JENSEN-GROUP N.V.

Quarterly Report • Aug 8, 2024

The Dutch-language half-year report is the official report. The English-language version is provided as a courtesy to the shareholders. The JENSEN-GROUP has verified, and assumes full responsibility for, the matching of both language versions.

In this report, the terms 'JENSEN-GROUP' and 'Group' refer to the JENSEN-GROUP NV and its consolidated companies in general, whereas the terms 'JENSEN-GROUP NV' and 'the Company' refer to the holding company, registered in Belgium. Business activities are conducted by operating subsidiaries throughout the world. The terms 'we', 'our', and 'us' are used to describe the Group.

Consolidated, non-audited key figures3
Definitions4
Report Board of Directors5
Financial highlights first semester 2024 5
Outlook6
Risk factors 6
Acquisition of own shares 6
Important transactions with related parties 7
Significant post-balance sheet events7
Statement of responsible persons8
Consolidated statement of financial position – Assets9
Consolidated statement of financial position – Liabilities10
Consolidated statement of profit and loss11
Consolidated statement of comprehensive income 12
Condensed consolidated statement of changes in equity13
Consolidated cash flow statement15
Notes to the Condensed Consolidated Financial Statements17

Consolidated, non-audited key figures

Income statement, for 6 months ended on	June 30	June 30	Variance
(in thousands of euro)	2024	2023	%
Revenue	227,315	206,697	10%
Operating profit (EBIT)	24,785	20,610	20%
EBITDA	31,330	24,709	27%
Net interest charges (+) / income (-)	-753	1	-
Share in result of associates and companies consolidated under equity method	1,909	1,756	9%
Profit before taxes	26,655	21,913	22%
Profit for the period from continuing operations	20,687	17,059	21%
Result from assets held for sale	-46	-59	-22%
Result attributable to non-controlling interest	-993	271	-466%
Consolidated result attributable to equity holders	21,634	16,729	29%
Netto cashflow	28,179	20,828	35%
Balance sheet	June 30	December 31	Variance
(in thousands of euro)	2024	2023	%
Equity	271,247	262,142	3%
Net financial debt (+) / net cash (-)	-27,195	-35,873	-24%
Working capital	174,401	151,962	15%
Non-current assets (NCA)	70,604	69,877	1%
Capital employed (CE)	245,005	221,840	10%
Market capitalization	391,218	322.092	21%
Enterprise value (EV)	364,023	283,388	28%
Ratios
EBIT / Revenue	10.90%	9.97%	9%
EBITDA / Revenue	13.78%	11.95%	15%
ROCE (EBIT / CE)	10.62%	10.18%	4%
ROE (Net profit / equity)	8.11%	8.00%	1%
Gearing (Net debt (+) / equity) (if >0)	-	-	-
EBITDA interest coverage (if > 0)	-	24,709	-
Net financial debt (+) or net cash (-)/ EBITDA	-1.01	-0.70	44%
Working capital / revenue	71.79%	67.73%	6%
EV/EBITDA	10.34	11.49	-10%
Key figures per share, for 6 months ended on	June 30	June 30	Variance
(in euro)	2024	2023	%
EBITDA	3.27	2.85	15%
Consolidated result attributable to equity holders (= EPS)	2.26	1.93	17%
Net cash flow	2.94	2.40	23%
Equity (= book value) (June 30, 2024; December 31, 2023)	28.57	27.26	5%
Number of shares outstanding (average)	9,575,624	8,684,551	10%
Number of shares outstanding (end-of-period)	9,495,590	9,631,408	-1%

Definitions

• EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) = operating profit (EBIT) + depreciation, amortization, write-downs on trade receivables and contract assets, write-downs on inventory, changes in provisions
• Net interest charges = interest charges interest income
• Net cash flow = consolidated result attributable to the equity holders + depreciation, amortization, write-downs on trade receivables and contract assets, write-downs on inventory, changes in provisions
• Net financial debt (+)/net cash (-) = borrowings (non-current and current) + government grant financial fixed assets at amortized cost - financial fixed assets at fair value through OCI - cash and cash equivalents
• Working capital = inventory + advance payments + current trade receivables + contract assets trade payables – contract liabilities
• Non-current assets = intangible assets + goodwill + property plant and equipment
• Capital employed = working capital + non-current assets (see definitions above)
• Market capitalization = share price x number of shares outstanding
• Enterprise value = market capitalization + net financial debt (+)/net cash (-) (see definitions above)
• EBITDA interest coverage = EBITDA/net interest charges (see definitions above)

For ratios comparing figures from the consolidated statement of comprehensive income with figures from the consolidated statement of financial position, the average figure from the consolidated statement of financial position is used. The average is the opening balance and closing balance divided by two. In the ratios presented per end of June 2024, the opening balance equals the December 31, 2023 and for the comparable period the December 31, 2022 figures.

• ROCE (return on capital employed) = EBIT/average capital employed
• ROE (return on equity) = consolidated result attributable to equity holders / average equity
• Average net financial debt (+) or net cash (-)/EBITDA.

Report Board of Directors

Financial highlights first semester 2024

JENSEN-GROUP achieves record order intake, revenue and profit while accelerating strategic expansion In the first half of 2024, JENSEN-GROUP has not only successfully acquired MAXI-PRESS and its subsidiaries but also continued to set new records. During this period, the Group noted an increase in order intake, reaching a peak of 241.5 million euro, marking a notable increase from the previous year (156 million euro). This growth was largely fuelled by the resurgence of market activity, especially in tourism, across numerous countries, with the Group benefiting substantially from its local presence and strong client relationships.

