IVESCIA has shown resilience in the face of the various impacts of the global economy and the vagaries of the climate. During the 2024–2025 financial year, the Group’s processing businesses were affected by weak overall consumption against a backdrop of geopolitical tensions and economic uncertainty. The beer market failed to show the expected signs of recovery in the geographies where we operate. For the frozen bakery business, increases in the cost of key inputs (butter and cocoa) were only partially offset by price increases. VIVESCIA’s agricultural activity was challenging: grain collected fell by 22.6 % as a result of a catastrophic, historically low 2024 harvest in France due to adverse weather conditions. Our teams were nevertheless able to implement operational and logistics action plans to deliver a respectable level of profitability, close to that of previous years, while supporting the cash flow of VIVESCIA Cooperative members. VIVESCIA Industries’ businesses, for their part, faced sluggish market conditions. Teams activated operatio- nal efficiency and cost-reduction action plans in order to maintain a satisfactory level of profitability. The project to sell Délifrance (frozen bakery business) to family-owned Vandemoortele Group was announced on 28 March 2025. Subject to the authorization of the competition authorities, the deal is due to be finalized by the end of the 2025 calendar year. In total, VIVESCIA Group’s consolidated revenue totaled €3.8206 billion, down 7.8 % compared with the 2023-2024 financial year. EBITDA stood at €183.8 million, down 18.1 % compared with 2023–2024, which was a record year. This result is still, however, the third-best in the past eight years. Working capital requirements improved as a result of declining grain markets, the smaller 2024 grain har- vest, and optimized management of trade receivables. The Group’s net debt remains under control, falling slightly to €549.9 million. During the year, the Group continued to invest, with total capital expenditure of €122.2 million. The Group proactively pursued LINK, its sustainable development policy, notably through the ongoing deployment of the TRANSITIONS (a regenerative agriculture program on soil, carbon and biodiversity) and the rollout of decarbonization investments as part of its climate strategy. V THE GROUP’S CONSOLIDATED ReSUlTS AT 30 JUNE 2025 64