BioMerieux : AG 2026 - 2025 Consolidated financial statements

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Consolidated financial statements Consolidated financial statements for the fiscal years ended December 31, 2024 and 2025 Consolidated profit & loss statement In millions of euros Notes 2025 2024 Revenue 3.1.1 4,069.8 3,979.9 Cost of sales -1,761.0 -1,764.6 Gross profit 2,308.8 2,215.3 Other operating income and expenses 19 37.8 46.9 Selling expenses -791.2 -783.8 General and administrative expenses -320.0 -313.8 Research and development -507.4 -491.5 Total operating expenses -1,618.7 -1,589.1 Amortization and impairment of intangible assets related to acquisitions and acquisition-related costs 23 -166.8 -58.4 OPERATING INCOME BEFORE NON-RECURRING ITEMS 561.1 614.7 Other non-recurring income and expenses from operations 24 -39.8 -25.9 Operating income 521.3 588.8 Cost of net financial debt 22.2 13.2 -4.9 Other financial income and expenses 22.3 -8.9 -4.5 Income tax 25 -128.8 -154.3 Share in net income of associates -0.1 0.0 Consolidated net income 396.9 425.1 Share attributable to non-controlling interests -0.6 -7.1 ATTRIBUTABLE TO THE PARENT COMPANY 397.5 432.2 Basic earnings per share €3.37 €3.67 Diluted (net) earnings per share €3.34 €3.64 Comprehensive income In millions of euros Notes 2025 2024 Consolidated net income 396.9 425.1 Items to be reclassified in income -367.2 187.9 Fair value gains (losses) on financial hedging instruments (a) 2.0 5.2 Tax effect -0.3 -1.3 Movements in cumulative translation adjustments (b) -368.9 183.9 Items not to be reclassified to income -34.8 -39.4 Fair value gains (losses) on financial assets (c) -39.3 -38.8 Tax effect 0.0 0.1 Remeasurement of employee benefits (d) 5.8 -1.0 Tax effect -1.3 0.2 Total other comprehensive income -402.0 148.5 Comprehensive income -5.1 573.6 Share attributable to non-controlling interests -2.2 -6.9 ATTRIBUTABLE TO THE PARENT COMPANY -3.0 580.5 Change in the effective share of financial hedging instruments. The change in translation differences in 2025 is mainly related to the depreciation of the dollar against the euro and, to a lesser extent, to the impact of hyperinflation (see Note 2.7.3), whereas in 2024, the change in translation differences mainly reflected the appreciation of the dollar against the euro. Changes in the fair value of financial instruments concern shares in non-consolidated companies for which the Group has opted for a change in the fair value in other comprehensive income not reclassified in profit and loss (see Note 7). The change is mainly related to an increase in discount rates (see Note 15.3). Consolidated balance sheet Assets In millions of euros Notes 12/31/2025 12/31/2024 Goodwill 4 727.8 730.4 Other intangible assets 5 401.5 492.0 Property, plant and equipment 6 1,515.9 1,525.4 Right-of-use assets 141.3 170.2 Non-current financial assets 7 128.7 195.0 Investments in associates 0.7 0.8 Other non-current assets 10.3 9.1 Deferred tax assets 25.3 108.1 145.9 Non-current assets 3,034.3 3,268.9 Inventories and work-in-progress 8 959.7 1,037.3 Trade receivables and assets related to contracts with customers 9 766.2 792.3 Other operating receivables 11 178.5 176.0 Current tax receivables 11 47.8 21.3 Non-operating receivables 11 18.4 24.5 Cash and cash equivalents 12 569.8 449.8 Current assets 2,540.4 2,501.1 Assets held for sale 13 0.0 0.0 Total assets 5,574.7 5,770.0 Shareholders' equity and liabilities In millions of euros Notes 12/31/2025 12/31/2024 Share capital 14 12.0 12.0 Additional paid-in capital and reserves 14 3,692.6 3,760.6 Net income for the year 397.5 432.2 Group equity 4,102.1 4,204.9 Minority interests 3.9 6.1 Equity of consolidated companies 4,106.0 4,211.0 Long-term borrowings and debt 16 330.0 349.2 Deferred tax liabilities 25.3 26.0 25.7 Provisions 15 48.0 49.2 Non-current liabilities 404.0 424.1 Short-term borrowings and debt 16 131.4 141.5 Provisions 15 44.3 37.3 Trade payables 17 262.1 272.4 Other operating payables 17 539.4 574.2 Current tax payables 17 18.3 35.4 Non-operating payables 17 69.2 74.1 Current liabilities 1,064.7 1,134.9 Liabilities related to assets held for sale 13 0.0 0.0 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 5,574.7 5,770.0 Consolidated cash flow statement In millions of euros Notes 2025 2024 Consolidated net income 396.9 425.1 0.1 0.0 22.2 -13.2 4.9 22.3 8.9 4.5 25.2 128.8 154.3 21 and 23 438.4 325.1 EBITDA (before non-recurring items) 16.1 959.7 913.9 Other non-recurring income and expenses from operations (excluding non-recurring provisions for impairment, asset impairment losses and capital gains (losses) on disposals of fixed assets) 24 0.0 0.0 Other financial income and expenses (excluding provisions and disposals of non-current financial assets and the effect of hyperinflation on OCI) 22.3 -3.7 0.2 Net additions to operating provisions for contingencies and losses 15.2 14.4 -8.2 Fair value gains (losses) on financial instruments 1.2 -0.6 Share-based payment 26.5 23.4 Elimination of other non-cash or non-operating income and expenses 38.3 14.8 Change in inventories -10.1 -85.1 Change in trade receivables -29.0 -53.7 Change in trade payables 3.4 -0.6 Change in other operating working capital -30.2 92.3 Change in operating working capital requirement (a) -65.9 -47.1 Other non-operating working capital -0.8 -0.2 Change in non-current non-financial assets and liabilities -4.6 -3.7 Change in working capital requirement -71.3 -51.0 Income tax paid -151.6 -205.5 Cost of net financial debt 22.2 13.2 -4.9 Net cash from operating activities 788.4 667.3 Purchases of property, plant and equipment and intangible assets (b) 5.2 and 6.1.2 -335.3 -345.8 Proceeds from disposals of property, plant and equipment and intangible assets 10.4 9.4 Proceeds from other non-current financial assets -1.0 -1.2 Free cash flow (c) 462.4 329.7 Disbursements related to non-consolidated and equity-accounted securities -5.2 -13.4 Impact of changes in Group structure -130.5 -8.8 Net cash flows from (used in) investment activities -461.7 -359.8 Purchases and sales of treasury shares -18.2 -37.6 Dividends paid to owners -106.1 -100.2 Cash flows from new borrowings 16.4 33.6 9.8 Cash flows from loan repayments 16.4 -63.2 -84.6 Change in interests without acquisition or loss of control -1.5 0.0 Net cash used in financing activities -155.4 -212.6 NET CHANGE IN CASH AND CASH EQUIVALENTS 171.3 94.8 NET CASH AT THE BEGINNING OF THE YEAR 442.1 333.4 Impact of currency changes on net cash and cash equivalents -48.4 13.9 NET CASH AT END OF YEAR 565.1 442.1 Investments in associates Cost of net financial debt Other financial income and expenses Income tax expense Net additions to amortization and impairment of intangible assets related to acquisitions Including allocations (reversals) of short-term provisions. Including advances and prepayments on fixed asset suppliers. Available free cash flow consists of cash flows related to the activity and those related to capital expenditure excluding net cash from acquisitions and disposals of subsidiaries. Comments on the changes in the Group's consolidated net cash and cash equivalents are provided in Note 16. Change in consolidated shareholders' equity Attributable to the parent company Minority interests Consolidated additional paid-in capital Cumulative Change Actuarial Share- Total additional paid-in capital Share and translation in fair gains and Treasury based and Net In millions of euros capital reserves (a) adjustments value (b) losses (c) shares payment reserves income Total Total Equity at December 12.0 3,420.1 (h) 38.0 (i) -34.6 -47.3 -19.1 25.4 3,382.5 357.6 3,752.2 (h) 0.0 31, 2023 Total comprehensive 183.7 -34.7 -0.7 148.2 432.2 580.5 -6.9 income for the period Appropriation of prior- 357.6 357.6 -357.6 0.0 period net income Dividends paid (d) -100.2 -100.2 -100.2 Treasury shares -14.3 -23.9 -38.2 -38.2 Share-based payment (e) 23.4 23.4 23.4 Changes in ownership interests (f) -12.6 -12.6 -12.6 13.0 Other changes (g) 16.3 -0.5 -15.9 -0.1 -0.1 Equity at December 12.0 3,666.9 (h) 221,7 (i) -69.8 -48.1 -42.9 32.8 3,760.6 432.2 4,204.9 (h) 6.1 31, 2024 Total comprehensive -367.4 -37.6 4.5 -400.5 397.5 -3.0 -2.2 income for the period Appropriation of prior- 432.2 432.2 -432.2 0.0 period net income Dividends paid (d) -106.1 -106.1 -106.1 Treasury shares -21.7 2.9 -18.8 -18.8 Share-based payment (e) 26.5 26.5 26.5 Changes in ownership interests (f) -1.5 -1.5 -1.5 Other changes (g) 40.4 0.1 -16.9 -23.4 0.1 0.1 EQUITY AT 12.0 4,010.2 (h) -145.6 (i) -124.3 -43.6 -40.0 35.9 3,692.5 397.5 4,102.1 (h) 3.9 DECEMBER 31, 2025 Of which additional paid-in capital: €74.0 million at December 31, 2025 and at December 31, 2024. Mainly including changes in the fair value of Oxford Nanopore Technologies, Accelix; Proxim and Accunome and hedging instruments. Actuarial gains and losses on employee benefit obligations arising since the effective date of IAS 19R. Dividends per share: €0.90 in 2025 compared with €0.85 in 2024. Shares not qualifying for dividends amounted to 373,069 at December 31, 2025 compared with 439,722 at December 31, 2024. The fair value of benefits related to free share grants is being recognized over the vesting period. In 2025, this corresponded to buyout of a 5.2% stake from some of Hybiome's minority shareholders (see Note 1.1.3.2). In 2024, this corresponds to the Group's accretion on Hybiome of 16.1%. In 2025, this change corresponded to the reclassification following the grant of free shares and the reclassification of the SpinChip sale from changes in fair value to reserves. In 2024, this change mainly corresponded to reclassification following the grant of free shares. Of which bioMérieux SA distributable reserves including net income for the year: €1,607 million in 2025 compared with €1,261 million in 2024. See Note 14.2 Cumulative translation adjustments. Notes to the Financial Statements bioMérieux is a leading international diagnostics group that specializes in the field of in vitro diagnostics for clinical and industrial applications. The Group designs, develops, manufactures and markets diagnostics systems, i.e. reagents, instruments, and software. bioMérieux is present in more than 160 countries through its locations in 46 countries and a large network of distributors. The parent company, bioMérieux, is a French joint stock company (société anonyme) whose headquarters are located in Marcy l'Étoile (69280) and whose shares are listed on Euronext Paris, compartment A. These consolidated financial statements have been approved by the Board of Directors on February 26, 2026. The financial statements will only be considered definitive after approval by the Annual General Meeting on May 28, 2026. The consolidated financial statements are presented in millions of euros. CONTENTS NOTE 1 Changes in the scope of consolidation during the fiscal year and significant events 264 NOTE 2 General accounting principles 266 NOTE 3 Operating income before non-recurring items and segment information 269 NOTE 4 Goodwill 274 NOTE 5 Other intangible assets 277 NOTE 6 Property, plant and equipment, assets related to right-of-use and other leasing agreement receivables 279 NOTE 7 Non-current financial assets 284 NOTE 8 Inventories and work-in-progress 285 NOTE 9 Trade receivables and assets related NOTE 10 Liabilities related to contracts with customers 288 NOTE 27 Financial instruments: financial assets and liabilities 308 NOTE 11 Other receivables 288 NOTE 28 Risk management 311 NOTE 12 Cash and cash equivalents 288 NOTE 29 Off-balance sheet commitments 315 NOTE 13 Assets and liabilities held for sale 289 NOTE 30 Transactions with related parties 315 NOTE 14 Shareholders' equity and earnings per share 289 NOTE 31 Subsequent events 316 NOTE 15 Provisions - Contingent assets and liabilities 291 NOTE 32 Consolidation 316 NOTE 16 Net debt - Cash 295 NOTE 33 Alternative performance indicators 316 NOTE 17 Trade and other payables 301 NOTE 34 List of consolidated companies at December 31, 2025 317 to contracts with customers 286 NOTE 