<SEC-DOCUMENT>0001628280-26-019159.txt : 20260318
<SEC-HEADER>0001628280-26-019159.hdr.sgml : 20260318
<ACCEPTANCE-DATETIME>20260318112152
ACCESSION NUMBER:		0001628280-26-019159
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20261231
FILED AS OF DATE:		20260318
DATE AS OF CHANGE:		20260318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Valneva SE
		CENTRAL INDEX KEY:			0001836564
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			I0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40377
		FILM NUMBER:		26766917

	BUSINESS ADDRESS:	
		STREET 1:		6, RUE ALAIN BOMBARD
		CITY:			SAINT-HERBLAIN
		STATE:			I0
		ZIP:			44800
		BUSINESS PHONE:		33 2 28 07 37 10

	MAIL ADDRESS:	
		STREET 1:		6, RUE ALAIN BOMBARD
		CITY:			SAINT-HERBLAIN
		STATE:			I0
		ZIP:			44800
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a6-kcoverpagetemplate.htm
<DESCRIPTION>6-K
<TEXT>
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<title>Document</title></head><body><div id="if383fd469a974d61b775fa2416f7e223_1"></div><div style="min-height:45.36pt;width:100%"><div style="margin-bottom:0.04pt;margin-top:0.04pt;text-align:justify"><font><br></font></div></div><div style="padding-left:5.3pt"><font><br></font></div><div style="margin-top:0.05pt"><font><br></font></div><div style="padding-left:0.15pt;padding-right:0.15pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:14pt;font-weight:700;line-height:100%">UNITED STATES</font></div><div style="margin-top:0.4pt;padding-left:0.15pt;padding-right:0.15pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:14pt;font-weight:700;line-height:100%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="margin-bottom:0.04pt;margin-top:0.04pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:14pt;font-weight:700;line-height:133%">Washington, D.C. 20549</font></div><div style="margin-bottom:0.04pt;margin-top:0.04pt;padding-left:117.17pt;padding-right:117.17pt;text-align:center"><font><br></font></div><div style="margin-bottom:0.04pt;margin-top:0.04pt;padding-left:117.17pt;padding-right:117.17pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:14pt;font-weight:700;line-height:133%">FORM 6-K</font></div><div style="margin-bottom:0.04pt;margin-top:0.04pt;padding-left:117.17pt;padding-right:117.17pt;text-align:center"><font><br></font></div><div style="margin-top:0.35pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE                </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">SECURITIES EXCHANGE ACT OF 1934</font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:0.04pt;margin-top:0.04pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:133%">Date of Report&#58; March 18, 2026</font></div><div style="margin-bottom:0.04pt;margin-top:0.04pt;text-align:center"><font><br></font></div><div style="margin-bottom:0.04pt;margin-top:0.04pt;padding-left:114.85pt;padding-right:114.85pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Commission File Number&#58; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:133%">001-40377</font></div><div style="margin-bottom:0.04pt;margin-top:0.04pt;padding-left:114.85pt;padding-right:114.85pt;text-align:center"><font><br></font></div><div style="margin-bottom:0.04pt;margin-top:0.04pt;padding-left:114.85pt;padding-right:114.85pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:133%"> Valneva SE</font></div><div style="margin-top:0.8pt;padding-left:111.72pt;padding-right:111.72pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(Translation of registrant's name into English)</font></div><div style="margin-top:0.55pt"><font><br></font></div><div style="padding-left:116.95pt;padding-right:116.95pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:128%">&#206;lot Saint-Joseph, Bureaux Convergence</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:120%">12ter Quai Perrache</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:120%">69002 Lyon, France</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:120%">(Address of principal executive office)</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:0.5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Form 20-F &#9746; Form 40-F &#9744;</font></div><div style="margin-top:0.5pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="padding-right:7.85pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On March 18, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1. </font></div><div style="padding-right:7.85pt;text-align:justify"><font><br></font></div><div style="padding-right:7.85pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.779%"><tr><td style="width:1.0%"></td><td style="width:13.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:84.271%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.1pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:133%;text-decoration:underline">Exhibit</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 6.3pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.1pt;padding-left:5.3pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Exhibit 99.1</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.1pt;padding-left:5.3pt"><font style="color:#0000ff;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%;text-decoration:underline"><a href="a2026_03x18xfyx2025xresult.htm" style="color:#0000ff;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%;text-decoration:underline">Press release dated March 18, 2026</a></font></div></td></tr></table></div><div style="margin-top:0.5pt;text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:0.04pt;margin-top:0.04pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:45.36pt;width:100%"><div style="margin-bottom:0.04pt;margin-top:0.04pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:59.089%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</font></div><div><font><br></font></div><div style="padding-left:5.3pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.952%"><tr><td style="width:1.0%"></td><td style="width:13.507%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.821%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.821%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.821%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.821%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.762%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.747%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:0.1pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:133%;text-decoration:underline">Valneva SE</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">                           (Registrant)</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:20pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.1pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Date&#58;  March 18, 2026</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:0.1pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%;text-decoration:underline">&#47;s&#47; Thomas Lingelbach</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">                 </font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.1pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Thomas Lingelbach                          </font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.1pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Chief Executive Officer and President</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-bottom:0.04pt;margin-top:0.04pt;padding-right:5.2pt;text-align:right"><font><br></font></div><div style="margin-bottom:0.04pt;margin-top:0.04pt;padding-right:5.2pt;text-align:right"><font><br></font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:0.04pt;margin-top:0.04pt;text-align:justify"><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a2026_03x18xfyx2025xresult.htm
