Osmosun S.A.

Earnings Release • Sep 30, 2025

OSMOSUN announce its H1 2025 results and new ambitions following its combination with Watera International

• First half results confirm need for strategic combination
• Financial structure strengthened by new equity investment from Watera International parent company Unibios
• Bold ambition to establish a new global player in water treatment by combining the strengths of OSMOSUN and Watera International
• New organisational structure to drive profitable growth target bolstered by strategic acquisitions

Chartres, 30 September 2025 - OSMOSUN®, a leading provider of solar-powered seawater and brackish water desalination solutions, today announces its results for the six months ended 30 June 20251 and unveils its vision for the new entity resulting from the combination with Unibios, a Greek company listed on the Athens Stock Exchange and operating in the water treatment market since 1963 through its subsidiary, Watera International.

First half 2025 results and financial position prior to the combination

€000	H1 2024	H1 2025
Revenues	1,505	616
EBITDA	(2,495)	(1,246)
Adjusted EBITDA2	(2,495)	(1,246)
Operating income/(loss)	(2,728)	(1,401)
Net income/(loss)	(2,633)	(1,460)

For several months, OSMOSUN has been facing challenges in developing its business and exploiting the full potential of its know-how. These challenges have curbed first half earnings and placed the Company under financial pressure.

¹ The first half financial statements were approved by the Board of Directors on 24 September 2025. The half-year financial report will be published today on the Company's website at osmosun.com.

² See glossary

Revenues, which are recognised on a percentage-of-completion basis in accordance with costs incurred up to the balance sheet date, totalled €0.6 million for the period, down from €1.5 million in first half 2024. They are mainly derived from contracts signed in 2022 and 2023, primarily in the Caribbean and Africa.

Thanks to reduced sub-contracting following the completion of a number of major contracts and a €0.3 million decrease in operating expenses mainly due to the reduction in the average workforce (down to 25 FTEs³ in H1 2025 compared to 32 FTEs in H1 2024), the adjusted EBITDA loss was reduced to €1.2 million from €2.5 million in H1 2024.

After depreciation, amortisation and provisions, the Group posted an operating loss of €1.4 million (versus a €2.7 million loss in H1 2024) and a net loss of €1.5 million (versus a €2.6 million loss in H1 2024).

At 30 June 2025, before the capital increase resulting from the combination with Unibios, shareholders' equity was negative at €0.3 million. Cash and cash equivalents amounted to €0.5 million, while gross borrowings stood at €1.4 million including €0.7 million due in less than one year, resulting in net debt of €0.9 million.

Unibios equity investment in OSMOSUN and combination with Watera International

The investment made by Unibios in July 2025 and the association with Watera mark the beginning of a new era for OSMOSUN.

This combination, carried out through capital increases in cash and in kind, allowed OSMOSUN to:

• raise €2 million (€1.6 million from Unibios and €0.4 million from OSMOSUN's long-term shareholders) to shore up its equity and cash position;
• acquire a 30% stake in Watera International, a leading group in the treatment and reuse of water and wastewater;
• acquire a new majority shareholder, Unibios, which now holds 65% of the capital and voting rights.

At 30 June 2025, post-transaction proforma cash amounted to €2.5 million and proforma equity stood at €8.3 million.

Watera International, solid foundations for profitable growth

Watera International, a subsidiary of Unibios based in Luxembourg, has been a recognised player in water treatment in Greece since 1963, operating through its subsidiary Watera Hellas, a national leader in installed desalination capacity. Outside the Greek market, Watera International has developed a strong presence through subsidiaries in the Czech Republic, Bulgaria and Italy, while

³ Full-time equivalent

running a significant export business covering Western and Eastern Europe, the Middle East and Africa.

Boasting over 5,000 installations in the EMEA region and a comprehensive and diversified portfolio of water treatment solutions (reverse osmosis desalination, filtration and ultrafiltration, water recycling and reuse, deionisation and electrodeionisation, containerised unit design), the Group is a benchmark in innovative water treatment and reuse technologies, now ranking among the top five European manufacturers in the field of reverse osmosis desalination.

