Dear Madam, Dear Sir, Dear Shareholders,

When my brother Michel and I founded 2CRSi in Strasbourg in 2005, we shared a simple conviction: computing power should not come at the expense of the planet. More than twenty years later, that conviction has grown into an industry, and 2CRSi has become a leading international group in the design, production and marketing of custom-built, energy-efficient, ultra-high-performance servers.

In the age of Cloud Computing, Artificial Intelligence and quantum computing, our servers support some of the world’s leading business and scientific organizations—including Dassault Aviation, CGG, Airbus Defence, Naval Group, BNP Paribas, CEA, Caltech, CERN and many others—by providing the computing power essential to their growth.

Continuous transformation since our IPO

Since 2018, we have continuously evolved. The acquisition of Tranquil IT, now 2CRSi Edge, the Group’s edge computing division, and the creation of Green Data in 2019 have expanded our value chain. In 2025, we reached another decisive milestone with the launch of 2CRSi Cloud Solutions, an entity dedicated to deploying turnkey AI Cloud solutions.

Our strategy is built on three pillars: the constant pursuit of the highest performance, reducing energy consumption, and producing as close as possible to our customers in order to safeguard the digital sovereignty of each territory.

A controlled and open industrial model

We design our servers in-house, from R&D and manufacturing through to testing, while complementing our portfolio with proven solutions selected from the best technology partners. This dual approach ensures responsiveness, quality and customization for our customers, while giving them access to the most advanced technologies available across the global ecosystem.

The Group operates production sites in France, the United Kingdom and the United States, and is preparing a new facility dedicated to the Indian market in partnership with Valeo. We are also developing solutions compatible with the open standards of the Open Compute Project (OCP), supporting transparent, interoperable and sovereign digital infrastructure.

Performance serving energy efficiency

Our liquid-cooled servers reduce energy consumption by up to 60% compared with equivalent traditional systems, an achievement recognized by the Solar Impulse Foundation. With energy accounting for up to 60% of a data center’s operating costs, our commitment to “Green IT” provides our customers with a direct and measurable competitive advantage.

Accelerating growth through Artificial Intelligence

AI is now at the heart of our development. Our Godì range, and in particular the Godì 1.8E2D-NV8 equipped with NVIDIA Blackwell Ultra B300 GPUs, has become a major commercial success, helping drive our revenue to €204.7 million in the first half of FY 2025/2026 alone. Our Atlas platform, optimized for inference, complements this offering in a segment set to become the primary driver of demand for computing power.

We have secured significant contracts with customers across the globe, including in Canada, Germany, the United Kingdom, the United States and Malaysia. This momentum has been recognized by NVIDIA, which named us “Rising Star” at the 2025 EMEA Partner Awards, followed by “Star Performer” in 2026.

For the full 2025/2026 financial year, we reached a historic milestone, with revenue of €416.2 million, up 88% compared with the previous financial year (€220.7 million), confirming both the strength and acceleration of our growth trajectory.

A European ambition

Beyond commercial performance, we are pursuing an ambition centered on sovereignty. Through the AETHER consortium, we will submit an application to the European Commission to deploy AI Gigafactories at the heart of the European Union, capable of hosting tens of thousands of GPUs and targeting a neutral—or even negative—carbon footprint in terms of energy consumption. Together with Valeo, we are also developing next-generation immersion cooling solutions for Edge data centers.

Our mission remains unchanged

Reconciling computing with the planet. Yesterday, we reduced energy consumption. Today, we recover and reuse waste heat. Tomorrow, we will generate electricity from this otherwise wasted heat.

In doing so, we reaffirm our ambition: to become a key player in infrastructure dedicated to Artificial Intelligence, Cloud Computing and high-performance computing, while creating ever greater value for our customers, employees, partners and shareholders.

On behalf of the entire 2CRSi team, I would like to sincerely thank you for your trust and continued support.

Alain Wilmouth, Co-Founder, Chairman and Chief Executive Officer of 2CRSi