2025 Universal Registration Document

Other information 202

Statutory Auditors' special report on regulated

agreements 207

Information on the Statutory Auditors 208

Appendix B - List of data points required by other EU legislative frameworks [IRO-2]

Independent third-party body report

Person responsible for the Universal Registration

Document 223

Declaration by the person responsible for the

Universal Registration Document 223

Documents accessible to the public 223

‌ ROLE OF THE VARIOUS LEGAL STRUCTURES

The Group's entities are divided between two Clusters:

• France

• International

Three main types of company can be identified within the Group:

1. Production companies, whose role consists in producing the Group's wines and spirits. These companies mainly carry out the following processes:

   • Ageing and blending of wines;

   • Distillation;

   • ‌Bottling;

   • Packaging.

2. Distribution companies, whose role consists in marketing and promoting the Group's products within each Cluster.

3. Marie Brizard Wine & Spirits SA (the "Company") is the holding company for the entire Group. The purpose of the Company is to provide operational support to its subsidiaries and to ensure the implementation of the strategic plan.

BUSINESS ACTIVITIES

Marie Brizard Wine & Spirits is an established player mainly operating in the international alcoholic beverage and soft drinks market. The Group markets and distributes wine and spirits, primarily in France, the United States and Europe.

The Group's business activities are divided between the two Clusters mentioned above.

The business activities are as follows:

• "Brand business": wine and spirits production and/or marketing operations, by Group subsidiaries. The subgroup comprising Marie Brizard Wine & Spirits France and its subsidiaries focuses on the production and marketing of products primarily under the William Peel, Marie Brizard, Sobieski, Cognac Gautier and San José brands. The Group also owns the Sobieski vodka brand which it distributes in France and the United States; and

• "Other business": these activities are grouped together under the name of "Industrial Services". They constitute a segment of the Group's business that includes industrial bottling subcontracting contracts for third-party brand owners, private labels, bulk and semi-finished product sales, miscellaneous sales, and so on, which allow the Group's subsidiaries to optimise their performance and profitability.

‌ MAIN BRAND MARKETS AND OPERATIONS

Since 1 January 2021, the Group has been organised into two Clusters: France and International, under the overall management of the holding company MBWS SA.

Since then, the Group has focused on establishing the conditions for profitable development of its brand portfolio and markets (subsidiaries and sales networks, direct export). In the wake of the health crisis and the subsequent disruption to markets and upstream industrial chains, coupled with supply shortages and drastic inflation in 2022 that continued into 2023, the Group has adopted a rigorous and proactive approach to negotiations and commercial transactions with all its customers since 2024. The objectives were as follows:

• hit the right balance in terms of the price adjustments required to maintain portfolio brand profitability, particularly in 2025 to offset high inflation in the cost of matured spirits;

• maintain the value growth approach while pursuing business development wherever the brands allow (notably in France, the United States, Lithuania, Bulgaria and key export markets). The 2025 financial year was marked by an unpredictable international environment that generally dampened the economy, as well as persistent tensions in the global wine and spirits market. The Group's performance in France was affected by tough trade negotiations with certain major retailers, as well as the de-listing of the William Peel brand by the retailers in question for almost the entire year. Internationally, many distributors significantly reduced their stock levels, in some cases drastically, and trade negotiations were tense. These developments were exacerbated by US import tariffs and loss of visibility leading to operational difficulties. The strong performance by Industrial Services only

partly offset these adverse effects.

As such, the business environment was mixed and fairly unpredictable throughout the year, leading to uneven performances across the Group's operating countries.

In this context, the conservative measures introduced from the middle of the year to mitigate these risks and safeguard the Group's financial performance as far as possible helped to limit the effects of this overall decline in business.

The Group consistently aims to work with its stakeholders on fair and sustainable commercial terms.

It remains fully committed to streamlining its operating model and controlling its cost base while continuing to implement the profitable synergies identified alongside COFEPP, thereby continuing to strengthen the Group's overall profitability. The Marie Brizard Wine & Spirits Group is adopting a clear positioning with a view to controlled growth and market development, particularly in its international markets and product categories.

