Bonduelle ScaEURONEXT: BON

Consolidated Financial Statement at June, 2026

Oct 5, 2026 at 8:33 AM UTC · Issued by Bonduelle Sca

BONDUELLE 1

Chapter 5

Consolidated financial statements

5.1 Consolidated income statement

5.2 Consolidated balancesheet

5.3 Consolidated statement of cas hflows

5.4 Changes in consolidate dshareholders' equity

Notes to the annual consolidated financial statements 7
Statutory auditors 'report on the consolidated financial

statements 47

FOR MORE INFORMATION, PLEASE VISIT: BONDUELLE.COM

2,186

million euros of sales

consolidated entities

3.6%

of current operating margin

2 BONDUELLE

‌This document is a free translation into English and has no other value than an informative one. Should there be any difference between the French and the English version, only the French-language version shall be deemed authentic and considered as expressing the exact information published by Bonduelle.

CONSOLIDATED INCOME STATEMENT

(In thousands of euros)	Notes	At 2025/06/30	At 2026/06/30
Net sales	6.1	2,203,761	2,186,166
Purchases and external expenses	6.2	(1,568,031)	(1,560,913)
Employee benefits expenses	7.1	(470,320)	(459,181)
Depreciation, amortization and impairment		(85,195)	(81,652)
Other operating income	6.3	34,320	29,032
Other operating expenses	6.3	(30,768)	(33,841)
Current operating income	6.1	83,767	79,610
Non-recurring items	6.4 & 6.1	(10,799)	(47,272)
Operating income	6.1	72,968	32,338
Cost of net debt		(27,658)	(22,881)
Other financial income and expenses		(7,474)	(6,354)
Net financial income	8.2	(35,132)	(29,235)
Net income from associates	4.2	1,977	4,337
Income before tax		39,813	7,439
Income tax	9.1	(20,093)	(24,361)
Net income from continuing operations		19,720	(16,921)
Net income from discontinued operations		(31,198)	33,093
CONSOLIDATED NET INCOME		(11,478)	16,171
- Attributable to owners of the company		(11,478)	16,171
- Attributable to non-controlling interests		0	0
BASIC EARNINGS PER SHARE	10	(0.36)	0.51
DILUTED EARNINGS PER SHARE	10	(0.34)	0.48

Gains and losses recognized directly in equity

(in thousands of euros)	At 2025/06/30	At 2026/06/30
Net income for the period	(11,478)	16,171
Items that may be reclassified subsequently to P&L	(12,951)	9,780
Cash flow hedge	(2,589)	3,216
Translation adjustments	(11,031)	7,395
Tax effects	669	(831)
Items that may not be reclassified subsequently to P&L	(400)	1,281
Actuarial gains and losses on defined benefit plans	(532)	1,732
Tax effects	132	(451)
Unrealized gains and losses on financial assets	0	0
Income and expenses recognized directly in equity	(13,352)	11,061
TOTAL RECOGNIZED INCOME AND EXPENSES	(24,830)	27,232
- of which attributable to owners of the Company	(24,830)	27,232
- of which attributable to non-controlling interests	0	0

‌CONSOLIDATED BALANCE SHEET

Assets

(in thousands of euros)	Notes	At 2025/06/30	At 2026/06/30
Non-current assets	6.1	872,740	847,056
Other intangible assets	11.2	49,772	48,667
Goodwill	11.1	228,426	195,371
Property, plant and equipment	11.3	366,249	373,665
Rights of use	11.4	98,648	98,674
Investments in associates	4.2	95,428	100,723
Other non-current financial assets	8.4	2,593	2,989
Deferred tax	9.1	18,269	13,959
Other non-current assets	8.3	13,355	13,007
Current assets		1,119,479	1,087,065
Inventories and work-in-progress	6.5	768,283	749,494
Trade and other receivables	6.6	284,969	288,051
Tax receivables		8,264	11,501
Other current assets	8.3	9,623	5,662
Other current financial assets	8.3	2,047	1,237
Cash and cash equivalents	8.6	10,798	31,121
Current assets excluding assets held for sale		1,083,984	1,087,066
Assets held for sale	5.2	35,496	0
TOTAL ASSETS		1,992,220	1,934,122

Liabilities

(in thousands of euros)	Notes	At 2025/06/30	At 2026/06/30
Shareholders' equity (group share)		609,313	627,512
Share capital		57,103	57,103
Additional paid-in capital		40,103	40,103
Consolidated reserves		512,108	530,306
Non-controlling interests		(18)	(18)
Shareholders' equity		609,295	627,494
Non-current liabilities		427,653	431,436
Financial liabilities	8.6	278,870	280,276
Lease liabilities	8.6	89,261	90,112
Employee benefit obligations	7.2	22,711	21,706
Other non-current provisions	12.1	7,501	11,287
Deferred taxes	9.1	116	3,924
Other non-current liabilities	8.3	29,194	24,132
Current liabilities		955,272	875,191
Current financial liabilities	8.6	198,914	220,358
Current lease liabilities	8.6	17,167	19,817
Current provisions	12.1	15,806	7,810
Trade and other payables	6.7	636,842	624,151
Tax payables		726	2,453
Other current liabilities	8.3	564	602
Current liabilities excluding liabilities related to assets held for sale		870,019	875,191
Liabilities related to assets held for sale	5.2	85,254	0
TOTAL LIABILITIES		1,992,220	1,934,122

‌CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands of euros)	Notes	At 2025/06/30	At 2026/06/30
Net income from continuing operations		19,720	(16,921)
Share of net income from associates		(1,977)	(4,337)
Depreciation, amortization and impairment		86,512	114,860
Other non-cash items		(513)	(5,182)
Deferred tax	9.1	5,142	7,581
Accrued interest		230	(272)
Gross cash flows from operating activities		109,114	95,729
Change in working capital requirement	6.5 & 6.6 & 6.7	(11,941)	5,797
Net cash flows from operating activities from continuing operations		97,173	101,526
Net cash flows from operating activities from discontinued operations	5	(29,675)	(2,564)
Net cash flows from operating activities		67,498	98,962
Acquisitions of consolidated companies, net of cash and cash equivalents		0	0
Disposals of consolidated companies, gross of cash and cash equivalents disposed of		4,839	30,628
Acquisitions of property, plant and equipment and intangible assets 1	11.2 & 11.3	(82,325)	(69,321)
Acquisitions of financial assets		0	0
Disposals of property, plant and equipment and financial assets 2		1,960	7,889
Net change in loans and other non-current financial assets		(84)	523
Net cash flows from (used in) investing activities from continuing operations		(75,610)	(30,281)
Net cash flows from (used in) investing activities from discontinued operations	5	12,789	0
Net cash flows from (used in) investing activities		(62,821)	(30,281)
Transactions with non-controlling interests		102	0
(Acquisition) Disposal of treasury shares		636	(626)
Increase in non-current financial liabilities	8.6	5,000	69,605
Decrease in non-current financial liabilities	8.6	(68,998)	(66,323)
Increase in current financial liabilities	8.6	59,926	1,431
Decrease in current financial liabilities	8.6	(809)	(26,432)
Increase (Decrease) in lease liabilities	8.6	(20,530)	(21,318)
Dividends paid to group and minority Shareholders		(6,675)	(8,654)
Net cash flows from (used in) financing activities from continuing operations		(31,349)	(52,316)
Net cash flows from (used in) financing activities from discontinued operations	5	22,239	0
Net cash flows from (used in) financing activities		(9,110)	(52,316)
Impact of exchange rate changes		(981)	3,958
CHANGE IN CASH AND CASH EQUIVALENTS		(5,414)	20,322
- Cash and cash equivalents - opening balance		16,212	10,798
- Cash and cash equivalents - closing balance		10,798	31,121
CHANGE IN CASH AND CASH EQUIVALENTS		(5,414)	20,322

Investments correspond to the acquisitions of property, plant and equipment and intangible assets described in notes 3.4.1.2 and 3.4.2 plus the change in related trade payables presented in note 6.7.
Disposals of fixed assets correspond to the proceeds received less advances and down-payments on fixed assets.

‌CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY

(in thousands of euros)	In number of shares	Capital	Additional paid-in capital	Actuarial gains and losses	Treasury shares	Translation reserves	Accumulated income	Sharehol- ders' equity (group share)	Non-control- ling interests	Total Share-holders' equity
Shareholders' equity at June 30, 2024	32 630 114	57,103	40,103	(1,514)	(10,099)	(108,220)	662,784	640,157	(9)	640,148
Income recognized directly through equity	-	-	-	(400)	-	(11,031)	(1,920)	(13,352)	-	(13,352)
Net income at 2025/06/30	-	-	-	-	-	-	(11,478)	(11,478)	-	(11,478)
Free allocation of shares	-	-	-	-	-	-	19	19	-	19
Puts on non-controlling interests	-	-	-	-	-	-	-	-	-	-
Change in scope	-	-	-	50	-	-	-	50	-	50
Treasury Shares	-	-	-	-	495	-	104	599	-	599
Other	-	-	-	-	-	-	(8)	(8)	(10)	(17)
Dividends paid	-	-	-	-	-	-	(6,675)	(6,675)	-	(6,675)
Shareholders' equity at June 30, 2025	32 630 114	57,103	40,103	(1,865)	(9,604)	(119,251)	642,827	609,313	(18)	609,295
Income recognized directly through equity	-	-	-	1,281	-	7,395	2,385	11,061	-	11,061
Net income at 2026/06/30	-	-	-	-	-	-	16,171	16,171	-	16,171
Free allocation of shares	-	-	-	-	-	-	(490)	(490)	-	(490)
Puts on non-controlling interests	-	-	-	-	-	-	-	-	-	-
Change in scope	-	-	-	(325)	-	-	325	-	-	-
Treasury Shares	-	-	-	-	5	-	(467)	(463)	-	(463)
Other	-	-	-	-	-	-	573	573	-	573
Dividends paid	-	-	-	-	-	-	(8,654)	(8,654)	-	(8,654)
Shareholders' equity at June 30, 2026	32 630 114	57,103	40,103	(909)	(9,600)	(111,856)	652,670	627,512	(18)	627,494

‌NOTES TO THE ANNUAL CONSOLIDATED FINANCIAL STATEMENTS

Content

NOTE 1 1.1.	General information Group information and preparation	8	NOTE 7	Expenses, headcount and employee benefits	21
	methods	8	7.1.	Compensation and workforce	21
1.2.	Accounting framework applied	8	7.2.	Employee benefit obligations	21
			7.3.	Share-based payments	23
NOTE 2	Significant events	8

