Lagardère

The composition, expertise and role of the administrative, management and supervisory bodies with regard to sustainability are described in section 3.2 of the Universal Registration Document concerning the Group's governing bodies. The Board of Directors reviews issues related to Lagardere's CSR and climate strategy, and the Appointments, Remuneration and CSR Committee (ARCSRC) has been tasked with these issues since 2015. At Group level, the Sustainable Development and CSR Department, which reports to the Secretary General (a member of the Executive Committee), sets the framework for Lagardere SA's CSR and climate strategy and oversees deployment within the divisions. A Group-Division CSR committee meets twice a year in the presence of each division's Chief Executive Officer, and a cross-functional CSR committee meets monthly with divisional CSR and HR directors. Within the divisions, the CSR departments propose and lead each division's strategy and coordinate implementation. Reference: section 2.1.4.1.

The Board of Directors reviews issues related to Lagardere's CSR and climate strategy, and the Appointments, Remuneration and CSR Committee (ARCSRC) has addressed these issues since 2015. Over 2024, the Sustainable Development and CSR Department made four presentations to the ARCSRC on CSR developments and the CSRD compliance plan, and the material matters and associated impacts, risks and opportunities identified through the double materiality assessment were closely monitored. The ARCSRC validates and monitors the sustainability objectives set by the Group. The Audit Committee was also involved in sustainability reporting during two joint sessions with the ARCSRC, one focusing on preparations for the CSRD and the other on the audit of sustainability information by the Statutory Auditors. A detailed 2024 work programme is provided, showing topics addressed at ARCSRC meetings in February, September and December and plenary sessions in April and December, including the double materiality assessment, ESG remuneration criteria, climate-related financial risks, validation of the transition plan and reporting processes. Reference: section 2.1.4.1.

Section 3.5.2.1 of the Universal Registration Document on the remuneration of the Company's executive corporate officers describes the quantitative non-financial criteria applicable in respect of 2024. The non-financial criteria included in the long-term remuneration (performance share plans) awarded to Lagardere SA executive corporate officers and Group executives, along with the allocation of this remuneration in 2024, are described in sections 3.5.1.2.B and 3.8.9 of the Universal Registration Document. The ARCSRC work programme notes that ESG criteria included in the variable remuneration of executives cover climate, equal treatment and opportunities for all, and business conduct and anti-corruption. Reference: section 2.1.4.

The statement includes a mapping table indicating where information on the due diligence process is disclosed across the Sustainability Statement. The mapping covers the core elements of due diligence: embedding due diligence in governance, strategy and business model (through sustainability criteria integrated in remuneration and sustainability matters addressed by the governance bodies); engaging with affected stakeholders in all key steps (stakeholder engagement); identifying and assessing adverse impacts (double materiality assessment and mapping of high-risk categories of purchases); taking actions to address adverse impacts (Code of Ethics, Responsible Supplier Charter, EcoVadis assessment, division action plans and the Ethics Line whistleblowing platform); and tracking the effectiveness of these efforts and communicating (social and environmental metrics published, and on-site audits at Hachette Livre suppliers). Each element is cross-referenced to specific sections of the Sustainability Statement and the Universal Registration Document. Reference: section 2.1.4.2.

In response to CSRD requirements, the Group has strengthened its system for managing sustainability information to guarantee its reliability, consistency and compliance. A specialised committee of the Board of Directors was mandated to oversee the procedure for producing and controlling sustainability information, and the Board's internal rules were updated in 2024 to assign this brief to the Audit Committee. The procedure and controls were discussed in a December 2024 special session bringing together the ARCSRC and Audit Committee. An Operational Steering Committee set up in 2023 and 2024, under the dual responsibility of the Secretary General and Finance Department, met monthly and introduced Gaia, a project management system. Data are collected via two centralised systems, Acuredge for social data and Anaplan for environmental data, featuring automated and blocking controls. Consistency checks are carried out by each division's Corporate team with an independent check by the CSR Department. The Group is committed to continuous improvement of internal controls over three years, integrating sustainability reporting into the risk management and audit plan from 2025. Reference: section 2.1.4.3.

The Lagardere group is engaged in publishing, production and broadcasting of content (media, entertainment) and in distributing products and services (concessions), with the overarching objective of developing the loyalty of its readers, consumers and audiences worldwide through powerful brands. Its activities span Lagardere Publishing, Lagardere Travel Retail and Other Activities. Workforce by geographic area at 31 December 2024 is presented, with a total of 5,649 employees in France and further employees across Europe excluding France, the Americas, Asia-Pacific and Africa. Section 1.3 of the Universal Registration Document provides detailed information on the Group's strategy, business lines and model, key figures and markets served. In 2024 the Group continued to roll out its CSR strategy based on four pillars, confirmed and expanded following the 2023 double materiality assessment: limiting the environmental impact of products and services; placing people at the heart of strategy; sharing the social and cultural diversity of its businesses; and ensuring ethical and responsible corporate governance. Reference: sections 2.1.2.1 and 2.1.2.2.

Lagardere maps its stakeholders across the public, labour, economic and private spheres, including authors and artists, readers and listeners, employees, suppliers, concession granters, the travelling public, customers, investors, consumers and shareholders. The Group maintains regular and constructive dialogue at local and national level in each country of operation, structured mainly at the level of the listed company Lagardere SA. It set up a panel of stakeholder representatives in 2015; this advisory body meets at least once a year and comprises 13 members (12 from outside the Group). Reconstituted for the CSRD and renamed the Stakeholder Forum, it met on 5 July 2024 to fine-tune and validate the double materiality assessment, with each member expressing views on material matters and associated IROs. Recommendations are followed up and were shared with heads of division at the July 2024 mid-year CSR Committee meetings. A table summarises 2024 engagement with social partners, non-financial rating agencies, suppliers, shareholders, society, consumers and professional bodies. Reference: section 2.1.2.3.