The challenging and generally unfavourable macroeconomic trends affecting the spirits markets are set to continue in 2026. As such, the Group remains focused on its strategic priorities to:

• foster the conditions for profitable and viable growth in its business portfolio and promote innovation initiatives against a backdrop of sustainable transition,

• strengthen its presence in key markets by leveraging its sales networks, manufacturing facilities and the diversification of its product range across strategic business segments (particularly Industrial Services and the distribution of Agent Brands, two areas that are performing well and showing real growth potential),

• ensure the overall resilience of its mainstream brands by combining targeted initiatives with agile commercial execution that adapts to consumer demand elasticity while maintaining rigorous cost management.

Lastly, following its most recent acquisition of a distribution company in Denmark towards the end of 2025, the Group plans to continue to actively identify suitable and profitable growth opportunities, both organic and external, by mobilising initiatives within its two Clusters with a view to long-term development amid continuing consolidation in the wine and spirits market.

Main brand markets and operations

‌Two Clusters and several key development regions

FRANCE Cluster: sales were impacted by the de-listing of a major portfolio brand for most of the year.

Amid the persistent slowdown in the spirits market, the decline in the France subsidiary's revenues is mainly attributable to the William Peel brand, which suffered from de-listings by certain distributors and the resulting loss of market share. This was due to price increases implemented at the start of the year, but not accepted by certain major chains in the Off-Trade to offset high inflation in the cost of the matured spirit.

An agreement was finally reached with the parties concerned towards the end of 2025.

Both distribution channels saw a significant decline in sales of all International Strategic Brands except Marie Brizard, which benefited from the full-year effect of the innovations launched in 2024.

In the on-trade channel, France Cluster sales performed well throughout the year, with strong growth towards year-end.

The Group's strategy of boosting brand profitability while maintaining market share remains key to the sales and development initiatives pursued in the French market.

The preservation of brand listings and the permanent availability of the product offer to customers remain key issues of our sales policy.

INTERNATIONAL Cluster: continuation of the market development strategy by leveraging existing distribution channels for the MBWS portfolio brand; geographical expansion through the distribution of new Agency Brands and targeted acquisitions; search for new opportunities in Industrial Services.

International Cluster business was down slightly compared with 2024, with mixed results across regions and entities. Sales slowed in the Europe, Americas and Export region, counterbalanced by strong growth in Industrial Services. Furthermore, in the international market, some distributors significantly or drastically reduced their stock levels and trade negotiations were tense.

EUROPE, MIDDLE EAST AND AFRICA: strategic development of subsidiaries across various segments in neighbouring markets whilst optimising the value proposition

Sales slowed in Western and Eastern Europe, particularly in Lithuania, Bulgaria and Denmark, although the Industrial Services business in Spain recorded strong sales growth in 2025, despite significant inventory rundown by many distributors and persisting economic volatility (decline in consumption, etc.)

There was a notable downturn in direct exports across all markets, the main exceptions being Belgium's overseas departments and territories, Morocco and Poland. This decline was only partly offset by the upswing in the Industrial Services business.

AMERICAS: prioritisation of the Group's brands under the current partnership in the United States; expansion of local brands' geographical footprint and growth in Industrial

Services.

In the United States, sales fell significantly in 2025, particularly for the Sobieski brand, reflecting a longer-term inventory rundown by the distributor not fully offset by the strong growth posted by Marie Brizard. In the United States, the fourth quarter increase in sales driven by the Sobieski and Marie Brizard brands reflects a longer period of inventory rundowns by distributors.

In Brazil, falling sales affected both international and local brands, as well as Agency Brands, against a backdrop of declining purchasing power, health crisis, high household debt and inventory rundown driven by changes to tax regulations at the end of the year.

ASIA PACIFIC: search for targeted profitable growth opportunities

Business in this region remains modest and has declined significantly due to inventory rundown by local importers and a change in distributors.

