Eiffel Tower Company: An Addendum to the OPR-RO Following the Appeal on the Capital Increase
The Eiffel Tower Company has provided an additional document prepared by its independent expert following objections from minority shareholders contesting the capital increase of January 2025.
Independent Expert Addendum Amidst Ongoing Litigation
The Eiffel Tower Company announces the availability of an addendum to the fairness opinion dated May 18, 2026, prepared by Sorgem Evaluation, on its website. This supplementary document, dated June 16, 2026, follows the receipt of a letter from minority shareholders who initiated legal action on July 28, 2025. These shareholders are requesting the annulment of the corporate decisions that authorized the capital increase of nearly 600 million euros carried out on January 17, 2025, or alternatively, the condemnation of the SMABTP group to compensate for the estimated damage caused by this operation. This legal action follows the positions expressed by these shareholders in the press during the announcement of the capital increase with maintenance of the preferential subscription right (DPS). The case is currently pending before the Paris Economic Activities Court and is not expected to be judged for several months, as the court has deferred ruling on certain procedural aspects.
Capital Increase Approved by a Large Majority
The Eiffel Tower Company and its majority shareholder, the SMABTP group, consider this claim to be unfounded. The capital increase was approved at the general meeting by a very large majority, with 94.17% of the votes cast in favor and 78.8% excluding the votes of the SMABTP group. It was open to all shareholders. According to the Company, this increase was necessary to meet financial deadlines, reduce debt costs, avoid a breach of banking covenants, and rebuild financial flexibility. A breach could have led to the early maturity of the entire gross debt, established at 798 million euros as of December 31, 2024. The Company also emphasizes that an annulment of the capital increase could not be practically implemented, given the impossibility of returning the raised funds or identifying the current holders of the issued shares.
No Impact on the Public Withdrawal Offer
The Company specifies that both its board of directors, during its reasoned opinion on the public withdrawal offer followed by a mandatory withdrawal (OPR-RO) announced by the SMABTP group on April 1, 2026, and its ad hoc committee were fully aware of this legal action and that it had no impact on the decisions made. The offer project was submitted to the Financial Markets Authority on May 19, 2026.