18 Share-based payments 302 NOTE 19 Other operating income and expenses 303 NOTE 20 Personnel costs 303 NOTE 21 Impairment, net additions to depreciation, amortization and provisions 303 NOTE 22 Net financial expense 304 NOTE 23 Amortization and impairment of intangible assets related to acquisitions and acquisition-related costs 305 NOTE 24 Other non-recurring income and expenses from operations 305 NOTE 25 Current and deferred income tax 306 NOTE 26 Statutory Auditors' fees 308 ‌NOTE 1 Changes in the scope of consolidation during the fiscal year and significant events Changes in the scope of consolidation Acquisition of SpinChip Diagnostics ASA On January 20, 2025, bioMérieux acquired all the capital of SpinChip Diagnostics ASA ("SpinChip"), a Norwegian company that has developed an immunoassay diagnostics platform capable of delivering rapid results from a single drop of blood with the same sensitivity and performance as laboratory tests. This acquisition has enabled bioMérieux to strengthen its presence on the point-of-care diagnostics market . This acquisition of the remainder of SpinChip's capital follows the acquisition of a 20% non-controlling interest of the capital in 2024 (see Note 1.3). The acquisition of 80% of the capital represents a disbursement of approximately €112 million. The securities acquired in 2024 had been revalued at December 31, 2024 at the transaction price of January 20, 2025. The subsidiary was fully consolidated at the time of the acquisition. The analysis of the allocation of the acquisition price based on 100% of the acquisition price led to the recognition, at the acquisition date, of technology net of deferred tax liabilities for €87.2 million (including €106.9 million of technology and €19.7 million of deferred tax liabilities), deferred tax assets of €6.1 million and goodwill of €45.0 million, which became final in January 2026. The latter was allocated to the Immunoassay cash-generating unit. It mainly reflects the Group's commitment to strengthen its presence in the point-of-care diagnostics market. Transaction-related costs of €0.6 million were incurred in 2025 and were recorded on the line "Amortization and impairment of intangible assets related to acquisitions and acquisition-related costs" under current operating income. No amortization of technology was recognized at December 31, 2025. Amortization is expected to start in late 2026 or early 2027, at the same time as the marketing launch. No revenue was generated in 2025. SpinChip posted an operating loss of €19 million for 2025 fiscal year. No pro forma information was provided for the comparative periods, since the impact was considered to be non-material. Acquisition of Neoprospecta On January 29, 2025, bioMérieux Brazil acquired 100% of Neoprospecta, a Brazil-based company that develops and markets innovative data and genomics solutions for augmenting quality assurance programs and improving microbiological risk prevention in food and pharma industries. The acquisition of Neoprospecta illustrates bioMérieux's ambition to strengthen its Data & Genomics offering. The acquisition of 100% of the capital in 2025 represents an investment of approximately €8 million, €2 million of which will be paid out over five years (maturing in 2030). The subsidiary was fully consolidated at the time of the acquisition. The analysis of the allocation of the acquisition price led to the recognition, at the acquisition date, of technology net of deferred tax liabilities of €2.1 million, €0.2 million of deferred tax assets and €4.3 million of goodwill, which became final in January 2026. The latter was allocated to the Industrial Applications cash-generating unit. Amortization of technology and the client database was recognized in operating income before non-recurring items for €0.4 million in 2025 (under "Amortization and impairment of intangible assets related to acquisitions and acquisition-related costs" line). Neoprospecta posted an operating loss of €0.4 million in 2025. Since the impact of the integration of Neoprospecta in the Group's financial statements is not significant, no pro forma information has been provided in the notes for the comparative fiscal years. Other changes in the scope of consolidation Acquisition of Day Zero Diagnostics assets On June 13, 2025, bioMérieux acquired the assets of Day Zero Diagnostics, a U.S. company specializing in the diagnosis of infectious diseases using genomic sequencing and machine learning. The acquisition of these assets amounted to €19 million at December 31, 2025. These assets are intended for use in research to fight against the proliferation of antimicrobial-resistant infections. The analysis carried out resulted in this acquisition being considered as falling within the scope of IFRS 3. Transaction-related costs of €3.9 million were incurred in 2025 and were recorded on the line "Amortization and impairment of intangible assets related to acquisitions and acquisition-related costs" under current operating income. Other changes in the scope of consolidation In July 2025, bioMérieux acquired an additional 5.2% stake in Suzhou Hybiome Biomedical Engineering Co. Ltd for approximately €1.5 million. The stake in Suzhou Hybiome Biomedical Engineering Co. Ltd increased from 87.4% at December 31, 2024 to 92.6% at December 31, 2025. Significant events of the fiscal year VITEK® REVEAL™ technology In light of the slower-than-expected commercial launch of the VITEK® REVEAL™ solution in the United States, the Group conducted an impairment test on the group of technological and industrial assets assigned to this solution. An impairment loss of the technology of €140.7 million was recognized in the accounts at December 31, 2025, presented as "amortization and impairment of intangible assets related to acquisitions and acquisition-related costs." Announcement of the closure of the San José site In early December 2025, the Group announced the closure of its San José site, with the transfer of VITEK® REVEAL™ research, development, and production activities to St. Louis. The closure is scheduled for the end of 2026. This decision results in the recognition of impairment of tangible and rental assets of €27.5 million and restructuring costs of €12.8 million recognized in other non-recurring income and expenses from operations, taking into account their material and non-recurring nature. MyShare global employee share ownership plan In May 2025, bioMérieux employees were given the opportunity to acquire existing bioMérieux shares on preferential terms (discount and employer contribution). The launch of this employee share ownership plan, called MyShare, is part of the goal to increase employee involvement in Group performance. The share offer, authorized by the Board of Directors on December 17, 2024, was made to all eligible employees residing in a country participating in the operation. More than 6,000 employees participated in the operation, subscribing to approximately 200,000 shares. The impact of MyShare constitutes personnel costs of approximately €8 million in the annual financial statements, recognized under general and administrative expenses. Economic and geopolitical context Since the second half of 2025 onward, U.S. customs tariffs have had a non-material impact on current operating income. The Group monitors its exposure to customs duties and is still working on mitigation actions. These items did not result in material changes in estimates at December 31, 2025, in particular with regard to the terms of the calculation of provisions on inventories or trade receivables and impairment tests. Summary of significant events in 2024 As a reminder, the significant events of fiscal year 2024 were the following: acquisition of Lumed Inc. on January 4, 2024 for approximately C$13 million (€9 million). This subsidiary has been fully owned by the Group since the acquisition date; acquisition of a non-controlling interest in SpinChip on March 7, 2024, for an investment of €11 million, giving bioMérieux a 20% stake in the company. Based on the agreement entered into on January 13, 2025 to acquire all of the company's shares, the unconsolidated shares were revalued at fair value against other comprehensive income in the amount of €17 million, bringing the total amount of unconsolidated shares to €28 million at December 31, 2024. Significant events in the 2024 fiscal year did not have a material impact on the 2025 annual financial statements, with the exception of the acquisition of SpinChip on January 20, 2025 (see Note 1.1.1). Information, on a comparable basis, on changes in the scope of consolidation No information on a comparable basis is given on the profit & loss statement, as the external growth transactions occurring in 2025 did not have any significant impact, as stated in Note 1.1. The impact of changes in the scope of consolidation is shown on a separate line of the cash flow statement and tables showing year-on-year changes in the Notes. ‌NOTE 2 General accounting principles Standards, amendments and interpretations The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), including all standards, amendments and interpretations adopted by the European Commission at December 31, 2025. The reporting standards can be viewed on the European Commission's website. The new standards, amendments and interpretations adopted by the European Commission and applicable from January 1, 2025 are presented below: amendment to IAS 21 "Lack of exchangeability," published by the IASB in August 2023 and by the EU in November 2024. These amendments had no impact on the Group's financial statements at December 31, 2025. Since 2023, the Group has adopted the amendment to IAS 12 "Income Taxes" relating to the application of the European Pillar 2 Directive, so as not to take into account any effects of the Directive on the calculation of deferred tax. Given the information currently available, the impact of the application of Pillar 2 on current tax was estimated as not significant for the Group's consolidated financial statements at December 31, 2025, as it was in 2024. bioMérieux did not opt for the early application of the standards, amendments and interpretations adopted or in the process of being adopted by the European Union, which will become effective after December 31, 2025, but some of which could have been applied early as an interpretation of existing texts, in particular: Fiscal years beginning on or after January 1, 2026 amendments to IFRS 7 and IFRS 9, Classification and Measurement of Financial Instruments, adopted by the IASB in May 2024 and adopted by the EU in May 2025; Amendment to IFRS 7 and IFRS 9 on power purchase agreements from natural sources, adopted by the IASB in December 2024 and adopted by the EU in June 2025; annual improvements to standards - Volume 11: amendments to IFRS 1, 7, 9, 10 and IAS 7, adopted by the IASB in July 2024, and adopted by the EU in July 2025. Fiscal years beginning on or after January 1, 2027 IFRS 18, Presentation and Disclosure in Financial Statements, adopted by the IASB in April 2024, adoption process launched by the EU. The Group does not expect these amendments to have a material impact on its consolidated financial statements. The Group is conducting an analysis regarding IFRS 18. There are no standards, amendments and interpretations published by the IASB, with mandatory application for the fiscal years opened on January 1, 2025, but not yet approved at the European level (and for which early application is not possible on a European level), which would have had a significant impact on the consolidated financial statements. The financial statements of consolidated Group companies that are prepared in accordance with local accounting principles are restated to comply with the principles used for the consolidated financial statements. General presentation methods used for the financial statements The balance sheet is presented based on the distinction between "current" and "non-current" assets and liabilities as defined in the revised