PIZZORNO Environment: Proposed Sale to the Paprec Group

On January 19, 2026, the Pizzorno-Devalle family announced its plan to sell 30.64% of the share capital of PIZZORNO Environnement to the Paprec group for €62.50 per share. This sale will increase Paprec's stake to 50.64% of the share capital, thus giving them a majority of the voting rights. The family will retain 21.18% of the share capital and 30% of the voting rights.

This proposed sale, subject to approval by the Competition Authority, has led Paprec to consider a simplified public tender offer. The Board of Directors of PIZZORNO Environnement, after review, has expressed its support for the project.

An ad-hoc committee has been formed to oversee the appointment of an independent expert who will assess the terms of the offer. The offer is expected to be submitted in the second quarter of 2026, subject to the necessary approvals.