The Group conducted its first double materiality assessment in 2023, identifying some 40 matters based on ESRS 1 AR16, of which 21 were considered material and 13 identified as relating to material impacts, risks and opportunities. Material matters are climate change (E1), circular economy (E5), biodiversity (E4), working conditions, health and safety at work and equal treatment (S1), treatment of workers in the value chain (S2), consumer health and safety, contribution to education and access to culture, freedom of expression and pluralism, and data protection (S4), and prevention of corruption and other business conduct matters (G1). Each material IRO is described with its scope, time horizon and interaction with the business model. Pollution (E2), water and marine resources (E3) and affected communities (S3) were assessed as non-material. The section states that known and anticipated risks do not impact the Group's current financial position, performance or cash flows, and that impacts arise mainly from the Group's own activities and its upstream value chain. Reference: section 2.1.3.1.

The double materiality was assessed using two processes, one relating to risks and opportunities associated with sustainability matters and one relating to impacts of the Group's activities on stakeholders, complementing the Group's benchmark risk mapping. The assessment was led by the Sustainable Development and CSR Department, supported by the Risk and Finance Departments, involving all divisions and business lines, and validated by the Audit Committee and the ARCSRC. Materiality was assessed at divisional level and consolidated at Group level, disaggregated across Lagardere Publishing, Lagardere Travel Retail, Lagardere News and Radio, Lagardere Live Entertainment, Lagardere Paris Racing and the Corporate function, but not by country or site. Impact materiality criteria were quantified through expert interviews and scientific databases (ENCORE, WRI, Yale, SHBD, UNICEF, World Bank, UN Global Compact). Financial materiality combined likelihood of occurrence and potential magnitude using the Risk and Finance Departments' matrix. For non-material environmental matters (pollution, water), an industry approach used the SBTN Sectoral Materiality Tool. Reference: section 2.1.3.2.

The statement explains that European Sustainability Reporting Standards (ESRS) and the associated disclosure requirements covered by Lagardere's Sustainability Statement are listed in the appendix to the report under disclosure requirement IRO-2, in section 2.6.1. It also notes that all risks and impacts identified in the double materiality assessment are covered by ESRS disclosure requirements. The section states that this is the first year of application of the CSRD and that some information only covers part of the Group, identifying specific coverage limitations for circular economy and waste data (ESRS E5-4 and E5-5), Scope 3 greenhouse gas emissions (ESRS E1-6), gender pay gap and pay ratio data (ESRS S1-16). Reference: sections 2.1.3 and 2.6.1.

In 2024, Lagardère formalised its climate commitment into a transition plan embedded in its global strategy, built on the contribution of its two main divisions (Lagardère Publishing and Lagardère Travel Retail) plus its News and Radio businesses. The plan is aligned with a 1.5°C pathway for Scopes 1 and 2 combined (46% reduction) and a well below 2°C scenario for Scope 3. It was validated by the General Management of each division and presented to a joint meeting of the Board of Directors attended by the Audit Committee and the Appointments, Remuneration and CSR Committee. The organisational scope covers the Group's two main divisions plus News and Radio, representing over 90% of 2024 revenue. Excluded items include category 3.15 Investments, over which the divisions have little control, and small entities such as Lagardère Live Entertainment, Paris Racing and Labs. Governance includes a monthly Carbon Steering Committee set up in 2024, intended to meet quarterly going forward. The Group does not operate in sectors excluded from Paris Agreement benchmarks. Reference: section 2.2.1.3.

The Lagardère group's activities have long been underpinned by an environmental commitment covering climate change, renewable energy sourcing, energy efficiency, resource stewardship (particularly paper and plastics) and an environmentally responsible approach to the food chain. The Group's commitment to reducing its carbon footprint is enshrined in its environmental policy, and it aims to reduce greenhouse gas emissions by contributing to the objectives of the Paris Agreement. Divisional teams are responsible for embodying and driving this policy forward, both internally and externally, with the subcontractors and suppliers they work with. In 2024, the Group clarified and formalised this commitment in a transition plan embedded into its global strategy. The plan is reflected differently across each division: Lagardère Publishing pledged in 2021 to reduce its carbon footprint by 30% by 2030 and had already achieved a 35% reduction between 2019 and 2024, while Lagardère Travel Retail is at an earlier stage, having drawn up its first comprehensive decarbonisation plan in 2024. Reference: section 2.2.1.3.1.

Lagardère has drawn up an action plan aligned with its objective of reducing emissions by 28% by 2030 against 2019. The identified actions pave the way for a 25% reduction, covering more than 90% of the target, with the Group intending to close the gap by monitoring emerging practices. Decarbonisation levers were developed through workshops with the divisions and quantified. Key Scope 1 and 2 actions include renewable electricity sourcing (37,629 tCO2e at Lagardère Travel Retail by 2025), energy efficiency and vehicle fleet electrification. Key Scope 3 actions include supporting suppliers' carbon commitments (267,159 tCO2e at Lagardère Travel Retail by 2030), the shift to responsible consumption (219,779 tCO2e), reduction of paper intensity, printing and binding intensity, and management of transportation and distribution at Lagardère Publishing. Investments to support the plan include a €500,000 annual energy budget at Lagardère Travel Retail, €150,000 per year for renewable electricity and per-vehicle electrification costs. Supplier carbon commitments carry costs of €100,000 to €200,000 per year in the short term rising to €500,000 in the medium term. Reference: section 2.2.1.3.3.

The Group commits to an absolute reduction of almost 28% in its accounted emissions by 2030 against a 2019 base year. This breaks down into a 46% absolute reduction in Scopes 1 and 2 combined (representing 4% of total 2024 emissions), with an estimated 33% reduction for Scope 1 and a 96% reduction for Scope 2 on a market-based methodology, and a 28% absolute reduction in Scope 3 emissions (representing 96% of total 2024 emissions). The Scopes 1 and 2 target follows a 1.5°C pathway, while Scope 3 follows a well below 2°C scenario. In figures, Scopes 1 and 2 (market-based) fall from a 96 ktCO2e 2019 baseline to 20 ktCO2e in 2024, an 80% reduction, and Scope 3 from 2,313 ktCO2e in 2019 to 2,045 ktCO2e in 2024, a 12% reduction. The year 2019 was chosen as the base year because 2020 to mid-2022 were disrupted by Covid-19. Targets were set using the Absolute Contraction Approach defined by the Science Based Targets initiative, though no official certification process has yet been started. Targets apply to the Publishing, Travel Retail, News and Radio scope. Reference: section 2.2.1.3.2.

