Paprec Launches a Simplified Tender Offer on Pizzorno Environnement at €62.50 per Share

A Mandatory Offer Triggered by Threshold Crossing

The submission of the offer project follows Paprec Group's acquisition of 1,225,617 shares from the Pizzorno-Devalle Family on June 9, 2026. This acquisition, representing 30.64% of the capital, led to the crossing of the thresholds of 30% of the capital and voting rights, making the offer mandatory under AMF regulations.

Paprec Holding and Paprec Group are acting in concert with the Pizzorno-Devalle Family. As of the date of the draft information note, the concert holds 3,008,912 shares, representing 75.22% of the capital and 82.43% of the voting rights. The offer targets the entire 991,088 remaining shares not held by the concert.

Premium of 11.6% Over the Closing Price of January 16, 2026

The price of €62.50 per share represents a premium of approximately 11.6% over the closing price of January 16, 2026, 9.9% over the weighted average of the prices of the last 20 trading days preceding this date, and 6% over the weighted average of the prices of the last 60 days.

This price results from the application of the formula provided in the initial purchase promise agreement concluded in 2021 between Paprec Holding and the Pizzorno-Devalle Family. An independent expert, Crowe HAF, will establish a report on the fairness of the financial conditions of the offer.

Ten Trading Days and Equity Financing

The offer will be open for a period of ten trading days. It is carried out according to the simplified procedure and will not be reopened after the publication of the final results by the AMF.

The maximum amount of the acquisition amounts to €61,943,000 excluding fees. This financing will be fully covered by the initiator's equity. External costs related to the offer are estimated at approximately €800,000 excluding taxes. The draft information note remains subject to the review of the AMF, which will publish a motivated compliance decision before the opening of the offer.