Disposal of the packaged salad business

2.2.	Conflict in the middle east	8	8.1.	Financial risk management	23
			8.2.	Net financial income	25
NOTE 3	Accounting principles	9	8.3.	Presentation of financial assets and
3.1.	Consolidation methods	9		liabilities by category	27
3.2.	Segment reporting	9	8.4.	Other non-current financial assets	29
3.3.	Translation of transactions denominated		8.5.	Derivative instruments	30
	in foreign currencies and the financial statements of foreign companies	9	8.6.	Net debt	32

in france 8

NOTE 8 Financing and financial instruments 23

Accounting principles for assets and
liabilities 10
Consideration of the effects of climate

change 15

NOTE 4 Scope of consolidation 16

Change in scope of consolidation 16
Associates 16

NOTE 9 Income tax 34

9.1. Income tax 34

NOTE 10 Earnings per share 35

NOTE 11 Intangible assets and

property, plant and equipment 35

			11.1.	Goodwill	35
NOTE 5	Assets Held for Sale and		11.2.	Other intangible assets	37
	Discontinued Operations	16	11.3.	Property, plant and equipment	38
5.1.	Application of IFRS 5	16	11.4.	Rights of use	40
5.2.	Comparative information	17
			NOTE 12	Other provisions and
NOTE 6	Operating data and non-			contingent liabilities	41
	recurring items	17	12.1.	Other provisions	41
6.1.	Segment reporting	17	12.2.	Risks and disputes	42
6.2.	Purchases and external expenses	19	12.3.	Contingent liabilities	42
6.3.	Other operating income and expenses	19
6.4.	Non-recurring items	19	NOTE 13	Other information	43
6.5.	Inventories and work in progress	19	13.1.	Statutory Auditors' fees	43
6.6.	Trade and other receivables	20	13.2.	Related-party transactions	44
6.7.	Trade and other payables	21
			NOTE 14	Subsequent events	45
			NOTE 15	List of group companies	45

‌Note 1 General information‌

GROUP INFORMATION AND PREPARATION METHODS
Listed on Euronext Paris (Compartment B), Bonduelle SCA is a French limited partnership with shares (société en commandite par actions). Bonduelle, a leading player in plant-based food, is in particular a market leader in processed vegetables both within and outside Europe. The Company operates in three business segments: canned, frozen and ready-to-use fresh vegetables (prepared and fresh-cut).
General Management approved the consolidated financial statements under IFRS and authorized the publication of the approved financial statements at June 30, 2026, which will be submitted for approval at the Shareholders' Meeting of December 3, 2026.
The consolidated financial statements of the Bonduelle Group and its subsidiaries ("the group") for the fiscal year 2025-2026 have been prepared in compliance with the IFRS (International Financial Reporting Standards) published by the IASB (International Accounting Standards Board), and whose implementing regulation has been published in the official journal of the European Union.
The notes to the annual consolidated financial statements have been prepared in accordance with IFRS and follow recommendation 2016-09 of the Autorité des normes comptables (ANC - French Accounting Standards Board).
‌The consolidated financial statements and notes to the consolidated financial statements are presented in euros. Unless otherwise indicated, amounts are expressed in thousands of euros and rounded to the nearest thousand. In general, the values presented are rounded to the nearest unit. Consequently, the sum of the rounded amounts may present non-material differences compared to the total reported. In addition, ratios and differences are calculated on the basis of the underlying amounts and not on the basis of the rounded amounts.
‌Note 2 Significant events
‌ACCOUNTING FRAMEWORK APPLIED

Main standards, amendments and interpretations whose application is mandatory as of January 1st, 2025

The main newly effective text applicable to the Group in 2025-2026 is:

- IAS 21, The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability

These amendments have no significant impact on the consolidated financial statements as at 30 June 2026.

Standards, amendments and interpretations that are not mandatory on January 1st, 2026 but may be applied early

The group has not applied the standards, amendments and interpretations published by the IASB early in the consolidated financial statements for the fiscal year 2025-2026 and considers that they would not have material impact on its results and financial position.

Furthermore, the Group is currently assessing the impacts of IFRS 18 - Presentation and Disclosure in Financial Statements, which will become effective for Bonduelle from 1st July 2027. The main expected impacts relate to the presentation of the statement of profit or loss, disclosures regarding Management Performance Measures (MPMs), and certain additional disclosure requirements in the notes to the financial statements. The Group is currently undertaking a number of initiatives to anticipate the implementation of this standard.

DISPOSAL OF THE PACKAGED SALAD BUSINESS IN FRANCE
‌As part of its Transform to Win transformation plan, the Group completed, on 17 July 2025, the disposal of its packaged salad business in France to the LSDH Group, following several years of deteriorating results in this segment.
CONFLICT IN THE MIDDLE EAST

The geopolitical events in the Middle East during 2026 have had an impact on Bonduelle, which has been assessed and is being continuously monitored. The main effects relate to the closure or near-closure of certain export markets, such as Lebanon, as well as higher raw material costs, particularly plastic, whose price is linked to that of oil. In addition, heightened geopolitical tensions worldwide have contributed to increased transportation costs, whether for road freight or maritime container shipping.

‌Note 3 Accounting principles‌

CONSOLIDATION METHODS
The consolidated financial statements fully consolidate the financial statements of all subsidiaries controlled either directly or indirectly by the group.
Control is defined and measured in accordance with IFRS 10, based on three criteria: power of decision, exposure to variable returns, and the relationship between these two.
Full consolidation allows recognition of all of assets, liabilities and income statement items of the companies concerned, after elimination of all intercompany transactions and earnings, with the portion of income and Shareholders' equity attributable to owners of the group companies ("group share") distinguished from the portion concerning the interests of other Shareholders ("non-controlling interests"). All companies over which Bonduelle does not exercise exclusive control yet still exerts significant influence or joint control are accounted for using the equity method.
‌All consolidated companies of the group close their financial statements as of June 30, 2026 with the exception of the following companies: Bonduelle Kuban, Bonduelle do Brasil
SEGMENT REPORTING
Segment data is reported on the basis of the operating segments used for internal reporting purposes, also known as the management approach.
The two operating segments are: Europe Zone and Non-Europe Zone.
‌The Europe Zone covers the following geographical areas: France, Germany, Northern Europe with Benelux, Central Europe with Hungaria and Poland, and Southern Europe formed by Italy and the Iberian Peninsula.
productos alimenticios, Bonduelle Kazakhstan and Agro Rost. All these companies were consolidated on the basis of their accounting position as of June 30, 2026.
Some companies over which the Bonduelle Group has direct, or indirect, control or over which it exercises significant influence, could not be consolidated because they were not deemed to be material.
Companies are included within the consolidation scope with effect from the date on which control or significant influence is acquired.
Companies are deconsolidated with effect from the date on which control or significant influence is lost.
All income and expenses related to subsidiaries acquired or disposed of during the fiscal year are recognized in the consolidated income statement with effect from the acquisition date or until disposal.
All transactions between consolidated companies and intercompany income (including dividends) are eliminated.
The Non-Europe Zone covers Eastern Europe, Asia, the Mercosur, North America and Export markets.
The primary indicators published are those used by the group's Executive Management. For additional information, net sales, depreciation, current operating income, non recurring items, capital expenditures in tangible and intangible assets and non-current assets, including net intangible and tangible assets, are broken down by geographical area, while net sales is also broken down by operating segment.
TRANSLATION OF TRANSACTIONS DENOMINATED IN FOREIGN CURRENCIES AND THE FINANCIAL STATEMENTS OF FOREIGN COMPANIES Translation of transactions denominated in foreign currencies
Transactions denominated in foreign currencies are valued using the exchange rates applicable on the transaction dates. All receivables and liabilities denominated in foreign currencies recognized in the balance sheet at the end of the period are valued at the closing rates. All foreign exchange gains and losses generated by the translation of transactions denominated in foreign currencies are included under the "financial income" and "financial expenses" headings of the income statement, except for those on borrowings denominated in foreign currencies or other instruments used to hedge long-term equity investments in that same currency, which are included on the line "Accumulated translation adjustments" of consolidated Shareholders' equity.
Translation of the financial statements of foreign companies
The balance sheets of companies with a functional currency other than the euro are translated into euros at the official rate at the end of the fiscal period. In each income statement, income and expenses must be translated at the exchange rate at the date of the transactions. For practical reasons, the yearly arithmetic average exchange rate is used to convert income and expense items. However, if exchange rates record significant fluctuations, a calculation method other than the yearly arithmetic average may be used, in line with the seasonality of the business.
The exchange differences resulting from the application of these various foreign exchange rates are included on the line "Accumulated translation adjustments" in the consolidated statement of changes in Shareholders' equity until such time as the foreign holdings to which they pertain are sold or liquidated.

‌ACCOUNTING PRINCIPLES FOR ASSETS AND LIABILITIES

The consolidated financial statements at June 30, 2026 are presented in thousands of euros, and reflect the financial position of the Company and its subsidiaries.

They have been prepared on the basis of historical costs, with the exception of the assets and liabilities discussed below, which are recognized at fair value.

