June 2022

Dear all,

The geopolitical events in Eastern Europe at the beginning of the year lead us to be very cautious about our business prospects, even though our positions in these areas remain modest and the Group’s activity in the first half of this year is nevertheless satisfactory.

The overall international impact (inflationary context leading to higher production and delivery costs) should however be detrimental for the remainder of 2022 and for the years to come.

Our Group, which has been able to adapt to complicated international contexts throughout its history, will once again prove its resilience and ability to adapt to difficult situations, and will ensure that it maintains its profitability.

Mario MARTIGNONI

President – Chief Executive Officer