Reported Earnings • Jul 31
First half 2026 earnings released: EPS: €0.54 (vs €0.72 in 1H 2025) First half 2026 results: EPS: €0.54 (down from €0.72 in 1H 2025). Revenue: €3.36b (up 2.0% from 1H 2025). Net income: €237.9m (down 26% from 1H 2025). Profit margin: 7.1% (down from 9.8% in 1H 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Professional Services industry in France. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year. Noticias en vivo • Jul 29
Bureau Veritas Plans Exits From Several Divisions and Lifts 2026 Growth Guidance Bureau Veritas outlined further steps in its LEAP | 28 plan, including exiting Oil & Petrochemicals and Coal testing and inspection and Government Services, while pursuing acquisitions in areas the group describes as higher growth and higher margin, and it lifted its full-year 2026 guidance to target mid to high single-digit organic revenue growth.
Management links these portfolio changes to ongoing efforts to reshape the business mix, with steady organic revenue growth in the first half of 2026 and continued margin expansion cited as support for the upgraded guidance.
The stock trades around €29.27, with the share price up about 9.1% year to date.
The read-through is that Bureau Veritas is concentrating capital and management attention on what it views as stronger business lines, while accepting execution risk from exits and integrations over the next few years. Anuncio • Jul 29
Bureau Veritas Sa Announces Executive Appointments Bureau Veritas announces new strategic appointments within the Executive Committee to support the continued delivery of its LEAP | 28 ambitions, effective in July 2026: Marios Broustas, a seasoned M&A expert with 30 years of investment banking and corporate strategy experience in the United States and Europe, is appointed as Executive Vice-President, Corporate Development. He succeeds Juliano Cardoso, who is retiring after 28 years at Bureau Veritas. Khurram Majeedis appointed Chief Commercial Officer while retaining his position as Executive Vice-President, Middle East, Caspian & Africa Region, a role he has held since 2024. In this new position, he will drive the performance of Bureau Veritas’ Sales & Marketing function across all regions and product lines. Noor Sait is appointed as Chief Performance Officer. He will lead operational excellence, technical integrity, quality, health, safety and environment, and corporate social responsibility teams, as well as all LEAP | 28 performance programs globally. He joined Bureau Veritas in 2025 as Middle East, Caspian & Africa Industry and Operational Excellence and Performance Vice-President. Noticias en vivo • Jul 01
Bureau Veritas Agrees to Sell Oil and Coal Testing Units to Triton Partners Bureau Veritas has agreed to sell its Oil & Petrochemicals and Coal Testing and Inspection business to Triton Partners as part of its LEAP | 28 portfolio rotation strategy, with completion targeted by the end of the first quarter of 2027, subject to customary conditions.
The divestment is presented as a way to tilt Bureau Veritas’ portfolio toward businesses with higher growth and higher margins, and is described as a significant milestone within its plan to rotate roughly 20% of the portfolio under LEAP | 28.
The stock trades at €26.78, with a 4.0% gain over the past week, providing context for how the market has recently priced Bureau Veritas during this phase of portfolio reshaping.
This sale concentrates Bureau Veritas more firmly in areas it describes as higher growth and margin, while also reducing exposure to traditional oil, petrochemicals and coal activities, which may change its risk mix and earnings profile over time. Upcoming Dividend • May 19
Upcoming dividend of €0.92 per share Eligible shareholders must have bought the stock before 26 May 2026. Payment date: 28 May 2026. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of French dividend payers (5.5%). Lower than average of industry peers (4.0%). Anuncio • Apr 07
Bureau Veritas SA (ENXTPA:BVI) signed an agreement to acquire LotusWorks Ltd. for enterprise value of approximately €380 million. Bureau Veritas SA (ENXTPA:BVI) signed an agreement to acquire LotusWorks Ltd. for enterprise value of approximately €380 million on April 6, 2026. The transaction, representing an enterprise value of €375 million, will be financed via existing and recently negotiated credit lines. This implies a 2026e EV/EBITA multiple of 15x. The agreement includes an earn-out mechanism should the business outperform its plan.
In calendar year 2025, LotusWorks generated €131 million in revenue.
