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La Motte-d'Aveillans, July 30, 2026
D.A.T.E., A LEADER IN THERMAL INNOVATION FOR CRITICAL TECHNOLOGIES, ANNOUNCES ITS PROPOSED INITIAL PUBLIC OFFERING ON EURONEXT GROWTH IN PARIS
- French industrial company positioned on high-growth markets, at the heart of sovereignty issues;
- Recognized expertise in thermal solutions for extreme environments, serving the Defense sector (member of the French Defense Technological and Industrial Base, BITD) and Deep Tech applications (particle accelerators, quantum computing, space, data centers);
- A decisive technological edge in Deep Tech cryogenic applications, based on outstanding expertise in stainless steel solutions delivering significant performance gains;
- Revenues of €3.8m in 2025, solid profitability (23.5% EBITDA margin, 19.0% operating margin and 17.0% net margin), and positive net cash;
- Strong visibility with a commercial pipeline of over €80 million[1] through to 2030, with 29% secured under firm orders (3%) and the multi-year contracts awarded or customer forecasts received (26%);
- Scale-up strategy, with a new facility planned as early as 2027, targeting €5 million to €6 million of revenues in 2026 and €35 million by 2030, with an EBITDA margin of over 30% by the end of the plan period.
D.A.T.E., a leader in thermal innovation for critical technologies, announces its proposed initial public offering on the Euronext Growth market in Paris, subject to the approval of its growth issuance prospectus by the Autorité des marchés financiers (the "AMF") and market conditions.
Philippe Bottu, Chairman and CEO and majority shareholder of D.A.T.E.[2]:
"The proposed initial public offering of D.A.T.E. represents a key milestone to support our industrial scale-up.
Positioned at the heart of strategic, high-growth markets, at the crossroads of Defense and Deep Tech, we have outstanding assets in place - technological expertise, integrated model and long-term customer relationships - enabling us to capture particularly buoyant structural trends, linked in particular to technological sovereignty, the energy transition and the rapid expansion of artificial intelligence and quantum technologies.
In this environment, our high-performance thermal solutions represent a key technological component, central to the performance and reliability of critical systems.
With a commercial pipeline representing more than 20 years of revenues, our listing on the stock market will enable us to accelerate our industrial and international development, with our ambition to become a leading global provider of thermal solutions for extreme environments".
KEY INDUSTRIAL PLAYER AT THE HEART OF CRITICAL TECHNOLOGIES
D.A.T.E. is positioned as a key high value-added player, at the heart of fast-growing critical markets, combining high barriers to entry, visibility and industrial scale-up potential.
A French company and member of the French Defense Technological and Industrial Base (BITD), D.A.T.E. designs, develops and manufactures heat exchangers for critical applications in the Defense and Deep Tech sectors.
On markets where the number of qualified players is limited, the solutions developed by D.A.T.E. address critical thermal applications, such as embedded defense systems (fighter aircraft and helicopters in aerospace, submarines and frigates in naval applications, radar systems for land-based operations), as well as particle accelerators, space applications, quantum computing and high-performance computing infrastructure (data centers).
These solutions meet the highest requirements set by its customers, particularly in constrained environments (extreme temperatures, high compactness, mass constraints), with rapid development cycles.
Thanks to this expertise, the Company benefits from long-term commercial relationships with leading customers, including the European Space Agency, Airbus Defence and Space, Arianespace, the CEA, CERN, Fermilab, Hensoldt, IASF (Institute of Advanced Science Facilities), the Institute for Basic Science, Leonardo, Safran, SCK CEN, Shanghai University, TechnicAtome, Thales, TRIUMF and the University of Tokyo, representing a key source of visibility and creating significant barriers to entry.
The Thales Group is currently the Company's largest customer. This relationship is structured within a long-term industrial framework, illustrated for instance by the 10-year master agreement signed in 2023 for several equipment listings at different stages of maturity, incorporating regular review mechanisms. Within this framework, D.A.T.E. is approved as a critical supplier.
More widely, the Company is listed with several major international contracting authorities, enabling it to participate sustainably in long-term, critical industrial programs, which generate visibility over its business and high barriers to entry.
INTEGRATED MODEL, OPENING UP A SUSTAINABLE COMPETITIVE ADVANTAGE
D.A.T.E. is supported by an integrated industrial model, covering the entire value chain - from modeling to manufacturing and testing - which enables it to meet the most demanding requirements in terms of performance, compactness and reliability.
This end-to-end expertise and effective management represent a decisive competitive advantage to secure qualification with major contracting authorities and be part of long-term programs, generating visibility and recurrence.