version of IAS 1. Consequently, the short-term portion of provisions, borrowings and financial assets (due within one year) is classified as "current" and the long-term portion (due beyond one year) is classified as "non-current." The consolidated profit & loss statement is presented by function, with the exception of the presentation on a specific line, in operating income before non-recurring items, of the net impact of amortization and impairment of intangible assets related to acquisitions and acquisition-related costs. The Group applies the indirect method of presenting cash flows. Judgments and estimates When preparing the consolidated financial statements, estimates and assumptions are made that affect the book value of certain assets, liabilities, and profit & loss statement items. They particularly concern the measurement and impairment of intangible assets acquired as part of business combinations and the impairment of intangible assets (including goodwill); the measurement of post-employment benefit obligations; the measurement of non-current financial assets; determination of rental agreement periods; provisions; deferred taxes; share-based payments; as well as disclosures provided in certain notes to the financial statements. These estimates and assumptions are reviewed on a regular basis, taking into consideration past experience and other factors deemed relevant in light of prevailing economic conditions. Changes in those conditions could therefore lead to different estimates being used for the Group's future financial statements. During the fiscal year, bioMérieux did not observe any significant change in the level of uncertainty related to these estimates and assumptions, except for the volatile discount rate used to measure employee benefit obligations (see Note 15.3), the factors associated with impairment tests on CGUs including discounted projections of future operating cash flows (see Note 4), and the volatility associated with translation differences. Regarding climate change effects, at this stage, the Group has not identified any significant impact on the financial statements from current environmental regulations, such as changes in the useful life of non-current assets, changes in business plans, recognition of a provision for risks, or recognition of a credit risk. In particular, the Group's decarbonization strategy is based on reducing the use of fossil fuels by implementing low-carbon technologies and increasing the share of renewable energy in overall consumption (through the installation of on-site generation facilities such as solar panels or through the implementation of renewable electricity supply contracts such as PPAs ("Power Purchase Agreements") in France and the United States). The Group's analysis led to the conclusion that PPA-type contracts, relating to the purchase of green electricity from renewable energy sources, constitute power purchase agreements. As such, they do not fall within the scope of IAS 16, IFRS 16 and IFRS 9, since they do not correspond to the acquisition, in substance, of infrastructure, the lease payments vary according to the volumes produced, and the "own use" criteria are met. The accounting impacts related to this strategy were accurately reflected in the financial statements at December 31, 2025. The risks related to climate change effects, in relation to those currently assessed, as well as the Group's commitments in terms of carbon neutrality and reduction of greenhouse gas emissions did not have any significant impact on the financial statements. The Group has incorporated short-term effects into its strategic plans, on the basis of which it performs impairment tests on intangible assets with indefinite useful lives (see Note 4). The long-term effects of these changes cannot be quantified at this stage. Presentation of the profit & loss statement The Group continues to use contributive operating income before non-recurring items as the main performance metric in its financial communications (see Note 33 for a description of alternative performance metrics). It is not included in the presentation of the published profit & loss statement. Amortization and impairment of intangible assets related to acquisitions, as well as acquisition-related costs, are presented on a dedicated line in the profit & loss statement. They are included in the published current operating income, but excluded from the contributive operating income before non-recurring items. The definition of other non-recurring income and expenses from operations is the same as that applied for prior years (see Note 24.1). Consolidation methods Companies over which bioMérieux has exclusive control are fully consolidated. The Group determines whether it controls an investee based on the criteria set out in IFRS 10 (direct or indirect power over the investee to direct the financial and operating policies of the relevant activities, exposure to variability of returns and ability to use its power to affect the amount of the returns). Control is generally deemed to exist when bioMérieux directly or indirectly owns more than one half of the voting rights of the investee. In determining whether control exists, the Group considers any currently exercisable potential voting rights, including those held by another entity. Companies over which bioMérieux exercises significant leverage are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of an entity, without exercising control. It is deemed to exist when the Group holds between 20% and 50% of the voting rights either directly or indirectly. The analysis of partnerships made according to the criteria defined by the IFRS 11 standard did not identify any joint ventures or joint operations. Joint ventures are accounted for using the equity method. Subsidiaries are fully consolidated from the date on which control is effectively transferred to the Group. The list of consolidated companies is provided in Note 34. All significant intra-group balances and transactions are eliminated in consolidation (notably dividends and internal gains on inventories and non-current assets). Fiscal year closing dates All Group companies have a December 31 year-end, except for the Indian subsidiaries, for which interim accounts are drawn up at the Group's closing date. Foreign currency translation The reporting currency of bioMérieux is the euro and the consolidated financial statements are presented in millions of euros. Translation of the financial statements of foreign companies The financial statements of foreign subsidiaries whose functional currency is not the euro or the currency of a hyperinflationary economy are converted as follows: balance-sheet items (except for equity) are translated using the official year-end exchange rate; profit & loss statement items are translated using the average exchange rate for the fiscal year; equity items are translated using the historical rate; cash flow statement items are translated using the average exchange rate for the year. The main conversion rates used were the following: The differences resulting from the conversion of the financial statements of these subsidiaries are recorded in a separate item in the table of other non-recyclable items of comprehensive income, "cumulative translation adjustments"; the movements for the fiscal year are presented in a separate line in the other items of comprehensive income. When a transaction results in a loss of control of a foreign company (sale, liquidation, dilution, etc.), translation differences previously recognized in other comprehensive income relating to that company are recognized in consolidated net income for the year. If shares in a subsidiary are sold without any loss of control over the subsidiary, the translation differences are reclassified between minority interests and translation differences attributable to the parent company. No disposal of foreign subsidiaries occurred over the fiscal years presented. The accounts of the financial statements of foreign subsidiaries whose functional currency is that of a hyperinflationary economy are converted at the closing rate (see Note 2.7.3). AVERAGE TRADING PRICES 1 euro = USD JPY GBP CNY MXN INR CAD 2025 1.13 168.98 0.86 8.12 21.67 98.50 1.58 2024 1.08 163.86 0.85 7.79 19.82 90.56 1.48 2023 1.08 151.97 0.87 7.66 19.18 89.29 1.46 YEAR-END RATES 1 euro = USD JPY GBP CNY MXN INR CAD 2025 1.18 184.09 0.87 8.23 21.12 105.60 1.61 2024 1.04 163.06 0.83 7.58 21.55 88.93 1.49 2023 1.11 156.33 0.87 7.85 18.72 91.90 1.46 Translation of transactions in foreign currencies As prescribed by IAS 21 "The Effects of Changes in Foreign Exchange Rates," each Group entity translates foreign currency transactions into its functional currency at the exchange rate prevailing on the transaction date. Exchange rate gains or losses resulting from differences in rates between the transaction date and the payment date are recognized in the corresponding lines in the profit & loss statement (sales and purchases for commercial transactions). Foreign currency payables and receivables are translated at the year-end exchange rate (December 31, 2025) and the resulting currency translation difference is recognized in the income statement at the end of the fiscal year. Derivatives are recognized and measured in accordance with the general principles described in Note 27.1 "Recognition and measurement of financial instruments." Foreign exchange derivatives are recognized in the balance sheet at their fair value at the end of each reporting period. Hyperinflation IAS 29, Financial Reporting in hyper-inflationary economies, applies to Argentina and Turkey. In accordance with the provisions of the standard, non-monetary balance sheet items have been restated by applying a general price index. Profit & loss statement and statement of comprehensive income items have been restated by applying the change in the general price index from the date of initial recognition of the income and expenses items in the financial statements. The adjusted balance sheet and profit & loss statement were translated at the closing exchange rate. The impact of these restatements on operating income is not material at Group level. No other subsidiary became hyperinflationary during fiscal year 2025. ‌NOTE 3 Operating income before non-recurring items and segment information Recurring income Revenue is recognized in application of IFRS 15 "Revenue from Contracts with Customers." Revenue Revenue is composed of income from the sale of goods and services according to the meaning of IFRS 15 and income from the rental of equipment according to the meaning of IFRS 16. The principles for revenue recognition defined by IFRS 15 are defined based on an analysis in five successive stages: identification of the agreement; identification of the different performance obligations, i.e. the list of separate goods and services that the seller has undertaken to provide to the buyer; determination of the overall price of the agreement; allocation of the overall price of each performance obligation; recognition of revenue when a performance obligation is satisfied. In practice, the rules for revenue recognition according to the main performance obligations identified are presented below: Sales of reagents: Revenue from the sales of reagents is recognized when the Company has transferred control of assets which, in practice, corresponds to the date of dispatch. Sales of equipment: Revenue from sales of equipment is recognized when the Company has transferred control of the assets which, in practice, corresponds to the date of delivery or installation, depending on the complexity of the equipment. Equipment rental: Revenue composed of income from equipment rental and leasing agreements according to the meaning of IFRS 16 is recognized as revenue in a straight-line manner over the term of the agreement, for the discounted value at the date of establishment of the contract. The agreements have an average term ranging between 3 and 5 years. Leasing agreements: When the Group makes