Bollore : Universal registration document 2025

UNIVERSAL REGISTRATION DOCUMENT 2025

INCLUDING THE ANNUAL FINANCIAL REPORT

This Universal registration document was filed

on April 22, 2026 with the French Financial Markets Authority (Autorité des marchés financiers - AMF), the competent authority under EU Regulation 2017/1129, without prior approval in accordance with article 9 of said regulation.

The Universal registration document may be used to support a public securities offer or admission of securities to trading on a regulated market if accompanied by a securities note and, where

applicable, a summary and all amendments made to the Universal registration document. The package thus created must be approved by the AMF

in accordance with EU Regulation 2017/1129.

The Universal registration document in PDF format

is a reproduction of the official version of the Universal registration document, produced according to

the European Single Electronic Format (ESEF) and available on the company's website https://www.bollore.com.

Message from Cyrille Bolloré, 2

Chairman and Chief Executive Officer

Analysis of operations and financial statements

201

1. Overview of the Group and its activities 5

   Profile 6

   Governance 7

   Key figures 8

   Economic organizational chart 10

   Stock market data 11

   Group strategy 12

   Business model 14

   1. Analysis of consolidated results for the fiscal year 202

   2. Research and development, patents and licenses 211

   3. Post-closing events 212

   4. Trends and objectives 213

   5. Consolidated financial statements 214

   6. Financial statements 272

   7. Other financial and accounting information 296

      6.

      Oil logistics 17

      Communications 21

      Industry 33

      Information on the company and shareholders

      299

      Shareholdings and other assets 41

      Corporate social responsibility 45

      1. Shareholding 300

      2. Stock market data 302

         History of the Group 52

      3. Indicative financial communications calendar, interim and other information

      303

      5. Organizational chart: detailed shareholding of the Group's listed companies

      305

2. 4. Dividends 304

   Sustainability report 53

   1. Main subsidiaries 306

      1. General principles

   2. Acquisitions of direct stakes

   54 and controlling interests

   306

   (ESRS 1 and ESRS 2 cross-cutting standards)

   1. Environmental information - Innovating

      in response to major environmental challenges

   2. Social information - Promoting quality working conditions

   3. Governance information - Sharing the same business ethics and ensuring compliance

      70

      98

      135

      1. Additional information about the share capital 307

      7.

      General Shareholders' Meeting 311

      with the strictest standards

   4. Appendices 139

      1. Agenda of the Combined General Meeting of May 27, 2026

         312

   5. Report on the certification of sustainability information and verification of the disclosure requirements under article 8 of regulation (EU) 2020/852

   149

   1. Draft resolutions submitted to the Combined General Meeting of May 27, 2026

   2. Presentation of the resolutions of the Combined General Meeting of May 27, 2026

      312

      316

3. Risk factors and internal control 153

   1. Risk factors 154

1. Statutory Auditors' reports 318

Additional information 321

1. Main legal and statutory provisions 322

2. Documents accessible to the public 325

3. Persons responsible for the Universal registration 325 document and financial information

   Corporate governance 167

   1. Administrative and management bodies 168

   2. Compensation and benefits 183

4. Persons responsible for auditing the financial statements

5. Statutory Auditors responsible for certifying sustainability information

6. Information provided by third parties, statements by experts and declarations of interest

7. Information likely to have an impact in the event of a takeover or stock swap (article L. 22-10-11 of the French commercial code [Code de commerce])

326

326

326

326

Cross-reference tables 329

‌"In a particularly difficult environment, the Group's financial structure is solid and is based on the strong results of our business lines and our investments."

Cyrille Bolloré

Chairman and Chief Executive Officer

Message

Despite a challenging environment, the Group performed well in 2025, based on the strength of its operating activities and its various investments, as well as a solid financial structure.

Bolloré Energy's operating activities recorded a significant improvement, driven by the distribution activity in France. The improvement in margins and the good control of operating costs resulted in a 17% increase in adjusted operating incometo 53 million euros.

The Industry sector continued to reduce its losses, to 90 million euros, mainly due to Blue Solutions refocusing on the research and development of a new generation of baueries.

In the Communications sector, the contribution made by our equity-accounted investments to the Group's results was up sharply. This increase was due to the strong performance of Universal Music Group and the contribution made over the year by the entities resulting from the spin-off of Vivendi (Louis Hacheue Group, Canal+, Havas and Vivendi), which was carried out at the end of 2024, all of which performed well in 2025.

In overall terms, our consolidated net income was 351 million euros, compared with 1,840 million euros in 2024, which included significant exceptional items (the capital gain on the sale of Bolloré Logistics and the capital loss on the deconsolidation of the companies resulting from the Vivendi spin-off).

Lastly, following the disposals of its logistics businesses in 2022 and 2024, the Group held 5.6 billion euros at the end of 2025. In the absence of any significant reinvestment to date, Bolloré's Board of Directors has decided to propose to the Annual General Meeting, in agreement with its majority shareholder Compagnie de l'Odet, the distribution of an exceptional dividend of 1.50 euros per share. This represents an amount of approximately

4.2 billion euros on top of the ordinary dividend.

The stability of our shareholder base and the Group's strong financial position mean that it can continue to grow, despite the difficulties associated with the economy and the international environment.

‌1.

OVERVIEW OF THE

AND

Profile 6

Governance 7

Key figures 8

Economic organizational chart 10

Stock market data 11

Group strategy 12

Business model 14

Business activities 17

Shareholdings and other assets 41

Corporate social responsibility 45

History of the Group 52

The Bolloré Group, which celebrated its two hundredth anniversary in 2022, is majority controlled by the Bolloré family.

The stability of its shareholder base enables it to follow

a long-term investment policy. Ever since it was founded,

the Group has stood out through its ability to adapt to innovative services and solutions and through its diversification strategy.

Operating in three sectors - oil logistics, communications and industry - it is armed with a solid financial structure that will enable it to pursue its development.

OIL LOGISTICS

Bolloré Energy is a major player in oil distribution and oil logistics in France and in Europe.

COMMUNICATIONS

The Communications division includes stakes in Universal Music Group, Canal+ SA,

Louis Hachette Group, Havas NV and Vivendi.

INDUSTRY

The Bolloré Group is the world leader

in polypropylene film for capacitors and packaging films, a leading developer of solutions for electric mobility and an expert in solutions for optimizing the flow of goods and people.

SHAREHOLDINGS AND OTHER ASSETS

Bolloré's portfolio of listed securities represented 10.6 billion euros at the end of 2025. The Group also owns agricultural assets (vineyards, olive groves, etc.).

2.9

billion euros in revenue in 2025

24.4

billion euros

in equity in 2025

286

million euros

in adjusted operating income (EBITA)

in 2025

3,042

employees

Board of Directors

At March 17, 2026

Cyrille Bolloré

Chairman and Chief Executive Officer

Yannick Bolloré

Vice-Chairman

Cédric de Bailliencourt

Vice-Chairman Chantal Bolloré Marie Bolloré Sébastien Bolloré

Virginie Courtin Gildas Hémery

Director representing the employees

Sophie Johanna Kloosterman Jean-Christophe Mandelli

Director representing the employees

Elsa Berst

Representing Bolloré Participations SE

Alexandre Picciotto François Thomazeau

13

directors

4

independent directors(1)

45%

women

52

average age

1. Excluding directors representing

   the employees.

