VT5 Acquisition Company AG

Interim / Quarterly Report • Sep 11, 2025

R&S GROUP SEMI-ANNUAL REPORT 2025

Semi-annual Report 2025

Shareholder Letter	3
Key Facts	5
Business Update	6
ESG and Sustainability	8
Consolidated Financial Statements
Consolidated profit & loss statement
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Condensed Notes to Financial Statements
Group Structure and Shareholders	20
Published Information, Corporate Calendar and Contacts	24

Shareholder Letter

Heinz Kundert, Chairman of the Board of Directors of R&S Group and Eduardo Terzi Chief Execulive Officer of R&S Group

Dear Shareholders

We are pleased to report on the performance and highlights of R&S Group Holding AG («R&S Group») for the first half of 2025. This marked an important new chapter in the group's journey. A period of strategic progress, organizational transition, and continued growth momentum, underpinned by the global push for electrification and grid modernization.

R&S Group delivered a solid financial performance in the first half of 2025. We managed to maintain our growth trajectory in an evolving market environment, with revenues rising yearover-year and profit levels reflecting the successful execution of our operational and strategic initiatives. R&S Group benefited from strong order intake, a healthy backlog, and continued good margins thanks to disciplined cost management and positive contributions from recent investments and the acquisition of Kyte Powertech.

In the first quarter of the year, we concluded the formal integration of Kyte Powertech. This strategic step marks an important milestone for the Group, and we are already seeing the benefits of bringing our teams and capabilities closer together. Looking ahead, we will continue to pursue efficiency measures in operations as well as promising up- and cross-selling initiatives across the group's markets and customer base, which will support growth in the medium and long term.

Shareholder Letter

Another milestone was the official inauguration of our new oil distribution transformer plant in Krzeczów near Bochnia, Poland, on 3 April 2025. The opening of our new facility, which represents our commitment to investing in capacity, operational excellence, and proximity to core European marktes, was marked by a memorable ribbon-cutting ceremony aftended by key customers and government officials. Albeit slower than anticipated, deliveries from this stateof-the-art facility are now underway, strengthening our ability to deliver reliable, high-quality transformers at scale to meet the growing demand for resilient energy infrastructure.

In early May, we saw the full exit of CGS, the former owner of R&S Group, via the placement of its last stake with a broad base of Swiss and international institutional investors. This transaction substantively increased our free-float and improved share liquidity, while also diversifying and strengthening our shareholder base. We are grateful to CGS for its strategic support in recent years and are pleased to now engage with an even more diverse investor community.

This period also brought a leadership change at the top, with Markus Laesser deciding to step down as CEO. We thank him sincerely for his contributions. We welcomed Eduardo Terzi as the new Group CEO on 1 June 2025. Eduardo brings a wealth of deep experience in the global transformer and energy market. Together with the entire management team, he is committed to leading R&S Group through its next phase of growth and value creation.

The global frends powering our industry remain robust. Energy consumption, electrification and grid modernization are accelerating across all key markets, underpinning the demand for quality transformer solutions. Our investments in technology and capacity expansion position us to capitalize on these trends and deliver sustained growth. Given the positive business momentum in the first half, robust performance, and a healthy order backlog, we remain confident of being able to deliver profitable growth while continuing to invest more in innovation, operational excellence, and customer relationships.

Sincerely,

Sissach, 10 September 2025

Heinz Kundert Chairman of the Board of Directors

Eduardo Terzi Chief Executive Officer

Key facts per 30 June 2025 (reported)*

in MCHF

305.7 Order backlog

Net sales

40.2

EBIT

19-5%

EBIT margin

+40.1%

+87.7%

1285 Number of

*growth rates for order backlog and net sales including Kyte Powertech Ltd. (not included in previous year)

Business Update

Operational highlights

R&S Group achieved a good operating performance in the first half of 2025, despite delays in the ramp-up of the new oil distribution transformer plant in Krzeczów near Bochnia. All product groups contributed to the good result. The reported top-line figures increased significantly, also as a result of the contribution of Kyte Powertech for the full half year. As expected and announced earlier, the Group's profitability declined slightly due to portfolio effects from the Kyte acquisition. Demand remained high in the main markets of Switzerland, Italy, and Poland. Particularly encouraging has been our successful expansion into the new markets of Germany, the Nordics and Baltic countries, and the continued demand for large power transformers. Equally promising are sales efforts in new applications such as data centers and harbor electrification. Germany's share of R&S Group's total net sales increased to 12.5% by mid-2025. Kyte Powertech's "home markets" Ireland and the United Kingdom also performed well in the first six months of 2025, albeit sligthly more restrained than during the last four months of 2024.

