of our commitment to sustainability, we implement

a structured and compliant waste management system

that aligns with European regulations and industry best

practices. Our approach is designed to minimize

environmental impact by ensuring the proper handling,

segregation, and disposal of waste while promoting

recycling and circular economy principles.

Regulatory Compliance and Best Practices

We strictly adhere to the Waste Framework Directive

(2008/98/EC) and classify all waste according to the

European Waste List (EWL). This classification allows us

to properly identify, segregate, and handle waste in

compliance with legal requirements, ensuring a clear

distinction between hazardous and non-hazardous

materials.

To maintain compliance, we collaborate with licensed

waste management companies, ensuring that waste is

processed through recycling, energy recovery, or safe

disposal methods, depending on its nature and

environmental impact.

A Group-wide waste management procedure is in place to

ensure a standardized approach across all sites. This

procedure defines responsibilities, best practices, and

reporting obligations, ensuring compliance with

environmental laws and corporate sustainability goals.

Key aspects of the procedure include:

• Training and Awareness – Employees are trained on

proper waste segregation and handling.

• Internal and External Audits & Compliance Checks

– Annual ISO 14001 audits and regular internal audits

verify our compliance with regulations and adherence

to the group-wide waste management procedure.

• Continuous Improvement – We regularly review

processes to enhance efficiency and environmental

performance, in line with ISO 14001.

Waste Collection and Segregation

We have established a structured waste collection and

segregation process across all our operational sites.

Waste is separated at the source, and each type is labeled

according to its EWL code, ensuring proper storage,

handling, and transportation in line with environmental

legislation and regulations.

Record-Keeping and Traceability

To ensure full transparency and regulatory compliance, all

waste records are documented and maintained for

regulatory inspections, corporate reporting, and

sustainability assessments.

Responsible Waste Treatment and Disposal

Once collected and classified, waste is sent to authorized

facilities that guarantee responsible treatment. Whenever

possible, we prioritize recycling and material recovery,

reducing our environmental footprint while promoting

circular economy practices. When recycling is not feasible,

we ensure that waste is safely disposed of in accordance

with regulatory guidelines.

Commitment to Continuous Improvement

We continuously assess and improve our waste

management processes through internal and external

audits (e.g., ISO 14001), compliance checks, and

employee training programs. By reinforcing best practices

and raising awareness, we ensure that our teams actively

contribute to waste reduction and sustainability

enhancement.

Below is a table summarizing the waste generated by

Solutions30 Group companies in 2025, presented in tons

and as a percentage of the total waste produced:


	Solutions30 \| Annual Report 2025		108


Type of Waste split by destination	Quantity (tons)	%	Waste Management Overview: In 2025, the vast majority of waste generated by the Group consisted of non-hazardous waste, accounting for over 90% of the total . Only than 9.6%, of the waste generated by our activities was classified as hazardous, in accordance with the European List of Waste. The hazardous waste primarily includes electrical and electronic equipment containing hazardous substances (16 02 13/ 16 02 14), as well as batteries (16 06 01*). Non-hazardous waste, on the other hand, is highly diverse. The largest share originates from civil works activities, with the most significant categories being: • Soil and stones (17 05 04) • Mixed inert waste (17 09 04) • Mineral waste (17 01 01) • Cables (17 04 11) • Non-hazardous bituminous mixtures (17 03 02) These five waste categories alone represented 83% of the total waste generated in 2025.
Hazard waste	664	9.6%
Preparation for reuse	279	4.1%
Recycling	134	1.9%
Other recovery operations
Incineration	251	3.6%
Landfill
Other disposal operations
Non-hazard waste	6,231	90.4%
Preparation for reuse	0	—%
Recycling	1,873	27.2%
Other recovery operations
Incineration
Landfill	4,356	63.2%
Other disposal operations		—%
Total*	6,895


Waste Disposal and Diversion Summary	Quantity (tons)	%	In 2025, 33% of the waste generated by the Group was recycled, while 67% was disposed of in landfills. This distribution reflects the specific characteristics of the waste produced across our operations. A significant share (61%) consists of non‑hazardous materials originating from civil works, such as soil, stones, inert residues, and mixtures of concrete, bricks, tiles, and ceramics. Although these materials are not hazardous, their physical composition and heterogeneity significantly limit their recycling potential. As a result, landfill disposal remains the predominant treatment route for this waste stream. The Group continues to work with certified waste management partners and seeks opportunities to increase recovery rates whenever technically and economically feasible.
Diverted from disposal	2,286	33.2%
Directed to disposal	4,609	66.8%

Recycled and non-recycled waste	Quantity (tons)	%
Total amount of recycled waste	2,286	33.2%
Total amount of non-recycled waste	4,609	66.8%

*NOTE: The total reported waste corresponds to the quantities disclosed by six countries within the Group, representing approximately

66% of the Group’s total revenue. It was not possible to obtain a complete overview of the total waste generated across the entire

Group, particularly in France. For this reason, in 2026 we will restructure the waste‑data collection methodology within the Solutions30

France entities.

This improvement will allow us to strengthen the consistency, completeness, and reliability of our environmental reporting.

Consequently, in the 2026 Sustainability Statement, we aim to provide an even more comprehensive and rigorous waste overview,

covering all countries and entities across the Group.


	Solutions30 \| Annual Report 2025		109

■ Equipment Repair and Refurbishment (circular economy)

In partnership with its customers, Solutions30 is actively

involved in a broad range of sustainability initiatives

designed to extend the lifespan of electronic equipment

and reduce waste generation. Over the past three years,

the Group has repaired approximately 732,094 devices,

including 544,333 computers and 187,761 printers, across

France, Benelux, Italy, and Spain. Without the technical

intervention of our teams, the vast majority of these

devices would likely have been discarded, resulting in

additional waste and increased demand for the production

and logistics of new equipment.

In 2025, we repaired 246,933 devices (197,375 computers

and 49,558 printers), maintaining a consistently high

annual repair volume. Although total repairs decreased by

6% compared with 2024, performance in 2025 remained

2% above the average repair volume recorded in 2023–

2024 and 4% above the average of the three preceding

years (2022–2024). This demonstrates both the resilience

of our operations and the continued relevance of

repair‑based solutions within our customers’ sustainability

strategies.

These results highlight the significant contribution of our

technical teams to circular‑economy practices, helping

customers extend equipment lifecycles, avoid premature

disposal, and reduce the environmental impact associated

with manufacturing, transportation, and end‑of‑life

treatment of electronic devices.

Through these initiatives, Solutions30 not only supports

environmental sustainability but also generates tangible

operational benefits for its customers. Repairing and

reusing equipment helps reduce costs related to spare

parts and logistics while mitigating risks associated with

supply chain disruptions. Furthermore, this approach

aligns with the ESG commitments of both the Group and

its customers, reinforcing responsible resource use and

promoting more sustainable consumption patterns.

As part of our sustainability initiatives, we have also

implemented a printer refurbishment programme in

collaboration with one of our major customers in the IT

sector. This initiative focuses on repairing, resetting, and

restoring end‑of‑life printers to an “as‑new” condition,

enabling their reuse in new business contracts. Since the

programme was launched in 2024, we have successfully

refurbished 1,181 printers, of which 793 were completed in

2025.


Our Customer HP, has awarded Solutions30 with the Platinum Badge, the highest honor accorded by the HP CS Impact recognition program for HP suppliers.

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	Solutions30 \| Annual Report 2025		110

SOCIAL

OWN WORKFORCE HEADCOUNT AVERAGE

5,907

HIRING UNDER 30 YEARS OF AGE

39%

PERCENTAGE OF WOMEN IN MANAGEMENT

POSITIONS

26.7% (100 women out of a total of 378 managers)

TRAINING HOURS

163,965 hours

27.8 hours per employee

NOTE : The Group figures shown above exclude the UK

data and the Spain Connectivity activity data.


	Solutions30 \| Annual Report 2025		111

3.3 Social

3.3.1. ESRS S1 – Own Workforce

3.3.1.1 Our approach and policies

The objective of our human resources framework is to:

• Establish and communicate a management model that

enables Solutions30 to attract, develop, and retain

talented employees.

• Foster the personal and professional growth of all

employees by engaging them in the company’s

success and ensuring their work is both secure and

fulfilling.

This policy provides guidelines for labor relations across

all countries where the Group operates. It serves as a

reference for setting group-wide objectives, including

professional selection, stable and quality employment,

employee relations, workplace health and safety, training

and development, and social dialogue.

We regard human rights as fundamental to preserving

dignity, freedom, and respect in our operations, the

companies we collaborate with, and the communities we

serve. Our commitment to human rights, including labor

rights and the rights of local communities, is outlined in our

human rights policy, in our code of conduct and in the

code of conduct for business partners. Our approach to

human resources management is rooted in respect for

diversity, equal opportunities, and non-discrimination,

while aligning employee interests with the Group’s

strategic goals.

At Solutions30, we consider our employees our most

valuable asset, and we are committed to creating a

productive, respectful, and creative workplace that

promotes well-being and growth. This includes providing

training opportunities and ensuring equal access to career

advancement.

Key strategic priorities for Group Human Resources

include:

• Recruiting young talent

• Focusing on training and skill development

• Ensuring employee health and safety, with an

emphasis on reducing injuries

• Increasing the representation of women in

management roles

These key strategic priorities for Group Human Resources

are essential for ensuring the long-term success and

sustainability of the organization. Recruiting young talent

is crucial as it brings fresh perspectives and innovative

ideas, helping to drive growth and adapt to changing

market demands. Focusing on training and skill

development ensures that employees continue to grow

professionally, keeping the company competitive and

fostering a culture of continuous improvement. Ensuring

employee health and safety, with an emphasis on reducing

injuries, not only protects the well-being of our workforce

but also contributes to higher productivity and morale.

Finally, increasing the representation of women in

management roles is important for promoting gender

equality, creating diverse leadership teams, and driving

better decision-making across the organization. These

priorities reflect our commitment to both employee

development and a more inclusive, responsible, and high-

performing work environment.

The Group has defined and implemented the following

policies and codes of conduct related to ethics, human

resources, and human rights:

■ Human Rights Policy: The Solutions30 Group Human

Rights Policy commits to upholding fundamental rights

at work, aligning with international standards such as

the UN Guiding Principles on Business and Human

Rights, International Labor Organization’s (ILO), and

OECD Guidelines for Multinational Enterprises. The

company prohibits discrimination, child and forced

labor, ensures freedom of association, promotes

workplace safety, fair working conditions, equal pay,

and prevents any form of harassment. Compliance is

required from employees, suppliers, and partners, with

corrective measures or contract termination in cases of

non-compliance.

■ Human Resources Policy: The Solutions30 Group

Human Resources Policy outlines the company’s

commitment to fostering a productive, inclusive, and

safe work environment. It emphasizes talent attraction,

fair recruitment, diversity, equal opportunities, and

employee development through training and career

growth initiatives. The policy ensures compliance with

labor laws, promotes health and safety, prohibits

harassment, and upholds fair wages and ethical labor

practices. Employees are encouraged to engage in

open communication, and mechanisms for feedback

and reporting violations are in place to maintain a

respectful and transparent workplace culture.

■ Health and Safety Policy: Solutions30 Group

integrates health and safety into its corporate culture,

emphasizing a proactive and preventive approach for

its employees and subcontractors. Committed to

reducing and eliminating professional risks, the Group

ensures compliance with regulations, continuous

improvement, and implementation of safety guidelines.

Employees and subcontractors are expected to

actively engage in safety measures, report concerns,

and adhere to updated procedures. A dedicated

steering committee oversees health and safety

strategies, focusing on people and road safety, best

practices, well-being, training, and communication.

The Group also follows ISO 45001/VCA** standards in

key countries.

■ Whistleblower Policy: This policy ensures a

transparent and ethical work environment by

encouraging employees, partners, and stakeholders to

report misconduct, including fraud, corruption, and

legal violations, without fear of retaliation. It provides

secure and confidential reporting channels, outlines

the process for handling reports, and protects

whistleblowers from discrimination. Investigations are

conducted fairly, maintaining confidentiality while

ensuring compliance with laws and company policies.


	Solutions30 \| Annual Report 2025		112

■ Code of Conduct: This document outlines the

company’s commitment to ethical behavior,

compliance, and responsible business practices. It

covers three main areas: societal responsibility,

including respect for human rights, equal treatment,

and environmental sustainability; business ethics,

prohibiting corruption, conflicts of interest, and insider

trading while promoting fair competition; and

workplace responsibility, ensuring occupational safety,

data protection, IT security, and proper asset

management. The document is binding for employees

and partners, with guidelines, examples, and a

whistleblowing system to uphold integrity and

corporate values.

All of our policies have been approved by the

Management Board and are overseen by our Supervisory

Board. These policies apply to all Group employees,

subcontractors and other business partners. All our

policies listed above can be consulted in our website at:

www.solutions30.com.

As part of this, we prioritize specific actions (e.g., training

initiatives) to prevent, mitigate, and address any adverse

human rights impacts related to our workforce and supply

chain. At the same time, we have also defined and

implemented a whistleblower policy and platform, which is

available to anyone on the Solutions30 Group website.

The whistleblower policy outlines the procedures by which

individuals, who have reasonable grounds to believe that

an incident of workplace malpractice is occurring or is

likely to occur within the Solutions30 Group, can raise their

concerns in a completely anonymous and confidential

manner.

Eco-driving and road safety

On the other hand, Solutions30 has implemented a road

safety and eco-driving policy.

This policy aims to reduce work-related road accidents

and promote a culture of safe and ecological driving within

the organization through the following actions:

• Raising awareness among drivers about the main risks

they face or create when commuting to work

• Ensuring that employees who drive vehicles for work

always demonstrate safe and sustainable driving skills

and habits

• Keeping all company vehicles clean, safe, and in good

working condition to maximize the safety of drivers,

passengers, and other road users while reducing the

environmental impact of the company’s fleet

• Adopting eco-friendly driving behavior, as

demonstrated in dedicated training sessions, to reduce

greenhouse gas emissions and air pollution by

lowering fuel consumption

3.3.1.2. Material Impacts, Risks and Opportunities

(IRO)

In the image below, we present the materiality level of

each sub-topic related to the topic “Own Workforce.” This

aims to highlight the relative importance of each sub-topic,

within the Solutions30 workforce strategy.

The table below outlines the sustainability-related impacts,

risks, and opportunities (IRO) identified and assessed as

material through our double materiality assessment

process. Specifically, it refers to the IROs associated with

“Own Workforce (ESRS S1).”

Within the table, we indicate the impacts and risks for our

own operations. Additionally, we specify whether these

impacts are positive or negative. Unless explicitly stated

as potential impacts, all impacts are considered actual.


		ESRS S1 – Own Workforce
		• Health and safety for employees • Training and skills development • Attractiveness and retention
IRO Identification			Material impact, risk or Opportunity	Description
	Positive impact		Secure employment and workplace for our employees.	We prioritize providing employees with a secure and equitable work environment, by prioritizing compliance with the highest standards, including ISO 45001 and VCA certifications. With over 72% of our employees covered by a certified health and safety management system, we continuously strive to create a workplace where well-being is paramount. Our workplace promotes flexibility, enabling employees to maintain a healthy balance between their professional and personal lives in collaboration with their managers.
	Positive impact		Equal treatment and opportunities for all	We are dedicated to ensuring equal opportunities for all, regardless of ethnicity, gender, religion, race, age, disability, sexual orientation or social standing.


	Solutions30 \| Annual Report 2025		113


		ESRS S1 – Own Workforce
		• Health and safety for employees • Training and skills development • Attractiveness and retention
IRO Identification			Material impact, risk or Opportunity	Description
	Positive impact		Career progression through training and development	We provide abundant opportunities for skill enhancement and career progression through targeted training programs. Over the past three years, the average annual training volume per employee has exceeded 25 hours, with technical staff being the primary beneficiaries of these initiatives. Our commitment to hiring young individuals with limited qualifications and offering them career opportunities through our training and development programs is a significant contribution to fostering their growth and potential.
	Positive impact		Attracting and promoting women to achieve greater representation in management roles, thereby enhancing gender equality	We aim to recruit and keep female employees to promote gender equality. We set clear goals and implement projects aimed at increasing the representation of women in management positions and to support the improvement of women’s qualifications and skills (“FemmesForce” and “Mentoring Program”).
	Positive impact		An inclusive culture that enables people with disabilities to develop and advance their careers	We are firmly committed to fostering an inclusive working environment in which employees with disabilities feel valued, respected, and empowered to reach their full potential. As of December 2025, individuals with disabilities represented 2.3% of our total workforce, reflecting our ongoing efforts to remove barriers, challenge stigma, and promote equal opportunities across the Group.
	Negative impact (potencial)		Possible work-related injuries and fatalities	This possible negative impact is associated with work-related physical injuries and fatalities. Given the nature of sector, we acknowledge the risks our employees face. This concern extends to both our direct workforce and subcontractors operating at our sites. Work-related injuries can lead to extended absences, ranging from days to months. Extended absences have both operational and financial impacts on the Group. For this reason, it is crucial for us to maintain a continuous downward trend in the Injury Severity Rate (ISR) year after year, as has been consistently observed. These risks are relevant in the short, medium, and long term. To mitigate them, we have implemented health and safety management systems (ISO 45001/ VCA), which currently covers 72% of our employees. Safety is deeply embedded in our company culture. We closely track safety performance on a monthly basis and incorporate safety-related targets into our manager’s bonus to reinforce our commitment to a secure work environment.
	Risk		Neglecting or inadequately addressing training needs can directly affect our capacity to maintain satisfactory levels of both operational quality and output	Initial and continuous training ensures that skill levels align with our objectives. It also plays a key role in shaping a positive image of quality, both within the organization and externally.
	Risk		Attracting and retaining our managers	Attracting and retaining talented managers is essential for our continued success. The loss of skilled staff due to the absence of a clear development program can significantly impact our business. To address this, we conduct annual assessments to evaluate performance and potential. Additionally, we facilitate internal mobility through monthly intra-group job fairs, where we identify high-potential individuals for growth opportunities. To further enhance our efforts, we have a Group HR function that focus on talent management and employee development across the organization.


	Solutions30 \| Annual Report 2025		114

3.3.1.3. Actions to mitigate impacts or risks and maximize opportunities

Solutions30 has conducted a thorough assessment to

identify the Impacts, Risks, and Opportunities (IRO)

relevant to its operations. Based on this analysis, the

company has strategically planned, defined, and

implemented a comprehensive set of actions aimed at

minimizing negative impacts and risks while maximizing

potential opportunities. These actions are designed to

enhance operational efficiency, strengthen employee well-

being, and support sustainable growth.

To ensure continuous improvement, Solutions30 actively

monitors the outcomes of these initiatives and regularly

evaluates their effectiveness. This approach allows for

necessary adjustments and optimizations, ensuring that

the actions remain aligned with the company’s strategic

objectives and evolving challenges.

The table below provides a summary of the actions and

projects that have been implemented or are planned, in

alignment with our workforce strategy and policies.


Topic	Main action description
Human rights	• Definition and implementation of the human rights policy, along with internal communication to Solutions30 Group employees and other business partners through the Code of Conduct for Business Partners. • We continuously monitor compliance with internationally recognized human rights standards by regularly collecting data and collaborating with our business partners to ensure the timely identification and resolution of potential violations. • Implementation of a whistleblower policy and platform, accessible to all individuals via the Solutions30 Group website. The policy outlines the procedures for reporting workplace malpractice, enabling individuals with reasonable grounds to believe an incident may occur or has occurred within the Solutions30 Group to raise their concerns anonymously and confidentially. • Mandatory Governance, Risk, and Compliance training for all Group employees.
Human resources/ engaging with our workforce	• Definition and implementation of the human resources policy, along with internal communication to Solutions30 Group employees. • We are committed to fostering an open and inclusive workplace where all employees feel encouraged to express their opinions freely. To support this, we recently conducted a survey to assess employee satisfaction and motivation levels. • In 2024, we refined our methodology and standardized the survey across all Group companies, ensuring a consistent approach to measuring employee satisfaction. This enhancement allows us to collect more comprehensive feedback, identify key areas for improvement, and conduct meaningful comparisons across different entities within the Group. By considering factors such as geographic location and operational scope, we can better understand the specific needs and trends of each company, enabling us to tailor our strategies and initiatives to support our employees more effectively. The survey provides valuable insights into employees’ perceptions of Solutions30 as a workplace, their daily work experiences, and other aspects that influence their professional lives. The results serve as a critical foundation for meaningful discussions and the implementation of targeted actions to continuously enhance our work environment. • Individual performance assessment interviews and sharing of career development goals, are carried out regularly. • Additionally, we have implemented a whistleblowing platform, easily accessible through our website, where employees and other stakeholders can report concerns, submit complaints, or highlight non-compliant situations. All reports are carefully reviewed by the Group Head of Risk, Compliance, and ESG and corrective measures taken if necessary.
Health and Safety	• Ongoing commitment to the implementation and improvement of Health and Safety Management Systems in accordance with international standards (ISO 45001 and VCA). Currently, 72% of the Group’s total employees are covered by these management systems. • We are committed to continuously enhancing and safeguarding our robust health and safety policies, strategies, and management systems as we expand our business activities. This includes ongoing preventive and corrective measures such as safety training, internal audits, inspections, on-site health and safety meetings, emergency drills, qualified health and safety management teams, and regular inspections of personal protective equipment to ensure a safe and compliant working environment for all. • Over the past three years, Solutions30 has provided more than 105,000 hours of health and safety training to its employees, with a primary focus on technicians. During this 3 years period, across all training areas, our technicians have received almost 370,000 training hours, which represents an average of 29 hours per technician per year.
Skills Development	• Our Human Resources teams are constantly working to enhance the career pathways at Solutions30, based on our HR policy and the Group’s central strategy. We aim to provide employees with the essential tools they need to continuously improve their skills, ensuring equal access to professional growth opportunities within the Group. • The need for skill development is identified at the level of each legal entity, business unit, or country, and a training plan is developed to ensure these needs are met. • Over the past three years, we have provided more than 538,000 hours of training (both internal and external) across a variety of areas and topics. Notably, we have focused on technical training, which accounted for more than 68% of the total training provided, as well as health and safety training, which represented 20% of the total training during this period.


	Solutions30 \| Annual Report 2025		115


Topic	Main action description
Skills Development (continuation)	• Knowledge Center: Designed to provide all employees with easy access to the Group’s policies and procedures related to Governance, Risk, and Compliance (GRC). This resource is available in the language of each country where the Solutions30 Group operates, ensuring that everyone can refer to the procedures in their native language. The Knowledge Center is dynamic and regularly updated with new policies or changes to existing ones. It serves as a central hub to raise awareness among employees and ensure that everyone is informed about the policies and procedures that apply across all subsidiaries of the Solutions30 Group, as well as in all jurisdictions where we operate.
Equal Opportunities, Diversity and Inclusion	• The definition and implementation of the human resources policy, along with internal communication to Solutions30 Group employees, are key priorities. Our HR policy focuses on attracting talent, ensuring fair recruitment, promoting diversity, providing equal opportunities, and fostering employee development through training and career growth initiatives. It ensures compliance with labor laws, promotes health and safety, prohibits harassment, and upholds fair wages and ethical labor practices.We have continued working towards increasing the percentage of women in management positions, setting quantitative targets (please see point 3.1.5) and support by our’s “FemmesForce” initiative and by programs for women skills and talent improvement such as “Mentoring Programs”. Throughout the year, the initiative held 12 meetings, some of them with external guests, engaging participants in workshops on communication, leadership presence, and career pathways. • Mentoring Program: Designed to promote the visibility and integration of women within the Group, with the aim of significantly contributing to their career development. This program is available to all women within the Group who are eager to develop their skills and advance in their careers. The main goals of the program are to support women during their onboarding process, contribute to their career growth, and enhance the retention rate of women within the organization. Another key objective is to increase the number of women in management positions. Anyone within the Group, regardless of gender, can participate as a mentor by sharing their knowledge and experience. In 2025, the program brought together 16 mentees from five European countries, confirming its growing relevance and attractiveness across the Group. • We are continuously improving the accessibility of our workplace for everyone (e.g., technological accessibility), fostering an inclusive environment for employees with disabilities. Currently, 2.3% of our own workforce consists of individuals with disabilities. • In 2025, we developed a Group-wide e-learning training programme on inclusion and diversity, reaffirming our commitment to fostering an inclusive workplace culture. The programme is designed to equip our teams with the knowledge, awareness and practical tools needed to embrace diversity and promote equity at all levels of the organisation. • The training was internally launched in the middle of the last quarter of 2025. Despite this limited rollout period, 42% of the Group’s total workforce had already completed the programme by year-end, demonstrating strong engagement and commitment from our employees. Building on this positive momentum, our objective is to reach an 80% participation rate among active employees by the end of 2026, further embedding inclusion and diversity principles across the Group. • We are committed to ensuring fair wages and gender equality in pay for equal positions and competencies, both during hiring and promotions.
Discrimination and harassment	• At Solutions30, we ensure that all employees have access to reporting mechanisms as a means of resolution, promoting justice, fairness, and protection for individuals and communities. This allows anyone to freely and anonymously seek justice when they believe their rights have been violated, contributing to a more just and balanced work environment. If an employee experiences harassment, discrimination, or bullying, they are encouraged to report it through our whistleblowing platform, available on our website. Alternatively, employees also have the option to file a formal complaint with their Human Resources manager. • The promotion of this reporting tool is carried out through the following means: ◦ Code of Conduct Training: Our onboarding training program includes specific modules on complaint. ◦ Internal Communication Campaigns: We regularly communicate with employees through emails, newsletters, and meetings to raise awareness and encourage the use of this tool whenever necessary. • Solutions30 is committed to handling all reports with seriousness and impartiality, ensuring fair resolutions that take into account the needs of all parties involved. Additionally, we maintain secure and confidential records of all reports and their outcomes. • For more information on this reporting channel and the measures in place to protect whistleblowers from retaliation, please refer to Chapter “3.4 – Governance” and the Group’s whistleblowing policy, also available on our website.


	Solutions30 \| Annual Report 2025		116


Topic	Main action description
Engaging our workforce with ESG	• All members of the management board, country CEOs, and other key managers within the organization have a percentage of their variable remuneration tied to the achievement of ESG objectives. This approach is designed to actively engage these leaders in driving progress toward our ESG targets, fostering a shared commitment to sustainability and responsible business practices. • Delivery of specialized training for the Group’s managers to explain the principles, pillars, commitments, objectives, and ESG targets, as well as how each of them can contribute to improving these areas. • Awareness session for all Solutions30 Group employees to familiarize them with our ESG principles, objectives, and targets. • Monthly meetings of the Group’s ESG team with the ESG representatives from all countries where the Group operates. • Monthly publication of articles and news on ESG-related topics in our Group’s newsletter.

3.3.1.4. Objectives, Targets and Key Performance Indicators (KPIs)

■ Our Targets for 2025

At Solutions30, we are committed to fostering a fair,

inclusive, and high-performing work environment. Setting

clear objectives, measurable targets, and key performance

indicators (KPIs) allows us to monitor progress, drive

continuous improvement, and ensure alignment with our

CSR strategy and policy goals. This point outlines the key

metrics we use to assess our performance, ensuring

transparency and accountability.

Our main targets related with “own workforce”:

The Solutions30 Group defines a set of ESG objectives, targets, and KPIs annually, as mentioned in subchapter 3.1.5.

Below is a summary of the objectives, targets, and KPIs for 2026 related to the "own workforce":


Strategy Pillar / Commitment	Objectives for 2026 - Group Level	Target/ Threshold for 2026	KPI
Ensure a safe and secure work environment	Keep the injury severity rate (ISR) below than 0.65	≤ 0.65	Injury Severity Rate (ISR) ISR = (Total of lost days due to work- related accidents/ total worked hours) x 1000
Train our employees, developing their skills to advance their careers	Have at least 25 hours of training per employee during the year	≥ 25 hours	Number of training hours per employee per year
	Ensure that, by the end of 2026, at least 85% of the Group’s active employees have completed the ESG training programme launched at the end of the third quarter of 2025.	≥ 85%	% of active employees who have participated in ESG training


	Solutions30 \| Annual Report 2025		117


Strategy Pillar / Commitment	Objectives for 2026 - Group Level	Target or Limit for 2026	KPI
Train our employees, developing their skills to advance their careers	Ensure that at least 70% of active employees (with company car) attend the Eco-driving and Safe driving training.	≥ 70%	% of active employees who have participated in Eco-driving and safe driving training
	Ensure that at least 70% of active employees (staff and managers) attend the cybersecurity internal training.	≥ 70%	% of active employees who have participated in Cybersecurity training
Promote diversity and equal opportunities	Ensure at least 27% of women in management positions	≥ 27%	% of women in management positions

The objectives set for 2026 in relation to the “ESG”,

“Cybersecurity” and “Eco and Safe Driving” training

programmes will be assessed at year-end 2026, i.e. as of

31 December 2026. The evaluation will measure the

percentage of active employees who have attended and,

where applicable, successfully completed the relevant

training programmes.

For a training course to be considered valid for this

purpose, it must have been delivered within the previous

two years, using 31 December 2026 as the reference

date.

In parallel, annual objectives are established for each

country in which the Group operates, taking into account

the specific characteristics, operational scope and local

context of each entity. These country-level targets are fully

aligned with the Group’s overarching strategic objectives,

ensuring that local performance directly contributes to the

achievement of global goals.

Training-related targets are transversal and uniformly

applied across all countries of the Group, ensuring a

consistent approach to capability building and awareness

on key topics. In contrast, targets relating to the Injury

Severity Rate and the proportion of women in

management positions are calibrated to reflect the specific

operational context, risk exposure and workforce

composition of each country.

All related KPIs are monitored on a monthly basis,

enabling regular performance tracking, timely corrective

actions where necessary, and continued alignment with

the Group’s strategic priorities..

■ Other important performance indicators defined and monitored

In addition to KPIs with associated targets, the Group

monitors a set of KPIs related to the “own workforce” topic,

which, although not having quantified targets, are regularly

tracked, with actions taken if any trends deviate from the

Group’s guidelines and expectations.

Every month, the ESG team collects a wide range of

relevant data to analyze the company’s performance in

this area and reports internally on progress.


Strategy Pillar / Commitment	Topic	KPI	Monitoring frequency
Ensure a safe and secure work environment	Work accidents	Injury Frequency Rate (IFR) IFR = (Total of work-related accidents/ total worked hours) x 1000000	Monthly
Ensure a safe and secure work environment	Absenteeism	Absenteeism Rate (%) (total amount of absences divided by possible working hours)	Monthly
Promote youth employment	Percentage of people under 30 years old hired, by country and at the group level	% of hires of young people (<30 years old)	Monthly
Promote an inclusive work environment	Inclusion	% of employees with disabilities in our workforce	Monthly
Promote diversity and equal opportunities	Gender distribution	% of women in our workforce	Monthly
Promote diversity and equal opportunities	Gender pay equality	Gender pay gap (%)	Quarterly


	Solutions30 \| Annual Report 2025		118


Strategy Pillar / Commitment	Topic	KPI	Monitoring frequency
Ensure a safe and secure work environment and advance our employees career	Employee turnover	% employee turnover (by age, by gender and by position)	Monthly
	Employee seniority	Average seniority of employees	Quarterly
Ensure a safe and secure work environment and promote our employer brand	Employee satisfaction level	Employee satisfaction rate (%)	Annually

3.3.1.5. Own Workforce Data

To align the Sustainability Statement with the Financial Report, the Group figures presented in this chapter have been

adjusted to exclude the UK data and the Spain Connectivity business for all three years (2023, 2024 and 2025).

■ Group Human Resources

In 2025, the average number of Solutions30 employees (head count) was 5 907, broken down as follows:


AVERAGE WORKFORCE BY COUNTRY	2023			2024			2025
AVERAGE WORKFORCE BY COUNTRY	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL
France	2,145	586	2,731	1,929	294	2,223	1,804	275	2,079
BeneLux	1,265	171	1,436	1,264	174	1,438	1,082	155	1,237
Germany	451	58	509	471	61	532	464	66	530
Italy	543	54	597	401	51	452	357	48	405
Poland	963	156	1,119	1,035	167	1,202	934	154	1,088
Portugal*	_	_	_	147	282	429	133	257	390
Spain**	132	26	158	149	34	183	141	37	178
TOTAL	5,499	1,051	6,550	5,396	1,063	6,459	4,915	992	5,907

*IIn 2023, Portugal’s employee data was reported together with France, as most services were provided to that market.

From 2024 onwards, with the expansion of services within the Group, Portugal’s data has been reported separately.

**The figures for Spain relate to non-connectivity activities only.

The geographical distribution of the workforce is in line with the evolution of revenue. The share of employees in France

has been decreasing since 2021 and accounted for 35.2% of the total in 2025. This reflects the maturity of the French

market and the ongoing growth in other countries, with the Benelux and Poland leading the way.


COUNTRY	Average workforce in 2023 as % of total	Average workforce in 2024 as % of total	Average workforce in 2025 as % of total
France*	41.7%	34.4%	35.2%
BeneLux	21.9%	22.3%	20.9%
Poland	17.1%	18.6%	18.4%
Germany	7.8%	8.2%	9.0%
Italy	9.1%	7.0%	6.9%
Portugal	—%	6.6%	6.6%
Spain	2.4%	2.8%	3.0%
Total	100%	100%	100%
*Our reported data above shows that in 2023, the workforce in France included employees from the shared services center based in Portugal.


	Solutions30 \| Annual Report 2025		119

As in 2024, the vast majority of employees in 2025 hold permanent contracts. This indicator has consistently remained at

a high level for several years, increasing notably since 2021 and stabilizing from 2023 onwards, reflecting the Group’s

strong commitment to job stability.


WORKFORCE BY CONTRACT TYPE	2023			2024			2025
WORKFORCE BY CONTRACT TYPE	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL
Average number of employees on long-term contracts	5,067	965	6,033	5,003	888	5,891	4,608	844	5,452
Average number of employees on long-term contracts			(92% of total)			(91% of total)			(92% of total)
Average number of employees on short-term contracts	431	86	517	395	173	568	308	147	455
TOTAL	5,498	1,051	6,550	5,398	1,061	6,459	4,916	991	5,907

In 2025, 4.4% of employees held part-time contracts, including 9.2% of women and 3.4% of men. Compared to 2024,

there was a slight increase in the number of part-time employees. However, when compared with the average of 2023

and 2024, the 2025 figures remain within the expected range, with the Group continuing to maintain a low reliance on

part-time employment, at under 5%.


PART-TIME EMPLOYEES	2023			2024			2025
PART-TIME EMPLOYEES	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL
Part-time work	204	91	294	145	91	236	183	98	281
Total employees	5499	1051	6550	5396	1063	6459	5380	1059	6439
Average number of employees % of all employees	3.7%	8.7%	4.5%	2.7%	8.6%	3.7%	3.4%	9.2%	4.4%

In the table below, we present the age and gender distribution of the average annual workforce of the Solutions30 Group:


WORKFORCE BY AGE	2023			2024			2025
WORKFORCE BY AGE	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL
< 30 years old	1,109	304	1,413	983	251	1,235	738	188	926
30-50 years old	3,490	674	4,164	3,424	730	4,153	2,637	640	3,277
≥ 50 years old	901	71	972	991	81	1,071	1,541	163	1,704
TOTAL	5,500	1,050	6,550	5,398	1,062	6,459	4,916	991	5,907

In 2025, women represented 16.8% of the workforce, an increase of 2% compared to 2024 and 4.6% compared to

2023. On average, women hold 26.7% of management positions and 45% of roles in administrative and managerial

functions, while representing only 4.2% of technicians and operators, a 17% relative increase compared to 2023.


WORKFORCE BY CATEGORY	2023			2024			2025
WORKFORCE BY CATEGORY	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL
Managers	381	133	514	300	109	409	277	101	377
Administrative employees	853	758	1,611	855	772	1,626	870	725	1,595
Technicians & Operators	4,265	159	4,424	4,241	182	4,423	3,769	166	3,935
TOTAL	5,499	1,050	6,549	5,396	1,063	6,458	4,916	991	5,907


	Solutions30 \| Annual Report 2025		120


GROUP MANAGEMENT TEAM	Unit	2024			2025
GROUP MANAGEMENT TEAM	Unit	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL
Management Board	Number	4	0	4	4	0	4
Executive members	Number	4	0	4	4	0	4
Non-executive members	Number	0	0	0	0	0	0
Average age	Years	54			55
Average seniority	Years	8			9
Supervisory Board	Number	4	3	7	4	3	7
Percentage	%	57%	43%	_	57%	43%	_
Independent members of the Supervisory Board	%	100%	100%	100%	100%	100%	100%
Executive Committee of the Group	Number	4	4	8	3	4	7
Percentage	%	50%	50%	_	43%	57%	_
Managers
Top managers	Number	40	8	48	40	8	48
Percentage	%	83%	17%		83%	17%
Middle managers	Number	260	101	361	238	93	330
Percentage	%	72%	28%		72%	28%
All managers	Number	300	109	409	277	100	378
Percentage	%	73%	27%		73%	27%

*Type of manager definition: Top Manager - management roles with responsibilities and activities at the strategic level of the Group,

companies, or Business Units. Responsible for vision and strategy.

Middle Manager - management and coordination functions responsible for planning, implementing, and controlling activities carried out

by teams focused on specific business segments. Management functions of a specific area of the Company or Business Unit.

Responsible for achieving operational objectives. Manager who reports directly to Top Manager.

■ Employee Hiring

In the table below, we present the hiring data of employees, broken down by age and gender.


WORKFORCE HIRES BY AGE	HIRES 2023			HIRES 2024			HIRES 2025
WORKFORCE HIRES BY AGE	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL
< 30 years old	687	239	926	433	144	576	201	74	275
Rate*	61.9%	78.6%	65.5%	44.0%	57.2%	46.7%	27.3%	39.2%	29.7%
30-50 years old	1,018	349	1,368	589	168	758	277	63	341
Rate*	29.2%	51.8%	32.9%	17.2%	23.1%	18.2%	10.5%	9.9%	10.4%
≥ 50 years old	126	18	144	92	19	111	81	8	89
Rate*	14.0%	25.2%	14.8%	9.3%	23.6%	10.4%	5.3%	4.7%	5.2%
TOTAL	1,831	607	2,438	1,114	331	1,446	560	145	705
Rate*	33.3%	57.8%	37.2%	20.6%	31.2%	22.4%	11.4%	14.6%	11.9%

* Rates are calculated as the ratio between the number of people hired and the average number present during the year.


	Solutions30 \| Annual Report 2025		121

Employment of young people

In 2025, employees under the age of 30 represented 16%

of the total workforce.

Young people under 30 accounted for 39% of total hires in

2025, reflecting the Group’s strong commitment to youth

recruitment. Since 2022, the Group has consistently

achieved youth hiring rates above 38%, and aims to

maintain a high rate of young hires in 2026.

Additionally, in 2026, we will analyse how many of these

young and initially low skilled employees progressed

internally within the Group’s hierarchy, enabling us to more

accurately monitor the real impact of this programme.


HIRES < 30 YEARS	HIRES 2023			HIRES 2024			HIRES 2025
HIRES < 30 YEARS	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL
< 30 years old	687	239	926	433	144	576	201	74	275
Total hires	1,831	607	2,438	1,114	331	1,446	560	145	705
Percentage	37.5%	39.4%	38.0%	38.8%	43.4%	39.9%	36.0%	51.0%	39.1%

In an environment marked by constant technological

evolution and rising skill requirements, developing strong

technical capabilities has become more critical than ever.

Within this landscape, young professionals remain

essential contributors to Solutions30’s long term growth

and innovation capacity.

One of the company’s key commitments under the social

pillar continues to be the training and development of its

workforce, supporting employees in advancing their

careers while fostering diversity, equal opportunities, and

youth employment.

To attract new talent and ensure effective skills

development, Solutions30 has implemented robust

recruitment processes. To accompany its expansion and

continuously integrate new competencies, the company

has developed a comprehensive training framework. This

approach enables the recruitment of young individuals

without formal qualifications, those who may have

experienced academic challenges, or professionals

seeking to change careers, significantly enhancing their

employability.

The core principles guiding our selection and recruitment

processes include:

• Supporting young people in accessing their first job

• Matching candidates with opportunities that reflect

their potential, ensuring the selection of the most

qualified professionals

• Ensuring objective and impartial recruitment practices

• Promoting the inclusion of diverse skill profiles.

■ Workforce Turnover

In the following table, we present a summary of the data related to workforce turnover.


WORKFORCE TURNOVER	Unit	2023	2024	2025
Number of employees who left the company	Number	1,995	1,844	1,526
Turnover rate	%	30.5%	28.6%	25.8%
Turnover rate (men)	%	30.5%	27.4%	25%
Turnover rate (women)	%	30.1%	34.5%	30.1%
Number of employees who voluntarily left the company	Number	_	831	667
Voluntary turnover rate	%	_	12.9%	11.3%


	Solutions30 \| Annual Report 2025		122


WORKFORCE TURNOVER BY AGE	TURNOVER 2023			TURNOVER 2024			TURNOVER 2025
WORKFORCE TURNOVER BY AGE	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL
< 30 years old	536	137	674	480	144	624	274	92	365
Rate*	48.0%	45.0%	48.0%	49.0%	57.0%	51.0%	37.0%	49.0%	39.0%
30-55 years old	940	165	1,105	799	204	1,003	661	170	831
Rate*	27.0%	24.0%	27.0%	23.0%	28.0%	24.0%	25.0%	27.0%	25.0%
≥ 55 years old	203	14	217	199	18	217	293	37	330
Rate*	23.0%	20.0%	22.0%	20.0%	23.0%	20.0%	19.0%	23.0%	19.0%
TOTAL	1,679	316	1,995	1,478	366	1,844	1,228	298	1,526
Rate*	31.0%	30.0%	30.0%	27.0%	34.0%	29.0%	25.0%	30.0%	26.0%

*The turnover rate is the ratio between the number of people who have left the company and the average workforce for the year for each

age category.

Overall, a consistent downward trend in employee

turnover has been observed across the Group.

Turnover remains higher among employees under the age

of 30, largely reflecting the nature of the Group’s activities,

as many of these roles represent a first professional

experience. The Group is structured to absorb and

manage this dynamic.

The skills acquired by our technicians through internal

training programs significantly enhance their employability

in the job market. While this supports their professional

development, it can also present retention challenges. The

technical qualifications provided by the Group open up

new career opportunities, making these employees

increasingly attractive to other organizations. This

phenomenon is particularly evident among younger

employees, who often begin their careers at Solutions30

and may later pursue external opportunities as their skills

develop.

Nevertheless, the Group maintains a flexible

organizational structure to manage this level of turnover

and remains committed to fostering internal talent by

offering career development and progression

opportunities.

As shown in the table above, 2025 recorded the lowest

turnover rate among young employees over the past three

years, with a particularly significant decrease compared to

2024.

■ Training, talent management, and performance

monitoring

Training is a fundamental pillar of professional qualification

and opens up opportunities for career advancement within

the Group.

The training program includes elements aimed at

promoting a culture of ethical behavior, which is essential

within the framework of the Group’s values.

At Solutions30, professional development primarily targets

administrative employees in fields requiring specialized

skills, such as project management and management

control, but also technicians. Technical training, in

particular, serves as an entry point into the workforce for

technicians and offers continuous development

opportunities.

In 2025, the Group provided 163,965 hours of training,

which corresponds to 27.8 hours per employee,

demonstrating the Group’s strong commitment to

developing its employees’ skills. Among these training

sessions, 61% were dedicated to technicians,

confirming the priority given to improving their

qualifications.

Whenever the local context allows, the Group hires young

individuals with sometimes low educational levels and

significantly enhances their employability by offering

professional training and providing them with new career

prospects and opportunities. In terms of total training

hours, technicians are the main beneficiaries of these

programs, receiving more than three-quarters of the total

training hours delivered by the Group.

The Group has implemented an interactive online platform

called “Solutions30 Academy,” accessible to all its

employees. This platform allows for:

• The provision of specific training programs, regularly

updated to ensure tailored learning;

• The monitoring of employees’ progress and the

identification of areas for improvement.

A comprehensive training program is delivered through

specialized centers, in the form of e-learning modules or

in-person sessions.

Regarding ESG, GRC (Governance, Risk, and

Compliance), Cybersecurity, Inclusion & Deversity, and

GDPR (General Data Protection Regulation) topics, the

Group provides all its employees with a set of mandatory

e-learning courses. These training sessions aim to

disseminate our policies, strategy, and objectives in these

areas while strengthening employees’ knowledge and

engagement in topics we consider of critical importance.

The Group collaborates with various local institutions,

including:

• Employment agencies, such as France Travail in

France, VDAB in Flanders, the Gdańsk and Siedlce

employment offices, as well as UWV in the

Netherlands;

• Several universities, including Vigo, Granada, Malaga,

and La Rioja in Spain;


	Solutions30 \| Annual Report 2025		123

• Specialized institutes, such as Dibkom German

Institute for Broadband Communication;

• The TAKpełnosprawni Foundation, committed to the

recruitment and integration of people with disabilities in

the job market;

• The Luigi Clerici Foundation and “Immaginazione &

Lavoro” Institute in Milan, as part of professional

internship programs;

• The Polytechnic University of Milan, the School of

Communication and the Foundation for the

Development of the School of Communication

Complex in Gdańsk.

In Poland, additional collaborations have been established

with:

• The Secondary School Complex No. 1 in Siedlce;

• The Youth Education and Work Center in Siedlce

(Centrum Edukacji i Pracy Młodzieży w Siedlcach);

• The Energy School Complex and Technical High

School No. 13 in Gdańsk.

Talent Management within the Group is Centered on

Training, through:

• The implementation of a structured framework

covering all training initiatives, to enhance employees’

qualifications, facilitate their adaptation to an evolving

multicultural environment, and promote the company’s

sustainable growth;

• The development of training plans aimed at

strengthening professional skills, supporting

organizational changes, and facilitating the integration

of new employees.

Solutions30 continues to strengthen its commitment to

training, reflected in its ongoing focus on the diversity and

quality of the programs delivered. As illustrated in the chart

below, the average annual training hours per employee in

2025 decreased compared to 2023. This reduction was

mainly driven by a smaller workforce and a lower need to

recruit technicians in 2025 compared to the previous two

years.

As the majority of training is directed toward technical

roles, a reduction in technician recruitment has a direct

impact on the overall training volume at Group level.

Despite this, the average annual number of training hours

per employee exceeded the Group’s target of 25 hours,

reaching 27.8 hours in 2025. This marks the third

consecutive year in which this target has been achieved,

which we consider a very positive outcome for the

continuous development and upskilling of our workforce.


NUMBER OF TRAINING HOURS BY GENDER AND BY CATEGORY	2023			2024			2025
NUMBER OF TRAINING HOURS BY GENDER AND BY CATEGORY	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL
Managers	5,493	1,211	6,704	10,935	3,272	14,207	13,048	2,378	15,426
Administrative employees	14,102	15,632	29,734	21,305	26,404	47,709	29,697	19,408	49,105
Technicians & Operators	139,281	4,724	144,005	123,955	7,899	131,855	96,077	3,357	99,434
TOTAL	158,876	21,567	180,443	156,195	37,576	193,771	138,822	25,143	163,965


	Solutions30 \| Annual Report 2025		124


TRAINING HOURS BY GENDER AND BY CATEGORY (average per person per year)	2023			2024			2025
	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL	MEN	WOMEN	TOTAL
Managers	14.4	9.1	13.1	36.5	30.0	34.8	47.2	23.6	40.9
Administrative employees	16.5	20.6	18.5	24.9	34.2	29.3	34.1	26.8	30.8
Technicians & Operators	32.7	29.7	32.5	29.2	43.5	29.8	25.5	20.3	25.3
TOTAL	28.9	20.5	27.6	28.9	35.4	30.0	28.2	25.4	27.8

In 2025, the average number of training hours provided to

the Group’s managers increased significantly, rising from

34 to 41 hours. This progress underscores Solutions30’s

strong commitment to strengthening managerial

capabilities and ensuring that its leadership community is

well prepared to respond to the challenges of an

increasingly dynamic and evolving business environment.

During the year, two new internal training programmes

were launched exclusively for the Group’s middle and top

managers: Manager Basic Training and Manager Option+.

These initiatives were designed to enhance core

managerial competencies, reinforce leadership

effectiveness, and support managers in driving operational

excellence across all countries of operation.

These trainings were specifically designed to:

• Equip managers with the tools and best practices

required to lead their teams effectively and

responsibly;

• Facilitate the implementation of the Group’s strategic

directives;

• Promote a collaborative, inclusive, and motivating

work environment.

In parallel, a substantial proportion of managerial training

hours focused on key ESG-related topics, including

environmental, social and governance (ESG) principles,

cybersecurity, Governance, Risk and Compliance (GRC),

diversity and inclusion, and data protection requirements

under the General Data Protection Regulation (GDPR).

These critical areas require in-depth knowledge to ensure

sound governance, regulatory compliance, robust risk

management, and enhanced data and systems security.

The broadening and diversification of training content

further demonstrate the Group’s dedication to the

continuous development of its leadership community. Well-

trained managers are better equipped to guide and

support their teams, foster employee engagement and

professional growth, and ultimately contribute to the

Group’s sustainable performance and long-term value

creation.

■ Performance evaluation

At Solutions30, we regularly conduct individual

performance evaluation interviews and share professional

development objectives, with a minimum frequency of

once per year. In addition, we periodically organize special

management initiatives for highly skilled employees.

Our goal is to gradually increase the number of employees

involved in this performance evaluation process, as we

believe it significantly enhances individual performance

and development, strengthens focus on achieving the

Group’s goals and targets, and contributes to the overall

improvement of service quality for our clients.

The table below provides a summary of the total number

of individual performance evaluation interviews conducted

over the past three years, categorized by professional

category.

As of the preparation of this report, many performance

evaluations were still being conducted or planned. For this

reason, the figure reported for 2025 is expected to be

significantly higher, particularly among managers.


EMPLOYEES HAVING UNDERGONE AN ANNUAL PERFORMANCE REVIEW (%)	2023	2024	2025
Managers	90%	67%	48%
Administrative employees	71%	50%	63%
Technicians & Operators	41%	52%	46%


	Solutions30 \| Annual Report 2025		125

■ Occupational health and safety

a) Occupational health and safety policy

The group places great emphasis on the well-being of its

employees, not only by adhering to occupational health

and safety regulations and implementing procedures to

prevent accidents and workplace illnesses but also by

promoting physical and mental wellness through policies

that encourage healthier habits.

Given that the strength of Solutions30 is in its workforce,

ensuring their health and safety is a top priority, both for

ethical reasons and to ensure the continuity of operations.

Enhancing health and safety within the Group is also seen

as an opportunity to improve overall well-being, safeguard

human resources, and boost productivity. The group is

dedicated to establishing, enforcing, and reviewing

measures to minimize workplace risks for employees,

subcontractors, suppliers, and customers. As a

responsible organization, Solutions30 strives to mitigate

workplace hazards to the greatest extent possible.

Additionally, the Group is committed to continually

improving its health and safety practices. It has earned

ISO 45001 certification in various countries, reflecting its

commitment to the highest standards of occupational

health and safety. Solutions30 fosters a health and safety

culture across the entire organization, offering appropriate

training, guidance, and supervision for all employees.

Currently, 72% of the Group’s workforce is covered by the

ISO 45001 standard or VCA** standard (this last one only

used in Belgium and the Netherlands).

The Occupational Health and Safety Policy is designed to

ensure a safe and healthy working environment and

includes the following key elements:

• Integrating health into the workplace.

• Group-wide safety standards to ensure that all levels

of employees, from directors to workers, understand

their responsibilities.

• Methods for efficiently identifying, evaluating, and

managing workplace risks.

• Health monitoring and training to ensure employees

are fit for work.

• A system for assessing occupational health and safety

based on group-wide standards to identify potential

gaps, share best practices, and foster a culture of

excellence in risk prevention.

Health and safety training is mandatory not only for

employees but also for subcontractor technicians working

at all job sites, prior to commencing any tasks. In 2025,

solutions30 provided more than 26 500 hours of

health and safety training to our own workforce.

In addition to the third-party audits required for maintaining

ISO 45001 and VCA** certifications, Solutions30 is

regularly audited by clients and conducts annual internal

audits across all entities within the Group.

The group tracks occupational health and safety

performance using two key indicators such as the Injury

Frequency Rate (IFR) and the Injury Severity Rate (ISR).


Injury Severity Rate (ISR)	2023	2024	2025	2025 vs 2024
Solutions30 Group	0.67	0.65	0.58	(11)%

As shown in the table and graphs above, since 2021, the

injury severity rate has steadily decrease, reflecting a

continuous reduction in workplace accident severity. This

positive trend results from the Group’s health and safety

strategy, supported by various initiatives to enhance

working conditions, particularly for field technicians. Key

contributing factors include the ongoing improvement of

Health and Safety Management Systems (ISO 45001 and

VCA certifications), a strong focus on prevention through

technical and safety training, regular inspections, internal

audits, and targeted improvement plans based on accident

investigations and analysis.

As previously presented, Solutions30 has set a target for

the injury severity rate (ISR) as one of its key ESG

objectives. While we acknowledge the importance of the

injury frequency rate (IFR) for health and safety

performance analysis, we believe that focusing solely on

IFR is too limited. For instance, in an extreme case, we

could have only one accident in a year, which might seem

like a good result. However, if that single accident were a

fatality, it would be a highly negative outcome. Conversely,

we could have a higher frequency rate but with less

severe accidents, resulting in fewer lost days. For this

reason, we place greater emphasis on ISR and have

chosen to set specific targets only for this metric.

For 2025, the S30 group reports the following figures

related to our own workforce:


Safety Data	Unit	2024	2025
Number of injuries	Number	328	350
Lost-time injuries	Number	311	203
Worked hours	Hours	10,183,581	9,577,857
Injury Frequency Rate (IFR)	(*)	30.53	21.18
Injury Severity Rate (ISR)	(*)	0.65	0.58
Fatalities	Number	0	0

In 2025, the total number of work-related accidents

(including commuting accidents) increased by 7%

compared with 2024.

However, despite this rise, the number of accidents

resulting in lost working days decreased by approximately

35% over the same period.

This positive trend reflects a significant reduction in the

injury severity rate, which improved from 0.65 in 2024 to


	Solutions30 \| Annual Report 2025		126

0.58 in 2025. In summary, although the Group recorded a

higher number of incidents, many of these accidents were

reported and documented in accordance with our internal

procedures, but did not result in any lost time/

absenteeism.

It is also important to note that, prior to 2024, the Group

did not differentiate between types of accidents, such as

workplace accidents and commuting accidents. All

incidents were consolidated into a single reporting

category, which prevents us from conducting a reliable

comparison between 2025 and 2023. Therefore, the only

valid year on year assessment is between 2025 and 2024.

Additionally, the total number of hours worked in 2025 was

6% lower than in 2024, reflecting the decrease in

operational activity during the year. This reduction in

exposure hours reinforces the relevance of using

standardized H&S indicators, such as frequency and

severity rates, to ensure a consistent and comparable

analysis of performance.

Accounting Notes (*)

– The scoping and consolidation of safety data require

that we include 100% of work-related accidents, hours

worked, and days lost for our own workforce.

Therefore, data related to our subcontractors (value

chain workers) are not included.

– The Injury Frequency Rate (IFR) is calculated as the

number of work-related accidents that occurred during

the year 2024, divided by the total number of hours

worked, multiplied by 1000000. This includes lost-time

injuries, defined as injuries that result in an incapacity

to work for one or more calendar days in addition to

the day of the incident.

– The Injury Severity Rate (ISR) is calculated as the

total number of days lost due to work-related accidents

that occurred during the year 2024, divided by the total

number of hours worked, multiplied by 1000. When

calculating the number of days lost, holidays and

weekends are not included. Only days lost due to

accidents that occurred in the calendar year 2024 are

considered.

– The total number of work accidents includes all

accidents that occurred, whether they are work-related

or travel-related.

– Fatalities refer to the number of employees who lost

their lives as a result of a work-related incident. If they

occur, they will be included in the IFR and ISR

calculations.

■ Equal Opportunities and Gender Pay Gap

Equal Opportunities

The company promotes diversity among its employees

(ethnicity, religion, gender). Its goals and principles may

be summarized as follows:

• Respect diversity and eliminate discrimination based

on race, skin color, age, gender, marital status, political

views, nationality, religion, sexual orientation, or any

other minority status or personal, physical, or social

condition among its workforce.

• Promote the equal opportunity principle, an essential

pillar of professional development that requires

commitments to equal practices and treatment to drive

personal and professional growth among the team. We

are continuously improving the accessibility of our

workplace for everyone (e.g., technological

accessibility), fostering an inclusive environment for

employees with disabilities. Currently, around 2% of

our own workforce consists of individuals with

disabilities.