Intangible assets
1. Goodwill
  When shares are acquired in companies that are either fully consolidated or accounted for using the equity method, the cost of acquiring the shares is allocated to the assets, liabilities and contingent liabilities acquired measured at their fair value. Any positive difference between the acquisition cost and the share attributable to owners of the Company in the fair value of the assets, liabilities and contingent liabilities acquired represents goodwill. These differences are presented on the asset side of the consolidated balance sheet under "goodwill" for fully-consolidated companies and under "Investments in associates" for companies accounted for using the equity method.
  Goodwill relating to foreign companies is recognized in the functional currency of the Company acquired.
  Negative goodwill (badwill) is immediately recognized in the income statement as non-recurring items.
2. Other intangible assets
  All separately identifiable brands acquired whose useful life is considered to be indefinite are recognized in the consolidated balance sheet under the heading "Other intangible assets".
  Licenses, patents and any other intangible assets acquired are recognized at their acquisition cost under "Other intangible assets" in the consolidated balance sheet. They are amortized on a straight-line basis in accordance with their projected useful life.
  All development costs must be capitalized as intangible assets when the Company can prove that they will generate future economic benefits and their costs can be identified.
  Development costs for software used within the group are carried as assets in the balance sheet when it is probable that these expenses will generate future economic benefits. These costs are amortized on a straight-line basis over the expected useful life of the software, which may be between one and five years. All other software acquisition and development costs are immediately recognized as expenses.
Property, plant and equipment
Property, plant and equipment are recorded on the balance sheet at their cost less accumulated depreciation and impairment. The gross amount of property, plant and equipment corresponds to their purchase or production cost. It is never remeasured. Purchase or production costs include, where applicable, all costs related to the dismantling or refurbishing of production sites.
Given the nature of our investments, borrowing costs are not included in the cost of property, plant and equipment.
Depreciation is calculated on a straight-line basis based on purchase cost, less any residual value, from the date on which the asset is available for use. With the exception of certain special cases, residual values are zero.
Useful lives are reviewed periodically, particularly in the case of decisions to move production sites.
- Buildings: 10 to 40 years.
- Plant & equipment, office equipment: 5 to 15 years.
- Other fixed assets: 3 to 10 years.
During the year, the Group revised the useful lives of certain property, plant and equipment items (reusable pallets, sterilizers and freezing tunnels) following operational experience indicating longer useful lives than those previously applied. In accordance with IAS 8, this revision is treated as a change in accounting estimate and applied prospectively. The positive impact on consolidated operating profit for the financial year amounted to approximately €3.5 million.
Where circumstances or events indicate that the value of a fixed asset may have declined, the group examines the recoverable amount of the asset (or group of assets to which it belongs).
The recoverable amount is the higher of the asset's fair value less disposal costs and its value in use. Value in use is estimated by discounting the expected future cash flows of the asset (or group of assets to which it belongs) within the conditions of use planned by the group. Impairment is recognized when the recoverable amount of a fixed asset falls below its net carrying amount.
Assets under a lease
IFRS 16 "Leases" imposes on the lessee a single model for recognizing leases on the balance sheet via the recognition of an asset representing a right-of-use in exchange for a lease liability corresponding to the present value of the rents to be paid over the reasonably certain period of the lease. Deferred tax is also recognized on the basis of the difference between the net carrying amount of the right-of-use asset and the lease liability.
Permanent treatment:
- exemption of new short-term leases (less than 12 months including renewal periods with financial incentives) and low-value leases (five thousand euros);
- the lease term corresponds to the non-cancellable period of each contract, to which should be added any renewal option that the group is reasonably certain to exercise, and any cancellation option that the group is reasonably certain not to exercise;
- the discount rate corresponds to the incremental borrowing rate determined over the remaining term of the contracts for the entire group; this rate is defined according to the term of the lease in order to take into account payment profiles;
- taking into account non-rental components (mainly vehicle maintenance).
  At their effective date, leases as defined by IFRS 16 "Leases" are recorded:
- as a capital asset (right of use) for the amount of the lease liability, plus any prepayments made to the lessor, the initial direct costs incurred, less any benefits received, and an estimate of the costs of dismantling or restoring the leased asset in accordance with the terms of the lease, if any; and
- as a financial liability for the amount of rent over the lease term as determined above, discounted at the rate specified above.
  Rights of use are amortized on a straight-line basis over the lease term. Where the lease has the effect of transferring ownership of the asset to the lessee or where it includes a purchase option, which will be exercised with reasonable certainty, the right of use is depreciated over the useful life of the underlying asset on the same terms as those applying to owned assets.
  In the consolidated statement of cash flows, payment of lease liabilities is presented in net cash flows from/(used in) financing activities, in accordance with IFRS 16 "Leases".
Impairment of fixed assets
In accordance with IAS 36 "Impairment of Assets", the recoverable amount of property, plant and equipment and intangible assets is tested for impairment whenever there is an indication of impairment and at least once a year for assets with an indefinite useful life, which are essentially goodwill and brands. Indications of impairment include a significant decline in business volumes, a deterioration in expected long-term profitability, a change in reputation or changes in regulations that adversely affect the business.
The value of the fixed assets of each cash-generating unit (CGU), including in particular goodwill, intangible assets, property, plant and equipment and rights of use (IFRS 16), is subject to impairment testing at the time of the annual financial statements and whenever events and circumstances indicate that a loss of value is likely to have occurred.
An impairment loss is recognized when the recoverable amount of a CGU becomes less than its net carrying amount.
Any impairment loss is recorded first in goodwill allocated to the Cash Generating Unit (CGU), and then as a reduction of the net carrying amount of each asset within the CGU.
The recoverable amount of goodwill, which is used to calculate any impairment to be recognized in the financial statements, is the value-in-use estimated on the basis of the present value of future cash flows.
If this value-in-use does not cover the assets' carrying amount, the recoverable amount used (if higher) is their fair value less selling costs.
Cash Generating Units are combinations of subsidiaries that belong to the same business segment and that generate cash flows that are clearly distinct from those generated by other CGUs. The cash flows used to calculate values in use are taken from the CGUs' five-year strategic plans.
The growth rates used to extrapolate cash flow projections beyond the period covered by the five-year strategic plans are between 0 and 3% depending on the dynamics of the markets in which the CGUs operate.
Cash flows are discounted using a weighted average cost of capital (WACC) determined based on Bonduelle's market data and those of its industry sector. To reflect the specific risk profiles of certain geographic areas, the Group now applies differentiated discount rates depending on the cash-generating units (CGUs) concerned. As of 30 June 2026, the discount rate applied is 9.0% for North America and 7.5% for the Group's other CGUs.
The WACC is calculated based on a market-based debt of 23% of long-term equity and a risk-free rate of 4.3%.
The CGUs monitored by the group are the following business segments for each operating segment: Europe and non-Europe Zones.
For the Europe Zone:
- the canned and frozen food segment;
- the ready-to-use fresh segment. For the Non-Europe Zone:
- the canned and frozen food segment in Eastern Europe;
- the ready-to-use fresh segment in North America.
The fair value less all related selling costs corresponds to the amount that could be obtained by selling the asset (or group of assets) under arm's length conditions, less all costs related directly to the disposal of the asset(s).
Financial assets
IFRS 9 requires financial assets to be recognized in one of the following three categories:
- at amortized cost;
- at fair value through other comprehensive income;
- at fair value through profit or loss.
  Financial assets are classified and measured on the basis of two criteria: the entity's business model (collection of contractual flows or monetization by disposal) for managing financial assets and the contractual cash flow characteristics of the financial asset.
  See note 8.3 for the assets concerned.
  Financial assets at fair value through profit or loss
  These consist of financial assets held by the group with a view to generating a short-term gain, or any financial assets voluntarily classified in this category. They are measured at their fair value, and all changes are recognized in the income statement. Classified within the group's current assets, these financial instruments include, where applicable, units or shares in money market funds and derivative assets.
  Trade and related receivables
  Trade receivables
  Trade receivables are recognized in the balance sheet at amortized cost.
  As part of its financing policy, the group may have recourse to trade receivable securitization programs. Such securitizations are without recourse. The risk and legal ownership are fully transferred to the institution purchasing the receivable. As a result, these are no longer recorded as assets on the balance sheet. The group does not retain any ongoing involvement in the derecognized assets. A guarantee fund remains recorded on the balance sheet in customer receivables.
  Impairment allowance
  The impairment allowance mainly relates to disputes over which Bonduelle is in discussion with customers. Provisions for the impairment of expected credit losses are recognized at an amount equal to expected losses over the life of the receivable.
  Loans to subsidiaries and affiliates
  Loans to subsidiaries and affiliates are shown as financial assets and are recognized at amortized cost.
  Other non-consolidated investments
  Other non-consolidated investments are recognized in the consolidated balance sheet at fair value. Changes to fair value such as losses or gains on disposal are recognized in the consolidated statement of changes in Shareholders' equity under other comprehensive income and are not recycled to profit or loss.
  Other non-current financial assets
  Other non-current financial assets primarily comprise security deposits required under certain countries' tax regulations and funds covering post-employment benefit schemes. The assets are recognized at amortized cost.
  Cash and cash equivalents
  Cash and cash equivalents consist of investments that are readily convertible into known amounts of cash and that, at inception, have an original maturity of three months or less. These investments are measured at their market value.
  Cash and cash equivalents comprise cash held in current bank accounts and, where applicable, investments in money market funds (UCITS) or short-term negotiable debt instruments (NEU CP/BMTN) that can be readily converted into cash and are subject to an insignificant risk of changes in value.
Financial liabilities
Financial liability includes:
- bond issues;
- accrued interest not yet due;
- borrowings and bank lines;
- derivative liabilities.
Financial liabilities are measured and recognized at their amortized cost using the effective interest rate method. They are recognized at the settlement date.
In accordance with IFRS 9, the bond debt, swapped at issue and designated as a fair value hedge, was revalued for its hedged interest rate component. Changes in the fair value of the debt and associated derivatives are recognized in profit or loss for the period.
See note 8.3 for the liabilities concerned. See note 3.4.3 for details of lease liabilities.
Derivative instruments
The group uses over-the-counter derivatives to manage exposure to foreign exchange and interest rate risks. Group policy excludes being engaged in speculative transactions on the financial markets.
Derivatives are recognized in the consolidated balance sheet at fair value:
- derivatives used to manage net debt and to hedge net investment in foreign operations are recognized as derivative assets or liabilities;
- currency and rate derivatives are recognized under derivative assets or liabilities:
  - if the derivative is designated as a fair value hedge of assets or liabilities recognized in the consolidated balance sheet, its changes in value and those of the hedged item are recognized in profit or loss over the same period;
  - if the derivative is designated as a hedge of net foreign investments, its changes in value are recorded in equity under translation adjustments and are recycled in profit or loss when the asset is derecognized;
  - if the derivative is designated as a future cash flow hedge:
    - changes in the value of its effective portion are recognized in equity under other comprehensive income and are recycled to profit or loss when the hedged item is itself recognized in profit or loss under the same heading;
    - the time value (premium/discount and currency option premium, cross-currency swap basis spreads) is recognized in equity under other comprehensive income and is recognized in profit or loss when the underlying matures, in line with the principles adopted by the group.
Changes in the fair value of the ineffective portion of instruments qualifying as hedges, and changes in the fair value of derivatives that do not qualify for the use of hedge accounting, are recognized directly through profit or loss for the period (financial result).
Derivatives are recognized at the transaction date.
IFRS 13 distinguishes three levels of methods for determining fair value:
- level 1: quoted prices on an active market for similar instruments with no adjustment;
- level 2: fair value determined based on data observable either directly (such as a price) or indirectly (calculated based on another price), but other than a quoted price on an active market as stated under level 1;
- level 3: fair value determined based on unobservable market data.
The method used by Bonduelle is level 2 in accordance with IFRS 13. Moreover, the market data used in the valuation models includes central bank fixings and data supplied by platforms such as Reuters.
Inventories
Materials inventories are measured at their weighted average unit cost. Inventories of work-in-progress and finished products are measured at their production cost, which includes the cost of purchasing the materials used and all direct and indirect production costs (including fixed production costs).
Borrowing costs are not included in the inventory cost. Impairment is deemed necessary in the following cases:
- for raw materials, when the current market price is lower than the inventory value;
- for finished products and commodities sold as-is, each time the probable net realizable value is lower than the production or purchase cost.
The amount of impairment required to bring inventory to its net realizable value, and all inventory losses, are recognized as expenses for the period during which the impairment or loss occurred. The sum of any recoveries of inventory impairment resulting from an increase in the net realizable value is recognized as a reduction in the amount of inventories recognized in expenses in the period during which the recovery was made.
Intercompany margins are eliminated
Treasury shares
Bonduelle's shares held by the Company are recognized as a reduction to consolidated equity, on the line "Treasury shares", for an amount corresponding to their cost. Any funds generated by the sale of treasury shares are applied directly as an increase in Shareholders' equity, and therefore any gains or losses on disposal do not impact net income for the year.
Investment grants
Investment grants appear in the balance sheet under "Other non-current liabilities". These are listed under "Other operating income" in the income statement and are recognized over the same period as the amortization of the fixed assets that they have made possible to acquire.
Taxes
Income tax expense corresponds to the current tax payable by each consolidated tax entity, adjusted for deferred taxes.
In France, Bonduelle SCA is the head of the tax consolidation group that includes Bonduelle SA, Bonduelle Europe Long Life SAS, Sud Ouest Légumes Alliance SAS, Bonduelle Development SAS, Champiloire SAS, Bonduelle Frais Traiteur SAS, Bonduelle Frais France SAS, Bonduelle Traiteur International SAS, Euromycel SAS, MOD Bond SAS, Coviju 3 SAS, Bonduelle Ré SA, LBS Holding SAS and SACSA SAS.
All current taxes in respect of the period are classified in current liabilities on the balance sheet insofar as they have not been settled. Any overpayments of income taxes are classified among balance sheet assets as current receivables.
Deferred taxes are recognized on temporary differences between the carrying amounts of assets and liabilities and their value for tax purposes, with the exception of goodwill. Under the liability method, deferred taxes are calculated on the basis of the income tax rate expected for the fiscal year during which the asset will be realized or the liability settled
Breakdown of the various plans:
and are classified among non-current assets and liabilities. Impacts of changes in tax rates from one year to the next are recognized in the net income of the fiscal year during which the change is recognized. Deferred taxes pertaining to items recognized directly in Shareholders' equity are also recognized in Shareholders' equity.
Total deferred tax assets resulting from temporary differences and tax loss and credit carryforwards must not exceed the estimated value of the tax that may be recovered. The latter is assessed at the end of each fiscal year, based on earnings forecasts for the tax entities concerned. Deferred tax assets and liabilities are not discounted.
All deferred taxes are recognized through profit or loss on the income statement, except those generated by items that are allocated directly to equity. In this case, the deferred taxes are also allocated to equity. This is the case in particular for deferred taxes on brands when the expected tax rate has just been modified.

