SCHEDULE: Bpifrance Group's Stake in DBV Technologies Diluted

Bpifrance and its affiliates report a decreased percentage ownership in DBV Technologies S.A. due to an increase in outstanding shares.

Summary

• Bpifrance Participations S.A., Innobio FPCI, Bpifrance Investissement S.A.S., Caisse des Depots, EPIC Bpifrance, and Bpifrance S.A. (collectively, the "Reporting Persons") filed Amendment No. 7 to their Schedule 13D.
• The amendment reflects a decrease in the Reporting Persons' percentage ownership of DBV Technologies S.A.'s Ordinary Shares.
• This decrease resulted solely from an increase in the number of Ordinary Shares outstanding since the previous filing (Amendment No. 6), not from any transactions by the Reporting Persons.
• Bpifrance Participations S.A. beneficially owns 10,672,462 Ordinary Shares and warrants to purchase 6,556,781 Ordinary Shares, totaling 17,229,243 shares, representing 9.2% of the Issuer's outstanding Ordinary Shares.
• Innobio FPCI holds 226,133 Ordinary Shares, representing 0.1% of the Issuer's outstanding Ordinary Shares.
• Caisse des Depots, EPIC Bpifrance, and Bpifrance S.A. are deemed beneficial owners of 10,898,595 Ordinary Shares and warrants to purchase 6,556,781 Ordinary Shares, totaling 17,455,376 shares, representing 9.4% of the Issuer's outstanding Ordinary Shares.
• The percentage of Ordinary Shares beneficially owned is calculated based on 179,827,919 Ordinary Shares outstanding as of October 31, 2025, plus 6,556,781 Ordinary Shares underlying the ABSA Warrants where applicable.

Sentiment

Score: 4

Explanation: The filing reports a decrease in beneficial ownership percentage due to dilution, which is generally a negative for existing shareholders, though the filing itself is administrative and factual.

Negatives

• The Reporting Persons' percentage ownership in DBV Technologies S.A. has decreased due to dilution from an increase in the total number of outstanding Ordinary Shares.

Risks

• Reporting Persons retain the right to change their investment intent, including acquiring additional shares or selling existing holdings.
• Reporting Persons may engage in ordinary course transactions with financial institutions regarding the securities.

Future Outlook

Reporting Persons retain the right to change their investment intent, acquire additional shares, or dispose of current holdings. They may consider and formulate plans regarding their investment, including discussions with management or the board of directors of the Issuer.

Industry Context

This filing is an administrative update on beneficial ownership and does not provide specific insights into broader industry trends or competitive landscape for DBV Technologies S.A.

Legal Proceedings

• None of the Reporting Persons, nor their executive officers or directors, have been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors) in the last five years.
• None of the Reporting Persons, nor their executive officers or directors, have been a party to a civil proceeding 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 in the last five years.

Stakeholder Impact

• Shareholders: Existing shareholders experience dilution as the percentage ownership of the Reporting Persons decreased due to an increase in the total number of outstanding shares.

Next Steps

• Reporting Persons may acquire additional Ordinary Shares or other securities of the Issuer.
• Reporting Persons may sell or otherwise dispose of all or part of their beneficially owned Ordinary Shares or other securities.
• Reporting Persons may engage in ordinary course transactions with financial institutions.
• Reporting Persons may consider and formulate plans regarding their investment, including discussions with management or the board of directors of the Issuer or other third parties.

Key Dates

Keywords

DBV Technologies, Bpifrance, Schedule 13D/A, Beneficial Ownership, Ordinary Shares, Warrants, Dilution, SEC Filing, Investment Holdings