Bonduelle - Semestrial financial report at 31.12.2024

French limited partnership  with share capital of EUR 57 102 699.50

Registered office : “La Woestyne” 59173 RENESCURE - France

RC Dunkerque B 447 250 044

Half-year financial report as at December 31^st, 2024

Contents

1. Activity report on half-year financial statement 2024-2025....................................................................................................................... 2

2. Consolidated income statement................................................................................................................................................................5

3. Consolidated balance sheet......................................................................................................................................................................6

4. Consolidated cash flows statement...........................................................................................................................................................7

5. Changes in consolidated Shareholders’ equity......................................................................................................................................... 8

6. Notes to the condensed interim consolidated financial statements...........................................................................................................9

NOTE 1 Accounting principles.............................................................................................................................................................. 9

1.1 Preparation methods.......................................................................................................................................................9

1.2 Accounting standards applied.........................................................................................................................................9

1.3 Specific features of the preparation of Interim Financial Statements............................................................................10

NOTE 2 Change in the scope of consolidation................................................................................................................................... 10

2.1 Plans to sell packaged salad fresh activity in France and Germany.............................................................................10

NOTE 3 Assets Held for Sale and Discontinued Operations.............................................................................................................. 10

3.1  Application of IFRS 5................................................................................................................................................... 10

3.2  Comparative information............................................................................................................................................... 11

NOTE 4 Segment reporting.................................................................................................................................................................13

NOTE 5 Non-recurring items...............................................................................................................................................................14

NOTE 6 Employee benefit obligations................................................................................................................................................ 14

NOTE 7 Financial income................................................................................................................................................................... 15

NOTE 8 Derivative financial instruments.............................................................................................................................................16

NOTE 9 Net debt.................................................................................................................................................................................17

9.1 Analysis of net debt by type..........................................................................................................................................17

9.2 Liquidity.........................................................................................................................................................................18

NOTE 10 Goodwill...............................................................................................................................................................................18

NOTE 11 Additional information..........................................................................................................................................................19

11.1 Earnings per share......................................................................................................................................................19

11.2 Contingent liabilities.................................................................................................................................................... 19

11.3 Related parties............................................................................................................................................................ 19

11.4 Subsequent events......................................................................................................................................................19

7. Certification of the persons responsible for the half-yearly financial statements.....................................................................................20

8. Statutory Auditors' report on the half-yearly financial information...........................................................................................................21

This document is a free translation into English of the “Rapport financier semestriel” and has no other value than an informative one. Should there be any difference between the French and the English version, only the French-language version shall be deemed authentic and considered as expressing the exact information published by Bonduelle.

1. Activity report on half-year financial statement 2024-2025

The 2024-2025 half year financial statements were approved by the General Partner, then reviewed by the Supervisory Board of March 05, 2025 and have been subject to a limited review by the Statutory Auditors. Key figures

Sales

The Bonduelle Group’s sales for the 1^st half year of fiscal year 2024-2025 amounted 1,119.4 million euros compared with 1,139.2 million euros for the 1^st half of previous fiscal year, -1.5% on a like-for-like basis⁽¹⁾ and -1.7% on reported figures.

Activity by Geographical Region

Activity by Operating Segments

Europe Zone

The Europe Zone, which accounts for 60.1% of the business activity over the period, posted for the whole 1^st half year an overall evolution of -5.6% on reported figures and -5.8% on a like-for-like basis⁽¹⁾, mostly due to the significant sales drop in private label canned activities, caused by delays in contracted volumes deliveries by major customers. 

The fresh processed activities maintained in the portfolio (packaged salads activity in Italy and prepared segment in France and Italy) posted solid growth over the 1^st half year, especially in Bonduelle branded products, in retail and food service.   

Non-Europe Zone

The Non-Europe Zone, which accounts for 39.9% of the business activity over the period, posted for the 1^st half year, an overall evolution of +4.8% on reported figures and +5.8% on a like-for-like basis⁽¹⁾. 

In North America, the return to growth for the first time in four years was driven by the solid increase in retail sales of complete meal solutions and salad kits; a growth which accelerated further in Quarter 2 over branded products and innovations. 

In the Eurasia region, CIS countries and Russia posted solid growth fueled by the Bonduelle and Globus brands. 

