ID Logistics : Universal registration document 2025

About this update from Id Logistics Group

Universal Registration Document 2025 including the annual financial report ‌CONTENTS Business Overview 5 5 Sustainability report 143 1.1 ID Logistics: a booming contract logistics pure player 6 5.1 ESRS 2: General information 144 1.2 Milestones in the Company's development 6 5.2 ESRS Governance 153 1.3 Selected annual financial information 6 5.3 Social ESRS 157 1.4 The contract logistics market 8 5.4 Environmental ESRS 168 1.5 Market positioning of ID Logistics 11 5.5 Progress report on Ambition 2030 177 1.6 ID Logistics growth strategy 18 5.6 Consolidated non-financial performance indicators 177 1.7 Environmental issues 20 5.7 Reported information 180 1.8 Organization charts 20 5.8 Report on the certification of sustainability reporting 181 1.9 Research and development #REF and verification of the disclosure Risk factors 27 Risk mapping and assessment 28 requirements set out in Article 8 of Regulation (EU) 2020/852 Additional information 185 Strategic and operational risks 29 Financial risks 33 Regulatory and legal risks 34 3 Information concerning the Company 186 Treasury stock - Description of the share buyback 186 program Governance 35 Board of Directors' corporate governance report 36 Internal control and risk management procedures 69 Vigilance plan 72 Statutory auditors 78 Financial statements 79 General presentation 80 Comparison of years 2025 and 2024 82 Deed of incorporation and bylaws 188 ID Logistics Group securities market 190 Documents on display 191 Legislation applicable to Group operations 191 7 June 3, 2026 Combined General Meeting 193 Agenda 194 Draft resolutions 195 Persons responsible 205 Cash and capital 83 Cash flow 86 Required sources of finance for the future 87 Capital expenditure 87 Dividend distribution policy 87 Person responsible for the Universal Registration Document Statement of the person responsible for the Document 206 206 9 Annual historic financial information 88 Person responsible for financial reporting 206 Review of results and financial position - parent company financial statements 127 Transactions with related parties 138 Date of latest financial information 140 Material contracts 140 Cross-reference tables 207 Information provided by third parties, experts' declarations and disclosures of self-interest 140 Trends 140 Court and arbitration proceedings 141 Significant change in financial or trading position 141 UNIVERSAL REGISTRATION DOCUMENT 2025 including the Annual Financial Report This is a free translation into English performed with artificial intelligence tool of the Universal Registration Document of the Company issued in French and it is available on the website of the Issuer. This document is available free of charge at the ID Logistics Group head office at 55 Chemin des Engranauds, 13660 Orgon, France, and in electronic format on the AMF website ( www.amf-france.org ) and on the Company website ( www.id-logistics.com ). The Universal Registration Document was filed on April 29, 2026 with the AMF, in its capacity as competent authority under Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of said Regulation. The Universal Registration Document may be used for the purposes of an offer of financial securities to the public or the admission of financial securities to trading on a regulated market if it is supplemented by a securities note and, where applicable, a summary and any amendments made to the Universal Registration Document. The set of documents thus constituted is approved by the AMF in accordance with Regulation (EU) 2017/1129. GENERAL REMARKS This Universal Registration Document including the Annual Financial Report is a reproduction in PDF format of the official version, which was prepared in ESEF format and can be accessed at https://www.id-logistics.com . This reproduction is available on the same website. Incorporation by reference The Company's website is www.id-logistics.com . The information on the site referenced by hyperlinks ( www.id-logistics.com ) in this Universal Registration Document, with the exception of that incorporated by reference as specified below, does not form part of this Universal Registration Document. As such, this information has not been reviewed or approved by the AMF. Pursuant to Clause 19 of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017, the following items are incorporated by reference into this Universal Registration Document: The consolidated financial statements as of December 31, 2024, and the related statutory auditors' report, presented on pages 96 to 134 and 137 to 146, respectively, of Universal Registration Document No. D25-0305 filed with the Autorité des Marchés Financiers on April 25, 2025 https://www.id-logistics.com/media/2025/04/ID LOGISTICS_DEU_2024_FR_202504251417-D25-0305-2 .pdf. The consolidated financial statements as of December 31, 2023, and the related statutory auditors' report, presented on pages 132 through 171 and 172 through 183, respectively, of Universal Registration Document No. D24-0314 filed with the Autorité des Marchés Financiers (French financial markets authority or AMF) on April 22, 2024 https://www.id-logistics.com/media/2024/04/ID LOGISTICS DEU 2023 FR 202404221737-D24-0314-FR.pdf. Contents of this document Components of the Universal Registration Document. Components of the annual financial report. Components of the management report. Report of the Board of Directors on corporate governance. Sustainability information and the sustainability auditor's report. Other AMF regulatory information: description of the share buyback program. Definitions In this Universal Registration Document, unless otherwise specified: "IDL Group" or "Company" refers to ID Logistics Group. "Group," "The ID Logistics group," and "ID Logistics" refer to the group of companies consisting of ID Logistics Group and its subsidiaries. "Universal Registration Document" refers to this Universal Registration Document filed with the Autorité des Marchés Financiers (French financial markets authority or AMF). "Universal Registration Document Date" refers to the date of filing of the Universal Registration Document. Market information The Universal Registration Document contains information regarding the markets and market shares of the Company and its competitors, as well as its competitive positioning, particularly in sections 1.4 "The Contract Logistics Market" and 1.5 "ID Logistics' Positioning." This information is derived primarily from studies conducted by external sources. However, publicly available information, which the Company considers reliable, has not been verified by an independent expert, and the Company cannot guarantee that a third party using different methods to collect, analyze, or calculate market data would obtain the same results. Risk factors Investors are advised to carefully consider the risk factors set out in Chapter 2 "Risk Factors" of the Universal Registration Document before making their investment decision. The materialization of all or part of these risks is likely to have a negative effect on the Company's business activities, financial position, earnings, or objectives. Furthermore, other risks, not yet identified or considered immaterial by the Company as of the Universal Registration Document Date, could have the same adverse effect, and investors could lose all or part of their investment. Forward-looking information The Universal Registration Document contains forward-looking statements and information regarding the Group's objectives, particularly in sections 1.5 "ID LOGISTICS' Positioning," 1.6 "ID LOGISTICS' Development Strategy," and 4.14 "Trends," which are sometimes identified by the use of the future tense, the conditional tense, and forward-looking terms such as "estimate," "consider," "aim to," "anticipate," "intend," "should," "wish," "could," in their affirmative or negative forms, or any other similar terminology. This information is based on data, assumptions, and estimates that the Company considers reasonable. The forward-looking statements and objectives contained in the Universal Registration Document may be affected by known and unknown risks, uncertainties related in particular to the regulatory, economic, financial, and competitive environment, and other factors that could cause the Company's future earnings, performance, and achievements to differ materially from the stated or implied objectives. These factors may include, in particular, those set forth in Chapter 2, "Risk Factors," of the Universal Registration Document. PROFIL ET CHIFFRES CLÉS ‌Business Overview ID LOGISTICS: A BOOMING CONTRACT LOGISTICS PURE PLAYER 6 MILESTONES IN THE COMPANY'S DEVELOPMENT 6 SELECTED ANNUAL FINANCIAL INFORMATION 6 THE CONTRACT LOGISTICS MARKET 8 Definition of contract logistics 8 The contract logistics market 8 MARKET POSITIONING OF ID LOGISTICS 11 Market positioning of ID Logistics 11 Types of service offered by ID Logistics 13 Market typology 14 Global monitoring of key accounts 15 Relationships established with customers on a contractual, transparent and long-term basis 17 ID LOGISTICS GROWTH STRATEGY 18 ENVIRONMENTAL ISSUES 20 ORGANIZATION CHARTS 20 Legal organization chart 20 Presentation of the main Group companies 22 Operational organization chart 24 RESEARCH AND DEVELOPMENT 25 ‌ID LOGISTICS: A BOOMING CONTRACT LOGISTICS PURE PLAYER ID LOGISTICS: A BOOMING CONTRACT LOGISTICS PURE PLAYER ID Logistics is an international contract logistics group. Since its founding in 2001, the Group has experienced sustained and uninterrupted growth, reaching revenues of €3.7 billion in 2025. ‌ID Logistics has developed an asset-light model, primarily consisting of dedicated warehouse logistics per customer and involving a high level of technology. The Group currently manages over 450 sites located in 19 countries, representing 10 million square meters of operational space across Europe, the Americas, Asia, and Africa, with over 50,000 employees. ID Logistics has a well-balanced portfolio across the retail, e-commerce, and fast-moving consumer goods sectors, serving leading international customers in their respective fields MILESTONES IN THE COMPANY'S DEVELOPMENT Key dates in the Group's history are: 2001- 2001: Founding of ID Logistics Group in France and opening of the first subsidiary in Taiwan. 2005 International expansion with the launch of business activities in Taiwan (2001), Brazil (2002), China (2003), and Réunion Island (2004). 2004: The Group surpasses €100 million in revenues and 500,000 sqm of warehouse space in operation. 2006- 2006: The Group operates 1 million sqm of warehouses worldwide and ranks among the top 10 logistics service 2010 providers in France by revenue (source: Journal de la Logistique, September 2007). Internationally, the Group launches business activities in Spain (2006), Indonesia (2007), Poland (2008), Argentina, and Morocco (2009). 