2024
Universal
Registration
Document
& Annual
Financial Report
SUMMARY




Messages 2
Profile
Strategy
4
6 6 statements
Consolidated financial
257
ESG 10
6.1 Financial statements 258
Governance 12
6.2 Notes to the consolidated financial statements 262
Performance 14 6.3 Statutory auditors’ report on the consolidated
financial statements 319

1 Introduction to the Group 19
6.4 History of significant consolidated items and ratios 323


1.1
1.2
History and organization
Business sector
20
24
7 Company financial statements 325
1.3 Strategy and value creation 27
7.1 Financial statements 326
1.4 New ESG ambition by 2030 40
7.2 Notes to the SEB S.A. financial statements 328
1.5 Medium-term outlook 54
7.3 Five-year financial summary 342
7.4 Statutory auditors’ report on the financial statements 343

2 Risk factors and risk management 55
2.1 Risk control system 56
8 Information concerning the company
and its share capital 347
2.2 Risk factors and management 60
8.1 Information concerning the company 348
8.2 Information on the share capital 350

3 Corporate governance 71
8.3
8.4
8.5
Financial authorizations
Employee shareholding
Securities market, dividend
355
356
359
3.1 Implementation framework for corporate
governance principles 72
3.2 Organization of powers
3.3 Composition, organization and operation
of the Board of Directors 73
72
9 Annual General Meeting 361
3.4 Group management bodies 104 9.1 Agenda for the Combined Annual General Meeting
3.5 Remuneration policy 105 of 20 May 2025 362
9.2 Draft resolutions and Board of Directors’
report to the Combined Annual General

4 Sustainability Report 127
Meeting of 20 May 2025
9.3 Statutory auditors’ report on regulated
agreements
363

371
4.1 General disclosures 128
4.2
4.3
4.4
Environmental information
Social information
Governance information
151
195
228
10 Additional information 373

4.5 Statutory auditors’ report on the certification 10.1 Declaration by the person responsible for the
on sustainability information 231 Universal Registration Document containing the
4.6 Vigilance Plan 235 annual report 374
10.2 Statutory auditors and audit fees 374
10.3 2024 Regulated information 375

5 year
Commentary on the financial
247
5.1
5.2
Highlights
Commentary on consolidated sales
248
250
11 Appendices 377

5.3 Commentary on the consolidated results 253 Glossary 378
5.4 Commentary on SEB S.A.’s results 254 Cross-reference table for the Annual Financial
Report, management report and corporate
5.5 Post-balance sheet events 256 governance report 381
5.6 Main disputes 256 Cross-reference table for the Universal
Registration Document 383




Information required for Annual financial report,
pursuant to Article L. 451-1-2 of the Monetary and
Financial Code, is identified in the table of contents
with the AFR symbol.
2024
Universal
Registration
Document
& Annual
Financial Report




This Universal Registration Document has been filed on 3 April
2025 with the AMF, as competent authority under Regulation
(EU) 2017/1129, without prior approval pursuant to Article 9 of
the said regulation. The Universal Registration Document may
be used for the purposes of an offer to the public of securities or
admission of securities to trading on a regulated market if
completed by a securities note and, if applicable, a summary and
any amendments to the Universal Registration Document. The
whole is approved by the AMF in accordance with Regulation
(EU) 2017/1129.
MESSAGES




MESSAGE
Messages
from the Chairman
of Groupe SEB




“Our operational performance
illustrates the robustness
of our model and the strength
of our leadership positions,
driven by constant innovation.”
Thierry de La Tour d’Artaise
Chairman of the Board of Directors




“
2024 was a particularly strong pillars and commitments, fully integrated into
year for Groupe SEB. our strategy. We are stepping up our work to
In a complex economic and reduce our carbon footprint, with ambitious
geopolitical environment, our markets have targets approved by the SBTi. As pioneers
demonstrated their resilience and continued of repairability, we are expanding our
their positive momentum. Our operational commitment to the circular economy, working
performance illustrates the robustness of for more diversity, and will continue to
our model and the strength of our leadership support initiatives with a high social impact.
positions, driven by constant innovation.
I would like to thank all our employees,
The acquisition of Groupe Sofilac, with shareholders and partners for their
its iconic brands Charvet and Lacanche, commitment and trustworthiness. True to
is testament to our ambition to accelerate our corporate mission – make consumers’
in the Professional business. Continuing this everyday lives easier and more enjoyable
dynamic, we are proud to announce the and contribute to better living all around
acquisition of La Brigade de Buyer in early the world – we pursue our development
2025. These acquisitions strengthen with ambition and responsibility.”
our position as a reference player in the
Professional business, while valuing the
unique know-how of exceptional companies.
At the same time, we have taken a new step
in terms of corporate and environmental
responsibility with the launch of our ESG
roadmap for 2030. This is based on strong




2 GROUPE SEB Universal Registration Document 2024
MESSAGE
from the CEO
of Groupe SEB




“Bolstered by these successes,
we are approaching 2025
with ambition and confidence.
We anticipate another year
of organic sales growth and a
further increase in ORfA.”
Stanislas de Gramont
Chief Executive Officer




“
Groupe SEB confirmed in 2024 2024 was also marked by major strategic
its return to sustained growth. developments: the launch of a hub in China
Our sales increased by 5% for Professional Coffee and the strengthening
organically and our Operating Result from of our expertise in Professional Culinary
Activity by 10%, bringing the operating with the acquisition of Groupe Sofilac,
margin to 9.7%, in line with our ambitions. completed by the acquisition of La Brigade
de Buyer in early 2025.
The Consumer business was the driver
of this dynamic with an overall organic I would like to give my thanks to our teams
growth of 6%, including 9% outside whose constant determination has made it
of China, driven by favorable markets possible to achieve these good results.
and a good pace of new product launches
in our major product families. We have Bolstered by these successes, we
returned to solid performance in Western are approaching 2025 with ambition
Europe and North America, while continuing and confidence. In an environment that
to achieve double-digit growth in Eastern remains uncertain, we anticipate another
Europe and South America. In China, year of organic sales growth and a further
Supor has strengthened its leadership increase in Operating Result from Activity.”
despite a still weak market. Other Asian
countries posted slight growth for the year.
The Professional division consolidated
its performance after an exceptional year
in 2023. Sales, supported by international
expansion, remain at a historically high level.




Universal Registration Document 2024 GROUPE SEB 3
PROFILE




Profile

Worldwide Groupe SEB occupies a leadership
position in the Small Domestic Equipment

leadership market. It is also the market leader
for professional coffee* and has recently
expanded into professional culinary.



of which €7.3bn
€8.3bn
Consumer business

in revenue
and €1bn
Professional
business




9.7%
Operating
more than
400m
margin products sold
per year



Our mission: “Make consumers’ everyday
lives easier and more enjoyable and contribute
to better living all around the world.”
Our values
• Entrepreneurial drive • Respect for people
• Passion for innovation • Professionalism • Group spirit


CONSUMER PROFESSIONAL
BUSINESS BUSINESS
• Cookware and • Hot or cold beverages
kitchen utensils • Professional cooking
• Electrical cooking • Food preparation
• Beverages • Cookware and kitchen utensils
• Food preparation • Hotel equipment
• Linen care
• Floor care Main brands
• Home comfort
• Personal care

Main brands




* Excluding vending machines.




4 GROUPE SEB Universal Registration Document 2024
INTERNATIONAL PRESENCE More than
Consumer sales
150
countries




11%
North 35% 26%
America
Western
China

> 32,000
Europe




7%
employees


16%
Other EMEA
Other Asian
countries 44
industrial sites
countries

5%
South -CO₂*18%
America emissions
since 2021




OVER 10 YEARS
STEADY GROWTH
Group sales
2024 ~ 7%
€8.3bn
Average annual
sales growth



more than €4bn
free cash flow generated
2014
€4.8bn

> 7%
Average annual
dividend growth




* Scopes 1 & 2.




Universal Registration Document 2024 GROUPE SEB 5
STRATEGY



The Group intends to apply the key
success factors of its consumer
A profitable
Strategy business to its professional business.


growth strategy
CONSUMER MARKET

Market estimated at
€80bn*
PROFESSIONAL MARKET

Strengthen our Market estimated at
global leadership
€15bn*
Key features of the market
• Structural growth (> 3% per year) Become a
driven by the rise of the middle
classes in emerging economies
reference player
and by the trade-up in mature markets
• Explosion of new distribution modes
(e-commerce, social networks and more) Key features of the market
• Fragmented market
• Sustained growth: 5% –10% per year
• High barriers to entry and higher profitability
Our vision • Recurring revenue from services
• Develop product innovations
in a life-centric approach Our vision
• Meet specific needs with new
• Apply our key Consumer success
technologies
factors to the Professional business
• Strengthen our leadership
• Expand our existing beverage
positions by expanding to new
range and penetrate new market
categories and geographies
segments, including culinary
• Roll out our brands in all regions
and for all client types




*Target market (see Chapter 1)




Our Group medium-term ambition
• Life-for-like sales CAGR of
at least 5%
• Operating margin progressing toward 11%
•C
 ontinued substantial free cash flow generation




6 GROUPE SEB Universal Registration Document 2024
Our key success
factors

STRONG A GLOBAL CONTINUOUS
BRANDS PRESENCE INNOVATION



Robust portfolio More than €320m
of global and local
complementary brands
150 countries invested in innovation
in 2024
Broad and balanced
2 brands geographical coverage A fundamentally
that each account life centric approach
for €2bn in sales




EXTENSIVE COMPETITIVE
GO-TO-MARKET
PRODUCT INDUSTRIAL
OFFERING EXCELLENCE FOOTPRINT



More than 50 Multi-channel distribution: More than
product categories 60%* 240m
offline products manufactured
40% * in 2024
online Production
60% internal
* % of Consumer sales.
40% external

&



Proven expertise in external growth


Pioneer in social and environmental responsibility




Universal Registration Document 2024 GROUPE SEB 7
STRATEGY




World-leading
positions No. 1
Consumer sales

75%
Professional automatic
in markets where coffee machines
the Group is a leader*




No. 1 No. 1 No. 2 No. 1 No. 2
Linen care Cookware Blender Electrical cooking Beverages


*1st or 2nd position.




€2.5bn
Life-centric
in sales in 2024
with products
innovation
launched Innovation driven by new consumer habits
since 2022 creating a broad product offering to meet
specific needs.




~3,000 more than 470
employees dedicated patents filed
to innovation in 2024




Strong brands
The Group holds a portfolio of historic and powerful brands
that have made it a success in local and international markets.




Created in 1880, Created in 1956, Created in 1994, No. 1
No. 1 in professional No. 1 in cookware in electrical cooking and
coffee* cookware in China
* Excluding vending machines.




8 GROUPE SEB Universal Registration Document 2024
Digital at the
forefront
more than
20,000
Digital has exploded and has influencer content
transformed how consumers items generated
buy products and services. in 2024
In response, the Group lost
no time in implementing innovative
digital solutions via a committed > 4m
user community, a diverse range users via the
of digital content and many Group’s products
influencers around the world. and applications




Dynamic
external growth 14
acquisitions
in 10 years
Since its creation, the Group has made
a name for itself as a major player in market
consolidation. These acquisitions have 2023
contributed to its strong development. 2018 2020


2015 2024 2025

2005 2011
2019 2022
2007
1972
1997 2001 2016

1968
2006
2004
1998
1988




Consumer brands Professional brands




Committed employees
Respect for people is one of the Group’s core values.
At Groupe SEB, we are firmly convinced of the value of diversity
and inclusion in building cohesion and driving performance.



~14 years 115 43%
seniority of nationalities of managers
the top 200 managers are women



Universal Registration Document 2024 GROUPE SEB 9
ESG



As a pioneer in repairability and sustainability,
ESG
Groupe SEB has always built its approach around ESG.
Building on the success of its previous plan for the period
2018–2023, the Group announced its new ESG goals

Our ESG
and targets for 2024 to 2030 at the end of 2024.



ambition is fully integrated
into our corporate strategy
2024–2030: FOUR PILLARS
UNDERPINNING OUR CORPORATE MISSION



MAKE CONSUMERS'
EVERYDAY LIVES EASIER AND MORE ENJOYABLE
AND CONTRIBUTE TO BETTER LIVING ALL AROUND THE WORLD




Act Act as a leader in Act
for nature circular economy for all




Act ethically and responsibly




RECOGNIZED ESG PERFORMANCE
2024 INTERNATIONAL
RATING AGENCIES 2024
ESG STANDARDS




A- 48/100 B-Prime 80/100
Climate Change




78/100* 22.1 BBB
Platinum Top 1% Medium risk
* 2023 rating


10 GROUPE SEB Universal Registration Document 2024
2030 TARGETS TO ACCELERATE AND INTENSIFY
THE SUSTAINABLE TRANSFORMATION 2030
TARGETS
CLIMATE
GHG* emission reduction - 42%
(vs. 2021)
(scopes 1 & 2) STI LTI


Act for GHG emission reduction - 25%
nature (scope 3.1, 3.4 and 3.11) (vs. 2021)
WATER - 25%
Water consumption reduction (vs. 2021)
ECO-DESIGN
Repairability of Small Domestic Appliances > 90%
(% of sales)

Recyclability of Small Domestic Appliances
(% by weight) > 85%
Act as Recycled materials
60%
a leader (% of weight, direct purchases) LTI

in circular
economy No inner virgin plastic bags 100%
CIRCULAR BUSINESS MODEL
Refurbished products sales 3% –5%
in target geography
(% of Small Domestic Appliances sales)

SUPPLIERS
Responsible Purchasing Charter 100%
(% of tier 1 suppliers covered)

Supplier engagement
in an ESG program 500
(representing 80% of the carbon footprint)

Act CONSUMERS
for all Quality monitoring (% of ISO 9001 certified entities)
100%
EMPLOYEES
Workplace safety (accidents at work, LTIR) < 0.5
PROFIT-SHARING STI

Diversity
(% women in senior positions) LTI > 32%
STI Included in short-term incentives remuneration LTI Included in long-term incentives remuneration
PROFIT-SHARING Included in statutory and discretionary employee profit-sharing in France
* Greenhouse gases.




NET-ZERO TRAJECTORY BY 2050 APPROVED BY THE SBTi IN 2024

2030 2050
vs. 2021 vs. 2021
The Group
is stepping up Own operations
TRAJECTORY (scopes 1 & 2) - 42% - 90%
its commitment
APPROVED
to combating IN 2024 Transport and distribution
climate change. (scope 3.4)
In line with the goals
Procurement of goods and services
of the Paris Agreements
to limit global warming (scope 3.1) - 25% - 90%
to 1.5 °C. Use of sold products
(scope 3.11)




Universal Registration Document 2024 GROUPE SEB 11
GOVERNANCE




Governance
Balanced and engaged, Groupe SEB’s governance

Board is focused on improving performance.


of Directors as of 31/12/2024


EMPLOYEE CHAIRMAN OF THE BOARD INDEPENDENT
DIRECTORS OF DIRECTORS DIRECTORS




Nora Laurent Jean-Pierre Yseulys
BEY HENRY Thierry DUPRIEU COSTES
DE LA TOUR D’ARTAISE
P GRC ACC
P SCSRC




Brigitte BPIFRANCE FONDS
FORESTIER INVESTISSEMENT STRATÉGIQUE
Adeline DE PARTICIPATIONS
GRC
(FSP)

14
LEMAIRE
Director
representing
Catherine
ACC SCSRC
employee POURRE
shareholders members Permanent
representative P ACC SCSRC GRC
of BPIFRANCE Permanent
INVESTISSEMENT representative
of the FSP




FAMILY DIRECTORS




William François Thierry Aude GÉNÉRACTION VENELLE
GAIRARD MIRALLIÉ LESCURE DE VASSART Member of the INVESTISSEMENT
Founder group Member of the
SCSRC ACC SCSRC Member of the
Founder group
Founder group, Caroline
Member of the Member of the Member of the member of VENELLE CHEVALLEY Damarys
Founder group, Founder group, Founder group, INVESTISSEMENT
member of VENELLE member of VENELLE member of
BRAIDA
GRC
INVESTISSEMENT INVESTISSEMENT GÉNÉRACTION GRC
Permanent
representative Permanent
of GENERACTION representative
of VENELLE
INVESTISSEMENT



ACC Audit and Compliance Committee

Governance and Remuneration Committee
1/3  54% 7  100%
GRC
independent women meetings attendance
SCSRC Strategic and CSR Committee directors vs. 45% in 2023 in 2024 vs. 96.5% in 2023
P Chairman




12 GROUPE SEB Universal Registration Document 2024
THREE SPECIALIZED COMMITTEES
The Board of Directors has three specialized Committees
to assist it in areas where specific skills and meetings are required.
As of 31 December 2024, these committees are as follows:




AUDIT AND GOVERNANCE AND STRATEGIC AND CSR
COMPLIANCE COMMITTEE REMUNERATION COMMITTEE COMMITTEE




4
members
5
members
5
members

5
meetings
9
meetings
3
meetings


100% 98% 100%
attendance attendance attendance




CHANGES TO THE COMPOSITION
OF THE BOARD OF DIRECTORS
IN 2024 Renewals and
appointments
The 2024 Annual General The Board renewed the at the 2025 Annual
Meeting renewed the appointment of Thierry General Meeting
following terms of office: DE LA TOUR D’ARTAISE
Thierry DE LA TOUR D’ARTAISE, as Chairman of the Board The proposed changes
Fonds Stratégique de of Directors. to the composition of
Participations represented by the Board of Directors
Finally, Adeline LEMAIRE
Catherine POURRE, and Venelle
Investissement, represented by
was appointed permanent are presented in
representative of BPIFRANCE
Damarys BRAIDA. It also appointed
INVESTISSEMENT.
Chapter 9 of this Universal
François MIRALLIÉ as a director. Registration Document.
As of 31 December 2024,
the Board of Directors
had 14 members.




Universal Registration Document 2024 GROUPE SEB 13
PERFORMANCE




2024 financial highlights
Performance



Financial performance

SALES AND OPERATING RESULT PROFIT ATTRIBUTABLE
ORGANIC GROWTH FROM ACTIVITY AND TO OWNERS
OPERATING MARGIN OF THE PARENT

+5.3% +5.0%
+22.1% +9.3%
7,960 8,006 8,266 802 422
726 386
620 316
9.7%

9.1% 232


7.8%



2022 2023 2024 2022 2023 2024 2022 2023 2024


Sales in € million ORfA in € million Profit for the period in € million
Operating margin as % Adjusted for the provision
of sales relating to the French
Competition Authority fine




FREE CASH FLOW CAPITAL EXPENDITURE NET DEBT AND
(in € million) (In € million)* LEVERAGE RATIO
(at 31/12)




233 1,973 * 1,926*
217 1,769 *

805 176
2.3
1.8
1.8
260

-20

2022 2023 2024 2022 2023 2024 2022 2023 2024


* Cash outflows for purchase Net debt in € million
of PP&E and intangible Net debt/Adjusted EBITDA
investments
* Including IFRS 16 debt of €371m
in 2022, €358m in 2023
and €311m in 2024



14 GROUPE SEB Universal Registration Document 2024
Non-financial performance

Labor relations and social performance
HEALTH AND SAFETY DIVERSITY PHILANTHROPY
OF EMPLOYEES Percentage of women Corporate sponsorship
LTIR* in management positions expenditure, total Group
(in € millions)
3.9 4.0
1.1 >32% 3.6
27%
24%
0.8 20%
0.7
< 0.5



// // // //
Target Target
2021 2023 2024 2030 2021 2023 2024 2030 2022 2023 2024


* Lost Time Injury Rate of
accidents with days lost




Environmental performance
RECYCLED MATERIALS SCOPE 1 & 2 GHG EMISSIONS SCOPE 3 GHG EMISSIONS*
Percentage of recycled materials Trajectory of GHG emissions* Trajectory of GHG emissions
in packaging and products (k tons of CO2 eq., ref. 2021**) (M tons of CO2 eq., ref. 2021**)
manufactured by the Group


60%
260




-21.4% -18.4% -15.6% -13.5% -25.0%
12.4




48% -42.0%
10.7
10.5




45%*
212
204




9.3




34%
151




// // // // // //
Target Target Target
2021 2023 2024 2030 2021 2023 2024 2030 2021 2023 2024 2030

* Greenhouse gas * Included: scopes 3.1, 3.4 and 3.11
* Adjusted data ** SBTi commitments made relative to 2021 ** SBTi commitments made relative to 2021
% vs 2021 % vs 2021




Universal Registration Document 2024 GROUPE SEB 15
PERFORMANCE




Stock market
performance
CHANGE IN THE SHARE PRICE SINCE 01/01/2019 (BASE 100)
SHARE PRICE VARIATION SINCE 01/01/2019 (BASE 100)

Number of shares
200 600,000
1 year;
180 550,000
- 2%
500,000
160
450,000
140
1 year;
400,000
- 23%
120
350,000

100 300,000

80 250,000

200,000
60
150,000
40
100,000
20
50,000

0 0
31 /2021
31 /2021
30 /2021
30 /2021
31 /2021
31 /2022
31 /2022
31 /2022
30 /2022
30 /2022
31 /2022
31 /2023
31 /2023
31 /2023
30 /2023
30 /2023
31 /2023
31 /2024
31 /2024
31 /2024
30 /2024
31 /2024
24
31 /2019
31 /2019
31 /2019
30 /2019
30 /2019
31 /2019
31 /2020
31 /2020
31 /2020
30 /2020
30 /2020
31 /2020
31 /2021




/20
/01
/03
/05




/03
/05




/09
/07




/07
/09
/11
/01
/03
/05
/07


/11
/01
/03
/05
/07




/05
/09
/11
/01
/03


/07
/09
/12
/09
/11
/01
/03
/05
/07
/09
/11
/01
01




SEB SBF 120 SEB Euronext volumes




DATA SHEET 2024 PERFORMANCE
Listing market Stock market indices
Euronext Paris, CAC® Mid 60, SBF® 120, As of 31/12/2024:
Compartment A CAC® Mid & Small, Closing price: ....................................... €87.50
CAC® All-Tradable, Stock market capitalization .......... €4,842m
ISIN code STOXX® Europe 600, + high (during trading session): ..... €120.20
FR0000121709 Vigeo Europe 120, - low (during trading session): ........ €84.75
MSCI Small Caps,
LEI code Euronext CDP Environment Year average
969500WP61NBK098AC47 France, (closing price): .................................. €102.92
Euronext Family Business
Date of first listing Average of the last 30
27 may 1975 Other information closing prices of the year: ................ €89.71
Eligible for deferred
Number of shares settlement Daily transaction
55,337,770 shares at a average (Euronext volume,
par value of €1 Tickers in shares): ........................................... 59,888
Reuters: SEBF.PA
Bloomberg: SK.FP




16 GROUPE SEB Universal Registration Document 2024
SHARE CAPITAL BREAKDOWN AT 31/12/2024
1.2%
Treasury shares
6.4%
Individual shareholders

34.6%
Family voting block*


Floating = 37.0% Shareholders
Institutional investors 55.3 million shares
43.4% from the Founder
of capital (as % of EGM capital) group
0.3%
Other family shareholders**

7.2%
FÉDÉRACTIVE and associates**
3.3%
Employees
4.7% 5.2%
FSP BPIFRANCE (LAC1)




BREAKDOWN OF VOTING RIGHTS AT 31/12/2024
0.8%
6.0% Treasury shares
Individual shareholders




27.7% 41.7%
Institutional investors Family voting block*
Floating = Shareholders
81.3 million votes
33.7% from the Founder
of voting rights (EGM theoretical votes) group
3.6%
Employees
0.4%
Other family shareholders**
6.4%
FSP 9.7%
FÉDÉRACTIVE and associates**
3.6%
BPIFRANCE (LAC1)




* F ounder group shareholders continuing the initial concerted voting block (Agreement of 27/02/2019) including VENELLE INVESTISSEMENT,
GÉNÉRACTION, HRC and other family shareholders.
** S
 hareholders from the Founder group.




NET EARNINGS PER SHARE AND DIVIDEND (IN €)
proposed to the General Meeting on 20 May 2025

7.73
7.01
5.74
4.26 Earnings per share
Adjusted for the provision
relating to the French
2.62 2.80* Competition Authority fine.
2.45
Dividend


* Proposed to the General
2022 2023 2024 Meeting on 20 May 2025.




Universal Registration Document 2024 GROUPE SEB 17
18 GROUPE SEB Universal Registration Document 2024
1 Introduction to the Group

1.1 History and organization 20 1.4 New ESG ambition by 2030 40

1.1.2
Groupe SEB at a glance 20 1.4.1
Act for nature 46
1.1.3
Organizational structure 21 1.4.2
Act as a leader in the circular economy 49
1.1.4
Our business model 22 1.4.3
Act for all 51

1.2 Business sector 24 1.5 Medium-term outlook 54

1.2.1
Our Consumer business 24
1.2.2
Our professional business 25

1.3 Strategy and value creation 27

36.1.1
Value creation model 27
1.3.1
Strong leadership and brands 27
1.3.2
A global presence 28
1.3.3
Continuous innovation 29
1.3.4
Extensive product offering 33
1.3.5
Go-to-market excellence 34
1.3.6
Competitive industrial footprint 35
1.3.7
Proven expertise in external growth 38




Universal Registration Document 2024 GROUPE SEB 19
1 INTRODUCTION TO THE GROUP
History and organization




1.1 History and organization
Groupe SEB has been at the heart of consumer life for more than by fundamental values that have contributed to its success:
165 years. With around 40 brands in more than 150 countries, entrepreneurial drive, respect for people, passion for innovation,
it holds a leadership position(1) in Small Domestic Equipment and professionalism and group spirit. These values have been upheld
in Professional coffee (excluding vending machines). Over the from the outset by the founders and senior executives, thus
years, it has grown steadily, reaching nearly €8.3 billion in sales uniting thousands of employees in order to succeed together in
in 2024. This development has been achieved through organic the mission that the Group has set itself of “Making consumers’
growth, fueled by innovation, but also through targeted everyday lives easier and more enjoyable and contributing to
acquisitions. Since its inception, the Group has always been driven better living all around the world”.


Groupe SEB at a glance
1857 1952
1968
Traveling tinsmith Antoine
Lescure sets up his tinsmithery
SEB becomes a
limited company, led by Acquisition of Tefal and 1973
workshop in Selongey Frédéric and Henri Lescure its European subsidiaries Creation of the holding company SEB



1944 1953 1972 1975
The company adopts the name Launch of Strengthening in SEB S.A. listed on the Paris
Société d’Emboutissage the SEB pressure cooker Small Electrical Appliances Stock
de Bourgogne (SEB) with the acquisition of Calor Exchange to boost
the Group’s growth




1995 1988 1976
Launch of the Ingenio Acquisition of Rowenta Emmanuel Lescure becomes
removable handle concept in Germany Chairman and CEO of the Group



1997 1990 1981
Entry into South America Jacques Gairard succeeds Launch of the first
with the acquisition of Arno in Brazil Emmanuel Lescure as head of the Group electrical iron
and Volmo in Colombia




2000 2004 2007 2012
Thierry de La Tour d’Artaise
becomes Chairman and CEO of Acquisition of All-Clad Acquisition of a majority Launch of Cookeo,
Groupe SEB in the US stake in Supor in China the intelligent multi-cooker



2001 2006 2016
Takeover of Moulinex-Krups Launch of Actifry, Acquisition of the German group
the fryer with one spoonful of oil WMF and entry into the Professional
business through coffee



2024
Strengthening in professional cooking
2022
with the acquisition of the Sofilac Group, owner of Separation of the functions of Chairman
the Charvet and Lacanche brands and Chief Executive Officer



2023
Strengthening in
Professional with the acquisition
of Pacojet and in premium
with Forge Adour




(1) In the document, the positions, sizes and market shares are calculated based on the latest available statistics and panels (GfK, Euromonitor, etc.) and Group estimates.



20 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
History and organization 1
Organizational structure


SEB S.A.


Consumer Professional
business business




EMEA AMERICAS ASIA

Western Other North South Other
Europe countries America America China* countries

* including the listed company Zhejiang Supor Co. Ltd.


SEB S.A. is the parent company of Groupe SEB, which owns The list of the main consolidated companies of Groupe SEB as
the Consumer business, which is reported by region, and the of 31 December 2024 is presented in section 6.2 “Notes to the
Professional business. consolidated financial statements, note 32”.
There are Group-wide business units within the Consumer business:
(i) kitchen electrics (ii) cookware and kitchen utensils (iii) and home
and personal care.




Universal Registration Document 2024 GROUPE SEB 21
1 INTRODUCTION TO THE GROUP
History and organization




Our business model
Our business
OUR RESOURCESmodel OUR VALUE CREATION FORMULA

Committed Our strategic ambition
staff
• > 32,000 employees Strengthen our leadership positions
• 115 nationalities in Small Domestic Equipment...
• Managers: average of 14 years
of service; 43% women
• 6,500 employees in sales
and marketing
Our key success factors
Innovation at the heart
of the Group
• ~3,000 employees STRONG A GLOBAL CONTINUOUS
BRANDS PRESENCE INNOVATION
• 6 centers of excellence
• 6 regional hubs
• €320m invested in 2024 Robust portfolio More than €320m
• > 10,000 active patents of global and local 150 countries invested in
(> 470 filed in 2024) complementary innovation
Broad and balanced
brands in 2024
geographical coverage
Manufacturing 2 brands A fundamentally
base that each account life centric approach
• 44 production sites, for €2bn in sales
including 6 dedicated to
professional business
• More than 240m products
manufactured per year
• All sites ISO 14001 certified
Proven expertise in external growth
Strong Structuring or targeted acquisitions that have
brands contributed to the Group’s development
• 40 brands in 150 countries
• Top 5 brands > 85% of Consumer sales

Pioneer in social and environmental
A solid
financial base responsibility
• Shareholder stability ESG at the heart of the Group’s strategy
• Shareholders’ equity > €3.5bn
• Available liquidity of €2.5bn*

* including undrawn credit lines


GROUP VALUES

Entrepreneurial Respect
drive for people




22 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
History and organization 1

Our mission “Make consumers’ everyday lives easier and more
enjoyable and contribute to better living all around the world”


VALUE CREATED AND SHARED

For
employees
... and become a reference player • 15 hours of training on average
in the Professional business per employee per year in 2024
• 5th best employer in France
(electrical equipment category)
• 61% of work-study students
or interns hired (executives)


For
customers
EXTENSIVE COMPETITIVE • More than 350m products sold
GO-TO-MARKET
PRODUCT EXCELLENCE INDUSTRIAL per year (5-year average)**
OFFERING FOOTPRINT
• €2.5bn in sales from products
launched since 2022
More Multi-channel More than • 75% of sales generated in markets
than 50 distribution: 240m where the Group has leadership positions
product 60%* products
categories offline manufactured For the planet
in 2024 and society
40%*
online Production • Net Zero 2050 trajectory
validated by SBTi
60% internal
* % of Consumer sales. • 48% recycled materials in our products
40% external and packaging in 2024
• -18% reduction in CO2 eq. emissions
since 2021 (scopes 1 and 2)
• Synergies in terms of geographic areas, •>
 90% of our Small Domestic Appliances
products and business sectors. products are repairable for 15 years
• Ability to mobilize the necessary financial
and human resources. For
• Integration expertise. suppliers
• ~82% of direct purchases and finished
• A pioneer in repairability since 2008. products covered by the Responsible
Purchasing Charter
• Ecodesign at the heart of product development.
• The Group’s commitment to its local communities • 34 suppliers ➜ AA Intertek label
is deeply rooted in its DNA.
• Objective of achieving global carbon neutrality by 2050. For
shareholders
 RfA: €802m
•O
• Adjusted profit attributable to owners
of the parent: €422m***
• Free cash flow: €260m
• 2024 dividend: €2.80*
Passion for Profes- Group (+7.5% on average per year for 15 years)
innovation sionalism spirit * proposed at the 2025 AGM.
** excluding Professional & accessories.
*** adjusted for the provision relating to the French Competition
Authority fine. Reported Profit attributable to owners €232 million.




Universal Registration Document 2024 GROUPE SEB 23
1 INTRODUCTION TO THE GROUP
Business sector




1.2 Business sector
Groupe SEB is a longstanding player in the Small Domestic Equipment market, where it occupies several leadership positions. It has
also developed leadership positions in the Professional market since 2016 and is the world leader in coffee (excluding vending
machines). More recently, the Group has strengthened its position in the Professional market by expanding into cookware, food
preparation and cooking.


1.2.1 Our Consumer business
Groupe SEB holds a leadership position in the Small Domestic The market targeted by the Group is estimated at approximately
Equipment (SDE) market, which includes small domestic €80 billion, including €55 billion for small domestic appliances
appliances and cookware and kitchen utensils. Small Domestic and around €25 billion for cookware and kitchen utensils.
Equipment accounted for approximately 88% of the Group’s
sales in 2024.