The long-term commercial relationships developed with these customers ensure visibility over future orders for sovereign equipment. All of these factors create strong barriers to entry on these markets.
In the field of cryogenics, the Company has developed outstanding expertise in the design of stainless steel heat exchangers as an alternative to aluminum. This technology enables higher levels of compactness and performance, resulting in more compact cryogenic systems that require less infrastructure and reduce rare gas consumption. It therefore contributes to a significant reduction in the total cost of ownership (TCO) for customers, while meeting the constraints of the most demanding environments.
HIGH-GROWTH MARKETS, DRIVEN BY STRUCTURAL TRENDS
D.A.T.E. operates on two major markets - Defense and Deep Tech- that are seeing sustained growth, driven by long-term structural trends.
- Strong momentum on the Defense market
In a context of geopolitical realignment, global military spending reached 2,718 billion dollars in 2024, up +9.4%, the highest increase for several decades[3].
The global Defense market is expected to exceed 680 billion dollars by 2029[4], reflecting the increase in military budgets, particularly in Europe, the acceleration of equipment programs and the stronger requirements relating to industrial sovereignty.
In this context, high-performance thermal solutions play a critical role in ensuring the reliability and performance of embedded systems (submarines, frigates, radar systems, fighter aircraft, helicopters, etc.).
- Major expansion of new technologies for Deep Tech
Deep Tech is a key growth driver, supported by the expansion of technologies requiring extreme thermal environments. Several segments are particularly dynamic:
- Particle accelerators: the global market is expected to grow at a CAGR[5] of 12.0% between 2025 and 2034, reaching 12.4 billion dollars[6], notably supported by significant public investment in long-term scientific and technological infrastructure. The specific market for research-focused particle accelerators is characterized by long-term programs, with multi-year budgets to fund extensive scientific infrastructure investments;
- Space cryogenics: the market is expected to reach around 42 billion dollars by 2034[7], driven by the increasing complexity of space missions and the importance of high-performance cryogenic storage systems, capable of efficiently handling fuels such as liquid oxygen and liquid hydrogen, which are essential for space infrastructure, launch system propulsion and satellites;
- Quantum computing: the market, which requires extreme thermal conditions, is expected to see a CAGR of 23.5% between 2026 and 2033 to reach 8.5 billion dollars by 2033[8];
- Data centers and artificial intelligence: the liquid cooling market is seeing strong growth (CAGR of over 22.6% by 2031[9]), driven by increasing computing power requirements.
Supported by high levels of public and private investment, these markets offer strong visibility and sustainable growth prospects. These dynamics position advanced thermal solutions as a critical technological component, at the heart of the performance, reliability and energy efficiency of next-generation systems.
SCALE-UP STRATEGY TO CAPTURE GROWTH POTENTIAL
To fully capture these market opportunities, D.A.T.E. is rolling out a scale-up strategy based on three complementary pillars. In connection with its proposed initial public offering (IPO), the Company plans to use the proceeds from the issue to support the implementation of these core areas for development:
- A new industrial site, with its initial phase scheduled for 2027, will make it possible to double production capacity, while aiming to quadruple capacity over time and deliver productivity gains. Strengthening the Company's existing industrial footprint will also enable it to serve Europe's sovereign Defense market more effectively;
- An expansion of the range of thermal solutions to further strengthen its technological leadership and deepen its product offering. This growth, achieved organically through internally funded research and development, or externally through targeted acquisitions of industrial or technological building blocks, will notably enable the Company to expand its offering for Defense and Deep Tech applications, characterized by strong growth and high margins;
- International expansion, with a priority focus on the United States and Asia as new regions to increase its addressable market, through organic growth by setting up local operations or external growth with targeted acquisitions.
The Defense sector in France, through its Defense Technological and Industrial Base (BITD), which includes more than 4,000 SMEs involved in the design and production of military equipment, represents a significant pool of external growth opportunities. Major industrial groups from this sector and public stakeholders are supportive of consolidations, aimed at strengthening capabilities and ensuring the effective development of this ecosystem.
In this context, the Company is looking into several opportunities, based on rigorous selection criteria (industrial or technological complementarity, revenues, profitability).
This strategy aims to position D.A.T.E. as a leading player on its markets, capable of supporting the ramp-up of critical industrial programs on a global scale.
ESG STRATEGY ALREADY LAUNCHED AND GOVERNANCE STRENGTHENED IN CONNECTION WITH THE PROPOSED IPO
With a view to its IPO, D.A.T.E. has put in place an enhanced governance framework, with a Board of Directors that has seven members, including three independent directors[10].
