AG 2026 - 2025 Parent company financial statements

1. Parent company financial statements of bioMérieux SA for the fiscal years ended December 31, 2024 and 2025

   Balance sheet

   Assets

   In millions of euros	Gross	12/31/2025 Depreciation, amortization and impairment	Net	12/31/2024
   				Net
   Intangible assets
   Development expenses	14.2	-14.2	-	-
   Concessions, patents, licenses, trademarks, processes, information technology solutions, rights, and similar assets	278.2	-131.2	147.0	32.4
   Goodwill	131.9	-	131.9	131.9
   Other intangible assets	5.4	-4.7	0.7	1.1
   Intangible assets under construction, advances and deposits	2.1	-	2.1	2.6
   Property, plant and equipment
   Land	23.5	-1.6	21.9	20.6
   Buildings	365.4	-231.4	134.0	137.7
   Technical installations, industrial equipment and tools	403.8	-272.0	131.8	134.1
   Other property, plant and equipment	70.8	-58.0	12.8	14.5
   Property, plant and equipment under construction, advances, and deposits.	125.1	-	125.1	66.6
   Non-current financial assets (a)
   Equity investments	1,354.5	-163.1	1,191.4	1,042.0
   Receivables from equity investments	5.2	-	5.2	5.1
   Other financial assets	188.3	-78.7	109.6	123.8
   Other non-current financial assets	0.6	-	0.6	0.6
   Total non-current assets (I)	2,969.1	-954.8	2,014.2	1,712.9
   Inventories and work-in-progress
   Raw materials and other supplies	45.3	-2.8	42.4	45.7
   Work-in-progress	30.2	-0.8	29.4	32.5
   Finished products	41.6	-1.4	40.2	38.4
   Goods held for sale	136.8	-5.6	131.2	117.6
   Advances and deposits on orders	14.8	-	14.8	8.9
   Receivables (b)
   Trade receivables	574.1	-13.8	560.3	514.9
   Other receivables	91.1	-	91.1	75.5
   Prepaid expenses	21.7	-	21.7	16.4
   Investment securities
   Treasury shares	35.5	-	35.5	39.1
   Other securities	178.1	-	178.1	133.8
   Forward financial instruments and tokens held	1.3	-	1.3	3.0
   Cash and cash pooling	409.2	-1.6	407.6	702.5
   Total current assets (II)	1,579.6	-26.1	1,553.5	1,728.3
   Loan issue costs (III)	0.2	-	0.2	0.3
   Translation and valuation differences - Assets (IV)	2.1	-	2.1	9.1
   TOTAL ASSETS (I + II + III + IV)	4,551.0	-980.9	3,570.1	3,450.6

   (a) Of which due in less than one year	0.2	-	0.2	0.2
   (b) Of which due in less than one year	619.0	-13.8	605.2	537.1

   Shareholders' equity and liabilities

   In millions of euros	12/31/2025	12/31/2024
   Share capital	12.0	12.0
   Share, merger and acquisition premiums	74.4	74.4
   Reserves
   Legal reserve	1.2	1.2
   Reserves required by the articles of association	905.0	895.0
   Regulatory reserves	1.0	1.0
   Retained earnings	635.9	300.1
   Net income for the year (profit or loss)	320.5	451.9
   Capital expenditure subsidies	0.2	0.1
   Statutory provisions	84.1	84.1
   Total equity (I)	2,034.3	1,819.9
   Provisions for risks	2.9	12.6
   Provisions for charges	73.8	68.5
   Total provisions (II)	76.6	81.1
   Other bond issues	201.6	201.6
   Borrowings and debts from credit institutions	0.1	0.1
   Miscellaneous borrowings and financial debt	630.2	726.3
   Forward financial instruments	1.5	0.5
   Trade payables	327.4	334.7
   Tax and social-security debts	247.6	237.6
   Debts on fixed assets and related accounts	31.1	27.2
   Other payables	14.0	16.3
   Deferred income	4.5	4.6
   Total debts (a) (III)	1,458.0	1,549.1
   Translation and valuation differences - Liabilities (IV)	1.2	0.5
   TOTAL LIABILITIES (I + II + III + IV)	3,570.1	3,450.6

