Chairman of the Supervisory Board 3 QUESTIONS FOR niCOLAS DEMOURy What comment would you make on the past financial year? N. D. I believe it is fair to speak of pride. Pride because, once again this year, VIVES- CIA Industries’ teams have risen to the challenge in a context that was unfavo- rable in many respects, with geopolitical and econo- mic turbulence and a gene- ral decline in consumption, particularly in our malting business, which is facing a sluggish beer mar- ket. But I want to emphasize this point: despite a difficult and complex environment, our teams never gave up — cost control, commercial agi- lity, operational efficiency. And more than that, they continued to prepare for the future. Speaking of the future, the world is changing. Isn’t this the right time for VIVESCIA Industries to change as well? N. D. VIVESCIA Industries is always changing! The year was marked by a series of events that signal a positive new momentum that will strengthen our competitiveness and, in doing so, prepare us for the future. During the year, we reached a turning point with our deci- sion to find a new sharehol- der for our frozen bakery business (Délifrance). This will strengthen our capacity to invest in our five other business lines in the years ahead and enhance our resilience in an increasingly volatile world. So 2025 marks a turning point? A new dynamic? N. D. Yes, and it is a collective responsibility shared by all stakeholders. We have stren- gths: highly motivated, competent teams, and greater room for maneuver. With our new Managing Director, Guillaume Mothe, we are entering a new phase. It will be rolled out through new development projects. This represents a new opportunity to forge stron- ger ties with our cooperative partners. This momentum is now underway. Shareholders’ newsletter 2024-2025 11