<DESCRIPTION>EX-99.1
<TEXT>
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<!-- Document created using Wdesk -->
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<title>Document</title></head><body><div id="ib562877af9ff4092ae821fe809a0e7c5_1"></div><div style="min-height:90pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#00a0cd;font-family:'Arial',sans-serif;font-size:16pt;font-weight:700;line-height:120%">Valneva Reports Full Year 2025 Audited Consolidated Financial Results</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#1e4179;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.8pt">Total revenues of &#8364;174.7 million in line with guidance, including &#8364;157.9 million in product sales </font></div><div style="margin-bottom:8pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#1e4179;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:125%">&#8226;</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:125%;padding-left:13.8pt">Strong year-end cash position of &#8364;109.7 million, with enhanced financial flexibility following successful debt refinancing and a 21% reduction in operating cash burn</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#1e4179;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.8pt">2026 to be a potentially transformational year with Phase 3 Lyme disease data expected in the first half of the year</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Lyon (France), March 18, 2026</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> &#8211; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Valneva SE</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> (Nasdaq&#58; VALN&#59; Euronext Paris&#58; VLA), a specialty vaccine company, today reported its audited consolidated financial results for the year ended December 31, 2025, provided corporate updates and confirmed its financial guidance for 2026</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">1</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. The Company also announced the filing of its annual report on Form 20-F and Universal registration document (URD) for the financial year ended December 31, 2025 with the U.S. Securities and Exchange Commission (SEC) and the French financial market authority (Autorit&#233; des march&#233;s financiers or AMF), respectively. The full-year 2025 consolidated financial results are available on the Company&#8217;s website</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">(</font><font style="color:#0563c1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Financial Reports &#8211; Valneva</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">)</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline"> 2</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Valneva will provide a live webcast of its full-year 2025 results conference call beginning <br>at 3 p.m. CET&#47;10 a.m. EDT today. This webcast will also be available on the Company&#8217;s website. Please refer to this link&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">https&#58;&#47;&#47;edge.media-server.com&#47;mmc&#47;p&#47;qj2g7e52</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">2025 Financial Performance</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#002060;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:125%">&#8226;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%;padding-left:14.15pt">Total revenues of &#8364;174.7 million, up from &#8364;169.6 million in 2024, including the recognition of variable consideration relating to the Company&#8217;s research collaboration and licensing agreement for the Lyme disease program </font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#002060;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:125%">&#8226;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%;padding-left:14.15pt">Product sales of &#8364;157.9 million, compared to &#8364;163.3 million in 2024, reflecting the planned wind-down of third-party sales (-42.3% versus 2024). Proprietary product sales increased by 9% at constant exchange rate (CER)</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:125%;position:relative;top:-3.85pt;vertical-align:baseline">3</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">  </font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#002060;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:125%">&#8226;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%;padding-left:14.15pt">Net loss amounted to &#8364;115.2 million compared to a net loss of &#8364;12.2 million in 2024, while the prior year amount benefited from a &#8364;90.8 million net gain related to the sale of the Priority Review Voucher (PRV) received for IXCHIQ</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:125%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font></div><div style="margin-bottom:8pt;padding-left:18pt;text-indent:-18pt"><font style="color:#002060;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:125%">&#8226;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%;padding-left:14.15pt">Operating cash burn continued to decline, improving to &#8364;52.9 million in 2025 compared to &#8364;67.2 million in 2024 and &#8364;202.7 million in 2023</font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Reiterated 2026 Outlook and Financial Guidance</font></div><div style="text-align:justify"><font><br></font></div><div style="border-bottom:0.5pt solid #000000;margin-bottom:5pt;margin-top:10pt;opacity:1;width:144pt"></div><div><font style="color:#002060;font-family:'Aptos',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">1</font><font style="color:#002060;font-family:'Aptos',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Aptos',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva Reports Preliminary Unaudited 2025 Revenue and Cash and Provides 2026 Outlook - Valneva</font></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">2</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> The audit procedures on the consolidated financial statements have been performed. The audit report will be issued upon finalization of audit procedures regarding the URD filing.</font></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">3</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> Changes in product sales are presented at constant exchange rate (CER), where indicated. For additional information regarding CER, please see &#8220;Product sales (excluding third-party sales) at constant exchange rate&#8221; section later</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">March 18, 2026                                                                                       VALNEVA SE</font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font><br></font></div></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#002060;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:125%">&#8226;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%;padding-left:14.15pt">First Phase 3 data readout for Lyme disease vaccine candidate (VLA15) anticipated in the first half of 2026, with regulatory submissions expected to follow as planned by Pfizer, subject to positive results</font></div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#002060;font-family:'Courier New',serif;font-size:11pt;font-weight:400;line-height:125%">o</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%;padding-left:11.4pt">If approved, VLA15 will be the fourth vaccine successfully developed by Valneva and subsequent commercialization by Pfizer would enable Valneva to further expand and accelerate its pipeline of innovative vaccines in line with the Company&#8217;s strategic