   (a) Of which due in less than one year 1,158.6 1,263.1

   Profit & loss statement

   In millions of euros	2025	2024
   Operating income
   Sales of goods	723.7	672.8
   Production sold	970.5	967.9
   Net amount of sales	1,694.2	1,640.7
   Stored production	-2.3	-1.5
   Capitalized production	10.1	9.4
   Subsidies	1.1	2.1
   Reversals of amortization, impairment and provisions	45.2	28.9
   Proceeds from disposals of property, plant and equipment and intangible assets	2.0	-
   Other income	0.9	0.1
   Total operating income (I)	1,751.2	1,679.6
   Operating expenses
   Purchases of goods	-525.6	-488.0
   Change in inventories	13.9	-20.3
   Purchases of raw materials and other supplies	-130.5	-130.4
   Change in raw material inventories	-3.0	-5.6
   Other purchases and external expenses (a)	-491.4	-469.5
   Taxes, duties and similar taxes	-20.3	-18.9
   Wages and salaries	-327.1	-311.1
   Social security contributions	-134.3	-128.9
   Amortization and impairment expenses:
   On fixed assets: amortization expenses	-64.0	-60.7
   On fixed assets: impairment expenses	-0.9	-0.0
   On current assets: impairment expenses	-12.3	-12.9
   Provisions	-4.6	-28.2
   Carrying amounts of sold intangible assets and property, plant and equipment	-12.0	-
   Other expenses	-30.1	-18.8
   Total operating expenses (II)	-1,742.1	-1,693.4
   1. OPERATING INCOME (I - II)	9.1	-13.8

   (a) including property leasing agreement expenses -4.1 -4.5

   In millions of euros

   Financial income

   From participating interests (b)

   From other securities and receivables from non-current assets (b)

   Other interest and similar income (b) Reversal of impairment and provisions Foreign exchange gains

   Income from sales of non-current financial assets

   Net proceeds from the sale of investment securities and cash instruments.

   Total financial income (III)

   Financial expenses

   Amortization and impairment expenses and provisions Interest and similar expenses (c)

   Foreign exchange losses

   Book value of sold non-current financial assets

   Net expenses from the sale of investment securities and cash instruments.

   Total financial expenses (IV)

   1. FINANCIAL INCOME (III - IV)

   2. NET INCOME BEFORE NON-RECURRING ITEMS AND TAX (I - II + III - IV)

      Non-recurring income (V) Non-recurring expenses (VI)

   3. NON-RECURRING INCOME (V - VI)

      Income taxes (VII)

      Total income (I + III + V)

      Total expenses (II + IV + VI + VII)

      PROFIT OR LOSS

      2025 2024

      349.9 480.3

      14.7 21.7

      8.5 6.1

      7.8 17.0

      115.9 100.4

      0.0 -

      3.6 4.7

      500.4 630.3

      -61.9 -42.2

      -26.4 -32.2

      -111.9 -103.1

      - -

      -0.7 -0.7

      -200.9 -178.2

      299.6 452.0

      308.7 438.3

      14.0 31.9

      -14.0 -35.0

      -0.0 -3.1

      11.9 16.7

      2,265.6 2,341.8

      -1,945.1 -1,889.9

      320.5 451.9

      	14.7 -22.2	21.7 -27.4

      1. including income from related parties

      2. including interests in related parties

2. Notes to the Financial Statements

Financial investments

In 2025, bioMérieux SA subscribed to several equity investments and capital increases in its portfolio for a total amount of €194.4 million, including the acquisition of the entire share capital of

SpinChip Diagnostics for NOK 1.3 billion (€112.3 million) and the capital increase of some of its subsidiaries for €77.9 million.

These events are detailed in Note 4.4.

Employee share ownership plan

In 2025, eligible Group employees participated in a private placement within an employee share ownership plan called "MyShare." Employees benefited from a share subscription price of €91.84 discounted by 20% compared with the reference price (€114.8) and a matching employer contribution of 100% of the subscription amount up to a maximum of €450 per employee. Group employees subscribed to 177,262 shares (of which 113,556 shares by French employees). The Company issued 203,210 shares to employees (of which 129,492 shares for French

employees) taking into account the discount and the matching employer contribution. The cost of the plan for French employees, as recorded in operating income, is €4.8 million. The cost of the plan for employees of other Group companies has been fully passed on to the subsidiaries and has no impact on operating income. The difference between the reference share price (€114.8) and the cost price (€100.27) of the 203,210 shares granted to the Group's employees represents a gain €3 million in financial income.

Significant subsequent events

General framework

Intangible assets

1. Accounting principles

   Pursuant to ANC Regulation 2015-06, technical merger losses were allocated in January 2016 to specific intangible asset accounts relating to acquired goodwill, such as commercial goodwill, technology and customer relations.

   Historical goodwill and assets originating from the allocation of technical merger losses are not stand-alone items able to generate cash flow on their own. They are intrinsically attached to production plants, to the R&D supporting the acquired product line, to technology and to the sales forces that help move products through all the Group's distribution channels.

