Valneva Se · EURONEXT:VLA
Valneva — Shareholder Meeting (June 2026)
75 slides from Valneva's shareholder meeting presentation, Jun 25, 2026
Slide 1: Annual General Meeting
Annual General Meeting June 25, 2026 Lyon
Slide 2: Disclaimer
Disclaimer This presentation does not contain or constitute an offer of, or the solicitation of Certain information and statements included in this presentation are not historical an offer to buy or subscribe for, Valneva SE shares to any person in the USA or in facts but are forward-looking stateme
Slide 3: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2025 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 4: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2025 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 5: Preliminary Formalities
Preliminary Formalities Sign attendance sheet (All) Appoint AGM committee (Chair, Observers, Secretary) Validation of the Quorum (Secretary) Documents filed with the AGM committee (Secretary) Agenda (Chairperson) Valneva Annual General Meeting - June 25, 2026
Slide 6: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2025 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 7: Full Year 2025 Financial and Business Highlights
Full Year 2025 Financial and Business Highlights €157.9m Product Sales Solid Financial Position in Line with Guidance €109.7m in Cash at End 2025 Proprietary product sales +9%1 Successful debt refinancing2 FY 2025 Key R&D Catalysts Disciplined Cash Management LB6V Phase 3 vaccination completion and
Slide 8: Our Strategy as a Leading Vaccine Biotech Company
Our Strategy as a Leading Vaccine Biotech Company Contributing to a world where no one dies or suffers from a vaccine preventable disease Fully Leverage Maximize Integrated Biotech Drive R&D Upside Model Commercial Growth Augment clinical pipeline to achieve Create value with proven R&D Provide stab
Slide 9: Vaccine Sales Fuel Strategic Investments into R&D
Vaccine Sales Fuel Strategic Investments into R&D Focus on proprietary vaccines expected to drive revenue quality, margin expansion with strategic reduction in third-party product (3PP) sales2 Lean and Efficient € 163m € 135m – € 150m1 Commercial Infrastructure € 158m IXCHIQ® Highly experienced team
Slide 10: Valneva's Current R&D Portfolio
Valneva’s Current R&D Portfolio Program Design/Description Pre-Clinical Phase 1 Phase 2 Phase 3 World’s most clinically advanced LB6V / VLA15: Lyme vaccine candidate; protein Lyme disease subunit-based Clinical VLA1553: Post-marketing efficacy studies Programs Chikungunya underway; live-attenuated v
Slide 11: LB6V / VLA15 World's leading Lyme Disease Vaccine Candidate
LB6V / VLA15 World’s leading Lyme Disease Vaccine Candidate
Slide 12: World's Leading Vaccine Candidate Against Lyme Disease
World’s Leading Vaccine Candidate Against Lyme Disease The only Lyme disease program in advanced clinical development today Vaccine Market Key Highlights Opportunity Milestones Multivalent, recombinant proteins Exclusive, worldwide Reported strong efficacy in partnership1 Phase 3 trial with no safet
Slide 13: LB6V (formerly VLA15) Demonstrates Strong Efficacy in Phase 3
LB6V (formerly VLA15) Demonstrates Strong Efficacy in Phase 31 Results strengthen confidence - Pfizer planning regulatory submissions Vaccine Efficacy Safety Pre-specified Analysis Vaccine candidate was well tolerated Efficacy (95% CI) (Season 2) From Day 28 post-dose 4 73% (16, 94) No safety concer
Slide 14: IXCHIQ / VLA1553 Highly Differentiated single-shot Chikungunya Vaccine
IXCHIQ® / VLA1553 A Highly Differentiated single-shot Chikungunya Vaccine
Slide 15: IXCHIQ: Focused on Confirming Efficacy/Safety and Expanding Access
IXCHIQ®: Focused on Confirming Efficacy/Safety and Expanding Access Robust clinical program supported by CEPI grant Pilot Vaccination Campaign Ongoing (Brazil) To serve as the basis for post-marketing commitment studies • Launched in February 2026 with partner Instituto Butantan in select municipali
Slide 16: S4V2 World's Most Clinically Advanced Tetravalent Shigella Vaccine Candidate
S4V2 World’s Most Clinically Advanced Tetravalent Shigella Vaccine Candidate
Slide 17: S4V2: Opportunity to Develop First-in-Class Vaccine
S4V2: Opportunity to Develop First-in-Class Vaccine for a Life-Threatening Disease Tetravalent bioconjugate vaccine with potential to cover up to ~85% of shigellosis infections1 Vaccine Market Key Highlights Opportunity Milestones World’s most clinically advanced Global market expected to exceed Pha
Slide 18: Financial Guidance & Outlook
Financial Guidance & Outlook
Slide 19: Financial Outlook
Financial Outlook Updated 2026 Sales Guidance Financial Outlook Product Sales: €135 - €150 million; Commercial Continued focus on growth and cash flows from business expected to remain cash-flow positive proprietary commercialized vaccines Total Revenues: €145 - €160 million Strategic restructuring
Slide 20: Our next phase as a leading vaccine biotech company