vision</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#002060;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">First Phase 2 data for tetravalent Shigella vaccine candidate S4V2 are expected mid-2026, with a decision on subsequent development steps in the second half of 2026</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#002060;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Further enhancement of the Company&#8217;s R&#38;D pipeline with differentiated vaccine candidates addressing areas of high unmet medical need </font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#002060;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Total revenues for full-year 2026 are expected to range between &#8364;155 million and 170 million, including product sales between &#8364;145-160 million</font></div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#002060;font-family:'Courier New',serif;font-size:11pt;font-weight:400;line-height:120%">o</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:11.4pt">The lower product sales guidance in 2026 versus the prior year reflects continued growth of established commercial brands, offset by the planned wind-down of third-party sales, as previously guided.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#002060;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Disciplined cash management will remain a priority, with operating cash burn expected to decline further in 2026, while continuing to support strategic R&#38;D investments</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Peter B&#252;hler, Valneva&#8217;s Chief Financial Officer</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">, commented, &#8220;We are approaching the potentially transformative Phase 3 data readout for our Lyme disease vaccine candidate, an inflection point that could significantly shape our Company&#8217;s future and strengthen our long</font><font style="color:#002060;font-family:'Cambria Math',serif;font-size:11pt;font-weight:400;line-height:120%">&#8209;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">term strategy. While 2025 tested our resilience, it also underscored the strength of our team&#8217;s disciplined execution. In 2026, we remain firmly committed to prudent capital allocation to support sustainable growth and advance our strategic vision.&#8221;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#00a0cd;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:133%">Financial Information</font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.956%"><tr><td style="width:1.0%"></td><td style="width:36.497%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:38.837%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.366%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">&#8364; in million</font></div></td><td colspan="6" style="border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Twelve months ended December 31</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">2025</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">2024</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Total revenues</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">174.7</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">169.6</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Product sales</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">157.9</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">163.3</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Net profit&#47;(loss)</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">(115.2)</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">(12.2)</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Adjusted EBITDA</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">(59.4)</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">32.9</font></div></td></tr><tr><td colspan="3" style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Cash</font></div></td><td colspan="3" style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">109.7</font></div></td><td colspan="3" style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">168.3</font></div></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:8pt"><font style="color:#00a0cd;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:133%">Commercial Portfolio</font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Valneva&#8217;s commercial portfolio comprises three vaccines, IXIARO</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">&#47;JESPECT</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">, DUKORAL</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> and IXCHIQ</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">. The Company&#8217;s main third-party product distribution contract concluded in 2025 and this activity is now expected to naturally wind down, as previously communicated.</font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Valneva&#8217;s total product sales in 2025 were &#8364;157.9 million compared to &#8364;163.3 million in 2024, reflecting a 42.3% planned reduction in third party product sales (&#8364;19.2 million in 2025 versus &#8364;33.2 million in 2024). Excluding third-party sales, total product sales increased by 9% at CER.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">JAPANESE ENCEPHALITIS VACCINE IXIARO</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:700;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">&#47;JESPECT</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:700;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">2</font></div><div><font style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">In 2025, IXIARO</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">&#47;JESPECT</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> sales increased by 4.6% to &#8364;98.4 million, resulting from growth in the traveler&#8217;s market. This compares with 2024, when IXIARO</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174; </font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">sales were impacted by supply constraints. Sales at CER grew by 7.2% compared to 2025. </font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">In January 2025, Valneva secured a new $32.8&#160;million contract with the United States Department of Defense (DoD)</font><font style="color:#002060;font-family:'Aptos',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">4</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">. </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">CHOL</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">ERA &#47; ETEC</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:700;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">5</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">-DIARRHEA VACCINE DUKORAL</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:700;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font></div><div style="text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">In 2025, DUKORAL</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> sales were &#8364;31.9 million as compared to &#8364;32.3 million in 2024. Sales in 2025 were notably affected by &#8364;1.0 million of adverse currency effects, as well as lower sales in Germany due to the gradual transition of distribution to CSL Seqirus. Sales at CER grew by 1.8%.  </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">CHIKUNGUNYA VACCINE IXCHIQ</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:700;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">In 2025, Valneva reported IXCHIQ</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> sales of &#8364;8.4 million, compared to &#8364;3.7 million in 2024. Sales in 2025 benefited from the vaccine&#8217;s launch in several European countries, including the supply of doses to help contain a major chikungunya outbreak on the French island of La R&#233;union. This growth was partly offset by the previously communicated label and user-restriction constraints</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">6</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">. </font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">In January 2026, Valneva voluntarily withdrew the Biologics License Application (BLA) and Investigational New Drug (IND) application for IXCHIQ</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> in the United States. The Company remains focused on expanding IXCHIQ</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> access and sales in other territories, including Low- and Middle-Income Countries (LMICs), where medical need remains high. </font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#00a0cd;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:133%">Clinical Vaccine Programs</font></div><div><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">LYME DISEASE VACCINE CANDIDATE &#8211; VLA15 </font></div><div style="margin-bottom:6pt"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">VALOR Phase 3 Results expected in the first half of 2026 </font></div><div style="text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Valneva and Pfizer are developing VLA15, a vaccine candidate targeting Borrelia, the bacterium that causes Lyme disease. VLA15 is the most advanced Lyme disease vaccine candidate currently in clinical development, with two Phase 3 trials underway. It leverages an established mechanism of action, inducing antibodies to Borrelia outer surface protein A (OspA) to prevent the transmission of Lyme borreliosis from infected ticks. The vaccine antigens are designed to target the six most prevalent Borrelia serotypes.</font></div><div style="text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Pfizer is conducting a randomized, placebo-controlled Phase 3 field efficacy trial, VALOR (Vaccine Against Lyme for Outdoor Recreationists). Phase 3 vaccinations were completed in 2025 and VALOR trial results are expected to be reported in the first half of 2026.</font></div><div style="text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Subject to positive Phase 3 results, Pfizer intends to submit a Biologics License Application (BLA) to the U.S. FDA and Marketing Authorization Application (MAA) to the European Medicines Agency </font></div><div style="border-bottom:0.5pt solid #000000;margin-bottom:5pt;margin-top:10pt;opacity:1;width:144pt"></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">4</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva Announces New IXIARO</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">&#174;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> Supply Contract with the U.S. Government Worth a Minimum of $32.8 Million - Valneva</font></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:139%;position:relative;top:-2.8pt;vertical-align:baseline">5</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:139%"> Indications differ by country - Please refer to Product &#47; Prescribing Information (PI) &#47; Medication Guide approved in your respective countries for complete information, incl. dosing, safety and age groups in which this vaccine is licensed, ETEC &#61; Enterotoxigenic Escherichia coli (E. Coli) bacterium.</font></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">6</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva Announces FDA&#8217;s Decision to Suspend License of Chikungunya Vaccine IXCHIQ</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">&#174; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">In the U.S. </font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">&#59;</font><font style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva Provides Update Following European Medicines Agency Announcement on Use of IXCHIQ</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">&#174;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> in Elderly</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">&#59; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva Provides Update on ACIP Recommendation for its Chikungunya Vaccine IXCHIQ&#174; Among U.S. Travelers </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">3</font></div><div><font style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">in 2026. Upon approval and successful commercialization of VLA15, Valneva would be eligible to receive $143 million in initial milestone payments from Pfizer, plus sales royalties ranging from 14% to 22% and up to $100 million in cumulative sales milestones.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">CHIKUNGUNYA VACCINE - IXCHIQ</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:700;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174; </font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">&#47; VLA1553<br>Pilot vaccination campaign ongoing in Brazil</font></div><div style="text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">In February 2026, Valneva and Instituto Butantan announced the initiation of a Pilot Vaccination Strategy (PVS) in Brazil using Valneva&#8217;s single-shot chikungunya vaccine, IXCHIQ</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:700;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">. The vaccination campaign will serve as the basis for post-marketing commitment studies evaluating the effectiveness and safety of IXCHIQ</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:700;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> in a real-world setting and generating real-world evidence in a large population. </font></div><div style="text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">The PVS, agreed to between the Brazilian Ministry of Health (MoH) and Instituto Butantan, will be implemented in ten Brazilian municipalities strategically selected based on epidemiological and operational criteria in support of the PVS. In line with the current IXCHIQ</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:700;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> label in Brazil, adults aged 18 to 59 years will be invited to participate, with the objective of achieving 20% to 40% vaccine coverage within the target population. Additionally, Valneva, through its partner Instituto Butantan, will donate up to 500,000 doses of IXCHIQ</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:700;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> to the Brazilian MoH, for use in the program.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">SHIGELLA VACCINE CANDIDATE &#8211; S4V2</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">First Phase 2 results expected mid-2026</font></div><div style="text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">S4V2 is the world&#8217;s most clinically advanced tetravalent vaccine candidate against shigellosis, the second leading cause of fatal diarrhea worldwide.