ANNUAL REPORT 2025

Dear Shareholders,

In 2025, Ascendum continued to operate in a global environment marked by adjustments across the construction, public works, and infrastructure sectors. While the market slowdown that characterized the previous years was still present (minus 3.5% versus 2024), it was less pronounced in several of the geographies where we operate (in Iberia, the market grew) giving us reason to believe that the cycle may be approaching a turning point.

At the same time, rising customs and trade tensions created additional pressure on OEM manufacturers’ operations, disrupting supply flows and affecting procurement dynamics, inventory levels, and competitive conditions across the industry.

In this context, our teams demonstrated a high level of maturity, discipline, and strategic clarity – carefully balancing volumes and margins to ensure sustainable performance. Our performance compared favorably with many peers, with stronger resilience in both sales and profitability – confirming the robustness of our diversified footprint, operational rigor, and longterm customer relations.

Our aftermarket business areas played a particularly important role in this achievement, generating growth in both revenue and profitability. Throughout 2025, we continued to invest in our Service capabilities – hiring more technicians, expanding our coverage, and strengthening customer support structures across geographies.

This ongoing focus on Service closely aligns with the continued rollout of the Lighthouse Program, our global digital transformation program where we invest an average of €5 million per year. By consolidating digital interaction channels – including the Customer Portal, Web Shop and Ascendum Service Center – Lighthouse is enabling a fully integrated 360º customer view, essential for ensuring customer satisfaction and retention.

Aligned with our broader commitment to Customer support, we launched the User Operations project, reinforcing our ambition to go beyond traditional equipment distribution by offering value-added services that improve the efficiency and performance of our customers’ day-to-day operations.

Beyond operational and financial performance, we continued strengthening the foundations of our culture and brand. The 2025 Climate Survey reached a record 91% participation rate, confirming high levels of engagement, pride, and long-term commitment across all geographies. These results reflect the trust our people place in Ascendum and our continuous effort to build an environment where talent can thrive.

Regarding Ascendum’s performance in 2025, I want to highlight the outstanding work carried out by our financial team, which successfully managed a challenging year, lowering debt and interests paid.

In short, even in the face of ongoing market and geopolitical challenges, Ascendum’s overall performance in 2025 gives us many reasons to be proud.

Ascendum maintained a sound financial position, with a €1.3 billion in turnover, an EBITDA of €148 million (12% of sales) and a net debt of €27 million.

To our Shareholders and Board of Directors, we extend our sincere appreciation for your continued trust and support. To our employees, customers, and partners across all geographies, thank you for your dedication and collaboration.