Watera International's business model is based on a solid balance between equipment sales (customized projects and standard equipment) and a wide range of services (maintenance and customer service, rental, operation of treatment units under long-term contracts, supply of consumables) that generate a constant stream of recurring revenue. Coupled with a competitive production centre in Greece, this hybrid model has enabled Watera International to deliver steady profitable growth. In 2024, the company generated consolidated revenues of €14.4 million and an EBITDA margin of 20.8%.

Raising OSMOSUN to Watera International's standard of excellence

The combination between OSMOSUN and Watera International will allow the new entity to capitalise on both companies' expertise and quickly generate technical, industrial and commercial synergies based on a proven and profitable business model combining:

• competitive production facilities based in Greece, guaranteeing operational efficiency and reduced costs;
• a diversified business model balanced between sale of standard equipment, customized projects and recurring revenues derived from service activities and long-term rental or operating contracts;
• strong customer references;
• recognised engineering expertise and proven experience in managing complex projects.

In-depth knowledge of the market, the structuring of an offer generating a recurring portion of revenues, operational excellence and competitive production will allow OSMOSUN to aim for a normative EBITDA margin of 15% in line with Watera International's standards.

To move towards this objective, OSMOSUN has rolled out an operating cost reduction plan (payroll and external expenses) which should generate savings of €0.5 million in 2025 and €1.2 million on a full-year basis, giving a total reduction of over 30% compared to the 2024 cost structure.

New organisational system, new name, new governance

The new entity arising from the combination between OSMOSUN and Watera International aims to enter a new cycle of value creation through a strengthened and extended positioning in highpotential water treatment and reuse markets, the gradual strengthening of its presence in Europe and abroad and a combination of sustainable organic growth and selective acquisitions.

This ambition will be achieved via a three-stage restructuring process:

• 1. The forthcoming creation of Watera France, a company fully owned by OSMOSUN and resulting from the spin-off of its operational activities;
• 1. The forthcoming change of name from OSMOSUN to Watera, embodying a new start while capitalising on a successful business model in the highly attractive water treatment and reuse market;
• 1. The implementation of an external growth strategy targeting companies operating in the field of water treatment and offering industrial and/or commercial synergies.

The new Watera will control and manage Watera France (100% owned) and Watera International (initially 30% owned) and will fully consolidate the financial results of all Group companies.

The new entity has a new governance. As such, Orfeas Mavrikios, Chairman and Chief Executive Officer of Watera International, Chief Executive Officer of Unibios and Board Director of OSMOSUN, will assume the roles of Chairman and Chief Executive Officer as of today, replacing Maxime Haudebourg, who is retiring but will remain Board Director in order to contribute his experience and in-depth knowledge of the solar desalination market in order to drive the company's development.

Once the operational reorganisation has taken place, the Board of Directors plans to strengthen its governance structure by appointing independent members in order to support transparency, rigour and value creation for all shareholders.

Orfeas Mavrikios, Chairman and CEO of Watera International, CEO of Unibios and newly appointed Chairman and CEO of OSMOSUN, said: "The combination marks a strategic turning point for OSMOSUN and Watera. This alliance opens up new prospects for profitable growth in a fastgrowing market, by capitalising on the synergies arising from the combination between our two companies. We plan to bring the new entity up to Watera's standards of operational and financial excellence and step up our development through acquisitions."

Maxime Haudebourg, co-founder, former Chairman and CEO and Board Director of OSMOSUN, said: "After a period of significant challenges, this combination is a real fresh start for our company. I am delighted to be able to continue this adventure on the Board of Directors and to contribute alongside our teams to the development of a strengthened, forward-looking organisation."

ABOUT OSMOSUN®

Founded in 2014, OSMOSUN® operates in the "low-carbon" water market and stands out thanks to a unique, patented, cost-effective, clean and sustainable solution for solar-powered battery-free seawater and brackish water desalination.

In July 2025, Unibios, a Greek company listed on the Athens Stock Exchange, became OSMOSUN's majority shareholder, thereby strengthening and expanding OSMOSUN's position in the sustainable water treatment and wastewater reuse through a contribution in kind to OSMOSUN of 30% of the share capital of its subsidiary, Watera International.