As a result of these positive developments, JENSEN-GROUP's revenue for the first semester saw a considerable increase, rising from 206.7 million euro in the previous year to 227.3 million euro in the current year. Despite the challenges faced in 2023, where the order backlog from 2022 was affected by delayed price increases, 2024 has witnessed a remarkable improvement in operating profit. The operating profit margin has grown to 10.9% of revenues, up from 10.2% in 2023.

In addition, the market landscape is witnessing a trend towards larger and more complex projects. This shift introduces additional operational challenges and necessitates a reinforced focused approach to project management and cost control to maintain profitability and compete effectively in this evolving market environment.

For the first six months of 2024, the operating profit (EBIT) reached 24.8 million euro, compared to 20.6 million euro during the same period last year, representing a 20% increase. The EBITDA for the first half of 2024 amounts to 31.3 million euro, up from 24.7 million euro the previous year.

The net financial result has no impact on the net result per end of June 2024, compared to a loss of 0.5 million euro end of June 2023.

Investments in Inax and Tolon have positively impacted the share in the result of associates and companies accounted for using the equity method, with an increase of 0.2 million euro to 1.9 million euro. At the end of May 2024, JENSEN Italy acquired a 33% stake in PrimaFolder. PrimaFolder is an Italian company specializing in the design and manufacture of automatic folding machines.

Net income attributable to the shareholders of 21.6 million euro lead to an Earnings per Share of 2.26 euro, an increase of 17% compared to last year (Earnings per Share of 1.93 euro). This financial performance underscores JENSEN-GROUP's resilience and strategic effectiveness in a dynamically evolving market landscape. On the balance sheet, the Group reports a net financial cash position of 27.2 million euro (including 4.6 million euro leasing debt) compared to 35.9 million euro at year-end 2023. The decrease in net cash is mainly due to the higher working capital linked to the activity level.

As per June 30, 2024, the JENSEN-GROUP was in full compliance with its bank covenants.

Outlook

The Group's aim for 2024 is to keep the momentum and solidify its market position and profitability level by relentlessly focusing on commercial excellence, manufacturing productivity and effective project management. The Group will continue to drive customer centricity and sustainable innovation through the development of new products and services embedded in its strategic plan while further enhancing the optimization and digitalization of business processes and applications.

Risk factors

Risk factors to be taken into account for 2024 include the uncertainty regarding the overall political climate, the impact of geopolitical and military threats, travel restrictions across the world in the event of a new pandemic emerging, a slowing-down of demand due to an economic recession in our key markets, our customers' ability to access financing when confronted with higher interest rates, the fluctuating availability of raw materials, energy and transportation costs, exchange rate volatility, and competitive pressures.

Acquisition of own shares

The Bylaws of the Company allow the purchase of own shares. At its meeting held on March 10, 2022, the Board of Directors decided to implement a program to buy back a maximum of 781,900 or 10% of its own shares. The shares are bought on the stock exchange by an investment bank mandated by the Board of Directors. The buy-back mandate expires on May 16, 2028.

• In view of the transaction with MIURA, the JENSEN-GROUP announced on March 9, 2023, that the Board of Directors suspended the program.
• On May 16, 2023, the shareholders approved the cancellation of 113,873 treasury shares.
• On August 10, 2023, the Board of Directors decided to re-launch the share repurchase program to buy back maximum 668,027 of its shares.

As per June 30, 2024 the JENSEN-GROUP holds 135,818 treasury shares.

Important transactions with related parties

On May 30, 2024, JENSEN Italy acquired 33% of the shareholder rights in PrimaFolder. As a consequence the legal structure of JENSEN-GROUP changed, see note 15.

Significant post-balance sheet events

MAXI-PRESS

On July 23, 2024, JENSEN-GROUP announced the acquisition of 85% of the share capital of MAXI-PRESS Holding GmbH, Germany and its subsidiaries ("MAXI-PRESS").

The acquisition of an 85% equity stake in MAXI-PRESS Holding GmbH, Germany, and its subsidiaries has been executed at a purchase price of 34.3 million euro on a cash-/debt-free basis, corresponding to 85% of the total enterprise value of the company. The financial structure of the transaction is facilitated through direct cash payments complemented by a roll-over loan amounting to 24 million euro.

Following a phased acquisition approach, JENSEN-GROUP will acquire the remaining 15% stake in MAXI-PRESS, presently owned by the founding CEO and shareholder, Mr. Zaiser, in the course of the next three years, substantially applying similar valuation principles, and acquiring the shares in three annual tranches of 5% in order to achieve full ownership of MAXI-PRESS by the end of June 2027.

As from the closing date the MAXI-PRESS financials will be fully consolidated by the JENSEN-GROUP.

For more information, see note 14.

Wetteren, August 8, 2024

YquitY bv SWID AG Represented by Mr. R. Provoost Represented by Mr. J. Jensen Chairman Director

Statement of responsible persons

We hereby certify that, to the best of our knowledge, the condensed consolidated financial statements for the six months period ended June 30, 2024 which have been prepared in accordance with the IAS 34 "Interim Financial Reporting" as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit or loss of the company and the entities included in the consolidation as a whole, and that the interim management report includes a fair review of the important events that have occurred during the first six months of the financial year and of the major transactions with the related parties, and their impact on the condensed consolidated financial statements, together with a description of the principal risks and uncertainties for the remaining six months of the financial year.