Actual Scope 1 and 2 data were collected from all Group entities, covering the Group's entire consolidated scope including Publishing, Travel Retail, News, Radio, Live Entertainment, Paris Racing and corporate functions. Data are drawn from actual invoices for ten months of the year, with the final two months estimated from prior-year consumption. Total energy consumption in 2024 was 296,980 MWh (Lagardère Publishing 52,860 MWh, Lagardère Travel Retail 225,971 MWh, Other Activities 18,148 MWh). Total fossil-source consumption was 70,848 MWh, or 24% of the total, comprising natural gas (39,112 MWh), crude oil and petroleum products (17,379 MWh) and purchased fossil electricity, heat, steam and cooling (14,357 MWh). Nuclear sources accounted for 3,132 MWh (1%). Renewable sources totalled 222,999 MWh, or 75% of consumption, of which purchased renewable electricity, heat, steam and cooling was 217,244 MWh. Coal consumption was zero. Energy intensity from high climate impact sector activities was 39 MWh per million euros of net revenue, reflecting Travel Retail's classification under NACE code G47. Reference: section 2.2.1.4.1.

In 2024, gross Scope 1 emissions were 12,956 tCO2eq (down from 17,934 in 2019). Gross location-based Scope 2 emissions were 77,722 tCO2eq (from 80,138 in 2019), while gross market-based Scope 2 emissions were 6,326 tCO2eq, sharply reduced from the 80,138 tCO2eq 2019 base through renewable electricity sourcing. Total gross Scope 3 emissions were 2,302,776 tCO2eq (from 2,450,959 in 2019). Total GHG emissions were 2,393,454 tCO2eq on a location-based basis and 2,322,059 tCO2eq on a market-based basis (from 2,549,030 in 2019). Scope 3 accounts for 96% of location-based and 99% of market-based emissions, with more than two-thirds coming from purchased goods and services (1,591,366 tCO2eq). End-of-life treatment of sold products (163,032 tCO2eq) is the second-largest contributor, and investments account for almost 10% (257,992 tCO2eq). Reporting covers Travel Retail, Publishing, News and Radio, more than 90% of revenue, with Travel Retail data extrapolated using monetary ratios. GHG intensity was 268 tCO2e per billion euros of revenue (location-based) and 260 (market-based). Reference: section 2.2.1.4.2.

Lagardère assesses biodiversity as material only for Lagardère Publishing, which uses natural forest resources upstream in its value chain. The identified transition risk is higher paper costs arising from fines for suppliers' non-compliance with laws protecting biodiversity, which could be passed on to the price of raw materials purchased by paper manufacturers and ultimately affect the operating cost of paper. In 2023 the Group carried out a risk assessment to gauge the potential impact of physical and transition risks on its current business model, examining tensions on the paper market up to 2050. The assessment criterion is the impact of changes in paper cost on the income statement, quantified by the percentage of assets at risk on the balance sheet. The prospective transition scenario assumed a rise of between 20% and 60% in prices, no advance in digital formats, no change in other costs, and an upward adjustment in sales prices of between 1% and 3% on identical volumes. Based on the sensitivity analysis, the risk of higher paper costs could be partly offset by optimising usage, and the impact was deemed moderate even assuming a steep cost increase and a failure to adjust selling prices. Reference: section 2.2.4.1.

Lagardère Publishing's responsible paper sourcing policy has been in place for over ten years and covers all of the division's paper sourcing, extending to supply sites along its upstream value chain. The policy favours paper certified FSC (Forest Stewardship Council) or PEFC (Programme for the Endorsement of Forest Certification schemes), which guarantee the absence of illegal deforestation and ensure compliance with sustainable forest management principles, including adherence to international treaties, protection of the rights of indigenous peoples, support for local communities, and effective use of forest ecosystem services. These certifications also help preserve biodiversity and associated elements such as water resources, soil and natural habitats. By guaranteeing compliance with local regulations, the certifications minimise the risk of sanctions for suppliers, thereby stabilising purchase costs. The division has set up traceability mechanisms for the wood fibres used in its papers, as well as audit programmes based on random sampling in the main countries where it operates. The responsible sourcing policy is coordinated by the Manufacturing Technical Department, which monitors the profile of paper purchased by the subsidiaries. Effectiveness and progress are measured by monitoring the rate of certified and recycled paper supplies. Reference: section 2.2.4.2.

Lagardère Publishing implements actions focused on wood fibre testing and forest certification to reduce pressure on biodiversity. Traceability and paper-quality monitoring actions are deployed throughout the division for paper purchased directly or supplied by printers, reducing the proportion of fibres whose origin cannot be traced and ensuring no fibres originate from forests that are not replanted. In 2024, 99% of paper supplied to the division was certified or recycled paper. The division asks suppliers to ban grades of paper that do not meet its requirements, to ensure fibres come from sustainably managed forests, particularly in countries identified as being at risk. In the United States, Hachette Book Group continues its fibre testing programme, sending samples to a laboratory for each new paper containing fibres not yet listed, ensuring papers, particularly those from Asian markets, are produced by suppliers who respect their environmental commitments and that no high-grade exotic wood is mixed in. In 2024, 70 tests were carried out and 100% of the fibres tested were approved. Operating staff also raise awareness among paper suppliers and printers to encourage certification; in France, over 99% of paper purchases are from ISO 14001-certified paper manufacturers. Reference: section 2.2.4.2.

