June 2024

After a year of sustained growth in 2023, our Group anticipates stability or even a slight decline for fiscal year 2024. Currently, order book indicators remain encouraging, although revenue is slightly down. The operating margin is decreasing due to rising costs and the launch of major industrial projects.

We remain vigilant in light of the renewed tensions in the Middle East and Ukraine, which could potentially impact our activities.

In this uncertain context, the Gevelot Group is prepared to adapt to necessary changes to ensure the performance and stability of its operations. We are committed to maintaining our dedication to our customers, partners, and shareholders by ensuring proactive and responsive management in the face of global challenges.

Thanks to prudent management of our cash flow, primarily invested in term deposits, the stability of interest rates is supporting a positive financial result, currently in line with last year.

Regarding our real estate activities, we remain cautious due to the ongoing deep crisis in this market. After acquiring the ground floor of our building at 6 Boulevard Bineau earlier this year, we do not anticipate further investments at this time, except for rare opportunities.

We are confident that our Group, benefiting from significant human and financial resources, will continue to grow in its various markets.

Mario MARTIGNONI

President – Chief Executive Officer