Retirement benefits, end-of-career bonuses and welfare insurance

The group provides its employees with either defined contribution or defined benefit plans.

The group's main obligations under its defined benefit programs consist of retirement benefits and long service awards in France, retirement plans in Germany and termination benefits in Italy.

	France	Germany	Italy
Type of plan	Termination benefits and long service awards	Retirement plans	Termination plans
Discount rate	4.10%	4.10%	4.10%
Return on plan assets	4.10%	N/A	N/A
Future salary increase	2.20%	2.00%	17% on TFR revaluation
Retirement age	64 years	65 years	68 years

Apart from the US work-related accident compensation scheme (worker's compensation) described in note 3.4.14, the group does not have any obligations for medical benefits.

The same discount rate (4.10%) is used to calculate Bonduelle's obligations under the various plans. It was determined based on AA-rated bond yields of private issuers in the euro zone. The rate of salary inflation presented is an average rate, calculated specifically for each plan.

In accordance with IAS 19, "Employee Benefits", the projected unit credit method is used to calculate pension and other post-retirement benefits under the defined benefit plans, in particular using assumptions about salary inflation, employee turnover, retirement age and life expectancy.

The corresponding actuarial liabilities are recognized either as contributions paid to insurance companies or in the form of provisions.

Under the revised IAS 19, the Bonduelle Group recognizes the actuarial gains and losses generated during the year directly to equity.

Actuarial gains and losses are generated by inter-period changes in the actuarial assumptions used to calculate the value of the liabilities and the assets, and by experience differences corresponding to changes to the database of individual records.

The lines "Impact of discounting" and "Projected return on plan assets" are recognized in financial income.

Under defined contribution plans, the group's only obligation is to pay the required premiums. Said premiums are recognized in the income statement for the period.

Other non-current and current provisions
Provisions are recognized for clearly identified risks and expenses whose timing or amount is uncertain, when an obligation to a third party exists and it is certain or likely that this obligation will result in an outflow of resources without receiving a consideration of at least equivalent size in return.
In the case of restructuring, an obligation is recognized once its implementation has begun or a detailed plan has been drawn up that has, to a sufficiently clear extent, created a reasonable expectation on the part of the persons in question that the Company will implement the restructuring.
With regard to US companies with workers' compensation programs, compensation claims made and not yet settled at the reporting date, whether carried forward or not, are covered by provisions determined on the basis of the estimated cost of settlement and related processing costs. Where there is enough historical group or market data on claims made and settled, the Executive Management of such companies, with the help of external actuaries, estimates the risks covered by such companies for claims not yet reported, using the actuarial cost method for claims incurred but not reported (IBNR - Incurred But Not Reported). Such provisions are recognized as provisions for social risks and expenses in the Bonduelle Group financial statements and are reassessed at the end of every period.
Net sales
net sales is derived mainly from sales of finished products. It is recognized in profit or loss when the customer actually obtains control of the product, when it can direct the use and obtain substantially all the remaining benefits from it.
net sales is recognized net of any discounts or rebates accorded to customers and any costs related to trade agreements, referencing agreements, and/or concerning occasional promotional campaigns invoiced by distributors as well as any penalties that may be incurred by Bonduelle. These amounts are measured when the net sales is recognized, on the basis of agreements and commitments with the customers in question.
net sales may also include transport services supplied by Bonduelle to its customers. net sales is then recognized when the service is provided.
Other current operating income and expenses
This item primarily comprises grants, income from asset disposals, sales not classed as net sales (particularly sales to partners) as well as income associated with adjustments or compensation received.
Non-recurring items
Non-recurring items comprise significant items that cannot be considered as inherent to the group's operational activity due to their nature and non-habitual character. They include mainly badwill, impairment of intangible assets (including goodwill) from consolidated shareholdings, restructuring and reorganization costs, acquisition costs, insurance deductibles and costs related to non-covered claims, and financial losses arising from fraud or fines, as well as the impacts of changes in estimates.
Share-based payments
Share purchase options and free shares granted to employees are measured at their fair value on the allocation date. The fair value is calculated using the Black & Scholes option pricing model for stock options and the discounting of share value adjusted for dividends for the share allocation plans. The fair value of free shares granted is also calculated on the basis of presence and performance requirements established by the Executive Management. This value is recognized in the income statement for the period during which employee's exercise rights become vested, with the offsetting entry consisting of an equivalent increase in Shareholders' equity. All expenses recognized in relation to options that expire prior to becoming exercisable are reversed in the income statement for the period during which they expire.
Basic earnings per share and diluted earnings per share
Basic earnings per share are calculated by dividing net income attributable to owners of the Company by the average number of shares in issue during the fiscal year.
To calculate diluted earnings per share, the weighted average number of shares is adjusted to reflect the impact of the conversion of any dilutive instruments into common shares.
Assets and liabilities held for sale and operations discontinued, sold or in the process of being sold
Assets and liabilities held for sale, i.e. immediately available for disposal and whose disposal is highly probable, are presented on separate lines of the consolidated balance sheet of the period during which the decision to sell was taken. The consolidated balance sheets of previous periods are not restated. Sale is said to be highly probable when a plan for the sale of the asset (or group of assets) held for sale has been drawn up by the Executive Management and an active search for an acquirer has been initiated.
Assets held for sale are measured at the lowest of their carrying amount or fair value, minus any selling costs, and are no longer depreciated.
Furthermore, net income and cash flow from discontinued operations or operations that have been disposed of or are in the process of being disposed of are presented respectively on a separate line of the income statement and the statement of changes in cash and cash equivalents, for all of the periods presented.
Use of estimates
As part of the normal preparation of the consolidated financial statements, the calculation of certaiinancial data requires the use of assumptions, estimates and assessments. This is especially true for the measurement of property, plant and equipment and intangible assets, deferred taxes on tax loss carryforwards and the calculation of the amount of provisions for risks and charges or provisions for employee benefit and sales commitments. These assumptions, estimates and assessments are based on information and positions existing at the date on which the financial statements were prepared, which may prove, after the fact, to be different from the actual figures.
Reclassifications
The presentation of certain items in the financial statements pertaining to prior years may have been modified to make them compliant with the accounting principles adopted for the most recent period presented. No significant reclassifications were made during the fiscal year.
Alternative performance indicators
In its financial reporting, the group presents performance indicators not defined by accounting standards. The main performance indicators are as follows:
- like-for-like basis: at constant currency exchange rate and scope of consolidation basis. Net sales in foreign currency over the current period is translated at the rate of exchange for the comparable period. The impact of business acquisitions (or takeovers) and divestments is restated as follows:
  - For businesses acquired (or gain of control) during the current period, net sales generated since the acquisition date is excluded from the organic growth calculation;
  - For businesses acquired (or gain of control) during the prior fiscal year, net sales generated during the current period up until the first anniversary date of the acquisition is excluded;
  - For businesses divested (or loss of control) during the prior fiscal year, net sales generated in the comparative period of the prior fiscal year until the divestment date is excluded;
  - For businesses divested (or loss of control) during the current fiscal year, net sales generated in the period commencing 12 months before the divestment date up to the end of the comparative period of the prior fiscal year is excluded.
- non-recurring items: note 3.4.16;
- net debt: the Company's credit or debit position with regard to third parties at the end of the operating cycle. It corresponds to current and non-current financial liabilities adjusted for derivative assets and liabilities, lease liabilities and cash and cash equivalents;
- ‌gearing: gearing is the ratio of net debt (note 8.6.3) to total shareholders' equity;
- leverage ratio: the leverage ratio corresponds to the ratio of net debt to REBITDA. It shows the number of years that the Company would need to pay back its debt based on its REBITDA;
- gross cash flows from operating activities: this corresponds to net cash flow generated by operating activities before change in working capital requirement. It corresponds to net income corrected for the share of net income from associates and calculated items (depreciation and amortization and provisions, deferred taxes and other income with no impact on cash flow);
- current operating margin: the current operating margin is the ratio of current operating income to net sales;
- REBITDA (Recurring earnings before interest, taxes, depreciation and amortization): this is current operating income restated for depreciation, amortization and impairment on property, plant and equipment and intangible assets;
- operating income: this corresponds to current operating income adjusted for non-recurring items;
- current operating income: current operating income corresponds to net income before financial income, income tax and share of net income from associates. The group uses current operating income as its main performance indicator. Current operating income shall be taken as before taking into account non-recurring items. These correspond to material items that are unusual, abnormal and infrequent and do not relate to the Company's underlying performance;
- ROCCE: this ratio measures the profitability of capital investments made by Shareholders and funds loaned by banks and other financial partners. It is obtained by dividing current operating income by capital employed, or the sum of shareholders' equity and net debt.