assets available to third parties under rental agreements on terms equivalent to a sale, the assets are recorded as though they had been sold, as prescribed by IFRS 16 "Leases" (see Note 6.3). Contracts for the provision of equipment: Contracts for the provision of equipment are related to other services (supply of reagents, maintenance services, guarantee extensions). They are considered as multiple-element contracts. The analysis of the criteria defined by the standard led to contracts for the provision of equipment being considered as rental agreements, not transfer contracts. The application of the standard led to the statement in the notes to the consolidated financial statements of a breakdown of revenue based on the various components of a multiple-element arrangement (reagent sales, implicit rent, etc.), without having to change the amount of revenue. Service agreements: The services essentially correspond to training, after-sales service, and maintenance. Training and after-sales service are recognized in revenue when the services are provided. The analysis performed according to IFRS 15 led to maintenance services being recognized linearly over the term of the maintenance agreement. Deferred income is recognized when the maintenance services are invoiced in advance. Guarantees: The majority of contracts including an item of equipment always include a guarantee. The customer does not have the option to purchase the guarantee, so it is not a guarantee providing a service, but an insurance policy and not an obligation to provide a separate service. It is recognized according to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" (see Note 15.2). Guarantee extension contracts may be purchased by the customer, and they do provide an additional service. This service fulfills the criteria to be considered as a separate performance obligation. The performance obligation is recognized as such in accordance with the provisions of IFRS 15. Returns: There are no specific obligations in terms of returns when the products sold are not defective. Payment conditions: Operations related to sales of reagents and sales of equipment are paid for under the conditions defined in the contract, which may vary from one country to another. Payment deadlines are usually between two and three months. Customer contracts which have a financing component are operating rental agreements, leasing agreements and provision of equipment agreements. In these cases, the payments are made according to the payment schedule defined contractually. The procedures for the recognition of revenue do not require significant judgments. Also, the analysis carried out by the Group did not identify any assets in relation to marginal costs of obtaining the contract or contract performance costs, nor specific points pursuant to the distinction between agent and principal. The Group acts as principal in its relationships with customers. The table below presents the breakdown of revenue according to the different revenue categories, in accordance with IFRS 15. In millions of euros 2025 2024 Sales of equipment 282.3 265.6 Sales of reagents 3,393.2 3,324.7 Sales of services 254.1 243.6 Equipment rentals (a) 61.9 62.0 Other revenue 78.3 84.0 REVENUE 4,069.8 3,979.9 (a) Equipment leasing includes rent and the share of revenue due to the sale of the reagents reclassified as rent for equipment provision contracts (see above). Revenue is measured at the fair value of the consideration received or receivable, net of any discounts and rebates granted to customers. Sales taxes and value-added taxes are not included in revenue. The segment breakdown of revenue is given in Note 3.4. The breakdown by technology is given in Note 3.5. The analysis performed according to IFRS 15 did not lead to presenting other breakdowns of revenue. Other operating income Other income primarily consists of license fees and subsidies. The rules on the recognition of other income are presented below: other income related to customer contracts: it is composed of reassigned royalties; and the analysis of license contracts according to IFRS 15 led to them being considered as giving a right of access to intellectual property. As the obligation for performance is fulfilled gradually, the revenue is recognized over the term of the agreement; other income not related to customer contracts: this primarily corresponds to research subsidies received and research tax credits, considered equivalent to subsidies according to IAS 20 (see Note 19). Recurring expenses Cost of sales includes the following: the cost of raw materials consumed, including freight, direct and indirect personnel costs for production personnel, the depreciation of assets used in production, all external expenses related to manufacturing (utilities, maintenance, tools, etc.), as well as indirect expenses (the Group's share of expenses such as Purchasing, Human Resources, and Informatics). Expenses relating to areas such as Quality Control, Production Quality Assurance, Engineering, Business Processes, and Supply Chain are included in production costs; royalties paid in relation to marketed products; distribution expenses, including shipping and warehousing, as well as the cost of shipping finished products to distribution centers or end customers; depreciation of instruments placed with or leased to customers; technical support expenses, including the cost of installing and maintaining instruments placed or sold, irrespective of whether such services are billed separately. Also included under this heading are personnel costs, travel expenses and the cost of spare parts, as well as movements in provisions for warranties granted at the time instruments are sold. Operating expenses Selling expenses include expenses incurred by the Strategy, Marketing, Sales and Sales Administration Departments. They also include sales bonuses and commissions paid to employees in the Group's Sales Departments and to independent sales agents. Advertising and promotional costs are also classified as selling and marketing expenses. General and administrative expenses comprise the cost of General Management and Support services (Human Resources, Legal, Finance), excluding the portion of costs incurred by these departments that is allocated to the other departments that directly use their services Research & Development expenses include all costs concerning in-house and outsourced research & development work on new products (other than software design costs) as well as expenses related to Regulatory Affairs, Intellectual Property, Technological Monitoring, and Research & Development Quality Assurance. Subsidies received in connection with research programs are shown in other operating income (see Note 3.1.2). Royalty payments (fixed or proportional) are included in the cost of sales of the corresponding products. If no product is marketed or marketable in the short term, these payments are classified as Research & Development expenses. Other information relating to recurring expenses Variable compensation (performance-related bonuses, commissions, discretionary and non-discretionary profit-sharing plans) as well as share-based payments are included in the personnel costs of the departments concerned. In the context of long-term employee benefits, current service costs and the interest cost net of the return on plan assets are recognized within operating income before non-recurring items. Corporate value-added tax (CVAE) (cotisation sur la valeur ajoutée des entreprises) is classified under operating expenses given that the added value generated by the Group's French operations significantly exceeds their taxable income. Foreign exchange gains and losses related to transactions are included in the profit & loss statement lines corresponding to the category of the transaction concerned (primarily revenue, cost of sales, and financial expenses). The presentation of foreign exchange gains and losses related to derivative instruments is given in Note 28. Operating income before non-recurring items The operating income before non-recurring items is the recurring income less recurring expenses and amortization and impairment of intangible assets related to acquisitions and acquisition-related costs. Non-recurring expenses and income are not included (see Note 24.1). Amortization and impairment of intangible assets related to acquisitions and acquisition-related costs are presented on a separate line in the operating income before non-recurring items entitled "Amortization and impairment of intangible assets related to acquisitions and acquisition-related costs" (see Note 23). Segment information Information by business segment The Group has two operating segments within in vitro diagnostics. 2025 In millions of euros Clinical applications Industrial applications Other Group Revenue 3,430.8 638.9 0.0 4,069.8 Cost of sales -1,467.1 -290.1 -3.8 -1,761.0 Gross profit 1,963.7 348.8 -3.8 2,308.8 Other operating income and expenses 27.5 5.9 4.4 37.8 Selling expenses -636.7 -155.7 1.1 -791.2 General and administrative expenses -273.2 -48.9 2.1 -320.0 Research and development -436.8 -59.8 -10.9 -507.4 Amortization and impairment of intangible assets related to acquisitions and acquisition-related costs -162.7 -4.1 0.0 -166.8 OPERATING INCOME BEFORE NON-RECURRING ITEMS 481.9 86.2 -7.0 561.1 as % of revenue 14% (a) 13% (a) Restated to reflect the impairment losses of VITEK® REVEAL™ technology and the reversal of the provision for impairment of ASTUTE technology, the current operating income as a percentage of revenue would be 18%. 2024 In millions of euros Clinical applications Industrial applications Other Group Revenue 3,373.8 606.0 0.0 3,979.9 Cost of sales -1,469.1 -298.8 3.3 -1,764.6 Gross profit 1,904.7 307.3 3.3 2,215.3 Other operating income and expenses 37.4 4.2 5.3 46.9 Selling expenses -628.8 -152.0 -3.0 -783.8 General and administrative expenses -266.7 -46.9 -0.3 -313.8 Research and development -410.1 -57.6 -23.8 -491.5 Amortization and impairment of intangible assets related to acquisitions and acquisition-related costs -55.1 -3.3 0.0 -58.4 OPERATING INCOME BEFORE NON-RECURRING ITEMS 581.3 51.8 -18.4 614.7 as % of revenue 17% (a) 9% (a) Restated for the CLIA impairment loss, operating income before non-recurring items as a percentage of revenue would be 18%. In accordance with IFRS 8, in Note 3.4.2 the Group discloses information on revenue and assets broken down by geographic area, which has been prepared using the same accounting principles as those applied to prepare the consolidated financial statements. The chief operating decision-maker within the meaning of IFRS 8 is the Executive Committee. The operating segments defined by the Executive Committee correspond to the Clinical and Industrial businesses. The reporting submitted to the Executive Committee includes sales by operating segment and gross and operating margins for the bioMérieux Group, but does not include detailed gross and operating margins by operating segment. However, detailed segment information is available in the reporting tools to meet specific needs or ad hoc requests, based on direct sales and costs attributable to the units and a proportional allocation to the sales of the shared costs. The Executive Committee also receives information on the annual changes in profits and costs for the various Departments (R&D, manufacturing, commercial, support functions, etc.), established before allocation of shared costs and separate from segment groupings. There was no consolidation of operating segments within the meaning of IFRS 8. No balance sheet information by business sector is disclosed to operational managers. Information by geographic area Geographical areas have been determined by combining countries with similar economic characteristics and similar risk, profitability, strategy, and regulatory profiles. Group sales in the Middle East - Africa region are generated in a heterogeneous set of countries, mainly through distributors or agents, and in certain countries via local distribution subsidiaries. The distributors and agents are for the most part in direct contact with the French Company bioMérieux SA, which explains their being grouped with the Europe region. The information by geographic area shown in the tables below has been prepared in accordance with the accounting principles used to prepare the consolidated financial statements. 