The following table shows R&S Group's results for the first half of 2025:

	HY 2025 reported	HY 2024 reported	HY 2024 adjusted	Change in reported figures
	MCHF	MCHF	MCHF	in%
Order intake	244.8	141.0	141.0	73.6%
Order backlog	305.7	218.2	218.2	40.1%
Net sales	206.3	109.9	109.9	87.7%
Operating result (EBIT)	40.2	24.0	25.5 1	67.5%
as % of net sales	19.5%	21.8%	23.2%
Profit after tax	28.8	12.1	17.3 1,2	138.0%
Free cash flow	5.2	ર્સ્ડ	7.5 2	-5.5%
Earnings per share in CHF 3	0.77	0.42	0.60	83.3%
Net financial debt 4	104.0	-5.1	-5.1	n/a
Year-end number of full-time equivalents	1,285	ર્ભરવામાં આવેલું એક ગામનાં મુખ્યત્વે ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામમાં મુખ્યત્વે ખેત	635	102.4%

1 Excluding M&A costs of 1.5 MCHF.

2 Excluding subsequent tax payments in Italy of 3.7 MCHF (cash impact of 2 MCHF for H1 2024).

3 Basic Earnings per share computed by dividing Profit after tax by the weighted average number of shares outstanding (37239162 shares in 2025).

4 Defined as (interest-bearing) short- and long-term liabilities less cash and equivalents. Excess cash in the prior year numbers.

Business Update

Net sales amounted to CHF 206.3 million, including the consolidation of Kyte for the full half year. Order intake was strong at CHF 244.8 million and order backlog amounted to CHF 305.7 million. EBIT reached CHF 40.2 million, equivalent to an EBIT margin of 19.5%. Owing to investments in increased capacities, including the build-up of working capital and capital expenditure, free cash flow amounted to CHF 5.2 million. Despite business expansion, the focus in the second half of 2025 must be on cash conversion.

The net change in cash and cash equivalents was CHF -20.8 million, mainly due to the dividend payment of CHF 18.6 million and the first-time amortisation of the syndicated loan of CHF 12.5 million. Net financial debt as of 30 June 2025 amounted to CHF 104.0 million (versus excess cash of CHF 5.1 million the previous year before the acquisition of Kyte Powertech).

Total assets as of 30 June 2025 amounted to CHF 270.9 million against CHF 258.4 million at the end of 2024, with an equity of CHF 8.5 million (up from CHF -5.3 million per end of 2024).

ESG and Sustainability Performance

During the first half of 2025, the Group advanced its sustainability and ESG agenda with key milestones including ISO 50001 certification at multiple sites, greater integration of solar energy, third-party certified product life cycle assessments (LCAs), and the rollout of ESG-focused procurement platforms. Ahead of aligning with the Corporate Sustainability Reporting Directive (CSRD), a comprehensive Climate Risk Assessment was completed, identifying both physical risks (e.g., extreme weather, chronic climate shifts) and transition risks (e.g., regulatory, market, reputational). Opportunities such as energy efficiency, product innovation, and access to green financing were also assessed. This groundwork strengthens CSRD readiness and supports the Group's long-term climate goals. The Double Materiality Assessment is set for release in Q3 2025, alongside the continued implementation of the Supplier Evaluation Portal.

