A successful first half
Revenue up 16% to more than €7.2m
Growth of 23% in the second quarter

Confidence in growth confirmed along
with an improvement in the full-year results


PRESS RELEASE
Thorigné-Fouillard, France – 10 July 2025, 6 p.m.




Kerlink (AKLK FR0013156007), a specialist provider of networks and solutions for the Internet of Things (IoT),
is publishing its H1 2025 revenue figures today.

As expected, the recovery in sales that began at the end of 2024 continued in the first half of 2025, with
revenue up 16% to more than €7.2 million.

After growth of 10% in the first quarter, the second quarter saw further strong momentum with revenue
topping €3.6 million, an increase of 23%.



Growth driven by private operators: +18% in the first half

Revenue Chg.
H1 25
by area of activity H1 2025 Q2 2025 Q1 2025 H1 2024 Q2 2024 Q1 2024
vs.
In thousands of euros H1 24

Private operators 6,811 3,329 3,482 5,784 2,695 3,089 +18%
Smart Cities & Quality of Life 2,063 883 1,180 1,876 527 1,350 +10%

Smart Building & Industry 3,674 1,978 1,696 3,061 1,649 1,412 +20%

Smart Agriculture & Environment 1,074 468 606 846 519 327 +27%

Historical and alternative
441 328 113 458 290 168 -4%
telecom operators

Total 7,252 3,657 3,594 6,242 2,985 3,257 +16%
IFRS – Unaudited figures

Private operators were at the centre of this momentum in the first half, illustrating the relevance of
repositioning commercial offers with this strategic customer base. Revenue on this market came to €6.8
million (94% of total activity), up 18% over the first half. Growth was particularly strong in the second quarter,
with revenue rising by 24% to more than €3.3 million.

The Smart Agriculture & Environment and Smart Building & Industry segments both showed good
momentum, with sales growth of 27% and 20% respectively over the first half.



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Revenue growth of 18% in EMEA (Europe – Middle East – Africa)

Revenue Chg.
H1 25
by geographic area H1 2025 Q2 2025 Q1 2025 H1 2024 Q2 2024 Q1 2024 vs.
In thousands of euros H1 24

EMEA 6,469 3,331 3,138 5,474 2,763 2,711 +18%
(Europe, Middle East & Africa)

NCSA (Americas) 529 219 311 356 88 268 +49%

APAC (Asia-Pacific) 254 107 147 412 134 278 -38%

Total 7,252 3,657 3,594 6,242 2,985 3,257 +16%
IFRS – Unaudited figures

Growth was driven by the EMEA region, which accounted for 89% of total activity and made half-year
revenue of nearly €6.5 million, up 18%. The second quarter was significant for the region, with revenue
reaching more than €3.3 million, an increase of 21%. The Americas region also turned in an encouraging
performance, with revenue of €0.5 million, up 49%, driven in particular by new customers. In Asia, activity
remained immaterial, representing less than 4% of first-half revenue.



Expected increase in gross margin despite a higher contribution from equipment sales

Revenue Chg.
H1 25
by type of sales H1 2025 Q2 2025 Q1 2025 H1 2024 Q2 2024 Q1 2024
vs.
In thousands of euros H1 24

Equipment 6,166 3,139 3,027 4,779 2,238 2,541 +29%

Services 1,086 518 567 1,463 747 716 -26%

Total 7,252 3,657 3,594 6,242 2,985 3,257 +16%
IFRS – Unaudited figures

Over the first half of the year, equipment sales rose by 29% to nearly €6.2 million. They accounted for 85%
of total revenue for the period compared with 76.5% for the same period in 2024. This evolution of the
product mix was driven by the integration of value-added solutions directly at the centre of infrastructure
equipment to make them fully plug & play. That said, the development of recurring revenues remains a
priority for the Group, as it aims to grow the contribution of services to total activity, together with the
recovery in equipment sales.

Despite the strong contribution of equipment sales to the product mix, Kerlink should generate an increase
in gross margin over the period.



Positive outlook for growth and improved results

Kerlink is approaching the second half of the year with confidence.

With a well-filled order book billable in the second half of the year as of the end of June and continued
positive sales momentum despite a general tendency towards prudence due to the general economic
environment, the Group confirmed it has the ability to generate solid growth this year.

Kerlink is also confident about its results. The return to growth, the expected increase in gross margin and
good cost control mean it can anticipate a significant improvement in results from the first half of the year.




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About Kerlink
Kerlink Group is one of the world’s leading providers of connectivity solutions for the design, rollout and operation of
public and private networks dedicated to the Internet of Things (IoT). Its comprehensive portfolio of solutions includes
industrial-grade network equipment, best-of-breed network core, network operations and management software,
value-added applications and expert professional services, backed by strong R&D capabilities. More than 250,000
Kerlink installations have been deployed at more than 550 customers in 75 countries. Kerlink is a founding member and
board member of the LoRa® Alliance and the uCIFI™ Alliance. It is listed on Euronext Growth Paris under the symbol
ALKLK.

For more information, please visit our website at www.kerlink.com.

Kerlink®, Wirnet® and Wanesy® are registered trademarks of Kerlink SA and its subsidiaries around the world and must
not be used without authorisation. All rights reserved.




Kerlink financial Kerlink press contact
press contact: and market analysts:
Actifin Mahoney Lyle
Isabelle Dray Sarah-Lyle Dampoux
+33 (0) 1 56 88 11 29 +33 (0) 6 74 93 23 47
isabelle.dray@seitosei-actifin.com sldampoux@mahoneylyle.com


Kerlink investor contact:
Actifin
Benjamin Lehari
+33 (0)1 56 88 11 25
benjamin.lehari@seitosei-actifin.com




Next publication
H1 2025 Results & Q3 Revenue:
14 October 2025 after the market closes
www.kerlink.com




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