Calibre publishes 2025 annual report

• Calibre published its 2025 annual report, highlighting a major balance-sheet overhaul tied to the unwind of the ORA BSA 2022 program.
• The restructuring shifted creditor claims into a mix of cash repayment and new “obligations simples,” with an additional 2025 bond issue added.
• The group exited several operations from consolidation following court-led liquidations, including Verney-Carron and Microtrade, reshaping the perimeter.
• Management also moved to curb dilution through a buyback of BSA 2022 instruments, while rebranding the company from Cybergun to Calibre.

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