• Promote gender equality in terms of access to

employment, to training, to promotions, and to good

working conditions by encouraging gender diversity as

a reflection of social and cultural realities.

• Take steps to promote work-life balance by:

– Respecting employees’ personal and family lives

– Facilitating a good balance between their

personal lives and professional responsibilities for

both men and women.

Gender Pay Gap

Assessing the overall gender pay gap at Group level

remains challenging, as direct comparisons are often not

feasible. In many of our countries, there is limited or no

overlap between men and women performing the same

role, within the same function, country, and with

comparable skills and qualifications. This lack of

comparable positions restricts the production of a precise

and meaningful global pay gap indicator.

Nevertheless, to gain a clearer understanding of potential

disparities, in 2025 we conducted a gender pay gap

analysis, referent to the year 2024, for specific roles where

the Group employs a high number of individuals

performing the same tasks with similar skill sets, such as

call center positions. This assessment was carried out

across four countries.

The highest gender pay gap identified was 4.3%, meaning

that, on average, women earned 4.3% less than men

while performing the same function. In the other three

countries analysed, the gaps were 2.2%, 2.3%, and 3.6%,

respectively, with women consistently earning less than

their male counterparts. Although these variations are

relatively small, they highlight the importance of

continuous monitoring and targeted actions to mitigate

potential inequalities.

In 2026, we aim to extend the Gender Pay Gap analysis to

all countries in which the Group operates, applying the

calculation methodology defined under ESRS S1,

Disclosure Requirement S1 16 – Remuneration Metrics.

The results of this Group wide analysis will be presented

in the 2026 Sustainability Statement.

The Group continues to monitor pay equity closely. In line

with EU Directive 970/2023, we are also exploring

approaches to enhance pay equality and transparency,

ensuring clear visibility of pay structures and identifying

potential disparities across our workforce.


	Solutions30 \| Annual Report 2025		127

■ Teleworking (remote work)

Solutions30 is a flexible employer that supports remote

work and strives to accommodate the needs of its

employees as much as possible.

Teleworking offers numerous benefits for employees,

enhancing work-life balance, reducing commuting time

and GHG emissions, costs, and increasing overall job

satisfaction. Additionally, remote work can contribute to

improved well-being by reducing stress associated with

daily travel.

Thanks to our ongoing digital transformation, advanced IT

tools and platforms, and strong commitment to digital

inclusion, many employees across the Group can take

advantage of teleworking.

Below, we present the average number of employees

(headcount) who have worked remotely over the past

three years.


REMOTE WORK	2023	2024 ^(*)	2025
Number of employees working remotely	655	505	641

% of employees working remotely	10%	8%	11%

Total days of remote work	86,552	59,376	50,914

In summary, throughout 2025, an average of 641 employees per month worked remotely, representing approximately

11% of the Group’s total workforce.

(*) For 2024, it was not possible to determine the precise number of remote workers in France. As France represented

34% of the Group’s total workforce in 2024, we are confident that the real number and percentage of employees working

remotely during 2024 were higher than the figures presented in the table above.

■ Employee Satisfaction

The Group periodically conducts employee satisfaction

surveys to better understand employees’ perceptions,

concerns, and expectations. These assessments allow us

to identify areas for improvement, strengthen best

practices, and develop initiatives aimed at fostering a

positive, motivating work environment aligned with our

organizational values.

At the end of 2024 and beginning of 2025, a satisfaction

survey was carried out across eight countries within the

Group, covering more than 79% of the total workforce.

The results showed an overall satisfaction score of 3.3 on

a scale from 1 to 5, where 1 represents “very dissatisfied”

and 5 represents “fully satisfied.” This outcome provides

us with a valuable baseline for strengthening our

employee experience strategy and enhancing

engagement across the organization.

In 2026, a new employee satisfaction survey will be

conducted in all countries where the Group operates. This

survey will use a fully harmonized methodology across all

geographies, enabling us to more accurately assess

global employee satisfaction and compare results between

countries. This standardized approach will help us identify

improvement opportunities and highlight strengths in

specific countries that can be replicated elsewhere within

the Group.

In addition to these surveys, the Group provides an online

whistleblowing platform accessible to all employees. This

secure and confidential channel allows employees to

report misconduct, dissatisfaction, or any other concerns

anonymously. We consider this mechanism essential for

promoting a culture of transparency, integrity, and trust,

ensuring that everyone can raise issues without fear of

retaliation. All reports submitted through the platform are

reviewed directly by the Group Head of Compliance, who

assesses each case and ensures the implementation of

appropriate follow up actions when necessary.

Employees may also contact their local Human Resources

teams directly to express concerns or dissatisfaction. HR

managers are responsible for addressing these matters,

ensuring timely follow up, and fostering open, constructive

dialogue throughout the Organization.


	Solutions30 \| Annual Report 2025		128

■ Collective Bargaining and Social Dialogue

Solutions30 is firmly committed to upholding human rights

and promoting an open, constructive, and respectful social

dialogue across all the countries where it operates. Our

human rights and human resources policies reflect our

dedication to ensuring fair working conditions, supporting

collective bargaining processes, and safeguarding the

principles of freedom of association.

We fully recognize and respect our employees’ rights to

join, or to refrain from joining, labor unions or other

representative bodies, without fear of discrimination,

harassment, intimidation, retaliation, or violence, and

always in compliance with national legislation. Employees

are free to participate in organizations of their choice that

legitimately represent their interests. We ensure that

individuals who serve as employee representatives are

treated fairly and are neither advantaged nor

disadvantaged as a result of their role.

In locations where employees choose not to appoint

formal representatives, Solutions30 encourages direct,

transparent, and open communication between employees

and management. Maintaining regular dialogue at all

levels allows us to identify concerns early, collaborate on

practical solutions, and reinforce a workplace culture built

on trust and mutual respect.

The Group strictly complies with all applicable labor laws

in the countries where it operates and aligns its practices

with internationally recognized standards, including the

conventions of the International Labour Organization (ILO)

concerning freedom of association, collective bargaining,

consultation mechanisms, and the right to strike. These

principles form the foundation of our approach to social

relations and are embedded in our day to day

management practices.

Through ongoing and meaningful engagement,

Solutions30 strives to ensure that employees, and their

representatives, where applicable, are actively involved in

discussions on key topics affecting their working lives. This

continuous dialogue contributes to building a fair,

inclusive, and responsible work environment where every

individual feels heard, respected, and valued.

■ Fair Remuneration

Solutions30 is committed to ensuring fair, equitable, and

transparent remuneration practices across all its

operations. We recognize the fundamental right of every

employee to good working conditions and to remuneration

that reflects the value of their work.

At Solutions30, remuneration practices are guided by the

following principles:

• Fair and equitable compensation, ensuring that pay

levels reflect the responsibilities, competencies, and

contributions associated with each role.

• Strict respect for the principle of equal pay for men

and women performing work of equal value,

supported by objective job evaluations and consistent

assessment criteria.

• Full compliance with national legal frameworks and

collective labour agreements, as well as alignment

with International Labour Organization (ILO)

Conventions on fair wages and decent working

conditions.

• Guarantee that the minimum remuneration received

by any Solutions30 employee is never below the

requirements established by national legislation or

collective agreements in each country where the

Group operates.

The Group believes that a well structured remuneration

system is essential to strengthening its human capital and

enhancing its competitiveness. Fair remuneration not only

supports employee well being, but also contributes to

operational excellence by fostering motivation,

engagement, and long term retention.

To ensure consistency and alignment with our strategic

priorities, Solutions30’s remuneration system is built on

four key pillars:

1. Attracting, recruiting, and retaining top talent by

offering competitive and market aligned

compensation.

2. Aligning remuneration practices with the Group’s

strategic positioning, long term development goals,

and pursuit of operational excellence.

3. Recognizing and rewarding employees’ dedication,

responsibilities, performance, and contribution to

value creation.

4. Adapting remuneration structures to the diverse

operational and regulatory realities of the different

countries where the Group operates, ensuring

fairness and compliance everywhere.

These principles are embedded in the Group’s Human

Resources Policy, which is publicly available on our

website and serves as a reference framework for all

countries and business units.

■ Incidents, complaints and human rights violations

Solutions30 operates an online whistleblowing platform

accessible to all employees and stakeholders through the

corporate website. This channel allows confidential and

anonymous reporting of any type of concern or complaint,

including but not limited to incidents, workplace issues,

ethical or compliance-related matters, potential human

rights violations, and health and safety concerns.

All employee data is anonymized to ensure GDPR

compliance, and the system fully aligns with the EU

Whistleblower Protection Directive.

All submissions made through the platform are reviewed

directly by the Group Head of Risk, Compliance & ESG,

who reports to both the Management Board and the Audit,

Risk, and Compliance Committee. This governance

structure ensures independence, oversight, and

impartiality in the assessment and follow up of each case.

When necessary, corrective actions are implemented in

collaboration with the appropriate internal departments.

In 2025, fourteen incidents of discrimination, including

harassment, were reported. No severe human rights

violations involving employees were recorded in 2025.

More detailed information, together with a comprehensive

summary of the number of cases reported through our

whistleblowing platform in 2025, is provided in section

3.4.1.5 – Governance Data.


	Solutions30 \| Annual Report 2025		129

3.3.2. ESRS S2 – Workers in the Value Chain

3.3.2.1 Our approach and policies

Solutions30’s service activities require significant

collaboration with external service providers. The most

critical among them are subcontractors/ technical

personnel providers, call center service providers, logistics

service suppliers and long-term vehicle rental companies.

The risk of economic dependence is low, as Solutions30

has viable alternatives in each procurement category.

Contracts with suppliers directly involved in group

operations, such as call centers and local subcontractors,

include service-level indicators to ensure specific quality

standards.

Solutions30 categorizes its suppliers into two main groups:

• General Suppliers

• Subcontractors

■ General Suppliers

Certain purchases, such as vehicle leases and IT

equipment, are managed by the Group’s fleet manager

and IT manager, respectively. They negotiate framework

agreements for such purchases. Local procurement teams

are responsible for selecting and securing the necessary

products and services to ensure operational continuity

from external general suppliers.

Solutions30 expects its suppliers to protect and promote

worker health and safety in all their operations and

facilities. Additionally, suppliers must comply with all

applicable environmental regulations and demonstrate a

commitment to continuous improvement in their

environmental and health and safety performance. They

are also encouraged to develop innovative processes and

solutions that minimize environmental impact throughout

their life cycle.

Suppliers are required to:

• Continuously monitor their energy and natural

resource consumption, carbon footprint, waste

management, and overall environmental impact,

striving to mitigate risks and negative effects.

• Ensure that their employees possess the necessary

skills to perform their assigned tasks, providing training

in both technical competencies and environmental,

health, and safety best practices.

■ Subcontractors

Solutions30 delivers digital services and technical

solutions to end customers, both individuals and

businesses (B2C and B2B), often acting on behalf of

leading telecommunications, technology, security, and

energy companies. This is made possible through a

network of approximately 15,000 internal and external

technicians who specialize in installation, maintenance,

and technical support across multiple sectors.

The Group operates in nine European countries: Belgium,

France, Germany, Italy, Luxembourg, the Netherlands,

Portugal, Poland, and Spain.

Although adjustments within our supply chain may occur

as we respond to evolving customer needs and shifts in

market demand, these changes do not alter the

fundamental structure or geographic footprint of

Solutions30’s value chain.

Because the vast majority, almost 100%, of our value

chain workforce consists of external technicians, either

self employed or employed by subcontracted companies,

our approach to supply chain responsibility places a strong

focus on these workers. Ensuring ethical, safe, and legally

compliant practices among our subcontractors is therefore

central to our sustainability strategy.

Our responsible supply chain management approach is

built on a rigorous third party due diligence process,

carried out before any commercial relationship is initiated.

This includes verifying all mandatory legal, administrative,

and operational documentation required in the relevant

country.

To ensure ongoing compliance, periodic reviews and

monitoring activities are performed throughout the duration

of the partnership.

In addition, all business partners must comply with the

requirements set out in our Business Partners Code of

Conduct, which outlines expectations regarding

environmental protection, labor rights, health and safety,

ethics, business integrity, and human rights.

Further detail on our due diligence procedures is available

in Chapter “3.4 – Governance” of this Sustainability

Statement.

To formalize these commitments, Solutions30 establishes

subcontracting agreements with all external partners.

These agreements include clear contractual obligations

related to:

• Environmental requirements, including waste

management, resource efficiency, and compliance

with local environmental legislation

• Health & Safety standards, ensuring adequate

training, safe working methods, and compliance with

national regulations

• Adherence to the Business Partners Code of Conduct,

including labor rights, human rights, and ethical

business conduct

• Transparency, ethics, and governance, with specific

clauses addressing anti-corruption, fraud prevention,

and responsible subcontracting

These measures collectively help ensure that all business

partners operate in line with Solutions30’s values and

sustainability commitments, while reinforcing the integrity

and resilience of our value chain across all geographies.

The following sections provide a summary of our key

governance frameworks regarding these topics.

■ Business Partner Code of Conduct: this document

establishes ethical and compliance standards for

suppliers, subcontractors, and partners. It emphasizes


	Solutions30 \| Annual Report 2025		130

responsibility in society, including human rights,

stakeholder relationships, and sustainability; business

ethics, covering anti-corruption, fair competition,

money laundering prevention; and workplace integrity,

focusing on safety, data protection, and intellectual

property security. Partners must adhere to these

principles, communicate them within their networks,

and report violations through designated channels.

Non-compliance may result in business termination or

corrective actions. It applies to all subcontractors and

other business partners who establish commercial

relationships with us.

■ Third-Party Due Diligence Policy: Solutions30 has

implemented a Third-Party Due Diligence (TPDD)

Policy to ensure compliance, integrity, and ethical

business practices in its operations. This policy,

aligned with regulatory frameworks such as the Sapin

II Law, aims to mitigate financial and reputational risks

related to third-party relationships.

The TPDD process includes risk classification, compliance

checks, and in-depth reviews when necessary. Business

partners must meet specific requirements, and contracts

are only formalized once due diligence is successfully

completed. Continuous monitoring, audits, and verification

mechanisms are in place to ensure compliance, with clear

roles assigned to internal governance, risk management,

and compliance teams. Non-compliance may result in

disciplinary actions. For more detailed information, please

see section 3.4 – Governance.

3.3.2.2. Material Impacts, Risks and Opportunities (IRO)

In the image below, we present the materiality level of

each sub-topic related to the topic “Workers in the value

chain.” This aims to highlight the relative importance of

each sub-topic, within the Solutions30 Group.

The table below outlines the sustainability-related impacts,

risks, and opportunities (IRO) identified and assessed as

material through S30 double materiality assessment

process. Specifically, it refers to the IROs associated with

“Workers in the Value Chain (ESRS S2).”

Within the table, we indicate the impacts and risks for our

value chain. Additionally, we specify whether these

impacts are positive or negative. Unless explicitly stated

as potential impacts, all impacts are considered actual.


		ESRS S2 – Workers in the Value Chain
		• Health and safety for employees • Training and skills development • Attractiveness and retention
IRO Identification			Material impact, risk or Opportunity	Description
	Negative impact (potential)		Possible work-related injuries and fatalities for subcontractors’ workers	Non-compliance with established safety regulations or poor practices by subcontractors can lead to workplace accidents, which may have significant consequences for Solutions30. Such incidents could result in legal liabilities, financial penalties, and reputational damage, especially if the company is deemed responsible for insufficient oversight. Additionally, workplace accidents may disrupt operations and delay projects.
	Risk		High dependence on Subcontractors	Operationally, it can lead to a loss of control over service quality, project delays, and potential labor shortages that may disrupt performance. Strategically, overdependence may result in the loss of internal expertise.
	Risk		Possible subcontractor misconduct	If subcontractors violate labor laws, human rights, safety regulations, or sustainability requirements, may expose Solutions30 to legal liabilities and reputational damage.
	Opportunity		Local Job Creation and Improved Labor Standards	Leveraging subcontractors to boost regional employment and strengthen community relations, we lead the industry by enforcing fair wages, worker rights, and safe working conditions among our subcontractors.


	Solutions30 \| Annual Report 2025		131

3.3.2.3. Actions to mitigate impacts or risks and maximize opportunities

Solutions30 has conducted a thorough assessment to

identify the Impacts, Risks, and Opportunities (IRO)

relevant to its operations. Based on this analysis, the

company has strategically planned, defined, and

implemented a comprehensive set of actions aimed at

minimizing negative impacts and risks while maximizing

potential opportunities. These actions are designed to

enhance operational efficiency, strengthen employee well-

being, and support sustainable growth.

To ensure continuous improvement, Solutions30 actively

monitors the outcomes of these initiatives and regularly

evaluates their effectiveness. This approach allows for

necessary adjustments and optimizations, ensuring that

the actions remain aligned with the company’s strategic

objectives and evolving challenges.

The table below provides a summary of the actions and

projects that have been implemented or are planned, in

alignment with our strategy and policies related with

subcontractor’s.


Topic	Main action description
Health and Safety (Possible work- related injuries and fatalities for subcontractors’ workers)	At Solutions30, ensuring the health and safety of subcontractors’ workers is a fundamental priority. We have implemented a structured process that includes pre-engagement risk assessments, mandatory training, continuous monitoring, and strict compliance with safety regulations to mitigate health and safety risks within our value chain. The type and extent of control depend on the nature of the activity the subcontractor will perform (risk level), as well as the maturity of their practices and the health and safety management system they have demonstrated. Pre-Engagement Requirements and Risk Assessment Before a subcontractor begins working with us, a risk assessment is conducted as part of our Third-Party Due Diligence (TPDD) Policy. This process is standardized through a group-wide template. If the assessment identifies a medium or high risk, the case is escalated for further validation by the Central TPDD Responsible. Additionally, depending on the type of activity they will perform, subcontractors are required to attend an initial meeting, during which they receive an overview of our Prevention Plan. This plan outlines all identified risks and corresponding preventive measures that must be adhered to. Mandatory Health and Safety Training To ensure compliance with safety regulations and mitigate workplace risks, we require subcontractors to provide evidence of their employees’ training based on the type of activity they will be performing. Below are key training courses that are mandatory for all subcontractor workers, regardless of their specific roles: • Work at heights training (including rescue) • Electrical training • Authorization to work near a network (e.g., electricity, gas, water, etc.) • Training for the use of specific heavy equipment (e.g., cherry picker, forklifts) Each of these training sessions must be accompanied by an employer’s authorization to work, confirming the employee’s competency. Onboarding and Initial Safety Check Upon starting work, subcontractors undergo a safety equipment check to ensure they have the necessary protective gear and comply with safety regulations. Additionally, all relevant safety procedures are provided, ensuring they are well-informed about workplace hazards and best practices. Continuous Monitoring and On-Site Audits To maintain a high level of health and safety compliance, we conduct regular on-site inspections and audits. These assessments include: • Work quality and safety checks • Frequent safety analysis • Awareness campaigns • Incident reporting and corrective actions • QHSE (Quality, Health, Safety, and Environment) audits • On-site safety compliance verification Written agreements Our Service Contracts with subcontractors outline their health and safety responsibilities, including compliance with environmental and occupational safety standards and business partners code of conduct. Through our rigorous selection process, mandatory training, continuous monitoring, and contractually enforced safety requirements, we ensure that subcontractor workers operate in a safe environment, aligning with our commitment to workplace safety and regulatory compliance. By continuously improving our processes and maintaining close oversight, we proactively mitigate health and safety risks across our value chain.


	Solutions30 \| Annual Report 2025		132


Topic	Main action description
High dependence on Subcontractors	• Strategic Partnerships : We develop strategic, long-term relationships with key subcontractors. We strengthen our relationships with subcontractors while maintaining the ability to adapt to changing needs. • Diversification of Suppliers : We work with a large number of small and medium-sized subcontractors, rather than relying on a few large ones. This approach reduces the risk in case any subcontractor breaks the contract or fails to meet their obligations, ensuring that ongoing projects are not significantly impacted. • Recruit and Train Internal Talent: We focus on building a strong internal workforce by investing in recruitment (e.g. hiring young people under 30 years old), training programs, and career development to ensure that we retain key skills. • Regularly Assess the Proportion of Work Outsourced: We regularly assess the proportion of work outsourced and adjust the balance based on business needs and risks. • mySupplace (internal platform) : We use S30 platform, “mySupplace”, to register subcontractors interested in working with us. This extensive database, organized by business area, specific tasks, geographic location, team size, and more, allows to act swiftly in case of the need to replace subcontractors. By efficiently selecting and managing subcontractors, mySupplace minimizes the risk of disruptions due to absence or contractual issues. By implementing these actions, we can manage our dependence on subcontractors, ensuring operational flexibility and better control over costs and quality.
Possible subcontractor misconduct	Our written agreements (subcontractor contracts), the Business Partners Code of Conduct, and our Whistleblower Policy all play crucial roles in mitigating the risk of subcontractor misconduct. Together, these documents and policies establish a strong framework to ensure that all subcontractors adhere to our legal, ethical, and operational standards. • Subcontractor Contracts Our subcontractor contracts clearly outline the specific terms, expectations, and obligations of both parties. These agreements define the legal requirements subcontractors must follow, including compliance with labor laws, human rights, safety regulations, and sustainability standards. By specifying these terms in writing, we establish a clear understanding of the standards subcontractors are expected to meet. This reduces the likelihood of non- compliance and provides us with legal recourse if misconduct occurs, ensuring that we can take necessary action when needed. • Business Partners Code of Conduct Our Business Partners Code of Conduct sets out the ethical principles and values that subcontractors must adhere to, covering areas such as labor practices, environmental sustainability, and health and safety. This document acts as a guideline for all our business partners, ensuring they align with our commitment to responsible business practices. By requiring subcontractors to acknowledge and commit to the Code of Conduct, we reinforce the importance of maintaining high standards of integrity and social responsibility. It also provides a reference point for monitoring subcontractor behavior and addressing any violations if they arise. • Whistleblower Policy Our Whistleblower Policy provides a confidential and anonymous channel for employees, subcontractors, and other stakeholders to report any suspected misconduct or violations of our policies and regulations. By offering this secure reporting system, we encourage a transparent and proactive approach to addressing issues before they escalate. The Whistleblower Policy not only helps us identify potential misconduct early but also protects individuals who report concerns from retaliation, fostering a culture of accountability and integrity within our operations. Together, these three mechanisms (subcontractor contracts, the Business Partners Code of Conduct, and the Whistleblower Policy) help us mitigate the risk of subcontractor misconduct. They establish clear expectations, provide a legal and ethical framework for subcontractors to follow, and offer us the means to hold them accountable. This approach reduces the risk of legal liabilities and reputational damage, ensuring that subcontractors remain compliant with our standards and applicable regulations.
Local Job Creation and Improved Labor Standards	We actively promote local job creation and improved labor standards by implementing concrete measures with our subcontractors. Our mySupplace platform allows our subcontractors to see our needs and enables them to apply for local, regional, or even international jobs, maximizing the range of opportunities, which will certainly have a positive impact on promoting and increasing local employability. Fair wages and worker rights are enforced through contractual agreements, regular audits, and compliance checks. To guarantee safe working conditions, we implement strict health and safety requirements and conduct on-site inspections.


	Solutions30 \| Annual Report 2025		133

3.3.2.4. Objectives, Targets and Key Performance

Indicators (KPIs)

■ Our Targets for 2025

Currently, the Group has not yet defined specific

quantitative objectives or targets directly related to the

impacts, risks, and opportunities associated with value

chain workers (subcontractors), such as incident rates,

training hours, or other performance indicators. However,

we have established an objective related to subcontractor

oversight: “Ensure that at least 97% of active

subcontractors are registered on the mySupplace

platform,” as detailed in sub chapter 3.4. Governance.

Given the large number of subcontractors operating

across multiple geographies and the current limitations in

the availability and consistency of data, the definition of

robust, quantifiable targets requires a strengthened data

foundation. Throughout 2025, the Group focused on

assessing existing practices, mapping available

information, and identifying the requirements necessary to

enable a more systematic and comprehensive approach to

data collection and ESG engagement within our supply

chain.

Building on this preparatory work, Solutions30 has set, for

2026, the objective of implementing a structured and

harmonized data collection process and enhancing

engagement with subcontractors on ESG related matters.

This initiative will allow us to consolidate the information

needed to develop future measurable objectives and

targets fully aligned with our internal policies, our ESG

strategy, and the ESRS disclosure requirements for value

chain workers.

This strengthened data governance framework will also

support improved monitoring, risk prevention, and

continuous improvement across the subcontractor

ecosystem, reinforcing our commitment to responsible

business practices throughout the value chain.

3.3.2.5. Due Diligence Data

■ Third-party Due Diligence - Supply Chain

In 2025, the Group’s Compliance team conducted a

total of 1,282 Third Party Due Diligence (TPDD)

assessments on subcontractors and other business

partners, averaging more than 105 compliance checks

per month. These assessments form a key component of

our governance framework, helping ensure that all third

parties operating within the Group’s value chain meet our

standards on integrity, regulatory compliance, ethics, and

contractual obligations.

The TPDD process covers a range of risk domains—

including legal, financial, ethical, and operational criteria—

and is essential not only for onboarding new

subcontractors but also for continuously monitoring

compliance throughout the duration of each partnership.

This systematic approach strengthens transparency,

mitigates potential risks, and reinforces the Group’s

commitment to responsible business conduct.

Detailed TPDD process data, together with a

comprehensive summary of the results obtained in 2025,

are provided in section “3.4.1.5 Governance Data”.

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	Solutions30 \| Annual Report 2025		134

3.3.3. ESRS S4 – Consumers and End-Users

3.3.3.1 Our approach and policies

The Group operates with a strong sense of responsibility

towards its customers, employees, partners, communities,

and the environment, aiming to foster sustainable growth

through technologies that drive inclusion and create new

opportunities.

While pursuing its business objectives, Solutions30

remains committed to acting with openness, integrity, and

transparency. It also expects all stakeholders to uphold the

highest standards of respect for people and the

environment.

As a long-term partner in the economic and social

development of the regions where it operates, Solutions30

focuses on three key areas:

• Hiring and training local talent

• Sourcing goods and services from local suppliers

• Supporting the development of local infrastructure

The Group’s sustained growth contributes to local

communities by generating employment opportunities,

enhancing technical skills, and improving workforce

employability.

To further support local economies, Solutions30

collaborates with businesses, educational institutions, and

employment agencies to provide training programs and

create new job opportunities. Through these initiatives, the

Group actively promotes the long-term, sustainable

development of the communities in which it operates.

Solutions30 also contributes to developing local

infrastructure through its everyday activities.

■ Digital transformation

As connectivity continues to expand, Solutions30’s growth

is driven by strong and sustainable market trends.

Across Europe, countries are modernizing their

telecommunications networks to enhance performance.

Solutions30 is well-positioned to support national service

providers in deploying subscriber connections and

adopting new technologies. With a diverse customer base

- from individuals to large corporations - the Group

delivers services and applications for fixed-line, mobile,

data, and cloud infrastructures, operating within highly

complex technological ecosystems.

The group has developed a centralized IT platform that

serves as the nervous system of its organizational

structure. Leveraging the full potential of this IT platform

and its underlying technology in real time is a leading

priority for Solutions30, which invests to continuously

improve its IT platforms.

■ Driving the Development of a Digital Society

Solutions30 plays a central role in shaping the digital

society of the future. Every day, the Group manages

several tens of thousands of service call-outs, leveraging

its expertise, integrated solutions, and technological

capabilities to support customers, end users, and society

at large.

By combining strong corporate values, business insight,

technological know how, and a well established local

presence, Solutions30 helps people fully adopt and benefit

from new technologies. This commitment is made possible

by its 5,907 employees (2025 annual average headcount,

excluding the UK and the telecommunications activity in

Spain), whose technical competencies span nine

European countries.

As a trusted partner in Europe’s digital transformation,

Solutions30 is dedicated to creating long term value and

accelerating the digital transition. The Group delivers

essential technical services throughout the value chain,

working closely with clients, subcontractors, and other

partners to ensure reliable, high quality support for critical

digital and energy related infrastructures.

■ Digital Rights and Data Protection

Safeguarding privacy and personal data is not only a legal

obligation but also a key factor in building trust among

customers and all stakeholders.

Solutions30 places a strong emphasis on data security

and has updated its Privacy Policy to ensure full

compliance with applicable privacy laws and regulations.

This policy outlines the circumstances under which

personal data is processed and the measures in place to

protect individuals’ privacy.

We have implemented a Data Privacy Policy to ensure

compliance with applicable privacy laws, particularly the

General Data Protection Regulation (GDPR) and also

those established by local data privacy laws, which

establish narrower criteria for the protection of personal

data. Implementing confidentiality and security measures

to prevent unauthorized access to computers, databases,

and websites, thus protecting the personal information and

data of all its stakeholders is one of the Group’s major

priorities. This policy outlines how personal data is

collected, used, and protected, with additional safeguards

in place when stricter local laws apply.

The Group is committed to processing personal data

lawfully, transparently, and securely, ensuring accuracy,

data minimization, and confidentiality. It collects personal

data from various sources, including website interactions,

job applications, and service usage. The policy also details

how personal data is used for providing services,

managing communications, and fulfilling legal obligations.

All countries where the Group operates follow strict

security standards. The policy also covers data retention,

ensuring that personal data is kept only as long as

necessary for its intended purpose.

For further details, visit www.solutions30.com .

In 2024, our Personal Data Protection Management

System (“privacy information”) was certified by the BBB

National Programs Vendor Privacy Program. This

certification applies to our entities in France, Belgium,


	Solutions30 \| Annual Report 2025		135

Italy, Germany, Luxembourg, Spain, the Netherlands, and

the United Kingdom.

In October 2025, the Group decided not to renew the

“BBB National Programs Vendor Privacy Program”

certification for 2026. This decision followed a detailed

assessment of the certification’s relevance, added value,

and alignment with our strategic priorities in the area of

data protection.

Initially, obtaining this certification,despite its limited

visibility and recognition in Europe, was motivated by the

expectations of one of our Top80 client, for whom this

accreditation represented a valued assurance criterion.

Since this client has recently removed the certification

from its requirements, we reassessed whether maintaining

it would continue to offer any tangible benefits for the

management and continuous improvement of our personal

data protection management system. This review

concluded that the certification no longer provides added

value to our processes or compliance framework.

Moreover, the BBB program remains primarily recognized

in the United States and offers limited applicability within

the European regulatory environment. In Europe, personal

data protection is governed by the General Data

Protection Regulation (GDPR), which provides a more

comprehensive and stringent set of requirements than

those covered by the BBB certification. As such,

maintaining the BBB certification does not significantly

strengthen our compliance posture nor meet the

expectations of our European stakeholders.

For these reasons, we will maintain our focus on

upholding and continuously enhancing our internal policies

and procedures aligned with the GDPR and relevant

national regulations. This approach ensures a robust,

coherent, and future oriented data protection framework

across all our European operations, while reinforcing our

commitment to high standards of privacy, security, and

responsible data management.

■ Cybersecurity

In an increasingly digital world, cybersecurity is critical for

industries that rely on connectivity, such as

telecommunications, IT and even energy. As these sectors

continue to evolve, ensuring the security of data,

infrastructure, and communications is essential to

maintaining trust, reliability, and compliance with

regulatory requirements.

At Solutions30, we recognize the importance of robust

information security management and have been steadily

expanding the number of Group entities and countries with

ISO 27001-certified Information Security Management

Systems (ISMS). In 2025, 45% of our employees operate

within entities covered by this internationally recognized

certification.

Our operations in France, Italy, Luxembourg, and the

United Kingdom are already ISO 27001 certified,

demonstrating our commitment to safeguarding

information and mitigating cyber risks. Meanwhile, our

teams in Belgium, Germany, the Netherlands, Poland,

Portugal, and Spain are also follow the best practices

aligned with this standard, but not yet certified.

In 2025, more than 3,000 Group employees completed

the mandatory “Cybersecurity” training, representing

55% of all active employees as of 31 December 2025.

Strengthening cybersecurity awareness across the

Organisation remains a key component of our broader

commitment to data protection, operational resilience, and

responsible digital practices.

As mentioned previously, our ambition for 2026 is to

significantly increase participation rates. A dedicated target

has been established: at least 70% participation among all

employees performing managerial, administrative, or staff

functions. These roles typically involve continuous use of

digital tools and access to information systems, which

naturally exposes them to higher levels of cybersecurity

risk. Ensuring that these employees receive regular,

high‑quality training is therefore essential to maintaining a

robust cybersecurity posture across the Group.

By prioritising training for the roles most exposed to digital

threats, we aim not only to strengthen individual

awareness and competencies, but also to reinforce our

collective capacity to prevent, detect, and respond to

cybersecurity incidents. This approach contributes directly

to the protection of client data, internal systems, and the

long‑term integrity of our operational environment.

In 2025, the Group’s information security management

performance was formally recognised with the award

of the CyberVadis Silver Medal, one of the most

reputable international distinctions in the field of

cybersecurity and information security assessment.

Solutions30 achieved an overall score of 870 out of 1,000

points, reflecting the maturity of our controls, the

robustness of our processes, and our continued

commitment to protecting data and digital assets across

the Organisation.

This recognition reinforces the effectiveness of our

information security governance model and demonstrates

the progress achieved in strengthening our internal

policies, risk management framework, and operational

practices related to cybersecurity resilience.

Additional information on this distinction, as well as other

achievements related to our ESG performance, can be

found in sub‑chapter 3.6 of this Sustainability Statement.

By continuously strengthening our cybersecurity

framework, we enhance the resilience of our services,

protect sensitive data, and support our clients in their

digital transformation with the highest security standards.

3.3.3.2. Material Impacts, Risks and Opportunities

(IRO)

In the next image, we present the materiality level of each

sub-topic related to the topic “Consumers and end-users.”

This aims to highlight the relative importance of each sub-

topic, within the Solutions30 Group.


	Solutions30 \| Annual Report 2025		136

Our DMA indicates that “Cybersecurity and Data

protection” related events could have a high financial and

material impact. “Customer experience and satisfaction”

related events can have a high financial impact and low

material impact while “Digital and technological inclusion”

events can have low financial and a high material impact.

The next table outlines the sustainability-related impacts,

risks, and opportunities (IRO) identified and assessed as

material through our double materiality assessment

process. Specifically, it refers to the IROs associated with

“Consumers and end-users (ESRS S4).” Within the table,

we indicate the impacts and risks for Consumers and end-

users. Additionally, we specify whether these impacts are

positive or negative. Unless explicitly stated as potential

impacts, all impacts are considered actual:


		ESRS S4 – Consumers and end-users
		• Cybersecurity and Data protection • Customer experience and satisfaction • Digital and technological inclusion
IRO Identification			Material impact, risk or Opportunity	Description
	Positive impact		Promoting Digital Inclusion	The telecommunications and connectivity sector plays a pivotal role in promoting digital inclusion by enabling access to remote work opportunities. Reliable internet connectivity allows individuals from remote or underserved regions to participate in the global job market, overcoming geographical and socio-economic barriers. This connectivity facilitates access to job listings, online interviews, and remote collaboration tools, opening doors for people who might otherwise face challenges finding employment. By supporting remote work, telecommunications also help bridge the gap in skill development. Individuals can access online training, workshops, and courses that enhance their employability, allowing them to acquire new skills or improve existing ones. This access to continuous learning empowers people to adapt to the evolving digital job market, ensuring they remain competitive. Moreover, the ability to work remotely creates economic opportunities for people in rural or economically disadvantaged areas, while also benefiting those with disabilities, especially individuals with mobility challenges. Remote work eliminates the need for commuting and physical presence in a workplace, making employment more accessible and inclusive. By fostering a more inclusive workforce, the telecommunications sector helps promote equality, economic growth, and opportunities for all, including those who face physical barriers to traditional work environments.
	Negative impact (potential)		Cybersecurity and data protection measures on customer trust and societal privacy concerns	Customer trust is the cornerstone of any successful business relationship. In an era where data breaches and cyberattacks are becoming more common, consumers are increasingly concerned about the safety of their personal information. Customers want assurance that their data is being handled securely. If we fail to implement proper cybersecurity protocols and experience a breach, it can have a significant impact on our customers and their clients, resulting in a loss of trust and, ultimately, the potential loss of contracts.
	Risk		Leakage or inappropriate treatment of confidential data	The risk of leakage or inappropriate treatment of confidential data represent a risk of non-compliance with the GDPR as well as a financial risk as non-compliance with GDPR is highly sanctioned. Main risks: – Accidental deletion or corruption of critical information – Data transmitted or stored without sufficient security measures – Unauthorized access due to poor identity management practices – Misconfigurations or weak controls in cloud environments


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		ESRS S4 – Consumers and end-users
		• Cybersecurity and Data protection • Customer experience and satisfaction • Digital and technological inclusion
IRO Identification			Material impact, risk or Opportunity	Description
	Risk		Cyber-attacks	Cyber-attacks and other IT threats pose a significant risk to our operations, potentially causing long-term disruptions. These events not only create operational challenges but also harm our reputation by preventing service delivery, leading to customer dissatisfaction and hindering technicians from providing or maintaining services. Main risks: – Regulatory Non-Compliance – Unauthorized Access to User Accounts – Vulnerable Assets – Slow or Inadequate IT Security Incident Response – Social Engineering Threats
	Risk		Customer or contract loss due to dissatisfaction	The risks associated with customer satisfaction can severely impact our results and reputation. Poor quality or inconsistency in services, experiences that do not meet customer needs, and long waiting times to resolve complaints can lead to dissatisfaction and a loss of trust. Our customer satisfaction is also compromised if we fail to deliver on promises or advertised standards, provide defective services, or communicate inadequately. Delays or ineffectiveness in resolving issues, along with data breaches or misuse of customer information, can cause irreparable damage to trust, potentially leading to the loss of contracts and even customers.
	Opportunity		Cybersecurity as a Competitive Advantage and Trust Builder	By implementing and showcasing strong cybersecurity measures, we can enhance customer confidence and position ourselves as a reliable and secure partner. In a market where digital security is a growing concern, offering solutions with high protection standards can be a key differentiator. This not only helps us stand out from the competition but also attracts customers who prioritize security. Additionally, integrating cybersecurity into our services opens new business opportunities, particularly in critical sectors that require robust protection, such as digital infrastructure, communication networks, and smart energy solutions.

3.3.3.3. Actions to mitigate impacts or risks and maximize opportunities

Solutions30 has conducted a thorough assessment to

identify the Impacts, Risks, and Opportunities (IRO)

relevant to its operations. Based on this analysis, the

company has strategically planned, defined, and

implemented a comprehensive set of actions aimed at

minimizing negative impacts and risks while maximizing

potential opportunities. These actions are designed to

enhance operational efficiency, strengthen employee well-

being, and support sustainable growth.

To ensure continuous improvement, Solutions30 actively

monitors the outcomes of these initiatives and regularly

evaluates their effectiveness. This approach allows for

necessary adjustments and optimizations, ensuring that

the actions remain aligned with the company’s strategic

objectives and evolving challenges.

The next table provides a summary of the actions and

projects that have been implemented or are planned, in

alignment with our strategy and policies related with

“cybersecurity and data protection,” “customer experience

and satisfaction,” and “digital and technological inclusion”.


	Solutions30 \| Annual Report 2025		138


Topic	Main action description
Leakage or inappropriate treatment of confidential data	• Personal Data Protection Management System (“privacy information”) certified by the BBB National Programs Vendor Privacy Program, for the Solutions30 Group entities in France, Belgium, Italy, Germany, Luxembourg, Spain, the Netherlands, and the United Kingdom. This certification covers 93% of the Group’s revenue and 81% of Group employees. • Data Protection Policy and procedures in place. • Each country has an appointed Data Protection Officer (DPO) reporting to the Group Head of Legal. They oversee GDPR compliance at their respective entities. All DPOs meet periodically to share practices, address concerns and potential non‑conformities, and strengthen compliance across the entire Group. • GDPR training to all S30 Group employees: Since 2022, it is mandatory for all new employees to complete GDPR training at onboarding. As of 31 December 2025, 5,151 active employees had completed the Group’s GDPR training, representing a participation rate of approximately 94%. This exceptionally high level of coverage reflects the strong commitment across the organisation to fostering a culture of data protection and regulatory compliance.This result demonstrates not only the effectiveness of our internal awareness programmes, but also the engagement of our teams in upholding the principles and requirements of the General Data Protection Regulation. Ensuring that employees understand their responsibilities when handling personal data remains a foundational element of our broader approach to information governance and risk management.
Cybersecurity / Cyber-attacks	• ISO 27001 Certification (Information Security Management System) - A significant portion of our entities are ISO 27001 certified 45% of our employees operate within entities covered by this internationally recognized certification. Non-certified entities adhere to the same security principles. • The Group IT Security function monitors regulatory requirements, supported by a control framework aligned with the NIS2 Directive and ISO 27001 standard, a centralized risk management system, and newly established Group IT Security policies. • Regarding the risk of unauthorized Access to user accounts, initiatives have been launched to centralize user management, review access, restrict and secure administrative accounts, and implement physical security keys for access to critical systems. • Regular penetration testing and vulnerability assessments are conducted across Group IT assets, with a centralized process for tracking remediation progress. • Regarding “Slow or Inadequate IT Security Incident Response” risk, policies and procedures for IT security incident management have been established, reporting channels have been centralized, awareness campaigns have been conducted, and incident response exercises have been held. • Cybersecurity training: applicable to all S30 Group employees. Since 2023, it’s mandatory to all new employees to complete cybersecurity training at onboarding; In 2025, 3000 employees attended the cybersecurity training. Over the past three years (2023 to 2025), 80% of all active employees as of 31 December 2025 have completed the Group’s internal Cybersecurity training. • Regarding “Social Engineering Threats” risk, employees receive phishing awareness training, and phishing simulation exercises are organized.
Customer or contract loss due to dissatisfaction	• Strong, multi-faceted relationships with key clients : Solutions30’s success is closely tied to service quality and customer satisfaction. A significant portion of the Group’s revenue comes from key accounts with major clients, making customer retention essential. Losing a major customer could have a direct impact on revenue, cash flow, and future growth prospects. To mitigate this risk, Solutions30 fosters strong, multi-faceted relationships with key clients. Instead of relying on a single contract, engagements are structured through multiple agreements organized by geographic region, activity, or end-user category. • Quality service: to prevent customer or contract loss due to dissatisfaction, we must ensure service quality, reliability, and clear communication. This includes consistently delivering on promises, resolving issues promptly, and gathering customer feedback to drive improvements. Strengthening customer support, reducing response times and improving our sustainability performance also key to maintaining trust and satisfaction. • ISO 9001 Certification (Quality Management System): Our dedication to quality management is reinforced through ISO 9001:2015 certification in 7 countries (Belgium, France, Italy, Luxembourg, Netherlands, Poland, and Spain). Other countries follow the same quality standards to maintain consistency. Solutions30 also integrates corporate social responsibility principles into its operations, ensuring customer satisfaction downstream and ethical supply chain management upstream. • Meet Customer Needs: To ensure that the services we provide consistently meet customer needs and all applicable requirements, the Group has defined a structured approach built around four key pillars:


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Topic	Main action description
Customer or contract loss due to dissatisfaction (continuation)	– Customer Relations Management : this includes the acquisition of new contracts through public tenders and private proposals, as well as the ongoing management of relationships with existing clients. Our aim is to understand expectations, anticipate needs, and ensure that the solutions we deliver provide measurable value. – Supplier Management : we manage and check our suppliers, including subcontractors, to ensure the reliable sourcing of materials, labour, and services. This approach supports operational continuity, reinforces quality standards across the value chain, and helps maintain responsible procurement practices. – Resource Management: this involves ensuring that all necessary resources, facilities, equipment, workplaces, vehicles, and technical infrastructure, are properly allocated, maintained, and adapted to operational requirements. Effective resource management is essential to guaranteeing service quality, employee safety, and operational efficiency. – Operations Management: we implement clear rules, defined processes, and structured controls to oversee critical aspects of service delivery, including work delegation, planning, execution, and quality inspections. This framework ensures that call outs and field interventions are carried out efficiently, safely, and in line with contractual commitments. Through these four steps, the Group aims to maintain a robust and customer centric operational model, ensuring reliability, efficiency, and continuous improvement across all activities. • Customer Loyalty Program: at the heart of our Customer Loyalty Program is a commitment to fostering mutually beneficial relationships with our Customers. We recognize that each Customer has unique needs and challenges, and our approach is designed to ensure that we deliver exceptional value and consistent improvement. The goal was not only to identify the needs of target customers, but also to anticipate them with available data analytics. – Our process begins with gathering comprehensive feedback through an in-depth survey. This survey is carefully crafted to gather input from all levels within our Customers, from legal and finance teams to operations staff and executive leadership. By capturing a wide range of perspectives, we gain a holistic understanding of the Customer’s experience, pain points, and expectations. This data serves as the foundation for understanding how we can best support our Customers and enhance their overall experience with our services. – Once we have collected and analyzed the survey responses, we work collaboratively with our Customers to develop an actionable improvement plan tailored to their specific needs. This plan is not just a set of recommendations; it’s a partnership between our team and the Customer to implement meaningful changes. Whether it’s refining processes, improving service delivery, or addressing specific operational challenges, we prioritize solutions that align with the Customer’s goals. – The ultimate goal of our Customer Loyalty Program is to build long-term relationships based on trust, transparency, and mutual success. By involving Customers directly in the process and making improvements that directly benefit their operations, we not only enhance customer satisfaction but also increase loyalty and retention. This program aims to put us as a true partner, committed to the ongoing success and growth of our Group and our Customers.

3.3.3.4. Objectives, Targets and Key Performance

Indicators (KPIs)

■ Our Targets for 2026

Currently, we have not established quantified objectives

and targets directly linked to the impacts, risks, and

opportunities associated with customers, consumers, and

end-users.

In 2025, we continued progress with our Customer Loyalty

Program, with its implementation in place for three key

countries (Belgium, France, and Poland) which together

account for nearly 75% of the Group’s total revenue. Our

primary goal for 2026 is to continue this program for

selected countries within the Group. By doing so, 2024

and 2025 will serve as a reference period for tracking

customer satisfaction results based on the methodology of

this program. This data will enable us to define

measurable objectives and targets in the near future.

3.3.3.5. Main data

■ Customer Loyalty

The table below presents the number of TOP 80%

Customers over the past three years.


Customer loyalty	2023	2024	2025
Number of TOP 80% Customers	20	24	26

NOTE: TOP 80% refers to the number of customers with the highest

business volume who, together, account for 80% of the Group’s total

revenue.

The increase in the number of TOP 80% Customers from

20 in 2023 to 26 in 2025 is a positive point for the Group.

By distributing 80% of our total revenue across a larger

number of key customers, we effectively reduce our

dependency on a few major clients, thereby mitigating

financial and operational risks.


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GOVERNANCE

SUPERVISORY BOARD AND COMMITTEES

100%

Independent Members

Members with

Complementary Skills

and Responsibilities

Expanded to ESG

9 years

Average Seniority

100%

Attendance Rate

(Average)

See Chapter 4 on Corporate Governance for detailed data.


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3.4 Governance

3.4.1. ESRS G1 – Business Conduct

3.4.1.1 Our approach and policies

Since 2021, Solutions30 has been implementing a

comprehensive transformation plan to enhance

governance, risk management, and compliance (GRC)

across the Group. This initiative aimed to standardize

policies, strengthen internal controls, and establish best

practices throughout the organization. All policies and

procedures were reviewed and improved within

Solutions30 and implemented best practices and

harmonized processes across the Group. Key focus areas

included third-party due diligence (TPDD), risk

management, whistleblowing mechanisms, compliance

training, and disciplinary procedures.

Through this project, Solutions30 has consolidated its

foundations to better build its future and growth.

Compliance standards have been established across the

organization to guide all business relationships between

the Group and its partners.

As a benchmark for the GRC Project, Solutions30 chose

to use the French anti-corruption law Sapin II and focused

on the following areas of work (for more details, see

chapter 2.4):

• Standardization of the Third-Party Due Diligence

(TPDD) process;

• Standardization of risk management procedures and

strengthening of internal control;

• Review of codes of conduct;

• Improving the whistleblowing process and whistleblowing

platform;

• Definition of disciplinary measures;

• Control and monitoring.

The main policies developed are available on the GRC

platform (internal GRC platform) accessible to all

employees in all our operating languages.

This new governance allowed the company to prioritize

verifying compliance, ensuring effective implementation.

Key achievements included mandatory GRC training for all

employees, improved TPDD processes, strengthened

compliance oversight at the country level, and the

successful deployment of a whistleblowing platform

aligned with the EU Whistleblower Directive. Additionally,

on-site compliance audits and internal controls were

introduced, leading to increased transparency and

commitment across subsidiaries.

To reinforce GRC accountability, compliance objectives

were integrated into management performance

evaluations, and in Q1 2024, Solutions30 established an

internal audit department. The revised Group Internal

Audit Charter now provides a structured framework for

governance, risk assessment, and operational auditing.

These ongoing efforts underscore Solutions30’s long-term

commitment to ethical business practices and regulatory

compliance.

The Group has defined and implemented the following

policies related to governance and compliance:

• Anti-Corruption Policy: Solutions30 has implemented

a global Anti-Corruption Policy to ensure compliance

with national and international laws while maintaining

ethical business conduct. The policy prohibits bribery,

conflicts of interest, facilitation payments, and any form

of corruption, requiring employees and third parties to

adhere strictly to legal and ethical standards. It defines

key terms, outlines behavioral requirements, and

establishes strict rules regarding gifts, hospitality,

donations, sponsorships, and interactions with public

officials. Employees must report any solicitation or

extortion attempts, and all financial transactions must

be accurately recorded. Violations may result in

disciplinary actions, including termination and legal

consequences. To prevent corruption, Solutions30 has

established mandatory anti-corruption training, a

whistleblowing mechanism, third-party due diligence,

and background checks for key managers. Regular

monitoring and evaluation ensure policy compliance

across all subsidiaries. The Group’s commitment to

transparency and integrity is reinforced through its

internal controls, ensuring a responsible approach to

business operations worldwide.

• Third Party Due Diligence (TPDD) Policy:

Solutions30 has implemented a TPDD Policy to ensure

compliance, integrity, and ethical business practices

across its operations. This policy aligns with regulatory

frameworks such as the Sapin II Law and the UK

Bribery Act, aiming to manage financial and

reputational risks associated with third-party

relationships. The TPDD policy evaluates the integrity

and reliability of business partners before engaging in

formal agreements. This process helps Solutions30

minimize legal, financial, and reputational risks by

ensuring compliance with ethical and regulatory

standards. Continuous monitoring is also established

to address evolving risks. The due diligence process

involves an initial risk classification, a compliance

quick check, and, if necessary, a deep dive compliance

review to investigate potential red flags. If risks are

identified, business partners may be required to follow

a mitigation plan before being approved. Contracts can

only be established once due diligence is successfully

completed. To ensure compliance, Solutions30

enforces continuous monitoring, documentation,

audits, and verification. The policy assigns clear roles

to internal teams responsible for governance, risk

management, and compliance oversight. Non-

compliance may result in disciplinary actions,

reinforcing the company’s commitment to transparency

and ethical business conduct.

• Sanction Management Policy : The document

outlines the Sanction Management Policy of

Solutions30, ensuring compliance with national and

international laws, the company’s Code of Conduct,

and internal regulations. The policy applies to all

employees, emphasizing integrity, fairness, and legal

compliance. Any violations of external laws or internal

rules are subject to sanctions. The process ensures

fairness through an investigation led by the Group


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Head of Risk & Compliance, involving supervisors and

HR representatives. The goal is to apply sanctions

proportionally, based on the severity of misconduct.All

cases are documented for transparency, and

whistleblowers are protected against retaliation. The

company ensures confidentiality and non-retaliation for

whistleblowers. Any obstruction, intimidation, or

retaliation against them is treated as a serious

violation.This policy reinforces ethical behavior and

accountability within Solutions30.

• Whistleblower Policy: This policy ensures a

transparent and ethical work environment by

encouraging employees, partners, and stakeholders to

report misconduct, including fraud, corruption, and

legal violations, without fear of retaliation. It provides

secure and confidential reporting channels, outlines

the process for handling reports, and protects

whistleblowers from discrimination. Investigations are

conducted fairly, maintaining confidentiality while

ensuring compliance with laws and company policies.

• Risk & Internal Control: The Risk & Internal Control

Manual of Solutions30 outlines guidelines for

governance, risk management, and compliance,

ensuring operational efficiency, the reliability of

financial reporting, and adherence to regulations such

as the Sapin II Act. It defines key concepts like the

Internal Control System (ICS), Risk & Control Matrix

(RCM), and testing methodologies (Test of Design and

Test of Effectiveness). The manual details the roles

and responsibilities of the Supervisory Board, Group

Management Board, Risk & Compliance Head, local

management, and control owners. The ICS process

follows a structured cycle of risk assessment, control

activities, monitoring, and communication, with annual

evaluations to verify effectiveness. S30 have

implemented Enterprise Risk Management (ERM)

framework based on COSO and envolving all the

entities of the Group, please check Chapter 2 for more

detail informations.

• Code of Conduct: This document outlines the

company’s commitment to ethical behavior,

compliance, and responsible business practices. It

covers three main areas: societal responsibility,

including respect for human rights, equal treatment,

and environmental sustainability; business ethics,

prohibiting corruption, conflicts of interest, and insider

trading while promoting fair competition; and

workplace responsibility, ensuring occupational safety,

data protection, IT security, and proper asset

management. The document is binding for employees

and partners, with guidelines, examples, and a

whistleblowing system to uphold integrity and

corporate values.

• Business Partner Code of Conduct: Solutions30’s

Business Partner Code of Conduct sets ethical, legal,

and operational standards for suppliers,

subcontractors, and partners, aligning with

international frameworks like the ILO and UN

guidelines. Business partners must maintain ethical

stakeholder relationships, uphold human rights by

prohibiting discrimination and forced labor, and commit

to sustainability by minimizing environmental impact.

They are also required to prevent conflicts of interest,

comply with anti-bribery and anti-money laundering

laws, and support fair competition. Additionally,

business partners must ensure workplace safety,

protect data privacy, and safeguard intellectual

property. Compliance with the Code is mandatory, with

violations potentially leading to corrective actions or

termination of the business relationship. Solutions30

encourages transparency and accountability, offering a

Whistleblowing System for confidential reporting of any

misconduct. Solutions30 requires all business partners

to operate responsibly, act with integrity, and contribute

to sustainable and ethical business practices. This

code of conduct help us to ensure that all our business

partners, including suppliers and subcontractors, sales

partners and clients, meet our minimal requirements of

doing business. The defined requirements are

considered the basis of a successful and trustful

execution of business relations between Solutions30

and its partners. Solutions30 has communicated this

Business Partner Code of Conduct to all its business

partners. Solutions30 expects its business partners to

immediately report actual or suspected violations of

law, this Business Partner Code of Conduct, or

contractual obligations. Various reporting channels are

available for our business partners to report such

violations. Reports can be delivered to the business

partner’s commercial contact at Solutions30 or

confidentially through the Whistleblowing System.

In 2025, all previously established policies were reviewed

to ensure continued alignment with evolving regulatory

requirements and best practices. In addition, the Group

introduced a new policy governing the use of Artificial

Intelligence (AI).

• Artificial Intelligence Policy : The Solutions 30

Group AI Policy establishes a comprehensive

framework for the ethical, secure, and compliant use

of AI across the organization. The policy applies to all

employees and relevant third parties involved in the

development, deployment, or use of AI systems and is

aligned with applicable regulations, including the EU

AI Act and the General Data Protection Regulation

(GDPR). The policy requires that AI be used lawfully,

transparently, and responsibly, with clear

accountability and mandatory human oversight. It

reinforces the Group’s commitment to fairness, non-

discrimination, data protection, and cybersecurity. The

misuse of AI, including the creation or dissemination

of misinformation, deepfakes, manipulative practices,

or the unauthorized processing of personal or

confidential data, is strictly prohibited. An AI

Committee has been established to oversee

governance, review and approve AI use cases and

tools, and monitor high-risk systems. Microsoft Copilot

has been designated as the default approved

generative AI tool, the use of any alternative solutions

requires prior authorization. All AI systems are subject

to risk assessments, ongoing monitoring, periodic

audits, and mandatory AI literacy training. Any breach

of the policy may result in disciplinary measures and,

where applicable, legal action.

All of our policies have been approved by the

Management Board and are overseen by our Supervisory

Board. These policies apply to all Group employees,

subcontractors and business partners. All our policies


	Solutions30 \| Annual Report 2025		143

listed above can be consulted in our website at:

www.solutions30.com.