Wetteren, August 8, 2024

Jesper M. Jensen Markus Schalch

Chief Executive Officer Chief Financial Officer

(in thousands of euro)	Notes	June 30	December 31
		2024	2023
Total Non-Current Assets		165,640	165,635
Goodwill		22,787	22,826
Intangible assets		5,693	5,832
Land and buildings		21,564	22,073
Machinery and equipment		4,719	4,134
Furniture and vehicles		4,643	3,727
Right of use assets		10,399	10,405
Assets under construction and advance payments		798	881
Property, plant and equipment	4	42,124	41,219
Companies accounted for under equity method	4	50,279	49,764
Financial assets at amortized cost	10	5,002	5,139
Financial assets at fair value through OCI	10	25,517	25,953
Trade receivables		5,666	6,574
Other amounts receivable		4,202	3,860
Trade and other long-term receivables	4	9,868	10,434
Derivative financial instruments	10	307	307
Deferred tax assets		4,064	4,161
Total Current Assets		305,450	284,906
Raw materials and consumables		46,309	42,417
Goods purchased for resale		17,425	20,765
Inventory		63,734	63,182
Advance payments on purchases		2,124	1,713
Contract assets	6	87,896	62,336
Trade receivables		98,133	97,147
Other amounts receivable		10,303	8,618
Derivative financial instruments	10	28	346
Trade and other receivables	5	108,464	106,111
Cash and cash equivalents	7	42,766	51,112
Assets held for sale		467	452
TOTAL ASSETS		471,091	450,542

Consolidated statement of financial position – Assets

Consolidated statement of financial position – Liabilities

(in thousands of euro)	Notes	June 30	December 31
		2024	2023
Equity		271,247	262,142
Share capital		38,050	38,050
Share premium		67,590	67,590
Treasury shares	8	-4,826	-499
Other reserves		-9,596	-8,409
Retained earnings		179,127	163,514
Non-controlling interests	13	902	1,896
Non-Current Liabilities		47,747	46,734
Borrowings		31,755	30,543
Deferred tax liabilities		2,826	2,954
Employee benefit obligations		10,624	10,692
Other payables		2,542	2,545
Derivative financial instruments		0	0
Current Liabilities		152,096	141,665
Borrowings		14,335	15,788
Provisions for other liabilities and charges	9	11,956	9,971
Trade payables		30,724	28,450
Contract liabilities	6	46,761	43,966
Remuneration and social security		17,414	16,380
Accrued expenses and other payables		13,052	11,824
Derivative financial instruments	10	437	67
Current income tax liabilities		17,417	15,219
TOTAL EQUITY AND LIABILITIES		471,091	450,542

Consolidated statement of profit and loss

(in thousands of euro)	Notes	June 30 2024	June 30 2023
Revenue	6	227,315	206,697
Raw material expenses		-104,083	-98,518
Services and other goods		-25,584	-23,320
Employee benefit expenses		-66,918	-60,608
Depreciation and amortisation expense		-6,543	-4,133
Total expenses		-203,128	-186,579
Other operating income		629	730
Other operating expenses		-31	-238
Operating profit (EBIT)		24,785	20,610
Interest income		1,469	1,885
Other financial income		718	1,208
Financial income		2,187	3,093
Interest charges		-716	-1,886
Other financial charges		-1,510	-1,660
Financial charges		-2,226	-3,546
Share in result of associates and companies	13	1,909	1,756
accounted for using the equity method
Profit before tax		26,655	21,913
Income tax expense		-5,968	-4,854
Profit for the period from continuing operations		20,687	17,059
Profit / (loss) for the period from discontinued
operations		-46	-59
Consolidated profit for the period		20,641	17,000
Result attributable to non-controlling interests	13	-993	271
Result attributable to equity holders		21,634	16,729
Basic and diluted earnings per share (in euro)	12	2.26	1.93
Weighted average number of shares	12	9,575,624	8,684,551

Consolidated statement of comprehensive income

(in thousands of euro)	Notes	June 30 2024	June 30 2023
Consolidated profit for the period		20,641	17,000
Items that may be subsequently reclassified to profit
or loss
Financial instruments		-245	82
Currency translation differences related to associates and companies accounted for using the equity		-2,084	-2,668
method
Currency translation differences - other		1,121	-1,857
Items that will not be reclassified to profit or loss
Remeasurements gains/(losses) on defined benefit
plans		-40	188
Tax on OCI		61	-68
Other comprehensive income for the period		-1,187	-4,323
Total comprehensive income for the period		19,454	12,677
Total comprehensive income attributable to:
Non-controlling interests		-993	271
Equity holders of the company		20,447	12,406

Condensed consolidated statement of changes in equity

Prior year

(In thousands of euro)	SHARE CAPITAL	SHARE PREMIUM	TREASURY SHARES	TRANSLATION DIFFERENCES	HEDGING RESERVES	FINANCIAL INSTRUMENTS	REMEASUREMENT GAINS/(LOSSES) ON DEFINED BENEFIT PLANS	TOTAL OTHER RESERVES	RETAINED EARNINGS	TOTAL ATTRIBUTABLE TO THE EQUITY HOLDERS	NON CONTROLLING INTEREST	TOTAL EQUITY
December 31 2022	30,710	5,814	-1,850	1,955	523	-933	-3,891	-2,346	136,496	168,824	1,743	170,567
Result of the period	0	0	0	0	0	0	0	0	16,729	16,729	271	17,000
Other comprehensive income
Currency translation difference related to associates and companies accounted for using the equity method	0	0	0	-2,668	0	0	0	-2,688	0	-2,668	0	-2,668
Currency translation difference - Other	0	0	0	-1,859	0	0	0	-1,859	4	-1,855	-2	-1,857
Financial instruments	0	0	0	0	-121	203	0	82	0	82	0	82
Defined benefit plans	0	0	0	0	0	0	188	188	0	188	0	188
Tax on OCI	0	0	0	0	30	-51	-47	-69	0	-69	0	-69
Total other comprehensive income/(loss) for the year, net of tax	0	0	0	-4,527	-91	153	141	-4,325	4	-4,321	-2	-4,323
TOTAL COMPREHENISVE INCOME	0	0	0	-4,527	-91	153	141	-4,325	16,733	12,408	269	12,677
Capital increase	7,570	61,776	0	0	0	0	0	0	0	69,346	0	69,346
Acquisition / (cancellations) of treasury shares	0	0	1,850	0	0	0	0	0	-3,424	-1,574	0	-1,574
Dividend paid out	0	0	0	0	0	0	0	0	-3,852	-3,852	-120	-3,972
Hyperinflation	0	0	0	0	0	0	0	0	0	0	0	0
June 30, 2023	38,280	67,590	0	-2,572	432	-780	-3,750	-6,671	145,953	245,152	1,892	247,044