   Compensation and Appointments CommiGee (CAC)

   François Thomazeau

   Chairman Virginie Courtin Gildas Hémery

   Audit CommiGee

   François Thomazeau

   Chairman

   Virginie Courtin

   Sophie Johanna Kloosterman

   ‌Key figures

   Income statement (in millions of euros)
   	2025	2024	2023(1)
   Revenue	2,926	3,130	3,174
   EBITDA(2)	360	48	104
   Adjusted operating income (EBITA)(2)	286	1	61
   Operating income	174	11	11
   Of which operating companies accounted for using the equity method	365	295	122
   Financial income	173	145	(18)
   Share of net income of non-operating companies accounted for under the equity method	(2)	30	27
   Taxes	(13)	(27)	(31)
   Net income from discontinued operations and assets held for sale	18	1,681	577
   Net income	351	1,840	566
   Of which Group share	348	1,822	268

   1. Restated: in accordance with IFRS 5, and to ensure the comparability of results, reclassifications as discontinued operations or assets

      held for sale include Vivendi's contribution for fiscal years 2023 and 2024 (the Group lost control over Vivendi within the meaning of IFRS 10 following the spin-off/distribution transactions carried out by the Vivendi group on December 13, 2024).

   2. See glossary on page 333.

1. Restated: in accordance with IFRS 5, and to ensure the comparability of results, reclassifications as discontinued operations or assets

   held for sale include Vivendi's contribution for fiscal years 2023 and 2024 (the Group lost control over Vivendi within the meaning of IFRS 10 following the spin-off/distribution transactions carried out by the Vivendi group on December 13, 2024).

2. Before Group costs.

3. Operating entities accounted for under the equity method since December 16, 2024.

Breakdown of 2025 revenue contribution by business

(in millions of euros)

11%

Industry

310

TOTAL

2,926

3%

Others (agricultural assets, holding companies

and others)

105

86%

Oil logistics

2,511

Breakdown of 2025 revenue by geographic area

(in millions of euros)

2%

North America

68

1%

Asia, Oceania

19

19%

Europe, excluding France

564

TOTAL

2,926

78%

France and overseas departments, regions and

local authorities

2,274

Breakdown of workforce by business

(at December 31, 2025)

15%

Others

468

TOTAL

3,042

23%

Oil logistics

705

61%

Industry

1,869

At December 31, 2025

(as a percentage of share capital)

93.4%

57.5%(1) Sofibol and holding companies

Oil logistics

BOLLORÉ ENERGY

Communications

UNIVERSAL MUSIC GROUP NV 18.4%

Industry

FILMS BLUE SYSTEMS

CANAL+

30.4%(4)

LOUIS HACHETTE GROUP 30.4%(5)

HAVAS NV

30.4%(6)

VIVENDI SE

29.3%(5)

Other assets

SHAREHOLDING PORTFOLIO

AGRICULTURAL ASSETS

19.2%(2) Compagnie du Cambodge

5.6%(2) Société Industrielle et Financière de l'Artois

5.0%(2) Financière Moncey

6.0%(2) Imperial Mediterranean

71.6%(3)

1. Directly by Sofibol and holding companies controlled by Bolloré Participations SE (Bolloré family).

2. Companies controlled by Bolloré SE.

3. Of which 0.5% by subsidiaries of Bolloré SE.

4. And 3.2% by Compagnie de l'Odet.

5. And 0.6% by Compagnie de l'Odet.

6. In addition, Compagnie de l'Odet holds 0.6% and Compagnie de l'Étoile des Mers, a subsidiary of Bolloré Participations SE, and of which Compagnie de l'Odet holds 49%, held 14% at the end of 2025. At the beginning of March 2026,

Compagnie de l'Étoile des Mers held directly and indirectly 22.6% of Havas NV.

Changes in the Bolloré SE share price

At March 31, 2026 (in euros, monthly closing prices)

7

x1.70 0.4%

perf./10 years perf./1 year

x1.43 (9%)

6

5

4

3

2 perf./10 years

perf./1 year

1

0

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Bolloré SBF 120 indexed

1. Based on the number of shares and voting rights declared on October 16, 2025 by Yacktman Asset Management LP,

   acting on behalf of clients and funds it manages, in a statement that it had crossed the 5% threshold of voting rights in Bolloré SE (article L. 233-7 of the French commercial code [Code de commerce] - AMF notice no. 225C1782).

2. Following the absorption of Orfim by Orfimar on March 31, 2025.

The Bolloré Group has successfully changed over the past

two centuries, transforming its businesses and adapting its model to ensure its resilience. After selling Bolloré Africa Logistics and Bolloré Logistics in 2022 and 2024 for a total amount of around 10 billion euros, and in the absence of significant reinvestment

to date, the Group will propose to the General Meeting, in agreement with its majority shareholder Compagnie de l'Odet, the distribution of an exceptional dividend of 1.5 euros per share, representing

an amount of around 4.2 billion euros.

The Group, which has a family-owned capital structure, a guarantee of long-term stability, operates in three business sectors: (i) Oil logistics; (ii) Communications through its stakes in Universal Music Group (UMG), Vivendi, Canal+, Havas and Louis HacheGe Group;

(iii) Industry.

OIL LOGISTICS

Bolloré Energy is a key player in oil distribution and oil logistics in France, Switzerland and Germany. Bolloré Energy is also a player in the consolidation of the oil product distribution sector in France, thanks to the acquisition of additional businesses every year, and is continuing to invest in its network of service stations in Germany. Other acquisition projects are still under review. To cope with the structural decline in the oil distribution market, Bolloré Energy is pursuing a strategy to diversify into the storage of petroleum products (launch in 2018 of the Dépôt Rouen Petit-Couronne activity) and has also continued to invest in the development of alternative fuels such as biodiesel (B100), synthetic diesel (HVO) and bio fuel oil containing 30% biofuel in order to reduce its carbon footprint and thereby contribute to the energy transition.

COMMUNICATIONS

In September 2012, the Group acquired holdings in Vivendi, becoming its reference shareholder with a 29.3%(1) stake in the capital. Following the completion of Vivendi's partial spin-off project in December 2024, the company was split into four independent entities: Canal+, Havas NV, Louis Hacheue Group, and Vivendi SE. At December 31, 2025, Bolloré SE held 30.4% of the capital of Canal+(2), Louis Hacheue Group(3), and Havas(4). It also retained its 29.3% stake in Vivendi. The three companies resulting from the spin-off and Vivendi are now accounted for in Bolloré's financial statements as operating companies using the equity method.

Canal+, Havas NV and Louis Hacheue Group have the capacity to allocate and optimize their capital structure independently to respond to their specific market trends. These companies are pursuing their own strategic objectives, including through acquisitions and other growth opportunities.

Following the successful acquisitions of M7 and SPI, and the acquisition of a stake in Viu in Asia, at the end of 2025 Canal+ acquired the MultiChoice Group in English- and Portuguese-speaking Africa. This structuring acquisition enables Canal+ to scale up in terms of size, geography and model. The Group has reached the milestone of 40 million subscribers (around 27 million in 2024) and is solidly anchored on two continents, Africa and Europe, and potentially three in the future, with Asia. Canal+ was previously focused on the production and distribution of content and is also an aggregator of platforms such as Netflix, Apple TV+, HBO Max and Paramount+.

Havas is one of the world's leading communications and marketing groups with over 23,000 employees in more than 100 countries. The Group serves over 4,000 customers, while maintaining diversified exposure to all major markets and a wide range of sectors.

Louis Hacheue Group, a newly created company, combines Vivendi SE's publishing and distribution assets, namely the Group's holdings in Lagardère SA (66.5%) and Prisma Media (100%). Lagardère is the world's third largest book publisher for the general public and educational markets and a major international retailer in transport hubs. Prisma Media is France's leading magazine and online media company, with a portfolio of some 30 brands.

Lastly, following the listing and distribution of Universal Music Group (UMG) in September 2021, the Bolloré Group holds an 18.4% stake in UMG, while Vivendi holds 10%. UMG is the world leader in recorded music.

It is benefiting from the growth of the streaming market, the implementation of the new, artist-centric royalties model (music streaming in 2023 and streaming 2.0 in 2024 and 2025), which improves compensation for artists, and an unparalleled and constantly growing catalog to stimulate organic growth and enable double-digit growth in its EBITDA. At the same time, UMG is continuing to develop its catalog in geographic areas with high growth potential, such as China, India, Africa and South-East Asia, and is expanding its service offering to independent artists. UMG is seeking to increase the share of revenue generated by superfans as a result of product innovation, merchandising and direct digital sales.

