分组1 - First Industrial Realty Trust reported quarterly funds from operations (FFO) of $0.76 per share, exceeding the Zacks Consensus Estimate of $0.74 per share, and up from $0.68 per share a year ago, representing an FFO surprise of +2.70% [1] - The company posted revenues of $181.43 million for the quarter ended September 2025, slightly missing the Zacks Consensus Estimate by 0.18%, but up from $167.65 million year-over-year [2] - Over the last four quarters, First Industrial Realty Trust has surpassed consensus FFO estimates three times and topped consensus revenue estimates three times as well [2] 分组2 - The stock has added about 3.6% since the beginning of the year, underperforming compared to the S&P 500's gain of 13% [3] - The company's FFO outlook is crucial for investors to assess future stock performance, with current consensus FFO expectations for the coming quarter at $0.75 on revenues of $185.07 million, and $2.92 on revenues of $722.44 million for the current fiscal year [4][7] - The Zacks Industry Rank places the REIT and Equity Trust - Other sector in the top 28% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

[Third Quarter 2025 Results Overview](index=1&type=section&id=Third%20Quarter%202025%20Results%20Overview) First Industrial Realty Trust reported a decrease in diluted EPS but an increase in diluted FFO per share for Q3 2025, driven by strong leasing and rental rate growth [Financial Highlights](index=1&type=section&id=Financial%20Highlights) First Industrial Realty Trust reported diluted net income available to common stockholders per share (EPS) of $0.49 for Q3 2025, a decrease from $0.75 a year ago, while diluted Funds From Operations (FFO) per share/unit increased to $0.76 from $0.68 year-over-year | Metric | Q3 2025 | Q3 2024 | Change (YoY) | | :----------------------------------- | :------ | :------ | :----------- | | Diluted EPS | $0.49 | $0.75 | -34.7% | | Diluted FFO per share/unit | $0.76 | $0.68 | +11.8% | - Third quarter 2025 EPS and FFO per share/unit include approximately **$0.01** of income related to an insurance claim recovery[2](index=2&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) The CEO highlighted a solid quarter driven by key development leasing wins and strong rental rate growth for 2025 and 2026 lease signings, noting increased tenant traffic and firming industrial fundamentals - The company delivered a solid quarter, marked by key development leasing wins and strong rental rate growth on **2025 and 2026** lease signings[3](index=3&type=chunk) - Increased tenant traffic is observed as prospective tenants assess long-term space needs and await clarity on tariffs and consumer demand[3](index=3&type=chunk) - Industrial fundamentals are showing signs of further firming across markets, with vacancy stabilizing and new starts remaining moderate[8](index=8&type=chunk) [Operational Performance Highlights](index=1&type=section&id=Operational%20Performance%20Highlights) The company achieved significant development leasing, strong rental rate increases, and growth in cash basis same store net operating income, while also engaging in strategic investment and capital market activities [Portfolio Performance](index=1&type=section&id=Portfolio%20Performance) The company achieved significant leasing activity for development projects and strong rental rate increases for leases commencing in 2025 and 2026, with in-service occupancy seeing a slight decline while cash basis same store net operating income (SS NOI) grew, partially aided by an insurance claim recovery [Leasing Activity](index=1&type=section&id=Leasing%20Activity) The company signed substantial new leases for development projects across key markets in Q3 and Q4 to-date - Signed **772,000 square feet** of new leases for development projects in Q3 and Q4 to-date[5](index=5&type=chunk) - Key development leases include **501,000 SF** at Camelback 303 JV (Phoenix), **56,000 SF** at First Park Miami Building 3 (South Florida), **159,000 SF** at First Harley Knox Logistics Center (Inland Empire), and **57,000 SF** at First Park Miami Building 12 (South Florida)[5](index=5&type=chunk) [Rental Rate Growth](index=1&type=section&id=Rental%20Rate%20Growth) The company achieved significant cash rental rate increases for new and renewal leases, particularly for those commencing in 2025 and 2026 | Lease Commencement Year | Cash Rental Rate Increase (Signed To-Date) | | :---------------------- | :----------------------------------------- | | 2025 | 32% (37% excluding 1.3 