SCHEDULE: Bpifrance Group Adjusts DBV Technologies Stake

Bpifrance Participations exercised warrants for 6.5 million DBV Technologies shares and subsequently sold 3.1 million shares in market transactions.

Summary

• Bpifrance Participations S.A., along with other affiliated entities (Innobio FPCI, Bpifrance Investissement S.A.S., Caisse des Depots, EPIC Bpifrance, and Bpifrance S.A.), filed an Amendment No. 9 to their Schedule 13D regarding their holdings in DBV Technologies S.A.
• Bpifrance Participations exercised ABSA Warrants on December 22, 2025, acquiring 6,556,781 Ordinary Shares for an aggregate price of EUR 5,971,916.14, funded by working capital.
• Following the warrant exercise, Bpifrance Participations sold a total of 3,100,911 Ordinary Shares in open market and block transactions between December 19, 2025, and January 2, 2026.
• Sale prices ranged from EUR 3.20 to EUR 3.69 per share, with weighted average prices for daily transactions between EUR 3.21 and EUR 3.63.
• As of January 5, 2026, Bpifrance Participations directly holds 10,759,239 Ordinary Shares, representing 5.2% of the Issuer's outstanding shares.
• Innobio FPCI directly holds 226,133 Ordinary Shares, representing 0.1% of the Issuer's outstanding shares.
• Bpifrance S.A., EPIC Bpifrance, and Caisse des Depots are deemed beneficial owners of a combined 10,985,372 Ordinary Shares, representing 5.3% of the Issuer's outstanding shares, through their indirect control and ownership of Bpifrance Participations and Innobio.
• The percentage of ownership is calculated based on 200,618,067 Ordinary Shares outstanding as of November 30, 2025, plus the 6,556,781 shares issued from the warrant exercise, totaling 207,174,848 shares.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive from the perspective of the reporting persons, who executed a profitable warrant exercise and subsequent sales. For the issuer, the sales by a major shareholder could be seen as neutral to slightly negative, but the overall increase in the group's beneficial ownership suggests continued, albeit rebalanced, commitment.

Positives

• Bpifrance Participations successfully exercised warrants at a low aggregate price of EUR 5,971,916.14 for 6,556,781 shares, equating to approximately EUR 0.91 per share.
• Subsequent sales of 3,100,911 shares were executed at significantly higher market prices, ranging from EUR 3.20 to EUR 3.69 per share, indicating a profitable realization for the reporting persons.
• The overall beneficial ownership of the Bpifrance group in DBV Technologies S.A. increased due to the warrant exercise, demonstrating continued investment interest.

Negatives

• A significant volume of shares (3,100,911) was sold by a major institutional investor, which could be perceived as a signal of partial divestment or profit-taking.

Future Outlook

The Reporting Persons state that all Ordinary Shares were acquired for investment purposes and they retain the right to change their investment intent, acquire additional shares, or sell existing holdings. They currently have no specific plans or proposals related to corporate actions but may consider such matters and engage in discussions with management or the board as part of their ongoing investment evaluation.

Industry Context

This filing reflects a significant institutional investor's active management of its stake in a publicly traded biotechnology company. Such adjustments are common as investors rebalance portfolios or realize gains, and do not necessarily indicate a change in the underlying industry trends for DBV Technologies S.A.

Related Party Transactions

• Bpifrance Participations purchased 3,746,732 ABSA (including 3,746,732 Ordinary Shares and warrants to purchase 6,556,781 Ordinary Shares) from the Issuer in a private placement, as previously disclosed.

Stakeholder Impact

• Shareholders: The sales by a major institutional investor could introduce short-term volatility or influence market perception, though the overall increase in the group's beneficial ownership suggests continued confidence.
• Creditors: No direct impact is indicated by this ownership filing.

Next Steps

• The Reporting Persons may consider acquiring additional Ordinary Shares or other securities of the Issuer.
• The Reporting Persons may sell or otherwise dispose of all or part of their beneficially owned Ordinary Shares or other securities.
• The Reporting Persons may engage in ordinary course transactions with financial institutions regarding the securities.
• The Reporting Persons may formulate plans or proposals regarding the Issuer and hold discussions with management or the board.

Key Dates

Recommendation

The filing indicates a strategic rebalancing by a major institutional investor, Bpifrance Group. They profitably exercised warrants at a low price and subsequently sold a portion of their holdings at higher market prices. While there were significant sales, the group's overall beneficial ownership in DBV Technologies S.A. increased due to the warrant exercise. This suggests a continued, albeit adjusted, investment interest rather than a full divestment. For an investor, this action by a sophisticated party indicates active portfolio management and profit-taking, but not necessarily a fundamental shift in the issuer's prospects that would warrant a strong buy or sell recommendation based solely on this filing. Therefore, a 'hold' recommendation is appropriate as the situation reflects a managed position by a large investor.

Keywords

DBV Technologies, Bpifrance, Schedule 13D/A, Warrant Exercise, Share Sales, Beneficial Ownership, Institutional Investor, Ordinary Shares, Equity Stake