‌ Our 5 strategic brands

MARIE BRIZARD

Founded in 1755 in Bordeaux, with boldness and innovation in mind, MARIE BRIZARD is today the oldest liqueur manufacturer in France.

In 2025 the brand unveiled its new slogan, "French Expertise since 1755", symbolising its heritage, high standards and excellence in liqueur production. For 270 years, the company has cultivated a unique art of blending, combining creativity, rigorous selection of ingredients and mastery of recipes, regularly recognised at international competitions.

Boasting sales in over 100 countries, MARIE BRIZARD brings its expertise in liqueurs and syrups to every type of cocktail, from timeless classics to trending novelties like Spritz, while also meeting the growing demand for low-alcohol and alcohol-free options.

COGNAC GAUTIER

Located on the River Osme in Aigre, in the Charente region, Maison Gautier's history dates back over 270 years. Founded in 1755, COGNAC GAUTIER is one of the longest standing producers of cognac in the world.

The Gautier family and its descendants have been producing unique cognacs under the brand name for many generations. Thanks to a lengthy storage process in our cellars, GAUTIER cognacs benefit from the unique humid climate surrounding the River Osme.

GAUTIER has been voted "Best Cognac" over ten times and Gautier cognacs have received multiple awards for their exceptional quality at the prestigious San Francisco World Spirits Competition.

The brand continues to expand in strategic markets such as the United States, the French overseas departments and territories and Canada, a major area of development, while organising regular activation campaigns to boost brand visibility (United Arab Emirates).

WILLIAM PEEL

WILLIAM PEEL is a blended Scotch whisky brand.

As a leading brand in France, both in its own segment and within the overall whisky market, William Peel ranked among the top 15 (in terms of revenues) French CPG references in 2025 thanks to its two flagship formats, the 70 cl and one-litre bottles.

Founded in 1972, WILLIAM PEEL has become a go-to brand in France thanks to its affordability and fullness of flavour, making it highly popular among consumers.

SOBIESKI

SOBIESKI vodka is distilled in Poland and made from cereals, giving the beverage a unique, delicately balanced taste. Our vodka is a tribute to the Polish King John III Sobieski, also known as the "Lion of Poland"

SOBIESKI vodka is distilled according to ancestral Polish tradition in the country's tallest distillation column. This distillation process guarantees the quality and purity of our vodka.

Leveraging this expertise, the brand has expanded its range by developing flavoured variants tailored to different markets: a 35% range for the United States, as well as 18% liqueur-based recipes for France and Germany.

TEQUILA SAN JOSÉ

SAN JOSÉ, the undisputed leader in the Tequila category for several years in France.

Produced using Mexican blue agave plants and widely renowned for its sweetness and fruity notes, SAN JOSÉ tequila is made according to a traditional method in the province of Jalisco, Mexico.

It offers an opportunity to discover the festive and convivial ambiance that has characterised Mexico for decades.

Major contracts

‌PROPERTY, WAREHOUSES AND INDUSTRIAL

PLANT

The Group owns most of its industrial property assets.

The Group currently has seven active industrial facilities used for distilling, rectification, ageing, blending, packaging and bottling operations. These operating assets and their ongoing improvement are of considerable strategic importance for the Group. They represented a total gross amount of €120.7 million at 31 December 2025, recognised under property, plant and equipment (vs €113.4 million at 31 December 2024) across the entire Group.

• The Group's main facilities are currently as follows:

• Facilities in Lithuania at Obeliai (alcohol distillation and rectification) and Vilnius (bottling and packaging of vodkas and other spirits);

• The two French facilities carry out blending, packaging and bottling of spirits (Lormont and Aigre);

• One facility in Spain (Zizurkil) for plant distillation and bottling of syrups and spirits;

• Stara Zagora in Bulgaria, where the Group owns a number of vineyards. The facility takes care of the production, ageing and bottling of wines;

• The Jundiai facility, near São Paulo, Brazil, carries out plant distillation and bottling of spirits.