2011- 2015 2011: Acquisition of the logistics division of the Mory Group. Launch of business activities in Russia (2010) and South Africa (2012). 2012: Listing on the Euronext Paris stock exchange through a capital increase representing a 25% free float. 2013: Acquisition of 100% of the CEPL Group, the current French leader in retail fulfillment. This acquisition enables the Group to strengthen its position in France and Spain and to enter the German and Dutch markets. The Group's global retail space now exceeds 3 million square meters, and e-commerce revenues account for 11% of the Group's total revenues. 2016- 2020 2015: E-commerce revenues account for 11% of the Group's total revenues. 2016: Acquisition of the Logiters Group in Spain and Portugal: ID Logistics crosses the symbolic threshold of €1 billion in revenues, and France now accounts for less than 50% of the Group's business activities. 2019: Acquisition of Jagged Peak, enabling ID Logistics to enter the U.S. market. Launch of business activities in Romania (2017) and discontinuation of business activities in South Africa (2018) and China (2020). 2021- Acquisitions of GVT in Benelux (2021), Colisweb in France, and Kane Logistics in the United States (2022), and 2025 Spedimex in Poland (2023). 2024: €135 million capital increase representing 6.1% of the pre-capital increase capital stock. ‌Cessation of business activities in Russia (2022) and launch in Italy (2022), England (2023), and Canada (2025). SELECTED ANNUAL FINANCIAL INFORMATION The financial information presented below is derived from the consolidated financial statements for the years ended December 31, 2025, 2024, and 2023, prepared in accordance with applicable IFRS. The financial statements as of December 31, 2025, are included in Section 4.8 "Annual historic financial information" of the Universal Registration Document. These key financial and operational data should be read in conjunction with the information contained in sections 4.2 "Comparison of the years ended December 31, 2025, and December 31, 2024," 4.3 "Cash and Capital," and 4.4 "Cash Flows." SELECTED ANNUAL FINANCIAL INFORMATION The figures shown in €m in the tables in this chapter have been rounded compared to those presented in Chapter 4 "Financial Statements." In 2025, the Group generated revenues of €3,737 million, underlying operating income (EBIT) of €165 million, and consolidated net income of €64 million. Summary income statement for the year ended December 31 With more than 50,000 employees worldwide, the Group had 450 sites representing 10 million sqm of warehouse space as of December 31, 2025. €m 2025 2024 2023 Revenues 3,737.0 3,271.0 2,747.4 Underlying EBITDA* 581.1 513.5 434.7 Underlying EBITDA margin (% revenues) 15.6% 15.7% 15.8% EBIT** 165.2 147.8 125.8 EBIT margin (% revenues) 4.4% 4.5% 4.6% Total consolidated net income 64.4 53.9 53.9 Net margin (% revenues) 1.7% 1.6% 2.0% * Underlying EBITDA corresponds to recurring underlying operating income (EBIT)|EBIT before net depreciation and amortization of tangible and intangible assets. ** EBIT before amortization of acquired customer relations and non-recurring expenses and income. Summary statement of cash flows for the year ended December 31 €m 2025 2024 2023 Net change in cash and cash equivalents - from operating activities 497.2 481.7 429.8 - from investing activities (164.0) (91.3) (99.3) - from financing activities (357.4) (316.2) (273.4) Other changes (6.7) (1.7) 1.0 Change in net cash and cash equivalents (31.0) 72.5 58.2 Summary balance sheet as of December 31 €m 2025 2024 2023 Non-current assets 2,078.9 1,867.4 1,676.0 Working capital (66.4) (109.1) (124.7) Net debt* 1,371.9 1,136.3 1,137.7 Total consolidated shareholders' equity 640.6 622.0 413.6 * Net debt corresponds to net borrowings plus firm lease commitments. Net borrowings correspond to gross financial debt plus bank overdrafts and minus cash and cash equivalents. ‌THE CONTRACT LOGISTICS MARKET‌ Definition of contract logistics Logistics encompasses all operations that enable the right product to be made available at the right time, in the right place, and at the lowest cost. It refers to the management and optimization of the flow of goods and information between a company, its suppliers, and its customers. ‌Logistics operations are at the heart of the supply chain , with upstream business activities such as freight forwarding The contract logistics market The contract logistics market encompasses a wide range of services, from warehouse inventory management and inventory-related flows to value-added services (packaging, (maritime or air) and land transport (road or rail), and downstream delivery operations, including the last mile. Contract logistics, strictly speaking, covers the part of logistics that is outsourced by customers to partners and formalized between the customer and its Service Provider in an agreement that specifies, in particular, the resources to be deployed and the objectives to be achieved. The market share of the top 10 global players in 2024 is estimated as follows (source: Transport Intelligence, Company estimate): packing, post-production operations, etc.). Given the varying degrees of integration between transportation and contract logistics business activities across countries, and the limited number of specific studies on the global contract logistics market, it is difficult to gauge the market's size. The global contract logistics market Based on its international presence, its experience, and competitors' publications, ID Logistics estimates the global market at approximately €305 billion in 2025, up 3.4% from 2024 (sources: Transport Intelligence, estimate from the Company). Beyond the exceptional fluctuations caused by the health crisis of 2020 and 2021, this is a market that is generally growing at the rate of inflation and GDP growth in various local markets, with additional growth driven by the rise in e-commerce activity and the trend toward increasing outsourcing by customers. The geographic breakdown of the global contract logistics market is estimated as follows for 2024 (source: Transport Intelligence, Company estimate): Company or business unit Market share DHL Supply Chain 6.0% GXO Logistics 3.7% CEVA Logistics 2.3% UPS 2.0% Maersk 1.9% Kuehne Nagel 1.9% Ryder 1.7% Geodis 1.3% Logisteed 1.2% DSV 1.2% The market is highly fragmented, and the top five global players account for only 15.9% of the market share. DHL's Supply Chain division has a global presence, holding a leading position in Europe and North America and ranking third in the Asia-Pacific region. GXO operates primarily in North America (5 th ) and Europe (2 nd ). Ryder operates Region Market share Asia-Pacific 37% Europe 30% North America 26% Other 7% primarily on the North American continent. Maersk and CEVA Logistics have successfully expanded beyond Europe, their home continent, while Logisteed (formerly Hitachi) generates nearly all of its revenues in the Asia-Pacific region, 80% of which comes from Japan. ID Logistics, ranked 6th in Europe and experiencing strong growth in North America, is closing in on the global Top 10 with an estimated market share of 1.2% in 2025. THE CONTRACT LOGISTICS MARKET The European contract logistics market The European market is the second-largest contract logistics market in the world and the primary market in which ID Logistics operates. The geographical breakdown of the European contract logistics market in 2024 is estimated as follows (source: Transport Intelligence, Company estimate): Market development factors Sensitivity to economic conditions and consumer trends Although sensitive to economic conditions, household consumption-particularly of fast-moving consumer products-remains relatively stable in volume, assuming constant demographic trends. Indeed, during an economic downturn, the end consumer is primarily price-sensitive: they may reduce spending in terms of value, but not Country Market share Germany 23.0% United Kingdom 21.7% France 12.5% Netherlands 8.1% Italy 6.6% The market share of the top 5 players at the European level, including the United Kingdom, in 2024 is estimated as follows (source: Transport Intelligence, Company estimate): Company or business unit Market share DHL (Supply Chain) 8.8% GXO Logistics 8.2% CEVA Logistics 3.9% Rhenus 3.2% Kuehne + Nagel 3.1% The North American contract logistics market The North American market is the third-largest contract logistics market in the world. ID Logistics entered this market in late 2019 and has grown by more than 30% annually since then. The market share of the top 5 players in North America in 2024 is estimated as follows (source: Transport Intelligence, Company estimate): necessarily in volume. Thus, contract logistics providers, whose remuneration is based primarily on the volumes handled (pallets, order picking, etc.), are relatively less affected by economic slowdowns. Nevertheless, the main challenge for contract logistics providers during an economic crisis lies in the erratic fluctuations and uncertainty of the volumes handled. Household consumption is also dependent on changes in purchasing power and demographics. Changes in consumption patterns (particularly the growth of hard discount stores, specialty retailers, e-commerce, etc.) can lead to the emergence of new players and changes in the logistics models of major clients. Adapting to consumer behavior is a major challenge for large retailers and, consequently, for their Service Providers. Optimization of customers' supply chains is a key strategic factor To meet the new expectations of clients, logistics groups are positioning themselves as global Service Providers, capable of managing all types of goods flows across an increasingly vast geographic area. Effective management of the supply chain for players in the consumer goods sector has become a key differentiator and a driver of value creation (product availability, minimizing stockouts, inventory and financial optimization, etc.). Company or business unit Market share DHL (Supply Chain) 9.5% UPS 7.7% Ryder 6.3% J.B. Hunt 4.1% GXO Logistics 3.7% Furthermore, major clients tend to favor a limited number of Service Providers capable of handling transformative projects that require genuine expertise and investment capacity to implement and manage increasingly complex projects with high levels of innovation and technology. This rise in influence of the sector's major players is occurring at the expense of a purchasing policy that relies on a large number of transportation or warehousing service providers. A strategy of increased outsourcing Beyond cyclical factors, the environment for logistics service providers remains marked by a structural trend among shippers toward outsourcing logistics functions. This reliance on subcontracting