Vivendi's strategy is to continue to develop and transform Gameloft, while actively managing its portfolio of investments in the creative and entertainment industries.

INDUSTRY

Bolloré Innovative Thin Films is continuing to develop new high-tech products, particularly in recyclable ultra-thin retractable packaging films, which will enable it to continue growing its commercial activities internationally. As part of this commercial strategy, it is also continuing to make industrial investments, within its capacities, in order to increase the proportion of films it produces with higher added value. Bolloré Innovative Thin Films is implementing a major 30 million euros investment plan for its two industrial activities in Briuany.

Blue Solutions continues to develop its innovative "solid-state" baueries, which are based on proprietary Lithium Metal Polymer (LMP®) technology, and whose commercial applications currently cover electric buses, through contracts with the RATP and a number of major urban areas in France and Belgium, as well as electricity storage. Since 2022, the Group has been stepping up its R&D efforts through strategic collaboration agreements with university laboratories in France and Switzerland in order to develop, ahead of its competitors, a new bauery (GEN4) adapted to the automotive industry.

1. 29.3% by Bolloré SE and 0.6% by Compagnie de l'Odet.

2. 30.4% by Bolloré SE and 3.2% by Compagnie de l'Odet.

3. 30.4% by Bolloré SE and 0.6% by Compagnie de l'Odet.

4. 30.4% by Bolloré SE and 0.6% by Compagnie de l'Odet and 14% by Compagnie de l'Étoile des Mers.

Blue Solutions is working with several automotive manufacturers and suppliers to fine-tune technical developments and ensure that the technology directly addresses the needs of their upcoming electric vehicle platforms. Several association projects are being reviewed to accelerate the research and development of the next-generation solid bauery.

Within the Systems division, Automatic Systems (AS), the global leader in automated secure entry control (pedestrian, vehicle, passenger access), is developing successfully, thanks in particular to its product innovations and the quality of its experts. IER benefits from the dynamism of the self-service equipment business and biometric registration terminals, and the EASIER solutions, which combine AS's and IER's products and services and continue to demonstrate their worth by winning major calls for tender for public transport projects in France and abroad.

Lastly, the Group continues to manage its portfolio of financial investments and its agricultural assets (vineyards, olive groves, etc.). However, after selling Bolloré Africa Logistics and Bolloré Logistics in 2022 and 2024 for a total amount of approximately 10 billion euros, and in the absence of significant reinvestment to date, the Board of Directors of Bolloré decided, on March 17, 2026, to propose to the General Meeting of May 27, 2026, in agreement with its majority shareholder Compagnie de l'Odet, the distribution of an exceptional dividend of

1.5 euros per share, representing an amount of approximately

4.2 billion euros. This dividend, which would constitute an exceptional distribution, would be paid at the same time as the ordinary dividend of 0.08 euro per share, i.e. on June 25, 2026. It would be financed by using part of the available cash.

Systemic and synthetic representation of the Group, its creation of economic value and the sharing of that value between its various stakeholders in 2025, and its contributions to society.

Our resources

Human

3,042 employees

96.4% of workforce

on open-ended contracts

11% turnover rate

STRONG REGIONAL ROOTS

In-depth understanding of local stakeholders as a result of

its operations in many regions, including less urbanized areas.

By combining its industrial and oil logistics activities, the Group benefits from a diversified local network.

These regional roots help create not only local jobs, but also economic ecosystems in the areas it serves.

Financial

3 billion euros in revenue

286 million euros in adjusted operating income

Industrial

PATENTS AND INDUSTRIAL PROCESSES

493 patents

LMP® batteries: the Group

has developed a solid electrolyte manufacturing process used

for the LMP® electric battery.

INDUSTRIAL ASSETS

33 million euros in investments

1.6 million m3 of oil storage capacity 64 service stations in Bolloré Energy's fleet

11 production plants:

• Blue: 2 plants in France and 1 plant in Canada, up to 1,5 GWh

  in production capacity per year

• Films: 2 plants in France,

  1 plant in the United States

• Systems: 2 plants in France, 2 plants in Belgium, 1 plant in Canada

Our activities

Oil logistics

Bolloré Energy is a key player in oil distribution and

oil logistics in France, Switzerland and Germany.

Industry

Films: the Group is the world leader in polypropylene

film for capacitors and packaging films.

Blue encompasses the Group's e-mobility businesses, including Blue Solutions,

with the production of LMP® batteries, and Bluebus, offering clean transportation solutions.

Systems: IER and Automatic Systems design and manufacture a set of solutions and equipment to optimize the flow of people, equipment and data.

Shareholdings and other assets

The Bolloré Group manages a number of financial stakes.

23% of the workforce

86% of revenue

53 million euros

in adjusted operating income (EBITA)

10 million euros in investments

61% of the workforce

11% of revenue

-90 million euros

in adjusted operating income (EBITA)

19 million euros in investments

15% of the workforce

11 billion euros

in listed securities 3,542 hectares of agricultural

and viticultural assets

Value created

Contributions to the SDGs

For employees

278 million euros in personnel costs

287 hires on open-ended contracts

For governments

and local communities

16 million euros

in corporation tax paid Other local sponsorship actions: 17 projects with a societal impact, including 10 projects

in favor of young people

For local economy

563 million euros in property, plant and equipment as well as intangible assets (information as at December 31, 2025)

For our shareholders and partners

223 million euros in dividends paid to

shareholders by Bolloré SE (excluding share buybacks)

For the environment

27 million euros invested in R&D projects serving

the energy transition (battery, Bluebus, electric mobility)

For the promotion of human rights

Earthtalent by Bolloré: 7 projects supported contributing to SDG 4 "Quality Education",

4 contributing to SDG 10 "Reduced Inequalities",

and 9 contributing to SDG 3 "Good Health and Well-being".

The Group adheres to the United Nations Global Compact.

Its commitments are in line with

the Sustainable Development Goals (SDGs) defined by the UN.

Its actions have a positive impact on 12 SDGs whose challenges resonate with the 3 fundamental pillars of the Group's corporate social responsibility policy.

‌OIL LOGISTICS‌

Bolloré Energy

A key player in oil logistics

in France and in oil product distribution in France and Europe.

Bolloré Energy

Bolloré Energy is a key player in oil distribution and oil logistics in France,

Switzerland and Germany. Since 2018, Bolloré Energy has diversified

its product range to offer its customers cleaner alternatives and enable them to significantly reduce their CO2 emissions into the atmosphere.

REVENUE

→ 2.5 billion euros

INVESTMENTS

→ 10.1 million euros

SALES OF PETROLEUM PRODUCTS

→ 2.7 million m3

DISTRIBUTION RESOURCES

→ 110 branches and secondary depots

→ 64 service stations

OWNED STORAGE CAPACITY

→ 1.6 million m3

WORKFORCE AT 12/31/2025

→ 705 employees

OIL LOGISTICS

In France, Bolloré Energy wholly owns the depots in Caen, Strasbourg, Mulhouse, Gerzat and Chasseneuil-du-Poitou. It has stakes in the following depot-owning companies: DPL-Lorient (20%), SDLP-La Rochelle (18%), EPV-Valenciennes (16%) and EPM-Mulhouse (14%). Bolloré Energy is also an equal shareholder, alongside TotalEnergies and Esso, of the leading operator of petroleum product depots in France, Raffinerie du Midi (33.33%).

Bolloré Energy is also the majority shareholder in Dépôt Rouen Petit-Couronne (DRPC), in operation since 2018. This site, with a storage capacity of around 600,000 m3, holds a strategic place in the supply of fuels to Normandy, the Île-de-France region and its airports.