Current year

(In thousands of euro)	SHARE CAPITAL	SHARE PREMIUM	TREASURY SHARES	TRANSLATION DIFFERENCES	HEDGING RESERVES	FINANCIAL INSTRUMENTS	REMEASUREMENT GAINS/(LOSSES) ON DEFINED BENEFIT PLANS	TOTAL OTHER RESERVES	RETAINED EARNINGS	TOTAL ATTRIBUTABLE TO THE EQUITY HOLDERS	NON CONTROLLING INTEREST	TOTAL EQUITY
December 31 2023	38,050	67,590	-499	-3,263	315	-535	-4,927	-8,409	163,514	260,246	1,896	262,142
Result of the period	0	0	0	0	0	0	0	0	21,634	21,634	-993	20,641
Other comprehensive income
Currency translation difference related to associates and companies accounted for using the equity method	0	0	0	-2,084	0	0	0	-2,084	0	-2,084	0	-2,084
Currency translation difference - Other	0	0	0	1,121	0	0	0	1,121	0	1,121	0	1,121
Financial instruments	0	0	0	0	-297	52	0	-245	0	-245	0	-245
Defined benefit plans	0	0	0	0	0	0	-40	-40	0	-40	0	-40
Tax on OCI	0	0	0	0	74	-13	0	61	0	61	0	61
Total other comprehensive income/(loss) for the year, net of tax	0	0	0	-963	-223	39	-40	-1,187	0	-1,187	0	-1,187
TOTAL COMPREHENSIVE INCOME	0	0	0	-963	-223	39	-40	-1,187	21,634	20,447	-993	19,454
Capital increase	0	0	0	0	0	0	0	0	0	0	0	0
Acquisition of treasury shares	0	0	-4,327	0	0	0	0	0	0	-4,327	0	-4,327
Dividend paid out	0	0	0	0	0	0	0	0	-7,133	-7,133	0	-7,133
Hyperinflation	0	0	0	0	0	0	0	0	1,116	1,116	0	1,116
June 30 2024	38,050	67,590	-4,826	-4,226	93	-496	-4,967	-9,596	179,127	270,345	902	271,247

Consolidated cash flow statement

(in thousands of euro)	June 30	June 30
	2024	2023
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated result attributable to equity holders	21,634	16,729
Result attributable to non-controlling interests	-993	271
Adjusted for
- Current and deferred tax	5,969	4,854
- Interest and other financial income and expenses	39	453
- Depreciation and amortization expenses	3,489	3,409
- Write down on trade receivables	661	317
- Write down on inventory	366	96
- Changes in provisions	2,027	276
- Gain/loss on the sale of tangible fixed assets	3	11
- Companies accounted for using equity method	-1,909	-1,728
Interest received	1,469	1,885
Changes in working capital	-22,069	-26,414
Decrease / increase (-) in advance payments on purchases	-381	1,037
Decrease / increase (-) in inventory	-472	-491
Decrease / increase (-) in contract assets (before netting)	-36,067	-42,618
Decrease / increase (-) in long- and short-term amounts receivable	-3,078	-2,171
Increase / decrease (-) in trade and other payables	4,639	7,093
Increase / decrease (-) in contract liabilities (before netting)	13,290	10,736
Corporate income tax paid	-4,024	-2,387
Net cash generated / (used) by operating activities - total	6,611	-2,255
CASH FLOW FROM INVESTING ACTIVITIES
Purchases of intangible and tangible fixed assets	-3,640	-5,362
Sales of intangible and tangible fixed assets	12	2
Acquisition of subsidiaries and participations (net of cash acquired)	-400	0
Proceeds (+) from sale of financial instruments	6,425	13,179
Purchases (-) of financial instruments	-5,830	-12,487
Net cash generated / (used) by investing activities	-3,433	-4,667
Net cash flow before financing activities	3,178	-6,922
CASH FLOW FROM FINANCING ACTIVITIES
Acquisition (-) of treasury shares	-4,327	-1,574
Capital increase	0	26,820
Dividend paid (-)	-7,133	-3,972
Dividend received (+)	877	0
Proceeds from government grants	577	0
Proceeds (+) from new borrowings	3,054	1,488
Repayment (-) of borrowings	-1,913	-1,479
Payments of lease liabilities	-651	-826
Interest paid	-716	-1,886
Other financial income	67	62
Other financial charges	-663	-460
Net cash generated / (used) by financing activities	-10,829	18,173
Net increase / (decrease) in cash and cash equivalents	-7,652	11,250

MOVEMENT OF THE CASH BALANCES

Cash, cash equivalent and bank overdrafts at the beginning of the year	41,456	29,913
Exchange gains / (losses) on cash and bank overdrafts	564	158
Cash, cash equivalent and bank overdrafts at the end of the period	34,368	41,322

Notes to the Condensed Consolidated Financial Statements

Note 1: Summary of significant accounting policies

Basis of preparation

The JENSEN-GROUP (hereafter "the Group") is one of the major suppliers to the heavy-duty laundry industry. The Group markets its products and services under the JENSEN and Inwatec brands and is one of the leading suppliers to the heavy-duty market. The product range varies from transportation and handling systems, tunnel washers, separators, feeders, ironers and folders to complete project management for fully equipped and professionally managed industrial laundries. The JENSEN-GROUP has operations in 22 countries and distributes its products in more than 50 countries. Worldwide, the JENSEN-GROUP employs 1,897 people.