With its "confirmed" ISO 26000 rating, the Company incorporates corporate social responsibility (CSR) into its strategy and practices, supported by its strong local presence, its commitment to maintaining gender balance within its teams, and its integration of an active workplace quality-of-life policy.
From an environmental perspective, D.A.T.E. is committed to environmentally responsible design practices, the recovery of its waste, and, more broadly, the continuous reduction of its environmental footprint, while directly contributing to the energy performance of critical technologies through high-efficiency thermal solutions, making it possible to optimize system performance, reduce energy losses and support the development of more sustainable technological infrastructure.
The Company's CSR policy has also been assessed by Ethifinance, with a score of 64/100 in 2025, ranking it in the Top 30% of the "Industrial Equipment & Products" sector and 8 points above the benchmark.
SCALE-UP ALREADY UNDERWAY, DRIVEN BY MULTI-YEAR PROGRAM WINS
In 2025, D.A.T.E. generated €3.8 million of revenues (2/3 in Defense and 1/3 in Deep Tech), which has been growing since the Company was acquired by Philippe Bottu in 2022. This transformation has been supported by rigorous execution and value creation through the Company's various areas of expertise, enabling it to achieve an EBITDA margin of 23.5%, an operating margin of 19.0% and a net margin of 17.0% in 2025.
Combining self-financing and its effectively controlled use of debt, D.A.T.E. has €2.2 million of shareholders' equity and a solid financial structure, including €0.6 million of cash at end-2025 and limited bank debt of €0.3 million.
The management team, who are also shareholders, bring together proven experience in managing growth, international deployments and the integration of high value-added technological activities, which will support the Company's industrial scale-up.
For 2026, the Company is targeting €5 million to €6 million of revenues, thanks to good visibility over its order book, with:
- Around half of this target secured through firm orders (contracted prices and volumes);
- Around one quarter visible through contracts that have already been awarded (guaranteed market shares) or estimates provided by customers (equipment programs announced by customers with the Company as a sole supplier, critical supplier or longstanding supplier);
- Around one quarter that is still to be converted, based on ongoing commercial discussions supported by recognized technological differentiation and identified forecast volumes.
GROWTH TRAJECTORY TARGETING MORE THAN €35 MILLION IN REVENUES AND AN EBITDA MARGIN OF OVER 30% BY 2030
The Company has a commercial pipeline[11] of over €80 million for the next five years (2026-2030), with around one third in Defense and two thirds in Deep Tech. The Company already has strong visibility over approximately 29% of its pipeline, with 3% under firm orders and 26% linked to contracts that have been awarded or customer forecasts received, notably in connection with the Defense programs where the Company is positioned as a critical or sole supplier. The remaining 71% correspond to ongoing commercial discussions to be converted. The Company has a historically high conversion rate of around 85%[12].
This commercial pipeline, built largely around identified programs and critical or sole supplier positions, provides the Company with strong visibility and a key structural driver to secure its growth trajectory.
By 2030, the Company is targeting revenues of over €35 million and an EBITDA margin of over 30%, thanks to the leverage effect of growth in volumes, with a majority contribution from the Deep Tech segment, reflecting the acceleration and diversification of offers in this sector.
AMBITION TO ACHIEVE LEADERSHIP IN THERMAL SOLUTIONS FOR EXTREME ENVIRONMENTS
Through its proposed IPO, D.A.T.E. aims to pass a new milestone with its development and establish itself as a leading player in high-performance thermal solutions for extreme environments.
By capitalizing on:
- its positioning on high-growth critical markets,
- its differentiating technological expertise,
- its integrated industrial model,
- and its pipeline of qualified opportunities,
the Company aims to accelerate its industrial scale-up and sustainably strengthen its positioning alongside major international contracting authorities.
This ambition is supported by a strategic positioning at the crossroads of critical markets, where thermal performance is a key driver of performance and differentiation.