is driven by the following needs: The need for cost savings: internal logistics structures often result in high costs for Companies. The need for flexibility: to focus on their core business without being constrained by logistics issues, customers seek Service Providers who can effectively share costs and offer flexibility. The need for expertise: the Service Provider's capacity for innovation and experience constitute the high-level technical know-how necessary for managing increasingly complex supply chains. The need for support in international expansion: outsourcing significantly increases the capacity for international roll-out deployment, particularly in cases of rapid growth. The outsourcing rate for logistics functions is estimated at between 38% and 42%, depending on the source. It varies significantly by geographic region, ranging from approximately 25% in the United States to nearly 60% in the United Kingdom, for example. There is still significant room for growth, particularly in the current climate where uncertainty and a lack of confidence weighing on the global economy are reinforcing economic actors' decision to focus on their core business and outsource ancillary operations to gain flexibility and reduce costs. E-commerce development The share of e-commerce in total retail sales has continued to rise in recent years, reaching nearly 25%. E-commerce has now established itself as a distinct mode of consumption. Because e-commerce directly involves the end customer, it demands higher standards of reliability and faster order picking timeframes than those required in traditional brick-and-mortar retail. Order picking is also more detailed, as it typically involves only a few units of a few SKUs per parcel. The solutions to be implemented and managed are therefore much more complex and sophisticated, with greater reliance on mechanization and automation. Finally, ecommerce is characterized by high return rates (approximately 30% of shipped goods), which generates additional logistics operations. For all these reasons, e-commerce has been and will continue to be a growth driver for the contract logistics market and a catalyst for revenues for logistics providers that are well-positioned and recognized in this segment, such as ID Logistics. Major shippers' sustainable development strategies bolster this trend The emergence of sustainability issues has only accelerated this trend. Indeed, reducing the carbon footprint requires greater consolidation of transport. It also reinforces the need for global Service Providers capable of measuring CO₂ consumption across the entire supply chain, proposing sufficiently comprehensive action plans to reduce these impacts, and offering global solutions to optimize this chain (see section 5 "Sustainability Report" of the Universal Registration Document). Reorganization of supply chains Recent crises linked to the COVID-19 pandemic or issues related to procurement, energy costs, or customs duties have highlighted the need to make supply chains even more resilient. In this context, clients are being led to rethink their logistics organization and consider building safety stock or relocating part of their inventory closer to consumption areas such as Europe or North America. These reorganizations would represent new growth opportunities for the contract logistics market. A strong consolidation trend over the past 10 years Over the past 10 years, the logistics market has undergone a consolidation trend driven by the professionalization of players and the pursuit of critical mass to offer a broad range of services and support their customers' international expansion. The table below lists the major mergers and acquisitions over the past 10 years: Target Buyer Year Norbert Dentressangle (France) XPO (US) 2015 OHL (US) Geodis (France) 2015 Uti (US) DSV (Danemark) 2015 LGI (Allemagne) Elanders (Suède) 2016 Logiters (Espagne) ID Logistics (France) 2016 CEVA Logistics (Suisse) CMA CGM (France) 2019 Panalpina (Suisse) DSV (Danemark) 2019 Kuehne Nagel UK (UK) GXO (US) 2020 Visible Suply Chain (US) Maersk (Danemark) 2021 Ingram Micro (US) CMA CGM (France) 2021 Whiplash (US) Ryder System Inc (US) 2021 Imperial Logistics (Afrique du Sud) DP World Logistics (EAU) 2021 Syncreon (US) DP World Logistics (EAU) 2021 Agility (Koweit) DSV (Danemark) 2021 Kane Logistics (US) ID Logistics (France) 2022 Pilot Freight Services (US) Maersk (Danemark) 2022 GEFCO (France) CEVA Logistics (France) 2022 Clipper Logistics (UK) GXO (US) 2022 Kenco Logistics (US) Pritzker Private Capital (US) 2022 PFS (US) GXO (US) 2023 Spedimex (Pologne) ID Logistics (France) 2023 Bolloré Logistics Ceva Logistics (France) 2023 Wincanton (UK) GXO (US) 2024 ‌DB Schenker (Allemagne) DSV (Danemark) 2024 ‌MARKET POSITIONING OF ID LOGISTICS Market positioning of ID Logistics A fundamental approach as a logistics pure player and integrator of technical solutions The Group's strategic choice is to continue developing its expertise in assembling technical solutions tailored to each customer. Thus, the Group does not intend to expand into sectors where growth is driven by control of networks (land transport, air and sea freight forwarding, etc.). Thanks to its positioning as a pure player since its inception and over 20 years of experience, ID Logistics does not merely provide basic logistics services but offers comprehensive logistics solutions ranging from the performance|fulfillment of standard logistics tasks to the design of solutions integrated into the customer's strategy. This approach is particularly illustrated by the Group's constant focus on innovation, the pursuit of financial and environmental optimization solutions, and ongoing efforts to optimize supply chain flows on behalf of its customers, etc. A totally customer-focused organizational system ID Logistics places itself at the heart of its customers' logistics strategy. It has established a dedicated organization focused on client relationships to best meet their expectations and proactively anticipate their future needs. Specializing in key customers and high-volume operations, ID Logistics primarily operates warehouses dedicated to a single customer. Each warehouse is thus organized and managed specifically for that customer, with resources directly dedicated to them. Consistent first-grade operational quality worldwide To offer optimal and consistent service quality across all its subsidiaries (in France and Internationally), the Group has established a set of "best practices." These aim to ensure top-tier service quality during the operational launch of new facilities (in France and internationally) and to ensure the transfer of expertise and values within the Group. Beyond these best practices, ID Logistics also implements replicable "core templates" for customers developing multiple logistics operations in one or more countries. This approach, based on a thorough understanding of customer needs and the standardization of organizational structures and resources to meet them, enables, in particular, the accelerated implementation of new operations and the monitoring of business activities. Continuing focus on the mass market (production and distribution) The Group's expertise lies in the logistics management of high-volume agreements, seeking optimization solutions across the entire supply chain from the manufacturer to the end customer. The Group's goal is to continue expanding its customer base within this sector. International positioning focused on mass consumption markets Through this approach, the Group has built lasting relationships of trust with its customers, which have resulted in supporting the majority of them internationally (expanding into 18 new countries since its founding in 2001). The Group is present in most major consumer markets where its retail and consumer goods customers operate. The priority is to increase its market share in these countries, particularly by supporting local customers. In the coming years, expanding into new countries could be considered to support existing customers. The initial step would be to support the Group's existing customers as they grow in these new countries. Support for major customers in their new business lines and particularly in cross-channel selling Significant growth potential lies in expanding the offering for the Group's current customers. Indeed, distribution methods are changing, requiring increasingly critical logistical support. The growth of online sales, the emergence of "Drive-through" templates, home delivery, and similar trends are driving changes in how retailers organize their logistics and thus present numerous opportunities for the Group. More generally, shifts in consumer behavior are leading to increasing complexity in logistics operations due to: The increase in the number of SKUs offered for sale and the demand for product availability. The increasing complexity of sales and distribution channels. A demand for greater flexibility in volume management. The development of logistics services is an appropriate response to these challenges. A culture geared towards innovation and automation Since its inception, the Group has embraced an innovative approach, notably through the creation of an R&D department, to offer its customers high-performance technological tools. This approach enables the Group to introduce improvements aimed at enhancing the operational and financial performance of its sites and providing better working conditions for its employees (reduced accident rates, increased productivity, etc.). For the past 10 years, ID Logistics has also been offering solutions and innovations in mechanization, automation, and robotics, including high-speed automated sorting systems, robots for load transfer, gripping, and packing to optimize workstation ergonomics and working conditions for our employees, automated goods-to-person solutions (shuttles, miniloads) to improve order-picking ergonomics, increase storage density, and boost production capacity, as well as high-bay stacker cranes for pallet storage. Thanks to its expertise and experience, ID Logistics has the ability to connect, integrate, and manage systems through fully digitized processes and interfaces, and to offer scalable solutions as the business activities of its customers mature. Finally, following the creation in 2024 of a Group Division dedicated to digital and technology, ID Logistics launched its AI4ID program in 2025, focused on artificial intelligence applied to the field of contract logistics. As with robotization and mechanization, the goal is to develop in-house expertise through a dedicated team in existing and future- s to improve productivity across the various stages of warehouse operations or customers' transportation organization. These practical applications must benefit customers while making ID Logistics even more attractive. Control