Pizzorno Environment: the Pizzorno-Devalle family exercises their purchase option in favor of Paprec

Execution of the Purchase Promise

Following the completion of the information and consultation procedure with the staff representative bodies, the Pizzorno-Devalle family exercised, on February 9, 2026, the first purchase promise granted by the Paprec group under the shareholders' agreement concluded in November 2021. This sale would involve 30.64% of the capital of Pizzorno Environment at a price of 62.50 euros per share. Subject to obtaining approval from the Competition Authority, the Paprec group would then hold 50.64% of the capital and 50.02% of the voting rights, while the Pizzorno-Devalle family would retain 21.18% of the capital and 30% of the voting rights. The completion of the sale is anticipated for the second quarter of 2026.

Potential Simplified Public Purchase Offer

Provided that the sale is completed, the Paprec group might submit to the Financial Markets Authority a project for a simplified mandatory public purchase offer targeting Pizzorno Environment shares at a price of 62.50 euros per share. The Paprec group and the Pizzorno-Devalle family, acting in concert, do not intend to request the implementation of a mandatory withdrawal concerning Pizzorno Environment following the offer, according to the statement. An independent expert, Crowe HAF represented by Olivier Grivillers, was appointed on February 6, 2026, by the Board of Directors to prepare a fairness opinion report on the financial terms of this offer, in accordance with the provisions of Article 261-1 of the general regulations of the Financial Markets Authority.

Uncertainty Surrounding the Offer

The statement emphasizes that there is no certainty regarding the filing of the mentioned simplified public purchase offer, nor about its initiation. The completion of the entire transaction remains conditional upon obtaining approval from the Competition Authority.