Slides
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October 29th, 2026 Sophie Boissard, CEO Gregory Lovichi, CFO 2026 9-month revenue
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Disclaimer This document contains forward-looking statements that involve risks and uncertainties, including those included or incorporated by reference, concerning the Group's future growth and profitability that could cause actual results to differ materially from those indicated in the forward- looking statements. These risks and uncertainties relate to factors that the Company cannot control or estimate precisely, such as future market conditions. The forward-looking statements contained in this document constitute expectations of future events and should be regarded as such. Actual events or results may differ from those described in this document due to a number of risks and uncertainties described in Chapter 2 of the 2025 Universal Registration Document filed with the French Financial Markets Authority (“AMF”) on February 27th, 2026, under nb. D.26-0054 and made available on the Company's website (www.clariane.com) and that of the AMF (www.amf-france.org). All forward-looking statements included in this document speak only as of the date of this document. Clariane S.E. undertakes no obligation and assumes no responsibility to update the information contained herein beyond what is required by applicable regulations. Readers are cautioned not to place undue reliance on these forward-looking statements. Neither Clariane nor any of its directors, officers, employees, agents, affiliates or advisors accepts any responsibility for the reasonableness of any assumptions or opinions expressed or for the likelihood of any projections, prospects or performance being achieved. Any liability for such information is expressly excluded. Nothing in this document is, or should be construed as, a promise or representation regarding the future. Furthermore, nothing contained in this document is intended to be or should be construed as a forecast of results. Clariane's past performance should not be taken as a guide to future performance. Page 2 2026 9M revenue
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Agenda 01 Highlights 02 2026 9-month revenue 03 Refinancing of the Group 04 Outlook 2026 9M revenuePage 3
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01 Highlights
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Key highlights 2026 9M revenuePage 5 Solid revenue momentum, simplified financial structure, all targets confirmed €4,051m 9M 2026 revenue +4.7% organic growth Q3 2026: +4.9% 92.2% occupancy rate in nursing homes, vs. 90.8% 93.0% in Q3 26 vs. 91.6% in Q3 25 €2.3bn refinancing completed 92% of total financial debt at fixed rates or hedged + All activities and regions contributing • Long-term Care +5.2% | Specialty Care +2.9% (organic) • Favourable volume, price and case mix effects • Strong performance in Q3 in France: nursing home occupancy at 91.1% vs. 89.5% in Q3 2025 % Organic growth by geography Spain +14.0% Germany +6.7% Belgium & NL +6.3% Italy +3.3% France +2.1% ✓ All financial and non-financial targets confirmed for 2023-2026 and 2025-2028 € Successful €2.3bn refinancing • Completed in September • Maturities extended to 2030-2032 and debt structure simplified • Financial costs barely exposed to recent rate increases: 92% of total financial debt at fixed rate or hedged • Moody’s B2 rating / Outlook stable confirmed 7 care training centers Clariane University and the Fondation Œuvre de la Croix Saint- Simon join forces to develop healthcare and social care training in Île-de-France