of information systems The Group has developed extensive expertise in the management and implementation of information systems, enabling it to deploy customized solutions tailored to each Site's specific needs and to provide real-time access to structured data. The seamless flow and reliability of this data make it possible to analyze and, consequently, continuously improve a Site's performance. Highly experienced employees who share Group values The Group places particular importance on sharing its values with its employees: entrepreneurship, operational excellence, high standards, and solidarity. Furthermore, ID Logistics has successfully attracted and retained talent, leading to stability within the management team. ‌Finally, beyond its competitive strengths, ID Logistics is committed to a strategy of sustainable development and growth in service of its customers. Indeed, the Group has launched numerous projects aimed at reducing its environmental impact and has developed specific expertise in environmental and financial analysis and optimization on behalf of its customers. Measure to promote sustainable development The services offered by ID Logistics take into account its customers' sustainable development challenges. They are strongly focused on occupational health and safety, relying on training, innovation, and the empowerment of all company stakeholders. They are also designed to support customers in their strategy to reduce their environmental footprint. Types of service offered by ID Logistics ID Logistics offers a wide range of logistics services to its customers. Warehousing and value-added service ID Logistics' offerings address the specific needs of ambient-temperature logistics, fresh-food logistics, and ecommerce logistics. Warehousing: operation of a warehouse to store goods. Inventory management: real-time tracking of stock levels, turnover, sell-by dates, etc. Order picking: picking items, parcels, or pallets from the warehouse to prepare an order for delivery to a distribution center or retail location. Kitting: the process of grouping multiple items to form a kit or pack. Co-packing: the process of packaging products to assemble them into batches (for promotional campaigns, for example) or into sales displays. Packaging (wrapping, repackaging): preparing packaging according to the desired packaging types and containers. Just-in-time procurement of parts for production lines, kanban management: managing a minimum stock of spare parts or work-in-progress at the production line, which are consumed and replenished as production proceeds. Kanban is one of the just-in-time techniques. Consolidation: managing flows to optimize the load factor of the transport vehicle (truck, railcar, barge, etc.). Cross-docking: organizing flows to receive goods from suppliers, prepare and ship customer orders on the same day, without storage time. Returns management: centralizing returns from stores or individual customers in the case of online sales, quality control of returned goods, Repair, cleaning, and reconditioning to make them available again in the sales channel. Quality control: the process of conducting compliance testing for goods-in|acceptance and outgoing shipments. Transportation and flow organization Transportation organization: ID Logistics manages, on behalf of its customer, the organization and optimization of transportation plans and delivery routes within a geographic area, while the customer maintains the direct contractual relationship with its carriers. Administrative management of transport orders: administrative services for managing delivery notes, scheduling, scheduling appointments, tracking disputes, etc. Transport route optimization services: Regular proposals for re-engineering transport routes to reduce costs. Dedicated vehicle fleet: provision of transportation resources dedicated to the customer. Combined transport: utilization of rail-road solutions. Container tracking: real-time tracking of containers to optimize the customer's procurement process. Dedicated control center: transportation organization services for the customer, including chartering and contractual relationships with carriers selected by ID Logistics. Supply chain optimization Implementation, on behalf of the customer, of warehouse management software (WMS - Warehouse Management System) or ERP-type software integrated between sales and purchasing management and warehouse inventory management. Proposal to implement tools for real-time monitoring of supply chain flows . Management of upstream and downstream warehouse flows: ID Logistics manages and optimizes, on behalf of its customer, the organization of incoming and outgoing flows at the customer's warehouses, whether or not the warehouse is managed by ID Logistics. Appointment management: ID Logistics manages and optimizes appointments with carriers on behalf of its customer for warehouse deliveries and shipments out of the warehouse. Contingency plan: ID Logistics designs and manages contingency plans for its customers to ensure the continuity of procurement for their retail locations even in the event of the unavailability of one or more of their sites (fire, severe weather, labor disputes, etc.). Project management: ID Logistics participates in the design and implementation of all types of projects related to its customers' supply chains in France and abroad (market research, impact studies, solution consulting, etc.). ‌Market typology ID Logistics operates across a wide range of market types: Sector % 2025 Customer typology Customer requirements revenues E-commerce 28% Cross-channel distribution developed by retail customers to complement traditional in-store offerings and pure-play e-commerce sites. E-commerce represents a major challenge for all retail customers. It is a growing sector that complements traditional offerings. Major customers seek both specialized logistics services tailored to the e-commerce sector and synergies with their traditional logistics operations, with a requirement for a 100% quality rate. Retail 28% General and specialty retail, food and non-food. Faced with a significant increase in the number of food products, major retailers have implemented a policy aimed at drastically reducing their inventory levels to an average of nearly 10 days' worth in the warehouse. Logistics performance has become a key factor in the competitiveness of retailers, who must ensure high product availability at an optimized cost. In cold chain logistics, effective management of the cold chain adds to these challenges. For general merchandise, products come from large-scale imports and require inventory-based logistics, with a highly diverse range of products. Product line refreshes, which lead to frequent promotional campaigns, and strong seasonality make adapting logistics services particularly important.In recent years, a significant milestone has been reached with a further acceleration of flows through the transformation of warehouses into cross-docking platforms. This policy is driving suppliers to adapt their delivery methods to this new organizational structure. Logistics services have become a key factor in the competitiveness of retailers, who must ensure high product availability at optimized costs. Consumer goods products 22% Industrial customers, suppliers to mass retailers, general or specialized. Manufacturers require services capable of supporting them through the organizational changes demanded by mass retailers. Reduced inventory levels increase delivery frequency. Customer requirements focus on both the order fulfillment process and the associated transportation logistics. Fashion 8% Designers and specialized or generalist distributors of clothing, leather goods, and accessories. Combining strong seasonality, the success or failure of collections, the challenge of handling flat or hangar-packed goods, and large-scale imports, textile logistics is a particularly demanding field. Technology 7% Hi-fi and technology products. High-value products, varying widely in size (from cameras to refrigerators), with strong seasonality, and primarily sourced through large-scale imports, these items require highly precise handling due to the nature of the product. The service focuses primarily on inventory management. Cosmetics 4% Specialized and generalist manufacturers and distributors of cosmetics and fragrances. Highly precise, the logistics of luxury goods and cosmetics handle a wide variety of products and sales support items. Given the fragility and high unit value of the products, this presents significant challenges during order picking, and the error rate for picking must remain very low. It must also account for the concentration of sales around holidays, promotional campaigns, or product launches, particularly for products with relatively short lifecycles. Industry 2% Manufacturers or data processors|subcontr actors. Spare parts inventory management and end-of-line logistics involving the pre-assembly (kitting) of components that are delivered just-in-time to match the production pace. The use of subcontractors for these operations allows manufacturers to manage the volatility of production rates. Total traceability is required for avionics parts. Security clearance is a key requirement for defense business activities. Sector % 2025 revenues Customer typology Customer requirements ‌Healthcare 1% Pharmaceutical manufacturing laboratories. Challenges include full traceability, batch number management, and storage requirements for certain products (temperature, security, etc.), necessitating security clearances. Challenges related to resource sharing for customers, particularly prior to transport. Global monitoring of key accounts Top-ranking customers consisting of leading French companies and major multinational groups Historically, the Group has built its business around major international groups of French origin and has demonstrated its ability to support them over the long term and in their advanced international markets. ID LOGISTICS has successfully strengthened its long-standing relationships with its key customers and adapted to their evolving needs, particularly through continuous improvement plans and the development of innovative solutions. Building on its operational performance with its longstanding customers, the Group has successfully expanded and diversified its customer portfolio by supporting major French retail groups and large international industrial groups in regions with high growth potential. This strategy enables ID Logistics to operate in a total of 19 countries across Europe (73% of revenues in 2025), North America (19%), and South America, Africa, and Asia (8%). With few exceptions, all of the Group's customers are leading players in their respective business activities and operate in Europe and internationally. The Group aims to support