To make the Management Report easier to navigate, the following table cross-references the key information required by Articles L. 225-100 et seq., L. 22-10-35, L. 22-10-36, L. 232-1 and R. 225-102 et seq. of the French Commercial Code and the specific section of the Management Report on corporate governance pursuant to Articles L. 225‑37, paragraph 6 et seq., L. 22-10-8 et seq. of the French Commercial Code.
| Components of the 2025 Management Report | Main references | Pages |
|---|---|---|
| Group situation and activity in 2025 | ||
| Situation of the Company during the previous financial year and objective and exhaustive analysis of the business development, results and financial situation of the Company and the Group, in particular its debt situation, in relation to the volume and complexity of business | Situation of the Company during the previous financial year and objective and exhaustive analysis of the business development, results and financial situation of the Company and the Group, in particular its debt situation, in relation to the volume and complexity of business Main references Articles L. 232-1, II, 1 L. 233-6 and L. 233-26 of the French Commercial Code |
Situation of the Company during the previous financial year and objective and exhaustive analysis of the business development, results and financial situation of the Company and the Group, in particular its debt situation, in relation to the volume and complexity of business Pages |
| Key financial performance indicators | Key financial performance indicators Main references Articles L. 232-1, II-4° and L. 233-26 of the French Commercial Code |
Key financial performance indicators Pages |
| Key non-financial performance indicators relating to the Company and the Group’s specific activity | Key non-financial performance indicators relating to the Company and the Group’s specific activity Main references Articles L. 232-1, II-4° and L. 233-26 of the French Commercial Code |
Key non-financial performance indicators relating to the Company and the Group’s specific activity Pages |
| Significant events since the beginning of the financial year | Significant events since the beginning of the financial year Main references Articles L. 232-1, II-1° and L. 233-26 of the French Commercial Code |
Significant events since the beginning of the financial year Pages |
| Company and Group foreseeable trends and outlooks | Company and Group foreseeable trends and outlooks Main references Articles L. 232-1, II-1° and L. 233-26 of the French Commercial Code |
Company and Group foreseeable trends and outlooks Pages 49 |
| Identity of the main shareholders and voting rights holders in the General Meeting, and modifications during the financial year | Identity of the main shareholders and voting rights holders in the General Meeting, and modifications during the financial year Main references Articles L. 233-13 of the French Commercial Code |
Identity of the main shareholders and voting rights holders in the General Meeting, and modifications during the financial year Pages 396 |
| Existing branch offices | Existing branch offices Main references Articles L. 232-1, II-3° and L. 233-26 of the French Commercial Code |
Existing branch offices Pages 13 |
| Significant acquisitions during the financial year of equity interests in companies which have their registered office in France | Significant acquisitions during the financial year of equity interests in companies which have their registered office in France Main references Article L. 233-6, paragraph 1 of the French Commercial Code |
Significant acquisitions during the financial year of equity interests in companies which have their registered office in France Pages 384 |
| Disposals of cross-shareholdings | Disposals of cross-shareholdings Main references Articles L. 233-29, L. 233-30 and R. 233-19 of the French Commercial Code |
Disposals of cross-shareholdings Pages N/A |
| Research and Development activities (and operations) | Research and Development activities (and operations) Main references Articles L. 232-1, II and L. 233-26 of the French Commercial Code |
Research and Development activities (and operations) Pages |
| Table of Company results over the past five financial years | Table of Company results over the past five financial years Main references Article R. 225-102 of the French Commercial Code |
Table of Company results over the past five financial years Pages 384 |
| Information on supplier and customer payment terms | Information on supplier and customer payment terms Main references Article D. 441-6 of the French Commercial Code |
Information on supplier and customer payment terms Pages 383 |
| Intragroup loans granted and statement by the Statutory Auditors | Intragroup loans granted and statement by the Statutory Auditors Main references Articles L. 511-6 and R. 511-2-1-3 of the French Monetary and Financial Code |
Intragroup loans granted and statement by the Statutory Auditors Pages N/A |
| Information on essential intangible assets | Information on essential intangible assets Main references Article L. 232-1, II, 7 |
Information on essential intangible assets Pages |
| Risk factors, internal control and risk management | ||
| Description of the main risks and uncertainties faced by the Company | Description of the main risks and uncertainties faced by the Company Main references Article L. 232-1, II-5° of the French Commercial Code |
