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Market perception of companies like Tractial is often shaped by the specific dynamics of small-cap environments, where visibility, analyst coverage and liquidity are still developing.

In this context, market behavior primarily reflects a phase of shareholder base structuring and increasing visibility, rather than a deterioration of underlying fundamentals.

As the company enhances the clarity of its model and expands market awareness and liquidity, this dynamic may evolve, in a context where certain market inefficiencies can exist for investors able to assess early-stage development profiles.

Tractial is pursuing a controlled transition, with a deliberate investment phase aimed at building a scalable and secure fintech-as-a-service infrastructure, designed to support leading SaaS platforms.

This approach reflects a strategic trade-off between short-term profitability and long-term value creation, with a focus on gradually improving unit economics as the platform scales.

Pilot projects are currently being prepared with partners, with initial operational milestones expected in the coming months.

Tractial's strategic transition is already underway and supported by tangible developments.

Key milestones include the creation of IBEXIAL, the structuring of a fintech and stablecoin infrastructure unit, ongoing regulatory alignment with the MiCA framework, and the preparation of pilot projects with SaaS partners.

These elements reflect a progressive transformation of the model, combining structured execution with innovation, supported by an emerging commercial pipeline.

Digital assets are integrated into Tractial's strategy through two distinct and complementary approaches.

First, an infrastructure and usage-driven positioning, primarily through euro-denominated stablecoins. These enable new financial services (payments, conversion, wallets) with benefits in speed, integration and accessibility, without direct speculative exposure at the company level.

Second, a Bitcoin treasury strategy, implemented through a disciplined and measured approach. This reflects both a conviction in the long-term adoption of digital asset technologies and the establishment of a strategic reserve, which may have valuation implications depending on market conditions.

Overall, Tractial's positioning prioritizes infrastructure and real-world usage over speculative exposure.

Tractial positions itself as an infrastructure player at the intersection of payments, fintech and blockchain technologies.

The Group develops solutions enabling platforms and enterprises to integrate financial services combining payment accounts, stablecoins and digital assets within a regulated framework.

This positioning supports the evolution of financial use cases while enabling scalable integration across digital platforms.

Regulation is a core pillar of Tractial's business model.

The Group is licensed as a Payment Institution by the ACPR, registered as a Digital Asset Service Provider (PSAN) with the AMF, and engaged in processes related to the European MiCA framework in France.

This regulatory framework ensures operational security, compliance and control over financial flows: key elements in building trusted financial infrastructure.