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A network of 1,224 facilities across Europe 89,141 beds in 6 countries as of 30 September 2026 Long-term Care (Nursing homes, mixed platforms, assisted living) 939 facilities · 74,677 authorized beds Specialty Care (Clinics, mental health, outpatient) 285 facilities · 14,464 authorized beds Belgium Facilities Beds Total 117 13,104 Long-term Care 117 13,104 France Facilities Beds Total 553 33,129 Long-term Care 452 25,060 Specialty Care 101 8,069 Spain Facilities Beds Total 182 7,378 Long-term Care 32 2,836 Specialty Care 150 4,542 Netherlands Facilities Beds Total 59 1,764 Long-term Care 58 1,724 Specialty Care 1 40 Germany Facilities Beds Total 224 25,603 Long-term Care 224 25,603 Italy Facilities Beds Total 89 8,163 Long-term Care 56 6,350 Specialty Care 33 1,813 Page 6 2026 9M revenue 2028 additional beds - organic pipeline: +92 2028 additional beds - organic pipeline: +123 2028 additional beds - organic pipeline: +45 2028 additional beds - organic pipeline: +245 2028 additional beds - organic pipeline: +115
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7 Fondation Croix Saint-Simon schools & training centers to join Clariane University Expanding the Group’s training offering in nursing and social care 7 Nurses and care assistants training centers in Île-de-France ~800 students each year nurses, care assistants,, social workers 7,700+ Group employees enrolled in diploma programmes at Clariane University each year (12% of workforce) ~1m hours of training continuing training delivered in France each year, directly or via partners + Complementary expertise • Initial training: Croix Saint-Simon area of excellence • Vocational training: core of Clariane University expertise • Stronger healthcare and social care training offer in Île-de-France → A major contribution to our “Succeed Together” corporate project • Enriching and diversifying qualifying pathways throughout working life, incl. career changes • Building an Erasmus exchange program across Germany, Spain, Italy, Belgium and the Netherlands • Strengthening our employer brand Page 7 2026 9M revenue This combination strengthens the Group’s position in the training sector, a key lever for addressing the challenges facing healthcare services in the years ahead, fully in line with its Mission
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02 2026 9-month revenue
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› BY ACTIVITIES › BY GEOGRAPHIES 9M 2026 revenue: +4.7% organic growth All activities and geographies contributing 2026 9M revenue Organic growth: +4.7% - main variations vs. reported growth: • Long-term Care: +5.2% (organic) Medicalized nursing homes – Disposals: Italy, France and Germany – Closings: mainly in Germany and Belgium – Extensions/openings: Netherlands Alternative living solutions – Disposals: France (Petits-fils), Germany, Italy • Specialty Care: +2.9% (organic) – Disposals: France (post-acute) and Italy – France (Inicea): normalized situation in France following the SMR Reform, confirmed operating recovery All geographies contributing to organic growth • Spain (+14.0%), Germany (+6.7%) and Belgium/Netherlands (+6.3%) leading the way, driven by occupancy and tariff increases • France (+2.1%) – Nursing home occupancy +1.3 pt to 89.4% (91.1% in Q3) – Specialty Care: outpatient +17%, case mix benefits from SMR reform adaptation • Italy (+3.3%): tariff increases, occupancy stable at a high level (97.7%) Page 9 in €m 9M 2025 revenue 9M 2026 revenue % of revenue Reported growth Organic growth Long-term Care 3,013 3,053 75% +1.3% +5.2% Medicalized nursing homes 2,527 2,616 65% +3.5% +5.3% Alternative living solutions 486 437 11% -10.0% +4.9% Specialty Care 963 998 25% +3.7% +2.9% Post-acute & rehabilitation 686 701 17% +2.2% +1.6% Mental health 276 297 7% +7.5% +6.3% Total Group 3,976 4,051 100% +1.9% +4.7% in €m 9M 2025 revenue 9M 2026 revenue Reported growth Organic growth France 1,709 1,694 -0.9% +2.1% Germany 983 1,021 +3.9% +6.7% Belgium & Netherlands 628 665 +6.0% +6.3% Italy 460 444 -3.4% +3.3% Spain 197 227 +15.4% +14.0% Total Group 3,976 4,051 +1.9% +4.7%
