SCHEDULE: Bpifrance & CDC Update Valneva SE Stake to 9.2% and 11.6%

Bpifrance Participations and Caisse des Dépôts et Consignations have updated their beneficial ownership in Valneva SE, reflecting a decrease in percentage due to share dilution.

Summary

• Bpifrance Participations S.A., EPIC Bpifrance, Bpifrance S.A., Caisse des Depots et consignations (CDC), and CDC Croissance S.A. filed an Amendment No. 3 to their Schedule 13D for Valneva SE.
• The amendment reflects a decrease in the Reporting Persons' percentage ownership of Valneva SE's Ordinary Shares and Voting Rights.
• This decrease is solely due to an increase in the number of outstanding Ordinary Shares and Voting Rights since the previous filing (Amendment No. 2), not due to any transactions by the Reporting Persons.
• As of August 31, 2025, Bpifrance Participations, EPIC Bpifrance, and Bpifrance S.A. collectively hold 8,639,886 Ordinary Shares and 17,259,364 Voting Rights, representing 9.2% of outstanding voting rights.
• Caisse des Depots et consignations (CDC) beneficially owns 13,190,698 Ordinary Shares and 21,810,176 Voting Rights, representing 11.6% of outstanding voting rights.
• CDC Croissance S.A. holds 4,550,812 Ordinary Shares and 4,550,812 Voting Rights, representing 2.4% of outstanding voting rights.
• The ownership percentages are calculated based on 171,730,534 Ordinary Shares and 187,854,877 Voting Rights outstanding as of August 31, 2025, under U.S. law.
• Under French law, which includes treasury shares, Valneva SE has 171,854,856 outstanding Ordinary Shares and 187,980,079 outstanding Voting Rights.

Sentiment

Score: 6

Explanation: The filing is neutral to slightly negative for the reporting persons as their percentage ownership has decreased due to dilution, but it's not due to them selling shares, indicating continued investment intent. For the issuer, it implies successful share issuance, which could be positive.

Positives

• The Reporting Persons continue to hold significant stakes in Valneva SE, indicating ongoing investment interest.
• The decrease in percentage ownership is not due to selling by the Reporting Persons, but rather an increase in the Issuer's outstanding shares, suggesting their investment thesis remains intact.

Negatives

• The Reporting Persons' percentage ownership and thus their relative influence in Valneva SE have decreased due to dilution from new share issuances.

Risks

• Reporting Persons retain the right to change their investment intent, potentially acquiring additional shares or selling all or part of their holdings in the future.
• The Reporting Persons may engage in ordinary course transactions with financial institutions regarding Valneva SE securities.

Future Outlook

The Reporting Persons maintain their investment for general investment purposes and retain the flexibility to adjust their holdings (acquire or sell shares) or change their investment intent in the future. They may also consider and formulate plans regarding matters described in Schedule 13D Item 4(a)-(j) and engage in discussions with Valneva SE management or board.

Industry Context

Valneva SE operates in the biotechnology and pharmaceutical sector, focusing on vaccines. The continued significant stake by French state-backed investment entities like Bpifrance and Caisse des Dépôts et Consignations suggests ongoing strategic interest in supporting key national or European companies, particularly in critical sectors like healthcare and life sciences. This type of institutional backing can provide stability and long-term vision for a company.

Stakeholder Impact

• Shareholders: Existing shareholders, including the Reporting Persons, experience dilution of their percentage ownership due to the increase in outstanding shares.
• Valneva SE: The company has likely raised capital or issued shares, which could provide funding for operations or strategic initiatives.

Next Steps

• The Reporting Persons may consider acquiring additional Ordinary Shares or other securities of Valneva SE.
• The Reporting Persons may consider selling or otherwise disposing 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 Valneva SE securities.
• The Reporting Persons may formulate plans or hold discussions with Valneva SE management or board regarding matters described in Schedule 13D Item 4(a)-(j).

Key Dates

Recommendation

The filing primarily reports a passive change in ownership percentage due to dilution, not an active divestment by major shareholders. While dilution can be a short-term negative for existing shareholders, the continued significant stake by these institutional investors suggests underlying confidence. Without further information on Valneva SE's operational performance or the reason for the share issuance, a "hold" recommendation is appropriate, awaiting more comprehensive financial updates from the company.

Keywords

Valneva SE, Bpifrance, Caisse des Depots et consignations, Schedule 13D/A, Beneficial Ownership, Voting Rights, Shareholding, Dilution, Biotechnology, Pharmaceuticals