| ABOUT DATE D.A.T.E. is a French industrial company specialized in designing and manufacturing high-performance thermal solutions for extreme environments. Operating across two core markets - Defense and Deep Tech - the Company benefits from fully integrated expertise across the entire value chain, from engineering through to production, to meet the most demanding requirements for critical applications. D.A.T.E. develops tailored solutions for constrained environments, characterized by extreme temperatures, demanding compactness requirements, and high levels of performance and reliability. This renowned expertise in thermal management for extreme environments has enabled the Company to build a diversified network of leading customers and partners across multiple sectors. Its solutions, produced in both small and large runs, are deployed in critical applications for Defense (fighter aircraft, radar systems, frigates, submarines, etc.) and Deep Tech (particle accelerators, quantum computing, space, data centers). D.A.T.E. has been awarded "Innovative Company" status by Bpifrance. www..date.com |
CONTACTS
Investor Relations // Cyril Combe // +33 (0)1 53 65 37 94 // date@actus.fr
Press Relations // Anne-Charlotte Dudicourt // +33 (0)1 53 67 36 32 // acdudicourt@actus.fr
Appendix 1 - Reconciliation of the gross margin and EBITDA
| €'000 | Dec 31, 2025 | Dec 31, 2024 |
| Revenues | 3,813 | 3,553 |
| Stored production | 112 | 129 |
| Capitalized production | 0 | 0 |
| Purchases of goods | 0 | 0 |
| Inventory purchases (supplies) | -427 | -613 |
| Change in inventories and supplies | -47 | 6 |
| Gross margin | 3,451 | 3,075 |
| % of revenues | 90.5% | 86.5% |
EBITDA is a non-accounting aggregate. It is calculated by adding the following elements back to operating income: depreciation, amortization and impairment on fixed and current assets, as well as provisions. It is used as an indicator to measure operational performance and enables the Company to assess the profitability of the Group's business and its development, independently from its investment policy.
| €'000 | Dec 31, 2025 | Dec 31, 2024 |
| Gross margin | 3,451 | 3,075 |
| Other purchases and external expenses | -898 | -919 |
| Staff costs | -1,580 | -1,469 |
| Tax and related | -115 | -78 |
| Other income and expenses | 36 | 113 |
| EBITDA | 895 | 722 |
| % of revenues | 23.5% | 20.3% |
| Net depreciation, amortization and provisions | -171 | -307 |
| Operating income | 724 | 415 |
Appendix 2 - Financial statements
Income statement
| (€'000 - French GAAP) | 2025 | 2024 | Change |
| Revenues | 3,813 | 3,553 | +7.3% |
| Gross margin | 3,451 | 3,075 | +12.2% |
| % of revenues | 90.5% | 86.6% | |
| External expenses | -898 | -919 | |
| Staff costs | -1,580 | -1,469 | |
| Tax and related | -115 | -78 | |
| Other income and expenses | 36 | 113 | |
| EBITDA | 895 | 722 | +23.9% |
| % of revenues | 23.5% | 20.3% | |
| Net depreciation, amortization and provisions | -171 | -307 | |
| Operating income | 724 | 415 | +74.5% |
| % of revenues | 19.0% | 11.7% | |
| Net financial income / expenses | -15 | -6 | |
| Tax expense | -62 | 19 | |
| Non-recurring items | - | 59 | |
| Net income | 647 | 486 | +33.0% |
| % of revenues | 17.0% | 13.7% |
Balance sheet
| ASSETS (€'000) | Dec 31, 2025 | Dec 31, 2024 |
| Fixed assets | ||
| Intangible assets | 5 | 15 |
| Property, plant and equipment | 689 | 538 |
| Financial assets | 63 | 63 |
| Total fixed assets | 758 | 616 |
| Current assets | ||
| Inventories and work in progress | 578 | 566 |
| Trade receivables and related | 1,328 | 928 |
| Other assets | 503 | 298 |
| Cash and cash equivalents | 613 | 879 |
| Total current assets | 3,021 | 2,672 |
| Foreign currency translation | 8 | - |
| TOTAL ASSETS | 3,787 | 3,288 |
| LIABILITIES (€'000) | Dec 31, 2025 | Dec 31, 2024 |
| Shareholders' equity | ||
| Share capital | 413 | 413 |
| Issue premiums | 52 | 36 |
| Reserves | 1,012 | 1,041 |
| Retained earnings | -84 | - |
| Income for the period | 647 | 486 |
| Other equity | 148 | 96 |
| Total equity | 2,188 | 2,073 |
| Provisions | 181 | 234 |
| Financial liabilities | 375 | 342 |
| Of which, bank debt | 265 | 240 |
| Of which, other financial debt | 111 | 102 |
| Advances and deposits received | 207 | 133 |
| Trade payables and related | 314 | 207 |
| Other liabilities | 520 | 299 |
| TOTAL LIABILITIES | 3,787 | 3,288 |
Disclaimer
This document is promotional in nature and does not constitute a prospectus within the meaning of regulation (EU) n°2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation"). Any decision to purchase or subscribe shares may only be made on the basis of information contained in a prospectus having been granted clearance by the Autorité des Marchés Financiers ("AMF" or "French Financial Markets Authority") in connection with the Company's initial public offering.
Neither this document nor a copy hereof, or any information contained therein constitutes an offer or invitation to sell or purchase, or a solicitation of any offer to purchase or subscribe for shares of the Company in Australia, Canada, Japan, in the United States nor in any other country.