The transaction is expected to close by summer 2026, subject to customary regulatory approvals. The acquisition will enhance Bureau Veritas’ organic growth and will be accretive to the Bureau Veritas’ Adjusted Operating Margin. Anuncio • Apr 01
Bureau Veritas Launches An Independent AI Assessment Offering For European Enterprises Bureau Veritas announces the launch of an AI systems audit to help European enterprises assess and demonstrate their compliance with the European Union's AI Act regulatory requirements. This offering combines on-site audits, document analysis, and direct testing to deliver an independent maturity report. Since the EU's AI regulation came into force in 2024, companies have faced major implementation challenges. According to a recent report, 68% of them struggle to interpret the provisions of the text, while 60% have yet to put in place the governance needed to comply. Non-compliance can cost them up to 7% of annual revenue. Bureau Veritas has developed this new audit offering to help companies identify their compliance gaps and remedy them. Bureau Veritas's new audit offering comprises a pre-audit, document review, on-site audit, and direct testing, resulting in an independent report on the client's AI maturity. This assessment is built on eight standardized pillars covering the full spectrum of risks: security, robustness, data privacy, governance, fairness, explainability, controllability, and transparency. To develop this offering, Bureau Veritas relies on AWS AI Risk Intelligence (AIRI), the automated governance solution developed by the AWS Generative AI Innovation Center, a global team of AWS experts who help companies design, develop, and deploy AI solutions. AIRI enables automation of document review and direct testing, thus reducing audit cycles from several weeks to just a few days. Bureau Veritas has adapted this tool to its audit processes to meet the specific needs of its auditors. With this new offering, they have clear indicators enabling them to quickly and precisely identify vulnerabilities in AI systems, transform abstract governance concepts into measurable and actionable information, and formulate remediation recommendations to help companies achieve compliance. The offering targets large enterprises and mid-sized companies in Europe. Deployment will begin in the second quarter of 2026 in several key markets: France, United Kingdom, Spain, Italy, the Netherlands and Nordic countries. In the United Kingdom, the offering relies on international standards, notably ISO, applicable independently of the European regulatory framework. Bureau Veritas plans to deploy this offering beyond Europe and adapt AIRI to integrate other regulatory frameworks and international standards related to AI. Reported Earnings • Apr 01
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €1.32 (up from €1.27 in FY 2024). Revenue: €6.68b (up 3.7% from FY 2024). Net income: €588.0m (up 3.3% from FY 2024). Profit margin: 8.8% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Professional Services industry in France. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 26
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €1.32 (up from €1.27 in FY 2024). Revenue: €6.68b (up 3.7% from FY 2024). Net income: €588.0m (up 3.3% from FY 2024). Profit margin: 8.8% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Professional Services industry in France. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Anuncio • Feb 26
Bureau Veritas SA, Annual General Meeting, May 19, 2026 Bureau Veritas SA, Annual General Meeting, May 19, 2026. Location: tour alto 4 place des saisons, courbevoie France Anuncio • Jan 24
Bureau Veritas SA (ENXTPA:BVI) acquired Spin 360 Srl. Bureau Veritas SA (ENXTPA:BVI) acquired Spin 360 Srl on January 23, 2026.
Bureau Veritas SA (ENXTPA:BVI) completed the acquisition of Spin 360 Srl on January 23, 2026. Anuncio • Dec 16
Bureau Veritas Announces Board and Committee Changes, Effective December 13, 2025 Bureau Veritas announced that the Board of Directors, under the chairmanship of Mr. Laurent Mignon, has appointed Mr. Geoffroy Roux de Bézieux as Lead Independent Director, Chairman of the Nomination & Compensation Committee, and Vice-Chairman of the Company’s Board of Directors, replacing Mr. Pascal Lebard who no longer qualifies as independent after twelve years of directorship. The Board of Directors of Bureau Veritas, which met on October 22, 2025, decided, upon recommendation of the Nomination & Compensation Committee, to appoint, with effect from December 13, 2025, Mr. Geoffroy Roux de Bézieux as Lead Independent Director, Chairman of the Nomination & Compensation Committee and Vice-Chairman of the Company's Board of Directors for the remainder of his term of office as director. Mr. Geoffroy Roux de Bézieux has been an independent director on the Board of Directors since 2023. Mr. Geoffroy Roux de Bézieux replaces Mr. Pascal Lebard, who would have completed twelve years of tenure on December 13, 2025 and will no longer be considered an independent director within the meaning of the AFEP/MEDEF recommendations. On the same day, upon recommendation of the Nomination & Compensation Committee, the Board of Directors made the following appointments within the Board Committees with effect from December 13, 2025: Appointment of Mr. Geoffroy Roux de Bézieux as member of the Audit and Risks Committee; Appointment of Ms. Julie Avrane as member of the Nomination & Compensation Committee. Mr. Pascal Lebard remains member of the Nomination & Compensation Committee, the Strategy Committee and the CSR Committee. The Board of Directors continues to be composed of 12 members. Anuncio • Nov 17