In Switzerland, Bolloré Energy is the reference shareholder of the depot companies TAR-Zurich and Sasma-Genève, which respectively supply the international airports of Zurich and Geneva, and also holds stakes in several other depots, for a total storage capacity of 360,000 m3.

DISTRIBUTION OF OIL PRODUCTS

A leader in the independent distribution of petroleum products in France, Bolloré Energy offers its private and professional customers heating oil, diesel, non-road diesel fuel, and biofuels. Bolloré Energy also offers its customers advisory and technical services related to fuel oil and gas heating and heat pumps, including their installation, maintenance and trouble-shooting. Bolloré Energy has a network of 110 branches and secondary depots, and operates a network of 64 service stations, including 54 in Germany under the Calpam brand. Retail distribution represents 800,000 m3 per year, catering to households, farmers, co-ownership properties and public administrations in France. The Trading activity represents over 1.5 million m3 per year and mainly supplies carriers and retailers in France and Switzerland. Lastly, its German subsidiary, Calpam, in Hamburg, deploys a bunkering business for its northern-European ship-owner customers worldwide. In 2017, the service was expanded to serve the needs of southern-European ship-owners.

Bolloré Energy continues to lead a proactive policy of acquiring businesses or distribution companies in order to offset the downward trend in domestic fuel consumption. Among signi-ficant acquisitions in recent years, in November 2024, Bolloré Energy finalized the acquisition of the business of Chantelat SA as well as the real estate assets associated with its operations. The e-commerce activity launched in 2017 with hellofioul.fr, its online store selling domestic heating oil, continues to grow. In 2025, Bolloré Energy posted strong results in all its business lines thanks to the commitment of its teams, the quality of its operational processes and the reliability of its network.

ENERGY TRANSITION

While supporting the position of heating oil in the French energy mix, the Bolloré Energy division is commiued to the energy transition.

Since 2018, it has diversified its product range to offer its customers cleaner alternatives. Since fall 2021, it has been marketing biodiesel (B100) under the brand name Koolza100®, produced from French-grown rapeseed oil and, since December 2021,

a synthetic diesel (HVO100) under the brand name Izipure®, made from 100% recycled materials and reducing CO2 emissions by up to 90%. In 2022, it also launched Calorza, an F30 bio fuel oil containing up to 30% methyl fauy acid esters, more specifically French vegetable oil.

To develop its low-carbon liquid fuel offering and become a commiued player in the energy transition, Bolloré Energy entered into a partnership in November 2023 with the world's leading biofuel producer, the Neste group, to distribute HVO100 Neste MY Renewable Diesel™ on the French market starting in 2024.

Bolloré Energy is also commiued to implementing and promoting a number of energy-saving initiatives for consumers under the CEE (energy saving certificate) scheme. Each year, it finances several hundred projects to help individuals, farmers, carriers, manufacturers and local authorities opt for greener solutions and thus reduce their energy consumption.

ISCC CERTIFICATION

In June 2024, Bolloré Energy was awarded ISCC (International Sustainability and Carbon Certification) EU certification by Control Union,

a world-renowned certification body in the agricultural sector.

This certification provides Bolloré Energy's

customers with proof of the sustainability of its low-carbon products, and ensures the traceability of B100 (Koolza100®) and HVO100 (Izipure

and Neste My) purchased from Bolloré Energy.

‌COMMUNICATIONS

The Communications division comprises investments in:

Universal Music Group

The global leader in music entertainment

Canal+

A global audiovisual group

Louis Hachette Group

Leader in publishing, travel retail and media

Havas

One of the world's largest communications groups

Vivendi

Manager of a portfolio of listed and unlisted stakes held in the content,

media and entertainment sectors

At December 31, 2025, following the spin-off of Vivendi SE,

Bolloré SE held 30.4% of the capital and voting rights of Canal+, Havas NV and Louis Hachette Group.

It also retained its 29.3% of Vivendi SE's capital and voting rights and held 18.4% of Universal Music Group.

The Bolloré Group holds 18.4% of Universal Music Group, the global leader in music entertainment with its global coverage through local presence in over 60 regions covering 200 markets.

RECORDED MUSIC

This segment focuses on the discovery and development of music acts and the marketing, promotion, distribution, sale and licensing of the music they create. A leading recorded-music company, UMG hosts the world's largest labels and record groups, including Capitol Music Group, Interscope Geffen A&M, Republic Records, Island Records, Motown Records, Def Jam Recordings, Universal Music Group Nashville, Universal Music Latin Entertainment, EMI Records and Polydor, and its classical and jazz labels, Blue Note Records, Decca, Deutsche Grammophon and Verve Label Group. UMG also boasts the world's most iconic studios, including Capitol Studios and Abbey Road. UMG's multi-label structure promotes entrepreneurship, art and diversity. It also gives each label the freedom to create and innovate while benefiting from the advantages of belonging to UMG as a whole.

The recorded-music business also includes Virgin Music Label & Artist Services (Virgin Music Group), through which UMG provides entrepreneurs and talent with high-end, flexible services for independent labels and artists, including global distribution, data and marketing tools, through teams promoting, marketing and developing artists at both regional and global levels.

In 2025, Universal Music Group took a decisive step forward in the realization of its streaming 2.0 strategy and in the roll-out of pioneering artificial intelligence initiatives. The year was marked by the signing of the industry's first AI agreements with major platforms (YouTube, Meta, TikTok) as well as with emerging players such as Udio, BandLab, Soundlabs, KLAY Vision, Splice and Stability AI, simultaneously protecting human creativity and opening up new business opportunities.

REVENUE

→ 12.5 billion euros

NET INVESTMENTS(1)(2)

→ 1,256 million euros

INVESTMENTS IN CONTENT(2)

→ 682 million euros

WORKFORCE AT 12/31/2025

→ 10,595 employees

At the same time, UMG continued to implement the streaming

2.0 agreements initiated in 2024 with Amazon, Spotify and YouTube, strengthening the segmentation of offers, consumer value and the growth of average revenue per user (Arpu). These agreements have also made it possible to reinforce the artist-centric approach, in particular by preserving the integrity of paid catalogs. Together, these advances helped keep UMG at the heart of innovation while supporting the overall performance of the economic model presented at Capital Markets Day in September 2024 (7% annual revenue growth and 10% annual adjusted EBITDA growth through 2028).

In 2026, UMG plans to extend streaming 2.0 agreements to new platforms, step up artist-centric initiatives, and develop services for independent labels, notably through the acquisition of Downtown Music. UMG is also expected to continue its efforts with superfans, through premium offerings, physical and virtual experiences, and a growing network of stores and direct sales activities, and at the same time pursue the expansion of its international network in Africa, India, China and Southeast Asia.

In 2025, revenue from recorded music stood at 9,456 million euros, up 6.2% compared with 2024 and up 9.3% at constant exchange rates.

MUSIC PUBLISHING

Universal Music Publishing Group (UMPG)

This business activity is commiued to acquiring and administering the rights to musical compositions and licensing them for use in multiple formats.

UMPG grants a license for musical compositions to be used in sound recordings, films, television, advertisements, video games, and concerts, as well as in printed music and song partitions.

UMPG has both global and local presence thanks to teams of local representatives operating in 40 countries.

Music publishing revenue amounted to 2,260 million euros in 2025, up 6.6% year on year and 9.3% at constant exchange rates. The overall increase in music publishing revenue was mainly due to continued growth in subscriptions and streaming. UMPG is one of the largest music publishing companies in the world, with a catalog of 4.5 million titles. It also benefits from partnerships with many of the best songwriters and artists worldwide.

Merchandising (Bravado)

This business activity represents the merchandising rights of artists and entertainment properties and brands. Bravado services include physical sales, via a portfolio of stores in Tokyo, Madrid, New York and London, and digital sales, as well as licenses, branding, and marketing.

This business is a world leader in musical merchandising with a portfolio of more than 220 artists and labels.