3.4.1.2. Material Impacts, Risks and Opportunities

(IRO)

In the image below, we present the materiality level of

each sub-topic related to the topic “Business Conduct”

This aims to highlight the relative importance of each sub-

topic, within the Solutions30 governance and compliance

strategy.

In terms of governance, our DMA indicates that the due

diligence verification of suppliers and subcontractors, as

well as Business ethics related events could have a high

financial impact and low material impact. It also shows that

Responsible procurement related topics could have low

financial and material impacts on our activities.

Additionally, we specify whether these impacts are positive

or negative. Unless explicitly stated as potential impacts,

all impacts are considered actual.

The table below outlines the governance-related impacts,

risks, and opportunities (IRO) identified and assessed as

material through our double materiality assessment

process. Specifically, it refers to the IROs associated with

“Business Conduct (ESRS G1).”


		ESRS G1 – Business Conduct
		• Business ethics and regulatory compliance • Company Governance • Due diligence and evaluation of suppliers and subcontractors
IRO Identification			Material impact, risk or Opportunity	Description
	Risk		High subcontracting rate	Half of our technicians are outsourced, primarily from small companies. Their non-compliance with external and internal regulations poses legal, operational, and reputational risks to our operations. In addition, given the proportion of external subcontractors and the nature of our activities, such risks, if realized, could have a significant financial impact on our business.
	Risk		Business ethics (corruption, bribery, or conflicts of interest damaging reputation)	Actions by employees that conflict with organizational values. Failing to foster an inclusive and respectful workplace. Misleading claims about sustainability or corporate responsibility. Association with suppliers engaging in exploitative practices.
	Risk		Regulatory Compliance	Fines or legal actions due to failure to meet regulatory requirements. Violations of GDPR. Mismanagement of tax compliance leading to reputational and legal risks. Failure to meet ESG (Environmental, Social, and Governance) regulations. Lack of up-to-date internal policies to address evolving regulations.
	Risk		Company Governance	Lack of clear reporting leading to mistrust among stakeholders. Inadequate oversight or governance by leadership. Conflicts arising from misaligned interests or lack of communication. Financial misstatements or fraudulent transactions.
	Risk		Dialogue & partnerships with stakeholders	Ambiguity or misinterpretation of information leading to conflicts. Eroding trust due to perceived or actual lack of transparency. Conflicting priorities or expectations. Key stakeholders feeling ignored or undervalued. Challenges in communication or collaboration across diverse stakeholders. One partner dominating the relationship or decision-making. Vulnerability if the partner fails to deliver or exits. Breach of terms or responsibilities. Association with stakeholders whose actions harm the brand. Overcommitting time or finances to partnerships with low ROI.


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		ESRS G1 – Business Conduct
		• Business ethics and regulatory compliance • Company Governance • Due diligence and evaluation of suppliers and subcontractors
IRO Identification			Material impact, risk or Opportunity	Description
	Risk		Responsible procurement	Suppliers not complying with environmental regulations or causing pollution. Use of child labor forced labor, or unsafe working conditions. Public backlash due to unethical practices in the supply chain. Increased costs due to unsustainable sourcing or supplier penalties. Non-compliance with local or international laws and standards. Disruptions in the supply chain due to unethical or unsustainable practices.
	Opportunity		mySupplace (our platform for managing subcontractors) and our TPDD Policy	Develop and enhance our internal platform for managing subcontractors and analyzing their compliance. A solid TPDD policy and process increases customer trust and reduces the risk of fraud from third parties. Moreover, our best practices in TPDD can attract more customers and positively impact on the retention of our existing ones and guarantee improved partnership with business partners and subcontractors.
	Opportunity		Strengthening Trust and Competitiveness Through Ethical Governance	A strong commitment to business ethics, regulatory compliance, and company governance presents significant opportunities for Solutions30. Ethical behavior not only reinforces customer and employee loyalty but also enhances the company’s reputation, attracting ESG-focused investors and fostering a positive public perception of integrity and responsibility. By proactively ensuring regulatory compliance, Solutions30 minimizes exposure to penalties, gains access to new markets by meeting international standards, and builds stakeholder confidence through transparent adherence to legal requirements. Moreover, a robust governance framework enables better strategic decision-making, fosters trust through transparency, and ensures adaptability to evolving market and regulatory conditions. Strong governance mechanisms also help mitigate financial misconduct, enhancing operational resilience. Companies with well-structured governance attract valuable partnerships and collaborations, positioning themselves as reliable and forward-thinking industry leaders.
	Opportunity		Unlocking Growth Through Stakeholder Dialogue and Partnerships	Engaging in meaningful dialogue and fostering strong partnerships with stakeholders present valuable opportunities for Solutions30. Open and consistent communication allows the company to gain insights into stakeholder needs, expectations, and concerns, helping to proactively identify and address potential issues before they escalate. By co-creating solutions with stakeholders inputs, Solutions30 strengthens relationships, demonstrates a commitment to inclusivity and transparency, and builds trust that supports long-term success. Strategic partnerships further enhance growth by enabling the pooling of expertise, funding, and infrastructure for mutual benefit. Collaborations with trusted partners provide access to new markets and customer bases while reinforcing the company’s credibility through association with reputable stakeholders. Additionally, well- managed partnerships create resilient relationships that drive sustainable value, ensuring adaptability and long-term competitiveness in an evolving business landscape.


	Solutions30 \| Annual Report 2025		145


		ESRS G1 – Business Conduct
		• Business ethics and regulatory compliance • Company Governance • Due diligence and evaluation of suppliers and subcontractors
IRO Identification			Material impact, risk or Opportunity	Description
	Opportunity		The Strategic Advantage of Responsible Procurement	Responsible procurement is not just about mitigating risks; it is a powerful driver of business growth and resilience. By ensuring that our sourcing practices align with ethical, environmental, and social standards, we can unlock a range of opportunities that contribute to long-term success. One of the key advantages of responsible procurement is the ability to build a strong and positive reputation. By demonstrating our commitment to sustainability and ethics, we gain the trust of consumers, investors, and stakeholders, leading to stronger brand loyalty and market positioning. Additionally, adopting responsible sourcing practices can result in significant long-term cost savings. Energy efficiency, waste reduction, and sustainable resource management help us minimize expenses while improving operational efficiency. Furthermore, prioritizing ethical supply chains allows us to attract customers who value sustainability and responsible business practices. With growing consumer awareness and demand for transparency, embracing responsible procurement helps us stand out in competitive markets. By shifting our focus from short-term cost reduction to long-term value creation, we transform supply chain management into a strategic advantage. Investing in ethical and sustainable sourcing is not just a compliance requirement, it is an opportunity to drive innovation, resilience, and business success.

3.4.1.3. Actions to mitigate impacts or risks and maximize opportunities

According to S30 Group Risk management policy, a

thorough analysis has been performed to identify the

Impacts, Risks, and Opportunities (IRO) relevant to its

operations. Based on this analysis, the company has

strategically planned, defined, and implemented a

comprehensive set of actions aimed at minimizing

negative impacts and risks while maximizing potential

opportunities. These actions are designed to enhance

business ethics and regulatory compliance, strengthen

company governance, and improve due diligence and

evaluation of suppliers and subcontractors.

To ensure continuous improvement, Solutions30 actively

monitors the outcomes of these initiatives and regularly

evaluates their effectiveness. This approach allows for

necessary adjustments and optimizations, ensuring that

the actions remain aligned with the company’s strategic

objectives and evolving challenges.

The table below provides a summary of the actions and

projects that have been implemented or are planned, in

alignment with our governance strategy and policies.


Topic	Main action description
Due diligence of suppliers and subcontractors	As mentioned, during the GRC project, we have developed a TPDD policy. This policy evaluates and monitors the integrity of third-party partners to mitigate risks related to corruption, money laundering, and reputational harm. This policy is implemented across the entire Group. As part of the TPDD policy, all business partners undergo a rigorous screening and risk assessment process before onboarding. This process is managed by a dedicated TPDD team at the Group level. All the documents that the subcontractor has to provide us with (ID, Insurance, social & fiscal debts, etc.) are stored and updated in our dedicated database, mySupplace. To ensure localized oversight, a compliance officer is appointed in each country to manage third- party partner compliance within their jurisdiction, complementing the centralized TPDD team. In 2026 our suppliers will follow the same onboarding process than the one implemented for subcontractors. Mitigation : • The implementation of the policies and procedures continues to be monitored and evaluated under the supervision of the Group Risk and Compliance Director through various compliance controls in the subsidiaries of the Solutions30 Group. The directives relating to disciplinary measures and the catalog of sanctions are implemented throughout the Group. • GRC objectives have been included in the annual objectives of members of the Executive Board and key managers. • The local compliance teams make sure all the documents are updated on time. • The internal audit team performs regular checks related to the compliance of our subcontractors with the TPDD policy.


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Topic	Main action description
Business ethics, regulatory compliance and company governance	We have developed and implemented a comprehensive code of conduct for employees and leadership. In order to achieve the Group’s intended goals, it is of crucial importance that all employees, from board members and managers to each individual member, conduct themselves honestly, fairly and ethically in accordance with the principles outlined in the Code of Conduct. This is the only way to ensure that the entire Solutions30 Group acts with integrity and thereby fulfills its economic and social responsibilities. This Code of Conduct is binding for all of us and translates our core values into practical guidelines, advising you on making responsible decisions, even in difficult situations. Solutions30 has also developed a Business Partner Code of Conduct, as part of our Company’s values system to ensure that all our business partners, including suppliers and subcontractors, sales partners and clients, meet our minimal requirements of doing business. The defined requirements are considered the basis of a successful and trustful execution of business relations between Solutions30 and its partners. Solutions30 has communicated this Business Partner Code of Conduct to all its business partners. Solutions30 expects its business partners to immediately report actual or suspected violations of law, this Business Partner Code of Conduct, or contractual obligations. Various reporting channels are available for our business partners to report such violations. Reports can be delivered to the business partner’s commercial contact at Solutions30 or confidentially through the Whistleblowing System. Our whistleblowing policy ensures that employees and stakeholders can report unethical behavior or breaches safely, anonymously and confidentially. It allows us to foster a culture of accountability and transparency. Mandatory Training in GRC, ESG, GDPR and Cybersecurity Mandatory training in Governance, Risk and Compliance (GRC), ESG, GDPR (data protection compliance) and Cybersecurity is embedded in the Group’s onboarding process and forms part of its ongoing compliance framework. By the end of 2024, a substantial proportion of the workforce had already completed the Group’s internal training programmes: • GRC Training: 87% of the total workforce • GDPR Training: 62% of the total workforce • ESG Training: 80% of the total workforce In 2025, the Group further strengthened its training framework. The internal ESG, GDPR and Cybersecurity programmes were reviewed, updated and redeployed across all countries to ensure continued alignment with regulatory developments and best practices. Particular attention was also given to ensuring that employees hired in 2025, as well as active employees who had not yet completed the mandatory programmes, fulfilled the required training. As of 31 December 2025, the percentage of active employees trained in these key areas was as follows: • ESG Training: During the year, 81% of the total active workforce completed the updated ESG training programme, representing a record participation rate in this topic. • GRC Training: 91% of the total active workforce • GDPR Training: 94% of the total active workforce • Cybersecurity Training: 55% of the total active workforce These initiatives demonstrate the Group’s continued commitment to strengthening its governance framework, fostering a culture of compliance, and enhancing risk awareness throughout the organization. Our policy highlights all the steps to be followed, from acknowledgment to resolution as well as the timeline for investigations and feedback. It protects whistleblowers from retaliation. It has been properly communicated to our internal and external stakeholders and it is available on our internal and external websites. The entire whistleblowing system at Solutions30 meets the requirements of the European Whistleblowing Directive. The whistleblowing platform is managed by a dedicated team and is available on the Group’s website. The platform is functioning properly and the associated Whistleblowing Policy is being applied. In 2025, 14 cases were reported and treated accordingly. Our Anti-Corruption Policy details the anti-corruption principles set out in our Code of Conduct and defines our anti-corruption standards. It outlines the different types of corrupt practices such as conflicts of interest, facilitation payments and gifts, hospitality and invitations. It contains specific behavioral requirements relevant to the prevention of corruption and serves to ensure that all applicable anti- corruption laws are complied with in the course of the Solutions30’s business activities. The principles set out in this policy apply to all our employees, at all levels of Solutions30 Group. Compliance and Legal departments stay updated on changes in laws and regulations affecting the business. Regular evaluations of board performance are performed by an external body. Third party due diligence policy and process (see above). In 2026, we will continue conducting awareness sessions for all managers across the Group.


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Topic	Main action description
Internal Audits	The Group’s Internal Audit Charter was revised and updated. The Group’s internal audit charter sets out the key internal audit principles and defines a binding framework for the operational planning, scheduling, preparation and execution of audits, controls and reporting. In addition to the applicable procedures, the charter also describes the responsibilities and roles assigned within the departments and indicates how quality assurance is ensured in the audit areas. In 2025, a total of 12 internal audits were conducted as part of the Group’s annual audit plan. These audits included the review of documented local policies, processes, and procedures; the verification of compliance with established internal controls; and the testing of selected transaction samples. The audit work also identified opportunities to further strengthen existing processes, with particular focus on key risk areas and the effectiveness of related mitigation measures. By the end of 2025, the implementation rate of the internal control framework had reached 93% , reflecting the Group’s continued commitment to enhancing its control environment. In addition to the planned audit activities, the Internal Audit function performed ad hoc reviews at the request of Country CEOs or Directors, providing independent assurance and targeted support where needed.
Dialogue & partnerships with stakeholders	The Group is committed to fostering transparent, constructive, and long-term relationships with its stakeholders through structured dialogue and responsible partnership management. To this end, clear and consistent communication channels and guidelines are established to ensure timely, accurate and relevant information sharing. These channels are tailored to different stakeholder groups, including employees, clients, suppliers, investors, regulators and local communities, to promote effective engagement and mutual understanding. Key stakeholders are systematically identified and prioritized based on their level of influence, dependency, and interest in the Group’s activities. This stakeholder mapping process enables the Group to focus its engagement efforts where they are most impactful and to proactively address material topics and emerging risks. Formal agreements and contracts clearly define roles, responsibilities, performance expectations and compliance requirements, ensuring alignment with the Group’s ethical standards and sustainability commitments. Regular meetings, progress updates and performance reviews are scheduled to maintain open dialogue, monitor partnership outcomes and address potential concerns in a timely manner. Feedback mechanisms are also encouraged to support continuous improvement. Where disagreements or disputes arise, structured resolution procedures are in place to ensure fair, transparent and efficient handling, minimizing operational and reputational risks while preserving long-term relationships. Through these measures, the Group reinforces its commitment to responsible governance, trust-based partnerships and sustainable value creation.
Responsible procurement	Responsible procurement is a key pillar of the Group’s sustainable business strategy, ensuring that the sourcing of goods and services is conducted in alignment with high ethical, environmental and social standards. The Group is committed to promoting responsible practices throughout its supply chain and mitigating risks related to compliance, continuity and reputation. To support this objective, the following measures have been implemented: • Code of Conduct for Business Partners: The Group’s Code of Conduct for Business Partners clearly defines environmental, social and governance (ESG) expectations. It establishes standards relating to business ethics, human rights, labour practices, environmental protection, data protection and regulatory compliance. Suppliers are expected to adhere to these principles as a condition of collaboration. • Supplier Diversification: To reduce operational and supply chain risks, the Group maintains a diversified supplier base and avoids excessive dependence on any single provider. This approach enhances business continuity, strengthens resilience and supports competitive and responsible sourcing practices. • Commitment to Responsible Purchasing Standards: In France, the Group has signed the “Relations Fournisseurs & Achats Responsables” charter, marking a first step towards formal recognition and standardization of responsible procurement practices. This initiative paves the way for obtaining ISO 20400 certification, which the Group aims to achieve in 2026 for its French operations. Following certification in France, the Group intends to progressively extend equivalent responsible procurement standards to the other countries in which it operates, adapting procedures to local legal frameworks and market realities. Through these actions, the Group reinforces its commitment to sustainable supply chain management, ethical partnerships and long-term value creation.


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3.4.1.4. Objectives, Targets and Key Performance Indicators (KPIs)

■ Our Targets for 2026


At Solutions30, we are committed to strengthening our corporate governance and ensuring rigorous due diligence of our subcontractors to uphold the highest standards of integrity, compliance, and accountability. Setting clear objectives, measurable targets, and key performance indicators (KPIs) allows us to monitor progress, drive continuous improvement, and ensure alignment with our governance strategy and ethical business practices. Our main objective focus on governance are:

The Solutions30 Group defines a set of ESG objectives, targets, and KPIs annually, as mentioned in subchapter 3.1.5.

Below is a summary of the objectives, targets, and KPIs for 2026 related to "Business Conduct/ Company Governance”:


Strategy Pillar / Commitment	Objectives for 2026 - Group Level	Target/ Threshold for 2026	KPI
Make Solutions30 a reliable partner by ensuring that our partners are thoroughly verified.	Ensure that we have at least 97% of active subcontractors registered in mySupplace platform.	≥ 97%	Total number of active subcontractors registed in mySupplace (%) Total number of active subcontractors registed in mySupplace/ Total number of active subcontractors.
Conduct business transparently and ethically	Strengthen risk mitigation & Internal control.The implementation rate of the Risk Management framework must be at least 90% by the end of 2026.	≥ 90%	Risk Management Implementation Rate (%) (Implementation Rate = Number of implemented mitigation measures ÷ Total number of planned mitigation measures × 100)
Additional Information : • mySupplace : mySupplace is an internal platform of the Solutions30 Group, created and developed by us to manage suppliers and subcontractors. It centralizes and automates processes such as registration, qualification, compliance, and monitoring, ensuring that they meet the company’s governance, compliance, and due diligence requirements. Its goal is to enhance transparency, efficiency, and control over the supply chain, reducing risks and ensuring compliance with internal and regulatory standards. • Active Subcontractor: We classify as an “Active Subcontractor” any subcontractor currently working with one or more companies within the Group, as well as those who have invoiced the Group within the last three months, based on the month under analysis.

For 2026, Solutions30 has decided to introduce a new

governance related objective. In summary, the Risk

Management Implementation Rate (%) measures the

extent to which the Group has implemented the mitigation

actions and internal controls defined in its annual risk

management plan. This KPI reflects how effectively

Solutions30 is addressing the key risks identified across

its operations and strengthening its overall internal control

environment.

For a multinational Organisation such as Solutions30, the

indicator plays a crucial role in ensuring consistent

governance practices across all countries. It supports

audit readiness, enhances transparency, and enables

management to monitor progress, identify delays, and

allocate resources where they are most needed. In

addition, it contributes to ESRS/CSRD governance

disclosures by providing an objective and measurable

demonstration that risks are not only identified but also

actively managed.

Overall, this KPI reinforces the Group’s commitment to

strong governance, operational resilience, and continuous

improvement.


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■ Other important performance indicators defined and monitored

In addition to KPIs with associated targets, the Group

monitors a set of KPIs related to the “Business Conduct

and Company Governance” topic, which, although not

having quantified targets, are regularly tracked, with

actions taken if any trends deviate from the Group’s

guidelines and expectations. Every month, the ESG team

collects a wide range of relevant data to analyze the

company’s performance in this area and reports internally

on progress.


Strategy Pillar / Commitment	Topic	KPI	Monitoring frequency
Conduct business transparently and ethically	Business ethics	• Employee attendance rate in ethics training (%) Our expectation: achieve 100% participation in ethics training for all active employees.	Quarterly
		• Number of reported ethical violations via whistleblowing platform • Whistleblower Report Resolution Rate (%) (Number of whistleblower reports resolved within the defined deadline / total whistleblower reports) Our expectation: Investigate and resolve 95% of whistleblower reports within defined deadline.	Quarterly
		• Policies review rate (%) This frequency may be shortened in the event of legal or regulatory changes, or if any significant exceptional situations occur.	Annually
	Regulatory Compliance	• Number of compliance violations reported . Our expectation: zero breaches. • Risk Management Implementation Rate (%) Our expectation: ≥ 90%	Monthly
Ensure independent and qualified governance	Governance	• Percentage of Independent members in the Supervisory Board • Gender diversity (Supervisory Board) Our expectation: Maintain 100% independent members and maintain a minimum of 40% gender diversity in supervisory board composition.	Annually

3.4.1.5. Governance Data

■ Employee Business Ethics and Compliance Training Coverage

In 2025, the Group continued to deliver internal training on

Business Ethics, Regulatory Compliance, and Corporate

Governance. As part of this commitment, the ESG and

GDPR training programmes were reviewed, updated, and

enhanced, while the GRC training remained in place. All

three modules are mandatory for Group employees and

form an integral part of the onboarding process for new

hires.

Below is an overview of the training programmes delivered

in 2025 and their respective participation rates:

• GRC Training: this programme covers governance,

risk, and compliance policies, as well as key Group

guidelines, including the Codes of Conduct, Anti-

Corruption Policy, Risk Management Policy, TPDD,

and Whistleblowing procedures. In 2025, 36% of our

active workforce completed the GRC training. Most

participants attended for the first time as part of their

onboarding, while others completed it as a refresher

to reinforce their understanding of these topics. As of

31 December 2025, 91% of all active employees

across the Group had completed the GRC training

at least once in the past three years.

• GDPR Training: this training ensures that employees

understand and comply with data protection

requirements, prevent data breaches, and safeguard

personal information. In 2025, nearly 60% of our

active workforce completed the updated GDPR

training launched during the year. As of 31 December

2025, 94% of all active Group employees had

completed the GDPR training at least once in the

past three years.

• ESG Training : this programme aims to raise

awareness and strengthen employee engagement on

environmental, social, and governance topics. During

2025, 81% of our active workforce completed the

new ESG training launched that year.


	Solutions30 \| Annual Report 2025		150


Employee Attendance Rate (below, we present the charts of the employee attendance rate for each training action)

■ Third-Party Due Diligence (TPDD)

As stated previously, Solutions30 has implemented a

TPDD Policy to ensure compliance, integrity, and ethical

business practices in line with regulations such as the

Sapin II Law and the UK Bribery Act. This policy mitigates

financial and reputational risks by assessing the integrity

of business partners before formal agreements. The due

diligence process includes risk classification, compliance

checks, and in-depth reviews if needed, with mitigation

plans required for identified risks. Contracts are only

established after successful due diligence, and continuous

monitoring, audits, and documentation ensure ongoing

compliance. During the TPDD analysis process, the

Findings (internally referred to as “Red Flags”) are all

forwarded for detailed analysis and decision-making by

the Group Head of Risk and Compliance.

In 2025, the Group’s Compliance team conducted a total

of 1,282 TPDD assessments on subcontractors and other

business partners, averaging over 106 checks per month.

This total relates to new subcontractors who began their

business relationship with Solutions30 in 2025 as well as

the annual periodic re-evaluations we conduct to ensure

that the time between TPDD assessments does not

exceed one year.

The majority of the TPDD assessments were carried out

on small and medium-sized enterprises (SMEs) and self-

employed individuals, which together represented 95% of

the assessments conducted. The focus on SMEs and self-

employed individuals is justified based on our risk

assessment methodology and what we consider to be the

most significant risks in this process.

Of all the “red flags” identified, 52% were related to

Politically Exposed Persons (PEPs), 36% to Negative

News, and only 12% were linked to Sanctions.

All negative findings (“red flags”) were forwarded for

analysis to the Group Head of Risk & Compliance. Of the

total red flags detected in the TPDD process, less than

1% was confirmed as relevant, meaning they could

pose a significant risk to Solutions30. Proportional

actions were taken based on each specific situation. In

most cases, the action taken was not to establish any

business relationship or partnership with the subcontractor

or business partner in question.


Most Relevant TPDD Data

	Additional information : Big companies/ Les grandes entreprises: enterprises which employ more than 250 persons or which have an annual turnover exceeding EUR 50 million (according to the Commission Recommendation 2003/361/EC - Official Journal of the European Union) \| SME or PME: Small and Mid-sized Enterprises) \| Self-employed / Sole proprietor.


	Solutions30 \| Annual Report 2025		151

■ Whistleblower Process

Over the past years, Solutions30 has continued to

strengthen its commitment to transparency, ethics, and

responsible business conduct. As part of this commitment,

the Group maintains an accessible and comprehensive

whistleblowing framework for employees and external

stakeholders. Our Whistleblowing Policy is publicly

available on our corporate website

(www.solutions30.com), and it is complemented by a

dedicated digital reporting platform. This platform enables

any stakeholder, internal or external, to confidentially

report concerns or potential misconduct, including fraud,

corruption, financial irregularities, ethical breaches,

workplace harassment, safety hazards, data protection

violations, environmental incidents, or any form of legal

non-compliance. All reports are handled with strict

confidentiality, and whistleblowers are fully protected

against retaliation in accordance with our policy.

On the right, we present the number of cases reported

through our whistleblowing platform in the last 3 years.

All reported cases were carefully reviewed and thoroughly

investigated by the Group Head of Risk and Compliance.

In 2025, a total of 14 cases were reported. All of them

were considered substantiated cases following the

assessment conducted by the Group Head of Risk,

Compliance and ESG. In the context of whistleblowing,

substantiated cases refer to those in which the facts or

allegations presented by the whistleblower were confirmed

to be accurate after investigation. In such situations, the

information provided is validated, and appropriate

corrective or remedial actions are implemented to address

the issue and prevent recurrence.

Next table provides a three year overview of the number of

cases reported through our whistleblowing platform. While

the increase in reported cases from 2023 to 2025 is not a

positive indicator per se, we believe that part of this trend

reflects the growing maturity of our whistleblowing system,

greater awareness of the platform, and increased

confidence among employees and other stakeholders that

all reports are handled with independence, full

confidentiality, and without any form of retaliation towards

the whistleblower.


Whistleblowing Platform	2023	2024	2025
Reported Cases	6	10	14
Substantiated cases	4	7	14
Cases transferred to the police authorities	0	0	0

NOTES:

• Reported Cases: The total number of whistleblower reports

received.

• Substantiated Cases: The reports where the allegations were

confirmed to be true, and appropriate action was taken.

• Cases transferred to the police authorities: The cases where,

after investigation, it was decided to involve law enforcement

due to the severity of the issue.


	Solutions30 \| Annual Report 2025		152

3.5 Our Commitments

3.5.1. United Nations Global Compact

In 2025, Solutions30 reaffirmed its commitment to the

principles of the United Nations Global Compact,

demonstrating a steadfast dedication to integrating its ten

principles into the company’s operations and strategies.

Through this pledge, Solutions30 continues to actively

support the advancement of the Sustainable Development

Goals (SDGs), furthering its contribution to a more

sustainable and equitable future.

The United Nations Global Compact, launched in 2000 by

then-Secretary-General Kofi Annan, is a global initiative

calling on businesses to align their practices with ten

universally recognized principles derived from key United

Nations texts. These principles address critical areas such

as human rights, labor standards, environmental

stewardship, and anti-corruption. The initiative’s

overarching aim is to enhance the positive impact of

businesses worldwide by promoting responsible practices

and fostering transparency through regular reporting.

Human Rights

• Principle 1: Support and respect the protection of

internationally proclaimed human rights

• Principle 2 : Ensure that the company is not complicit

in human rights abuses

International Labor Standards

• Principle 3 : Uphold the freedom of association and

the effective recognition of the right to collective

bargaining

• Principle 4: Contribute to the elimination of all forms

of forced and compulsory labor

• Principle 5 : Support the effective abolition of child

labor

• Principle 6: Eliminate discrimination in respect of

employment and occupation

Environment

• Principle 7: Adopt a precautionary approach to

environmental challenges

• Principle 8 : Undertake initiatives to promote greater

environmental responsibility

• Principle 9: Encourage the development and diffusion

of environmentally friendly technologies

Anti-Corruption

• Principle 10: Work against corruption in all its forms,

including extortion and bribery

Solutions30 is proud to be a signatory of the United

Nations Global Compact. By renewing this commitment,

the company reinforces its resolve to uphold all ten

principles within its sphere of influence. Solutions30

remains dedicated to driving positive change through

responsible business practices, fostering sustainability,

and contributing meaningfully to the realization of the

Sustainable Development Goals.

3.5.1.1. Contributing to the United Nations Sustainable

Development Goals (SDG)

In 2015, the United Nations established the Sustainable

Development Goals (SDGs) as a universal call to action,

aiming for their achievement by 2030. Comprising 17

overarching goals, these are further broken down into sub-

goals and measured through specific indicators.

As highlighted previously, companies that are signatories

to the United Nations Global Compact are expected to

contribute to the realization of the SDGs. Solutions30

embraces this responsibility by actively advancing several

SDGs, with a particular focus on those most aligned with

its business sector and offerings.

Given its expertise and the nature of its products and

services, Solutions30 is particularly well positioned to

contribute to several United Nations Sustainable

Development Goals (SDGs). The Group’s activities directly

support the deployment of digital infrastructure, the

promotion of safe and decent working conditions, the

development of technical skills, and the transition to a low

carbon economy.


	Solutions30 \| Annual Report 2025		153

Below, we outline the company’s main contributions for each relevant SDG:


SDG	How we contribute
	Solutions30 contributes by fostering a safe and healthy working environment for its employees and subcontractors. The Group continuously invests in health and safety training, risk prevention, and operational procedures that minimise accidents in the field. Through strict compliance with safety regulations, the provision of appropriate personal protective equipment, and the implementation of monitoring tools, Solutions30 helps reduce occupational risks and protect the well-being of its workforce. The Group’s commitment to health and safety is further reinforced through recognised certifications such as ISO 45001 and VCA, which provide a structured framework for managing occupational risks and continuously improving H&S performance. Regular internal and external audits ensure full compliance with these standards, strengthen operational discipline, and help identify improvement opportunities across all business units. Additionally, the rapid maintenance of digital infrastructures ensures the availability of essential communication services, which can be critical in emergency situations.
	The Group plays an active role in developing the technical skills needed for Europe’s digital and energy transition. Solutions30 provides thousands of hours of technical and safety training each year, including upskilling in fibre‑optic installation, smart meter technologies, digital troubleshooting, and emerging IoT solutions. These training programmes help create long‑term employability, support continuous learning, and contribute to building a qualified workforce capable of supporting modern digital infrastructure. In addition, the Group invests in specialised training related to renewable energy activities, including the installation of photovoltaic solar panels and electric vehicle chargers (EVC). These programmes equip technicians with the competencies required to support the rapid expansion of Europe’s renewable energy ecosystem and the broader decarbonisation of the economy. By offering pathways for new technicians to enter the job market and by strengthening the skills of existing employees, the company fosters inclusive access to education and professional development.
	Solutions30 supports economic growth by creating stable employment opportunities across Europe and ensuring fair labour practices. The Group promotes decent working conditions, invests in professional development, and ensures compliance with labour regulations and ethical standards. Its activities also support local economies: by maintaining and upgrading digital networks, Solutions30 helps businesses operate efficiently, enabling productivity gains and fostering economic resilience. Furthermore, by monitoring and improving key social indicators such as accident rates, training hours, and employee engagement, the company actively works toward safer, more inclusive, and more sustainable work environments
	As a provider of essential digital and technological services, Solutions30 plays a central role in developing and maintaining resilient infrastructure. The Group supports the rollout of high speed connectivity, fibre optic networks, IoT solutions, smart meters, and other technologies vital for Europe’s digital transformation. Its maintenance services help ensure network reliability, reduce downtime, and improve the long term performance of critical infrastructure. Through continuous improvement of operational processes and the adoption of innovative tools and digital workflows, Solutions30 also drives industrial innovation and enhances the efficiency and sustainability of field operations.
	Although Solutions30’s core business is not centred on repair, recycling, or reuse, the company still makes meaningful contributions to SDG 12. Through digitalisation, the Group reduces paper consumption and improves operational efficiency, while technologies such as smart meters and IoT systems help clients manage energy and resources more responsibly. Solutions30 also supports the transition to cleaner energy systems by installing photovoltaic solar panels and electric vehicle chargers (EVC), encouraging more sustainable consumption patterns across households and businesses. In addition, the company works to minimise waste in its operations, promote proper waste sorting, and ensure compliance with environmental requirements for equipment handling and end‑of‑life management. Together, these efforts allow Solutions30 to play a constructive role in advancing responsible consumption and production.
	Solutions30 contributes to climate action both by reducing the environmental footprint of its own operations and by enabling the deployment of low‑carbon technologies for its clients. The Group implements concrete measures to lower its Scope 1 and 2 GHG emissions, including the electrification of its vehicle fleet, the optimisation of routing and logistics, and the adoption of energy‑efficient facilities. At the same time, many of the technologies installed or maintained by Solutions30,such as smart meters, electric vehicle chargers (EVC), photovoltaic solar panel farms, and advanced connectivity solutions, support more efficient resource use, drive energy savings, and contribute to reducing greenhouse gas emissions across society. Together, these initiatives strengthen the Group’s overall contribution to climate mitigation and reinforce its role as an enabler of Europe’s broader decarbonisation efforts.


	Solutions30 \| Annual Report 2025		154

Solutions30 main contributions to United Nations Sustainable Development Goals (SDG)

To provide a clear and transparent view of Solutions30’s contributions to the realization of the SDGs, the following table

summarizes some relevant indicators and everal examples that illustrate how our activities contribute to each of the

relevant UN Sustainable Development Goals. These indicators are also aligned with the Group’s internal targets, further

demonstrating the company’s commitment to sustainability and accountability.

Solutions30 strives for excellence in the

health and safety of its employees and has

obtained and improved ISO 45001 / VCA

certifications (Occupational Health and

Safety Management System).

72%

Employees covered by

ISO 45001

or by

VCA

The Injury Severity Rate

decrease by 11%

compared to 2024

To support growth and integrate new skills,

the Group launched a training program

that hires young people without

qualifications or those undergoing career

changes, promoting professional

integration.

163,965

hours of training

28 hours of training

per employee on

average

Strong growth enables Solutions30 to

significantly contribute to job creation, with

the men and women of the Group driving its

success through their daily work.

39% of the new hires

in 2025 were under the

age of 30

2.3% of people with

disabilities i n our own

workforce as of 31/12/2025

By making technological innovations more

accessible at home and work, Solutions30

contributes to a more inclusive and

sustainable economy.

67% of Group revenue

generated by

Connectivity-related

activities

+80,000

call-outs per day

(in average)

The Group’s daily operations significantly

reduce the disposal of used equipment,

aligning the company with a circular

economy approach.

197,375 computers

repaired

(Circular Economy - PC Repair

project)

49,558 printers

repaired

(Circular Economy - Printer

Repair project)

Environmental issues are integral to all of

the Group’s actions, whether at the due

diligence level or in operational activities.

24% absolute

reduction in Scope 1

and 2 GHG emissions

compared to 2023 (base

year)

Over 168 MW of

solar capacity installed in

2025

More than 370,000

solar panels deployed

NOTE: The figures presented above exclude the United Kingdom and the ‘Connectivity’ business activity in Spain, in

order to ensure consistency and comparability with the financial perimeter of this Annual Report.


	Solutions30 \| Annual Report 2025		155

3.5.2. SBTi commitment

Science Based Targets initiative (SBTi) is a global

partnership between organizations such as the CDP

(Carbon Disclosure Project), the United Nations Global

Compact, the World Resources Institute (WRI), and the

World Wide Fund for Nature (WWF). The initiative helps

companies to set science-based targets to reduce

greenhouse gas emissions (GHG), in line with the latest

climate science and the goals of the Paris Agreement.


SBTi Commitment Timeline

	On 9 January 2024 the Group Management Board took the first major step in Solutions30’s climate journey by formally committing the company to the Science Based Targets initiative (SBTi). This decision demonstrated our determination to adopt short term emission reduction targets grounded in climate science and aligned with the SBTi framework. It marked the starting point of a structured and science aligned decarbonisation pathway for the Group.

	On 24 October 2025, Solutions30 officially submitted its near term SBTi targets. These targets were designed in line with the Paris Agreement and the 1.5°C trajectory, which aims to limit global warming to manageable and scientifically validated levels. This submission represented a significant milestone, confirming the Group’s intention to align its reduction strategy with internationally recognised climate expectations.

	On 22 January 2026, the SBTi formally approved Solutions30’s near term science based targets. This validation confirms that our decarbonisation pathway is not only ambitious, but also credible, measurable, and firmly grounded in climate science. It represents strong external recognition of the work carried out across the Group and reinforces our long term environmental commitments.

Our Approved Near Term Targets

Solutions30 is committed to achieving the following

science based targets by 2030, using 2023 as the base

year:

• Reduce absolute Scope 1 and 2 GHG emissions

by 42%

• Reduce absolute Scope 3 GHG emissions by 25%

These ambitions focus on the areas where the Group can

have the strongest influence, both in the way we operate

and in the way we collaborate with suppliers, partners, and

clients.

Strategic Significance

The approval of these targets strengthens the credibility of

our environmental commitments and confirms that

Solutions30 is taking meaningful, measurable and science

aligned actions to reduce its carbon footprint.

This milestone also reinforces our contribution to global

climate mitigation efforts and marks a major step forward

in the implementation of our wider sustainability strategy.

Our approach remains pragmatic and risk aware, ensuring

that every initiative is assessed for its potential impacts,

risks, and opportunities. This thorough evaluation enables

the Group to implement actions that are both effective and

sustainable.

Next Steps / Actions Plans

The action plans and activities already defined and

implemented under the Solutions30 Group’s carbon

reduction framework are detailed in sub chapter “3.2.2

Environment.”

These initiatives form the operational backbone of our

SBTi aligned decarbonisation roadmap.

You can see more about our commitment to the SBTi

here: https://sciencebasedtargets.org/target-dashboard.


	Solutions30 \| Annual Report 2025		156

3.5.3. RFAR Label (Relations Fournisseurs et Achats Responsables)

The RFAR Label (Relations Fournisseurs et Achats

Responsables) is an official French certification that

recognises organisations demonstrating responsible

purchasing practices and fair, balanced, and sustainable

relationships with their suppliers. It is awarded by the

French Government through the Médiateur des

entreprises and the Conseil National des Achats (CNA),

and is considered one of the leading national benchmarks

for responsible procurement.

The RFAR Label is fully aligned with the international ISO

20400 standard on sustainable procurement. Its

assessment framework is built directly upon the ISO

20400 guidelines, providing a practical and operational

mechanism to demonstrate effective implementation of

this global reference.

The objective of the RFAR Label is to help Organisations

structure, improve, and demonstrate their commitment to

responsible purchasing, ensuring that environmental,

social, ethical, and economic considerations are fully

integrated into procurement processes and supplier

relationships. It promotes transparency, fair contractual

practices, and long‑term value creation across the supply

chain.

Key Advantages

Earning the RFAR Label provides several strategic

benefits:

• Stronger credibility and competitive advantage: As an

official state‑endorsed label aligned with ISO 20400, it

enhances trust among clients, suppliers, and public

bodies.

• Improved internal performance: It helps

professionalise procurement functions, strengthen risk

management, and integrate purchasing into the

organisation’s broader ESG strategy.

• More robust and sustainable supplier relationships:

The label fosters dialogue, reduces supply‑chain risks,

and supports long‑term, balanced partnerships.

• Continuous improvement: Certification requires

external evaluation and periodic review, supporting

ongoing progress in responsible purchasing practices.

Since formalising our commitment in 2023 through the

signing of the “Relations Fournisseurs & Achats

Responsables” Charter, the Group has been

implementing a structured and progressive approach to

responsible purchasing, embedded within a continuous

improvement framework and aimed at achieving RFAR

certification in France by 2026 .

This trajectory is grounded in the systematic reinforcement

of our internal processes, ensuring the consistent

integration of social, inclusive, and broader sustainability

criteria into needs assessment, supplier selection, and

contract management.

Our ambition is to build a supply chain firmly aligned with

principles of ethics, transparency, and sustainability, in line

with recognised industry standards.

As part of our RFAR certification journey in France,

Solutions30 is engaging all internal and external

stakeholders to consolidate a procurement model focused

on responsible value creation, effective risk management,

and supporting our partners in advancing their own CSR

practices.

This approach represents a key strategic lever for the

Group, enabling us to combine economic performance

with social inclusion and environmental responsibility,

while positioning the company on a credible and ambitious

pathway toward certification in 2026.

Looking ahead, our strategy is to progressively and

systematically replicate the same principles, guidelines,

and methodologies across all countries where the Group

operates, ensuring a harmonised and resilient approach to

sustainable procurement throughout our international

footprint.


	Solutions30 \| Annual Report 2025		157

3.6 Our Certifications and ESG Performance

3.6.1. Management System

■ Quality, Health and Safety, and Environment

(QHSE) Management System

Solutions30 has developed a QHSE system for quality,

health and safety and environment management, fully

aligned with ISO standards (ISO 9001, ISO 14001, and

ISO 45001). Our QHSE system follows the PDCA (Plan-

Do-Check-Act) principle, ensuring a continuous

improvement process. We regularly review and enhance

our management system based on various inputs,

including feedback from clients, employee suggestions,

audit results, performance indicators, legal and regulatory

changes, and risk assessments. This approach

guarantees that we consistently improve the effectiveness

and efficiency of our quality, environmental, and safety

management systems.

QHSE certifications within the Group:


Standard		Country
	ISO 9001:2015 Quality Management System	• France • Belgium • Italy • Luxembourg • Netherlands • Poland • Spain
	ISO 45001:2018 Health and Safety Management System	• France • Italy • Luxembourg • Poland • Spain
VCA **	VCA (2 stars) Health and Safety Management System	• Belgium • Netherlands
	ISO 14001:2015 Environmental Management System	• France • Italy • Luxembourg • Spain

Overview of the Group’s QHSE Certification Coverage

by Employee Average and Annual Revenue (*2)

In the next table, we present the percentage of employees

covered by each standard, as well as the percentage of

the Group’s global activities covered (for this purpose, we

used revenue as the metric):


Standard	Coverage by employees	Coverage by Revenue
ISO 9001	67%	72%
ISO 14001	50%	45%
ISO 45001 or VCA	72%	83%

■ Information Security Management System

At Solutions30, we give a high importance on Information

Security and the protection of personal data. Our

Information Security Management System (ISMS) is

designed to safeguard the confidentiality, integrity, and

availability of critical information. We are committed to

maintaining robust cybersecurity practices to defend

against evolving threats and ensure the secure handling of

sensitive data.

Our dedication to cybersecurity and data protection

underpins our commitment to providing secure and trusted

services to our customers. In line with the General Data

Protection Regulation (GDPR), we take all necessary

steps to protect personal data, ensuring compliance with

the highest standards of privacy and information security.

In 2024, Solutions30 obtained the BBB National Programs

Vendor Privacy Program certification.

In October 2025, the Group decided not to renew this

certification for 2026. This decision followed a detailed

assessment of its relevance, added value, and alignment

with our strategic priorities in the area of data protection.

The main reason for this decision is that the BBB program

is primarily recognised in the United States and has limited

applicability within the European regulatory environment.

Information security certifications within the Group:


Standard		Country
	ISO 27001:2013 Information Security Management System	• France • Italy, • Luxembourg (*1)
	BBB National Programs Vendor Privacy Program certification	• France • Belgium • Italy • Germany • Luxembourg • Netherlands • Spain

Overview of the Group’s ISMS Certification Coverage

by Employee Average and Annual Revenue (*2)

In the next table, we present the percentage of employees

covered by each standard, as well as the percentage of

the Group’s global activities covered (for this purpose, we

used revenue as the metric):


Standard	Coverage by employees	Coverage by Revenue
ISO 27001	45%	42%
BBB_VPP	81%	93%

NOTES:

(*1) Countries not yet certified but whose practices comply with this

standard: Germany, Belgium, Spain, Netherlands, Poland.

(*2) For the calculation of the certification coverage, the annual average of

the Group’s total employees was considered. Data from Portugal was

excluded from the calculation, as both Solutions30 Portugal and Byon

Portugal have no operational activity and focus primarily on providing

services, mostly within the Group.

Employees in Portugal represent approximately 6.5% of the Group’s total

workforce, while their contribution to annual revenue is negligible.


	Solutions30 \| Annual Report 2025		158

3.6.2. ESG Performance

At Solutions30, we are deeply committed to sustainability

and transparency in our Environmental, Social, and

Governance (ESG) practices. Every year, we voluntarily

subject ourselves to rigorous performance evaluations

conducted by internationally recognized rating agencies

and other organizations, including CDP (Carbon

Disclosure Project) and EcoVadis. These assessments

help us benchmark our progress, identify areas for

improvement, and reaffirm our dedication to driving

positive change.

Below, we proudly share a summary of the scores we

have achieved in 2025, reflecting our ongoing efforts to

align with the highest ESG standards.

ESG Performance Scores Summary

In 2025, the S30 Group continued to strengthen its ESG

performance across all major external ratings, reflecting

the progress made in environmental management,

responsible governance, data protection, and social

practices. The results obtained from leading international

assessment bodies confirm both the robustness of our

sustainability strategy and our commitment to continuous

improvement.

Below, we proudly share a summary of the scores we

have achieved in 2025, reflecting our ongoing efforts to

align with the highest ESG standards.




NOTE : All ESG scores are also available for consultation on the Solutions30 Group website under the ESG section, where they are continuously updated.

In the next page we present a summary of each score achieved, together with a comparative analysis and year-over-

year performance evolution relative to the previous reporting period.


	Solutions30 \| Annual Report 2025		159


Entity	Performance Details
	EcoVadis – Gold Medal (80/100 \| 97th percentile) In 2025, the S30 Group achieved its highest-ever EcoVadis score, rising from 64 to 80 points (out of 100). This significant improvement places the Group in the 97th percentile worldwide, ranking us among the top 3% of companies globally assessed by EcoVadis . As a result, we were awarded the Gold Medal, a recognition of our strong performance across all four pillars: Environment, Ethics, Labor & Human Rights, and Sustainable Procurement. This milestone demonstrates tangible progress in our ESG management systems, policies, and reporting practices.
	CyberVadis – Silver Medal (870/1000) In 2025, CyberVadis, a globally recognized assessor of cybersecurity and data protection practices, awarded the S30 Group a Silver Medal. The Group achieved an outstanding score of 870 out of 1000, classified as “Mature”. This rating reflects the robustness of our cybersecurity governance framework, the strength of our data privacy controls, the effectiveness of our risk management processes, and our alignment with internationally recognized security standards. It further demonstrates the consistency and reliability of the measures implemented to safeguard our clients, partners, and internal operations against evolving cyber threats.
	EthiFinance ESG Ratings – Platinum Medal (87/100) In 2025, the S30 Group achieved a score of 87 out of 100, improving on our previous assessment, which grants us access to the Platinum Medal , the highest distinction attributed by EthiFinance. This result highlights the maturity, consistency, and effectiveness of our ESG strategy, particularly in the areas of social responsibility, business ethics, corporate governance, and environmental management. The Platinum level recognition reflects the Group’s leadership position in sustainability performance and further strengthens the credibility and transparency of our long-term sustainability commitments.
	CDP – Stable Rating (C) In the 2025 CDP assessment, the S30 Group maintained the same rating as the previous year (C). This reflects the stability of our climate related governance and disclosures, while also highlighting the need for continued investment in climate risk management, emissions reduction pathways, and transparency. Maintaining the rating confirms consistent alignment with CDP’s increasingly demanding expectations.
	ISS ESG – Improved Overall Rating (C+) In 2025, the S30 Group’s overall rating from ISS ESG increased to C+ , reflecting measurable progress across the Governance, Environmental, and Social dimensions. Category scores improved consistently, demonstrating the effectiveness of the enhancements implemented in our reporting practices, internal controls, governance structures, and stakeholder-related policies. This upward trajectory underscores our continued alignment with internationally recognized ESG standards and expectations. With regard to the quality and robustness of the data reported, our assessment remained at very high levels: Governance = 1; Environment = 2; and Social = 1, reaffirming the reliability, transparency, and consistency of our disclosed information.


	Solutions30 \| Annual Report 2025		160

3.7 ESRS Content Index - Disclosure Requirements

The tables below present all the disclosure requirements of the European Sustainability Reporting Standards (ESRS).

The listed requirements pertain to “ESRS 2 – General disclosures” and the five topical standards covering the material

topics for Solutions30, as identified in the double materiality assessment (see section 3.1.4).

This Sustainability Statement does not include disclosures related to the ESRS E2, E3, E4, and S3 topical standards, as

these topics were not considered material for Solutions30.

Although the “ESRS E5 – Resource Use and Circular Economy” topics were also assessed as non-material for

Solutions30, we have voluntarily chosen to disclose relevant information regarding waste management and existing

circular economy programs. This information can be found in section “3.2.3. Other Environmental Topics,” pages 107 to

109.

In cases where no information is currently available for a specific disclosure requirement, no reference is provided.

These tables help readers quickly identify where each specific disclosure requirement is addressed in the Sustainability

Statement, ensuring easier access to relevant information.


DISCLOSURE REQUIREMENTS

ESRS 2 - GENERAL DISCLOSURES		Page(s)	Additional Information
BP-1	General basis for preparation of the sustainability statement	58-59
BP-2	Disclosures in relation to specific circumstances	58-59
GOV-1	The role of the administrative, management and supervisory bodies	61-62	Management Board detailed information on Chapter 4
GOV-2	Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	61-62; 165-191
GOV-3	Integration of sustainability-related performance in incentive schemes	73; 193-196	S30 Group’s commitment to ESG and GRC objectives in executive compensation
GOV-4	Statement on due diligence	163
GOV-5	Risk management and internal controls over sustainability reporting strategy	39-53; 63-66
SBM-1	Strategy, business model and value chain	11-14; 19-29; 68
SBM-2	Interests and views of stakeholders	66-68
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	65-66; 85; 107; 112-113; 130; 135-137; 143-145
IRO-1	Description of the process to identify and assess material impacts, risks and opportunities	63-66
IRO-2	Disclosure requirements in ESRS covered by the undertaking’s sustainability statement	160-162


	Solutions30 \| Annual Report 2025		161


DISCLOSURE REQUIREMENTS

ESRS E1 - CLIMATE CHANGE		Page(s)	Additional Information
ESRS 2, GOV-3	Integration of sustainability-related performance in incentive schemes	73; 193-196	S30 Group’s commitment to ESG and GRC objectives in executive compensation
E1-1	Transition plan for climate change mitigation	86-89
ESRS 2, SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	85; 65-66
ESRS 2, IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	63-66
E1-2	Policies related to climate change mitigation and adaptation	84
E1-3	Actions and resources in relation to climate change policies	86-94
E1-4	Targets related to climate change mitigation and adaptation	95
E1-5	Energy consumption and mix	105-107
E1-6	Gross Scopes 1, 2, 3 and total GHG emissions	97-102
E1-7	GHG removals and GHG mitigation projects financed through carbon credits	-
E1-8	Internal carbon pricing	-
E1-9	Anticipated financial effects from material physical and transition risks and potential climate-related opportunities	-


ESRS S1 · OWN WORKFORCE		Page(s)	Additional Information
ESRS 2, SBM-2	Interests and views of stakeholders	66-68
ESRS 2, SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	63-66; 112-113
S1-1	Policies related to own workforce	111-112
S1-2	Processes for engaging with own workers and workers’ representatives about impacts	124; 126-128
S1-3	Processes to remediate negative impacts and channels for own workers to raise concerns	126-128; 151
S1-4	Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	114-116
S1-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	116-117
S1-6	Characteristics of Solutions30 Group employees	118-122
S1-7	Characteristics of non-employee workers in the Solutions30 Group own workforcee	-
S1-8	Collective bargaining coverage and social dialogue	111-112; 128
S1-9	Diversity metrics	118-122
S1-10	Adequate wages	126-128
S1-11	Social protection	111-112
S1-12	Persons with disabilities	115; 126	Equal Opportunities, Diversity and Inclusion
S1-13	Training and skills development metrics	122-124; 149-150
S1-14	Health and safety metrics	125-126
S1-15	Work-life balance metrics	127
S1-16	Compensation metrics (pay gap and total compensation)	126; 128
S1-17	Incidents, complaints and severe human rights impacts	128


	Solutions30 \| Annual Report 2025		162


DISCLOSURE REQUIREMENTS

ESRS S2 · WORKERS IN THE VALUE CHAIN		Page(s)	Additional Information
ESRS 2, SBM-2	Interests and views of stakeholders	66-68
ESRS 2, SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	63-66; 130
S2-1	Policies related to value chain workers	129-130
S2-2	Processes for engaging with value chain workers about impacts	-
S2-3	Processes to remediate negative impacts and channels for value chain workers to raise concerns	-
S2-4	Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions	131-132
S2-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	133


ESRS S4 · CONSUMERS AND END-USERS		Page(s)	Additional Information
ESRS 2, SBM-2	Interests and views of stakeholders	66-68
ESRS 2, SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	63-66; 135-137
S4-1	Policies related to consumers and end-users	134-135
S4-2	Processes for engaging with consumers and end-users about impacts	137-139
S4-3	Processes to remediate negative impacts and channels for consumers and end-users to raise concerns	137-139
S4-4	Taking action on material impacts on consumers and end- users, and approaches to managing material risks and pursuing material opportunities related to consumers and end- users, and effectiveness of those actions	137-139
S4-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	139


ESRS G1 · BUSINESS CONDUCT		Page(s)	Additional Information
ESRS 2, GOV-1	The role of the administrative, management and supervisory bodies	61-62	Management Board detailed information on Chapter 4
ESRS 2, IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	63-66; 143-145
G1-1	Business conduct policies and corporate culture	141-142
G1-2	Management of relationships with suppliers and subcontractors	145-147; 150
G1-3	Prevention and detection of corruption and bribery	141; 150-151	Anti corruption policy and training.
G1-4	Incidents of corruption or bribery	150-151
G1-5	Political influence and lobbying activites	-
G1-6	Payment practices	-


BP	Basis content
GOV	Governance content
SBM	Strategy content
IRO	Impact, risk and opportunity management


	Solutions30 \| Annual Report 2025		163

■ Statement on Due Diligence

The table below indicates where, in our sustainability statement, information about our due diligence process can be

found, including its methodology, how it is implemented, as well as its main steps and objectives.

The mapping below establishes the correspondence between the core elements of the due diligence process, regarding

impacts on people and the environment, and the respective disclosures in the organization’s sustainability statement.


CORE ELEMENTS OF DUE DILIGENCE	PARAGRAPHS IN THE SUSTAINABILITY STATEMENT	PAGE(S)
a) Embedding due diligence in governance,strategy and business model	3.4.1.1. Business Conduct: our approach and policies	141-142
b) Engaging with affected stakeholders in all key steps of the due diligence	3.1.4.5. Stakeholders’ identification, mapping and communication channels 3.3.1.1. Human and labor rights: own workforce 3.3.2.1. Human and labor rights: workers in the value chain 3.3.3.1. Consumers and end-users 3.4.1.1. Business conduct	66-68 111-112 129-130 134-135 141-142
c) Identifying and assessing adverse impacts	3.1.4.4. Key impacts and risks related to sustainable development 3.3.1.2. and 3.3.2.2. Material impacts, risks and opportunities (IRO) related to social 3.4.1.2. Material impacts, risks and opportunities (IRO) related to governance	65-66 112-113 130 135-137 143-145
d) Taking actions to address those adverse impacts	3.3.1.3. and 3.3.2.3. Actions to mitigate impacts or risks and maximize opportunities related to social 3.4.1.3. Actions to mitigate impacts or risks and maximize opportunities related to governance	114-116 131-132 137-139 145-147
e) Tracking the effectiveness of these efforts and communicating	3.3.1.4. and 3.3.2.4. Objectives, Targets and Key Performance Indicators (KPIs) related to social 3.4.1.4. Objectives, Targets and Key Performance Indicators (KPIs) related to governance	116-117 133; 139 148-149


	Solutions30 \| Annual Report 2025		164

4 Corporate Governance

165

4.1 Governance Framework

169

4.2 Supervisory Board

186

4.3 Management Board

192

4.4 Remuneration


	Solutions30 \| Annual Report 2025		165

4. CORPORATE GOVERNANCE

4.1 Governance Framework

4.1.1 Introduction

Solutions30 SE is a European company headquartered in

Luxembourg, whose shares are listed on the Paris

exchange (Euronext Paris, Compartment C). It is

registered in the Luxembourg Register of Commerce and

Companies under registration number B.179097 (the

Company).

The Company has a dual organizational structure, with

both a supervisory board and a management board.

Corporate governance focuses on profitable growth and

on operations, with short and efficient decision-making

cycles and close contact with those working in the field.

This model has allowed the Company to stay agile and to

quickly seize market opportunities when they arise. The

goal is to attain a critical size across all geographic

regions where the Company operates, while also

maintaining rigorous operational standards.

The Supervisory Board is able to do quality work because

its members are independent, committed, represent a

variety of competences and are supported by three

committees: the Nominations and Remunerations

Committee, the Audit, Risk and Compliance Committee,

and a Strategy and ESG Committee.

