Newsletter #118

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 Dear colleague employee and former employee shareholders of RENAULT Group,

For the past year, the AASR newsletter has no longer been distributed as a PDF file, but instead published directly online via a link sent by email to all employees who request it. We would like to thank the many of you who responded to the survey launched at the beginning of the year; your feedback shows that you are satisfied with this approach. You also provided us with suggestions for improvement, which we are implementing starting with this issue.

Please feel free to share your comments with us at any time, without waiting for surveys, as it is our collective intelligence that will enable employee shareholders to be effective in the Company’s governance.

Enjoy reading,

C. Quintard, President of the AASR

• February 19, 2026: Publication of the 2025 annual financial results
• March 10, 2026: Presentation of the new strategic plan
• April 22, 2026: Publication of first‑quarter 2026 revenue
• April 30, 2026: Annual General Meeting of the Renault Group

♦ Publication of the 2025 annual financial results on February 19:

Two topics will impact this announcement:

• The positive commercial performance in 2025
• The Nissan accounting transition

• The positive commercial performance in 2025:

In 2025, the Renault Group confirmed its global growth momentum, with 2,336,807 vehicles sold, up 3.2% in a global market that grew by 1.6%. All of the Group’s brands contributed to this performance: Renault (+3.2%), Dacia (+3.1%), and Alpine, which surpassed the 10,000 registrations threshold for the first time (+139%).

The year was also marked by a strong acceleration in electrification, with nearly 400,000 hybrids sold (+35%) and 194,000 electric vehicles (+76.7%), reinforcing the Group’s leadership in these segments. International sales increased significantly, particularly in Latin America, South Korea, and Morocco.

• The Nissan accounting transition

Renault is changing the way it accounts for its stake in Nissan. This results in a significant accounting loss in 2025, but with no impact on cash flow or on the dividend. From 2026 onward, the financial statements will be more stable, and this transition does not in any way affect cooperation between Renault and Nissan.

Until June 30, 2025, Renault assessed the value of its stake based on Nissan’s financial results.

⇒ This is somewhat like saying: “The value of what I own depends on my partner’s performance.”
This accounting method had a direct impact on Renault’s annual profit.

From June 30, 2025, Renault decided to align the value of this stake with Nissan’s share price on the stock market.

⇒ It is as if Renault were saying: “From now on, I value this asset at its actual market price, like any investor who looks at a share price.”
Future fluctuations in Nissan’s share price will no longer affect annual profit, but will be recorded directly in equity (a section of the balance sheet that does not impact net income).

When moving from one system to the other, the following are compared:

the former book value of the Nissan stake,

and its value under the new method (Nissan’s share price).

This remeasurement results in an exceptional accounting loss estimated at €9.5 billion, recorded in the 2025 financial results.

⇒ It is like revaluing your house at market price: if the market has fallen, your book wealth decreases… but nothing has changed in your wallet.

Despite the size of the accounting loss, several important elements remain unchanged:

• Cash flow, as this is not an actual expense.
• The dividend, which is not impacted by this change.
• The Renault–Nissan relationship, since this is an accounting adjustment, not an industrial or strategic one.

From 2026 onward:

• fluctuations in Nissan’s share price will no longer affect annual profit,
• Renault’s accounts will be more stable and easier to read,
• this normalization improves transparency: Renault now reports the value of its stake at its actual market price.

♦ Presentation of the new strategic plan on March 10, 2026

Expectations surrounding the new strategic plan presented by François Provost focus on:

• the medium‑term industrial roadmap,
• the evolution of key product lines,
• the further development of the software‑defined vehicle shift,
• governance and organizational structures designed to support this transformation.

♦ Publication of first‑quarter 2026 revenue on April 22:

An initial view of the trend for the 2026 financial year.

♦ Annual General Meeting of the Renault Group on April 30, 2026:

A key moment to make your voice heard and influence the decisions that will shape the future of our company. From now on, it is essential to prepare to vote: every vote counts, and ours — the employees’ vote — already represents a significant share of the capital.

Why is your vote decisive?
Because it reflects the vision of employees, those who experience the Group’s transformation on a daily basis. A high level of participation strengthens employees’ ability to carry weight alongside other shareholders and to support the Group’s sustainable and responsible development.

Once the resolutions are known, the AASR will consult its members to define its position on each resolution and will share its reasoned opinions with you. In April, by logging on to the BNP Paribas “My Entreprise Savings” website, you will be able to vote online just as easily as you check your Group Savings Plan (FCPE) account.

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