Operating income

For the 1^st half of fiscal year 2024-2025, the Bonduelle Group’s current operating income stands at 48 million euros at current exchange rates and 47.8 million euros at constant exchange rates, compared with 40.6 million euros the previous fiscal year. 

This corresponds to a +17.8% increase in current operating income on a like-for-like basis⁽¹⁾. The current operating margin stands at 4.3% on both like-for-like basis⁽¹⁾ and reported figures, given the slight impact of exchange rates over the period.

In the Europe Zone, good agro-industrial performances only partially offset the downturn in volumes, in particular the delay in private label sales (-22.2% in canned and frozen segments).

In the Non-Europe Zone, the growth momentum in branded activities enabled a return to a positive profitability: on one hand, in the United States with an improvement in current operating income driven by new contracts, a good dynamic in brands and better harvests than last fiscal year, and on the other hand, the Eurasia region posting an increase in branded products sales. 

After taking into account non-recurring items of -3.1 million euros over the period, following the logistical optimizations in the United

States, the Bonduelle Group’s operating income reaches 44.9 million euros on reported figures, compared with 35.7 million euros for the 1^st half of previous fiscal year representing an increase over the period of +25.8% on reported figures. 

Net income from continuing operations

Net financial income amounted to -17.8 million euros, compared to -17 million euros at the end of previous half year. The posted interest expense for the period went from -15.3 million euros to -14.7 million euros, mainly due to lower indebtedness in high-interest currencies (Hungarian forint, Russian ruble).

The group average financing rate declined over the period and is now at 4.12%. The foreign exchange result is negative for the half year (-1.2 million euros, mainly due to the weakening of the ruble), compared with -0.2 million euros for the same period last year.   

Tax expense came to 12.7 million euros, compared with 13.3 million euros in the 1^st half of the previous fiscal year, the effective tax rate (46.7%), although improving, remains distorted by the non-activated losses from the North American fresh activities.  

Net income from associates amounts to 2.8 million euros corresponding to the share of income from Nortera Foods accounted for under the equity method. 

After taking into account financial income, tax expense and income from associates, Bonduelle Group’s net income from continuing operations for the 2024-2025 1^st half year amounted to 17.2 million euros compared with 6.4 million euros the previous fiscal year, representing 1.5% of sales.  

Net income from discontinued operations

In accordance with IFRS 5, contributions from activities being discontinued are gathered under the heading “net income from discontinued operations”. Thus, for the 1^st half year, items under this heading amounted to -22.3 million euros, of which: -2.6 million euros as current operating income for the period, non-recurring items including the provision for the Saint-Mihiel redundancy plan and the Genas voluntary redundancy plan for a total of 20 million euros, 5.7 million euros in tax and financial income restatements , the impairment of 4 million euros in goodwill related to the packaged salad activity in Germany, and fees related to the divest of these activities. 

After taking into account net income from discontinued operations, the Bonduelle Group's consolidated net income for the 1^st half of the 2024-2025 fiscal year amounted to -5 million euros, compared with +4.5 million euros the previous fiscal year. 

Financial situation

Net financial debt (excluding IFRS 16 and after taking IFRS 5 into account) stood on December 31, 2024 at 664 million euros against

649 million euros at December 31 of the previous fiscal year. After taking IFRS 16 into account, debt stood at 755.5 million euros (versus 716.5 million euros at December 31 of the previous fiscal year), and the debt-to-equity ratio (gearing⁽²⁾) was 1.23, compared with 0.95 at the same period last year.

Good summer harvests, in particular in Nord Picardie (France), and sales delay of private label products in Europe have a direct effect on the increase in inventories and therefore in the group's working capital requirement, while pointing out that the seasonal nature of the business activity (summer agricultural harvests) results in a high level of debt at December 31, which is not representative of average debt or end of fiscal year debt level.  

Outlook

Despite the slight downturn of business activity in the 1^st half year and the impact of difficult harvests in Russia which will have a particular impact over the 2^nd half year, the Bonduelle Group is pursuing its transformation and confirms its annual objectives of stable sales and recurring operating income on a like-for-like basis⁽¹⁾. 

Main transactions with related parties

Information regarding transactions with related parties is detailed in Note 11.3 "Related Parties" of the notes to the condensed interim consolidated financial statements in this document.