   Acquired goodwill is therefore grouped together with the other assets of the technological range to which they are linked in order to constitute a homogeneous and stand-alone range. In practice, tests are performed to group together assets that serve

   the same client typology (industrial microbiology laboratories) or health issue (pathology/detection of pathogens: microbiology, molecular biology or immunoassays). An impairment test is carried out systematically based on asset groups close to the groups identified at Group level (CGU) when analysis shows them to be fungible (monitoring and pooled management of acquired goodwill by technological product line and customer type).

   At each fiscal year-end, the net value of the asset groups thus identified is compared with the current value of assets as determined from the discounted net cash flows generated by these assets (including acquired goodwill). An impairment is recorded if a loss of value is observed.

   Lastly, no borrowing costs are included in the acquisition cost of intangible assets.

2. Change

   1. Gross value

      Gross valueIn millions of euros	Gross amount at the beginning of the fiscal year	Increases	Decreases	Gross amount at year-end
      Development expenses	14.2	-	-	14.2
      Concessions, patents, licenses, trademarks, processes, information technology solutions, rights, and similar assets	182.8	129.9	-34.4	278.2
      Goodwill	142.0	-	-10.0	131.9
      Other intangible assets	5.4	-	-	5.4
      Intangible assets under construction, advances and deposits	2.6	1.9	-2.3	2.1
      TOTAL INTANGIBLE ASSETS	346.9	131.7	-46.8	431.9

      The increases for the period are broken down as follows:

      In millions of euros	items	Acquisitions	Creations
      Concessions, patents, licenses, trademarks, processes, information technology solutions, rights, and similar assets	2.1	127.8	-
      Intangible assets under construction, advances and deposits	-	1.2	0.7
      TOTAL INTANGIBLE ASSETS	2.1	129.0	0.7

      Increases for the year

      Transfers between

      Breakdown of increases

      Additions

      In 2025, bioMérieux SA acquired the intellectual property rights to the technologies of SpinChip Diagnostic ASA for €105.3 million and Day Zero Diagnostics for €18.1 million.

      SpinChip Diagnostics ASA technology consists of the development of a high-performance point-of-care immunoassay system, specifically designed for the detection of myocardial infarction.

      Day Zero Diagnostics has developed innovative technologies that integrate sample preparation directly from whole blood, sequencing, and advanced identification and antibiotic susceptibility testing (ID/AST).

      The decreases for the period are broken down as follows:

      In millions of euros	items	Disposals	Discontinuation
      Concessions, patents, licenses, trademarks, processes, information technology solutions, rights, and similar assets	-	-0.3	-34.1
      Goodwill	-	-	-10.0
      Intangible assets under construction, advances and deposits	-2.3	-	-
      TOTAL INTANGIBLE ASSETS	-2.3	-0.3	-44.1

      Decreases for the fiscal year

      Transfers between

      Breakdown of decreases

      Disposals

      The decommissioning of patents and IT solutions concerns obsolete or terminated licenses, software, and IT projects.

      The discontinuation of the NUCLISENS® range commercialization resulted in the write-off of goodwill for a gross amount of €10 million, fully depreciated

   2. Amortization

      Amortization In millions of euros	Duration of use	Amortization method	Accumulated amortization at the beginning of the year	Increases: allocations	Decreases	Total accumulated amortization at year-end
      Development expenses	2 to 5 years	Straight-line	14.2	-	-	14.2
      Concessions, patents, licenses, trademarks, processes, information technology solutions, rights, and similar assets	1 to 20 years	Straight-line	148.9	16.6	-34.4	131.1
      Other intangible assets	1 to 15 years	Straight-line	4.3	0.3	-	4.7
      TOTAL INTANGIBLE ASSETS			167.4	17.0	-34.4	150.0

      Amortization expenses for the period are broken down as follows:

      Breakdown of allocations

      Allocations for the fiscal year	On items amortized on a straight-line	On items amortized Non-recurring using another allocations
      In millions of euros	basis	method
      Concessions, patents, licenses, trademarks, processes,	16.6	-	-
      information technology solutions, rights, and similar assets
      Other intangible assets	0.3	-	-
      TOTAL INTANGIBLE ASSETS	17.0	-	-
      Amortization reversals are explained as follows:
      Breakdown of decreases
      Decreases for the fiscal year
      In millions of euros	Items sold	Discontinued items
      Concessions, patents, licenses, trademarks, processes,	-0.3	-34.1
      information technology solutions, rights, and similar assets
      TOTAL INTANGIBLE ASSETS	-0.3	-34.1