Resource use and circular economy is material for the Lagardère Publishing and Lagardère Travel Retail divisions. Lagardère Publishing operates circularity policies through publishing efficiency, an eco-design programme, a low-plastic strategy and sustainable paper sourcing that guarantees FSC- or PEFC-certified paper and, where possible, recycled paper. The publishing efficiency policy aims to reduce paper loss in production, cut the number of new annual releases and limit over-production and unsold stock, using tools such as print-on-demand and automated reprinting. The low-plastic action plan, launched by Hachette Livre France in 2020, maps plastic use across manufacturing and distribution and targets elimination of non-essential plastics and eco-design. These policies are overseen by the CSR, Technical and Operations Departments. Lagardère Travel Retail's policies rest on two commitments, reducing food waste and using responsible packaging and consumables, applicable to all entities through own-brand stores (70% of stores) across 45 countries. Its packaging and consumables policy focuses on consumables, checkout bags, water bottles and freight packaging, with purchasing guidelines favouring responsible materials and banning virgin plastics. Policies are developed by General Management and overseen by the Chief Operational Performance Officer. Reference: section 2.2.3.2.

Lagardère Publishing's key circularity actions, rolled out from 2021 and continuing to 2030, cover four subsidiaries (France, Spain, United Kingdom, United States) representing about 80% of the division's business. Actions include limiting the paper wastage rate through detailed input calculations, adjusting formats and grammage, and an annual eco-challenge and Eco-design Week. Low-plastic actions focus on product eco-design (reducing shrink film, replacing plastic box-set holders with cardboard, cutting bundling film) and logistics (thinner and recycled palletising film, eliminating PVC adhesive tape). Grupo Anaya replaced air cushion film with paper or cardboard, and Hachette UK adjusts board height to contents. Waste recovery actions include book donations in partnership with not-for-profits such as Libraries Without Borders, optimised sorting at the Maurepas centre managed with Suez, upcycling of promotional materials in the Board Games business, and Hachette UK's From Waste to Resources Zero to Landfill label. At Lagardère Travel Retail, the FLOW anti-waste programme (launched end 2023) is organised around five pillars, with smart-scale tests in Germany and Saudi Arabia, a training module completed by over 400 employees, charging for responsible checkout bags, and Kissd water fountains at Orly and Montparnasse. Reference: section 2.2.3.2.

To date, Lagardère Publishing has not set targets for its publishing efficiency policy, nor for Hachette Livre France's low-plastic policy. However, in 2021 a pathway and action plan were drawn up to reduce Hachette Livre France's plastic footprint by 2030, supported by a new indicator to monitor deployment and effectiveness. The division monitors over-production using the pulp rate, an annually assessed indicator measuring the proportion of printed books that are not sold and are recycled into pulp, calculated as the number of books pulped divided by the total number of books produced. Lagardère Travel Retail has set a target of having 75% of the range of water bottles sold made from 100% recycled PET (RPET) by the end of 2025, across all consolidated entities. This relative target uses 2023 as the base year, when 59% of the water bottle range was made from 100% RPET; in 2024 the figure reached 63%. The target is monitored annually, with the percentage reported to the division's CSR Department by all consolidated entities. For its broader circular economy and food waste actions, Lagardère Travel Retail has not yet set a target, as it first wishes to ensure food waste measurement is feasible. Reference: section 2.2.3.2.

Lagardère Publishing's material resource inflows for producing books and board games are paper, cardboard and plastic; other logistics inflows include paper for customer slips and labels, cardboard for parcels, plastic (palletising film, strapping, heat-shrink film, adhesives) and wood (pallets). Board and plastic indicators were first collected for 2023 and cover the division's four main entities (Hachette Livre France, Hachette Book Group US, Hachette UK, Grupo Anaya), some 80% of revenue, with no extrapolation. In 2024, total paper purchased was 162,733 metric tonnes (98% FSC- or PEFC-certified, 2% recycled), cardboard purchased was 5,164 metric tonnes (0% recycled), and plastic purchased was 258 metric tonnes (0% biobased, 2% recycled). Lagardère Travel Retail's inflows on which it can act directly are consumables, checkout bags and board used in logistics. Its indicators were first collected for 2024, covering four main entities (Duty Free Global, France, Italy, North America), over 50% of revenue, then extrapolated to the full scope. In 2024, checkout bags purchased totalled 5,540 kg (39% from sustainable sources, 31% recycled paper), consumables totalled 1,791 kg (18% sustainable, 8% recycled), and cardboard for logistics was 2,514 metric tonnes (50% recycled), with 63% of plastic bottles made from recycled RPET. Reference: section 2.2.3.3.

Lagardère Publishing's resource outflows are the books it sells, which are highly durable, with end-of-life and circularity issues arising mainly for unsold titles and returns. Paper is highly recyclable and can be reintroduced into the book production chain by pulping, with all pulped titles recycled into recycled paper. Waste from the division's direct operations relates to logistics and distribution and is primarily board and plastic, which are sorted and recycled. WEEE is the only hazardous waste, collected by environmental organisations for recycling. Lagardère Travel Retail's main resource outflows are the products sold at stores, which are identical to inflows except for the Dining business, which processes raw food products. Analysis of the division's carbon reporting shows the main source of waste is cardboard used in logistics (some 9,000 metric tonnes), followed by consumables and checkout bags (some 8,000 metric tonnes), whose end-of-life cannot be traced as travellers take them away, and then food waste. To obtain more accurate data, the division plans to survey and monitor reporting by its concession grantors (for example SNCF, ADP), who are responsible for waste management within the concessions. Reference: section 2.2.3.4.