</font><font style="background-color:#ffffff;color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> Two clinical trials of S4V2, a Phase 2 infant safety and immunogenicity trial</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">7</font><font style="background-color:#ffffff;color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">, and a Phase 2b Human Challenge trial (CHIM)</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">8</font><font style="background-color:#ffffff;color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">, sponsored by LimmaTech Biologics AG, are ongoing. First Phase 2 results are expected mid-2026. Subject to positive results for both trials, Valneva will assume responsibility for all further development</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">9</font><font style="background-color:#ffffff;color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">No approved multivalent Shigella vaccine is currently available outside of Russia or China, and the development of Shigella vaccines has been identified as a priority by the World Health Organization (WHO)</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">10</font><font style="background-color:#ffffff;color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">. In October 2024, the U.S. FDA granted Fast Track designation to S4V2, recognizing its potential to address a serious condition and fill an unmet medical need</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">11</font><font style="background-color:#ffffff;color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">. The global market opportunity for a vaccine against Shigella is estimated to exceed $500 million annually</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">12</font><font style="background-color:#ffffff;color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">ZIKA VACCINE CANDIDATE &#8211; VLA1601</font></div><div style="margin-bottom:6pt"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">Positive Phase 1 results announced</font></div><div style="border-bottom:0.5pt solid #000000;margin-bottom:5pt;margin-top:10pt;opacity:1;width:144pt"></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">7</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva and LimmaTech Announce First Vaccination in Phase 2 Infant Study of Tetravalent Shigella Vaccine Candidate S4V2 - Valneva</font></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">8</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva and LimmaTech Announce First Vaccination in Phase 2b Human Challenge Study of Tetravalent Shigella Vaccine Candidate S4V2</font></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">9</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Valneva and LimmaTech Enter into a Strategic Partnership to Accelerate the Development of the World&#8217;s Most Clinically Advanced Tetravalent Shigella Vaccine Candidate - Valneva</font></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:139%;position:relative;top:-2.8pt;vertical-align:baseline">10</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:139%"> </font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:139%;text-decoration:underline">Immunization, Vaccines and Biologicals (who.int)</font></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:139%;position:relative;top:-2.8pt;vertical-align:baseline">11</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:139%"> </font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:139%;text-decoration:underline">Valneva and LimmaTech Awarded FDA Fast Track Designation for Tetravalent Shigella Vaccine Candidate S4V - Valneva</font></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:139%;position:relative;top:-2.8pt;vertical-align:baseline">12</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:139%"> LEK analysis</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">4</font></div><div><font style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">In 2025, Valneva </font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">announced positive safety and immunogenicity results for the Phase 1 clinical trial of VLA1601, its second-generation adjuvanted inactivated vaccine candidate against the Zika virus (ZIKV)</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">13</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">. </font></div><div style="text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Despite the medical need, regulatory pathways and market opportunity for potential Zika vaccines remain uncertain. Valneva will therefore only consider further potential development steps for VLA1601 if private and public funding opportunities materialize.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#00a0cd;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Full Year 2025 Financial Review </font></div><div style="text-align:justify"><font style="color:#00a0cd;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">(Audited</font><font style="color:#00a0cd;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:125%;position:relative;top:-3.85pt;vertical-align:baseline">14</font><font style="color:#00a0cd;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">, consolidated under IFRS)</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">Revenues</font></div><div style="text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Valneva&#8217;s total revenues were &#8364;174.7 million in 2025 as compared to &#8364;169.6 million in 2024. The increase was driven by IXIARO</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">&#47;JESPECT</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174; </font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">and IXCHIQ</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> sales. </font></div><div style="text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Other revenues, including revenues from collaborations, licensing and services increased to &#8364;16.8&#160;million in 2025 as compared to &#8364;6.3 million in 2024. The increase for 2025 was mainly attributable to the recognition of variable consideration relating to the Company&#8217;s research collaboration and licensing agreement for the Lyme disease program.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Operating Result and adjusted EBITDA </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Costs of goods and services sold (COGS) were &#8364;107.1 million in 2025. The gross margin on commercial product sales, excluding IXCHIQ</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">, remained flat at 50.8% as compared to 50.6% in 2024. Positive effects from lower third-party product sales were offset by higher manufacturing expenditure following the completion of the manufacturing transfer to the new Almeida facility in Scotland.</font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Gross margin for IXIARO</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174; </font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">reached 59.6%, slightly lower than the 61.0% achieved in 2024. The decline for 2025 was mainly driven by higher manufacturing costs at the Almeida facility combined with lower manufacturing volumes during 2025. Gross margin for DUKORAL</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> reached 33.3% for 2025 as compared to 38.7% in 2024. Batch failures during the last quarter of 2025 were the primary factor behind this margin compression. Gross margin for IXCHIQ</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> was negative, impacted by &#8364;8.5 million of inventory write-offs, mostly related to the termination of the supply agreement with Serum Institute of India in December 2025. Finally, COGS of &#8364;12.5 million were attributable to the third-party distribution business, &#8364;10.8 million related to idle capacity and costs not allocated to products and &#8364;7.2 million related to services. For comparison, total COGS in 2024 were &#8364;98.5 million, including &#8364;90.0 million in cost of goods and &#8364;8.5 million in cost of services.