Bureau Veritas Appoints Santiago Arias Duval as Executive Vice-President for the Americas Region, Effective November 17, 2025 Bureau Veritas announced the appointment of Santiago Arias Duval, effective November 17, 2025, as Executive Vice-President, Americas. This appointment is in line with Bureau Veritas’ new operating model effective since September 1, 2025. Santiago Arias Duval will report to Hinda Gharbi, Chief Executive Officer of Bureau Veritas, and joins the Group Executive Committee. Santiago Arias Duval served as Senior Vice President and General Manager of Precision Technologies at Ingersoll Rand. In this role, he was responsible for the overall strategy, operations, and commercial performance of a diverse set of businesses serving customers across multiple industries worldwide. Joining Ingersoll Rand in 2017, Santiago held a series of leadership roles of increasing responsibility, including General Manager of Industrial Pumps and Medical North America and Vice President and General Manager of the Vacuum & Liquid Handling, and Life Sciences businesses. Throughout his tenure, Santiago has consistently delivered above-market organic growth, executed multiple acquisitions, and driven significant EBITDA margin expansion through commercial excellence, operational efficiency, and disciplined portfolio management. Before joining Ingersoll Rand, Santiago held leadership positions at Danaher Corporation, where he served as Packaging Business Unit Leader for X-Rite and as a consultant within the Danaher Business System Office, supporting global operating companies on new product commercialization. Earlier in his career, he worked in product management at Fluke (Danaher) and in operations at General Motors. Santiago holds a Master of Business Administration from the Massachusetts Institute of Technology (MIT) and a Bachelor of Science in Electrical Engineering from the Georgia Institute of Technology. Anuncio • Oct 23
Bureau Veritas SA Reaffirms Earnings Guidance for the Full Year 2025 Bureau Veritas SA reaffirmed earnings guidance for the full year 2025. For the year, Based on the 9-month performance, leveraging a robust opportunities pipeline, a solid backlog, and mid-to-long-term strong market fundamentals, Bureau Veritas reaffirmed its outlook for the full year 2025: Mid-to-high single-digit organic revenue growth. New Risk • Sep 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 28% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (85% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (28% increase in shares outstanding). Reported Earnings • Jul 27
First half 2025 earnings released: EPS: €0.72 (vs €0.52 in 1H 2024) First half 2025 results: EPS: €0.72 (up from €0.52 in 1H 2024). Revenue: €3.29b (up 5.7% from 1H 2024). Net income: €322.3m (up 38% from 1H 2024). Profit margin: 9.8% (up from 7.5% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Professional Services industry in France. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Anuncio • Jul 03
Bureau Veritas SA (ENXTPA:BVI) acquired remaining unknown minority stake in Secura B.V. Bureau Veritas SA (ENXTPA:BVI) acquired remaining unknown minority stake in Secura B.V. recently. Secura will become Bureau Veritas Cybersecurity effective July 1, 2025. Upcoming Dividend • Jun 24
Upcoming dividend of €0.90 per share Eligible shareholders must have bought the stock before 01 July 2025. Payment date: 03 July 2025. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of French dividend payers (5.4%). Lower than average of industry peers (3.8%). Anuncio • May 06
Bureau Veritas SA, Annual General Meeting, Jun 19, 2025 Bureau Veritas SA, Annual General Meeting, Jun 19, 2025. Location: immeuble newtime 40 52 boulevard du parc, neuilly sur seine France Anuncio • Apr 25
Bureau Veritas SA Reaffirms Earnings Guidance for 2025 Bureau Veritas SA reaffirms earnings guidance for 2025. While customers are navigating an uncertain period, the Group has a robust opportunities pipeline, a solid backlog, and mid-to-long-term strong market fundamentals. Therefore, the company keeps its outlook unchanged, and expects to deliver for the full year 2025: Mid-to-high single-digit organic revenue growth. Buy Or Sell Opportunity • Apr 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €24.74. The fair value is estimated to be €31.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 8.5%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 9.2% per annum over the same time period. Anuncio • Apr 08