Our next phase as a leading vaccine biotech company Potential LB6V Success Would Offer Strategic Growth Opportunities Leverage core strengths in vaccine development to deliver greater long-term value Key initiatives: Build scale in R&D pipeline post-VLA15 exit • Strategic in-licensing/M&A to augment
Slide 21: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2025 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 22: Full Year 2025 Financials: Product Sales of €157.9 million
Full Year 2025 Financials: Product Sales of €157.9 million Sales growth offset by reduction in third-party distribution and adverse FX changes €m (audited) 2025 2024 % Change (CER*) IXIARO®/JESPECT® 98.4 94.1 +4.6% (+7.2%) DUKORAL® 31.9 32.3 -1.2% (+1.8%) IXCHIQ® 8.4 3.7 +127.8% (+119.7%) Proprietar
Slide 23: FY 2025 Financials: Income Statement
FY 2025 Financials: Income Statement €m (audited) 2025 2024 Product sales 157.9 163.3 Other Revenues 16.8 6.3 Revenues 174.7 169.6 Cost of goods and services (107.1) (98.5) Research and development expenses (85.3) (74.1) Marketing and distribution expenses (37.4) (52.4) General and administrative ex
Slide 24: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2025 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 25: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2025 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 26: Summary of the Auditors' Reports
Summary of the Auditors’ Reports 2025 Financial statements + Audit performed in accordance with professional standards applicable in France, in compliance with independence requirements applicable under French law and the French Code of Ethics for Statutory Auditors. + Applicable accounting principl
Slide 27: Summary of the Auditors' Reports
Summary of the Auditors’ Reports Related party agreements Agreements proposed for your approval, executed during the fiscal year 2025 ✓ Indemnity agreement entered into on November 3, 2025, between Mr. Gerd Zettlmeissl and Valneva SE Agreements already approved in previous years, which implementatio
Slide 28: Summary of the Auditors' Reports
Summary of the Auditors’ Reports Authorizations for share capital operations (delegations to the Board of Directors) Operations Resolutions • Share capital decrease through cancellation of treasury shares Resolution 21 • Issuance of ordinary shares and securities with and/or without preferential sub
Slide 29: Summary of the Auditors' Reports
Summary of the Auditors’ Reports Authorizations for share capital operations Supplemental reports issued without any observation following the use by your Board of Directors of the delegations granted by the June 26, 2024 and June 25, 2025 AGMs, as applicable: ▪ Capital increase without preferential
Slide 30: Summary of the Auditors' Reports
Summary of the Auditors’ Reports Report on the certification of sustainability information Limited assurance report on sustainability information • We have not identified any material misstatements, omissions or inconsistencies regarding: ✓ the compliance with the ESRS of the process implemented to
Slide 31: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2025 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 32: Presentation of the resolutions
Presentation of the resolutions Purpose of the resolutions submitted for your approval Purpose Resolutions no. Approval of the parent entity financial statements and consolidated financial 1 to 3 statements as of December 31, 2025, Appropriation of earnings Ratification of the transfer of the regist
Slide 33: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2025 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 34: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2025 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 35: IMPORTANT NOTE
IMPORTANT NOTE For the purposes of this presentation, the resolutions have been summarized. A complete version of the resolutions is available on the Company’s website www.valneva.com (Section “Investors” / “General Meetings” / “June 25, 2026 Annual General Meeting”) and was provided to the sharehol
Slide 36: Resolution 1 - Approval of the parent entity financial statements
Resolution 1 - Approval of the parent entity financial statements for the fiscal year ended December 31, 2025 − Loss of four hundred fifty-three thousand nine hundred fifty-nine euros and thirty-six cents (- €453,959.36). − Non-tax-deductible excess rental payments on passenger vehicles amounting to
Slide 37: Resolution 2 - Approval of the consolidated financial statements
Resolution 2 - Approval of the consolidated financial statements for the fiscal year ended December 31, 2025 − Loss of one hundred fifteen million one hundred ninety-two thousand one hundred sixty-five euros and sixty-three cents (- €115,192,165.63). Valneva Combined General Meeting – June 25, 2026
Slide 38: Resolution 3 - Appropriation of earnings
Resolution 3 - Appropriation of earnings for the fiscal year ended December 31, 2025 − Allocation of the total loss of - €453,959.36 for the fiscal year ended December 31, 2025, to retained earnings (accumulated deficit) that will be accordingly increased from - €249,523,541.65 to - €249,977,501.01.