JENSEN-GROUP NV (hereafter "the Company") is incorporated in Belgium. Its registered office is at Neerhonderd 33, 9230 Wetteren, Belgium.

The JENSEN-GROUP shares are quoted on the Euronext Stock Exchange.

The Board of Directors approved the present condensed financial statements for issue on August 8, 2024. This condensed consolidated interim financial information has not been reviewed by the external auditor.

This condensed consolidated interim financial information is for the first half-year ended June 30, 2024. These interim financial statements are prepared in accordance with IAS 34 "Interim Financial Reporting", as adopted by the EU. The accounting policies used in the preparation of the interim financial statements are consistent with those used in the annual financial statements for the year ended December 31, 2023. This condensed consolidated interim financial information should be read in conjunction with the 2023 annual IFRS consolidated financial statements.

The preparation of the condensed interim financial information requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The areas involving a higher degree of judgment or complexity, or where assumptions and estimates are significant to the consolidated financial statements, are disclosed in the accounting policies.

This condensed consolidated interim financial information has been prepared in accordance with those IFRS standards and IFRIC interpretations issued and effective or issued and early adopted as at 30 June 2024 which have been adopted by the European Union, as follows:

Standards and interpretations applicable for the annual period beginning on or after 1 January 2024:

• Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants.
• Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback.
• Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements.

Standards and interpretations published, but not yet applicable for the annual period beginning on 1 January 2024:

• Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (applicable for annual periods beginning on or after 1 January 2025, but not yet endorsed in the EU).
• IFRS 18 Presentation and Disclosure in Financial Statements (applicable for annual periods beginning on or after 1 January 2027, but not yet endorsed in the EU).
• IFRS 19 Subsidiaries without Public Accountability Disclosures (applicable for annual periods beginning on or after 1 January 2027, but not yet endorsed in the EU).
• Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (applicable for annual periods beginning on or after 1 January 2026, but not yet endorsed in the EU).

None of these IFRS standards have an impact on the Group's financials.

Use of estimates & key judgements

The preparation of the financial statements involves the use of estimates and assumptions, which may have an impact on the reported values of assets and liabilities at the end of the period as well as on certain items of income and expense for the period. There are no major sources of estimation uncertainty at the Group. Estimates are based on economic data, which are likely to vary over time, and are subject to a degree of uncertainty. These mainly relate to contracts in progress (percentage of completion method), pension liabilities, provisions for other liabilities and charges. There are no key judgements in the preparation of the financial statements. There are no changes in the methodology of the estimates used compared to the December 31, 2023 financial statements.

Change in valuation rules and other changes and their impact on equity

There are no changes in the accounting policies compared with the accounting policies used in the preparation of the financial statements as per December 31, 2023.

Note 2: Scope of consolidation

The parent Company, JENSEN-GROUP NV, and all the subsidiaries that it controls are included in the consolidation.

Changes in scope during 2024

At the end of May 2024, JENSEN Italy acquired 33% of the shareholder rights in PrimaFolder. The participation is accounted for under the equity method, see note 13.

Note 3: Segment reporting

The following table presents revenue based on the Group's geographical areas as under the IFRS8 reporting standards for entities with one operating segment.

The basis for attributing revenues is based on the location of the customer:

For the 6-month period ended in June	Europe		America		Asia and Australia		June 30
(in thousands of euro)	2024	2023	2024	2023	2024	2023	2024	2023
Revenue from external customers	147,886	122,731	50,210	49,153	29,219	34,814	227,315	206,697

Secondly, if revenues from external customers attributed to an individual foreign country are material, those revenues shall be disclosed separately according to the standard, as such Germany, France and America are disclosed below. The Group identifies 10% of the total consolidated revenue as material. Belgium is disclosed as the country of domicile of the Group Parent company.

The basis for the external revenues and non-currents assets disclosed is the legal entity in that area (before any consolidation entries).

	Attributable to
(in thousands of euro)	Belgium	Germany	France	America
Revenue from external customers	14,084	29,880	21,463	46,448
Non-current assets*	1,752	4,336	1,105	6,378

Lastly, the Group notes there are no major customers, or group of customers controlled by the same owner that are material and required for disclosure per year-end June 30, 2024.

* Non-current assets included in the above table are limited to the local goodwill, intangibles and PP&E.

Note 4: Non-current assets

(in thousands of euro)	June 30	December 31	Variance
	2024	2023
Total Non-Current Assets	165,640	165,635	5
Goodwill	22,787	22,826	-39
Intangible assets	5,693	5,832	-139
Land and buildings	21,564	22,073	-509
Machinery and equipment	4,719	4,134	585
Furniture and vehicles	4,643	3,727	916
Right of use assets	10,399	10,405	-5
Assets under construction and advance payments	798	881	-82
Property, plant and equipment	42,124	41,219	905
Companies accounted for under equity method	50,279	49,764	515
Financial assets at amortized cost	5,002	5,139	-137
Financial assets at fair value through OCI	25,517	25,953	-436
Trade receivables	5,666	6,574	-909
Other amounts receivable	4,202	3,860	342
Trade and other long-term receivables	9,868	10,434	-566
Derivative financial instruments	307	307	0
Deferred tax assets	4,064	4,161	-97

The property, plant, and equipment have seen an increase of 4.7 million euro, mainly attributable to the extension of operating lease periods (1.5 million euro) and preparations at the Ole Almeborg facility amounting to 0.5 million euro in Denmark for JENSEN production. This is further supplemented with minor capital expenditures across various sales and production centers of the Group. This increase is offset by depreciation charges and divestments totaling 3.8 million euro.