The Management Board is assisted in its work by two

committees: a Group Executive Committee and a Country

Executive Committee.

The Company was created in accordance with Council

Regulation (EC) No. 2157/2001 of October 8, 2001, on the

statute for a European company (SE) (the SE Regulation).

It is therefore governed by the provisions of the

Luxembourg law on commercial companies of August 10,

1915, as amended (the Law of 1915), applicable to public

limited companies, and by the provisions specifically

applicable to European companies in the SE Regulation.

The Company’s corporate governance rules are also

based on (i) the Company’s articles of association (the

Articles of Association), (ii) the Management Board’s

corporate governance charter (the Management Board

Charter), (iii) the Supervisory Board’s corporate

governance charter (the Supervisory Board Charter), (iv)

this report on corporate governance (the Corporate

Governance Report) and the Company’s internal policies.

As of the publication of this Corporate Governance Report,

the Company is in compliance with the corporate

governance recommendations set out in the corporate

governance code for listed companies drawn up by AFEP

and MEDEF in December 2008, updated in December

2022 (AFEP-MEDEF Code). Section 4.1.2 of this

Corporate Governance Report specifies the provisions of

the AFEP-MEDEF Code that have been set aside, along

with the reasons why.

The AFEP-MEDEF Code can be consulted on the AFEP

(www.afep.com) and MEDEF websites (www.medef.com)

The Articles of Association are available on the Company’s

website:

https://www.solutions30.com/articles-of-association/

The Supervisory Board Charter is available on the

Company’s website:

https://solutions30.com/SupervisoryBoard-Governance-

Charter

The Management Board Charter is available on the

Company’s website:

https://www.solutions30.com/GMB-Governance-Charter

The Company’s Codes of Conduct, Anti-corruption Policy,

Whistleblower Platform and Policy are all available on the

Company’s website:

https://www.solutions30.com/policies

4.1.2. Corporate Governance Code

The Company uses the AFEP-MEDEF Code as a

reference. This Corporate Governance Report specifies

the provisions of the AFEP-MEDEF Code that have been

set aside, along with the reasons why. The table below

lists the recommendations of the AFEP-MEDEF Code that

Solutions30 SE does not follow, as well as descriptions of

its actual practices and justifications for this choice.

Given the dual governance model employed by

Solutions30, with both a management board and a

supervisory board, it is the role of the supervisory board to

note any recommendations in the AFEP-MEDEF Code, as

soon as they are endorsed by that body.


	Solutions30 \| Annual Report 2025		166


Recommendations of the AFEP-MEDEF Code that are not applied or not implemented	Explanations for the non-application of certain recommendations
Article 9 Article 14.3 9.1 Within a group, the directors representing employees elected or appointed in accordance with the legal requirements sit on the Board of the company that declares that it refers to the provisions of this code in its report on corporate governance. When several group companies apply these provisions, the Boards shall determine the corporation(s) eligible for this recommendation. 9.2 Directors representing employee shareholders and directors representing employees are entitled to vote at meetings of the Board of Directors, which is a collegial body that has the obligation of acting under all circumstances in the corporate interest. Like all other directors, they may be selected by the Board to participate in committees. 9.3 Without prejudice to the legal provisions specific to them, directors representing employee shareholders and directors representing employees have the same rights, are subject to the same obligations, in particular in relation to confidentiality, and take on the same responsibilities as the other members of the Board. 14.3 Directors representing employees or representing employee shareholders should be provided with suitable training enabling them to perform their duties	Solutions30 SE is a Luxembourg registered company and is therefore subject to Law 1915 (as defined above) as well as other applicable laws in Luxembourg. As such, Solutions30 SE does not have employee representation on the Supervisory Board.	1
Article 24 REQUIREMENT FOR COMPANY OFFICERS TO HOLD SHARES The Board of Directors defines a minimum number of registered shares that the company officers must retain through to the end of their term of office. This decision is reviewed at least on each extension of their term of office. The Board may base its decisions on various references, for example: – the annual compensation – a defined number of shares – a percentage of the capital gain net of taxes and social security contributions and of expenses related to the transaction, in the case of exercised options or performance shares – a combination of these references. Until this objective regarding the holding of shares has been achieved, the company officers will devote a proportion of exercised options or awarded performance shares to this end as determined by the Board. This information must be presented in the corporation’s report on corporate governance.	As of the publication of this report, the chairman of the Management Board held 17,323,240 shares in the Company, representing 16.2% of share capital. As of the publication of this report, the other members of the Management Board together held 31,160 shares, representing 0.03% of the Company’s share capital. Together, the members of the Management Board hold 17,354,400 shares, representing 16.2% of the Company’s share capital. The members of the Management Board are thus invested in the Company’s long-term development. To this end, the Group’s remuneration policy encourages all members of the Management Board to acquire and hold a number of shares (i) equal to their respective fixed annual remuneration in the fourth year following their appointment and (ii) for the chairman of the Management Board - equal to twice his fixed remuneration in the fourth year. This provision aims to ensure that members of the Management Board become shareholders of the Company, that they feel vested, and that their interests are aligned with those of the shareholders.
Article 25.4 The Board must also make provision for no non-competition benefit to be paid once the officer claims his or her pension rights. In any event, no benefit can be paid over the age of 65.	Solutions30 SE is a Luxembourg registered company and is therefore subject to Law 1915 (as defined above) as well as other applicable laws in Luxembourg. The agreements of members of the Management Board are also subject to Luxembourg law and such law does not provide for any similar limitations with reference to the non-competition rule which, under Luxembourg law, is purely contractual. Therefore, the mentioned agreements do not foresee such limitations related to age.


	Solutions30 \| Annual Report 2025		167

4.1.3. Assessing the work and operations of the

Supervisory Board and Management Board

In line with the recommendations of the AFEP-MEDEF

Code and its own corporate governance charter, in Q4

2025 the Supervisory Board performed an annual self-

evaluation of the functioning of the Supervisory Board and

its respective committees and resolved that the

Management Board should be subject to self-evaluation

as well. This evaluation process was performed under the

overall supervision of the independent member of the

Supervisory Board, Thomas Kremer, Chair of the

Supervisory Board, member of the Audit, Risk &

Compliance Committee, the Nominations and

Remunerations Committee and the Strategy & ESG

Committee.

The purpose of this self-evaluation was to assess the

ability of the Supervisory Board members and the

Management Board members to ensure the effective

oversight of the Company’s governance, strategy, and

performance while meeting regulatory, shareholder and

marketplace expectations.

This evaluation process involved (i) completion of a

detailed questionnaire by each of the members of the

respective boards in order to gather their opinions,

comments and suggestions concerning their composition,

organization and functioning and the overall governance of

the Group and (ii) debating the results of the self-

evaluation by all members of the Management Board and

the Supervisory Board respectively.

The self-evaluation was carried out with three main

objectives:

– Assess the way the Management Board, the

Supervisory Board and its committees operate

– Check that the important issues are suitably prepared

and discussed

– Measure the contribution of each member to the

respective Boards’ work

The self-evaluation focused on the following areas:

• Performance of their mission

• Risk and opportunity monitoring

• Operation of the Supervisory Board and the

Management Board

• composition of the Supervisory Board and the

Management Board: diversity of profiles and skills,

remuneration

• Conduct of their respective meetings: agenda,

organization, access to information, attendance rate,

content and quality of discussions, etc.

• Relationship and interactions between the Supervisory

Board and the Management Board

• Performance of the committees of the Supervisory

Board

In a nutshell, this evaluation process covered the overall

governance of Solutions30 and its implementation as well

as the quality and quantity of information provided to the

Supervisory Board members.

The conclusions of this evaluation exercise were

presented and discussed at the Supervisory Board

meeting held on 5 November 2025 and the Management

Board meeting held on 25 March 2026. Conclusions of the

evaluation are the following:

• Both governing bodies continue to operate effectively

and in accordance with applicable legal, regulatory,

and internal governance requirements.

• Continued strong commitment to responsible oversight

of the Supervisory Board, and transparent

decision‑making.

• Confirmed shared ambition of both bodies to continue

strengthening the quality, frequency, and depth of their

interactions aimed at ensuring resilient performance

and sustained value creation.

• Changes in the composition and expertise of the

Supervisory Board, since the previous assessment

carried out in 2024, are considered very positive given

that additional competences have been added such as

strategy, operations, and overall governance.

• The number of members and the current composition

of the Supervisory Board and the Management Board

in terms of profile and experience are considered

appropriate.

• Members of the Supervisory Board have the

appropriate range of skills, knowledge and experience

necessary to enable it to effectively perform its duties.

• Both governing bodies are functioning well as a team,

with members effectively collaborating and leveraging

each other’s expertise during their respective

meetings.

Members of the Management Board and the Supervisory

Board commend the accelerated major improvements of

its governance and key processes including, but not

limited to, the internal controls, risk management,

compliance, ESG framework as reflected in chapter 2.4.1

and the sustainability report of this annual report.

The following recommendations were made with regards

to the overall governance:

i. Continue developing a more structured annual cycle

for in‑depth strategic discussions and deep dives into

risk management, enabling earlier and more

comprehensive engagement on long‑term priorities,

investments, and emerging risks.

ii. Continue the joint focus on monitoring critical risk

areas such as regulatory compliance, digital

transformation, cybersecurity, and sustainability.

iii. Continue, alongside formal meetings, periodic

informal exchanges between the Supervisory Board

members and between Management Board members

and Supervisory Board members; thematic

workshops to further strengthen mutual understanding

and collaboration, particularly on the business

segments and market dynamics.

iv. Continue to focus on the forward‑looking succession

planning for key leadership roles and to deepen its

oversight in this area, with the Management Board

providing more structured updates on talent

development, leadership pipeline strength, and

critical‑skills mapping. This enhanced focus will

support continuity, resilience, and sustainable

organizational development.

In line with the above-mentioned conclusions and

recommendations and in continuous efforts to strengthen


	Solutions30 \| Annual Report 2025		168

its organizational structure, numerous actions were taken

by Solutions30 in the course of 2025 and beginning of

2026 , including but not limited to:

i. Continuance of comprehensive series of audits and

assessments performed across the Group by the

internal audit team focusing on the review of the

compliance levels of internal controls developed

during the GRC project.

ii. Re-appointment of Pascale Mourvillier, as member of

the Supervisory Board of the Company, for a mandate

of four years and further appointment as Chair of the

Audit, Risk and Compliance Committee.

iii. Appointment of Olivier Domergue as member of the

Supervisory Board and as Chair of the Strategy and

ESG Committee, an independent member of the

Supervisory Board bringing extensive expertise in

business strategy, operational transformation, the

construction and energy industry.

iv. Appointment of Maria Zesch as member of the

Supervisory Board bringing deep expertise across the

service industry, spanning telecommunications,

technology, media, and strategy.

v. Subsequent appointment of Olivier Domergue as

member of the Management Board and Chief

Performance Officer, effective as of 1 January 2026,

with his primary mission focusing on steering the

improvement of the Group’s operating and financial

performance, in close cooperation with the entire

leadership team.

vi. With the current composition of the Supervisory Board

having 5 members, all of whom are independent,

including 3 women, representing 60% of members of

the Supervisory Board, the Group continues to comply

with the European “Women on Boards" Directive

which stipulates that the proportion of non-executive

director seats held by women must be (i) at least 40%

or (ii) at least 33% of non-executive and executive

director seats held by women.

vii. Continuous strong commitment of the Group to

the ESG matters as explained in detail in the

sustainability report in chapter 3.

viii. Continuous integration into the annual objectives

of Solutions30’s Management Board and local

countries’ managers of (i) GRC targets focusing,

among other, on compliance topics, internal controls

and risk management as well as (ii) ESG targets

focusing, among other, on the CO2 reduction and

feminization and gender parity of the management

bodies within the Group as explained in detail in

chapter 4.4.4.2.

ix. In line with Solutions30’s commitment to strong

corporate governance and long‑term business

continuity, the Supervisory Board had a strong focus

on the short-term, mid-term, and long-term succession

planning for the Management Board members. A

succession plan for the chairman of the Management

Board has been developed and approved. This

structured plan ensures clarity and readiness for

future leadership transition, reinforces organizational

stability, and strengthens our governance framework.

Further to the above process, following the

recommendations of the AFEP-MEDEF Code, the

members of the Supervisory Board and the Management

Board will continue to be evaluated at least once per year,

based on the three objectives set forth in the AFEP-

MEDEF Code and mentioned above.

In addition, a formal assessment of the respective boards’

work will be carried out using one of the following two

methods and under the supervision of the Nominations

and Remunerations Committee:

• As a self-evaluation

• As an evaluation conducted by a specialist firm (external

consultant)

Moreover, it has been decided that continuous

assessments shall be performed by management as

routine operations, built into business processes, and

performed on a real-time basis, reacting to changing

conditions.


	Solutions30 \| Annual Report 2025		169

4.2 Supervisory Board

4.2.1 Supervisory Board Charter

The Supervisory Board has adopted an internal charter,

which went into effect on 23 April 2019 and was revised

and amended on 3 April 2024. This Supervisory Board

Charter establishes rules and operating principles for the

Supervisory Board that go beyond applicable legal and

regulatory provisions and the Company’s Articles of

Association. The information below is a summary of this

Supervisory Board Charter and is not, therefore, intended

to be exhaustive in nature.

4.2. Members of the Supervisory Board

The Supervisory Board is a collegial body composed of at

least three members appointed and dismissed by the

Company’s general meeting of shareholders (the General

Meeting), on the non-binding proposal of the Supervisory

Board. Supervisory Board members are appointed on the

basis of objective criteria, such as their expertise, skills,

experience, diversity, and independence.

The members of the Supervisory Board serve for a term of

four years, as described in the Articles of Association, and

may be reappointed. In this case, the manner in which the

candidate has performed their duties is evaluated and

taken into account.

The composition of the Supervisory Board will be such

that the combined experience, skills, abilities, diversity,

and independence of its members will enable it to best

discharge its duties and responsibilities with respect to the

Company and all stakeholders, in accordance with

applicable laws and regulations (including the rules of the

Euronext market on which the Company’s shares are

listed and traded).

The Supervisory Board currently has five members,

including a chair and a vice-chair.

4.2.3 Supervisory Board Committees

The Supervisory Board is assisted by three specialized

committees, each acting in a specific area of expertise.

The permanent committees of the Supervisory Board are

the Nominations and Remunerations Committee; the

Audit, Risk and Compliance Committee; and the Strategy

and ESG Committee (the Committees). Their operating

procedures are set out in the appendices to the

Supervisory Board Charter.

The purpose of these Committees is to assist the

Supervisory Board in supervising the Company’s

Management Board by advising and preparing decisions

related to matters within their respective scope.

The main objectives of the Supervisory Board Committees

include the following:

• Strategy and ESG Committee: Monitor, discuss and

evaluate the Company’s strategy and any changes

within it, including with regards to ESG criteria, and

anticipating risks, including the annual review of ESG

objectives and strategic plans, investment plan

analysis, Group Management Board oversight, and

input on decision- making related to strategy and ESG.

• Audit, Risk and Compliance Committee: Assist the

Supervisory Board with verification of the financial

reporting, internal control procedures, compliance

processes and risk management. Best practices entail

that the Audit, Risk and Compliance Committee meet

with the auditors, both with and without Solutions30

management present.

Depending on the topics discussed at the Audit, Risk and

Compliance Committee meetings, the key Group functions

are invited on regular basis to attend these meetings such

as for instance Group Secretary General who oversees a

Group finance, Group Head of Consolidation, Group Head

of Risk, Compliance and ESG and Group Head of Legal,

(Chief Information Security Officer).

The participation of these individuals is crucial when

discussing ESG, governance and internal controls related

topics and answering specific questions related to the

Group’s financial performance. The Group Secretary

General, plays a key role in meetings of the Audit, Risk

and Compliance Committee meetings because of his

direct responsibility for the Group’s financial matters.

• Nominations and Remunerations Committee: to assist

the Supervisory Board and make proposals with

regards to governance body membership, succession

plans for Company directors, and remuneration for

Supervisory Board and Management Board members.


	Solutions30 \| Annual Report 2025		170

4.2.4 About the members of the Supervisory Board

The Supervisory Board is currently made up of five members:


		Appointed as member of the Supervisory Board by resolution of the ordinary general meeting on June 16, 2022. His term of office will expire at the general meeting called to approve the financial statements for the year ending on December 31, 2025. Thomas Kremer graduated from the University of Bonn in 1994 with a doctorate in law. At the beginning of his career, Thomas Kremer joined the legal department of ThyssenKrupp AG before becoming its general counsel in 2003 and being put in charge of implementing their compliance program. He was named Chief Compliance Officer in 2007. In 2009, he took over the management of the company’s legal & compliance expertise center. In 2012, he joined Deutsche Telekom AG as a member of the executive board and was responsible for data privacy, legal affairs, compliance, internal auditing, and risk management. Between January 2014 and March 2015, he served as interim human resources director in parallel with his other duties. From May 2015 until his retirement in March 2020, he was also a member of the supervisory board of T-Systems International GmbH, and sat on the safety and human resources subcommittees. In addition to his operational duties, Thomas Kremer was a member of the German government’s commission on corporate governance (Deutscher Corporate Governance Kodex, or DCGK). He was also president of the association for network security called “Deutschland sicher im Netz”. Thomas Kremer is currently a lecturer at the University of Bonn in business law and corporate governance.
THOMAS KREMER Chair of the Supervisory Board Independent member Member of the Audit, Risk and Compliance Committee Member of the Strategy and ESG Committee Member of the Nominations and Remunerations Committee Age: 68 years old Nationality: German 1st appointed: June 16, 2022 Term expires: 2026 Number of shares held: - Attendance rate: 100%
		Other positions held outside the Company, within the Solutions30 Group
		Current positions • None Positions that were held during the last 5 years and have ended • None
		Other positions held outside the Company, outside the Solutions30 Group
		Current positions • None Positions that were held during the last 5 years and have ended • Deutsche Telekom AG – Member of the Management Board • T-Systems International GMBH – Member of the Supervisory Board


	Solutions30 \| Annual Report 2025		171


		Paola Bruno was appointed as a member of the Supervisory Board by resolution of the ordinary general meeting on June 16, 2023. Her term of office will expire at the general meeting called to approve the financial statements for the year ending on December 31, 2026. Paola Bruno began her career in 1993 at UBS in London and Zurich as an associate in corporate finance, where she worked on projects in the telecommunications and finance sectors. In 1996, she joined Merrill Lynch in London where she served as a director, leading the Italian FIG group, before becoming CEO at ABM in Milan. She then joined the board of directors of Banca Italease in 2004, where she was responsible for business development, including mergers and acquisitions, investor relations, strategic planning, and compliance in times of crisis. In 2010, she became CFO and board member of PMS, a communication company listed on the AIM market in Milan, and also founded Geneva Equities Europe, a private investment fund. Since 2013, she has been the CEO and founder of Augmented Finance, a consulting company working with financial institutions, investment funds, and European and American technology companies. Paola Bruno holds a degree in political science and international economics from La Sapienza University in Rome. She also holds a master’s degree in finance from the Chartered Institute for Securities & Investment (CISI) in London and SDA Bocconi University in Italy, as well as several professional certifications in the insurance, finance, and real estate sectors.
PAOLA BRUNO V ice-Chair of the Supervisory Board Independent member Chair of the Strategy and ESG Committee Member of the Nominations and Remunerations Committee Age: 59 years old Nationality: Italian 1st appointed: June 16, 2023 Term expires: 2027 Number of shares held: - Attendance rate: 100%
		Other positions held outside the Company, within the Solutions30 Group
		Current positions • None Positions that were held during the last 5 years and have ended • None
		Other positions held outside the Company, outside the Solutions30 Group
		Current positions • BANCO DESIO – Board member • MESSAGGERIE ITALIANE SPA – Board member • CLESSIDRA PRIVATE EQUITY SGR – Board member Positions that were held during the last 5 years and have ended • SECNEWGATE GLOBAL STRATEGY SPA – Board member • RETELIT – Board member • COIMA RES SIIQ – Board member • BANCA CREVAL – Board member • ALERION CLEAN POWER – Board member • INWIT – Board member • DOBANK – Board member


	Solutions30 \| Annual Report 2025		172


PASCALE MOURVILLIER Member of the Supervisory Board Independent member Chair of the Audit, Risk and Compliance Committee Member of the Strategy and ESG Committee Age: 66 years old Nationality: French, Swiss 1st appointed: December 10, 2021 Term expires: 2029 Number of shares held: - Attendance rate: 100%	Pascale Mourvillier was appointed as a member of the Supervisory Board at the Supervisory Board meeting of December 10, 2021. Her appointment was ratified by the ordinary general meeting called to approve the financial statements for the year ending December 31, 2021. Pascale’s mandate was renewed at the general meeting of June 17, 2025. Pascale Mourvillier is a graduate of HEC (Écoles des hautes études commerciales), Paris. Pascale began her career in auditing at Arthur Andersen. She then specialized in IFRS at the Compagnie Nationale des Commissaires aux Comptes (CNCC) and worked as a technical advisor at Acteo. In 2005, she joined Suez as head of the IFRS expertise division and for 10 years she helped the group carry out numerous strategic transactions. Since 2014, she has been working as an independent financial reporting consultant for numerous mid- caps and large corporations. She was a member of the accounting commission at SFAF from 2005 to 2024.
	Other positions held outside the Company, within the Solutions30 Group
	Current positions • None Positions that were held during the last 5 years and have ended • None
	Other positions held outside the Company, outside the Solutions30 Group
	Current positions • Gamabilis – Member of the Advisory Boar Positions that were held during the last 5 years and have ended • PAM Expertise – President


	Solutions30 \| Annual Report 2025		173


YVES KERVEILLANT Member of the Supervisory Board Independent member Member of the Audit, Risk and Compliance Committee Member of the Nominations and Remunerations Committee Age: 73 years old Nationality: French 1st appointed: May 27, 2019 Term expires: 2027 Number of shares held: - Attendance rate: 100%	Appointed as member of the Supervisory Board by resolution of the ordinary general meeting on May 27, 2019 and then on June 16, 2023. His term of office will expire at the general meeting called to approve the financial statements for the year ending on December 31, 2026. Yves Kerveillant is a graduate of HEC (Écoles des hautes études commerciales), Paris, and holds degrees in law and accounting. Before joining the consulting firm Equideals and later becoming its president in 2009, Yves ran a group of expert accounting firms for over twenty years. At the same time, he served as statutory auditor for eighty companies, several of which are listed on the stock exchange. His areas of expertise include business development assistance, advice on acquisitions or sales of SMEs, and developing plans for the takeover and restructuring of companies in difficulty.
	Other positions held outside the Company, within the Solutions30 Group
	Current positions • None Positions that were held during the last 5 years and have ended • None
	Other positions held outside the Company, outside the Solutions30 Group
	Current positions • SAS YK Conseil – Chairman; SAS YK Conseil is the Chair of SAS Ker Invest which is itself Chair of SAS Equideals • SCI Bison buté – General Manage • SCI 30 rue de la Bourboule – General Manager • SCI Expertise Nouvelle France – General Manager • SCI Edison Communication – President • SNC Unu Testardu – President • SNC Vecchioso - President Positions that were held during the last 5 years and have ended • SCI l’Erable – President • SAS Immortelles de Calenzana – President • SAS Immortelles Corses – President • SNC Ker West - General Manager • SCI Vemag – General Manager


	Solutions30 \| Annual Report 2025		174


MARIA ZESCH Member of the Supervisory Board Independent member Age: 52 years old Nationality: Austrian 1st appointed: June 17, 2025, as a member of the Supervisory Board (effective October 1, 2025) Term expires: 2029 Number of shares held: - Attendance rate: 100%	Appointed as member of the Supervisory Board by resolution of the general meeting on June 17, 2025. Her term of office will expire at the general meeting called to approve the financial statements for the year ending on December 31, 2028. Maria ZESCH graduated from the Vienna University of Economics and Business Administration in Commercial Sciences. She began her professional journey in 1997 at the Austrian Broadcasting Corporation in business development. She later joined the international consulting firm A.T. Kearney. From 2003 to 2018, Maria held various senior leadership roles within Deutsche Telekom, including Vice-President Strategy and Executive Vice President Consumer Marketing at T-Mobile Austria, CMO and Member of the Board at T-Mobile Croatia and Chief Commercial Officer at T-Mobile Austria, contributing to strategic growth, digital innovation, and commercial excellence across multiple markets. In 2017, Maria was named “Business Woman of the Year” in Austria for her work in digital innovation and customer engagement. Between 2018 and 2021, Maria served as the Chief Commercial Officer of Magenta Telecom (former T-Mobile Austria) and from 2021 to 2024 Maria served as CEO of TAKKT AG. As of 2025, Maria is a member of the board of directors of Bosch Home Comfort.
	Other positions held outside the Company, within the Solutions30 Group
	Current positions • None Positions that were held during the last 5 years and have ended • None
	Other positions held outside the Company, outside the Solutions30 Group
	Current positions • Bosch Home Comfort, Member of the Board of Directorsö • POST AG, Supervisory Board member • Bosch Siemens Haushaltsgeräte/BSH, Supervisory Board member Positions that were held during the last 5 years and have ended • TAKKT AG, CEO • Ottakringer AG, Supervisory Board member • Oekostrom AG, Supervisory Board member • T-Mobile Cz, Member of the Board of Directors


	Solutions30 \| Annual Report 2025		175


OLIVIER DOMERGUE Former Member of the Supervisory Board Independent member Chair of the Strategy & ESG Committee Age: 57 years old Nationality: French 1st appointed: June 17, 2025 (as a member of the Supervisory Board) Term ended: December 31, 2025 Number of shares held: - Attendance rate: 100%	Appointed as member of the Supervisory Board by resolution of the general meeting on June 17, 2025 and chairman of the Strategy & ESG Committee of the Supervisory Board by resolution of the Supervisory Board on 23 July 2025. His mandate was terminated as of December 31, 2025, and Mr. Domergue joined the Management Board effective as of 1 January 2026. Olivier DOMERGUE graduated from the French “École Nationale des Ponts & Chaussées” as a civil engineer. Olivier’s career spans roles at Bouygues and SPIE, where he progressed from project management at Bouygues to becoming a prominent figure in SPIE, focusing on operational transformation, safety, and team management. From 2013 to 2017 Olivier served as the Managing Director of SPIE Nucléaire and then between 2017 and 2022 as the Managing Director of SPIE France. During these 9 years as Managing Director and member of the Executive Committee at SPIE, Olivier first steered the SPIE Group’s nuclear subsidiary, then for five years as Managing Director of SPIE France, he implemented a deep transformation of all SPIE Group’s activities in France. In 2023, Olivier transitioned to a consultancy role at ODO – Solutions et Performance, continuing his focus on strategic business improvement. In 2025 Olivier served as the deputy managing director at FIVES Group, acting in charge of Human Resources and Performance at Group level, while supervising its nuclear activities.
	Other positions held outside the Company, within the Solutions30 Group
	Current positions • None Positions that were held during the last 5 years and have ended • None
	Other positions held outside the Company, outside the Solutions30 Group
	Current positions • ODO-Solutions & Performance EURL - Director Positions that were held during the last 5 years and have ended • SPIE France - Managing Director and President of its five subsidiaries • FIVES Group, Deputy Managing Director


	Solutions30 \| Annual Report 2025		176


ALEXANDER SATOR Former Member of the Supervisory Board (Former Chair) Independent member Chair of the Nominations and Remunerations Committee Age: 54 years old Nationality: German 1st appointed: May 15, 2015, as a member of the Supervisory Board Term ended: December 31, 2025 Number of shares held: - Attendance rate: 100%	Appointed as member of the Supervisory Board by resolution of the combined general meeting on May 15, 2015, and chairman of the Supervisory Board by resolution of the Supervisory Board on July 20, 2018. His terms of office, renewed at the ordinary general meetings on May 27, 2019 and then on June 16, 2023 and in Q4 2025 Mr. Sator rendered his resignation effective as of 31 December 2025. Alexander Sator has a degree in physics and is the inventor of several innovative laser technologies. In 1996, he founded Sator Laser, a company that specialized in industrial laser systems, and became technical director of the group when it was acquired by Domino Printing Science PLC in 2001. In 2005, he became CEO of 4G Systems before selling the company to Deutsche Telekom in 2006. He later founded SapfiKapital Management, a family office that invested in the telecommunications sector. At the same time, he worked as a strategic advisor to Deutsche Telekom and was president of Cinterion Wireless Modules, a Siemens spin-off company. In 2018, Alexander Sator founded 1nce, a joint venture with Deutsche Telekom and the first major service provider for the Internet of Things. He is currently the company’s CEO.
	Other positions held outside the Company, within the Solutions30 Group
	Current positions • None Positions that were held during the last 5 years and have ended • None
	Other positions held outside the Company, outside the Solutions30 Group
	Current positions • 1nce GMBH – Chief Executive Officer • 1nce SIA – Chief Executive Officer • Norbit GMBH – Chief Executive Officer • Sapfi Kapital Man. GMBH – Chief Executive Officer • Voltavest GMBH – Managing Director • DC42 GMBH – Managing Director • Joma-Pacsa GMBH – Managing Director • Sigma51 GMBH – Managing Director • RHO1 GMBH – Managing Director • SIA 1NCE Latvia Valdes priekšsēdētājs – Chairman of the Board of Directors • 1NCE INC – Member of the Board of Directors (Vice President) • InoAlfa GMBH – Chief Executive Officer Positions that were held during the last 5 years and have ended • DGT Future Fund – Member of the Supervisory Board • SendR SE – Chairman of the Board of Directors • Satkirit LTD – Member of the Board of Directors • Reverse Retail GMBH – Member of the Board of Directors


	Solutions30 \| Annual Report 2025		177


CAROLINE TISSOT Former Member of the Supervisory Board Independent member Member of the Strategy and ESG Committee Age: 55 years old Nationality: French 1st appointed: May 19, 2017 Term ended: 2025 Number of shares held: - Attendance rate: 100%	Appointed as member of the Supervisory Board by resolution of the ordinary general meeting on May 19, 2017. His term of office, renewed at the ordinary general meeting on June 30, 2021 and expired at the general meeting held in 2025. Caroline Tissot is a graduate of the Institut d’études politiques in Paris and holds a master’s degree from the University of Paris Dauphine. She began her career in 1995 as a consultant at Deloitte France, before joining General Electric’s European headquarters in Brussels in 2003, where she spent nearly ten years working in procurement. She gained particular expertise in this field, as well as extensive international experience. In 2012, she was named purchasing director for Bouygues Telecom. In September 2016, she joined AccorHotels to handle the group’s purchasing. In January 2023 she joined Accor‘s Management Board as Chief Procurement Officer.
	Other positions held outside the Company, within the Solutions30 Group
	Current positions • None Positions that were held during the last 5 years and have ended • None
	Other positions held outside the Company, outside the Solutions30 Group
	Current positions • None Positions that were held during the last 5 years and have ended • None


	Solutions30 \| Annual Report 2025		178


JEAN-PAUL COTTET Former Member of the Supervisory Board Independent member Chair of the Strategy and ESG Committee Age: 71 years old Nationality: French 1st appointed: May 18, 2018 Term ended: 2025 Number of shares held: - Attendance rate: 100%	Co-opted as member of the Supervisory Board at the Supervisory Board meeting on April 18, 2018, and confirmed by a resolution of the ordinary general meeting on May 18, 2018.His term of office, renewed at the ordinary general meeting on June 30, 2021 and expired at the general meeting held in 2025. A graduate of the École Polytechnique, Mines ParisTech and Télécom ParisTech, Jean-Paul Cottet began his career in the nuclear sector, then worked for France Télécom/Orange as director of network operations in Marseilles. He has held various management positions, including head of the Paris division after serving as director of sales for France and oversaw the company going public. He was also director of networks for France. He then held various positions within the group’s executive committee, serving as secretary general, chief information officer, chief international officer, and director of innovation and content marketing. He is currently a consultant in new technology management.
	Other positions held outside the Company, within the Solutions30 Group
	Current positions • None Positions that were held during the last 5 years and have ended • None
	Other positions held outside the Company, outside the Solutions30 Group
	Current positions • Pentekaitech – CEO • Fondation de l’Ecole Polytechnique – Delegate General • Fondation du Patrimoine (France) – Project Director Positions that were held during the last 5 years and have ended • Chairman and/or Director of several Orange companies (Audiovisual [OSC], Orange subsidiaries in Africa, Viacess- Orca) • Orange – Advisor


	Solutions30 \| Annual Report 2025		179

Summary table:


							Supervisory Board Committees
Member of the Supervisory Board	Nationality	Gender	Year first appointed	End date of mandate	Seniority	Independ ent member	Audit, Risk and Compliance	Nominations and Remunerations	Strategy and ESG	Experience
Thomas Kremer	German	M	2022	2026	4 years	Yes	Member	Member	Member	Member of the Board of Directors - Deutsche Telekom AG, Member of the Supervisory Board of T-Systems International GmbH, Member of the German Government Commission on Corporate Governance
Paola Bruno	Italian	F	2023	2027	3 years	Yes		Member	Chair*	Associate in corporate finance at UBS London and Zurich, Member of the board of directors in Banco Dessio Business development responsible and former board member - Banca Italease CFO & board member at PMS
Alexander Sator	German	M	2015	2027	10 years	Yes		Chair*		Entrepreneur, CEO of 1nce (JV with Deutsche Telekom)
Pascale Mourvillier	French	F	2021	2029	5 years	Yes	Chair		Member	Auditor at Arthur Andersen, head of IFRS expertise center at Suez.
Yves Kerveillant	French	M	2019	2027	7 years	Yes	Member	Member		Chartered Accountant, President of Equideals
Caroline Tissot	French	F	2017	2025	8 years	Yes			Member*	Chief Group Procurement Officer, AccorHotels group, Bouygues Telecom
Jean Paul Cottet	French	M	2018	2025	7 years	Yes			Chair*	Member of the Orange Executive Committee, Personal Advisor to the CEO of Orange
Olivier Domergue	French	M	2025	2025	6 months	Yes			Chair*	Managing Director of SPIE Nucléaire; Managing Director of SPIE France
Maria Zesch	Austrian	F	2025	2029	<6 months	Yes				Vice-President Strategy and Executive Vice President Consumer Marketing T-Mobile Austria, CMO and Member of the Board at T-Mobile Croatia and Chief Commercial Officer at T-Mobile Austria, member of the board of directors of Bosch Home Comfort.

*For the time they were members of the Supervisory Board during the period under consideration.

Experience and expertise matrix for the members of the Supervisory Board


	Solutions30 \| Annual Report 2025		180

The complementarity of skill sets of Supervisory Board members has been reinforced over the years. The members have

a wide range of expertise in the Company’s key areas of focus:


	Experience				Expertise
Member of the Supervisory Board	Business Sectors	International	Customers	General Management	Audit & Finance	Organization & HR	ESG	Legal & Compliance	Marketing & Sales
Thomas Kremer	✔	✔	✔	✔	✔	✔	✔	✔
Paola Bruno	✔	✔		✔	✔	✔	✔	✔
Alexander Sator	✔	✔	✔	✔					✔
Pascale Mourvillier	✔	✔			✔		✔	✔
Yves Kerveillant	✔	✔			✔			✔
Caroline Tissot	✔	✔	✔	✔	✔	✔	✔
Jean Paul Cottet	✔	✔	✔	✔		✔	✔	✔	✔
Olivier Domergue	✔	✔	✔	✔		✔	✔		✔
Maria Zesch	✔	✔	✔	✔		✔	✔		✔

Definitions :

Business Sectors: experience with the business sectors

the Group operates in, i.e. energy, telecoms, IT, retail, and

security.

International: experience with international groups or

outside their country of origin.

Customers: experience working for or with the Group’s

major customers.

General Management: experience with executive

management in an international or high-growth setting, or

in relation to starting and growing companies.

Audit & Finance: expertise or experience in corporate

finance, audit and oversight procedures, risk management

and insurance, accounting, mergers and acquisitions, or

the banking sector.

Organization and HR: expertise in the human resources

sector, in structuring high-growth companies, or in

transforming high-growth companies.

ESG: expertise or experience in the social, environmental,

and corporate governance sectors.

Legal & Compliance: experience or expertise in law and

compliance.

Marketing & Sales: expertise or experience in marketing

and sales.

4.2.5 Changes in the composition of the Supervisory

Board and its committees during the fiscal year

The composition of the Supervisory Board changed in

2025, and the Supervisory Board is now composed of 5

independent members including 3 women.

The General Meeting on June 17, 2025 took several

decisions related to the composition of the Supervisory

Board namely:

• reappointed Pascale Mourvillier, as member of the

Supervisory Board of the Company for a mandate of 4

years ending at the date of the annual general meeting

called to approve the annual accounts for the financial

year ending on December 31, 2028;

• acknowledged the expiration and non-renewal of the

mandates of Caroline Tissot and Jean-Paul Cottet.

• appointed Olivier Domergue as member of the

Supervisory Board for a mandate of 4 years ending at

the date of the annual general meeting called to

approve the annual accounts for the financial year

ending on December 31, 2028, and

• appointed Maria Zesch as member of the Supervisory

Board, effective as of October 1, 2025, for a mandate

of 4 years ending at the date of the annual general

meeting called to approve the annual accounts for the

financial year ending on December 31, 2028.

Consequently, in 2025 the Supervisory Board, following

the recommendations of the Nominations and

Remunerations Committee, took the following decisions

regarding its composition of the committees of the

Supervisory Board:

• appointment of Paola Bruno as the Vice-Chair of the

Supervisory Board.

• appointment of Olivier Domergue as Chair of the

Strategy & ESG Committee;

• appointment of Pascale Mourvillier as Chair of the

Audit, Risk and Compliance Committee;

Subsequently, at the end of 2025, the Supervisory Board,

following the recommendations of the Nominations and

Remunerations Committee, took the following decisions:

• acknowledgement of a resignation of Alexander Sator

from his mandate within the Supervisory Board and

chairmanship of the Nominations and Remunerations

Committee effective as of December 31, 2025;

• acknowledgement of a resignation of Olivier

Domergue from his mandate within the Supervisory

Board and chairmanship of the Strategy and EG

Committee effective as of December 31, 2025;

• appointment of Paola Bruno as the Chair of the

Strategy & ESG Committee;


	Solutions30 \| Annual Report 2025		181

• approval of the appointment of Olivier Domergue as a

member of the Management Board and the Chief

Performance Officer, effective as of January 1, 2026,

for a period of four years.

Accordingly, the Supervisory Board and its committees are

now composed as follows:

Thomas Kremer, Chair of the Supervisory Board

Paola Bruno, Vice-Chair of the Supervisory Board

Audit, Risk and Compliance Committee:

Pascale Mourvillier, Chair

Yves Kerveillant, Member

Thomas Kremer, Member

Nominations and Remunerations Committee:

Thomas Kremer, Member

Yves Kerveillant, Member

Paola Bruno, Member

Strategy and ESG Committee:

Paola Bruno, Chair

Pascale Mourvillier, Member

Thomas Kremer, Member

The above decisions aim to demonstrate (i) the stability of

the Company’s governance and maintaining strong

governance practices, aligning with its strategic objectives,

and (ii) the Company’s commitment to preserving the

independence of its Supervisory Board members and

increasing its diversity by promoting female members.

The resignation of Alexander Sator came as he

approached his eleventh year in office, the length of which

could undermine his independence. The resignation of

Olivier Domergue was linked to intra-Group restructuring

and his appointment to the Management Board of the

Company aimed at reinforcing its competencies and

expanding the diversity of expertise.

4.2.6 Upcoming changes in the membership of the

Supervisory Board

The Supervisory Board is engaged to cultivate a wide

range of expertise among its members, with international

representation, diverse backgrounds, gender diversity, and

a predominant number of independent members.

The Supervisory Board will continue to reinforce the skills

present within the Supervisory Board, especially in terms

of corporate responsibility, governance, risk management,

compliance, and business segments of the Group with the

focus on energy.

4.2.7 Independence of members of the Supervisory

Board

Every year, based on recommendations from the

Nominations and Remunerations Committee, the

Supervisory Board reviews the independence of its

members based on the independence criteria given in the

AFEP-MEDEF Code and listed below.

In particular, the Nominations and Remunerations

Committee looks at whether the companies other than

Solutions30 with which the Supervisory Board members

are involved might have business relationships with the

Company, and if so, whether these relationships might

compromise the independence of the member in question.

The AFEP-MEDEF Code independence criteria used by

the Company:

Criterion 1: Employee or executive officer within the

previous 5 years

Not to be or not to have been within the previous 5 years:

• An employee or executive officer of the company

• An employee, executive officer, or director of a

company consolidated by the company

• An employee, executive officer, or director of the

company’s parent company or a company

consolidated within this parent company

Criterion 2: Cross-directorships

Not to be an executive officer of a company in which the

company holds a directorship, directly or indirectly, or in

which an employee appointed as such or an executive

officer of the company (currently in office or having held

such office within the last five years) holds a directorship.

Criterion 3: Significant business relationships

Not to be a customer, supplier, commercial banker,

investment banker, or consultant:

• Who is significant to the company or its group

• For whom the company or its group represents a

significant portion of his or her business activity

The evaluation of whether or not the relationship with the

company or its group is significant must be debated by the

board, and the quantitative and qualitative criteria that led

to this evaluation (continuity, economic dependence,

exclusivity, etc.) must be explicitly stated in the annual

report.

Criterion 4: Family ties

Not to be related by close family ties to an executive officer.

Criterion 5: Auditor

Not to have been an auditor of the company within the

previous 5 years.

Criterion 6: Term of office exceeding 12 years

Not to have been a director of the company for more than

twelve years. Directors are no longer considered

independent after having served for more than twelve

years.

Criterion 7: Status of non-executive officer

A non-executive officer cannot be considered independent

if he or she receives variable remuneration in cash or in

the form of securities or any remuneration linked to the

performance of the company or group.


	Solutions30 \| Annual Report 2025		182

Criterion 8: Status of major shareholder

Directors representing major shareholders of the company

or its parent company may be considered independent,

provided these shareholders do not take part in the control

of the company. Nevertheless, beyond a 10% threshold in

capital or voting rights, the board, upon a report from the

nominations committee, should systematically review the

qualification as independent in the light of the makeup of

the company’s capital and the existence of a potential

conflict of interest.

Assessment of the independence of members of the

Supervisory Board

During its meeting on November 5, 2025, the Supervisory

Board, having analyzed the assessment made by the

Nominations and Remunerations Committee, confirmed

that the seven members of the Supervisory Board (100%)

are independent with regard to the criteria listed above.

Moreover, at this meeting, the Supervisory Board

acknowledged that there are no material direct or indirect

business relationships between Solutions 30 and the

members of its Supervisory Board and no significant

business relationships between Solutions 30 and the

companies with which these members may be involved in.

In the context of this review, Supervisory Board

acknowledged that Olivier Domergue has been appointed

as member of the Management Board as of 1 January

2026 and as of that date will no longer be a member of the

Supervisory Board. .

In process of establishing its recommendation to the

Supervisory Board, the Nominations and Remunerations

Committee, considers that all the mandates held by the

members of the Supervisory Board in other companies

having potentially business relationships with Solutions30,

are not automatically considered as to compromise the

independence and/or the performance of the duties of the

concerned members and the Nominations and

Remunerations Committee analyses as well the

transactions entered into by the Group with those

companies, if any. The Nominations and Remunerations

Committee reviews other aspects of the identified

business relationships, if any, such as economic

importance and/or dependency, duration, level of

involvement of the member in the respective decision

making, etc.

As of the date of this Report, considering the changes in

the composition of the Supervisory Board effective as of

January 1, 2026, and as mentioned in chapter 4.2.5 of this

Report, all members of the Supervisory Board are

independent in line with the 2025 independence

assessment.


Review for 2024	Thomas Kremer	Paola Bruno	Alexander Sator	Pascale Mourvillier	Yves Kerveillant	Caroline Tissot	Jean Paul Cottet	Olivier Domergue	Maria Zesch
Criterion 1: Employee or executive officer within the previous 5 years	✔	✔	✔	✔	✔	✔	✔	✔	✔
Criterion 2: Cross- directorships	✔	✔	✔	✔	✔	✔	✔	✔	✔
Criterion 3: Significant business relationships	✔	✔	✔	✔	✔	✔	✔	✔	✔
Criterion 4: Family ties	✔	✔	✔	✔	✔	✔	✔	✔	✔
Criterion 5: Auditor	✔	✔	✔	✔	✔	✔	✔	✔	✔
Criterion 6: Term of office exceeding 12 years	✔	✔	✔	✔	✔	✔	✔	✔	✔
Criterion 7: Status of non-executive officer	✔	✔	✔	✔	✔	✔	✔	✔	✔
Criterion 8: Status of major shareholder	✔	✔	✔	✔	✔	✔	✔	✔	✔

4.2.8 Gender representation

Solutions30 has always been committed to adhering to the

provisions of Directive (EU) 2022/2381 (“Women on

Boards” Directive) on improving the gender balance

among directors of listed companies. This directive calls

for publicly traded companies to take the necessary steps

to ensure that at least 40% of their non-executive director

positions or 33% of non-executive and executive seats are

held by women by 2026. The directive makes it clear that

the selection and nomination procedures for Director

positions should be based on clear and neutral criteria,

with a person’s qualifications and merit serving as

fundamental criteria.

Over the last years Solutions30 has continued to

strengthen its governance by placing ESG at the center of

the Group’s concerns by integrating it into its strategy and,

among other, by emphasizing the importance of diversity

and parity on the governance bodies of Solutions30. With

this in mind, since 2021, shareholders appointed three

additional women to the Supervisory Board, Pascale

Mourvillier in 2021, Paola Bruno in 2023 and Maria Zesch

in 2025. With the appointment of Maria Zesch in 2025, at

the end of December 2025 the Supervisory Board had 7

members, including 3 women, representing 43% of the

members and as of the date of this report the Supervisory

Board has 5 members including 3 women, representing

60% of the members.


	Solutions30 \| Annual Report 2025		183

With the current composition of the Supervisory Board,

Solutions30 continues to comply today with the Women on

Boards Directive.

4.2.9 Preparation and organization of work

The Supervisory Board is a collegial body whose main role

is to provide ongoing management oversight of the

Company’s Management Board. It also oversees the

application of policies implemented by the Management

Board, advises the Management Board on overall

corporate strategy, and ensures that all applicable rules

and regulations are being followed.

Mission of the Supervisory Board

The Supervisory Board’s internal rules stipulate that the

Supervisory Board exercises the functions and powers

conferred on it by the Law 1915, the Articles of

Association, and the Supervisory Board Charter.

The Supervisory Board permanently supervises the

Company’s management by the Management Board but

does not interfere with said management.

The Supervisory Board oversees the policies pursued by

the Management Board as well as the general progress of

the Company’s affairs and business activities and provides

the Management Board with advice. In the performance of

its duties, the Supervisory Board must seek to act in the

best interest of the Company and its business by taking

into account the best interest of all stakeholders, including

the Company’s shareholders. The Supervisory Board is

responsible for the quality of its work.

The Supervisory Board also carries out inspections and

verifications that it deems appropriate and can obtain any

documents that it considers useful to accomplishing its

mission.

The Supervisory Board ensures proper corporate

governance of the Group and oversees the practices of

the Group and its managers and employees.

Functioning of the Supervisory Board

Supervisory Board meetings are convened by the chair of

the Supervisory Board with the understanding that the

latter can also convene a meeting at the request of a

member of the Management Board or one third of the

members of the Supervisory Board.

The Supervisory Board shall meet as often as the interests

of the Company require. In any event, it must meet at least

four times a year.

The frequency and length of meetings must be such as to

allow in-depth examination and discussion of matters

falling within the competence of the Supervisory Board.

Supervisory Board meetings are presided over by the

chairperson. The Supervisory Board may validly deliberate

if the majority of its members in office are present or

represented. Members of the Supervisory Board are

considered present in order to constitute a quorum or a

majority during meetings via videoconference, conference

call, or any other means of communication, provided that

all participants can be identified and simultaneously hear

each other. Each meeting of the Supervisory Board and its

committees must be long enough to allow useful,

meaningful discussion of the items on the agenda.

Decisions are made by a majority of the votes cast, each

Supervisory Board member having one vote. If there are

an equal number of votes in favor and against a decision,

the chair shall have the casting vote. The obligations of its

members are set out in the Supervisory Board Charter.

They can hear from the Company’s senior executives if it

is in the Company’s interest. Unless the chair of the

Supervisory Board decides otherwise, the Management

Board and other members of senior management - as

agreed by the chair or vice-chair of the Supervisory Board

and the Management Board - attend Supervisory Board

meetings, notwithstanding the

Supervisory Board’s right to invite people to its meetings.

4.2.10 Activity of the Supervisory Board and its

Committees in 2025

The Supervisory Board met six times in 2025, with an

attendance rate of 97,5%.

The Nominations and Remunerations Committee met four

times in 2025, with an attendance rate of 100%.

The Audit, Risk and Compliance Committee met five times

in 2024, with an attendance rate of 100%.

The Strategy and ESG Committee met three times in

2025, with an attendance rate of 100%.

In the course of 2025, the Supervisory Board held one

meeting and several follow up meetings without the

presence of the Management Board, and Audit, Risk and

Compliance Committee held one meeting with the auditors

without the Management Board. These meetings enable

the Supervisory Board and the Audit, Risk and

Compliance Committee to make an independent

assessment of management’s performance, discuss

strategic issues and make recommendations, it is an

ongoing practice now and in the future.


	Solutions30 \| Annual Report 2025		184


	Supervisory Board		Nominations & Rémunérations Committee		Audit, Risk & Compliance Committee		Strategy & ESG Committee
	Number of attendees / number of meetings	Attendance rate	Number of attendees / number of meetings	Attendance rate	Number of attendees / number of meetings	Attendance rate	Number of attendees / number of meetings	Attendance rate
Thomas Kremer	6/6	100%	4/4	100%	5/5	100%	3/3	100%
Paola Bruno	6/6	100%	4/4	100%	N/A	N/A	3/3	100%
Alexander Sator	6/6	100%	4/4	100%	N/A	N/A	N/A	N/A
Pascale Mourvillier	6/6	100%	N/A	N/A	5/5	100%	3/3	100%
Yves Kerveillant	6/6	100%	4/4	100%	5/5	100%	N/A	N/A
Caroline Tissot*	2/3	67%	N/A	N/A	N/A	N/A	2/2	100%
Jean-Paul Cottet*	3/3	100%	N/A	N/A	N/A	N/A	2/2	100%
Olivier Domergue*	3/3	100%	N/A	N/A	N/A	N/A	1/1	100%
Maria Zesch*	1/1	100%	N/A	N/A	N/A	N/A	N/A	N/A

*For the time they were members of the Supervisory Board during the period under consideration.

To carry out its duties, the Supervisory Board relies on specialized committees and may, if necessary, call on external

firms.


	Solutions30 \| Annual Report 2025		185

The main points discussed and the decisions made by the Supervisory Board and its committees during their 2025

meetings were as follows:


Supervisory Board	• Assessment of the independence of members of the Supervisory Board • Review of Solutions30 statutory accounts and consolidated financial statements • Review of quarterly financial statements • Evaluation of the Supervisory Board members • Discussion on the 4-year business plan • Review and approval of the new long term incentive plan (LTIP) • Discussion on the succession planning • Follow-up on the Governance, Risk, and Compliance project and ESG topics • Approval of the remuneration of the Management Board • Updates from the Audit, Risk and Compliance Committee, Nominations and Remunerations Committee and Strategy and ESG Committee • Appointment of vice-chair, chair of the Audit, Risk & Compliance Committee and the review of the candidates for new members of the Supervisory Board • Renewal of mandate of the chairman of the Management Board • Confirmation of the composition of Supervisory Board committees
Nominations and Remunerations Committee	• Appointment of vice-chair, chair of the Audit, Risk & Compliance Committee and the review of the candidates for new members of the Supervisory Board • Renewal of mandate of the chairman of the Management Board • Review of remuneration of members of the Management Board: review of performance criteria, performance analysis process, and remuneration determinations for 2024 • Review of the LTIP • Skill reinforcement of the Supervisory Board and Management Board to continue implementing the improvement plan launched by Solutions30 in 2019 • Review of the independence of Supervisory Board members • Review of the annual self-evaluation process for Supervisory Board members • Review of the succession plan
Audit, Risk and Compliance Committee	• Review of annual and interim revenue and financial results before presentation to the Supervisory Board • Audit process and financial communication closing process • Review of the overall financial standing of the Company and related processes • Review of exposure to social and environmental risks, review of the impact of ESG on the financial reporting • Follow-up on the Governance, Risk, and Compliance project – Compliance and Group risk management processes review and assessment • Internal audit department creation and follow up updates • Review and monitoring of transactions with related parties • Review of 2025 audit strategy • Review of 2025 audit budget • Discussions on various Group projects related to risk, governance, compliance and finance with the key Group functions (Group CFO, Group Head of Risk, Compliance and ESG, Group Head of legal etc.)
Strategy and ESG Committee	• Discussion on the business activities and markets including the energy segment development. • Analysis of potential new activities and new markets • Analysis of potential M&A targets • Review and monitoring of the intra-Group restructuring processes and cost saving campaigns • Analysis and discussion on 2025 strategy and business plan • Analysis of Group ESG initiatives (including the reduction of CO2 emissions) and their progress • Discussion on ESG KPIs

4.2.11 Information on service contracts

To the Company’s knowledge, during the year ended

December 31, 2025, no agreement was entered into,

directly or indirectly, between a member of the Supervisory

Board or a shareholder holding more than 10% of the

Company’s voting rights and the Company itself or one of

its subsidiaries except for limited consulting services

provided by Mr. Olivier Domergue to the Company, which

were not material to the Company’s financial position and

were entered into under ordinary market conditions. The

service contracts between members of the Management

Board and the Company are indicated in section 4.4.4.9.


	Solutions30 \| Annual Report 2025		186

4.3 Management Board

4.3.1 Management Board Composition and Charter

The Management Board is responsible for the day-to-day

operations and strategic direction of Solutions30. It is

composed of highly experienced executives who bring a

diverse set of skills and expertise to the organization. The

members of the Management Board work closely together

to ensure the implementation of Solutions30’s vision,

strategies, and goals.

In the course of 2025, the composition of the Management

Board remained unchanged. However, as mentioned

above, at the end of Q4 2025 Mr. Olivier Domergue

resigned from his mandate at the Supervisory Board, and

subsequently he was appointed as a member of the

Management Board and the Chief Performance Officer,

effective as of January 1, 2026, for a period of four years.

As of the date of this Report, the Management Board

consists of the following individuals:

– Gianbeppi Fortis Chief Executive Officer, Chairman

– Amaury Boilot, Group Secretary General

– Wojciech Pomykała, Chief Operations Officer

– Luc Brusselaers, Chief Revenue Officer

– Olivier Domergue, Chief Performance Officer

Each member of the Management Board has extensive

experience in their respective fields, ensuring that the

Company is led by a team with a strong track record of

success and commitment to the Company’s long-term

growth and sustainability. The composition of the

Management Board reflects the Company’s dedication to

leadership excellence and its focus on driving value for

stakeholders.

4.3.2 Management Board Charter

The Management Board adopted an internal charter,

which came into force on April 23, 2019, as amended on

March 1, 2024. This Management Board Charter specifies

the rules and operating principles of the Management

Board in addition to the applicable legal and regulatory

provisions and the Company’s Articles of Association. The

information below is a summary of this Management

Board Charter and, therefore, is not intended to be

exhaustive.

The Management Board is the main decision-making body

responsible for the Company’s management and general

affairs. It may be assisted by one or more ad hoc

committees that may be created by a resolution of the

Management Board. In the present case and for the time

being, the Management Board is assisted by two

executive committees.

Members of the Management Board act as a collegial

body and are jointly and severally responsible for the

overall management of the Company’s business activities.

Regardless of how its members are appointed or how it is

organized, the Management Board is and shall remain a

collegial body of the Company that is appointed by the

Supervisory Board. Consequently, no member of the

Management Board has the authority to act on behalf of

the Management Board. Each member of the

Management Board is a member of a team made up of the

members of the Management Board who together form a

collegial body.

The Management Board has the power to take any action

that is necessary or useful to achieving the Company’s

corporate purpose, with the exception of the powers

reserved by law or the Articles of Association for the

Supervisory Board and the general meeting of

shareholders. The Management Board performs its duties

under the supervision of the Supervisory Board.

Members of the Management Board are appointed and

dismissed by the Supervisory Board—which determines

their number—for a period of four years, unless otherwise

specified in the Articles of Association or unless other

exceptional circumstances apply from time to time. They

are re-eligible and may be dismissed at any time, with

cause, by a resolution of the Supervisory Board.

