Announcement • Jul 10
Arverne Approves Management Changes Arverne at the Annual General Meeting held on June 17, 2026, and the Board of Directors’ meeting of June 30, 2026, the Group is evolving the composition of its Board and Committees while maintaining the highest standards of corporate governance. Changes to the Composition of the Board of Directors: Bpifrance Investissement, represented by Vladislav Tcaci, has been appointed as an Independent Director by decision of the General Meeting. GEOGREEN, represented by Alexis Broders, has been co-opted as Director by the Board of Director for the remainder of the term of office, to succeed Arosco following its resignation. Manoelle Lepoutre has been co-opted by the Board of Directors as an Independent Director, to succeed Bruno Gérard following his resignation. The Board of Directors would like to warmly thank Bruno Gérard for his commitment and valuable contribution to the work of the Board and its Committees throughout his tenure. Following these changes, the Board of Directors is composed of 44% Independent Directors and 44% women Directors. Changes to Committee Composition Audit and Risk CommitteeThe Board of Directors has appointed Bpifrance Investissement, represented by Vladislav Tcaci, as a member of the Audit and Risk Committee, alongside Françoise Malrieu, Chair of the Committee. This appointment strengthens the Committee’s expertise in financial oversight, risk management and supporting the Group’s growth objectives. 100% of the members of the Audit and Risk Committee are considered independent Directors. Nomination and Remuneration CommitteeThe Board of Directors has also appointed Manoelle Lepoutre and Xavier Caïtucoli as members of the Nomination and Remuneration Committee, chaired by Colette Lewiner. The Committee will continue to support the Board on matters relating to governance, succession planning, diversity and remuneration policy. Renewal of the Mission Committee: In line with its status as a mission-driven company (Entreprise à mission), Arverne has partially renewed its Mission Committee for a three-year term. Manoelle Lepoutre, Lucie Lefort and Guillaume Tarnaud have been reappointed to their positions. The Mission Committee also welcomes two new members: Emeline Donjon and Guillaume Saincaize. Manoelle Lepoutre will continue to chair the Mission Committee. New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€52m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€52m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 32% per year for the foreseeable future. Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (€54m net loss in 3 years). Price Target Changed • Jun 05
Price target increased by 14% to €8.70 Up from €7.63, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €8.82. Stock is up 76% over the past year. The company is forecast to post a net loss per share of €0.66 next year compared to a net loss per share of €0.51 last year. 
