During financial year 2024–2025, VIVESCIA Industries’ businesses were affected by weak overall consumption against a backdrop of geopolitical tensions and economic uncertainty. The beer market remained sluggish across most regions, particularly in Europe and North America. Key raw materials — butter and cocoa — essential to our frozen bakery business, once again experienced high price volatility trending upward. In a low-growth market environment, teams implemented operational efficiency and cost- reduction plans to maintain the highest possible profit levels. The project to sell Délifrance (the frozen bakery business) to family-owned Vandemoortele Group, was announced on 28 March 2025. Subject to clearance by the competition authorities, the deal is expected to be completed by the end of the 2025 calendar year. The three core businesses — malting, milling, and frozen bakery — which account for 91 % of VIVESCIA Industries’ consolidated revenue, generated combined revenue of €2.5 billion. The animal nutrition business proved resilient, particularly in the “cattle” segment, despite operating in a highly competitive market. The maize milling business posted profits that were among the strongest of the past three years, despite lower volumes, thanks to effective commercial management. The biotechnology business continued to grow, despite a less dy- namic market. VIVESCIA Industries’ total revenue was €2,736.50 million, down 4.4 % compared to the previous financial year. EBITDA reached €153.6 million, a decrease of €31.6 million versus the previous year, which had been a record high. VIVESCIA Industries reduced its debt by €18.6 million, bringing it down to €492 million. VIVESCIA Industries continued to roll out LINK action plans across all business lines, as part of the Group’s sustainable development policy. The Group’s climate strategy is reflected in a decarbonization program and related investments, including the commissioning of a biomass power plant this year in Seville (Spain) and a solar power facility in San Adrián for our malting operations. FINANCIAL AnALYSiS Shareholders’ newsletter 2024-2025 09