2025 In millions of euros Americas EMEA Aspac Corporate Group Revenue 2,121.4 (a) 1,312.7 (b) 634.6 1.0 4,069.8 Cost of sales -679.8 -556.2 -333.2 -191.7 -1,761.0 Gross profit 1,441.6 756.5 301.4 -190.8 2,308.8 as % of revenue 68% 58% 47% Other operating income and expenses -339.4 -187.1 -87.3 -1,133.9 -1,747.7 OPERATING INCOME BEFORE NON-RECURRING ITEMS 1,102.2 569.5 214.1 -1,324.7 561.1 as % of revenue 52% 43% 34% Of which U.S. revenue: €1,780.8 million. Of which France revenue: €235.6 million 2024 In millions of euros Americas EMEA Aspac Corporate Group Revenue 2,054.2 (a) 1,268.9 (b) 656.2 0.6 3,979.9 Cost of sales -656.3 -566.9 -345.6 -195.8 -1,764.6 Gross profit 1,397.9 702.0 310.6 -195.2 2,215.3 as % of revenue 68% 55% 47% Other operating income and expenses -330.8 -182.2 -128.7 -958.9 -1,600.6 OPERATING INCOME BEFORE NON-RECURRING ITEMS 1,067.1 519.8 181.9 -1,154.1 614.7 as % of revenue 52% 41% 28% Of which U.S. revenue: €1,730.1 million. Of which France revenue: €240.1 million. DECEMBER 31, 2025 In millions of euros Americas (a) EMEA (b) Aspac Corporate Group NON-CURRENT ASSETS Goodwill 727.8 727.8 Other intangible assets 12.7 13.6 0.2 375.1 401.5 Property, plant and equipment 737.5 559.0 43.3 176.1 1,515.9 Right-of-use assets 70.7 59.5 11.1 141.3 WORKING CAPITAL REQUIREMENT Inventories and work-in-progress 582.4 275.0 102.3 959.7 Trade receivables and assets related to contracts with customers 333.8 325.6 106.8 766.2 Trade payables -111.1 -127.4 -23.6 -262.1 Of which non-current assets in the United States: €760.3 million. Of which non-current assets in France: €447.2 million. DECEMBER 31, 2024 In millions of euros Americas (a) EMEA (b) Aspac Corporate Group NON-CURRENT ASSETS Goodwill (c) 730.4 730.4 Other intangible assets 15.6 18.6 0.4 457.4 492.0 Property, plant and equipment (c) 789.8 485.1 45.9 204.6 1,525.4 Right-of-use assets 100.9 57.7 11.6 170.2 WORKING CAPITAL REQUIREMENT Inventories and work-in-progress 655.3 263.5 118.5 1,037.3 Trade receivables and assets related to contracts with customers 370.4 310.5 111.4 792.3 Trade payables (d) -126.7 -118.8 -26.9 -272.4 Of which non-current assets in the United States: €856.4 million. Of which non-current assets in France: €398.6 million. Reclassifications have been made to better reflect the "Corporate" section. The notes to the consolidated financial statements at December 31, 2024 presented the reciprocal accounts related to the intra-group customer and supplier eliminations among the "Trade payables." The "Trade payables" line now only shows non-group suppliers in order to present information by relevant geographic area. Regional data includes commercial activities, corresponding mainly to revenue in each of the above geographic areas, the related cost of sales, and the operating expenses necessary for these commercial activities. The regional data also includes the non-allocated costs of the production sites in these geographical areas. The revenue is a net consolidated contribution, not including inter-company revenue with the other areas. Corporate data mainly includes the research costs incurred by the Clinical and Industrial units, as well as the costs incurred by the Group's corporate functions and revenue from companion test research & development partnership agreements. Other intangible assets recorded in the Corporate column mainly correspond to goodwill and to technologies acquired by the Group. Information by technology and application The table below provides a breakdown of revenue by technology and application: In millions of euros 2025 2024 Clinical applications 3,430.8 3,373.8 Molecular biology 1,733.0 1,647.0 Microbiology 1,339.0 1,330.1 Immunoassays 308.3 341.4 Other ranges 50.6 55.3 Industrial applications 638.9 606.0 TOTAL 4,069.8 3,979.9 The other ranges mainly include the activity of the subsidiary BioFire Defense, for which the revenue stood at €39.0 million in 2025 and €33.2 million in 2024. Organic growth in sales at the end of the 12 months of 2025 was 6.2%. Organic growth corresponds to year-on-year sales growth at constant exchange rates and on a like-for-like basis and excludes the impact of hyperinflation, recognized in accordance with IAS 29. ‌For the Industrial Applications segment, revenue is generated from a homogeneous customer typology (industrial microbiology laboratories in the agri-food, pharmaceutical and cosmetics sectors). A large proportion of customers use several technologies from the bioMérieux product ranges. Additionally, sales forces distribute all technology offerings. Given the high degree of interdependence between the technologies used, the shared sales forces for all of these customers, and the similarity of their economic performance, it was not considered relevant to present separate information for each technology in accordance with IFRS 8.32. NOTE 4 Goodwill Accounting principles Pursuant to the revised version of IFRS 3, goodwill represents the difference between the cost of a business combination (which primarily corresponds to the consideration transferred excluding acquisition-related costs and the share previously held valued at fair value) and the fair value of the Group's share of the acquiree's identifiable assets, liabilities and contingent liabilities on the acquisition date. Goodwill is measured in the acquiree's functional currency. The determination of fair values and goodwill is finalized within a period of one year from the acquisition date. Any changes made to provisional values after the end of the measurement period are recognized in income, including those concerning deferred tax assets. The purchase price includes adjustments that may be made to the purchase price, such as earn-out. These earn-outs are determined by applying the criteria included in the acquisition agreement, such as revenue or earnings targets, to forecasts that are deemed to be the most probable. They are then remeasured at the end of each reporting period, and any changes are recorded in income after the acquisition date (including during the measurement period). They are discounted if the impact is material. Any discounting adjustments to the book value of the liability are recognized in "Cost of net financial debt." Minority interests are measured at the time of the acquisition either at fair value (full goodwill method) or at the minority interest's proportionate share of the acquired Company's net assets (partial goodwill method). The option is taken for each acquisition. When the Group purchases an additional interest in an acquired entity after the acquisition date, the difference between the consideration paid and the Group's share in the acquiree's equity is recognized directly in consolidated reserves. Similarly, if the Group sells an interest in an acquired entity without losing control, the resulting impact is also recognized directly in consolidated reserves. In the case of a put option on minority interests, without those interests waiving their rights and associated benefits, borrowing is recognized for its present value against reserves, with no change in goodwill. At each balance sheet date, changes in the fair value of debt, determined according to contractual provisions, are recognized against income attributable to the parent company. The impact of accretion is recorded in the section "Cost of net financial debt." Positive goodwill is recognized on a separate line of the "Goodwill" balance sheet at cost less any accumulated impairment losses. Negative goodwill is recognized directly in income during the year in which the controlling interest was acquired. In compliance with IFRS 3 "Business Combinations," goodwill is not amortized. On the acquisition date, it is attached to a cash-generating unit depending on the synergies expected for the Group (see Notes 4.2 and 4.3). It is tested at least once a year for impairment losses and whenever there is an indication that they may be impaired. The methods used for performing the tests and recognizing any identified impairment losses are described in Note 4.2 "Impairment of non-current assets." Impairment of non-current assets The Group systematically carries out annual impairment tests on goodwill and other intangible assets with an indefinite useful life (the Group did not have any such assets in the years presented in these consolidated financial statements). Property, plant and equipment and intangible assets with a finite useful life undergo impairment tests whenever there is an indication that they may be impaired. A CGU corresponds either to a legal entity or to a product line (a group of property, plant and equipment, mainly production plants, and intangible assets, essentially technologies, which generate cash flows as a result of products based on the same technology). Detailed information on CGUs is provided in Note 4.3. During the fiscal year, the Group changed the structure of its CGUs to reflect changes in its internal organization and the way in which management monitors performance. As a result, the CLIA CGU was discontinued and its assets were integrated into the Immunoassays CGU, since cash flows were no longer independent. Impairment tests were performed using this new structure, based on assumptions consistent with those applied in previous years. This change did not give rise to any additional impairment losses during the fiscal year. Comparative data were not restated, in accordance with IAS 36. Impairment tests are used to determine the recoverable amount of a CGU or group of CGUs, representing the higher of their value in use and fair value less costs to sell. In practice, the value in use of a CGU or group of CGUs is determined primarily on the basis of discounted operating cash flow projections covering a period of five years and based on the most recent business plan, and a terminal value. These future operating cash flows include the best estimate of U.S. tariffs. The growth assumptions used to calculate the value in use for the business plan projection time horizon are consistent with available market information and conservative assumptions have been used for determining the terminal value, including a perpetuity growth rate of 2.0%. Cash flow projections do not include any expansion investments or restructurings that have not already commenced. The discount rate applied to cash flows corresponds to the Weighted Average Cost of Capital (WACC), calculated using a risk-free rate (French government OAT bond rate), the equity market risk premium and the beta ratio (which adjusts the overall equity market risk in relation to the specific industry risk). In certain cases, a specific risk premium is included, chiefly to reflect technology risk and the individual market risk, like a country risk premium to take account of the exposure of each CGU to macroeconomic risks. The WACC determined by the Group is compared with the figure calculated by analysts who track the bioMérieux stock. The discount rates calculated for the main CGUs (technological product lines) were between 7.6% and 9.0% in 2025, and between 7.5% and 9.7% in 2024. The upper range used in 2025 was for the Immunoassay CGU. These rates are post-tax. The application of a pre-tax WACC to pre-tax cash flows would give an identical result. As indicated in Note 2.3, the climate risk analysis did not have a significant impact on the projections and did not result in a change in the discount rate or terminal value calculation. Tests were performed to assess the sensitivity of the recoverable amounts to changes in certain actuarial and operating assumptions (see Note 4.3). The Group recognizes an impairment loss where the value in use of these CGUs falls below