Universal Registration Document Fiscal 2025

The objective is to maintain the Board at 12 members to enable:

• balanced representation of men and women;
• compliance with market recommendations regarding the proportion of independent directors.

This objective may be reconsidered if new constraints lead to a review of the Board’s size.

The objective has been achieved. Since January 22, 2019, the Board of Directors has been composed of 10 members appointed by the Shareholders Meeting and 2 directors representing employees.

Pursuant to article 10.3 of the AFEP-MEDEF Code, the proportion of independent directors must be at least one third in controlled companies as set out in article L.233-3 of the French Commercial Code. The Board’s objective is to have a majority of independent directors.

Since December 19, 2022, the objective has been achieved. With 60% of the directors deemed to be independent, the independence rate is well above AFEP-MEDEF Code recommendations.

Maintain optimal representation of women and men on the Board of Directors.

The objective has been achieved as from 2024. As of August 31, 2025, the Board of Directors has 12 members (including two directors representing employees), comprising five women (including one director representing employees) and 7 men (including one director representing employees), i.e., 40% women and 60% men, excluding directors representing employees. The Board of Directors therefore ensures balanced representation of women and men in accordance with article L.22-10-3 of the French Commercial Code, which sets a minimum threshold of 40% for the representation of each gender on boards of directors.

No more than one third of the directors to be over 70 years old, in accordance with the applicable legal requirements.

The objective has been achieved. Since January 21, 2020, all Board members have been under the age of 70. The average age of directors is 61.

The composition of the Board of Directors is intended to reflect as closely as possible the geographic mix of the Group’s business and to incorporate a wide range of nationalities.

The objective has been achieved. The Board of Directors reflects a diversity of nationalities, with members of French, American, Canadian and Spanish nationality. In addition, the directors have solid international experience, gained through senior executive positions or directorships in global companies, as well as through significant roles outside France.

Appointment of directors representing employees.

The objective has been achieved. Since 2014, the Board has included two directors representing employees. Cathy Martin is a member of the Audit Committee and the Sustainability Committee. Olivier Marchand, who succeeded Philippe Besson as of December 17, 2024, has been a member of the Compensation Committee since April 2, 2025.