Lagardère Publishing's waste indicators were collected on the basis of actual tonnages provided by waste collectors, covering four main entities representing about 80% of revenue, with no extrapolation. In 2024, waste not directed to disposal totalled 27,969 metric tonnes, comprising 1 metric tonne of recycled WEEE (hazardous) and 27,968 metric tonnes of recycled non-hazardous waste (board and plastic, including pulp from recycled unsold books), up from 24,058 metric tonnes in 2023. Waste directed to disposal was 120 metric tonnes of non-hazardous average end-of-life waste, down from 212 metric tonnes in 2023. Box-set production waste in France is recycled (50%) and incinerated (50%). Lagardère Travel Retail's waste data were collected in France, North America and Italy (50% of revenue) then extrapolated to full scope. In 2024, waste not directed to disposal was 4 metric tonnes of recycled WEEE and 4,658 metric tonnes of recycled logistics waste, plus 1,254 tonnes of composted food. Waste directed to disposal totalled 21,594 metric tonnes, comprising 4,520 metric tonnes of logistics and 8,236 metric tonnes of consumables at average end-of-life, and 2,926 metric tonnes of incinerated food. Reference: section 2.2.3.4.

Lagardère's commitments related to its own workforce are set out primarily in its human rights policy, which complements the Code of Ethics and is based on international human rights standards. The Group's diversity and inclusion strategy is formally documented in the human rights policy and rests on two priorities: promoting gender equality and supporting women in their careers, and breaking stereotypes based on gender, race or social class. The policy applies to all Lagardère employees worldwide and commits the Group to non-discrimination and to a working environment free from harassment, exploitation, abuse or violence. Responsibility sits at top management level with the Group Secretary General. On working conditions and health and safety, the divisions apply their own measures rather than a single global S1 policy. Lagardère Publishing, Lagardère Travel Retail and Lagardère News and Radio each state they do not have a global ESRS S1 policy but implement structured local actions covering pay, working time, risk prevention, training and harassment prevention. Reference: section 2.3.1.5.2/2.3.1.6.2/2.3.1.7.2.

Lagardère recognises the importance of social dialogue at site, entity, subsidiary and Group levels, conducted with independent partners serving as employees' legitimate representatives. Occupational health and safety, working conditions and organisational changes are among the main topics addressed. Two central representative bodies exist: the Group Employees' Committee, set up in 2002, and the European Works Council, set up in 2003, each comprising 30 employee members from France and Europe respectively and overseen by the Chairman and Chief Executive Officer. Both bodies hold at least one ordinary annual plenary meeting, with agendas sent to members at least 15 days beforehand and minutes reviewed and approved at the next meeting. The Group Secretary General's office ensures these interactions take place and that outcomes are integrated into the Group's business approach. Extraordinary meetings can be held when warranted, such as the July 2024 meeting called over questions arising from the Vivendi group spin-off project. At subsidiary level, dialogue in 2024 focused on operational projects and their organisational impacts. Through these bodies Lagardère monitors the working conditions of all employees, including the most vulnerable. Reference: section 2.3.1.2.

Any Lagardère group employee can report behaviour or facts relating to the Group's activities that they perceive to be unlawful or in violation of applicable policies and procedures on working conditions, health and safety, equal treatment and equal opportunities. Reports can be made directly to line managers, Human Resources departments or Compliance Officers, or through the whistleblowing platform set up by the Group, which provides a dedicated, secure channel for employees to raise concerns and enables the Group to take remedial action. In line with the Group's human rights commitments set out in the Code of Ethics, any cases of non-compliance with human rights affecting the workforce can be reported through this platform. The platform is described in section 2.4.1.2.1 of the Sustainability Report, which explains how the Group raises employee awareness of the platform, the protection mechanisms in place and the procedures for investigating reports in order to remedy cases where human rights are not respected. The whistleblowing platform adds to the social dialogue channels, and information collected is used by the Corporate Human Resources Department and the Group Compliance Department to determine the appropriate actions to take. Reference: section 2.3.1.3.

Lagardère carries out actions to prevent, mitigate and remedy negative impacts and to advance positive impacts for its workforce. On equal treatment, the Group set a 2024 target of raising awareness among 60 percent of employees about the prevention of psychological and sexual harassment, deploying an e-learning training module across entities that covers legislative developments, remote harassment and customer-related incidents. By 31 December 2024, 81 percent of employees had received this awareness training. The Group supports women through the LL Network cross-division mentoring programme, whose fifth class in 2024 involved 25 mentees including 16 women, and is a member of the #StOpE initiative against everyday sexism. Divisional actions include Lagardère Publishing's anti-discrimination training, inclusive recruitment and parental support measures, Lagardère Travel Retail's gender pay gap tracking, equal pay certifications in Iceland and Italy, and women's career development programmes, and Lagardère News and Radio initiatives on gender balance, equal pay and women's health. The Group states that implementing these actions does not involve significant operating or capital expenditure. Reference: section 2.3.1.5.3.

Under its diversity and inclusion policy, Lagardère set a target for the proportion of women in a defined top executive group of around 350 people to reach 45 percent by the end of 2024, against a 2020 baseline of 42 percent. The proportion rose from 42 percent at end-2020 to 44 percent in 2021, 45 percent at end-2022 and 46 percent at end-2023 and 2024, exceeding the objective. This is a relative target with a Group scope covering all consolidated companies. In 2024 women represented 62 percent of the total permanent workforce and 60 percent of managers. The Group also reports a France-scope weighted equal pay index of 93 out of 100, up from 89.8 in 2023, calculated on entities subject to disclosure under French law no. 2018-771. For the working conditions and health and safety matters, the Group states that to date no targets have been set as they were not considered relevant, and that the effectiveness of actions and policies is tracked using the metrics disclosed in the report. Reference: section 2.3.1.5.2.

At 31 December 2024, Lagardère employed 38,214 people, up from 35,725 in 2023 and 27,383 in 2022. By gender the workforce comprised 23,981 women, 14,230 men, 3 identifying as other and 0 not reported, the last two categories being disclosed for the first time in 2024. Of the total, 33,574 were permanent employees, 3,383 non-permanent or temporary employees and 1,257 non-guaranteed hours employees, the latter reported for the first time in 2024. By region the workforce was split across France (6,117), Europe excluding France (15,969), the Americas (12,672), Asia-Pacific (2,980) and Africa (476), with the United States at 10,531 and France at 6,117 being the largest single countries. Social data is consolidated for all fully consolidated subsidiaries worldwide, collected in a single reporting software and reported on a headcount basis at 31 December, which differs from the average annual headcount used in the financial statements. During 2024, 12,809 employees left the Group, giving an employee turnover rate of 39 percent, down from 45 percent in 2023 and 46 percent in 2022. Reference: section 2.3.1.4.