Energy Management and Renewable Integration

The Group is expanding ISO 50001 implementation to enhance energy efficiency, reduce carbon emissions, and support long-ferm sustainability. This structured system helps lower operating costs, ensure regulatory compliance, and promote continuous improvement across operations. In Italy, certification was achieved in February 2024, with recertification planned for February 2027. The site has addressed all improvement opportunities identified during its energy review and continues to maintain robust monitoring practices, further supported by the installation of solar panels in April 2025, which now supply around 30% of its electricity demand, with surplus power fed into the grid. In Poland, certification was obtained in the first quarter of 2025, with efforts focused on targeted efficiency measures and strengthened monitoring processes. One Polish site also began generating solar energy in mid-2024, meeting approximately 5% of its requirements, while other locations are actively evaluating installation options. Ireland received ISO 50001 certification in the third quarter of 2024, with recertification scheduled for 2027, and is prioritizing enhanced energy monitoring and process optimization to reduce operational energy intensity. Solar power has been in place at the Irish site since mid-2022, providing around 16% of its energy needs.

All certified sites have completed energy reviews, closed gaps, and established KPI fracking, driving real-time energy monitoring, facility upgrades, process optimization, and renewable integration. These efforts deliver measurable savings and support the Group's sustainability goals. Expanding ISO 50001 and renewable energy implementation at remains a key focus for the second half of the year.

Environmental Performance

The Group actively manages greenhouse gas emissions, focusing on reducing Scope 1 and Scope 2 emissions. In Italy, emissions reduction efforts have been supported by ongoing efficiency improvements, with Scope 1 and Scope 2 emissions actively monitored and managed. The site also sources over 11% of its electricity from renewable generation, supporting the transition to low-carbon energy. Switzerland has made steady progress in managing direct

ESG and Sustainability

emissions, with reduction initiatives integrated into operational practices, and now meets 100% of its electricity needs through a certified green electricity supplier. In Poland, one location operates entirely on green electricity, while another generates 20% of its needs on-site through solar power. In Ireland, a full analysis of Scope 1, Scope 3 emissions has been completed, and the site is certified against ISO 14064 for greenhouse gas quantification and reporting. It meets 100% of its electricity demand from renewable sources, combining certified green electricity with on-site solar generation.

Social Responsibility

The Group continues to invest in employee well-being, training, and inclusion, while also maintaining a strong focus on workplace safety. In Italy, the Workplace Health Promotion (WHP) program has been implemented in collaboration with the Tuscany region to promote healthier lifestyles and improve employee wellness. Engagement with schools and universities in Italy and Poland remains an important part of local recruitment efforts, strengthening the future talent pipeline. In Ireland, Kyte Powertech has partnered with schools in Cavan and County Down to deliver sustainability workshops and launched the Kyte Powertech Sustainability Awards to celebrate STEM projects by primary school students.

In 2025, the Group appointed Beda Brülhart as Compliance Officer to ensure regulatory compliance, and support sustainability efforts. A key priority is developing a whistleblower policy and reporting channel to address gaps in training and reporting, promoting transparency, ethical culture, and compliance awareness across the organization.

ESG-aligned Product Development and Procurement

In 2024, Italy and Switzerland collectively sourced over 180 tons of Bluemint® low-carbon electrical steel, achieving a combined emissions reduction of more than 340 tCO2e. This represents a meaningful share of their total steel purchases and reflects the Group's commitment to integrating sustainable materials into manufacturing. In Italy, these efforts are complemented by the achievement of Environmental Product Declaration (EPD) certification for the EcoPlus2030 transformer range, while in Switzerland similar material choices are contributing to lower embodied emissions in products.

The Italian site has also completed third-party Life Cycle Assessments (LCAs) for two 1000 kVA cast resin transformer models, with certified EPDs published to ensure transparency. Licensed production of these eco-efficient designs in Poland extends their lifecycle benefits to a broader market, further amplifying environmental gains.

To strengthen sustainability in procurement, a Supplier Evaluation Portal is being implemented across all sites to assess vendors based on ESG compliance, documentation, and risk profiles. While ESG clauses are not yet embedded in all supplier contracts, the new portal will enable consistent screening, qualification, and corrective action planning-building a more resilient and responsible supply chain.

al Report 2025

ESG and Sustainability

Looking ahead

In H2 2025, the Group will build on its progress by completing CSRD reporting for H1 2026, using finalized Climate Risk Assessments to guide product and risk strategies, working toward a Group-level CMRT and EcoVadis rating, and continuing to deploy the supplier evaluation platform to enhance governance and emissions tracking.

ni-annual Report 2025

Consolidated Financial Statements as of 30 June 2025

Consolidated Profit and Loss Statement per 30 June 2025

(with comparatives from prior year)

