VIVESCIA Industries sales volumes were impacted during the 2023-2024 financial year by the decline in global consumption due to a fall in purchasing power. It was a mixed year in terms of exposure given the continued volatility of the price of raw materials and inputs, as well as the gradual decline in energy prices and the increase in interest rates. The global geopolitical context was an additional cause of volatility and uncertainty throughout the year. Our malting business was confronted with a sluggish beer market, particularly on premium beer segments. In this market environment, operational action plans have helped to offset the decline in sales, enabling Malteurop to deliver satisfactory results. Our new malting plant, in Mexico, inaugurated in October 2023, ramped up to full capacity during the past year. The milling and frozen bakery businesses are growing thanks to a proactive commercial policy implemented towards the end of the last financial year. Innovation and the optimisation of manufacturing and logistics has enabled Dlifrance to boost its market share, especially in the retail sector, and to generate EBITDA in excess of budget forecasts. Our milling business has recovered on the artisan bakery market thanks to the efficient management of commercial activities. Grands Moulins de Paris also continued its digitalisation strategy, in particular with further development of its artisan bakery marketplace, the first of its kind in France. The Francine brand is robust and remains retail market leader in value terms faced with private label. Francine will celebrate its 60 th anniversary in 2025. The malting, frozen bakery and milling businesses which together represent 90% of VIVESCIA Industries turnover recorded sales of 2.6 billion, down 3.7% on the previous year. Our regional animal nutrition business continues to grow on the most buoyant market segments, despite strong competition and the effects of climate change, which have impacted its business. Our maize processing business has posted record EBITDA despite falling sales volumes on a sluggish market, thanks to agile commercial management. Our biotechnologies business continues its dynamic growth on a market that was down slightly during the first half of 2023-2024. In total, VIVESCIA Industries turnover was 2,863.50 million, down 4.6% compared to the previous financial year. This can be explained by declining consumption combined with falling grain prices. EBITDA is up significantly to 185.2 million, + 36.4 million compared to the previous financial year. All the projects implemented by our manufacturing, logistics, and commercial teams and support functions have consolidated these results. VIVESCIA Industries debts fell by 24.4 million to 511 million as a direct consequence of falling grain prices and working capital requirement despite high interest rates and sustained investment, in particular on decarbonisation projects. FINANCIA l ANALY s IS F R D R I C K A S A K S P E R S P E C T I V E V I V E S C I A G R O U P S C F O D I R E C T O R O F V I V E S C I A I N D U S T R I E S ( S I N C E J U N E 2 0 2 4 ) 06