CONSIDERATION OF THE EFFECTS OF CLIMATE CHANGE

Bonduelle has been committed to the fight against climate change for nearly 20 years. This commitment and related actions have been described since this year in the sustainability report (see Chapter 2), made mandatory by the implementation of the CSRD. Furthermore, for many years, Bonduelle has been committed through the positive impact strategy called B! Pact. Regarding the effects of climate change, the group maintains its ambition to contribute to carbon neutrality by 2050, aligning its objectives with the most ambitious scenarios of the Science Based Targets initiative (SBTi) (see 2.2.1 E1. Climate Change). The governance established on these issues enables progress on climate change mitigation and adaptation strategies (see Chapter 2, Part 2.2.1.2 of the URD).

Thus, taking into account:

- the activities of the Bonduelle Group and its geographical location;

the nature and magnitude of the current and potential impacts of risks and opportunities related to climate change as identified and assessed in its Risk Factors (Section 4.2) and its sustainability report (Section 2);
the commitments made by the group in this area, particularly in terms of reducing its greenhouse gas emissions by 2035.
The Bonduelle Group has not identified any significant effects for fiscal year 2025-2026. In particular:
no significant provisions for environmental risks and charges were recorded in the consolidated balance sheet at June 30, 2026
no significant impacts on the value of its property, plant and equipment or intangible assets. In particular, the implementation of action plans to adapt production tools does not affect their useful life.

‌Note 4 Scope of consolidation‌

CHANGE IN SCOPE OF CONSOLIDATION
1. Disposal of the packaged salad business in France
  As disclosed in Note 2 Significant Events, the disposal of the packaged salad business in France was completed on 17 July 2025. The disposal gain recognized as of 30 June 2026 within discontinued operations amounted to 35.7 million euros.
‌ASSOCIATES

4.1.2. Other changes in scope of consolidation

The Group carried out several restructuring transactions during the year. Coviju 4 was dissolved without liquidation through a universal transfer of assets and liabilities to its sole shareholder, Bonduelle SA. In addition, BF Nature Bio, which no longer had any significant operating activity, was liquidated during the year. As these transactions involved entities with no significant activity, they had no material impact on the Group's consolidated financial statements.

‌At June 30, 2026, net income from associates corresponds to the net income of companies accounted for by the equity method, prorated according to the percentage interest held by the Bonduelle Group (see note 15).

‌Note 5 Assets Held for Sale and Discontinued Operations

APPLICATION OF IFRS 5
As disclosed in Note 2, the disposal of Bonduelle Frais France became effective on 17 July 2025. The Group recognized the related disposal gain during the 2025-2026 financial year. Accordingly, the impact of this transaction is presented within profit from discontinued operations in accordance with IFRS 5.
Following the disposal of the Fresh activities in France and Germany, the Group decided to cease the operations of BF Agricola 4G. As of the reporting date, a significant portion of the entity's workforce had been made redundant and the entity no longer carried out any operating activities. The liquidation of BF Agricola 4G during the next financial year is considered highly probable. Accordingly, the results of this entity are presented within discontinued operations in accordance with IFRS 5. The related assets remain recognized in the statement of financial position until their effective disposal.
BF Nature Bio, which had ceased to have significant operating activity, was liquidated during the year. The impacts associated with this entity are presented consistently with those of the Group's other discontinued operations.
In the income statement, the contribution from discontinued operations is included under 'Net income from discontinued operations'. In the cash flow statement, the contribution is grouped together on the lines 'Cash flow from discontinued operations' for the three main aggregates in the statement (Operating activities, Investments, Financing). These restatements are applied to all the periods presented in order to ensure that the information is consistent.
Details of items classified under "Net income from discontinued operations","Cash flow from discontinued operations', "Assets held for sale" and "Liabilities held for sale".' are shown in Note 5.2.
‌COMPARATIVE INFORMATION

Income statement including reclassification of discontinued operations

The Group's performance before the IFRS 5 reclassification is presented below, together with details of the related reclassification. This reclassification includes the disposal gain on Bonduelle Frais France, the liquidation result of BF Nature Bio, and the operating activity of BF Agricola 4G.

(in thousands of euros)	Without IFRS 5	At 2026/06/30 IFRS 5 restatement	Published
Revenue	2,186,166	0	2,186,166
Purchases and external charges	(1,563,509)	2,595	(1,560,913)
Employee benefits expenses	(460,826)	1,645	(459,181)
Depreciation, amortization and impairment	(82,297)	645	(81,652)
Other operating income	31,661	(2,629)	29,032
Other operating expenses	(34,149)	308	(33,841)
Current operating income	77,046	2,564	79,610
Non-recurring items	(10,864)	(36,407)	(47,272)
Operating profit	66,182	(33,843)	32,339
Cost of net debt	(22,969)	87	(22,881)
Other financial income and expenses	(6,496)	142	(6,354)
Financial income	(29,465)	230	(29,235)
Share of net income from associates	4,337	0	4,337
Profit before tax	41,054	(33,614)	7,440
Income tax	(24,882)	521	(24,361)
Net income from continuing operations	16,171	(33,093)	(16,921)
Net income from discontinued operations	0	33,093	33,093
CONSOLIDATED NET INCOME	16,171	0	16,171
‌- Attributable to owners of the Company	16,171	0	16,171
- Attributable to non-controlling interests	0	0	0

‌Note 6 Operating data and non-recurring items

SEGMENT REPORTING

(in thousands of euros)	Europe Zone	Non-Europe Zone	Eliminations	Total at 2025/06/30
Net sales	1,368,759	849,261	(14,259)	2,203,761
Intercompany sales	(14,259)	0	14,259	0
TOTAL NET SALES	1,354,500	849,261	0	2,203,761
Depreciation, amortization and impairment	(57,590)	(27,605)	0	(85,195)
Current operating profit by sector	77,249	6,519	0	83,767
Non-recurring items by sector	(4,355)	(6,444)	0	(10,799)
(in thousands of euros)		Europe Zone	Non-Europe Zone	Total at 2025/06/30
- France		227,428	0	227,428
- United- States		0	76,879	76,879
- Others		88,578	23,136	111,714
TOTAL NET INTANGIBLE AND TANGIBLE ASSETS		316,006	100,015	416,021
- France		345,905	0	345,905
- United- States		0	223,965	223,965
- Others		150,351	152,519	302,870
TOTAL NON CURRENT ASSETS		496,256	376,484	872,740
(in thousands of euros)		Europe Zone	Non-Europe Zone	Total at 2025/06/30
Capital expenditures in tangible and intangible assets		(64,592)	(13,751)	(78,343)

(in thousands of euros)	Europe Zone	Non-Europe Zone	Eliminations	Total at 2026/06/30
Net sales	1,387,560	814,023	(15,418)	2,186,166
Intercompany sales	(15,418)	0	15,418	0
TOTAL NET SALES	1,372,142	814,023	0	2,186,166
Depreciation, amortization and	(54,237)	(27,416)	0	(81,652)
impairment
Current operating profit by sector	60,142	19,469	0	79,610
Non-recurring items by sector	(3,356)	(43,917)	0	(47,272)

(in thousands of euros)	Europe Zone	Non-Europe Zone	Total at 2026/06/30
- France	238,927	0	238,927
- United- States	0	74,057	74,057
- Others	85,099	24,249	109,349
TOTAL NET INTANGIBLE AND TANGIBLE ASSETS	324,027	98,306	422,333
- France	358,223	0	358,223
- United- States	0	182,976	182,976
- Others	142,292	163,564	305,856
TOTAL NON CURRENT ASSETS	500,515	346,540	847,056

(in thousands of euros)

Europe Zone

Non-Europe

Zone

Total at 2026/06/30

Capital expenditures in tangible and intangible assets

(54,449)

(13,935)

(68 384)

Information by segment

(in thousands of euros)	Canned	Frozen	Fresh	Total at 2025/06/30
Net sales	1,070,457	298,236	835,067	2,203,761

(in thousands of euros)	Canned	Frozen	Fresh	Total at 2026/06/30
Net sales	1,119,871	305,058	761,237	2,186,166

Information by destination geographical region

(in thousands of euros)	At 2025/06/30		At 2026/06/30
France	704,105	32%	704,286	32%
United States	579,311	26%	507,350	23%
Southern Europe	265,441	12%	264,427	12%
Germany	139,320	6%	153,517	7%
Eurasia 1	213,731	10%	258,989	12%
Northern Europe	103,728	5%	100,489	5%
Central and Eastern Europe	138,016	6%	145,926	7%
Other	60,109	3%	51,182	2%
TOTAL NET SALES	2,203,761	100%	2,186,166	100%

1 Russia and other CIS countries.

‌PURCHASES AND EXTERNAL EXPENSES

(in thousands of euros)	At 2025/06/30	At 2026/06/30
Purchases of goods and other supplies	(1,147,455)	(1,080,400)
Production in inventory	65,357	(13,579)
Changes in inventories of goods and other supplies	(14,583)	(12,965)
‌Other external expenses	(471,350)	(453,969)
TOTAL PURCHASES AND EXTERNAL EXPENSES	(1,568,031)	(1,560,913)

OTHER OPERATING INCOME AND EXPENSES

(In thousands of euros)	Notes	At 2025/06/30	At 2026/06/30
Operating services		8,436	8,260
Reversals of provisions	12.1	2,235	1,483
Reversal of current asset impairment	6.5 & 6.6	8,641	10,789
Grants		2,070	1,259
Income from asset disposals		254	1,697
Other operating income 1		12,684	5,545
TOTAL OTHER OPERATING INCOME		34,320	29,032

1 This item mainly comprises sales to partners not classed as net sales, insurance compensation and settlement of accounts with third parties.

