SCHEDULE: Bpifrance Group Reduces DBV Technologies Stake Below 5%

Bpifrance Participations and its affiliates have filed an exit Schedule 13D/A, reducing their beneficial ownership in DBV Technologies S.A. below 5% after recent share sales.

Summary

• Bpifrance Participations S.A. and its affiliates (Innobio FPCI, Bpifrance Investissement S.A.S., Caisse des Depots, EPIC Bpifrance, and Bpifrance S.A.) have filed Amendment No. 10 to their Schedule 13D.
• Bpifrance Participations sold 86,777 Ordinary Shares of DBV Technologies S.A. on January 5, 2026.
• The shares were sold in multiple open market transactions at a weighted average price of EUR3.02 per share, with prices ranging from EUR2.92 to EUR3.19.
• As of January 7, 2026, Bpifrance Participations directly holds 10,672,462 Ordinary Shares, representing 4.6% of the Issuer's outstanding shares.
• Innobio directly holds 226,133 Ordinary Shares, representing 0.1% of the Issuer's outstanding shares.
• Bpifrance, EPIC Bpifrance, and Caisse des Depots are deemed beneficial owners of 10,898,595 Ordinary Shares, representing 4.7% of the Issuer's outstanding shares, through their relationships with Bpifrance Participations and Innobio.
• The percentage of ownership is calculated based on 232,047,938 Ordinary Shares outstanding as of December 31, 2025.
• Bpifrance Participations has ceased to be the beneficial owner of more than 5% of the outstanding Ordinary Shares, making this an exit filing for the Reporting Persons.

Sentiment

Score: 4

Explanation: A significant institutional investor, Bpifrance Participations, has reduced its stake in DBV Technologies below the 5% threshold, signaling a potential divestment strategy. While not explicitly negative, such a reduction by a major shareholder can be perceived as a lack of confidence or a strategic shift away from the company, potentially impacting investor sentiment.

Negatives

• A significant institutional investor, Bpifrance Participations, has reduced its stake in DBV Technologies S.A. below the 5% threshold.
• The reduction in ownership by a major shareholder could be interpreted as a decrease in confidence or a strategic divestment.

Risks

• The Reporting Persons retain the right to change their investment intent, from time to time to acquire additional Ordinary Shares or other securities of the Issuer, or to sell or otherwise dispose of all or part of the Ordinary Shares or other securities of the Issuer.
• The Reporting Persons may engage from time to time in ordinary course transactions with financial institutions with respect to the securities described herein.

Future Outlook

The Reporting Persons retain the right to change their investment intent, from time to time to acquire additional Ordinary Shares or other securities of the Issuer, or to sell or otherwise dispose of all or part of the Ordinary Shares or other securities of the Issuer, in any manner permitted by law. They may also engage in ordinary course transactions with financial institutions regarding these securities. No other specific plans or proposals related to the Issuer are currently held by the Reporting Persons, though they may consider such matters as part of ongoing investment evaluations.

Industry Context

This filing reflects a change in the investment posture of a significant French state-backed investment group, Bpifrance, towards DBV Technologies S.A., a French biotechnology company. Such divestments by institutional investors can influence market perception, particularly in the biotech sector where investor confidence and long-term backing are crucial for R&D-intensive companies.

Legal Proceedings

• None of the Reporting Persons, nor, to the best of their knowledge, any of the persons referred to in Exhibit 99.2, have been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors) during the last five years.
• None of the Reporting Persons, nor, to the best of their knowledge, any of the persons referred to in Exhibit 99.2, have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or state securities laws or finding any violation with respect to such laws during the last five years.

Stakeholder Impact

• Shareholders may react to the news of a significant institutional investor reducing its stake, potentially leading to changes in share price.
• The company's perception in the investment community might be affected by the divestment of a prominent French state-backed investor.

Next Steps

• This Amendment No. 10 represents the final amendment to Schedule 13D for the Reporting Persons and constitutes an exit filing for them.
• The Reporting Persons may consider future matters related to their investment and may formulate plans or hold discussions with DBV Technologies management or board.

Key Dates

Recommendation

The reduction of Bpifrance Participations' stake below 5% and their subsequent exit filing suggests a strategic divestment by a key institutional investor. While the filing does not provide specific reasons for the sale, such a move often warrants a cautious 'hold' recommendation for existing investors to re-evaluate the company's prospects and for potential investors to await further clarity on the company's strategic direction and other institutional interest.

Keywords

DBV Technologies, Bpifrance, Schedule 13D, Beneficial Ownership, Share Sale, Institutional Investor, Biotechnology, France, SEC Filing, Divestment