he financial year ending 30 June 2025 was marked by a sharp contraction in the 2024 French harvest. Yields were among the lowest on record, with inferior quality due to exceptionally wet weather conditions. At the same time, grain markets continued to trend downward against a backdrop of sluggish global consumption. Conversely, tensions in the mineral fertilizer market kept prices at high levels. Across the Cooperative’s territory, 2024 saw a sharp decline in volume compared with 2023, -19 % on average, with wheat volumes down 26 % and barley volumes down 24 %. This harvest was comparable to that of 2016. The campaign was characterized by particularly poor weather conditions, which took place under very challenging conditions for maintaining grain quality during storage. The autumn harvest, however, was more favorable in terms of volumes. In this challenging environment, the Cooperative’s revenue fell to €1,034 million, down 15 % on the previous year. This decline is mainly attributable to the sharp contraction in the grain business, directly linked to the smaller harvest. The quality of the harvest required substantial grain processing, segregation and allocation efforts by operational teams, generating associated transport and handling costs in order to deliver the best possible batches to customers. Overall, in this highly volatile environment, the Cooperative adjusted its entire operational setup to maximize grain value and exercised rigorous cost control, while maintaining its policy of investment on key sites. The Cooperative’s EBITDA was €20.3 million for the 2024-2025 financial year, compared to €23.27 million in the previous year. Storage premiums, paid to 3,212 Cooperative farmers, amounted to €5.3 million, representing an average of €7.96 per ton (excluding bi-monthly bonuses)¹. Net financial income for the year rose by €3.1 million to reach €1.3 million. In line with easing inflationary pressures, interest rates declined throughout the year. As a result, the average one-month Euribor stood at 2.71 %, compared with 3.86 % the previous year, reducing the debt burden in addition to the significant decrease in capital employed due to lower grain volumes and prices. At the close of this particularly challenging financial year, VIVESCIA Cooperative recorded a positive net income of +€4.9 million. The Cooperative’s financial structure therefore remains very robust, with equity of €390.4 million financing almost all fixed assets and net debt of €3.4 million, a slight increase compared with the previous financial year. T THE COOPERATIVE’S AcCOUNTS AT 30 JUNE 2025 1. €17 bonuses for long-term storage and €8 for short-term storage are dependent on strict compliance with the grain collection schedule managed by the Cooperative 62