		30 June	30 June
		2025	2024
		(unaudited)	(unaudited)
	Notes	TCHF	TCHF
Net sales	2	206'342	109'933
Changes in semi- / finished goods		1'600	8,656
Other operating income		772	76
Operating income		208'715	118 664
Material costs		-112'990	-61,835
Personnel costs	3	-37'317	-20'005
Operating expenses	3	-14'131	-9'466
Other operating expenses	3	=345	-1760
Operating result before amortisation and depreciation (EBITDA)		43'932	25'598
Depreciation of tangible assets and amortisation of intangible assets		=3,693	-1'646
Operating result (EBIT)		40'239	23'952
Financial result		-3'741	-1'173
Profit before income taxes		36'498	22'779
Tax expenses	ব	-7'692	-10'657
Profit		28'806	12'122
Basic earnings per share in CHF		0.77	0.42
Diluted earnings per share in CHF		0.77	0.42

Semi-annual Report 2025

Consolidated Financial Statements as of 30 June 2025

Consolidated Balance Sheet per 30 June 2025

		30 June 2025 (unaudited)	31 December 2024 (audited)
Assets	Notes	TCHF	TCHF
Cash and cash equivalents	5	55'997	76'795
Accounts receivable		73'035	48,599
Other short-term receivables		1'332	7'891
Inventories	5	71'300	62'022
Prepaid expenses		1'812	2'247
Total current assets		203'476	197'554
Tangible assets	5	44'528	37'011
Financial assets		2'449	2'046
Intangible assets		20'421	21'786
Total non-current assets		67'398	60,843
Total assets		270'874	258'397

		30 June	31 December
		2025	2024
		(unaudited)	(audited)
Liabilities and equity	Notes	TCHF	TCHF
Liabilities
Short-term financial liabilities		33,658	28'421
Accounts payable	5	46'760	42'302
Other short-term liabilities		29'609	26 773
Short-term provisions	ട	9'818	7 696
Accruals		7'434	7'962
Total current liabilities		127'278	114,155
Long-term financial liabilities	5	126'331	138'630
Pension liability		618	710
Long-term provisions	ട	8,185	10,205
Total non-current liabilities		135,135	149'546
Total liabilities		262'413	263'700
Equity
Share capital		3724	3'724
Capital reserves		121'840	140'366
Own shares		-468	-2'500
Retained earnings		-114'542	-143'370
Cumulative currency translation reserve		-2'094	-3.524
Total equity		8'461	-5'304
Total Liabilities and equity		270'874	258'397

Semi-annual Report 2025

Consolidated Financial Statements as of 30 June 2025

Consolidated Cash flow Statement per 30 June 2025

	30 June	30 June
	2025	2024
	(unaudited)	(unaudited)
Notes	TCHF	TCHF
Profit of the period	28'806	12'122
Amortisation, depreciation and impairment	3,693	1'646
Profit (-)/Loss (+) on sale of tangible assets	-44	-4
Change in provisions/reserves	478	8'991
5 Other non-cash items	5'545	-2'688
Cash flow from operating activities before changes in net working capital	38'478	20'066
Change in inventories 5	-8'975	-7'226
5 Change in accounts receivable	-24'374	-11'988
Change in other receivables and prepaid expenses	1'371	=595
Change in accounts payable	4'640	-6'400
Change in other current liabilities and accruals	2'999	13'507
Cash flow from operations	14'139	7'363
5 Investments in tangible assets	-8'961	-1'747
Divestments of tangible assets	134	26
Investments in financial assets	-18	-4
Investments in intangible assets	-113	-174
Cash flow from investment activities	=8.028	-1'898
Free cash flow	5480	5,465
Dividend payout 6	-18'596	-6'992
Issuance (+)/repayment (-) of short-term financial liabilities	3,895	-575
Issuance (+)/repayment (-) of long-term financial liabilities 5	-12'067	-8'320
Cash flow from financing activities	-26'768	-15'888
Exchange rate impact	790	1'410
Net change in cash	-20'797	-9'013
Cash and cash equivalents at 01.01	76'795	52'999
Cash and cash equivalents at 30.06	55'997	43'986
Change in cash and cash equivalents	-20'797	-9'013