⁽¹⁾  at constant currency exchange rate and scope of consolidation basis. Net sales in foreign currency over the given period are translated into the rate of exchange for the comparable period. The impact of business acquisitions (or gain of control) and divestments is restated as follows

-       For businesses acquired (or gain of control) during the current period, net sales generated since the acquisition date is excluded from the organic growth calculation;

-       For businesses acquired (or gain of control) during the prior fiscal year, net sales generated during the current period up until the first anniversary date of the acquisition is excluded;

-       For businesses divested (or loss of control) during the prior fiscal year, net sales generated in the comparative period of the prior fiscal year until the divestment date is excluded;

-       For businesses divested (or loss of control) during the current fiscal year, net sales generated in the period commencing 12 months before the divestment date up to the end of the comparative period of the prior fiscal year is excluded.

⁽²⁾  net financial debt / equity - Inc. IFRS 16

2. Consolidated income statement

*In accordance with IFRS 5, net income from discontinued operations is presented on the separate line of the income statement “Net income from discontinued operations” for the fiscal years presented. The impact of the application of IFRS 5 on the data reported in June 2024 and December is presented in Note 3.

Gains and losses recognised directly in equity

3. Consolidated balance sheet

Assets  

4. Consolidated cash flows statement

(1) Investments correspond to the acquisitions of property, plant and equipment and intangible assets plus the change in related trade payables.

(2) Disposals of fixed assets correspond to the proceeds received less advances and down-payments on fixed assets.

* In accordance with IFRS 5, cash flows from discontinued operations are presented on separate lines. The impact of the application of IFRS 5 on the published figures is presented in Note 3.

5. Changes in consolidated Shareholders’ equity

                                                                                                          Actuarial                                                       Shareholde

                                                                                        Additional                                                                                               Non-            Total

                                                      In number                                        gains      Treasury Translation Accumulat      rs’ equity

                                                                          Capital      paid-in                                                                                               controlling Shareholde

of shares                       and                shares      reserves   ed income                (group capital           interests   rs’ equity losses share)

(in thousands of euros)

6. Notes to the condensed interim consolidated financial statements 

Bonduelle SCA is a French limited partnership (société en commandite par action) that is listed on Euronext Paris (compartment B). Bonduelle is a market leader in processed vegetables both within and outside Europe. The Company operates in three business segments: canned, frozen and ready-to-use fresh vegetables (prepared and fresh-cut).

On February 21^st, 2025, the Executive Management approved the consolidated half-yearly financial statements under IFRS and authorized the publication of the financial statements for the year ended 31^st December 2024.

        NOTE 1       ACCOUNTING PRINCIPLES

1.1 Preparation methods  

The consolidated financial statements of the Bonduelle Group and its subsidiaries (“the group”) for the 2024-2025 fiscal year have been prepared in accordance with the “IFRS” (International Financial Reporting Standards) published by the IASB (International Accounting Standards Board), and whose adoption ruling has been published in the official journal of the European Union.

The notes to the half-year consolidated financial statements have been prepared in accordance with IFRS and follow recommendation 2016-09 of the Autorité des normes comptables (ANC – French Accounting Standards Board).

Half-year financial statements have been prepared in compliance with IAS 34 Interim Financial Reporting.

As part of the normal preparation of the consolidated financial statements, the calculation of certain financial data requires the use of assumptions, estimates and assessments that have an impact on amounts recognized in the balance sheet, the income statement and the notes to the consolidated financial statements and which are principally :  

Monitoring the value of intangible assets :

The net book value of goodwill, brands and other intangible assets is reviewed at least once a year, at the annual closing and when events or circumstances indicate that a reduction in value is likely to have occurred. An impairment loss is recognized when the recoverable amount of the intangible assets becomes lower than their net carrying amount.

As of December 31^st, 2024, the Bonduelle group performed a review of impairment indicators. As a result of this work, no impairment has been recognised in the accounts as at December 31^st, 2024.

1.2 Accounting standards applied

As these are condensed financial statements, they do not include all the information required by IFRS for the preparation of consolidated financial statements. They should therefore be read in conjunction with the consolidated financial statements for the year ended June 30^th, 2024.

