3 QU e STI o NS FO r NICOLAS DEMOURY C H A I R M A N O F T H E S U P E R V I S O R Y B O A R D How does the Supervisory Board view the 2023-2024 financial year? N.D. Were very impressed. How could we not be, when VIVESCIA Industries subsidiaries delivered such excellent results, even surpassing the budget forecasts! So we say really well done to all our teams especially as this year, once again, they were operating in a very challenging environment. Both the sales momentum they achieved and the efforts they made to keep costs down are commendable, and we must build on them a topic Ill return to later. Speaking for everyone on the supervisory board, I want to stress the need to continue investing in manufacturing whether thats on preventive maintenance or repairs, even if this accounts for a significant proportion of our margins. This investment is vital if were to maintain our position, keep innovating, and satisfy our customers expectations, both in terms of quality and environmental performance. In other words, if were to continue to grow and gain market share. VIVESCIA Industries really does see shareholders as partners... N.D. That's right. I really want to call attention to the maturity, patience and goodwill of our shareholders, whose backing, year after year, helps advance our companies interests. We maintain a positive, constructive dialogue with them. Our cooperative and institutional partners are all aware that were in a heavy industry, where maintenance and upgrades come at a significant financial cost. But everyones noticing how this cost is increasingly visible in the financials. This equity financing were doing, added to the cost of debt, is becoming a key issue for our shareholder partners, and justifiably so! We aim to translate their unfailing support into economic benefits as fast as we can. Both the SALES MOMEN t UM they achieved and the efforts they made to keep costs down AR e c OMM e NDABL e . " " 10