   3. Impairment losses

      Impairment In millions of euros	Impairment at the beginning of the year	Increases: allocation	Decreases: reversals	Impairment at year-end
      Concessions, patents, licenses, trademarks, processes, information technology solutions, rights, and similar assets	1.5	-	-1.5	0.0
      Goodwill	10.0	-	-10.0	-
      TOTAL INTANGIBLE ASSETS	11.5	-	-11.5	0.0

   4. Technical losses

      Technical merger losses are allocated as follows:

      In millions of euros	Gross value	Amortization	Net value
      AES CHEMUNEX
      Goodwill	111.0	-	111.0
      Technology	6.4	4.7	1.6
      Customer relationships	5.4	4.7	0.7
      Total AES Chemunex	122.8	9.4	113.4
      ARGENE
      Goodwill	19.4	-	19.4
      Technology	11.5	11.1	0.4
      Total Argene	30.9	11.1	19.8
      CEERAM
      Technology	2.4	2.4	-
      Total Ceeram	2.4	2.4	-
      TOTAL	156.1	23.0	133.2

      Goodwill impairment tests were performed on AES Chemunex and Argene No indication of loss of value has been identified.

Property, plant and equipment

1. Accounting principles

   Property, plant and equipment are shown on the balance sheet at purchase or production cost.

   In accordance with the asset recognition rules in effect since January 1, 2005, components whose cost is significant in relation to the total cost of the main asset are recognized and depreciated separately if their useful life is not the same as that of the main asset.

   The only property, plant and equipment to which this method applies are buildings.

   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 the net book value exceeds the recoverable amount, an impairment loss is recognized to reduce the assets to their realizable value.

   Most capitalized instruments are installed at customers' sites.

   Lastly, no borrowing costs are included in the acquisition cost of property, plant and equipment.

2. Change

   1. Gross value

      Gross value In millions of euros	Gross amount at the beginning of the fiscal year	Increases	Decreases	Gross amount at year-end
      Land	22.1	1.4	-	23.5
      Buildings	356.9	11.6	-3.2	365.4
      Technical installations, industrial equipment and tools	387.7	27.0	-10.9	403.8
      Other property, plant and equipment	71.1	2.8	-3.1	70.8
      Property, plant and equipment under construction, advances, and deposits.	66.6	80.7	-22.2	125.1
      TOTAL PROPERTY, PLANT AND EQUIPMENT	904.4	123.6	-39.3	988.7

      The increases for the period are broken down as follows:

      Breakdown of increases

      Increases for the year Transfers between Additions
      In millions of euros	items	Acquisitions	Creations
      Land	0.2	1.3	-
      Buildings	7.8	3.8	-
      Technical installations, industrial equipment and tools	13.6	4.2	9.2
      Other property, plant and equipment	0.9	1.9	-
      Property, plant and equipment under construction, advances, and deposits.	-	80.5	0.2
      TOTAL PROPERTY, PLANT AND EQUIPMENT	22.5	91.7	9.4

      Increases during the period mainly include investments made in the production of BioFire and SpotFire reagents at the La Balme site for €32.6 million, the construction of a new building in Marcy

      The decreases for the period are broken down as follows:

      dedicated to molecular biology for €11.8 million, and the construction of a research and development building in Grenoble for €9.3 million.

      Breakdown of decreases

      In millions of euros	items Disposals		Discontinuation
      Buildings	- -		-3.2
      Technical installations, industrial equipment and tools	- -3.8		-7.1
      Other property, plant and equipment	- -0.2		-2.9
      Property, plant and equipment under construction, advances, and deposits.	-22.2	-	-
      TOTAL PROPERTY, PLANT AND EQUIPMENT	-22.2	-4.0	-13.1

      Decreases for the fiscal year

      Transfers between

      Disposals

      In 2025, an amount of €22.2 million in property, plant and equipment under construction at the beginning of the fiscal year was brought into service, consisting mainly of production lines and industrial equipment.