the net book value. The impairment loss is allocated first to reduce the book value of any goodwill, with the residual amount allocated to the other assets of the unit, except if this reduces the net book value of those assets below their fair value. Impairment losses are recorded on the line "Amortization and impairment of intangible assets related to acquisitions and acquisition-related costs" if they meet the definition (see Note 23). Impairment losses against goodwill in respect of fully consolidated entities may not be reversed unless the asset is sold. IMPACTS OF THE APPLICATION OF IFRS 16 The analysis did not identify any assets related to rental agreements that would be tested independently of a cash-generating unit (CGU), with the exception of the assets related to the right to use the San José site, which were fully impaired in 2025. Change Total goodwill amounted to €727.8 million at December 31, 2025, compared with €730.4 million at December 31, 2024. CGU In millions of euros 12/31/2025 12/31/2024 Industrial applications 194.3 192.3 Molecular biology 153.2 170.8 Microbiology 281.9 315.2 Immunoassays 94.0 47.8 Entities 4.4 4.4 NET VALUE 727.8 730.4 The integration of the CLIA CGU into the Immunoassay CGU in 2025 did not result in a revaluation of the CLIA's CGU's goodwill, since its value has been set at zero since 2023. Changes in the goodwill can be analyzed as follows: In millions of euros Net value December 31, 2023 698.8 Translation differences 25.8 Changes in the scope of consolidation (a) 5.8 Impairment losses 0.0 December 31, 2024 730.4 Translation differences -52.2 Changes in the scope of consolidation (b) 49.6 Impairment losses 0.0 DECEMBER 31, 2025 727.8 Related to the acquisition of Lumed Inc. Related to the acquisition of SpinChip Diagnostics ASA and Neoprospecta (see Note 1.1). Goodwill relating to acquisitions for the year was deemed to be final at the end of 2025. The impairment tests, carried out in accordance with the rules set out in Note 4.2, did not result in the recognition of any impairment losses. The inputs used in the impairment tests carried out on the Group's main CGUs are set out below: CGU Net value (a) 2025 Discount rate Perpetual growth rate 2024 Net value (a) Discount rate Perpetual growth rate Industrial applications 194.3 8.1% 2.0% 192.3 8.0% 2.0% Molecular biology 153.2 7.8% 2.0% 170.8 7.7% 2.0% Microbiology 281.9 7.6% 2.0% 315.2 7.5% 2.0% Immunoassays 94.0 9.0% 2.0% 47.8 9.7% 2.0% (a) Net value of goodwill assigned to the CGU. Revenue and operating margin growth assumptions are set for each CGU in accordance with the best estimates at the test date. They take into account the level of maturity of bioMérieux's products and target markets, and also forecast development and innovation for its ranges. A cumulative analysis for all CGUs was carried out to assess the sensitivity of the impairment tests to changes in discount rates (adverse change of 50 basis points), terminal growth rates (adverse change of 50 basis points) and the operating margin (fall of 100 basis points in the ratio of operating income before non-recurring items to terminal value). This analysis would not lead to a loss of value for any of the cash-generating units. More broadly, no impairment of the goodwill tested would be noted should there be a reasonably possible change in the assumptions used in 2025. ‌NOTE 5 Other intangible assets Accounting principles Research & development expenses (excluding software development costs) In accordance with IAS 38 "Intangible Assets," research expenses are not capitalized. Under IAS 38, development expenses must be recognized as other intangible assets whenever specific conditions are met, related to technical feasibility and marketing and profitability prospects. Given the high level of uncertainty attached to development projects carried out by the Group, these recognition criteria are not met until the regulatory procedures required for the sale of the products concerned have been finalized. As most costs are incurred before that stage, development expenses are recognized in the consolidated income statement in the fiscal year during which they are incurred. Development costs are recognized as part of a business combination at the fair value of the projects identified in the balance sheet at acquisition, in accordance with the provisions of IFRS 3 (revised). These costs are amortized from the date of marketing of the lines affected by the projects using the straight-line method over their expected useful life. Development expenses related to projects ongoing at the acquisition date continue to be capitalized until the date the corresponding product lines are marketed. Development expenses incurred after the business combination date and related to new projects are recognized in accordance with IAS 38 as described previously. In practice, all subsequent costs are expensed. Other intangible assets Other intangible assets mainly include technologies, patents, licenses, elements of intellectual property, software, and customer relationships. They all have finite useful lives and are initially recognized as follows: if purchased: at their purchase price; in the case of business combinations: at fair value, generally based on the price paid (when the price of the intangible asset is identified), or based on the discounted value of estimated future cash flows. These assets, mainly comprised of technologies, are then attached to a CGU according to the expected synergies; in the case of internal production: at their cost price for the Group. Significant costs directly attributable to the creation or improvement of software developed in-house are capitalized if it is considered probable that they will generate future economic benefits. Other development costs are expensed as incurred. In the case of software, only in-house and outsourced development costs related to organic analyses, programming, tests, trials, and user documentation are capitalized. Other intangible assets are amortized in accordance with the expected pattern of consumption of future economic benefits embodied in the asset concerned, generally on a straight line basis over periods of: 5 to 20 years for patents, licenses, technologies; 10 years for major integrated management software (such as ERP systems); 3 to 6 years for other computer software; and 10 to 15 years for customer relationships. Software is amortized when it comes into operational effect in each subsidiary, on a phased basis where applicable. Other intangible assets are carried at their initial cost less accumulated amortization and any accumulated impairment losses. Depreciation and amortization are recognized in the profit & loss statement based on the assets' function. Impairment losses are recognized, according to the rules defined in Note 4.2, under "Other non-recurring income and expenses from operations" if they meet the applicable definition (see Note 24.1). For ERP-type management software, any termination of a project or batch constitutes an indication of impairment losses. Change Gross value In millions of euros Patents Technology Software Other Total December 31, 2023 966.4 256.5 31.8 1,254.7 Translation differences 49.6 4.1 1.1 54.8 Acquisitions/Increases 2.3 4.8 6.3 13.4 Changes in the scope of consolidation 4.1 (a) 0.0 0.0 4.1 Disposals/Decreases -2.9 -8.7 0.0 -11.6 Reclassifications 0.0 5.1 -3.8 1.3 Hyperinflation 0.0 2.0 0.5 2.5 December 31, 2024 1,019.6 263.6 35.9 1,319.1 Translation differences -97.2 -10.0 -2.1 -109.3 Acquisitions/Increases 0.7 5.8 2.6 9.1 Changes in the scope of consolidation 128.2 (b) 0.0 0.0 128.2 Disposals/Decreases -13.6 -33.4 -0.2 -47.2 Reclassifications 0.0 4.7 -3.8 1.0 Hyperinflation 0.0 0.8 0.2 1.0 DECEMBER 31, 2025 1,037.8 231.5 32.7 1,302.0 Related to the acquisition of Lumed Inc. Related to the acquisition of SpinChip Diagnostics ASA and Neoprospecta, as well as the assets of Day Zero Diagnostics (see Note 1.1). Amortization and impairment losses In millions of euros Patents Technology Software Other Total December 31, 2023 498.4 216.2 11.4 726.0 Translation differences 24.7 3.1 0.5 28.4 Additions 62.3 16.3 4.3 82.9 Changes in the scope of consolidation -1.6 0.0 0.0 -1.6 Reversals/Disposals -2.9 -8.7 0.0 -11.6 Reclassifications 0.0 0.3 0.4 0.7 Hyperinflation 0.0 1.7 0.5 2.3 December 31, 2024 581.0 229.0 17.1 827.1 Translation differences -54.5 -8.2 -1.0 -63.6 Additions 174.3 (a) 6.4 12.9 193.7 Changes in the scope of consolidation 0.0 0.0 0.0 0.0 Reversals/Disposals -22.7 (b) -33.4 -1.4 -57.5 Reclassifications 0.0 10.6 -10.6 0.0 Hyperinflation 0.0 0.7 0.2 0.9 DECEMBER 31, 2025 678.1 205.1 17.3 900.5 includes the provision for impairment of the VITEK® REVEAL technology for an amount of €140.7 million at an average rate (see Note 1.2.1). Mainly related to a partial reversal of the impairment provision for Astute technology, valued at €9.4 million at an average rate. Net value In millions of euros Patents Technology Software Other Total December 31, 2023 468.0 40.2 20.4 528.6 December 31, 2024 438.6 34.7 18.8 492.0 DECEMBER 31, 2025 359.7 26.5 15.4 401.5 Reclassifications mainly corresponds to assets under construction put into service during the fiscal year. The gross value of other intangible assets under construction represented €2.4 million at December 31, 2025 against €5.9 million in 2024. In light of the slower-than-expected commercial launch of the VITEK® REVEAL solution in the United States, the Group conducted an impairment test on the group of technological and industrial assets assigned to this solution. An impairment of €140.7 million, at an average rate, of the technology allocated to the VITEK® REVEAL solution, recorded under "Amortization and impairment of intangible assets related to acquisitions and acquisition-related costs" in current operating income (see Notes 1.2.1 and 23). A sensitivity analysis was conducted on the impairment test and should have led to the following additional impairment of the technology, at the average rate of the period: Adverse change of 50 basis points in the discount rate (from 9.7% to 10.2%): -€12 million; Adverse change of 50 basis points in the perpetual growth rate at infinity (from 2.0% to 1.5%): -€7 million; 100 basis point decrease in the current operating income rate of the terminal value: -€3 million. ‌As a reminder, in 2024, the Group recognized impairment losses on several assets totaling €25.6 million at the average rate, of which €22.9 million corresponded to the additional impairment loss charged to the CLIA CGU's technology and €2.7 million to the additional impairment loss charged to the CLIA CGU's other intangible assets. NOTE 6 Property, plant and equipment, assets related to right-of-use and other leasing agreement receivables Property, plant and equipment Accounting principles As prescribed by IAS 16 "Property, Plant and Equipment," items of property, plant and equipment are initially recognized at their purchase or production cost or at their acquisition-date fair value if acquired as part of a business combination. They are not revalued. Any revaluations carried out by Group companies in their individual accounts are eliminated when preparing the consolidated financial statements. Property, plant and equipment are recorded using the component approach. Under this approach, each component of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the asset and which has a different useful life to that of the asset as a whole is recognized and depreciated separately. The only Group property, plant and equipment to which this method is applied are buildings. IAS 23 "Borrowing Costs" does not call for the capitalization of material borrowing costs, as the Group has little debt resulting from purchases of property, plant and equipment. Routine maintenance and repair costs of property, plant and equipment are expensed as incurred. Other subsequent expenses are capitalized only if they satisfy the applicable recognition criteria, such as the replacement of an identified component. Property, plant and equipment