SFAF PRESENTATION31 AUGUST 2017

Digital for Retail Now!

Specialist in digital solutions forphysical retail

Global n°1 in connected digital pricetags

Euronext Paris listed

Confidential - December 28, 2015

Price agility & precision

ShopperConnectivity

StoreEfficiency

SES-imagotag: partner of the digital transformation ofcommerce

3

ShopperAssociate

Shopper identification& tracking Wireless

HD displayGeolocation

QR code

Flashing Led

Temperature sensor

Motion sensor

NFC

We digitalize physical retail

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13,000 STORES IN 54 COUNTRIES

2010 2011 2012 2013 2014 20152007 2008 20092006 2016 2017

World-class referencesMore than 13,000 stores in 54 countries benefit from theSES-imagotag solution, incl. 30 retailers in the global top 100.

50 100 100200 250

320 330 350

500

700 700

9001000 1000 1000

1600

A worldwide Group

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H1 2017

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9

Leapfrog progressIntensification of international expansion−New geographies, staff, partners −Numerous new pilots & clientsFindbox & PDi integrationProduct & software roadmap acceleration−G2-Fusion−Connected Commerce CloudManufacturing automation project

Market Adoption throughout Europe Beginning in new geographies (China, US, ...)Beginning in new verticals

CompetitionIncreased price competition from AsiaSES-imagotag consolidates its leadership

H1 summary

Sales €m: +11% YOY growth

53 56 58

3236 37

S1 2016 S2 2016 S1 2017

8595

France+15%

International+8%

92

10

61%INTERNATIONAL SALES

1111

Order entries €m: +37% YOY growth

12S1 2016 S2 2016 S1 2017

76

104

69

IFRS Consolidated P&L Statement€m 2017 H1* 2016 H1

RestatedΔ

SALES 95.4 85.9 +11%MVC 24.9 21.3 +17%% of sales 26.1% 24.8% +1.3 ptsEBITDA 7.3 8.2 -11%% of sales 7.6% 9.5% -1.9 ptDepreciation and Provisions -3.9 -3.1 +26%Current EBIT 3.4 5.0 -32%Non-recurring expenses -2.4 -0.8 +200%EBIT 1.0 4.2 -76%% of sales 1.0% 4.8% -3.8 ptsNET INCOME 0.7 1.5 -53%% of sales 0.7% 1.7% -1.0 pt

13* Audit procedures finalized. Financial Half Year Report to be issued mid-September2016 EBIT & Net Income were restated to contemplate the fair value of the free share plans and associated taxes that were not booked in 2016 H1 for -0.5M€ (this restatement has no impact neither on cash nor on equity)

EBITDA (€m)

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2016 H1

2017 H1

Volume effect

GM% effect

OPEXPerimeter

effect

8.2

2.41.3

(2.5)

7.3

(2.0)

OPEXInternationalexpansion

Cash Flow

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€mEnd of

Dec. 2016End of

June 2017Flow of the

period

Net Cash 6.3 5.7 (0.6)

Cash 33.3 58.7 25.4

Debt (27.0) (53.0) (26.0)

€m 2017 H1* 2016 FYEBITDA 7.3 16.6

Capex (5.1) (9.3)Change in Working Capital (2.9) (6.7)Financial investments / acquisitions 2.3 (7.0)Financial result 0.2 (1.6)Corporate tax (1.1) (1.2)Others (1.3) (1.6)Change in Net Cash (0.6) (10.8)

* Audit procedures finalized. Financial Half Year Report to be issued mid-September

Perspectives

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Perspectives

H2 2017

2018

2020

Under pressure−Slowdown vs H1 in ESL shippings due to “G2-fusion” ramp-up phase−Continued pressure on price / margins until end-of year

Strongly benefit from 2017 efforts and successes−Brand new / highly competitive product line (similar to G1 launch)−Roll-out of numerous new clients gained in 2017−New markets : China, Japan, USA, UK, Russia−New verticals : HD, Conv., Duty-Free, Cosmetics, Fashion, Luxury, Non-retail

Reiterated Leapfrog target − € 0.4 – 0.5 Bn sales / 15-20% Ebitda

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ESL market upward revaluation

Source: ABI Research

La partie de l'image avec l'ID de relation rId2 n'a pas été trouvé

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Leapfrog 2020: A new step toward globalisation

2010 2016 2020

Sales M€

France Europe ROW

Europe

Global

2020 targetCA 400-500 M€

EBITDA 15-20%

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Making retailers

very profitable again

Présentation du 23 février 2017