the growth of its customers, both in France and internationally, and to adapt to changes in their strategies. Principal Group customers (1) Retail and e-commerce Fast-moving consumer goods Other (1) The above presentation includes a selection of customers which generated revenues for the years presented in this Universal Registration Document. Support for customers worldwide From the outset, the Group has chosen to support its customers internationally. Today, the Group serves more than half of its customers in at least two countries. ‌Supporting customers internationally generally involves an initial phase of upgrading operational processes before conducting the existing technology roll-out at the customers' sites in France. During this upgrade phase, revenues converted to euros per employee (permanent and temporary) are generally lower than those observed at sites operated in France. Relationships established with customers on a contractual, transparent and long-term basis Contract logistics relies on the systematic formalization of contracts, to which appropriate resources are allocated. This contractualization occurs following a bidding process during which the service providers invited to compete determine the best logistics solution, transparently and in collaboration with the customer, based on the information provided by the customer (upstream sourcing area, downstream distribution area, volume, product mix, seasonality, etc.). This information is used, in particular, to determine the optimal geographic location of the warehouse (center of gravity), its operational characteristics, the associated IT processes, the permanent and temporary workforce, etc. Systematic contractual formalization Following a tender process conducted almost systematically by shippers, the project awarded to ID Logistics is formalized through a contract with each customer that details: Operational specifications (OS) that describe the full scope of services to be provided as well as the resources provided by the Group. Quality specifications (QSD) that outline quality commitments and how they are measured (KPIs, etc.). Finally, an agreement that specifies the terms of remuneration, liability, duration of the engagement, renewal clauses, etc. ID Logistics has a policy of not taking on a new project without first clearly defining all of these elements with its customer. Invoicing system determined when contract is signed Each agreement features different pricing terms (indexation, volumes) resulting from commercial negotiations based on the operational conditions provided by the customer (volume, seasonality, order mix, etc.). Revenues are generally calculated as follows: billing based on the type of service (full pallet, specific parcel preparation, etc.) and the number of parcels prepared. The Group's revenues are primarily based on the volumes processed, which are contractually defined based on the data provided by the customers during the bidding process. In the event of a significant upward or downward deviation from these volumes, prices are renegotiated accordingly. Most agreements contain clauses for annual price indexation, applicable on the agreement anniversary date and based on official local inflation indices. The Group's revenues do not exhibit strong seasonality, although, given the nature of its customer portfolio and its growth profile, revenues in the second half of the year are generally slightly higher than in the first half. In contrast, activity in the first semester is subject to greater volatility in volumes processed, with wider swings between peaks and troughs than in the second semester. This volatility results, excluding the impact of any start-up costs for new sites, in lower operational productivity and an operating profit for the H1 that is generally lower than that of the second half. This characteristic of ID Logistics' activity, which is also found among some of its competitors, is fully integrated into its operating procedures and financial management and does not represent a risk in and of itself. Assets assigned to each contract For each project, ID Logistics implements a tailored solution specific to each customer's needs, which includes the following services: Solutions that are almost exclusively single-client (one customer per warehouse). Dedicated resources for each customer: warehouses, hardware, vehicles, etc. An "asset-light" policy that allows the Group to minimize its exposure to the risk of vacant space while offering customers great flexibility. Market information systems tailored to customer needs. A performance measurement system and action plans. Trained teams dedicated to the activity. An ultra-flexible business model ID Logistics has historically built its growth on a model centered on flexibility and adaptability. This approach enables the Group to offer customized solutions to its customers, independent of ID Logistics' own assets, while protecting itself from risks associated with holding significant tangible assets. This approach is particularly well-suited to the current economic climate, as it enables the Group to adapt in the medium to long term to changing consumption patterns and the global economic environment. The Group has therefore chosen to prioritize the leasing of its warehouses (all spaces in operation as of December 31, 2025). When taking on a project, the Group is able to offer ID LOGISTICS GROWTH STRATEGY real estate solutions tailored to each customer's needs: leasing (taking over the same warehouse or finding a new location), provision by the customer, construction, etc. In the case of leasing, the Group aligns the lease term with that of the customer's contractual commitment. Furthermore, with the notable exception of racking, fire protection equipment, and mechanization or robotization solutions which generally must be purchased, the equipment necessary for warehouse operations (forklifts, machinery, etc.) is typically leased for the same duration as the agreements. Regarding human resources, the Group assigns a supervisory and management team to each agreement and tailors staffing needs to the specific characteristics of each site. The use of temporary staff helps absorb the effects of seasonality and activity peaks without impacting the permanent cost structure. The Group thus collaborates with the leading temporary staffing agencies. Genuine transparency with each customer The customer partnership approach developed by ID Logistics is based on the principle of transparency. This transparency is reflected in the communication to the customer of all the resources and costs incurred to ensure the smooth execution of an agreement. The operating margin generated by ID Logistics is thus calculated on a clear and shared basis. However, this commitment to transparency does not necessarily lead to a "cost plus margin" billing model, which remains a minority practice in the countries where ID Logistics operates, whereas it is a common billing method in Anglo-Saxon countries. Changes in costs and the improvement initiatives undertaken by ID Logistics are discussed annually with the customer. Reflecting its commitment to supporting its customers over the long term, ID Logistics is dedicated to a framework of improvement plans aimed at continuously enhancing the performance of its logistics services (reducing the overall cost for the customer while optimizing service levels). The benefits of these improvement plans are shared transparently between ID Logistics and its customers. Long-term support The legal term of an agreement depends largely on the scale of the investments required or on more specific factors such as the staff write-back in the context of outsourcing. This term ranges from 3 to 10 years. Once this initial commitment period has ended, the agreement is subject to regular renewal. ‌If the logistics service provider succeeds in establishing a strong relationship based on transparency and genuine dialogue with its customer, agreement renewal is common, as the costs and risks of switching service providers are considered significant. ID LOGISTICS GROWTH STRATEGY The Group's main strategic principles In response to these various developments, ID Logistics is rolling out a strategy built around four pillars: A fundamental approach as a logistics pure player and integrator of technical solutions The Group's strategic choice is to continue developing its expertise in assembling technical solutions tailored to each customer. Thus, the Group does not intend to expand into sectors where growth is driven by control of networks (land transport, air and sea freight forwarding, etc.). International positioning focused on mass consumption markets The Group operates in most major consumer markets where its customers in the retail sector or the FMCG industry have established a presence. The priority is to increase its market share in these countries, particularly by supporting local customers. In the coming years, expanding into new countries could be considered to support existing customers. The initial step would be to support the Group's existing customers as they grow in these new countries. Continuing focus on the mass market The Group's expertise lies in the logistics management of high-volume agreements, seeking optimization solutions across the entire supply chain from the manufacturer to the end customer. The Group's goal is to continue expanding its customer base within this sector.s. Support for major customers in their new business lines and particularly in cross-channel selling Significant growth potential lies in expanding the offering for the Group's current customers. Indeed, distribution methods are changing, requiring increasingly critical logistical support. The growth of online sales, the emergence of "Drive-through" templates, home delivery, and other trends are driving changes in how retailers organize their logistics, thereby presenting numerous opportunities for the Group. More generally, shifts in consumer behavior are leading to increasing complexity in logistics operations due to: The increase in the number of SKUs offered for sale and the demand for product availability. The increasing complexity of sales and distribution channels. A demand for greater flexibility in volume management. The development of logistics services is an appropriate response to these challenges. ID LOGISTICS GROWTH STRATEGY Major untapped potential for organic growth ID Logistics is now present in most countries where the consumer goods sector is a major focus for large manufacturers and distributors. The Group intends to focus primarily on the sectors in which it operates, both in France and internationally. In France, the Group has numerous avenues for growth through securing new agreements (either through a change in Service Provider or as part of the outsourcing of this function by