OSMOSUN is aiming to become a key international player in water treatment by providing sustainable and competitive technological systems capable of meeting the global challenges of responsible water management and access to drinking water.

Find out more : OSMOSUN® | Create water where life is

CONTACT

SPECIALIZED PRESS	FINANCIAL PRESS	INVESTOR RELATIONS
Nadège Chapelin	Deborah Schwartz	Hélène de Watteville
n.chapelin@nc-2.com	dschwartz@actus.fr	osmosun@actus.fr
+33 6 52 50 33 58	+33 1 53 67 36 35	+33 1 53 67 36 33

GLOSSARY

Adjusted EBITDA: Operating income restated for net depreciation and amortisation of intangible assets and property, plant and equipment and net provision charges/reversals + research tax credit

EBITDA: Operating income restated for net depreciation and amortisation of intangible assets and property, plant and equipment and net provision charges/reversals

Total production: sold production + inventoried production + capitalised production

Gross margin: Total production – purchase of raw materials and other supplies – change in inventory – direct sub-contracting

APPENDICES – P&L STATEMENT

				Du 01.01.2025	Du 01.01.2024
État exprimé en €			au 30.06.2025	au 30.06.2024
		France	Exportation
	Production vendue Biens Services	34 135	581 473	615 608	1 499 874 5 090
	Montant net du chiffre d'affaires	34 135	581 473	615 608	1 504 964
	Produits d'exploitation Production stockée Production immobilisée Subvention d'exploitation Reprises sur provisions et amortissements, transfert de charges Autres produits			125 852 79 669 31 937 3 049	35 402 45 416 12 000 6
			Total des produits d'exploitation	856 116	1 597 788
Charges d'exploitation	Achats de matières et autres approvisionnements Variation de stock Autres achats et charges externes Impôts, taxes et versements assimilés Salaires et traitements Charges sociales du personnel Dotations aux amortissements Dotations aux provisions - sur actif circulant Autres charges		171 973 10 327 862 904 13 554 711 645 279 989 156 989 30 280 19 911	846 696 -37 299 2 090 990 10 510 862 913 319 013 232 473 1
	Total des charges d'exploitation		2 257 573	4 325 297
	RESULTAT D'EXPLOITATION		-1 401 457	-2 727 509
financiers Produits	Autres intérêts et produits assimilés Différences positives de change			3 260	71 162 22 409
			Total des produits financiers	3 260	93 571
financières Charges	Dotations aux amortissements et aux provisions Intérêts et charges assimilées Différences négatives de change			27 902 11 411 22 215	41 016 19 716 9 307
			Total des charges financières	61 527	70 039
	RESULTAT FINANCIER			-58 267	23 531
	RESULTAT COURANT AVANT IMPOTS			-1 459 723	-2 703 978
	Sur opérations en capital				70 532
Produits exception nels			Total des produits exceptionnels		70 532
	RESULTAT EXCEPTIONNEL			70 532
	TOTAL DES PRODUITS			859 376	1 761 890
	TOTAL DES CHARGES			2 319 099	4 395 336
	RESULTAT DE L'EXERCICE			-1 459 723	-2 633 446