‌Each of these facilities may be required to provide industrial services.

Most quality systems at Group plants are ISO certified. The risk of pollution or fire is subject to audits and prevention plans that are formally defined with the relevant government departments. The Group's owned plants are subject to a regular investment plan aimed at upgrading production facilities and maintaining compliance with changing environmental, health and safety standards. The Group implements a responsible environmental policy in each country where it has production facilities.

More specifically, the modernisation of production and computer equipment has been identified as a strategic issue. Accordingly, between 2022 and 2024 major investments totalling nearly €20 million were carried out, focusing on:

• increasing productivity and production capacity at a number of industrial plants (mainly in Lithuania, France, Spain and Bulgaria);

• improving production quality and ensuring the compliance of specific equipment with environmental, safety and other standards;

• gradual deployment of the Group ERP system in various MBWS subsidiaries, in the implementation phase at the end of 2025 at one of the Lithuanian subsidiaries.

MAJOR CONTRACTS

CONSOLIDATED FINANCIAL STATEMENTS

‌ FOR THE 2025 FINANCIAL YEAR

1. Going concern

   ‌The MBWS Group consolidated financial statements have been prepared in accordance with the going concern principle, in view of the known situation as at the reporting date, as explained in Note 1.3 to the 2025 consolidated financial statements (Chapter 4 of this Universal Registration Document).

2. 2025 consolidated income statement

   The parent company and consolidated financial statements for the year ended 31 December 2025 have been prepared in accordance with the presentation rules and valuation methods provided for by the regulations in force.

   The presentation rules and valuation methods used are set out in Note 1 to the consolidated financial statements and Note 2 to the parent company financial statements of Marie Brizard Wine & Spirits SA.

   Summary 2025 consolidated income statement

   (€m)	31/12/2025	31/12/2024	Change 2025/2024
   Revenues	217.0	233.9	-7.2%
   Revenues excluding excise duties	172.0	188.4	-8.7%
   Gross margin	66.9	73.6	-9.1%
   Gross margin ratio	38.9%	39.1%	-0.2 pp
   EBITDA	13.6	15.2	-10.5%
   EBITDA margin	7.9%	8.1%	-0.2 pp
   Operating profit	6.8	9.6	-29.2%
   Cost of debt	0.8	1.4	-42.9%
   Net financial income/(expense)	2.8	1.7	64.7%
   NET PROFIT, GROUP SHARE	9.1	9.6	-5.2%

   The Group uses revenues, gross margin and EBITDA as its main performance indicators, as defined in Note 1.30 to the 2025 consolidated financial statements (Chapter 4 of this Universal Registration Document).

   Revenues for the 2025 financial year, excluding excise duties, amounted to €172.0 million, down 8.7% from 2024.

   The gross margin ratio for 2025 was 38.9%, down

   0.2 percentage points versus the previous year (39.1% in 2024), mainly due to:

   • a mix of activities with a greater relative weight and a strong increase in 2025 in the Industrial Services activity, showing a lower gross margin contribution as a % of revenue compared to other business segments, but nevertheless an improvement compared to 2024.

   • coupled with a brand mix in which the decline in sales of the main International Strategic Brands in 2025 was not fully offset by the strong momentum in sales of Marie Brizard brand innovations.

   Also worth noting is the adverse impact of significant inflation in the production cost of matured spirits, which had a dilutive

   effect on the Group's margin, exacerbated by the tariff hikes implemented by the United States which could not always be passed on downstream.

   2025 EBITDA amounted to €13.6 million, down from

   €15.2 million the previous year, with the EBITDA margin stabilising at 7.9% of revenues excluding excise duties.

   The Group posted a net non-recurring operating expense of

   €0.9 million for 2025, compared with €0.7 million income in 2024. The changes are mainly due to reversals of impairment losses on intangible assets and provisions in 2024, and, for 2025, non-recurring expenses relating to asset restructuring and a tax audit provision.