manufacturers or retailers) or the development of a multichannel logistics offering ("traditional" logistics vs. "e-commerce"), always as part of its support for existing customers. The Group has, in fact, made significant inroads into this new business segment, which now accounts for 28% of its revenues over the past 10 years. Internationally, the Group still has significant growth potential. Initially, ID Logistics focused on supporting its France-based customers in their international operations. In a second phase, the Group aims to strengthen its competitive position by supporting local customers, either in their home countries or through the Group's operations in other countries. To this end, ID Logistics plans to focus on certain sectors with significant growth potential, such as textiles, fresh produce, healthcare, and fragrances. From a geographic perspective, the Group does not rule out establishing a presence in new high-potential countries, while maintaining a strategy of supporting long-standing customers and then consolidating its local positioning. Stepping up growth through acquisitions The Group is also accelerating its development through external growth initiatives with the aim of: strengthen its competitive positions in the countries where it currently operates, as part of a strategy to consolidate the sector in France and internationally; develop complementary logistics expertise in a new activity; strengthen services related to contract logistics. It was this strategy that led to the acquisition of the CEPL Group in July 2013, validating the strategic value of accelerating growth through acquisitions and the Group's ability to execute and integrate value-creating external growth transactions. Thanks to this acquisition, the ID Logistics Group has strengthened its offering in the unit-picking segment and has become the French leader in automated retail order picking. The Group then expanded its client portfolio to new market segments such as electronics and cultural goods, fragrances, and textiles, gaining access to prestigious, high-potential accounts such as Sony, Bouygues Telecom, Givenchy, Guerlain, Yves Rocher, and Elizabeth Arden. This transaction also enabled ID Logistics to strengthen its ecommerce offering, with customers such as vente-privee.com. Furthermore, CEPL's strong expertise in mechanization and retail order fulfillment enabled the ID Logistics Group to offer innovative solutions to all its customers and to provide e-commerce players with flexible and tailored logistics services. Through this transaction, ID Logistics strengthened its European network by establishing a presence in Germany and the Netherlands and consolidated its longstanding presence in Spain. Finally, CEPL's existing customers offered potential for international business development. Similarly, in 2016, with the acquisition of Logiters, ID Logistics continued its international growth strategy, consolidated its leadership positions in Europe, and reinforced its "pure player" logistics model. Logiters managed more than 50 sites representing nearly 750,000 sqm and, with 3,300 employees, generated revenues of €250 million in 2015. Thanks to this significant acquisition, ID Logistics is expanding into high-potential business segments such as healthcare/pharmaceuticals and automotive, strengthening its presence in its traditional sectors of fast-moving consumer goods and retail, and broadening its portfolio to include top-tier customers. With Logiters, ID Logistics is also integrating new know-how and expertise, particularly in IT, engineering, and supply chain management, and is acquiring new value-added solutions, such as industrial pooling. In late 2019, ID Logistics acquired certain business activities of Jagged Peak in the United States, a logistics services company specializing in e-commerce, which generated $80 million in revenues in 2018 and employs nearly 200 people. Jagged Peak stands out in particular for its ability to carry out the roll-out|deployment of order picking and distribution services across the entire United States, either directly or through a network of partners, thanks to an efficient organization and a unified Information System. This integrated management tool, which includes OMS (order management system), WMS (warehouse management system), and TMS (transport management system) modules, enables major e-commerce clients to distribute their products across North America in record time. With Jagged Peak, ID Logistics established a foothold in the United States and opened up new growth opportunities through both organic growth and acquisitions. In line with this acquisition-driven growth strategy, ID Logistics completed the following transactions in late 2021 and early 2022: Acquisition of GVT in the Benelux region in December 2021. GVT manages 12 sites, employs over 750 professionals, leases 200,000 sqm of warehouse space, and operates a fleet of 285 trucks in the Netherlands and Belgium, generating approximately €100 million in revenues. It is strategically located near major ports and airports, with good accessibility by water, rail, and road, primarily serving leading international distributors of electronics and non-food products. This acquisition enables ID Logistics to strengthen its presence in Northern Europe and expand its customer portfolio. In January 2022, acquisition of Colisweb in France. Founded in 2013, Colisweb offers a unique, multi-channel software solution to organize last-mile delivery by appointment on the same day or next day, within 2-hour time slots, for shipments up to 1,800 kg, with the option of assembly, commissioning, or write-back of packaging and old hardware. Thanks to its network of 1,500 partner ENVIRONMENTAL ISSUES delivery drivers, Colisweb serves all French departments and has built a diverse customer portfolio, particularly in the DIY, furniture and decoration sectors. Colisweb generated revenues of approximately €30 million in 2021, delivering nearly 750,000 parcels. This acquisition enables ID Logistics to provide an integrated solution to the last-mile challenge for its many customers in the DIY and home goods sectors in France. In March 2022, acquisition of 100% of the Kane Logistics ‌Group in the United States. Kane Logistics is a leading player in U.S. contract logistics, particularly serving prestigious manufacturers in consumer goods, food and beverages, and distribution specialists. Kane Logistics has seen revenues grow by +20% per year since 2019, reaching $235 million in 2021, and operates 20 facilities across the country (particularly in Pennsylvania, Georgia, Ohio, Illinois, and California), representing 725,000 sqm. Two years after entering the U.S. market through the acquisition of Nespresso's logistics operations, this acquisition has enabled ID Logistics to develop commercial synergies and pursue strong growth in a geographic area with high potential for the Group's business activities. ENVIRONMENTAL ISSUES The Group's business activities do not pose a significant risk to the environment: on the Universal Registration Document Date, the Group engages in some storage or handling of products considered to be toxic materials under the Seveso regulations or equivalent (such as aerosols, automotive batteries, paints, etc.) and offers related road transport services. These business activities or services remain limited compared to the Group's other business activities; the Group therefore considers itself not to be significantly exposed to environmental risks. The Group also pursues an active policy on sustainable development, as detailed in Chapter 5, "Sustainability Report," of the Universal Registration Document. ‌Less than 10% of the sites operated by the Group worldwide are located in areas potentially exposed to natural hazards ‌ORGANIZATION CHARTS Legal organization chart In 2023, ID Logistics continued this strategy with the acquisition of Spedimex in Poland, a company with extensive expertise and an excellent track record in the fashion industry. Spedimex has developed an asset-light model and operates 15 sites across the country totaling 230,000 sqm. It has implemented sophisticated mechanization and technology solutions capable of managing large and complex flows, such as e-commerce and store returns from more than 15 European countries for a single customer. The complementary nature of Spedimex's and ID Logistics' customer portfolios and technical expertise should also enable the development of commercial synergies, particularly for leading international customers. Finally, amid the post-COVID industrial reshoring trend, ID Logistics is strengthening its position in a highly dynamic market that already plays a central role in the current reorganization of supply chains in Europe. With the acquisition of Spedimex, ID Logistics becomes one of the leaders in the Polish market with 35 sites, 7,000 employees, and a premier customer portfolio comprising manufacturers, distributors, and ecommerce companies. such as earthquakes (in Taiwan or on the U.S. West Coast, for example) or cyclones (on the island of Réunion or in the southeastern United States, for example). These sites comply with standards and regulations designed to limit the potential impacts of such phenomena on its activity. In the affected regions, the Group is organized in such a way as to be able to reallocate its logistics flows among the various warehouses it manages. Finally, the Group has an asset-light approach and does not own the real estate assets it operates. In this context, beyond standard regulations regarding compliance with environmental and safety standards, there are no environmental issues that could significantly influence the use of the Group's tangible fixed assets. As indicated in 3.1.1 "Capital stock," the Company is owned as follows as of December 31, 2025: Shares held by the Company under the share buy-back program are included in the "public" category. As of December 31, 2025, they represented 0.52% of the capital. The diagram below shows the simplified organization chart with the Group's main Companies as of December 31, 2025: The Company is a holding company with no operating activities. It brings together certain central services of the Group. Operating activities are carried out by the subsidiaries (see subsection 1.8.2 "Presentation of the Group's main companies"). As of December 31, 2025, the Company holds direct and indirect equity investments in 143 companies, including 72 in mainland France. Only the Group's main subsidiaries are presented in this chapter|section. The business activities of the Group's companies are set out in Chapter 1 "Presentation of the Group." The roles performed by the Company's executives in the subsidiaries are set out in Section 3.1 "Report of the Board of Directors on Corporate Governance."The Group's operational organization and key cross-functional