The accounting policies used for these condensed consolidated interim financial statements are the same as those applied in the preparation of the consolidated financial statements for the year ended June 30^th, 2024, except for the newly applicable standards, amendments and interpretations as of July 1^st, 2024.

Main standards, amendments and interpretations adopted by the European Union and mandatory for accounting periods beginning on or after 1^st January 2024:

These publications did not have a material impact on the group's consolidated financial statements.

Standards, amendments and interpretations not yet mandatorily applicable for financial years beginning on or after January 1,2025

The group has not applied these standards, amendments and interpretations whose application is not mandatory in the consolidated financial statements as at December 31^st, 2024 and believes that they would not have a material impact on its results and financial position.

1.3 Specific features of the preparation of Interim Financial Statements

Seasonality of operations

The condensed interim consolidated financial statements as of December 31 are characterized by significant seasonality. The production of canned and frozen technologies is mainly carried out during the first half of Bonduelle’s fiscal year. As of December 31^st, costs directly related to the production of these technologies have been recognized based on the costs that will be incurred over the entire fiscal year to account for the significant effects of seasonality.

However, the interim result is not necessarily indicative of the result expected for the full year.

To provide readers with a better understanding of the financial statements given this seasonality, the 12-month period ending June 30,

2024, has been added to the income statement and the cash flow statement. For the balance sheet, the interim period ending December 31, 2023, has also been included. The details of these additional informational periods are not included in the notes to the financial statements.

Employee Benefits

The retirement obligation is assessed based on the valuation performed as of June 30, 2024, adjusted for significant market fluctuations since then, any plan amendments, curtailments, or settlements, and any other significant events. As of December 31, the group has not identified any significant event that would challenge the assumptions made as of June 30, 2024, particularly regarding the financial assumptions used in the calculation.

Income Tax

The tax expense is assessed based on the best estimate of the weighted average effective tax rate expected for the full fiscal year. As of December 31, 2024, the effective tax rate (ETR) was calculated at 46.7%.

        NOTE 2       CHANGE IN THE SCOPE OF CONSOLIDATION

2.1 Plans to sell packaged salad fresh activity in France and Germany

The Bonduelle Group announced, on August 29, 2024, several projects designed to protect the company’s long-term future. 

Regarding the planned downsizing of Bonduelle Frais France, an agreement has been reached with employee representatives bodies on one hand, the terms and conditions of employee support in view of the effective closure of the Saint-Mihiel plant on February 28, 2025 and on the other hand, the implementation of the voluntary redundancy plan for the Genas head office. 

Work is in progress on the disposal of our packaged salad activities in France and Germany, with a view to lifting the conditions precedent.

In the meantime, exceptional expenses related to the implementation of the 2 plans mentioned above, have been recognized in the 1st half year financial statements as described in the paragraph related to the net income from discontinued operations.

Information related to the business held for sale is presented in Note 3.

        NOTE 3       ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

3.1  Application of IFRS 5

As indicated in Note 2, the group considers that, as from 29 August 2024, the conditions for applying IFRS 5 have been met in respect of its plan to dispose of its packaged salad business in France and Germany.

As a result, the assets of this business and the associated liabilities are presented separately from the group's other assets and liabilities on specific lines in the financial statements at 31 December 2024, without restatement of the comparative balance sheet at 31 December 2023 and 30 June 2024. At that date, they are measured at the lower of their carrying amount and fair value less costs to sell. Following this assessment, a goodwill impairment loss of 4.0 million euros was recognised in the financial statements for the year ended 31 December 2024 in respect of the bagged salad business in Germany. No impairment has been recorded for France.

In the income statement, the contribution from discontinued operations is included under ‘Net income from discontinued operations’. In the cash flow statement, the contribution is grouped together on the lines ‘Cash flow from discontinued operations’ for the three main aggregates in the statement (Operating activities, Investments, Financing). These restatements are applied to all the periods presented in order to ensure that the information is consistent.

Details of items classified under “Net income from discontinued operations”,”Cash flow from discontinued operations’, “Assets held for sale” and “Liabilities held for sale”.’ are shown in Note 3.2.

                        3.2     Comparative information

Income statement including reclassification of discontinued operations

For the 2024-2025 financial year, the Bonduelle Group's packaged salad operations in France and Germany were conducted over the first 6 months of the period. The group's performance prior to the IFRS 5 reclassification is presented below, with details of the reclassification.