The companies accounted for under the equity method represent the valuation of the participations in Tolon, Inax Corporation (recognized from April 3, 2023, onwards) and PrimaFolder (May 30, 2024). This accounting approach reflects the Group's investment strategy and its relationship with these entities. Under the equity method, the Group recognizes its share of the profits or losses of these investee companies in its financial statements, adjusting the carrying amount of the investments accordingly.

At the end of May 2024, JENSEN Italy acquired 33% of the shareholder rights in PrimaFolder for a consideration of 0.4 million euro. PrimaFolder is an Italian company specializing in the design and manufacture of automatic folding machines.

Roll-over of the companies accounted for using the equity method

In thousands of euro	June 30 2024	December 31 2023
Companies accounted for using the equity method at the beginning of the period	49,764	5,573
Dividend of Inax (49%)	-877	0
Acquisition of Inax	0	42,374
Acquisition of PrimaFolder	400	0
33% of the pre-transaction result of PrimaFolder	50	0
Share in the result	1,909	2,141
Hyperinflation capital & retained earnings of Tolon	1,116	3,266
Translation differences	-2,084	-3,589
Companies accounted for using the equity method at the end of the period	50,279	49,764

For more information about PrimaFolder, hyperinflation and the share in the result, see note 13.

The long term trade receivables decrease by 0.9 million euro, consistent with the agreed repayment schedules.

Note 5: Current assets

(in thousands of euro)	June 30	December 31	Variance
	2024	2023
Total Current Assets	305,450	284,906	20,544
Raw materials and consumables	46,309	42,417	3,892
Goods purchased for resale	17,425	20,765	-3,340
Inventory	63,734	63,182	552
Advance payments on purchases	2,124	1,713	411
Contract assets	87,896	62,336	25,559
Trade receivables	98,133	97,147	986
Other amounts receivable	10,303	8,618	1,685
Derivative financial instruments	28	346	-318
Trade and other receivables	108,464	106,111	2,353
Cash and cash equivalents	42,766	51,112	-8,346
Assets held for sale	467	452	15

The short term trade and other receivables increase by 2.3 million euro, due to the open position of VAT receivables per end of June 2024 and the increased activity level of the Group.

For the contract assets, see note 6 and for the cash and cash equivalents, see note 7.

Note 6: Contract assets and contract liabilities

(in thousands of euro)	June 30	December 31	Variance
	2024	2023
Contract revenue (6 months period, end of June 2024 and end of June 2023)	227,315	206,697	20,618
Contract assets	87,896	62,336	25,559
Contract liabilities	46,761	43,966	2,795

The above contract assets represent the Group's right to consideration in exchange for goods or services that it has transferred to a customer. Amounts could however not be invoiced as the right to consideration is not yet unconditional because additional obligations remain to be delivered to the customer.

Construction contracts are valued based on the percentage of completion method. At June 30, 2024 the contract assets included 19.9 million euro, or 12% of the contract assets (before netting), of accrued profit (20.4 million euro, 15,8%, at December 31, 2023). The observed decrease in percentage is attributable to the composition of our contract assets, which now include larger and more complex projects. This shift reflects the evolving nature of our portfolio, emphasizing more substantial and intricate engagements. Both contract assets and liabilities are higher compared to prior year due to the high activity in the initial months of 2024.

In the first six months of 2024, no write-offs on contract assets were performed.

The contract revenue, related to construction contracts for customers, is 20.6 million euro higher (+10%) compared to the first months of 2023. This achievement is demonstrated by the record order intake for the first half year amounting to 241.5 million euro.

(in thousands of euro)	H1 2024	Q2 2024	Q1 2024	H1 2023	Variance	%
Orders received	241,490	126,551	114,939	156,000	85,490	55%
Revenue	227,315	118,188	109,127	206,697	20,618	10%

Note 7: Statement of cash flows

The cash and cash equivalents decrease by 8.3 million euro as summarized in the cash flow statement.

(in thousands of euro)	June 30 2024	June 30 2023	Variance
Cash and cash equivalent	42,766	46,667	-8,346
Overdraft	-8,398	-5,345	1,393
Net cash and cash equivalents	34,368	41,322	-6,953
CASH FLOW FROM OPERATING ACTIVITIES	6,611	-2,255
CASH FLOW FROM INVESTING ACTIVITIES	-3,433	-4,667
CASH FLOW FROM FINANCING ACTIVITIES	-10,829	18,173
Net increase / (decrease) in cash and cash equivalents	-7,652	11,250
Exchange gains / (losses) on cash and bank overdrafts	564	158

In the first half of 2024, JENSEN-GROUP has demonstrated strong operational performance, leading to a higher working capital. This period witnessed an increase in contract assets, though this was balanced by a rise in contract liabilities. The highlight of this period is our operating results, which have increased by 4.2 million euro. This achievement has positively impacted our operating cash flow, resulting in a generation of 6.6 million euro.

We have invested 0.5 million euro in enhancing the production capacity on the Danish Isle of Bornholm by the end of June 2024. The main outlined investment initiatives aimed at strengthening our production capabilities are scheduled for the second half of the year.

Our financing activities during this period include the acquisition of treasury shares, amounting to 4.3 million euro, and the payment of dividends for the fiscal year 2023 for an amount of 7.1 million euro, leading to a total financing outflow of 10.8 million euro. Comparing to the end of June 2023, the main impact equalled the capital increase executed in the first months of 2023 by 26.8 million euro, resulting in a net positive financial impact of 18.1 million euro in the previous period.

Note 8: Acquisition of own shares

The Bylaws of the Company allow the purchase of own shares. At its meeting held on March 10, 2022, the Board of Directors decided to implement a program to buy back a maximum of 781,900 or 10% of its own shares. The shares are bought on the stock exchange by an investment bank mandated by the Board of Directors. The buy-back mandate expires on May 16, 2028.