mi-annual Report 2025

Consolidated Financial Statements as of 30 June 2025

Consolidated Statement of Changes in Equity per 30 June 2025

Share capital	Capital reserve	Own shares	impact Exchange rate	Accumulated losses Retained earnings/	Total
TCHF	TCHF	TCHF	TCHF	TCHF	TCHF
2'893	48'415	-10'000	=3,589	-3,881	33,838
				12'122	12'122
			2'334		2'334
	-6'992				-6'992
2'893	41'423	-10'000	=1'255	8'241	41'301
3'724	140'366	-2'500	-3.524	-143'370	-5'304
				28'806	28'806
			1'430		1'430
	66	2'032			2'098
	-18,596				-18'596
	ব			22	27
3'724	121'840	-'468	-2'094	-114'542	8'461

Condensed Notes to the Financial Statements as of 30 June 2025

Condensed Notes to the Financial Statements of Semi-annual Report (unaudited)

l

General information

The 2025 Semi-annual Report comprises the unaudited financial statements of R&S Group Holding AG ("the Company") and its subsidiaries for the six months ended 30 June 2025.

The unaudited semi-annual financial statements of R&S Group Holding AG have been prepared in accordance with the accounting principles published in the 2024 Annual Report. In accordance with Swiss GAAP FER 31, this Semi-annual Report contains shorter disclosures than in the consolidated annual financial statements and should therefore be read and interpreted in the context of the 2024 Annual Report. The semi-annual consolidated financial statements present a true and fair view of the financial position, cash flows, and the result of operations, and are based on historical costs.

The financial statements are presented in CHF 1'000 thousand. Owing to the chosen number format, minor rounding differences may arise.

These financial statements have been prepared on the Company will continue as a going concern.

These financial statements were authorized for issue by the board of directors on 11 September 2025.

Consolidation scope and method

The list of shareholdings of the significant subsidiaries included in the consolidation at 30 June 2025 is as follows:

		Share	Ownership in %
		Capital
			30 June	30 June
			2025	2024
R&S Group Holding AG (Pfäffikon SZ, Switzerland)	TCHF	3724
R&S International Holding AG (Sissach, Switzerland)	TCHF	47'559	100	100
Rauscher & Stoecklin AG (Sissach, Switzerland)	TCHF	500	100	100
Tesar S.r.l. (Subbiano, Italy)	TEUR	2'080	100	100
Tesar Gulf Power Transformers LLC (Al Ain, UAE)	TAED	8'800	100	100
ZREW Transformatory S.A. (Łódź, Poland)	TPLN	12'598	100	100
Tesar Polska Sp. z o.o. (Niepolomice, Poland)	TPLN	100	100	100
Experience Technology Nominees Ltd. (Cavan, Ireland)	TEUR	126	100	O
Kyte Powertech Ltd. (Cavan, Ireland)	TEUR	12 665	100	O
Rauscher & Stoecklin Polska Sp. z o.o. (Krzeczów, Poland)	TPLN	300	100	O

Condensed Notes to the Financial Statements as of 30 June 2025

Foreign currency conversion

Applicable exchange rates for the group's major foreign currencies are as follows:

	30 June	31 December	30 June
	2025	2024	2024
Euro (EUR)
- Closing rate	0.946	0.938	0.972
- Average rate	0.950	0.964	0.967
100 Polish Zloty (PLN)
- Closing rate	22.324	21.940	22.558
- Average rate	22.472	22.377	22.402
100 United Arab Emirates Dirham (AED)
- Closing rate	21.974	24.674	24.754
- Average rate	24.168	24 161	24.301

2 Net sales

In the first half of 2025, gross sales increased as a result of a continuous increase in business volumes, the new plant in Krzeczów, Poland, ramping up its operations and the half year impact of Kyte Powertech net sales not included as of 30 June 2024.