The artists and composers pursued their illustrious careers in 2025. A host of artists from all over the world contributed to the success of 2025, with outstanding performances by Taylor Swift, Morgan Wallen, Olivia Dean, Stray Kids and the soundtrack of the film KPop Demon Hunters, among many others.

1. Includes investments in catalogs and net artist advances.

2. Including acquisitions and equity investments.

A FEW EXAMPLES OF 2025 ACHIEVEMENTS

→ On Spotify: UMG had 4 of the world's top 5 artists, and UMG Publishing had 7 of the world's top 10 artists.

→ On Apple Music: 7 of the top 10 songs, including 4 of the top 5 songs, and 15 of the top 20 songs.

→ On YouTube: 7 of the 10 top American songs.

→ On TikTok: 7 of the world's top 10 artists.

Canal+ is a global audiovisual group operating in more than 70 countries and

has more than 40 million subscribers. Following the spin-off of Vivendi at the end of 2024, Canal+ is listed in London. Bolloré SE holds a 30.4% stake in Canal+.

In 2025, Groupe Canal+ continued to develop in its three main segments.

• The Europe segment (~65% of Group revenue) covers pay TV, VOD and OTT activities in France, overseas territories, Poland and several Central European and Benelux countries via Canal+ Luxembourg and SPI International. With a powerful brand and a portfolio of premium content, Canal+ holds a leading position in Europe, offering a mix of cinema, series, sports and thematic content, supported by a solid overseas telecom business.

• The Africa and Asia segment (~24% of Group revenue) includes pay TV activities outside Europe, supported by the Canal+ and MultiChoice Group (MCG) brands in nearly

47 countries in Africa and Asia. The acquisition of MCG, completed in October 2025, strengthened the Group's footprint in high-potential markets and extended its growth drivers, in particular thanks to the DStv, GOtv, Showmax services and the technology activities of Irdeto, the global leader in video cybersecurity.

• The Content, Distribution and Other segment (~11% of Group revenue) relies on Studiocanal, one of the largest European production and distribution studios, which produces content for Canal+ and a wide range of local and global partners, including major streaming companies. With more than 9,400 titles from over 60 countries, Studiocanal has one of the most prestigious content libraries in Europe.

  The segment also relies on Dailymotion, an international video hosting platform, Canal+ Distribution (formerly Thema), and the Olympia's live show activities. This diversified portfolio provides the Group with a unique ability to produce, distribute and monetize premium content on a global scale. To capture future growth, Groupe Canal+ has established four major strategic and financial priorities.

  
  
  

  REVENUE

  → 6.95 billion euros

  NET INVESTMENTS(1)(2)

  → 1,461 million euros

  WORKFORCE AT 12/31/2025

  → 15,000 employees

  
  
  

  • The first priority is to generate profitable and sustainable growth, underpinned by a largely bouom-up model (which accounts for around 80% of revenues) and by increased profitability discipline, notably through the streamlining of content portfolios and cost optimization plans. This strategy serves to gradually improve margin, increase operating cash flow, and maintain a robust financial structure, even after the integration of MCG.

  • The second priority is to strengthen the content value proposition, by combining a local offering fully adapted to each market with the best international content, and by leveraging the creative power of Studiocanal. With 3.5 billion euros invested in premium content each year, Groupe Canal+ is a key player in sport (the leading financier of football and rugby in France, and the principal partner of UEFA and EPL internationally), cinema (the leading financier in France and Poland), series (over 50 original series per year in more than 15 languages) and entertainment (documentaries, comedy and shows).

  • The third priority is to expand distribution, through strategic partnerships with the main telecom operators, aggregated offers with international streaming platforms (Netflix, Apple TV+, HBO Max and Paramount+) and stronger development in Africa thanks to the diversity of broadcasting methods (satellite, DTT, mobile streaming).

  • The fourth priority is to increase the size of the Group, a vital development in an industry where costs are largely fixed. The acquisition of MCG is a major transformation, bringing the subscriber base to nearly 40 million by 2025 and extending the Group's presence to around 70 countries. This ramp-up is accompanied by sustained growth in Europe and exceptional potential in Africa, driven by demographic growth and increased access to electricity and broadband Internet.

As part of the spin-off of Vivendi, some assets with operating activities similar to those of Canal+ were transferred to the lauer in the second half of 2024. These include Dailymotion, a video streaming platform, and GVA, a telecommunications services company.

DAILYMOTION

The Dailymotion ecosystem consists of a video-hosting platform (dailymotion.com), which connects nearly 400 million users monthly, a leading-edge video player (a technology for streaming videos and live sessions), and, lastly, an international network of partner publishers and a video monetization programming platform. Its mission, as a positive alternative to mainstream social networks, is to bring more nuance to everyday debates and encourage users to interact differently and in a more benevolent manner. Dailymotion is the leading French online video sharing platform, thanks to its partner ecosystem of more than 2,000 publishers worldwide.

GVA

Under the Canalbox brand, Group Vivendi Africa (GVA) is the FTTH market leader in the countries where it operates as a result of beuer quality service, at higher speeds, with unlimited usage and more affordable rates.

In 2025, after nine years of operational activity, GVA continued to record strong growth, thanks to ever-increasing demand for ultra-fast broadband at home in its 10 operating countries (Burkina Faso, Ivory Coast, Congo-Brazzaville, Democratic Republic of the Congo, Gabon, Uganda, Rwanda, Togo, Benin, and Nigeria). At end-2025, GVA covered over 2.8 million homes and eligible businesses and ranked as the leading FTTH operator in almost all of its markets. It is planning to expand its FTTH networks in major African cities with the target of reaching 5 million homes and businesses.

Thanks to its recent equity investments, Canal+ is well positioned to take advantage of other international opportunities.

1. Of which net film and TV program rights, net broadcasting rights for sporting events and other rights and content (paid acquisitions and consumption).

2. Including acquisitions and stakes.

At December 31, 2025, Louis Hacheue Group held a 66.3% stake in Lagardère and 100% of Prisma Media. It operates in publishing, travel retail

and the press and magazines. Following the spin-off of Vivendi, Bolloré SE holds a 30.4% stake in Louis Hacheue Group, which is listed on Euronext Growth.

LAGARDÈRE

Lagardère is a global group that operates in more than 50 countries and has more than 33,000 employees, generating 79% of its revenue internationally. It is the world's third largest book publisher for the general public and educational markets and a major international retailer in transport hubs. It also includes press and live entertainment activities. The group has two main activities: Lagardère Publishing and Lagardère Travel Retail. The group also includes Lagardère News, Lagardère Live Entertainment and Lagardère Paris Racing. The group also consolidates Lagardère Radio in its financial statements, in which it holds all the capital, as well as its subsidiaries controlled by Arnaud Lagardère. Lagardère's shares are listed on Euronext Paris.

LAGARDÈRE PUBLISHING

Lagardère Publishing(2) (whose main brand is Hacheue Livre, founded in 1826) is the third largest publisher of books for the general public (Trade) and educational books in the world. Represented directly or indirectly in more than 70 countries, it owns more than 200 publishing brands and publishes more than 15,000 new products each year in a dozen languages, with a strong presence in the three major languages (English, Spanish and French).

Hacheue Livre has a balanced and diversified portfolio that covers all publishing segments: school and extra-curricular, literature, illustrated books, pamphlets, dictionaries, youth, paperbacks, travel guides, etc. Most of its new products are also published in digital format in France, the United Kingdom and the United States. They are sold in the form of e-books on all platforms and, increasingly, as downloadable audio books.

At the frontiers of the book world, Lagardère Publishing is developing its sales in digital formats (e-books and audiobooks) as well as in adjacent markets with business models similar to that of books, namely board games (through Hacheue Boardgames) and high-end stationery (Paperblanks, acquired in 2022). In 2025, Hacheue Boardgames, a subsidiary of Hacheue Livre, acquired the Dutch company 999 Games, a leader in the distribution of board games in the Netherlands and Belgium.