roles are presented in subsection 1.8.3 "Operational Organization Chart." The breakdown of the Group's workforce is presented in Section 5, "Sustainability Report." The companies included in the Group's scope of consolidation as of December 31, 2025, are listed in Note 30 of Schedule 4.8, "Annual historic financial information." As of December 31, 2025, the relative weight of subsidiaries grouped by geographic region is as follows: (€m except for headcount) France International Total Revenues 985.4 2,751.6 3,737.0 Underlying EBITDA 136.4 444.7 581.1 EBIT 42.8 122.4 165.2 Operating investments 29.7 136.1 165.8 Fixed assets 419.9 1,623.1 2,043.0 ‌Headcount 7,845 26,915 34,760 Presentation of the main Group companies As of December 31, 2025, the Group's main Companies are as follows: CEPL Barcelona (Spain) CEPL Barcelona is a company incorporated under Spanish law that operates a site for a customer in the cosmetics industry. It employed 164 people as of December 31, 2025. Colisweb (France) Colisweb is a company incorporated under French law, founded in 2013 and acquired by the Group in January 2022. Colisweb offers software solutions to organize and optimize last-mile delivery. It does not operate any Sites as such and employed 63 people as of December 31, 2025. Groupe Logistics IDL España (Spain) Logistics IDL España Group is a company incorporated under Spanish law with its headquarters in Madrid. Founded in 2006, it operates eight sites serving the retail and textile industries. The majority of its sites are managed using automated solutions. Logistics IDL España Group had N direct employees as of December 31, 2025. ID Freight Netherlands (Netherlands) ID Freight Netherlands (formerly GVT Transport & Logistics) is a company incorporated under Dutch law with its headquarters in Tilburg. Acquired by the ID Logistics Group in December 2021, it operates 13 sites and employs 685 people as of December 31, 2025. ID Freight Management (Netherlands) ID Freight Management is a company incorporated under Dutch law that manages 3 transport sites in the Netherlands and Belgium and does not have any direct employees. ID Logistics Benelux (Netherlands) ID Logistics Benelux (formerly CEPL Tilburg) is a company incorporated under Dutch law with its headquarters in Tilburg. It is an indirect subsidiary of CFL, acquired in 2013. ID Logistics Benelux operates 8 sites and had N direct employees as of December 31, 2025. ID Logistics Bucharest (Romania) ID Logistics Bucharest is a company incorporated under Romanian law, established in 2018. It operates 10 sites and employs 1,265 people as of December 31, 2025. ID Logistics Distribution (Poland) ID Logistics Distribution (formerly Spedimex) is a company incorporated under Polish law with its headquarters in Strykow. Acquired by the ID Logistics Group in May 2023, it manages transportation operations and employs 293 people as of December 31, 2025. ID Logistics do Brasil (Brazil) ID Logistics do Brasil is a company incorporated under Brazilian law with its headquarters in São Paulo. Founded in 2002, it manages 44 sites serving a diverse customer portfolio and range of services for mass retail, e-commerce, consumer goods, fashion, and industrial customers. ID Logistics do Brasil had 5,905 direct employees as of December 31, 2025. ID Logistics France (France) ID Logistics France is a company incorporated under French law established in 2000. It is currently the Group's main operating subsidiary and had 4,455 direct employees as of December 31, 2025. ID Logistics France 4 (France) ID Logistics France 4 is a company incorporated under French law that provides road and rail transport services in Europe. It is jointly owned with the Danone Group and had N direct employees as of December 31, 2025. ID Logistics GmbH (Germany) ID Logistics GmbH is a company incorporated under German law with its headquarters in Weilbach. It operates one site and had 332 direct employees as of December 31, 2025. ID Logistics Iberia (Spain) ID Logistics Iberia (formerly Logiters Logística) is a company incorporated under Spanish law based in Madrid. Acquired by the Group in 2016, it operates approximately 50 sites throughout the country, serving customers in retail, consumer goods, healthcare, and the automotive sector. ID Logistics Iberia employs 2,418 people as of December 31, 2025. Following the acquisition, it houses the headquarters and all administrative operations for Spain. ID Logistics Kaiserslautern (Germany) ID Logistics Kaiserslautern is a company incorporated under German law established in 2020. It operates two ecommerce sites and had 297 direct employees as of December 31, 2025. ID Logistics Kleinostheim (Germany) ID Logistics Kleinostheim is a company incorporated under German law established in 2020. It operates an e-commerce site and had 177 direct employees as of December 31, 2025. ID Logistics Ltd (UK) ID Logistics Ltd is a company incorporated under English law established in 2023. It operates a site for a leading fashion retailer and had 372 direct employees as of December 31, 2025. ID Logistics Polska (Poland) ID Logistics Polska is a company incorporated under Polish law with its headquarters in Katowice. Founded in 2008, it manages logistics operations for clients in the retail, ecommerce, consumer goods, and fashion sectors. ID Logistics Polska had 2,627 direct employees as of December 31, 2025. ID Logistics Selective (France) ID Logistics Selective is a company incorporated under French law established in 2012. It operates an e-commerce site and had 254 direct employees as of December 31, 2025. ID Logistics Selective 3 (France) ID Logistics Selective 3 is a company incorporated under French law specializing in last-mile delivery services, particularly for e-commerce customers. It employed 435 people as of December 31, 2025. ID Logistics Selective 19 (France) ID Logistics Selective 19 is a company incorporated under French law and operates an e-commerce site. It employs 284 people as of December 31, 2025. ID Logistics US, Inc. (USA) ID Logistics US, Inc. is a company incorporated under U.S. law based in Tampa. It operates 6 sites across the United States for customers specializing in e-commerce. It employs 248 people as of December 31, 2025. ID Logistics Warehousing (USA) ID Logistics Warehousing (formerly Kane Warehousing) is a company incorporated under U.S. law that was part of the Kane Logistics group acquired by the Group in March 2022. It operates 20 logistics sites for a variety of customers in the consumer goods and retail sectors. It employs 4,142 people as of December 31, 2025. ID Supply Chain (Argentina) ID Supply Chain is a company incorporated under Argentine law with its headquarters in Buenos Aires. Founded in 2008, it is 40% co-owned by its co-founder and current General Manager. It manages food and non-food warehouses for the retail sector. ID Supply Chain had 931 direct employees as of December 31, 2025 La Flèche (France) La Flèche is a French simplified joint stock company (société par actions simplifiée) created in 2007 following the Group's acquisition of ID Projets (formerly La Flèche Cavaillonnaise), whose business assets it operates under a lease-management agreement. It operates 3 sites in France and had 190 direct employees as of December 31, 2025. ‌Operational organization chart As of the Universal Registration Document Date, the Group's operational organization chart is as follows: The Group's key managers all have extensive experience in their respective fields. ‌RESEARCH AND DEVELOPMENT RESEARCH AND DEVELOPMENT As indicated in Section 1.5 "ID Logistics' Positioning," since its inception, the Group has emphasized technological innovation to offer its customers solutions that combine service quality and productivity, while ensuring its staff benefits from improved workplace ergonomics. This culture of innovation is driven by the Group's R&D department, which comprises some 40 employees worldwide and brings a fresh technological perspective to every commercial proposal or request for re-engineering. However, the Group does not incur research and development expenses that would qualify for a significant tax credit. These expenses are not capitalized and are expensed as incurred. The annual amount of research and development expenses expensed by the Company is not significant. RESEARCH AND DEVELOPMENT ‌Risk factors RISK MAPPING AND ASSESSMENT 28 STRATEGIC AND OPERATIONAL RISKS 29 Risks related to organic growth 29 Risk of non-renewal or early termination of customer contracts 29 Risks related to mergers and acquisitions 30 Risks related to cybercrime 30 Risks related to supplier dependence 30 Risks related to HR management 31 Pandemic risks 31 Risks related to staff safety 32 Risks of technical failure 32 Risks related to industrial relations 32 Risks of destruction of site or inventory 32 Risks related to international exposure 33 FINANCIAL RISKS 33 Credit risk related to customer default 33 Exchange rate and interest rate risk 33 REGULATORY AND LEGAL RISKS 34 Risk related to a major dispute 34 Fraud risk 34 Ethical and non-compliance risks 34 RISK MAPPING AND ASSESSMENT ‌Investors are advised to consider all information contained in the Universal Registration Document, including the risk factors set out in this chapter, before deciding to subscribe for or purchase shares of the Company. The Company has conducted a review of risks that could have an adverse impact on the Group, its activity, financial position, earnings, outlook, reputation, or its ability to achieve its objectives. It sets forth below the risks deemed material and specific to the Company as of the Universal Registration Document Date. Investors are nevertheless advised that the list of risks and uncertainties set out below is not exhaustive. Other risks or uncertainties that are unknown or whose occurrence is not considered, as of the Universal Registration Document Date, to be likely to have an adverse impact on the Group, its business, its financial position, its earnings, its reputation, or its outlook, may exist or become significant factors that could have an adverse impact on the Group, its business, its financial position, its earnings, its development, its reputation, or its outlook. RISK MAPPING AND ASSESSMENT The risks of the ID Logistics Group are assessed on the basis of "net risk" (i.e., taking into account risk management measures) according to their probability of occurrence and their impact (in financial, reputational, and other terms), classified into four levels: Occurrence scale: low, medium, high, significant. Impact scale: low, medium, high, significant. 