MSF fixed-rate renewal) | | 2026 | 31% | - In the third quarter, cash rental rates on commenced new and renewal leasing increased **26.5%** (**40.6%** on a straight-line basis)[6](index=6&type=chunk) [Occupancy and Same Store Net Operating Income (SS NOI)](index=1&type=section&id=Occupancy%20and%20Same%20Store%20Net%20Operating%20Income%20%28SS%20NOI%29) In-service occupancy experienced a slight decline, while cash basis same store net operating income (SS NOI) grew, supported by higher rental rates and an insurance claim recovery | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :----------------- | :------ | :------ | :------ | | In-service occupancy | 94.0% | 94.2% | 95.0% | - Cash basis same store net operating income (SS NOI) before termination fees increased **6.1%** in Q3 2025, primarily due to higher rental rates, contractual rent escalations, and an insurance claim recovery[6](index=6&type=chunk)[7](index=7&type=chunk) - Excluding the insurance claim recovery, SS NOI increased **5.4%**[6](index=6&type=chunk)[7](index=7&type=chunk) [Development, Investment, and Capital Markets Activities](index=2&type=section&id=Development%2C%20Investment%2C%20and%20Capital%20Markets%20Activities) The company completed significant development leasing, acquired an income-producing land site, and disposed of a building and land site, additionally entering into forward-starting interest rate swaps to fix rates on unsecured term loans [Development Leasing Highlights](index=2&type=section&id=Development%20Leasing%20Highlights) The company successfully leased significant portions of its development projects in key markets, including Phoenix, South Florida, and the Inland Empire - Leased the remaining **501,000 SF** of Building C at Camelback 303 joint venture in Phoenix (commenced Q3)[9](index=9&type=chunk) - Leased **56,000 SF** at First Park Miami Building 3 in South Florida (commenced Q3)[9](index=9&type=chunk) - Leased **100%** of **159,000 SF** at First Harley Knox Logistics Center in the Inland Empire (commenced Q4)[9](index=9&type=chunk) [Investment and Disposition Highlights](index=2&type=section&id=Investment%20and%20Disposition%20Highlights) The company strategically acquired an income-producing land site in Northern California and disposed of a building and land site in Denver and Houston - Acquired an income-producing land site in Northern California for **$11 million**[9](index=9&type=chunk) - Sold a **60,000 SF** building in Denver and one land site in Houston for a total of **$13 million**[9](index=9&type=chunk) [Capital Markets Highlights](index=2&type=section&id=Capital%20Markets%20Highlights) The company utilized forward-starting interest rate swaps to fix interest rates on significant portions of its unsecured term loans, enhancing financial stability - Entered forward-starting interest rate swaps to fix the all-in interest rate on **$150 million** of its **$300 million** unsecured term loan at **4.13%** (effective December 1, 2025)[9](index=9&type=chunk) - Entered forward-starting interest rate swaps to fix the all-in interest rate on its **$200 million** unsecured term loan at **4.10%** (effective February 2, 2026)[9](index=9&type=chunk) [2025 Financial Outlook](index=2&type=section&id=2025%20Financial%20Outlook) First Industrial has updated its 2025 NAREIT FFO guidance upwards, reflecting strong leasing performance and providing key assumptions for occupancy and same store NOI growth [Updated FFO Guidance](index=2&type=section&id=Updated%20FFO%20Guidance) First Industrial has increased its 2025 NAREIT FFO guidance by $0.04 at the midpoint, reflecting strong leasing performance, with the updated guidance range for FFO being $2.94 to $2.98 per share/unit - **2025 NAREIT FFO Guidance** increased **$0.04** at the midpoint to **$2.94 to $2.98 per share/unit**[5](index=5&type=chunk)[8](index=8&type=chunk) | Metric | Low End of Guidance for 2025 (Per share/unit) | High End of Guidance for 2025 (Per share/unit) | | :---------------------------------------------------- | :-------------------------------------------- | :--------------------------------------------- | | Net Income Available to Common Stockholders and Unitholders | $1.67 | $1.71 | | NAREIT Funds From Operations | $2.94 | $2.98 | [Key Guidance Assumptions](index=3&type=section&id=Key%20Guidance%20Assumptions) The 2025 guidance assumes year-end in-service occupancy between 94.0% and 96.0%, implying a full-year average decrease of 85 basis points at the midpoint, with fourth-quarter cash basis