4.3.3 Management Board committees

The Management Board established two types of

executive committees - each of which acts within its area

of expertise. The permanent executive committees of the

Management Board are the Group Executive Committee

and the Country Executive Committees (the Executive

Committees).

(i) Group Executive Committee

In order to ensure the right level of support to the

Management Board, the countries and business units

within the Group, in the first quarter of 2024 the Group

Executive Committee was reorganized and the

Management Board appointed new members selected for

their expertise and experience in their respective fields

including legal, compliance, finance, IT, HR ESG, data

protection, investors relations and communication. Today,

the Committee has 7 members, 57% of whom are women,

and a woman is serving as the chair of the Group

Executive Committee.

The Group Executive Committee plays a key role in

implementing the strategy defined by the Management

Board and in the day-to-day management of the Group’s

activities. This Group Executive Committee provides the

Management Board any necessary assistance, support,

and advice in order to streamline the decision-making

process and monitors important projects and initiatives

within the Group. Moreover, the Group Executive

Committee’s roles include the following matters:

• Participating in the implementation of internal policies

on governance, risk and compliance (GRC), ESG,

security, IT, communications, data protection, investors

relations, overall finance related procedures, quality

management, human resources

• Submitting recommendations to improve these policies

• Advising the Management Board on locally

implemented best practices as well as investments

and the general organization of the Group


	Solutions30 \| Annual Report 2025		187

• Promoting synergies and the centralization of certain

activities at the Group level to reduce associated costs

• Overseeing the effective risk management

• Implementing decisions taken by or with the Group

Management Board of the Company

• Ensuring the free flow of information within the Group

(ii) Country Executive Committee

Under the supervision of the Management Board, the

Country Executive Committees regularly report on the

Group’s results and activities, providing detailed

information on operational performance as well as

financial and strategic issues. In doing so, each respective

Country Executive Committee ensures the Group moves

in the desired direction while meeting the objectives set by

the Management Board with a particular focus on local

matters in the countries within Solutions30 Group.

Moreover, the Country Executive Committee’s duties

include the following matters:

• Participating in monthly business review meetings

(MBRs) in order to present and discuss highlights of

the month per country, revenue and EBITDA, cash

flows, balance sheet, items, sales funnels, KPIs,

comparison between countries, segments, and

subsegments for different cost positions etc.

• Participating in the preparation of the annual budget by

country

• Assisting the Group Management Board in

establishing the annual budget and monitoring major

investments, acquisitions, cash flows, and financial

activities at the local level.

• Verifying compliance with local regulations, notably

with regard to safety, security, and social responsibility

• Strengthening synergies, seizing opportunities for

pooling resources and for further integration within the

Group


	Solutions30 \| Annual Report 2025		188

4.3.4 Members of the Management Board


		Gianbeppi Fortis is a graduate of Politecnico di Milano and holds an MBA from INSEAD. Before co-founding Solutions30 in 2003, he was a project manager and consultant for companies such as SITA Equant, Motorola, and IBM. He went on to become chief executive of Kast Telecom, SIRTI France, and RSL Com Italy.
		Other positions held outside the Company, within the Solutions30 Group
GIANBEPPI FORTIS Chairman of the Management Board and Cofounder Age: 63 years old Nationality: Italian 1st appointed: 2005, renewed in 2025 Term expires: 2029 Number of shares held:17,323,240		Current positions • Solutions30 Iberia 2017 SL – Director • Solutions30 Italia – Director • Unit-T BV – Director and Chairman of the Board of Directors • Unit-T Field Services BV – Director and Chairman of the Board of Directors • Solutions30 Belgium BV – Representative of Solutions30 SE which is itself General Manager • Solutions30 Holding SPZOO – Member of the Supervisory Board
		Positions that were held during the last 5 years and have ended • Telekom Usługi SA – Chairman of the Supervisory Board • Solutions30 Holding GMBH – General Manager • Solutions30 GMBH – General Manager • Solutions30 Field Service GMBH – General Manager • Immconcept Management SA – Managing Director • Brand 30 SARL – General Manager • WW Brand SARL – General Manager • Soft Solutions SARL – General Manager • Tech Solutions SARL – General Manager • Smartfix30 SA – Managing Director

		Other positions held outside the Company, outside the Solutions30 Group
		Current positions • None Positions that were held during the last 5 years and have ended • RETELIT – Director • Next Gate Tech SA – Director • GIAS International SA (liquidated) – Director • Pugal International LTD (liquidated) – Director


	Solutions30 \| Annual Report 2025		189


		Amaury Boilot is a graduate of NEOMA Business School and holds an MBA in corporate finance from Kent Business School. Before joining Solutions30 in 2014, he started his career at EY as an auditor and went on to work as a strategy consultant. After managing several business units in France, he joined the Management Board and became the Group’s Chief Financial Officer in May 2017. Since 2023, Amaury Boilot has served as the Group Secretary General of Solutions30.
		Other positions held outside the Company, within the Solutions30 Group
AMAURY BOILOT Group Secretary General Age: 43 years old Nationality: French 1st appointed: 2017, renewed in 2023 Term expires: 2027 Number of shares held: 30,060		Current positions • Unit-T BV – Director • Unit-T Field Services BV – Director • Solutions30 Holding SPZOO – Member of the Supervisory Board • I-Holding BV – Director • Solutions 30 UK Holding – Director • Comvergent Holdings Limited – Director • Solutions30 Luxembourg SA – Member and Chairman of the Board of Directors • SMARTFIX30 SA – Member and Chairman of the Board of Directors • Solutions 30 Holding GmbH – Member of the Supervisory Board • Byon Solutions SA – Member of the Board of Directors • Solutions 30 Connect – Member of the Board of Directors • Solutions 30 Portugal SA – Member of the Board of Directors • Solutions 30 Prazo Elevators SA – Member of the Board of Directors
		Positions that were held during the last 5 years and have ended • Solutions30 UK Limited – Director • Telekom Usługi SA – Member of the Supervisory Board • Immconcept Management – Director • Solutions 30 Rail SA – Member and Chairman of the Board of Directors

		Other positions held outside the Company, outside the Solutions30 Group
		Current positions • ABO Conseil SARL – General Manager • Astrolabe 85 – General Manager • Le Clos Augustine – Director Positions that were held during the last 5 years and have ended • None


	Solutions30 \| Annual Report 2025		190


		Luc Brusselaers joined Solutions30 in 2017 and has been a key player in opening the Belgian subsidiary Unit-T and in the partnership with Telenet. He has nearly 30 years of experience in business development and general management positions in the IT and telecommunications sector. Before joining Solutions30, Luc was vice president for Europe and the Middle East of NCR’s telecom and technology division, after having worked as managing director for NCR’s Belgian subsidiary, vice president of customer service for Europe and the Middle East, and sales manager for the same region.
LUC BRUSSELAERS Chief Revenue Officer Age: 63 years old Nationality: Belgian 1st appointed: 2020 Term expires: 2028 Number of shares held: 1,100		Other positions held outside the Company, within the Solutions30 Group
		Current positions • Unit-T BV – Director of As A Service BV, which is itself Director • ICT Field Services BV – Director of As A Service BV, which is itself Director • Solutions30 Field Services BV – Director of As A Service BV, which is itself Director • Unit-T Field Services BV – Director of As A Service BV, which is itself Director • Solutions30 Holding GMBH – General Manager • Solutions 30 GMBH – General Manager • Worldlink GMBH – General Manager • Solutions 30 Field Services Süd GMBH – General Manager • Solutions 30 Field Services GMBH – General Manager • Solutions 30 Operations GMBH – General Manager • Solutions 30 UK Holding – Director • Comvergent Holdings Limited – Director • Solutions30 Netherlands BV – Director of As A Service BV, which is itself Director • Business Solutions30 Holland BV – Director of As A Service BV, which is itself Director Positions that were held during the last 5 years and have ended • Byon Solutions SA – Member of the Board of Directors • Solutions 30 Rail SA – Member of the Board of Directors • Solutions30 UK Limited – Director • LOUWERS BEHEER BV – Director of As A Service BV, which is itself Director

		Other positions held outside the Company, outside the Solutions30 Group
		Current positions • As A Service BV – Director Positions that were held during the last 5 years and have ended • None


	Solutions30 \| Annual Report 2025		191


		Wojciech Pomykała is a graduate of Wrocław University of Science and Technology in Poland (Master of Science, Electronics and Telecommunications, Postgraduate, Digital Telecommunications), also holding an executive MBA from Kozminski University (Poland, 2008) and from the Harvard Business School General Management Program (USA, 2011). Wojciech has more than 22 years of experience in operations and sales for companies in the telecommunications and energy industries. Since 2019, he has been working on the successful deployment of group activities in Poland, and has participated in many cross-functional projects to strengthen the Group’s operational efficiency.
		Other positions held outside the Company, within the Solutions30 Group
WOJCIECH POMYKALA Chief Operations Officer Age: 50 years old Nationality: Polish 1st appointed: 2023 Term expires: 2027 Number of shares held: -		Current positions • Telima Poland SPZOO – Chairman of the Management Board • Solutions30 Holding SPZOO – Chairman of the Management Board • Solutions 30 Holding GMBH – Member of the Supervisory Board • Solutions 30 Portugal SA – Member of the Board of Directors • Solutions30 Iberia 2017 SL – Director • Solutions 30 Telecom SPZOO – Power of Attorney • Byon Solutions S.A. – Member of the Board of Directors • SMARTFIX30 S.A. – Member of the Board of Directors Positions that were held during the last 5 years and have ended • Solutions30 Mobile SPZOO – Chairman of the Management Board • Solutions30 Wschód SPZOO – Chairman of the Management Board • Telekom Uslugi SPZOO – Power of Attorney
		Other positions held outside the Company, outside the Solutions30 Group
		Current positions • Mastery of Management SPZOO – Chairman of the Board of Directors • BZWP Family Foundation – Member of the Management Board Positions that were held during the last 5 years and have ended • None


	Solutions30 \| Annual Report 2025		192

4.4 Remuneration

4.4.1 General principles

The Nominations and Remunerations Committee assists

the Supervisory Board in its mission to determine and

regularly assess all remuneration and benefits for

members of the Company’s Management Board and

Supervisory Board.

In order to determine all the components of remuneration

for members of the Management Board, as proposed by

the Nominations and Remunerations Committee, the

Supervisory Board takes into account numerous principles

such as comprehensiveness, balance, comparability,

consistency, understandability, and proportionality as

recommended by the AFEP-MEDEF code with which the

Company complies.

The Company does not subscribe to any insurance or

pension plans for members of the Supervisory Board or

Management Board.

The policy on remuneration for members of the

Supervisory Board and the Management Board was

adopted by the Supervisory Board on May 10, 2022, as

proposed by the Nominations and Remunerations

Committee. This policy was put to an advisory

shareholders’ vote, and approved, at the General Meeting

on June 16, 2022.

This policy includes a new method of calculation of the

remuneration for members of the Supervisory Board

namely the annual remuneration is composed of:

– Fixed fee

– Fixed fee for the Supervisory Board committees’

membership

– Variable fee based on attendance to the

Supervisory Board and its committees’ physical (or

virtual) meetings

The remuneration policy is available on the Solutions30

website, under Investors, General Meeting 2022 section.

According to the Company’s remuneration policy, the total

annual remuneration for the Supervisory Board may not

exceed €407,000. This amount was calculated based on a

six-member board and will be adjusted should an

additional member be added or should other committees

be created.

Members of the Supervisory Board are not eligible for

variable remuneration plans (annual bonus) or long-term

share incentive plans.

All these amounts are net of any applicable withholding

tax. The total net amount of remuneration to be paid to

members of the Supervisory Board for 2025 is set at

€384,000.

In 2025, the Supervisory Board resolved to decrease the

remuneration payable per session to €1,500, thereby

demonstrating its commitment to supporting the

Company’s financial discipline and long‑term objectives

and ensuring continuity with the practices applied to 2024

remuneration.

Moreover, the Chair of the Supervisory Board has

voluntarily elected to waive all variable fees relating to his

participation in the Supervisory Board committees for the

year 2025, as an expression of his support for the Group’s

ongoing financial optimization efforts.

4.4.2 Remuneration for members of the Supervisory

Board

The general meeting approves the remuneration for

members of the Supervisory Board in respect of their

duties on the Supervisory Board and its committees.

The remuneration policy of the Supervisory Board and the

compensation framework for the Chair and members of

the Supervisory Board and its committees were defined at

the General Meeting held on June 16, 2022. This

remuneration takes into account the attendance rate of

members at meetings of the Supervisory Board and its

committees.

The amounts of members’ remuneration were defined on

the basis of benchmarking done by a third party, with a

summary presented to the shareholders before the vote at

the General Meeting of June 16, 2022.


	Supervisory Board		Audit, Risk and Compliance Committee		Strategy and ESG Committee Nominations and Remunerations Committee
In euros	Chair	Member	Chair	Member	Chair	Member
Annual fixed remuneration	50,000	30,000	10,000	5,000	7,000	3,000
Remuneration per session	1,500 - 2,000	1,500 - 2,000	1,500 - 2,000	1,500 - 2,000	1,500 - 2,000	1,500 - 2,000

Remuneration for Supervisory Board members:

During the General Meeting on June 17, 2025, 96.26% of

Solutions30 shareholders voted to approve the

remuneration for Supervisory Board members for 2024.

In 2025 the Supervisory Board held 6 meetings, the

Nominations and Remunerations Committee held 4

meetings, the Audit, Risk and Compliance Committee held

5 meetings and the Strategy and ESG Committee held 3


	Solutions30 \| Annual Report 2025		193

meetings for a total of 18 meetings in 2025, compared to

26 meetings in 2024.


	Amounts allocated for 2024 and paid in 2025	Amounts allocated for 2025 and paid or payable in 2026
Thomas KREMER Chair of the Supervisory Board	€68,747	€70,000
Paola BRUNO Vice - Chair of the Supervisory Board	€58,500	€59,500
Pascale MOURVILLIER Member of the Supervisory Board	€67,062	€64,000
Yves KERVEILLANT Member of the Supervisory Board	€72,438	€60,500
Maria ZESCH * Member of the Supervisory Board	€—	€9,000
Caroline TISSOT* Former Member of the Supervisory Board	€51,000	€22,500
Jean Paul COTTET* Former Member of the Supervisory Board	€55,000	€26,000
Alexander SATOR Former Member of the Supervisory Board	€74,253	€48,000
Olivier DOMERGUE * Former Member of the Supervisory Board	€—	€24,500
Total	€447,000	€384,000

*The remuneration to be paid in 2026 is prorated for the duration

of the respective term of office in 2025.

4.4.3 Shares held by members of the Supervisory

Board

At December 31, 2025, members of the Supervisory

Board and persons closely related to them according to

the definition provided by Regulation (EU) No 596/2014 of

the European Parliament and of the Council of April 16,

2014, on market abuse (MAR) did not hold any shares.

4.4.4. Remuneration for members of the Management

Board

4.4.4.1 General framework for remuneration policy

The policy on remuneration for members of the

Management Board is proposed by the Nominations and

Remunerations Committee and set by the Supervisory

Board. The remuneration policy includes incentives that

reflect the Group’s strategy for long-term growth, while

acting responsibly towards all stakeholders.

The goal of the Solutions30 Management Board

remuneration policy is to align the interests of Group

Directors with those of the Company and its shareholders

by tying remuneration closely to performance. Its overall

objective is to encourage Directors to meet ambitious

targets and to create value over the long term by setting

demanding performance criteria.

The Nominations and Remunerations Committee

cooperates closely with the Chairman of the Management

Board to align the remuneration targets of the

Management Board members with long-term management

objectives. In his advisory capacity, the Chairman of the

Management Board provides information on the Group’s

performance, the challenges faced and the opportunities

ahead, enabling the Nominations and Remunerations

Committee to make informed decisions on remuneration

(Chairman of the Management Board is excluded from the

process leading to the decisions of the Nominations and

Remunerations Committee with respect to his

remuneration).

In addition, Chairman of the Management Board

contributes to the Nominations and Remunerations

Committee’s work with respect to the Management Board

candidate evaluation namely by drawing from his

experience and knowledge of the industry and offering

perspectives on the suitability of potential candidates

including assessing their qualifications, experience,

reputation, and potential contribution to the Management

Board.

The components taken into account to determine

remuneration are as follows:

• An annual base (fixed) remuneration that may vary

according to each member’s role and responsibilities

and that may be reviewed by the Nominations and

Remunerations Committee from time to time and

compared to practices adopted by companies with

comparable challenges, characteristics, and history.

• A variable remuneration that is based on challenging

official annual goals that the Supervisory Board

reviews and approves every year in accordance with

the Nominations and Remunerations Committee’s

recommendations.

• A long-term incentive plan, if applicable. including the

allocation of shares or stock options granted on the

basis of performance criteria with the aim of fostering

long-term commitment among members of the

Management Board, in accordance with shareholder

interests.

• Furthermore, all members of the Management Board

are provided with a company car.

4.4.4.2 Fixed and variable remuneration

The fixed remuneration of Management Board members

was increased in line with an automatic legal indexation.

The tables below reflect these items, as well the status of

members of the Management Board.

Variable remuneration

Variable remuneration is tied to the achievement of formal

and demanding objectives defined by the Supervisory

Board in accordance with the recommendations of the

Nominations and Remunerations Committee.

Variable remuneration for 2025

The principles for calculating variable remuneration for

2025 have been revised compared to 2024 by

incorporating the new net income target. The variable

portion remains unchanged and continues to be capped at

50% of the fixed remuneration.

The applicable criteria listed in the table below were

approved by the Supervisory Board on the proposal of the

Nominations and Remunerations Committee.


	Solutions30 \| Annual Report 2025		194

Weighting for annual variable remuneration criteria in 2025


Criteria for annual variable remuneration for 2025		Explanation of indicator relevance and implementation modalities	Minimum	Target	Maximum
			as a % of theoretical variable remuneration
Quantitative criteria	Revenue	These three indicators reflect the quality of group economic and financial management from different complementary points of view. The target objectives correspond to the group budget for 2025, as approved by the Supervisory Board. Determining whether a target has been reached is based on a comparison between the budget and year-end results. The amount of each bonus is based on the degree to which these targets have been reached. Each objective weights 25% or 20% of total. There is a linear correlation between low bound and target objective and the possibility of obtaining up to 140% target bonus if related objective is overreached by up to 120%.	0%	25%	35%
	EBITDA (post IFRS)		0%	25%	35%
	Free Cash Flow		0%	20%	28%
	Net income		0%	20%	28%
Qualitative criteria	GRC related indicators: Reduce the environmental impact to Group’s activities: reduce GHG emissions intensity (Scope 1 & 2) by 8.8% compared to 2024 – Contributing to a low-carbon economy by delivering solutions that drive and support the energy transition: increase the % of green activities of Solutions30 revenue by 20% comparing to 2024 – Ensure a safe and secure work environment: keep the injury severity rate below 0.65 – Train the employees developing their skills to advance their careers: have at least 25 hours of training per employee per year; ensure that at least 80% of active employees participate in ESG awareness sessions – Promote diversity and equal opportunities: ensure at least 25% of women in management positions – Make Solutions30 a reliable partner by ensuring that our partners are thoroughly verified: at least 95% of active subcontractors registered in mySupplace	CSR indicators are designed to measure the effectiveness of measures taken to achieve the social and environmental objectives defined by the Supervisory Board for the Group. Risk control indicators are designed to measure the effective implementation of the internal control framework defined for the Group. The amount of each bonus depends on reaching the target set for each indicator.	0%	5%	5%
	GRC related indicators: The implementation rate of the internal control framework must be 92% by the end of 2025. (linear correlation between the low bound (78.2%) and the target (92%). if the result is below 78.2% the target is considered not reached)		0%	5%	5%
Total variable remuneration as a % of theoretical variable remuneration (the variable portion is capped at 50% of the fixed remuneration of each member of the Management Board)			0%	100%	136%


	Solutions30 \| Annual Report 2025		195

Objectives reached in 2025 and explanation


Criteria for annual variable remuneration for 2025		Objective reached	Evaluation
Quantitative criteria	Revenue	6.7%	Revenue in 2025 amounted to €892.4 million, or 26.8% of the target. The objective has been partially met and the percentage of remuneration under this criterion is 6.7% of the theoretical variable remuneration.
	EBITDA (post IFRS)	0%	EBITDA (post IFRS) in 2025 amounted to €65.2 million, or 0% of the target. The objective is therefore not met the percentage of remuneration under this criterion is 0 of the theoretical variable remuneration.
	Free cash flow	16.3%	Free cash flow amounted to €15.4 million, or 81% of the target. The objective has been partially met and the percentage of remuneration under this criterion is 16.3% of the theoretical variable remuneration.
	Net income	0%	Net income was -€58.3 million. The objective is therefore not met; the percentage of remuneration under this criterion is 0 of the theoretical variable remuneration.
Qualitative criteria	– Reduce the environmental impact to Group’s activities: reduce GHG emissions intensity (Scope 1 & 2) by 8.8% compared to 2024 – Contributing to a low-carbon economy by delivering solutions that drive and support the energy transition: increase the % of green activities of Solutions30 revenue by 20% comparing to 2024 – Ensure a safe and secure work environment: keep the injury severity rate below 0.65 – Train the employees developing their skills to advance their careers: have at least 25 hours of training per employee per year; ensure that at least 80% of active employees participate in ESG awareness sessions – Promote diversity and equal opportunities: ensure at least 25% of women in management positions – Make Solutions30 a reliable partner by ensuring that our partners are thoroughly verified: at least 95% of active subcontractors registered in mySupplace	5%	95% of CSR performance targets were met so the objective is met at 100%. The percentage of remuneration under this criterion is 5% of the theoretical variable remuneration. – GHG emissions at 26,42 tCO2 – result: 26,05 tCO2 – Contributing to a low-carbon economy – 17% – Reduce Injury Severity rate at 0.65 – result: 0,58 – Training per employee at 2h– result: 27,6h – ESG awareness session participation at 80% - result: 81% – Feminization in management at at least 25% - result: 26,1% – Subcontractors mySupplace registration at 95% - result: 99,1%
	GRC related indicators: The implementation rate of the internal control framework must be 92% by the end of 2025. (linear correlation between the low bound (78,2%) and the target (92%), if the result is below 78,2% the target is considered not reached)	5%	93% of GRC performance targets were met so the objective is met at 100%. The percentage of remuneration under this criterion is 5% of the theoretical variable remuneration.
Total variable remuneration as a % of theoretical variable remuneration (the variable portion is capped at 50% of the fixed remuneration of each member of the Management Board)			33%

The Supervisory Board which met on March 30, 2026,

upon the recommendation of the Nominations and

Remunerations Committee analyzed the level of

achievement of the quantitative and qualitative

performance goals mentioned above and set the amount

of annual variable remunerations for members of the

Management Board for 2025. These amounts are detailed

in section 4.4.4.9 of this report.

The Supervisory Board noted that the qualitative targets

related to CSR indicators were met, but that quantitative

targets—namely revenue and free‑cash-flow targets were

partially achieved, while the EBITDA and net income

targets were not met.

The principles for calculating variable remuneration for

2026 have been revised in comparison with year 2025 by

incorporating an objective related to the finalization of

agreements supporting the achievement of the Group’s

strategic goals.

The criteria in the table below were approved by the

Supervisory Board in a meeting on March 30, 2026, at the

recommendation of the Nominations and Remunerations

Committee. The variable part may be up to a maximum of

50% of the annual fixed remuneration.


	Solutions30 \| Annual Report 2025		196

Variable remuneration for 2026

Weighting for annual variable remuneration criteria in 2026


Criteria for annual variable remuneration for 2026		Explanation of indicator relevance and implementation modalities	Minimum	Target	Maximum
			as a % of theoretical variable remuneration
Quantitative criteria	Revenue	These four indicators reflect the quality of group economic and financial management from different complementary points of view. The target objectives correspond to the group budget for 2026, as approved by the Supervisory Board. Determining whether a target has been reached is based on a comparison between the budget and year-end results. The amount of each bonus is based on the degree to which these targets have been reached. Each objective weights either 15% or 45% of total. There is a linear correlation between low bound and target objective and the possibility of obtaining up to 120% target bonus if related objective is overreached by up to 110%.	0%	15%	18%
	EBITDA (post IFRS)		0%	15%	18%
	Net income		0%	15%	18%
	Ensure sustainable results in discussions with key stakeholders		0%	45%	54%
Qualitative criteria	CSR and related indicators: – Reduce the environmental impact to Group’s activities: (i) reduce GHG emissions intensity (Scope 1) by 4% compared to 2025, and (ii) reduce GHG emissions intensity (Scope 2) by 7% compared to 2025 – Contributing to a low-carbon economy by delivering solutions that drive and support the energy transition: increase the % of green activities of Solutions30 revenue by 5,5% comparing to 2025 – Ensure a safe and secure work environment: keep the injury severity rate below 0.65 – Train the employees developing their skills to advance their careers: (i) have at least 25 hours of training per employee per year; (ii) ensure that at least 85% of active employees participate in ESG awareness sessions, (iii) ensure that at least 70% of active employees attend the Ec0-driving and Safe-driving training, and (iv) ensure that at least 70% of active employees attend cyber security training – Promote diversity and equal opportunities: ensure at least 27% of women in management positions:(i) For countries with % of women in management positions<27%, at least 33% of new manager hires need to be women(ii) For countries with % of women in management positions≥27% to 50%, at least 25% of new manager hires need to be women – Make Solutions30 a reliable partner by ensuring that our partners are thoroughly verified: at least 97% of active subcontractors registered in mySupplace	CCSR indicators are designed to measure the effectiveness of measures taken to achieve the social and environmental objectives defined by the Supervisory Board for the Group. GRC indicators are designed to measure the effective implementation of the internal control framework defined for the Group. The amount of each bonus depends on reaching the target set for each indicator.	0%	5%	5%
	GRC related indicators: Risk management - Strengthen Risk Mitigation & Internal Controls. Risk management implementation rate across all EU countries must reach 90% by the end of 2026. (linear correlation between the low bound (75%) and the target (9%), if the result is below 78.2% the target is considered not reached)		0%	5%	5%
Total variable remuneration as a % of theoretical variable remuneration (the variable portion is capped at 50% of the fixed remuneration of each member of the Management Board)			0%	100%	118%


	Solutions30 \| Annual Report 2025		197

4.4.4.3 Severance pay

In case their contract is terminated without cause, all

members of the Management Board are entitled to

compensation equal to (i) the total fee agreed until the

termination of the contract (fee being a monthly fee agreed

as per the contract), (ii) a pro-rata bonus payment equal to

the bonus paid for the previous fiscal year pro rata the

duration of the provision of the services during the current

fiscal year, (iii) a bonus for the previous fiscal year

approved but not yet paid, if applicable and (iv) a

termination indemnity corresponding: (a) to the last agreed

monthly fee multiplied by eighteen (18) and (b) the amount

equal to the last approved bonus multiplied by 1.5. This

compensation is paid in cash.

When a member of the Management Board leaves the

Company, and, if he is entitled to a severance payment,

such indemnity is calculated based on the achievement of

annual targets for the previous year and pro rata for the

year in which his contract was terminated. The severance

payment is therefore subject to performance conditions

assessed over two financial years.

A member of the Management Board who resigns has no

right to any compensation, except for his regular

remuneration until the termination of his contract and a

compensation related to a non-competition clause, if

applicable.

Management Board members’ contracts contain a non-

competition clause lasting between 3 and 18 months. The

Company reserves the right to activate or not the non-

competition clause. Activation of the non-competition

clause is subject to the terms and conditions defined in the

contract and is governed by the applicable legislation

governing such clauses. The decision regarding the non-

competition clause will be carried out in accordance with

established contractual stipulations and will be

communicated to the Management Board member in a

transparent manner.

For the sake of completeness, the aggregate of the two

indemnities (termination indemnity and non-competition

indemnity) shall not exceed a maximum of two years’

remuneration (fixed and variable). It is agreed in the

respective contracts that the termination indemnity, where

applicable, includes a non-competition indemnity.

Payment of the non-competition indemnity will be paid in

installments staggered over its term, if applicable.

4.4.4.4 Special remuneration

No special remuneration is due or paid to members of the

Management Board.

4.4.4.5 Benefits in kind and other

Determined according to local specificities and individual

situations, benefits in kind essentially consist of the

provision of a company car.

There are no additional or supplemental pension plans for

members of the Management Board.

4.4.4.6 Long-term variable remuneration in shares

The long-term variable remuneration policy is designed to

attract talent, to encourage Solutions30 SE management-

including members of the Management Board - to take a

long-term view of their work, to build loyalty, and to

facilitate the alignment of their interests with those of the

shareholders by giving them a stake in the value of

company shares. The principles of a current long-term

incentive plan (LTIP) were discussed extensively in the

course of 2024 by the Nominations and Remunerations

Committee and the Supervisory Board and eventually they

were approved by the shareholders at the annual general

meeting of shareholders of June 17, 2024.

Following the shareholders’ approval of the LTIP in 2024

and the subsequent discussions between the Company

and the Supervisory Board, in 2025 the Supervisory Board

agreed to revise the instrument used in the context of the

LTIP for the Management Board and the Group Executive

Committee and decided to replace the initially foreseen

share certificates instrument with a standard stock options’

instrument.

Moreover, the Supervisory Board decided to modify the

performance period applicable to the LTIP and set it at the

years 2025-2027 instead of 2024-2026 not to implement

the plan with a retroactive effect.

Other key managers shall be eligible to receive a payment

in cash, correlated to the fulfillment of quantitative targets,

under the terms of the LTIP made at the sole discretion of

the Supervisory Board or, as the case may be, by the

Group Management Board.

Apart from the above, the main principles of the LTIP such

as its 3 years performance period, the performance

targets or dilution remain unchanged and as approved by

the shareholders in 2024.

Consistent with best market practices, this LTIP contains

the following general provisions:

Purpose: The purpose of the LTIP is to (1) offer

competitive compensation packages in the global

marketplace and incentivize long-term participation by

participants in the Company’s success and (2) to align the

long-term interests of the Company’s executive officers

with those of its shareholders by providing them with the

opportunity to participate in the Company’s long-term

growth, while enduring a financial commitment and

respective underlying associated risks. The LTIP shall

reward key employees for their commitment to the

Company and their past performances, and thereof,

incentivize them (i) in contributing to the growth and value

creation of Solutions30 and subsequently, (ii) allowing

them to benefit from the sustainable and growing financial

health of the Company, hence promoting a greater

alignment of interests between such key employees and

the shareholders of Solutions30.

Implementation: This LTIP is designed as a stock options

plan starting from a date decided by the Company’s

Supervisory Board as proposed by the Nomination and

Remuneration Committee thereof. The Company aims at

granting its key employees stock options of which the


	Solutions30 \| Annual Report 2025		198

underlying is Solutions30 ordinary shares (the Stock

Options). Granted Stock Options provide the Beneficiary

with the right (but not the obligation) to acquire underlying

Solutions30 shares against the corresponding strike price

at the end of the performance vesting period.

The granting of Stock Options is determined at the sole

discretion of the Company’s Supervisory Board upon the

recommendation of the Nominations and Remunerations

Committee or, when applicable, the Management Board.

Members of the Supervisory Board are not eligible for this

plan.

Size: The number of shares available with respect to all

Stock Options granted under the LTIP shall not exceed

four million nine hundred and five thousand three hundred

thirty-four (4,905,334) in the aggregate. This is equivalent

to a gross maximum dilution of circa. 5% of the

outstanding share capital of the Company. The effective

net dilution is expected to be significantly less under

today’s assumptions.

No individual shall be entitled to a right to be granted for

more than 25% of the Stock Options pool.

Term and vesting period of the instruments: For

members of the Management Board and the Group

Executive Committee, instruments shall be definitively

allocated after the defined performance criteria have been

achieved for a period of three consecutive years and may

only be exercised one year after their definitive allocation.

Price: The Strike Price at which each vested Stock Option

can be exercised shall be set to correspond to the average

fair market value of Solutions30 shares over the last three

months preceding the grant date.

Performance criteria for members of the Management

Board and Group Executive Committee:


Performance conditions - KPI factors	Weight	Definition
Revenue	25%	Revenue target is defined for the end of the performance period (end of 2027). The criterion is assessed by calculating the sum of the performances over the three (3) fiscal years in relation to the target performance. Possibility to overshoot up to 120%.
EBITDA	30%	EBITDA target is defined for the end of the performance period (end of 2027). The criterion is assessed by calculating the sum of the performances over the three fiscal (3) years in relation to the target performance. Possibility to overshoot up to 120%.
Free cash flow	25%	Free Cash Flow target is defined for the end of the performance period (end of 2027). The criterion is assessed by calculating the sum of the performances over the three (3) fiscal years in relation to the target performance. Possibility to overshoot up to 120%.
Relative Total Shareholder Return (TSR”)	20%	Relative TSR performance is assessed at each end of cycle (end of 2027). The criterion is assessed by calculating Solutions30 share price performance to the average performance of a peer group composed of comparable companies.
Trigger: Environmental, Social and Governance ( ESG ) metric (from 0.9 to 1.0):	ESG target will be defined and assessed on a yearly basis and at the end of the performance period (end of 2027). The criterion is assessed by calculating the sum of the performances over the three (3) fiscal years in relation to the target performance. 0,9 if the ESG targets are met at less than 70% (low bound), 1 if the ESG targets are met at 100% (high bound) or more. Linear correlation between the 2 bounds.


	Solutions30 \| Annual Report 2025		199

The Stock Options were granted in the course of 2025 as reflected in the table below:


	Number of beneficiaries	Year granted	Type	Unit valuation of options according to the method used for the consolidated financial statements	Number of options granted during the year	Strike price	Exercise period
Management Board
Gianbeppi FORTIS		2025	Stock o ptions	0.81	970,847	1.29	The Stock options are subject to a one-year lock-up period (Blocking Period) running from the Vesting Date corresponding to the date of publication of the 2027 audited annual accounts (i.e., around April 2028). The totality of Vested Options will be automatically exercised during the Exercise Window which shall open as from the end of the Blocking Period and shall remain open for 20 business days unless otherwise stated by the Supervisory Board. The Blocking Period starts at the Vesting Date and ends at the opening of the Exercise Window (i.e., 31 December 2028).
Amaury BOILOT		2025	Stock o ptions	0.81	889,092	1.29
Luc BRUSSELAERS		2025	Stock o ptions	0.81	705,142	1.29
Wojciech POMYKALA		2025	Stock o ptions	0.81	643,825	1.29

Other members of 6 management		2025	Stock o ptions	0.81	268,304	1.29

4.4.4.7 Shares held by members of the Management

Board

As of the date of this report, the members of the

Management Board held a total of 17,354,400 shares,

representing 16.2% of the Company’s shares and voting

rights (on a fully diluted basis). Transactions carried out by

members of the Management Board are published on the

Company’s website, in the Regulated Information section.

Members of the Management Board are required to

comply with the rules governing trading in Company

securities.

4.4.4.8 Trading in Company securities

The members of the Management Board and the

Supervisory Board are aware of the rules to be applied in

terms of preventing insider trading, in particular those

arising from European Market Abuse Regulation No.

596/2014, which came into force on July 3, 2016, and the

recommendations of the French Financial Markets

Authority, in particular concerning the periods during which

share trading is prohibited.

Insider information is specific, non-public information

which, if made public, could have a significant influence on

the share price. This insider information may be of three

types: strategic, related to the definition and

implementation of the Company’s growth policy; recurring,

related to the annual timetable for drafting and disclosing

annual and interim financial statements, regular

communications, or periodic meetings devoted to financial

information; and one-off, related to a given program,

project, or financial transaction.

All members of the Management Board and the

Supervisory Board, as well as any person considered to

be an insider, must refrain from directly or indirectly

carrying out (or recommending to carry out) any

transaction in the financial instruments of the Company

and its subsidiaries for which they have insider information

or from communicating insider information, as well as from

recommending to another person, on the basis of insider

information, that they carry out insider trading in the

Company’s financial instruments.

Transactions involving the purchase or sale of Company

securities or financial instruments are prohibited during

periods between the date on which insiders are privy to

specific information regarding business developments or

the Company’s outlook - which, if made public, could

noticeably influence the share price - and the date on

which this information is made public.

Moreover, all transactions are strictly forbidden for a

period of:

• Thirty calendar days before the scheduled publication

date of the annual consolidated financial statements

and half-year consolidated financial statements

• Fifteen calendar days before the scheduled publication

date of quarterly financial information

At the beginning of each calendar year, the Company

draws up and releases a timetable for determining the

periods during which trading in Company securities is

prohibited.


	Solutions30 \| Annual Report 2025		200

4.4.4.9Remuneration for members of the

Management Board for 2024:

Gianbeppi FORTIS, Chairman of the

Management Board

Summary of Gianbeppi Fortis’ remunerations


	2024		2025
In €	Amounts due	Amounts paid	Amounts due	Amounts paid
Fixed remuneration	389,753	389,753	399,853	399,853
Variable remuneration	108,764	—	65,959	—
Special remuneration	—	—	—	—
Directors’ fees	—	—	—	—
Benefits in kind and other	19,530	19,530	18,903	18,903
Total	518,047	409,283	484,715	418,756

The current contract between Gianbeppi Fortis and the

Company is dated December 13, 2022. The contract was

entered into for an indefinite period and concerns

managing and leading Solutions30 SE teams in a process

of internal and external development with the objective of

improving its management and productivity just as the

previous services contracts linking the Company and

Gianbeppi Fortis did The contract has been amended over

the last years and currently the fixed monthly

remuneration of Mr. Fortis is set at €31,867 (excluding

tax). To this fixed remuneration may be added a variable

remuneration, at the discretion of the Supervisory Board

and based on reaching quantitative and qualitative goals

as described in the preceding section, up to 50 % of the

annual fixed fee.

Gianbeppi Fortis is not entitled to any pension obligations

or other life annuity benefits, other than those granted

under the compulsory basic pension plan and

supplemental pension plans.

Long-term remuneration in securities

Following the approval by the Supervisory Board and on

the recommendation of the Nominations and

Remunerations Committee, 3,903,828 options were

granted to members of the Management Board and

certain members of management, in accordance with the

long-term incentive plan described in section 4.4.4.6 of

this report, Gianbeppi Fortis was granted 970 847 options.

The stock options are subject to a one-year lock-up period

(Blocking Period) running from the Vesting Date

corresponding to the date of the publication of the 2027

audited annual accounts (i.e., around April 2028).

Summary of remuneration paid to Gianbeppi Fortis :


	2024	2025
Total remuneration for the period ¹	518,047	484,715
Valuation of options allocated during the year	—	786,386
Valuation of performance shares allocated during the period	—	—
Valuation of other long-term remuneration plans	—	—
Total	518,047	1,271,101

¹ Remuneration as detailed in the previous table^.

² Unit valuation of options at € 0,81 in accordance with the

method used for the consolidated accounts. The long-term

incentive plan covers the period 2025-2027 and its allocation was

made on March 31, 2025..

Other elements of Gianbeppi Fortis’ status


	Employ m ent contrac t	Supplement ary pension plan	Severance pay or benefits owed or potentially owed due to termination or change in office	Non- competition fees
Gianbeppi FORTIS	NO	NO	YES	YES

Deferred remunerations

Severance pay and non-competition fee

Please refer for details to chapter 4.4.4.3 of this Report.


	Solutions30 \| Annual Report 2025		201

Amaury BOILOT, Member of the

Management Board

Summary of Amaury Boilot’s remunerations


	2024		2025
In €	Amounts due	Amounts paid	Amounts due	Amounts paid
Fixed remuneration	375,540	375,540	375,540	375,540
Variable remuneration	104,797	—	61,948	—
Special remuneration	—	—	—	—
Directors’ fees	—	—	—	—
Benefits in kind and other	45,866	45,866	45,469	45,469
Total	526,203	421,406	482,957	421,009

The current service contract is entered into with Amaury

Boilot’ s wholly owned Luxembourg company, ABO

Conseil S.à r.l. and Solutions30 SE, for an indefinite period

and concerns managing and leading the Company’s

teams in a process of internal and external development

with the objective of improving and perfecting its

management and productivity. It has been effective as of

August 1, 2022. The contract has been amended since

and as of November 20, 2023, ABO Conseil’s fixed

monthly remuneration was increased from €28,868

(excluding tax) to €31,090 (excluding tax) per month. To

this fixed remuneration may be added a variable

remuneration, at the discretion of the Supervisory Board

and based on reaching quantitative and qualitative goals

as described in the preceding section, up to 50 % of the

annual fixed fee.

Amaury Boilot is not entitled to any pension obligations or

other life annuity benefits, other than those granted under

the compulsory basic pension plan and supplemental

pension plans.

Long-term remuneration in securities

Following the approval by the Supervisory Board and on

the recommendation of the Nominations and

Remunerations Committee, 3,903,828 options were

granted to members of the Management Board and

certain members of management, in accordance with the

long-term incentive plan described in section 4.4.4.6 of

this report, Amaury Boilot was granted 889,092 options.

The stock options are subject to a one-year lock-up period

(Blocking Period) running from the Vesting Date

corresponding to the date of the publication of the 2027

audited annual accounts (i.e., around April 2028).

Other elements of Amaury Boilot’s status


	2024	2025
Total remuneration for the period ¹	526,203	482,957
Valuation of options allocated during the year	—	720,165
Valuation of performance shares allocated during the period	—	—
Valuation of other long-term remuneration plans	—	—
Total	526,203	1,203,122

¹ Remuneration as detailed in the previous table^.

² Unit valuation of options at € 0,81 in accordance with the

method used for the consolidated accounts. The long-term

incentive plan covers the period 2025-2027 and its allocation was

made on March 31, 2025.

Other elements of Amaury Boilot’s status


	Employ m ent contrac t	Supplement ary pension plan	Severance pay or benefits owed or potentially owed due to termination or change in office	Non- competition fees
Amaury BOILOT	NO	NO	YES	YES

Deferred remunerations

Severance pay and non-competition fee

Please refer for details to chapter 4.4.4.3 of this Report.

Luc BRUSSELAERS, Member of the

Management Board

Summary of Luc Brusselaers’ remuneration


	2024		2025
In €	Amounts due	Amounts paid	Amounts due	Amounts paid
Fixed remuneration	300,264	300,264	300,264	300,264
Variable remuneration	83,791	—	49,531	—
Special remuneration	—	—	—	—
Directors’ fees	—	—	—	—
Benefits in kind and other	9,000	9,000	9,000	9,000
Total	393,055	309,264	358,795	309,264

A contract for services was entered into on January 1,

2020, between As A Service, a Belgian company wholly

owned by Luc Brusselaers, and Solutions30 SE, for an

indefinite period and concerns managing and leading the


	Solutions30 \| Annual Report 2025		202

Company’s teams in a process of internal and external

development with the objective of improving and

perfecting its management and productivity. The contract

has been amended over the last years and the current

monthly fixed remuneration for As A Service amounts to

€25,022 (excluding tax). To this fixed remuneration may be

added a variable remuneration, at the discretion of the

Supervisory Board and based on reaching quantitative

and qualitative goals as described in the preceding

section, up to 50 % of the annual fixed fee.

Luc Brusselaers is not entitled to any pension obligations

or other life annuity benefits, other than those granted

under the compulsory basic pension plan and

supplemental pension plans.

Long-term remuneration in securities

Following the approval by the Supervisory Board and on

the recommendation of the Nominations and

Remunerations Committee, 3,903,828 options were

granted to members of the Management Board and

certain members of management, in accordance with the

long-term incentive plan described in section 4.4.4.6 of

this report, Luc Brusselaers was granted 705,142 options.

The stock options are subject to a one-year lock-up period

(Blocking Period) running from the Vesting Date

corresponding to the date of the publication of the 2027

audited annual accounts (i.e., around April 2028).

Summary of remuneration paid to Luc Brusselaers:


	2024	2025
Total remuneration for the period ¹	393,055	358,795
Valuation of options allocated during the year	—	571,165
Valuation of performance shares allocated during the period	—	—
Valuation of other long-term remuneration plans	—	—
Total	393,055	929,960

¹ Remuneration as detailed in the previous table

² Unit valuation of options at €0.81 in accordance with the method

used for the consolidated accounts. The long-term incentive plan

covers the period 2025-2027 and its allocation was made on

March 31, 2025.

Other information about Luc Brusselaers’ status


	Employ ment contrac t	Suppleme ntary pension plan	Severance pay or benefits owed or potentially owed due to termination or change in office	Non- competiti on fees
Luc BRUSSELAERS	NO	NO	YES	YES

Deferred remunerations

Severance pay and non-competition fee

Please refer for details to chapter 4.4.4.3 of this Report.

Wojciech POMYKALA, Member of the

Management Board

Summary of remuneration for Wojciech Pomykala


	2024		2025
In €	Amounts due	Amounts paid	Amounts due	Amounts paid
Fixed remuneration	300,264	300,264	300,264	300,264
Variable remuneration	83,791	—	49,531	—
Special remuneration	—	—	—	—
Directors’ fees	—	—	—	—
Benefits in kind and other	19,200	19,200	19,200	19,200
Total	403,255	319,464	368,995	319,464

Since the signature of a contract for services, dated

February 1, 2023, the remuneration and benefits

described in the table below are received by Mastery of

Management Sp. z o.o., a Polish entity wholly owned by

Wojciech Pomykala.

The contract has been amended over the last years, and

Wojciech Pomykala’s monthly fixed remuneration amounts

to €25,022 (excluding tax). To this fixed remuneration may

be added variable remuneration, at the discretion of the

Supervisory Board and based on reaching quantitative

and qualitative goals as described in the preceding

section, up to 50% of the annual fixed fee.

Wojciech Pomykala is not entitled to any pension

obligations or other life annuity benefits, other than those

granted under the compulsory basic pension plan and

supplemental pension plans.

Long-term remuneration in securities

Following the approval by the Supervisory Board and on

the recommendation of the Nominations and

Remunerations Committee, 3,903,828 options were

granted to members of the Management Board and

certain members of management, in accordance with the

long-term incentive plan described in section 4.4.4.6 of

this report, Wojciech Pomykala was granted 643,825

options. The stock options are subject to a one-year lock-

up period (Blocking Period) running from the Vesting Date

corresponding to the date of the publication of the 2027

audited annual accounts (i.e., around April 2028).

Summary of remuneration paid to Wojciech Pomykala


	Solutions30 \| Annual Report 2025		203


	2024	2025
Total remuneration for the period ¹	403,255	368,995
Valuation of options allocated during the year	—	521,498
Valuation of performance shares allocated during the period	—	—
Valuation of other long-term remuneration plans	—	—
Total	403,255	890,493

¹ Remuneration as detailed in the previous table

² Unit valuation of options at €0.81 in accordance with the method

used for the consolidated accounts. The long-term incentive plan

covers the period 2025-2027 and its allocation was made on

March 31, 2025.

Other elements of Wojciech Pomykala’s status


	Employ m ent contrac t	Supplement ary pension plan	Severance pay or benefits owed or potentially owed due to termination or change in office	Non- competition fees
Wojciech POMYKALA	NO	NO	YES	YES

Deferred remunerations

Severance pay and non-competition fee

Please refer for details to chapter 4.4.4.3 of this Report.

Olivier DOMERGUE, Member of the

Management Board

Summary of remuneration for Olivier Domergue


	2024		2025
In €	Amounts due	Amounts paid	Amounts due	Amounts paid
Fixed remuneration	—	—	—	—
Variable remuneration	—	—	—	—
Special remuneration	—	—	—	—
Directors’ fees	—	—	—	—
Benefits in kind and other	—	—	—	—
Total	—	—	—	—

Olivier Domergue, previously a member of the Supervisory

Board, as mentioned further above, after stepping down

from the Supervisory Board, he accepted a mandate as

Management Board member and signed a services

contract between his wholly owned French company,

Oddo- Solutions & Performance and Solutions30 SE

effective as of January 1, 2026. This services contract is

for an indefinite period and concerns managing and

leading the Company’s teams in a process of internal and

external development with the objective of improving and

perfecting its management and productivity. According to

this contract, a fixed monthly remuneration is set at

€31,500 (excluding tax) per month. In addition, Olivier

Domergue has an employment contract with an annual

salary equal to €35,000 To this fixed remuneration may be

added variable remuneration, at the discretion of the

Supervisory Board and based on reaching quantitative

and qualitative goals as described in the preceding

section, up to 50% of the annual fixed fee.

Olivier Domergue is not entitled to any pension obligations

or other life annuity benefits, other than those granted

under the compulsory basic pension plan and

supplemental pension plans.

Long-term remuneration in securities

Following the approval by the Supervisory Board and on

the recommendation of the Nominations and

Remunerations Committee, 3,903,828 options were

granted to members of the Management Board and

certain members of management, in accordance with the

long-term incentive plan described in section 4.4.4.6 of

this report. As Olivier Domergue joined the Management

Board effective January 1, 2026, no options have been

granted to him as of the date of this Report. The stock

options are subject to a one-year lock-up period (Blocking

Period) running from the Vesting Date corresponding to

the date of the publication of the 2027 audited annual

accounts (i.e., around April 2028).

Summary of remuneration paid to Olivier Domergue


	2024	2025
Total remuneration for the period ¹	—	—
Valuation of options allocated during the year	—	—
Valuation of performance shares allocated during the period	—	—
Valuation of other long-term remuneration plans	—	—
Total	—	—

Other elements of Olivier Domergue’s status


	Employ m ent contrac t	Supplement ary pension plan	Severance pay or benefits owed or potentially owed due to termination or change in office	Non- competition fees
Olivier DOMERGUE	YES	NO	YES	YES

Deferred remunerations

Severance pay and non-competition fee

Please refer for details to chapter 4.4.4.3 of this Report.


	Solutions30 \| Annual Report 2025		204

5 Comments on the year

205

5.1 Review of the Group’s financial position and

earnings

210

5.2 Trends and outlook

211

5.3 Financial indicators not defined by IFRS


	Solutions30 \| Annual Report 2025		205

5. COMMENTS ON THE YEAR

5.1 Review of the Group’s financial position and earnings

The consolidated financial statements for Solutions30 were prepared in accordance with IFRS (International Financial

Reporting Standards) as adopted by the European Union and applicable at the end of the reporting period, i.e. December

31, 2025.

5.1 .1 Key financial highlights and performance indicators

The Group’s accounting principles for preparing its accounts are described in note 2 of section 6.2. “Notes to the

consolidated financial statements.”


In millions of euros	31.12.2025	2024 restated*	Change
Revenue	892.4	943.0	(5.4)%
Adjusted EBITDA	65.2	74.6	(12.7)%
As a % of revenue	7.3%	7.9%
Adjusted EBIT	7.3	29.5	(75.3)%
As a % of revenue	0.8%	3.1%
Net income, group share	(60.7)	(15.8)	n.a.
Adjusted net income, group share **	(35.7)	1.9	n.a.
Free cash flow	15.0	40.2	n.a.
Free cash flow net	(21.4)	5.9	n.a.

Financial structure figures (€ millions)	31.12.2025	31.12.2024	Change
Equity	46.9	108.1	(61.2)
Net debt	99.6	73.8	+25.8
Net bank debt	36.3	0.8	35.6

* In accordance with IFRS 5, the 2024 comparative data in the income statement have been restated to reflect the classification of the United Kingdom and the telecom business sold

off in Spain as discontinued operations.

** Adjusted for “net income from discontinued operations” as reported in the group financial statements, as well as amortization of customer relations (group share) net of the

associated tax impact, a purely accounting charge related to past acquisitions, with no cash impact and not related to tangible assets.


	Solutions30 \| Annual Report 2025		206

5.1.2 Change of scope

Solutions30 is the natural center of a highly fragmented market. Since 2021, given the general context, the Group slowed

down its external growth strategy but made the following acquisitions in 2024 and 2025:


Country	Company	Consolidation date	Revenue at acquisition	Comment
France	Solutions 30 Solaire	April 18, 2024	€20 million	Operating in the energy segment in France. Solutions 30 Solaire, which is 10%-owned by the Group, acquired a 100% stake in the French company So- Tec. Solutions 30 Solaire has been accounted for by the equity method since that date.
Poland	Elektra Realizacje Sp. Zo.o.	July 23, 2025	€1 million	Operations focus on modernizing low- and medium-voltage electrical grids, a key business as Poland ramps up its green energy transition.

5.1.3 Performance analysis for 2025

5.1.3.1 Consolidated revenue


	12 months 2024	12 months 2025
	Total	Organic growth of existing subsidiaries	Organic growth from acquired companies	Acquisitions	Total
Total	943.0	(64.9)	—	14.2	892.4
Benelux	371.6	(19.0)	—	—	352.6
France	360.8	(68.8)	—	13.2	305.3
Germany	84.4	11.4	—	—	95.9
Other countries	126.2	11.5	—	1.0	138.7

Solutions30’s consolidated revenue for 2025 amounted to

€892.4 million, down -5.4% compared to 2024 revenue

restated to exclude the contribution from the United

Kingdom and the divested telecom business in Spain, to

reflect their classification as discontinued operations in

accordance with IFRS 5. The Group exited these activities

in 2025 in line with its strategy of selectivity and refocusing

on its most promising markets. Organic growth stood at

-6.9%, while acquisitions contributed +1.5%. The impact of

foreign exchange was negligible.

The change in revenue mainly reflects the contraction of

the Connectivity business in France (15.3% of group

revenue), impacted by a faster-than-expected slowdown in

fiber deployments and by the selectivity measures

implemented since 2024. Excluding the Connectivity

business in France, Group revenue is up by 2.9% in 2025,

reflecting the good performance across all its other

businesses.

In the fourth quarter, revenue amounted to €230.8 million,

down ‑4.6% compared with 2024 (on a restated basis).

Adjusted EBITDA stood at €65.2 million in 2025, down

‑12.7% compared with 2024 (on a restated basis). The

adjusted EBITDA margin was 7.3%, down 60 basis points

compared to 2024. Improved margins in Benelux and the

upturn in the Other Countries segment helped to mitigate

the declines recorded in France and Germany.

The Group’s share of net income was ‑€60.7 million, after

taking into account a loss of ‑€17.1 million from

discontinued operations in the United Kingdom and in

telecommunications in Spain. This amount includes both

the current net income of these businesses and the

exceptional impacts related to their exit. In accordance

with IFRS 5, it is presented under “Net income from

discontinued operations” in the consolidated income

statement.

The Group had gross cash of €73.2 million at the end of

December 2025. Net bank debt remained limited at €36.3

million at the same date, compared with €0.8 million a

year earlier. This change includes a reduction in factoring

of -€7.3 million.


	Solutions30 \| Annual Report 2025		207

1.3.2 Analysis by geographical segment


	2025	2024 restated*	Changes
Benelux
Revenue	352.6	371.6	(5.1)%
Adjusted EBITDA	44.4	37.1	+19.7%
Adjusted EBITDA margin %	12.6%	10.0%
France
Revenue	305.3	360.8	(15.4)%
Adjusted EBITDA	14.5	34.1	(57.5)%
Adjusted EBITDA margin %	4.8%	9.5%
Allemagne
Revenue	95.9	84.4	+13.6%
Adjusted EBITDA	6.1	9.4	(35.1)%
Adjusted EBITDA margin %	6.3%	11.2%
Autres pays
Revenue	138.7	126.2	+9.9%
Adjusted EBITDA	9.6	5.8	+65.5%
Adjusted EBITDA margin %	6.9%	4.6%
HQ**	(9.5)	(11.8)	(19.5)%
Revenue	892.4	943.0	(5.4)%
Adjusted EBITDA	65.2	74.6	(12.6)%
Adjusted EBITDA margin %	7.3%	7.9%

* In accordance with IFRS 5, comparative data for 2024 have been restated to reflect

the classification of the United Kingdom and the telecom business sold off in Spain

(“Other Countries” segment) as discontinued operations.

** Costs related to the Group’s centralized functions.

In the Benelux, revenue amounted to €352.6 million, with

an organic decrease of ‐5.1%. The Connectivity business

(76% of revenue), operated in an environment shaped by

negotiations among Belgian telecom service providers

aimed at mutualizing investments in fiber networks.

Connectivity revenue nevertheless returned to growth in

the fourth quarter, increasing by +5.0%, which limited the

full-year decline to -4.8%, and is expected to continue

performing well in 2026.

The Energy business (17.2% of revenue) is down ‑6.2%

as the ramp-up of electrical grid services under the Fluvius

contract partially offset the maturing smart meter

deployments activity. Lastly, revenue from Technology

Solutions (6.5% of revenue) is down by ‐5.9%.

Adjusted EBITDA for Benelux stood at €44.4 million, up

significantly by 19.7%. This represents 12.6% of revenue,

compared to 10.0% in 2024. This performance reflects the

strength of the Group’s operational execution in the

region, where market fundamentals remain robust.

