MEMSCAP 2025 Results

2025 REVENUE OF €11,987K

2025 ADJUSTED EBITDA¹: €1,583K
(13.2% OF REVENUE)

2025 NET PROFIT: €894K
(7.5% OF REVENUE)

AVAILABLE CASH OF €6,037K AS OF DECEMBER 31, 2025, WITH NO BANK FINANCIAL DEBT

GROUP EQUITY UP 4.2% TO €19,039K VS. PRIOR YEAR

RAMP-UP OF THE “ENGINE CONTROL” AND “FLUIDIC SYSTEMS” PROGRAMS

SOLID OUTLOOK, SUPPORTED BY GROWTH DRIVERS, BASED ON A SUSTAINABLE AND PROFITABLE INDUSTRIAL MODEL

PROPOSAL TO PAY A FIRST DIVIDEND OF €0.066 PER SHARE
(TOTAL DIVIDEND AMOUNT OF €501K)

• Continued strong growth momentum in the aerospace segment, up 7.5%
• Decline in the medical segment, reflecting lower orders from two long-standing major customers, offset by the strong performance of the aerospace and optical communications segments
• Net profit of €894 thousand for FY 2025 (7.5% of revenue)
• Adjusted EBITDA¹ of €1,583 thousand for FY 2025 (13.2% of revenue)
• Available cash of €6,037 thousand as of December 31, 2025
• No bank financial debt (excluding lease liabilities)
• Solid outlook, reinforced by growth drivers from the “Engine Control” and “Fluidic Systems” activities
• Proposal to pay a first dividend of €0.066 per share, marking an important milestone in the Group’s shareholder return policy

GRENOBLE, France--(BUSINESS WIRE)--Regulatory News:

MEMSCAP (Euronext Paris: MEMS), leading provider of high-accuracy, high-stability pressure sensor solutions for the aerospace and medical markets using MEMS technology (Micro Electro Mechanical Systems), today announced its earnings for the 2025 financial year ending December 31, 2025.

Consolidated revenue analysis

In line with previous quarterly publications, the Group's audited revenue for the fiscal year 2025 amounted to €11,987 thousand, compared to €12,660 thousand for the fiscal year 2024. The breakdown of consolidated revenue from continuing operations by business sector for the fiscal year 2025 is as follows:

Market segments / Revenue (In thousands of euros)	2024	2024 (%)	2025	2025 (%)
Aerospace	8,195	65%	8,806	73%
Medical	3,147	25%	1,472	12%
Optical communications	1,237	10%	1,626	14%
Others (Royalties from licensed trademarks)	81	1%	83	1%
Total revenue from continuing operations	12,660	100%	11,987	100%
(Any apparent discrepancies in totals are due to rounding.)

Revenue from continuing operations for fiscal year 2025 declined compared to fiscal year 2024 by -5.3% in euros and -1.3% in U.S. dollars. It should be noted that sales denominated in U.S. dollars represented approximately 75% of consolidated revenue from continuing operations for fiscal year 2025.

The decline observed compared to fiscal year 2024 is directly attributable to the Group’s medical activities, which were impacted by a decrease in orders from two major long-standing customers. The impact on consolidated revenue amounted to €1,646K. As a result, revenue from the medical segment totalled €1,472K (€1,675K decrease / -53.2% compared to 2024), representing 12.3% of the Group’s consolidated revenue for fiscal year 2025, versus 24.9% in fiscal year 2024.

As the Group’s leading market, avionics activities remained the primary contributor to consolidated revenue for the fiscal year ended December 31, 2025. Over the year, avionics sales reached €8,806K, compared to €8,195K in 2024, representing an increase of +7.5%. The aerospace segment confirms a strong growth momentum driven by the development of “Engine control” and “Fluidic systems” programs, enabling the Group to address new markets. This segment accounted for 73.5% of the Group’s consolidated revenue for fiscal year 2025 (fiscal year 2024: 64.7%), confirming the central role of the aerospace sector in the Group’s business model.

The optical communications division reported revenue of €1,626K (+€389K / +31.4% compared to 2024) and represented 13.6% of the Group’s consolidated sales for fiscal year 2025. This niche market is characterized by high volatility linked to fiber optic investment cycles in Asia, particularly in China. Thanks to its fabless operating model, this activity supports the Group’s profitability, regardless of activity levels in this market.