REVENUE

→ 9.6 billion euros

NET INVESTMENTS(1)

→ 212 million euros,

of which 210 million euros generated by Lagardère

WORKFORCE

→ More than 34,000 employees,

including more than 33,000 at Lagardère

LAGARDÈRE TRAVEL RETAIL

Lagardère Travel Retail(3) is the world's third largest travel retail operator (and number two in airports). It operates in transport hubs and concessions in three segments:

• Travel Essentials (33% of 2025 revenue);

• Duty Free & Fashion (39% of 2025 revenue); and

• Dining (28% of 2025 revenue).

Operating in more than 50 countries over 5 continents, the Lagardère Travel Retail network had a total of 4,814 points of sale worldwide at the end of 2025.

Its network covers nearly 300 airports and 700 stations and metro stations. It includes points of sale (i) under its own international retail chains, such as Relay, Discover, Tech2go, InMedio, 1 Minute, Hubiz, Hub Convenience, Aelia Duty Free, Beercode, and Marché etc.; or those of its chains with a strong local identity, such as Casa del Gusto, The Belgian Chocolate House, Sawa etc.; (ii) under franchise or license, with partner brands such as LEGO®, TripAdvisor, Fnac, iStore, Marks & Spencer, Hermès, Victoria's Secret, Nespresso, Costa Coffee, Pierre Hermé, Eric Kayser, or Paul.

1. Excluding interest received.

2. This activity is referred to as either: "Hachette Livre"

   or "Lagardère Publishing". Lagardère Publishing's in-house worldwide ranking of publishing groups is based on the annual financial reports available from these groups (for the most part); supplemented by data from the ranking published each year

   in Livres Hebdo (ranking carried out in partnership with Rüdiger Wischenbart Content and Consulting, and generally

   republished in partnership with The Bookseller, Publishers Weekly

   and Buchreport) and sometimes relies on direct contact

   with the groups (when their annual reports are not available). This ranking takes into account private publishing players in the educational publishing sector (excluding professional, scientific, technical and medical publishing) and the mass market (Trade).

3. Sources: Lagardère Travel Retail Strategy Department; annual company reports.

After winning the tender in 2024 for Amsterdam Schiphol Airport, Europe's fourth largest air hub, which covers all Duty Free operations, Lagardère Travel Retail won two other major tenders in 2025: one in the new terminal 3 of Frankfurt Airport to operate 10 catering outlets, and one at London Luton Airport to operate Duty Free stores.

LAGARDÈRE LIVE

Lagardère News brings together three press titles (Le Journal du dimanche, Le JDNews and Le JDMag) and the license management business of the global press brand Elle. Lagardère Radio, which includes Europe 1 and music radio stations Europe 2 and RFM, as well as an advertising agency, is one of the major players on the French radio market.

Lagardère Live Entertainment is the leading French company in the three performing arts businesses:

• the management of iconic concert halls (Casino de Paris and Folies Bergère) and major next-generation facilities (Arkéa Arena in Bordeaux). More than 1 million spectators visit the three venues each year;

• the production of shows and tours (L Productions);

• the hosting and local promotion of French and international productions (Euterpe Promotion). More than 270 events were organized by Euterpe Promotion in 2025.

The main activity of Lagardère Paris Racing, created in 2006, is to offer sports activities to its members at the Croix-Catelan site in Paris.

PRISMA MEDIA

Prisma Media is the leading French publisher of magazine press (paper and digital) and online media, reaching nearly 40 million people each month on its various media. Present in the main consumer and luxury segments, the group relies on a portfolio of more than 40 leading brands such as Télé Loisirs, Femme actuelle, Voici, Capital, Geo and Harper's Bazaar. It sold 112 million magazines (paper and digital) through its portfolio in 2025.

Havas is one of the largest communications groups in the world, operating

at every stage of the value chain from coming up with great creative ideas to providing strategic advice and execution. The group posted some of the strongest growth

in the communications sector in 2025. Following the spin-off of Vivendi, Bolloré SE holds a 30.4% stake in Havas, which is now listed in Amsterdam.

NEARLY TWO CENTURIES OF INNOVATION AND TRANSFORMATION

Since being established in Paris in 1835 by Charles-Louis Havas, the inventor of modern communications, the group has continued to grow and anticipate new business needs. Today, it has nearly 23,000 employees and operates in more than 100 markets. The group serves over 4,000 customers, while maintaining diversified exposure to all major markets and a wide range of sectors. Havas enjoyed a transformational year in 2025, its first full year as a listed company and during which the group made progress in implementing its global plan and operating system, Converged.AI.

A FULLY INTEGRATED APPROACH SINCE 2013

To meet its customers' needs, the group pioneered the development of a fully integrated approach in 2013, such as its 71 Havas Villages, bringing together all communication businesses under one roof, and the 8 Havas Centers of Excellence. This model enables teams from different entities and branches to work together and benefit from each other's expertise. Building on its significant investments in data, technology and artificial intelligence (AI) over the past ten years, as well as its various partnerships with established industry players such as Adobe, Microsoft (Copilot, OpenAI), and Google (Vertex AI, Gemini), the group leverages its client-centric model and creative talents to offer a comprehensive range of integrated services across the entire communications and marketing spectrum.

NET REVENUE

→ 2.8 billion euros

NET INVESTMENTS

→ 80 million euros

WORKFORCE

→ 22,700 employees

"CONVERGED.AI", A STRATEGY ROLLED OUT AT SCALE

In June 2024, the group launched the next phase of its development: the "Converged.AI" strategy, based on three key areas:

1. the roll-out of a new AI and data-driven operating system across all branches that will improve every phase of service delivery and streamline execution and decision-making processes,

   (ii) accelerated investment in AI data, technology and capabilities, and (iii) the centralized management of customer relationships across the organization, through the Global Chief Client Officer. The aim of this strategy is to provide branches from across the organization with access to all the expertise, tools and capabilities available within the group through its newly deployed operating system.

   In 2025, Havas continued its transformation as an AI-powered organization driven by human ingenuity in which technology amplifies human creativity without ever replacing it. Havas also continued to expand its capabilities through targeted acquisitions in key markets and high growth sectors, strengthening its global footprint. In 2025, Havas acquired majority stakes in 11 branches, achieving its target of acquiring 5 to 10 majority stakes during the year.

   The group has also formed strategic partnerships with major players in the sector to promote innovation and increase its capacity: (i) Vurvey Labs (US), an agentic AI platform that combines the speed of AI with its exclusive People Model™ (generated by millions of interviews with real consumers), to convert authentic human knowledge into actionable data;

2. Akkio (US), a leader in AI-powered infrastructure for media agencies. Akkio will strengthen the agentic capabilities of the Group's Converged.AI operating system to streamline operations and foster collaboration, making AI even more accessible and efficient for Havas' nearly 23,000 employees worldwide.

Havas also launched its partnership with Horizon, via Horizon Global, which is generating promising initial results, notably with encouraging successes with new common customers across Europe.

At December 31, 2025, the Group generated net income of 2,783 million euros through its three main business segments:

(i) Havas Creative (40% of net revenue), which provides a wide range of creative services ranging from advertising, branding and business transformation to digital and social media solutions, public relations and events; (ii) Havas Media (38% of net revenue), which is dedicated to delivering complete media experiences, through procurement planning for media venues, fan engagement, retail media and e-commerce, as well as data analytics services to optimize clients' advertising investments; and (iii) Havas Health (22% of net revenue), which focuses on communications in the areas of health and wellness, providing specialized marketing services to pharmaceutical companies, healthcare providers and wellness brands.

CONTINUED INVESTMENT

As part of the roll-out of its "Converged.AI" strategy,

Havas announced an additional 400 million euros in investments from 2024 to 2027, notably in new

capacities, new tools, the expansion of its international networks and the development of new strategic partnerships, as well as earn-out and buy-out payments from previous acquisitions not yet paid. At the end

of this phase, the total amount invested by the group in these areas since 2014 is expected to reach around 1 billion euros.

