MEMSCAP: Q1 2026 Results

Analysis of consolidated revenue

The distribution of consolidated revenue from continuing operations (non-audited) by market segment for the first quarter of 2026 is as follows:

Consolidated revenue from continuing operations amounted to €3,299 thousand in the first quarter of 2026, compared to €3,107 thousand in the first quarter of 2025, representing an increase of 6.2%, and notably 12.6% at constant exchange rates, reflecting strong momentum at the start of the year for MEMSCAP.

Revenue from aeronautics activities totalled €2,216 thousand for the quarter. Although impacted by a foreign exchange effect related to fluctuations in the US dollar, volumes remained solid, confirming the strength of the aeronautics segment, which is at the core of MEMSCAP’s business model.

Medical activities increased to €328 thousand (+22.2%), reflecting a gradual recovery following the decline observed in 2025.

The optical communications segment nearly doubled its level of activity, reaching €734 thousand (+94.5%), driven by a significant expansion in telecom investments, particularly in data transmission infrastructure between data centers and high-performance computing (HPC) environments. This trend confirms MEMSCAP’s expertise and positioning in high value-added applications.

Finally, revenue from trademark licensing royalties remained stable over the period.

Analysis of consolidated income statement

MEMSCAP’s consolidated earnings (non-audited) for the first quarter of 2026 are given within the following table:

Gross margin was impacted by unfavourable foreign exchange effects and stood at 38.8% of consolidated revenue, compared to 41.1% in the first quarter of 2025. Gross profit therefore amounted to €1,279 thousand, versus €1,277 thousand in the first quarter of 2025.

Operating expenses, net of subsidies, totalled €1,105 thousand compared to €1,026k in the first quarter of 2025. As a result, operating income from continuing operations came to €174 thousand (5.3% of consolidated revenue), compared to €250 thousand (8.1% of consolidated revenue) in the first quarter of 2025.

Financial income for the first quarter of 2026 also includes an unfavourable foreign exchange impact of €73 thousand.

Net income after tax for the consolidated entity thus amounted to €114 thousand (3.5% of consolidated revenue) in the first quarter of 2026, compared to €292 thousand (9.4% of consolidated revenue) in the first quarter of 2025 and €355 thousand (11.0% of consolidated revenue) in the fourth quarter of 2025.

MEMSCAP reported adjusted EBITDA¹ (unaudited) of €307 thousand (9.3% of consolidated revenue) for the first quarter of 2026, compared to €502 thousand (16.2% of consolidated revenue) in the first quarter of 2025 and €498 thousand (15.5% of consolidated revenue) in the fourth quarter of 2025. It is also specified that research and development expenses were fully expensed and were not capitalized on the Group’s balance sheet.

¹ Adjusted EBITDA means operating profit before depreciation, amortisation, and share-based payment charge (IFRS 2) and including foreign exchange gains/losses related to ordinary activities.

Perspectives

In line with the trends observed in 2025 and at the beginning of fiscal year 2026, MEMSCAP confirms:

- the strength of its aerospace segment, which remains at the core of the Group’s business model,
- the strong momentum in optical communications, driven by growing demand for data infrastructure,
- the gradual improvement in its medical activities.

In an environment marked by currency volatility, the Group continues to deliver solid revenue growth while pursuing its operational optimization efforts. In particular, the ongoing development of the “Engine Control” and “Fluidic Systems” activities supports the Group’s ambitions for the years ahead.

Shareholders and investors video conference - Thursday, April 30, 2026 at 11:00 AM
Thank you for registering and sending your questions in advance using the following link:
https://memscap.com/fr/visio/

MEMSCAP general shareholders’ meeting: June 4, 2026.

Q2 2026 earnings: July 29, 2026.

About MEMSCAP

MEMSCAP is a leading provider of MEMS based pressure sensors, best-in-class in terms of precision and stability (very low drift) for two market segments: aerospace and medical.

MEMSCAP also provides variable optical attenuators (VOA) for the optical communications market.

For more information, visit our website at: www.memscap.com

MEMSCAP is listed on Euronext Paris (Euronext Paris - Memscap - ISIN code: FR0010298620 - Ticker symbol: MEMS)

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