are carried at cost less accumulated depreciation and any accumulated impairment losses. The depreciable value of property, plant and equipment corresponds to their acquisition cost as they are not considered to have any material residual value. The straight-line method of depreciation is used for these assets. The property, plant and equipment are depreciated over their estimated useful lives as follows: machinery and equipment: 3 to 10 years; instruments: 5 to 10 years; shell: 30 to 40 years; finishing work, fixtures and fittings: 10 to 20 years. Depreciation periods in respect of buildings are calculated separately for each component. The useful lives are reviewed periodically. The impact of any adjustments is accounted for prospectively as a change in accounting estimates. Impairment tests are carried out for property, plant and equipment whenever events or market developments indicate that an asset may have declined in value. If an asset's recoverable amount (see Note 4.2) is less than its net book value, either its useful life is adjusted or an impairment loss is recorded in "Other non-recurring income and expenses from operations," if the applicable definition is met (see Note 24.1). Rental agreements As lessor : when the Group makes assets available to third parties under rental agreements on terms equivalent to a sale, the assets are recorded as though they had been sold, as prescribed by IFRS 16 "Leases." The long-term portion of the lease payments due is recorded under "Other non-current assets" and the short-term portion is recognized under "Trade receivables," The corresponding financial income is recognized in the income statement during the period in which it is received, under "Other financial income and expenses." Analysis of movements in property, plant and equipment Gross value In millions of euros Land Buildings Machinery and equipment Capitalized instruments Other assets Assets under construction Total December 31, 2023 58.5 845.6 785.3 555.0 205.0 249.6 2,698.9 Translation differences 1.8 29.4 27.4 2.2 6.2 13.6 80.6 Changes in the scope of consolidation 0.0 -2.2 -2.2 Acquisitions/ Increases 2.0 19.0 27.3 123.3 8.8 155.4 335.7 Disposals/Decreases 0.0 -3.2 -15.8 -52.2 -6.8 -78.0 Reclassifications 1.4 63.4 -16.3 0.6 12.8 -63.2 -1.3 Hyperinflation 0.0 0.1 11.3 0.4 0.0 11.8 December 31, 2024 63.6 954.2 808.0 640.2 224.2 355.4 3,045.6 Translation differences -3.6 -64.3 -56.8 -28.6 -14.0 -27.5 -194.9 Changes in the scope of consolidation 2.2 2.2 Acquisitions/ Increases 1.3 24.8 23.9 115.3 7.4 153.1 325.9 Disposals/Decreases -0.2 -5.3 -35.2 -48.5 -9.7 -98.9 Reclassifications 1.9 80.4 130.4 0.3 3.6 -212.4 4.1 Hyperinflation 0.0 0.0 5.0 0.2 0.0 5.2 DECEMBER 31, 2025 63.0 989.8 872.5 683.7 211.7 268.5 3,089.2 Amortization and impairment losses In millions of euros Land Buildings Machinery and equipment Capitalized instruments Other assets Assets under construction Total December 31, 2023 3.3 435.5 437.9 312.6 152.5 1,341.8 Translation differences 0.1 12.1 14.7 0.8 4.7 0.6 33.0 Changes in the scope of consolidation -2.3 -2.3 Additions 0.4 40.6 58.8 66.4 19.0 23.2 208.5 Disposals/Decreases 0.0 -3.1 -15.7 -43.5 -6.9 -69.1 Reclassifications -3.5 -0.1 0.2 3.2 -0.2 Hyperinflation 0.0 0.1 8.1 0.4 8.5 December 31, 2024 3.9 481.6 495.7 344.5 170.7 23.8 1,520.2 Translation differences -0.2 -27.9 -31.3 -12.8 -10.5 -1.6 -84.3 Changes in the scope of consolidation 1.2 1.2 Additions 0.4 84.6 67.4 73.5 15.8 -24.2 217.5 Disposals/Decreases -0.2 -4.8 -34.1 -42.1 -9.5 -90.7 Reclassifications 0.0 2.4 0.1 0.5 2.0 5.0 Hyperinflation 0.0 0.0 4.3 0.2 4.6 DECEMBER 31, 2025 3.8 533.6 501.3 367.5 167.0 1,573.4 Net value In millions of euros Land Buildings Machinery and equipment Capitalized instruments Other assets Assets under construction Total December 31, 2023 55.1 410.1 347.4 242.4 52.5 249.6 1,357.1 December 31, 2024 59.7 472.6 312.3 295.7 53.6 331.6 1,525.4 DECEMBER 31, 2025 59.2 456.1 371.2 316.2 44.7 268.5 1,515.9 Assets under construction mainly relate to investments in production and automation tools in the United States and France, which are expected to be put into service mainly in 2026 and 2027. Following the announcement of the closure of the San José site (see Note 1.2.2), tangible assets were impaired by €22.7 million. As a reminder, in 2024, the review of evidence of impairment of assets with finite useful lives, as defined in Note 4.2, led the Group to recognize impairment losses on some of the CLIA CGU's assets under construction for a total of €23.2 million, at an average rate, at December 31, 2024. Commissionings during the fiscal year mainly concern production lines in the United States. Right-of-use assets (lessee side) Accounting principles RESTATEMENT ON THE LESSEE SIDE IFRS 16 makes no distinction, from the lessee perspective, between leasing agreements and operating rental agreements. Leases are rental agreements (or agreements that contain a rental component) that convey the right to receive the near totality of the economic benefits associated with the use of the asset resulting from the right to manage the use of the identified asset during the period of use. Rental agreements which meet this definition are recognized according to the procedures defined below. As specified by the standard, the Group has adopted certain simplification measures, notably those enabling exclusion of agreements with a residual term of less than twelve months and agreements covering assets of low value, and the identical application of rental agreements according to IAS 17. In practice, the analysis predominantly resulted in the restatement of real estate and vehicle rental agreements. For agreements not restated as rental agreements, the rental payments are recognized as expenses on a straight line basis over the term of the agreement. The accounting rules for agreements that fall within the scope of IFRS 16 are presented below. As of the commencement date of the agreement, the Group recognizes a right-of-use asset and a financial liability for the lease liability. The asset is recorded as a separate line item on the balance sheet; the liability is presented under borrowings. The lease liability is measured at the discounted value of the lease payments not yet paid over the term of the agreement. The discounted value is determined by using the implicit borrowing rate for rental agreements formerly qualified as leasing agreements and the incremental borrowing rate for other rental agreements. The incremental borrowing rate is calculated for each country according to the term of the agreement. The incremental borrowing rate corresponds to a duration rate taking into account the rent payment profile, and not a maturity rate, in accordance with the recommendations of the IFRS IC of September 2019. The term of a rental agreement is the enforceable period, which corresponds to the non-cancellable period, plus: any option to extend the agreement if the Group is reasonably certain it will exercise the option; any agreement termination option if the Group is reasonably certain it will not exercise the option. In practice: none of the leases contain an early termination clause; the terms used for the main rental agreements are: in France: an enforceable period of nine years (3/6/9 commercial leases): a non-cancellable period of three years and certainty of using the extension options after three and six years, in other countries, the term is that indicated in the agreement unless the renewal decision is solely at the discretion of the lessee. In this case, the term used is 20 years from the date of the first lease for real estate rentals. Lease payments represent fixed payments, variable payments based on an index or a rate, and the exercise price of the purchasing options that the lessee has the reasonable certainty of exercising. In practice, most of the rents are fixed. Purchase options exist for leasing agreements. Right-of-use assets are measured as follows: the cost is reduced by the accumulated depreciation and impairment losses, and adjusted to take into account, where applicable, re-measurements of the lease liability. No impairment losses or revaluations of the lease liability were recognized during this fiscal year. Right-of-use assets are depreciated over the expected duration of use of the property (including the portion linked to the use of land), in the case of a purchase option at a favorable price. In other cases, these assets are depreciated over the term of the agreement as defined above. Rental agreement-related fixtures and fittings are amortized over a period that in practice is close to the term of the agreement. For information, the net book value is not material. Deferred tax is recognized on restatements of rental agreements. Power Purchase Agreements (PPA), purchase agreements of green electricity from renewable energy, are not included in the scope of IFRS 16 and IFRS 9, based on an analysis conducted by the Group. In fact, the agreements do not include a fixed portion. Although the price is fixed, the amount is variable, since it is applied to the volumes produced. Furthermore, these power purchase agreements do not constitute a substantial purchase of the facility. Indeed, purchased power will only benefit the Group, which does not re-sell any excess production ('own use' agreement). Change Gross value In millions of euros Land Buildings Machinery and equipment Other assets Total December 31, 2023 25.5 182.5 38.8 4.6 251.3 Translation differences 1.5 4.0 0.6 0.0 6.0 Changes in the scope of consolidation -0.3 -0.3 Acquisitions/Increases 0.0 36.3 18.8 0.0 55.1 Disposals/Decreases -0.2 -24.1 -11.1 -0.1 -35.4 Reclassifications December 31, 2024 26.8 198.4 47.2 4.6 276.9 Translation differences -2.8 -11.3 -2.8 0.0 -16.9 Changes in the scope of consolidation 3.6 3.6 Acquisitions/Increases 0.5 10.8 17.7 0.3 29.2 Disposals/Decreases -28.0 -9.0 -0.2 -37.3 Reclassifications DECEMBER 31, 2025 24.4 173.5 53.1 4.6 255.6 Amortization In millions of euros Land Buildings Machinery and equipment Other assets Total December 31, 2023 4.0 76.1 18.0 4.3 102.4 Translation differences 0.3 0.8 0.3 0.0 1.3 Changes in the scope of consolidation -0.2 -0.2 Additions 0.5 22.1 11.1 0.2 33.9 Disposals/Decreases -0.2 -21.2 -9.4 0.0 -30.7 Reclassifications December 31, 2024 4.7 77.5 20.1 4.4 106.7 Translation differences -0.6 -3.3 -1.2 0.0 -5.0 Changes in the scope of consolidation Additions 0.5 25.5 12.2 0.2 38.3 Disposals/Decreases -18.5 -7.0 -0.2 -25.7 Reclassifications DECEMBER 31, 2025 4.6 81.2 24.1 4.4 114.4 Net value In millions of euros Land Buildings Machinery and equipment Other assets Total December 31, 2023 21.4 106.5 20.8 0.3 148.9 December 31, 2024 22.1 120.9 27.1 0.1 170.2 DECEMBER 31, 2025 19.8 92.2 29.0 0.2 141.3 The increases are primarily linked to new rental agreements. The decreases are primarily linked to agreements having reached the end of their terms or to reductions in the term of rental agreements. In accordance with the provisions of IFRS 16, and given the nature of the movements, increases and decreases in the assets related to rental agreements are not reported in the investment flows of the cash flow statement. Following the announcement of the closure of the San José site (see Note 1.2.2), the right-of-use assets were impaired by €4.8 million. The following table shows the net value of assets under leasing agreements: Net value In millions of euros Land Buildings Machinery and equipment Other assets Total December 31, 2023 2.3 24.3 26.6 December 31, 2024 2.3 21.9 24.2 DECEMBER 31, 2025 2.3 19.5 21.8 The rental expense related to non-restated agreements is not material for the years presented. Leasing agreement receivables Accounting principles LEASING AGREEMENTS Rental agreements are classified as leasing agreements whenever they transfer to the lessee substantially all of the risks and rewards incidental to ownership. Agreements qualify as leasing agreements based on the substance of each contract, and notably when: ownership of the leased asset is transferred to the lessee