   2. Amortization

      Amortization In millions of euros	Duration of use	Amortization method	Accumulated amortization at the beginning of the year	Increases: allocations	Decrea- ses	Accumulated amortization at the balance sheet date
      Land	N/A	N/A	1.5	0.1	-	1.6
      Buildings	10 to 40 years	Straight-line	218.6	15.6	-3.2	231.0
      Technical installations, industrial equipment and tools	3 to 10 years	Straight-line	252.2	27.0	-9.2	270.1
      Other property, plant and equipment	3 to 10 years	Straight-line	56.5	4.3	-2.9	58.0
      Property, plant and equipment under construction, advances, and deposits.	N/A	N/A	-	-	-	-
      TOTAL PROPERTY, PLANT AND EQUIPMENT			528.8	47.0	-15.2	560.7

      Amortization expenses for the period are broken down as follows:

      Breakdown of allocations
      Allocations for the fiscal year In millions of euros	On items amortized on a straight-line basis	On items amortized Non-recurring using another method allocations
      Land	0.1	- -
      Buildings	15.6	- -
      Technical installations, industrial equipment and tools	27.0	- -
      Other property, plant and equipment	4.3	- -
      TOTAL PROPERTY, PLANT AND EQUIPMENT	47.0	- -
      Amortization reversals are explained as follows:
      		Breakdown of decreases
      Decreases for the fiscal year		Items sold Items taken out
      In millions of euros			of service
      Buildings	-		-3.2
      Technical installations, industrial equipment and tools	-2.0		-7.1
      Other property, plant and equipment	-		-2.9
      TOTAL PROPERTY, PLANT AND EQUIPMENT	-2.0		-13.1

   3. Impairment losses

      Impairment In millions of euros	Impairment at the beginning of the year	Increases: allocation	Decreases: reversals	Impairment at year-end
      Buildings	0.7	-	-0.3	0.4
      Technical installations, industrial equipment and tools	1.4	0.9	-0.4	2.0
      TOTAL PROPERTY, PLANT AND EQUIPMENT	2.1	0.9	-0.7	2.4

Non-current financial assets

1. Accounting principles

   Non-current financial assets are recognized at their purchase price.

   An impairment loss is recognized on equity investments whenever their value in use falls below their acquisition cost. Value in use is initially estimated at the net book value of the subsidiary's assets at the closing date. This may be adjusted to reflect the value of any unrecognized identifiable assets (particularly real estate or technologies). Depending on the economic and financial condition of the subsidiary, value in use may also be estimated taking account of sales, borrowings and any associated technological assets and real estate. Given the specific nature of certain investments, in some cases value in use may be measured by estimating the enterprise value based on discounted future cash flows or on observable market financial inputs.

   Non-controlling interests held in unlisted companies are measured based on various criteria including the economic outlook, the net equity of the investment or the valuation used based on recent investments in these shares.

   Other investments are subjected to impairment whenever their market value falls below cost. The market value of listed securities corresponds to the average trading price during the last month of the fiscal year.

   Other non-current financial assets include treasury shares purchased under a liquidity agreement with an investment firm for the specific purpose of maintaining an orderly market in the Company's shares. Treasury stock is measured at its average trading price during the last month of the fiscal year.

2. Change

   1. Gross value

      Gross value In millions of euros	Gross amount at the beginning of the fiscal year	Increases	Decreases	Gross amount at year-end
      Equity investments	1,161.8	192.6	-	1,354.5
      Receivables from equity investments	6.2	2.9	-3.9	5.2
      Other financial assets	186.0	2.4	-0.1	188.3
      Other non-current financial assets	0.6	0.1	-0.1	0.6
      TOTAL NON-CURRENT FINANCIAL ASSETS	1,354.6	198.0	-4.1	1,548.5

      Acquisition of SpinChip Diagnostics ASA

      In 2025, bioMérieux SA acquired the entire Norwegian company SpinChip Diagnostics ASA for NOK 1.3 billion, or €112.3 million. During the previous year, bioMérieux SA acquired a stake in this company for NOK 115 million (€9.9 million), and subscribed to a capital increase of NOK 12 million (€1 million).

      Financial support to subsidiaries and minority interests

      In 2025, bioMérieux SA subscribed to several capital increases of its subsidiaries, totaling €77.9 million, to support their commercial activities, acquisitions, and address cash difficulties stemming from currency devaluations:

      • bioMérieux China for $44.7 million, i.e. €38.3 million;

      • bioMérieux Egypt for €13 million;

      • bioMérieux Argentina for €8 million;

      • bioMérieux Colombia for $7 million, i.e. €6 million;

      • bioMérieux Brazil for 36.9 million Brazilian reals, i.e. €5.9 million;

      • bioMérieux Nigeria for an amount of €3.4 million, through the conversion of debts into capital;

      • bioMérieux Chile for €2.5 million;

      • bioMérieux Regional Headquarters in Saudi Arabia, for an amount of SAR 3 million (€0.7 million).

        Additionally, bioMérieux SA also participated in the capital increase of Aurobac Therapeutics SAS for an amount of €2.5 million.