For the 2024-2025 half-year, the IFRS 5 restatement includes non-recurring items such as provisions for the Saint-Mihiel redundancy plan and the Genas voluntary redundancy plan totalling 20 million euros, the 4.0 million impairment of goodwill relating to the packaged salad business in Germany, and fees relating to the disposal of these businesses.

Reconciliation of profit for the year ended 30 June 2024 :

                                                                                                                        At 2024/06/30

With regard to the IFRS 5 restatement at 30 June 2024, non-recurring items include the impairment of assets at the Saint-Mihiel site for 5 million euros following the announcement of the cessation of activity at this site.

Reconciliation of results for the six months to 31 December 2023 :

                                                                                                                        At 2023/12/31

Assets and liabilities held for sale

Les actifs et passifs destinés à être cédés se détaillent de la façon suivante :

(1)    including 16.2 million euros  in goodwill, 17.2 million euros in property, plant and equipment and 2.4 million euros in rights of use

(2)    including 26.4 million euros  in financial debt, 21.1 million euros in provisions and 34.8 million euros in trade and other payables

Cash flow statement  

Breakdown of cash flow from discontinued operations for the three restated financial years

(1) Mainly includes various expenses related to organisational changes.

(2) Corresponds for 1.7 million euros to the closure of a fresh ready-to-use warehouse in North America.  

        NOTE 6       EMPLOYEE BENEFIT OBLIGATIONS

At 31 December 2024, the assumptions used to calculate pension commitments were identical to those used at the June 2024 year-end, i.e. a discount rate of 3.60%. A decrease in the rate of 50 basis points would increase the commitments by €2,091 thousand. An increase in the rate of 50 basis points would reduce commitments by 523 thousand euros.

                  7       FINANCIAL INCOME

The group's financial result as of December 31^st, 2024 amounts to -17.8 million euros compared to -17.0 million euros a year earlier.

The cost of net debt, the main component of financial result, stood at -15.3 million euros as at December 31^st, 2023 to -14.7 million euros  as at December 31^st, 2024, corresponding to interest paid at the effective interest rate. This increase is due to the rise in interest rates impacting all our currencies and also to the increase in our average indebtedness over the year due to the rise in working capital requirements linked to a higher and more costly level of inventories (inflation). Following the application of IFRS 9, the impact of the residual ineffectiveness between the gains and losses on the debt hedged at fair value and the hedging derivatives recognized at fair value linked to cross-currency basis swaps spread, is recognized in equity and will be recognized in the profit or loss when the underlying debt matures, in line with the option offered by IFRS 9 and adopted by the group. 

The interest rate, calculated on the group's average debt, all currencies combined, and restated for IFRS impacts, stood at 4.12% versus 4.6% the previous year. 

Other financial income and expenses (-1.9 million euros) mostly come from the interest charges of IFRS 16 lease liabilities (-1.8 million euros).

Foreign exchange loss (-1.2 million euros) is mainly due to foreign exchange hedges on cash flows relating to commercial activities and cash in foreign currencies.

                  8       DERIVATIVE FINANCIAL INSTRUMENTS

Derivatives at 2024/06/30

                                                                                                                             Notional                         Carrying value

                  9       NET DEBT

9.1 Analysis of net debt by type

At 2024/06/30

(in thousands of euros)                                       Nominal < 6 months         < 1 year 1 to 5 years      > 5 years            Total

Issuances are subject to financial covenants, principally an early redemption clause should Bonduelle default on its financial liabilities (cross default), and in the event of failure to comply with the following ratios:

- Long-term debt/long-term equity ratio less than or equal to 0.60;

- Consolidated current assets/consolidated current liabilities greater than or equal to 1.10.

At December 31^st,2024, the group complied with these financial covenants.

9.2 Liquidity

At December 31^st, 100 million euros of the 400 million euros syndicated loan RCF (Revolving Credit Facility), indexed to Corporate Social Responsibility (CSR) indicators, had been drawn down. The maturity of this syndicated loan is now set at February 6^th, 2030, following activation of the second extension option.