The dermocosmetics division (brand license royalties) includes the operation and management of the Group’s assets related to the dermatology and cosmetology sectors, notably the Ioma brand. Revenue from this segment amounted to €83K, stable compared to the previous fiscal year.

The structure of the Group’s revenue continues to evolve favourably toward its higher value-added strategic segments, particularly aerospace, which now represents nearly three-quarters of total activity over the twelve months of fiscal year 2025.

Presentation of the consolidated income statement

The Group's consolidated income statement for the fiscal year 2025 is as follows:

In thousands of euros	2024	2025
Revenue from continuing operations	12,660	11,987
Cost of revenue	(7,638)	(7,029)
Gross margin	5,022	4,958
% of revenue	39.7%	41.4%
Operating expenses*	(3,850)	(3,957)
Operating profit / (loss)	1,172	1 001
Financial profit / (loss)	226	(105)
Income tax expense	(24)	(2)
Net profit / (loss)	1,374	894
(Financial data were subject to an audit by the Group’s statutory auditors who will issue their reports at a later date. On March 25^th, 2026, the MEMSCAP’s board of directors authorized the release of the FY 2025 consolidated financial statements. Any apparent discrepancies in totals are due to rounding.) * Net of research & development grants.

Benefiting from a favourable product mix and volume effect, gross margin for fiscal year 2025 amounted to €4,958K, bringing the annual gross margin rate to 41.4% of consolidated revenue, compared with 39.7% in the previous fiscal year.

Operating expenses, net of subsidies, totalled €3,957K, compared with €3,850K in fiscal year 2024. Net of subsidies, research and development expenses amounted to €1,577K in fiscal year 2025, compared with €1,434K in the previous fiscal year, and notably include the development of new generations of avionics and medical products. Net R&D expenses therefore represented 13.2% of consolidated revenue (2024: 11.3%). The reorganization of the Group’s sales teams led to a reduction in related expenses of -12.3% compared with the previous fiscal year. Administrative expenses increased by +5.9%, in line with the continued structuring of the Group’s operations.

The Group’s average full-time equivalent workforce decreased from 59.6 employees in fiscal year 2024 to 54.2 employees in fiscal year 2025, representing a reduction of -9.1%.

For fiscal year 2025, operating income amounted to €1,001K (8.4% of revenue), compared with operating income of €1,172K (9.3% of revenue) in fiscal year 2024. Financial result, corresponding to a net financial loss of €105K in fiscal year 2025 (2024: net financial gain of €226K), notably includes a foreign exchange loss of €205K (2024: foreign exchange gain of €165K). The income tax expense recognized in fiscal years 2025 and 2024 corresponds to changes in deferred tax assets and has no impact on the Group’s cash position.

On a consolidated basis, net income amounted to €894K (7.5% of revenue) in fiscal year 2025, compared with net income of €1,374K (10.9% of revenue) in fiscal year 2024.

Based on these results, the Board of Directors will propose at the next General Meeting the payment of a dividend of €501K, i.e. €0.066 per share.

Evolution of the Group’s cash / Consolidated shareholders’ equity

Adjusted EBITDA¹ from continuing operations for fiscal year 2025 amounted to €1,583K (13.2% of revenue), compared with €2,148K (17.0% of revenue) in fiscal year 2024. It is specified that research and development expenses were fully expensed and that no development costs were capitalized on the Group’s balance sheet in fiscal years 2025 and 2024.

As of December 31, 2025, the Group reported available cash of €6,037K (December 31, 2024: €5,452K), including cash and cash equivalents as well as financial investments recorded under other non-current financial assets.

As of December 31, 2025, the Group had no financial borrowings (excluding lease liabilities). Net cash (excluding lease liabilities) therefore amounted to €6,037K (December 31, 2024: €5,426K).

As of December 31, 2025, MEMSCAP Group equity amounted to €19,039K (December 31, 2024: €18,270K).

¹ Adjusted EBITDA means operating profit before depreciation, amortisation, and share-based payment charge (IFRS 2) and including foreign exchange gains/losses related

to ordinary activities.