        Transactions relating to fixed assets

        bioMérieux SA acquired a €1.3 million stake in Plair, thereby strengthening its commitment to real-time microbial detection and air sampling solutions for the pharmaceutical industry.

        Lastly, bioMérieux SA invested €0.4 million in Allergen Alert, a company working on the design of a system for non-professionals to quickly and reliably test for allergens in food.

   2. Impairment losses

      Impairment losses In millions of euros	Impairment at the beginning of the year	Increases: allocation	Decreases: reversals	Impairment at year-end
      Equity investments	119.9	43.3	-0.0	163.1
      Receivables from equity investments	1.1	-	-1.1	-
      Other financial assets	62.2	16.5	-0.1	78.7
      TOTAL NON-CURRENT FINANCIAL ASSETS	183.1	59.8	-1.2	241.8

      Allocations to impairment of equity investments amounted to

      €43.3 million over the fiscal year, and relate to impairment of the shares in the subsidiaries bioMérieux China for €33 million, bioMérieux Egypt for €7.6 million, and bioMérieux Nigeria for

      €2.6 million.

      Allocations to impairment of other fixed assets relate to impairment of the shares of Oxford Nanopore Technologies for €16.5 million (impairment losses calculated on the basis of the December 2025 stock exchange price compared to the acquisition price).

3. List of subsidiaries and minority interests

Accounting principles

Inventories are measured at the lower of cost and net realizable value.

Inventories of raw materials, consumables and goods for resale 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.

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

Accounting principles

Receivables are recognized at face value. An impairment loss is recognized when there is a risk of non-recovery.

Change

Accounting principles

Cash and cash equivalents include available cash and short-term investments.

Changes in the cash pool are valued at the average monthly exchange rate. Cash pooling accounts are remeasured at the end of the month at the closing rate. This remeasurement is offset by an entry to financial income and expense reflecting currency hedges related to these positions.

Change

Accounting principles

In application of regulation ANC 2015-05, income and expenses in foreign currencies are recognized at their value in euros on the transaction date based on the average monthly exchange rate. Foreign exchange gains or losses on commercial transactions that result from differences in rates between the transaction date and the settlement date are recognized on the corresponding line in the profit & loss statement (sales and purchases).

Receivables and payables in foreign currencies are converted based on their exchange rate on the closing date of the fiscal year. Differences resulting from this valuation were recognized under unrealized translation differences. Provisions are created for unrealized translation differences (losses) and are recognized in income (sales and purchases) whenever the receivable or payable is related to a business transaction.

When, for business transactions with relatively close maturities, unrealized foreign exchange gains and losses may be considered as contributing to an overall currency position, the amount added to the provision for exchange rate risks is capped at the excess of losses over gains. This estimate of losses factors in, when applicable, the hedge rate on the derivatives covering such transactions.

Foreign exchange gains and losses concerning financial flows are recognized in financial income and expenses. Translation differences concerning cash pooling are recognized in income, as are hedging instruments, symmetrically with the hedged item.

Translation differences - losses

Translation differences - gains

Accounting principles

As of December 31, 2024, the Company applies ANC Regulation 2024-02 on the recognition of energy efficiency certificates. Energy savings certificates are now recognized in operating income at the disposal date, and those prior to 2024 have been reclassified as retained earnings for an amount of €1.5 million.

Change in equity

The Company's share capital amounted to €12,029,370 at December 31, 2025 and was divided into 118,361,220 shares with a total of 152,167,288 voting rights (of which 75,630,589 shares carry double voting rights). Following a decision taken by the Annual General Meeting of March 19, 2001, the Company's articles of association no longer refer to a par value for its shares. No rights or securities with a dilutive impact on capital were outstanding at December 31, 2025.

The following table presents the Company's free share grant plans:

At December 31, 2025, the Company held:

• 41,528 treasury shares under a liquidity agreement with an outside firm. In 2025, the Company purchased 1,101,650 and sold 1,097,784 treasury shares;

• 331,541 treasury shares were purchased as part of a hedging program for the various free share grant plans and employee share ownership plans. At December 31, 2025, these shares were not specifically allocated to one plan. In 2025, the Company purchased 375,000 shares and awarded 445,519.

  Date on which plans opened					Total
  Number of shares	2022	2023	2024	2025
  Initial number of options granted	272,218	287,538	406,257	369,255	1,335,268
  Options canceled	-29,909	-37,903	-61,366	-110,995	-240,173 (a)
  Number of shares remitted over the period	-242,309	-	-	-	-242,309
  NUMBER OF SHARES TO BE REMITTED AT THE BALANCE SHEET DATE	-	249,635	344,891	258,260	852,786

  (a) Of which 77,719 shares canceled due to employee departures and 162,454 shares canceled due to assumptions that performance criteria would be met.