Slide 39: Resolution 4 - Ratification of the transfer of the registered office
Resolution 4 - Ratification of the transfer of the registered office − Transfer the Company’s registered office, originally located at 6 rue Alain Bombard, 44800 Saint-Herblain, to the following address: Îlot Saint-Joseph, Bureaux Convergence, Bât. A, 12 ter Quai Perrache, 69002 Lyon. Valneva Combin
Slide 40: Resolution 5 - Approval of the indemnification agreement
Resolution 5 - Approval of the indemnification agreement entered into in favor of Mr. Gerd Zettlmeissl in the year ended December 31, 2025, pursuant to Articles L. 225-38 et seq. of the French Commercial Code − Approval of the indemnification agreement entered into between the Company and Mr. Gerd Z
Slide 41: Resolution 6 - Reappointment of Ms. Anne-Marie Salaün as Director
Resolution 6 - Reappointment of Ms. Anne-Marie Salaün (preferred name: Graffin) as Director − Reappointment for a one-year (1) term expiring at the end of the General Meeting called in 2027 to approve the financial statements of the fiscal year ending on December 31, 2026. Valneva Combined General M
Slide 42: Resolution 7 - Reappointment of Mr. James Sulat as Director
Resolution 7 - Reappointment of Mr. James Sulat as Director − Reappointment for a one-year (1) term expiring at the end of the General Meeting called in 2027 to approve the financial statements of the fiscal year ending on December 31, 2026. Valneva Combined General Meeting – June 25, 2026
Slide 43: Resolution 8 - Reappointment of Mr. James Edward Connolly as Director
Resolution 8 - Reappointment of Mr. James Edward Connolly as Director − Reappointment for a two-year (2) term expiring at the end of the General Meeting called in 2028 to approve the financial statements of the fiscal year ending on December 31, 2027. Valneva Combined General Meeting – June 25, 2026
Slide 44: Resolution 9 - Reappointment of Ms. Kathrin Ute Jansen as Director
Resolution 9 - Reappointment of Ms. Kathrin Ute Jansen as Director − Reappointment for a one-year (1) term expiring at the end of the General Meeting called in 2027 to approve the financial statements of the fiscal year ending on December 31, 2026. Valneva Combined General Meeting – June 25, 2026
Slide 45: Resolution 10 - Reappointment of Mr. Thomas Lingelbach as Director
Resolution 10 - Reappointment of Mr. Thomas Lingelbach as Director − Reappointment for a three-year (3) term expiring at the end of the General Meeting called in 2029 to approve the financial statements of the fiscal year ending on December 31, 2028. Valneva Combined General Meeting – June 25, 2026
Slide 46: Resolution 11 - Compensation policy for the CEO, fiscal year 2026
Resolution 11 - Approval of the compensation policy applicable to Mr. Thomas Lingelbach, CEO, for the fiscal year 2026 − Approval the compensation policy applicable to Mr. Thomas Lingelbach, CEO, for the fiscal year 2026, as provided in Section 2.7.1.1. of the Company’s 2025 Universal Registration D
Slide 47: Resolution 12 - Compensation policy for Board members
Resolution 12 - Approval of the compensation policy applicable to the members of the Board of Directors for the fiscal year 2026 − Approval of the compensation policy applicable to the members of the Board of Directors (including its Chair), for the fiscal year 2026, as provided in Section 2.7.1.2.