</font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Research and development expenses amounted to &#8364;85.3 million in 2025, compared to &#8364;74.1 million in 2024. This increase for 2025 was mainly driven by higher costs related to the Shigella vaccine </font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">under the R&#38;D collaboration agreement with LimmaTech Biologics AG and increased IXCHIQ</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> post-marketing obligations.</font></div><div style="border-bottom:0.5pt solid #000000;margin-bottom:5pt;margin-top:10pt;opacity:1;width:144pt"></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:5.2pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">13</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">https&#58;&#47;&#47;valneva.com&#47;press-release&#47;valneva-reports-positive-results-for-phase-1-trial-of-second-generation-zika-vaccine-candidate&#47;</font></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">14</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> The audit procedures on the consolidated financial statements have been performed. The audit report will be issued upon finalization of audit procedures regarding the URD filing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">5</font></div><div><font style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Marketing and distribution totaled &#8364;37.4 million in 2025, down from &#8364;52.4 million in 2024. The decrease for 2025 primarily reflects reduced advertising and promotional spending related to</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> IXCHIQ</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:133%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">, partly offset by higher warehousing and distribution costs.</font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">General and administrative expenses decreased to &#8364;37.3 million in 2025 from &#8364;42.8 million in 2024. The reduction for 2025 was primarily driven by lower recruiting costs, reduced insurance charges, and savings in advisory and professional services.</font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Other income, net of other expenses, decreased to &#8364;10.4 million in 2025 from &#8364;20.7 million in 2024. The decline for 2025 was mainly driven by lower R&#38;D tax credits in Austria and reduced grant income from Scottish Enterprise recognized during 2025.</font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Valneva recorded an operating loss of &#8364;82.1 million in 2025 compared to an operating profit of &#8364;13.3 million in 2024. This change was primarily driven by the absence of the 2024 net gain of &#8364;90.8 million related to the PRV sale.</font></div><div><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">The adjusted EBITDA loss (as defined below) in 2025 was &#8364;59.4 million, compared to an adjusted EBITDA profit of &#8364;32.9 million in 2024, which in 2024 had benefited from the gain associated with the PRV sale. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Net Result </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Valneva recorded a net loss of &#8364;115.2 million in 2025, compared to a net loss of &#8364;12.2 million in 2024. Net result, operating loss and adjusted EBITDA are not comparable between 2024 and 2025 because of the 2024 gain from the PRV sale.</font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Finance expense and currency effects resulted in a net finance expense of &#8364;32.1 million in 2025, compared to &#8364;24.8 million in 2024. This increase was mainly attributable to &#8364;17.9 million higher interest expenses, mostly related to one-time effects from the 2025 repayment of the loan with Deerfield Management Company and OrbiMed (D&#38;O).</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Cash Flow and Liquidity</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Net cash used in operating activities amounted to &#8364;52.9 million in 2025, compared to &#8364;67.2 million in 2024.</font><font style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:133%"> </font><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">The reduction in 2025 was driven by efficient cost management.</font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Cash used in investing activities amounted to &#8364;1.7 million in 2025, compared to cash inflows of &#8364;76.9 million in 2024. The 2025 outflows were primarily related to purchases of equipment, partly offset by interest income. In 2024, investing cash inflows were driven by &#8364;90.8 million in net proceeds from the sale of the PRV.</font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Net cash used in financing activities amounted to &#8364;0.6 million in 2025, compared to a net cash inflow of &#8364;30.7 million in 2024. Financing cash inflows in 2025 included &#8364;27.4 million in net proceeds mainly related to transactions using the Company&#8217;s at-the-market facility program, largely offset by interest payments and one-time effects related to the repayment of the D&#38;O loan. </font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Cash inflows for 2024 included &#8364;57.1 million in proceeds from a private placement.</font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Cash and cash equivalents were &#8364;109.7&#8239;million as at December 31, 2025, compared to &#8364;168.3&#8239;million as at December 31, 2024.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Non-IFRS Financial Measures</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">6</font></div><div><font style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Management uses and presents IFRS results as well as the non-IFRS measure of Adjusted EBITDA to evaluate and communicate its performance. While non-IFRS measures should not be construed as alternatives to IFRS measures, management believes non-IFRS measures are useful to further understand Valneva&#8217;s current performance, performance trends, and financial condition. </font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Adjusted EBITDA is a common supplemental measure of performance used by investors and financial analysts. Management believes this measure provides additional analytical tools. Adjusted EBITDA is defined as earnings&#47;loss for the period before income tax, finance (income)&#47;expense, foreign exchange (gain)&#47;loss, amortization, depreciation, and impairment. </font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">A reconciliation of Adjusted EBITDA to net loss for the period, which is the most directly comparable IFRS measure, is set forth below&#58;</font></div><div style="margin-top:4pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.956%"><tr><td style="width:1.0%"></td><td style="width:32.441%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.129%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.130%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">&#8364; in million</font></div></td><td colspan="6" style="border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Twelve months ended December 31</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">(consolidated per IFRS)</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">2025</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">2024</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Loss for the period</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">(115.2)</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">(12.2)</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Add&#58;</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Income tax expense</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">1.1</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">0.8</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Total