Margins, firmly anchored in double-digit territory, are

expected to remain in line with the Group’s high standards

in the Benelux region.

In France, revenue amounted to €305.3 million in 2025,

down ‐15.4% (-19.1% organic). Amid a telecoms market

deteriorating more sharply than expected, the Group

continues to rationalize its Connectivity business (44.7%

of revenue), down ‑34.6% over the year. Major initiatives

have been launched in 2025 and will be reinforced in

2026, aimed at further reducing exposure to less profitable

activities and completing the transformation of the Group’s

operating model.

By contrast, the Group continued to expand its Energy

business (34.0% of revenue), which grew by 32.3%. This

change includes the impact of the consolidation of So-Tec

(+16.8%), in which Solutions30 now holds a 60% stake

(see press release dated May 12, 2025). Momentum

continues in renewable energy, where the Group,

leveraging its leading position, is increasingly supporting

its customers through turnkey projects. In addition,

services to low- and medium-voltage electrical grids on

behalf of Enedis delivered robust growth, supported in

particular by scope expansions, notably in southern

France.

Lastly, the Technology business (21.3% of revenue) was

down ‑11.8%, mainly due to a high basis of comparison

linked to projects for the Paris Olympics in 2024.

Against this backdrop, adjusted EBITDA for France

amounted to €14.5 million, representing a margin of 4.8%,

compared with €34.1 million and 9.5% in 2024. The

downturn in the telecoms market put significant pressure

on the profitability of the Connectivity business. Structural

actions undertaken in certain areas should produce their

first effects in the second half of 2026. In addition, the

Energy business posted higher margins; the ramp-up of

this business should contribute to the gradual

improvement in Solutions30’s profitability profile in France.

In Germany, revenue amounted to €95.9 million, a purely

organic increase of 13.5%. The Group continued to ramp

up its operations in this high-potential market.

Nevertheless, the year was marked by a more uneven

pace of fiber deployment than anticipated, in a market still

undergoing structuring. This trend notably reflects longer

administrative and operational lead times, as well as a

more selective approach by service providers and

investors to launching new projects. Coaxial network

operations remain well-oriented, reflecting the quality of

the Group’s execution in this segment.

Against this backdrop, Germany’s adjusted EBITDA stood

at €6.1 million, or 6.3% of revenue, compared with €9.4

million or 11.2% in 2024. The Group remains confident in

the potential of the German market and continues to

strengthen its positions with a disciplined approach.

In the Other Countries segment, the Group successfully

completed its rationalization and refocusing actions

undertaken in line with its roadmap. In 2025, this notably

led to the Group’s withdrawal from the United Kingdom

and the sale of the Connectivity business in Spain. At the

same time, the Group redeployed its resources towards

more promising businesses, particularly through the

acquisition a majority stake in the Polish company Elektra

Realizacje, which specializes in the modernization low-

and medium-voltage electrical grids. Finally, in Italy, the

turnaround has resulted in solid momentum in the fiber


	Solutions30 \| Annual Report 2025		208

activities and the gradual ramp-up of energy services,

particularly in photovoltaics and in electric vehicle charging

infrastructure.

Overall, these actions have significantly improved the

segment’s growth and margin profile. Excluding

discontinued operations, revenue grew by 9.9% in 2025,

to €138.7 million. The effects were even more pronounced

at adjusted EBITDA level, which rose by 65.5% to €9.6

million, compared with €5.8 million in 2024. The adjusted

EBITDA margin therefore reached 6.9%, an increase of

230 basis points compared to the previous year.

5.1.3.3 Consolidated earnings

On the basis of adjusted EBITDA of €65.2 million in 2025,

after accounting for operational depreciations and

provisions of €25.3 million (compared to €13.4 million in

2024), and after amortization of the right-of-use assets

(IFRS 16) for €32.6 million (compared to €31.8 million in

2024), the Group’s adjusted EBIT amounted to €7.3 million

compared with €29.5 million in 2024.

Operating income amounted to ‑€17.4 million, compared

with €10.7 million in 2024. It includes:

• €15.2 million in non-current operating expenses

(compared to €8.8 million in 2024), which mainly

include costs associated with restructuring and

headcount reductions undertaken by the Group, for

€13.1 million, notably in the Connectivity business in

France and in Spain.

• €11.6 million in amortization of customer relationships

(€12.1 million in 2024). This charge, relating to past

acquisitions, is purely accounting in nature, with no

impact on cash flow and no relation to tangible assets.

The net financial expense amounted to -€13.9 million, a

slight improvement on 2024 (-€15.2 million) due to a more

favorable change in the value of earnouts, call and put

options (€0.4 million in 2025 compared to €1.1 million in

2024).

After recognizing a net tax expense of ‑€9.8 million, net

income from continuing operations came to ‑€41.1 million

(‑€5.7 million in 2024).

Discontinued operations in the United Kingdom and in

telecommunications in Spain generated a net loss of €17.1

million in 2025. This amount includes both the current net

income of these businesses and the exceptional impacts

related to their exit. In accordance with IFRS 5, it is

presented under “Net income from discontinued

operations” in the consolidated income statement.

After deducting minority interests of €2.5 million, the

Group’s share of net income amounted to ‑€60.7 million,

compared with ‑€15.8 million in 2024. Adjusted for the

amortization of customer relationships net of tax and for

the net result from discontinued operations, adjusted net

income (Group’s share) amounted to ‑€35.7 million,

compared with €1.9 million in 2024.

5.1.3.4 Cash flow

Note: the cash flow and balance sheet items presented

below include the contribution of discontinued operations,

which are isolated in the consolidated financial statements

in accordance with IFRS 5.

The Group’s operating cash flow was €45.0 million in

2025, compared with €56.6 million in 2024, in line with

changes to adjusted EBITDA. The change in working

capital, restated for non-cash items, represents a negative

flow of ‑€18.1 million. In particular, it reflects the evolution

of the energy business mix towards a greater share of

projects, with higher added value but longer billing cycles

compared to call-out activities. In addition, the change in

working capital includes a reduction in factoring of ‑€7.3

million. As a result, cash flow from operations in 2025 was

€27.3 million, compared with €58.2 million in 2024.

Net investments amounted to €11.9 million, or 1.3% of

revenue, in line with their normative levels, and were

mainly related to information systems and technical

equipment.

Overall, free cash flow amounted to €15.0 million in 2025,

compared to €40.2 million in 2024. After taking into

account changes in lease liabilities and related interest

(IFRS 16), amounting to ‑€36.4 million, net free cash flow

amounted to ‑€21.4 million, compared with €5.9 million in

2024.

Taking into account earnout payments related to past

acquisitions for ‑€3.1 million, acquisitions and disposals of

the period for a amount net of cash acquired or disposed

of -€1.2 million, interest payments of ‑€7.0 million,

distributions to minority shareholders for ‑€2.4 million, the

net change in bank borrowings of €12.3 million, and a

‑€0.2 million impact from exchange rates, the Group’s

change in cash position amounted to ‑€23.0 million.

5.1.3.5 Financial structure

The Group’s gross cash position stood at €73.2 million at

December 31, 2025. The Group also has available

undrawn credit lines of €12 million. Gross bank debt

amounted to €109.6 million, compared to €97.0 million at

December 31, 2024, due to drawdowns on the Group’s

bank credit facilities during the year. Thus, the Group had

€36.3 million of net bank debt at the end of December

2025, compared to €0.8 million at the end of December

2024.

After taking into account €57.3 million in lease liabilities

(IFRS 16) and €6.0 million in potential financial debt

related to earnouts and put options, the Group’s total net

debt amounted to €99.6 million at the end of December

2025 (or 1.5 times 2025 adjusted EBITDA), compared to

€73.8 million at the end of December 2024. It includes

€61.4 million in receivables sold as part of the Group’s

non-recourse factoring program, down €7.3 million year-

on-year.

Given the uncertainties that continue to affect the

Connectivity market in France, the Group has conducted

an in‑depth analysis of several potential trajectories for the

future development of this activity. These analyses,


	Solutions30 \| Annual Report 2025		209

prepared on the basis of prudent assumptions, cover

different scenarios of future activity and allow an

assessment of their potential implications for the Group’s

operational performance and financial position.

The work performed indicates that, across the various

scenarios considered, the Group’s financial structure

remains balanced, supported by positive operating

profitability, a leverage ratio consistent with contractual

commitments, and an ability to generate operational cash

flows.

As with any forward‑looking exercise, these projections

involve uncertainties that could affect the level of expected

cash in 2026 and the Group’s ability to maintain its

operations, particularly under the most unfavorable

scenarios for the Connectivity activity. The operational

adjustment measures that could be considered in such

cases may have a significant impact on cash flows.

To mitigate these risks, the Group has identified several

levers that can be mobilized if necessary. In addition,

starting in 2025, it initiated a series of actions aimed at

strengthening operational efficiency, including

cost‑optimization measures, organizational transformation

initiatives, and a targeted reallocation of resources. These

initiatives contribute to mitigating the potential effects of

the most adverse scenarios and to reinforcing the

resilience of the Group’s operational model.


	Solutions30 \| Annual Report 2025		210

5.2 Outlook

In 2026, Solutions30 intends to pursue with determination

the execution of its strategic roadmap, based on

selectivity, operational discipline, and the gradual

refocusing of its activities towards the most attractive

segments.

In a market environment that remains contrasted and

more challenging than anticipated, the Group will focus its

efforts on restoring profitability and cash generation, while

continuing to develop its key growth drivers, particularly in

energy and in Germany. In this context, the targets set for

2026 at the Capital Markets Day in September 2024 will

be achieved over a more gradual timeline than originally

envisaged.

The rationalization and adaptation measures launched in

2025 will continue, with the objective of completing the

Group’s repositioning, further advancing its diversification

and, over time, sustainably improving its growth and

margin profile.

Building on its leading market positions and the successful

transformations already underway in certain countries,

Solutions30 enters 2026 with a clear roadmap and

focused operational priorities.


	Solutions30 \| Annual Report 2025		211

5.3 Performance analysis for 2025

The Group uses financial indicators not defined by IFRS:

- Profitability indicators and their components are key

operational performance indicators used by the Group to

monitor and evaluate its overall operating earnings and

earnings by country.

- Cash flow indicators are used by the Group to

implement its investment and resource allocation strategy.

The non-IFRS financial indicators used are calculated as

follows:

Organic growth includes the organic growth of acquired

companies after they are acquired, which Solutions30

assumes they would not have experienced had they

remained independent. In 2025, the Group’s organic

growth included only the internal growth of its long-

standing subsidiaries.

Adjusted EBITDA is the “operating margin” as reported in

the Group’s financial statements.

Free cash flow corresponds to the net cash flow from

operating activities less acquisitions of intangible assets;

property, plant and equipment; and non-current financial

assets.

Calculation of free cash flow:


In millions of euros	31.12.2025	31.12.2024 Restated
Net cash flow from operating activities	26.9	58.2
Acquisition and disposal of non- current financial assets	(12.1)	(18.6)
Acquisition of fixed assets related to discontinued operations	—	(0.3)
Disposal of non-current assets after tax	0.2	0.7
Free cash flow	15.0	40.2

Net free cash flow corresponds to free cash flow less

“Repayment of lease liabilities,” “Repayment of lease

liabilities for discontinued operations,” “Interest paid on

lease liabilities,” and “Interest paid on lease liabilities for

discontinued operations” as shown in the Group’s

consolidated statement of cash flows.

Calculation of net free cash flow:


In millions of euros	31.12.2025	31.12.2024
Free cash flow	15.0	40.2
Repayment of lease liabilities	(32.9)	(30.0)
Repayment of lease liabilities related to discontinued operations	(0.4)	(1.1)
Interest paid on lease liabilities	(3.1)	(3.2)
Interest paid on lease liabilities related to discontinued operations	(0.1)	—
Free cash flow net	(21.4)	5.9

Adjusted EBIT corresponds to operating income as

shown in the Group’s financial statements, to which

“Customer relationship amortization” and “Other non-

recurring operating expenses” are added and from which

“Other non-recurring operating income” is deducted.

Reconciliation between operating income and adjusted

EBIT:


In millions of euros	2025	2024 Restated
Operating income	(17.4)	10.7
Customer relationship amortization	11.6	12.1
Other non-recurring operating income	(2.1)	(2.2)
Other non-recurring operating expenses	15.2	8.8
Adjusted EBIT	7.3	29.5
As a % of revenue	0.8%	3.1%

Non-recurring transactions include other income and

expenses that are significant in their amount, unusual, and

infrequent.

Net debt corresponds to “Debt, long-term,” “Debt, short-

term,” and long- and short-term “Lease liabilities” as they

appear in the Group’s financial statements from which

“Cash and cash equivalents” as they appear in the

Group’s financial statements are deducted.

Net debt-to-equity ratio corresponds to “Net debt/Equity.”


	Solutions30 \| Annual Report 2025		212

Net debt:


In millions of euros	31.12.2025	31.12.2024
Bank debt	109.6	97.0
Lease liabilities	57.3	68.8
Future liabilities from earnouts and put options	6.0	4.1
Cash and cash equivalents	(73.2)	(96.3)
Net debt	99.6	73.8

Operating margin (Adjusted EBITDA)	65.2	74.6
Net debt ratio	1.53	0.99

Equity	46.9	108.1
% of net debt	212.3%	68.2%

Net bank debt corresponds to “Long-term loans from

credit institutions” and “Short-term loans from credit

institutions, lines of credit, and bank overdrafts” as they

appear in note 10.2 of the Group’s annual financial

statements from which are deducted “Cash and cash

equivalents” as they appear in the Group’s financial

statements.

Cash net of bank debt corresponds to “Cash and cash

equivalents” as it appears in the Group’s financial

statements from which is deducted “Loans from credit

institutions, long-term” and “Short-term loans from credit

institutions, lines of credit, and bank overdrafts” as they

appear in note 10.2 of the Group’s annual financial

statements.

Net bank debt:


In millions of euros	31.12.2025	31.12.2024
Loans from credit institutions, long-term	76.9	74.3
Short-term loans from credit institutions, lines of credit, and bank overdrafts	32.6	22.7
Gross bank debt	109.5	97.0
Cash and cash equivalents	(73.2)	(96.3)
Net bank debt	36.3	0.8
Cash net of bank debt	(36.3)	(0.8)

Gross bank debt corresponds to “Loans from credit

institutions, long-term” and “Short-term loans from credit

institutions, lines of credit, and bank overdrafts” as they

appear in note 10.2 of the Group’s annual financial

statements.

Working capital corresponds to “current assets” as

reported in the Group’s financial statements (excluding

“Cash and cash equivalents” and “Derivative financial

instruments”) less “current liabilities” (excluding “Debt,

short-term,” “Current provisions,” and “Lease liabilities”).

Working capital:


In millions of euros	31.12.2025	31.12.2024
Inventory and work in progress	22.9	24.7
Trade receivables and related accounts	240.9	219.5
Current contract assets	1.0	0.9
Other receivables	95.9	79.1
Prepaid expenses	3.4	6.1

Trade payables	(172.2)	(171.7)
Tax and social security liabilities	(166.4)	(143.4)
Other current liabilities	(20.7)	(21.0)
Other current liabilities	(53.9)	(56.8)
Working capital	(49.1)	(62.6)

Change in working capital	13.4	(15.6)
Non-monetary items	4.7	14.0
Change in working capital adjusted for non-monetary items	18.1	(1.6)

Net investments correspond to the sum of the lines

“Acquisition of current assets,” “Acquisition of non-current

assets related to discontinued operations,” “Acquisition of

non-current financial assets,” and “Disposal of non-current

assets after tax” as they appear in the consolidated

statement of cash flows.

Net investments:


In millions of euros	31.12.2025	31.12.2024
Acquisition of non-current assets	(12.0)	(17.9)
Acquisition of fixed assets related to discontinued operations	—	(0.3)
Acquisition of non-current financial assets	(0.1)	(0.4)
Disposal of non-current assets after tax	0.2	0.7
Net investments	(11.9)	(17.9)

Operating costs correspond to costs incurred for the

Group’s operations, included in the “operating

margin” (excluding structural costs).

Structural costs correspond to costs incurred by the

Group’s head office functions in various countries,

included in the “operating margin” (excluding operating

costs).

Expenses related to the Group’s centralized functions

refer to costs incurred by the parent company’s

headquarters functions and are included in the “operating

margin.”


	Solutions30 \| Annual Report 2025		213

CONSOLIDATED

FINANCIAL

STATEMENTS


	Solutions30 \| Annual Report 2025		214

CONTENTS


6.1	Consolidated Financial Statements		215
	6.1.1	Consolidated statement of comprehensive income	215
	6.1.2	Consolidated statement of financial position	217
	6.1.3	Consolidated statement of equity	218
	6.1.4	Consolidated statement of cash flows	219

6.2	Notes to the consolidated financial statements		221
	1	Information on the company and the Group	221
	2	Basis of preparation, judgments, and estimates	221

PERFORMANCE
	3	Revenue	223
	4	Employee costs and benefits	225
	5	Operating income	226

WORKING CAPITAL

	6	Trade and other receivables	228
	7	Inventories	229
	8	Other liabilities and reverse factoring	229
FINANCIAL STRUCTURE AND FINANCIAL RISK MANAGEMENT
	9	Cash	230
	10	Loans and related debts	230
	11	Leases	232
	12	Equity	233
	13	Financial risk management	235
LONG-TERM ASSETS

	14	Intangible assets and property, plant and equipment	238
	15	Other non-current assets and investments in associates	241

OTHER
	16	Contingent liabilities, provisions, and commitments	242
	17	Income tax	244
	18	Related parties	247
	19	Auditors’ fees	248
	20	Important events after the end of the reporting period	248
	21	Scope of consolidation	248

6.3.	Independent authorized auditor’s report		259


	Solutions30 \| Annual Report 2025		215

6.1 CONSOLIDATED FINANCIAL STATEMENTS

6.1.1 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Net income


(In millions of euros)	Notes	2025	2024 restated (1)
Revenue	3	892.4	943.0
Other current operating income	5.1	19.1	21.3
Raw materials, goods and consumables	5.1	(87.5)	(91.4)
Employee costs	4.2	(212.3)	(224.1)
Payroll taxes, taxes, duties, and similar payments		(60.6)	(61.1)
Other current operating expenses	5.1	(485.9)	(513.1)
Operating margin (Adjusted EBITDA)	5.1	65.2	74.6
Depreciation, amortization and impairment of fixed assets	11.1/14	(62.9)	(60.9)
Charges to and reversals of provisions	16	(6.6)	3.6
Other non-recurring operating income	5.2	2.1	2.2
Other non-recurring operating expenses	5.2	(15.2)	(8.8)
Operating income	5.2	(17.4)	10.7
Financial income	10.4	1.8	1.8
Financial expenses	10.4	(15.7)	(17.0)
Net financial income	10.4	(13.9)	(15.2)
Income taxes	17	(9.8)	(1.7)
Income from associates	15.2	—	0.4
Net income from continuing operations		(41.1)	(5.7)
Net income from discontinued operations	21.3	(17.1)	(9.4)
Consolidated net income		(58.3)	(15.1)
Group share		(60.7)	(15.8)
Minority interests	12.3	2.5	0.7
Basic earnings per share, group share (in euros)	12.2	(0.567)	(0.147)
Diluted earnings per share, group share (in euros)	12.2	(0.567)	(0.147)

1) In accordance with IFRS 5 provisions, the 2024 comparative data in the income statement have been restated to

reflect the classification of the United Kingdom and the sale of the telecom business in Spain as discontinued operations

(see note 21.3).


	Solutions30 \| Annual Report 2025		216


(In millions of euros)	2025	2024 restated (1)
CONSOLIDATED NET INCOME	(58.3)	(15.1)
Items recyclable or recycled to profit or loss:
Translation differences recognized in equity	0.3	(0.4)
Items not recyclable to profit or loss:
Change in actuarial gains and losses	0.7	0.3
Deferred taxed on changes in actuarial gains and losses	(0.2)	(0.1)
COMPREHENSIVE INCOME RECOGNIZED IN EQUITY	0.9	(0.1)
COMPREHENSIVE INCOME	(57.4)	(15.2)
Group share	(59.8)	(15.9)
Minority interests	2.5	0.7

1) In accordance with IFRS 5 provisions, the 2024 comparative data in the income statement have been restated to

reflect the classification of the United Kingdom and the sale of the telecom business in Spain as discontinued operations

(see note 21.3).


	Solutions30 \| Annual Report 2025		217

6.1.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Assets


(In millions of euros)	Notes	31.12.2025	31.12.2024
Goodwill	14.1	58.9	56.7
Other intangible assets	14.2	71.5	100.7
Property, plant and equipment	14.3	18.9	23.8
Right-of-use assets	11.1	57.3	68.6
Non-current lease receivables	6.3	1.0	1.0
Investments in associates	15.2	—	0.6
Non-current financial assets	15.1	3.2	3.1
Deferred tax assets	17.2	23.1	28.5
NON-CURRENT ASSETS		234.0	283.0
Inventories	7.1	22.9	24.7
Trade receivables and related accounts	6.1	240.9	219.5
Current lease receivables	6.3	1.0	0.9
Other receivables	6.2	95.9	79.1
Prepaid expenses		3.4	6.1
Derivative financial assets	13.1	0.1	—
Cash and cash equivalents	9	73.2	96.3
CURRENT ASSETS		437.4	426.6
TOTAL ASSETS		671.4	709.6

Equity & Liabilities
(In millions of euros)		31.12.2025	31.12.2024
Subscribed capital		13.7	13.7
Share premiums		17.4	17.4
Legal reserve		1.4	1.4
Consolidated reserves		57.4	76.1
Net income for the period		(60.7)	(15.8)
EQUITY, GROUP SHARE	12	29.1	92.8
Minority interests	12.3	17.8	15.3
EQUITY		46.9	108.1
Debt, long-term	10.2	79.8	75.1
Lease liabilities	11.2	31.8	42.4
Non-current provisions	16.1	25.4	20.3
Deferred tax liabilities	17.2	12.6	17.0
NON-CURRENT LIABILITIES		149.6	154.8
Debt, short-term	10.2	35.8	26.1
Derivative financial liabilities	13.1	0.1	0.3
Current provisions	16.2	0.3	0.9
Lease liabilities	11.2	25.4	26.4
Trade payables		172.2	171.7
Tax and social security liabilities	8.1	166.4	143.4
Other current liabilities		20.7	21.0
Deferred income		53.9	56.8
CURRENT LIABILITIES		474.9	446.6
TOTAL EQUITY & LIABILITIES		671.4	709.6


	Solutions30 \| Annual Report 2025		218

6.1.3 CONSOLIDATED STATEMENT OF EQUITY


(In millions of euros)	Capital	Share premium	Legal reserve	Group reserves	Cumulative translation adjustments	Equity, group share	Minority interests	Total equity
POSITION AT 01.01.2024	13.7	17.4	1.4	78.1	(0.4)	110.2	14.5	124.6
Net income for 2024	—	—	—	(15.8)	—	(15.8)	0.7	(15.1)
Income recognized in equity	—	—	—	0.2	(0.4)	(0.1)	—	(0.1)
Comprehensive income for 2024	—	—	—	(15.6)	(0.4)	(15.9)	0.7	(15.2)
Distributions	—	—	—	—	—	—	(1.3)	(1.3)
Other changes (1)	—		—	(1.5)	—	(1.5)	1.5	—
POSITION AT 31.12.2024	13.7	17.4	1.4	61.1	(0.8)	92.8	15.3	108.1
2025 Results	—	—	—	(60.7)	—	(60.7)	2.5	(58.3)
Income recognized in equity	—	—	—	0.6	0.3	0.9	—	0.9
Comprehensive income for 2025	—	—	—	(60.1)	0.3	(59.8)	2.4	(57.4)
Distributions	—	—	—	—	—	—	—	—
Changes in scope of consolidation (2)	—	—	—	(1.2)	—	(1.2)	2.7	1.5
Other changes (2)	—	—	—	(2.9)	—	(2.9)	(2.7)	(5.6)
POSITION AT 31.12.2025	13.7	17.4	1.4	(2.9)	(0.4)	29.1	17.8	46.9

(1) The decrease in Group reserves of €1.5 million in

2024, offset by an increase in minority interests of the

same amount, is linked to the decision not to exercise the

put option on 20% of the capital of the Italian company

Algor.

(2) Change in scope: The ‑€1.2 million decrease in Group

reserves corresponds to the acquisition of the remaining

24% of the Dutch company Solutions30 Projects (see note

21.1) of which €0.4 million was paid on the date of the

transaction and €0.8 million is payable within 12 months.

The €2.7 million increase in minority interests in 2025

reflects the recognition of their share in equity upon

gaining control of Solutions 30 Solaire (€2.6 million) and

Elektra Realizacje (€0.1 million) (see Note 21.2).

The recognition of put options granted to non-controlling

shareholders of Solutions 30 Solaire and Elektra

Realizacje results in a decrease in minority interests of

€2.7 million and a decrease in Group retained earnings of

€2.9 million (see Note 10.3).


	Solutions30 \| Annual Report 2025		219

6.1 .4 CONSOLIDATED STATEMENT OF CASH FLOWS


(In millions of euros)	Notes	2025	2024 restated (1)

CONSOLIDATED NET INCOME		(58.3)	(15.1)
Net income, group share		(60.7)	(15.8)
Net income, minority interests	12.3	2.5	0.7
Non-monetary from continuing operations:
Depreciation, amortization and impairment	11.1/14	62.9	60.9
Allocations to provisions		6.6	(3.6)
Elimination of deferred taxes	17.2	2.2	(7.9)
Elimination of current taxes	17.1	7.6	9.6
Elimination of income from associates		—	(0.4)
Share-based payment	4.3/5.2	0.2	—
Change in non-current lease receivables	6.3	(0.1)	—
Change in fair value of derivatives	10.3	(0.3)	0.1
Change in fair value of options and earnouts	10.3	(0.4)	(1.1)
Elimination of interest expenses	10.4	10.6	10.3
Net loss on change in scope	21.4	0.1	—
Revaluation of pre-existing interest in associates	21.2	(0.7)	—
Non-monetary items from discontinued operations:
Depreciation, amortization and impairment from discontinued operations		12.8	3.8
Allocations to provisions for discontinued operations		(0.1)	0.1
Change in deferred taxes for discontinued operations		(2.6)	(0.3)
Elimination of interest expenses for discontinued operations		—	0.2
Net loss on changes in scope for discontinued operations	21.3	4.3	—
Operating cash flow from consolidated companies		45.0	56.6

Change in working capital requirements for operations		(18.1)	1.6
Components of continuing operations:
Decrease (increase) in inventory		0.8	0.6
Increase in trade receivables and related accounts and other receivables		(22.8)	(13.7)
Decrease (increase) in trade & other payables		4.6	(27.8)
Changes in other receivables and debts		10.1	48.7
Corporate tax paid		(9.3)	(11.4)
Components of discontinued operations:
Change in working capital requirements related to discontinued operations		(1.4)	5.3
Net cash flows from operating activities		26.9	58.2
Of which, cash flows related to continuing operations		32.3	56.5
Of which, cash flows related to discontinued operations		(5.5)	1.7

CASH FLOW FROM INVESTING ACTIVITIES
Components of continuing operations:
Acquisition of non-current assets	14.2/14.3	(12.0)	(17.9)
Acquisition of associate companies	15.2	—	(0.1)
Acquisitions of subsidiaries, net of cash received	21.2	(1.7)	—
Acquisitions of minority interests and earnouts paid	10.3 / 6.1.3	(3.1)	(3.5)
Disposals of subsidiaries, net of cash transferred	21.4	—	—
Disposal of associates		—	—
Acquisition and disposal of non-current financial assets		(0.1)	(0.4)
Disposal of non-current assets after tax	14.2/14.3	0.2	0.7
Components of discontinued operations:
Acquisition of fixed assets related to discontinued operations		—	(0.3)
Disposals of subsidiaries, net of cash transferred due to discontinued operations	21.3	0.5	—
Net cash flow from investing activities		(16.2)	(21.6)
Of which, cash flows related to continuing operations		(16.6)	(21.3)
Of which, cash flows related to discontinued operations		0.5	(0.3)


	Solutions30 \| Annual Report 2025		220


(In millions of euros)	Notes	2025	2024 (1)

CASH FLOW FROM FINANCING ACTIVITIES
Components of continuing operations:
Distributions paid to minority shareholders		(2.4)	—
Loan issuance	10.2	24.5	7.8
Loan repayment	10.2	(12.2)	(20.0)
Interest paid on borrowings		(7.0)	(6.8)
Debt issuance costs		—	(1.9)
Repayment of lease liabilities	11.2	(32.9)	(30.0)
Interest paid on lease liabilities	11.2	(3.1)	(3.2)
Components of discontinued operations:
Loan repayment related to discontinued operations		—	(2.2)
Interest paid on borrowings related to discontinued operations		—	(0.1)
Repayment of lease liabilities related to discontinued operations		(0.4)	(1.1)
Interest paid on lease liabilities related to discontinued operations		(0.1)	—
Net cash flow from financing activities		(33.5)	(57.4)
Of which, cash flows related to continuing operations		(33.0)	(54.0)
Of which, cash flows related to discontinued operations		(0.5)	(3.4)

Impact of currency exchange rate fluctuations on continuing operations		0.5	(0.1)
Impact of currency exchange rate fluctuations on discontinued operations		(0.7)	(1.0)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS		(23.0)	(22.0)

Opening cash balance		96.3	118.2
Closing cash balance		73.2	96.3

1) In accordance with IFRS 5, the 2024 comparative data have been restated to reflect the classification of the United

Kingdom and the sale of the telecom business in Spain as discontinued operations (see note 21.3).


	Solutions30 \| Annual Report 2025		221

6.2 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTES

Note 1: Information on the company and the

Group

1.1 Information

The consolidated financial statements of Solutions30 SE

and its subsidiaries (collectively, the “Group”) for the year

ended December 31, 2025, were closed by the

Management Board and approved by the Supervisory

Board on March 30, 2026. Solutions30 (the “Company” or

the “parent company”) is a European company

incorporated and domiciled in the Grand-Duchy of

Luxembourg with shares listed in Compartment C on the

Euronext Paris exchange. Its registered office is located

at:

21, rue du Puits Romain

L-8070 Bertrange, Grand Duchy of Luxembourg

The Group is mainly involved in providing support services for

new digital technologies, and assists its customers with the

implementation of these new technologies throughout

Europe: telecom service providers, energy suppliers, IT and

digital equipment manufacturers and distributors, managed

service companies, and digital equipment integrators.

Solutions30 currently covers the whole of France, Italy,

Germany, the Netherlands, Belgium, Luxembourg, the Iberian

Peninsula, and Poland.

Information on the Group’s structure is provided in Note

21.

Note 2: Basis of preparation, judgments,

and estimates

2.1 Standards applied

2.1.1 Compliance statement

Pursuant to EU regulation No. 1606/2002, the

consolidated financial statements for the Solutions30

Group were prepared in accordance with International

Financial Reporting Standards (IFRS) as adopted by the

European Union¹and applicable at the end of the reporting

period, i.e. December 31, 2025.

2.1.2 2024 Comparative Data

In accordance with IFRS 5, the 2024 comparative data

have been restated to reflect the classification of the

United Kingdom and the sale of the telecom business in

Spain as discontinued operations (see note 21.3).

2.2 New IFRS, amendments, and

interpretations

¹ More information available on the European Commission’s website: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02002R1606-20080410

The accounting principles used to prepare the financial

statements as of December 31, 2025, are consistent with

those used for the financial statements as of December

31, 2024, except for the adoption of new standards

effective January 1, 2025. As of December 31, 2025, the

Group has not proactively adopted any standard,

interpretation, or amendment that has been published by

the IASB and adopted by the European Union but has not

yet come into effect.

An amendment applies for the first time from January 1,

2025, but has no material impact on the Group’s

consolidated financial statements at December 31, 2025:

■ Amendments to IAS 21 “The Effects of Changes in

Foreign Exchange Rates” (published on August 15,

2023).

Standards, amendments, and interpretations of standards

published by the IASB, adopted by the European Union

and applicable after December 31, 2025:

■ Amendments related to the classification and

measurement of financial instruments (amendments

to IFRS 9 and IFRS 7, published on May 30, 2024),

applicable for accounting periods beginning on or

after January 1, 2026. The Group does not expect

these amendments to have any material impact on

the consolidated financial statements.

■ Volume 11 amendments related to “Annual

Improvements to IFRS Accounting

Standards” (published on July 18, 2024). This volume

contains amendments to five standards as part of the

IASB’s annual improvements project. These changes

will take effect for fiscal years beginning on or after

January 1, 2026. The Group does not expect this to

have any material impact on the consolidated

financial statements.

■ “Renewable Electricity Contracts” amendments

(amendments to IFRS 9 and IFRS 7 published on

December 18, 2024), applicable for accounting

periods beginning on or after January 1, 2026. This

standard relating to physical delivery contracts for

renewable energy purchases has had no impact, as

no Group operations were concerned.

■ IFRS 18 “Presentation and Disclosure in Financial

Statements” was published on April 9, 2024. This

standard replaces IAS 1 and is designed to facilitate

financial performance comparability. IFRS 18 provides

an overview of the financial statements (balance

sheet, income statement, statement of changes in

shareholders’ equity) and the information to be

provided in the notes. It will apply to fiscal years

beginning on or after January 1, 2027. IFRS 18 will

have an impact on the presentation of financial

statements, particularly the income statement. An in-

depth analysis of the impact of applying this standard

is currently underway.


	Solutions30 \| Annual Report 2025		222

Standards, amendments to standards, and interpretations

of standards published by the IASB but not adopted by the

European Union. The impacts on the financial statements

of texts published by the IASB at December 31, 2025, and

not in force in the European Union are discussed below:

■ IFRS 19 applicable to “Subsidiaries without Public

Accountability: “Disclosure of Information” was

published by the IASB on May 9, 2024, along with an

amendment on August 21, 2025. This standard is not

applicable to the Group insofar as none of its

consolidated subsidiaries publishes separate IFRS

financial statements or falls within the scope defined

by the IASB.

■ The amendments to IAS 21 “The Effects of Changes

in Foreign Exchange Rates” were published by the

IASB on November 13, 2025. They specify the

procedures for converting financial statements when

an entity uses a reporting currency belonging to a

hyperinflationary economy, as defined by IAS 29.

This standard is not applicable to the Group as none

of its consolidated subsidiaries operate in a

hyperinflationary economy.

2 .3 Basis of preparation

Management assessed the Group’s ability to continue as a

going concern for at least the next 12 months, in

accordance with IAS 1 requirements related to the going

concern principle, taking into account the losses

recognized in 2025 as well as the decrease in cash.

Although the Group is not directly affected by current

economic uncertainties (namely the war in Ukraine, U.S.

tariff measures, or tensions in energy prices), the market

environment for the Connectivity business in France and

Germany remains uncertain. In France, a tender process

has been initiated by one of the Group’s main customers,

and in Germany, the rollout of fiber is progressing more

slowly than expected.

In this context, Management has analyzed several

business development scenarios, based on prudent

assumptions. These scenarios notably consider various

possible trajectories for the Connectivity business in

France and confirm that the Group’s financial structure

remains compatible with the application of the going

concern principle.

These projected trajectories and their financial

implications, both in terms of earnings and cash flow

generation, indicates positive operating profitability, a level

of leverage in line with contractual commitments, and an

ability to generate operating cash flows.

However, as with any projection, these forecasts

incorporate uncertainties. In the event they were all to

materialise simultaneously, there would be a significant

risk that the going concern assumption could be

compromised. To mitigate these risks, Management has

also identified several available levers and has already

initiated, as from 2025, a number of turnaround measures,

including the implementation of cost optimization initiatives

and operational transformation actions.

Considering these factors, management believes that the

assumptions used in preparing the consolidated financial

statements are appropriate.

At December 31, 2025, the financial statements were

prepared on a of going concern basis. The consolidated

financial statements are presented in millions of euros,

which is the parent company’s reporting currency and

functional currency, and rounded to the nearest

thousands.

2.4 Accounting principles, accounting

judgments and estimates

Accounting principles:

The accounting principles are presented within each note.

Accounting judgments and estimates:

The preparation of consolidated financial statements in

accordance with IFRS requires the use of certain critical

accounting estimates and assumptions. Management is

also required to exercise its judgment in applying the

Group’s accounting policies. Actual earnings may prove

significantly different from these estimates based on

different assumptions or conditions and, if necessary, a

sensitivity analysis can be performed if it is material.

Accounting judgments:

Derecognition of assigned receivables (See note 6.1).

Reverse factoring (See Note 8.2).

Recognition of corporate value-added levy (CVAE) (See

Note 17).

Discontinued operations (See note 21.3)

Estimates:

Evaluation of contract assets (See note 6.1).

Commitments to purchase minority interests (See Note

10.3).

Determining maturities of leases with extension or

termination options (See Note 11).

Evaluations used for impairment tests (See note 14.1).

Evaluation of pension liabilities (See note 16.3).

Deferred tax assets on tax loss carryforwards (See note

17).


	Solutions30 \| Annual Report 2025		223

PERFORMANCE

Basis of preparation for segment reporting

Changes in segment reporting:

Following the liquidation of the United Kingdom and the

sale of the telecom business in Spain (see note 21.3), and

their presentation as discontinued operations in

accordance with IFRS 5, the presentation of the “Other

Countries” segment for Spain and the United Kingdom has

been adjusted in the segment information as follows:

– In the income statement, the contribution from the

United Kingdom to the Group’s income, from January

1 to November 11, 2025, as well as that of the telecom

business in Spain, from January 1 to December 19,

2025, are presented separately and in aggregate on

the line “Net income from discontinued operations.”

– In accordance with IFRS 5, the income statement data

for 2024 have been restated to allow for comparability

of the periods presented.

Definition of operating segments and

performance indicators

In line with the principles of IFRS 8, Solutions30’s

segment reporting is presented by geographical segment,

in accordance with the internal management data used by

the Group Management Board. The breakdown by

geographic segment reflects the Group’s organizational

and operating model.

Decisions on Solutions30 resource allocation and

performance evaluation are made by the Management

Board and the Executive Committee at the operating

segment level, which corresponds to the Group’s various

geographic areas.

Belgium, the Netherlands, and Luxembourg have been

grouped into a single operating segment, as this reflects

the organizational and operating model of this geographic

area.

The indicators monitored are as follows:

- Revenue (note 3).

- Operating margin (Adjusted EBITDA) (note 5.1): The

main indicator of group operating profitability is the

operating margin (Adjusted EBITDA). It corresponds to

operating income before depreciation, amortization, and

provisions, income from the sale of holdings, and other

non-recurring operating income and expenses.


(In millions of euros)	2025	Benelux	France	Germany	Other Countries	HQ*
Revenue	892.4	352.6	305.3	95.9	138.7	—
Operating margin (Adjusted EBITDA)	65.2	44.4	14.5	6.1	9.6	(9.5)
Operating margin (Adjusted EBITDA) as a %	7.3%	12.6%	4.8%	6.3%	6.9%	—

(In millions of euros)	2024 restated	Benelux	France	Germany	Other Countries	HQ*
Revenue	943.0	371.6	360.8	84.4	126.2	—
Operating margin (Adjusted EBITDA)	74.6	37.1	34.1	9.4	5.8	(11.8)
Operating margin (Adjusted EBITDA) as a %	7.9%	10.0%	9.5%	11.2%	4.6%	—

* Costs related to the Group’s centralized functions

Note 3: Revenue

The Group generates revenue by providing digital

equipment installation and maintenance services. The

Group recognizes revenue when it transfers control of a

product or service to the customer. The revenue amount

represents the consideration the Group expects to receive

under a contract with a customer.

The Group is active in three business sectors:

1. Connectivity: which includes telecoms services:

(i) Connection to ADSL or fiber networks, as well as

associated maintenance activities.

(ii) Roll-out of fiber and mobile networks, which involves

performing studies for telecom service providers to

define, prepare, and plan for the work needed to

deploy the fiber.

2. Energy: which primarily corresponds to modernization

work on energy networks, as well as the installation

and maintenance of technologies related to the

energy transition, such as smart electric meters,


	Solutions30 \| Annual Report 2025		224

charging stations for electric vehicles, or photovoltaic

panels.

3. Technology: which includes electronic payment

solutions and IT services:

(i) Repair services, support and maintenance for digital

hardware and equipment (the Internet of Things and

security equipment).

(ii) Electronic payment terminal (EPT) rentals for small

businesses, which involves an EPT rental agreement

and the provision of associated services (EPT

installation, hotline, and maintenance).

The Group enters into two types of contracts:

1. On-site services:

On-site services and call-outs are the main source of

group revenue. Solutions30 technicians provide on-

site installation and maintenance services based on

standardized work orders submitted by customers.

Revenue is recognized when work orders are

successfully placed, based on a contractual rate set

for each type of call-out. When contracts include a

bonus/malus mechanism, the impact on revenue is

determined based on reaching certain thresholds and

on service provision times. The underlying

performance indicators are measurable and can be

reliably estimated at the end of each reporting period.

Projects: Customers may commission the Group to

design and build communication networks or electrical

installations. For these contracts, revenue is

recognized as the work is completed, based on

project progress. This work in progress is evaluated

using the ratio between contract costs incurred at the

end of the reporting period and estimated total

contract costs. When it is probable that total contract

costs will exceed total contract income, the expected

loss is immediately recognized as a provision for loss

on completion. Contract assets, invoices to be issued,

or deferred income are recognized when invoicing

does not reflect project progress.

2. Leasing of digital equipment:

As part of its electronic payment business, the Group

signs lease contracts with merchants for periods of 1

to 4 years, including: (i) the provision of payment

solutions and (ii) support services (helpdesk support,

on-site intervention, hardware exchange). For this

activity, the Group distinguishes between two distinct

performance obligations:

(i) Providing payment solutions: revenue recognition occurs

when control of such equipment is transferred, on the

date the equipment is delivered. The estimate of the

recognized price for the delivery of the equipment is

based on the purchase price of the equipment to which a

margin is added.

(ii) Support services: revenue is recognized over the term of

the contract. The estimated price for this service is based

on the total value of the contract less the price for

supplying the equipment.

The breakdown of the Group’s revenue from contracts with customers by activity type is as follows:


(In millions of euros)	Benelux	France	Germany	Other	2025

On-site services	352.6	301.5	95.9	138.7	888.6
Connectivity	268.7	136.6	90.9	113.4	609.6
Energy	60.8	103.7	4.9	10.6	180.1
Technology	23.1	61.2	—	14.7	98.9
Leasing of payment terminals	—	3.8	—	—	3.8
Technology	—	3.8	—	—	3.8
Total revenue from contracts with customers	352.6	305.3	95.9	138.7	892.4

(In millions of euros)	Benelux	France	Germany	Other	2024 restated

On-site services	371.6	356.9	84.4	126.2	939.2
Connectivity	282.2	208.8	80.0	108.8	679.9
Energy	64.8	78.4	4.4	5.4	153.0
Technology	24.5	69.8	—	12.0	106.3
Leasing of payment terminals	—	3.9	—	—	3.9
Technology	—	3.9	—	—	3.9
Total revenue from contracts with customers	371.6	360.8	84.4	126.2	943.0

Over the last few years, Solutions30 has entered into large

contracts to roll out fiber-optic connections in Europe and

to install high-tech equipment for the Energy sector. A

significant portion of the Group’s revenue is therefore

generated by working with major “key account” type

customers. The Group’s commercial relationships with

these customers are structured as several contracts

organized by geographic zone, by business, or by end-

user category.


	Solutions30 \| Annual Report 2025		225

The Group’s main customers are telecom service

providers (Orange, Telenet, Wyre, Proximus, Fiberklaar,

Unifiber, Free, Vodafone, Open Dutch Fiber, etc.) and

energy companies (Fluvius, Q Energy, Enedis, GRDF,

etc.).

In 2025, two customers generated more than 10% of the

Group’s revenue individually; they represent total revenue of

€262 million, i.e. 29.4% of revenue. In 2024, only one

customer individually contributed more than 10% of group

revenue. This customer represented total revenue of €178

million, or 18.9% of revenue. A tender has been issued by one

of the Group’s major clients for the renewal of an expiring

contract. As of the closing date for the financial statements,

the selection process was still in progress.


(In millions of euros)					2025
Customers by revenue	Benelux	France	Germany	Other	Total	%
Customer A	1.8	117.6	—	49.7	169.2	19.0%
Customer B	93.1	—	—	—	93.1	10.4%
Other customers representing less than 10% of revenue	257.6	187.6	95.9	88.9	630.1	70.6%
Total revenue	352.6	305.3	95.9	138.7	892.4	100%

(In millions of euros)					2024 restated
Customers by revenue	Benelux	France	Germany	Other	Total	%
Customer A	1.8	133.4	—	43.1	178.3	18.9%
Other customers representing less than 10% of revenue	369.8	227.4	84.4	83.1	764.8	81.1%
Total revenue	371.6	360.8	84.4	126.2	943.0	100%

Note 4 : Employee benefits and costs

4.1 Workforce

The workforce at the end of the year was:


Workforce	31.12.2025	2024 restated
Managers	447	505
Employees, technicians, supervisors	5,180	5,552
TOTAL	5,627	6,057

4.2 Employee costs

The “Employee costs” item consists of:


(In millions of euros)	2025	2024 restated
Wages and salaries	(212.3)	(224.1)
TOTAL	(212.3)	(224.1)

Payroll taxes on salaries are included in the “Payroll taxes,

taxes, and similar payments” item in the statement of

comprehensive income.

4.3 Share-based payment

■ General principles of IFRS 2

Grants of equity instruments (warrants, free shares, stock

options, etc.) as compensation for services rendered or to

be rendered are covered by IFRS 2.

The fair value determined at the grant date for equity-

settled share-based payments is recognized on a straight-

line basis over the vesting period. At each reporting date,

the Group revises its estimate of the number of equity

instruments that are expected to vest as a result of the

effect of non-market vesting conditions. The impact of

initial estimate revisions, if applicable, is recognized under

net income such that cumulative expenses reflect the

revised estimates, with a corresponding adjustment to

reserves.

■ Instruments issued by Solutions30 covered by IFRS 2

Share-based instruments were issued in 2025.

Stock option plan:

A long-term incentive plan was defined by the Nominations

and Remunerations Committee and approved by the


	Solutions30 \| Annual Report 2025		226

Supervisory Board. On March 31, 2025, plan beneficiaries

received stock options, granting them the right to purchase

group shares at an exercise price of €1.29 per share,

contingent upon meeting multi-year performance goals.

The final allocation of stock options under the incentive

plan is based on the achievement of the following

quantified objectives for 2025, 2026, and 2027: Revenue /

Adjusted EBITDA / Free cash flow / Relative share price

performance. These financial indicators are further

adjusted by a coefficient tied to the Group’s non-financial

performance, evaluated against ESG (Environmental,

Social, and Governance) criteria. To date, the maximum

number of shares available for all stock options granted

under the incentive plan amounts to 3,903,828.

The options will be settled in shares of the company, i.e.

an equivalent number of shares corresponding in value to

the difference between the share price on the exercise

date and the exercise price. These instruments may not

be exercised until at least one year after they have been

allocated.

The following table presents the details of the stock options outstanding during the year:


	Number of stock options	Exercise price
Unexercised stock options outstanding at January 1, 2025	0	0
Stock options granted	4,087,778	1.29
Canceled stock options	-183,950	—
Expired stock options	—	—
Exercised stock options	—	—
Outstanding stock options at December 31, 2025	3,903,828	1.29
Stock options that can be exercised at December 31, 2025	—	1.29

The following table presents the input data for the Black

Scholes and Monte Carlo models used to determine the

fair value of options:


	2025
Share price at grant date	1.53
Exercise price	1.29
Expected volatility	63.8%
Expected duration (in years)	3.75
Risk-free rate	2.5%
Average comparable performance over the period	6.76%
Number of simulated trajectories	10,000

The fair value of the stock option plan at the grant date

was €1.1 million.

The fair value of stock options is recognized as an

expense over the vesting period (2025, 2026, 2027) and

the lock-up period (2028). The Group considers the lock-

up period to reflect the actual period of service expected,

since performance or presence is implicitly required until

the stock options are exercised. The Group reported an

expense of €0.2 million in 2025 (€0 million in 2024) in

respect of share-based payment transactions, which is

presented under “Other non-recurring operating

expenses” (see note 5.2).

Note 5: Operating income

5.1 Operating margin (Adjusted EBITDA)

The item “Raw materials, goods and consumables” mostly

accounts for the purchase of fuel, goods, small equipment,

and other supplies necessary for call-outs. This item

amounted to -€87.5 million in 2025 (-€91.4 million in

2024).

Details of the item “Other current operating income and expenses” are given below:


(In millions of euros)	2025	2024 restated
Production subsidies	0.8	2.2
Other current operating income	18.4	19.0
Other current operating income	19.1	21.3
Outsourcing	(369.5)	(384.9)
Travel and vehicle maintenance expenses and rental costs	(38.3)	(44.1)
Intermediaries and fees	(39.8)	(44.4)
Other purchases and current operating expenses	(38.2)	(39.8)
Other current operating expenses	(485.9)	(513.1)
TOTAL	(466.7)	(491.9)


	Solutions30 \| Annual Report 2025		227

Other current operating income consists of operating

subsidies that cover the costs resulting from new business

offerings brought on by Telenet in Belgium, income from

related activities, and various income related to making

hardware available and to rebilling of operating expenses.

Other purchases and current operating expenses include

insurance costs, telecommunication costs, and office

overheads.

5.2 Operating income

Operating income is calculated by adding or subtracting

the operating margin (adjusted EBITDA), charges to and

reversals of provisions, depreciation, amortization and

impairment, and other non-recurring operating income and

expenses.

■ Other non-recurring operating income and expenses.

Other non-recurring operating income and expenses

include items that the Group considers as having a

significant, one-time impact on operational performance

during the accounting period. The Group believes that

classifying these as non-recurring income and expenses

improves the readability of its operations’ intrinsic

economic performance.

Details of other non-recurring operating income and

expenses are provided below:


(In millions of euros)	2025	2024 restated
Other non-recurring operating income	2.1	2.2
Other non-recurring operating expenses	(15.2)	(8.8)
TOTAL	(13.1)	(6.6)

Non-recurring operating income for 2025 results from the

conclusion of the sale initiated in Spain. This agreement

eliminated risk and had a favorable financial impact (€2.1

million).

Non-recurring operating income for 2024 reflects the end

of the negotiations in Italy to reach a new agreement with

Solutions30 Italia SRL’s main customer and suppliers. The

agreement reached resulted in the extinction of the risk

and a favorable financial impact (€2.2 million).

Non-recurring operating expenses for 2025 amounted to

‑€15.2 million. These mainly include restructuring costs

related to proceedings initiated in Spain and Italy (€1.4

million) and workforce reduction plans implemented by the

Group (€11.7 million), a write-down of trade receivables

following a partner’s cessation of operations (€1.2 million),

and expenses associated with the closure of Xperal’s

operations (€0.8 million).

In 2024, non-recurring operating expenses primarily

consisted of restructuring costs related to the Group’s

portfolio optimization strategy in segments where certain

contracts no longer met profitability requirements (€7.8

million). They also include expenses linked to a project to

restructure the Group’s IT infrastructure in 2024, entailing

a one-off additional cost (€1 million).


	Solutions30 \| Annual Report 2025		228

WORKING CAPITAL

Note 6: Trade and other receivables

6.1 Trade receivables and related accounts

■ Trade receivables and related accounts

Trade receivables and related accounts are current

financial assets.

Invoices to be issued correspond to a situation where a

service has been performed, work has been completed,

but the invoice has not yet been issued at the balance

sheet date.

■ Contract assets

Amounts related to contract assets represent amounts due

from customers under performance contracts that are

settled depending on the stage of production. A contract

asset is thus recognized over the period in which the

services are provided to represent the Group’s right to

receive consideration in exchange for the services it has

provided up to that date. When it is probable that total

contract costs will exceed total contract income, the

expected loss is immediately recognized as a provision for

loss on completion.

Any amount initially recognized as a contract asset is

subsequently reclassified to trade receivables when billed

to the customer.

■ Factoring trade receivables

A financial asset must be derecognized i.e. removed from

the consolidated statement of financial position if the

Group transfers to a third party, through a contract, its right

to receive future cash flows derived from this asset and

the risks and rewards of owning this asset.

To reduce its working capital requirements, the Group has

put in place a non-recourse factoring program. In the

context of such an agreement, receivables for which risks

and benefits have been transferred are not maintained

under the “Trade receivables and related accounts” item of

financial position. The total amount of assigned, and

therefore deconsolidated, receivables amounted to €61.4

million at December 31, 2025 (€68.7 million at December

31, 2024).

■ Depreciation of trade receivables and related

accounts

Given the nature of the Group’s customers, mainly

composed of major corporations, as well as the factoring

system put in place, the impairment model defined by

IFRS 9 has no material impact on the amount of

impairment of the Group’s trade receivables and related

accounts.


(In millions of euros)	31.12.2025	31.12.2024
Trade receivables	80.1	74.3
Invoices to be issued	100.1	105.0
Contract assets	50.9	28.9
Trade payables - advances and down payments	9.9	11.4
TOTAL	240.9	219.5

In 2025, the Group posted a €0.6 million (€0.81 million in

2024) write-down of its trade receivables.

All trade receivables and related accounts are due in less

than one year.

6.2 Other receivables

Details of Other receivables are presented below:


(In millions of euros)	31.12.2025	31.12.2024
Tax claims	57.3	47.0
Tax receivables	11.5	9.0
Social security receivables	11.4	10.9
Other receivables	16.7	12.5
GROSS TOTAL	96.9	79.4
Impairments	(1.0)	(0.3)
NET TOTAL	95.9	79.1

Tax claims mainly include VAT receivables related to group transactions.


	Solutions30 \| Annual Report 2025		229

Other receivables consist mainly of guarantees granted

under the factoring programs at December 31, 2024 and

2025.

6.3 Lease receivables

Lease receivables relate to the lease contracts for

payment terminals (Note 11) marketed by the Group.

The Group recognizes the lease service as a sale when

the lease begins in exchange for an asset. This asset is

represented under the item “Current lease receivables”

if the cash flow associated with this asset is expected

to occur within 12 months of the end of the financial

year or under “Non-current lease receivables” if the

corresponding cash flow is expected to occur beyond a

12-month period. At December 31, 2025, lease

receivables stood at €2.0 million (2024: €1.9 million).

Note 7: Inventories

Inventories are recorded at their acquisition cost. If the net realizable value of inventories at the balance sheet date is

lower than their acquisition cost, the inventory valuation is adjusted on the basis of the latter.

Inventory details are presented below:


(In millions of euros)	Gross values	Amortization and impairments	31.12.2025 Net values	31.12.2024 Net values
Raw materials and goods	23.8	(0.9)	22.9	24.7
TOTAL	23.8	(0.9)	22.9	24.7

Inventory of raw materials and goods primarily corresponds to spare parts used for maintenance operations, or

consumables used for installation operations. Cost is determined using the weighted average unit cost method.

Note 8: Other liabilities and reverse factoring

8.1 Tax and social security liabilities

Details of tax and social security liabilities are presented

below:


(In millions of euros)	31.12.2025	31.12.2024
Tax liabilities	87.3	71.3
Social security liabilities	68.2	62.1
Corporate income tax	10.9	10.1
TOTAL	166.4	143.4

Social debts include all debts owed to employees

(salaries, holidays, etc.) and to social organizations

(payroll charges). Tax liabilities mainly include VAT

payables related to group transactions.

8.2 Reverse factoring

The Group has set up two types of reverse factoring

agreements:

■ A supplier invoice financing solution without modifying

the initial payment term was used in the amount of

€8.6 million as of December 31, 2025 (€8.6 million

paid to suppliers).

■ A supplier invoice financing solution with a possible

extension of payment terms to 120 days was used in

the amount of €7.6 million as of December 31, 2025

(€7.6 million paid to suppliers). Only this second type

of agreement has an impact on the maturity of supplier

debt.

The Group classifies liabilities arising from these supplier

financing agreements under “Trade payables” as these

liabilities are similar in nature and function to trade

payables. These supplier financing agreements form part

of the working capital used in the Group’s normal

operating cycle, and the level of collateral provided is

similar to trade payables. Cash flows relating to liabilities

arising from these supplier financing agreements are

included in operating activities in the consolidated

statement of cash flows under “Increase (decrease) in

trade & other payables.”


	Solutions30 \| Annual Report 2025		230

FINANCIAL STRUCTURE AND FINANCIAL RISK MANAGEMENT

Note 9: Cash and cash equivalents

Cash and cash equivalents recognized in the balance

sheet include cash in the bank and on hand, along with

short-term monetary investments with maturities of less

than three months and a negligible risk of value

fluctuation.