The securities of the company may not be offered, subscribed or sold in the United States without prior registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. Subject to certain exceptions, the Company' shares may not be offered or sold in Australia, Canada and Japan to any resident or citizen of those countries.
The securities of the company have not or will not be registered under the U.S. Securities Act or any other applicable regulation in Australia, Canada or Japan and the company does not intend to make a public offer of its securities in the United States, Australia, Canada or Japan.
With respect to the Member States of the European Economic Area other than France (the "Member States"), which have implemented the Prospectus Regulation, no action has been undertaken or will be undertaken to make an offer to the public of the securities requiring a publication of a prospectus in any of these Member States. As a result, the new or existing shares may not be offered in the Member States, except (i) to any legal entity which is a qualified investor as defined under the Prospectus Regulation, (ii) in any other circumstances not requiring the company to publish a prospectus as provided under Article 1(4) of the Prospectus Regulation.
The distribution of this document has not been made and approved by any authorised person within the meaning of Article 21 (1) of the Financial Services and Markets Act 2000. As a result, this document is intended only for (i) persons who are outside of the United Kingdom, (ii) investment professionals within the meaning of Article 19 (5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, (iii) persons within the scope of application of Article 49 (2) (a) to (d) (high equity companies, unregistered associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or (iv) any other persons to whom this document may be transmitted in accordance with the law (persons mentioned in paragraphs (i), (ii), (iii) and (iv) shall be referred to as the "Relevant Persons") The securities are only available to Relevant Persons, and any invitation, offer or agreement on the subscription, purchase or acquisition of the shares may only be transmitted or entered into with the Relevant Persons .Any other persons than a Relevant Person shall not use or rely on this document and the information included therein. This document shall not constitute a prospectus approved by the Financial Services Authority or any regulatory authority in the United Kingdom within the meaning of Section 85 of the Financial Services and Markets Act 2000.
This document and its contents are confidential and may not be copied, distributed or forwarded to any other person or published or reproduced, directly or indirectly, in full or in part, by any means, in any form and for any purpose whatsoever. You must abide by all laws applicable to the possession of such information, including laws on insider dealing, applicable regulations and the recommendations of the AMF.
Neither this document nor any copies thereof nor any information contained therein may be carried, communicated or distributed, directly or indirectly, to the United States, Canada, Japan or Australia or to any resident of these countries.
Failure to abide by any of these limitations may constitute a breach of statutory restrictions concerning the offering of financial instruments in the United States, Canada, Japan or Australia. The distribution of this document in other countries may be subject to statutory restrictions and any persons coming into possession of this document should inform themselves about the existence of such restrictions and comply with them.
The information provided below has not been independently verified by the Company, its advisors or any other person and may be updated, supplemented or revised extensively.
The Company is not required to update the information contained in this document and all information herein may be amended without prior notice.
This document contains data regarding the Company's targets and development guidelines. Such data may be identified by the use of future and conditional verb forms and forward-looking expressions such as "expect", "may", "estimate", "intend to", "plan to" and "anticipate". This data is subject to risks and contingencies that may subsequently lead to material differences in actual data.
Such targets and development guidelines do not reflect historical data and should not be interpreted as guarantees that the stated facts and data will materialize or that targets will be achieved.
There is an intrinsic risk that such targets may not be achieved and that the statements or information herein may turn out to be incorrect, without the Company, its advisors or their representatives being required to update said information, subject to applicable regulations.
[1] The commercial pipeline corresponds to the total amount of firm orders, contracts awarded / customer forecasts received, and commercial discussions (recognized technological differentiation + forecast volumes identified) to be converted
[2] Holding 95.2% of D.A.T.E.'s share capital (prior to the IPO) through the family holding company Dopamine
[3] https://www.sipri.org
[4] Research and Markets, Defense Global Market Report 2025
[5] Compound annual growth rate
[6] Market Reports World, Global particle accelerators market
[7] Global Market Insights, Space cryogenics market size
[8] https://www.verifiedmarketreports.com/fr/product/quantum-computers-market/
[9] Mordor Intelligence, Data Center Liquid Cooling Market Size & Share Analysis - Growth Trends and Forecast (2026 - 2031)
[10] The independence of the directors was assessed in line with the criteria defined by the Middlenext governance code.
[11] The commercial pipeline corresponds to the total amount of firm orders, contracts awarded / customer forecasts received, and commercial discussions (recognized technological differentiation + forecast volumes identified) to be converted
[12] Conversion rate of successful bids relative to the total number of bids submitted over the last 10 quarters
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