VIVESCIA industries generated record EBITDA this year. This is obviously excellent news, and something we can all be proud of... I know how hard our teams have worked to develop, grow and innovate in a complex and uncertain economic environment. Sluggish global consumption, the effects of inflation, high interest rates, and volatile commodities markets have hit us throughout the year. VIVESCIA Industries EBITDA for the year ending 30 June 2024 was 24% higher than the previous financial year. All the strategic plans rolled out since 2018 have borne fruit, particularly for our malting and frozen bakery businesses. Malteurops EBITDA has grown by more than 30% in the last two years, making it among the highest in the industry. Dlifrance doubled its EBITDA compared to the previous financial year, with a 78% increase since 2020. Grands Moulins de Paris has seen renewed sales growth and captured market share while strengthening services provided to artisan bakers through the new version of its e-commerce site. Francine, which will celebrate its 60 th anniversary in 2025, consolidated its leading market position, well ahead of private label brands, and its market share in value terms is growing. KALIZEA has posted record EBITDA, and NEALIAs results are holding out in a deteriorating, unsustainable competitive environment. There are promising developments in the biotechnology industry with plant-based technologies and non-fossil carbon sources, which are ARDs areas of expertise. C H R I S T O P H B R E N P R E S I D E N T O F S I C O M , V I V E S C I A I N D U S T R I E S G E N E R A L P A R T N E R A NEW CHAPTER IS OPENING... 04