   Net financial income for 2025 came to €2.8 million, up

   €1.1 million from 2024 due to reversals of previous financial impairment losses, despite lower income from cash and cash equivalents compared with 2024 due to the overall fall in interest rates during 2025.

   Net profit, Group share for 2025 amounted to €9.1 million, down from €9.6 million in 2024.

   Analysis of revenues by region(3)

   Net revenues (€m)	31/12/2024	LFL change	Currency and scope effects	31/12/2025	LFL change	Reported change
   FRANCE Cluster	83.9	-14.8	-	69.1	-17.6%	-17.6%
   INTERNATIONAL Cluster	104.5	-1.4	-0.2	102.9	-1.4%	-1.5%
   TOTAL MBWS	188.4	-16.2	-0.2	172.0	-8.6%	-8.7%

   2

‌ 2025 consolidated balance sheet

‌ Innovation

‌ Outlook

The Group is constantly striving to create the conditions for profitable and sustainable development of its business portfolio and for strengthening its presence in key markets, leveraging its subsidiaries, commercial networks and direct exports. The Group also aims to operate with all stakeholders under balanced trade conditions in a long-term perspective.

It remains fully committed to streamlining its operating model and controlling its cost base while continuing to implement the profitable synergies identified alongside COFEPP, thereby continuing to strengthen the Group's overall profitability. The Marie Brizard Wine & Spirits Group is adopting a clear positioning with a view to controlled growth and market development, particularly in its international markets and product categories.

The challenging and generally unfavourable macroeconomic trends affecting spirits markets observed during 2025 are continuing into 2026.

As such, the Group remains focused on its strategic priorities to:

• ‌foster the conditions for profitable and viable growth in its business portfolio and promote innovation initiatives against a backdrop of sustainable transition,

  • strengthen its presence in key markets by leveraging its sales networks, manufacturing facilities and the diversification of its product range across strategic business segments (particularly Industrial Services and the distribution of Agency Brands, two areas that are performing well and showing real growth potential),

    2

Non-tax deductible expenses

Pursuant to the provisions of Article 223 quater of the French General Tax Code, the General Meeting also notes that the expenditure and charges referred to in Article 39-4 of said Code amounted to €11,051 during the 2025 financial year, corresponding to accelerated depreciation.

‌ Trade receivables and payables ageing schedule

Trade payables ageing schedule

Trade receivables ageing schedule

Material events and amendments to the Articles of Association during the year

De-listing in Off-Trade in France in the MBWS whisky segment in 2025

Against a backdrop of significant market decline in 2024, particularly in the under-12-year blended whisky segment, which continued throughout the first half of 2025, the France Cluster saw business drop (revenues down 17.6% compared to 2024), including a sharp decline in Off-Trade sales.

Matured spirit costs increased considerably in 2025, justifying price hikes to offset this trend. Without these price changes, the economic performance of the France Cluster could be more significantly affected.

Rendered complicated by this environment, annual commercial negotiations gave rise to stock-outs and distribution losses, leading to a decline in William Peel's market share in 2025 after a small number of major retailers decided to de-list it.

Nevertheless, most chains supported the Company's price adjustments, and the Company maintained an ongoing and constructive dialogue with all its customers throughout the year to mitigate the impact of the commercial tensions, with the aim of returning to normal listing status for the brands and achieving a beneficial recovery in business activity under commercial terms that are fair and acceptable for all players concerned. Agreements were nevertheless reached right at the end of the year, making it possible once again to envisage commercial relations on a more balanced footing.

MBWS and Interbrands Denmark are building a strategic alliance to support their growth in Denmark.

On 12 November 2025, Marie Brizard Wine & Spirits acquired a majority stake in Interbrands Denmark ApS, a company incorporated under Danish law and one of Denmark's leading distributors of wines and spirits. This transaction represents a strategic step for both companies, which are joining forces to strengthen their presence, develop and expand the distribution of the brands they represent, and support their growth and competitiveness in the Danish market.

Established over twenty years ago, Interbrands Denmark exclusively distributes strong brands from several leading brand owners, with whom it maintains long-standing relationships.