(In thousands of euros)	Notes	At 2025/06/30	At 2026/06/30
Taxes and duties		(21,276)	(22,086)
Provisions	12.1	(1,677)	(5,469)
Impairment of current assets	6.5 & 6.6	(8,591)	(7,953)
Other operating expenses 1		776	1,668
‌TOTAL OTHER OPERATING EXPENSES		(30,768)	(33,841)

1 This item mainly consists of capitalized production.

NON-RECURRING ITEMS

(in thousands of euros)	At 2025/06/30	At 2026/06/30
Reorganization and restructuring costs 1	(8,598)	(7,535)
Insurance deductibles and costs relating to claims	(256)	(44)
Impairment of property, plant and equipment and goodwill 2	(4,636)	(35,144)
Other (net balance) 3	2,691	(4,548)
TOTAL NON-RECURRING ITEMS	(10,799)	(47,272)

Mainly comprises various costs related to organizational changes, including expenses associated with the Transform to Win project and costs incurred for the relocation of Bonduelle America's offices from Los Angeles to Philadelphia
‌Relates to the impairment of the goodwill allocated to the North American Ready-to-Eat Fresh business CGU, amounting to €35.1 million
Mainly comprises costs related to various legal matters amounting to €1.5 million and expenses of €3.0 million resulting from a seed quality issue in the United States

INVENTORIES AND WORK IN PROGRESS

(in thousands of euros)	Gross amounts	Impairment	Net carrying amount at 2025/06/30	Gross amounts	Impairment	Net carrying amount at 2026/06/30
Materials and packaging	192,652	(8,753)	183,900	194,207	(7,587)	186,620
Work-in-progress and	619,261	(34,877)	584,384	592,657	(29,783)	562,874
finished products
TOTAL INVENTORIES AND WORK-IN-PROGRESS	811,913	(43,630)	768,283	786,864	(37,370)	749,494

Detail of impairment of inventories and work-in-progress

(in thousands of euros)	At 2025/06/30	At 2026/06/30
Materials and packaging
Opening balance	(10,860)	(8,753)
Additions	(2,272)	(2,425)
Reversals	1,658	895
Change in scope of consolidation	272	0
Translation adjustments and other	2,450	2,696
CLOSING BALANCE	(8,753)	(7,587)
Work-in-progress and finished products
Opening balance	(37,392)	(34,877)
Additions	(3,962)	(4,148)
Reversals	6,794	9,513
Change in scope of consolidation	0	0
‌Translation adjustments and other	(317)	(271)
CLOSING BALANCE	(34,877)	(29,783)

TRADE AND OTHER RECEIVABLES

(in thousands of euros)	Gross amounts	Impairment	Net carrying amount at 2025/06/30	Gross amounts	Impairment	Net carrying amount at 2026/06/30
Customers	214,075	(3,473)	210,602	197,682	(5,001)	192,681
Tax and social security	47,116	0	47,116	48,888	0	48,888
receivables
Other receivables	48,306	(981)	47,325	46,715	(234)	46,482
TOTAL TRADE AND OTHER RECEIVABLES	309,497	(4,454)	305,044	293,286	(5,235)	288,051

Change in impairment of trade and other receivables

(in thousands of euros)	At 2025/06/30	At 2026/06/30
Customers
Opening balance	(5,947)	(5,030)
Additions	(2,363)	(1,376)
Reversals	208	382
Change in scope of consolidation	30	0
Translation adjustments and other 1	3,041	1,024
CLOSING BALANCE	(5,030)	(5,001)
Other receivables
Opening balance	(437)	(224)
Additions	0	(4)
Reversals	1	0
Change in scope of consolidation	0	0
Translation adjustments and other 1	212	(6)
CLOSING BALANCE	(224)	(234)

1 Reclassifications from account to account.

Trade and related receivables by maturity

(in thousands of euros)	At 2025/06/30	At 2026/06/30
Not yet due	163,120	163,791
Overdue
- less than 30 days	23,440	14,175
- between 30 and 90 days	4,308	5,515
- more than 90 days	4,042	9,199
‌TOTAL TRADE AND RELATED RECEIVABLES	194,911	192,681

TRADE AND OTHER PAYABLES

(in thousands of euros)	At 2025/06/30	At 2026/06/30
Trade payables	431,553	432,526
Amounts payable for acquisition of assets	15,087	13,714
Tax and social security payables	128,523	127,457
Other payables	61,679	50,453
‌TOTAL TRADE AND OTHER PAYABLES	636,842	624,151

‌Note 7 Expenses, headcount and employee benefits

COMPENSATION AND WORKFORCE

(in thousands of euros and number of employees)	At 2025/06/30	At 2026/06/30
Employee expense for consolidation companies	(470,320)	(459,181)
Average annual workforce 1	10,297	9,301
Permanent workforce 1	8,115	7,451
Average annual workforce 2	9,602	9,234
Permanent workforce 2	7,618	7,445

Including the headcount of Bonduelle Fresh France, Germany and Spain on a 12-month basis.
‌Restated following the application of IFRS 5 - excluding the headcount of Bonduelle Fresh France, Germany and Spain.

EMPLOYEE BENEFIT OBLIGATIONS

Defined contribution plans
The group is involved in setting up pension plans for its personnel in accordance with the laws and practices of the countries in which group companies operate. Commitments correspond to contributions payable. These stand at 32,581 thousand euros at June 30, 2026, compared with 32,863 thousand euros at June 30, 2025.

Defined benefit plans

In addition, the group is mainly responsible for contractual commitments to pay severance and termination benefits. Commitments are measured using the Projected Credit Unit method.

A description of the plans can be found in note 3.4.12.

Changes to the financial position of defined benefit plans are as follows:

(in thousands of euros)	2024-2025	2025-2026
Income statement: Retirement expense
Cost of services rendered during the year	1,888	1,692
Impact of discounting	799	827
Projected return on plan assets	0	0
(Gains) / Losses related to plan liquidation	0	0
RETIREMENT (INCOME) EXPENSE RECOGNIZED	2,686	2,519

(in thousands of euros)	2024-2025	2025-2026
Change in the present value of the obligation
Present value of DBO 1 at July 1	24,538	22,837
Cost of services rendered during the year	1,888	1,692
Impact of discounting	803	831
Currency effect	7	(6)
Benefits paid	(2,297)	(2,016)
Actuarial (gains)/losses related to changes in demographic assumptions	13	4
Actuarial (gains)/losses related to changes in actuarial assumptions	146	(968)
Actuarial (gains)/losses related to experience differences	398	(769)
Other movements	(2,658)	211
PRESENT VALUE OF DBO 1 AT JUNE 30	22,837	21,816

1 DBO : Defined benefit obligation.

(in thousands of euros) 2024-2025	2025-2026
Change in fair value of plan assets
Fair value of plan assets at July 1 1,180	127
Projected return on plan assets 4	5
Employer contributions 124	166
Employee contributions 0	0
Plan liquidation (253)	(157)
Benefits paid (930)	(28)
Actuarial gains/(losses) related to experience differences 1	(3)
FAIR VALUE OF PLAN ASSETS AT JUNE 30 127	110

(in thousands of euros) 2024-2025

2025-2026

Reconciliation with amount recognized in balance sheet

Net financial position: surplus/(deficit) (22,711)

Impact of the limiting of surpluses 0

(Provision) at June 30 (22,711)

(21,706)

NET ASSETS AT JUNE 30 0

(in thousands of euros)	2024-2025	2025-2026
Actuarial gains and losses
Actuarial (gains)/losses generated at July 1	1,327	1,863
Actuarial (gains)/losses generated between July 1 and June 30	536	(1,732)

(in thousands of euros)	2024-2025	2025-2026
Change in carrying amounts recognized during the fiscal year
Net opening (liability) asset	(23,358)	(22,711)
Retirement (expense) income	(2,686)	(2,519)
Benefits paid by the employer	2,168	2,025
Currency effect	(7)	6
Actuarial differences recognized in equity	(556)	1,730
Other movements	1,728	(238)
NET CLOSING (LIABILITY) ASSET	(22,711)	(21,706)

For the actuarial assumptions at fiscal year-end, refer to note 3.4.12.

‌The assets managed by financial institutions to cover the group's termination benefit obligations are matched to general assets.

SHARE-BASED PAYMENTS

As of June 30, 2026, the sensitivity of provisions for pension obligations to the discount rate was as follows: an increase of 0.50 points in the discount rate would have reduced the group's liability by 1,135 thousand euros. Conversely, a 0.50-point drop would have increased the group's liability by 1,231 thousand euros.

The Bonduelle SCA General Management is authorized to grant Bonduelle share purchase options and free shares to certain directors and officers and employees of Bonduelle.

Characteristics of the free share allocation plans (AGA)1

	Plan n° 29	Plan n° 30	Plan n° 31	Plan n° 32	Plan n° 33
Date of Shareholders' Meeting:	12/2/2021	12/2/2021	12/5/2024	12/4/2025	12/4/2025
Date of the General Management decision	12/13/2022	12/15/2023	12/16/2024	12/15/2025	12/15/2025
Initial number of shares allocated	289,117	369,337	633,795	32,175	472,484
Of which number of shares allocated to Félix Bonduelle, representative of Pierre et Benoit Bonduelle SAS, General Manager of Bonduelle SCA 2	Not applicable	0	0	0	0
Of which number of shares granted to the GELT	138,596	169,793	331,683	32,175	320,171
Of which others	150,521	199,544	302,112	0	152,313
Total number of free shares allocated	289,117	369,337	633,795	32,175	472,484
Total number of free shares canceled or expired	174,138	0	0	0	0
Effective allocation date	11/18/2025	11/13/2026	11/17/2027	12/15/2026	11/15/2028
Date from which shares can be sold	11/19/2025	11/14/2026	11/18/2027	16/12/2027	11/16/2028
Number of shares actually allocated at June 30, 2026	114,979	0	0	0	0

The allocation of free shares is based on a long-term incentive mechanism.
The plans 29 to 30 are based on a return on capital employed criterion and on a CSR criterion relating to B Corp B ambition and their effective benefit is conditional on presence in the workforce on the effective allocation date.
Plan 31 and 33 are based on a return on capital employed criterion and on CSR criteria, namely maintaining B Corp certification, meeting greenhouse gas reduction targets (scopes 1 and 2) that are aligned with the B!Pact's decarbonization objectives, and improving the employee engagement rate.
Plan 32 is based on an operating profit criterion and on criteria related to the company's transformation roadmap.
In accordance with the provisions of the Afep-Medef Code, there are no hedging transactions in favor of Corporate Officers
Bonduelle SCA has no employees. No remuneration is paid in respect of the corporate officer mandate of Pierre et Benoît Bonduelle SAS, Manager of Bonduelle SCA. Accordingly, Mr. Félix Bonduelle, legal representative of Pierre et Benoît Bonduelle SAS, does not benefit from any free share allocation plan.

Valuation of stock option and free share allocation plans

‌As stated in note 3.4.18, share purchase options and free shares granted to employees are measured at their fair value on the allocation date, based on the Black & Scholes pricing model for option plans and the dividend discount model for the free share allocation plans. The fair value of

free shares granted is also calculated on the basis of presence and performance requirements established by General Management.

The income under IFRS 2 for the period was 522 thousand euros.