BALANCE SHEET

		Au 30.06.2025			Au 31.12.2024
État exprimé en €		Brut	Amortis. Provisions	Net	Net
	Frais d'établissement	144 972	144 972
	Immobilisations Incorporelles
	Frais de recherche et de développement Concessions brevets droits similaires	79 429 76 997	79 429 76 447	550
	Immobilisations Corporelles
	Instal. techniques, mat et outillage indus.	4 562 446	3 921 006	641 440	764 648
	Autres immobilisations corporelles	471 102	308 835	162 266	195 953
	Immobilisations en cours	8 765		8 765	8 765
ACTIF IMMOBILISE	Immobilisations Financieres
	Autres participations	283 114	176 939	106 175	11 286
	Autres titres immobilisés Autres immobilisations financières	200 000 73 914	170 291	29 709 73 914	48 691 98 540
	Total de l'actif immobilisé	5 755 767	4 732 948	1 022 820	1 127 883
	Stocks et en-cours
	Matières premières, approvisionnements	511 784		511 784	522 111
	En-cours de production de biens	333 509		333 509	204 561
	Produits intermédiaires et finis	56 664		56 664	59 760
	Avances et acomptes versés sur commandes	25 032		25 032	13 497
	Créances
	Créances clients et comptes rattachés	215 815	80 934	134 881	990 207
	Autres créances	146 530		146 530	363 490
ACTIF CIRCULANT	Charges constatées d'avance	99 548		99 548	83 279
	Valeurs mobilières de placement
	Autres titres	20 523		20 523	1 284 530
	Disponibilités	480 149		480 149	330 168
	Total de l'actif circulant	1 889 554	80 934	1 808 620	3 851 603
ptes Com de	Ecarts de conversion et diff. d'éval - Actif	1 209		1 209	3 231
	TOTAL ACTIF	7 791 502	4 958 853	2 832 649	4 982 717

BALANCE SHEET

État exprimé en €		Au 30.06.2025	Au 31.12.2024
Capitaux Propres	Capital social Primes d'émission, de fusion, d'apport	898 173	898 173 10 021 563
	RESERVES Réserve légale	4 750	4 750
	Report à nouveau	-30 857	-3 724 114
	Résultat de l'exercice	-1 459 723	-6 328 307
	Subventions d'investissement	294 025	342 066
	Total des capitaux propres	-293 633	1 214 132
Autres Propres Fonds	Avances conditionnées	288 909	308 409
	Total des autres fonds propres	288 909	308 409
Provisions	Provisions pour risques	293 926	323 445
	Total des provisions	293 926	323 445
	DETTES FINANCIERES Emprunts dettes auprès des établissements de crédit Emprunts et dettes financières divers	1 399 596 4	1 759 187 4
Dettes	DETTES D'EXPLOITATION Dettes fournisseurs et comptes rattachés Dettes fiscales et sociales	391 793 307 452	643 814 307 619
	Produits constatés d'avance	444 411	420 358
	Total des dettes	2 543 256	3 130 982
régul	Ecarts de conversion et diff. d'éval - Passif	189	5 749
	TOTAL PASSIF	2 832 649	4 982 717

CASH FLOW STATEMENT (€)

FLUX DE TRÉSORERIE LIÉS À L'ACTIVITÉ	Du 01.01.2025	Du 01.01.2024
	au 30.06.2025	au 30.06.2024
Résultat net	-1 459 723	- 2 633 446
Amortissements et provisions +	183 233	273 489
Subvention d'investissement viré au résultat -	-48 041	- 70 532
= Marge brute d'autofinancement	-1 324 531	- 2 430 489
Variation du besoin en fonds de roulement lié à l'activité -	-668 214	290 919
Stocks et en-cours	115 525	37 299
Créances clients	-826 255	- 336 810
Autres créances	-205 425	- 412 788
Comptes de régularisation Actif	14 247	16 542
Fournisseurs et comptes rattachés	252 020	502 791
Autres dettes	168	43 294
Comptes de régularisation Passif	-18 494	440 591
Flux net de trésorerie généré par l'activité (A)	-656 317	- 2 721 408
FLUX DE TRÉSORERIE LIÉS AUX OPÉRATIONS D'INVESTISSEMENT
Acquisitions d'immobilisations	78 618	49 821
Corporelles et incorporelles	644	49 821
Financières	77 974
Flux net de trésorerie lié aux opérations d'investissement (B)	-78 618	- 49 821
FLUX DE TRÉSORERIE LIÉS AUX OPÉRATIONS DE FINANCEMENT
Subventions d'investissements et avances conditionnées		98 932
Remboursements d'emprunts	379 091	333 162
Flux net de trésorerie lié aux opérations de financement (C)	-379 091	- 234 230
Variation de trésorerie (A + B + C )	-1 114 026	- 3 005 459
Trésorerie à l'ouverture (D)	1 614 698	7 200 215
Trésorerie à la clôture (A + B + C + D) (2)	500 672	4 194 755