  Between 2022 and 2025, the Board of Directors granted free shares to certain employees and corporate officers. These plans specify that the free shares will have a vesting period of three years. Vesting conditions are related to continuous employment conditions and performance criteria subject to the achievement of objectives based on revenue and contributive operating income before non-recurring items, growth in these indicators,

  or the achievement of specific non-financial objectives. The performance shares are no longer subject to a lock-up period if the vesting period is at least two years. The lock-up period may be waived for shares granted to non-French tax residents provided that the shares concerned are subject to a three-year vesting period.

  In 2025, after taking into account all free shares that were re-invoiced, a net expense of €19.3 million was recognized in operating income, compared to a net expense of €11.7 million the previous year.

  At December 31, 2025, the company considered that the performance criteria would be met for 852,786 free shares.

  However, 162,454 free shares are considered canceled due to the risk of the performance criteria will not be met.

  With the 331,541 treasury shares held at December 31, 2025, the Company will have to purchase a maximum of 521,245 additional shares at a cost of €57 million, based on the share price at December 31, 2025, to cover existing plans.

Change in regulated provisions and investment grants

Change

Provisions for pensions and other post-employment benefits

Statement of changes in net debt

The statement of changes in net debt includes all changes in borrowings and financial debts, regardless of maturity, net of cash and short-term bank borrowings.

It lists separately:

• cash flows from operating activities;

• cash flows from investment activities;

• cash flows relating to shareholders' equity.

  Cash flow from operating activities for the fiscal year corresponds to the aggregate of net income, depreciation and amortization, net additions to provisions (impairment and contingencies and losses), less capital gains or losses on disposals of fixed assets.

  Net debt corresponds to the Company's financial situation with regard to financing third parties outside of operating payables. This aggregate is determined by the sum of bond and banking debt (short-, medium- and long-term) and current accounts in credit, less cash, investment securities and current accounts in debit.

  Table of changes in net debt In millions of euros	12/31/2025	12/31/2024
  Net income	320.5	451.9
  Net change in amortization, impairment and provisions	92.5 (a)	90.1 (b)
  Gains and losses on Corporate actions	10.0	0.4
  Cash flow from operating activities	423.0	542.3
  Change in inventories	-8.6 (c)	27.5
  Change in trade receivables	-33.0 (d)	-28.1
  Change in trade payables and other operating working capital	-1.9	116.8
  Change in operating working capital requirement	-43.5	116.1
  Change in receivables, net of tax	-16.5 (e)	-1.7
  Total change in working capital requirement	-60.0	114.5
  Net cash from operating activities	362.9	656.8
  Capital expenditure	-230.7 (f)	-84.5
  Income from sales of fixed assets	2.0	2.5
  Change in net trade payables on fixed assets	4.9	-1.0
  Acquisition of equity investments, subscr. to capital increases net of reductions	-192.7 (g)	-168.9 (h)
  Net change in advances and loans to subsidiaries	3.2 (i)	12.2
  Net change in other non-current financial assets	-3.4	0.4
  Net cash flows from (used in) investment activities	-416.7	-239.3
  Dividends paid	-106.1	-100.2
  Capital expenditure subsidy		0.1
  Merger		0.4
  Net cash used in shareholders' equity	-106.1	-99.8
  Change in net debt (excluding exchange rate impact)	-159.9	317.7
  Breakdown of change in net debt
  Net debt at beginning of year	50.3	368.3
  Impact of changes in exchange rates on net debt	0.7	-0.3
  Impact of impairments of cash and cash equivalents	0.1	0.1
  Change in net debt	159.9	-317.7
  	6.0	-0.3
  	153.9	-317.4
  NET DEBT AT END OF YEAR	210.9	50.3

  • Committed debt

  • Cash and bank overdrafts

  1. Including amortization and impairment of property, plant, and equipment and intangible assets for €52.7 million, provisions for risks on securities of €55.9 million, deferred expenses of €0.1 million, net reversals of inventory impairment losses of €0.3 million, net reversals of provisions for risks and charges of €1.7 million, and impairment losses on receivables of €14.3 million.

  2. Including amortization and impairment of property, plant and equipment and intangible assets (€58 million), additions for risk on securities (€27.5 million), net additions to regulated provisions (€5.1 million), net additions to provisions for contingencies and losses (€5.1 million), net reversals of impairment of inventories (-€2.6 million) and impairment of receivables (-€2.9 million).