• In view of the transaction with MIURA, the JENSEN-GROUP announced on March 9, 2023, that the Board of Directors suspended the program.
• On May 16, 2023, the shareholders approved the cancellation of 113,873 treasury shares.
• On August 10, 2023, the Board of Directors decided to re-launch the share repurchase program to buy back maximum 668,027 of its shares.

As per June 30, 2024 the JENSEN-GROUP holds 135,818 treasury shares. These shares have been bought back at an average price of 35.53 euro for a total amount of 4.8 million euro.

Note 9: Provision for other liabilities and charges

(in thousands of euro)	June 30 2024	December 31 2023	Variance
Provisions for warranties	10,147	8,377	1,770
Provisions for take-back obligations	540	256	284
Other provisions	1,269	1,338	-69
Provisions for other liabilities and charges	11,956	9,971	1,985

As of the end of June 2024, the warranty provision has been adjusted to align with the uptick in our operational activities. Notably, even amidst the broadening scope of our activities, the warranty provision, when measured as a percentage of the revenues over the last 12 months, has been maintained at a steady rate of approximately 2%. This consistency underscores our ability to manage and predict the implications of our expanding operations on our financial commitments effectively.

Note 10: Financial instruments - market and other risks

The table below gives an overview of the Group's financial instruments. The carrying amounts are assumed to be close to the fair value.

(in thousands of euro)		June 30, 2024		December 31, 2023
	Carrying amount	Fair value amount	Carrying amount	Fair value amount
FINANCIAL ASSETS
Financial assets at amortized cost	5,002	4,450	5,139	4,609
Financial assets at fair value through OCI	25,517	25,517	25,953	25,953
Other LT receivables	1,696	1,575	1,929	1,791
Trade receivables	103,798	103,798	103,721	103,721
Derivative financial instruments - FX contracts	28	28	346	346
Derivative financial instruments - IRS	307	307	307	307
Cash and cash equivalent	42,766	42,766	51,112	51,112
Total	179,115	178,443	188,506	187,838
FINANCIAL LIABILITIES
Financial debts	38,414	37,878	38,622	38,052
Financial debts - factoring	3,055	3,055	3,708	3,708
Trade payables	30,724	30,724	28,450	28,450
Derivative financial instruments - FX contracts	437	437	67	67
Total	72,630	72,094	70,847	70,277

Note 11: Commitments and contingencies

There are no major changes compared to December 31, 2023.

Note 12: Earnings per share

Basic earnings per share are calculated by dividing the Group share in the profit for the year of 21.6 million euro (16.7 million euro in 2023) by the weighted average number of ordinary shares outstanding during the six-months-period ended June 30, 2024, and 2023.

	June 30	June 30	Variance
	2024	2023
Basic earnings per share (in euro)	2.26	1.93	17%
Weighted avg shares outstanding	9,575,624	8,684,551	891,073

The earnings per share (EPS) experienced an increase of 0.33 euro per share, marking an increase of 17%.

Note 13: Related party transactions

Shareholder structure

The shareholders of the Company as per June 30, 2024 are:

(*) Share buyback program

Transparency notifications

During the first six months of 2024, JENSEN-GROUP NV received following notifications:

• a notification from Lazard Frères Gestion SAS informing about crossing of the 5% threshold through acquisition or disposal of voting securities or voting rights.
• a notification from JENSEN Invest A/S. Considering the ongoing share buyback program implemented by JENSEN-GROUP NV, JENSEN Invest A/S, the (de facto) controlling entity of JENSEN-GROUP, crossed the 45% threshold.

Key management compensation

There are no significant changes in compensation of key management.

Legal structure

For the updated legal structure, see note 15.

Companies accounted for using the equity method

	June 30	June 30
In thousands of euro	2024	2023
Companies accounted for using the equity method (Jun 2024; Dec 2023)	50,279	49,764
Share in the result of associates accounted for using equity method	1,909	1,756

The companies accounted for under the equity method represent the valuation of the participations in Tolon, Inax Corporation (recognized from April 3, 2023, onwards) and PrimaFolder (May 30, 2024). This accounting approach reflects the Group's investment strategy and its relationship with these entities. Under the equity method, the Group recognizes its share of the profits or losses of these investee companies in its financial statements, adjusting the carrying amount of the investments accordingly.

At the end of May 2024, JENSEN Italy acquired 33% of the shareholder rights in PrimaFolder for a consideration of 0.4 million euro.

Net income thousands of euro	% ownership	June 30 2024	June 30 2023	Variances
Tolon	49%	1,208	1,584	-373
Inax Corporation	49%	2,969	1,348	1,621
PrimaFolder	33%	34	0	34
Hyperinflation TRY	49%	-307	655	-962
Subtotal		3,904	3,583	321
Considering the percentage of ownership
Total		1,909	1,756	152

Share in the result of associates accounted for using equity method

Tolon

On January 29, 2016, JENSEN-GROUP acquired an equity stake of 30% in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkiye and agreed to acquire in total an additional 19% of the shares over the coming three years. In 2017, the JENSEN-GROUP increased its shareholding by 6.33% to 36.33%, in 2018 by another 6.33% to 42.66% and finally in 2019 by 6.34% to 49%.

As the JENSEN-GROUP holds less than 50% of TOLON, this participation is consolidated by the equity method.

• Net income per end of June 2024 (excluding hyperinflation) amounts to 1.2 million euro, compared to 1.6 million euro per end of June 2023 (excluding hyperinflation).
• Revenue per end of June 2024 amounts to 15.7 million euro, compared to 15.3 million euro per end of June 2023.