SS NOI growth projected at 3.0% to 5.0%, leading to a full-year growth of 7.0% to 7.5% - Year-end fourth quarter in-service occupancy is projected at **94.0% to 96.0%**, implying a full-year quarter-end average of **94.4% to 94.9%**, an **85 basis point decrease** at the midpoint[15](index=15&type=chunk) - Fourth quarter cash basis SS NOI growth before termination fees is expected to be **3.0% to 5.0%**, leading to a full-year 2025 SS NOI growth of **7.0% to 7.5%**, an increase of **75 basis points** at the midpoint[15](index=15&type=chunk) - The company expects to capitalize **$0.09 per share** of interest in 2025 and anticipates General and Administrative (G&A) expenses between **$40.5 million and $41.5 million**[15](index=15&type=chunk) [Company Information and Non-GAAP Measures](index=3&type=section&id=Company%20Information%20and%20Non-GAAP%20Measures) This section provides an overview of First Industrial Realty Trust as a leading logistics property owner, details forward-looking statement disclaimers and risk factors, and defines key non-GAAP financial measures used in the real estate industry [About First Industrial Realty Trust, Inc.](index=3&type=section&id=About%20First%20Industrial%20Realty%20Trust%2C%20Inc.) First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer, and acquirer of logistics properties, with its portfolio and new investments concentrated in 15 target MSAs, focusing on supply-constrained, coastally oriented markets, owning or having under development approximately 70.4 million square feet of industrial space as of September 30, 2025 - First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer, and acquirer of logistics properties[13](index=13&type=chunk) - The company's portfolio and new investments are concentrated in **15 target MSAs**, emphasizing supply-constrained, coastally oriented markets[13](index=13&type=chunk) - As of September 30, 2025, the company owns and has under development approximately **70.4 million square feet** of industrial space[13](index=13&type=chunk) [Forward-Looking Statements and Risk Factors](index=3&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This section provides a standard disclaimer regarding forward-looking statements, outlining the assumptions and inherent risks, and detailing various factors that could materially affect operations and future prospects - Forward-looking statements are based on certain assumptions and describe future plans, strategies, and expectations, identifiable by words like 'believe,' 'expect,' 'plan,' 'intend,' 'anticipate,' 'estimate,' 'project,' 'seek,' 'target,' 'potential,' 'focus,' 'may,' 'will,' 'should' or similar words[14](index=14&type=chunk)[16](index=16&type=chunk) - Factors that could materially affect operations and future prospects include changes in economic conditions, legislation/regulation, financing availability, competition, supply/demand/valuation of industrial properties, ability to acquire/develop/manage/dispose of properties, environmental matters, tenant defaults, construction costs/delays, public health emergencies, cybersecurity risks, natural disasters, and litigation[16](index=16&type=chunk) - The company cautions against undue reliance on forward-looking statements and assumes no obligation to update or supplement them[16](index=16&type=chunk) [Definitions of Non-GAAP Financial Measures](index=3&type=section&id=Definitions%20of%20Non-GAAP%20Financial%20Measures) This section defines key non-GAAP financial measures used in the real estate industry, including FFO, NOI, Adjusted EBITDA, AFFO, and SS NOI, clarifying their calculation methodologies and acknowledging their relevance for evaluating performance and financial position while stating they are not substitutes for GAAP measures - FFO (Funds From Operations) is calculated as net income available to common stockholders, unitholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain (or plus loss) on sale of real estate, adjusted for any associated income tax provisions or benefits, and similar adjustments for joint ventures[12](index=12&type=chunk)[23](index=23&type=chunk) - NOI (Net Operating Income) is calculated as total property revenues minus property expenses[23](index=23&type=chunk) - Adjusted EBITDA, AFFO (Adjusted Funds From Operations), and SS NOI (Same Store Net Operating Income) are also defined with their specific adjustments, emphasizing their use as supplemental measures for evaluating performance, debt service ability, and dividend funding, but not as GAAP