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3,976 (121) 3,854 +62 +118 +17 4,051 9M 2025 published Perimeter effect 9M 2025 pro forma Volume (capacity/O.R) Price & mix Other effects 9M 2026 +1.6% +3.1% -3.0% +0.2% (in €m) 9-month revenue bridge Volume, price and case mix effects more than offsetting perimeter effects 2026 9M revenuePage 10 +€62m› Volume increase +1.6% Long-term Care: +€54m • Medicalized nursing homes: +€48m due to O.R increase, mainly in Belgium and NL • Alternative living solutions: +€6m Specialty Care: +€8m • Activity increase, incl. outpatient, mainly in France and Spain › Price & case mix Long-term Care : +€97m • Medicalized nursing home: +€83m mainly Germany. France, Belgium, NL, Spain and Italy also contributing positively • Alternative living solutions : +€14m mainly in Germany Specialty Care: +€21m • Positive effect in France, Italy and Spain +€118m +3.1% impacts (€m) (%) +€17m +0.2%› Other effects Mainly Tariff reform in France : accrued receivables write-offs in 2025 (Specialty care) › Perimeter (disposal plan) €(121)m -3.0% organic +4.7% reported +1.9%
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Medicalized nursing homes (1/2) Group’s occupancy rate(*) up +1.4 pt (*) Occupancy rates based on authorized bedsPage 11 2026 9M revenue 9-month average occupancy rate at 92.2%, further advancing in Q3 at 93.0% Further growth potential embedded in existing capacities 87.7% 88.2% 88.7% 88.8% 89.6% 89.5% 90.7% 91.0% 90.4% 90.6% 91.6% 91.6% 91.7% 91.8% 93.0% 87% 88% 89% 90% 91% 92% 93% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Quarterly occupancy rate - all geographies 2023 (FY 88.5%) 2024 (FY 90.6%) 2025 (FY 91.0%) 2026 (9M 92.2%) 9M average occupancy +1.4 pt 90.8% 9M 2025 92.2% 9M 2026 France: 89.4% vs. 88.1% Q3 occupancy +1.4 pt 91.6% Q3 2025 93.0% Q3 2026 France: 91.1% vs. 89.5% 2025 9-month occupancy rate 90.8% 2026 9-month occupancy rate 92.2%
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Medicalized nursing homes (2/2) Occupancy rate(*) up in every country over nine months and in Q3 Quarterly occupancy rate - by country 2023 2024 2025 2026 (9M) France 9M avg. 89.4% +1.3 pt vs 88.1% Q3 91.1% +1.6 pt vs 89.5% 89.5% 91.1% 86% 88% 90% 92% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Germany 9M avg. 92.3% +1.4 pt vs 90.9% Q3 92.6% +1.2 pt vs 91.4% 91.4% 92.6% 84% 87% 90% 93% 96% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Italy 9M avg. 97.7% +0.3pt vs 97.4% Q3 98.1% +0.5 pt vs 97.6% 97.6% 98.1% 90% 93% 96% 99% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Belgium 9M avg. 94.0% +1.5 pt vs 92.5% Q3 94.5% +1.7 pt vs 92.8% 92.8% 94.5% 88% 90% 92% 94% 96% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Netherlands 9M avg. 83.3% +7.4 pt vs 75.9% Q3 84.9% +8.8 pt vs 76.1% 76.1% 84.9% 70% 75% 80% 85% 90% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Spain 9M avg. 93.8% +1.7 pt vs 92.1% Q3 94.5% +1.5 pt vs 93.0% 93.0% 94.5% 80% 85% 90% 95% 100% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 (*) Occupancy rates based on authorized beds Page 11 2026 9M revenue
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03 Refinancing of the Group