Hyperinflation

The Group applies IAS29 (Financial Reporting in Hyperinflationary Economies) for the consolidation of its Turkish subsidiaries. For the application of this standard, and to restate the income statements and nonmonetary assets and liabilities at June 30, 2024, we used the producer price index (PPI) "PPI.ITUR" as from January 2005, published by the Turkish Statistical Institute (Turkstat):

• PPI as per 30.06.2023 is 2,230.72
• PPI as per 30.06.2024 is 3,483.25

The impact of the revaluation on the share in the result for the Group mid-2024 was a cost of 0.2 million euro. The hyperinflation increased the equity (before result allocation) by 2.3 million euro, of which 1.1 million euro (49%) is attributable to the Group. In previous year, the impact resulted in an income of 0.3 million euro in the Group's income statements.

Inax

On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation ("Inax"), a Japanese wholly owned subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV. As the JENSEN-GROUP holds less than 50%, this participation is consolidated by the equity method.

• Net income per end of June 2024 (including depreciations on the purchase price allocation ('PPA')) amounts to 3 million euro, compared to 1.3 million euro for the first three months where Inax was included in the Group's income statements (from April - June 2023).
• Revenue per end of June 2024 amounts to 68.5 million euro, compared to 25.6 million euro for the first three months per end of June 2023 (from April - June 2023).
• Impact of the additional depreciation charge following the PPA amounts to 1.4 million euro per end of June 2024.

PrimaFolder

At the end of May 2024, JENSEN Italy acquired 33% of the shares of PrimaFolder for a purchase price of 0.4 million euro. PrimaFolder is a company specializing in the design and manufacture of automatic folding machines based in Italy.

• Net income per end of June 2024 amounts to 0.2 million euro (6 months), of which 33% of the period pre-transaction date is directly recorded via equity of PrimaFolder.
• Revenue per end of June 2024 amounts to 1.2 million euro (6 months).

Non-controlling interests

In 2016, the JENSEN-GROUP and Veins Holding BV have joined forces to form a new company, Gotli Labs AG. As the JENSEN-GROUP has de jure control over Gotli Labs AG (over 50% of the shares), this participation is fully consolidated. Contractually, JENSEN-GROUP is entitled to 40% of the results, with the other 60% shown in the income statement as "result attributable to non-controlling interest".

On January 2, 2018, JENSEN-GROUP acquired an equity stake of 30% in Inwatec ApS (Denmark), with the option to increase its shareholding between 2020 and 2023. On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated by the full consolidation method as from March 26, 2021. Before that date, the participation was consolidated by the equity method.

In thousands of euro	June 30 2024	June 30 2023
Equity part of NCI (June 2024; December 2023)	902	1,896
Result attributable to non-controlling interest	-993	271

The result attributable to non-controlling interest amounts to a loss of 1 million euro compared to an income of 0.3 million euro in the previous period. This decrease is partially due to a reduction in the order intake for Inwatec, a company that manufactures exclusively based on customer orders, rather than for inventory. In response to this development, management has implemented specific measures as of the end of June 2024.

Note 14: Subsequent events

On July 23, 2024, JENSEN-GROUP acquired 85% of the share capital of MAXI-PRESS Holding GmbH, Germany and its subsidiaries ("MAXI-PRESS"). As from the closing date, the MAXI-PRESS financials will be fully consolidated by the JENSEN-GROUP.

This strategic expansion will help to develop JENSEN-GROUP's offerings in consumables, spares and services, further solidifying its position in the global heavy duty laundry market. MAXI-PRESS, renowned for its leading market share in press cushions as well as its unique range of consumables, will play a pivotal role in enhancing JENSEN-GROUP's service business. The acquisition is fully aligned with JENSEN-GROUP's long-term value creation strategy, aiming to provide a comprehensive range of service propositions to laundries across the globe.

Details of the transaction

The acquisition of an 85% equity stake in MAXI-PRESS Holding GmbH, Germany, and its subsidiaries has been executed at a purchase price of 34.3 million euro on a cash-/debt-free basis, corresponding to 85% of the total enterprise value of the company.

The consolidated audited financial statements per December 31, 2023 according to German GAAP show a net asset of MAXI-PRESS Holding GmbH amounting to 8.3 million euro. For the fiscal year ending on December 31, 2023, MAXI-PRESS reported consolidated revenues of 21.5 million euro and an EBITDA of 5.6 million euro.

The consideration paid amounted to 35.8 million euro. The financial structure of the transaction is facilitated through direct cash payments complemented by a roll-over loan amounting to 24 million euro.

Total transaction expenses as per end of June 2024 amount to 0.6 million euro.

Given the transaction was finalised recently, the JENSEN-GROUP is initiating the procedures to convert the reported figures per December 31, 2023, with IFRS accounting policies as applied by the Group.

The table below gives an overview of the net assets of MAXI-PRESS per December 31, 2023, according to German GAAP.

(in thousands of euro)	December 31, 2023
	(German GAAP)
Intangible assets	72
Property, plant and equipment	1,409
Non-current assets	1,481
Inventory	5,280
Trade and other receivables	3,830
Cash and cash equivalents	2,545
Current assets	11,655
Provisions for other liabilities and charges	489
Borrowings (ST & LT)	2,831
Trade & other payables	1,280
Tax liabilities	221
Liabilities	4,821
NET ASSETS ACQUIRED	8,315

The acquisition date fair-value of the total consideration will be assessed to calculate the goodwill as part of the investment. Based upon the preliminary procedures performed, the Group will value the tangible and intangible assets customary in these types of transactions.

The initial purchase price allocation, in line with the IFRS accounting policies as applied by JENSEN-GROUP will be published in the Annual Report of 2024.

Note 15: Legal structure

Note: the above legal structure is representing the legal status per end of June 2024, as such the MAXI-PRESS acquisition is not yet reflected.

www.jensen-group.com

JENSEN-GROUP N.V. | Neerhonderd 33 |9230 Wetteren - Belgium T +32 (0)9 333 83 30 | www.jensen-group.com