Small domestic appliances
The small domestic appliances market targeted by the Group ■ floor care (canister, versatiles or robotic vacuum cleaners,
comprises several segments or product families of different sizes washers, etc.);
and strengths. ■ home comfort (fans, heaters, air purifiers, etc.);
The Kitchen Electrics segment, which accounted for approximately ■ personal care (hair styling and removal devices, hair clippers,
45% of consumer sales in 2024, consists of: bathroom scales, etc.)
■ electrical cooking (deep and oilless fryers, multi-cookers, rice The small domestic appliances market is scattered. It is
cookers, informal meal appliances, grills, waffle-makers, electric composed of a large number of players with different profiles
pressure cookers, toasters, etc.); including (i) global generalist actors like Philips, De’Longhi,
■ beverage preparation (automatic espresso coffee makers, filter Electrolux, BSH or SharkNinja or regional ones like Midea,
or pods coffee makers, kettles, tea pots, beer taps, etc.); Joyoung, Oyster, Mondial or Arcelik, (ii) premium players often
■ and food preparation (blenders, food processors, mixers, juice focused on a product family like Dyson, Roborock, Vorwerk or
extractors, beaters, hand blenders, etc.). Jura and (iii) retailer brands or non-branded products, which
have an often entry-level product offering.
The Home and Personal Care segment accounted for
approximately 20% of the Group’s consumer sales in 2024. This
segment consists of:
■ linen care (irons and steam generators, garment steamers,
spot cleaners, etc.);


Cookware and kitchen utensils
The market for cookware and kitchen utensils targeted by the The kitchen utensils segment consists of:
Group is fairly evenly distributed between the two segments. The ■ kitchen knives, ladles, spatulas, scraper spatulas, etc.;
business accounts for about 35% of the Group’s consumer sales.
■ food preservation boxes;
The cookware segment consists of:
■ insulated bottles and mugs.
■ frying pans and saucepans: aluminum, steel, ceramic, stainless
steel or cast iron, coated or uncoated, with a fixed or removable The market for cookware and kitchen utensils is very
handle; fragmented with (i) global or regional generalist brands such as
Fissler, Zwilling-Staub, Tramontina or Greenpan, (ii) premium
■ pots and woks (coated or uncoated), pressure cookers; brands such as Le Creuset , and (iii) retailer brands.
■ baking trays and ovenware.


Trends in the Small Domestic Equipment market
The Small Domestic Equipment market is characterized by ■ the development of multi-equipment; this is notably the case
structural growth of more than 3% per year driven by various for coffee makers (filter, espresso, automatic grinders), vacuum
factors: cleaners (canister, versatiles, robot), ironing (irons, steam
■ the growth of the middle class in emerging economies, driven generators, garment steamers);
by an increase in purchasing power, which stimulates spending ■ new local lifestyle and consumer habits including a passion
on Small Domestic Equipment and increases the number of for home-made cooking, greater attention to health and well-
households with such appliances; being, a more nomadic life and a more responsible and
■ uptrading, fueled by new technologies that enable the design sustainable approach;
and delivery of innovative solutions that meet the needs of ■ new needs, adapted to the size and configuration of households
consumers; (growing number of single-parent families, people living alone,
aging population/“silver economy”), etc.




24 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
Business sector 1
The Small Domestic Equipment market is highly seasonal, due These online sales are also boosted by direct-to-consumer (DTC)
to the significant proportion of products sold during holidays sales by brands via their own “brand.com” websites or
or special commercial events (Christmas, Chinese New Year, dedicated concessions on major platforms (marketplaces).
Ramadan, Chinese Singles’ Day, Prime Day, Black Friday, In addition, the emergence of social commerce on social
Mother’s Day, etc.). networks has transformed these platforms into real online
The sector has faced a shift in distribution, notably with the very stores. The phenomenon, which is particularly important in
rapid growth of e-commerce and social commerce. China, notably via the applications of PinDuoDuo, Douyin/TikTok,
Online sales accelerated during the Covid years. They represent is gradually developing in other countries.
a large part of the market growth, driven by global or national These developments have further blurred the boundaries
players (such as Amazon, T-Mall, JD.com, Mercado Libre, between physical retail distribution and online commerce. The
Allegro, Coupang…) but also by the merchant sites of distributors trend is now toward omni-channeling, giving consumers direct
that initially had only a physical presence (Click & Mortar). access to a much wider range of products and services, with a
growing role for influencers and brand ambassadors.


1.2.2 Our professional business

BEVERAGES CULINARY EQUIPMENTS
Automatic Filter and Cold Cookware Hotel Food Pro and
espresso traditional beverages equipment preparation semi-pro
coffee coffee cooking
*




*


* Living Heritage Company


The Professional business accounted for around 12% of the ■ by expanding into the professional beverage sector with the
Group’s sales in 2024. In this business, services (maintenance, acquisition in 2022 of the Spanish company Zummo, a major
repair, spare parts...) represent approximately 30% of the sales. player in fruit juice extractors;
Groupe SEB entered this business in 2016 through the acquisition ■ and finally, by expanding its presence in the professional
of the WMF Group, which gave it a strong position in the professional cooking segment, with the acquisition of Krampouz in 2019, a
coffee market – with immediate global leadership in automatic leader in professional crepe makers and planchas, and in 2023
espresso machines, with the brands WMF and Schaerer. This in the food preparation sector with the acquisition of Pacojet,
acquisition also gave the Group entry into high-end hotel equipment a company with recognized expertise in emulsions.
under the WMF and Hepp brands. More recently, the Group entered the professional and semi-
The Group has continued to make inroads into the professional professional culinary segment with the acquisition in 2024 of
equipment world through external growth: Sofilac, a French group specializing in the design, manufacture
■ by rounding out its coverage of professional coffee market and marketing of high-end cooking equipment (notably with the
segments, through the acquisition in 2019 of Wilbur Curtis, a key Lacanche and Charvet brands).
player in filter coffee machines in the United States, and more At the beginning of 2025, the Group announced the acquisition of
recently in 2023 with the acquisition of La San Marco, a world- La Brigade de Buyer, thus strengthening its presence in professional
renowned Italian manufacturer of traditional coffee machines; and premium cookware (see section 5.5 Post-balance sheet events).




Universal Registration Document 2024 GROUPE SEB 25
1 INTRODUCTION TO THE GROUP
Business sector




The Professional market
The Professional market targeted by the Group represents ■ filter coffee makers, which have a significant presence in
approximately €15 billion and consists in particular of the following certain markets, particularly in the United States, Northern
categories: Europe and Japan, where filter coffee remains a mainstream
■ beverages ; consumer product.
■ hot: automatic espresso coffee makers, filter and traditionnal The professional coffee market is concentrated and is made up
coffee makers, of players such as Franke, Thermoplan, Melitta, La Marzocco or
Evoca. Some brands, such as Jura, have strong positions in
■ cold: juice extractors and centrifugal juicers ; specific segments (e.g. offices).
■ cooking and food preparation ; The sale of equipment is often complemented by a service
■ cookware and kitchen utensils, offering (servicing/maintenance and spare parts) which generates
recurring revenue.
■ hotel equipment,
The professional culinary market targeted by the Group
■ food preparation,
includes various categories such as cookware and utensils
■ and cooking. (frying pans, saucepans, kitchen knives, etc.), hotel equipment
Professional coffee accounted for around 90% of sales of the (especially cutlery, crockery, serving trays, etc.), food preparation
Group’s Professional business in 2024. This market is estimated (including blenders, food processors and emulsifiers) and cooking
at around €3 billion (excluding vending machines). It comprises (horizontal – like stoves, deep fryers, planchas or waffle makers
three main technologies: – or vertical – like ovens).
■ automatic espresso makers that are aimed at fast food chains, The types of end users are varied and include commercial
restaurants, cafes, hotels, bakeries, offices, and independent catering (with or without table service), contract catering, hotels,
outlets. This type of coffee maker represents more than 50% cruise ships and bakeries.
of the Group’s target market for professional coffee. It is It is a fragmented market (especially in Europe) with many
experiencing robust growth due to the many benefits it provides manufacturers that are local and/or are focused on a single
customers: wide choice of beverages of consistently high quality, product family, often of modest size. Like Groupe SEB, for several
automated process responding to the shortage of skilled labor years a few players have undertaken a process of consolidation
and efficiency needs, premiumization of the coffee offering; of the sector, in particular Ali Group, Middleby and ITW.
■ traditional makers (percolators) that are often the equipment
of choice in bars and restaurants. They are benefiting from
upgrading, driven by electronics and semi-automation;


Professional market trends
The Professional market targeted by the Group is characterized countries (China, Southeast Asia…) and (ii) a move toward the
in particular by: increasing use of coffee as an ingredient in hot or cold drinks,
■ high growth, from 5 to 10% per year, driven by the development especially in China and the United States. The automatic espresso
of out-of-home consumption, particularly coffee and snacks; machine segment takes full advantage of this enthusiasm.

■ high barriers to entry that are accompanied by a higher level The market for professional culinary equipment is strongly
of profitability than the consumer market; linked to demand from commercial catering. It was impacted by
the 2020 health crisis, but its growth drivers are numerous,
■ product innovation, improving convenience and productivity including:
while reducing operating costs;
■ a growing trend toward multi-equipment for the various players;
■ a virtuous business model with additional service-related
recurring revenue. ■ a long-standing customer loyalty and commitment to
traditional brands;
In recent years, coffee consumption in the world has developed,
with (i) a sharp increase in demand in traditionally tea-loving ■ short renewal cycles for small culinary equipment.




26 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
Strategy and value creation 1
1.3 Strategy and value creation
Groupe SEB has a mission: “Make consumers’ everyday lives ■ strengthen its leading positions in the Consumer business
easier and more enjoyable and contribute to better living all through a policy of continuous innovation and the ongoing
around the world”. expansion of its category coverage;
To carry it out, the Group detailed its medium-term ambition ■ become a reference in the Professional business by
during its Capital Market Day in 2023, which is based on two capitalizing on its success in the coffee sector to broaden its
strategic objectives: scope of activity: enter new market segments and expand into
new business lines, in particular in the culinary segment.


Value creation model
To implement its strategy, Groupe SEB makes use of a value Extensively tested in the Consumer segment over the last few
creation model based on the key success factors that built decades, this model is now being applied to the Professional
the Group. These strengths developed over time, are based on business, with the aim of making the Group a reference player in
the Group’s renowned expertise in external growth, and a long- this business.
standing commitment to social, societal and environmental
responsibility.


EXTENSIVE COMPETITIVE
STRONG A GLOBAL CONTINUOUS GO-TO-MARKET
PRODUCT INDUSTRIAL
BRANDS PRESENCE INNOVATION EXCELLENCE
OFFERING FOOTPRINT

&

PROVEN EXPERTISE IN EXTERNAL GROWTH

PIONEER IN SOCIAL AND ENVIRONMENTAL RESPONSIBILITY



1.3.1 Strong leadership and brands
Over time, Groupe SEB has forged a leadership position in Groupe SEB is the undisputed global leader in the cookware
the Small Domestic Equipment segment. Present in eight major market, with core brands like Tefal, Supor and Imusa and
Consumer product families (cookware, electrical cooking, beverage premium brands like All-Clad, WMF and Lagostina. It is also one
preparation, food preparation, linen care, floor care, home comfort of the world’s top five companies in the kitchen utensils and
and personal care), the Group is ranked first or second in many accessories market. In its core Professional business, the Group
categories. holds several leadership positions including that of global leader
in automatic espresso machines.




#1 Cookware #1 Electrical #2 Blending #2 Beverage #1 Linen care #1 professional
cooking preparation automatic espresso
machines

The Group thus generates over 75% of its revenues in countries where it holds leadership (#1 or #2).
The Group’s expansion and acquisitions have enabled it to build up a portfolio of around 40 highly regarded and complementary brands.
This multi-brand strategy, which has been strengthened over the years, gives it both broad and deep coverage of markets.




Universal Registration Document 2024 GROUPE SEB 27
1 INTRODUCTION TO THE GROUP
Strategy and value creation



The Group's brands are divided into two major complementary ■ premium consumer and semi-professional brands (WMF,
sub-groups: Lagostina, All-Clad, Lacanche, Silit, etc.) are distributed
■ core consumer brands, with a broad geographical and category through more selective channels and have a strong identity
presence in the Small Domestic Equipment universe, as well and values (communication, design, pricing policy, etc.).
as multi-channel distribution; The Group also has complementary professional brands. In
■ global brands: Tefal, a world leader in the cookware beverages, for example, the coffee brands WMF and Schaerer
segment, is the most globalized brand and is present in all (automatic espresso machines), Wilbur Curtis (filter coffee
product categories. Moulinex, Krups, and Rowenta have a makers) and La San Marco (traditional coffee) offer customers
more segmented reach: Moulinex in the electrical cooking different machine technologies to suit their needs. In the culinary
segment, Krups in coffee, and Rowenta in home and business, the Group’s brands allow to cover the different
personal care. All are very high-profile and highly attractive culinary stages, from (i) food preparation with Pacojet, (ii)
to consumers. cooking with the Krampouz or Charvet brands, for example, and
(iii) table service with the Hepp or WMF brands.
■ regional brands such as Supor in China, Arno in Brazil,
Imusa and Samurai in Colombia, Seb and Calor in France… With an average age of 75 years, the Group’s brands are deeply
rooted in the daily lives of several generations of consumers and
Their strength lies in their long-standing presence and
have forged close ties with them.
reputation in their markets which have created a strong
bond with consumers. They respond to regional or local
consumption patterns;


CORE CONSUMER BRANDS PREMIUM
AND SEMI-PROFESSIONAL BRANDS
GLOBAL




REGIONAL
PROFESSIONAL BRANDS




1.3.2 A global presence
Today, the Group has a presence in more than 150 countries. This “multi-local” presence makes it possible to benefit from
This unique global footprint is the result of an expansion strategy exposure to the various economies and capture all growth
based on both internal and external growth. opportunities in the countries where the Group has a presence.
The breadth of its product offering and its ability to adapt to the
specific needs of different markets have enabled the Group to
build up strong local positions.




28 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
Strategy and value creation 1
A CORRELATION BETWEEN STANDARD OF LIVING AND EQUIPMENT RATE
Switzerland
Spending on small domestic Appliances
(€/cap – 2023)

USA
Bubbles equal Germany
to the size of the small domestic Appliances market
Austria
in the country Canada
Australia
Korea Netherlands
UK Belgium
France
Portugal Italy
Japan
Poland

Turkey Spain
Greece Hong Kong
Russia
Brazil China
Ukraine
Malaysia
Vietnam GDP/cap Purchasing power parity
India Colombia
Mexico (€k – 2023)
Egypt


Americas EMEA Asia


This exposure provides with long-term development levers thanks to: ■ rapid growth in the level of household equipment in emerging
■ natural product renewal and new uses in mature markets; markets, due to the rise of the middle class, increased purchasing
power, changes in lifestyle and the adaptation of the product
offering to local consumption habits (see diagram above).

A GLOBAL AND BALANCED BUSINESS
7%
Other Asian countries
35% 49%
Western Europe Mature markets


26%
China

Consumer Consumer
sales sales
5%
South America
51%
11% 16% Emerging markets
North America Other EMEA countries


Due to the geographical breakdown of its sales, the Group is subject to various currency fluctuations that may have an impact on
turnover and operating margin. In order to smooth out these impacts, the Group makes use of various levers, including the introduction
of hedging on certain currencies or pricing flexibility (see section 2.2 Risk factors and management).


1.3.3 Continuous innovation
Groupe SEB’s history is marked by innovations, both incremental The 2000s marked a real technological turning point with the
and disruptive, encompassing continuous product improvements, introduction of Actifry in 2006, paving the way for a new era in
the development of new functional features and the introduction the 2010s. This era was marked by flagship products such as
of novel concepts. Cookeo, Optigrill, Companion, automatic coffee machines, etc.
These innovations include the Seb "cocotte-minute" (pressure The 2020s have seen the emergence of ceramic coatings for
cooker), emblematic of the 1950s, followed in the 1960s by the cookware, versatile vacuum cleaners and food processors, infrared
appearance of the first electrical appliances such as irons and rice cookers, but above all an increasing digitization of the customer
coffee makers. The 1970s saw the arrival of odorless fryers, while experience, which has transformed interaction with consumers
the 1980s saw the popularization of the raclette grill, a symbol of through connected services and digital platforms.
conviviality. The 1990s witnessed the emergence of compact
vacuum cleaners and the Ingenio removable handle concept.




Universal Registration Document 2024 GROUPE SEB 29
1 INTRODUCTION TO THE GROUP
Strategy and value creation



A ROBUST AND STRUCTURED PROCESS

Fine-tune
Understand Develop technologies product development Develop
societal trends as a trailblazer and the definition complete ranges
and consumer needs of the consumer experience

A process supported by substantial resources

Cutting-edge Industrial Cross-category
expertise in innovation expertise synergies


A LONG-STANDING COMMITMENT TO IMPROVING CONSUMERS’ EVERYDAY LIVES



The rigorous innovation process is based on: ■ industrial expertise based on targeted technological know-
how such as advanced plastic injection, metal processing,
■ the interpretation of major societal trends and changes in colaminating, specific enameling processes, aerodynamics,
consumer needs. Recent years have been marked by laser-assisted precision grinding, automation, robotization,
significant demographic changes and the emergence of new digital control of production data, digital quality control, etc.
lifestyles, with a particular focus on health and nutrition, an Deployed in the Group’s factories, this know-how constitutes
interest in home-made cooking, and greater environmental the foundation of its industrial expertise as well as a major
awareness. Decoding all these factors, which have a direct or competitive advantage.
indirect influence on the world of Small Domestic Equipment, ■ cross-category and multi-geographical synergies allowing
has led the Group to define its priority areas for innovation; certain products or features to be improved. For example, the
■ Leading-edge technologies such as automation, connectivity and enameling processes used in the production of cookware
intelligent systems to precisely manage product development have been transposed to iron soles to improve glide. Similarly,
and offer a structured product offering. Digitization plays a the technologies developed by Supor in rice cookers (spherical
key role in the customer experience. The Group also explores bowl, infra-red heating system, etc.) and electric pressure
innovative materials and food sciences to enrich its solutions; cookers have led to Tefal’s international range of rice cookers
■ the design and development of complete ranges to meet the and the genesis of the Cookeo intelligent multi-cooker, with all
expectations of all consumers, with appropriate solutions in its variations.
terms of functional features, specific needs, constraints and
price levels. Innovation is also outward-looking:
The Group has been engaged for many years in a proactive
Substantial resources are being approach to open innovation, participating in collaborative
deployed, including: research programs involving private companies and major
players in public research:
■ cutting-edge expertise in innovation, based on an internal
community of around 3,000 people whose wide range of ■ Innovate with SEB is the Group website dedicated to inventors,
skills fuels product development in more than 50 categories. scientists, researchers and designers who wish to innovate
By investing more than €300 million a year in innovation, with the Group and submit their inventions;
Groupe SEB affirms the continuation of its proactive development ■ SEB & You is a community of almost 15,000 members in
policy. In 2024, the Group filed more than 470 patents several countries (France, Germany, US, etc.). Created in 2015
worldwide, and has a portfolio of over 10,000 active patents, to test new concepts with consumers and develop insight
plus nearly 20,000 utility patents in China. Since 2021, the expertise, it enables them to test new product concepts and
Group has also been supported by its multidisciplinary Global gathers valuable feedback that drives the innovation process.
Innovation Center in Écully (France), which is deployed across This strengthens the Group’s ability to offer end users the
six regional platforms, in addition to six global centers of best product experience;
excellence drawing on the specific skills of experts. Finally, ■ user communities on the Group’s culinary applications and
the SEB Lab brings together the right tools for the new social networks. They are a source of inspiration for recipes
product creation process, enabling mixed teams (marketing, (almost 32,000 recipes shared by the community in the
research, design, internal and external experts) to identify, Group’s applications) and encourage the use of leftovers to
select and bring to fruition the concepts with the greatest avoid waste.
potential as quickly as possible;


In 2024, Groupe achieved Consumer sales of €2.5 billion with products launched since 2022




30 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
Strategy and value creation 1
Digitalization and connectivity
Continuous innovation also involves digitalization and product The offer of associated services within the framework of a global
connectivity. For example, the Cookeo intelligent multi-cooker, ecosystem comes in various forms:
launched in 2012, was equipped with a USB connection in 2014 ■ access to cooking recipes offered by the Group and by users
(Cookeo USB) allowing additional recipes to be imported via the on mobile applications;
Group’s websites. In 2017, it was possible to connect to a
smartphone via Bluetooth on Cookeo Connect, then in 2020, on ■ tutorials;
Cookeo Touch, the multi-cooker was equipped with a WiFi ■ shopping list management;
connection and a touch screen.
■ using the remaining ingredients in the refrigerator.
In 2024, Cookeo was available in different models in order to meet
The launch of the “Touch” models (Cookeo and I-Companion) marked
the varied needs of consumers.
a new stage in usage and in the preparation of meals, offering
Beyond upgrading, the development of connected products makes visual accompaniment to the various stages of a recipe, as well
it possible to improve the consumer experience. as recipes updated directly in the product via the WiFi connection.
€ €€€ €€€ €€€ €€

2012 2014 2017 2019 2020 2022 2023 2024




Cookeo Cookeo USB Cookeo Connect Cookeo+ Cookeo Touch Cookeo Touch Mini Cookeo Touch Pro Cookeo 10-in-1




Through its products and applications, the Group now brings together a community
of nearly 4 million active members in 2024.



Offer complete ranges to meet different needs
The Group is constantly seeking to expand its product portfolio For example, the Group now has a full range of versatile vacuum
and broaden its ranges in order to be as relevant as possible to cleaners that offer different features, from entry-level to the most
all types of consumers. premium models (Good, Better, Best strategy). These innovations
have allowed the Group to establish itself as one of the leaders
in the category in Europe.

€ €€ €€€
GOOD BETTER BEST PREMIUM




Universal Registration Document 2024 GROUPE SEB 31
1 INTRODUCTION TO THE GROUP
Strategy and value creation



In the area of electrical cooking, the Group continued to develop a larger cooking surface with Easy Fry XL Surface. The Group
its offer of oilless fryers in 2024 with the launch of higher- now has a complete range with different features, for all uses
capacity fryers (with Easy Fry Mega and Easy Fry Dual XXL) or and budgets, in line with consumers’ needs.

€ €€ €€€

Single drawer Dual drawers Multifunction
New in 2024 New in 2024 New in 2024




In linen care, the recent launches also offer a complete range ■ finally, consumers most concerned about their environmental
that meets the different needs of consumers all over the world. impact can choose more eco-friendly models, such as the
For example: Ultragliss Eco iron or the Pro Express Eco steam generator
■ consumers looking for a quick and easy solution can opt for a launched in 2024.
wide range of garment steamers, including Pure Pop and This depth of range has enabled the Group to consolidate its
Care For You; global leadership in linen care.
■ the most demanding users, looking for a flawless result in the
shortest possible time, can turn to the Pro Express Vision steam
generator or the Ultimate Power Pro iron launched in 2024;

Professional innovation
In the Professional business, in addition to geographical expansion, usage data to be collected, which can then be used for predictive
the Group also seeks to expand its product offering. The range maintenance.
available in professional coffee makes it possible to meet the The Group now offers a comprehensive range suitable for:
specific needs of all types of customers. This comprehensive
portfolio is fueled by product innovation and external growth. ■ offices;
In 2024, the Group launched the WMF Espresso Next machine ■ convenience stores;
for cafes and restaurants. This top-of-the-range machine is halfway ■ cafes, hotels and restaurants;
between a conventional machine for experienced baristas and a
■ chain stores;
fully automatic machine for public spaces, requiring less expertise.
■ and public spaces.
In North America, the Group also launched the Curtis Skyline
and Schaerer Soul C automatic machines for convenience The Group has an installed base of approximately 450,000 automatic
stores. These machines, which complement the existing range of coffee machines worldwide, including 140,000 connected machines,
filter coffee makers, are equipped with two-way telemetry. This serving approximately 30 million cups of coffee per day.
feature allows recipes to be modified remotely and machine

Offices Convenience stores Cafes/Hotels/ Chains/
Restaurants Public spaces




WMF 1100 S Office WMF 1500 F SCHAERER SOUL C WMF ESPRESSO NEXT CURTIS SKYLINE




32 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
Strategy and value creation 1
1.3.4 Extensive product offering
Thanks to the diversity of its product offering, Groupe SEB is part This extensive product offering, with around 50 product families,
of consumers’ daily lives, in every room of the house or on the makes it possible to meet the specific needs of each consumer
move, at any time of the day. It supports them in their daily and customer worldwide.
tasks, at social occasions, in shared moments and in their well-
being at home.

Kitchen electrics Home and personal care Cookware and kitchen utensils Professional

Electrical cooking Linen care Cookware Hot beverages

Sandwich makers Steam generators Aluminum frying pans and Cold beverages
and waffle‑makers saucepans with removable
handles

Informal meal appliances Garment steamers Fixed-handle aluminum frying Cookware
pans and saucepans

Electric pressure cookers Steam irons Ceramic saucepans Kitchen utensils
and multi-cookers and frying pans

Rice cookers Steampod Stainless steel frying Hotel equipment
pans and saucepans
with removable handles

Countertop ovens Spot cleaners Fixed-handle stainless steel Food preparation
frying pans and saucepans

Deep fryers Floor care Pressure cookers Cooking

Oilless fryers Handheld vacuum cleaners Stewing pots and cocottes

Fixed kitchen equipment Versatile upright wet and dry Bakeware
vacuum cleaners

Induction hobs Robot vacuum cleaners Woks

Grills Canister vacuum cleaners Kitchen utensils

Toasters Home comfort Kitchen scales

Beverage preparation Heaters Storage boxes

Kettles Air purifiers Kitchen knives

Pod coffee makers Fans Handheld mincers

Automatic espresso machines Personal care Thermal mugs

Filter coffee makers Depilators Other utensils

Food preparation Bathroom scales

Blenders Hair dryers, hair straighteners,
curlers

Mixers and beaters Electric hair and beard clippers

Food processors

Juice machines




Universal Registration Document 2024 GROUPE SEB 33
1 INTRODUCTION TO THE GROUP
Strategy and value creation




1.3.5 Go-to-market excellence
Groupe SEB has around 50 commercial subsidiaries covering ■ and e-commerce, which has been growing strongly in recent
more than 150 countries for its Consumer business. Its broad years, whether it is pure players (either directly or via
and diversified customer network, with some 2,000 key accounts marketplaces), or platforms for online sales of “physical” brands
worldwide, provides a solid foundation for the distribution of its (Click & Mortar), or social networks (social commerce) whose
products. Within the Group, approximately 6,500 sales and rapid growth in China and the United States has now gone global.
marketing employees lead this network and maintain a long- In addition, the Group has a network of 1,200 directly operated
term, constructive relationship with distributors. stores (under franchise or exclusive distribution), deployed in various
The Group’s exposure is increasingly balanced between online formats around the world. Their positioning may be multi-brand
and offline, with the main clients being: (Home & Cook) or mono-brand (Supor Lifestores). This network,
■ mass retailers, with which the Group has established and which generated nearly 7% of consumer sales in 2024, was visited
maintains longstanding partner relationships; by some 100 million people.
■ specialist retailers (specialized in electrical equipment, The Group has also focused on direct online sales to consumers
household appliances, etc.), who often benefit from physical (online DTC) via its own branded websites (brand.com) and
and online exposure; marketplaces. In 2024, this network represented around a hundred
merchant sites and generated almost 150 million visitor sessions.
■ traditional and convenience stores, which are still very
important in many emerging countries;

CONSUMER SALES BY DISTRIBUTION CHANNEL IN 2024

■ data marketing, which allows for a better understanding of
6% 41%
Other consumers. In 2024, the Group’s Customer Relationship
E-commerce*
Management (CRM) program comprised more than
7% 45 million members, half of them in China.
Group retail
■ live streaming, particularly in China, where the trend is
particularly strong: Supor delivers over 2,000 live stream
sessions a week, totaling around 10 hours on average,
14%
Specialist ■ a strong network of influencers and creators generating
more than 20,000 pieces of content worldwide in 2024;
15% 16% ■ the development of ecosystems such as applications, the
Traditional Mass retail
organization of communities and social networks, etc. For
example, the Group’s various culinary applications, outside
China, have about 1 million users per month;
* Pure players, DTC and Click & Mortar (Group estimates at 31/12/2024)
■ the creation of digital content via internal content factories
(particularly in France and China) that design and make available
This exposure to all distribution networks makes the Group’s
products accessible to as many people as possible, all around thousands of marketing items (videos, photos) that materialize
the world. Upstream, the Group is committed to transforming its in billions of views;
interactions with consumers through various levers: ■ ongoing optimization of in-store execution – through category
■ ramping up the digital marketing policy to increase the number management, effective merchandising, the creation of dedicated
of points of contact we have with consumers, via: shop-in-shops and promotional events – and online commerce.

■ brand websites that allow us to get to know our consumers The distribution in the Professional business is more traditional.
better and promote direct interaction between brands and In coffee, for example, the Group has 13 commercial subsidiaries
consumers, and a network of approximately 200 distributors covering more
than 100 countries. This set-up allows to closely work with clients
■ digital campaigns, which are essential today, represented and design the product offering with them in order to adapt it to
more than 80% of the Group’s direct media investments in their specific needs.
2024 (vs. 25% in 2015),


Group marketing and advertising expenditure in 2024:
>€580 million or ~7% of revenue




34 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
Strategy and value creation 1
1.3.6 Competitive industrial footprint
Since its creation, Groupe SEB has acquired a strong industrial BREAKDOWN OF SALES PRODUCTION 2024
expertise, based on unique know-how and a high degree of
production flexibility. The Group’s 44 sites, located in 14 countries,
produce more than 240 million products per year (or more than 6%
Americas
60% of the products sold). The locations of these industrial sites 24%
have been chosen so as to respond efficiently to the specific Europe
features of the markets:
■ european manufacturing targets mainly mature markets.
European plants specialize in product lines for which the Group
is a market leader. They rely on their strong historical know- 37%
Sourcing
how and state-of-the-art technology to produce volumes that €8,266m
guarantee a critical size;
■ manufacturing in emerging markets focuses on the needs of
these markets and, for mature markets, on high-volume 33%
Asia
products and/or products for which the Group wishes to retain
control of its specific technologies (products and processes)
at lower production costs;
In addition, the Group outsources part of its production for
common products or for which the Group does not have a strong
differentiating factor internally. The choice of what to outsource
is based on a systematic “make or buy” judgment process that
decides between investing in production and using subcontracting.

Since the acquisition of Supor in 2007, the Group has had an ■ have a competitive industrial base for the production of certain
industrial presence in China with seven main sites covering categories of products intended for mature markets.
more than 600,000 m2. This presence allows the Group to: In addition, the Group announced the creation of its first
■ be closer to Chinese consumers in order to develop products hub dedicated to Professional equipment in Shaoxing at the
adapted to local needs; beginning of 2024. The hub will be operational in 2026 and will
■ access a high volume market; include R&D centers, a purchasing department, and
manufacturing facilities. This new state-of-the-art hub reflects
■ integrate the entire value chain, from design to manufacturing, the Group’s commitment to sustainable growth in Asia and will
in order to maintain strict control over product quality and enable significant expansion into new categories. (see section
sustainability; 5.1 Highlights).
■ continuously improve processes thanks to local teams and
local partners who integrate emerging technologies such as
robotics, artificial intelligence and advanced manufacturing;




Universal Registration Document 2024 GROUPE SEB 35
1 INTRODUCTION TO THE GROUP
Strategy and value creation



GROUP’S SITES IN 2024

GERMANY

Emsdetten

FRANCE
Ingwiller Diez
Saint-Lô Vernon
Mayenne Is/Tille Geislingen CHINA
Hayingen
Lacanche Selongey
Tournus Rumilly Riedlingen Taicang
Marigny RUSSIA Shaoxing LKA
Pont-Évêque Shaoxing SDA
Charavines Hangzhou
Saint Petersburg Yuhuan
VIETNAM Wuhan
Lourdes CZECH REPUBLIC Heshan
Domažlice Vinh Loc
SWITZERLAND Binh Duong
Zuchwil Gradisca
USA Villafranca ITALY Ho Chi Minh
Canonsburg La Moncada Omegna
Montebello EGYPT

Borg El Arab
Baddi
INDIA
Rionegro

Cajicá
COLOMBIA
Recife
BRAZIL

Itatiaia



Cookware and kitchenware
Kitchen electric
Home and personal care
Professional




Groupe SEB manages its manufacturing facilities with discipline, In the future, augmented reality systems will assist operators in
with its sights set on constantly improving product quality, customer performing their tasks to improve performance.
service, personal safety and environmental protection. As such, In the long term, the Group is continuing its actions to improve
all of the Group’s sites have received ISO 9001 certification. performance and to adapt its industrial footprint, and more
In addition, the Group has deployed production process standards specifically:
in all its sites, including: ■ continued investment in capacity to support the ongoing
■ the PCO (Product Cost Optimization) project, which aims to expansion of its regional platforms and its activities in
reduce the cost price of existing products, optimize the future professional markets;
product offering, among other things, and increase perceived ■ the continuation of productivity plans in factories and the
value; optimization of its logistics footprint to reduce structural costs
■ the OPS (Opération Performance SEB) global program of and capital expenditures, while shortening lead times and
industrial and operational excellence, which involves improving quality and customer service;
the deployment of “lean manufacturing” in order to optimize ■ reduce its environmental footprint through responsible
the entire value chain, from suppliers to customers, and which investments aimed in particular at decreasing its energy
aims to reduce costs, inventories and outstandings, while consumption and greenhouse gas emissions (see section 1.4
shortening lead times. New ESG ambition by 2030).
Improvement projects are systematically accompanied by a
health and safety approach in order to prevent the occurrence of
musculoskeletal disorders (MSDs). The Group prioritizes the The supply chain as a productivity lever
ergonomics of workstations, automation, awareness-raising and
The supply chain is managed globally with the aim of ensuring
training of employees.
deliveries to customers on time, while optimizing inventory and
The Group is also working on the industry of the future. This will transport costs. As part of an optimization process, the Group
also help the Group reach a new milestone in terms of industrial regularly reviews its entire chain in order to streamline and
and logistical performance in order to better meet the needs of accelerate flows. The Group regularly reviews the geographical
its customers. In this respect, the Group is developing new location of certain suppliers, particularly suppliers of components
automation models using collaborative robots (cobots) and and sub-assemblies, with the aim of increasing their proximity
automated guided vehicles (AGVs) to reduce the arduousness of to its plants to improve responsiveness.
tasks. In the future, augmented reality systems will help
operators perform their tasks and improve performance.