Description of the main risks and uncertainties faced by the Company Pages |
| Information on the objectives and policy regarding the hedging of each main category of transactions and on the exposure to price, credit, liquidity and treasury risks, including the use of financial instruments | Information on the objectives and policy regarding the hedging of each main category of transactions and on the exposure to price, credit, liquidity and treasury risks, including the use of financial instruments Main references Article L. 232-1, II-6° of the French Commercial Code |
Information on the objectives and policy regarding the hedging of each main category of transactions and on the exposure to price, credit, liquidity and treasury risks, including the use of financial instruments Pages |
| Anti-corruption policy | Anti-corruption policy Main references Law 2016-1691 of 9 December 2016 ("Sapin II") |
Anti-corruption policy Pages |
| Vigilance Plan and update on its effective implementation | Vigilance Plan and update on its effective implementation Main references Article L. 225-102-1 of the French Commercial Code |
Vigilance Plan and update on its effective implementation Pages |
| Impact of activities on combating tax evasion | Impact of activities on combating tax evasion Main references Article L. 22-10-35, 1° |
Impact of activities on combating tax evasion Pages |
| Information on actions aimed at promoting the link between the nation and the armed forces and citizens' local democracy engagement | Information on actions aimed at promoting the link between the nation and the armed forces and citizens' local democracy engagement Main references Article L. 22-10-35, 2° and 3° |
Information on actions aimed at promoting the link between the nation and the armed forces and citizens' local democracy engagement Pages 145 |
| Information on the operation of facilities covered by Article L.515-36 of the French Environmental Code | Information on the operation of facilities covered by Article L.515-36 of the French Environmental Code Main references Article L.232-1-1 of the French Commercial Code |
Information on the operation of facilities covered by Article L.515-36 of the French Environmental Code Pages N/A |
| Corporate governance | ||
| Information on remuneration | ||
| Remuneration policy for Directors and corporate officers | Remuneration policy for Directors and corporate officers Main references Article L. 22-10-8, I., paragraph 2 of the French Commercial Code |
Remuneration policy for Directors and corporate officers Pages |
| Remuneration and benefits in kind paid during or awarded in respect of the financial year to each corporate officer | Remuneration and benefits in kind paid during or awarded in respect of the financial year to each corporate officer Main references Article L. 22-10-9, I., 1° of the French Commercial Code |
Remuneration and benefits in kind paid during or awarded in respect of the financial year to each corporate officer Pages |
| Relative proportion of the fixed and variable remuneration | Relative proportion of the fixed and variable remuneration Main references Article L. 22-10-9, I., 2° of the French Commercial Code |
Relative proportion of the fixed and variable remuneration Pages 111 |
| Use of the "claw back" possibility to claim the return of variable remuneration | Use of the "claw back" possibility to claim the return of variable remuneration Main references Article L. 22-10-9, I., 3° of the French Commercial Code |
Use of the "claw back" possibility to claim the return of variable remuneration Pages N/A |
| Commitments of any kind made by the Company for the benefit of its directors and corporate officers, corresponding to elements of remuneration, indemnities or benefits due or likely to be due as a result of the assumption, termination or change in their duties, or thereafter | Commitments of any kind made by the Company for the benefit of its directors and corporate officers, corresponding to elements of remuneration, indemnities or benefits due or likely to be due as a result of the assumption, termination or change in their duties, or thereafter Main references Article L. 22-10-9, I., 4° of the French Commercial Code |
Commitments of any kind made by the Company for the benefit of its directors and corporate officers, corresponding to elements of remuneration, indemnities or benefits due or likely to be due as a result of the assumption, termination or change in their duties, or thereafter Pages |
| Remuneration paid or granted by a company included in the scope of consolidation pursuant to Article L. 233-16 of the French Commercial Code | Remuneration paid or granted by a company included in the scope of consolidation pursuant to Article L. 233-16 of the French Commercial Code Main references Article L. 22-10-9, I., 5° of the French Commercial Code |
Remuneration paid or granted by a company included in the scope of consolidation pursuant to Article L. 233-16 of the French Commercial Code Pages N/A |
| Ratios between the remuneration of each corporate officer and the average and median remunerations of the Company employees | Ratios between the remuneration of each corporate officer and the average and median remunerations of the Company employees Main references Article L. 22-10-9, I., 6° of the French Commercial Code |
Ratios between the remuneration of each corporate officer and the average and median remunerations of the Company employees Pages |