Following the completion of the spin-off of Canal+, Havas and Louis Hacheue Group in December 2024, Vivendi remains an important player in the creative and entertainment industries, while actively managing its portfolio of shareholdings.

At December 31, 2025, Bolloré SE held 29.3% of Vivendi's share capital.

GAMELOFT

REVENUE

→ 307 million euros

DIVIDENDS RECEIVED(1) FROM STAKES HELD

→ 158 million euros

PORTFOLIO OF LISTED INVESTMENTS

→ 5.5 billion euros

Gameloft has established itself as a pioneer in the video game industry, creating innovative gaming experiences for more than twenty years. It has a broad portfolio of proprietary brands with franchises such as Asphalt (car race), Dungeon Hunter (adventure), Dragon Mania Legends (simulation), Modern Combat and Gangstar (action) and War Planet Online, March of Empires (strategy) and also casual games like SongPop (music quiz) and Journeys (interactive stories). At the same time, Gameloft creates numerous games through partnerships with major rights holders such as Disney (Disney Dreamlight Valley, Disney Magic Kingdom and Disney Speedstorm), Hasbro®, Fox®, Universal, LEGO® and Sega.

Gameloft's revenues are generated through a variety of business models, including sales of premium games, free-to-play (games that are free to download that subsequently offer in-app purchases and/or include advertising) and subscription services. In addition, Gameloft for brands sells advertising space (banners, interstitial spaces and videos) on its mobile apps and on third-party partner apps.

After twenty years as a major player in mobile gaming, Gameloft has taken a new strategic direction by positioning itself in the console market and developing GaaS games (Games as a Service, or games that are updated and provided with new content, whether or not for payment, over time) for major gaming platforms such as PlayStation, Xbox, Nintendo Switch, Steam and Epic Games Store. In 2025, Gameloft continued to develop its presence in this segment, which accounted for nearly 47% of 2025 revenue, compared with 42% in 2024.

In terms of its mobile games (44% of its 2025 revenue), Gameloft has numerous distribution channels, including the Apple, Google, Microsoft and Amazon portals. Its games are also distributed by more than 260 telecom operators in nearly 120 countries.

SHAREHOLDINGS

Vivendi has a portfolio of investments in the media, entertainment and culture sector valued at 5.5 billion euros as of December 31, 2025.

At the end of 2025, Vivendi held nearly 10% of UMG, as well as stakes in MediaForEurope, Banijay Group, Prisa and Lagardère, following Vivendi's exercise of share transfer rights in June 2025 as part of Vivendi's tender offer for Lagardère in 2022. In 2025, Vivendi sold its stakes in Telefónica and Telecom Italia for a total amount of 1.35 billion euros.

Following the sale of the international festival and ticketing business to CTS Eventim in June 2024, Vivendi sold the French ticketing business See Tickets SAS in the second half of 2025.

EXPERTISE AND STRATEGIC DEVELOPMENT

Vivendi is active in the video game industry with Gameloft, a world-renowned publisher that successfully develops multi-platform games on console, PC and mobile.

Gameloft boasts world-recognized expertise thanks to a portfolio of more than 60 video games developed

at its 10 studios.

(1) Including UMG.

‌INDUSTRY

Films

Using ultra-thin technology acquired in the historical manufacture of thin paper, the Group is the world leader in polypropylene film for capacitors

and packaging films. It is present in France (Brittany) and the United States.

Blue

Blue groups the production of LMP® electric batteries, the production of clean transport solutions

and the marketing of energy storage solutions.

Systems

The Systems division is a set of solutions and equipment to optimize the flow of people,

equipment and data.

Films

A subsidiary of the Bolloré Group, Bolloré Innovative Thin Films is one of the world leaders in the sectors of dielectric films for capacitors and recyclable ultra-thin retractable films for special packaging.

From its two industrial plants in France and a processing unit in the United States, Bolloré Innovative Thin Films produces 20,000 tons of film per year and uses a specialized distribution network to export its products to more than 60 countries.

TWO BUSINESS SEGMENTS

Bolloré Innovative Thin Films is an expert in ultra-thin technology and produces films with a very high level of technical and environmental performance. Each film has a unique performance optimized for its various applications. Over the past two years, the Films business has gained new impetus, and a transformation project is underway to modernize production tools and increase capacity. The films produced by Bolloré Innovative Thin Films have two major applications: packaging, under the "Packaging films" brand, and films for capacitors, under the "Dielectric films" brand.

PACKAGING FILMS

This brand covers ultra-thin retractable packaging films, recognized for their extreme fineness, high performance and recyclability. This brand has two flagship product ranges: Bolphane (an extended and innovative range of packaging, multi-use or functionalized, responding to the various needs of industrial and consumer markets) and Bolfresh (for the protection and enhancement of fresh and frozen food products). The Pen-Carn plant in Briuany, which uses the highest standards of certification for food quality and safety, makes the Group one of the top three global manufacturers of ultra-thin packaging shrink films. With new high-end products, this business is growing internationally.

PACKAGING REVENUE

→ 75 million euros

DIELECTRIC REVENUE

→ 35 million euros

INVESTMENTS

→ 9.5 million euros

NUMBER OF PLANTS

→ 2 in France and 1 in the United States

SALES

→ 15.7 thousand tons

WORKFORCE AT 12/31/2025

→ 419 employees

DIELECTRIC FILMS

This brand covers the production of ultra-thin films, the main components of high value-added capacitors, which contribute in particular to the optimization of electricity networks and the development of renewable energies.

These films have a high level of dielectric rigidity ensuring effective insulation between electrodes and constant thermo-mechanical characteristics for stable condenser performance. They are used in electric vehicles and thereby contribute to the energy transition.

In January 2024, Bolloré Innovative Thin Films announced that it had received support from Bpifrance as part of the France 2030 program to accelerate its development.

It has continued to invest, particularly in capacity, to increase the production of higher value-added films, especially those for electric vehicle applications.

REDUCE - REUSE - RECYCLE

To address the challenge of reducing the use of plastic materials at source and "fair" packaging, Bolloré Innovative Thin Films uses ultra-thin technologies with complete control over the latest generation processes and resins. The films that it develops are increasingly thin in order to use the smallest possible amount of raw materials.

Thanks to its use of biosourced and recovered materials, the carbon footprint of its products is continuously improving. Bolloré Innovative Thin Films recovers waste from its own production activities through internal regeneration processes. Plastic film scraps are converted into raw materials that can be reused in the manufacture of less technical films.

The majority of the films produced by Bolloré Innovative Thin Films are recyclable. Although the use of packaging films is currently controversial, Bolloré Innovative Thin Films stands behind their positive impact in tackling food waste. The films protect food from external contamination and increase its shelf life.

Improvements are constantly being made at manufacturing sites to make the production of these films less energy-intensive.

Nearly 40 million euros will be invested over three years with a view to modernizing, automating and improving the performance of the two plants in Briuany and accelerating their transition to Industry 4.0. The aim is to use new technologies to respond quickly and effectively to customers' needs while respecting the environment and keeping people at the heart of manufacturing processes. This represents both a challenge and a real opportunity for the Bolloré Innovative Thin Films division.

ISCC PLUS CERTIFICATION

Since 2023, Bolloré Innovative Thin Films has held ISCC Plus certification, which rewards the design and manufacture of innovative packaging.

In particular, it certifies that certain products on the market are biosourced or recycled.

Blue

Blue encompasses the Group's e-mobility businesses, including Blue Solutions and Bluebus, which have become the preferred partners of carbon-free transport players, thanks in particular to its innovative "solid" baueries

and over 700 electric buses currently in operation worldwide.

