Euroapi (EAPI) AGM 2025 summary

Opening remarks and agenda

• The AGM was opened by the chairman, with board members, management, and auditors present; the agenda included 15 ordinary and 16 extraordinary resolutions, covering accounts approval, compensation, and capital operations.

• Notices were duly published and sent to shareholders, with 78.7% of capital represented, ensuring valid proceedings.

• Governance roadshows held in April-May 2025 to engage stakeholders and present governance updates.

Financial performance review

• 2024 revenue was EUR 911.9 million, down 10% from 2023, mainly due to production suspension at Brindisi and lower sales to Sanofi.

• Core EBITDA fell 45.8% to EUR 50.4 million (5.5% margin); reported EBITDA was negative EUR 43 million due to non-recurring Focus 27 plan costs.

• Net loss was EUR 130.6 million, improved from EUR 189 million loss in 2023; net cash position at year-end was EUR 25.2 million, a turnaround from net debt.

• Industrial CapEx reached EUR 128 million, with 53% for growth or performance projects.

• Working capital improved by EUR 100 million, reflecting inventory reduction and operational discipline.

Board and executive committee updates

• New Chair of the Board (Emmanuel Blin) and new CEO (David Seignolle) appointed in December 2024, stabilizing governance.

• Board reduced from 12 to 10 members, now 63-67% independent, with 45% women and diverse nationalities.

• Committees (audit, nominations/compensation, ESG) were active, with high independence and attendance rates in 2024.

• Board met 14 times in 2024, with 98% attendance, supporting the Focus 27 plan and refinancing.

• Board evaluation conducted externally in 2024, with improvement items presented in March 2025.