2.2.1 2.2.2 2.2.3 2.2.4 2.2.5 2.2.6 2.2.7 2.2.8 2.2.9 2.2.10 2.2.11 2.2.12 Section Risk Strategic and operational risks Risks related to organic growth Risk of non-renewal of contracts Risks related to mergers and acquisitions Risks related to cybercrime Risks related to supplier dependence Risks related to HR management Pandemic risks Risks related to staff safety Risks of technical failure Risks related to industrial relations Risks of destruction of site or inventory Risks related to international exposure Financial risks + - - + Occurrence Financial impact The risks assessed in this manner are grouped by category and presented within each category without any ranking among them. Within each risk category, the risk factors that the Company considers, as of the Universal Registration Document Date, to be the most significant are listed first. The occurrence of new developments, whether internal to the Group or external, may therefore alter this order of importance in the future. M G C A K I D O B E J N P L H F Q Strategic and operational Financial Legal and regulatory Customer credit risk 2.3.1 Exchange rate and interest rate risk 2.3.2 Legal and regulatory risks Risk related to a major dispute 2.4.1 Fraud risk 2.4.2 Ethical and non-compliance risks 2.4.3 2 RISK FACTORS ‌STRATEGIC AND OPERATIONAL RISKS ‌STRATEGIC AND OPERATIONAL RISKS Risks related to organic growth Since its inception, the Group has experienced rapid growth in its business activities, particularly through organic growth. This growth is based on: a price effect linked to the contractual indexation of prices in existing agreements, generally based on inflation; a volume effect linked to the optimization of the volume of goods handled in existing warehouses, although, given the approach of having a dedicated warehouse per customer, the Site's maximum capacity is quickly reached by the customer and the volume effect is limited; the launch of new sites secured following tender processes conducted by customers; gaining market share in new segments or services; expansion into new geographic markets. The Group has acquired extensive experience in launching new agreements; however, this type of expansion may entail significant investments related to warehouse organization, particularly in the case of automated or robotic solutions, as well as substantial costs during the launch phases associated with setting up a new site or, for existing sites, the integration of staff, hardware, and information systems. This is generally the case during the first 24 months of operation, the time required to bring sites to maturity in terms of productivity, with an initial period of financial loss during the first 12-18 months of operation. The Group also expands internationally, most often by supporting its existing customers in their own international expansion. In addition to the investments and startup costs for the first site established in the new country (see above), setting up operations in a country requires the establishment of a local administrative structure and a management team to oversee operations in that new country. Under these conditions, establishing a presence in a new country entails structural costs that may not be covered by operating business. Similarly, the successive launches of new customers can generate investments and costs that negatively impact the subsidiary's earnings until a critical mass is reached. Finally, during this ramp-up phase, the Group remains locally dependent on a limited number of agreements. The loss of a significant agreement for the country in question could jeopardize the Group's presence in that country. Over the past five years, the number of project launches has evolved as follows: 2021 2022 2023 2024 2025 Number of new sites 22 16 22 26 27 ‌An acceleration in organic growth and the number of new site launches, or the Group's inability to manage its organic growth, or unexpected difficulties encountered during its expansion, would have an adverse impact on its activity, earnings, financial position, growth and outlook. Risk of non-renewal or early termination of customer contracts Logistics service contracts are entered into with customers for fixed terms, after which they are subject to renewal through a competitive bidding process. Generally, an initial agreement is entered into for a term of 5-6 years and then renewed for 3-year terms, with a renewal rate exceeding 90%. Given these various cycles, the average remaining term of current customer agreements is approximately 4 years today, and between 20% and 25% of revenues are subject to renewal each year. Furthermore, customers have the option to terminate agreements early in the event of serious and repeated failures to meet contractual quality metrics. To limit risks, the Group manages its logistics agreements by prioritizing the leasing of warehouses and material handling or IT equipment as much as possible, with lease terms and contract termination conditions identical to those of customer agreements. In cases where it is not possible to lease certain equipment and the Group must make investments, these costs are incorporated into the service prices billed to the relevant customers over the term of the Agreement. At the end of an agreement, and particularly in the event of early termination by the customer, the Group may be exposed to the costs of rent and maintenance for spaces that are no longer in use, as well as the cost of laying off operational staff if they are not taken on by the new operator or if the Group cannot reassign them to one of its other business activities. The occurrence of these risks would have an adverse impact on the Group's financial position, earnings, growth and outlook. ‌STRATEGIC AND OPERATIONAL RISKS Risks related to mergers and acquisitions Among the key success factors that enable the Group to win a bid for a logistics service, knowledge of the customer's industry and the specific characteristics of its products is crucial. Visits to sites currently operated by the ID Logistics group in the same sector as the prospective client can help convince them of the Group's ability to manage their logistics. Without this knowledge and these concrete references, the chances of winning the bid would be more limited. ‌As indicated in Section 1.6 of this Universal Registration Document, external growth transactions aimed at acquiring these sector-specific references are therefore necessary to subsequently support organic growth and expansion into new sectors. Thus, approximately 25% of the Group's Risks related to cybercrime Beyond the risk of internal failure of its information systems, the Group is also exposed to the growing risk of cybercrime. The potential impacts of a cyberattack include the theft, loss, or leakage of personal data and confidential or strategic operational data, or the blocking of all or part of the systems via ransomware. The Group has established monitoring of these cyber threats through a cybersecurity partner and has conducted penetration tests and audits. It uses automated vulnerability analysis tools. ‌It has also raised awareness among all its employees through tools such as an IT Charter for users and administrators, awareness campaigns, phishing tests, and the formalization and dissemination of an ISSP (Information Systems Security Policy). revenues in 2025 stems from acquisitions made over the past ten years (Logiters, Jagged Peak, GVT, Colisweb, Kane Logistics, Spedimex). However, the Group cannot guarantee that it will be able to identify, evaluate, acquire, and integrate the best targets. Furthermore, these transactions inherently involve risks related, in particular, to the valuation of acquired assets and liabilities, the integration of staff, business activities, and technologies (including information systems), and changes in relationships with the relevant customers and partners. The Group's inability to manage its external growth transactions or unexpected difficulties encountered during its expansion would have an adverse impact on its activity, earnings, financial position, growth and outlook. Furthermore, the Group has taken out "Cyber" insurance designed to cover the various costs the Group might incur and/ or be ordered to pay in the event of a breach of personal data in its possession, a breach of information systems or data belonging to the insured, or a breach of third-party data. In accordance with the General Data Protection Law (GDPR), the Group has implemented several measures, including the formalization of a data processing register and a personal data policy, as well as impact assessments for certain sensitive files. Although the Group invests significant sums in protecting its information systems, the inability to carry out daily operations, or the loss or disclosure of sensitive data, could disrupt the normal functioning of the Group's business activities, adversely affecting its financial position, earnings, outlook, image, and reputation. Risks related to supplier dependence The Group may need to engage external Service Providers (temporary staffing agencies, hardware rental companies, IT subcontractors, manufacturers of automated solutions, etc.) in connection with its contract logistics and related services activity. To meet its needs, the Group regularly assesses the quality of its subcontractors and maintains a broad and diversified pool of subcontractors. As of the Universal Registration Document Date, there is therefore no dependence on any external Service Provider that could pose a risk to the smooth operation of the Group's business activities. However, certain technological solutions (such as mechanization and warehouse management software) may be offered by a limited number of specific suppliers. Their inability to deliver all or part of their solution within the required timeframes could result in a project delay or cancellation and have an adverse impact on the Group's financial position, earnings, growth and outlook. Furthermore, the Group's operations rely heavily on temporary staff (41% of the workforce in 2025). These employees are recruited through several leading specialized agencies with which the Group has established Framework Agreements, enabling it to meet its needs at any time to manage peaks in activity. The Group regularly audits or puts these staffing agencies out to bid. During these audits or bidding processes, the Group pays particular attention to the procedures these agencies have in place regarding training, safety, and compliance with laws (French Labor Code, immigration law, driver's licenses, clearances, etc.). Temporary staff receive the same training and are subject to the same safety and security rules as ID Logistics staff. However, the Group cannot rule out a potential failure of the procedures implemented by the temporary staffing agencies it uses and cannot guarantee that temporary staff will perform their duties satisfactorily. The materialization of such risks could have an adverse impact on the Group's financial position, earnings, growth and outlook.

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