Finance income</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">(2.6)</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">(2.4)</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Total Finance expense</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">41.9</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">24.0</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Foreign exchange (gain)&#47;loss - net</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">(7.2)</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">3.2</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Result from investments in associates</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt;text-align:center"></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:0 1pt"><div style="margin-bottom:8pt;text-align:center"></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Amortization</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">4.8</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">4.9</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Depreciation</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">16.9</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">14.7</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Impairment</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">0.9</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">0.0</font></div></td></tr><tr><td colspan="3" style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Adjusted EBITDA</font></div></td><td colspan="3" style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">(59.4)</font></div></td><td colspan="3" style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">32.9</font></div></td></tr></table></div><div style="margin-top:4pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Product sales (excluding third-party sales) at constant exchange rate&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#1e3c73;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">References</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> to changes in net sales </font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">at constant exchange rate (CER)</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> indicate that currency fluctuation effects have been removed. Net sales for the period in question are recalculated using the exchange rates applied in the prior period, as detailed below. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">7</font></div><div><font style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.617%"><tr><td style="width:1.0%"></td><td style="width:38.995%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.347%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.347%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.911%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">&#8364; in million</font></div></td><td colspan="6" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Twelve months ended December 31</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">(unaudited results, consolidated per IFRS)</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">2025</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">2024</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Year-over-year growth %</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Product sales</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">157.9</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">163.3</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">-3.3%</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Third-party product sales</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">19.2</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">33.2</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">-42.3%</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Product sales excluding third-party sales</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">138.7</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">130.1</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">+6.7%</font></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Effect of exchange rates (excluding third-party sales)</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">3.1</font></div></td><td colspan="3" style="border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Product sales (excluding third-party sales) at constant exchange rates (CER)</font></div></td><td colspan="3" style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">141.8</font></div></td><td colspan="3" style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.25pt solid #000;border-left:0.25pt solid #000;border-right:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">+9.0%</font></div></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#00a0cd;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:133%">Availability of the Full Year 2025 Financial Reports </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">The URD and 20-F are available on the Valneva website&#160;</font><font style="color:#467886;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">here</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">. In addition, the URD and 20-F are available on the AMF website (www.amf-france.org) and SEC website (</font><font style="color:#467886;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">www.sec.gov</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">), respectively.</font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">The Company&#8217;s 2025 URD includes its 2025 annual financial report, annual management report, sustainability report and the Board of Directors&#8217; corporate governance report.</font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">The 2025 URD and 20-F also provide a description of the Company&#8217;s major agreements, including the Company&#8217;s exclusive license agreement for Valneva&#8217;s Clostridioides difficile vaccine candidate, VLA84, with the Austrian biotechnology company Elaris, who is developing a next-generation vaccine. This agreement includes two development-related milestone payments as well as multiple milestone payments tied to regulatory approval and commercialization.</font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Additionally, the URD and 20-F describe the FDA&#8217;s recent inspection of the Company&#8217;s Almeida manufacturing facility in Scotland. The Company has received a response letter from the FDA, indicating that the FDA is unable to grant approval of the Almeida facility for the manufacturing of IXIARO</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:125%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">. The Company is actively addressing the FDA&#8217;s observations to remediate the issues identified. In the meantime, the Almeida facility is approved by the European Medicines Agency and Health Canada and operates under a manufacturers license from the UK&#8217;s Medicines and Healthcare products Regulatory Agency. Therefore, IXIARO</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:125%;position:relative;top:-3.85pt;vertical-align:baseline">&#174;</font><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%"> doses produced at this facility will be sold in these regions while products manufactured at the Manson site will be distributed in the United States.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">About Valneva SE</font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">We are a specialty vaccine company that develops, manufactures, and commercializes prophylactic vaccines for infectious diseases addressing unmet medical needs. We take a highly specialized and targeted approach, applying our deep expertise across multiple vaccine modalities, focused on providing either first-, best- or only-in-class vaccine solutions.