The commercial synergies resulting from the merger of the two companies' distribution networks will strengthen their national presence, covering the On-Trade sector, Off-Trade and cross-border sales. This integrated organisation will increase brand visibility, improve service quality and offer enhanced expertise in a particularly demanding market. The transaction will also generate operational efficiency gains that will benefit all partners.

Crossing of thresholds stated in the Articles of Association: Upon the exercise of double voting rights by certain shareholders, who thereby exceeded the thresholds stated in the Articles of Association, other shareholders notified the Company that they had consequently crossed below said thresholds, including the following in particular:

Palliser Capital UK notified the Company on 16 July 2025 that it had crossed below the threshold of 2.5% of the Company's voting rights, as at that date Palliser held 2.22% of the voting rights and 3.84% of the share capital.

Diana Holding notified the AMF on 31 July 2025 that it had crossed below the threshold of 5% of the Company's voting rights, as at that date Diana Holding held 3.68% of the voting rights and 3.52% of the share capital.

The "Concert" notified the Company on 17 July 2025 that it had crossed below the threshold of 7.5% of the Company's voting rights, as at that date it held 5.8% of the voting rights and 10.05% of the share capital.

COFEPP notified the Company on 3 July 2025 that it had exceeded the thresholds of 82.5% and 85% of the Company's voting rights, as at that date COFEPP held 86.2% of the voting rights and 79.3% of the share capital.

‌Material events and amendments to the Articles of Association that

1. • No significant events have occurred since the end of the 2025 financial year that could have a material impact on the Group's financial situation and consolidated financial statements for the year ended 31 December 2025.

   • However, the following recent events should be noted:

     ‌- The current conflict in Iran, which began on 28 February 2026 and is affecting various countries in the Middle East, has no impact on the Group consolidated financial statements for the year ended 31 December 2025, as this is a new situation.

     • The US Supreme Court decision of 20 February 2026, which overturns a large proportion of the previously imposed customs duties and leads to the introduction of new temporary tariff measures with effect from 24 February 2026, also has no impact on the Group's financial statements for the year ended 31 December 2025, as this is a new situation.

2. Change in investments and controlling interests

   ‌No change in 2025.

3. Dividends

   ‌The Company has not paid any dividends in respect of the last three financial years.

4. Five-year financial highlights

   Item (in euros except for headcount)	2021	2022	2023	2024	2025
   I. Financial position at year-end
   Share capital	156,729,301	156,785,748	156,785,752	156,785,752	156,785,752
   Number of shares outstanding	111,949,501	111,989,820	111,989,823	111,989,823	111,989,823
   II. Comprehensive income from continuing operations
   Revenues excluding tax	3,165,877	2,610,132	2,673,130	2,659,125	2,553,918
   Profit/(loss) before tax, depreciation, amortisation and provisions	(10,296,497)	(30,533,455)	(898,793)	(4,570,061)	(7,786,497)
   Income tax	(3,343,427)	761,838	(1,421,977)	(1,815,641)	(1,736,016)
   Profit/(loss) after tax, depreciation, amortisation and provisions	(7,633,300)	(6,855,514)	(1,201,962)	1,467,945	71,098
   Amount of profit paid out
   III. Earnings per share
   Profit/(loss) after tax and before depreciation, amortisation and provisions	(0.06)	(0.28)	(0.00)	(0.02)	(0.05)
   Profit/(loss) after tax, depreciation, amortisation and provisions	(0.07)	(0.06)	(0.01)	0.01	0.00
   Dividend per share
   IV. Staff
   Headcount	24	17	14	14	14
   Payroll expense	4,079,783	3,009,624	2,047,993	1,875,278	1,802,404
   AMOUNTS PAID FOR EMPLOYEE BENEFITS (SOCIAL SECURITY, SOCIAL WELFARE ORGANISATIONS, ETC.)	1,522,234	1,051,610	925,322	891,134	890,236

‌ RISK FACTORS

Pursuant to the regulations, only material risks specific to the Company are presented in this section. At the date of this Universal Registration Document, the risks set out below are those identified by the Company as liable to have a material impact on its business, image, financial position, earnings and ability to achieve its targets.