substitutes[24](index=24&type=chunk)[25](index=25&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) [Selected Financial Data (Unaudited)](index=5&type=section&id=Selected%20Financial%20Data%20%28Unaudited%29) This section presents unaudited selected financial data, including statements of operations, reconciliations of GAAP net income to non-GAAP measures like FFO, AFFO, Adjusted EBITDA, and NOI, along with balance sheet and per share/unit data [Statements of Operations and Other Data](index=5&type=section&id=Statements%20of%20Operations%20and%20Other%20Data) The Statements of Operations show an increase in total revenues for both the three and nine months ended September 30, 2025, compared to the prior year, however, Net Income and Net Income Available to Common Stockholders decreased significantly year-over-year for both periods, largely due to a lower gain on sale of real estate | Metric (in thousands) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------------------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Total Revenues | $181,430 | $167,645 | $538,667 | $494,053 | | Total Expenses | $(100,675) | $(97,837) | $(310,066) | $(294,968) | | Gain on Sale of Real Estate | $9,538 | $56,814 | $17,503 | $93,801 | | Net Income | $67,364 | $102,173 | $177,127 | $225,547 | | Net Income Available to Common Stockholders and Participating Securities | $65,306 | $99,363 | $168,594 | $219,133 | [Reconciliation of Net Income to FFO and AFFO](index=5&type=section&id=Reconciliation%20of%20Net%20Income%20to%20FFO%20and%20AFFO) This section reconciles GAAP Net Income to non-GAAP measures FFO (NAREIT) and AFFO, both of which showed significant increases for the three and nine months ended September 30, 2025, compared to the prior year, indicating improved operational cash flow performance despite lower GAAP net income | Metric (in thousands) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | FFO (NAREIT) | $103,514 | $92,479 | $299,434 | $264,228 | | AFFO | $86,612 | $74,155 | $259,854 | $223,841 | [Reconciliation of Net Income to Adjusted EBITDA and NOI](index=6&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA%20and%20NOI) The reconciliation shows an increase in Adjusted EBITDA and Net Operating Income (NOI) for both the three and nine months ended September 30, 2025, compared to the previous year, indicating stronger core property-level and overall operational performance before accounting for non-property specific expenses and financing costs | Metric (in thousands) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Adjusted EBITDA | $127,234 | $114,761 | $367,280 | $331,451 | | Net Operating Income ("NOI") | $135,055 | $122,553 | $398,193 | $358,099 | [Same Store NOI Reconciliation and Details](index=6&type=section&id=Same%20Store%20NOI%20Reconciliation%20and%20Details) Cash basis Same Store NOI (without termination fees) increased for both the three and nine months ended September 30, 2025, with Q3 SS NOI growth at 5.4% and year-to-date growth at 8.0% excluding an insurance settlement gain | Metric (in thousands) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Same Store NOI (Cash Basis without Termination Fees) | $122,763 | $115,683 | $365,868 | $337,872 | - Excluding an insurance settlement gain, Q3 SS NOI growth was **5.4%**, and year-to-date SS NOI growth was **8.0%**[29](index=29&type=chunk) [Balance Sheet Data](index=7&type=section&id=Balance%20Sheet%20Data) As of September 30, 2025, First Industrial's gross real estate investment and total assets increased compared to December 31, 2024, reflecting continued investment, while total debt also increased and total equity saw a slight decrease | Metric (in thousands) | September 30, 2025 | December 31, 2024 | | :-------------------------- | :----------------- | :---------------- | | Gross Real Estate Investment | $6,169,216 | $5,846,392 | | Total Assets | $5,507,547 | $5,261,426 | | Debt | $2,402,601 | $2,209,303 | | Total Liabilities | $2,766,759 | $2,515,398 | | Total Equity | $2,740,788 | $2,746,028 | [Per Share/Unit Data](index=6&type=section&id=Per%20Share%2FUnit%20Data) Diluted FFO per share/unit increased significantly for both the three and nine months ended September 30, 2025, while basic and diluted EPS decreased, and common dividends/distributions per share/unit also increased year-over-year | Metric | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Basic and Diluted Per Share | $0.49 | $0.75 | $1.27 | $1.65 | | Diluted FFO Per Share/Unit | $0.76 | $0.68 | $2.20 | $1.95 | | Common Dividends/Distributions Per Share/Unit | $0.445 | $0.370 | $1.335 | $1.110 |