</font></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">We have a strong track record, having advanced multiple vaccines from early R&#38;D to approvals, and currently market three proprietary travel vaccines.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">8</font></div><div><font style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Revenues from our growing commercial business help fuel the continued advancement of our vaccine pipeline. This includes the only Lyme disease vaccine candidate in advanced clinical development, which is partnered with Pfizer, the world&#8217;s most clinically advanced Shigella vaccine candidate, as well as vaccine candidates against other global public health threats. More information is available at</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%"> www.valneva.com</font><font style="color:#467886;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%;text-decoration:underline">.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.046%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.866%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-right:-2.63pt"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:127%">Valneva Investor and Media Contacts</font></div><div style="padding-right:-2.63pt"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:127%">Laetitia Bachelot-Fontaine</font></div><div style="padding-right:-2.63pt"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:127%">VP, Global Communications and European Investor Relations</font></div><div style="padding-right:-2.63pt"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:127%">M +33 (0)6 4516 7099</font></div><div style="padding-right:-2.63pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:127%">laetitia.bachelotfontaine&#64;valneva.com</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-right:-2.63pt"><font><br></font></div><div style="padding-right:-2.63pt"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:127%">Joshua Drumm, Ph.D.</font></div><div style="padding-right:-2.63pt"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:127%">VP, Global Investor Relations </font></div><div style="padding-right:-2.63pt"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:127%">M +001 917 815 4520</font></div><div style="padding-right:-2.63pt"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:127%">joshua.drumm&#64;valneva.com</font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-right:-2.63pt"><font><br></font></div><div style="padding-right:-2.63pt"><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:127%">&#160;&#160;&#160;&#160;</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Forward-Looking Statements</font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:139%">This press release contains &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995 and securities laws in&#160;France. These statements may be identified by words such as &#8220;aims,&#8221; &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;could,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;forecasts,&#8221; &#8220;goal,&#8221; &#8220;intends,&#8221; &#8220;may,&#8221; &#8220;plans,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221; &#8220;seeks,&#8221; &#8220;will&#8221; and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words.&#160;All statements other than statements of historical facts contained in this press release are forward-looking statements, including, but not limited to, statements with respect to&#58; future financial performance and financial guidance including projected product sales, total revenue and total R&#38;D investments&#59; Valneva&#8217;s plans for investment in future growth&#59; the timing of orders for commercial products&#59; plans and expectations regarding the development, commercialization and commercial prospects of Valneva&#8217;s product candidates and commercial products, including the prospects and timing of actions relating to clinical studies and trials and product approvals, such as study initiations, study advancements, data readouts, submissions, filings, approvals, and label expansions&#59; the expected benefits and availability of Valneva&#8217;s commercial products and product candidates&#59; and potential growth opportunities and trends, including the assumptions and expectations regarding total market opportunity targeted by Valneva&#8217;s product candidates and commercial products. These forward-looking statements are based on Valneva&#8217;s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties that could cause Valneva&#8217;s business, strategy, future results or performance to differ materially from those expressed or implied by the forward-looking statements. Many factors may cause differences between current expectations and actual results, including&#58; Valneva&#8217;s success in the commercialization of its commercial products&#59; uncertainties and delays involved in the development and manufacture of vaccines&#59; the potential that success in preclinical testing and earlier clinical trials does not ensure that later clinical trials will generate the same results or otherwise provide adequate data to demonstrate the efficacy and safety of a product candidate&#59; the impacts of macroeconomic conditions, including tariffs and other trade policies, the conflict in&#160;Ukraine&#160;and the conflict in the&#160;Middle East, fluctuations in inflation and uncertain credit and </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">9</font></div><div><font style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:139%">financial markets, on Valneva&#8217;s business, clinical trials and financial position&#59; unexpected safety or efficacy data observed during preclinical studies or clinical trials&#59; clinical trial site activation or enrollment rates that are lower than expected&#59; Valneva&#8217;s ability to realize the benefits of its collaboration and license agreements&#59; changes in expected or existing competition&#59; changes in the regulatory environment&#59; the uncertainties and timing of the regulatory approval process&#59; the impact of the global and European credit crisis&#59; the ability to obtain or maintain patent or other proprietary intellectual property protection and unexpected litigation or other disputes. Other factors that may cause the Company&#8217;s actual results to differ from those expressed or implied in the forward-looking statements in this press release are identified in the section titled &#8220;Risk Factors&#8221; in Valneva&#8217;s Annual Report on Form 20-F for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) and the</font><font style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:139%"> </font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:139%">Autorit&#233; des march&#233;s financiers</font><font style="color:#1e4179;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:139%"> (&#8220;AMF&#8221;) on March 18, 2026, and in other filings made with the SEC and AMF from time to time. Valneva is providing this information as of the date of this press release and expressly disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.</font></div><div style="margin-bottom:8pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#002060;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">10</font></div><div><font style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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