Announcement • May 27
Lepermislibre Société anonyme, Annual General Meeting, Jun 30, 2026 Lepermislibre Société anonyme, Annual General Meeting, Jun 30, 2026. Location: 29 avenue joannes masset, lyon France New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Negative equity (-€2.4m). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Market cap is less than US$10m (€1.59m market cap, or US$1.87m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Oct 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 69% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€1.3m free cash flow). Share price has been highly volatile over the past 3 months (42% average weekly change). Negative equity (-€2.4m). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Market cap is less than US$10m (€1.56m market cap, or US$1.81m). New Risk • Aug 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€2.4m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€2.4m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-€905k). Earnings have declined by 20% per year over the past 5 years. Market cap is less than US$10m (€1.09m market cap, or US$1.25m). Reported Earnings • Apr 27
Full year 2024 earnings: Revenues miss analyst expectations Full year 2024 results: Revenue: €13.3m (down 21% from FY 2023). Net loss: €2.31m (loss narrowed 40% from FY 2023). Revenue missed analyst estimates by 5.1%. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Consumer Services industry in Europe. New Risk • Apr 26
New major risk - Revenue and earnings growth Earnings have declined by 34% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 34% per year over the past 5 years. Market cap is less than US$10m (€3.76m market cap, or US$4.28m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€200k net loss in 2 years). Share price has been volatile over the past 3 months (9.9% average weekly change). Announcement • Apr 23
Lepermislibre Société anonyme, Annual General Meeting, May 27, 2025 Lepermislibre Société anonyme, Annual General Meeting, May 27, 2025. Location: 29 avenue joannes masset, lyon France Breakeven Date Change • Apr 13
No longer forecast to breakeven The analyst covering Lepermislibre Société anonyme no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €200.0k in 2026. New forecast suggests the company will make a loss of €200.0k in 2026. Breakeven Date Change • Jan 16
Forecast to breakeven in 2026 The analyst covering Lepermislibre Société anonyme expects the company to break even for the first time. New forecast suggests losses will reduce by 64% per year to 2025. The company is expected to make a profit of €200.0k in 2026. Average annual earnings growth of 91% is required to achieve expected profit on schedule. New Risk • Oct 10
New major risk - Revenue and earnings growth Earnings have declined by 34% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 34% per year over the past 5 years. Market cap is less than US$10m (€4.73m market cap, or US$5.18m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€3.0m). Share price has been volatile over the past 3 months (8.7% average weekly change). Reported Earnings • Sep 30
First half 2024 earnings released: €0.092 loss per share (vs €0.14 loss in 1H 2023) First half 2024 results: €0.092 loss per share (improved from €0.14 loss in 1H 2023). Revenue: €7.38m (down 15% from 1H 2023). Net loss: €1.12m (loss narrowed 35% from 1H 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Consumer Services industry in Europe. Major Estimate Revision • Jul 12
Consensus revenue estimates fall by 18% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €17.8m to €14.6m. Forecast losses increased from -€0.10 to -€0.13 per share. Consumer Services industry in France expected to see average net income growth of 21% next year. Consensus price target of €1.00 unchanged from last update. Share price fell 9.7% to €0.69 over the past week. New Risk • Apr 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€11.8m market cap, or US$12.7m). Reported Earnings • Mar 28
Full year 2023 earnings released Full year 2023 results: Revenue: €16.8m (up 13% from FY 2022). Net loss: €3.84m (loss narrowed 15% from FY 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Consumer Services industry in Europe. Breakeven Date Change • Mar 28
Forecast breakeven date pushed back to 2026 The analyst covering Lepermislibre Société anonyme previously expected the company to break even in 2025. New forecast suggests the company will make a profit of €1.00m in 2026. Average annual earnings growth of 74% is required to achieve expected profit on schedule. Announcement • Dec 17
Lepermislibre Société anonyme, Annual General Meeting, May 30, 2024 Lepermislibre Société anonyme, Annual General Meeting, May 30, 2024. New Risk • Nov 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.9% average weekly change). Minor Risk Market cap is less than US$100m (€11.9m market cap, or US$13.0m). New Risk • Oct 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 9.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.0% average weekly change). Minor Risk Market cap is less than US$100m (€13.9m market cap, or US$14.7m). Announcement • Oct 10
lePERMISLIBRE Launches A New Unique and Unprecedented Offer in the Driving School Market: the "Driving License Insurance" lePERMISLIBRE introduces a new unique and unprecedented offer in the driving school market: the "Driving License Insurance". The driving license is the primary exam before the baccalaureate. More than 1.5 million people1 take it every year. Since 2020, the success rate has decreased by 4 points, which means roughly 60,000 more unsuccessful candidates. Considering this issue, the development of new offers to anticipate the future candidates' needs is essential. Moreover, requiring an average budget of 2,000 euros2 per candidate, the driving license becomes a source of anxiety in case of failure. In this environment, lePERMISLIBRE launches a new offer, the "Driving License Insurance", unique in France and initially exclusively available for its candidates. This offer3 is structured as follows: A rigorous training program with an attendance commitment, The possibility to fail without penalty, with up to 20 additional driving hours covered, A major asset to reassure and eliminate the stress associated with failure, The solution to successfully complete the driving license training. Once the license is obtained, the "Driving License Insurance" ensures that drivers retain it by offering3: 2 hours of "advanced" driving included (per year), 20 hours of driving in case of withdrawal of license, A training course to recover the driving license, An SOS Taxis card. To benefit from this unprecedented offer, candidates have two options, depending on their profile: A candidate who directly registers on lePERMISLIBRE can benefit from the driving package (theoretical test and 30 hours of driving) including the "Driving License Insurance", with full support for a total budget of EUR 1,498. This represents a saving of up to 1,200 euros in case of failure compared with a traditional driving school. The aim is to maximize the driver's chances of success, and also to provide him/her with some follow-up after the driving test. A candidate already in training who has not yet completed more than 15 hours of driving lessons can subscribe to the "Driving license Insurance". For 19.90 euros per month, this insurance is available to all candidates wishing to complete their manual gearbox driver's license training with lePERMISLIBRE. Major Estimate Revision • Sep 28
Consensus EPS estimates fall by 73% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €18.9m to €17.9m. Losses expected to increase from €0.15 per share to €0.26. Interactive Media and Services industry in France expected to see average net income growth of 22% next year. Consensus price target down from €3.50 to €2.30. Share price fell 3.0% to €1.14 over the past week. New Risk • Jul 28
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€1.8m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risk Negative equity (-€1.8m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€4.7m). Market cap is less than US$100m (€22.6m market cap, or US$25.0m). Reported Earnings • Apr 10
Full year 2022 earnings released Full year 2022 results: Revenue: €14.9m (up 22% from FY 2021). Net loss: €4.51m (loss widened €3.88m from FY 2021). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Interactive Media and Services industry in Europe. 