Core Insights - First Industrial Realty Trust, Inc. reported a diluted net income per share of $0.49 for Q3 2025, down from $0.75 in the same quarter last year, while funds from operations (FFO) increased to $0.76 per share/unit from $0.68 a year ago [2][6][20] Financial Performance - Total revenues for Q3 2025 were $181.43 million, compared to $167.65 million in Q3 2024, marking an increase of approximately 8.5% [17] - Property expenses increased to $46.19 million from $44.88 million year-over-year [17] - Net income available to common stockholders was $65.31 million in Q3 2025, down from $99.36 million in Q3 2024 [17][20] Leasing and Occupancy - The company signed 772,000 square feet of new leases during Q3 2025, with a cash rental rate increase of 32% on leases commencing in 2025 and 31% for those starting in 2026 [6][7] - In-service occupancy was reported at 94.0% at the end of Q3 2025, slightly down from 94.2% in Q2 2025 and 95.0% in Q3 2024 [7] Development and Investment Highlights - The company acquired an income-producing land site in Northern California for $11 million and sold a 60,000 square-foot building in Denver for $13 million [6][7] - The company has increased its 2025 NAREIT FFO guidance by $0.04 at the midpoint to a range of $2.94 to $2.98 per share/unit [6][9] Market Outlook - The CEO noted that industrial fundamentals are firming, with vacancy rates stabilizing and new starts remaining moderate, indicating a positive outlook for leasing and growth opportunities [3][9]

Company Overview - Valeo is a technology company that partners with automakers and new mobility players to innovate for cleaner, safer, and smarter mobility [2] - The company has a strong technological and industrial leadership in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting [2] Financial Performance - Valeo reported sales of €21.5 billion in 2024 [3] - The company employs 106,100 people across 28 countries, operates 155 plants, and has 46 research and development centers as well as 18 distribution platforms as of December 31, 2024 [3] Share Capital and Voting Rights - As of September 30, 2025, Valeo's issued capital is €244,633,504 with a par value of €1 per share [1] - The total number of shares is 244,633,504, with a total of 275,031,421 theoretical voting rights and 272,348,313 exercisable voting rights [1][2]

Group 1 - First Industrial Realty (NYSE: FR) has underperformed over the past year, losing approximately 7% of its value [1] - The company's warehouse business is significantly affected by international trade flows, particularly due to its substantial presence on the West Coast [1] - Shares of First Industrial Realty have only partially recovered from their losses [1]

Group 1 - The article discusses the European banking sector, specifically highlighting Standard Chartered PLC as a bank that has not been favored by the author [1] - The author has extensive experience in the financial markets, particularly in portfolio management, which adds credibility to the analysis [1] Group 2 - There is no disclosure of any stock or derivative positions in the companies mentioned, indicating an unbiased perspective [2] - The article expresses the author's own opinions and is not influenced by compensation from any company [2]

Core Viewpoint - Valeo has concluded its share buy-back program, having acquired a total of 2,584,352 shares at an average price of 9.6736 euros as part of its strategy to support employee share plans and enhance company performance [2][3]. Group 1: Share Buy-Back Program - Valeo initiated a share buy-back program as authorized by the General Shareholders' Meeting on May 22, 2025 [2]. - The company signed a contract on June 17, 2025, to facilitate the acquisition of shares [2]. - The shares acquired are intended to cover free and performance share plans, employee involvement in company growth, and other employee savings plans [3]. Group 2: Company Overview - Valeo is a technology company that partners with automakers and new mobility players globally, focusing on safer, smarter, and more sustainable mobility solutions [4]. - The company has a strong presence in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting, which are crucial for the transformation of mobility [4]. - As of February 28, 2025, Valeo reported sales of 21.5 billion euros, employed 106,100 people, and operated in 28 countries with 155 plants and 64 research and development centers [5].