Perspectives

The performance for the fiscal year confirms MEMSCAP’s corporate strategy focused on profitable growth, leveraging its key strengths, strong technological barriers and a sustainable business model. Aerospace activities are becoming the main driver of the Group’s performance and profitability. In particular, the development of the “Engine control” and “Fluidic systems” businesses reinforces these ambitions for the years ahead. At the same time, MEMSCAP continues to work on strengthening its operational and financial performance.

Q1 2026 earnings: April 30, 2026
Annual meeting of shareholders: June 04, 2026

CONSOLIDATED STATEMENT OF FINANCIAL POSITION at 31 December 2025
	31 December 2025	31 December 2024
	€000	€000
Assets
Non-current assets
Property, plant and equipment.....................................................................	1 007	1 087
Goodwill and intangible assets......................................................................	6 509	6 531
Right-of-use assets.........................................................................................	4 119	4 657
Other non-current financial assets................................................................	1 582	1 489
Employee benefit net asset...........................................................................	31	39
Deferred tax asset..........................................................................................	77	80
	13 325	13 883
Current assets
Inventories.....................................................................................................	4 716	5 032
Trade and other receivables..........................................................................	2 636	2 746
Prepayments..................................................................................................	240	205
Cash and short-term deposits........................................................................	4 455	3 963
	12 047	11 946
Total assets	25 372	25 829
Equity and liabilities
Equity
Issued capital..................................................................................................	1 927	1 927
Share premium...............................................................................................	17 972	17 972
Treasury shares..............................................................................................	(630)	(599)
Retained earnings..........................................................................................	3 360	2 520
Foreign currency translation..........................................................................	(3 590)	(3 550)
	19 039	18 270
Non-current liabilities
Lease liabilities...............................................................................................	3 804	4 237
Employee benefit liability..............................................................................	99	90
	3 903	4 327
Current liabilities
Trade and other payables..............................................................................	1 709	2 391
Lease liabilities...............................................................................................	672	782
Interest-bearing loans and borrowings.........................................................	-	26
Provisions.......................................................................................................	49	33
	2 430	3 232
Total liabilities	6 333	7 559
Total equity and liabilities	25 372	25 829

  

CONSOLIDATED STATEMENT OF INCOME For the year ended 31 December 2025
	2025	2024
Continuing operations	€000	€000
Sales of goods and services......................................................................................	11 987	12 660
Revenue...................................................................................................................	11 987	12 660
Cost of sales.............................................................................................................	(7 029)	(7 638)
Gross profit..............................................................................................................	4 958	5 022
Other income...........................................................................................................	354	388
Research and development expenses.....................................................................	(1 931)	(1 822)
Selling and distribution costs...................................................................................	(864)	(985)
Administrative expenses..........................................................................................	(1 516)	(1 431)
Operating profit / (loss)..........................................................................................	1 001	1 172
Finance costs............................................................................................................	(353)	(173)
Finance income........................................................................................................	248	399
Profit / (loss) for the year from continuing operations before tax.......................	896	1 398
Income tax expense.................................................................................................	(2)	(24)
Profit / (loss) for the year from continuing operations.........................................	894	1 374
Profit / (loss) for the year........................................................................................	894	1 374
Earnings per share:
-     Basic, for profit / (loss) for the year attributable to ordinary equity holders of the parent (in euros)..........................................................................................	€ 0.118	€ 0.179
-     Diluted, for profit / (loss) for the year attributable to ordinary equity holders of the parent (in euros).....................................................................................	€ 0.118	€ 0.179
-     Basic, profit / (loss) for the year from continuing operations attributable to ordinary equity holders of the parent (in euros).......................................	€ 0.118	€ 0.179
-     Diluted, profit / (loss) for the year from continuing operations attributable to ordinary equity holders of the parent (in euros).......................................	€ 0.118	€ 0.179

  

