Notice of meeting - 2026 Combined General Shareholder's Meeting

2. COMMENTARY ON THE FISCAL YEAR

KEY FIGURES AND HIGHLIGHTS

MACROECONOMIC AND ADVERTISING ENVIRONMENT

According to the International Monetary Fund, global economic growth in 2025 stood at 3.2% reflecting a slight slowdown from the 3.3% growth rate recorded in 2024. This decline stems mainly from the U.S., where growth reached 2% in 2025 after 2.8% the previoU.S. year. The eurozone saw moderate growth, rising from 0.9% in 2024 to 1.2% in 2025, while China recorded a slight decline, from 5% to 4.8%. The growth gap narrowed between the U.S. (+2%) and the eurozone (+1.2%). Consumer price inflation declined in the year, falling in the U.S. from 3% to 2.7%, and in the eurozone from 2.4% to 2.1%. 2025 was marked by a trade shock resulting from a significant increase in U.S. tariffs, which reached their highest level since the 1930s. Despite this context, consumer spending remained robust in developed economies and continued to be the main driver of growth. Business investment was led by developments in artificial intelligence, particularly in the U.S., which promise substantial productivity gains. China continued to face a major real estate crisis and had to adapt to higher U.S. tariffs, while considering a shift in its economic model to boost domestic consumption. Central bank monetary policies, supported by several rate cuts and the end of quantitative tightening in the U.S., boosted economic activity and corporate earnings growth, particularly in the U.S., leading to positive trends on stock exchanges, notably on Wall Street, for the third consecutive year. Industrial commodities including copper saw their prices rise, while oil prices fell sharply. Prices for precious metals recorded a significant increase, while agricultural products showed a downward trend.