Lagardère reports collective bargaining coverage and social dialogue metrics for the first time in 2024, using ESRS coverage bands. For collective bargaining coverage, the metric is measured for employees in the EEA in countries with more than 50 employees representing more than 10 percent of total employees. France falls in the 80 to 100 percent coverage band. For workplace representation, measured for the EEA only in countries with more than 50 employees representing more than 10 percent of total employees, France again falls in the 80 to 100 percent band across 2024, 2023 and 2022. The Group also reports the percentage of employees covered by an engagement survey, which reached 71 percent in 2024, up from 70 percent in 2023 and 63 percent in 2022. Social dialogue at Group level is conducted through the Group Employees' Committee and the European Works Council, and at local level through Economic and Social Committees and works councils, as described in the policies and actions on working conditions. Reference: section 2.3.1.6.3.

Lagardère reports diversity metrics for its workforce. The number of women top executives was 173 in 2024, compared with 177 in 2023 and 163 in 2022, while the percentage of women top executives was 46 percent in 2024 and 2023 and 45 percent in 2022. The percentage of managers trained in diversity during the year rose to 23 percent in 2024 from 22 percent in 2023 and 14 percent in 2022. The percentage of Group employees trained in psychological and sexual harassment prevention during the year was 81 percent in 2024, a metric reported for the first time in that year following the introduction of the training. The Group also discloses a breakdown of its workforce by age group, with 11,748 employees under 30, 18,042 aged 30 to 50 and 8,424 over 50 in 2024, against 11,127, 16,313 and 8,285 respectively in 2023. Reference: section 2.3.1.5.4.

In accordance with the S1-10 disclosure requirement, Lagardère published an adequate wage analysis for the first time in 2024, comparing remuneration paid with the minimum wage defined by local legislation or collective bargaining agreements, or where none exists with benchmarks provided by the Fair Wage Network. The analysis covered 44 countries, excluding the United Arab Emirates, for which additional work could not be completed in time. Out of these countries, the Group identified two, Austria and Iceland, where a very small proportion of the workforce received pay below the benchmark salary used: 26 people in total, all employees of the Lagardère Travel Retail division. In Austria 2 percent of employees, or 9 people, were concerned, and in Iceland 20 percent, or 17 people. In both countries there is no statutory or contractual minimum wage, which makes it difficult to establish the relevant benchmark. The Group notes that some variable remuneration components could not be fully included in this first year and that individual situations will be examined for possible remedial action if confirmed locally. Reference: section 2.3.1.6.3.

Lagardère reports health and safety metrics for its workforce. In 2024, 94 percent of employees were covered by the Group's health and safety management system based on legal requirements and/or recognised standards or guidelines, a metric disclosed for the first time. There was 1 employee fatality due to work-related accidents during the year and 0 fatalities due to work-related ill health. The Group recorded 1,089 work-related accidents in 2024, compared with 464 in 2023 and 338 in 2022, and 17,802 days lost due to work-related injuries and fatalities, against 18,159 in 2023 and 16,008 in 2022. The frequency rate of work-related accidents was 15.62 percent in 2024, up from 8.61 percent in 2023 and 7.40 percent in 2022. The Group explains that the increase in accidents reflects a change in methodology: from 2024 it records all work-related accidents regardless of whether they result in time off work, and includes all employees, whereas previously it counted only accidents causing at least one day's absence among permanent employees. Reference: section 2.3.1.7.3.

Lagardère calculated the gender pay gap across all its businesses and geographies for the first time under the ESRS S1-16 disclosure requirement, reporting a gap of 15 percent in 2024, meaning the average salary of male employees is 15 percent higher than that of women employees. The ratio is 2 percent for non-managers, who make up more than three-quarters of the workforce, and 17 percent for managers. The Group notes that this overall ratio spans very different business sectors and over 45 countries, that in around ten countries the gap is actually in favour of female employees, and that the gross percentage method required by the CSRD reflects structural labour market inequalities rather than objective factors such as seniority, qualifications or level of responsibility. Lagardère also published a pay ratio comparing the annual total remuneration of its highest paid individual, the Chairman and Chief Executive Officer, with the median for all other employees, which came out at 97, with the median salary used being 34,378 euros. Reference: section 2.3.1.5.4/2.3.1.6.3.

Lagardère reports incidents and complaints metrics for the first time in 2024. There were 62 incidents of discrimination, including harassment, reported during the year, of which 22 were classified as proven, 33 as not proven and seven were still being dealt with. A further 9 complaints were filed during the year not counting those discrimination and harassment incidents; of these, seven were classified as proven and two as not proven, with four relating to health and safety and five concerning the violation of human rights and fundamental freedoms. The total amount of fines, penalties and compensation for damages paid during the year as a result of these incidents and complaints was 0. The Group recorded 0 severe human rights incidents connected to its workforce during the year, and 0 in fines, penalties and compensation paid as a result of severe human rights incidents. Reference: section 2.3.1.4.

Lagardère's commitment to human rights and fundamental freedoms is aligned with the Universal Declaration of Human Rights, the UN Guiding Principles on Business and Human Rights, the fundamental ILO conventions and the OECD Guidelines for Multinational Enterprises. The Group's strategy toward external partners rests on two key measures: a Responsible Supplier Charter, which new contractors must sign, and a joint project with EcoVadis to assess suppliers' social, environmental and ethical performance. The Charter, applicable across all activities and territories, requires suppliers to respect fundamental rights including freedom of association, collective bargaining, prohibition of child and forced labour, and non-discrimination, and imposes a minimum standard where local legislation is insufficient. It also addresses health, safety and industrial relations. Neither Lagardère Publishing nor Lagardère Travel Retail has a division-specific policy for value chain workers, addressing the matter through Group legal requirements and the duty of care plan. Reference: section 2.3.2.2.