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c.€2.3bn refinancing successfully completed 5 transactions: c.€1.6bn of bonds + new €700m RCF (terms aligned with Senior Notes) Page 14 February 2026 → inaugural credit ratings B+ (S&P) / B2 (Moody's) open access to the high yield market October 27, 2026 : Moody’s B2 rating / Outlook stable confirmed April 10th Inaugural HY bond €500m Senior unsecured notes Due 2031 | YTM 6.875% Use Repay €PP and SSD (1) maturing 2026-28 April 28th HY bond tap €230m Senior unsecured notes Due 2031 | YTM 6.580% Use Call £200m perp.(2): c.€14m annual cash saving Wholeco Leverage: impact +0.4x* June 23rd Hybrid notes €333m Deeply subordinated NC3 perp. Coupon 7.875% (3) Use Refinance €332.5m ODIRNANE before call and step-up c. €13m annual cash saving September 8th HY bond €500m Senior unsecured notes Due 2032 | YTM 6.875% Use Repay €350m term and €150m real estate loans September 21st Syndicated RCF €700m Due 2031 | up to €900m Euribor + 1.75-3.50%(4) Use General Corporate Purposes T&Cs aligned with Senior Notes - Single covenant(4) (Wholeco Leverage) - Dividend distributions subject to Wholeco Leverage not exceeding 4.5x and limited to 7% of Clariane’s market cap Bonds Hybrid Bank facility Notes: (1) SSD = Schuldschein I (2) 13.168% p.a. coupon since June 2024 I (3) First 3 years; then reset every 5 years at mid-swap + initial margin + 500 bps I (4) Margin based on wholeco leverage ratio; see press releases of Sept. 8th and 21st for full T&Cs *Leverage impact of the April tap : +0.4x (YE 2025: 5.5x pro forma vs. 5.1x reported) 2026 9M revenue
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300 500 730 500 301 H2 2026 2027 2028 2029 2030 2031 2032 350361 300 500 730 230 301 76 100 H2 2026 2027 2028 2029 2030 2031 Corporate debt maturity profile June 30th capital structure, pro forma of refinancing transactions completed as of September 30 th refinanced by 2030, 2031 and 2032 Senior notes 1. as reported (30.06.2026) Term Loan (2) Convertible (OCEANE) SSD (1) (+NSV) € PP Social Bond Bonds (B+/B2) 2. pro forma planned use of proceeds of the Senior notes maturing 2030 (*), 2031 (**) and 2032 (***) Social Bond Factoring (+ other corp. debt) Bonds (B+/B2) Planned UoP (excl. fees and expenses), together with cash on hands, at maturity or in advance - proceeds not immediately used as described below will remain on the balance sheet until subject refinancings have been carried out : (*) 2030 notes : refinance existing debt including redemption of the €361m convertible (OCEANE) (**) 2031 notes : refinance outstanding of all €PP / SSD maturing 2026-27-28 (***) 2032 notes : refinance €350m Term and €150m real estate Loans Factoring (+ other corp. debt) (1) SSD = Schuldschein (2) Maturity extended to 2029 subject to conditions summarized in the Press Release dated February 17th, 2025 (3) Total financial debt (i.e including Real Estate debt of €1,240m, pro forma €150m reimbursement in September 26 (***)) 2026 9M revenuePage 15 Corporate debt structure simplified Main maturities extended to 2030-2032 92% of financial debt(3) at fixed rate or hedged Very limited exposure to recent rate increases €700m undrawn RCF 5 years maturity
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04 Outlook
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2025-2028 “Succeed together” : leveraging Clariane’s unique strengths to fuel profitable growth Page 17 Ensure a patient-centered experience by aligning expected, desired, perceived, and delivered quality QUALITY AT THE CORE Attract, train, and retain talent by strengthening training systems, Clariane’s management culture, and the employee value proposition PEOPLE STRATEGY Combine medical expertise, innovation, training, and ethical governance to deliver personalized, high-quality, and measurable care MEDICAL EXPERTISE Clariane unique strengths Mid term plan priorities Profitable growth (topline growth drivers) Volume Pricing • Leveraging existing network capabilities • Capex light new developments • Active pricing and case mix management (Value-based approach & Data-driven case mix management) Operational Excellence (delivering on EBITDA growth) “Better Support” efficiency program Leveraging existing capabilities & Enriching service offering Financial discipline ▪ Pricing & data-driven case-mix management ▪ Additional volumes through : ▪ Occupancy increase ▪ Development of outpatient activities ▪ Streamlining overheads and back-office services ▪ Redesigning operative workflows in care with AI- enabled automation ▪ Service optimisations (catering, cleaning, laundry, facility management) ▪ Maintenance and energy costs optimization 2026 9M revenue
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Nimble financial policy steered around cash generation Page 18 Conservative approach 2 ■ Increase in the Group’s EBITDA ■ Working capital management ■ Capex discipline: Operating and Development capex well balanced • c.€150m Operating capex p.a, to cope with resilience and compliance challenges (climate, IT) • c.€150m Development capex p.a, generating short-term payback, regarding mainly selected refurbishment programs supporting repricing or case-mix improvements, IT digital projects supporting increase in care quality and efficiency gains and local partnerships in the Netherlands and Spain ■ Active debt management strategy • Refi. 12-18 months ahead of maturities • Focus on simplification and cost of debt optimization Deleveraging driven by cash-flow generation 1 ■ Bolt-on M&A only considered within leverage target under strict strategic & risk/return criteria 2026 9M revenue
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2023-2026 and 2025-2028 outlook: confirmed CAGR c. +5% *Revenue growth EBITDA pro forma, pre IFRS 16 Leverage*** pre IFRS 16 EBITDA margin +100 to +150 bps (excl. real estate development activity) < 5.5x (end of 2026) CAGR c. +4% (pro forma) EBITDA : CAGR from +7% to +9% EBITDA opco** : CAGR from +11% to +14% Medium-term plan 2025-20282023-2026 c. 5.0x (end of 2028) * Organic ** EBITDA opco : EBITDA (1) post rents capitalized in accordance with IFRS 16 (including rents already capitalized before the application of IFRS 16, under IAS 17) and (2) adjusted for the impacts of the Group's real estate holdings. These impacts are primarily the market rents associated with the real estate assets held, as defined in the CBRE and Cushman & Wakefield reports on the valuation of the Group's real estate portfolio, as well as the operating costs associated with real estate ownership (calculated based on the operating costs of the Group's real estate companies) *** “WholeCo” leverage, as per current definition and balance sheet structure, taking into account of the mechanical adjustments resulting from the issue of additional senior notes in the sum of €230m, finalised on April 28th, 2026, the proceeds of which have been used to refinance the total principal amount of £200m perpetual hybrid bonds issued in June 2021 (see Press Release dated April 28th, 2026) Page 19 2026 9M revenue
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Appendices
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› BY ACTIVITIES › BY GEOGRAPHIES Q3 2026: organic growth accelerating to +4.9% All activities and geographies contributing 2026 9M revenue Organic growth: +4.9% - main variations vs. reported growth: • Long-term Care: +5.7% (organic) Medicalized nursing homes – Disposals: Italy, France and Germany – Closings: mainly in Germany and Belgium – Extensions/openings: Netherlands Alternative living solutions – Disposals: France (Petits-fils), Germany, Italy – Closings: Germany • Specialty Care: +2.4% (organic) – Disposals: France (post-acute) and Italy – France (Inicea): strong operating recovery All geographies contributing to organic growth • Spain (+11.2%), Belgium/Netherlands (+7.1%) and Germany (+5.9%) leading the way • France (+2.8%), best quarter of the year: – Nursing home occupancy at 91.1% vs. 89.5% in Q3 2025, supported by strong demand for short-term stays – Specialty Care back to positive price/volume momentum • Italy (+4.0%): tariff increases, occupancy stable at a high level Page 21 in €m Q3 2025 revenue Q3 2026 revenue % of revenue Reported growth Organic growth Long-term Care 1,003 1,029 76% +2.6% +5.7% Medicalized nursing homes 848 884 65% +4.3% +6.1% Alternative living solutions 155 145 11% -6.5% +3.3% Specialty Care 317 322 24% +1.8% +2.4% Post-acute & rehabilitation 223 223 16% -0.1% +0.9% Mental health 94 99 7% +6.0% +5.6% Total Group 1,320 1,352 100% +2.4% +4.9% in €m Q3 2025 revenue Q3 2026 revenue Reported growth Organic growth France 568 566 -0.4% +2.8% Germany 328 342 +4.4% +5.9% Belgium & Netherlands 213 227 +6.6% +7.1% Italy 143 139 -2.6% +4.0% Spain 68 77 +13.8% +11.2% Total Group 1,320 1,352 +2.4% +4.9%
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1,320 (31) 1,289 +21 +42 1,352 Q3 2025 published Perimeter effect Q3 2025 proforma Volume (capacity/O.R) Price & mix Q3 2026 (€m) Q3 revenue bridge Positive volume and price effects +€21m› Volume increase +1.6% Long-term Care: +€18m • Medicalized nursing homes: +€15m due to O.R increase, mainly in France, Belgium and NL (greenfields ramp-up) • Alternative living solutions: +€3m mainly due to increase in volumes Specialty Care: +€3m • Activity increase, incl. outpatient, mainly in France and Spain › Price & case mix Long-term Care : +€37m • Medicalized nursing home: +€35m mainly Germany. France, Belgium, NL, Spain and Italy also contributing positively • Alternative living solutions : +€2m mainly in Germany Specialty Care: +€5m • Positive effect in France, Italy and Spain +€42m +3.2% impacts (€m) (%) › Perimeter (disposal plan) -€31m -2.4% organic +4.9% reported +2.4% -2.4% +1.6% +3.2% 2026 9M revenuePage 22
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Revenue by quarter Q1 to Q3 2026, by activity and by geography › BY ACTIVITIES Q1 Q2 Q3 in €m 2025 revenue 2026 revenue Reported growth Organic growth 2025 revenue 2026 revenue Reported growth Organic growth 2025 revenue 2026 revenue Reported growth Organic growth Long-term Care 990 1,001 +1.1% +5.5% 1,020 1,023 +0.3% +4.6% 1,003 1,029 +2.6% +5.7% Specialty Care 327 335 +2.3% +3.3% 318 341 +7.0% +3.1% 317 322 +1.8% +2.4% Total Group 1,317 1,336 +1.4% +4.9% 1,339 1,364 +1.9% +4.2% 1,320 1,352 +2.4% +4.9% › BY GEOGRAPHIES Q1 Q2 Q3 in €m 2025 revenue 2026 revenue Reported growth Organic growth 2025 revenue 2026 revenue Reported growth Organic growth 2025 revenue 2026 revenue Reported growth Organic growth France 567 555 -2.2% +1.8% 574 574 -0.0% +1.7% 568 566 -0.4% +2.8% Germany 324 339 +4.6% +8.3% 331 340 +2.7% +6.1% 328 342 +4.4% +5.9% Belgium & Netherlands 206 217 +5.6% +5.9% 209 221 +5.6% +5.9% 213 227 +6.6% +7.1% Italy 156 151 -3.5% +3.5% 161 154 -3.9% +2.6% 143 139 -2.6% +4.0% Spain 64 74 +15.5% +15.2% 64 75 +16.8% +15.9% 68 77 +13.8% +11.2% Total Group 1,317 1,336 +1.4% +4.9% 1,339 1,364 +1.9% +4.2% 1,320 1,352 +2.4% +4.9% Page 22 2026 9M revenue
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Page 24 Middle East tensions: a proactive management of supply and inflation risks • Hedging based on estimated needs of gas and electricity • Anticipated before the outbreak of the Middle East conflict • Monitoring : dedicated weekly committees at Group/country levels • Managing the estimated impacts vs. the 2025-28 medium-term plan • Assessing the sensitivity of operating performance vs. actual variations • Further adapt hedging strategy if needed • Implement measures towards energy efficiency 98% 88% 88% 2026 2027 2028 % gas and electricity purchases hedged as of 30th September 2026 Action plan : anticipation and reactivity vs. rising energy prices In 2025, energy represented 2% of the Group's revenue, and approximately 9% of purchasing expenditure A proactive approach : to manage purchases as well as volatility of energy prices 2026 9M revenue