The risks inherent in our market-sensitive instruments are potential losses that may arise from adverse changes to interest rates, foreign exchange rates and market prices. We are subject to market risk resulting from changes in interest rates because such changes may affect the cost at which we obtain financing. We are subject to exchange rate risk with respect to our debt denominated in foreign currencies. See Note 30 to our audited consolidated financial statements included in this annual report on Form 20-F. Currency Risk We operate internationally and are exposed to currency risks when operating in foreign currencies, in particular with respect to the U.S. dollar. Currency risk is associated with future commercial transactions, recognized assets and liabilities and net investments in foreign operations. We hold several investments in foreign operations, the net assets of which are exposed to currency risk. Currency risk affecting net assets of our foreign operations in U.S. dollars are mitigated primarily through borrowings in the relevant foreign currency. Our main exposure to currency risk is to the U.S. dollar, which is used in a significant percentage of our transactions in foreign currencies. If the U.S. dollar had strengthened by 10% against the euro at December 31, 2025, equity would have increased by €723 million (€1.0 billion at December 31, 2024), and profit would have increased by €97 million (decreased by €27 million at December 31, 2024). This analysis assumes that all other variables are held constant, especially that interest rates remain constant. A 10% weakening of the U.S. dollar against the euro at December 31, 2025 and December 31, 2024 would have had the opposite effect for the amounts shown above, all other variables being held constant. We use hedge accounting to partially hedge our currency risk exposure. See Note 30(c) to our audited consolidated financial statements included in this annual report on Form 20-F. Interest Rate Risk Our interest rate risks arise from current and non-current borrowings. Borrowings at variable interest rates expose us to cash flow interest rate risks. The purpose of managing interest rate risk is to balance the debt structure, maintaining part of borrowings at fixed rates and hedging part of variable rate debt. As of December 31, 2025, our variable-rate (SOFR and EURIBOR) debt represented 27.0% of our total debt (29.0% at December 31, 2024) and includes mainly senior secured debt. See Item 3 of this Part I, “Key Information—D. Risk Factors—Risks Relating to the Company and Our Business—We are susceptible to interest rate variations.” See also Notes 19, 30(c) and 31 to our to our audited consolidated financial statements included in this annual report on Form 20-F As of the date of this annual report, we are not participating in interest rate hedges of Euros or U.S. dollars. In previous years, the fair value of interest rate swaps, contracted to reduce the impact of increases in variable interest rates (SOFR and EURIBOR), were accounted for on a monthly basis. These derivative financial instruments comply with hedge accounting requirements. If the interest rate had been 100 basis points higher at December 31, 2025, the interest expense would have increased by €22 million. A 100 basis points decrease in interest rates at December 31, 2025 would have had the opposite effect for the amounts shown above. As we do not have any hedging derivatives in place, the net effect on cash interest payments would have increased by the same amount. Market Price Risk We are subject to price risk with respect to raw materials, which is mitigated by the vertical integration of the hemoderivatives business in a sector that is highly concentrated. 186 Table of Contents