| Annual change in the remuneration, the Company’s performances, the average remuneration of the Company employees and the above-mentioned ratios over the last five financial years | Annual change in the remuneration, the Company’s performances, the average remuneration of the Company employees and the above-mentioned ratios over the last five financial years Main references Article L. 22-10-9, I., 7° of the French Commercial Code |
Annual change in the remuneration, the Company’s performances, the average remuneration of the Company employees and the above-mentioned ratios over the last five financial years Pages |
| Explanation on how the total remuneration complies with the remuneration policy adopted, including the way it contributes to long term performances of the Company and the way the performance criteria has been applied | Explanation on how the total remuneration complies with the remuneration policy adopted, including the way it contributes to long term performances of the Company and the way the performance criteria has been applied Main references Article L. 22-10-9, I., 8° of the French Commercial Code |
Explanation on how the total remuneration complies with the remuneration policy adopted, including the way it contributes to long term performances of the Company and the way the performance criteria has been applied Pages |
| Manner in which the vote of the last ordinary general meeting provided for in paragraph I of Article L. 22-10-34 of the French Commercial Code has been taken into account | Manner in which the vote of the last ordinary general meeting provided for in paragraph I of Article L. 22-10-34 of the French Commercial Code has been taken into account Main references Article L. 22-10-9, I., 9° of the French Commercial Code |
Manner in which the vote of the last ordinary general meeting provided for in paragraph I of Article L. 22-10-34 of the French Commercial Code has been taken into account Pages |
| Derogation from the remuneration policy and any other derogations | Derogation from the remuneration policy and any other derogations Main references Article L. 22-10-9, I., 10° of the French Commercial Code |
Derogation from the remuneration policy and any other derogations Pages 121 |
| Application of Article L. 225-45, paragraph 2 of the French Commercial Code (suspension of payment of directors’ remuneration in the event of failure to comply with gender balance on the Board of Directors) | Application of Article L. 225-45, paragraph 2 of the French Commercial Code (suspension of payment of directors’ remuneration in the event of failure to comply with gender balance on the Board of Directors) Main references Article L. 22-10-9, I., 11° of the French Commercial Code |
Application of Article L. 225-45, paragraph 2 of the French Commercial Code (suspension of payment of directors’ remuneration in the event of failure to comply with gender balance on the Board of Directors) Pages N/A |
| Attribution and retention of stock options by directors and corporate officers | Attribution and retention of stock options by directors and corporate officers Main references Article L. 225-185 of the French Commercial Code |
Attribution and retention of stock options by directors and corporate officers Pages |
| Attribution and retention of free share grants to corporate officers | Attribution and retention of free share grants to corporate officers Main references Articles L. 225-197-1 and L. 22-10-59 of the French Commercial Code |
Attribution and retention of free share grants to corporate officers Pages |
| Information on governance | ||
| List of all terms of office and functions held in any company by each director and corporate officer during the financial year | List of all terms of office and functions held in any company by each director and corporate officer during the financial year Main references Article L. 225-37-4, 1° of the French Commercial Code |
List of all terms of office and functions held in any company by each director and corporate officer during the financial year Pages |
| Agreements between an Executive Officer or a major shareholder and a subsidiary | Agreements between an Executive Officer or a major shareholder and a subsidiary Main references Article L. 225-37-4, 2° of the French Commercial Code |
Agreements between an Executive Officer or a major shareholder and a subsidiary Pages N/A |
| Table summarising the authorisations in force in respect of capital increases, as granted by the General Meeting | Table summarising the authorisations in force in respect of capital increases, as granted by the General Meeting Main references Article L. 225-37-4, 3° of the French Commercial Code |
Table summarising the authorisations in force in respect of capital increases, as granted by the General Meeting Pages |
| Procedures for exercising the General Management | Procedures for exercising the General Management Main references Article L. 225-37-4, 4° of the French Commercial Code |
Procedures for exercising the General Management Pages |
| Composition, preparation and operating methods of the Board of Directors | Composition, preparation and operating methods of the Board of Directors Main references Article L. 22-10-10, 1° of the French Commercial Code |
Composition, preparation and operating methods of the Board of Directors Pages |