36 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
Strategy and value creation 1
The Group is constantly striving to improve its logistics system, Europe. It is dedicated to small domestic appliances and makes
which comprises almost 70 warehouses worldwide, whose size it possible to pool inventories that supply the markets of Northern
and positioning make it possible to optimize inventory management Europe. The Group also announced a €30 million investment in
and provide the best possible service to its customers. the construction of a platform of up to 60,000 m2 in Til-Chatel
It has been supported since 2023 by a new 100,000 m2 logistics (Cote d’or, France), dedicated to the distribution of cookware.
center in Bully-les-Mines (Hauts-de-France), located in the heart This facility, which will enable supplies to be centralized and
of one of the densest rail, river and road transport networks in flows to Western European markets to be optimized, is expected
to be operational in the second half of 2025.


The amount of investments, mainly industrial & logistic, stood at €217 million in 2024,
compared to €176 million in 2023.



A rigorous and responsible purchasing policy ■ non-production purchasing covers a very broad spectrum of
expenditure (information systems, travel, overhead costs,
The Group’s purchasing policy is aimed at quality and responsible etc.). The Group therefore seeks to constantly improve the
sourcing. Deployed regionally and globally, it is able to optimize quality of the suppliers it selects, and to develop a Group-wide
negotiations, standardize materials and components, and purchasing methodology.
develop synergies globally. ■ for the purchase of finished products, the Group is committed
It also incorporates the principles of Sustainable Development, to integrating suppliers upstream in product development
based on environmental, social and ethical values, in line with processes in order to ensure greater fluidity in the creation of
the Group’s commitments (see section 1.4 New ESG ambition by the product offering, while complying with consumer safety
2030). In particular, it covers the concepts of fair and ethical standards.
business relationships and ensuring regulatory compliance,
particularly with regard to forced labor or the exploitation of
children or conflict minerals. Raw materials, currencies, components
Suppliers are selected in accordance with a strict process, and freight
which assesses their competitiveness and their ability to fulfill
In its line of business, the Group is exposed to fluctuations in the
the Group’s requirements in terms of quality, delivery timescales
prices of certain materials, such as metals like aluminum, nickel,
and compliance with the Group’s defined CSR standards
which is used to make stainless steel, and copper. It is also
(corporate social responsibility, corporate ethics).
exposed to changes in the plastics used in the manufacture of Small
This is done in particular on the basis of our Responsible Purchasing Domestic Appliances, and the paper/cardboard for packaging.
Charter. Released in 2012 and regularly updated, the Charter These exposures are direct (for in-house production), or indirect
constitutes a common frame of reference with suppliers by if the manufacturing of the product is outsourced to subcontractors.
presenting both the Group’s responsibility requirements toward
It should be noted that Groupe SEB continues to increase its use
its suppliers and the commitments that the Group makes to them.
of recycled raw materials in order to meet the objectives set out
The Responsible Purchasing Charter is available on the Group’s in its new ESG ambition (see section 1.4 New ESG ambition by 2030).
website: https://www.groupeseb.com/en/responsible-purchasing
For sea freight, prices are subject to (i) the volume of world trade
Supplier performance is measured and managed on the basis of (supply and demand) which can lead to some volatility and (ii) to
key indicators, based on qualitative, economic, social, environmental various external factors such as geopolitical tensions – for example
and ethical criteria. in the Red Sea since the end of 2023 – which can lead to disruptions
■ for direct purchases (raw materials, components), the Group of maritime traffic, congestion of ports or delays in delivery.
seeks the best balance between cost, quality and availability. Due to its international activity, the Group is also subject to
It selects the most competitive suppliers, capable of meeting fluctuations in so-called “short” currencies (i.e. the weight of
the Group’s quality and responsibility standards. It seeks to purchases in these currencies is higher than that of sales),
establish and maintain a relationship of real collaboration mainly the US dollar and the Chinese yuan. In order to limit this
with the most strategic suppliers; impact, the Group has implemented a hedging system described
in section 6.2, Note 25 Financial risk management.




Universal Registration Document 2024 GROUPE SEB 37
1 INTRODUCTION TO THE GROUP
Strategy and value creation




1.3.7 Proven expertise in external growth
In a still fragmented Small Domestic Equipment market, Groupe transactions, such as Moulinex-Krups, Supor and WMF, the Group
SEB remains positioned as a consolidator in this sector. has made numerous targeted acquisitions aimed at strengthening
Acquisitions over the years have enabled the Group to create and its market position, on the principle of complementarity, whether
strengthen its global leadership positions. In addition to strategic geographical, category-based or product-based.



PRODUCT
COMPLEMENTARITY



Moulinex
2001
Lagostina
2005

Krampouz
2019
Arno All-Clad EMSA
1997 2004 2016


Supor
2007 Zummo
Imusa 2022
2011 WMF
2016 Pacojet
2023



OBH Nordica La San Marco
2015 Wilbur Curtis 2023
2019

Sofilac
2024

GEOGRAPHICAL CATEGORY-BASED
COMPLEMENTARITY COMPLEMENTARITY




Historically, the Group’s acquisitions have allowed it to enter new commercial synergies. Finally, in 2023, the Group acquired the
markets, such as the acquisition of Arno in Brazil in 1997 or Imusa Italian company La San Marco, which specializes in traditional
in Colombia in 2011. In addition to geographical complementarity, coffee machines. These acquisitions have enabled the Group to
the acquisitions of All-Clad in 2004 and Lagostina in 2005 made extend its product offering in Professional coffee and to offer
it possible to expand the range of culinary items in the premium various technologies adapted to the needs of a wide range of
segment and create a complementary product offering to Tefal. customers. Furthermore, the Group also expanded into cold
The acquisition of Forge Adour in 2023 made the Group beverages in 2022 with the acquisition of Zummo.
the European leader in premium plancha by complementing the With the ambition to be a reference player in the Professional market,
existing range at Krampouz. the Group has focused its recent acquisitions on the professional
Some acquisitions have also allowed Groupe SEB to diversify culinary segment: Krampouz in 2019 and Pacojet in 2023.
into new activities. This was particularly the case in 2016, with The acquisition of Sofilac in 2024 strengthened the presence of
the acquisition of the WMF group, which marked the entry into Groupe SEB in the professional culinary segment through
the Professional sector and immediately gave Groupe SEB the Charvet and Ambassade de Bourgone brands, as well as in
a leading position in the market for automatic espresso machines. the semi-professional culinary segment with the Lacanche brand
Subsequently, with a view to product and geographical (see section 5.1 Highlights).
complementarity, the Group acquired Wilbur Curtis in 2019,
the number 2 manufacturer of filter coffee makers in the US, In addition, in January 2025, the Group acquired Brigade de
thus strengthening the Group’s presence in the United States Buyer, enabling it to strengthen its presence in professional and
established with the Schaerer brand and offering potential for premium cookware (see section 5.5 Post-balance sheet events).




38 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
Strategy and value creation 1
MAIN ACQUISITIONS BY THE GROUP


1968 1988 2001 2005
Acquisition of Tefal and Acquisition of Takeover of Acquisition of Panex in Brazil
its European subsidiaries Rowenta Moulinex-Krups and Lagostina in Italy



1972 1997 2004 2007
Acquisition of Calor Acquisition of Arno in Acquisition Acquisition of a majority
Brazil and Volmo in Colombia of All-Clad stake in Supor




2016 2011
2019 Entry into the professional business Acquisition of Imusa in Colombia
Acquisition of Wilbur Curtis with the acquisition of the WMF group and Asia Fan in Vietnam,
in the US and in Germany. Stake in Supor’s and acquisition of an additional 20%
Krampouz in France share capital increased to 81% of Supor’s share capital



2020 2018 2015
Acquisition of a majority Creation of Groupe SEB Egypt Acquisition of OBH Nordica
stake in Storebound, Zahran, 55% owned by in Scandinavia
owner of the Dash brand Groupe SEB and 45% owned by
Zahran

2024
2022 2023 Acquisition of the
Acquisition of Zummo Acquisition of Forge Adour in France, Sofilac Group and its
in Spain Pacojet in Switzerland emblematic brands
and La San Marco in Italy Charvet and Lacanche




In addition to identifying the target company and having the the Group’s strategic priorities and in particular its innovation
necessary financial capacity to conduct the transaction, external policy, with the aim of creating synergies between young companies
growth requires an ability to integrate new acquisitions and Groupe SEB.
effectively and to generate synergies. ■ Investments in innovative technological building blocks such
Over the years, Groupe SEB has built up expertise in integrating as ITEN, a specialist in micro-batteries, Another Brain, which
acquired companies, which is often a complex exercise, given develops next-generation artificial intelligence technology,
the many issues at stake. Integration Committees are set up, and Vulkam, a specialist in amorphous metals.
with members who represent the management and operational ■ Investments in new product categories that can be driven,
teams of both entities. These Committees (i) draw up the master in particular, by impact companies such as Castalie, whose
plan for the merger and set the objectives, (ii) monitor the mission is to eliminate plastic bottles through the use of
progress of projects, and (iii) measure the synergies created. micro-filtered water fountains and glass and AUUM, whose
manifesto is the reduction of the use of plastic cups. More
SEB Alliance, financing and partnering recently, SEB Alliance made an investment in Kuantom, which
offers a machine to make cocktail service accessible to
with innovative start-ups communities, hotels and restaurants. (see section 5.1 Highlights).
In 2011, Groupe SEB set up the SEB Alliance corporate venture ■ Investments in changing consumption habits: with Back Market,
vehicle to strengthen its intelligence and accelerate its innovation the leading marketplace for reconditioned products – Too
strategy through privileged access to new technologies, expertise Good To Go, which aims to combat food waste, ChefClub, the
and business models. This vehicle invests in innovative companies specialist in the production and distribution of online culinary
in three priority areas: innovative technological building blocks content.
(batteries, sensors, artificial intelligence, robotics, etc.), new product
To further expand the scope of its intelligence, SEB Alliance has
categories (cocktail machines, water treatment, air treatment, etc.)
also invested in and forged strategic partnerships with innovation
and changes in consumption (second-hand, circular economy,
investment funds (such as Cathay Innovation, Innovacom, Xange,
digital communities, etc.). In this context, SEB Alliance favors
Kreaxi, SOSV, BtoV, Daphni, Supernova, etc.) that the company
acquiring minority stakes. Since its creation, the company has
may support as a co-investor.
invested directly in some 20 companies, in sectors aligned with




Universal Registration Document 2024 GROUPE SEB 39
1 INTRODUCTION TO THE GROUP
New ESG ambition by 2030




SINCE 2011
> 20 direct minority
investments
> 200 companies financed
by our funds
> 10 partner funds*




THREE MAJOR SEGMENTS SHARED TECHNOLOGICAL MONITORING R&D AND BUSINESS COLLABORATION
FOR INVESTMENT • R&D collaboration • Prototypes and studies
• Innovative technological building blocks • International scope including Europe, US and China • Joint developments
• New product categories • Commercial partnerships
• Changes in consumption

* SEB Alliance is a strategic financial investor in these funds.



1.4 New ESG ambition by 2030
The Group unveiled its new ESG ambition to investors at the end groundbreaking initiatives, particularly in the circular economy.
of 2024. This ambition is central to its strategy, as defined This reflects the Group’s determination to play a responsible
in section 1.3 Strategy and value creation. This decisive step leadership role in sustainability.
represents a major milestone in the Group’s transformation, The ambition of the Group’s new ESG policy is built on
in response to the current social and environmental challenges fundamental and complementary pillars, with the key commitments
and the growing expectations of its stakeholders. True to its being described in this chapter. Details of the policies, actions,
tradition of longstanding commitment and pioneering and concrete targets and results can be found in chapter 4 Sustainability
actions in matters of sustainability, this ambition encompasses Report of this document.


A commitment deeply rooted in the Group’s DNA
Driven by the humanist values passed on by its founders, Groupe Reflecting its values, the Group’s history is marked by bold and
SEB has constantly developed its corporate culture based on pioneering initiatives, which have continued to grow and develop
meaningful responsibility, solidarity and commitment. Convinced every year. 160 years ago, its founder, Antoine Lescure, traveled
that Sustainable Development is a driver for creating value across France to repair kitchen utensils. Over 20 years ago, the
for its employees, consumers, customers, shareholders and Group was among the first French players to join the United
communities in all the territories where it operates, the Group Nations Global Compact and create a department dedicated to
has for many years now implemented policies to ensure ethical Sustainable Development. Driven by its mission and values, the
and economically efficient practices that integrate social justice Group has made a commitment and developed concrete actions for
and ecological responsibility. the environment and positive social impact through its policies
for eco-production, eco-design, eco-logistics, climate, human
resources, responsible purchasing and corporate patronage.




40 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
New ESG ambition by 2030 1

1857 2004 2010
Creation of a tinware Creation of the Sustainable First 100% recycled
workshop in Selongey Development department aluminum cookware range



2003 2007
Signature of the UN Global Compact Creation of Groupe SEB foundation




2018 2014
First SBTi goals, carbon neutrality by 2050 First Charity Week




2018-2023 2015 2012
Launch of the first ESG Ambition program Commitment "10 years reparable" • Code of Ethics
• First Eco-design policy




2020 2022
Opening of the RépareSeb workshop Strategic and CSR Committee




2021 2024-2030
• Commitment “15 years reparable at fair price” • Launch of the new ESG Ambition program
• Creation of the in-house “ECOdesign” label • Validation of SBTi for short terms
• Act4nature Commitment objectives by 2030 and net-zero by 2050




In 2018, the Group made a commitment to an ESG objective, This was completed in 2023 with very positive results: with an
expressed in the slogan “Act for sustainable living”, which took average achievement score of 119% for the 20 key performance
into account environmental and social issues and defined indicators, divided between the four pillars, the Group met and
objectives to ensure that its activities and business lines act often exceeded its objectives.
responsibly and ethically throughout the value chain. Driven by the values established by its founders and actively
This objective, in line with the United Nations Sustainable adopted by all its employees, motivated by a decades-long
Development Goals, was addressed to all of the Group’s teams commitment and spurred on by the positive results achieved at
and business units, to mobilize their efforts on the basis of the the end of 2023, enriched by learning and experience, the Group
four pillars, with commitments clearly laid out in quantitative is now prepared to continue accelerating and scaling up its
objectives. sustainable transformation and its environmental, social and
societal actions.




Universal Registration Document 2024 GROUPE SEB 41
1 INTRODUCTION TO THE GROUP
New ESG ambition by 2030




A new ESG 2024–2030 ambition integrated into the Group’s strategy
The Group’s ESG 2024–2030 ambition is structured on four design to manufacturing and distribution, including supply chain
fundamental and complementary pillars, integrated at the heart management, thus demonstrating that human rights, sustainability
of its activities and actively dedicated to its mission. It is fully and growth are compatible and complementary.
integrated at all levels of Group's corporate strategy, from product


2024–2030: FOUR PILLARS
UNDERPINNING OUR MISSION


MAKING CONSUMERS’ EVERYDAY
LIVES EASIER AND MORE ENJOYABLE
AND CONTRIBUTING TO BETTER LIVING ALL AROUND THE WORLD




Act Act as a Act
for nature leader in the circular for all
economy
Climate ECO-design Suppliers

Water Second hand Consumers

Substances Employees

Communities



Act ethically and responsibly



■ “Act ethically and responsibly” is a top priority for the Group. This new road map is supported by a detailed, budgeted plan
This commitment is entrenched in all of its policies and is the which is divided into 13 themes with ambitious quantitative
basis of its ESG philosophy. objectives, detailed in the chapters below.
■ The “Act for nature” pillar reflects its commitment to climate Since 2019, the Group has implemented remuneration systems
and biodiversity, major challenges that the Group intends to linked to the achievement of some of these short-term ESG
address with increased ambition driven by a pledge to reach objectives (STI)(2); long-term criteria (LTI)(3) aligned with its new
net zero as defined by the Science Based Targets initiative commitments were added in 2024. These criteria represent 15%
(SBTi)(1). of the STI remuneration and 20% for the LTI remuneration.
■ By positioning itself as a “leader in the circular economy”, The integration of sustainability performance into incentive
mechanisms is detailed in section 3.5 Remuneration policy.
the Group is mobilizing one of its most powerful levers to
combine positive impact and value creation. It will continue its Through these new initiatives, and in accordance with its historic
efforts in this area while developing promising new initiatives. engagement, the Group is committed to accelerating the reduction
of its environmental footprint and to strengthening its social
■ The “Act for all” pillar illustrates the Group’s desire to go a step
and societal impact by taking action across its entire value chain.
further in its commitment to ensure the safety and well‑being
of its employees, strengthen and deepen its collaboration with This new ESG ambition will strengthen the attractiveness of the
suppliers and meet and anticipate on the needs of its Group’s brands and products to its distributors and consumers.
consumers and communities in a proactive and responsible It will also enable it to unite its employees around an ambition
manner. that is a source of meaning and pride, and to improve its non-
financial performance, in addition to its financial performance.




(1) The SBTi is a nonprofit organization that includes a subsidiary entity responsible for hosting its validation services. The SBTi's founding partners are CDP, the World Resources
Institute (WRI), the United Nations Global Compact (UNGC), and the World Wildlife Fund for Nature (WWF). The initiative encourages companies and financial institutions to
actively participate in the fight against climate change. It provides standards and tools to help them set GHG emissions reduction targets in line with what is necessary to limit
global warming to 1.5°C and achieve carbon neutrality by 2050.
(2) STI: Short Term Incentive. Annual variable remuneration.
(3) LTI: Long Term Incentive. Multi-year variable remuneration.



42 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
New ESG ambition by 2030 1
Innovation and products centered on responsible commitment
Innovation is a key driver for the Group’s future. It has always that combat urban pollution, products made from recycled
been at the heart of the Group’s growth, making it possible to materials or second-hand goods, the Group sees these
invent products and solutions that meet the needs of consumers, developments as extraordinary opportunities to provide relevant
often even before they actually express them. These needs are solutions to essential everyday needs, and it wishes to do so
evolving, driven by new trends such as health, well-being or the responsibly. Innovation, whether technological or marketing, will
growing desire to contribute to a better world. Whether it is remain a key success factor for the Group.
smart kitchen appliances that reduce food waste, air purifiers


ESG governance to engage employees at all levels of the organization
Groupe SEB’s ESG governance is structured in such a way as to fully integrate the ESG ambitions at all levels of the organization and in
the Group’s decision-making processes.
Governance within the Board of Directors Dedicated teams at all levels of the Group
■ In 2022, the Group strengthened its ESG governance with the At Group level, the Sustainable Development department has a
creation of the Strategic and CSR Committee, responsible for team of seven people organized in four divisions: two divisions of
defining and approving overall ESG ambition, its strategy and expertise in Climate & Biodiversity and Eco-design & the Circular
its rollout as specific objectives with measurable milestones. Economy, and two cross-functional divisions dedicated to the
■ The Governance and Remuneration Committee oversees the management of non-financial performance and the engagement
integration of ESG criteria into the Group’s remuneration of external and internal stakeholders. This department collaborates
policy, which now includes 20% ESG objectives in long-term on a daily basis with all the business unit departments:
incentive plans, in addition to short-term bonuses. Because Sustainable Development is a key operational concern,
■ The Audit and Compliance Committee, for its part, examines the Group has created Sustainable Development directors positions
for its Consumer business and, since 2023, for its Professional
non-financial information, assesses ESG risks and validates
business, as well as within its subsidiary in China. In direct contact
the sustainability report.
with the Innovation, Product Development and Strategic Marketing,
Governance at the management level Sales and Purchasing teams, these directors relay the strategy
defined by the Sustainable Development department and help to
■ The General Management Committee, defines ESG ambition,
ensure the rollout and achievement of the objectives within the
develops its strategy and ensures its alignment with the
Group’s processes.
Group’s strategic priorities.
Finally, in the main countries in which the Group operates, the teams
■ The ESG Steering Committee, supervises the execution of the
have transforme the commitment to Sustainable Development
ESG roadmap, as well as compliance with regulatory reporting,
into targets and action plans tailored to the challenges in their
in particular CSRD.
local areas. The subsidiaries have therefore established multi-
A Group-wide, integrated organization functional steering committees that include representatives
of the business units concerned and employee volunteers. Local
Under the aegis of the General Management Committee, Group- objectives and action plans have been formalized, presented to
wide governance mobilizes several key functions to systematically the Group’s Executive Committee during budget presentations
integrate Sustainable Development into the way business is and included in the strategic guidelines developed for 2024–2026.
conducted:
■ operational management structures, responsible for the An ESG ambition rolled out to employees
implementation of initiatives, mobilizes the business units The new ESG ambition is an integral part of the new 2024–2027
with a Group-wide approach, particularly on issues such as corporate plan, rolled out to all Group employees. It will be
the decarbonization of our activities and the circular economy; the subject of an in-house communication and training plan
■ The Sustainable Development team, which contributes to the throughout 2025.
definition of ESG strategy, provides methodological support
and coordinates the monitoring of progress and the production
of ESG reports;
■ The Finance function, guarantees the accuracy and consistency
of non-financial data with financial data;
■ The IT function, manages the digital tools used to measure ESG
performance and report the results reliably and accurately.




Universal Registration Document 2024 GROUPE SEB 43
1 INTRODUCTION TO THE GROUP
New ESG ambition by 2030



Ongoing dialogue with stakeholders outside the Group
The Group attaches great importance to establishing and The A detailed description of the dialogue channels and their purpose in
Group considers that it is of utmost importance to establish and line with the stakeholders involved can be found in chapter 4
maintain a transparent dialogue with all stakeholders impacted Sustainability Report of this document.
by its business. Over the years, it has developed different dialogue The Group is convinced that everyone’s collaboration is essential
channels tailored to these populations to ensure it fully understands to meet environmental, social and societal challenges, and will
their views and interests and takes them into account in its mobilize its employees, partners, suppliers, customers and
strategic decision-making. It has strenghtened these discussions investors on the basis of this ambition.
regarding the development of its new 2024–2030 ESG ambition.


A ESG policy based on the highest international standards
The Group was among the first companies to join the United available on the Global Compact website, and has aligned its new
Nations Global Compact in 2004. It reaffirms its commitment ambition with the UN Sustainable Development Goals (SDGs).
every year by publishing its Communication of Progress (COP), The table below shows the SDGs addressed by the three
operational pillars of the new ambition.

ACT ACT AS A LEADER IN ACT
FOR NATURE THE CIRCULAR ECONOMY FOR ALL




Reporting under the new CSRD
Since 2024, the Group has met the reporting obligation of the (chapter 4 of this document), the table below summarizes, on the
Corporate Sustainability Reporting Directive (CSRD). To make it easier basis of the four pillars of the ambition, the relevant ESRSs(1)
to read the information presented in the Sustainability Report with page references.

ACT ACT AS A LEADER IN ACT ACT ETHICALLY
FOR NATURE THE CIRCULAR ECONOMY FOR ALL AND RESPONSIBLY




E1 - 4.2.1 Climate change E5 - 4.2.4 Resource use S1 - 4.3.1 Own workforce G1 - 4.4.1 Business conduct
and circular economy
E2- 4.2.2 Pollution S2 - 4.3.2 Workers
in the value chain
E3 - 4.2.3 Water resources
S4 - 4.3.3 Consumers
and end-users




(1) European Sustainability Reporting Standards.



44 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
New ESG ambition by 2030 1
Widely acknowledged non-financial performance
Non-financial ratings The Group also obtained an EcoVadis Platinum rating at the end
The Group’s non-financial performance is widely acknowledged of 2023, placing it in the top 1% of companies evaluated during
by ratings agencies. the year, over 30 points above the average for its sector.

The Group kept its CDP rating of A- in the Climate Change category Numerous non-financial ratings, labels and indices evaluate
in 2024 acknowledging its efforts to reduce its emissions, mitigate Groupe SEB. In order to assess its ESG performance as objectively
climate risks and develop a low-carbon economy. as possible, the Group closely monitors the evaluations of the
leading internationally recognized non-financial rating agencies.
Every year, it strives to provide the best possible response to the
requests it receives, with the goal being to strenghten continuous
improvement.

2024 rating Trend

EcoVadis: 78/100 (Platinum: TOP 1% – 2023) With an overall score of 78/100 (+8 points vs. 2021),
Groupe SEB received the Platinum award in 2023, placing it among the top 1% of the best-rated
companies by EcoVadis. It scored particularly high in the Environment and Labor & Human
Rights categories.

Carbon Disclosure Project: A- (Climate) In 2024, Groupe SEB kept its A- rating in the
“Climate Change” category for its efforts to reduce its emissions, mitigate climate risks
and develop a low-carbon economy.

S&P Global: 48/100 The Group’s score has climbed 3 points and is above average for the sector,
positioning it in the top 5% of the panel defined by S&P. Progress has been made on the three ESG
pillars, with a special mention for transparency of information.

ISS ESG: B-Prime The Group has made progress and is in the top decile of the panel created by IS.
The progress is driven by all ESG pillars, particularly ethics and energy efficiency.


EthiFinance: 80/100 The Group’s score has increased by 3 points and exceeds the benchmark
for the four pillars analyzed (Governance, Social, Environment and External Stakeholders)


Sustainalytics: 22.1 (Medium Risk) The Group’s performance remains virtually unchanged
at 22.1 points, despite its stricter methodology. The Group is about average for the sector,
with its strengths being ethics and cybersecurity.


MSCI ESG Ratings: BBB The Group’s performance in 2024 remained about average for the sector.



Awards
The Group’s ESG approach also receives numerous awards logistics platform and AFIPH(1)), eco-production (energy management
every year, particularly in France. In 2024, several projects were system(2)) and eco-design as well as the circular economy
recognized in the fields of inclusion (partnership between the Mions (RépareSeb, ORPlast Project and Rowenta’s Effitech range).




(1) Isère Family Association for persons with disabilities.
(2) Digital Shop-Floor Management (DSM): A digital tool developed in-house incorporating energy, production and meteorological sensors, making it possible to monitor and
optimize the energy expenditure of the Group’s sites.



Universal Registration Document 2024 GROUPE SEB 45
1 INTRODUCTION TO THE GROUP
New ESG ambition by 2030




1.4.1 Act for nature
The Group is committed to pursuing and stepping up its efforts to reduce its environmental impact. It has set targets for 2030 both for
the reduction of its greenhouse gas emissions for scopes 1 and 2 (-42%) and scope 3 (-25%), and for the reduction of water
consumption across all its sites (-25%).


2030 TARGETS
CLIMATE
GHG* emission reduction - 42%
(vs. 2021)
(scopes 1 & 2) STI LTI


Act for GHG emission reduction - 25%
nature (scope 3.1, 3.4 and 3.11) (vs. 2021)
WATER - 25%
Water consumption reduction (vs. 2021)

STI Included in short-term incentives remuneration LTI Included in long-term incentives remuneration
* Greenhouse gases..




The Group strengthens its decarbonization ambition and receives SBTi validation
In June 2024, Groupe SEB reaffirmed its commitment to By 2030, Groupe SEB has set itself the target of reducing its GHG
combating climate change by pledging to achieve net-zero emissions for scopes 1 and 2 by 42% compared to 2021 and its
through the Science-Based Targets initiative (SBTi). GHG emissions from scope 3(1) by 25%.
Thus, the Group submitted new short- and long-term targets for By 2050, the Group is committed to achieving net-zero by reducing
2030 and 2050, to speed up the reduction of greenhouse gas (GHG) its GHG emissions from scopes 1, 2 and 3 by 90% (compared to
emissions for scopes 1, 2 and 3. This reflects its determination to 2021), and by neutralizing the remaining residual emissions.
actively contribute to limiting global warming to 1.5 °C and
achieving carbon neutrality by 2050. These new targets have
been validated by the SBTi, which confirmed their alignment with
the latest scientific data on climate change.




2030 2050
vs. 2021 vs. 2021

Own operations
TRAJECTORY (scopes 1 & 2) - 42% - 90%
APPROVED
IN 2024 Transport and distribution
(scope 3.4)
In line with the goals
Procurement of goods and services
of the Paris Agreements
to limit global warming (scope 3.1) - 25% - 90%
to 1.5 °C. Use of sold products
(scope 3.11)




(1) Scope 3 includes: the categories of goods and services purchased (scope 3.1); upstream transportation and distribution (scope 3.4); as well as the use of sold products
(scope 3.11).



46 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
New ESG ambition by 2030 1
Groupe SEB is implementing a three-pronged strategy to ■ use of products: the Group will continue and intensify its
achieve its target of reducing emissions from scopes 1 and 2 efforts to reduce emissions related to the use of products,
by 42% by 2030: which represent a significant share of scope 3 emissions,
■ ensuring energy efficiency is at the heart of operations, through two types of actions:
thanks to an optimized energy management system (ISO 50001 ■ first, improving the energy efficiency of products by means
certification, or equivalent, deployed at all Group sites) and of technical innovations, without compromising on performance.
an energy management tool that monitors the consumption For example, Effitech motors enable vacuum cleaners to save
of each piece of equipment(1). Between 2021 and 2024, up to 50% in energy consumption and fans to save 65%(3).
the implementation of this tool at 14 of the Group’s sites had For profesionnal coffee makers, the insulation of the resistors
already resulted in energy savings of 20% for the area used to boil water reduces energy consumption by 10%,
concerned. By 2027, this tool will cover 90% of the Group’s ■ at the same time, the Group continues to deploy nudges,
energy consumption; which are soft and non-binding technical solutions, to
■ investing in equipment modernization, gradually replacing encourage consumers to adopt more sustainable behavior.
the most energy-intensive machines with more efficient electrical For example, choosing “eco-mode” saves 30% of energy
equipment. For example, the modernization of injection molding on irons and up to 45% on steam generators. Kettles are
machines, which account for 50% of the energy consumption equipped with technology that allows the consumer to choose
required for the manufacture of household appliances, enables the precise water heating temperature and a symbol indicating
a reduction of their emissions by up to 75%. At the Cajicá the amount of water to be heated for one cup, thus enabling
factory in Colombia, the modernization of most of the equipment consumers to adjust energy consumption to their needs ;
has enabled a 30% reduction in energy consumption despite
increased production. By 2027, 25% of the injection molding
machines at all Group sites will be state-of-the-art;
■ accelerating capital expenditure in renewable energy. In 2024,
seven of the Group’s sites are already equipped with renewable
energy installations (solar panels or biomass boilers), and
the Group plans to accelerate its investments by prioritizing
geographies with high consumption and very carbon-intensive
energy. In China, an ambitious portfolio of projects calls for
the installation of 30,000 m² of solar panels by 2030, thus
covering 25% of the energy needs of the country’s sites.
In 2024, renewable energy(2) accounted for 21% of the Group’s
total energy consumption.



Effitech engine

■ purchases of goods and services: two levers will be activated
for emissions related to the purchase of goods and services.
The first is to increase recycled materials in products and
packaging, with an objective to reach 60% by 2030. The use of
recycled materials can reduce the carbon footprint of the
most carbon-intensive materials by up to 90%, making it a
key decarbonization strategy. The second lever targets the
commitment of Group's 500 largest suppliers, representing
approximately 80% of the carbon footprint linked to the Group’s
purchases, to participate in an ESG program aimed in particular
at supporting them in the decarbonization of their operations.
The Group strongly encourages them to have their trajectories
Solar panels in Yuhan, China validated by the Science-Based Targets Initiative (SBTI);
With regard to scope 3 emissions, the Group is concentrating its ■ transport and upstream distribution: finally, emissions related
efforts on three activites (listed below in order of importance and
to transport and upstream distribution will be dealt with
priority) representing 98% of its total scope 3, with the objective
through optimized management of volumes in transport units,
of reducing these emissions by 25% by 2030:
the development of alternative modes of transport and the
optimization of logistics networks.