Slide 48: Resolution 13 - Approval of information under Article L. 22-10-9
Resolution 13 - Approval of the information referred to in Article L. 22-10-9, I of the French Commercial Code, pursuant to Article L. 22-10-34, I of the French Commercial Code − Approval of the information referred to in Article L. 22-10-9, I of the French Commercial Code as provided in Section 2.7
Slide 49: Resolution 14 - Compensation of the Chair of the Board
Resolution 14 - Approval of the fixed, variable and exceptional components making up the total compensation and benefits of any kind paid during or granted in respect of the fiscal year ended December 31, 2025, to Ms. Anne-Marie Graffin, Chair of the Board of Directors − Approval of the variable and
Slide 50: Resolution 15 - Compensation of the CEO
Resolution 15 - Approval of the fixed, variable and exceptional components making up the total compensation and benefits of any kind paid during or granted in respect of the fiscal year ended December 31, 2025, to Mr. Thomas Lingelbach, CEO − Approval of the fixed, variable and exceptional component
Slide 51: Resolution 16 - Compensation of Juan Carlos Jaramillo
Resolution 16 - Approval of the fixed, variable and exceptional components making up the total compensation and benefits of any kind paid during or granted in respect of the fiscal year ended December 31, 2025, to Mr. Juan Carlos Jaramillo, Associate Managing Officer − Approval of the fixed, variabl
Slide 52: Resolution 17 - Compensation of Peter Bühler
Resolution 17 - Approval of the fixed, variable and exceptional components making up the total compensation and benefits of any kind paid during, or granted in respect of the fiscal year ended December 31, 2025, to Mr. Peter Bühler, in his capacity as Associate Managing Officer − Approval of the fix
Slide 53: Resolution 18 - Compensation of Dipal Patel
Resolution 18 - Approval of the fixed, variable and exceptional components making up the total compensation and benefits of any kind paid during, or granted in respect of the fiscal year ended December 31, 2025, to Ms. Dipal Patel, in her capacity as Associate Managing Officer − Approval of the fixe
Slide 54: Resolution 19 - Compensation of Franck Grimaud
Resolution 19 - Approval of the fixed, variable and exceptional components making up the total compensation and benefits of any kind paid during, or granted in respect of the fiscal year ended December 31, 2025, to Mr. Franck Grimaud, in his capacity as Associate Managing Officer − Approval of the f
Slide 55: Resolution 20 - Authorization for transactions on own shares
Resolution 20 - Authorization and powers to be given to the Board of Directors for the purpose of allowing the Company to make transactions on its own shares − Authorization for the Company to trade in its own shares, in particular with a view to: ▪ ensure liquidity or maintain an orderly market in
Slide 56: Resolution 21 - Authorization to cancel treasury shares
Resolution 21 - Authorization granted to the Board of Directors to cancel treasury shares − Duration of the authorization: 18 months. − Reduction of the share capital within the limit of ten percent (10%) of the share capital per twenty-four (24) month period. This authorization supersedes and cance
Slide 57: Resolution 22 - Capital increase with preferential subscription rights
Resolution 22 - Grant of authority to the Board of Directors to increase the share capital by issuing ordinary shares or any securities giving access to the capital, while maintaining the preferential subscription right of the shareholders − Duration of the delegation: 26 months. − Nominal amount of
Slide 58: Resolution 23 - Capital increase through public offering
Resolution 23 - Grant of authority to the Board of Directors to increase the capital by issuing ordinary shares or any securities giving access to the capital through a public offering (other than those referred to in Article L. 411-2, 1° of the French Monetary and Financial Code), canceling prefere
Slide 59: Resolution 24 - Capital increase through public offering (L. 411-2, 1°)
Resolution 24 - Grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities giving immediate and/or future access to the Company's share capital, with cancellation of preferential subscription rights of the shareholders, through a public offering re
Slide 60: Resolution 25 - Capital increase for categories of persons
Resolution 25 - Grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities giving immediate and/or future access to the Company’s share capital, with cancellation of preferential subscription rights of the shareholders for the benefit of certain ca
Slide 61: Resolution 25 (continued) - Categories of investors
