2CRSI SA (AL2SI) Status update summary

Audit opinion and transaction evidence

• The auditor disclaimed an opinion, saying it could not determine whether material adjustments were needed; this is not a finding of misstatement, fraud or an accusation. Shareholders vote on the statements on Dec. 17, 2026.

• The auditor lacked sufficient evidence on the nature, substance, amounts and regulatory compliance of resale transactions in FY25/26 and the prior year, including some commissions.

• An independent expert confirmed cash receipts matching invoices for €425m of transactions, or 78% of revenue over three fiscal years; it could not conclude on some customer-direct supplier payments and identified control weaknesses.

• Following a legal opinion, €32.5m of FY25/26 revenue and €30.5m of purchases were excluded; revenue became €386.5m vs. €419m, with no cash impact.

Related-party design agreement

• Design work for a 14.4 MW AI data center generated €14m of FY25/26 revenue under an agreement with Holding Alain Wilmouth; the auditor questioned pricing support and recoverability of the €16.9m VAT-inclusive receivable.

• An independent expert will value the work and report before the Dec. 17 AGM; the price will be adjusted to the expert’s valuation, and the interested parties will not vote on the agreement.

• The receivable will be settled only after the AGM vote, by offset against an advance, with any balance due before June 30, 2027.

U.S. investigations

• U.S. authorities issued subpoenas to the U.S. subsidiary in 2024–26; requested records were provided, and it was approached as a records custodian, not as a party under investigation.

• No entity had been told it was a target or subject, and no charges or proceedings had been brought; the expert found no evidence of knowingly arranging shipments to prohibited countries.

• The auditor could not rule out or measure potential consequences of investigations into entities that represented a significant share of U.S. subsidiary sales; no provision was recorded because the risk could not be quantified.