(1) The multi-award-winning energy management system, Digital Floorshop Management (DSM), was distinguished again in 2024 with “La conso s’engage dans ses usines”, an
award presented by LSA in recognition of the best factory initiatives in the mass consumption sector.
(2) Includes the consumption of fuel from renewable sources, including biomass (industrial and municipal biowaste, biogas, renewable hydrogen, etc.), electricity consumption,
heat, steam and cooling purchased or acquired from renewable sources, and the consumption of self-generated non-fuel renewable energy. See Sustainability Report, E1, 1.2.5.
(3) In 2024, Effitech technology and the sales success of the range of vacuum cleaners equipped with these motors were recognized with awards on the Réussir avec un Marketing
Responsable platform. The platform Réussir avec un Marketing Responsable (Succeeding with Responsible Marketing), created in 2013 and supported by ADEME, CITEO, Ilec
and the Union des Marques, aims to promote innovative and successful responsible marketing practices.



Universal Registration Document 2024 GROUPE SEB 47
1 INTRODUCTION TO THE GROUP
New ESG ambition by 2030



The Group is committed to prioritizing its decarbonization efforts and recycle end-of-life equipment and factor environmental
in the three areas outlined above. At the same time, teams are criteria into IT purchases. Reflecting its continued focus on more
continuing to work on reducing the environmental footprint sustainable digital technology, in 2024 the Group signed the
in other areas. With regard to its IT systems, the Group has an Charter on Sustainable Digital Technology published by the INR
environmentally responsible IT policy based on the guide (Institut du Numérique Responsable(2)). This represents a voluntary
to best practices published by Club Green IT(1). It includes efforts commitment by organizations to adopt ethical, inclusive and
to raise awareness and train employees, optimize equipment environmentally sound digital practices.
lifespan, choose IT servers with better energy efficiency, donate


Conserving water resources: a priority at the heart of the Group’s manufacturing operations
For the Group, the commitment to nature is not limited to tackling Going forward, the Group’s aim is to significantly reduce its
climate change, but also means reducing water consumption. water consumption even further, targeting a 25% reduction by
In this area, the Group pays particular attention to its cookware 2030 compared with 2021. To achieve this objective, it plans to:
production sites, which account for two-thirds of its water ■ install new wash tunnels, such as the one in Selongey, at its
consumption. sites in Omegna (Italy) and Canonsburg (United States);
The preservation of water is a longstanding concern of the Group. ■ systematically deploy closed-circuit cooling systems worldwide;
Its sites are ISO 14001 certified and are required to implement
optimization measures. The Group has thus developed best ■ maximize water recycling opportunities at every stage of the
practices for several years. For example, in Rumilly, France, process.
water consumption has been reduced by 35% over the past
three years, mainly through process optimization. The Selongey
site recently invested in a new wash tunnel, with a 70%
reduction in water consumption.


Exemplary substance management, going beyond regulatory requirements
The health of consumers and employees and environmental Asia, such as Prop 65, REACH(7) and RoHS(8). This in-depth
protection are at the heart of the Group’s commitment. Thus, the monitoring allows the Group to conduct a systematic risk
Group is particularly vigilant when it comes to selecting the assessment of the substances identified.
materials used to manufacture its products. If a risk is established, wherever possible, the Group proactively
It follows a rigorous process of analyzing and identifying takes all necessary measures to reduce or eliminate it, often
substances that may be of concern by monitoring the latest long before the regulations enter into force. For example, the
publications and opinions of leading international scientific and Group banned the use of PFOA in its production line in 2012,
health authorities, such as the FDA(3), ECHA(4), WHO(5) and EFSA(6), eight years before the European ban.
as well as regulations in force in the United States, Europe and


Reducing pressures on the environment and biodiversity
For several years, the Group has been committed to minimizing (elimination of virgin plastic in packaging) and the preservation
the pressures that its business activity exerts on the environment of natural resources (reduction of water consumption and use of
and biodiversity. recycled materials) and aim to develop projects for the preservation
In November 2021, it strengthened and formalized its commitments of ecosystems or reforestation. The latter was achieved in 2022
in this area by joining the Act4Nature International initiative(9). with the Group’s contribution to the reforestation of a forest in
The commitments made in this regard are based on the Group’s Burgundy, enabling the planting of 19,000 trees on 16 hectares.
climate policies (reduction of GHGs), the fight against pollution This forest, certified “low carbon label”(10), also allows the Group
to contribute to GHG sequestration.




(1) A French-speaking club for professionals from organizations in the public and private sectors, dedicated to promoting sustainable digital technology and reducing the
environmental footprint of IT.
(2) The INR (Institut du Numérique Responsable) is a French association that promotes ethical, inclusive and sustainable digital technology, helping organizations to reduce the
environmental and social impact of their digital activities.
(3) FDA: Food and Drug Administration, the US agency responsible for the protection and promotion of public health through the control and supervision of food safety, tobacco
products, food supplements, pharmaceuticals and cosmetics, vaccines, biological products and medical devices.
(4) ECHA: European Chemicals Agency, responsible for implementing EU legislation on chemicals, such as REACH, to protect human health and the environment.
(5) WHO: World Health Organization, a specialized UN agency tasked with coordinating international public health efforts, providing technical advice and supporting global disease
prevention and treatment initiatives.
(6) EFSA: European Food Safety Authority, which provides independent scientific advice and opinions on the risks associated with the food chain to ensure food safety in Europe.
(7) REACH: Registration, Evaluation, Authorisation and Restriction of Chemicals, an EU regulation to improve the protection of human health and the environment from the risks
posed by chemicals, requiring companies to identify and manage the risks associated with the substances they manufacture and market in the EU.
(8) RoHS: Restriction of Hazardous Substances, an EU directive to limit the use of certain hazardous substances in electrical and electronic equipment to protect human health
and the environment.
(9) Voluntary commitment to biodiversity aimed at French international companies.
(10) Used since 2019 to achieve the climate objectives of the National Low Carbon Strategy (SNBC), the low-carbon label is the first voluntary climate certification framework in France.



48 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
New ESG ambition by 2030 1
To take things a step further, a biodiversity assessment was Current actions and commitments in regards to the new ambition,
launched at the end of 2023. It includes the creation of a such as the use of recycled materials and the reduction of water
biodiversity footprint using the Global Biodiversity Score (GBS)(1) consumption and greenhouse gas emissions, are already making
tool from CDC Biodiversité(2), and a mapping of the Group’s risks, a difference and will continue to help limit these impacts.
opportunities and dependencies linked to biodiversity, particularly A further study examined the proximity of the Group’s industrial and
ecosystem services. logistical sites to Key Biodiversity Areas (KBA), defined by IUCN(3).
The analysis identified the Group’s main impact factors on The results of this analysis showed that 18% of the Group’s
biodiversity: land use; water consumption; climate change; and industrial sites are located within a 50 km radius of at least 10 KBAs.
ecotoxicity, mainly upstream of the value chain. The Group is keen to prioritize awareness-raising for teams on
those sites about the challenges related to biodiversity.


1.4.2 Act as a leader in the circular economy
Reflecting its long-standing awareness of the depletion of natural The Group has thus set itself several objectives for 2030 related
resources and the constant increase in waste, Groupe SEB has to the eco-design of its products:
always been a pioneer of the circular economy and has been ■ to continue to design Small Domestic Appliances that are
committed for many years to moving toward a responsible predominantly repairable (> 90% repairable products) and on
economy by rethinking its design, production and marketing average more than 85% recyclable;
processes. Its repairability policy, introduced in 2008, reached
maturity in 2015 with its “repairable for 10 years” commitment. ■ to integrate at least 60% recycled material into its products
This was further improved in 2021, becoming “repairable for and packaging;
15 years at a fair price”. ■ to eliminate the use of virgin plastic bags in all packaging.
Today, the Group wants to accelerate and intensify the development It has also set itself the target of ensuring that sales of
of solutions and the adoption of circular practices at each stage refurbished products account for 3% to 5% of revenue in Small
of the life cycle of its products. This involves leveraging two factors: Domestic Appliances in European countries where they will be
■ the eco-design of its products, aimed at reducing their marketed as a priority(4).
environmental impact through a longer lifespan (durability
and repairability), increased use of recycled and recyclable
materials, and optimization of energy efficiency in use;
■ the deployment of its own refurbished sales model.



2030 TARGETS
ECO-DESIGN
 epairability of Small Domestic Appliances
R > 90%
(% of sales)

Recyclability of Small Domestic Appliances
(% by weight) > 85%
Act as Recycled materials
60%
a leader (% of weight, direct purchases) LTI

in circular
economy No inner virgin plastic bags 100%
CIRCULAR BUSINESS MODEL
R
 efurbished products sales 3% –5%
in target geography
(% of Small Domestic Appliances sales)

LTI Included in long-terme incentives remuneration




(1) This tool aims to quantify all of a company’s impacts on biodiversity, through the use of a common unit (MSA.km2; MSA – Mean Species Abundance). The MSA metric describes
ecosystem integrity and ranges from 0% to 100%.
(2) CDC Biodiversité is a Caisse des Dépôts subsidiary dedicated entirely to biodiversity conservation and sustainable management.
(3) International Union for the Conservation of Nature.
(4) Sales in Small Domestic Appliances, in France, Belgium, the Netherlands, Italy, Spain, Portugal and Germany.



Universal Registration Document 2024 GROUPE SEB 49
1 INTRODUCTION TO THE GROUP
New ESG ambition by 2030




Eco-design, at the heart of the Group’s circular economy strategy
Groupe SEB’s eco-design policy, initiated in 2003, aims to reduce 2 - Recyclability: The Group’s products are designed to be highly
the environmental footprint of the Group’s products throughout recyclable. The recyclability rate is 80% for cooking utensils,
their life cycle. Above all, this means extending their lifespan, which are largely made of indefinitely recyclable aluminum; 80%
with a real commitment to the sustainability, repairability and for small household appliances, with a target of 85% by 2030;
recyclability of products in order to reduce waste and promote 90% for professional coffee machines.
the circular economy. This commitment is enhanced by the The Group actively supports the effective recycling of product
increased use of recycled materials, the optimization of energy categories it markets through regular operations to collect end-
efficiency during use and the introduction of eco-designed of-life products and partnerships with the relevant European
packaging, thereby contributing to decarbonization and the eco-organizations such as Ecosystem.
preservation of biodiversity.
Reaffirming its position as a pioneer of the circular economy, the
The eco-design policy is based on five leveraging factors: Group, through its Tefal brand, announced in early 2025 the
1 - Durability and repairability: The Group designs robust products launch of the world’s first collection and recycling channel for
thanks to its very rigorous quality management system. Critical used kitchen utensils and devices of all brands. This ambitious
components are identified, tested and improved through thousands initiative aims to collect up to 20 million frying pans in France by
of lab test cycles. For example, the opening/closing system of 2027 to transform them into new products through an innovative
the Ingenio removable handle is tested over 660,000 cycles, and and responsible recycling process (see section 5.1 Highlights).
the kettles undergo operational tests of up to 10,000 hours. 3 - Recycled materials: The use of recycled materials for the
As a pioneer of repairability, the Group guarantees the manufacture of products makes it possible to reduce GHGs,
repairability of its products at an affordable cost for 15 years for combat the depletion of the planet’s resources and limit waste.
more than 90% of its small domestic appliances. This promise In this respect, the Group’s efforts will focus on two materials:
is based on a stock of 7.5 million spare parts covering Aluminum, which accounts for 10% of the Group’s direct
50,000 items, and a network of 6,200 repairers worldwide. purchases but 50% of its associated emissions, is a priority. For
In addition, several innovative services are offered to facilitate this material, the use of recycled content results in a 90%
access to economical repair such as repair packages, self- reduction in GHG emissions. Currently, 40% of the aluminum
service repair guides and repair corners in the Group’s used by the Group is recycled, with a target of 65% by 2030.
Home & Cook stores. These efforts in terms of sustainability and
repairability are recognized by clients, in particular by the Fnac Plastic, where the use of recycled raw material reduces
Darty (1) sustainability barometer, where the Group’s brands have emissions by 70% compared to virgin material, is also
been ranked first in several key categories for several years. prioritized. The Group works with its supplier partners to create
new recycled plastics. Together with its suppplier Skytech, the
Repairability is also a priority for the Group’s Professional Group has co-developed a range of colored ABS plastics whose
business: it guarantees the availability of replacement parts, and innovative and responsible nature was recognized twice in 2024
therefore the repairability of its coffee machines, for eight years with ESG awards(2). Today, 5% of plastics used are recycled, with
after the end of their production. It also has an extensive a target of 20% in 2030.
network of after-sales services with the Group’s teams of
technicians in 11 of its subsidiaries. 4 - Packaging: the Group uses 90% recycled cardboard for its
packaging, with the aim of phasing out inside plastic packaging
by 2030. If this is not possible for technical reasons, it will be
replaced with recycled plastic bags. In 2024, 47% of products
were already packaged without plastic bags.
5 - Energy efficiency: the energy efficiency of products, already
discussed in section 1.4.1 Act for nature, contributes directly to
the reduction of carbon emissions and to the Group’s SBTi
climate objectives. It also allows the consumer to save energy.




(1) Fnac Darty is a french retail actor
(2) Republik Nuit de la RSE award (silver medal) and ESSEC Grand Prix.



50 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
New ESG ambition by 2030 1
Develop a circular business model
The Group is developing an economic model based on
refurbishing, in response to the growing market demand for
second-hand products. This activity makes it possible to recruit
new consumers while supporting Sustainable Development
goals. Refurbishing operations are currently underway in
France, Germany and Spain.
Since 2020, the Group has operated RépareSeb in France, a
workshop dedicated to the circular and sustainable economy, in
a joint venture with the Arès Group. RépareSeb has a dual
objective: to promote the circular economy by refurbishing and
repairing Small Domestic Appliances, and to help people who
have been jobless to integrate into the workforce. Repaired or
refurbished products are then resold in an on-site store or in
stores of retail partners or associations.
Having already won multiple awards for its unique and innovative
model combining the circular and social economy, the RépareSeb
workshop received two new distinctions in 2024, presented by The experience gained at RépareSeb will be used to accelerate
the Minister Delegate for the Social and Solidarity Economy, the rollout of a full-scale version, with the insourcing of refurbishing
Incentives and Participation, Marie-Agnès Poussier-Winsback(1). operations at the Is-sur-Tille site in 2024.
In 2024, the workshop repaired or refurbished more than The Group has set itself the target of reaching 3% to 5% of sales
23,000 products, thus avoiding 190 tons of waste, and supported of Small Domestic Appliances with refurbished products, within
44 employees to return to the workplace. a targeted geographical scope(2), by 2030.



1.4.3 Act for all
Social responsibility is a key pillar embedded in the Group’s Its objectives and action plans also include concrete commitments
industrial and family DNA, its values and its culture. The Group is regarding responsible purchasing and support for suppliers,
therefore committed to acting in the interests of all stakeholders including the expanded deployment of the Responsible Purchasing
throughout its value chain. Ethical conduct is at the heart of its Charter(4). This has been extended to include a growing number
approach and, in 2012, the Group drew up a code of ethics(3) of commitments.
to unite everyone around its values and implement its policies The Group is gearing itself to step up its actions to raise
and commitments. consumer awareness and develop more sustainable habits. To
First, the Group’s social responsibility is reflected in its desire to do this, the Group will continue to encourage and facilitate the
be an inclusive company, caring for the well-being of its employees, adoption of healthy and sustainable eating habits and practices
committed to their professional development and proud to offer that are more respectful of the planet. It relies on its capacity for
them a rewarding work environment. The Group has further innovation to offer solutions and products adapted to changing
increased its commitments to provide a safer working environment needs all over the world.
and increase the number of women in management and
leadership positions.




(1) RépareSeb received two new awards: The first is part of the Trophées des Alliances Circulaires (Circular Alliances Awards), an event organized by Circul’R and Bpifrance Le
Hub. The second award was presented as part of the second edition of the Grand Paris Circulaire, organized by the Métropole du Grand Paris, with the support of the Ile-de-
France Regional Chamber of the Social and Solidarity Economy (CRESS) and the National Institute of Circular Economy (INEC).
(2) Sales in Small Domestic Appliances, in France, Belgium, the Netherlands, Italy, Spain, Portugal and Germany.
(3) The code of ethics is available on the Group’s website: www.groupeseb.com/en/our-code-ethics.
(4) The Responsible Purchasing Charter is available on the Group’s website: https://www.groupeseb.com/en/responsible-purchasing.



Universal Registration Document 2024 GROUPE SEB 51
1 INTRODUCTION TO THE GROUP
New ESG ambition by 2030



Finally, the Group will continue backing socially impactfull initiatives, particularly in combating exclusion, and promoting greater
access to education and food.



2030 TARGETS
SUPPLIERS
R
 esponsible Purchasing Charter 100%
(% of tier 1 suppliers covered)

 upplier engagement
S
in an ESG program 500
(representing 80% of the carbon footprint)

Act CONSUMERS
for all Quality monitoring (% of ISO 9001 certified entities)
100%
EMPLOYEES
Workplace safety (accidents at work, LTIR) < 0.5
PROFIT-SHARING STI

Diversity
(% women in senior positions) LTI > 32%
STI Included in short-term incentives remuneration LTI Included in long-term incentives remuneration
PROFIT-SHARING Included in statutory and discretionary employee profit-sharing in France




A strengthened commitment to diversity, inclusion and employee well-being
The “Act for all” initiative includes ambitious goals in terms of working Diversity and inclusion: the Group strives for a gender balance
conditions, diversity, health and safety, and equal opportunities. at all levels of the company. An ambitious action plan seeks to
Working conditions: the Group is committed to ensuring high increase the proportion of women in the overall workforce
standards of pay, working hours and respect for fundamental by 2030 (from 43% in 2023 to 50% in 2030) and among managers
rights. External social audits, carried out each year at the Group’s (from 42% in 2023 to 50% in 2030). Particular attention is paid to
industrial sites, make it possible to measure the proper application management positions, with the aim of increasing the proportion
of these standards and the results of these audits are part of the of women in the Group’s 200 key positions (or “senior positions”),
calculation criteria for annual variable remuneration (STI(1)). from 24% in 2023 to 32% in 2030. These indicators are integrated
into long-term variable remuneration (LTI(2)) schemes.
Health and safety: the health and safety of employees are
paramount. All Group sites comply with ISO 45001 standards for
safety management, and awareness training is provided for all
employees. The results in this area are measured using the LTIR
(Lost Time Injury Rate) indicator, integrated into the annual variable
remuneration (STI) programs. The goal for 2030 is to reduce this
indicator to below 0.5, one of the best standards in the industry.
In addition, the Group launched the WeCare@SEB program several
years ago, which provides extensive social protection (hospitalization,
life insurance) for all its employees, regardless of their country.
Equal opportunities: the Group aims to promote equal professional
opportunities, with monitoring indicators such as the number of
hours of training per employee and the percentage of internal
mobility. These actions strengthen the skills and employability of
employees.




(1) STI: Short Term Incentive.
(2) LTI: Long Term Incentive.



52 GROUPE SEB Universal Registration Document 2024
INTRODUCTION TO THE GROUP
New ESG ambition by 2030 1
A more substantial and stricter responsible purchasing policy
The “Act for all” program applied to suppliers ensures compliance To ensure its application, the Group carries out systematic
with the Group’s high standards of responsible sourcing, including monitoring and mandates an external contractor to carry out on-
sustainability, ethics and regulatory compliance. site audits of all tier 1 suppliers identified as high-risk, with an
The Responsible Purchasing Charter, updated in 2024, is available audit cycle of a maximum frequency of four years.
on the Group’s website(1). It sets strict requirements for responsible To support its key suppliers in attaining higher social and
procurement, integrating environmental and social commitments, environmental standards, the Group is launching a new program
and prohibiting controversial sourcing and the use of materials involving 500 suppliers, accounting for 80% of its carbon footprint.
from conflict zones. Suppliers are also required to involve their Together with these partners, the Group plans to develop specific
tier 2 and tier 3 subcontractors in the adoption of these principles. roadmaps to further align social and environmental standards
At the end of 2024, 82% of suppliers of materials, components and to monitor their engagement with their own suppliers (see
and finished products have committed to this charter (+2 pts section 1.4.1 Act for nature).
vs 2023), with full coverage targeted by 2030. For compliance and anti-corruption issues, systematic assessments
are carried out on 100% of suppliers deemed “medium and high risk”,
based on external tools such as Moody’s Compliance Catalyst (MCC).


High-quality products to guide consumers toward healthy and sustainable practices
Groupe SEB is committed to offering consumers all around the In France, through the Groupe SEB Fund, it is committed to
world products that meet the highest quality standards and are helping people facing exclusion by focusing its actions on four
guaranteed to be safe and harmless, and also, of course, compliant main areas:
with the standards and regulations in force in each country. ■ professional integration;
Its ISO 9001 certified quality management system includes ■ education;
testing at every stage of product development, systematic feedback
on customer satisfaction and a comprehensive product recall ■ household equipment and access to a healthy diet;
policy (see chapter 4 Sustainability Report). The Group has set ■ assistance for people with health issues.
itself the objective of maintaining the ISO 9001 certification of
For instance, from the beginning, the Group has supported the
100% of its entities.
Banque Solidaire de l'Équipement of Emmaüs Défi through
To encourage healthier lifestyles, the Group offers products that product donations to help people in precarious situations furnish
facilitate the quick and easy preparation of home-made meals, their first homes. Through the endowment fund of L'Entreprise
accompanied by thousands of recipes accessible via its websites, des Possibles, of which it is a founding member, the Group
applications and connected products. Awareness campaigns also contributes to combating homelessness by supporting associations
encourage more sustainable behavior, by sharing tips such as operating in the region.
the use of lids to reduce energy consumption, or by promoting
In Asia, especially China, employees of its Supor subsidiary have
eco-designed, energy-efficient products, such as oilless fryers that
been working for 20 years to build and equip schools in rural
offer up to 70% energy savings compared to conventional ovens.
areas, allowing children to obtain an education. More than 28
The Group is also leading initiatives in African countries to promote schools established in low-income regions have been created,
the use of affordable electric pressure cookers to replace charcoal and over 30,000 children from rural areas have benefited from
and wood cooking, which is harmful to health and the environment. the program, with 8,000 currently enrolled. The program also
includes financial support for teachers and online education, the
distribution of school supplies and equipment, and educational
The Group and its employees in the fight projects promoting social inclusion.
against exclusion
The Group cannot look toward its future without thinking about
its social impact for communities.
Each year, the Group makes nearly €4 million in donations,
financial or in kind, in various regions and enables the involvement
of many employees around the world in charitable projects.




Supor School in China




(1) The Responsible Purchasing Charter is available on the Group’s website: https://www.groupeseb.com/en/responsible-purchasing.



Universal Registration Document 2024 GROUPE SEB 53
1 INTRODUCTION TO THE GROUP
Medium-term outlook



In Latin America, local teams in Colombia have set up a program The Group mobilizes its employees throughout the year and,
to support “Tinteros”, traveling coffee sellers, in order to improve more particularly, during its annual program of engagement
their living conditions. This program has been expanded to support “Charity Week”. In 2024, the 10th anniversary of the program was
families with housing needs. In total, 90 homes were funded to marked by record participation, with 98 subsidiaries involved
celebrate the 90th anniversary of the Imusa brand. across all continents, including 19 for the first time .



1.5 Medium-term outlook
The Group presented its new mid-term objectives at its Capital ■ a continued substantial free cash flow generation.
Market Day at the end of 2023: The results for 2024, organic growth of 5% and an operating
■ Life-for-like sales CAGR of at least 5%; margin of 9.7%, are in line with this trajectory.
■ an operating margin progressing toward 11%;



ORGANIC SALES GROWTH OPERATING MARGIN (ORFA)
15.5%
9.9% 10.1% 10.2% 10.2% 10.1% 10.1% 9.7%
9.0% 9.1%
8.7% 8.7%
9.2% 7.8%
8.0% 7.8%
5.4% 6.1% 5.8% 5.3% 5.0%
4.6%




-3.8%
-4.7%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024




FREE CASH FLOW (IN € MILLIONS)

805
752

552
452
367
322 306
257 260
201 175



-20
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024




54 GROUPE SEB Universal Registration Document 2024
2 Risk factors
and risk management

2.1 Risk control system 56 2.2 Risk factors and management 60

2.1.1
Objectives and principles 56 2.2.1
Summary of the main risks 60
2.1.2
Governance and organization 57 2.2.2
Main risks 61
2.1.3
Key players 58 2.2.3
Insurance 70




Universal Registration Document 2024 GROUPE SEB 55
2 RISK FACTORS AND RISK MANAGEMENT
Risk control system




2.1 Risk control system
The nature of Groupe SEB’s business and its large international The Group implements a range of measures to identify risks,
presence opens up development opportunities, but also exposes measure their potential impacts and assess their probability of
it to various types of internal and external risks. These could occurrence. These risks are then managed according to risk
have a negative effect on the Group’s ability to implement its control plans that are regularly reviewed and involve the players
strategy and achieve its objectives. More specifically, they may concerned in the Group’s various departments. As with any control
adversely affect the Group’s activities, results, financial position system, however, it cannot provide an absolute guarantee of total
or assets, or have consequences for its various stakeholders – control or elimination of all risks.
consumers, employees, shareholders, customers, suppliers,
partners, local ecosystems (public authorities and civil society).


2.1.1 Objectives and principles
The internal control and compliance systems are implemented The scope of application of internal control and risk management
by all Groupe SEB employees, under the leadership of management, procedures encompasses all of the Group’s companies and
to provide reasonable assurance as to the achievement of the employees, from governance bodies to individual employees.
following objectives: The operational and functional management structures are
■ compliance with the legislation and Groupe SEB’s internal rules; responsible for implementing these procedures.

■ implementation of the instructions and guidance issued by The Group’s actions and operational processes are based on two
management; key documents: the Group’s Code of Ethics and the Internal
Control Manual, which set out what is expected of employees.
■ the effectiveness of the Group’s internal processes, contributing The Internal Control Manual is continuously updated and covers
in particular to the resilience of operations and asset protection; all of the Group’s control processes. It allows the Group to have a
■ the reliability of financial disclosures. single set of risk and control guidelines.




56 GROUPE SEB Universal Registration Document 2024
RISK FACTORS AND RISK MANAGEMENT
Risk control system 2
2.1.2 Governance and organization
In a complex, volatile and uncertain environment, Groupe SEB is reputation, resilience and asset protection are recognized as
determined to nurture the values that have enabled it to grow priorities for the Board of Directors, the Audit Committee, the
for more than 160 years. These values ensure that the Group’s General Management and all employees.


Board of Directors Audit and Compliance Committee
Oversees the implementation of internal control and Monitors the effectiveness and reliability of internal control and
risk management systems risk management
Reports on this to the Board of Directors




General Management
Defines the company’s risk appetite
Responsible for designing and managing the overall internal control system
Oversees the design and implementation of the company’s overall risk management and internal control systems
Makes decisions on major risks identified
Assesses the adequacy of risk mitigation plans



First line of defense Second line of defense Third line of defense
Managers and employees involved in operations Internal control, global functions, committees Internal audit
Identify and manage risks relating Establish directives and define Provides independent and objective assurance
to their area of responsibility policies and procedures for all matters relating to Group’s main
Implement risk management Drive and evaluate the processes and risks
and control procedures internal control system Coordinates the lines of defense
on a daily basis Develop the risk management culture

All employees Legal department Audit and Internal Control department
Operational management Information Systems department
Entity management committees Human Resources department
Sustainable Development department
Purchasing department
Finance and Treasury department
Controlling department
Accounting department
Financial Communications department

Group-wide committees
Compliance Committee
IT Data Security Committee
MAR (Market Abuse Regulation) Committee
Health and Safety Committee




Universal Registration Document 2024 GROUPE SEB 57
2 RISK FACTORS AND RISK MANAGEMENT
Risk control system




2.1.3 Key players
Board of Directors and Audit Human Resources department
and Compliance Committee The Group has more than 32,000 employees worldwide. In this
The Board of Directors and the Audit and Compliance Committee context, the Human Resources department contributes to risk
strive to promote the Group’s long-term value creation while management in a wide range of areas, including recruitment, training,
integrating risk management. To that end, the Group’s corporate skills development, career management, payroll management,
governance bodies oversee the implementation of internal labor relations and employee well-being.
control and risk management systems.
The Audit and Compliance Committee in particular monitors the
Sustainable Development department
effectiveness and reliability of internal control and risk management. It promotes and coordinates the sustainability policy for the entire
It reports to the Board of Directors. Group. In response to the Group’s priority issues, it formalizes a
strategy, implements action plans and measures efficiency via
General Management performance metrics.

It is responsible for designing and managing the overall internal Purchasing department
control system. To do this, it relies on all key players, in
particular the Group’s Audit and Internal Control Department. It organizes and manages all Group purchases centrally. This
includes the raw materials needed to manufacture products,
parts, components and sub-assemblies, indirect purchases and
First line of defense finished products. Considering the importance of financial flows and
the diversification of sources of supply, the Purchasing department
The first line of defense consists of management and all
is at the center of the Group’s internal control process to ensure
employees who implement the procedures and controls on a
the integrity of transactions, compliance with ethical, social and
daily basis. It is responsible for operational risks and for
environmental standards and the optimization of operations.
implementing the associated controls.

Finance and Treasury department
Second line of defense
It is tasked with ensuring the liquidity, security, transparency and
The second line of defense consists of central functions and efficiency of the Group’s treasury and finance operations, and
committees, including: hedging against all financial risks. Its activities contribute to the
quality of the internal control environment by:
Legal department ■ arranging finance for the Group;
The role of the Legal department is to ensure compliance with ■ protecting cash flows and optimizing cash management;
any legal and regulatory requirements that affect the Group in ■ hedging against volatility risks (particularly for currency,
the various countries and fields in which it operates, to protect interest rate and commodity risks);
its assets (particularly its intangible and intellectual assets) and
■ managing customer risk.
its businesses as a whole. It also ensures that the Group’s
interests are protected through good risk management, litigation
management, awareness-raising and training. Controlling department
Its main tasks include the following activities: It coordinates budget planning and control, using a set of
■ protecting, managing and defending Groupe SEB’s interests; management procedures and rules applicable to all entities, including
Group budgeting, re-projections and management reporting methods.
■ implementing compliance policies, including the anti-corruption
policy, personal data protection, duty of vigilance and antitrust;
Accounting department
■ providing support for all legal aspects of operations;
■ ensuring compliance of the Group’s governance bodies; It is responsible for ensuring that the Group’s accounting principles
and standards are compliant with commonly accepted international
■ coordinating the Group’s insurance program. accounting standards. It defines the Group’s accounting standards
and oversees their distribution and application, particularly through
Information Systems department training courses. It is responsible for preparing the consolidated
financial statements and closes the Group’s financial statements,
Its task is to support Groupe SEB’s business lines by providing in collaboration with the entities, in accordance with the reporting
the infrastructure and IT tools necessary to optimize the running calendar.
of the business.
This support must meet the internal control requirements, which
guarantee the security, reliability, availability and traceability
of information.




58 GROUPE SEB Universal Registration Document 2024
RISK FACTORS AND RISK MANAGEMENT
Risk control system 2
Financial Communication and Investor Relations department
It works closely with the Group’s other departments to achieve To achieve these objectives, management is responsible for
two main objectives related to the listed company status of SEB S.A.: ensuring compliance with the requirements of the market
(i) the development and implementation of the Group’s financial authorities, the conformity of the financial communication and
communication; and (ii) shareholder dialog and investor relations. the quality, accuracy and transparency of disclosures.

Committees
Alongside the departments, Committees have been set up to level (regulatory changes, evolution of the market context, etc.).
handle Group-wide control topics. The Committees meet two to In this case, each Committee will report to the Group Executive
four times a year and are responsible for identifying, in their Committee(1). These Committees include:
respective areas, any situations requiring action at the central

IT Data Security MAR Committee Health and
Compliance Committee
Committee (Market Abuse Regulation) Safety Committee
■ Legal department ■ Chief Executive Officer ■ Chairman ■ Chairman
■ Senior Executive Vice-President, ■ Information Systems department ■ Chief Executive Officer ■ Chief Executive Officer
Finance ■ Audit and Internal Control ■ Senior Executive Vice-President, ■ Human Resources department
■ Audit and Internal Control department Finance ■ Communications Department
department ■ Human Resources department ■ Legal department ■ Manufacturing department
■ Human Resources department ■ Financial Communication and ■ Group Health & Safety department
■ Sustainable Development Investor Relations department
department
■ Manufacturing department



Compliance Committee Market Abuse Regulation Committee
This is a Group-wide committee. It is managed by the Legal The role of Groupe SEB’s Market Abuse Regulation Committee is
department. It ensures that the organization complies with legal to ensure that the Group complies with the Market Abuse Regulation
and regulatory requirements and maintains high standards of (MAR). It is responsible for preventing and detecting breaches,
corporate ethics and responsibility. The main topics coordinated oversees the management of insider lists and ensures that inside
by this committee concern the following aspects: information is distributed correctly. The Committee is composed
■ monitoring plans aimed at compliance with the various applicable of the Chairman, the Chief Executive Officer and the Chief Financial
regulations (antitrust, personal data, anti-corruption, sanctions); Officer, as well as the Legal and Financial Communication and
Investor Relations departments. This enables it to contribute to
■ defining internal policies; strong and transparent governance of financial information.
■ organizing training and awareness initiatives on compliance
issues; Health and Safety Committee
■ mapping corruption risk;
This Committee promotes and oversees workplace health and
■ handling whistleblowing reports. safety. It ensures that professional risks are identified and that
measures are taken to prevent accidents and improve working
IT Data Security Committee conditions for all Group employees.