Bureau Veritas SA Announces Appointment of Stefano Colonna as the New Head of Passenger Ships and Yachts for the North American Region Bureau Veritas SA announced the appointment of Stefano Colonna as the new Head of Passenger Ships and Yachts for the North American region, during Seatrade Cruise Global 2025. With more than 30 years of leadership experience in the passenger ships and yachting industries, Stefano has held prominent roles, including Vice President of Service for North and South America at NAVIM Group, overseeing Quality Assurance and Certifications, Director of Marine Safety Operations at Carnival Cruise Line and Director of Technical Safety Operations at The Walt Disney Company. Specializing in new builds, capital project management, technical safety operations, and regulatory compliance, Stefano has successfully overseen the management and operational safety of multi-billion-dollar fleets, including cruise ships, luxury yachts, and passenger vessels, ensuring they meet the highest standards of safety, quality, and efficiency. Stefano's expertise in shipboard systems, regulatory compliance, and risk management was pivotal in executing complex projects such as Safe Return to Port certification, major vessel refurbishments, and fleet-wide safety enhancements. As Head of Passenger Ships and Yachts, North American, Stefano will be responsible for continuing to strengthen BV's presence within the cruise and yachting sector. Leading on initiatives to enhance vessel classification, safety, and regulatory compliance, ensuring that passenger ships and yachts operate at the forefront of innovation, sustainability, and safety standards. Reported Earnings • Mar 28
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: €1.27 (up from €1.11 in FY 2023). Revenue: €6.44b (up 6.4% from FY 2023). Net income: €569.4m (up 13% from FY 2023). Profit margin: 8.8% (up from 8.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.2%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Professional Services industry in France. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Anuncio • Mar 18
Bureau Veritas SA (ENXTPA:BVI) acquired GEO Assay Group. Bureau Veritas SA (ENXTPA:BVI) acquired GEO Assay Group on March 17, 2025.
Bureau Veritas SA (ENXTPA:BVI) completed the acquisition of GEO Assay Group on March 17, 2025. Declared Dividend • Feb 28
Dividend increased to €0.90 Dividend of €0.90 is 8.4% higher than last year. Ex-date: 1st July 2025 Payment date: 3rd July 2025 Dividend yield will be 3.1%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has increased by an average of 6.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 26
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: €1.27 (up from €1.11 in FY 2023). Revenue: €6.44b (up 9.8% from FY 2023). Net income: €569.4m (up 13% from FY 2023). Profit margin: 8.8% (up from 8.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.2%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Professional Services industry in France. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Anuncio • Jan 28
SGS, Bureau Veritas End Merger Talks Bureau Veritas SA (EPA:BVI) and Swiss peer SGS SA (SWX:SGSN) have discontinued their discussions about a potential business combination, the two firms said. The companies disclosed earlier in January that they were in talks over a potential tie-up. According to a report by Bloomberg, the move would create an entity with a combined market capitalisation of about $33 billion (EUR 31.5 billion). The discussions, however, have not resulted in an agreement and have ended, SGS said. The Swiss company will remain focused on its strategic goals to speed up growth and deliver superior value to its shareholders, it added. Bureau Veritas said in a separate statement that it also remains committed to its strategy. The French company aims at revenue growth of a high single-digit percentage, including a mid-to-high single-digit organic rise. Bureau Veritas also targets consistent adjusted operating margin improvement, double-digit shareholder returns and dividend yield. Anuncio • Jan 21
Bureau Veritas SA (ENXTPA:BVI) agreed to acquire Contec Aqs Ambiente Qualita' Sicurezza Srl. Bureau Veritas SA (ENXTPA:BVI) agreed to acquire Contec Aqs Ambiente Qualita' Sicurezza Srl on January 20, 2025. In this transaction, Bureau Veritas will acquire Contec AQS and its two owned subsidiaries Exenet and PMPI. The transaction is subject to customary closing conditions, including regulatory clearance. The transaction is expected to be closed by the end of March 2025. Anuncio • Jan 15
SGS Reportedly In Talks to Combine with Bureau Veritas SGS SA (SWX:SGSN) is in advanced talks to combine with Bureau Veritas SA (ENXTPA:BVI), people with knowledge of the matter said, in a deal that would create a European testing and certification company with a combined market value of almost $35 billion. Geneva-based SGS and France’s Bureau Veritas are working on the final details of a transaction that could be announced in the coming weeks, the people said, asking not to be identified discussing confidential information. Anuncio • Dec 03
Bureau Veritas SA (ENXTPA:BVI) acquired Lbs Luxury Brands Services S.R.L. Bureau Veritas SA (ENXTPA:BVI) acquired Lbs Luxury Brands Services S.R.L. on December 3, 2024.