Core Insights - First Industrial Realty Trust, Inc. will host its third quarter 2025 results conference call on October 16, 2025, at 10:00 a.m. CDT [1] - The third quarter results will be released on October 15, 2025, after market close [2] - The company focuses on logistics properties and operates a portfolio of approximately 70.5 million square feet of industrial space as of June 30, 2025 [3] Company Overview - First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer, and acquirer of logistics properties [3] - The company provides high-quality facilities and industry-leading customer service to multinational corporations and regional firms essential for their supply chains [3] - Investments are concentrated in 15 target metropolitan statistical areas (MSAs) with an emphasis on supply-constrained, coastally oriented markets [3]

Core Viewpoint - Valeo has announced a new green bond issue amounting to 500 million euros, maturing in March 2032, aimed at financing low-carbon mobility projects, particularly vehicle electrification [2][3]. Group 1: Green Bond Details - The green bond issue was oversubscribed, with a coupon rate of 4.625% and a maturity period of 6.5 years [2]. - The transaction will finance projects linked to Valeo's portfolio of technologies that contribute to low-carbon mobility [3]. - Valeo plans to exercise a call option on its outstanding €600 million bonds (1.625%) maturing on March 18, 2026, with an expected call date of December 18, 2025 [3]. Group 2: Sustainability Goals - Valeo aims to achieve Net Zero by 2050, covering all operating activities and supply chains globally, with specific objectives outlined in the CAP 50 plan [5]. - The company is focused on developing technologies that promote low-carbon mobility accessible to a wide audience [5]. Group 3: Company Overview - Valeo is a technology company that partners with automakers and new mobility players, focusing on making mobility safer, smarter, and more sustainable [6]. - The company reported sales of 21.5 billion euros in 2024 and operates in 28 countries with 155 plants and 64 R&D centers [7].

Core Points - Valeo is renewing its employee share offering aimed at approximately 90,000 eligible employees across 21 countries to enhance long-term engagement with the Group's performance and development [2][3] - As of June 30, 2025, employees held 4.70% of Valeo's share capital, with one in two employees owning shares directly or indirectly [2] Offering Details - The share subscription offering includes a maximum of 1,200,000 Valeo shares with a nominal value of EUR 1 per share, which will be fully fungible with existing shares upon issuance [5] - The subscription price is set at EUR 8.40, reflecting a 20% discount based on the average opening prices over 20 trading days prior to September 15, 2025 [11] - The subscription period runs from September 16, 2025, to October 6, 2025 [12] Employee Eligibility and Benefits - The offering is available to employees with at least three months of seniority and includes former employees in retirement or pre-retirement who have retained assets in the group savings plan [6][7] - Employees subscribing through the group savings plan will benefit from a matching contribution from the employer, while those outside France will receive conditional shares for free [9] Capital Increase and Listing - The capital increase and delivery of shares are expected to occur on November 13, 2025, with an application for listing on Euronext Paris to be filed shortly thereafter [14]