The Group and its divisions have not adopted a general process for engaging with workers in the value chain. Lagardère states that engagement is handled through the Group's overall framework rather than a dedicated mechanism. A whistleblowing platform, accessible to all external stakeholders, allows value chain workers to raise concerns and enables the Company to implement remedial actions. In the absence of any proven human rights incident concerning value chain workers, Lagardère has not identified categories of workers who are particularly at risk and for which a specific engagement approach is needed. Lagardère has also not conducted a specific analysis of territories or products with significant risk of child, forced or compulsory labour, as this was not identified as material in the double materiality assessment. Reference: section 2.3.2.2.

A whistleblowing platform, accessible to all the Group's external stakeholders, allows value chain workers to raise concerns and enables the Company to implement the necessary remedial actions. Consistent with the Group's commitments in its Code of Ethics, the platform can also be used to report cases of non-compliance with human rights affecting value chain workers. The ethics whistleblowing line is described in section 2.4.1.2.1, which details how value chain workers are made aware of the platform, the protection mechanisms and the investigative processes Lagardère uses to remedy non-compliance. Under the Responsible Supplier Charter, subsidiaries may require suppliers to implement a corrective action plan or terminate the contract in the event of non-compliance. One incident relating to value chain workers was reported in 2024, concerning a case of harassment in France, which was classified as unsubstantiated. Reference: section 2.3.2.2.

Lagardère Publishing focuses upstream actions on category 1 suppliers and subcontractors in the highest-risk procurement categories, highly exposed countries and largest spend, carrying out compliance audits at suppliers' premises with sanctions for non-compliance. In the UK, Hachette UK is a member of the Book Chain Project supporting Modern Slavery Act compliance, and all exposed Hachette UK employees received mandatory training on slavery and forced labour. Downstream, the division gives more weight to CSR criteria when selecting logistics providers and carriers, embedding CSR clauses and EcoVadis assessment requirements in tenders. Lagardère Travel Retail encourages suppliers to act responsibly through its Responsible Offer Programme, applying CSR criteria across environment, ethical relations with producers, animal welfare and health/nutrition, including the fair trade label. Both divisions use EcoVadis to assess at-risk suppliers, with China, Senegal and Saudi Arabia flagged for Travel Retail and China, India, Mexico and Lebanon for Publishing. Actions do not involve significant OpEx or CapEx. Reference: section 2.3.2.2.

The Group has not set a target for the Workers in the value chain sustainability matter, as local action at division level is considered the best way to address this issue. Actions aimed at value chain workers are instead monitored and evaluated, mainly through the whistleblowing platform set up by the Group, on-site audits carried out by Lagardère Publishing and the assessment of at-risk suppliers with EcoVadis. These elements are analysed by the departments responsible for monitoring the relevant actions to ensure they remain relevant, and additional actions may be recommended to limit any negative impact on value chain workers. Lagardère reports that no material negative impact required specific action in 2024. Reference: section 2.3.2.2.

Lagardère addresses its material consumer matters through division-level policies and structured action plans rather than a single Group S4 policy. For consumer health and safety, Lagardère Travel Retail operates a food safety policy based on European standards and a HACCP system, driven by Food Safety Guidelines distributed to all countries; the policy is managed centrally by the Quality Control team with support from SGS, Eurofins and EcoSure. Lagardère Live Entertainment manages spectator safety through a structured action plan covering safety and security, with venues complying with French public-access building regulations. For contribution to education, Hachette Livre commits to accessible formats, book donations and partnerships, while Lagardère News, Radio and Live Entertainment state that a formal policy would be incompatible with editorial and creative freedom. Freedom of expression is managed likewise. For data protection, Lagardère News and Lagardère Radio maintain a specific personal data protection policy aligned with the GDPR. Reference: section 2.3.3.

Engagement processes vary by matter. Lagardère Travel Retail has not established a specific process for engaging with consumers, as its customers are largely in transit points such as stations and airports, making a stable basis difficult; nevertheless customer surveys can be carried out during tenders and discussions are held with concession grantors. Lagardère Live Entertainment has not set up a formal engagement platform with spectators but conducts satisfaction surveys among audiences, service providers and productions. For freedom of expression, Lagardère News and Lagardère Radio engage listeners and readers through channels such as Club Europe 1, on-air reactions, voting at events and legally provided rights of reply, with engagement occurring at listeners' request under the President of Lagardère News and Lagardère Radio. For data protection, engagement with consumers occurs daily via a dedicated contact address for exercising rights, managed under the aegis of the DPO. Reference: section 2.3.3.

Remediation channels differ across matters. At Lagardère Travel Retail, a specific procedure lets local Dining managers handle consumer feedback and manage products at issue, escalating major health and safety incidents to head-office Quality Control; the WellDone platform, including the Visibilishop module aggregating reviews from Google, Tripadvisor, Yelp and The Fork, and a per-point-of-sale QR code system provide feedback channels. At Lagardère Live Entertainment, every venue incident is reported to the Legal Department and General Management for corrective measures, and spectators can contact venue or security teams or a customer service department. For freedom of expression, listeners can submit complaints to Arcom via a dedicated whistleblowing platform and use rights of reply. For data protection, consumers use a dedicated e-mail address to exercise rights, with a data breach management procedure. Three consumer-related incidents were reported in 2024, all classified as unsubstantiated. Reference: section 2.3.3.

Lagardère Travel Retail's food safety strategy has four pillars: Food Safety Guidelines with HACCP systems, an annual audit plan (2,272 food safety audits in 2024 averaging 91.3 percent; over 80,000 Dining audits), team awareness e-learning, and the WellDone platform; it also created UMAY-labelled Safe Place stores. Lagardère Live Entertainment deploys first responder teams for shows over 1,500 spectators, on-call doctors at Paris venues, first aid training and Arena safe places. For education, Hachette Livre develops accessible formats (26,029 audiobooks in 2024; 100 percent Level 1 ePub3), donates books, and partners with Mobidys, RNIB and Libraries Without Borders; Lagardère News and Radio run cultural programming, and Live Entertainment offers solidarity ticketing and disability access. For freedom of expression, imprints promote under-represented voices and Radio complies with Arcom pluralism rules. For data protection, Lagardère News and Radio appointed a DPO, run audits, training and breach management. Reference: section 2.3.3.