BLUE

→ Industrial capital expenditure: 3.9 million euros of which 2.7 million euros in R&D

→ Production plants: 2 plants, in Brittany and Canada: 48 thousand m2

→ Annual production capacity up to 1.5 GWh

→ Workforce at 12/31/2025: 491 employees

BLUEBUS

→ Production plant:

1 Bluebus plant in Brittany, 10,500 m2

More than 700 Bluebus in circulation

BATTERIES AND RESEARCH AND DEVELOPMENT

Lithium Metal Polymer (LMP®) baGeries

In the global race for innovation, the "solid-state" bauery is recognized as one of the most promising future paths. The main characteristic of this bauery is its solid electrolyte, as opposed to conventional lithium-ion baueries, where the electrolyte is liquid. Blue Solutions is the only player in the world to have designed and industrialized this technology with its LMP® bauery, which stands out through its:

→ high energy density;

→ proven performance and reliability in the field for more than ten years;

→ longevity, exceeding 3,500 charge/discharge cycles;

→ safety;

→ ease of integration;

→ composition, free of polluting materials (organic solvents, heavy metals and/or rare metals);

→ recyclability.

These baueries have the advantage of being more environmentally friendly than most other technologies because they do not contain cobalt, nickel or cadmium and have high recycling potential. Some 200 researchers, engineers and technicians are involved in the production of these advanced technology baueries at two sites located in Ergué-Gabéric in Briuany and in Boucherville, Canada.

Research and development

With thirty years' R&D experience and nearly fifteen years' production experience, Blue Solutions has an ambitious roadmap for its future bauery generations. Its 3S (Safe, Sustainable, Smart) strategy aims to continuously improve safety, energy density, operating temperatures, charging times, packaging ergonomics and electronic control systems, competitiveness and recyclability. Blue Solutions has therefore launched a bauery-recycling program with the aim of recovering more than 90% of lithium and reusing it in the production chain. A pilot production line is currently being tested at the Briuany plant with promising results.

A MoU was also signed in 2023 with the government of Chile and Eramet to secure the supply of sustainably extracted and purified lithium.

BLUE SOLUTIONS

Blue Solutions supplies its baueries to renowned manufacturers, as well as to its sister company, Bluebus, developing a holistic knowledge of systems, vehicle needs and operational uses. The company plans to market a number of new baueries, including Generation 4 or "GEN4", specially designed for the individual car market. The company is currently in the A-sample validation phase, i.e. the phase entailing the design and product specifications of its next bauery. Blue Solutions meets the needs of the fast-growing electric mobility segment.

To step up these developments, collaborations with the best talents in the academic world have been implemented since 2022 with, for example, the Lepmi laboratories (Grenoble INP-UGA, CNRS, Université Savoie Mont-Blanc) and IMN (CNRS, Nantes Université), and in 2023 with the Swiss Center for Electronics and Microtechnology (CSEM) and the Bern University of Applied Sciences (BFH). A bauery research project has also been entrusted to the Switzerland Innovation Park Biel/Bienne (SIPBB). In 2024, Blue Solutions joined forces with CNRS, the Collège de France and Sorbonne Université to develop the next generation of solid-state baueries; this collaboration will focus specifically on hybrid electrolytes, with the aim of achieving greater autonomy and enhanced safety. The company is also seeking to form alliances with automotive-sector manufacturers with a view to fine-tuning developments and ensuring that Blue Solutions technology closely meets the needs of their upcoming electric vehicle platforms.

For example, Blue Solutions is working with BMW and Foxconn Technology to achieve this goal.

In 2025, Blue Solutions demonstrated the performance of its GEN4 bauery by offering 68.8% more range on an electric two-wheel drive. On October 2, 2025, under the supervision of a bailiff, Blue Solutions carried out a comparative test at its Quimper plant with an electric scooter supplied by the Breton manufacturer Easy-Waus. The aim with the project is to provide a plug-and-play bauery solution with greater energy density and, hence, increased range thanks to this disruptive technology, with no compromises on size or weight.

BLUEBUS

Bluebus has become one of the leading electric bus companies in France. Bluebus vehicles are clean and silent public-transit solutions for urban and suburban areas, meeting environmental requirements and standing apart through their advanced technology and performance. They are produced in France at a plant with ISO 9001 and ISO 14001 certifications. The plant has also obtained "Origine France Garantie" certification.

The second generation of the 6-meter Bluebus, released in 2021, has a range of 280 kilometers on a single charge and a total onboard energy storage capacity of 126 kWh. This urban minibus thus meets current and future urban transport needs. In 2023, it was added to the catalog of France's national public procurement agency (Ugap), and is gradually winning over other European countries, including Greece, Spain and Italy. In 2024, Bluebus delivered 6-meter buses equipped with lithium-ion baueries developed for international roll-out for the very first time.

The 12-meter Bluebus, which has a range of 387 kilometers according to e-SORT cycle tests, has been successfully deployed on multiple lines. Today, it is operated in large cities including Paris, Rennes, Vichy, Aubervilliers and Brussels. With its partner, RATP, Bluebus contributed to the success of the Paris 2024 Olympic Games, with 320 buses on the road carrying the capital's ambition for carbon-free mobility.

STRATEGIC PARTNERSHIPS FOR BATTERY INNOVATION

Blue Solutions has bolstered its R&D through key collaborations, in France with Lepmi and IMN (2022), and in Switzerland with CSEM and BFH (2023).

In 2024, the company teamed up with CNRS,

Collège de France and Sorbonne Université

to develop more efficient solid-state batteries, notably using hybrid electrolytes.

Systems

The Systems division offers an ecosystem of equipment and solutions to optimize the flows of people, goods and data worldwide.

It provides an answer to the new issues facing businesses and cities.

IER GROUP

Thanks to the different areas of expertise that make up IER, the company offers its customers efficient solutions and quality service, including the design, production, installation and operational maintenance of products and systems.

Automatic Systems A world leader in automated entry controls and flow management, the company has been designing and manufacturing reliable and efficient security doors and barriers, and distributing them in more than 150 countries, for more than sixty years.

Automatic Systems proactively integrates sustainability values into its product development processes by drawing on its R&D expertise that has received a number of industry awards. Through sustainable manufacturing practices, the use of recycled materials and energy optimization, Automatic Systems is reducing its ecological footprint.

IER GROUP

→ Over 30,000 access control lanes

→ Over 5,000 self-service stations

→ Over 200,000 terminals deployed worldwide

SMART CITY PLATFORM

→ 21.4 million shared electric mobility journeys handled per year

→ Collaboration with major cities:

Los Angeles, New York, London, San José, West Hollywood, Tempe, Sydney, Wellington

→ 21 soft mobility operators

connected to our platform worldwide

→ 104.6 million trips and 198.1 million kilometers traveled in electric vehicles and devices since 2019

POLYCEA

→ 232 employees

→ 160 assignments per year

Automatic Systems has the agility required to adapt to customer needs with tailor-made products for outstanding architectural structures. Among its most notable achievements are the CIBC Square office complex in Toronto, the ZIN multifunctional complex in Brussels and the Hekla tower in Paris, all equipped with SlimLane speed gates. Various product ranges have been installed at the University of Hong Kong, at the BMW sites in Germany, and at the Port of Casablanca.

At Wind Creek Casino in Bethlehem, Pennsylvania, the new ASLYNK™ supervision solution was implemented to meet specific tax requirements with a directional counting system and the installation of 11 SlimLane 950 security entrance lanes optimized for intensive use. The municipality of Les Sables-d'Olonne, France, has enhanced its urban security with RB M50_900 fixed and retractable bollards, providing effective protection for sensitive areas.

Thanks to its teams of mobile technicians, Automatic Systems also offers a wide range of services including installation, equipment maintenance, after-sales service and training for its partners worldwide.

EASIER

EASIER proposes a varied and high-end range of products and services to air and land transit operators and public institutions. EASIER has been working closely with Aéroports de Paris for over ten years, having supplied more than 600 self-service check-in kiosks.