This Committee is managed by the IT department and coordinates
the main functions involved in the security of IT systems. It
oversees the implementation of policies and the definition of
security strategies in order to protect the Group’s IT systems.


Third line of defense
Audit and Internal Control department The combination of audit and internal control within a single
department is designed to ensure the end-to-end consistency of
The third line of defense is provided by the Audit and Internal the tasks entrusted to it, in particular:
Control department, which independently assesses the effectiveness
■ coordinating and overseeing the Group’s risk mapping;
of governance, risk management and internal control procedures.
This department functionally reports to the Chief Executive Officer, ■ implementing the audit plan validated by the Audit and
with direct access to the Audit and Compliance Committee. Compliance Committee;
■ defining, rolling out and updating internal control procedures
(“Internal Control Manual”).
■ coordinating the evaluation of the internal control system.




(1) Executive Committee



Universal Registration Document 2024 GROUPE SEB 59
2 RISK FACTORS AND RISK MANAGEMENT
Risk factors and management




2.2 Risk factors and management
In accordance with regulation (EU) 2017/1129 and its delegated The risk identification and control process is an ongoing process
regulation (EU) 2019/980, which took effect on 21 July 2019, incorporated within the Group’s operations. In order to provide
this section outlines, in a limited number of categories, the most comprehensive information, the various stages of collecting and
significant risks in terms of materiality and specificities in processing information were defined as follows: operational
relation to the Group’s activities. Within each category, the most approach, consolidation by key theme, and review by the General
significant risk factors are presented first. Management Committee (GMC).


Collection of operational risks
Operational risks – risks related to operations, legal affairs, the Risk forms are then created and consolidated by the Audit and
industrial side of the business and the environment – are Internal Control department to identify the main issues by theme.
identified and reviewed annually by means of interviews with On the basis of this consolidation, each function director meets
key divisional managers. with the Audit and Internal Control department so as to assess
thoroughly the main risks and associated risk management plans.


Consolidation at group level
An annual review procedure is organized with the Executive Lastly, the review of the Group’s risk mapping activity is included
Committee members on the basis of the above elements. This as a specific agenda item at an Annual Meeting of the Audit and
meeting covers all the information from the operational collection. Compliance Committee (review of methodology and risks, and
Each risk is reviewed in detail, to evaluate how it has evolved their assessment by Group management).
and its relevance in terms of both potential impact for the Group
and probability of occurrence.


2.2.1 Summary of the main risks

CATEGORIES AND RISKS NET CRITICALITY PAGE
1. OPERATIONAL RISKS
1.1 Cybersecurity and information systems failure risk 61

1.2 Volatility risk 61

1.3 Macroeconomic, geopolitical and regulatory risks 62

1.4 Compliance risk and fraud 62

1.5 Risk related to attracting and retaining talent 63

1.6 Risk related to the ability to meet the logistical expectations of customers 63

2. INDUSTRIAL AND ENVIRONMENTAL RISKS
2.1 Risk related to adaptation to new product regulations 64

2.2 Risk related to maintaining the competitiveness of plants 64

2.3 Risk of business interruption 65

2.4 Risk related to the environment and global warming 65

2.5 Risk related to employee health and safety 66

2.6 Risk related to consumer health and safety 66

3. STRATEGIC RISKS
3.1 Risk related to innovation and intellectual property 67

3.2 Risk associated with changes in the distribution industry 68

3.3 Image and reputational risk 69

3.4 Risk related to competition and concentration in the Small Domestic Equipment market 69

High Medium Low




60 GROUPE SEB Universal Registration Document 2024
RISK FACTORS AND RISK MANAGEMENT
Risk factors and management 2
2.2.2 Main risks

RISK IMPACT PROBABILITY NET CRITICALITY

1.1 Cybersecurity and information systems failure risk

Description: Groupe SEB’s operations are based on a wide range of information systems which are used in all of the Group’s Strategic
Business Areas, including production, sales, management and innovation. An IT security incident or event affecting the availability of
a critical application could affect business continuity.
This risk is increased by the following factors:
■ overall increase in cybercrime and variety of modes of attack;
■ the complexity of the IT systems in place, as well as the challenges of regularly updating those systems;
■ the Group’s overall footprint.

Impacts:
■ in the event of an IT security incident, or any event affecting the availability of certain applications, the Group would be exposed to a
risk of business interruption that could slow down, corrupt or temporarily halt production, distribution, management or innovation;
■ negative publicity associated with an incident could affect the Group’s reputation;
■ the exposure of sensitive data could lead to intellectual property theft. This could also affect compliance with regulations on the
protection of personal data (in particular the General Data Protection Regulation – GDPR) if data belonging to customers, suppliers
or employees were compromised;
■ restoring normal operations could incur significant costs for IT equipment and services. The Group would also be exposed to fines
if personal data were exposed.

Control system:
■ a Cyber-governance team is in place within the IT department. It coordinates initiatives to continually improve the security
of IT systems and respond to threats. It is also responsible for updating the IT risk map each year with risks that could affect
the Group’s resilience;
■ the Group has selected a range of partners to assist it with IT security and provide recognized incident detection and protection
systems. At the same time, a special unit has been set up to respond to incidents (Security Operations Center & Computer Emergency
Response Team);
■ a procedure is in place that defines the actions to be taken in the event of an IT security breach involving personal data;
■ in order to improve the Group’s resilience, a leading partner provides a remote disconnected backup system. The business recovery
plan is regularly reviewed and updated jointly with the crisis management team. Crisis simulations are organized each year
to prepare all stakeholders;
■ insurance specifically covering the risk of cyberattack provides compensation of up to €35 million per year.




RISK IMPACT PROBABILITY NET CRITICALITY

1.2 Volatility risk

Description: because of its global footprint, Groupe SEB is naturally exposed to the risks of volatility in exchange rates and procurement
costs (including raw materials, maritime transport and energy). The main sources of risk are related to:
■ commercial flows between subsidiaries in different countries;
■ purchases from external suppliers by production subsidiaries;
■ the conversion of subsidiaries’ financial statements into euros.

Impacts:
■ exchange rate fluctuations may influence the Group’s business activity, revenue and operating margin;
■ The volatility of exchange rates and procurement costs may affect the Group’s competitiveness by increasing the price of products
compared with competitors who are less affected by those phenomena.

Control system:
■ a committee meets each month to measure exposures and the associated hedging instruments;
■ the main currencies are hedged by derivatives covering approximately 80% of ORfA (see note 25 Financial risk management);
■ the main commodities (except aluminum for Supor) are hedged by derivatives, covering around 80% of the volume
(see note 25 Financial risk management);
■ for energy (gas, electricity), hedging is provided by supplier contracts, monitored each month by the Raw Materials Committee;
■ the pricing policy is adjusted to compensate for fluctuations in currencies, freight costs and raw material costs.




Universal Registration Document 2024 GROUPE SEB 61
2 RISK FACTORS AND RISK MANAGEMENT
Risk factors and management




RISK IMPACT PROBABILITY NET CRITICALITY

1.3 Macroeconomic, geopolitical and regulatory risks

Description: the Group is active in 150 countries. However, some of these countries may pose risks on account of unfavorable macroeconomic
conditions, political or regulatory instability, armed conflict or social unrest.
This exposure is increased by the following factors:
■ an increase in protectionist measures;
■ high interest rates and unfavorable exchange rates linked to inflation in some countries;
■ pressures in the energy and commodity markets;
■ armed conflict.

Impacts: a geopolitical event or an economic crisis could have financial impacts such as loss of business and revenue, production downtime
or reduced production capacity, supply chain disruption, impairment of the Group’s assets in the relevant countries, and finally restrictions on
cash transfers to the parent company.

Control system:
■ the Group’s global presence helps mitigate risks;
■ vigilant geopolitical monitoring is in place to identify exposures and respond swiftly to political
and economic changes in the countries where it operates;
■ the Group’s agility in adapting its production and procurement capacities to an ever-changing market. This includes the development
of new supply and retail distribution channels, as well as the adjustment of price structures in some countries experiencing strong
monetary devaluation.




RISK IMPACT PROBABILITY NET CRITICALITY

1.4 Compliance and fraud risk

Description: Groupe SEB may be exposed to various fraud risks, such as improper payments, fraudulent purchases, misappropriation of assets
or funds, accounting manipulation and fraud related to online sales.
It may also face difficulties in ensuring that it complies with applicable regulations.
The main factors that could increase the Group’s exposure to these risks are:
■ insufficient application of certain procedures and controls;
■ the Group’s global presence, with numerous and complex information systems;
■ diverse regulations across different countries;
■ an increase in tax requirements;
■ the Group’s exposure to the risk of non-compliance via its suppliers (GDPR or Sapin II);
■ cyberattacks.

Impacts: in the event of fraud or non-compliance, the Group would be exposed to the following effects:
■ the Group’s image, consumer confidence and the trust of the financial community could be affected;
■ the Group could be exposed to fines or sanctions;
■ asset losses could also be recorded.
Control system:
■ the internal control manual is continually updated. These guidelines apply to all Group employees. They are accompanied by training
for the Finance community, the Group’s managerial staff and all employees in general. This system ensures that everyone has a good
understanding of the Group’s procedures. A task separation management tool is also being rolled out gradually;
■ the organizational structure has been enhanced and expanded with the creation of a team focusing on compliance topics;
■ a dedicated security team handles the physical security aspects of assets;
■ a whistleblowing hotline has been set up so that incidents can be reported anonymously and then investigated. This outsourced
platform is open to all employees, suppliers and customers, with 64 languages available for interaction with whistleblowers.




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1.5 Risk related to attracting and retaining talent

Description: Groupe SEB operates in a dynamic market environment requiring constant adaptation and wide-ranging expertise. This exposes
the Group to the risk of lacking the talent it needs to support its growth. For example:
■ the Group invests heavily in certain strategic areas (innovation, logistics, data, e-commerce, digital, etc.) requiring increasingly specialized
and qualified profiles, which puts pressure on certain key positions;
■ depending on the region, the shortage of specific profiles and increased competition may lead to difficulties in attracting talent;
■ talent developed in-house may be poached by other companies, especially in an inflationary context and/or a tight labor market.

Impacts: where there is a shortage of the necessary resources, the Group could be exposed to the following effects:
■ it may lack the skills needed to execute its strategy;
■ a deterioration of the employer brand image could lead to higher recruitment costs;
■ more investment might be needed to adapt profiles to the skills required.

Control system:
■ strategic reviews are in place to identify which occupations face a shortage and to identify recruitment needs;
■ a succession plan is kept up to date for key positions and senior management;
■ dynamic career management is implemented by Human Resources to retain and develop talent within the Group.




RISK IMPACT PROBABILITY NET CRITICALITY

1.6 Risk related to the ability to meet the logistical expectations of customers

Description: the expectations of the Group’s customers in terms of logistics services have evolved significantly, with a desire on their
part to reduce their inventory levels while ensuring the availability of products for consumers (“on time, in full”). Under these conditions,
the Group faces increased volatility in demand and pressures throughout its supply chain.
These changes require greater flexibility on the part of the Group and entail the following changes:
■ tools to optimize logistics flows;
■ the recruitment of logistics experts;
■ the adoption of new modes of interaction between Sales Administration and customers.

Impacts: in the event of difficulties in adapting to the new logistical expectations of customers, the Group could be faced with a loss
of opportunity (missed sales) due to stockouts or late deliveries. Late penalties could also erode margins. Lastly, the Group may need to
increase its inventories to ensure that it has enough capacity to accommodate volatile demand.

Control system:
■ the sales projection, production and supply chain implementation process is carried out on a regular basis (weekly and monthly)
at all levels of the organization;
■ the Group diversifies its sources of supply and transport to ensure product availability;
■ to improve its response to rapid changes in demand, the Group has developed product “commonality” (the same packaging is used
for several markets), which allows the necessary inventories to be pooled;
■ in addition, the Group optimizes flow modeling and the use of available data to improve market forecasts and customer service.




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2.1 Risk related to adaptation to new product regulations

Description: in the event that product regulations should change, the Group may need to adapt its product offering and production
facilities. This situation is complicated by the plethora of local and international regulations: the Group would have to comply with a
patchwork of regulations on account of its global footprint.

Impacts: if a regulatory change required a modification of the industrial process, the costs of adapting industrial facilities could be
significant. In addition, regulatory non-compliance could harm the Group’s reputation and require it to speed up its transition.

Control system:
■ the Group has set up a regulatory monitoring committee to ensure compliance with applicable standards, particularly amendments
to EU product directives;
■ the Group has an environmental team with resources dedicated to managing the substances and materials used
in the production cycle;
■ Groupe SEB controls its industrial processes, enabling it to accommodate regulatory developments. It also invests in R&D
to develop a varied portfolio, which effectively limits its dependence on a single technology.




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2.2 Risk related to maintaining the competitiveness of plants

Description: part of Groupe SEB’s industrial footprint is located in mature markets with higher costs. In addition, some of the production
facilities are small units. These two characteristics could affect the profitability of the manufacturing base owing to the sensitivity of these
facilities to low or fluctuating production volumes:
■ without optimizing production processes, some facilities located in developed countries could be unsuitable for low-margin products;
■ a decline in activity could lead to difficulties for some plants in absorbing fixed costs.

Impacts: in a scenario where there is a contraction in demand and/or in the absence of initiatives to generate efficiency gains, some
plants could see their margins eroded, which would affect their competitiveness.

Control system:
■ Groupe SEB’s industrial footprint is regularly reviewed to optimize the location of production and the management of the volumes
required for each site;
■ ongoing programs to optimize production costs encompass production practices, purchasing, logistics and innovation to allow
complete control over product costs.




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2.3 Risk of business interruption

Description: in view of its size, its plants and the diversity of its product portfolio, Groupe SEB is exposed to various factors that could
have an impact on business continuity:
■ with more than 40 production facilities worldwide, the Group is exposed to the risk of industrial accidents involving employees, the
site, the ecosystem and/or other factories nearby;
■ natural hazards, epidemics, trespassing and social unrest may compromise the continuity of industrial operations at the production
facilities or in the areas concerned;
■ with a significant annual volume of purchases, the Group remains exposed to dependence on its suppliers. Any disruption – such as
delivery delays, business interruption, termination of business relationships, failure or major incidents such as fire – could affect
operations.

Impacts: the different scenarios envisaged could have the following effects:
■ a total or partial shutdown of production would limit the availability of products and thus the Group’s ability to fulfill customer orders;
■ in the event of failure of a key supplier, the Group’s production capacity could be jeopardized;
■ the interruption of logistics flows could both deprive plants of the components needed for production and affect deliveries of finished
products to customers.

Control system:
■ the Group implements specific industrial processes and applies international safety standards across all its production facilities.
Regular plant inspections and audits are carried out to improve risk management and follow up on action plans;
■ business continuity plans are regularly reviewed and updated. This applies to the plants, commercial entities and IT systems;
■ any dependence on key suppliers is identified each year by the Industrial department. These situations are reviewed and addressed
by applying the principle of “double sourcing” wherever possible;
■ “property damage and business interruption” insurance provides compensation of €20 million per claim for business interruption and
€100 million per year in case of an extreme event.




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2.4 Risk related to the environment and global warming

Description:
■ over the coming years, Groupe SEB could be exposed to the negative consequences of global warming. The risks identified include a
water shortage, which could lead public authorities to make trade-offs between different uses (domestic, industrial, agricultural).
Climate change could also affect the stability of the land on which industrial sites are located;
■ moreover, with its numerous production facilities, Groupe SEB could be responsible for environmental pollution. These risks could be
the result of accidental pollution related to the production process or historical pollution related to the Group’s production processes
in the past.

Impacts:
■ water restrictions could interrupt production at different Group sites, as well as that of our suppliers;
■ environmental pollution caused by Groupe SEB could harm the Group’s reputation.

Control system:
■ the Group has taken out environmental liability insurance. This provides compensation to third parties for accidental, historical and gradual
pollution, damage to biodiversity and decontamination costs of up to €35 million per claim per year;
■ in order to control the risk of pollution, an in-house team carries out ISO 14001 audits on an ongoing basis. The team is supported by
an external service provider who certifies the Group’s sites to the same standard;
■ the Group has introduced annual monitoring of water consumption and has set ambitious quantified consumption reduction targets
(see section 1.4. New ESG ambition by 2030).




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2.5 Risk related to employee health and safety

Description: with more than 30,000 employees, the Group’s size and the nature of its activities expose it to risks concerning the health
and safety of its employees. The importance attached to these issues is entrenched in the Group’s culture. Even so, these risks could
materialize in various forms:
■ work-related accidents;
■ work-related illness;
■ a deterioration in employee well-being due to changes in working life;
■ pandemics that have consequences for employee health.

Impacts:
■ the consequences of such incidents involving employees could have human and psychosocial repercussions and affect the nominal
performance of activities;
■ if the Group were held responsible, it might have to pay indemnity and/or compensation in the event of an accident at a production facility;
■ lastly, these incidents could also harm the Group’s image and reputation.

Control system:
■ a permanent action plan is in place to ensure continuous monitoring and analysis of risks and accidents within the Group. This plan is
accompanied by remedial measures defined in a spirit of continuous improvement;
■ job satisfaction surveys are in place to measure and improve employee well-being, together with a whistleblowing hotline;
■ the Group has taken out civil liability insurance covering the Group’s liability for up to €100 million per claim.




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2.6 Risk related to consumer health and safety

Description: product quality and consumer safety is a priority for the Group. However, placing a product on the market that does not comply
with consumer safety requirements could affect the health and confidence of consumers and damage the Group’s reputation. This risk
could stem from the following factors:
■ design or manufacturing defects;
■ quality defects in products or components sourced, which might not meet the specifications;
■ when new technologies are introduced into products, the Group might fail to anticipate the associated risks, such as cybercrime.

Impacts:
■ a defect in the Group’s products could affect the physical well-being of consumers. It could force the Group to issue a product recall
(see Section 1.3.2);
■ if the Group were held liable, this could affect its image and reputation. The Group might have to compensate the consumer.

Control system:
■ The Group’s quality policy is incorporated from the product design stage, with successive validation points concerning the components
used, the materials employed and the suppliers chosen;
■ the Group has implemented an internal and external EMQS quality control protocol for all the products it sells;
■ the Group is insured against the risks of a product recall and has civil liability insurance covering risks for up to €100 million.




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3.1 Risk related to innovation and intellectual property

Description: in the Small Domestic Equipment and Professional markets, innovation is an essential lever for differentiation from the
competition. To maintain its competitive advantage, the Group must regularly enhance and update its product portfolio through constant
innovation. As life cycles become shorter, the factors affecting the Group’s ability to innovate and its intellectual property are as follows:
■ the Group could fail to identify the right trends and technologies;
■ the Group could fail to produce the incremental innovations needed to counter the erosion of margins and sustain growth;
■ a weakness in patent filing and trademark protection could facilitate counterfeiting activities, which seek to profit from the reputation
of the Group’s brands and its successful innovations.

Impacts:
■ the Group could experience a fall in its margins due to the low recurrence of purchases in the Group’s mature markets, price erosion
due to lack of innovation, and the increasing cost of promotional campaigns needed to boost sales;
■ the perception of the Group as a leader in innovation could deteriorate, thus compromising the image of its brands and reducing their
attractiveness in the face of competition;
■ counterfeits could compete with the Group’s products, thus affecting its sales and image.

Control system:
■ an innovation division is in place at Group level to boost the potential for innovation by providing structure for the Group’s ability
to anticipate consumer trends and integrate technological developments;
■ the Group has strategic policies in place within the Business Units (BUs) to update the existing ranges every three to five years;
■ at the same time, strategic innovation policies are implemented to identify key trends, whether related to consumer or technological
developments, and to encourage the creation of disruptive concepts;
■ the Group continually monitors the risk of infringement of its intellectual property. This monitoring is carried out on the ground by the
sales force, but also on marketplaces and social media and in domain names with the help of a leading external provider.




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3.2 Risk associated with changes in the distribution industry

Description: the distribution industry has experienced some major changes over the past few years. These changes have had a lasting
impact on the Group’s business: sector consolidation (through acquisitions or by setting up central buying organizations). The rapid
emergence and success of e-commerce specialists have radically transformed the business environment as well. Similarly, new digital
companies have appeared, shattering traditional distribution models.
Since 2020, as a result of the restrictive measures introduced to halt the spread of Covid-19, the growth of online sales has accelerated
sharply. More generally, this crisis confirmed the blurring of the boundaries between physical retail and e-commerce. The trend is now
toward omni-channel distribution, affecting almost all retailers.
These trends could affect the Group if it fails to adapt to the following factors:
■ a growing dominance of major digital players, which could restrict direct access to consumers;
■ the development of new distribution channels, which leads to greater price transparency and greater ease of access to products,
ultimately putting pressure on prices and margins;
■ a potential deterioration in the financial health of some customers in the face of increased exposure to geopolitical tensions and
inflationary trends.

Impacts:
■ these developments could impact the Group as a result of changes in retailer policies: trade-offs within the portfolio of products sold,
strong promotions to generate traffic, strict inventory management and limited re-stocking, and a reduction in store inventory;
■ this profound transformation within the distribution industry could adversely affect the Group in terms of revenue, margin and/or market
share, or even unpaid debts in the event of insolvency. It therefore requires an adjustment to relationships with retailers;
■ the growing dominance of major digital players could lead to an increase in spending on contacting and getting to know consumers.

Control system:
■ in a world where it has become increasingly vital to interact directly with consumers, the Group has complemented its own store
network with online platforms and sales sites. The development of this online DTC activity is accompanied by (i) specific skills, (ii)
changes in the cost structure of accessing consumers, (iii) the management of a large volume of data;
■ commercial strategies tailored to the different distribution channels are in place. The Group has also set up teams focusing on certain
channels and customers;
■ the Group has worked to strengthen the direct relationship with consumers through the implementation of CRM (Customer
Relationship Management) strategies to improve interactions and manage customer data;
■ the Group mainly works with COFACE to insure most of these trade receivables. A process for monitoring outstanding trade
receivables and credit management is in place locally throughout the Group.




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3.3 Image and reputational risk

Description: Groupe SEB relies on a portfolio of brands that hold a leadership position worldwide or in their domestic markets. Their
reputation is based on product quality, proximity with consumers, distribution strategy and the marketing and communication policies
implemented. Therefore, the distribution of non-compliant products, or any inappropriate communication, could harm the Group’s image
and that of its brands.
This risk is increased by the following factors:
■ the dissemination of information has accelerated via websites and social media;
■ risk can emerge based on founded or unfounded information and/or rumors including from possible shareholder activism.
These risks can cover a wide array of subjects – product quality or safety, material safety (especially food), manufacturing processes,
environmental impact, strategy, business practices, ethical values or compliance with regulations (tax, labor).

Impacts: such events could have an impact on the Group’s image and reputation in the press and among institutions, the financial
community, employees and consumers. These impacts could have repercussions on sales and earnings, and lead to share price
volatility.

Control system:
■ the Group is committed to upholding the values of its Code of Ethics and complying with internal processes (particularly on quality,
financial reporting, internal control, safety, etc.);
■ the Group supports and builds the reputation of its brands by working with professionals who are well known in their field
(communication agencies, ambassadors, influencers etc.);
■ a reactive information monitoring system has been implemented. It includes traditional media monitoring, a social media reputation
tracking tool and an internal and external communication process;
■ information dissemination processes are secure in order to limit fraudulent communication and identity theft;
■ the Group has a shareholding structure based on a stable family shareholder agreement. This structure, which ensures its
independence, is one of the Group’s strengths in the event of a crisis.




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3.4 Risk related to competition and concentration in the Small Domestic
Equipment market

Description: the Small Domestic Equipment and Professional markets are dynamic, but remain fragmented globally. The following
factors could undermine Groupe SEB’s leadership status:
■ accelerated and sustained consolidation of the still fragmented markets in which the Group operates;
■ rapid and unanticipated development of new players;
■ the ramp-up in competition from Asia;
■ an intensifying competitive landscape.

Impacts:
■ the large number of players, combined with distribution pressures, could result in a competitive intensity that could negatively impact
Groupe SEB with loss of market share, a fall in profitability or even a reduction in volumes;
■ the competitive intensity could impact the reputation of Groupe SEB with the loss of its leadership position, undermining theGroup’s
brand image and competitiveness;
■ each of these acquisitions has specific features in terms of corporate culture, structure, operational processes and distribution
channels. Failing to identify these or not taking them into account could have an adverse effect on the integration process and the
value creation expected from these operations.

Control system:
■ in a significant competitive landscape, the Group relies on:
■ the widest range available on the market, fueled by an ongoing approach to innovation that makes it stand out from the crowd,
■ its numerous patent filings to protect its innovations,
■ its unique portfolio of brands,
■ a presence in all distribution networks,
■ an effective and versatile manufacturing base, to better serve its customers;
■ the Group has always been a major player in market consolidation. It maintains an active watch over the markets to identify companies
that could become good acquisition targets. This watch prioritizes the most strategic sectors/geographic areas;
■ with regard to new acquisitions, a dedicated structure has been set up, which combines post-acquisition due diligence processes and
the coordination of an Integration Committee. Its role is to oversee, support and coordinate each integration process between all the
stakeholders involved.




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2.2.3 Insurance
Group general insurance cover the cost of product recalls. Exposures are guaranteed for up to
€100 million per claim. The Group also covers its senior managers
(excluding insurance of persons) for civil liability under a specific insurance policy.
Groupe SEB’s policy concerning insurance coverage (Fire, Accidents
and Miscellaneous Risks) is, on the one hand, to protect its assets Environment
against risks that could affect the Group and, on the other, to cover
its liability for any damages caused to third parties. This transfer A multi-risk environmental insurance policy covers environmental
of risk to insurance companies is nonetheless accompanied by risks on all Group sites in the amount of €35 million per claim
risk protection and prevention measures. Acquired companies are per year. Accidental, historical and gradual pollution, damage to
incorporated into global insurance programs. For confidentiality biodiversity and decontamination costs are covered.
reasons, the amount of the premiums is not disclosed.

Transport and inventory
Integrated worldwide coverage
The Group’s transport insurance covers damage to transported
The Group has established worldwide insurance plans with merchandise for all types of transport: sea, road/rail or air transport
major international insurers to protect itself against major risks, anywhere in the world. This insurance covers transport risks up
which include damage to property and loss of earnings, civil to an amount of €10 million per occurrence.
liability, environment, transport, cybercrime and customer risks.

Cyber
Damage to assets and loss of earnings
Financial protection held by Groupe SEB against attacks on its IT
Coverage for risk of property damage and consequent loss of systems covers damage and liability in the amount of €35 million
earnings resulting from common risks (fire, flooding, etc.) amounts per year. This broad-scope insurance policy also covers attacks
to €400 million per claim for factories and warehouses. on personal data.
This figure was calculated using the “Maximum Foreseeable Loss”
hypothesis in consultation with the insurer and its assessors, who
analyzed the impact of the total destruction of one of the Group’s
Customer risk
main production centers. Lower thresholds are in place for other With rare exceptions relating to local issues, the Group’s subsidiaries
types of more specific or localized risk, such as the risk of hold credit risk insurance under a Group plan to cover the majority
earthquake in certain regions where the Group operates abroad. of their risk on customer receivables.
This policy takes into account the protection measures in place
at Group sites, which are regularly visited by the specialist risk
prevention assessors from our property damage and business Captive reinsurance
interruption insurer.
Groupe SEB Ré is the reinsurance captive of Groupe SEB created
in June 2021. This entity reinsures the low-intensity risks borne
Civil liability by “fronting” insurers of up to €3 million for “civil liability” risks
and €3 million for “cyber” risk. Therefore, it does not significantly
All the Group’s subsidiaries are included in a worldwide civil liability alter the Group’s share of risk.
insurance plan that covers liability relating to their operations
and the products that they manufacture or distribute, as well as




70 GROUPE SEB Universal Registration Document 2024
3 Corporate
governance

3.1 Implementation framework for corporate 3.4 Group management bodies 104
governance principles 72
3.5 Remuneration policy 105
3.2 Organization of powers 72
Remuneration of the members of the Board
Current mode of governance: separation 415.1.2
of Directors 106
of the duties of Chairman of the Board Gross remuneration of directors (in €) 106
301.1.2
of Directors and Chief Executive Officer 72 415.1.3




Remuneration of executive officers 107
301.1.3
Chairman of the Board of Directors 72 415.1.4




Remuneration policy for the Chairman
Chief Executive Officer 73
311.1.1



454.1.2
of the Board of Directors 117
Remuneration policy for the Chief Executive Officer 118
3.3 Composition, organization and operation 454.1.3




of the Board of Directors 73 Remuneration of members of the Group
463.1.2
Executive Committee 120
311.1.2
Composition of the Board of Directors 73 Say on pay: components of remuneration
Information on and terms of office of members paid during or allocated for the year ended
of the Board of Directors and Executive 483.1.1
31 December 2024 to executive officers 123
319.1.2
Management at 31/12/2024 76
New candidate proposed to the Annual General
319.1.3
Meeting of 20 May 2025 90
319.1.4
Summary table of directors at 31/12/2024 91
Summary of how directors’ terms of office
322.1.1
are staggered 92
333.1.1
Directors’ status in terms of independence criteria 95
Implementation of the recommendations
408.1.2
of the AFEP-MEDEF Code 103




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Implementation framework for corporate governance principles




3.1 Implementation framework for corporate
governance principles
Groupe SEB adheres to the December 2022 version of the Code, this chapter includes a portion of the Corporate Governance
AFEP‑MEDEF Corporate Governance Code for listed companies report, appended to the Management report, as shown in the
(the “AFEP-MEDEF Code”), which can be consulted on the MEDEF cross-reference table available in the appendix to this document.
website (https://afep.com/). It should be noted that the information referred to in Article
Pursuant to the recommendations of the AFEP-MEDEF Code, as L. 22‑10-11 of the French Commercial Code and, in particular,
well as Article L. 22-10-10 4° of the French Commercial Code, information concerning the capital structure of the company and
this chapter reports on the application of the provisions adopted factors which could affect a hypothetical takeover bid, appears
and explains why some provisions were not applied. In accordance in chapter 8 Information concerning the company and its share capital.
with Article L. 225-37, paragraph 6 of the French Commercial



3.2 Organization of powers

Current mode of governance: separation of the duties of Chairman of the Board
of Directors and Chief Executive Officer
The company has adopted a corporate governance method that On this occasion, the Board has chosen to reconcile the term of
is tailored to its specific characteristics and is integrated into the this choice with the next expiration of Thierry de La Tour d’Artaise’s
task-distribution process within the management team. term of office as Director, i.e. at the close of the 2024 Annual
Decisions regarding the methods of exercising the General General Meeting.
Management of Groupe SEB have always been made in the This form of governance, supported by an active pair, ensured
company’s best interests and consistently following the principle the continuity of Senior Management’s action for the Group’s
that the chosen governance method will allow the Group’s strategy and business model, with the Chairman’s long-term
economic and financial performance to be optimized by creating focus and the Chief Executive Officer’s focus on the day-to-day
the best conditions for its long-term development. business market respectively.
Since 1 July 2022, SEB S.A.’s mode of governance has been On 21 February 2024, on the recommendation of the Governance
governance by a Board of Directors, with separation of the and Remuneration Committee, the Board of Directors wished to
functions of Chairman of the Board of Directors and Chief maintain the separation of the functions of Chairman and Chief
Executive Officer. Executive Officer.
Accordingly, at its meeting of 10 February 2022, the Board, on At its meeting after the General Meeting on 23 May 2024, the
the recommendation of the Governance and Remuneration Board reappointed Thierry de La Tour d’Artaise as Chairman
Committee, renewed the position of Thierry de La Tour d’Artaise until his term of office as director expires, i.e. at the end of the
as Chairman of the Board of Directors and appointed Stanislas de General Meeting in 2028.
Gramont as Chief Executive Officer, with effect from 1 July 2022.


Chairman of the Board of Directors
In his position as Chairman of the Board of Directors, Thierry de the Board of Directors and Stanislas de Gramont and to ensure
La Tour d’Artaise represents the Board of Directors. To this end, continuity of governance.
he is notably responsible for: When reappointing Thierry de La Tour d’Artaise as Chairman,
■ organizing and directing the work of the Board of Directors, the Board of Directors redefined the specific tasks entrusted to
organizing the work of the Committees; the Chairman for this new term of office, in order to take into
■ reporting on the work of the Board of Directors to the Annual account the fact that support for the Chief Executive Officer was
General Meeting; now complete.