Bureau Veritas SA (ENXTPA:BVI) completed the acquisition of Lbs Luxury Brands Services S.R.L. on December 3, 2024. Anuncio • Nov 12
Bureau Veritas SA (ENXTPA:BVI) acquired Versatec Energy B.v.. Bureau Veritas SA (ENXTPA:BVI) acquired Versatec Energy B.v. on November 12, 2024. For the period ending December 31, 2023, Versatec Energy B.v. reported total revenue of €4.2 million.
Bureau Veritas SA (ENXTPA:BVI) completed the acquisition of Versatec Energy B.v. on November 12, 2024. Anuncio • Nov 06
Bureau Veritas SA (ENXTPA:BVI) signed an agreement to acquire APP Corporation Pty Limited. Bureau Veritas SA (ENXTPA:BVI) signed an agreement to acquire APP Corporation Pty Limited on November 4, 2024.
For the period ending December 31, 2023, APP Corporation Pty Limited reported total revenue of €87 million.
The transaction is subject to regulatory approval and is expected to be closed by year end. Moelis Australia Securities Pty Ltd. acted as financial advisor to Five V Capital on the divestment of APP corporation. Anuncio • Oct 24
Bureau Veritas SA (ENXTPA:BVI) acquired Aligned Incentives, LLC. Bureau Veritas SA (ENXTPA:BVI) acquired Aligned Incentives, LLC on October 23, 2024. For 2023, Aligned Incentives, LLC reported total revenue of €3.5 million.
Bureau Veritas SA (ENXTPA:BVI) completed the acquisition of Aligned Incentives, LLC on October 23, 2024. Anuncio • Oct 07
Bureau Veritas SA (ENXTPA:BVI) acquired Idp Ingenieria Y Arquitectura Iberia, SLU from Nazca Capital, SGEIC, S.A. and Fondo Nazca V, FCR. Bureau Veritas SA (ENXTPA:BVI) acquired Idp Ingenieria Y Arquitectura Iberia, SLU from Nazca Capital, SGEIC, S.A. and Fondo Nazca V, FCR on October 7, 2024.
Bureau Veritas SA (ENXTPA:BVI) completed the acquisition of Idp Ingenieria Y Arquitectura Iberia, SLU from Nazca Capital, SGEIC, S.A. and Fondo Nazca V, FCR on October 7, 2024. Reported Earnings • Jul 28
First half 2024 earnings released: EPS: €0.52 (vs €0.51 in 1H 2023) First half 2024 results: EPS: €0.52 (up from €0.51 in 1H 2023). Revenue: €3.12b (up 4.2% from 1H 2023). Net income: €234.3m (flat on 1H 2023). Profit margin: 7.5% (down from 7.8% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Professional Services industry in France. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Anuncio • Apr 26
Bureau Veritas SA Provides Earnings Guidance for the Full Year 2024 Bureau Veritas SA provided earnings guidance for the full year 2024. For the year, company expects to deliver Mid-to-high single-digit organic revenue growth. Anuncio • Apr 05
Bureau Veritas SA (ENXTPA:BVI) commences an Equity Buyback Plan for 45,244,445 shares, representing 10% for €2,039 million, under the authorization approved on June 22, 2023. Bureau Veritas SA (ENXTPA:BVI) commences share repurchases on April 3, 2024, under the program mandated by the shareholders in the Annual General Meeting held on June 22, 2023. As per the mandate, the company is authorized to repurchase up to 45,244,445 shares, representing 10% of its share capital for €2,039 million, such that its holdings at any time shall not exceed 10% of the issued share capital. The maximum price at which the shares will be repurchased is €45 per share. The purpose of the repurchase program is to ensure the liquidity of and make a market in the company’s shares via an investment services provider acting independently and in the name and on behalf of the company and to implement any company stock option plan under the provisions of articles L. 225-177 et seq. and L. 22-10-56 et seq. of the Commercial Code or any similar plan, any allocation or transfer of shares to employees as part of their participation, share transfer to employees as part of a profit-sharing plan or any company or group savings plan under and to deliver shares in the event of the issue or exercise of rights attached to securities giving immediate and/or future access to the company’s share capital by reimbursement, conversion, exchange, presentation of a voucher or any other manner, and/or to hold and subsequently deliver shares in connection with external growth transactions, mergers, spin-offs or contributions, it being specified that in such a case, the shares acquired for this purpose may not exceed 5% of the company’s share capital at any time, and to cancel all or a part of the acquired ordinary shares, and to implement any market practice that is or may be allowed by the market authorities, and/or to carry out transactions for any other purpose that is or may be authorized by applicable laws or regulations. The share repurchase program is valid for 18 months. As of December 31, 2022, the company had 452,444,454 issued shares. 