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December 2025
	2025	2024
	€000	€000
Profit / (loss) for the year.................................................................................................	894	1 374
Items that will not be reclassified subsequently to profit or loss
Actuarial gains / (losses)....................................................................................................	(15)	28
Elimination of intra-group restructuring operations.........................................................	-	-
Income tax on items that will not be reclassified to profit or loss....................................	-	-
Total items that will not be reclassified to profit or loss................................................	(15)	28
Items that may be reclassified subsequently to profit or loss
Net gain / (loss) on available-for-sale financial assets......................................................	(39)	59
Exchange differences on translation of foreign operations..............................................	(40)	(424)
Income tax on items that may be reclassified to profit or loss.........................................	-	-
Total items that may be reclassified to profit or loss......................................................	(79)	(365)
Other comprehensive income for the year, net of tax....................................................	(94)	(337)
Total comprehensive income for the year, net of tax.....................................................	800	1 037

  

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 2025
(In thousands of euros, except for number of shares)	Number	Issued	Share	Treasury	Retained	Foreign	Total
	of shares	capital	premium	shares	earnings	currency translation	shareholders’ equity
		€000	€000	€000	€000	€000	€000
At 1 January 2024.................................................................................	7 476 902	1 869	17 972	(134)	1 095	(3 126)	17 676
Profit for the year..................................................................................	-	-	-	-	1 374	-	1 374
Other comprehensive income for the year, net of tax.........................	-	-	-	-	87	(424)	(337)
Total comprehensive income...............................................................	-	-	-	-	1 461	(424)	1 037
Capital increase.....................................................................................	230 000	58	-	-	(58)	-	-
Treasury shares.....................................................................................	-	-	-	(465)	-	-	(465)
Share-based payments..........................................................................	-	-	-	-	22	-	22
At 31 December 2024...........................................................................	7 706 902	1 927	17 972	(599)	2 520	(3 550)	18 270
At 1 January 2025.................................................................................	7 706 902	1 927	17 972	(599)	2 520	(3 550)	18 270
Profit for the year..................................................................................	-	-	-	-	894	-	894
Other comprehensive income for the year, net of tax.........................	-	-	-	-	(54)	(40)	(94)
Total comprehensive income...............................................................	-	-	-	-	840	(40)	800
Treasury shares.....................................................................................	-	-	-	(31)	-	-	(31)
At 31 December 2025...........................................................................	7 706 902	1 927	17 972	(630)	3 360	(3 590)	19 039

 

CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 2025
	2025	2024
	€000	€000
Operating activities:
Net profit / (loss) for the year......................................................................................	894	1 374
Non-cash items written back:
Amortization and depreciation..............................................................................	784	790
Loss / (capital gain) on disposal of fixed assets......................................................	(30)	4
Other non-financial activities.................................................................................	6	32
Accounts receivable......................................................................................................	330	(144)
Inventories....................................................................................................................	299	(1 182)
Other debtors...............................................................................................................	(227)	(137)
Accounts payable..........................................................................................................	(670)	(54)
Other liabilities..............................................................................................................	(29)	(135)
Total net cash flows from / (used in) operating activities.........................................	1 357	548
Investing activities:
Purchase of fixed assets................................................................................................	(92)	(206)
Proceeds from sale / (purchase) of other non-current financial assets.......................	(104)	14
Total net cash flows from / (used in) investing activities..........................................	(196)	(192)
Financing activities:
Repayment of borrowings............................................................................................	(26)	(102)
Payment of principal portion of lease liabilities...........................................................	(608)	(620)
Sale / (purchase) of treasury shares.............................................................................	(31)	(464)
Total net cash flows from / (used) in financing activities..........................................	(665)	(1 186)
Net foreign exchange difference..................................................................................	(4)	(8)
Increase / (decrease) in net cash and cash equivalents.............................................	492	(838)
Opening cash and cash equivalents balance..............................................................	3 963	4 801
Closing cash and cash equivalents balance.................................................................	4 455	3 963

About MEMSCAP

MEMSCAP is a leading provider MEMS based pressure sensors, best-in-class in terms of precision and stability (very low drift) for two market segments: aerospace and medical.

MEMSCAP also provides variable optical attenuators (VOA) for the optical communications market.

For more information, visit our website at:
www.memscap.com

MEMSCAP is listed on Euronext Paris (Euronext Paris - Memscap
- ISIN code: FR0010298620 - Ticker symbol: MEMS)