‌Note 8 Financing and financial instruments

FINANCIAL RISK MANAGEMENT
The group has established an organization that provides for centralized management of all of its liquidity, currency, interest rate and counterparty credit risks. The Finance Department has assigned the group Finance and Treasury Department responsibility for financial risk management, and provided it with all of the expertise and tools needed to participate in the various financial markets as effectively and
safely as possible. The organization and procedures utilized are regularly reviewed by the Internal Audit Department and the Statutory Auditors. The Chief Financial Officer validates, at meetings held regularly with Treasury director, the implementation of previously authorized management strategies.
In a rapidly changing global economic environment, characterized by market volatility and changes in financial techniques, the role of the group Finance and Treasury Department is to:
- ensure optimum and sufficient financing for the development and growth of the group's operating activities;
- identify, evaluate and hedge all financial risks in close collaboration with the operations teams.
The objective is to minimize, at the lowest possible cost, the impact of financial market fluctuations on the group's income statement, in order to reduce the capital allocation required to manage these financial risks.
The group prohibits the taking of speculative positions.
1. Liquidity risk
  The group Finance Department is responsible for maintaining sufficient liquidity at all times. It accomplishes this by efficiently managing the group's cash balances and ensuring that the maturity and conditions of the financing obtained are appropriate. In particular, it arranges confirmed lines of credit for optimal flexibility of the group's financing (see note 8.6).
  Lastly, as of June 30, 2026, Bonduelle's subsidiaries in Russia had local credit lines that could be immediately mobilized to finance current operations in Russia in compliance with international sanctions.
  The Company specifically reviewed its liquidity risk and considers that it is able to meet its future payments.
2. Market risks
  Currency risk
  Risks related to changes in foreign exchange rates
  The group publishes its consolidated financial statements in euros, and in 2025-2026, 62.0% of net sales and 83.6% of current operating income were denominated in euros.
  The portion of assets, liabilities, sales and results, expressed in other currencies, is constantly changing. This means that the group is affected by fluctuations in the value of these currencies relative to the euro when they are translated into euros in the consolidated financial statements. For example, when the euro rises against these currencies, it reduces the earnings contribution from those subsidiaries whose financial statements are denominated in these currencies.
  All sales and expenses of group subsidiaries are generally expressed in their local currency, with the exception of imports, exports and financial transactions covered by centralized and systematic foreign currency hedges, where the type of exposure means that it can be hedged: Bonduelle therefore believes that its local exposure to currency fluctuations, after hedging, should remain limited.
  Hedging policies for currency risk
  The group seeks to hedge all risks relating to the activities of its subsidiaries denominated in a currency other than their functional currency and risks relating to the financing of some subsidiaries operating in countries whose functional currency is not the euro; the asset/liability structure of the financing is created by natural matching or by putting financial instruments in place.
  The group uses over-the-counter financial instruments only to hedge the financial risks generated by its production and sales activities. All hedges entered into must comply with the targets and procedures established by Bonduelle Group's Executive Management. These transactions are centralized within the group Finance and Treasury Department.
  The group's policy regarding fluctuations in foreign exchange rates consists of periodically calculating its net exposure to foreign currencies and using financial derivatives to reduce this risk.
  The group makes use above all of currency forward contracts, currency swaps and options entered into with highly-rated bank counterparties. Details of the portfolio as well as an analysis of foreign exchange rate sensitivity appear in notes 8.2 and 8.5.
  Interest rate risk
  The interest rate management policy is coordinated, controlled and handled centrally, with the aim of protecting future cash flows and reducing the volatility of finance costs. The group uses various instruments available on the market, especially interest rate options and swaps.
  Under IFRS 9, interest rate fluctuations may have an impact on the group's consolidated net income and equity. Details of the portfolio as well as an analysis of interest rate sensitivity appear in notes 8.2 and 8.5.
  Credit risk
  In light of the high credit quality of the group's principal counterparties and the wide dispersion of its customers throughout the world, especially in the mass-market retailing sector, the group considers that it does not have significant exposure to counterparty risk. Nevertheless, most of this risk is covered by a first-class insurer.
  Given the high liquidity of the group's trade and related receivables, the fair value of these assets is considered to be equal to their net carrying amount.
  Counterparty credit risk
  In its dealings in financial assets in general and any cash balances, the group works only with highly-rated bank counterparties. Any cash surpluses are generally managed in short-term interest-bearing deposits.
  Raw materials risk
  The Bonduelle Group has always favored the best agricultural lands and the geographical diversification of its sourcing regions when deciding where to locate its production facilities, in order to reduce the climate-related risks inherent to all growing activities.
  There is, moreover, no organized market for the agricultural raw materials purchased by the Bonduelle Group. Changes in the prices of agricultural raw materials quoted on a market do, however, have a more or less significant impact on the group's purchase prices, depending on the agricultural alternatives available to producers. In order to ensure long-term relationships with its vegetable suppliers, Bonduelle holds annual negotiations with producers' associations well in advance of the harvest, which relate principally to the producer's net margin per hectare. Bonduelle is therefore obliged to adjust its selling prices to reflect the results of its vegetable purchasing negotiations, which vary between sourcing regions.
  However, the resilience of the Bonduelle Group's current operating income demonstrates its overall ability to pass on the increase in raw material costs in its selling prices.
  To protect itself against the volatility of energy raw materials, including electricity and gas, the Bonduelle Group has deployed a management framework that enables it to monitor these exposures over several years, and to recommand subsidiaries to set up physical purchases (purchase of quantities at fixed prices) directly with gas and electricity suppliers.
3. Equity management and dividends
  ‌The Bonduelle Group always ensures that its financial structure remains optimal by respecting the balance between its net financial liability and its Shareholders'

NET FINANCIAL INCOME

equity, and by maintaining a consistent dividend policy. This is intended to keep the cost of capital to a minimum, to maximize share price, dividend distribution for Shareholders and to maintain sufficient financial flexibility to take advantage of any opportunities that may arise.

Shareholders' equity at June 30, 2026 stood at

627.5 million euros. On this basis, General Management will propose a dividend of xx euro per share to the Shareholders' Meeting of December 3, 2026. On the basis of the shares holding dividend rights on July 1, 2026, i.e. 32,630,114 shares, the dividend distribution proposed for approval at the Shareholders' Meeting will amount to 8 158 million euros.

The dividend per share proposed at the Shareholders' Meeting of December 4, 2025 for the fiscal year ended June 30, 2025 amounted to 0.25 euro per share.

The group's net financial income at June 30, 2026 amounted to -29.2 million euros, compared with -35.1 million euros the previous year.

(in thousands of euros)		At 2025/06/30	At 2026/06/30
Cost of net debt	A	(27,658)	(22,881)
Cash and cash equivalents		876	2,798
Interest expense (at effective interest rate)		(28,534)	(25,679)
Gains and losses on liabilities covered by fair value hedges		(3,337)	(648)
Gains and losses on fair value hedging derivatives		3,337	648
Other financial income and expenses	B	(7,474)	(6,354)
Foreign exchange gain (loss)		(1,783)	87
Net gain (loss) on derivatives ineligible for hedge accounting (foreign currency & interest rate risk)		0	0
Net gain (loss) on derivatives ineligible for hedge accounting (foreign currency & interest rate risk)		(171)	(38)
Other financial income		921	460
Other financia expenses		(6,442)	(6,863)
NET FINANCIAL INCOME	A+B	(35,132)	(29,235)

The cost of net debt, the main component of net financial income, was up from -27.7 million euros at June 30, 2025 to

-22.9 million euros at June 30, 2026.

It mainly consists of interest paid at the effective interest rate on the group's various debts by currency for

27.5 million euros. The decrease is due to the decrease in interest rates.

Further to the adoption of IFRS 9, the impact of residual ineffectiveness on the gains and losses on the debt hedged at fair value, and hedging derivatives recognized at fair value, is recognized in equity and will be recognized in profit or loss when the underlying debt matures, in line with the option offered by IFRS 9 and adopted by the group.

The interest rate, calculated on the group's average debt, all currencies combined, and restated for IFRS impacts, stood at 3.15%, compared with 3.81% the previous year (at constant scope).

Other financial income and expenses, amounting to 6.4 million euros, mainly relate to interest expenses on lease liabilities recognized in accordance with IFRS 16, totaling 6.0 million euros.

As required by IFRS 7, the group performed sensitivity analyses to measure its exposure to material changes in interest and foreign exchange rates.

The scope of the interest rate sensitivity analyses included all financial instruments, both debt and derivatives. The analyses were made assuming a uniform shift of +/-100 basis points in all yield curve maturities at the reporting date. The market values of the instruments were obtained from the valuation platforms used by the group's Finance and Treasury Department, and market data are populated using real-time information systems (Reuters, etc.).

Analysis of sensitivity to interest rates

Change in interest rates

+ 100 bp			- 100 bp
(in thousands of euros)	Impact on equity	Impact on results Impact on	equity	Impact on results
Interest on debt	0	(5,940)	0	5,961
Mark-to-market valuation of debt	0	303	0	(308)
Debts	0	(5,636)	0	5,653
Financial income from interest rate derivatives	0	3,478	0	(1,219)
Mark-to-market valuation of interest rate derivatives	5,536	(303)	(4,821)	308
Interest rate derivatives	5,536	3,174	(4,821)	(911)
TOTAL	5,536	(2,462)	(4,821)	4,742

With regard to exposure to exchange rate fluctuations on the currencies used by the group in its commercial activities and debt (USD, HUF, CZK, PLN, etc.) (see note 8.5 "Group's net currency position"), the valuation methods used are identical to those used for interest rate sensitivity calculations (information systems and valuation platform, etc.). The scope used includes debts and receivables recorded in the balance sheet, the share of future commercial flows to be realized over the period covered, after hedging transactions.

In accordance with IFRS 7, it is specified that, since this consists primarily of hedges of trading flows denominated in foreign currencies, the flows hedged and the associated hedging instruments generally mature in less than one year.

In the case of longer-term assets or liabilities, hedges can extend beyond one year, though they must not exceed the current limit of five years.

For the methods used to prepare the currency fluctuation sensitivity calculations, a variation of +/-5% in exposure to the main currencies has been applied.