The Group’s net cash position is as follows:


(In millions of euros)	31.12.2025	31.12.2024
Money market	0.5	0.5
Cash and cash equivalents	72.7	95.7
TOTAL	73.2	96.3

Note 10: Loans and related debts

10.1 Important facts

On November 19, 2024, the Group finalized a credit

financing agreement with a syndicate of eight banks. This

€120 million, seven-year financing arrangement, with a

variable rate indexed to the three-month Euribor, consists

of an €83 million loan effectively drawn to refinance the

Group’s debt, along with a loan commitment of up to €37

million to support its growth strategy, of which €13,6

million remained unused as of December 31, 2025.

10.2 Debt

Bank borrowings are financial liabilities valued at

amortized cost using the effective interest rate method.

The effective interest rate method calculates the amortized

cost of a financial liability and allocates an interest

expense during the reporting period. The effective interest

rate is the rate that exactly discounts the estimated future

cash payments (including all commissions and

proportional fees paid or received that are an integral part

of the effective interest rate, transaction costs and other

premiums and discounts) over the expected life of the

financial liability or, if appropriate, over a shorter period, at

the amortized cost of a financial liability.

Accounting principles relating to financial liabilities tied to

contingent considerations on acquisitions (“earnouts”) or

call and put options granted to minority interests are

presented in Note 10.3.

The Group’s financial debt consists mainly of:

– Bank loans

– Debts related to earnouts from acquisitions or put

options granted to minority interests for shares in

group subsidiaries that are not wholly owned,

presented below under other loans and related debts.

Debt, long-term


(In millions of euros)	31.12.2025	31.12.2024
Loans from credit institutions, long-term	76.9	74.3
Earnouts, call and put options	2.9	0.8
TOTAL	79.8	75.1

Debt, short-term


(In millions of euros)	31.12.2025	31.12.2024
Short-term loans from credit institutions, lines of credit, and bank overdrafts	32.6	22.7
Earnouts, call and put options	3.1	3.3
TOTAL	35.8	26.1

Change in debt owed to credit institutions

The change in the Group’s debt was as follows:


				Other changes with no impact on cash flow			31.12.2025
(In millions of euros)	01.01.2025	Loan issuance	Repayment of borrowings	Changes in scope	Other ⁽¹⁾	Reclassification schedule	31.12.2025
Long-term debt	74.3	16.0	(0.69)	(0.2)	0.4	(12.9)	76.9
Short-term debt	22.7	8.5	(11.5)	—	—	12.9	32.6
Total liabilities from financing activities	97.0	24.5	(12.2)	(0.2)	0.4	—	109.6

(1) Mainly includes fees for debt issuance costs


	Solutions30 \| Annual Report 2025		231

Debt maturities

Loans from credit institutions have maturities in excess of 5 years:


(In millions of euros)	31.12.2025	2026	2027	2028	2029	2030 and beyond
Loans and bank overdrafts	109.6	32.6	10.9	12.5	12.0	41.5
Interest expense	11.4	4.3	2.4	2.0	1.6	1.2
Lease liabilities	57.3	25.4	16.6	8.5	3.8	2.9
Earnouts, call and put options	6.0	3.1	0.5	—	2.3	—

Off-balance sheet commitments related to group

financing

As a guarantee for the €83 million loan and the €37 million

credit facility signed in November 2024, the Group signed

an agreement to pledge shares in Telima Frepart and

Solutions30 Belgium.

10.3 Earnouts, call and put options granted

to minority shareholders

Earnouts, call options, and put options are recognized at

fair value and recorded under “Debt, short-term” in the

statement of financial position if they are due within 12

months of the end of the fiscal year, or under “Debt, long-

term” if they are due beyond a 12-month period.

All earnouts are estimated at their fair value on the

acquisition date. They are marked to market at the end of

each reporting period and changes in their fair value are

recognized through profit or loss.

As there are no specific provisions in IFRS, the Group

considers put options granted to minority interests and call

options granted to minority shareholders to be financial

liabilities. These commitments may be optional (“put

options”) or mandatory (“call options”). The Group

accounts for these commitments as follows:

When first entered into the books:

(i) The value of the commitment is recognized under the

item “Debt, short-term” and/or “Debt, long-term” at its

fair value, for the estimated exercise price of the put

option.

(ii) All minority interests are eliminated, except for the

portion representing a dividend distribution obligation,

which remains contingent on the exercise of the call or

put option.

(iii) The difference between the amount of canceled

minority interests and the estimated exercise price of

the call or put option is accounted for as part of group

equity.

At the end of the reporting period:

(i) Financial debt is revalued at fair value at the end of

each reporting period in accordance with the relevant

contractual clauses, with a corresponding entry as

financial income.

(ii) The share of annual income attributable to minority

interests is recognized.

The change in the fair value of debts related to earnouts,

put options, and call options is presented in the table

below:


(In millions of euros)	01.01.2025	Increase	Decrease	Earnout payment	Change in fair value	31.12.2025
Earnouts	0.8	0.3	(1.0)	—	0.1	0.2
Put and call options	3.3	5.6	—	(2.7)	(0.5)	5.7
TOTAL	4.1	5.9	(1.0)	(2.7)	(0.4)	5.9

The €0.3 million increase corresponds to the value of the

earnouts to be paid in connection with the 2025 acquisition

of 50% of Solutions 30 Solaire’s share capital.

The increase of €5.6 million corresponds to:

– The value of call options granted to minority

shareholders in respect of the remaining 40% of the

capital of Solutions 30 Solaire amounting to €5.0 million.

This amount was recognized as a liability, split between

“Long-term debt” and “Short-term debt,” for a total of €5.0

million. On the date control became effective, €2.6 million

of the consideration was allocated to minority interests

(reduction in their share) (see Note 21.2 - “Subsidiary

Acquisitions”) and the rest, i.e. €2.4 million, to the group

share of shareholders’ equity (see Note 6.1.3 -

Consolidated statement of equity).

– The value of call options granted to minority

shareholders in respect of the remaining 49% of the

capital of Elektra Realizacje amounting to €0.6 million.

This amount was recognized as a liability, split between

“Long-term debt” and “Short-term debt,” for a total of €0.6

million. The consideration was allocated, on the date

control became effective, €0.1 million to minority interests

(reduction in their share) (see Note 21.2 - “Subsidiary

Acquisitions”) and the rest, i.e. €0.5 million, to the group

share of shareholders’ equity (see Note 6.1.3 -

Consolidated statement of equity).


	Solutions30 \| Annual Report 2025		232

The €1.0 million decrease corresponds to the reversal of

Xperal earnouts following the liquidation of the company

(see Note 21.4 “Other changes in scope of consolidation

2025”).

The payment of €2.7 million corresponds to the rest of the

price paid for the acquisition of Byon Fiber and Byon SAS

in 2024.

The fair value of earnouts, put options, and call options is

based on the present value of probable future cash flows

taking into account the Group’s contractual commitments

(level 3). Changes in fair value have been recognized in

the consolidated statement of comprehensive income

under “Financial income”.

10.4 Financial income and expenses

The Group’s financial income and expenses were as

follows:


(In millions of euros)	2025	2024 restated
Interest expense	(10.6)	(10.4)
Foreign exchange gains	—	—
Foreign exchange losses	(0.1)	(0.1)
Change in fair value of derivatives	0.3	(0.1)
Other financial income	1.5	1.6
Other financial expenses	(4.9)	(6.2)
TOTAL	(13.9)	(15.2)

Interest expenses are mainly related to interest on bank

loans and lease liabilities. Interest on lease liabilities

amounted to €3.1 million in 2025 (2024: €3.2 million).

Other financial expenses include changes in earnout

values and call and put options, amounting to €0.4 million

in 2025, compared to €1.1 million in 2024 (see note 10.3).

Other financial expenses mostly consisted of the costs of

factoring programs.

Note 11: Leases

The Group as a tenant

At the inception of contracts, the Group determines

whether they are service contracts or whether they contain

a lease commitment, i.e. whether the contract gives the

right to control the use of an identified asset for a period of

time in exchange for consideration. The Group recognizes

a right-of-use asset and a corresponding lease obligation

for all leases in which it is involved as lessee (See Notes

11.1 and 11.2).

The Group applies both exemptions proposed in IFRS 16

to short-term leases (12 months or less) and to leases for

assets whose underlying value is less than €5k (€10.5

million in 2025, €13.7 million in 2024). For these types of

contracts, the Group recognizes lease payments as linear

operating expenses for the duration of the lease. Nearly all

operating expenses related to leases are from short-term

leases.

The Group uses three types of leases to pursue its

operating activities:

•Lease agreements for vehicles used by technicians,

which make up the bulk of the Group’s lease

agreements (which generally have a term of between

three and four years). These contracts have standard

terms and conditions: (i) the rental amount defined in

the contract is fixed, (ii) repair and vehicle costs are

not tied to the contract and are expensed, (iii) the

term of the contracts is also fixed. In the rare cases,

where the option to extend or terminate the contract

term is activated, an amendment is prepared and

integrated into the contract database. For certain

contracts, the Group has the option to purchase the

vehicles, which it exercises only in extremely rare

cases.

•Real estate leases: These contracts cover the offices

the Group occupies in the various countries in which it

operates, as well as storage warehouses. Real estate

leases are mostly long-term (commercial leases with

an early termination option, mostly between 6 and 9

years). Based on the region where the lease is drawn

up, the lease period may vary, so the Group has

determined specific term lengths in light of local legal

and economic factors. Contract indexing is taken into

account in the calculation of the lease debt at the

beginning of the contract.

•Equipment leases: These contracts concern: (i)

certain equipment used by technicians, (ii) leases for

payment solutions, (iii) the leasing of IT hardware.

These are mainly leases for equipment with fixed

payments. Their term is aligned with the depreciation

period of the equipment. For certain contracts, the

Group has the option to purchase the equipment,

which it exercises only in extremely rare cases.

The Group took into consideration the extension or

termination options incorporated into the leases. The

Group does not generally take these options into account

when it is reasonably certain that it will not need them. The

end dates for leases thus correspond to periods that align

with the strategic horizon for making strategic group

decisions, such as choosing investments. If necessary, the

duration of these contracts may be reconsidered to better

account for group-level strategic decisions.


	Solutions30 \| Annual Report 2025		233

11.1 Right of use

A right of use is recognized as an asset against the lease

liability. Such rights of use correspond to the amount of

lease liabilities plus any possible direct costs generated by

certain contracts, including fees.

The Group applies IAS 36 to determine whether an asset

for which the right of use has been granted is impaired

and recognizes any impairment loss as described in the

property, plant and equipment method.

The rights of use are presented in the following table:


(In millions of euros)	Vehicles	Property	Equipment	Total
At December 31, 2024	45.5	22.5	0.6	68.6
Increase	16.7	4.6	—	21.3
Amortization	(23.1)	(9.2)	(0.3)	(32.6)
At December 31, 2025	39.0	17.9	0.3	57.3

11.2 Lease liabilities

The Group records a liability (a lease liability) on the date

the underlying asset is put at its disposal. This lease

liability corresponds to the updated value of substantially

fixed rents that remain to be paid, plus the amount the

Group is reasonably certain it will pay at the end of the

contract, such as the exercise price of purchase options

(when it is reasonably certain that it will exercise them) or

penalties owed to the lessor in case of termination (when

termination is reasonably certain). The Group only

accounts for the lease aspect of the contract when

evaluating lease liabilities.

The Group systematically determines the length of lease

agreements to be the period during when the contract may

not be terminated, plus any time included in any extension

options that the lessee is reasonably certain they will

exercise, and any termination options that the lessee is

reasonably certain they will not exercise. In the specific

instance of real estate leases, contract durations are

determined on a case-by-case basis.

When a lease agreement includes a purchase option, the

Group uses the useful life of the underlying asset as its

contract duration when it is reasonably certain it will

exercise this purchase option.

For each contract, the discount rate used is based on

incremental borrowing rates. It is determined using the

group borrowing rate at the start date of the adjusted lease

and the spread specific to each country.

After the contract start date, the amount of the lease

liability may be reevaluated to better reflect changes

created by the following events:

• Modification of the duration of the lease (amendment,

reasonable certainty of exercising an option to renew,

or of not exercising an option to terminate).

• Modification of the rent amount.

• Modification of the terms for exercising a purchase

option.

• Other modifications to the contract (modification of the

scope or of the underlying asset).

Lease liabilities are presented in the table below:


(In millions of euros)	31.12.2025	31.12.2024
At January 1	68.8	76.4
Increase	24.8	26.7
Payments	(36.4)	(34.3)
At December 31	57.2	68.8
Current	25.4	26.4
Non-current	31.8	42.4

The maturity analysis of lease debts is presented in table 10.2 Debt.

Note 12: Equity

12.1 Changes in share capital

At December 31, 2025, the capital consists of 107,127,984 shares at a par value of €0.1275.


Number of shares	31.12.2025	31.12.2024
Number of ordinary shares	107,127,984	107,127,984
Total number of shares	107,127,984	107,127,984


	Solutions30 \| Annual Report 2025		234

12.2 Earnings per share

12.2 .1 Earnings per share

Earnings per share, based on the weighted average number of shares outstanding during the year:


Earnings per share attributable to owners of the parent company (In euros)	31.12.2025	31.12.2024 restated
Net income from continuing operations
- basic	(0.384)	(0.054)
- diluted	(0.384)	(0.054)
Net income from discontinued operations
- basic	(0.160)	(0.087)
- diluted	(0.160)	(0.087)
Consolidated net income
- basic	(0.567)	(0.147)
- diluted	(0.567)	(0.147)

12.2.2 Weighted average number of shares

To calculate diluted earnings per share, the weighted

average number of shares outstanding is adjusted to

account for the potentially dilutive effect of all equity

instruments issued by the Group. Dilution resulting from

the exercise of stock options is determined in accordance

with the method defined by IAS 33. In accordance with this

standard, the options granted during the year (see Note

4.3) are excluded from the calculation of diluted earnings

per share as at December 31, 2025, as their exercise

price is higher than the average share price since the

grant date. As at December 31, 2024, there were no

options outstanding..


(In numbers of shares)	31.12.2025	31.12.2024 restated
Weighted average number of ordinary shares and potential ordinary shares used as a denominator in the calculation of basic earnings per share	107,127,984	107,127,984
Adjustments for the calculation of diluted earnings per share:	—	—
Weighted average number of ordinary shares and potential ordinary shares used as a denominator in the calculation of diluted earnings per share	107,127,984	107,127,984

12.3 Minority interests

The following table presents details of the Group’s non-wholly owned subsidiaries in which minority interests are

material:


	Attributable to minority interests		Net income attributable to minority interests		Minority interests
(In millions of euros)	31.12.2025	31.12.2024	31.12.2025	31.12.2024 restated	31.12.2025	31.12.2024 restated

Unit-T*	30.0%	30.0%	4.6	0.7	19.9	15.3
Unit-T Certified Service*	30.0%	30.0%	(0.7)	0.2	(3.0)	(2.2)
Unit-T Field Services*	30.0%	30.0%	(0.4)	—	0.3	0.6
ICT Field Services*	30.0%	30.0%	(0.5)	—	0.1	0.5
Brabamij Infra BV*	30.0%	30.0%	(0.7)	(0.1)	(1.2)	(0.6)
Brabamij Technics BV*	30.0%	30.0%	(0.2)	0.1	—	0.2
Other	—%	—%	0.3	(0.1)	1.7	1.4
Total			2.5	0.7	17.8	15.3

*Companies related to Unit-T.


Solutions30 \| Rapport annuel 2025		235

Note 13: Financial risk management

The Group’s main financial liabilities consist of bank loans

and overdrafts, lease debt, and trade payables. The main

purpose of these financial liabilities is to finance the

Group’s operating activities. The Group holds financial

assets such as trade receivables, cash and short-term

deposits that are directly generated by its activities.

13.1 Information regarding the evaluation,

classification, and fair value of financial

assets and liabilities

The Group divides its financial assets into the following

categories: assets measured at fair value through profit

or loss (“FVTPL”) and assets measured at amortized

cost (“AC”).

The Group divides its financial liabilities into the

following categories: liabilities measured at fair value

through profit or loss (“FVTPL”) and liabilities measured

at amortized cost (“AC”).

Financial assets and liabilities measured at their fair value

are ranked in 3 levels. Levels 1 to 3 in the fair value

hierarchy each represent a level of fair value observability:

- Level 1 fair value evaluations are based on quoted prices

in active markets for identical assets or liabilities.

- Level 2 fair value evaluations are those based on inputs

other than the quoted prices included in Level 1 that are

observable for the asset or liability, either directly (i.e. as

prices) or indirectly (i.e. derived from prices).

- Level 3 fair value evaluations are those determined using

valuation techniques that include inputs for the asset or

liability that are not based on observable market data.

The following table provides information on:

- Financial instrument carrying amounts

- Financial instrument fair values.


(In millions of euros)			31.12.2025		31.12.2024
	Note	IFRS 9* Category	Carrying amount	Estimated fair value	Carrying amount	Estimated fair value
Non-current financial assets	15.1	AC	3.2	3.2	3.1	3.1
Trade receivables and related accounts	6.1	AC	240.9	240.9	219.5	219.5
Lease receivables	6.3	AC	2.0	2.0	1.9	1.9
Other receivables**	6.2	AC	16.7	16.7	12.5	12.5
Derivative financial assets	13.1	FVTPL***	0.1	0.1	—	—
Cash and cash equivalents	9	FVTPL	73.2	73.2	96.3	96.3
Financial assets			336.2	336.2	333.9	333.9
Debt (borrowing, lines of credit, bank overdrafts)	10.2	AC	109.6	109.6	97.0	97.0
Indebtedness (earnouts, call and put options)	10.2; 10.3	FVTPL****	6.0	6.0	4.1	4.1
Lease liabilities	11	AC	57.3	57.3	68.8	68.8
Derivative financial liabilities	13.1	FVTPL***	0.1	0.1	0.3	0.3
Trade payables		AC	172.2	172.2	171.7	171.7
Other current liabilities		AC	20.7	20.7	21.0	21.0
Financial liabilities			365.8	365.8	363.0	363.0

* “AC” stands for “amortized cost”; “FVTPL” stands for “fair value through profit or loss.”

** Excludes tax claims, tax receivables, and social security receivables

*** Level 2 of the fair value hierarchy

**** Level 3 of the fair value hierarchy

13.2 Financial risk management policy and objectives

The main risks associated with the Group’s financial

instruments are as follows: interest rate risk on cash flows

and liquidity risk. The systems for managing these risks

are described in Notes 13.1 and 13.2. The policies for

managing other risks are summarized as follows:

■ Credit risk

The Group’s exposure to the credit risk related to its

financial assets, mainly customers, cash and cash

equivalents, is related to the possible default of involved

third parties, with a maximum exposure equal to the

carrying amount of these instruments.

Customer balances are subject to permanent monitoring.

The deconsolidating non-recourse factoring solutions that

the Group uses with its major customers strongly limit the

risk of unrecoverable receivables. Changes in customer

account depreciation throughout the year and the limited

risk of customer account depreciation are presented in

Note 6.


Solutions30 \| Rapport annuel 2025		236

■ Currency risk

The Group and its subsidiaries do most of their business

in the eurozone, with services billed in euros and suppliers

mostly paid in euros. Only the Polish subsidiary uses a

currency other than the euro, the Polish zloty.

At December 31, 2025, 6.9% of the Group’s revenue

(6.2% in 2024) was generated in currencies other than the

euro, and this exclusively in Polish zloties.

The Group issues its consolidated financial statements in

euros. Accordingly, when preparing its consolidated

financial statements, it must convert assets, liabilities,

income and expenses recorded in foreign currencies into

euros, using the applicable exchange rates. Exchange

rate fluctuations may therefore affect the value of these

items in the consolidated financial statements, even if their

intrinsic value remains unchanged.

Expenses relating to the operation of call centers based in

Morocco, Tunisia and Poland are paid in cash in dirhams,

dinars, or zloties. Nevertheless, given the amounts at play,

the currency risk is insignificant.

The following table details the Group’s sensitivity to a 5%

increase or decrease in the Polish zloty.


	Sensitivity to zloty exchange rates
(In millions of euros)	+ 5 %	- 5 %
Net income	0.01	(0.01)
Total Assets	1.5	(1.5)

■ Equity risk

At December 31, 2025, the Group had no trading

activities.

13.3 Cash flow interest rate risk

Loans from credit institutions are mainly subject to variable

rates.

■ Exposure level

The Group’s exposure to the risk of changing market

interest rates is linked to financial debt levels. Interest rate

management is an integral part of debt management

through the use of hedging instruments.

At December 31, 2025, the fair value of derivative assets

was €0.1 million (2024: €0.0 million) and is recorded under

“Derivative assets.”

The fair value of derivative liabilities was €0.1 million

(2024: €0.3 million), and is shown under “Derivative

liabilities.”

The change in fair value of these hedging instruments is

recorded under “Financial income” and “Financial

expenses” in the consolidated statement of

comprehensive income (see note 10.4).

Its characteristics are as follows:


Type of instrument	Interest rate swap A
Initial nominal amount	€20 million, amortized on a straight-line basis until maturity
Notional amount December 31, 2025	€20 million
Start date	May 28 2025
Maturity date	May 19 2031
Cash flow	Receives Euribor 6-month rate, pays 2.295%
Settlement dates	May 19 and November 19


Type of instrument	Interest rate swap B
Initial nominal amount	€39.1 million, amortized on a straight-line basis until maturity
Notional amount December 31, 2025	€14.3 million
Start date	May 29 2025
Maturity date	November 29 2028
Cash flow	Receives Euribor 3-month rate, pays 2.550%
Settlement dates	August 29, November 29, February 29, and May 29

■ Sensitivity analysis of interest rate changes

The sensitivity analysis of borrowings from credit

institutions was carried out on the Group’s primary

variable-rate loans (indexed to the Euribor 3-month rate),

which made up roughly 93% of group loans at the end of

the reporting period.

The calculations were based on the nominal value not

covered by the derivatives above, or a nominal value of

€67.3 million on December 31, 2025. A 1% rise in interest

rates would increase the annual cost of gross financial

debt by €0.7 million. A 1% fall in interest rates would

reduce the annual cost of gross financial debt by €0.7

million.

13.4 Liquidity risk

The Solutions30 Group has short-, medium- and long-term

bank loans, with €109.6 million in remaining principle at

December 31, 2025, compared with €97.0 million at the

end of 2024. The undrawn amount was €13.6 million at

December 31, 2025.


Solutions30 \| Rapport annuel 2025		237

The Group’s credit agreement contains early repayment

clauses if agreed covenants are not complied with, in

particular maintaining the “net bank debt/EBITDA” ratio

below a threshold of 2.5. At December 31, 2025, the

Group is in compliance with this financial ratio.

13.5 Sensitivity analysis for earnouts and

call and put options

The Group undertook an analysis of whether the fair value

of earnouts, put options, and call options was reasonable

given the modifications made to the primary assumptions

used to determine this fair value.

The calculations determined that they were reasonable

and that a variation of 5% in assumptions about future

cash flows would have had the following impact on the

resulting fair values, and therefore the Group’s

consolidated financial statements at December 31, 2025:


	Sensitivity to future cash flow
(In millions of euros)	- 5 %	+ 5 %
Earnouts	—	—
Put and call options	(0.29)	0.29
TOTAL	(0.29)	0.29

13.6 Changes in capital

The Group manages its capital in such a way as to ensure

that its entities will be able to continue operations while

maximizing shareholder return through the optimization of

the debt-to-equity ratio. The Group’s overall strategy

remained the same as in 2024.

The Group’s capital structure consists of net debt

(borrowings, detailed in Note 10.2, net of cash and bank

balances) and group equity (which includes issued capital,

reserves, retained earnings, and minority interests).

The Group is not subject to any external capital

requirements.

To manage its capital, the Group uses a leverage ratio

equal to net bank debt divided by group equity. The

Group’s target is to keep its capital structure ratio under

40%. At December 31, 2025, the financial structure

ratio was 108% (1% in 2024) above the internal target.

This situation primarily reflects losses incurred from

transformation initiatives undertaken in 2025, aimed at

facilitating the divestment of less profitable businesses,

particularly in the United Kingdom and Spain.

The Group has undertaken actions to strengthen its

financial structure, including enhancing cash flow

generation and controlling investments. 


Solutions30 \| Rapport annuel 2025		238


LONG-TERM ASSETS

Note 14: Intangible assets and property, plant and equipment

14.1 Goodwill

Goodwill is the difference between the acquisition price of

shares in acquired companies, adjusted for earnouts and

the Group share of the fair value of their net assets that

are identifiable at the date control is handed over.

Subsequently, this goodwill is valued at cost, less any

impairment losses, in accordance with the method

described in the paragraph “Subsequent monitoring of

fixed assets.”

Movements during the period

Goodwill amounts are presented in the table below:


(In millions of euros)	Gross values	Net values
31.12.2024	56.7	56.7
Increase during the period	3.6	3.6
Deconsolidation	(1.4)	(1.4)
Translation adjustments and other changes	—	—
31.12.2025	58.9	58.9

Sector breakdown


(In millions of euros)	31.12.2025	Benelux	France	Germany	Other
Goodwill	58.9	28.3	29.4	0.4	0.8


(In millions of euros)	31.12.2024	Benelux	France	Germany	Other
Goodwill	56.7	29.0	26.0	0.4	1.4

Subsequent monitoring of fixed assets

Cash-generating units (CGUs) are identified on the basis

of geographical segments. At December 31, 2025, the

Group had six CGUs.

All cash-generating units—including goodwill and assets

with definite useful lives—are subject to review by

management and an impairment test at the end of each

year or in the event there is an indication of impairment.

An impairment loss is recognized as soon as the carrying

amount of a cash-generating unit exceeds its recoverable

amount. The recoverable amount is the highest value

between the asset’s net selling price and its value in use.

The value-in-use is determined by discounting future cash

flows.

An impairment loss recognized for a cash-generating unit

is allocated first to goodwill in the cash-generating unit,

then to the reduction of the carrying amount of the other

assets in the unit in proportion to the carrying amount of

each asset in the unit.

Except for goodwill, impairment losses recorded in

previous years are reversed when the estimates used to

determine them change.

Valuation methods applied to continuing operations

The assumptions and estimates made to determine the

recoverable amount of goodwill, intangible assets and

property, plant and equipment relate in particular to the

market outlook required to evaluate cash flows and the

discount rates used. Any change in these assumptions

could have a significant impact on the amount of the

recoverable value.

The recoverable amount of cash-generating units is

determined using the value-in-use calculation, which is

based on discounted cash flow projections (DCF method).

The parameters used to determine the recoverable

amount of from the consolidated main CGUs are as

follows:


Solutions30 \| Rapport annuel 2025		239


	Rate of growth (terminal value)		Discount rate before taxes
	31.12.2025	31.12.2024	31.12.2025	31.12.2024
Benelux	2.00%	2.00%	9.80%	9.70%
France	2.00%	2.00%	10.30%	10.00%

Business forecasts are based on the operating budgets

set by management for the next 5 years (2026 to 2030).

Management’s estimate of growth rates per cash-

generating unit is based on past performance and the

business outlook of the underlying markets. On the basis

of these estimates, these impairment tests did not lead to

the recognition of any impairment at the level of all CGUs

at December 31, 2025, as at December 31, 2024.

Sensitivity analysis of the value-in-use of CGUs to the key

assumptions used

The Group performed an analysis of the sensitivity of the

impairment test to changes in the key assumptions used

to determine the recoverable amount of each group of

CGUs to which the assets are allocated :

– 100 basis point change in discount rate assumptions.

– 50 basis point change in long-term growth rates.

– 100 basis point change in the normative EBITDA

margin rate.

These sensitivity analyses show that reasonably possible

changes in these assumptions for France and the Benelux

would not have a material impact on the impairment test

results and, accordingly, no impairment needs to be

recognized as at December 31, 2025.

For robustness purposes, the Group also analyzed several

sensitivity scenarios applied to its Connectivity business in

France, including a scenario where the terminal value is

reduced to zero. Under this highly conservative scenario,

the recoverable amount of the France CGU remains

above the carrying amount of goodwill, confirming that no

impairment indicator has been identified.

14.2 Other intangible assets

■ Customer relationships and contracts

The value of customer relationships and contracts is

based on discounted cash flows generated by fulfilling the

main contracts acquired. The amortization period is the

estimated time for the consumption of the majority of the

economic benefits flowing to the company and varies from

5 to 15 years.

The discontinuation of operations in the UK led to the full

impairment of related customer relationships in 2025.

The analyses performed on various scenarios of market

evolution in the Connectivity segment in France did not

indicate any significant impairment risk affecting these

customer relationships.

■ Other intangible assets

Other intangible assets are accounted for at cost, less

cumulative amortization and any impairment loss.

These intangible assets primarily consist of patents,

software, and brands. Amortization is recognized as an

expense on a straight-line basis over the useful life of the

asset.

Amortization methods and terms used for all intangible

assets are as follows:


Intangible assets	Duration
Concessions, patents, and licenses	5 to 10 years
Software	3 years
Websites	1 to 3 years
Customer relationships	5 to 15 years

Changes in intangible assets can be broken down as follows:


Solutions30 \| Rapport annuel 2025		240


(In millions of euros)	Customer relationships and contracts	Other intangible assets	Total
Net value at 01.01.2025	73.3	27.5	100.7

Gross value at 01.01.2025	167.9	90.3	258.2
Fixed assets acquired from continuing operations	0.9	6.8	7.7
Fixed assets sold or scrappe	—	(0.1)	(0.1)
Changes in scope	(30.0)	(0.1)	(30.1)
Cumulative translation adjustments	(0.8)	0.9	0.1
Gross value at 31.12.2025	138.0	97.9	235.9

Value of amortization at 01.01.2025	(94.6)	(62.9)	(157.5)
Amortization and impairments for the period from continuing operations	(11.6)	(10.8)	(22.4)
Amortization and impairments for the period from discontinued operations	(12.0)	(0.3)	(12.3)
Fixed assets sold or scrapped	—	0.1	0.1
Changes in scope	27.1	0.6	27.8
Cumulative translation adjustments	0.2	(0.3)	(0.1)
Value of amortization at 31.12.2025	(90.9)	(73.5)	(164.4)

Net value at 31.12.2025	47.1	24.3	71.5

14.3 Property, plant and equipment

Property, plant and equipment are valued at their acquisition cost (purchase price plus related costs).

The asset’s acquisition cost is the purchase price including costs that are directly attributable and necessary for the use

of the asset as expected by management as well as financing costs before operational launch.

They are depreciated on a straight-line basis depending on the probable useful life of the assets in question.

The main useful lives used are as follows:


Property, plant and equipment	Duration
Buildings	5 to 10 years
Technical facilities and machinery	3 to 5 years
Other facilities, tools, and equipment	3 to 5 years


Solutions30 \| Rapport annuel 2025		241

Changes in property, plant and equipment excluding right-of-use assets (IFRS 16) are analyzed as follows:


(In millions of euros)	Buildings and land	Technical facilities and machinery	Other property, plant and equipment	Construction in progress	Total property, plant and equipment
Net value at 01.01.2025	1.5	10.6	11.5	0.2	23.8

Gross value at 01.01.2025	2.6	31.8	35.3	0.2	70.0
Fixed assets acquired from continuing operations	—	1.3	2.5	0.3	4.1
Fixed assets acquired from discontinued operations	—	—	—	—	—
Fixed assets sold or scrapped	—	(1.6)	(2.5)	—	(4.1)
Changes in scope	—	0.1	0.3	—	0.4
Cumulative translation adjustments	—	0.1	0.1	—	0.1
Gross value at 31.12.2025	2.6	31.7	35.6	0.5	70.4

Value of amortization at 01.01.2025	(1.1)	(21.2)	(23.8)	—	(46.1)
Amortization and impairments for the period from continuing operations	(0.1)	(4.0)	(3.7)	—	(7.9)
Amortization and impairments for the period from discontinued operations	—	—	(0.1)	—	(0.1)
Changes in amortization on assets that were sold or scrapped	—	1.0	1.9	—	2.9
Changes in scope	—	(0.1)	(0.1)	—	(0.2)
Cumulative translation adjustments	—	(0.03)	(0.02)	—	(0.1)
Value of amortization at 31.12.2025	(1.2)	(24.4)	(25.8)	—	(51.5)

Net value at 31.12.2025	1.4	7.3	9.8	0.5	18.9

Note 15: Other non-current assets and investments in associates

15.1 Non-current financial assets

Details of non-current financial assets are presented below:


(In millions of euros)	Gross values	Amortization and impairments	31.12.2025 Net values
Loans, deposits, guarantees and other	3.1	—	3.1
Equity investments	0.1	—	0.1
TOTAL	3.2	—	3.2


(In millions of euros)	Gross values	Amortization and impairments	31.12.2024 Net values
Loans, deposits, guarantees and other	3.1	—	3.1
Equity investments	0.1	—	0.1
TOTAL	3.1	—	3.1

15.2 Associates

The Group’s share of associates is accounted for using

the equity method. At December 31, 2024, the Group

held a 10% stake in the French company Solutions 30

Solaire (which acquired 100% of So-Tec).

Effective April 1, 2025, the Group assumed control of

Solutions30 Solaire through the acquisition of an

additional 50% of its capital, thus increasing its stake to

60%, including the 10% already held. Solutions 30

Solaire is fully consolidated from this date (see note

21.2.1).


Solutions30 \| Annual Report 2025		242

OTHER

Note 16: Contingent liabilities, provisions and commitments

A provision is recognized if the Group has a present

obligation (legal or constructive) as a result of a past

event, if it is probable that the Group will be required to

settle the obligation and if the amount of the obligation can

be reliably estimated.

The amount recognized as a provision is the best estimate

of the consideration required to settle the present

obligation at the closing date, taking into account the risks

and uncertainties relating to the obligation. If a provision is

evaluated based on the estimated cash flow required to

settle the present obligation, its carrying amount is the

present value of those cash flows (where the effect of the

time value of money is material).

16.1 Non-current provisions

Non-current provisions can be broken down as follows:


(In millions of euros)	01.01.2025	Changes in scope	Increase	Decrease*	Change in actuarial gains and losses	31.12.2025
Retirement indemnities	7.4	—	0.9	—	(0.7)	7.5
Provisions for legal disputes	6.5	—	4.3	(4.5)	—	6.3
Other non-current provisions	6.3	0.2	5.2	(0.1)	—	11.6
TOTAL	20.3	0.2	10.3	(4.7)	(0.7)	25.4

*Including €3.9 million of unused provisions.

Retirement indemnities in France and Italy are presented

in note 16.3 “Retirement commitments.”

Provisions for litigation correspond to ongoing commercial,

employment, or administrative disputes and litigation.

Other non-current provisions primarily include social

provisions related to personnel transferred to the Group

under outsourcing contracts concluded by the Group with

certain clients, particularly Telenet in Belgium, which

reimbursing this €6.4 million cost in full (2024: €5.8 million)

and restructuring provisions of €2.9 million.

16.2 Current provisions

Current provisions can be broken down as follows:


(In millions of euros)	01.01.2025	Increase	Decrease	31.12.2025
Provisions for reconditioning	0.9	0.2	(0.7)	0.3
Retirement indemnities	—	—	—	—
TOTAL	0.9	0.2	(0.7)	0.3

16.3 Retirement commitments

16.3.1 Principles of IAS 19

For post-employment benefits that are part of defined

benefit plans in France and Italy, benefit costs are

estimated using the projected unit credit method. With this

method, benefit entitlements are allocated to periods of

service based on the plan’s vesting formula, taking into

account a linearization effect when the rate of vesting is

not uniform over subsequent periods of service. Future

payment amounts corresponding to benefits granted to

employees are valued on the basis of assumptions about

salary increases, retirement age and mortality, and then

discounted to their present value on the basis of interest

rates for long-term bonds issued by highly rated issuers.

If defined benefit plans are amended, curtailed, or settled,

the entity must recognize and measure the past service

cost or the gain or loss resulting from the settlement

without taking into account the effect of the asset ceiling. It

then determines the effect of the asset ceiling after the

plan amendment, curtailment, or settlement and record

any change to that effect.

When these calculations are revised, actuarial gains and

losses are recognized in the period in which they arise,

outside income, directly in equity under “Other changes.”


Solutions30 \| Annual Report 2025		243

Apart from retirement commitments, there are no other

defined benefit plans for post-employment benefits in

group companies.

Legal and contractual indemnities are calculated for each

of the Group’s current employees on the basis of their

theoretical length of service and retirement date, in

accordance with IAS 19.

16.3.2 Assumptions made in the valuation of

employee benefits at Solutions30

Provisions for the Solutions30 Group are calculated on an

actuarial basis, taking into account the seniority and

remuneration of the persons concerned before retirement

age (expected at age 67).

These commitments are determined on the assumption

that the employee will leave on their own initiative in 100%

of cases.

Accounting for seniority, the actuarial assumptions for the

valuation of the system were as follows. Commitment

calculations take into account:

• An average 2025 payroll tax rate between 9% and

65%, depending on the entity (compared to 9% and

57% in 2024)

• Employee turnover rates by age group ranging from

12.6% (at age 18) to 0.92% (at age 55) (the same

table was used in 2024)

• A 2% salary increase rate in 2025 and 2024

• INSEE 2018-2020 mortality tables by sex.

The discount rate used is 3.96% at December 31, 2025

(compared to 3.38% at the end of 2024).


(In millions of euros)
Provisions for retirement indemnities at January 1, 2024	7.0
Cost of services rendered during the year	0.8
Amount paid in connection to departures during the year	(0.04)
Changes in actuarial gains and losses	(0.3)
Provisions for retirement indemnities at December 31, 2024	7.4
Cost of services rendered during the year	0.7
Amount paid in connection to departures during the year	(0.04)
Changes in actuarial gains and losses	(0.7)
Provisions for retirement indemnities at December 31, 2025	7.5


Solutions30 \| Annual Report 2025		244

16.4 Off-balance sheet commitments related to operating activities

The list of guarantees granted (pledges, mortgages, guarantees, etc.) is presented below.


Country	Principal	Type of guarantee	Guaranteed obligations	Term	Amount in millions of euros
Germany	Solutions30 Field Services Sud Gmbh	Customer guarantee	Obligations arising from the performance of services under contract, in particular those relating to the telecoms business	Applicable during the entire contractual relationship	19.0
Belgium	Group’s Belgian companies	Demand guarantee	Obligations arising from bank guarantees	Applicable during the entire contractual relationship	15.0
Belgium	Group’s Belgian companies	Customer guarantee	Obligations arising from the performance of services under contract, in particular those relating to the telecoms and energy businesses	Applicable during the entire contractual relationship	7.9
France	Solutions30 Energies S.à r.l.	Guarantee	Obligations arising from the performance of services under contract, in particular those relating to the photovoltaic business	Applicable during the entire contractual relationship	7.9
Germany	Solutions30 Field Services Sud Gmbh	Guarantee	Obligations arising from the performance of services under contract, in particular those relating to the telecoms business in Germany	Applicable during the entire contractual relationship	4.5
Spain	Group’s Spanish companies	Customer guarantee	Obligations arising from the performance of services under contract, in particular those relating to the telecoms business	Applicable during the entire contractual relationship	1.6
France	Solutions 30 ETC	Indemnity bond	Obligations arising from the performance of services under contract, including the provision of payment terminals	Applicable during the entire contractual relationship	0.8
Belgium	Group’s Belgian companies	Customer guarantee	Obligations arising from the performance of services under contract, in particular those relating to the telecoms and energy businesses	Applicable during the entire contractual relationship	0.2
France	Group’s French companies	Demand guarantee	Payment of any amount charged by the beneficiary as part of their business and of any product or service provided via its fuel cards	Applicable during the entire contractual relationship	0.2
Poland	S30 Group’s Polish companies	Customer guarantee	Obligations arising from the performance of services under contract, in particular those relating to the telecoms business	Applicable during the entire contractual relationship	0.2
Spain	S30 Group’s Spanish companies	Bank guarantee	Payment of any amount charged by the beneficiary in connection with its business	Applicable during the entire contractual relationship	0.1
Spain	S30 Group’s Spanish companies	Demand guarantee	Payment of any amount charged by the beneficiary as part of their business and of any product or service provided via its fuel cards	Applicable during the entire contractual relationship	0.1

Note 17: Income taxes

■ Tax payable

Current tax payable is based on taxable profit for the year.

Taxable profit differs from the net earnings reported in net

income because it excludes income and expense items

that were taxable or deductible in other years, as well as

items that are never taxable or deductible. The Group’s

payable tax liability is calculated using currently adopted,

or nearly adopted tax rates at the end of the reporting

period.

A liability is recognized for positions for which the tax

calculation is uncertain, but for which it is considered

probable that there will be an outflow of a future liability to

a tax authority. Liabilities are valued at the best estimate of

the amount the Group expects to pay. The assessment is

based on the judgment of the Group’s tax specialists in

light of their experience with these activities and, in some

cases, on the tax opinions of independent specialists.


Solutions30 \| Annual Report 2025		245

■ Deferred taxes

Deferred tax is the tax that the Group expects to pay or

recover on differences between the carrying amounts of

assets and liabilities reported in the financial statements

and the corresponding tax bases used in the computation

of taxable profit, and is accounted for using the tax liability

method. Deferred tax liabilities are generally recognized

for all taxable temporary differences and deferred tax

assets are recognized to the extent that it is probable that

taxable profit will be available against which deductible

temporary differences can be used.

The carrying amount of deferred tax assets is reviewed at

each balance sheet date and reduced if it is no longer

probable that sufficient taxable profit will be available to

allow all or part of the asset to be recovered.

Deferred tax is calculated using the tax rates that are

expected to apply to the period when the liability will be

settled or the asset realized, based on tax rates and tax

laws that have been enacted or substantively enacted at

the balance sheet date.

The evaluation of deferred tax liabilities and assets reflects

the tax consequences that would result from the way in

which the Group expects, at the end of the reporting

period, to recover or settle the carrying amount of its

assets and liabilities.

Deferred tax assets are the result of tax loss carryforwards

and temporary differences between the tax value and

carrying amounts of recognized assets and liabilities. The

recoverability of these assets is assessed on the basis of

forecasts from strategic plans drawn up for each of the tax

groups under consideration. Additional information on

deferred tax assets is provided in Notes 17.2 and 17.3.

The Group calculates its income taxes in accordance with

the tax regulations applicable in the jurisdictions where its

profits are taxable. In line with IFRIC 23, a tax liability is

recognised when the related tax treatment is uncertain.

From time to time, disagreements may arise between the

Group and local tax authorities. In particular, the Group is

required to address certain positions taken by the tax

administrations notably in France which, based on

assessments performed by external tax experts, are

considered unfounded. In such cases, the Group has

initiated the appropriate appeals and, considering the

conclusions of these expert analyses, no liability has been

recognised.

■ Recognition of corporate value-added levy (CVAE)

In the absence of specifics in IAS 12 “Income Taxes,” the

Group has determined that the CVAE should be

accounted for as an income tax.

In 2025, this represented (€0.6) million, compared to

(€1.2) million in 2024.

■ Tax consolidation

Three tax consolidation regimes are in effect within the

Group. In France, the permanent establishment

Solutions30 heads the group that consolidates nearly all

associated French companies. In Germany, Solutions30

Holding is the parent company of the Group’s German

subsidiaries. In Italy, the tax consolidation regime includes

Solutions30 Italia and one subsidiary.

■ Pillar 2

Amendments to IAS 12 “Income Taxes”: The Group

applies the exception for accounting for deferred tax

assets and liabilities from income tax arising from the rules

of Pillar 2, as well as for communicating on this topic.

There are no Pillar 2-related tax expenses recognized in

the 2025 consolidated financial statements, due to the

transitional exemption applicable to the Group’s

jurisdictions.

17.1 Reconciliation between theoretical tax and effective tax

The reconciliation between the corporate income tax shown in the income statement and the theoretical tax that would

be due based on rates in Luxembourg was as follows for 2025 and 2024:


(In millions of euros)	2025	2024 restated
Income before tax	(31.3)	(13.7)
Parent company tax rate	26.1%	26.1%
Theoretical tax	8.2	3.6
Impact from associates	—	0.1
Creation, use, and reversal of tax loss carryforwards	(4.4)	0.9
Effect of non-capitalized loss carryforwards	(19.7)	(3.8)
Effect of permanent tax differences	7.6	2.5
Net tax impact of the CVAE levy	(0.6)	(1.2)
Impact of differences in tax rates	—	(0.2)
Other	(0.7)	(3.4)
Corporate income tax	(9.8)	(1.4)
Of which: Current taxes	(7.6)	(9.6)
Deferred taxes	(2.2)	7.9


Solutions30 \| Annual Report 2025		246

The permanent differences mostly correspond to the effect of the intellectual property tax regime.

17.2 Deferred taxes

At December 31, 2025, the sources of deferred tax are as follows:


(In millions of euros)	01.01.2025	Change in scope	Other and currency translation adjustments	Impact on earnings from discontinued operations*	Impact on earnings from continuing operations	31.12.2025
Temporary differences from tax returns
Employee profit-sharing and paid holidays	0.5	—	—	—	—	0.6
Other temporary tax differences	0.3	—	—	—	—	0.3
Temporary differences related to consolidation adjustments
Capitalized loss carryforwards	26.9	(1.9)	—	—	(5.6)	19.4
Provision for retirement indemnities	1.0		(0.2)	—	0.1	0.9
Other differences	1.6	—	—		1.0	2.6
Right of use	17.8	—	—	—	(2.8)	15.0
Offsetting deferred tax assets and liabilities	(19.6)	—	—	—	3.9	(15.7)
Deferred tax assets	28.5	(1.9)	(0.2)	—	(3.3)	23.1
Customer relationships	(18.3)	0.8	—	2.6	3.0	(11.9)
Other differences	(1.1)	(0.1)	0.1	—	(0.8)	(1.9)
Lease liabilities	(17.3)	—	—	—	2.8	(14.5)
Offsetting deferred tax assets and liabilities	19.6	—	—	—	(3.9)	15.7
Deferred tax liabilities	(17.0)	0.7	0.1	2.6	1.1	(12.6)
Total net deferred taxes	11.4	(1.2)	(0.1)	2.6	(2.2)	10.5

*See note 21.3


Solutions30 \| Annual Report 2025		247

17.3 Loss carryforwards

Deferred tax assets and justifications for their

treatment

At December 31, 2025, deferred tax assets were entered

into the accounts as it is probable that tax entities will have

enough taxable income to cover these assets for a

maximum of 5 years. The recoverable nature of these

deferred tax assets is assessed on the basis of business

plans used for depreciation tests, adjusted for the

specificities of each tax jurisdiction. The following

companies have incurred a loss in the current or prior

period and have future taxable earnings in excess of the

earnings generated by the reversal of existing taxable

temporary differences:

In France, €2.8 million in deferred tax assets were

recognized at December 31, 2025. Unless the future

outlook changes, the use of loss carryforwards for which a

deferred tax asset has been recognized should continue

until 2030, given the predicted performance of contracts in

this region, which has reached a critical size.

Deferred tax assets recognized for a Spanish company

amounted to €0.6 million at December 31, 2025. Unless

the future outlook changes, the use of loss carryforwards

for which a deferred tax asset has been recognized should

continue until 2030.

Deferred tax assets for two Italian companies amounted to

€1.7 million at December 31, 2025. Unless the future

outlook changes, the use of loss carryforwards for which a

deferred tax asset has been recognized should continue

until 2030.

In Luxembourg, €7.1 million in deferred tax assets were

recognized at December 31, 2025. Unless the future

outlook changes, the use of loss carryforwards for which a

deferred tax asset has been recognized should continue

until 2030, given predictable business performance.

Deferred tax assets for one Belgian company amounted to

€3.7 million at December 31, 2025. Unless the future

outlook changes, the use of loss carryforwards for which a

deferred tax asset has been recognized should continue

until 2030, given the predicted performance of contracts in

this region, which has reached a critical size.

Deferred tax assets for a Dutch company amounted to

€0.9 million at December 31, 2025. Unless the future

outlook changes, the use of loss carryforwards for which a

deferred tax asset has been recognized should continue

until 2030.

Capitalized loss carryforwards

At December 31, 2025, deferred tax assets for loss

carryforwards amounted to €23.8 million, arising mostly

from France, Germany, Luxembourg, and Belgium.

Non-capitalized loss carryforwards

At December 31, 2025, loss carryforwards for which no

deferred tax asset has been recognized amounted to €206

million. They concern entities in Luxembourg, France,

Spain, and Italy. There are expiration dates, except for in

Luxembourg, where the valid period is 17 years.

Note 18: Related parties

18.1 Related party disclosures

Note 21 presents the structure of the Group and all its subsidiaries. The following table shows transaction amounts with

related parties.


		Telenet co- shareholder		Associates and joint ventures		Other related parties		Group Total
(In millions of euros)		2025	2024 restated	2025	2024 restated	2025	2024 restated	2025	2024 restated
Income	Services provided by the Group	159.7	128.6	—	—	—	—	159.7	128.6
Expenses	Services received by the Group	1.1	3.3	—	—	9.1	5.9	10.3	9.1
Loan	Amount loaned by the Group	15.4	8.2	—	—	0.2	0.3	15.6	8.4
Debt	Amounts due from the Group	2.1	2.5	—	—	0.4	3.2	2.5	5.7

All transactions with related parties are carried out under normal market conditions.

Nature of transactions and relationships with related parties:

Activities involving the Group and co-shareholder Telenet mostly concern revenue from the installation and maintenance

of telecom networks operated by the Group.

“Other related parties” include:

• Transactions with minority shareholders

• Transactions with key members of management

• Transactions with non-consolidated companies.


Solutions30 \| Annual Report 2025		248

18.2: Remuneration for members of corporate governance boards

Remuneration paid to members of the management and

supervisory boards for their roles as directors and officers

in accordance with their employment contracts amounted

to €2.3 million (2024: €2.3 million).

There are no retirement commitments other than those put

forth in law for management and supervisory boards.


(In millions of euros)	2025	2024 restated
Fixed remuneration	1.4	1.4
Directors’ fees	0.4	0.4
Variable remuneration	0.2	0.4
Benefits in kind	0.1	0.1

Note 19: Auditors’ fees


	PKF Lux.	PKF Lux.	PKF Network	PKF Network	Other auditors		TOTAL
(In millions of euros)	2025	2024 restated	2025	2024 restated	2025	2024 restated	2025	2024 restated
Statutory auditor, certification, examination of individual and consolidated accounts	0.48	0.48	0.41	0.64	0.51	0.48	1.40	1.60
Services other than account certification	—	—	—	—	—	—	—	—
TOTAL	0.48	0.48	0.41	0.64	0.52	0.48	1.40	1.60

Note 20: Important events after the end of

the reporting period

■ There were no significant events after the closing.

Note 21: Scope of consolidation

21.1 Reorganization of legal structures

The following operations were carried out in 2025:

■ On January 2, 2025, the Polish company TELEKOM

USLUGI was merged into SOLUTIONS 30 TELECOM

SPZOO.

■ On December 23, 2025, Solutions30 SE acquired 24%

of the Dutch company Solutions30 Projects, increasing

its stake to 100%.

■ As of December 1, 2025, the Group had acquired 49%

of the French company Solutions30 Connect,

increasing its stake to 100%.

■ The following company has changed its name:

■ SOLUTIONS 30 WSCHOD SPZOO was renamed

SOLUTIONS 30 TELECOM SPZOO.

21.2 Subsidiary acquisitions

The Group records business combinations using the

acquisition method when all the acquired activities and

assets meet the definition of a business, whose control is

transferred to the Group. To determine whether a given set

of activities and assets constitutes a business, the Group

evaluates whether the set includes, at a minimum, an

input and an essential process, and if the acquired set of

activities and assets has the capacity to produce goods or

services.

The consideration given is measured at its fair value, for

example the net value of identifiable acquired assets. The

Group evaluates minority interests based on their share of

net assets and records goodwill based on the “Partial

Goodwill” method. Any profit from acquisitions made under

advantageous circumstances are immediately recorded as

income. Acquisition costs are recorded as expenses.

Any considerations are evaluated at their fair value on the

date of acquisition. If the obligation to pay contingent

consideration that meets the definition of a financial

instrument has been categorized as equity, it is not

reevaluated and its payment is accounted for as equity. If

not, any other contingent considerations are reevaluated

at fair value at the end of each reporting period and any

changes in the fair values of the contingent considerations

are recorded as income.

2 1.2.1 Acquisitions in 2025

In 2025, the Group carried out the acquisition transactions

presented below. The purchase prices on these

transactions have not been allocated as of December 31,

2025:


Solutions30 \| Annual Report 2025		249

■ Solutions 30 Solaire

On April 1, 2025, the Group assumed control of Solutions

30 Solaire by acquiring an additional 50% of its share

capital, thus increasing its stake to 60%, including the 10%

already held. Solutions 30 Solaire is fully consolidated

from this date.

Solutions 30 Solaire specializes in the construction of

photovoltaic power plants. Ultimately, based on the

agreement between the acquiring shareholders, the Group

will control 100% of the share capital within 5 years.

The acquisition of 50% of the company’s shares totals

€6.2 million, consisting of an upfront payment of €5.9

million and a deferred earnout of €0.3 million payable at a

later date.

Solutions 30 Solaire contributed €13 million to group

revenue, while its impact on group income from the

acquisition date to the end of the reporting period was

€1.3 million. If this company had been acquired on the first

day of the year, the subsidiary would have contributed €17

million to group revenue and its contribution to group

income would have been €1.7 million.

■ Elektra Realizacje SPZOO

On July 23, 2025, the Group gained control of Elektra

Realizacje SPZOO by acquiring 51% of its share capital.

Elektra Realizacje SPZOO is fully consolidated starting

from this date.

This company specializes in modernizing low- and

medium-voltage electrical grids, a key business as Poland

ramps up its green energy transition. The company offers

a comprehensive range of services, including transformer

station replacement, switchgear dismantling and

replacement, and electrical equipment maintenance.

Ultimately, based on the agreement between the acquiring

shareholders, the Group will control 100% of the share

capital within 2 years.

The purchase price for 51% of the company’s shares

amounted to €0.2 million.

Elektra Realizacje SPZOO Contributed €0.8 million to

group revenue and €0.2 million to group income between

the acquisition date and the end of the year. If this

company had been acquired on the first day of the year,

the subsidiary would have contributed €1.6 million to

group revenue and its contribution to group income would

have been €0.7 million.


Solutions30 \| Annual Report 2025		250

■ Acquired assets and liabilities:


(In millions of euros)	Solutions 30 Solaire (SoTec)	Elektra Realizacje SPZOO	TOTAL

Intangible assets	0.92	—	0.92
Property, plant and equipment	0.16	—	0.16
Right-of-use assets	1.45	0.03	1.48
Cash and cash equivalents	4.32	0.18	4.50
Trade receivables	6.47	0.13	6.60
Other current assets	0.24	0.02	0.27
Other non-current assets	0.06	—	0.06
Inventories	0.08	0.01	0.09
Total Assets	13.71	0.37	14.07

Trade debts	1.34	0.12	1.46
Other current liabilities	3.94	0.03	3.97
Other non-current liabilities	0.16	—	0.16
Lease liabilities	1.45	0.03	1.48
Deferred tax liabilities	0.23	—	0.23
Total equity and liabilities	7.12	0.17	7.29

Total net assets at fair value	6.59	0.20	6.78

Share of minority interests in identifiable net assets	(2.63)	(0.10)	(2.73)
Goodwill	3.48	0.11	3.59
Earnouts	(0.25)	—	(0.25)
Fair value of previous investments	(1.24)	—	(1.24)
Purchase price	5.94	0.21	6.15

Acquisitions of subsidiaries, net of cash received	1.62	0.03	1.65

21.3 Discontinued Operations

■ Deconsolidation of the United Kingdom:

In November 2025, the Group approved the voluntary

receivership of its subsidiary « Solutions30 UK » owned

and based in the United Kingdom. This decision was taken

in view of the definitive discontinuation of the sub-group’s

operations, which had become unprofitable, as well as the

absence of short or medium term development prospects.

The court’s appointment of administrators became

effective on November 11, 2025, resulting in the loss of

control and the deconsolidation of Solutions 30 UK

Holding, Comvergent Holding, Solutions 30 UK, and

Solutions 30 UK Services.

The deconsolidation of these UK companies meets the

IFRS 5 criteria for discontinued operations. A discontinued

operation refers to a component that the Group has

divested, representing a major and distinct business

segment or geographic area.

Consequently, the loss from the deconsolidation of UK

operations, as well as the current income totaling €10.8

million, has been presented under « Net income from

discontinued operations ».

