Universal Registration Document 2025

In 2025, the Group disposed of its subsidiary MSL France, which held a 50% interest in Viva Tech — a joint venture between MSL France and Les Échos Solutions - that had previously been accounted for using the equity method. This transaction forms part of a broader effort to streamline the scope and refocus strategically on the Group’s core activities. The disposal, completed in the second half of the year, was carried out for euro 5 million, corresponding to the fair value of the shares at the transaction date. The deconsolidation generated a disposal gain of euro 2 million, recognized in non-current income (see Note 8), reflecting the difference between the sale price and the net carrying amount of the investment. Viva Tech was derecognized from the scope of equity-accounted investments as of the disposal date.

In 2024, the Groupe completed capital increases in Unlimitail (equity-accounted investee), in which it held a 49% stake. The total amount of the contributions amounted to euro 105 million, of which euro 51 million contributed by the Groupe (proportionate to its investment):

• euro 27 million corresponding to exclusive rights for the use of Citrus and Epsilon technologies;
• euro 24 million in cash.

The gain from this transaction, amounting to €14 million, was recognized in non-current income after eliminating the internal share of profit (see Note 8).

The following table shows the carrying amount of investments in equity-accounted investees as of December 31, 2025: