2025年尼斯中小盘股会议反馈：要点

OVERVIEWThe 20thMid & Small Caps Conference took place at theHyatt Regency Palais de laMéditerranéein Nice on 20 and 21 May.This Bernstein event provided the opportunity for 79investors from 62 institutions to meet with management from 82 European Mid and Small Capcompanies (two-thirds hosted by C-suite management).The Conference generated 722 interactions between investors and companies, of which 41%one-to-one, 37% one-to-few and 21% group meetings.EXHIBIT 1:The 82 listed European mid & small caps that presented at the 2025Bernstein Nice conferenceAerospace & DefenseGeneral RetailExosens (EXENS.FP) *Ceconomy (CEC.GY)*Maisons du Monde (MDM.FP) *Automobiles & ComponentsSMCP (SMCP.FP) *Forvia (FRVIA.FP)OPmobility (OPM.FP)Healthcare, Medtech and BiotechStabilus (STM.GY) *Ambu (AMBUB.DC)Clariane (CLARI.PA) *Business ServicesEmeis (EMEIS.FP) *Elis (ELIS.FP) *Gerresheimer (GXI.GY)Pluxee (PLX.FP) *Siegried Holding (SFZN.SE) *Ranstad (RAND.NA)Spie (SPIE.FP) *Hotels & LeisureBeneteau (BEN.FP) *Capital GoodsEdreams Odigeo (EDR.SM) *CAF (CAF.SQ) *FDJ United (FDJU.FP)Dürr (DUE.GY)The Italian Sea Group (TISG.MI) *KION Group (KGX.GY) *Trigano (TRI.FP) *Manitou (MTU.FP) *TUI Group (GUI1.GY)Mersen (MRN.FP) *Nexans (NEX.FP)*Household & Personal CareBic (BB.FP) *ChemicalsGroup Seb (SK.FP)Clariant (CLN.SE)*K+S (SDF.DE) *Industrials & InfrastructureSolvay (SOLB.BB) *Aurubis (NDA.GY) *Bekaert (BEKB.BB) *FinancialsBilfinger (BFL.BY) *Antin (ANTIN.FP) *Eiffage (FGR.FP)Avanza (AZA.SS) *GEA (G1A.GY)Ayvens (AYV.FP) *Getlink (GET.FP)Banca Mediolanum (BMED.IM)Hochtief (HOT.GR)Eurazeo (RF.PA) *Imerys (NK.FP) *Tikehau (TKO.PA) *Verallia (VRLA.FP) *Wendel (MF.FP) *Vicat (VCT.FP) *Source: BernsteinAll sectors were represented at the event, with the largest number of companies in Industrials &Infrastructure and in Technology/Software.MID & SMALL CAPS NICE CONFERENCE 2025 FEEDBACK aleksander.peterc@bernsteinsg.com+33 1 57 29 45 25marie-line.fort@bernsteinsg.com+33 1 42 13 85 21philippe.lorrain@bernsteinsg.com+33 1 42 14 75 16flavien.baudemont@bernsteinsg.com+33 1 42 14 81 51May 27, 2025LogisticsTechnology/SoftwareID Logistics (IDL.FP) *Alten (ATE.FP) *Atos (ATO.FP) *Aubay (AUB.FP) *Luxury GoodsIndra (IDR.SQ) *Interparfums (ITP.FP) *Lectra (LSS.FP) *Planisware (PLNW.PA) *Reply (REY.IM) *MediaSopra Steria Group (SOP.FP)Aramis Group (ARAMI.FP) *VusionGroup (VU.FP) *Banijay Group (BNJ.NA) *74Software (74SW.FP) *Canal+ (CAN.LN) *Havas (HAVAS.NA) *Ipsos (IPS.FP) *Telecom ServicesJCDecaux (DEC.FP) *Elisa (ELISA.FH) *Eutelsat (ETL.FP) *Oil ServicesGTT (GTT.FP) *TransportSBM Offshore (SBMO.NA)Air France-KLM (AF.FP) *Technip Energies (TE.FP) *Deutsche Lufthansa (LHA.GY)Vallourec (VK.FP) *Wizz Air (WIZZ.LN) *Viridien (VIRI.FP) *Utilities & Clean EnergyRubis (RUI.FP) *Property/Real EstateIcade (ICAD.FP) *Nexity (NXI.FP) *SemiconductorsNordic Semi (NOD.OL) *1 Aleksander PetercMarie Line FortPhilippe LorrainFlavien Baudemont As in previous years, French companies were the most represented (48 companies, 59% of total),followed by German companies (14, 17% of total).20 companies received 20 or more meeting requests. The top 10 most requested companies (bydescending order) were the following:1. SPIE2. Alten3. Sopra Steria4. Exosens5. KION Group6. Elis7. Nexans8. Trigano9. GTT10. VusionGroupFOCUSON US TARIFFS,MACROECONOMIC CONDITIONS ANDGEOPOLITICAL TENSIONSBernstein’s research teams published conference feedback reports on 50 covered stocks on 21,22 and 23 May.Three main themes emerged from these feedback reports.1.The impact of US tariffs, and more generally, of trade wars on demand patterns andon the companies’ outlooks.•Beneteau, Bic, Manitou, OPMobility, SMCPandStabiluswere the companies with thebiggest negative impact of US tariffs.•Roughly one-third of companies, predominantly exposed to European end-markets, sawno direct impact from tariffs.•Wesingled out Eutelsat as a potential beneficiary of US-imposed tariffs,as governments around the world (outside the US) seek to de-risk their criticalcommunication services away from Elon Musk-controlled Starlink in favour of Eutelsat(currently the only LEO alternative to Starlink).2.Nearly all companies noted the weak macroeconomic climate(in large part related toindirect effects of trade wars on demand).MID & SMALL CAPS NICE CONFERENCE 2025 FEEDBACK3 •We singled outBic, BeneteauandLectraas companies that reported extremely lowvisibility, due to weak macroeconomic conditions.•OnlyAmbu, GTTandVeralliareported little in the way of macro headwinds, and GTTeven noted that the new US administration’s policies are positive for the worldwide LNGindustry.3.Geopolitical tensionswere also a major topic of discussions, as a headwind or a tailwind todemand across the various end-markets.•Elisa, EutelsatandExosensnoted that geopolitical tensions led to increased demandfor their products/services, specifically in the government/defence vertical.•Most other companies reported limited to neutral impacts from geopolitical t