■ Divestiture of the telecom business in Spain

As of December 19, 2025, the Group has divested the

telecom operations of Solutions 30 Iberia, also known

as « S30 Spain ».

The sale of the telecom business’ assets and liabilities

meets IFRS 5 criteria for discontinued operations. A

divested operation refers to a component that the Group

has sold off, representing a major and distinct business

segment or geographic area.

Consequently, the loss from the deconsolidation of the

telecom business in Spain, along with the current income

totaling €6.3 million, has been presented under « Net

income from discontinued operations ».

The net income from discontinued operations, the

deconsolidated assets and liabilities, and the cash flows

related to discontinued operations are presented in the

tables below.


Solutions30 \| Annual Report 2025		251

■ Net income from discontinued operations:


(In millions of euros)	S30 Spain	Solutions30 UK	2025 TOTAL

Revenue	9.7	14.8	24.5
Operating expenses	(11.0)	(27.4)	(38.4)
Financial expenses	(0.1)	(1.4)	(1.5)
Pre-tax income from discontinued operations	(1.4)	(14.0)	(15.4)
Taxes	—	2.6	2.6
Total current net income from discontinued operations	(1.4)	(11.4)	(12.8)

Profit on deconsolidation from the United Kingdom	—	0.6	0.6
Loss on deconsolidation of the telecom business in Spain	(4.9)	—	(4.9)
Losses on deconsolidation	(4.9)	0.6	(4.3)


Net income from discontinued operations	(6.3)	(10.8)	(17.1)


(In millions of euros)	S30 Spain	Solutions30 UK	2024 TOTAL

Revenue	23.8	29.1	52.9
Operating expenses	(30.0)	(33.1)	(63.1)
Financial expenses	(0.3)	0.8	0.5
Pre-tax income from discontinued operations	(6.5)	(3.2)	(9.7)
Taxes	—	0.3	0.3
Total current net income from discontinued operations	(6.5)	(2.9)	(9.4)

Net income from discontinued operations	(6.5)	(2.9)	(9.4)


Solutions30 \| Annual Report 2025		252

■ Loss on deconsolidation


(In millions of euros)	S30 Spain	Solutions30 UK	2025 TOTAL

Intangible assets	3.3	—	3.3
Property, plant and equipment	0.1	0.5	0.6
Right-of-use assets	—	0.3	0.3
Cash and cash equivalents	—	0.1	0.1
Trade receivables	2.5	1.6	4.1
Other current assets	—	1.1	1.1
Inventories	0.4	—	0.4
Deferred tax assets	—	1.4	1.4
Total Assets	6.3	5.0	11.3

Trade debts	—	2.1	2.1
Other current liabilities	—	3.2	3.2
Other non-current liabilities	—	—	—
Lease liabilities	—	0.3	0.3
Deferred tax liabilities	0.8	—	0.8
Debts owed to the Group	—	23.5	23.5
Total equity and liabilities	0.8	29.0	29.9

Book value of deconsolidated net assets	(5.5)	24.0	18.6
Sale price / Fair value of anticipated proceeds from liquidation	0.6	—	0.6
Loss on receivables from deconsolidated companies (1)	—	(23.5)	(23.5)

Loss on deconsolidation	(4.9)	0.6	(4.3)

Change in cash flow related to deconsoliation	0.6	(0.1)	0.5

(1) Impact of intragroup financing S30 UK:

Prior to the voluntary liquidation of the S30 UK subgroup, the parent company Solutions30 SE had provided the

subsidiary Solutions30 UK with intra-group financing in the form of a loan. On a consolidated level, this receivable was

offset against the corresponding intragroup liability recorded in the subsidiary’s liabilities. Following the loss of control on

November 11, 2025, the Group recognized a bad debt expense of €23.47 million.

As part of determining the disposal result of the S30 UK sub-group, the Group presented the impact of this receivable

loss together with the other effects arising from the loss of control.

This presentation is intended to appropriately reflect the overall economic impact of the sub-group’s disposal, given that

the corresponding intragroup liability was included in the liabilities of the subsidiary derecognized from the scope of

consolidation.


Solutions30 \| Annual Report 2025		253

■ Restated 2024 consolidated earnings:

In accordance with IFRS 5 provisions, the 2024 income statement has been restated to reflect the classification of the

United Kingdom and telecoms business in Spain as discontinued operations. The income from discontinued and divested

operations is now presented under the dedicated line “Net income from discontinued operations.”

Restated 2024 net income


(In millions of euros)	2024 reported	IFRS 5 reclassifications -United Kingdom-	IFRS 5 reclassifications -Spain-	2024 restated
Revenue	996.0	(29.1)	(23.8)	943.0
Other current operating income	21.3	—	—	21.3
Raw materials, goods and consumables	(97.9)	0.2	6.4	(91.4)
Employee costs	(237.5)	5.3	8.1	(224.1)
Payroll taxes, taxes, duties, and similar payments	(64.2)	0.1	3.0	(61.1)
Other current operating expenses	(542.5)	22.2	7.2	(513.1)
Operating margin (Adjusted EBITDA)	75.1	(1.3)	0.8	74.6
Depreciation, amortization and impairment of fixed assets	(64.7)	2.3	1.5	(60.9)
Charges to and reversals of provisions	3.6	—	—	3.6
Other non-recurring operating income	2.2	—	—	2.2
Other non-recurring operating expenses	(15.5)	2.9	3.8	(8.8)
Operating income	0.6	4.0	6.1	10.7
Financial income	3.0	(1.1)	(0.1)	1.8
Financial expenses	(17.7)	0.3	0.4	(17.0)
Net financial income	(14.7)	(0.8)	0.3	(15.2)
Income taxes	(1.4)	(0.3)	—	(1.7)
Income from associates	0.4	—	—	0.4
Net income from continuing operations	(15.1)	2.9	6.4	(5.7)
Net income from discontinued operations	—	(2.9)	(6.4)	(9.4)
Consolidated net income	(15.1)	—	—	(15.1)


Solutions30 \| Annual Report 2025		254

■ Restated 2024 consolidated statement of cash flows:

In accordance with IFRS 5, the 2024 consolidated statement of cash flows has been restated to reflect the classification of the

United Kingdom and the telecom business in Spain as discontinued and divested operations. Cash flows related to discontinued

operations are now presented as dedicated line items.


(In millions of euros)	2024 reported	IFRS 5 reclassifications -United Kingdom-	IFRS 5 reclassifications -Spain-	2024 restated
CONSOLIDATED NET INCOME	(15.1)	—	—	(15.1)
Net income, group share	(15.8)	—	—	(15.8)
Net income, minority interests	0.7	—	—	0.7
Non-monetary items from continuing operations:
Depreciation, amortization and impairment	64.7	(2.3)	(1.5)	60.9
Allocations to provisions	(3.6)	—	—	(3.6)
Elimination of deferred taxes	(8.2)	0.3	—	(7.9)
Elimination of current taxes	9.6	—	—	9.6
Elimination of income from associates	(0.4)	—	—	(0.4)
Change in fair value of derivatives	0.1	—	—	0.1
Change in fair value of options and earnouts	(1.1)	—	—	(1.1)
Elimination of interest expenses	10.5	—	(0.1)	10.3
Non-monetary items from discontinued operations:
Depreciation, amortization and impairment from discontinued operations	—	2.3	1.5	3.8
Allocations to provisions for discontinued operations	—	—	—	0.1
Change in deferred taxes for discontinued operations	—	(0.3)	—	(0.3)
Elimination of interest expenses for discontinued operations	—	—	0.1	0.2
Operating cash flow from consolidated companies	56.6	—	—	56.6

Change in working capital requirements for operations	1.6	—	—	1.6
Components of continuing operations:
Decrease (increase) in inventory	1.8	—	(1.2)	0.6
Increase in trade receivables and related accounts and other receivables	(8.1)	(3.9)	(1.7)	(13.7)
Increase (Decrease) in trade & other payables	(29.4)	1.6	—	(27.8)
Changes in other receivables and debts	48.8	0.4	(0.5)	48.7
Corporate tax paid	(11.4)	—	—	(11.4)
Components of discontinued operations:
Change in working capital requirements related to discontinued operations	—	1.9	3.4	5.3
Net cash flows from operating activities	58.2	—	—	58.2
Of which, cash flows related to continuing operations	58.2	(0.9)	(0.7)	56.5
Of which, cash flows related to discontinued operations	—	0.9	0.7	1.6

CASH FLOW FROM INVESTING ACTIVITIES
Components of continuing operations:
Acquisition of non-current assets	(18.2)	0.3	—	(17.9)
Acquisition of associate companies	(0.1)	—	—	(0.1)
Acquisitions of minority interests and earnouts paid	(3.5)	—	—	(3.5)
Acquisition and disposal of non-current financial assets	(0.4)	—	—	(0.4)
Disposal of non-current assets after tax	0.7	—	—	0.7
Components of discontinued operations:
Acquisition of fixed assets related to discontinued operations	—	(0.3)	—	(0.3)
Net cash flow from investing activities	(21.6)	—	—	(21.6)
Of which, cash flows related to continuing operations	(21.6)	0.3	—	(21.3)
Of which, cash flows related to discontinued operations	—	(0.3)	—	(0.3)


Solutions30 \| Annual Report 2025		255


(In millions of euros)	2024 reported	IFRS 5 reclassifications -United Kingdom-	IFRS 5 reclassifications -Spain-	2024 restated
CASH FLOW FROM FINANCING ACTIVITIES
Components of continuing operations:
Loan issuance	7.9	—	—	7.8
Loan repayment	(22.2)	—	2.2	(20.0)
Interest paid on borrowings	(6.9)	—	0.1	(6.8)
Debt issuance costs	(1.9)	—	—	(1.9)
Repayment of lease liabilities	(31.1)	0.4	0.8	(30.0)
Interest paid on lease liabilities	(3.2)	—	—	(3.2)
Components of discontinued operations:
Loan issuance related to discontinued operations			—	—
Loan repayment related to discontinued operations			(2.2)	(2.2)
Interest paid on borrowings related to discontinued operations			(0.1)	(0.1)
Repayment of lease liabilities related to discontinued operations	—	(0.4)	(0.8)	(1.1)
Interest paid on lease liabilities related to discontinued operations	—	—	—	—
Net cash flow from financing activities	(57.4)	—	—	(57.4)
Of which, cash flows related to continuing operations	(57.4)	0.4	3.1	(54.0)
Of which, cash flows related to discontinued operations	—	(0.4)	(3.1)	(3.4)

Impact of currency exchange rate fluctuations on continuing operations	(1.1)	1.0	—	(0.1)
Impact of currency exchange rate fluctuations on discontinued operations	—	(1.0)	—	(1.0)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	(22.0)	—	—	(22.0)

Opening cash balance	118.2			118.2
Closing cash balance	96.3			96.2


Solutions30 \| Annual Report 2025		256

21.4 Other changes in scope of consolidation 2025

In May 2025, the Group approved the voluntary liquidation

of the “Xperal” sub-group, owned and based in the

Netherlands. This decision was taken in view of the

definitive discontinuation of the sub-group’s operations,

which had become unprofitable, and the absence of short-

or medium-term development prospects.

The effective date of the liquidation was May 28, 2025,

resulting in the loss of control of the Louwers Beheer BV

company and consequently, the deconsolidation of this

company and its subsidiaries XPERAL BV, Astra Solar BV,

Louwers Installatie BV and Louwers Onroerend Goed BV.

The liquidation loss amounted to €0.1 million and is

presented under “Other non-recurring operating

expenses.”

The assets and liabilities of Xperal and its subsidiaries as

of the date of loss of control are presented in the table

below:


(In millions of euros)	Xperal
Assets
Intangible assets	0.45
Property, plant and equipment	0.20
Cash and cash equivalents	0.03
Trade receivables	0.19
Other current assets	0.76
Inventories	0.53
Deferred tax assets	0.45
	2.60
Liabilities
Trade debts	0.74
Other current liabilities	1.31
Other non-current liabilities	0.18
	2.23
Book value of liquidated subsidiaries’ net assets	0.38
Goodwill	0.64
earnout	(0.95)
Net loss on the loss of control of Xperal recognized in net income	0.07

Change in cash and cash equivalents due to deconsolidation	(0.03)


Solutions30 \| Annual Report 2025		257

21.5 List of consolidated entities

The table below presents the list of consolidated companies, including percentages of indirect control, ownership stakes,

and consolidation methods:


Country	Company and legal form	Integration method	% indirect control December 31, 2025	% stake at December 31, 2025
Luxembourg	Solutions30 SE	Parent company	Parent company	Parent company
Germany	Solutions30 Holding GmbH	Fully consolidated	100%	100%
Germany	Solutions30 Field Services Gmbh	Fully consolidated	100%	100%
Germany	Solutions30 Gmbh	Fully consolidated	100%	100%
Germany	Solutions30 Operations GmbH	Fully consolidated	100%	100%
Germany	Solutions30 Field Services Sud Gmbh	Fully consolidated	100%	100%
Germany	Worldlink Gmbh	Fully consolidated	100%	100%
Belgium	Unit-T	Fully consolidated	70%	70%
Belgium	Brabamij Technics BV	Fully consolidated	70%	70%
Belgium	Brabamij Infra BV	Fully consolidated	70%	70%
Belgium	Unit-T Certified Service	Fully consolidated	70%	70%
Belgium	Business Solutions30 Belgium B.V.	Fully consolidated	100%	100%
Belgium	Solutions30 Belgium Networks	Fully consolidated	100%	100%
Belgium	Solutions30 Belgium	Fully consolidated	100%	100%
Belgium	UNIT-T Field Services BVBA	Fully consolidated	70%	70%
Belgium	ICT Field Services BVBA	Fully consolidated	70%	70%
Belgium	TM BRABAMIJ - UNIT-T	Fully consolidated	70%	70%
Spain	Solutions30 Iberia	Fully consolidated	100%	100%
Spain	Provisiona Ingenieria	Fully consolidated	100%	100%
Spain	Solutions30 Iberia Seguridad SL	Fully consolidated	100%	100%
France	SOLUTIONS 30 ETC	Fully consolidated	100%	100%
France	Telima Infoservices	Fully consolidated	100%	100%
France	FORM@HOME	Fully consolidated	100%	100%
France	Frepart	Fully consolidated	100%	100%
France	Telima Nord	Fully consolidated	100%	100%
France	Telima Onsite	Fully consolidated	100%	100%
France	SFM30	Fully consolidated	100%	100%
France	Solutions30 IT France	Fully consolidated	100%	100%
France	Solutions30 Sud-Est	Fully consolidated	100%	100%
France	Telima Professional Services	Fully consolidated	100%	100%
France	Solutions30 Martinique	Fully consolidated	100%	100%
France	Solutions30 Guyane	Fully consolidated	100%	100%
France	Solutions30 Energies	Fully consolidated	100%	100%
France	Byon	Fully consolidated	100%	100%
France	Byon Connect	Fully consolidated	100%	100%
France	MySupplace France	Fully consolidated	100%	100%
France	Solutions30 Guadeloupe	Fully consolidated	100%	100%
France	Alphane Dépannage Distribution (ADEDIS)	Fully consolidated	100%	100%
France	Digitilab	Fully consolidated	100%	100%
France	Solutions30 Academy	Fully consolidated	100%	100%
France	Solutions30 GSE	Fully consolidated	100%	100%
France	Solutions30 LiftTech	Fully consolidated	100%	100%
France	Solutions30 TP	Fully consolidated	100%	100%
France	Solutions30 Grand Sud-Ouest	Fully consolidated	100%	100%
France	Solutions30 Connect	Fully consolidated	51%	51%
France	Solutions30 Solaire	Fully consolidated	60%	60%
France	SO-TEC	Fully consolidated	60%	60%
Italy	Solutions30 Italia	Fully consolidated	100%	100%
Italy	Imatel Service	Fully consolidated	100%	100%
Italy	Piemonte	Fully consolidated	100%	100%
Italy	Solutions30 Consortile	Fully consolidated	73%	73%
Italy	CONTACT 30	Fully consolidated	100%	100%
Italy	Algor	Fully consolidated	80%	80%
Italy	CFC Italia	Fully consolidated	100%	100%
Italy	Telima. C	Fully consolidated	100%	100%
Luxembourg	Smartfix 30	Fully consolidated	100%	100%
Luxembourg	Solutions30 Luxembourg	Fully consolidated	100%	100%


Solutions30 \| Annual Report 2025		258


Country	Company and legal form	Integration method	% indirect control December 31, 2025	% stake at December 31, 2025
Morocco	SOL30MAROC	Fully consolidated	100%	100%
Netherlands	Business Solutions30 Holland	Fully consolidated	100%	100%
Netherlands	Solutions30 Netherlands	Fully consolidated	100%	100%
Netherlands	I-Holding	Fully consolidated	100%	100%
Netherlands	Solutions30 Projects	Fully consolidated	100%	100%
Poland	Solutions30 Holding	Fully consolidated	100%	100%
Poland	Solutions30 Wschod	Fully consolidated	100%	100%
Poland	Solutions30 Mobile	Fully consolidated	100%	100%
Poland	Elektra Realizacje Sp. Zo.o.	Fully consolidated	51%	51%
Portugal	Solutions30 Portugal	Fully consolidated	100%	100%
Portugal	Byon Solutions	Fully consolidated	100%	100%
Portugal	Solutions30 Prazo Elevators	Fully consolidated	51%	51%
Tunisia	Telima Tunisie	Fully consolidated	100%	100%


Solutions30 \| Annual Report 2025		259

6.3 Independent Authorized Auditor’s Report

INDEPENDENT AUDITOR’S REPORT

To the shareholders of

Solutions 30 SE

21, rue du Puits Romain

L-8070 Bertrange

Audit Report on the Consolidated Financial Statements

Opinion

We have audited the consolidated financial statements of

Solutions 30 SE and its subsidiaries (the “Group”) which

comprise the consolidated statement of financial position

as at 31 December 2025 and the consolidated statement

of comprehensive income, consolidated statement of

equity and consolidated statement of cash flows for the

year then ended, and notes to the consolidated financial

statements, including a summary of significant accounting

policies.

In our opinion, the accompanying consolidated financial

statements present fairly, in all material respects, the

consolidated financial position of the Group as at 31

December 2025, and its consolidated financial

performance and its consolidated cash flows for the year

then ended in accordance with IFRS Accounting

Standards as adopted by the European Union.

Basis for opinion

We conducted our audit in accordance with the EU

Regulation N° 537/2014, the Law of 23 July 2016 on the

audit profession (“Law of 23 July 2016”) and with

International Standards on Auditing (“ISA”) as adopted for

Luxembourg by the “Commission de Surveillance du

Secteur Financier” (“CSSF”). Our responsibilities under

the EU regulation N^o 537/2014, the Law of 23 July 2016

and ISA as adopted for Luxembourg by the CSSF are

further described in the « Responsibilities of the “réviseur

d’entreprises agréé” for the audit of the consolidated

financial statements » section of our report. We are also

independent of the Group in accordance with the

International Code of Ethics for Professional Accountants,

including International Independence Standards, issued by

the International Ethics Standards Board for Accountants

(IESBA Code) as adopted for Luxembourg by the CSSF

together with the ethical requirements that are relevant to

our audit of the consolidated financial statements, and

have fulfilled our other ethical responsibilities under those

ethical requirements.

We believe that the audit evidence we have obtained is

sufficient and appropriate to provide a basis for our

opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note 2.3 Basis of preparation of the

consolidated financial statements. The note states that,

following the losses recognized in 2025, the Group

performed an analysis of several scenarios regarding the

future development of its operations. These events and

conditions, taken together, indicate that a material

uncertainty exists that may cast significant doubt on the

Group’s ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

Key audit matters

Key audit matters are those matters that, in our

professional judgment, were of most significance in our

audit of the consolidated financial statements of the

current period. These matters were addressed in the

context of the audit of the consolidated financial

statements as a whole, and in forming our opinion

thereon, and we do not provide a separate opinion on

these matters. In addition to the matter described in the

Material Uncertainty Related to Going Concern section,

we have determined the matters described below to be the

key audit matters to be communicated in our report.

Valuation of goodwill and other intangible assets

On 31 December 2025, goodwill and other intangible

assets amount to EUR 58.9 million and EUR 71.4 million

respectively (representing 9% and 11% of total assets).

These fixed assets are detailed in notes 14.1 and 14.2.

These fixed assets are tested as soon as there is an

indication of a possible impairment and on the first

consolidation of a newly acquired subsidiary. In addition,

the impairment test of goodwill is performed at the end of

each financial period.

For the purposes of these impairment tests, the assets are

gathered into Cash Generating Units ("CGUs"). CGUs are

based on geographical areas and as at 31 December

2025 the Group recognized six CGUs.


Solutions30 \| Annual Report 2025		260

The Group values assets and liabilities acquired during a

business combination at their acquisition-date fair value,

which includes the valuation of customer relationships.

We considered the determination of the value-in-use of

these assets to be a key audit matter given their

importance in the Group's accounts and as the

determination of their value-in-use, based on discounted

cash flow forecasts, requires the use of assumptions and

estimates that depend on management’s judgment.

How our audit addressed the key audit matter

Our work included the following procedures:

• Assess the appropriateness of management's

approach to determine CGUs for which goodwill and

other intangible assets are tested by the Group;

• Obtain the value-in-use model, verify its mathematical

accuracy, compare the value-in-use with the carrying

amount and review the computation of the impairment

tests performed by an external expert;

• Assess the consistency of the business planning

process for each CGU and analyze the consistency of

projections and assumptions made by management

for these plans by comparing them with previous plans

and comparing the latter with actual results for the

years concerned;

• Assess the reasonableness of the discount rates

applied to the estimated cash flows by reviewing, in

particular, whether the weighted average cost of

capital elements for each CGU are consistent with

market rates;

• Evaluate the results of the sensitivity analyses on

discount rates and long-term growth rates and review

the accuracy of the information given in notes 14.1 and

14.2.

Recognition of deferred taxes relating to tax losses

carried forward

As of 31 December 2025, an amount of EUR 19.4 million

was recognized in the consolidated financial statements

as deferred tax assets relating to tax losses carried

forward.

As indicated in note 17.3 "Loss carryforwards" to the

consolidated financial statements, deferred tax assets

relating to loss carryforwards are recognized to the extent

that it is probable that a future taxable profit will make it

possible to recover them, the recoverability being

assessed in particular with regard to a business plan used

for the impairment tests.

We considered the recognition of deferred tax assets

relating to tax loss carryforwards to be a key audit matter

given the significant degree of judgment regarding the

ability of the Group's entities to achieve the results set out

in the business plan.

How our audit responded to this key point

We assessed the probability to recover deferred tax

assets relating to tax losses carried forward.

Our work mainly consisted of:

• Assess the appropriateness of the methodology used

by management to identify the tax loss carryforwards

that the Group intends to utilize;

• Assess the process for developing and approving the

business plan justifying the ability of each entity to

generate future taxable profits to utilize tax loss

carryforwards;

• Analyze the length of the forecast periods retained by

management to utilize tax loss carryforwards;

• Assess the reasonableness of the assumptions made

by management in the business plan prepared for

each tax entity, by comparing with the business plans

prepared for the valuation of goodwill and other

intangible assets described in the key audit matter

above;

• Assess the appropriateness of the information

presented in note 17 "Income tax”.

Other information

The Management Board is responsible for the other

information which is approved by the Supervisory Board.

The other information comprises the information stated in

the management report and the corporate governance

statement but does not include the consolidated financial

statements and our report of the “réviseur d’entreprises

agréé” thereon.

Our opinion on the consolidated financial statements does

not cover the other information and we do not express any

form of assurance conclusion thereon.

In connection with our audit of the consolidated financial

statements, our responsibility is to read the other

information and, in doing so, consider whether the other

information is materially inconsistent with the consolidated

financial statements, or our knowledge obtained in the

audit or otherwise appears to be materially misstated. If,

based on the work we have performed, we conclude that

there is a material misstatement of this other information,

we are required to report this fact. We have nothing to

report in this regard.

Responsibilities of the Management Board and those

charged with governance for the consolidated

financial statements

The Management Board is responsible for the preparation

and fair presentation of the consolidated financial

statements in accordance with IFRS Accounting

Standards as adopted by the European Union, and for

such internal control as the Management Board

determines is necessary to enable the preparation of

consolidated financial statements that are free from

material misstatement, whether due to fraud or error.


Solutions30 \| Annual Report 2025		261

In preparing the consolidated financial statements, the

Management Board is responsible for assessing the

Group’s ability to continue as a going concern, disclosing,

as applicable, matters related to going concern and using

the going concern basis of accounting unless the

Management Board either intends to liquidate the Group

or to cease operations or has no realistic alternative but to

do so.

Those charged with governance are responsible for

overseeing the Group’s financial reporting process.

The Management Board is responsible for presenting and

marking up the consolidated financial statements in

compliance with the requirements set out in the Delegated

Regulation 2019/815 on European Single Electronic

Format (“ESEF Regulation”).

Responsibilities of the “réviseur d’entreprises agréé”

for the audit of the consolidated financial statements

The objectives of our audit are to obtain reasonable

assurance about whether the consolidated financial

statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue a

report of the “réviseur d’entreprises agréé” that includes

our opinion. Reasonable assurance is a high level of

assurance but is not a guarantee that an audit conducted

in accordance with the EU Regulation N° 537/2014, the

Law of 23 July 2016 and with ISA as adopted for

Luxembourg by the CSSF will always detect a material

misstatement when it exists. Misstatements can arise from

fraud or error and are considered material if, individually or

in the aggregate, they could reasonably be expected to

influence the economic decisions of users taken on the

basis of these consolidated financial statements.

As part of an audit in accordance with the EU Regulation

N° 537/2014, the Law of 23 July 2016 and with ISAs as

adopted for Luxembourg by the CSSF, we exercise

professional judgment and maintain professional

skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement

of the consolidated financial statements, whether due

to fraud or error, design and perform audit procedures

responsive to those risks, and obtain audit evidence

that is sufficient and appropriate to provide a basis for

our opinion. The risk of not detecting a material

misstatement resulting from fraud is higher than for

one resulting from error, as fraud may involve

collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control;

• Obtain an understanding of internal control relevant to

the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the

purpose of expressing an opinion on the effectiveness

of the Group’s internal control;

• Evaluate the appropriateness of accounting policies

used and the reasonableness of accounting estimates

and related disclosures made by the Management

Board;

• Conclude on the appropriateness of the Management

Board’s use of the going concern basis of accounting

and, based on the audit evidence obtained, whether a

material uncertainty exists related to events or

conditions that may cast significant doubt on the

Group’s ability to continue as a going concern. If we

conclude that a material uncertainty exists, we are

required to draw the attention of the readers of our

report to the information provided in the consolidated

financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are

based on the audit evidence obtained up to the date of

our report of the “réviseur d’entreprises agréé”.

However, future events or conditions may cause the

Group to cease to continue as a going concern;

• Evaluate the overall presentation, structure and

content of the consolidated financial statements,

including the disclosures, and whether the

consolidated financial statements represent the

underlying transactions and events in a manner that

achieves fair presentation;

• Obtain sufficient appropriate audit evidence regarding

the financial information of the entities and activities

within the Group to express an opinion on the

consolidated financial statements. We are responsible

for the direction, supervision and performance of the

Group audit. We remain solely responsible for our

audit opinion.

Our responsibility is to obtain sufficient appropriate

evidence to conclude that the format and mark-up of the

digital consolidated financial statements comply, in all

material respects, with the requirements set out in the

ESEF Regulation.

We communicate with those charged with governance

regarding, among other matters, the planned scope and

timing of the audit and significant audit findings, including

any significant deficiencies in internal control that we

identify during our audit.

We also provide those charged with governance with a

statement that we have complied with relevant ethical

requirements regarding independence and communicate

to them all relationships and other matters that may

reasonably be thought to bear on our independence, and

where applicable, related safeguards or actions taken to

eliminate threats or safeguards applied.

From the matters communicated with those charged with

governance, we determine those matters that were of

most significance in the audit of the consolidated financial

statements of the current period and are therefore the key

audit matters. We describe these matters in our report

unless law or regulation precludes public disclosure about

the matter.

Report on other legal and regulatory requirements

We have been appointed as “réviseur d’entreprises agréé”

by the General Meeting of Shareholders on


Solutions30 \| Annual Report 2025		262

17 June 2025 and the duration of our uninterrupted

engagement, including previous renewals and

reappointments, is five years.

The management report is consistent with the

consolidated financial statements and has been prepared

in accordance with applicable legal requirements.

The corporate governance statement is included in the

management report. The information required by Article

68ter paragraph (1) letters c) and d) of the law of 19

December 2002 on the commercial and companies

accounts of undertakings, as amended is consistent with

the consolidated financial statements and has been

prepared in accordance with applicable legal

requirements.

We have checked the compliance of the consolidated

financial statement of the Group as at 31 December 2025

with relevant requirements set out in the ESEF Regulation

that are applicable to the consolidated financial

statements.

For the Group it relates to:

• The consolidated financial statements are prepared in

a valid XHTML format;

• The XBRL markup of the consolidated financial

statements uses the core taxonomy and the common

rules on markups specified in the ESEF Regulation.

In our opinion, the consolidated financial statements of the

Group as at 31 December 2025, identified as

«solutions30-2025-12-31-EN.zip» have been prepared, in

all material respects, in compliance with the requirements

laid down in the ESEF Regulation.

We confirm that the audit opinion is consistent with the

additional report to those charged with governance.

We confirm that the prohibited non-audit services referred

to in the EU Regulation No 537/2014 were not provided

and that we remained independent of the Group in

conducting the audit.

Luxembourg, 30 March 2026

PKF Audit & Conseil Sàrl

Cabinet de révision agréé

Jean Medernach

This is a translation into English of the independent auditor’s report on consolidated financial statements issued in French.


Solutions30 \| Annual Report 2025		263

7 SHAREHOLDER

STRUCTURE AND

ADDITIONAL INFORMATION

264

7.1 General Information Concerning the

Company

265

7.2 Memorandums and Articles of

Association

267

7.3 Share Capital

269

7.4 Shareholding

270

7.5 Stock Market Listing

271

7.6 Financial Communication

271

7.7 Person Responsible for the

Document


Solutions30 \| Annual Report 2025		264

7. SHAREHOLDER STRUCTURE AND

ADDITIONAL INFORMATION

7.1 General Information Concerning the Company

7.1.1 Corporate name and trade name

Solutions 30 SE

7.1.2 Location, registration number, and legal entity

identifier

The company is a European company (SE) established in

Luxembourg on August 1, 2013, and incorporated with the

Luxembourg Register of Commerce and Companies under

the number B 179.097.

Its LEI number is 2221003G8BRH3CPABK72.

7.1.3 Date of incorporation and duration (Article 3 of

the Articles of Association)

The company was incorporated on October 22, 2003, for

an unlimited period of time in accordance with Article 3 of

the company’s articles of association, which states, in its

English version, that:

« 3.1 The Company is established for an unlimited period

of time.

3.2 The Company may be dissolved, at any time with or

without cause, by a resolution of the general meeting of

shareholder(s) of the Company adopted in the manner

required for the amendment of the Articles, in accordance

with article 18 of these Articles. »

7.1.4 Other information

• Registered office, legal form, country of origin, address

and telephone number of its registered office, and

website

The company was incorporated in France in the form of a

limited liability company by private agreement at La

Garenne Colombes on October 22, 2003, and was

registered with the Paris Trade and Companies Register

(RCS) under identification number 450 689 625.

It was transformed into a société anonyme (French public

limited company) with a management board and a

supervisory board following the decision of the partners

during the extraordinary general meeting on May 26,

2005.

The company was subsequently transferred as a

European company (SE) to Luxembourg on August 1,

2013, and incorporated with the Trade and Companies

The registered office is located at 21, rue du Puits

Romain, L-8070 Bertrange, Grand Duchy of Luxembourg.

• Legislation governing the company’s activities

Solutions30 is a European company under

Luxembourg law, governed under the SE Regulation,

the Law of 1915, and its own Articles of Association

• Fiscal year

The fiscal year begins on January 1st and ends on

December 31st.

• Publicly available documents and website. Legal

documents regarding the company can be consulted

at the registered office (21, rue du Puits Romain,

L-8070 Bertrange, Grand Duchy of Luxembourg).

Regulated information, whether permanent, periodic or

occasional, may be consulted on the company’s website:

www.solutions30.com, “Investors” section.


Solutions30 \| Annual Report 2025		265

7.2 Memorandums and Articles of Association

7.2.1 Corporate purpose of Solutions30

Article 4 of Solutions30’s Articles of Association:

« 4.1 The corporate object of the Company is:

4.1.1 the trading of electronic products used by

private individuals and professionals, under all its

forms as well as all ancillary or related activities,

delivery, installation, troubleshooting, training;

4.1.2 the creation, design and marketing of websites;

4.1.3 all services related to micro-communicating

office automation and multimedia;

4.1.4 the creation, acquisition, exchange, purchase,

sale, operation of any goodwill related to the above

activity or to similar or complementary activities, and

that any participation or acquisition of interests in

activities of the same nature through contributions,

share subscriptions, acquisitions of business assets,

mergers, purchases of securities or otherwise;

4.1.5 and more generally all operations of any nature

whatsoever, legal, economic and financial, civil and

commercial, relating to the above-mentioned object or

to any other similar or related object, likely to directly

or indirectly promote the aim pursued by the

Company, its extension or its development.

4.2 In addition to the above, the company, in order to

legitimately achieve its corporate purpose, may:

4.2.1 create, acquire, sell, exchange, take or lease,

with or without a commitment to sale, manage and

operate, directly or indirectly, all establishments and

premises, all movable and material objects;

4.2.2 obtain or acquire all patents, licenses,

processes and trademarks, exploit them, transfer or

contribute, grant all operating licenses in any country

concerning these activities;

4.2.3 participate, by any means, directly or indirectly,

in any transactions that may relate to its corporate

purpose by way of the creation of new companies,

contributions, subscriptions or purchases of securities

or corporate rights, mergers or otherwise, the

creation, acquisition, leasing or management of any

business;

4.2.4 act, directly or indirectly, on its own behalf or on

behalf of third parties, either alone or in association,

participation or company, with any other company or

natural or legal person and carry out, directly or

indirectly, in the Grand-Duchy of Luxembourg or

abroad in any form whatsoever the transactions falling

within its corporate object.

4.3 The Company may borrow money in any form or

obtain credit facility and raise funds through, including

but not limited to, the issue of bonds, notes,

promissory notes, certificates and other debts or

equity instruments, convertible or not, or the use of

financial derivatives or otherwise; and enter into any

guarantee, pledge or any other form of security,

whether by personal covenant or by mortgage or

charge upon all or part of the undertaking, property

assets (present or future) or by all or any of such

methods, for the performance of any contracts or

obligations of the Company.

4.4 In addition to the foregoing, the Company may realize

its corporate object either directly or through the

creation of companies, the acquisition, holding or

acquisition of interests in any other companies,

partnerships, memberships in associations, consortia

and joint ventures.

4.5 In general, the Company’s corporate object comprises

the participation, in any form whatsoever, in

companies and partnerships, and the acquisition by

purchase, subscription or in any other manner as well

as transfer by sale, exchange or in any other manners

of shares, bonds, debt securities, warrants and other

securities and instruments of any kind.

4.6 It may grant assistance to any affiliated company and

take any measure for the control and supervision of

such companies.

4.7 It may carry out all legal, commercial, technical and

financial transactions and, in general, all transactions

which are necessary or useful to fulfil its corporate

object as well as transactions directly or indirectly

connected with the areas described above in order to

facilitate the accomplishment of its corporate object in

all areas described above.”

7.2.2 Classes of shares

The shares will be registered or bearer shares. However,

shares must remain registered until they are fully paid up.

7.2.3 Conditions that may defer, delay, or prevent a

change of control

The company’s articles of association do not contain any

provisions enabling a change of control to be delayed,

deferred or prevented.

7.2.4 General meetings

• Notice and place of meeting

General meetings shall be convened under the conditions,

in the form and within the time limits provided for by Law

1915 and the Law of May 24, 2011, on the exercise of

certain rights of shareholders in general meetings of listed

companies and transposing Directive 2007/36/EC of the

European Parliament and of the Council of July 11, 2007,

on the exercise of certain rights of shareholders of listed

companies (the Law 2011). They are held at the

company’s registered office in the Grand-Duchy of


Solutions30 \| Annual Report 2025		266

Luxembourg or at any other location in the Grand-Duchy

of Luxembourg as specified in the notice of meeting.

Notices of general meetings shall be made by means of

announcements inserted in the Luxembourg Trade and

Companies Register and published at least thirty (30) days

before the general meeting in the Recueil électronique des

sociétés et associations (RESA) and in a Luxembourg

newspaper, as well as in a medium which can reasonably

be expected to disseminate information effectively to the

public throughout the European Economic Area and which

is accessible rapidly and in a non-discriminatory manner.

Notices of all general meetings of shareholders shall

contain the information required by Law 2011.

Notices of meeting shall be sent, in accordance with the

above-mentioned notice periods, to the shareholders in

name. Such communication shall be made by registered

letter unless the addressees have individually, expressly

and in writing, agreed to receive the notice of meeting by

another means of communication, without it being

necessary to prove that this formality has been complied

with.

A press release containing the date, time, and place of the

general meeting - as well as the procedures for the

provision of preparatory documents for the general

meeting - is effectively and fully distributed and published

on the company’s website. The notice of meeting detailing

the agenda is also made available on the company’s

website.

• Agenda

The agenda for all general meetings is included in the

notices of meeting; it is set by the author of the notice.

One or more shareholders, together holding at least five

(5) percent of the company’s share capital, may request

the inclusion of items or draft resolutions on the agenda.

The request referred to above shall be accompanied by a

justification or a draft resolution to be adopted at the

general meeting and must reach the company in writing,

by post or electronically, no later than the twenty-second

(22nd) day before the date of the general meeting.

The general meeting may not deliberate on a question that

is not on the agenda, except in exceptional circumstances

in the event of an emergency that could jeopardize the

company and that would therefore necessitate that a

decision be made immediately.

If the general meeting is reconvened for lack of a quorum

at the first meeting, notice of the reconvened meeting

must be published at least seventeen (17) days before the

date of the meeting, provided that the first meeting

satisfied the requirements set out in the Law of 2011 and

no new business was added to the agenda.

• Access to general meetings

In accordance with legal and statutory provisions, all

shareholders have the right to participate in general

meetings and deliberations in person or by proxy,

regardless of the number of shares they hold, upon simply

presenting proof of identity, provided that their shares are

paid up and have been registered in their name or in the

name of the intermediary registered on their behalf on the

record date (as defined below). In accordance with the

company’s articles of association, the record date for the

general meeting is the fourteenth (14th) day at midnight

(12:00 am Luxembourg time) preceding the date of the

general meeting (the record date). Shareholders must

inform the company of their intention to participate in the

general meeting in writing, by mail or electronically, at the

postal or electronic address indicated in the notice of

meeting, no later than the date set by the management

board, which cannot be earlier than the record date

indicated in the notice of meeting.

The documents to be presented to the shareholders in the

context of a general meeting are made available on the

company’s website from the date of the first publication of

the notice of the general meeting in accordance with

Luxembourg law.

Any shareholder entitled to attend the general meeting

may be represented by another shareholder, his or her

spouse, or any other person of his or her choosing. The

power of attorney must contain the instructions and

information set out in Law 1915. In the event that the

principal fails to appoint a proxy, the power of attorney in

question shall not be taken into account. The written

power of attorney may be sent by fax, e-mail or any other

means of communication.

Any shareholder may vote by mail via a form that he or

she can have sent upon written request containing proof of

his or her status as a shareholder on the record date and

the number of shares held addressed to the company.

Shareholders may only use the voting forms provided by

the company.

• Quorum and deliberations

Unless otherwise stipulated in SE regulations, the Law

1915, or the articles of association, decisions made at a

duly convened annual general meeting of shareholders

shall not require a quorum and shall be made by a simple

majority of the votes cast regardless of the portion of

share capital represented. Abstentions and invalid votes

will not be counted.

On the contrary, any extraordinary general meeting may

validly deliberate only if at least half of the share capital is

represented. At a second meeting in the event that the

quorum requirement is not met at the first meeting, no

quorum is required. In both cases, decisions are made by

a two-thirds majority of the votes cast, with the

understanding that the votes cast do not include those

attached to shares for which the shareholder did not take

part in the vote, abstained, or cast a blank or invalid vote.

• Conduct of general meetings and minutes

At least one general meeting must be held each year. The

company’s annual general meeting of shareholders is held

within six (6) months of the end of the fiscal year.

A board is formed at every general meeting, consisting of

a chairperson, who is chairperson of the management


Solutions30 \| Annual Report 2025		267

board, as well as a secretary and a scrutineer, neither of

whom need to be shareholders or members of the

management board. In particular, the general meeting

board shall ensure that the meeting is held in compliance

with applicable laws and, specifically, in accordance with

the rules on convening meetings, majority, tallying votes,

and shareholder representation.

An attendance list will be drawn up at every general

meeting of shareholders.

The board of the general meeting of shareholders takes

the minutes of the general meeting, which are signed by

the members of the general meeting board and by any

shareholder who requests to do so.

Any copy or extract of the original minutes to be produced

in the context of legal proceedings or for the benefit of any

third party shall be certified as a true copy of the original

by the notary holding the notarial deed in trust, if the

general meeting was recorded in notarial form; by the

chairperson of the

Company’s management board, if necessary; by two

members of the management board; or, lastly, by the

person to whom day-to-day management has been

delegated.

7.2.5 Crossing thresholds and identifying

shareholders

As of the writing of this report, the company is subject to

the provisions of the Euronext Market Rules and the

January 11, 2008 Law on Transparency Requirements for

Issuers of Securities, as amended (The Transparency

Law).

In addition to disclosing when thresholds expressly set out

in the applicable rules are crossed, in accordance with the

articles of association, any natural person or legal entity

coming to hold, directly or indirectly, alone or in concert,

five (5) percent, ten (10) percent, fifteen (15) percent,

twenty (20) percent, twenty-five (25) percent, thirty-three

and one-third (33 1/3) percent, fifty (50) percent, sixty-six

and two-thirds (66 2/3) percent of the voting rights must

notify the company of the total number of voting rights that

are held, directly or indirectly, alone or in concert.

Voting rights must be calculated on the basis of all shares,

including depository receipts, to which voting rights are

attached, even if the exercise of such rights is suspended.

Moreover, this information is also provided for all shares,

including depository receipts.

The notification to the company must be made promptly

and at the latest within four (4) trading days following the

date on which the shareholder, or the natural person or

legal entity, (i) becomes aware of the acquisition or

disposal, or of the possibility of exercising the voting

rights, or on which he/she should have become aware of

such acquisition or disposal, taking into account the

circumstances, regardless of the date on which the

acquisition (ii) is informed of the crossing of one of the

above-mentioned thresholds, following events that modify

the distribution of voting rights, and on the basis of the

information disclosed pursuant to article 14 of the

Transparency Law.

7.3 Share Capital

7.3.1 Amount of subscribed capital

The share capital of Solutions30 is set at 13,658,817.96

euros and is divided into 107,127,984 shares with a par

value of €0.1275 each - all in the same class and fully paid

up.

No unpaid shares have been issued.

7.3.2 Shares not representing share capital

There are no shares that do not represent share capital.

7.3.3 Liquidity contract

At December 31, 2025, the company had a liquidity

contract covering 58,426 shares, or 0.05% of the

company’s share capital.

7.3.4 Share buyback programs

• Description of the buyback program

The general meeting held on June 17, 2024, granted the

company’s management board authorization to buy back

shares for a maximum period of five (5) years.

The maximum number of shares that can be acquired by

the company shall not exceed a maximum total of one

million three hundred thirty-nine thousand one hundred

(1,339,100) shares. In any event, the maximum number of

own shares that the company may hold at any time,

directly or indirectly, shall not cause its net assets to fall

below the amount indicated in paragraphs (1) and (2) of

Article 461-2 of Luxembourg Law 1915. The purchase

may be allocated to the year’s earnings and/or to

unrestricted reserves or share premium.

The company’s shares may be sold or, by a decision of

the company’s extraordinary general meeting, canceled at

a later date, subject to applicable legal or regulatory

provisions.

The maximum purchase price per share of the company,

payable in cash, shall not exceed twenty-eight (28.00)

euros or be less than one (1.00) euro.

These purchases and sales may be carried out so as to

deliver company shares as exchange or as payment in

connection with external growth transactions in general

and to restore the company’s portfolio of own shares.


Solutions30 \| Annual Report 2025		268

• Liquidity contract

Solutions30 signed a liquidity contract with Exane BNP

Paribas (now BNP Paribas) on March 25, 2019, in

accordance with the Amafi charter with effect from April 1,

2019.

At December 31, 2025, the following resources were

included in the liquidity account: 58,426 shares and

€ 142,048. The information corresponding to the

semiannual review of the liquidity contract is available on

the company’s website in the “Regulated information”

section.

7.3.5 Conditions governing all rights to purchase, all

obligations attached to authorized (but unissued)

capital, and all undertakings aiming to increase the

capital

Article 5 of Solutions30’s Articles of Association:

« 5.1 The subscribed share capital is set up at thirteen

million six hundred fifty-eight thousand eight hundred

seventeen euro and ninety-six cents (EUR 13,658,817.96)

divided into one hundred and seven million one hundred

twenty-seven thousand nine hundred eighty-four

(107,127,984) shares with a nominal value of zero point

one thousand two hundred seventy-five cents euro (EUR

0.1275) each (the Shares).

5.2 The authorised share capital of the company,

excluding the subscribed share capital, is set at two million

forty-eight thousand eight hundred and twenty-two euro

and sixty-eight cents (EUR 2,048,822.68) divided into

sixteen million sixty-nine thousand one hundred and

ninety-seven (16,069,197) shares with a nominal value of

zero point one thousand two hundred seventy-five cents

euro (EUR 0.1275) each.

5.3 The subscribed share capital and the authorised share

capital of the Company may be increased or reduced by a

resolution of the general meeting of shareholder(s) of the

Company adopted in the manner required for the

amendment of the Articles, in accordance with article 18 of

these Articles.

5.4 Subject to the Law, each shareholder have a

preferential subscription right in the event of the issue of

new shares in return for contributions in cash; such

preferential subscription right shall be proportional to the

fraction of the share capital represented by the shares

held by each individual shareholder. The right to subscribe

the shares may be exercised within a period determined

by the management board (directoire) which, unless

applicable law provides otherwise, may not be less than

fourteen (14) days from the publication of the offer in

accordance with applicable law. The management board

(directoire) may decide (i) that shares corresponding to the

preferential subscription rights which remain unexercised

at the end of the subscription period may be subscribed to

by or placed with such person or persons as determined

by the management board (directoire), or (ii) that such

unexercised preferential subscription rights may be

exercised in priority in proportion to the share capital

represented by their shares, by the existing shareholders

who already exercised their rights in full during the

preferential subscription period. In each case, the terms of

the subscription by or placement with such person or the

subscription terms of the existing shareholders shall be

determined by the management board (directoire).

5.5 The preferential subscription right may be limited or

cancelled by a resolution of the general meeting of

shareholder(s) of the Company adopted in the manner

required for the amendment of the Articles, in accordance

with article 18 of these Articles.

5.6 The preferential subscription right may also be limited

or cancelled by the management board (directoire) (i) in

the event that the general meeting of shareholders

delegates, under the conditions required for the

amendment of the Articles, in accordance with article 18 of

these Articles, to the management board (directoire) the

power to issue shares and to limit or cancel the

preferential subscription right for a period of no more than

five (5) years set by the general meeting of shareholders,

as well as (ii) pursuant to the authorisation conferred by

article 5.7 of the present Articles.

5.7 The management board is authorised, during a period

starting on the day of the general meeting of shareholders

held on July 27, 2021 and ending on the fifth anniversary

of the date of publication in the Luxembourg legal gazette

(Recueil Electronique des Sociétés et Association) (RESA)

of the minutes of such general meeting, without prejudice

to any renewals, to increase the issued share capital on

one or more occasions within the limits of the authorised

share capital as per article 5.2 of these Articles.

5.8 The management board (directoire) is authorised to

determine the conditions of any authorised share capital

increase including through contributions in cash or in kind,

by the incorporation of reserves, issue premiums or

retained earnings, with or without the issue of new shares,

or following the issue and the exercise of subordinated or

non-subordinated bonds, convertible into or repayable by

or exchangeable for shares (whether provided in the terms

at issue or subsequently provided), or following, the issue

of bonds with warrants or other rights to subscribe for

shares attached, or through the issue of stand-alone

warrants or any other instrument carrying an entitlement

to, or the right to subscribe for, shares.

5.9 The management board (directoire) is authorised to

set the subscription price, with or without issue premium,

the date from which the shares or other financial

instruments will carry beneficial rights and, if applicable,

the duration, amortisation, other rights (including early

repayment), interest rates, conversion rates and

exchanges rates of the aforesaid financial instruments as

well as all the other terms and conditions of such financial

instruments, including as to their subscription, issue and

payment, for which the management board (directoire)

may make use of article 420-23 paragraph 3 of the Law.

5.10 The management board (directoire) is allowed to limit

or cancel the preferential subscription rights of existing

shareholders.

5.11 The management board (directoire) is authorised,

subject to performance criteria, to allocate existing shares

or new shares issued under the authorised share capital

free of charge, to employees and corporate officers

(including management board members) of the Company


Solutions30 \| Annual Report 2025		269

and of companies of which at least ten (10) percent of the

share capital or voting rights is directly or indirectly held by

the Company.

5.12 The terms and conditions of such allocations are to

be determined by the management board (directoire).

5.13 Upon implementation of a complete or partial

authorised share capital increase as per the foregoing

provisions, article 5 of the present Articles shall be

amended accordingly to reflect such increase.

5.14 The management board (directoire) is expressly

authorised to delegate to any natural or legal person to

organise the market in subscription rights, accept

subscriptions, conversions or exchanges, receive payment

for the price of shares, bonds, subscription rights or other

financial instruments, to have registered increases of

share capital carried out as well as the corresponding

amendments to article 5 of the present Articles, the

amount of which the authorisation to increase the share

capital has actually been used and, where appropriate, the

amounts of any such increase that are reserved for

financial instruments which may carry an entitlement to

shares.”

7.3.6 Capital subject to an option or a conditional or

unconditional agreement to place it under option

The share capital of Solutions30 is not subject to any

option or any conditional or unconditional agreement to

place it under option.

7.3.7 Share capital history

In 2025, the number of shares comprising the share

capital of Solutions30 did not change.

7.4 Shareholding

7.4.1 Ownership of capital and voting rights at December 31, 2025


	Capital		Voting rights
As a %	Number	%	Number	%
Gianbeppi Fortis	17,323,240	16.2%	17,323,240	16.2%
Other shareholders	89,746,318	83.7%	89,746,318	83.7%
Treasury shares	58,426	-	-	-
Total	107,127,984	99.9%	107,069,558	100%

7.4. 2 Changes in shareholder structure over the last three years

The changes in Solutions30 Group’s shareholder structure are summarized below:

Breakdown of share capital and voting rights (no multiple voting rights) – As a %:


As a %	12/31/2023	12/31/2024	12/31/2025
Gianbeppi Fortis (formerly owned by his holding company - GIAS International)	16.2%	16.2%	16.2%
Other shareholders	83.8%	83.8%	83.8%
Total	100.0%	100.0%	100.0%

These positions correspond to the information that is to

the best of the company’s knowledge, notably in

connection with the organization of each of the annual

general meetings of shareholders and in the context of

notifications of significant shareholdings.

To the best of the company’s knowledge, no other

shareholder besides Gianbeppi Fortis holds, alone or in

concert, more than 5% of the company’s share capital or

voting rights. Likewise, no other person has significant

holdings as defined by Article 8 or Article 9 of the

Luxembourg Law of January 11, 2008, on transparency

requirements for issuers of securities.

All the shares comprising the company’s share capital are

free from any pledge.

7.4.3 Different voting rights

There is only one class of shares all common shares that,

as such, has the same rights and obligations. There are

no multiple voting rights applicable to the shares issued.

7.4.4 Ownership or control of Solutions30

Solutions30 is not controlled by any major shareholder.

7.4.5 Agreement that may lead to a change of control

As of the date of this document and to the best of the

company’s knowledge, no agreement exists which, if

implemented, could lead to a change of its control at a

future date.


Solutions30 \| Annual Report 2025		270

7.5 Stock Market Listing

As of the date of this annual report, the Solutions30 share

(ISIN: FR0013379484, Ticker: S30, Reuters: S30.PA,

Bloomberg: S30:FP) is listed on Euronext Paris and has

been since July 23, 2020. The Company was previously

listed on Euronext Growth since June 10, 2010. It is

eligible for deferred settlement service (SRD) and French

stock savings plans (PEA).

Solutions30 shares are also listed on the CAC Mid &

Small, CAC Small, CAC Technology, Euro Stoxx Total

Market Technology et Euronext Tech Croissance. The

Company is no longer part of the SBF 120 Index since

june 2024.

It is part of ICB sector 9533, “Computer Services.”

7.5.1 Monthly change in market share price


2025	Price + high (in euros)	Price + low (in euros)	Closing price (in euros)	Transactions in number of shares	Transactions in capital	Number of sessions

January	€1.10	€0.84	€1.07	12,053,543	€11,355,259	22
February	€1.54	€1.02	€1.37	16,223,495	€20,976,168	20
March	€1.93	€1.27	€1.53	21,824,020	€35,981,574	21
April	€1.73	€1.25	€1.48	13,984,820	€22,251,247	20
May	€1.63	€1.41	€1.57	6,666,197	€10,140,238	21
June	€1.83	€1.50	€1.65	8,558,126	€14,084,230	21
July	€2.13	€1.61	€1.76	12,631,698	€23,115,458	23
August	€2.08	€1.65	€1.71	10,293,635	€18,420,705	21
September	€1.75	€1.00	€1.06	27,740,911	€37,387,182	22
October	€1.08	€0.96	€1.00	10,957,019	€11,150,672	23
November	€1.00	€0.87	€0.96	6,030,894	€5,621,095	20
December	€1.02	€0.85	€1.02	7,326,334	€6,811,921	21

7.5.2 Change in the stock price from 02/17/2022 to 02/15/2024


Solutions30 \| Annual Report 2025		271

7.6 Financial Communication

7.6.1 Financial communication policy

Listed since 2005, initially on Euronext Access, then on

Euronext Growth, and today on Euronext Paris,

Compartment C, the Solutions30 SE Group has a financial

communication policy that complies with applicable laws

and regulations, as well as market practices

commensurate with its size.

The production of financial information for external

communication is rigorously controlled by the departments

responsible for preparing it. In addition to these controls,

there are two bodies whose mission is to verify the quality

of the financial statements:

• The Audit, Risk and Compliance Committee of the

Supervisory Board

• The Statutory Auditor

The Group is committed to maintaining a long-term

relationship of trust with all its shareholders, as well as

with all other members of the financial community.

Throughout the year, Solutions30’s executives and

investor relations department act as an interface between

the Group and the financial community (institutional

investors, including socially responsible investors, financial

analysts, and individual shareholders). Members of the

Management Board are available to meet with interested

investors, and every effort is made to answer the latter’s

questions and process their requests as quickly as

possible and in compliance with market practices and

applicable rules.

Through its communication, Solutions30 intends to provide

clear, precise, and transparent information, aiming to keep

the market informed of the Group’s strategy, its

positioning, its results, and its objectives.

The Investor Relations section of the Group’s website is

the cornerstone of its communication strategy and a

database of the Group’s financial and regulated

communications. It includes all public disclosures, all the

Group’s press releases, including annual, half-yearly, and

quarterly revenue and earnings reports, all meeting

presentation materials and transmissions, regulated

information, annual and half-yearly financial reports, and

preparatory documents for general meetings. During the

year, Solutions30 also set up a dedicated unit for its

individual shareholders, with a dedicated telephone line

and e-mail address, as well as a newsletter. Finally, the

Group communicates its financial and strategic news on

the main social networks throughout the year.

Earnings announcements are accompanied by webcasts

during which members of the executive management team

present the Group’s performance for the period, outline its

outlook, and answer questions from investors and

analysts. The Group also takes part in conferences,

roadshows, and investor meetings throughout the year.

7.6.2 Timetable for financial communication in 2026


March 30, 2026	2025 Annual Results
April 29, 2026	2026 Q1 Revenue Report
September 17, 2026	2026 HY Earnings Report
November 5, 2026	2026 Q3 Revenue Report

7.6.3 Investor contact

21, rue du Puits Romain, L-8070 Bertrange, Grand Duchy

of Luxembourg

E-mail for institutional investor:

[email protected]

E-mail for individual shareholders:

[email protected]