Target-setting varies by matter but Lagardère reports no targets for most S4 matters. Lagardère Travel Retail does set health and safety targets, requiring a minimum 85 percent score for internal and external food safety audits at all Dining points of sale (average 91.3 percent achieved across 2,272 audits in 2024), an objective renewed each year, plus an aim of an average customer satisfaction score of 4.5 out of 5. Lagardère Live Entertainment has set no target for spectator safety, as actions are supervised locally. No targets have been set for contribution to education, as they were not considered relevant and progress is tracked via disclosed metrics; nor for freedom of expression, as quantitative objectives are deemed incompatible with editorial, imprint and creative freedom. For data protection, no targets have been set, with the policy managed through complaint monitoring and DPO committees. Reference: section 2.3.3.

Ethical business conduct is a strategic priority for Lagardère, anchored in its corporate culture, with ensuring ethical and responsible governance forming the fourth pillar of the Group's CSR strategy. The Group's values and commitments are set out in its Code of Ethics, which identifies risks linked to human rights violations, corruption and unfair business practices and defines expected behaviour. It applies to senior managers, employees, temporary staff, agents and representatives, and is accessible to partners and suppliers in French, English, German and Spanish. Arnaud Lagardère, Chairman and CEO, ensures compliance. A secure Ethics Line whistleblowing platform, available 24/7 in various languages, allows all stakeholders to report unlawful or unethical behaviour anonymously, with commitments to non-retaliation and whistleblower protection under GDPR. Report managers sign confidentiality undertakings, and the Compliance team monitors processing times and reports periodically on cases handled. The Internal Audit Department may investigate business conduct, corruption or bribery incidents under the Audit Charter. Reference: section 2.4.1.2.

Through its responsible purchasing strategy, Lagardère contributes to the OECD guiding principles, ILO conventions and the UN Global Compact. Its Responsible Supplier Charter, headed by the Secretary General, aligns suppliers, partners, service providers and subcontractors with the Group's sustainability values and requirements. The Charter rests on five pillars: social values, environmental values (including compliance with EU Regulation 2023/1115 on deforestation), ethical business conduct, reducing the risks of economic dependence, and assessing CSR performance. It is intended for inclusion in tender documents and contracts, applies to all Group activities and geographic areas, and is published on the corporate website. Suppliers' ability to sign up to and comply with the Charter determines whether business relationships are entered into or continued, and the Group reserves the right to audit suppliers. The Group uses the EcoVadis solution to assess suppliers' social, environmental and ethical performance, focusing on higher-risk procurement categories and countries. A target aims to reach 67% of expenditure related to at-risk suppliers assessed in 2024, rising to 85% by 2026; the 2024 figure reached 61% against a 2021 baseline of 31%. Reference: section 2.4.1.2.3.

Lagardère's anti-corruption policy is based on its Anti-corruption Code of Conduct, updated in January 2023, reiterating the Group's zero tolerance of corruption. The Group is subject to France's Sapin II law and similar laws elsewhere, requiring a compliance programme to prevent and detect corruption and bribery. The policy applies to all employees and corporate officers, and partners and suppliers are expected to adhere to equivalent principles. The operational head is the Chief Compliance Officer. Functions most at risk are Purchasing, Sales, sponsorship and patronage roles, and business development teams handling calls for tenders. Preventive procedures include training, third-party assessments and controls, with potential incidents detected through the whistleblowing procedure. The Risk, Compliance and Internal Control Department submits an annual progress report to the Audit Committee. An anti-corruption training module, translated into around ten languages, was rolled out to all Group entities in 2024, comprising a 30-minute e-learning session requiring a minimum quiz score of 80%, repeated every two years for at-risk functions. In 2024, 87% of at-risk functions and 89% of other own workers received training, against a 70% completion target. Reference: section 2.4.1.2.2.

Lagardère reported metrics on confirmed incidents for the first time in 2024. The number of convictions for violation of anti-corruption and anti-bribery laws was zero, and the amount of fines for violation of anti-corruption and anti-bribery laws was zero. No comparative figures for 2023 or 2022 were disclosed, as this data was reported for the first time in 2024. Where allegations of corruption are confirmed, they are dealt with through sanctions, remedial measures and action plans. Non-compliance with anti-corruption procedures and any incidents of corruption are remedied by action plans and disciplinary sanctions, with the analysis from internal investigations enabling remedial actions and sanctions provided for by internal rules to be defined on the basis of confirmed facts. These measures are described as appropriate and proportionate to remedy the shortcomings identified. The Group ensures that those undertaking internal investigations are independent, and the persons involved, the checks made and the follow-up remain strictly confidential. Reference: section 2.4.1.2.2.

Rules on relations with political decision-makers and professional organisations are set out in Lagardère's Code of Ethics, regularly strengthened since 2020, and apply to all employees, agents, principals and corporate officers. The Group maintains a politically neutral position and prohibits any financial or in-kind contribution to political parties or organisations. In line with this policy of political neutrality, no financial or in-kind contributions were made by any Group entity, either directly or through its employees, to any political party or organisation in 2024, so the total monetary value of financial and in-kind political contributions is zero. The Secretary General monitors activities serving to represent the Group's interests. Several companies are listed in transparency registers, including Lagardère News (HATVP), Lagardère TR Singapore (ACRA), LTR Poland CEETRA, and Hachette Livre (EU Transparency Register). Lobbying activities addressed topics across live performances, media, publishing and travel retail. No Board member who held a comparable position in public administration was appointed in the two years preceding the 2024 reporting period. Reference: section 2.4.1.2.4.