Dear Shareholders,

At its 27 March 2025 meeting in Paris, the EXACOMPTA CLAIREFONTAINE Board of Directors,
chaired by Mr François Nusse, reviewed and approved the Company and Group financial statements for
the year ended 31 December 2024.

 Consolidated results

(€000) 2024 2023
Revenue 831,274 843,249
Operating income 45,261 72,063
Net income before tax 43,256 56,852
Net income after tax 31,456 43,116
Group share 31,456 43,116

2023 earnings were boosted by two non-recurring items totalling €16 million.
A €2 million goodwill impairment charge was recorded in the 2024 consolidated financial statements,
compared to an €11,996,000 impairment charge in 2023.
Operating income is presented before this goodwill impairment.


 Segment information

Inter-segment
(€000) Paper Processing Total
transactions
Revenue 357,118 601,223 (127,067) 831,274
Operating income 29,885 11,352 4,024 45,261


(€000) France Europe Outside Europe Total

Revenue 424,092 377,564 29,618 831,274

Economic conditions

In previous years, there had been concerns about energy prices and a possible shortage of graphic paper
and stationery, leading to excess demand from distributors followed by a fall in demand.
It can be estimated that for the 2024 financial year, the volume of orders received corresponded
substantially to actual consumption. However, the downward trend in consumption continues, making
it necessary to find new outlets for our production.

Paper

Production of fine uncoated papers in Western Europe increased by 6.4% in 2024 after falling by 25.8%
in 2023 (source: CEPI).
Meanwhile, production at our four mills increased by 5.8% in 2023 and 1.3% in 2024, with 240,000
tonnes of paper reels produced.
The volume of orders received allowed our five machines to operate normally. We are compensating
for the decline in certain graphic paper markets by developing specialty products.
After a downturn during the fiscal year, the price of pulp stabilised, leading to an average increase of
around 5% over the full year. Our energy costs no longer benefited from the favourable conditions of
2022 and 2023.

Processing

The French stationery market posted an average 5.6% decline in volume for manufactured papers and
6.9% for filing articles (source: GFK). Sales growth in Europe and diversification efforts have enabled
us to maintain our revenues overall. We are reorganising our workshops to take account of the reduced
consumption of certain product families.


 Outlook

Commercial demand was weak in the first quarter of 2025 and the global economic uncertainty does not
offer much cause for optimism. Raw material prices are relatively stable and our energy costs are rising.
We expect 2025 earnings to be down on 2024.


 Group financial results

2024 revenue amounted to €831,274,000. At 31 December 2024, gross borrowings stood at
€209,347,000 including €41,607,000 of financial liabilities arising from the capitalisation of leases.
Consolidated shareholders’ equity was €536,108,000.
The Group has negotiated additional lines of credit with its banks totalling €28,379,000. At the balance
sheet date, outstanding commercial paper issued by the Group amounted to €10 million out of a global
programme of €125 million.
With gross cash and cash equivalents of €189,496,000 at 31 December 2024, Group net borrowings
amounted to €19,851,000.
Excluding technical financial liabilities generated by the application of IFRS 16, the Group posted net
cash of €21,756,000 at 31 December 2024 compared to €11,089,000 the previous year.

The audit procedures for the 2024 financial statements are almost complete and the reports will be
published shortly.

***************

 The Board is calling an Ordinary General Meeting to be held on 27 May 2025, at which it will
recommend a dividend of €7.50 per share.
 The next release will be published after the Board meeting called to approve the first half 2025
financial statements, scheduled for 18 September 2025.

***************

THE BOARD OF DIRECTORS

Head of Financial Reporting
Jean-Marie Nusse - Executive Vice President




F 88480 ETIVAL-CLAIREFONTAINE – TEL. +33 (0)3 29 42 42 42 – FAX +33 (0)3 29 42 42 00
SA WITH CAPITAL OF €4,525,920 – SIRET: 505 780 296 000 16 – NAF: 7010Z – RCS EPINAL: B 505 780 296
WEBSITE WWW.EXACOMPTACLAIREFONTAINE.FR – EMAIL ACTIONNAIRE@CLAIREFONTAINE.COM