In addition, the Negotiable European Commercial Paper (Neu CP) program continued to be a great success with investors during the year. The maximum ceiling of this program, secured by the RCF credit line, is EUR 400 million euros. 

Finally, the group also benefits from several confirmed bank credit lines with maturities of up to three years, bringing the total amount of confirmed bank credit lines (including RCF) to 500 million euros (500 million euros at 31 December 2023), of which 240 million euros were drawn down at December 31^st, 2024 (200 million euros at 31 December 2023).

Drawings underbank credit lines (including RCF) confirmed beyond a year are classified in the consolidated balance sheet as non-current financial liabilities.

NOTE 10     GOODWILL

Changes in goodwill were as follows :

                                                                                                  Acquisitions or      Sale, disposal

(in thousands of euros)                           At 2023/06/30            charges        or recovery             Other ⁽¹⁾             At 2023/12/31

(1) Translation adjustments.                                                                                                          

Impairment                                              (192,423)                                      7,852              (5,853)            (190,424)

NET CARRYING AMOUNT                             256,876                     0            (20,264)                1,756              238,368

(1) Relates to the IFRS 5 restatement of the packaged salad activity in France and Germany

(2) Translation adjustments.                          

NOTE 11     ADDITIONAL INFORMATION 

11.1 Earnings per share

A dividend of 0.20 euro per share has been voted to the Shareholders’ Meeting held on December 5, 2024.

At December 31^st,2024, Bonduelle SCA's share capital comprised of 32,630,114 shares with a par value of 1.75 euros per share.

*Dilution is mainly due to the probability of exercise of stock options and free share allocation plans. The risk of dilution mentioned above is considered as limited, given the allocation of treasury shares to the objective of coverage for securities giving rights to allocations of shares.

11.2 Contingent liabilities

 The commitments correspond to our current activities.

Environment

None of the group’s activities generates any major environmental liabilities.

The group occasionally incurs refurbishing costs on closed industrial sites.

11.3 Related parties

For the first half-year ended December 31, 2024, the relationships between the group and related parties remained comparable to those of the financial year ended June 30, 2024, as mentioned in the Universal Registration Document. In particular, no unusual transaction, either in nature or amount, occurred during this period.

11.4 Subsequent events

There were no major events between the balance sheet date and the closing date.                                                   

7. Certification of the persons responsible for the half-yearly financial statements

We hereby certify that, to the best of our knowledge, the condensed accounts for the previous half-year have been drawn up according to the applicable accounting standards and provide a faithful impression of the assets, financial situation and results of the company Bonduelle SCA and all the firms within its consolidation structure and that the half-year business report presents a faithful impression of the important events occurring during the first six months of the financial year, their effects on the accounts, the main transactions between associated parties and a description of the main risks and uncertainties for the remaining six months of the financial year.

The Executive Manager                                                                                                         The Chief Financial Officer

Pierre and Benoît Bonduelle SAS                                                                                           Grégory Sanson

Represented by Christophe Bonduelle

8. Statutory Auditors' report on the half-yearly financial information

This is a free translation into English of the statutory auditors’ review report on the half-yearly financial information issued in French and is provided solely for the convenience of English-speaking users. This report includes information relating to the specific verification of information given in the Group’s half-yearly management report. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

To the Shareholders,

In compliance with the assignment entrusted to us by your annual general meeting and in accordance with the requirements of article L. 451-1-2-III of the French Monetary and Financial Code ("Code monétaire et financier"), we hereby report to you on:

§  the review of the accompanying condensed half-yearly consolidated financial statements of Bonduelle, for the period from July 1st, 2024 to December 31st, 2024.

§  the verification of the information presented in the half-yearly management report.

These condensed half-yearly consolidated financial statements have been prepared under the responsibility of the Management Board. Our role is to express a conclusion on these financial statements based on our review.

1. Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 - standard of the IFRSs as adopted by the European Union applicable to interim financial information.

2. Specific verification

We have also verified the information presented in the half-yearly management report on the condensed half-yearly consolidated financial statements subject to our review. We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated financial statements.

Lille and Neuilly-sur-Seine, March 5^th,2025

The Statutory Auditors

French original signed by

                                                  Grant Thornton                                                                       Deloitte

                Alexis PENET                          Vincent Frambourt                                                   Edouard LHOMME