New Risk • May 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.6% Last year net profit margin: 5.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 2.9% per year over the past 5 years. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risks Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (€27.5m market cap, or US$31.9m). New Risk • May 18
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 Earnings have declined by 4.0% per year over the past 5 years. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (€27.0m market cap, or US$31.4m). Announcement • May 04
Audacia SA, Annual General Meeting, Jun 10, 2026 Audacia SA, Annual General Meeting, Jun 10, 2026. Location: 58 rue d hauteville, paris France New Risk • Feb 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 49% 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 4.0% per year over the past 5 years. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€29.4m market cap, or US$35.0m). Announcement • Feb 10
Audacia SA has completed a Follow-on Equity Offering in the amount of €7.999997 million. Audacia SA has completed a Follow-on Equity Offering in the amount of €7.999997 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,975,308
Price\Range: €4.05
Transaction Features: Rights Offering Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €4.58, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 17x in the Capital Markets industry in France. Total loss to shareholders of 15% over the past three years. New Risk • Dec 17
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 8.5% 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: Major Risk Earnings have declined by 4.0% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (€32.0m market cap, or US$37.6m). Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €4.62, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 17x in the Capital Markets industry in France. Total loss to shareholders of 21% over the past three years. New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings have declined by 4.0% 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 Risk Earnings have declined by 4.0% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€17.6m market cap, or US$20.3m). Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.60, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 21x in the Capital Markets industry in France. Total loss to shareholders of 39% over the past three years. New Risk • May 22
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 8.4% 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 (8.4% average weekly change). Market cap is less than US$100m (€17.1m market cap, or US$19.3m). Announcement • May 02
Audacia SA, Annual General Meeting, Jun 05, 2025 Audacia SA, Annual General Meeting, Jun 05, 2025. Location: 58 rue d hauteville, paris France Announcement • Dec 28
Audacia Announces the First Closing of Expansion SLP Audacia announced the first closing of Expansion SLP, a pan-European private venture capital fund dedicated to Sustainable Aerospace and Defence. This milestone demonstrates strong investor confidence in Expansion Ventures' mission to propel European technological sovereignty in these strategic industries. Building on its partnership with EIF announced in January 2024, the Expansion SLP venture capital fund is now fully operational due to the commitments of Insurances companies, banking groups, industrial family holdings, HNWI. A pan-European initiative: Founded by seasoned entrepreneurs and aerospace experts Charles Beigbeder, Sandra Budimir, Ted Elvhage andUlf Palmnäs, and by French investment management company Audacia, Expansion Ventures has firmly established itself as a leading venture capital management company in Europe dedicated to Sustainable Aerospace and Defence, based in Paris and Stockholm. Strong portfolio momentum: With 19 investments made to date, Expansion has already demonstrated its commitment to European innovation. These include startups in micro-launchers, satellite constellations, space data exploitation, in-orbit services, and decarbonized aviation. Its warehousing structure, Geodesic SAS, active since late 2021, which is now transformed into the feeder fund of Expansion SLP, has positioned the team to deploy capital effectively and accelerate the fund's strategy. Reported Earnings • Oct 18
First half 2024 earnings released First half 2024 results: Revenue: €6.20m (up 49% from 1H 2023). Net income: €100.0k (down 79% from 1H 2023). Profit margin: 1.6% (down from 11% in 1H 2023). Reported Earnings • May 03
Full year 2023 earnings released: EPS: €0.055 (vs €0.058 in FY 2022) Full year 2023 results: EPS: €0.055 (down from €0.058 in FY 2022). Revenue: €12.8m (up 31% from FY 2022). Net income: €263.6k (down 4.3% from FY 2022). Profit margin: 2.1% (down from 2.8% in FY 2022). Announcement • Mar 06
Indexa Capital Group, S.A. (BME:INDXA) acquired Fund Your Future SAS. Indexa Capital Group, S.A. (BME:INDXA) acquired Fund Your Future SAS on March 5, 2024. This is the first acquisition for Indexa Capital Group, which is exploring the possibility of making more acquisitions in the future, in France, Spain or Belgium. The shareholders of Caravel and the board of directors of Indexa have agreed to join forces to continue improving the offer for their clients. Indexa Capital Group has acquired 100% of Caravel's shares with a purchase agreement partially in cash and partially in shares. Indexa Capital Group, S.A. (BME:INDXA) completed the acquisition of Fund Your Future SAS on March 5, 2024. New Risk • Jan 23
New major risk - Revenue and earnings growth Earnings have declined by 8.4% 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 Risk Earnings have declined by 8.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€21.8m market cap, or US$23.7m). Announcement • Jan 19
Artemis S.A. acquired an unknown minority stake in Point De Vue from Audacia SA (ENXTPA:ALAUD) and IDI (ENXTPA:IDIP). Artemis S.A. acquired an unknown minority stake in Point De Vue from Audacia SA (ENXTPA:ALAUD) and IDI (ENXTPA:IDIP) on January 18, 2024. Following the transaction, Point De Vue will be under the control of Artemis.
Artemis S.A. completed the acquisition of an unknown minority stake in Point De Vue from Audacia SA (ENXTPA:ALAUD) and IDI (ENXTPA:IDIP) on January 18, 2024. 