At the end of the 2025 financial year, the Internal Audit Department was assisted by external consultants in carrying out this risk mapping exercise.

The aim of this mapping exercise was to identify and prioritise the risk factors likely to prevent the Group from achieving its objectives.

To produce this prioritised overview, we assessed each risk during a meeting with members of the MBWS Executive Committee. Each risk was assessed according to the impact scale and the probability scale. Both scales are rated from 1 to 4.

1. Limited (almost no impact)

2. Significant (minor impact)

3. Critical (major consequences for the Company, adversely affecting its proper functioning)

4. Catastrophic (immediate threat to the Company's survival).

1. Unlikely (this has never happened and there is no chance of it happening)

2. Rare (this has never happened and it is unlikely to happen)

3. Occasional (this has happened a few times and it is likely to happen again)

4. Frequent (this happens regularly and will continue to happen regularly).

The rating takes into account the measures put in place by the Company to mitigate the consequences and likelihood of a risk occurring.

Material risks are presented in Section 2.3 of this chapter, where they are categorised.

At the date of the filing of this document, nine risk factors were considered to be specific, material, probable and liable to have an adverse impact on the Group.

These nine risks were classified into six categories and ranked in order of the MBWS Group's residual exposure to them. Residual exposure was assessed taking into account the potential impact of the risks for the Group, their likelihood of occurrence and the degree of control exercised by the Group in order to mitigate their impact or likelihood. Exposure is presented on a scale of low, moderate or high.

The table below summarises the risks considered to have a "material and specific" level of exposure.

Category Risk Residual exposure*

Geopolitical risks Risk related to geopolitical instability in certain countries or regions Moderate Business-related risks Risk of dependence on specific customers High

Business-related risks Risk of dependence on specific suppliers High

Business-related risks Risk to our margins High

Business-related risks Risk related to the quality of our products Moderate

Operational risks Information system risks High

Industrial risks Risk related to the loss of a key asset (strategic inventory or major industrial

facility)

Moderate

Environmental risks Risk related to potential harm to the environment Moderate

Legal and regulatory risks Risk related to changing regulations in the wine and spirits market and antitrust regulations

* Residual exposure includes the impact of action plans.

Moderate

Meanwhile, and for the purposes of the sustainability statement, the MBWS Group conducted an analysis of the impacts, risks and opportunities related to the environmental and social consequences of its business activities. The specific procedures followed to identify and analyse these risks are set out in Chapter 3, Section 3.1.3.3 of this Universal Registration Document.

1. ‌ Geopolitical risks

   Risk related to geopolitical instability in certain countries or regions

   DESCRIPTION OF THE RISK

   Global trends in the wine and spirits market may be significantly affected by changes in the political, geopolitical, macroeconomic, regulatory or financial environment in certain countries or regions.

   In this context, the Group may be exposed to risks that could affect its production, sourcing and distribution activities. These events, which are sometimes unpredictable, could have an adverse effect on:

   • the markets in which the Group's subsidiaries operate;

   • the business activity of its commercial partners, in particular suppliers, distributors and customers;

   • consumer behaviour and consumption levels;

   • supply conditions for raw materials, components and finished products;

   • the MBWS Group's operational and financial performance. Armed conflicts continue to have an impact on the international economic environment. Although the Group's direct exposure to these regions remains limited, the indirect consequences of these conflicts, particularly on business opportunities, access to certain raw materials and international supply chains, contribute to a more volatile and inflationary economic environment.

     Furthermore, international trade tensions remain high and may lead to the introduction or increasing of customs duties on alcoholic beverages in certain markets. These protectionist measures may affect the competitiveness of the Group's products, particularly in strategic export markets, and may lead to price increases for consumers, which could have an impact on sales volumes.

     In this context, several factors could affect the Group's ability to meet demand in certain markets, notably:

     2