  3. Including an increase in inventories of €13.9 million.

  4. Including increases in Group trade receivables of €25.8 million, export trade receivables of €4.8 million, and domestic trade receivables of €2.3 million.

  5. Including a provision for the 2025 research tax credit of €15.9 million and tax disbursements of €4 million.

  6. Including property, plant and equipment for -€101.1 million (see Note 4.3) and intangible assets for -€129.7 million (see Note 4.2).

  7. Including acquisition of an equity investment in SpinChip Diagnostic ASA of -€112.3 million, capital increases in subsidiaries of -€77.9 million (detailed in Note 4.4) and subscription to the capital increase of Aurobac Therapeutics SAS of -€2.5 million.

  8. Including capital increases for subsidiaries of -€123.7 million, acquisition of an equity investment in bioMérieux Mexico of -€24.7 million, SpinChip Diagnostics ASA of -€10.9 million, Lumed Inc. of -€9.1 million, and release of capital in bioMérieux Nigeria of -€0.4 million.

  9. Including repayment of the intra-group loan to bioMérieux Egypt of €3.2 million.

Debt refinancing

At December 31, 2025, bioMérieux SA had a syndicated credit facility of €600 million. This syndicated credit facility matures in March 2028 (5 years). Following the exercise of two extension options in February 2024 and January 2025, its maturity was extended to 2030. On February 12, 2024, bioMérieux amended this syndicated credit facility agreement to include a margin adjustment mechanism based on the achievement of four Environmental, Social and Governance metrics. This syndicated credit facility has not been drawn on at December 31, 2025.

A €200 million Euro PP bond issue was launched in June 2020. It consists of two tranches, including a 10-year €55 million tranche at a rate of 1.902% and a seven-year €145 million tranche at a rate of 1.5%.

This syndicated credit facility and the Euro PP bond are subject to the following covenant: bioMérieux Group net debt may not exceed 3.5 times operating income before non-recurring items (EBITDA) before depreciation/amortization and acquisition-related costs. The Company complied with this covenant at December 31, 2025.

bioMérieux SA also has negotiable debt securities amounting to

€16 million at December 31, 2025, compared with €10 million at December 31, 2024.

Change

(a) Of which negotiable debt securities amounting to €16 million at December 31, 2025, compared with €10 million at December 31, 2024.

Debt schedule

Accounting principles

Revenue from product sales (reagents and instruments) and related services (after-sales, training, delivery, etc.) are presented in "Sales" on the profit & loss statement.

Sales arising from the sale of products is recognized when all of the following criteria have been satisfied:

• the significant risks and rewards of ownership have been transferred to the buyer;

• the Company no longer has a continuing involvement in the effective control over the goods sold;

• the revenue and the costs incurred or to be incurred in relation to the transaction can be measured reliably;

• it is probable that the economic benefits associated with the transaction will flow to the Company.

  These criteria are satisfied when reagents are delivered and when sold instruments are installed.

  In the case of services (training, after-sales service, etc.), sales are recognized only after the services have been rendered. Revenue from instrument maintenance contracts is deferred and recognized on the basis of the elapsed portion of the service contract.

  Sales are 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 sales.

Change

Change

Pursuant to the statutory formula, the taxable net income for the 2025 fiscal year did not yield any amount in employee profit sharing.

Compensation allocated to members of administrative, management and supervisory bodies and senior management bodies (Company directors and members of the Executive Committee who are employees of the Company) in respect of their duties for the fiscal year consisted of fixed and variable compensation of

€9.5 million and directors' fees of €0.4 million.

Headcount

Accounting principles

Dividends received are recognized net of withholding taxes applicable in the country of origin.

Change

1. Including a net addition of €16.5 million for other fixed assets in 2025 (versus €27.3 million in 2024), and €10.2 million for equity investments in 2025 (versus

   €0.8 million in 2024).

2. Including bioMérieux Inc. dividend payment of €303.8 million in 2025 (vs. €429.5 million in 2024). Dividends received from subsidiaries are described in the list of subsidiaries and minority interests in Note 4.4.3.

3. Including a net financial expense of €8.1 million in interest on cash pooling (vs. €6.8 million in 2024).

Foreign exchange gains and losses

Breakdown and changes in corporate income tax

Corporate income tax in 2025 showed net income of €11.9 million, versus a net income of €16.7 million the previous year.

Tax credits and reductions

The Company recognized several tax credits for 2025 totaling €20.7 million.

Net income for the year excluding provisions recognized for tax purposes