SHAREHOLDERS ANNUAL GENERAL MEETING OF APRIL 30th, 2026CONDITIONS AND AVAILABILITY OF THE MEETING DOCUMENTS Boulogne-Billancourt, March 25, 2026. The Combined General Meeting of Renault S.A. (the “Company”) will be held at 3.00 p.m. on Thursday April 30, 2026, at La Seine Musicale, Île Seguin – 92100 Boulogne-Billancourt. The preliminary convening notice was published in the French Bulletin des Annonces Légales et Obligatoires (BALO) N°24 of February 25, 2026, and the convening notice was published in the ...

Financial Data and Key Metrics Changes - In 2025, the company achieved a full-year Adjusted EBITDA improvement of over $1 billion year-over-year, with fourth-quarter Adjusted EBITDA improving by $150 million year-over-year [6][7][31] - Revenue for Q4 2025 was reported at $2.0 billion, exceeding consensus expectations, with RPD down approximately 1% year-over-year [30][31] - Adjusted DOE per transaction day improved by 6% year-over-year, coming in at $36.39 [33] Business Line Data and Key Metrics Changes - The company reported a nearly flat revenue year-over-year in Q4 2025, driven by improvements in RPU and RPD despite a smaller fleet [7][19] - The mobility business is growing revenue in double digits, indicating strong performance in this segment [21][29] - The rental car business remains the core focus, but the company is also building capabilities in mobility and fleet services [13][14] Market Data and Key Metrics Changes - The Black Book residual value forecast was down nearly 5% year-over-year, resulting in a $60 million non-cash charge to depreciation [9][31] - Manheim average rental vehicle prices in December were up 2.85% year-over-year, with projections indicating a 2% increase by the end of 2026 [9] - The company expects Q1 2026 revenue to be up mid-single digits year-over-year, supported by a more constructive industry environment compared to Q4 2025 [25][39] Company Strategy and Development Direction - The company is focused on a "Back-to-Basics" strategy, emphasizing fleet management, revenue optimization, cost control, and customer experience [5][41] - Plans to diversify beyond the core rental business include enhancing the Hertz Car Sales platform and expanding mobility services [13][15] - The company aims to maintain steady momentum in mature airport locations while pursuing growth in off-airport and mobility segments [14][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Q4 due to external headwinds but expressed confidence in the structural improvements made throughout 2025 [11][12] - The company is optimistic about early signs of recovery in Q1 2026, with positive trends in revenue and RPD [12][25] - Management emphasized that the improvements seen are structural and permanent, reinforcing confidence in future performance [11][12] Other Important Information - The company ended Q4 with approximately $1.5 billion in total liquidity, with plans for further liquidity enhancements [36][37] - The company is targeting $1 billion in Adjusted EBITDA by 2027, with a focus on disciplined growth and cost management [40][41] Q&A Session Summary Question: Update on EV strategy - Management indicated that they are further along in their EV strategy compared to competitors, focusing on rideshare needs and operational expertise in EV fleet management [46][48] Question: Future potential of the mobility business - Management expressed significant optimism about the mobility business, highlighting partnerships and the evolution towards autonomous vehicles as key growth areas [52][54] Question: Sustainability of DPU at $300 - Management is confident in maintaining DPU below $300 through effective fleet management and shorter hold periods, despite vehicle inflation [58][60] Question: Liquidity and capital structure - Management discussed various liquidity enhancement opportunities and the importance of free cash flow generation in 2026, including potential sale-leaseback transactions [64][67]

Financial Data and Key Metrics Changes - In 2025, the company achieved a full-year Adjusted EBITDA improvement of over $1 billion year-over-year, with fourth-quarter Adjusted EBITDA improving by $150 million year-over-year [5][6][31] - Revenue for Q4 2025 was reported at $2.0 billion, exceeding consensus expectations, with RPD down approximately 1% year-over-year [30][31] - Adjusted DOE per transaction day improved by 6% year-over-year, coming in at $36.39 [10][33] Business Line Data and Key Metrics Changes - The company reported a nearly 50% improvement in customer satisfaction, with a significant increase in Net Promoter Score [5][19] - RPD for the airports in the Americas, the largest segment, showed positive year-over-year growth for the quarter [18] - The mobility business is growing revenue in double digits, indicating strong performance in this segment [20][25] Market Data and Key Metrics Changes - The Black Book residual value forecast was down nearly 5% year-over-year, resulting in a $60 million non-cash charge to depreciation [9][31] - Manheim average rental vehicle prices in December were up 2.85% year-over-year, with projections indicating a 2% increase for the Manheim Used Vehicle Value Index by the end of 2026 [9][12] - The company expects Q1 2026 revenue to be up mid-single digits year-over-year, supported by a more constructive industry environment compared to Q4 2025 [24][40] Company Strategy and Development Direction - The company is focused on a Back-to-Basics strategy, emphasizing fleet management, revenue optimization, cost control, and customer experience [4][12] - Plans to diversify beyond the core rent-a-car business include enhancing capabilities in service, fleet, and mobility, with a focus on building a value-creating platform [12][13] - The transformation of Hertz Car Sales into an omni-channel experience is a key strategic initiative, aiming to rival the largest used car dealers in the country [14][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Q4 due to external headwinds but emphasized that improvements in the business are structural and permanent [11][12] - The company is entering 2026 from a position of strength, with positive trends in revenue and RPD observed in January [12][24] - Management expressed confidence in achieving over $1 billion in Adjusted EBITDA by 2027, while maintaining a disciplined approach to growth [42][41] Other Important Information - The company ended Q4 with approximately $1.5 billion in total liquidity, reflecting a partial redemption of $300 million of the 2026 notes [36] - The company is evaluating several liquidity enhancement opportunities that could total more than $500 million [38] - The average fleet age is the youngest it has been in almost a decade, which is expected to provide strategic advantages moving forward [27] Q&A Session Summary Question: Update on EV strategy - Management indicated that the company is further along in its EV strategy compared to competitors, focusing on operational muscle and redeploying the EV fleet primarily towards rideshare [47][49] Question: Future potential of the mobility business - Management highlighted significant potential in the mobility business, emphasizing partnerships in rideshare and the evolution towards autonomous vehicles [53][56] Question: Sustainability of DPU at $300 - Management expressed confidence in maintaining DPU below $300 through effective fleet management and shorter hold periods [60][62] Question: Liquidity and capital raise options - Management discussed various liquidity enhancement initiatives, including potential sale-leaseback transactions and optimizing real estate assets [65][68] Question: Off-airport business and its relation to mobility - Management clarified that off-airport growth is part of the rental car business and is separate from the mobility business, which is growing at a faster rate [71][73]

Company Overview - Valeo is a technology company that partners with automakers and new mobility players, focusing on making mobility cleaner, safer, and smarter [2] - The company has technological and industrial leadership in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting, which are essential for the transformation of mobility [2] Financial Performance - Valeo reported sales of €21.5 billion in 2024 [3] - As of December 31, 2024, the company employed 106,100 people across 28 countries, operating 155 plants and 46 research and development centers, along with 18 distribution platforms [3] Share Capital and Voting Rights - As of August 30, 2025, Valeo's issued capital was €244,633,504, with a total of 244,633,504 shares and 275,030,813 theoretical voting rights [1] - The total number of exercisable voting rights, excluding shares deprived of voting rights, was 274,911,080 [1][2]