Exchange rate changes of

+5% change in the euro against currency

Impact on

-5% change in the euro against currency

Impact on

(in thousands of euros)

Impact on equity

results Impact on equity

results

HUF/EUR	395	96	(401)	(176)
USD/EUR	(10)	1,974	12	(2,195)
PLN/EUR	113	(19)	(116)	(26)
CZK/EUR	(117)	(46)	(219)	16
TOTAL	380	2,005	(724)	(2,379)

‌PRESENTATION OF FINANCIAL ASSETS AND LIABILITIES BY CATEGORY

At 2025/06/30

Financial assets within the scope of application of IFRS 9 on financial instruments

Assets excluded from the scope of application of

(in thousands of euros)	Value on the balance sheet	Fair value	Amortized cost	Fair value through equity	Fair value through profit or loss	IFRS 9 on financial instruments
Non-current assets
Other non-current financial assets	2,593	2,593	2,042	467	84	0
Equity investments	387	387	0	387	0	0
Derivative assets	164	164	0	80	84	0
Other non-current financial assets	2,042	2,042	2,042	0	0	0
Other non-current assets	13,355	13,355	12,320	0	0	1,035
Other non-current receivables	12,617	12,617	12,320	0	0	297
Prepaid expenses	738	738	0	0	0	738
Current assets	0	0	0	0	0	0
Trade & other receivables	284,969	284,969	284,969	0	0	0
Other current assets	9,623	9,623	9	0	0	9,614
Non-consolidated loans and receivables	(21)	(21)	(21)	0	0	0
Prepaid expenses	9,614	9,614	0	0	0	9,614
Other assets	30	30	30	0	0	0
Derivative assets	2,047	2,047	0	484	1,563	0
Marketable securities and other investments	3,136	3,136	3,136	0	0	0
Cash and cash equivalents	7,662	7,662	7,662	0	0	0

Financial liabilities within the scope of application of IFRS 9 on financial instruments

Financial liabilities excluded from the scope of application of

(in thousands of euros)	Value on the balance sheet	Fair value	Amortized cost	Fair value through equity	Fair value through profit or loss	IFRS 9 on financial instruments
Non-current liabilities
Financial liabilities	278,870	278,908	276,066	2,819	23	0
Financial liability excluding derivatives	275,190	275,229	276,066	0	(837)	0
Derivative liabilities	3,680	3,680	0	2,819	860	0
Other non-current liabilities	29,194	29,194	21,678	0	0	7,515
Prepaid income and other accrual accounts	5,302	5,302	0	0	0	5,302
Miscellaneous debts	23,891	23,891	21,678	0	0	2,213
Current liabilities	0	0	0	0	0	0
Trade and other payables	636,842	636,842	636,842	0	0	0
Current financial liabilities	198,914	198,914	198,412	155	347	0
Financial liability excluding derivatives	197,993	197,993	198,412	0	(419)	0
Current derivative liabilities	921	921	0	155	766	0
Other current liabilities	564	564	0	0	0	564
Prepaid income and other accrual accounts	564	564	0	0	0	564

At 2026/06/30

(in thousands of euros)	Value on the balance sheet	Fair value	Financial assets within the scope of application of IFRS 9 on financial instruments Fair value Fair value Amortized through through profit cost equity or loss			Assets excluded from the scope of application of IFRS 9 on financial instruments
Non-current assets
Other non-current financial assets	2,989	2,989	1,782	1,133	74	0
Equity investments	387	387	0	387	0	0
Derivative assets	819	819	0	746	74	0
Other non-current financial assets	1,783	1,783	1,782	0	0	0
Other non-current assets	13,007	13,007	13,007	0	0	421
Other non-current receivables	12,586	12,586	12,543	0	0	0
Prepaid expenses	421	421	0	0	0	421
Current assets	0	0	0	0	0	0
Trade & other receivables	288,051	288,051	288,051	0	0	0
Other current assets	5,662	5,662	9	0	0	5,653
Non-consolidated loans and receivables	(20)	(20)	(20) 0		0	0
Prepaid expenses	5,652	5,652	0	0	0	5,653
Other assets	30	30	30	0	0	0
Derivative assets	1,237	1,237	0	1,153	84	0
Marketable securities and other investments	19,327	19,327	19,327	0	0	0
Cash and cash equivalents	11,793	11,793	11,793	0	0	0

			Financial liabilities within the scope of application of IFRS 9 on financial instruments Fair value Fair value Amortized through through profit cost equity or loss			Financial liabilities excluded from the scope of application of IFRS 9 on financial instruments
(in thousands of euros)	Value on the balance sheet	Fair value
Non-current liabilities
Financial liabilities	280,276	280,281	279,386	896	(2)	0
Financial liability excluding derivatives	279,058	279,063	279,386	0	(323)	0
Derivative liabilities	1,218	1,218	0	896	321	0
Other non-current liabilities	24,132	24,132	24,132	0	0	4,879
Prepaid income and other accrual accounts	4,879	4,879	0	0	0	4,879
Miscellaneous debts	19,254	19,254	19,254	0	0	0
Current liabilities	0	0	0	0	0	0
Trade and other payables	624,151	624,151	624,151	0	0	0
Current financial liabilities	220,358	220,363	218,735	220	1,407	0
Financial liability excluding derivatives	218,407	218,412	218,735	0	(323)	0
Current derivative liabilities	1,950	1,950	0	220	1,730	0
Other current liabilities	602	602	0	0	0	602
Prepaid income and other accrual accounts	602	602	0	0	0	602

Offsetting financial assets and liabilities (IFRS 7 amendment):

The group subscribes for over-the-counter derivatives with leading banks under agreements which offset payables and receivables in the event of default of one of the contracting parties. These conditional netting agreements do not meet IAS 32 criteria for offsetting derivative assets and liabilities in the balance sheet. They do, however, fall within the scope of disclosures to be made under IFRS 7.13 on the offsetting of financial assets and liabilities.

On this basis, the effects of the netting agreements are as follows:

net amount of derivative assets under IFRS 7.13:
+1.1 million euros;
net amount of derivative liabilities under IFRS 7.13: -

2.2 million euros.

These transactions are equally distributed among five highly-rated bank counterparties.

‌OTHER NON-CURRENT FINANCIAL ASSETS

Analysis of changes in gross amounts and impairment:

			Disposals or
(in thousands of euros)	At 2024/06/30	Acquisitions	reversals	Others 3	At 2025/06/30
GROSS AMOUNT 1
Equity investments 2	17,122	0	0	0	17,122
Derivative assets	935	0	0	(771)	164
Other non-current financial assets	2,232	2	(5)	19	2,247
	20,289	2	(5)	(752)	19,533
FAIR VALUE VARIATION
Equity investments 2	16,734	0	0	0	16,734
Other non-current financial assets	206	0	0	0	206
	16,940	0	0	0	16,940
NET CARRYING AMOUNT
Equity investments 2	388	0	0	0	388
Derivative assets	935	0	0	(771)	164
Other non-current financial assets	2,026	2	(5)	19	2,041
TOTAL	3,349	2	(5)	(752)	2,593

The valuation principles are specified in note 4.
This heading corresponds to the carrying amount of the main shares in non-consolidated companies held by the group.
It mainly includes the Bonduelle Group's stake in Cooperative France Champignon (France), whose liquidation has been ongoing since February 18, 2021. In accordance with IFRS 10 and 11, this company is not consolidated since the group does not have a controlling interest. In accordance with the situation, the securities are fully impaired through equity.
Reclassifications and fair value of derivative assets.

(in thousands of euros)	At 2025/06/30	Acquisitions	Disposals or reversals	Others 3	At 2026/06/30
GROSS AMOUNT 1
Equity investments 2	17,122	0	0	0	17,122
Derivative assets	164	0	0	655	819
Other non-current financial assets	2,247	52	(520)	210	1,988
	19,533	52	(520)	865	19,930
FAIR VALUE VARIATION
Equity investments 2	16,734	0	0	0	16,734
Other non-current financial assets	206	0	0	0	206
	16,940	0	0	0	16,940
NET CARRYING AMOUNT
Equity investments 2	388	0	0	0	388
Derivative assets	164	0	0	655	819
Other non-current financial assets	2,041	52	(520)	210	1,782
TOTAL	2,593	52	(520)	865	2,989

The valuation principles are specified in note 4.
This heading corresponds to the carrying amount of the main shares in non-consolidated companies held by the group.
It mainly includes the Bonduelle Group's stake in Cooperative France Champignon (France), whose liquidation has been ongoing since February 18, 2021. In accordance with IFRS 10 and 11, this company is not consolidated since the group does not have a controlling interest. In accordance with the situation, the securities are fully impaired through equity.
Reclassifications and fair value of derivative assets.

‌DERIVATIVE INSTRUMENTS
The group uses over-the-counter derivatives to manage exposure to foreign exchange and interest rate risks. Group policy excludes being engaged in speculative transactions on the financial markets.
1. Interest rate derivatives
  Fair value hedges
  One of the fixed-rate bonds issued by the group were swapped to a variable interest rate at issuance. These swaps meet the criteria required for fair value hedge accounting under IFRS 9. The portion of the underlying debt and the swaps were recognized in the balance sheet at their market value.
  Cash flow hedges
  With regard to the EUR tranche of the USPP issued in July 2017, caps and tunnels were put in place to protect against any interest rate rises. These hedges meet the criteria required for accounting in equity under IFRS 9.
  Hedges not eligible for hedge accounting under IFRS
  At June 30, 2026, the group did not have any interest rate hedges that were not eligible for hedge accounting.
2. Foreign currency derivatives

Fair value hedges

As in previous years, the group introduced foreign currency and interest rate hedges on intra-group financing covering the needs of some of its subsidiaries located outside of the

eurozone (Brazil, Hungary, Poland and the US). This intra-group financing has been the subject of full and systematic hedging of the foreign exchange risk, so that changes in the underlying value (loan/intra-group borrowings in currencies) are fully offset by changes in inverse values of the hedging item. Typically, these hedges were made through forward purchase or sale contracts.

Cash flow hedges

Most of the group's sales are in euros. However, in certain countries, the group may issue invoices denominated in foreign currencies, mostly the US dollar, Hungarian forint, Czech koruna and Polish zloty. The group publishes its financial statements in euros, and changes in the value of these currencies against the euro may impact consolidated net income. To limit the sensitivity of its earnings to changes in exchange rates, the group introduces cash flow hedges using foreign currency forwards and options.

Hedges not eligible for hedge accounting under IFRS

Some derivatives introduced by the group to hedge future cash flows do not qualify for hedge accounting under IFRS 9. These are essentially sales of options. Under these circumstances, changes in value are recognized directly in profit or loss.

Derivatives at 2025/06/30

Carrying amount

(in thousands of euros)	Notional	ASSETS	LIABILITIES
Interest rate derivatives (A)
Cash flow hedges	362,065	125	2,851
Fair value hedges	90,000	0	1,291
Hedges not eligible for hedge accounting under IFRS	0	0	0
- Current portion		45	462
- Non-current portion		80	3,680
Foreign currency derivatives (B)
Cash flow hedges	25,182	439	123
→ o.w. forward contracts	17,947	321	78
→ o.w. options	7,236	118	45
Fair value hedges	47,940	1,455	126
Hedges not eligible for hedge accounting under IFRS	26,691	192	210
→ o.w. forward contracts	19,349	192	160
→ o.w. options	7,342	0	49
- Current portion		2,002	458
- Non-current portion		84	0
TOTAL DERIVATIVES (A + B)
- Current portion		2,047	921
- Non-current portion		164	3,680

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