	30 June	30 June
	2025	2024
	(unaudited)	(unaudited)
	TCHF	TCHF
Gross sales from goods and services	172'351	88'190
Gross sales from long-term manufacturing orders (valued using the percentage-of-completion method)	36'080	24'603
Sales deductions	-2'088	-2,860
Net sales	206'342	109'933

Gross sales per region	30 June	30 June
	2025	2024
	(unaudited)	(unaudited)
	TCHF	TCHF
Europe	193'691	100'458
Asia	13,851	10 662
America	440	443
Africa / Oceania	450	1'229
Total gross sales	208'431	112'793
Sales deductions	-2'088	-2'860
Net sales	206'342	109'933

Condensed Notes to the Financial Statements as of 30 June 2025

3 Development of costs

The increase in costs of 2025 versus the same period last year is a result of the impact of the newly consolidated figures from Kyte Powertech, the ramp-up of operations at a new plant in Poland, and increased business volumes at other plants.

Personnel costs have increased in absolute terms but remain largely unchanged as a percentage of net sales.

The increase in total operating expenses in absolute numbers is mainly attributable to the impact of Kyte Powertech, partly offset by a reduction in other operating costs versus consultancy costs related to ongoing strategic projects in 2024.

Depreciation and amortization expenses increased as a result of a higher amortization for property, plant, and equipment and design software following their fair value recognition upon the acquisition of Kyte Powertech in August 2024.

4 Tax expenses

	30 June	30 June
	2025	2024
	(unaudited)	(unaudited)
	TCHF	TCHF
Current income tax	-8,836	-9'924
Deferred tax	1'143	-734
Total tax expenses	-7'692	-10'657

The overall recuction in tax expenses is due to a one-off subsequent tax payment of CHF 3.7 million by Tesar S.r.l. in 2024 related to a tax audit of the years 2018 to 2022, partly offset by the impact of significantly increased business volumes.

5

An overall increase in business volume in the first half of 2025 versus Q4 2024 led to an increase in inventories, and accounts receivable. The increase in inventories is a result of the slower ramp- up of the new plant in Krzeczów, Poland, inaugurated in April 2025. On the liability side, this led to an increase in accounts payable owing to higher raw material purchases.

The reduction in other short-term receivables was primarily the resulf of the termination of restricted cash deposits to support bank guarantee lines in Poland (CHF 4.8 million).

Tangible assets have increased owing to continuous investments in new machinery in Poland and Ireland.

t 2025

Condensed Notes to the Financial Statements as of 30 June 2025

The increase in short-term provisions is attributable to an increase in tax associated with growing profitability. The reduction in long-term provisions is mainly attributable to the release of the provision for an onerous contract.

During the first half of 2025, CHF 12.5 million in financial liabilities were repaid, leading to a decrease in long-term financial liabilities and a lower cash balance on 30 June 2025.

6 Equity

In May 2025, R&S Group Holding AG paid dividends amounting to CHF 18.59 million or CHF 0.50 per share.

7

No events to report.

Group Structure, Shareholders and Share Information

N Group Structure and Shareholders

2.1

The Company's registered office is at Zentrum Staldenbach 3, CH-8808 Pfäffikon SZ, Switzerland. The registered shares (security no. 110797983; ISIN CH1107979838, ticker symbol RSGN) are listed on the SIX Swiss Exchange. The Company's share capital as of 30 June 2025 was CHF 3.724 thousand and its market capitalization was CHF 1.076 million. There are no other listed companies within the scope of consolidation of R&S Group.

Our operating business is conducted through R&S Group Holding AG's subsidiaries (operating legal entities). The consolidated legal entities are disclosed in Note 1 to the consolidated financial statements.

2.2 Significant shareholders/participants

Based on notifications received by R&S Group Holding AG, each of the following shareholders held more than 3% of the voting rights in R&S Group Holding AG as of 30 June 2025.1 The free float as of 30 June 2025 was 90.5%.

1 The voting rights participation according to the latest disclosure notice received from the shareholder.

CGS III (lersey) Ltd., a fund managed by CGS Management AG, fully exited in two franches during the first half of 2025/27 January and 6 May 2025/

Notifications of significant shareholdings in R&S Group Holding AG, or disposal of such, that were disclosed during the first half of 2025 can be found under the following link by inserting 'R&S Group Holding AG' as the company name:

https://www.ser-ag.com/en/resources/notifications-market-participants/significantshareholders.html

Group Structure, Shareholders and Share Information

2.3 Lock-up agreements

For the period ending 5 September 2025 regarding 431'880 Company shares and for the period ending 5 September 2026 regarding 1295'629 Company shares, the managemnet of Kyte Powertech, has agreed not to offer, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any options, right or warrant to purchase, pledge, grant instruction rights as pursuant to article 25 FISA, or otherwise publicly announce any such offer, sales or disposal, directly or indirectly, any Company shares.