Resolution 25 (continued) - Grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities giving immediate and/or future access to the Company’s share capital, with cancellation of preferential subscription rights of the shareholders for the benefit o
Slide 62: Resolution 26 - Capital increase for designated persons
Resolution 26 - Grant of authority to the Board of Directors to increase the share capital by issuing ordinary shares and/or any securities giving access, immediately or in the future, to the Company’s share capital, with cancellation of preferential subscription rights of the shareholders for the b
Slide 63: Resolution 27 - Increase in number of shares issued
Resolution 27 - Grant of authority to the Board of Directors to increase the number of shares to be issued in the case of a capital increase, with or without preferential subscription rights for existing shareholders, within the limit of 15% of the initial issue amount − Duration of the delegation:
Slide 64: Resolution 28 - Capital increase by capitalization of reserves
Resolution 28 - Grant of authority to the Board of Directors in order to increase the share capital through the capitalization of reserves, earnings or premium − Duration of the delegation: 26 months. − Nominal amount of increases in share capital: maximum €8,539,700. − The aforementioned ceiling is
Slide 65: Resolution 29 - Capital increase for contributions in kind
Resolution 29 - Grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities giving immediate and/or future access to the Company’s share capital, in consideration for contributions in kind for equity securities or other securities giving access to t
Slide 66: Resolution 30 - Public offering with exchange component
Resolution 30 - Grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities giving immediate and/or future access to the Company’s share capital, in a public offering involving an exchange component initiated by the Company − Duration of the delegat
Slide 67: Resolution 31 - Maximum aggregate amount of capital increases
Resolution 31 - Maximum aggregate amount of capital increases − The maximum aggregate amount of capital increases that may be carried out, with immediate effect or in the future, under resolutions 22, 23, 24, 25, 26, 29 and 30 may not exceed €8,539,700. This maximum aggregate amount will be added th
Slide 68: Resolution 32 - Grant of stock options
Resolution 32 - Grant of authority to the Board of Directors for the purpose of granting stock options, through one or more issues, for the benefit of employees and/or corporate officers of the Company and its affiliates, entailing waiver by shareholders of their preferential subscription rights to
Slide 69: Resolution 33 - Issue of free shares
Resolution 33 - Issue of free shares; Delegation of authority to the Board of Directors for this purpose − Duration of the authorization: 38 months. − Beneficiaries : ▪ Natural persons who are not employees, hold the position of an executive corporate officer and meet the requirements set out in Art
Slide 70: Resolution 34 - Aggregate limitation on stock option and free share issues
Resolution 34 - Aggregate limitation on the amount of issues made pursuant to the thirty-second and thirty-third resolutions − Total amount of shares that may be issued upon exercise of stock options that would be granted pursuant to resolution 32, or upon exercise of free shares that would be grant
Slide 71: Resolution 35 - Capital increase reserved for employees
Resolution 35 - Grant of authority to the Board of Directors for the purpose of deciding to carry out a capital increase reserved for employees − Duration of the delegation: 26 months. − Nominal amount of capital increase: maximum €100,000 (independent ceiling, will not be credited against the maxim
Slide 72: Resolution 36 - Amendment to Article 27 of the Articles of Association
Resolution 36 - Amendment to Article 27 of the Articles of Association, to align it with the provisions of the French Commercial Code − Replacement in its entirety the first paragraph of Article 27 of the Article of Association with the following: “All of the shareholders shall be entitled to take p
Slide 73: Resolution 37 - Powers for formalities
Resolution 37 - Powers for formalities The Shareholders, acting in accordance with the quorum and majority requirements applicable to Ordinary General Meetings, grant all powers to the holder of an original copy, an excerpt or a copy of the minutes of this General Meeting certified as authentic, to
Slide 74: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2025 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 75: Thank you
Thank you Merci Danke Tack valneva