| Description of the diversity policy, objectives and results applied to Board members | Description of the diversity policy, objectives and results applied to Board members Main references Article L. 22-10-10, 2° of the French Commercial Code |
Description of the diversity policy, objectives and results applied to Board members Pages |
| Limits provided by the Board of Directors on the Chief Executive Officer’s powers | Limits provided by the Board of Directors on the Chief Executive Officer’s powers Main references Article L. 22-10-10, 3° of the French Commercial Code |
Limits provided by the Board of Directors on the Chief Executive Officer’s powers Pages 98 |
| Reference to the AFEP-MEDEF Code of Corporate Governance and application of the comply or explain principle | Reference to the AFEP-MEDEF Code of Corporate Governance and application of the comply or explain principle Main references Article L. 22-10-10, 4° of the French Commercial Code |
Reference to the AFEP-MEDEF Code of Corporate Governance and application of the comply or explain principle Pages |
| Specific conditions related to shareholders’ attendance at the General Meeting | Specific conditions related to shareholders’ attendance at the General Meeting Main references Article L. 22-10-10, 5° of the French Commercial Code |
Specific conditions related to shareholders’ attendance at the General Meeting Pages 391 |
| Description and implementation of the evaluation procedure of non-regulated agreements | Description and implementation of the evaluation procedure of non-regulated agreements Main references Article L. 22-10-10, 6° of the French Commercial Code |
Description and implementation of the evaluation procedure of non-regulated agreements Pages |
| Information that may have an impact in the event of a takeover bid or exchange offer | ||
| Shareholders’ agreements relating to the securities comprising the Company’s share capital | Shareholders’ agreements relating to the securities comprising the Company’s share capital Main references Article L. 22-10-11 of the French Commercial Code |
Shareholders’ agreements relating to the securities comprising the Company’s share capital Pages |
| Internal control and risk management procedures implemented by the Company and the Group, related to preparation and processing of financial and accounting information | Internal control and risk management procedures implemented by the Company and the Group, related to preparation and processing of financial and accounting information Main references Article L.22-10-10, 7° of the French Commercial Code |
Internal control and risk management procedures implemented by the Company and the Group, related to preparation and processing of financial and accounting information Pages |
| Share ownership and capital | ||
| Structure and change in Company capital and threshold notifications | Structure and change in Company capital and threshold notifications Main references Article L. 233-13 of the French Commercial Code |
Structure and change in Company capital and threshold notifications Pages |
| Acquisition and disposal by the Company of treasury shares | Acquisition and disposal by the Company of treasury shares Main references Article L. 225-211 of the French Commercial Code |
Acquisition and disposal by the Company of treasury shares Pages 398 |
| Employee share ownership | Employee share ownership Main references Article L. 225-102, paragraph 1 of the French Commercial Code |
Employee share ownership Pages |
| Possible adjustments for securities giving access to share capital in case of buybacks of shares or financial transactions | Possible adjustments for securities giving access to share capital in case of buybacks of shares or financial transactions Main references Articles R. 228-90 and R. 228-91 of the French Commercial Code |
Possible adjustments for securities giving access to share capital in case of buybacks of shares or financial transactions Pages N/A |
| Information on trading by directors and corporate officers and related persons in Company securities | Information on trading by directors and corporate officers and related persons in Company securities Main references Article L. 621-18-2 of the French Commercial Code |
Information on trading by directors and corporate officers and related persons in Company securities Pages 137 |
| Amount of dividends paid out in respect of the three previous financial years | Amount of dividends paid out in respect of the three previous financial years Main references Article 243 bis of the French Tax Code |
Amount of dividends paid out in respect of the three previous financial years Pages |
| Sustainability Report | Sustainability Report Main references Articles L. 233-28-4 of the French Commercial Code |
Sustainability Report Pages See cross-referencetables, 271-279 |
| Report of the sustainability auditors on the sustainability report | Report of the sustainability auditors on the sustainability report Main references
|
Report of the sustainability auditors on the sustainability report Pages |
| Other information | ||
| Additional tax information | Additional tax information Main references Articles 223 quater and 223 quinquies of the French Tax Code |
Additional tax information Pages 382 |
| Injunctions or financial penalties in respect of anti-competitive practices | Injunctions or financial penalties in respect of anti-competitive practices Main references Article L. 464-2 of the French Commercial Code |
Injunctions or financial penalties in respect of anti-competitive practices Pages |