■ ensuring that the company’s corporate bodies all run These tasks, which he performs in consultation with the Chief
smoothly in accordance with the law and with principles of Executive Officer, are as follows:
good governance; ■ representing the Group in dealings with bodies, public
■ ensuring that the directors are able to perform their tasks. institutions and stakeholders and, more generally, in its high-
level relationships;
In addition, to ensure that members of the Board of Directors are
fully informed, the Chairman of the Board of Directors may be ■ defining the Group’s overall strategy and organization;
asked by the members to obtain additional information when ■ engaging in dialog with shareholders;
relevant and necessary to perform their duties, in accordance ■ reviewing the Group’s external growth strategy;
with the internal rules.
■ chairing and leading the Strategic and CSR Committee;
When implementing separate governance, and given the long
experience as a director of Thierry de La Tour d’Artaise and his ■ ensuring that the Group’s values and image are respected
in-depth knowledge of Groupe SEB, the Board wished to entrust and monitoring corporate sponsorship projects.
the Chairman with a broader mandate in order to benefit both




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CORPORATE GOVERNANCE
Composition, organization and operation of the Board of Directors 3
Chief Executive Officer
Stanislas de Gramont, Chief Executive Officer, is responsible for for Board of Directors. The Chief Executive Officer represents the
the general management of the company. company in its relations with third parties.
In accordance with the law and the bylaws, the Chief Executive He leads and chairs the General Management Committee, whose
Officer is vested with the broadest powers to act in all members are listed in section 3.4 Group management bodies.
circumstances on behalf of the company. He exercises these They are tasked with implementing all aspects of the company’s
powers within the limits of the corporate purpose and subject to strategy.
those expressly reserved by law for General Meetings and the



3.3 Composition, organization and operation
of the Board of Directors
The Board of Directors is a collective body that represents all the to adopt the modes of organization and operation that enable it
shareholders and acts solely in the company’s interests. to carry out its mission in the best possible manner”.
According to the AFEP-MEDEF Code: “the organization of the The company was inspired by these recommendations to organize
Board’s work, and likewise its membership, must be suited to a Board of Directors, with a membership and organizational
the shareholder make-up, to the size and nature of each firm’s structure which enable it to effectively perform its corporate
business, and to the particular circumstances facing it. Each missions, in line with the various interests at stake.
Board is the best judge of this, and its foremost responsibility is


Composition of the Board of Directors
The company’s governance is based on the existence of a family This family heritage is reflected in the composition of the Board
base that has evolved and adapted to the challenges, business of Directors on which the presence of directors from the
activities and requirements of all stakeholders. Founder Group responds to the family shareholding structure
while complying with the principles of corporate governance,
thanks to the presence of independent and employed directors.


General principles relating to the composition of the Board of Directors
As of 31 December 2024, the Board of Directors has been Description of the policy relating to diversity
composed of 14 members whose terms of office are four years on the Board of Directors
in accordance with the bylaws.
The composition of the Board of Directors is as follows: Pursuant to the provisions of Article L. 22-10-10, 2 of the French
Commercial Code, the Board of Directors strives to maintain a
■ the Chairman; balance in its membership and in that of its Committees,
■ six directors representing the Founder Group, namely: particularly when it comes to diversity in terms of careers and
■ four directors from VENELLE INVESTISSEMENT, experience. Wide-ranging, complementary skills and ethics are
also essential to the smooth operation of the Board of Directors.
■ two directors from GÉNÉRACTION;
More specifically, the Governance and Remuneration Committee
■ four independent directors; seeks to include directors with skills that enhance the quality of
■ one director representing employee shareholders; debate and contribute to informed discussion.
■ two directors representing employees. This diversity also stems from:
More than one-third of members of the Board of Directors are ■ the independent directors having a wide range of complementary
independent (4/11, 36%), as recommended by the AFEP-MEDEF expertise (distribution, finance, digital technology, strategy,
Code for controlled companies. This calculation does not include human resources, audit, governance and CSR);
the directors representing employee shareholders and the two ■ contributions from the employee representatives, who provide
directors representing employees. local input and a CSR-focused perspective; and
In accordance with the calculation method set out in the bylaws ■ from a long-term outlook, a commitment to founding values
and the new provisions of the PACTE law the director representing and to maintaining family accord, the Group’s reference
employee shareholders and the two directors representing employees shareholders.
are excluded from the calculation of the representation of women.
Under this new calculation method, with six women on the Board
of Directors, the representation of women stands at 54% (6/11)
of the members of the Board of Directors, in accordance with
Article L. 22-10-3 of the French Commercial Code.




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Composition, organization and operation of the Board of Directors




Description of the procedure for selecting candidates who had senior management experience with an
independent directors international dimension and governance expertise.
On the basis of its work, the Committee recommended that
In accordance with the provisions of the AFEP-MEDEF Code, the the Board propose to the General Meeting of 20 May 2025
Governance and Remuneration Committee organizes a procedure the appointment of a new independent director: Eric Rondolat.
to select future independent directors and conducts its own
research into potential candidates before any approach is made. The Committee also interviewed the Bpifrance Investissement
In this regard, the Governance and Remuneration Committee has candidate to replace Guillaume Mortelier, who left his post at
documented a procedure for selecting independent directors, BPI. It confirmed the nomination of Adeline Lemaire at its
which has been approved by the Board of Directors. This meeting of 2 August 2024.
procedure is appended to the internal rules of the Board of
Directors and aims to set out the process followed by identifying Directors’ skills
the various stages for selecting future independent directors to
serve on the Board of Directors of SEB S.A. INTERNATIONAL
EXPERIENCE
To ensure that there is a balance in its membership, the Board of TECHNOLOGY CSR/HR
Directors takes into account whether the current and future
profiles are diverse and compatible with each other, as is FINANCE GOVERNANCE
required for the Board to be effective and operate smoothly.
The Governance and Remuneration Committee implements
the procedure to select the independent directors on behalf of INDUSTRY COMPANY
INNOVATION CULTURE
the Board of Directors. This Committee has full leeway
SKILLS
to investigate the suggestions of Management and the Board of
Directors and to have specialist Boards carry out any studies and
benchmarking that it deems appropriate. The Governance and Remuneration Committee has drawn up a
list of skills that it considers to be key in the light of the
From the 2021 financial year onwards, this report on the company’s experience gained through the workings of the Board.
corporate governance has provided an update on the practical
application of the director selection procedure for the past year. The expertise and experience expected from each Board
member are summarized in the matrix below. The Governance
In 2024, the selection procedure was used twice. and Remuneration Committee developed this matrix, which has
The term of office of Yseulys Costes, independent director and been adopted by the Board of Directors. The Board reserves the
member of the Audit and Compliance Committee, will expire at right to update it if necessary. The Chairman of the Governance
the end of the General Meeting of 20 May 2025. and Remuneration Committee, assisted by the Company
Secretary, will identify which of these skills are best represented
In accordance with the criteria defined in the selection process,
by each Board member.
the Governance and Remuneration Committee searched for

Table of board members’ skills

Have a detailed understanding of corporate governance rules to ensure that the Board functions
CORPORATE GOVERNANCE properly and anticipate possible crisis situations (including shareholder activism). Acclimatize to a
OF LISTED COMPANIES denser, more aggressive regulatory environment: personal data, corruption, duty of vigilance,
anti-trust, environmental standards, investor/proxy requests, etc.

SENIOR MANAGEMENT Extensive professional experience in managing large companies with a strong international exposure.
EXPERIENCE IN
AN INTERNATIONAL Understanding of market dynamics across countries. A good understanding of the complexity of
ENVIRONMENT organizations.

Understand how to manage an income statement and put this into practice, combining it with a
top-line approach.
FINANCE
Understand how it translates into financial reporting, identify stakeholders (analysts, investors),
their expectations and how they operate.

IN-DEPTH KNOWLEDGE
Understand and promote the Group’s culture, family history and values. Understand the complexity
OF THE GROUP
of the Group’s organization (markets, BUs and support functions, 40 brands and 50 product categories).
AND ITS CULTURE


CSR/HR Experience in managing environmental, social and societal issues.


Understand or have experience of industrial and supply chain logistics and constraints. Stay
abreast of consumer expectations, the underlying trends and soft metrics, ensuring that CSR is
INDUSTRY/INNOVATION an integral part of this.
Understand the importance of brands, all of which are key drivers of innovation.

Be familiar with developments in IT, AI and digital, opportunities and risks for the business
TECHNOLOGY market (cybersecurity, unlawful use, personal data protection).




74 GROUPE SEB Universal Registration Document 2024
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Composition, organization and operation of the Board of Directors 3
Ownership of the company’s capital by the directors rules of the Board of Directors (the “internal rules”), under which
as of 31 December 2024 each director is required to hold a minimum number of pure
registered SEB S.A. shares, equivalent to about two years of
At 31 December 2024, the directors jointly held 11.24% of the remuneration allocated to one director, are adhered to. By way
company’s OGM capital and 11.30% of the company’s EGM of a reminder, this rule does not apply to directors representing
capital, 11.59% of the OGM theoretical voting rights, and 11.67% employees or to the director representing employee shareholders.
of the EGM theoretical voting rights. The terms of the internal

COMPOSITION OF THE BOARD OF DIRECTORS AT 31 DECEMBER 2024

CHAIRMAN OF THE BOARD OF DIRECTORS

Thierry de La Tour d’Artaise




EMPLOYEE DIRECTORS INDEPENDENT DIRECTORS
Nora Bey FONDS STRATÉGIQUE DE PARTICIPATIONS
Laurent Henry
EMPLOYEE SHAREHOLDERS
BOARD represented by Catherine Pourre

BPIFRANCE INVESTISSEMENT
DIRECTOR OF DIRECTORS represented by Adeline Lemaire
Brigitte Forestier Yseulys Costes
Jean-Pierre Duprieu




FAMILY DIRECTORS

GÉNÉRACTION VENELLE INVESTISSEMENT
represented by Caroline Chevalley represented by Damarys Braida
Aude de Vassart
William Gairard
Thierry Lescure
François Mirallié



Member of the Governance Member of the Audit Member of the Strategic
and Remuneration Committee and Compliance Committee and CSR Committee




Founding Chairmen
Frédéric Lescure † Henri Lescure † Emmanuel Lescure †




Universal Registration Document 2024 GROUPE SEB 75
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Information on and terms of office of members of the Board of Directors and
Executive Management at 31/12/2024



Thierry de La Tour d’Artaise
Chairman of the Board of Directors




Age: 70 Biography
Nationality: French The Chairman of the Board of the Directors of Groupe SEB, Thierry de La Tour d’Artaise, was born
Date of first appointment: in October 1954 in Lyon. He graduated from the ESCP in 1976 and is a Chartered accountant.
AGM of 3 May 1999 He began his career at Allendale Insurance in the US in 1976 as a Financial Controller, before
Date of last reappointment: joining the audit firm Coopers & Lybrand in 1979 as an Auditor, and then a manager. He moved to
AGM of 23 May 2024
Groupe Chargeurs in 1983, where he was appointed Chief Financial officer of Croisières Paquet,
End date of term of office: 2028 AGM before becoming Chief Executive Officer.
Committee member: In 1994, Thierry de La Tour d’Artaise came to Groupe SEB as Chief Executive Officer, then
Strategic and CSR Committee (Chair) Chairman and Chief Executive Officer of Calor S.A. (1996). In 1999, he was appointed Vice-Chairman
Number of SEB shares held: 540,707 and CEO of Groupe SEB. From 2000 to 30 June 2022, he was Chairman and Chief Executive Officer,
Main business address: and since 1 July 2022, he has held the role of Chairman of the Board of Directors.
Campus SEB Thierry de La Tour d'Artaise is an officer of the French Legion of Honor and a Commander of the
112, chemin du Moulin Carron
69130 Écully – France National Order of Merit.



Other current offices and positions within Groupe SEB Other current offices and positions outside of Groupe SEB
as at 31/12/2024 as at 31/12/2024
Company Functions and current mandates Company Functions and current mandates
SEB INTERNATIONALE (wholly High Committee of Corporate
Chairman Chairman from 1 July 2023
owned subsidiary of SEB S.A.) Governance
Zhejiang Supor CO., LTD* L’Entreprise des Possibles Chairman from 1 January 2024
Chairman of the Board
(China – a listed subsidiary
of Directors and member Permanent representative
83.19% owned by SEB
of the Strategic Committee CIC – Lyonnaise de Banque of Sofinaction on the Board
INTERNATIONALE)
of Directors
Member of the Supervisory
WMF GmbH Permanent representative
Board
SIPAREX ASSOCIÉS of SEB Alliance on the Board
Chairman and Chief Executive of Directors
Groupe SEB RÉ
Officer and Director
New Franco-Chinese Institute Chairman
Zhejiang Supor Water Heaters Director
Offices and positions held in the last five years
Zummo Innovaciones and now expired
Vice-President and Director
Mecanicas
Company Functions and current mandates
Chairman of the Board
La San Marco S.p.A.
of Directors Member of the Supervisory
Peugeot S.A.*
Board
Chairman of the Board
Pacojet International AG
of Directors Director and member of the
Legrand* Nominations and Governance
SEB ALLIANCE Chairman
Committee
* Listed company.




76 GROUPE SEB Universal Registration Document 2024
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Stanislas de Gramont
Chief Executive Officer




Age: 59 Biography
Nationality: French A graduate of the École Supérieure des Sciences Économiques et Commerciales (ESSEC Business
Number of SEB shares held: 32,994 School), Stanislas de Gramont has spent most of his career at Danone, where he has held various
Main business address:
general management positions both in France and abroad.
Campus SEB From 2014 to 2018, he was Chief Executive Officer in Europe of the Japanese group Suntory
112, chemin du Moulin Carron
69130 Écully – France Beverage & Food.
He joined Groupe SEB at the end of 2018 as Deputy Chief Executive Officer, in charge of the
Group’s sales and marketing functions worldwide.
Stanislas de Gramont was appointed Chief Executive Officer of Groupe SEB on 1 July 2022.



Other current offices and positions within Groupe SEB Other current offices and positions outside of Groupe SEB
as at 31/12/2024 as at 31/12/2024
Company Functions and current mandates Company Functions and current mandates
SEB Développement Chairman None None
Groupe SEB RÉ Director
Chairman of the Supervisory
WMF GmbH
Board
Representative of
SEB DÉVELOPPEMENT,
Immobilière Groupe SEB
itself Chair of Immobilière
Groupe SEB
Zhejiang Supor CO., LTD*
(China – a listed subsidiary Director and member
82.64% owned by SEB of the Strategic Committee
INTERNATIONALE)
Chairman of the Board
Lagostina
of Directors
Groupe SEB MEDIA Chairman
STOREBOUND Director
* Listed company.




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Nora Bey
Director representing employees




Age: 51 Biography
Nationality: French Nora Bey holds a master’s degree in Sales and Marketing from the Conservatoire National des
Date of first appointment: Arts et Métiers in Paris and is a CSCP certified Supply Chain Professional. She joined Groupe SEB
Groupe SEB European Committee meeting in 1997.
of 27 June 2019
She held various positions within the Supply Chain for Tefal, before being appointed in 2017 as
Date of last reappointment:
Groupe SEB European Committee meeting head of the industrial and commercial plan within the Cookware business.
of 6 February 2023
End date of term of office: 2027
Committee member: No
Number of SEB shares held: 310
Main business address:
Campus SEB
112, chemin du Moulin Carron
69130 Écully – France




Other current offices and positions outside of Groupe SEB Other offices and positions held in the last five years
as at 31/12/2024 and now expired
None None




Yseulys Costes
Independent director




Age: 52 Biography
Nationality: French Yseulys Costes holds a master’s degree in Management Sciences and a postgraduate degree in
Date of first appointment: Marketing and Strategy from Université Paris-IX Dauphine. She is Chairwoman, CEO and founder
AGM of 14 May 2013 of Numberly – 1000mercis Group. She discovered the internet in 1995 during her MBA studies at
Date of last appointment: the Robert O. Anderson School in the US. Given her interest in Data and Marketing, she founded
AGM of 20 May 2021 Numberly – 1000mercis Group to offer its clients innovative digital strategies with a high return on
End date of term of office: 2025 AGM investment, through targeted, multi-channel solutions with a measurable impact. As an
Committee member: Interactive Marketing researcher, she spent time at Harvard Business School, in the US, and has
Audit and Compliance Committee taught at several institutions (HEC, ESSEC and Paris Dauphine).
Number of SEB shares held: 825 Before founding Numberly, she wrote many works and articles on marketing and databases, and
Main professional address: was the coordinator of the IAB France on its creation.
28, rue de Chateaudun In 2014, she moved to Palo Alto in California, the heart of Ad Tech, to develop Numberly, the
75009 Paris – France
Group’s international subsidiary. She moved back to France in 2018.



Other offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
Company Functions and current mandates Company Functions and current mandates
Chairwoman and Chief Director, member of the Audit
1000mercis S.A.*
Executive Officer Committee, member of the
Kering S.A.* Appointments Committee
Numberly Chairwoman
and Chairwoman of the
Positive YmpacT Chairwoman Compensation Committee
Chairwoman of the
Ocito (Groupe 1000mercis)
Supervisory Board
City of Paris Strategic Council Director
* Listed company.




78 GROUPE SEB Universal Registration Document 2024
CORPORATE GOVERNANCE
Composition, organization and operation of the Board of Directors 3

Jean-Pierre Duprieu
Independent director




Age: 72 Biography
Nationality: French Jean-Pierre Duprieu is an agronomic engineer with a master’s Degree in Food Industry from the
Date of first appointment: Institut National Agronomique (AgroParisTech). He is also a Graduate of the Institut de Contrôle de
AGM of 22 May 2019 Gestion and the International Forum (Wharton). He joined the Air Liquide Group in 1976. He has
Date of last reappointment: spent his entire career fulfilling various sales, operational, strategic and general management
AGM of 17 May 2023 responsibilities. In 2000, Jean-Pierre Duprieu was appointed Senior Vice-president and member of
End date of term of office: 2027 AGM the Group’s Executive Committee in charge of Europe, Africa and the Middle East. Then for five
Committee member: years, he was based in Tokyo as a member of the Executive Committee, Director of the Asia Pacific
Governance region and of the World Electronics Business Line. After returning from Asia in 2010, he was
and Remuneration Committee (Chairman)
appointed Deputy Chief Executive Officer until his retirement in 2016. He then oversaw industrial
Number of SEB shares held: 439 activities in Europe and global activities in the healthcare sector, as well as Group functions such
Main professional address: as information systems and Efficiency/Purchasing programs.
Campus SEB
112, chemin du Moulin Carron He is currently Chairman of the Board of Directors of Clariane.
69130 Écully – France




Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
Company Functions and current mandates Company Functions and current mandates
Groupe Clariane* Chairman of the Board of Directors Member of the Supervisory Board
Michelin* and Chairman of the Remuneration
Member of the Supervisory
Dehon S.A.S. and Appointments Committee
Committee
Air Liquide* Deputy Chief Executive Officer
* Listed company.




Brigitte Forestier
Director representing employee shareholders




Age: 53 Biography
Nationality: French Brigitte Forestier has a master’s in Human Resources from the Institut de Gestion Sociale in Lyon.
Date of first appointment: She joined Groupe SEB in 1997. She held various human Resources positions at Calor, followed by
AGM of 11 May 2017 Groupe SEB France and Groupe SEB Retailing. Since 2018, Brigitte Forestier has been Director of
Date of last reappointment: Human Resources of Campus SEB.
AGM of 20 May 2021
End date of term of office: 2025 AGM
Committee member:
Governance and Remuneration Committee
Number of SEB shares held: 370
Main professional address:
Campus SEB
112, chemin du Moulin Carron
69130 Écully – France




Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
None None




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FONDS STRATÉGIQUE DE PARTICIPATIONS (FSP)
Independent director
SICAV with a Board of Directors and share capital of €400,000




Date of first appointment: Information
AGM of 15 May 2014
The Fund is a long-term investment vehicle whose purpose is to provide long-term support to
Date of last reappointment:
AGM of 23 May 2024 French companies in their plans for growth and transition. It achieves this by taking significant
stakes in companies’ capital and participates in their governance by being seated on their Board of
End date of term of office: 2028 AGM
Directors or Supervisory Board and their Committees.
Number of SEB shares held: 2,620,575
The Fund’s shareholders are seven French insurance companies: BNP Paribas Cardif, CNP
Registered office: Assurances, Crédit Agricole Assurances, Groupama, Natixis BPCE Assurance, Société Générale
14 boulevard Madeleine
75008 Paris – France Assurances, and Suravenir. In particular, the Fund’s portfolio currently includes nine investments
753 519 891 RCS Paris in the capital of French companies that are leaders in their specialist areas: Seb, Arkema, Eutelsat
Communications, Tikehau Capital, Elior, Valeo, Soitec, Verkor and Robertet.
It is represented on the Board of Directors by Catherine Pourre.



Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired

Company Functions and current mandates Company Functions and current mandates
Arkema* Director Zodiac Aerospace* Director
Eutelsat Communications* Director Director through F&P, held
Safran
jointly with PEUGEOT INVEST
Tikehau Capital Advisors Director
Believe Director
Member of the Supervisory
Tikehau Capital SCA*
Board
Elior Group* Director
Neoen Director
Valéo* Director
Soitec Director
* Listed company.




80 GROUPE SEB Universal Registration Document 2024
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Composition, organization and operation of the Board of Directors 3

Catherine Pourre
Permanent representative of FSP on the Board of Directors




Age: 67 Biography
Nationality: French A chartered accountant and graduate of the ESSEC business school and with a degree in Law from
Committee member: the Catholic University of Paris, Catherine Pourre began her career at PricewaterhouseCoopers,
Audit and Compliance (Chair) where she was Partner from 1989 to 1999. She then worked for Cap Gemini as President in
Strategic and CSR
Governance and Remuneration charge of the High Growth Middle Market, and was a member of the French Group Executive
Main professional address:
Committee.
13 rue d’Amsterdam She subsequently joined the Unibail Group in 2002, where she served as Senior Executive Vice-
L-1126 Luxembourg
Grand Duchy of Luxembourg president, Finance, Information Technology, Human Resources, Organization and Property
Engineering. From 2007 to 2013, she was General Manager of Core Businesses and a Member of
the Management Board of Unibail-Rodamco and then Director of U&R Management BV, a
subsidiary of the Unibail-Rodamco Group, until 2015.
Catherine Pourre is currently a Member of the Supervisory Board of Unibail-Rodamco-
Westfield NV and Chairwoman of the board of Directors of Groupe Bénéteau.



Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
Company Functions and current mandates Company Functions and current mandates
Member of the Supervisory Member of the Board
Board of Directors
Unibail Rodamco Chairwoman of the Governance, Crédit Agricole S.A.* Chairwoman of the Audit
Westfield NV* (Netherlands) Remuneration and (term of office ended Committee
Appointments Committee in May 2022) Member of the Risk Committee
Member of the Audit Committee Member of the Strategic
Chairwoman of the Board and CSR Committee
of Directors Member of the Board
Chairwoman of the Audit of Directors
Committee Chairwoman of the Audit
Bénéteau S.A.* Member of the Appointments, Committee
Crédit Agricole CIB
Remuneration and Governance (term of office ended Member of the Risk Committee
Committee
in May 2023) Member of the Appointments
Member of the Strategic and Governance Committee
Committee
Member of the Remuneration
CPO Services SARL Committee
Managing Director
(Luxembourg)
* Listed company.




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Composition, organization and operation of the Board of Directors




GÉNÉRACTION
Director – member of the Founder Group




Date of first appointment: Information
AGM of 22 May 2019
GÉNÉRACTION is a Swiss association that brings together the shareholders of SEB S.A. registered
Date of last reappointment:
AGM of 17 May 2023 on 16 April 2017 in the Trade and Companies Register. It is represented on the Board of Directors
of SEB S.A. by Caroline Chevalley.
End date of term of office: 2027 AGM
Number of SEB shares held: 473
Main professional address:
5A, chemin du Pâquier
1231 Conches – Switzerland




Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
None None




Caroline Chevalley
Permanent representative of GÉNÉRACTION on the Board of Directors




Age: 61 Biography
Nationality: French & Swiss Caroline Chevalley holds a law degree from the University of Lausanne and is Vice-Chair of S.A. FCL
Committee member: Investissements, a financial holdings company. She is co-founder and Chairwoman of GÉNÉRACTION,
Governance and Remuneration Committee an association of shareholders of SEB S.A., created in May 2017.
Main professional address:
5A, chemin du Pâquier
1231 Conches – Switzerland




Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
Company Functions and current mandates Evermont non-trading real
Managing Director
estate company
Director and member of the
FCL Investissements
Diversification Committee
Chairwoman of the Executive
GÉNÉRACTION
Committee




82 GROUPE SEB Universal Registration Document 2024
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Composition, organization and operation of the Board of Directors 3

Laurent Henry
Employee director




Age: 57 Biography
Nationality: French Laurent Henry has a master’s in Logistics from the École Supérieure in Brest and a master’s in
Date of first appointment: Economic Sciences from the University of Caen. He began his career at Moulinex and joined the
13 October 2017 (elected by the France Works Group in 2001. He has held various logistics positions and was appointed Head of Logistics at the
Council – CGF)
Mayenne plant in 2012.
Date of last reappointment: June 2021
End date of term of office: 2025
Committee member: No
Number of SEB shares held: 150
Main professional address:
Campus SEB
112, chemin du Moulin Carron
69130 Écully – France




Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
None None




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BPIFRANCE INVESTISSEMENT
Independent director
Simplified joint-stock company with share capital of €20,000,000




Date of first appointment: Information
AGM of 19 May 2022
BPIFrance Investissement is a simplified stock company, registered on 22 December 2000 in the
End date of term of office: 2026 AGM
Trade and Companies Register, which specializes in the fund management sector.
Number of SEB shares held: BPIFRANCE INVESTISSEMENT is represented on the Board of Directors by Adeline Lemaire.
2,900,000 (through the LAC 1 SLP fund)
Registered office:
27/31, avenue du Général Leclerc
94710 Maisons-Alfort Cedex – France




Other current offices and positions outside of Groupe SEB as at Offices and positions held in the last five years and now
31/12/2024 expired
Company Functions and current mandates Company Functions and current mandates
ABEO* Member of the Board of Directors ADOCIA* Member of the Board of Directors
ADVICENNE PHARMA* Member of the Board of Directors ALBIOMA* Member of the Board of Directors
ARKEMA* Member of the Board of Directors BASTIDE LE CONFORT
Member of the Board of Directors
MÉDICAL*
BALYO* Member of the Board of Directors
EOS IMAGING* Member of the Board of Directors
BENETEAU* Member of the Board of Directors
Non-voting director of the Board
ELIS* Member of the Board of Directors GENSIGHT BIOLOGICS*
of Directors
EUROAPI* Member of the Board of Directors
Non-voting director of the Board
LYSOGENE*
EUTELSAT of Directors
Member of the Board of Directors
COMMUNICATIONS*
PIXIUM VISION* Member of the Board of Directors
FERMENTALG* Member of the Board of Directors
Non-voting director of the Board
POXEL*
FORSEE POWER* Member of the Board of Directors of Directors
Member of the Executive Board SOITEC* Member of the Board of Directors
KAL RAY*
and Supervisory Board
SUPERSONIC IMAGINE* Member of the Board of Directors
Non-voting director of the Board
MAAT PHARMA* TXCELL* Member of the Board of Directors
of Directors
Member of the Executive Board
MCPHY ENERGY* Member of the Board of Directors VERNET S.A*
and Supervisory Board
MERSEN* Member of the Board of Directors
METEX* Member of the Board of Directors
NACON* Member of the Board of Directors
NEOEN* Member of the Board of Directors
SEENSORION Member of the Supervisory Board
SPIE S.A.* Member of the Board of Directors
TERACT* Member of the Board of Directors
VERALLIA* Member of the Board of Directors
VILMORIN & CIE Member of the Board of Directors
Non-voting director of the Board
VOYAGEURS DU MONDE*
of Directors
* Listed company.




84 GROUPE SEB Universal Registration Document 2024
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Composition, organization and operation of the Board of Directors 3

Adeline Lemaire
Permanent representative of BPIFRANCE INVESTISSEMENT
on the Board of Directors




Age: 46 Biography
Nationality: French After graduating from ESSEC in 2003, Adeline Lemaire began her professional career within the
Appointed permanent representative French Development Agency as project manager for financing infrastructure and urban
on 2 August 2024 development projects, first in Dakar and then at the headquarters in Paris. In 2008, she joined
Committee member: Proparco’s Private Equity team where she handled direct equity and investment fund transactions
Audit and Compliance Committee in Africa and Asia. In 2014, she joined Bpifrance Investissement’s Funds of Funds department, first
Strategic and CSR Committee
as head of investment within the Innovation Fund division, and then the Small Cap Fund division,
Main professional address:
27/31, avenue du Général Leclerc which she headed from January 2019. She became Executive Director on 2 January 2023.
94710 Maisons-Alfort Cedex – France




Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
Company Functions and current mandates Company Functions and current mandates
Permanent representative Head of Investment, Funds
CAPAGRO Bpifrance
on the Supervisory Board of Funds/Innovation Division
Permanent representative Permanent representative
CITA Investissement CAPAGRO
on the Board of Directors on the Supervisory Board
Agro Invest Member of the Supervisory Board
Managing Director in charge
Bpifrance of the Small Cap Fund division within
the Funds of Funds department
* Listed company.




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Thierry Lescure
Director – member of the Founder Group, member of GÉNÉRACTION




Age: 50 Biography
Nationality: French (Swiss resident) Thierry Lescure holds a master’s degree in Business law and Taxation from the University of
Date of first appointment: Paris, Panthéon Assas Faculty, and a master’s in Business Administration from IAE Paris. He also
AGM of 22 May 2019 completed an Investment Strategies and Portfolio Management program at Wharton School and
Date of last appointment: an Advanced Asset Management program at INSEAD. After working as a consultant at Tefal UK in
AGM of 22 May 2023 London, Thierry Lescure joined Yahoo! France in 2001 as manager of the Yahoo! Finance website,
End date of term of office: 2027 AGM before serving as Head of E-Commerce.
Committee member: He then joined Yahoo! Europe in 2004 where he was in charge of Yahoo! Auto. He left this company in
Strategic and CSR Committee 2006 to become Chief Digital Officer at Reed Business Information and to create new growth drivers
Number of SEB shares held: 5,000 in France and Europe. He then went on to support the development of start-ups. In 2016, he joined
Main professional address: the family office of Geneva-based Premium Assets as Senior Asset Manager.
Campus SEB
112, chemin du Moulin Carron
69130 Écully – France




Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
Company Functions and current mandates None
FCL Investissements Member of the Advisory Board
Member of the Consultative
50 Partners
Committee
GÉNÉRACTION Participant




William Gairard
Director – member of the Founder Group,
member of VENELLE INVESTISSEMENT




Age: 44 Biography
Nationality: French William Gairard graduated with an MSc from EM Lyon in 2004, followed by an MSG from Lyon-III,
Date of first appointment: before starting his career in management control and audit at Pernod-Ricard. Since 2012, he has
AGM of 12 May 2015 been an entrepreneur and investor in Mexico, focusing on real estate, hospitality, catering, digital
Date of last reappointment: and personal care. He is Chief Executive Officer of Ecopro Solutions (CASA DOVELA) and Finance
AGM of 22 May 2023 Director of Zumit (a company specializing in RPA and digital process automation).
End date of term of office: 2027 AGM
Committee member:
Strategic and CSR Committee
Number of SEB shares held: 97,070 (of which
27,502 are bare ownership)
Main business address:
Campus SEB
112, chemin du Moulin Carron
69130 Écully – France




Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
Company Functions and current mandates None
Ecopro Solutions S.A.
Chief Executive Officer
de C.V. (Mexico)
Zumit (Mexico) Chief Financial Officer
VENELLE INVESTISSEMENT Member of the Supervisory Board



86 GROUPE SEB Universal Registration Document 2024
CORPORATE GOVERNANCE
Composition, organization and operation of the Board of Directors 3

Aude de Vassart
Director – member of the Founder Group,
member of VENELLE INVESTISSEMENT




Age: 46 Biography
Nationality: French Aude de Vassart holds a degree from ISEP and an MBA from HEC. She began her career in 2001
Date of first appointment: as an electrical engineer in England at STMicroelectronics, then at SuperH. She returned to France
AGM of 22 May 2019 in 2003 and joined Texas Instruments, where she held several positions in R&D and then in
Date of last reappointment: 2023 AGM marketing, before becoming Head of Marketing at Oberthur Technologies for six years.
End date of term of office: 2027 AGM From 2018 to 2021, Aude de Vassart managed the urban mobility business line at IDEMIA,
Committee member: No
handling the manufacture and marketing of travel cards.
Since February 2021, Aude de Vassart has been Vice-president of Sales & Customer Excellence at
Number of SEB shares held: 51,724 (of which
19,560 are bare ownership) Linxens.
Main business address:
Campus SEB
112, chemin du Moulin Carron
69130 Écully – France



Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
Company Functions and current mandates Company Functions and current mandates
Member of the Supervisory Alliance OSPT (Germany) Director
VENELLE INVESTISSEMENT
Board
MECAFIN Managing Director




VENELLE INVESTISSEMENT
Director – member of the Founder Group
Simplified joint-stock company with share capital of €1,875,368.34




Date of first appointment: 27 April 1998 Information
Date of last reappointment: VENELLE INVESTISSEMENT is a controlling family holding company which was registered on
AGM of 19 May 2020
9 December 1997.
End date of term of office: 2024 AGM It is represented on the Board of Directors of SEB S.A. by Damarys Braida.
Number of SEB shares held: 19,687
Registered office:
72, rue du Faubourg Saint-Honoré
75008 Paris – France
414 738 070 RCS Paris




Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
None None




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Damarys Braida
Permanent representative of VENELLE INVESTISSEMENT
on the Board of Directors




Age: 57 Biography
Nationality: French A Graduate of the École des Mines engineering school in Paris, Damarys Braida joined L’Oréal in
Committee member: 1991 to set up the capillary asset laboratory. After having held several Research positions, she
Governance and Remuneration Committee has been managing the global strategy for Innovation since the end of 2022.
Main professional address:
72, rue du Faubourg Saint-Honoré
75008 Paris – France




Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
Company Functions and current mandates Company Functions and current mandates
VENELLE INVESTISSEMENT Chairwoman VENELLE PLUS Chief Executive Officer




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Composition, organization and operation of the Board of Directors 3

François Mirallié
Member of the Founder Group, member of VENELLE INVESTISSEMENT




Age: 62 Biography
Nationality: French A civil engineer with a degree from the École des Mines de Paris and Wharton’s Advanced
Date of first appointment: Management Program, François Mirallié has extensive experience on management committees of
AGM of 23 May 2024 international companies in highly diverse business sectors. He was Executive Vice President of
Date of last reappointment: N/A Custom Sensors & Technologies, Chief Financial Officer of Ion Beam Applications (a company
End date of term of office: 2028 AGM listed on the Brussels stock exchange), MediMedia (previously owned by Vivendi), Vizada (formerly
a subsidiary of Orange), Zodiac Marine & Pool and Customs Sensors & Technologies (formerly a
Committee member:
Audit and Compliance Committee subsidiary of Schneider Electric).
Number of SEB shares held: 14,182 From 2016 to 2023, he was Chief Financial Officer of Worldwide Flight Services (WFS), the world
leader in air freight (warehouses, airport services).
Main business address:
Campus SEB Since 2023, he has been Deputy Chief Executive Officer of SATS, a Singaporean airport services
112, chemin du Moulin Carron and catering company that acquired WFS. In this capacity, he is a member of the Management
69130 Écully – France
Committee and the Board of Directors of SATS.



Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
Company Functions and current mandates Company Functions and current mandates
Deputy Chief Executive Officer Vita Holding S.à.r.l. Director
SATS Ltd* and member of the
Worldwide Flight Services
Management Committee Group Chief Financial Officer
(WFS) Group
SATS INTERNATIONAL SAS Chief Executive Officer
WFS Global SAS Chief Executive Officer
WFS Belgium NV Director
Cargo Airport Services
Director
Canada Inc
Worldwide Flight Services
Director
Aeroportuarios SA
WFS Ground Handling
Director
Solutions Spain SL.
Oxford Electronics, Inc Director
WFS Express Inc. Director
WFS Holdings Inc Director
WFS Receivables Finance, LLC Director
WFS (Bengaluru)
Director
Private Limited
WFS Ireland Director
WFS Italia SRL Director
Neptune Holding 4 B.V. Director
WFS Limited Director
Foster Management
Managing Director
Advisory S.à.r.l.
* Listed company.




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Composition, organization and operation of the Board of Directors




New candidate proposed to the Annual General Meeting of 20 May 2025



Eric Rondolat
Independent director




Age: 58 Biography
Nationality: French and Italian Eric Rondolat holds an Engineering degree from the Institut National Polytechnique de Grenoble
Number of SEB shares held: N/A and a master's degree in international Marketing at Ecole Supérieure de Commerce de Grenoble.
Main business address:
He held various management positions at Schneider Electric in Australia, Argentina, France and
Campus SEB Singapore from 1990 to 2006.
112, chemin du Moulin Carron
69130 Écully – France He served as Executive Vice President for the Power business, at Schneider Electric in France
from 2006 then 2010, and as Executive Vice President, Asia Pacific, at Schneider Electric in China
from 2010 to 2012.
He then joined Philips as Executive Vice President and CEO for the lighting division, from April
2012 to May 2016.
From May 2016 to April 2025, he served as Chief Executive Officer and Chairman of the Board of
Directors of Signify (spin-off from the lighting division of the Philips group, a company listed on
Euronext Amsterdam stock exchange).



Other current offices and positions outside of Groupe SEB Offices and positions held in the last five years
as at 31/12/2024 and now expired
Company Functions and current mandates Company Functions and current mandates
Chief Executive Officer None
Signify* and Chairman of the Board
of Directors
* Listed company.




90 GROUPE SEB Universal Registration Document 2024
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Composition, organization and operation of the Board of Directors 3
Summary table of directors at 31/12/2024

Number
Number of offices in Date of Length
of shares other listed first Expiration of term
held at companies as Indepen- appoint- of term of office at Committee
Nationality Age Gender 31/12/2024 at 31/12/2024 dence ment of office 31/12/2024 Member
CHAIRMAN OF THE BOARD OF DIRECTORS
Thierry de La Tour SCSRC
d’Artaise French 70 M 540,707 0 - 1999 2028 25 (Chair)
DIRECTORS
Yseulys Costes French 52 F 825 1 √ 2013 2025 11 ACC
Jean-Pierre Duprieu French 72 M 439 1 √ 2019 2027 5 GRC (Chair)
FSP (Catherine Pourre) ACC (Chair),
French 67 F 2,620,575(1) 2 √ 2014 2028 10 SCSRC, GRC
BPIFRANCE
INVESTISSEMENT
(Adeline Lemaire) French 45 F 2,900,000(1) √ 2022 2026 2 ACC, SCSRC
William Gairard French 44 M 97,070 0 - 2015 2027 9 SCSRC
GÉNÉRACTION French
(Caroline Chevalley) and Swiss 61 F 473(1) 0 - 2019 2027 5 GRC
François Mirallié French 62 M 14,182 0 - 2024 2028 8 ACC
Thierry Lescure French 50 M 5,000 0 - 2019 2027 5 SCSRC
Aude de Vassart French 46 F 51,724 0 - 2019 2027 5 -
VENELLE
INVESTISSEMENT
(Damarys Braida) French 57 F 19,687(1) 0 - 1998 2028 26 GRC
DIRECTOR REPRESENTING EMPLOYEE SHAREHOLDERS
Brigitte Forestier French 53 F 370 0 - 2017 2025 7 GRC
DIRECTORS REPRESENTING EMPLOYEES
Nora Bey French 51 F 310 0 - 2019 2027 5 -
Laurent Henry French 57 M 150 0 - 2017 2025 7 -
(1) Number of shares held by the legal entity.
SCSRC = strategic and CSR Committee
GRC = governance and remuneration Committee
ACC = audit and compliance Committee




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Reappointments, appointments, resignations, and removal of directors in 2024
Reappointments and appointments Resignations during the 2024 financial year
To allow shareholders to have a regular and frequent say on the There were two resignations in 2024:
composition of the Board of Directors and to avoid having to replace ■ Delphine Bertrand resigned on 20 February 2024;
all the members at once, an amendment to Article 17 of the bylaws
will be proposed at the General Meeting of 20 May 2025. ■ Peugeot Invest Assets resigned on 26 February 2024 following
the disposal of its equity stake in SEB S.A.
This amendment will ensure the continuity of the Board’s
operation and promote the harmonious and regular replacement One change of permanent representative took place in 2024:
of its members in accordance with the recommendations of the ■ Adeline Lemaire was appointed permanent representative of
AFEP‑MEDEF Code. Bpifrance Investissement to replace Guillaume Mortelier.
The Annual General Meeting of 23 May 2024 renewed, for a
four‑year term, the directorships of Thierry de La Tour d’Artaise,
of the Fonds Stratégique de Participations, represented by
Catherine Pourre, and of VENELLE INVESTISSEMENT, represented
by Damarys Braida, and appointed François Mirallié as a director.

SUMMARY TABLE OF CHANGES TO THE COMPOSITION OF THE BOARD OF DIRECTORS DURING THE 2024 FINANCIAL YEAR

Departure Appointment Reappointment

20.02.2024
Delphine Bertrand

26.02.2024.
Peugeot Invest Assets

23.05.2024
François Mirallié

N/A N/A At the General Meeting of 23 May 2024, the directorships of Thierry de La Tour d’Artaise,
the Fonds Stratégique de Participations (Catherine Pourre) and VENELLE INVESTISSEMENT
(Damarys Braida) were renewed.



Summary of how directors’ terms of office are staggered

Director 2025 AGM 2026 AGM 2027 AGM 2028 AGM

Thierry de La Tour d’Artaise •
Nora Bey •
Yseulys Costes •
Jean-Pierre Duprieu •
Brigitte Forestier •
FSP (Catherine Pourre) •
William Gairard •
GÉNÉRACTION
(Caroline Chevalley)
•
Laurent Henry •
BPIFRANCE INVESTISSEMENT
(Adeline Lemaire)
•
Thierry Lescure •
François Mirallié •
Aude de Vassart •
VENELLE INVESTISSEMENT
(Damarys Braida) •




92 GROUPE SEB Universal Registration Document 2024
CORPORATE GOVERNANCE
Composition, organization and operation of the Board of Directors 3
Changes to the composition of the Board of Directors in 2025
The Board of Directors’ proposals for appointments and/or reappointments of directors, as recommended by the Governance and
Remuneration Committee, to be submitted to the Annual General Meeting on 20 May 2025, are detailed in Chapter 9 of this Universal
Registration Document.


Declarations of the directors
Founder family connection Regulated agreements
All directors belonging to the Founder Group are descendants, No regulated agreements were authorized during the 2024
directly or by marriage, of the Founder-Chairmen Frédéric Lescure financial year. The agreements previously authorized and which
and Henri Lescure. had continued to be executed all came to an end during the 2022
There are no family ties between the members of the Board of financial year.
Directors and the members of the General Management Committee
and the Executive Committee. Description of the procedure for evaluating
agreements relating to current operations
Absence of criminal convictions or sanctions concluded under normal conditions
To the best of the company’s knowledge, in the last five years, In accordance with the provisions of Article L. 22-10-12 of the
none of the directors or executive officers (Chief Executive French Commercial Code, the Board of Directors’ Meeting
Officer and Chief Operating Officer): of 22 July 2020 acted on the proposal of the Governance
■ has been convicted of fraud, nor has been the subject of any and Remuneration Committee, approving and implementing a
official charge and/or sanction by the regulatory authorities; procedure for evaluating whether agreements relating to current
operations that were concluded under normal conditions meet
■ has been subject to any court order or restriction on serving these criteria. This procedure aims firstly to summarize the
as a member of a Management Board, Board of Directors or regulatory framework applicable to regulated agreements, and
Supervisory Board, or from being involved in the management secondly, to identify and classify the agreements that are subject
or affairs of an issuer of securities; to the regulated agreements procedure in order to distinguish
■ has been subject, in their capacity as executive officer, or senior them from free agreements. Known as “current agreements
manager to bankruptcy, receivership or liquidation. concluded under normal conditions”, these must be regularly
evaluated against legal requirements. The purpose of this
procedure is to avoid any potential conflict of interest with
Absence of conflicts of interest
regard to Groupe SEB.
As far as the company is aware, and in line with its conflict of As such, the decision was made to apply the procedure to all
interest management policy outlined below, there is no potential agreements concluded, not only by the parent company SEB S.A.
conflict of interest between the duties, vis-à-vis SEB S.A., of the but also by its controlled subsidiaries, with the executive officers
members of the administration bodies and the General Management or shareholders of SEB S.A.
and their private interests.
As part of the procedure for evaluating agreements concluded
under normal conditions, the Governance and Remuneration
Service contracts Committee reviews the financial flows between the company
and interested persons within the meaning of the regulations,
No member of the Board of Directors or the General Management and reports to the Board of Directors on an annual basis. In case
has any contractual service relationship with SEB S.A. or its of doubt about the qualification of an agreement, the verification
subsidiaries that provides for benefits to be granted when the of compliance with current status and normal conditions is
contract ends. carried out by the Governance and Remuneration Committee so
that, if necessary, the Board of Directors implements the regulated
agreement procedure. In this case, people directly or indirectly
interested in this agreement do not participate in its evaluation.


Market Ethics Charter
The Board of Directors’ internal rules inform the directors about regularly updated, particularly in order to incorporate any
the need to comply with trading regulations and, in particular, changes to the texts. This Charter has also been translated into
rules relating to the use and disclosure of sensitive or inside English so that it can be distributed to a wider audience.
information. At the end of the Board of Directors’ Meeting on 19 December
Groupe SEB has also adopted a Market Ethics Charter that 2013, the secretary of the Board of Directors, Philippe Sumeire,
details the obligations of directors and persons with whom they was appointed as Ethics officer, to advise any directors or
have close personal ties, the company’s senior managers, and employees who may have doubts as to the application of the
certain employees that may habitually hold sensitive information, stock market law provisions applicable to them.
in accordance with the applicable laws and regulations. This is




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Composition, organization and operation of the Board of Directors




Independence of the directors
With four independent directors, i.e. more than one-third of the ■ has not been a director of the company for more than
directors (the employee directors and employee shareholder twelve years (criterion 6);
directors are not included in this calculation), the composition of ■ a non-executive director cannot be considered independent if
the Board of Directors meets the recommendations of the they receive variable remuneration in cash or securities or
AFEP‑MEDEF Code, according to which, “in controlled companies, any remuneration related to the performance of the company
independent directors should account for at least a third”. or the Group (criterion 7); and
The independent status of each individual director is examined ■ Directors representing major shareholders of the company or
by the Governance and Remuneration Committee prior to its parent company may be considered independent provided
their appointment or reappointment and annually during Board that these shareholders are not involved in controlling
evaluations.
the company. However, the Board, based on a report from the
To this end, a “Selection guide” is used, which aims to ensure Governance and Remuneration Committee, will automatically
that the candidate meets all the independence criteria defined question whether or not a holding of more than 10% of the
by the AFEP-MEDEF Code before any proposal for appointment capital or voting rights can be considered independent, taking
or reappointment is made, as described below: into account the company’s capital composition and the
■ is not an employee or executive officer of the company, nor an existence of a potential conflict of interest (criterion 8).
employee, nor an executive officer or director of a company The conclusions of the review conducted by the Governance and
consolidated by the company, its parent company or a Remuneration Committee are then sent to the Board of Directors
company consolidated by such parent company, and has not so it can make a final decision.
been in such a position for the last five years (criterion 1);
The procedure for managing conflicts of interest (set out below)
■ is not an executive director of a company in which the company enables the Committee to rule, on a yearly basis, on any conflicts
is, directly or indirectly, a director or in which an employee of interest and to ensure that independent directors have no
appointed as such or an executive officer of the company connection with the company, its Group or its Management team
(currently in office or having held such office within the last that is likely to compromise them in exercising freedom of judgment.
five years) is a director (criterion 2); Therefore, after examining the findings of the Governance and
■ is not a customer, supplier, investment banker, commercial Remuneration Committee and the individual status of the members
banker or adviser that is material to the company or its of the Board of Directors in light of the criteria set out by the
Group, or for which the company or its Group represents a AFEP-MEDEF Code, the Board of Directors, at its meeting of
material portion of the business (criterion 3); 6 February 2025, found that Yseulys Costes, Jean-Pierre Duprieu,
■ does not have close family ties with an executive officer Adeline Lemaire (permanent representative of BPIFRANCE
(criterion 4); INVESTISSEMENT) and Catherine Pourre (permanent representative
of FSP) qualified as independent directors.
■ has not been a statutory auditor of the company in the last
five years (criterion 5);




94 GROUPE SEB Universal Registration Document 2024
CORPORATE GOVERNANCE
Composition, organization and operation of the Board of Directors 3
Directors’ status in terms of independence criteria
Adeline Lemaire
Yseulys Jean-Pierre (BPIFRANCE Catherine
Criteria Costes Duprieu INVESTISSEMENT) Pourre (FSP)

Criterion 1: Employee/Executive officer within the last five years √ √ √ √

Criterion 2: Cross-directorships √ √ √ √

Criterion 3: Material business relationships √ √ √ √

Criterion 4: Family ties √ √ √ √

Criterion 5: Statutory auditor √ √ √ √

Criterion 6: Director for more than 12 years √ √ √ √

Criterion 7: Status of non-executive director √ √ √ √

Criterion 8: Status of major shareholder √ √ √ √

Classification adopted by the Board of Directors Independent Independent Independent Independent

(In this table, √ denotes an independence criterion that has been met and × denotes an independence criterion that has not been met.)


In addition to the criteria laid down by the AFEP-MEDEF Code, Pursuant to the Charter and the internal rules, the directors
the company takes an active interest in ensuring that the undertake “to maintain their independence of analysis, judgment,
operation and organization of the Board of Directors’ work allows decision and action and to reject any pressure, direct or indirect,
all its members to make full use of their freedom of judgment. which may come to bear on them”.


Managing conflicts of interest
Various procedures have been formalized to prevent and identify As in previous years, the Governance and Remuneration
any risk of conflicts of interest, at the time of appointment, Committee reviewed the business transactions between some
during the term of office or on the reappointment of directors. Groupe SEB entities and Numberly – 1000mercis Group, of
When a director is appointed or reappointed, the Governance and which Yseulys Costes is Chairwoman and Chief Executive Officer.
Remuneration Committee checks compliance with the criteria This business flow corresponds to advertising and interactive
defined by the AFEP-MEDEF Code as outlined above, identifies marketing services requested by Groupe SEB France to support
conflicts of interest, and ensures that any risks identified are its activation plans. In 2016, the Governance and Remuneration
unlikely to create a conflict of interest. Committee examined the history of this business relationship
and the way in which it was managed by the operational teams.
The individual status of directors is also reviewed on a yearly The selection process was also checked, as were the reasons
basis using an individual questionnaire analyzed by the Governance behind the decision to collaborate with Numberly – 1000mercis
and Remuneration Committee. The latter reports its findings to Group. This review was conducted again in 2020, prior to the
the Board of Directors, which is consequently informed about the proposal to renew the term of office of Yseulys Costes, and the
status of each director. Governance and Remuneration Committee found that:
The annual declarations submitted for review at the Governance ■ the relationship between SEB and Numberly – 1000mercis
and Remuneration Committee Meeting of 6 February 2025 and Group preceded the term of office of Yseulys Costes;
the Board of Directors’ Meeting of 26 February 2025 did not
reveal any conflicts of interest. ■ the relationship is only managed by the operational teams;

During their term of office, directors are also obliged to perform ■ SEB is not a significant client of Numberly – 1000mercis Group.
their duties in strict compliance with the corporate interest. Numberly – 1000mercis Group is a leader on the interactive
Directors are therefore obliged to inform the Board of Directors marketing market. Numberly generated annual sales of
should a conflict of interest occur when a meeting agenda is €5.862 million excluding tax from Groupe SEB in 2024.
published, or during the course of a meeting. The Board must This represents about 7.4% of Numberly’s total sales excluding
then decide, if necessary, without the director concerned being tax and 0.07% of Groupe SEB’s consolidated sales excluding tax.
present, whether they should take part in the debate and/or vote Given the above, the Board of Directors, at its meeting of
on the agenda items in question, pursuant to the provisions of 26 February 2025, found that this business relationship was
the internal rules. unlikely to compromise Yseulys Costes’ independence of judgment
and ruled out the possibility of a conflict of interest, thus confirming
her status as an independent director.




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The information required by the AFEP/MEDEF Code concerning the individual attendance of members of the Board of Directors is
shown in the table below:

Audit and Governance and
Board of Compliance Remuneration Strategic and CSR
Directors Committee Committee Committee
Thierry de La Tour d’Artaise 100% 100%
Yseulys Costes 100% 100%
Jean-Pierre Duprieu 100% 100%
PEUGEOT INVEST ASSETS (Marie Ahmadzadeh)(1) 100% 100%
FSP (Catherine Pourre) 100% 100% 100% 100%
BPIFRANCE INVESTISSEMENT (Guillaume Mortelier
and Adeline Lemaire)(2) 100% 100% 100%
William Gairard 100% 100%
GÉNÉRACTION (Caroline Chevalley) 100% 100%
Jérôme Lescure(3) 100% 100%
Thierry Lescure 100% 100%
Aude de Vassart 100%
VENELLE INVESTISSEMENT (Damarys Braida) 100% 89%
François Mirallié 100% 100%
Brigitte Forestier 100% 100%
Nora Bey 100%
Laurent Henry 100%
TOTAL 100% 100% 98% 100%
(1) Peugeot Invest Assets resigned from its directorship on 26 February 2024, following the sale of its stake in SEB S.A.
(2) Adeline Lemaire was appointed permanent representative of Bpifrance Investissement to replace Guillaume Mortelier.
(3) Jérôme Lescure’s term of office finished at the end of the 2024 Annual General Meeting.



ORGANIZATION AND OPERATION OF THE BOARD OF DIRECTORS




14
members
>1/3
independent
54% women
7
meetings
100%attendance
directors in 2024 rate


* Key figures at 31 December 2024.



Role and meetings of the Board of Directors
Role of the Board of Directors The prior approval of the Board is required to decide on the Group’s
strategy, budgets, management structures and acquisitions, on
Pursuant to Article 225-35 of the French Commercial Code and the proposal of the Chairman and in accordance with the internal
the company’s bylaws, the Board of Directors determines rules of the Board of Directors.
the company’s business strategies and ensures that they are
With regard to decisions relating to the possible use of Annual
implemented in line with the company’s interests while
General Meeting authorizations to increase the capital, the Board
considering the social and environmental challenges that arise
of Directors nevertheless decided, as an internal rule and in
from the business. The Board also deals with all matters regarding
view of the importance of such authorizations, that decisions
the proper functioning of the company and acts on all matters in
should be made by a qualified majority vote of 11/14ths of the
its purview, to the extent of the corporate purpose and subject to
members present or represented.
the powers explicitly assigned by the law to General Meetings
of shareholders. The Board of Directors also carries out the
checks and verifications that it deems to be appropriate.




96 GROUPE SEB Universal Registration Document 2024
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Composition, organization and operation of the Board of Directors 3
A Board of Directors focused on strategy ■ December: Review of the financial statements at the end of
October, report from the Governance and Remuneration
As regards strategic matters, the Charter and internal rules Committee on the evaluation and composition of the Board of
state that “the Board of Directors determines the Group’s strategy”. Directors, the management of conflicts of interest, Annual
It is therefore consulted and invited to give an opinion before Review of Human Resources, diversity policy.
any strategic decisions are made. This role positions the Board
A meeting is traditionally held each year at one of Groupe SEB’s
of Directors as the focus of strategy and ensures an appropriate
sites in France or abroad as indicated below.
balance of power.
The Board of Directors is given detailed information about the Board seminar in China
Group’s activity and results at every meeting to give it a better
understanding of strategic issues. It also receives information about In March 2024, a seminar was held in China with all members of
its financial performance, its stock market and financial universe, the Board of Directors and members of the General Management
its products and its competitive universe throughout the year. Committee. The itinerary alternated between factory visits, meetings
The systematic presence of the Group’s senior managers at meetings with the management teams of Supor – a Group subsidiary
allows directors to benefit from any additional information required, listed on the Shenzhen Stock Exchange – and learning about
and from accurate and useful answers to any questions that other companies in the sector. The seminar was thus an
may arise during discussions. opportunity for Board members to expand their knowledge of the
Chinese market.
The role of the Board of Directors is not restricted to acquisitions.
It remains at the heart of any plans outside the framework of the Furthermore, since 2019 it was decided to set up an annual
announced strategy if the investment is significant. Board of Directors’ Seminar for presentations on particular
topics. The topics are chosen in advance following consultation
In line with suggestions for improvements following the evaluation
with the directors.
of the Board of Directors performed annually, the Board reserves
a special time slot for an annual seminar to discuss Group-wide To facilitate certain deliberations, meetings of the Board of Directors
topics put forward by directors. (Development of retail distribution and its Committees may take place without the presence of the
and e-commerce, strategies, the Innovation department’s roadmaps.) Chairman, as necessary.
Lastly, a Strategic and CSR Committee was created in July 2022. To encourage directors to attend meetings, the company has
introduced the following:
Meetings of the Board of Directors ■ drafting and publication of the schedule of Board of Directors
and Committee Meetings at least one year in advance;
The Board of Directors met seven times in 2024, including once
remotely. The attendance rate was 96.5%. The individual ■ option to take part in meetings over the telephone or by
attendance rate of each director is shown in the table of videoconference if directors are unable to attend in person.
directors included on page 96 of this chapter. As an outcome of the Board of Directors’ evaluation (which took
The meetings are generally arranged as follows: place at the end of 2024), the directors said they were very
satisfied with how meetings are organized, and especially the
■ February: review of the annual financial statements for the
meeting schedule, interaction with management teams and the
last financial year, approval of the budget for the current year,
materials made available to them.
report on the implementation of the procedure for evaluating
current agreements concluded under normal conditions and
evaluation of regulated agreements, projects on the resolutions Executive Session
and convening of the Annual General Meeting, monitoring of
In accordance with the provisions of the AFEP-MEDEF Code,
diversity objectives;
which recommend organizing at least one meeting each year without
■ April: review of quarterly results, Sustainable Development executive officers being present, the internal rules have required
Policy and review of the CSR Report; shareholder analysis an executive session to be held since the end of 2024. This annual
and visit of a factory, a commercial or an industrial subsidiary meeting will be held after the Board meeting on the results of
preferably abroad; the annual evaluation, without executive officers being present.
■ May: meeting following the Annual General Meeting to
approve the annual free performance share award program Secretary of the Board of Directors
and the activation of any delegations granted by the Annual
General Meeting; To ensure the smooth operation of the Board of Directors, it appoints
a secretary, who does not have to be a director. Philippe Sumeire
■ July: examination of the half-yearly financial statements;
was appointed to the role of Secretary of the Board of Directors
■ October: review of quarterly results, report on the Audit and on 16 December 2011. He is tasked with helping the Chairman of
Compliance Committee’s compliance and internal control work the Board of Directors organize the work of the Board of Directors
and the Board of Directors’ Seminar since its introduction in 2020; and its Committees. His role is to plan meetings, define agendas,
disseminate information and draft minutes.




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Board of Directors’ Committees
The Board of Directors has three specialized Committees to help it in areas for which specific skills and meetings are required: The Audit
and Compliance Committee, the Governance and Remuneration Committee and the Strategic and CSR Committee.
An annual review is conducted on the composition of these committees as part of the evaluation of the Board of Directors.

THE AUDIT AND COMPLIANCE COMMITTEE AS AT 31 DECEMBER 2024




4
members
75%
independent
5
meetings
100%
attendance at
directors in 2024 committee meetings




Composition
CHAIRPERSON
Catherine Pourre, permanent representative of FSP Independent director
MEMBERS
Yseulys Costes Independent director
Adeline Lemaire (permanent representative of Bpifrance) Independent director
François Mirallié Family director

The members of the Audit and Compliance Committee possess ■ assessing the internal control policy, annual internal audit
the financial skills required to carry out their duties by virtue of programs and their conclusions, and formulating all
their expertise in this field as well as their professional experience: recommendations in these areas;
■ Chairwoman of the Committee since 2014, Catherine Pourre ■ examining the procedures put in place by the Group with a
brings her solid financial expertise to the table, gained view to compliance, anti-fraud and anti-corruption, as well as
throughout her career, in particular while serving as Vice- the training and audit programs run to ensure compliance is
President responsible for Finance, Information Technology, respected, carrying out any evaluations and making
Human Resources, Organization and Property Engineering; recommendations to that effect;
■ Executive Director of BPI France, Adeline Lemaire possesses ■ overseeing the process for preparing sustainability information.
sound financial skills, acquired while working in the investment With regard to the statutory auditors and sustainability auditors,
fund sector; the Audit and Compliance Committee:
■ Yseulys Costes, Chairwoman and CEO of the Numberly Group, ■ proposes to the Board of Directors the appointment or
acquired her expertise in finance and risk management reappointment of statutory auditors and sustainability auditors
through her corporate executive role; and examines the fees, including the fees for non-audit services;
■ François Mirallie has extensive financial experience, acquired ■ oversees audit engagements for the financial statements and
while he was Chief Financial Officer of an international air sustainability information;
freight company, and more recently, Deputy Chief Executive
Officer of SATS, a Singaporean airport services and catering ■ ensures compliance with the independence criteria for
company; statutory auditors and sustainability auditors.
The Audit and Compliance Committee may request opinions or
Powers and responsibilities. consultations from external experts on specific points.
Audit and Compliance Committee Meetings are held in the presence
To better perform their specific roles, and in accordance with the of the Statutory auditors, the Senior Executive Vice-president,
recommendations of the AFEP-MEDEF Code, each member has Finance, the Audit and Internal Control Director, the Accounting
financial or accounting skills. and Taxation Director, and the Secretary of the Board of Directors.
The work of the Audit and Compliance Committee is based on For logistical and organizational reasons, Audit and Compliance
the following responsibilities: Committee Meetings are generally held one day prior to
■ informing the Board of Directors about identifying, evaluating examining the half-yearly and annual financial statements by the
and handling the main financial risks to which the Group may Board of Directors. However, any documents that are useful for
be exposed; Audit and Compliance Committee Meetings are sent in advance
■ ensuring the relevance and reliability of the accounting so Committee members can familiarize themselves with the
methods used to prepare the annual and half-yearly financial documents prior to the meeting and prepare for the Board of
statements; Directors’ deliberations on the financial statements.

■ assessing the quality of the financial statements presented to
the Board;




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The review of the financial statements is accompanied by a ■ the main French and foreign legislation and regulations, reports
presentation from the Statutory auditors stressing the main points and commentary on risk management, internal control and audit;
identified during their audits, their procedures, the accounting ■ the type and results of the Statutory auditors’ work; their
options selected, and a report describing the exposure to risks and comments and recommendations regarding internal control;
significant off-balance sheet commitments, including climatic.
■ a review of tasks they have accomplished on top of their legal
At the end of its meetings, the Audit and Compliance Committee duty to review the financial statements;
prepares a report which is sent to all the directors, informing
them fully of the content of its discussions as well as its ■ the review of the main findings of the internal audits carried
conclusions and recommendations. out in 2024;
Since 2018, given the increase in powers granted to the Audit ■ the review of the internal control action plan;
and Compliance Committee, it has been decided that an additional ■ the proposed schedule of internal audits for 2025;
meeting will be arranged each year, usually in October, to devote
■ the mapping and analysis of major risks;
more time to issues relating to risk mapping and Group-wide
compliance issues, particularly regarding anti-corruption. In addition, ■ anti-corruption risk mapping;
from 2021 onwards, an additional meeting (generally held in ■ the draft sustainability report.
January) has been added to the annual meeting schedule for this
Committee to discuss the results of internal control. The above shows that the Audit and Compliance Committee:
■ was informed by the Statutory auditors of the content and
Main work conclusions of their audit and was given the opportunity to
hold discussions with them;
As is its prerogative, in 2024, the Audit and Compliance ■ was able, with the help of the presentations made by the
Committee audited the following: Senior Executive Vice-president, Finance and his team, to
■ the draft annual financial statements as of 31 December 2023 understand and assess the company’s significant risks and
and the draft half-yearly financial statements as of 30 June off-balance sheet commitments.
2024, prior to their submission to the Board of Directors;

THE GOVERNANCE AND REMUNERATION COMMITTEE AS AT 31 DECEMBER 2024




5
members
50%*
independent
9
meetings
98%
attendance at
directors in 2024 committee meetings




Composition
CHAIRPERSON
Jean-Pierre Duprieu Independent director
MEMBERS
Caroline Chevalley (Généraction branch) Family director
Damarys Braida (Venelle branch) Family director
Brigitte Forestier Director representing employee shareholders
Catherine Pourre, permanent representative of FSP Independent director
* Excluding the director representing employee shareholders.