at the end of the lease term; the lessee has the option to purchase the asset at a preferential price; the lease term covers the major part of the leased asset's economic useful life; the present value of the minimum rental payments amounts to at least substantially all of the fair value of the leased asset; the leased assets are of such a specialized nature that only the lessee can use them without making major modifications. Whenever the Group leases property under an agreement classified as a rental agreement, the fair value of the asset concerned or, if lower, the present value of the minimum rental payments is capitalized and depreciated over the asset's useful life. A corresponding liability is recognized in the balance sheet. Rental payments are apportioned between the financial expenses and the reduction of the outstanding liability. Other rental agreements are classified as operating rental agreements and the rental payments are expensed on a straight-line basis over the term of the agreement. Certain instruments are sold via leasing agreements (see Note 6.1). The standard term of the agreements is 5 years. Change Rental agreement receivables totaled €13.8 million at December 31, 2025, against €13.1 million at December 31, 2024. In millions of euros Less than 1 year From 1 to 5 years In over 5 years 12/31/2025 Gross value of leasing agreement receivables 4.0 10.2 0.0 14.2 Accrued interest -0.1 0.0 0.0 -0.1 Present value of minimum future lease payments 3.9 10.1 0.0 14.0 Impairment losses -0.2 -0.2 NET PRESENT VALUE OF MINIMUM FUTURE LEASE PAYMENTS 3.7 10.1 0.0 13.8 The current portion of leasing agreement receivables is shown in trade receivables (see Note 9), while the non-current portion is carried in other non-current assets for €10.1 million. As previously stated, the changes were the following at December 31, 2024: In millions of euros Less than 1 year From 1 to 5 years In over 5 years 12/31/2024 Gross value of leasing agreement receivables 4.8 9.2 0.0 14.0 Accrued interest -0.1 -0.1 0.0 -0.2 Present value of minimum future lease payments 4.7 9.1 0.0 13.9 Impairment losses -0.8 -0.8 NET PRESENT VALUE OF MINIMUM FUTURE LEASE PAYMENTS 3.9 9.1 0.0 13.1 ‌The impairment rules applied are presented in Note 9. NOTE 7 Non-current financial assets Accounting principles Non-current financial assets include non-consolidated investments, loans and receivables maturing in more than one year, including pension plan assets when these have not been definitively allocated to cover corresponding obligations, and deposits and guarantees. They are recognized and measured in compliance with the rules described in Note 27. In application of the IFRS 9 standard, non-current financial assets are broken down into three categories: Financial assets measured at amortized cost: These are financial assets for which the objective of the business model is to receive contractual flows, and for which the contractual conditions specify, at particular dates, flows corresponding only to repayments of principal and interest. They correspond to loans, deposits and guarantees. Financial assets valued at fair value, with recognition in other comprehensive income: changes in fair value to be reclassified to income: these are financial assets for which the objective of the business model is to receive both contractual flows and flows from the sale of assets, and for which the contractual conditions specify, at particular dates, flows corresponding only to repayments of capital and interest. The Group has no significant assets within this category; changes in fair value not to be reclassified to income (irreversible option taken on the acquisition date): these are assets that are strategic for the Group. They correspond to non-consolidated equity investments. Financial assets measured at fair value through profit or loss: these are securities held by the Group for trading purposes. This category is not used over the fiscal years presented, as the Group has so far decided to opt for recognition in other comprehensive income not to be reclassified. ASSETS VALUED AT AMORTIZED COST The amortized cost is determined according to the effective interest rate method, as defined by the IFRS 9 standard. This rate is determined when putting in place the related contract. FINANCIAL ASSETS VALUED AT FAIR VALUE Fair value is determined according to the methodology defined by the standard IFRS 13, according to the three levels of fair value defined in Note 27.1. In exceptional cases where the fair value of financial assets cannot be determined reliably (lack of recent information, wide range of valuations, etc.), the cost will be considered as the best estimate of the fair value. No reclassification between the various categories occurred over the fiscal years presented. The breakdown of other financial assets for which the Group has opted for this presentation is presented separately in the table below. Change In millions of euros 12/31/2025 12/31/2024 Loans and receivables 15.4 15.6 Non-consolidated investments measured at fair value through other comprehensive income not to be reclassified 113.3 179.4 TOTAL 128.7 195.0 In millions of euros Acquisition value Changes in fair value Fair value December 31, 2023 251.0 -31.6 219.4 Translation differences 2.4 0.1 2.5 Acquisitions/Increases 16.3 0.0 16.3 Disposals/Decreases -3.7 -0.6 -4.3 Changes in fair value recorded in other comprehensive income -38.8 -38.8 December 31, 2024 266.0 -71.0 195.0 Translation differences -5.8 1.5 -4.3 Acquisitions/Increases 7.8 0.0 7.8 Disposals/Decreases -13.5 -16.9 -30.4 Changes in fair value recorded in other comprehensive income -39.3 -39.3 DECEMBER 31, 2025 254.5 -125.7 128.7 The decrease in non-consolidated companies is mainly due to changes in fair value recorded under "Other comprehensive income" for -€35 million and SpinChip Diagnostics ASA securities for -€27.8 million, which were consolidated in 2025 (see Note 1.1.1) and whose capital gain had been recognized in shareholders' equity in 2024. The change in fair value recorded in other comprehensive income mainly concerns Proxim, Accunome, Accellix and Oxford Nanopore Technologies securities (value based on the stock market price at December 31, 2025). The summary table below shows the change in fair value of the shares in non-consolidated companies at December 31, 2025 compared to December 31, 2024: 12/31/2024 12/31/2025 Of which change in fair value through other comprehensive Fair value income In millions of euros Fair value Of which change in fair value through other comprehensive income Oxford Nanopore Technologies 91.7 -49.8 86.9 -4.8 SpinChip Diagnostics ASA 27.8 16.9 Proxim 17.3 0.0 -15.9 Accunome 13.2 0.0 -12.3 Other securities 29.3 -5.9 26.4 -6.2 TOTAL 179.4 -38.8 113.3 -39.3 ‌The changes in fair value of securities classified as level 3 are presented in Note 27.1. NOTE 8 Inventories and work-in-progress Accounting principles As required under IAS 2 "Inventories," inventories are measured at the lower of cost and net realizable value. Inventories of raw materials, goods held for resale and consumables are measured at their purchase price plus related expenses using the FIFO method. Work-in-progress and finished products are measured at their actual production cost, including direct and indirect costs. Inventories are written down where necessary, taking into account selling prices, obsolescence, residual shelf life, product condition, sale prospects and, in the case of spare parts, changes in the corresponding instruments' installed base. Change In millions of euros 12/31/2025 12/31/2024 Raw materials 392.6 418.9 Work-in-progress 107.6 110.3 Finished products and goods held for resale 496.2 545.9 Gross value 996.5 1,075.1 Raw materials -19.1 -22.0 Work-in-progress -2.6 -2.7 Finished products and goods held for resale -15.1 -13.0 Provisions for impairments -36.8 -37.8 Raw materials 373.6 396.9 Work-in-progress 105.0 107.5 Finished products and goods held for resale 481.1 532.9 NET VALUES 959.7 1,037.3 Inventories relating to instruments accounted for 19.5% of gross value in 2025, compared with 22.1% in 2024. No pledges of inventories have been granted at December 31, 2025. Without a work stoppage or significant reduction in its production centers, the Group experienced no major slowdowns over the manufacturing period recognized as at December 31, 2025, as in 2024. ‌The analysis carried out did not result in any change in the methods used to write down inventories, as in 2024. NOTE 9 Trade receivables and assets related to contracts with customers Trade receivables and finance leasing receivables In millions of euros 12/31/2025 12/31/2024 Gross trade receivables 801.9 826.0 Impairment losses -35.8 -33.7 NET VALUE 766.2 792.3 In total, 16.1% of the Group's trade receivables relate to government agencies, which may be paid later than the date shown on the invoice. Trade receivables are recognized at amortized cost. There are no other financial assets including a financially significant component. None of the Group's clients represent more than 10% of total revenues. The Group has not set up any deconsolidating factoring contracts. The due dates are mainly below six months except for rental agreements, leasing agreements and contracts for the provision of equipment. Net receivables overdue by more than 180 days relative to private companies and public organizations represent 5.4% of outstanding trade receivables in 2025, against 4.1% in 2024. The weight of net additions to doubtful debts and bad debts represents €9.6 million, i.e. 0.24% of revenue. 12/31/2025 Details by due dates of trade receivables Not matured Matured Of which > 180 days Of which and Of which Total < 180 days < 360 days > 360 days In millions of euros Receivables from private companies 527 146 673 107 10 29 Impairment on private receivables -1 -33 -34 -2 -22 Weight of private company impairments on past due receivables -26% -77% Public receivables 87 42 129 36 3 3 Public company impairment 0 -2 -2 -1 -1 Weight of public company impairment on past due receivables -18% -39% Total receivables 615 187 802 12 31 Total impairment -1 -35 -36 -3 -23 THE TOTAL WEIGHT OF IMPAIRMENT DUE RECEIVABLES -24% -74% Trade receivables include the current portion of leasing agreement receivables (see Note 6.3). Receivables and assets related to contracts with customers 12/31/2024 Changes in the scope of consolidation Change in gross values Change in impairment Currency impact 12/31/2025 Long-term leasing agreement receivables 9.1 2.3 -1.1 10.3 NON-CURRENT ASSETS 9.1 2.3 0.0 -1.1 10.3 Leasing agreement receivables 3.9 -0.3 0.5 -0.5 3.7 Gross trade receivables 788.3 0.4 33.1 -4.3 -55.1 762.5 CURRENT ASSETS 792.3 0.4 32.8 -3.8 -55.6 766.2 The share of impairment on leasing agreement receivables is not material (see Note 6.3). IMPAIRMENT OF TRADE RECEIVABLES Provisions for impairment of trade receivables are recognized to take into account expected losses and are recognized according to the following model: doubtful trade receivables: provisioned case-by-case; clients for whom evidence of impairment losses has been identified (late payment, claims and litigation, etc.): individual and statistical provision; customers with no impairment loss index at the closing date: a provision for expected losses is recognized case-by-case, taking into account qualitative and quantitative information (e.g. information on the customer, rating of the customer, etc.) in the context of the customer credit risk monthly review process, according to information obtained on the customer. The credit risk is assessed at each closure, taking into account guarantees received, where applicable. The analysis carried out did not result in any change to the trade receivables provisioning model, nor to the way it is implemented, as in 2024. Netting agreements N/A. Other assets related to contracts with customers There are no assets related to the costs of obtaining or implementing contracts. 2025 Universal Registration Document

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