The lock-up agreement does not apply to shares or other securities acquired by employees of the Company in open-market transactions.

2.4 Cross-shareholdings

The R&S Group Holding AG or its subsidiaries do not have any cross-shareholdings exceeding 5% of capital holdings or voting rights.

Share information

Share price performance (indexed)

Source: https://ir.the-rsgroup.com/stock-chart

The SPI EXTRA comprises small- and mid-cap stocks in the Swiss equity market that are not included in the blue chip SM index.

	Share
Stock exchange	SIX Swiss Exchange symbol: RSGN
Reuters	RSGN:SW
Security number	110797983
ાડાિય	CH1107979838

RSGN is included in the following indices as at 30 June 2025: MSCI World Small Cap, SPI ESG TR (SPIT), SPI ® TR (SXGE), SPI EXTRA ® PR (SPIEX), SPI ex SLI ® PR (SXSLIX), Swiss All Share Index PR (SSIRT)

Semi-annual Report 2025

Group Structure, Shareholders and Share Information

Share information in CHF

	30.06.2025	30.06.2024	Change in %
Closing price at the end of the reporting period	28.90	13.15	119.8
Highest price	29.60	13.25	123.4
Lowest price	15.70	જે રૂટ	64 4
Market capitalization at the end of the reporting period (MCHF)	1′076	380	183.2

¹ based on shares issued

Own shares

in %
28.7
-95.3
33.4

Forward Looking Statements

Forward looking statements

This report contains statements that constitute forward-looking statements, including statements of the future financial performance of the Company, its plans and objectives and their anticipated effect on the Company's future business and development, as well as other projections and statements that are forward-looking or contain subjective assessments, regarding the intent, belief or current expectations of the Company. The Company has tried to identify those forward-looking statements by using words such as 'may', 'will', 'would', 'should', 'expect', 'intend', 'estimate', 'anticipate', 'project', 'plans', 'predict' and similar expressions. Such statements are made on the basis of assumptions, estimates and expectations which, although the Company believes them to be reasonable at this time, may prove to be erroneous or unfounded in the future, as forward-looking statements are subject to risks and uncertainties that could cause the actual development, results and financial position of the Company to differ materially from the information presented herein. Many of these risks and uncertainties relate to factors that are beyond the company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the performance, security and reliability of the company's information technology systems, political, economic and requlatory changes in the countries in which the company operates or in economic or technological frends or conditions. If one of these risks or uncertainties materialises or if underlying assumptions prove to be incorrect, actual outcomes may vary materially from those indicated in the forward-looking statements. Other than in accordance with the ad-hoc publicity rules of the SIX Swiss Exchange, the Company undertakes no obligation to release publicly any revisions or updates to any forward-looking statements herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or to reflect any change in the Company's expectations.

Published Information

Published Information, Corporate Calendar and Contacts

Pulbished information

Published materials of the R&S Group Holding AG are available to the public in electronic form. Subscription to R&S Group Holding AG's news alert for corporate information and ad-hoc publications is possible under https://ir.the-rsgroup.com/stay-informed/

Corporate calendar

8 April 2026 Release of full-year 2025 results 7 May 2026 Annual General Meeting

The corporate callender is available under https://ir.the-rsgroup.com/financial-calendar

Contacts

R&S Group Holding AG

Zentrum Staldenbach 3 CH - 8808 Pfäffikon SZ Switzerland investors@the-rsgroup.com

Investor and Media Relations

Doris Rudischhauser T: +41 (0) 79 410 81 88 doris.rudischhauser@the-rsgroup.com

Further information

Our website provides further information on R&S Group Holding share price data, media releases, historical annual reports and an events calendar: www.the-rsgroup.com

R&S Group Holding AG

Zentrum Staldenbach 3, CH-8808 Pfäffikon SZ, Switzerland https://www.the-rsgroup.com

This semi-annual Report is published in English only