Work and powers ■ issuing recommendations on the non-discrimination and diversity
policy, particularly in terms of gender balance on governance
The work of the Governance and Remuneration Committee is bodies and diversity objectives; drawing up and monitoring
based around the following: succession plans, particularly for senior executives and
■ issuing recommendations on the composition of the Board of company officers;
Directors, the appointment or reappointment of Board members, ■ establishing and monitoring succession plans, particularly for
and the Group’s organization and structures; senior managers and executive officers, including in the event
■ examining, implementing and assessing the procedure for of an unforeseen vacancy;
selecting future independent directors and conducting its own ■ proposing the compensation policy for executive officers and
research into potential candidates before any approach is made; examining the compensation policy for the main senior managers;
■ preparing an annual report and evaluating the implementation ■ proposing the introduction of and procedures for stock option
of this procedure, and presenting these to the Board of Directors; plans and performance shares;
■ examining each year the position of each Board member as
regards the independence criteria;




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■ reviewing changes in corporate governance rules, and assisting Main work
the Board of Directors in adapting the company’s governance
and making proposals to that effect; During 2024, the main work of the Governance and Remuneration
Committee was as follows:
■ preparing the annual evaluation of the operation of the Board
and the Committees; In terms of governance, the Committee:
■ reviewing, implementing and evaluating the procedure for ■ reviewed the candidacies of directors whose appointment or
reviewing current agreements concluded under normal reappointment was proposed at the following Annual General
conditions and monitoring regulated agreements; Meeting;
■ to help prevent conflicts of interest, examining the criteria for ■ reviewed the answers given by directors to the annual
classification as an independent director and avoiding the risk questionnaire designed to prevent and identify conflicts of interest,
of conflicts of interest arising between the director and and made recommendations on the business relationship
management, company or Group. between the Group and Numberly – 1000mercis Group, of
In addition, if necessary, the Governance and Remuneration which Yseulys Costes is Chairwoman and CEO;
Committee may request opinions or consultations from external ■ reviewed several reports on governance and assessed how
experts on specific points. relevant they were to Groupe SEB’s governance;
Meetings of the Governance and Remuneration Committee ■ conducted the annual review of Human Resources;
are usually held in the presence of Thierry de La Tour d’Artaise
(except when the Committee deliberates on his personal situation), ■ reviewed the applications for vacant management positions;
the Director of Human Resources, and the Secretary of the ■ made recommendations regarding the composition of the
Board of Directors. Management Board, the Executive Committee and regarding
In its work on the Board’s composition, and in particular for the the monitoring of diversity objectives;
review of potential candidates, including those for the roles of Succession plans
permanent representatives of a legal entity, the Committee takes
the following into account: The Committee continued its work on the succession plans for
the Chairman of the Board of Directors and the Chief Executive
■ the composition of the shareholding structure; Officer.
■ the skills, experience and representativeness of the ■ Chairman’s succession: the Committee continued its work
candidate; and with the assistance of an external firm.
■ the complementarity of profiles and the cross-fertilization of ■ Chief Executive Officer’s succession.
experience within the Board.
■ At its December meeting, the Committee continued to move
It also ensures the gender balance, primacy of the corporate forward with the succession plans for the Executive
interest and collegiality, balance, agility and efficacy of the Board. Committee and the CEO, as well as the development of the
The Committee compiles a list of key skills expected from each Group’s talent pool.
Board member, subsequently validated by the Board. This skills Work on the succession plans will continue in 2025.
matrix, which is regularly assessed, highlights the Board’s
strengths and identifies any skills requirements. The Committee was also satisfied that the procedure established
in the event that the Chairman of the Board of Directors and the
In addition, independent directors of SEB S.A. are selected in Chief Executive Officer have to be replaced in an emergency was
accordance with the procedure documented by the Governance still appropriate and that there was no need to change it.
and Remuneration Committee, approved by the Board of
Directors and appended to the internal rules of the Board of In terms of remuneration, the Committee:
Directors.
■ assessed the performance of the Chief Executive Officer and
At the end of its meetings, the Governance and Remuneration other members of the Executive Committee;
Committee produces a report to which members of the Board of
■ made recommendations on the remuneration policy for 2025
Directors can have access at any time, so they are fully aware
for the Chairman of the Board of Directors and the Chief
of the content of its discussions and its conclusions and
Executive Officer;
recommendations.
■ reviewed the performance conditions of the 2022 performance
share plan;
■ recommended the performance conditions for the 2025
performance share plan, adopted by the Board of Directors on
26 February 2025, now including corporate social and
environmental responsibility objectives;
■ reviewed the remuneration policy for Board members and
proposed an increase in the annual budget to be submitted to
the General Meeting of 20 May 2025.




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Composition, organization and operation of the Board of Directors 3
THE STRATEGIC AND CSR COMMITTEE AT 31 DECEMBER 2024




5
members
50%
independent
3
meetings
100%attendance at
directors in 2024 committee meetings




Composition
CHAIRPERSON
Thierry de La Tour d’Artaise Chairman
MEMBERS
Catherine Pourre, permanent representative of FSP Independent director
William Gairard (Venelle branch) Family director
Thierry Lescure (Généraction branch) Family director
Adeline Lemaire (permanent representative of Bpifrance) Independent director



Work and powers Main work
The tasks of the Strategic and CSR Committee, created in July 2022, In 2024, the Strategic and CSR Committee:
are based on the following responsibilities: ■ reviewed the findings of the Group’s strategic orientation process;
■ examining the strategic orientation established by management; ■ reviewed the Group’s overall external growth strategy;
■ conducting competitive intelligence activities and analyzing ■ reviewed the assessment of the Group’s 2018–2023 CSR
external growth projects; ambition;
■ assessing the Group’s CSR policy (setting targets and commitments, ■ defined the Group’s 2024–2030 CSR ambition and roadmaps
measuring the progress made, and implementing tools for on each of the four pillars;
measuring non-financial performance).
■ Act as a leader in the circular economy,
■ Act for nature,
■ Act for all,
■ Act responsibly and ethically;
■ set out the schedule of meetings for 2025.


Information provided to directors
Pursuant to the internal rules, “directors must receive all the the Group and its economic and competitive universe. In addition,
relevant information needed to perform their role”. The Chairman the press review contains a section on Sustainable Development
ensures that the directors have the information and documents to raise the directors’ awareness of Group economic and social
required to fully perform their role. responsibility issues.
To optimize the transmission of information, ensure its Software is regularly updated and improved using new functional
confidentiality and make the Board more efficient, in 2017 the features so the Group can best meet directors’ expectations to
company introduced a new application enabling simple and streamline the meeting organization and preparation process.
secure access to documents using digital tablets. Directors thus A section on corporate governance also allows the Board to refer
have permanent access to preparatory documents for meetings to the AFEP-MEDEF Code, the internal rules, the Group’s Code of
and recurring information left at their disposal and can follow Ethics, the Stock Market Ethics Charter and the company’s bylaws
meetings on their digital tablets. This system is in keeping with at any time.
plans for the Group’s Sustainable Development and digitization.
Before each meeting, the directors can also read the documents
The Chairman thus ensures that information on General Meetings, relating to items on the agenda.
financial publications, sales and results, consensuses and
summaries of financial analysts’ recommendations, as well as Following the 2024 evaluation of the Board of Directors,
press releases by the Group, are brought to their attention through the members of the Board again said they were satisfied with
this application. A press review is also published once a month, the quality of the information submitted to perform their duties
in which the directors can find comprehensive information about and expressed their complete satisfaction with the tool made
available to them.




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Training for directors
On appointment, each director is given access to the app specifically Committee and the Strategic and CSR Committee. The session
for meetings of the Board of Directors and its Committees, so ended with a question and answer segment.
that they can view a set of documents. Furthermore, training in In addition, the directors representing employees and the director
the online tool used to arrange meetings is provided to ensure representing employee shareholders have received external training
the director has as complete an understanding of the tool as from the French Institute of Directors (IFA) and, in accordance
possible, so that they can keep up to date and be well prepared with the regulations in force, are able to obtain any training that
for Board Meetings. is relevant to their rights and obligations as a director.
It was also decided to offer an induction program to new An annual Board of Directors’ Seminar has been introduced
directors that includes training in the characteristics of the Group since the 2019 evaluation of the Board of Directors. The aim of
and its business lines, delivered through site visits or meetings the Seminar is to meet with members of the Group Executive
with senior managers. Committee to discuss topics selected from proposals put forward
by the directors. This Seminar provides an opportunity to explore
CSRD certain topics more thoroughly and to provide directors with more
training on the Group’s core concerns. It is generally held in October.
During two training sessions in March 2024, the members of the
Board of Directors took part in a training course on the latest In March 2024, a seminar was held in China with all Board members.
developments in CSR. The course focused on the new CSRD (Corporate The itinerary alternated between factory visits, meetings with the
Sustainability Reporting Directive) regulations. This training was management teams of Supor – a Group subsidiary listed on the
carried out by an external speaker, with the involvement of the Shenzhen Stock Exchange – and learning about other companies
Group’s Sustainable Development department. in the sector. The seminar was thus an opportunity for Board
members to expand their knowledge of the Chinese market.
The session covered the new CSRD reporting obligations and the
tasks and responsibilities of the Board, the Audit and Compliance


Evaluation of the Board of Directors and directors
Since 2003, the Board of Directors has conducted a annual Finally, at the end of 2024, an internal evaluation of the Board
evaluation of its operation. This ensures especially that the was conducted, following the usual methodology. An electronic
Board of Directors is operating as well as it can and that the questionnaire, tailored to the Board and its three Committees,
duties with which the Board is entrusted are in line with the was developed and sent to all members. The responses to the
expectations of directors and are in the company’s interests. questionnaire were then analyzed, and a report on the evaluation
At the end of 2023, for the first time, the Board carried out a was presented to the Governance and Remuneration Committee
formal evaluation of its operations and those of its three committees, on December 4, 2024, and then to the Board of Directors on
with the help of an external firm. This evaluation consisted of December 17, 2024.
individual interviews with each director, based on a questionnaire The report on the 2024 evaluation presented to the Board
reviewed by the Chairman of the Governance and Remuneration highlighted the following points:
Committee. The evaluation report report was presented to the ■ Board members expressed high satisfaction with the organization
Governance and Remuneration Committee and then to the Board. and availability of preparatory documents, with the quality of
Following this external evaluation and in light of the improvements the presentations being particularly appreciated. The work
that had been raised by the directors, a training session on the and commitment of the Committee Chairs are unanimously
CSRD was provided to the Board members; the Governance and recognized, the structuring of the CSR strategy is valued, and
Remuneration Committee developed a matrix of key skills for the the pairing between the Chairman and the CEO continues to
Board. This global skills matrix is published this year in this be praised.
Universal Registration Document, with the understanding that an ■ Recommendations were made regarding (i) the need to be
assessment of each director’s individual skills will need to be
better informed about meetings with proxies and investors, and
conducted.
(ii) the re-evaluation of director compensation, particularly in
view of the potential recruitment of new independent directors.


Internal rules of the Board of Directors
The first version of the internal rules of the Board of Directors The main provisions of the internal rules are covered or set out in
was prepared in 2003. This is a document in two parts, one this chapter of the Universal Registration Document (Chapter 3).
on the rules of conduct applicable to members of the Board In addition, the internal rules of the Board of Directors can be
of Directors, the other on the operational rules of the Board of consulted on the Group’s website: https://www.groupeseb.com/
Directors and its Committees. en/board-directors.
This document is updated regularly and was revised in As the internal rules are designed to ensure the smooth
December 2024 in response to regulatory changes, particularly operation of the Board of Directors, each member of the Board of
in relation to the CSRD and to comply with the recommendations Directors is informed of them at the start of their term of office
of the AFEP-MEDEF Code. The Audit Committee’s tasks have and they can also be accessed via the secure online platform
been extended to reflect the Committee’s work on the that is used to arrange Board Meetings.
sustainability report. It was confirmed that a formal evaluation
would take place every three years.




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Composition, organization and operation of the Board of Directors 3
The internal rules include the Directors’ Charter, which specifies of interest, access to information, confidentiality, analytical
the role and duties of each Board member, which they accept independence, and a reminder of the legal regime governing insider
from the beginning of their term of office. information, the details of which, as well as the applicable rules,
The main points of this Charter are: respect for and protection of are set out in the Market Ethics Charter, the content of which is
the company’s interests, attendance, dealing with any conflicts summarized on page 93.


Procedures relating to shareholder participation in General Meetings
Note that Articles 32 and 33 of the bylaws define the procedures All shareholders are entitled to participate in Annual General
for shareholder participation in Annual General Meetings in Meetings, or to be represented at such meetings, under the terms
accordance with the current regulations. and conditions of the bylaws, a summary of which is given in
chapter 8, Information concerning the company and its share capital.


Implementation of the recommendations of the AFEP-MEDEF Code
With regard to the “Apply or Explain” rule provided for in Article L. 22-10-10, 4 of the French Commercial Code and Article 28.1 of the
AFEP-MEDEF Code, the company believes that its practices comply with the recommendations of the AFEP-MEDEF Code. However,
some recommendations were not applied for the reasons explained below:

AFEP-MEDEF recommendations not applied Reason

Articles 18.1, 19.1: Proportion of independent The Governance and Remuneration Committee initially comprised a maximum of four
directors on the Nominations Committee members: two independent directors and, considering the company’s shareholding
and the Remuneration Committee structure, two directors representing reference shares. As a result, the Governance
and Remuneration Committee comprises an equal number of independent directors
The Nominations and Remuneration Committee
and representatives of the family voting block.
must include a majority of independent directors.
Moreover, the Chairman of the Governance and Remuneration Committee is independent.
Since 2022, it has welcomed a new member, who is a director representing employee
shareholders.




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Group management bodies




3.4 Group management bodies
Management Board
Stanislas de Gramont Chief Executive Officer
Cyril Buxtorf Senior Executive Vice-president, Products and Innovation
Olivier Casanova Senior Executive Vice-President, Finance
Richard Lelièvre Senior Executive Vice-president, Industry
Cathy Pianon Senior Executive Vice-president, Public Affairs & Communication
Rachel Paget Senior Executive Vice-president, Human Resources

In charge of executing the strategy decided by the Board of Directors, the General Management Committee (GMC) defines the Group’s
major orientations.


Executive Committee*
Stanislas de Gramont Chief Executive Officer
Cyril Buxtorf Senior Executive Vice-president, Products and Innovation
Olivier Casanova Senior Executive Vice-President, Finance
Richard Lelièvre Senior Executive Vice-president, Industry
Cathy Pianon Senior Executive Vice-president, Public Affairs & Communication
Rachel Paget Senior Executive Vice-president, Human Resources
Paul de Jarnac General Manager, Kitchen Electrics Business Unit
David Jeanson General Manager, Home, Linen and Personal Care Business Unit
Bernd Laudahn Executive Vice-president, Greater Europe
Patrick le Corre General Manager, Professional Culinary Business Unit
Pierre-Armand Lemoine Executive Vice-president, Cookware
Olivier Naccache Executive Vice-president, Emerging Markets & Asia Pacific
Oguzhan Olmez Executive Vice President, North America
Philippe Sumeire General Secretary, Secretary of the Board of Directors
Virginie Van Haeren Chief Marketing Officer
Martin Zouhar Executive Vice-president, Professional Coffee Machines and Hotels
* At 1st Mach 2025.

The Executive Committee (COMEX) is responsible for implementing the policies defined by the GMC, both globally and within their
respective areas.


Policy on diversity in governance bodies and gender balance
In accordance with the provisions of Article 8 of the AFEP-MEDEF The Board of Directors noted the proposed diversity objectives
Code, at the proposal of General Management and following and the implementation methods (action plan and timescale).
review by the Governance and Remuneration Committee, at its The achievement of objectives is monitored by the Board of
meeting of 26 February 2025 the Board of Directors reviewed Directors and includes an update on progress and achievement
the policy on diversity within its governance bodies, the detail of of the results obtained in each financial year. As a result, at its
which is as follows: meeting on 4 December 2024, the Governance and Remuneration
■ scope: the scope of the governance bodies includes the General Committee assessed these objectives and reported the results to
Management Committee and the Executive Committee, whose the Board of Directors at its meetings on 17 December 2024 and
membership and tasks are described above; 26 February 2025.
■ objectives and time horizon: to perpetuate the overall gender At 31 December 2024, the percentage of women increased on
balance of the governance bodies by maintaining a minimum both governance bodies. The percentage of women on the:
representation of women of 25% within the General Management ■ General Management Committee stands at 33% (two women
Committee and of 20% within the Executive Committee, with a and four men), compared with 25% at 31 December 2023 (one
time horizon set at 2027; woman and three men);
■ implementation methods: for several years, the Group has ■ Executive Committee stands at 20% (three women and ten
encouraged women into management positions, which should men), compared with 14% at 31 December 2023.
facilitate the achievement of the objectives set out above.
Gender equality in the workplace is, in fact, an integral part of Furthermore, information on the overall implementation of the
the Group’s non-discrimination and diversity promotion policy. company’s diversity policy, including results on diversity in terms
In 2019, it strengthened its approach with the Gender Diversity of access to senior management positions, is provided in chapter 4,
global commitment plan. Increasing the representation of page 207-208 of this Universal Registration Document, in
women in governance bodies and developing female talent accordance with the provisions of Article L. 22-10-10, 2 of the
are some of the drivers that will help to strengthen the French Commercial Code.
diversity policy the Group has supported for several years.




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Remuneration policy 3
3.5 Remuneration policy
Pursuant to the provisions of Article L. 22-10-8 of the French Moreover, in accordance with the ex-post voting principle, the
Commercial Code, this section describes the policy on corporate Ordinary Shareholders’ Meeting on 20 May 2025 will be asked to
officer remuneration. approve:
In line with the company’s social interests, this policy is based on ■ pursuant to Article L. 22-10-34 II. of the French Commercial
the Group’s historical values and helps to promote its Code, the information described in Part I of Article L. 22-10-9
development and long-term performance. of the French Commercial Code, as presented in this report on
This section is an integral part of the report on Corporate the Corporate Governance of the company (see chapter 9);
Governance cited in the last paragraph of Article L. 225-37 of the ■ pursuant to Article L. 22-10-34 II. of the French Commercial
French Commercial Code. Code, for each executive officer, the fixed, variable and
Under Article L. 22-10-8 of the French Commercial Code, and exceptional items composing the total remuneration and the
based on the principle of ex-ante voting, the Annual General benefits of any kind paid during the previous year or allocated
Meeting of 20 May 2025, is asked to approve, on the basis of the for the same year (see chapter 9).
report on Corporate Governance, the policy on the remuneration
of the executive officers and the policy on the remuneration of
directors (see chapter 9).


Cross-reference table with the standard presentation of the compensation, as published in position-
recommendation no. 2021-02 of the Financial Markets Authority (AMF) and in the AFEP-MEDEF
Code of corporate governance for publicly traded companies
Table 1 – Table summarizing the compensation, options Summary table of the remuneration and options
and shares awarded to each executive officer and shares due or awarded to Thierry de La Tour d’Artaise page 113
Summary table of the remuneration and options and shares
due or awarded to Stanislas de Gramont page 117
Table 2 – Table summarizing the compensation of each Summary table of the remuneration paid or awarded
executive officer to Thierry de La Tour d’Artaise page 113
Summary table of the remuneration paid or awarded
to Stanislas de Gramont page 117
Table 3 – Table on the directors’ fees and other Remuneration received by the directors – amounts paid
compensation received by non-executive directors for the financial year page 106
Table 4 – Subscription or purchase options awarded during Stock options awarded in 2024 to Thierry de La Tour d’Artaise page 113
the financial year to each executive officer by the issuer
and by any Group company Stock options awarded in 2024 to Stanislas de Gramont page 117
Table 5 – Subscription or purchase options exercised Stock options exercised in 2024 to Thierry de La Tour d’Artaise page 113
during the financial year by each executive officer
Stock options exercised in 2024 by Stanislas de Gramont page 117
Table 6 – performance shares awarded during the financial Performance shares awarded for 2024
year to each executive officer by the issuer and by any to Thierry de La Tour d’Artaise page 113
Group company Performance shares awarded for 2024
to Stanislas de Gramont page 117
Table 7 – Performance shares that have become available Performance shares fully vested in 2024
during the financial year for each executive officer for Thierry de La Tour d’Artaise page 113
Performance shares fully vested in 2024
for Stanislas de Gramont page 117
Table 8 – Past awards of subscription or purchase options History of stock option awards to executive officers page 122
Table 8 bis – Share subscription or purchase options Share subscription or purchase options granted or exercised
granted or exercised by the top ten employees by the top ten employees who are not executive officers page 358
Table 9 – Past awards of performance shares History of performance share awards to executive officers page 121
Table 10 – Table summarizing the multi-annual variable Multi-year variable remuneration paid
remuneration paid to each executive officer to Thierry de La Tour d’Artaise page 113
Multi-year variable remuneration paid
to Stanislas de Gramont page 117

Table 11 – Information on executive officers General information about executive officers page 122




Universal Registration Document 2024 GROUPE SEB 105
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Remuneration of the members of the Board of Directors
Function Fixed portion Variable portion
Director €14,000 €21,000
Committee Chairman (in addition to the fixed and variable remuneration for an administrator) €8,000 €12,000
Committee member (in addition to the fixed and variable remuneration for an administrator) €6,000 €9,000

The Board of Directors, at its meeting of 26 February 2025, and A proposal to increase the total annual budget will be submitted
following a proposal from the Governance and Remuneration to the General Meeting of 20 May 2025 (see Chapter 9 of this
Committee, decided to review the remuneration of Board members. Universal Registration Document).


Amounts paid in 2024 for the 2023/2024 period
In 2024, the overall remuneration paid to Board members totaled rules of the Board, remuneration is paid in the month following
€779,720 (gross amount before deductions and/or withholdings), the Annual General Meeting of each year for the period between
compared with €786,980 in 2023. In accordance with internal two Ordinary General Meetings.

Details of the payment per director are shown in the table below:


Gross remuneration of directors (in €)

Gross remuneration Gross remuneration Gross remuneration
paid in 2022 for paid in 2023 for paid in 2024 for
Board members the 2021/2022 period the 2022/2023 period the 2023/2024 period
Thierry de La Tour d’Artaise 30,000 55,000 55,000
Delphine Bertrand(1) 30,000 35,000 27,230
Nora Bey 30,000 35,000 32,480
Yseulys Costes 40,000 50,000 50,000
Jean-Pierre Duprieu 26,760 49,750 49,750
FÉDÉRACTIVE (Pascal Girardot)(2) 5,400 N/A N/A
(2)
FÉDÉRACTIVE (Sarah Chauleur) 2,700 N/A N/A
FÉDÉRACTIVE (Roland Gagnon)(2) 5,400 N/A N/A
PEUGEOT INVEST ASSETS (Marie Ahmadzadeh)(3) 40,000 59,750 49,130
BPIFRANCE INVESTISSEMENT
(Guillaume Mortelier)(4) N/A 65,000 65,000
FSP (Catherine Pourre) 45,000 70,000 81,130
Brigitte Forestier 30,000 50,000 50,000
William Gairard 30,000 50,000 50,000
GÉNÉRACTION (Caroline Chevalley) 38,380 50,000 50,000
Laurent Henry 30,000 32,480 35,000
Jean-Noël Labroue(5) 45,000 N/A N/A
Jérôme Lescure(6) 40,000 50,000 50,000
Thierry Lescure 30,000 50,000 50,000
Aude de Vassart 30,000 35,000 35,000
VENELLE INVESTISSEMENT (Damarys Braida) 40,000 50,000 50,000
TOTAL 568,640 786,980 779,720
(1) Delphine Bertrand resigned from her directorship on 20 February 2024.
(2) Successive permanent representatives of FÉDÉRACTIVE over the period.
(3) Following the disposal of its stake in the share capital of SEB S.A, Peugeot Invest Assets resigned from its directorship on 26 February 2024.
(4) Since 2 August 2024, Adeline Lemaire has been the new permanent representative of Bpifrance.
(5) Jean-Noël Labroue’s term of office finished at the end of the 2022 Annual General Meeting.
(6) Jérôme Lescure’s term of office finished at the end of the 2024 Annual General Meeting.




106 GROUPE SEB Universal Registration Document 2024
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Remuneration policy 3
Remuneration of executive officers
The information presented below covers the fixed variable and Accordingly, at its meeting of 10 February 2022, the Board,
exceptional items composing the total remuneration and on the recommendation of the Governance and Remuneration
benefits of any kind (performance shares, severance payments, Committee, renewed the position of Thierry de La Tour d’Artaise
benefits in kind and supplementary pension benefits) for Thierry as Chairman of the Board of Directors and appointed Stanislas de
de La Tour d’Artaise and Stanislas de Gramont, the sole corporate Gramont as Chief Executive Officer, with effect from 1 July 2022.
officers receiving this type of remuneration. Board members At its meeting of 21 February 2024, the Board of Directors
receive only the remuneration referred to in the previous section. confirmed its intention to keep the duties as Chairman in the
Since 1 July 2022, the positions of Chairman and Chief Executive person of Thierry de La Tour d’Artaise at the end of the Annual
Officer have been separate. General Meeting on 23 May 2024 deciding on the renewal of his
directorship.


Principles and objectives
The remuneration policy for Groupe SEB executive officers is set a fixed portion, an annual variable portion, and performance shares,
by the Board of Directors on a proposal from the Governance subject to the fulfillment of performance criteria set in advance by
and Remuneration Committee. It is reviewed on a regular basis the Board of Directors. The total remuneration granted to executive
and is designed to provide balanced and consistent remuneration officers is determined by taking all the remuneration and
in line with the recommendations of the AFEP-MEDEF Code benefits into account, including the supplementary pension plan.
revised in December 2022, to which the Group refers while
staying motivating and aligned with market practices assessed Balance and consistency
by the Committee and with external studies.
In accordance with these principles, the Governance and The remuneration of executive officers is consistent with
Remuneration Committee proposes to the Board of Directors the the overall remuneration policy for Group senior managers
components of the remuneration for each director, while making and employees and the interests of both the company and its
sure that it remains balanced, in line with the corporate interest, shareholders. It also takes account of market practices as well as
in line with the Group’s historical values, and that it contributes the performance of executive officers.
to the Group’s development and sustainable performance.
Of course, the Committee aims to make performance criteria Motivation and performance
quantitative and qualitative and ensure that appropriate
information is reported publicly. To motivate executive officers and encourage them to meet
short- and long-term targets, the Board of Directors ensures
that a variable portion is evenly allocated between annual and
Completeness and simplicity
longer-term targets. Performance criteria are set with the aim of
The remuneration of executive officers is intended to ensure contributing, year on year, to the implementation of a long-term
simplicity, transparency and consistency over time. It comprises growth strategy.


Principles and criteria for the determination, allocation and awarding of the fixed, variable
and extraordinary components of total remuneration and benefits of any kind
According to the AFEP-MEDEF Code, the various components of the remuneration of corporate executive officers are reported on the
company’s website after the Board Meeting that adopted the relevant decisions.

Fixed remuneration Annual variable remuneration
The fixed portion of remuneration should reflect the executive The variable portion of the executive officers’ remuneration
officer’s responsibilities, level of experience and skills and be in obeys the general principles applicable to all Group senior
line with market practices. managers. These criteria, which have been constant for many
Fixed remuneration is analyzed and discussed within the Governance years, are analyzed and discussed each year by the Governance
and Remuneration Committee, which takes into consideration: and Remuneration Committee, which regularly relies on studies
of practices identified in comparable companies conducted by
■ the personal qualities of the corporate executive officer concerned external consultants. The Board of Directors sets the criteria at
(seniority in the business line, experience, performance of his the start of each year and makes sure that they constitute an
or her duties); incentive mechanism intrinsically linked to the Group’s
■ all the elements and benefits that make up the executive officer’s performance and strategy.
remuneration; the variable portion must be incentivized and
therefore greater than the fixed portion;
■ as well as the positioning of the remuneration of the corporate
executive officer in comparison to practices reported in
comparable companies.
The fixed remuneration serves as a reference basis for determining
the annual variable remuneration.




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At its meeting scheduled at the beginning of the year, the measure the achievement of this objective. Five sites were
Governance and Remuneration Committee evaluates the level of audited in 2024 with an average result of 94.8% (meaning a
achievement of the performance targets set for the past year 148% achievement on a scale of 0 to 200%). Five sites will
and then assesses the quantitative and qualitative performance be audited in 2025 with an objective of average rating
criteria for the new year, checking that they are in line with the remaining at 90%.
Group’s strategic priorities as well as with the principles
described above. The findings are then submitted to the Board of The qualitative criteria
Directors, which approves these elements, both ex post and The qualitative criteria represent 25% of variable remuneration
ex ante, at the meeting called to review the annual financial and are evaluated in relation to two distinct and independent
statements and the budget. components:
The quantitative criteria ■ individual performance represents 15% of variable
remuneration and is categorized into three individual
The quantitative criteria are linked to the Group’s economic objectives, discussed and approved by the Governance and
performance. They represent 75% of variable remuneration.
Remuneration Committee, primarily based on the objectives
Economic performance accounts for 60% and is assessed
of the company’s business plan and the achievement of major
against a matrix composed of the following combined targets:
Group-wide projects. Information relating to executive
■ revenue growth; and officers for 2024 is detailed below. Data for 2025 is strictly
■ growth in the Operating Result from Activity. confidential because SEB’s main competitors are not
necessarily listed or do not publish this information;
The annual objectives for the 2024 financial year, the results
recognized and actual performance are as follows: Achievement ■ the collective performance of the Executive Committee
of quantitative objectives is assessed against the Group’s represents 10% of the variable remuneration and measures
revenue and Operating Result from Activity (ORfA) target its ability to interact quickly and effectively, its team solidarity
approved by the Board of Directors on 26 February 2025, upon and the ability of each officer to meet personal objectives
the recommendation of the Governance and Remuneration appropriate to the expected behavior of Executive Committee
Committee, namely: members. Those used for 2024 are described below. The
same as above applies to those used in 2025.
■ targets for 2024:
■ sales: €8,250,000,000, Target and ceiling
■ Operating Result from Activity: €800,000,000; Annual variable remuneration is expressed as a percentage of
annual fixed remuneration:
■ results:
■ for the Chief Executive Officer: annual variable remuneration
■ sales: €8,266,000,000,
may vary from 0% to 100%, if all of the quantitative and
■ Operating Result from Activity: €802,000,000. qualitative targets are met (target level), and rise to 150%
The rate of achievement was 101.5%. (maximum level) if financial performances are deemed to
exceed the targets set;
Historically, the combined achievement percentage of these
quantitative criteria had varied between 72.0% and 190.7% over ■ for the Chairman of the Board: it should be noted that he does
the last 13 years, excluding 2022, which was unprecedented not receive any annual variable remuneration.
(zero achievement).
■ CSR performance represents 15% of variable remuneration Performance shares
and is based on three quantifiable objectives of 5% each, as
To the exclusion of all other plans, Groupe SEB has been
follows:
awarding performance shares to Group employees and executive
■ environment/low carbon: officers since 2013, in accordance with Articles L. 22-10-59 et
target for reducing energy consumption (electricity and gas) seq. of the French Commercial Code. This system replaced stock
at Group production sites (Kwh/unit produced) compared option grants, the last of these plans having been submitted to
to the previous year. The results for 2022 were constrained the Annual General Meeting on 10 May 2012. These expired
by the decline in factory activity. The 2024 objective was to entirely in June 2020.
seek a 5% reduction in energy consumption to achieve the Performance share awards aim to promote the meeting of
low carbon objective; the reduction was 9.2%, i.e. a 200% Groupe SEB’s long-term targets and the value creation expected
achievement, by stakeholders.
■ social policy: Based on this logic, the Board of Directors decided, on a proposal
annual reduction target for the LTIR (Lost Time Injury Rate of the Governance and Remuneration Committee, that performance
including temporary workers) worldwide for all Group shares should be awarded entirely on the basis of performance
facilities (production sites, warehouses, offices). This rate criteria. This favors simple principles and rules that remain stable
dropped from 2.90 in 2017 to 1.10 in 2021, falling once over time and long-term and demanding performance criteria.
again to 0.81 in 2024, below the 0.65 target set at the start These cover revenue and Operating Result from Activity targets
of the year (achievement of 80%). The objective for 2025 is and are assessed on an annual basis over a three-year period.
to achieve a rate which would represent the highest Performance targets are set each year by the Board of Directors
standard in the industry, i.e. 0.65, at the proposal of the Governance and Remuneration Committee,
■ ethics and compliance: according to the process described above for the setting of
annual quantitative objectives.
social compliance objective of subsidiaries located in areas
deemed to be at risk in terms of respect for Human Rights. To further inform the objectives of these plans and their
These audits are conducted independently by a recognized historical fulfillment rate, the table below includes the combined
external firm (Intertek) according to its own methodology revenue and ORfa objectives for 2022, 2023 and 2024, the actual
and the average rating from these audits is used to results and the corresponding actual performance.




108 GROUPE SEB Universal Registration Document 2024
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Remuneration policy 3
With regard to each approved plan for year N, the performance In addition, the Board of Directors’ Meeting of 26 February 2025,
calculation depends on the rate of achievement of the revenue after examining the findings of the Governance and Remuneration
and Operating Result from Activity target assessed over the Committee, reviewed and approved the proposed performance
three-year vesting period (i.e. N, N +1 and N +2): share award plan for 2025.
The grant authorization will be submitted to the vote of the
Average achievement shareholders at the next Annual General Meeting on 20 May 2025
rate over three years Performance shares awarded (Resolution 14).
100% or more 100%
Remuneration allocated to the members
Between 50% and 100% Pro rata of the achievement of the Board of Directors
inclusive rate
The Board of Directors may decide to pay remuneration to the
Less than 50% None
corporate executive officers, according to the same rules as
those applicable to all the directors set out above. The attribution
Pursuant to these rules, the achievement rate for the plan of the remuneration allocated to members of the Board of
allocated in 2022 for fiscal years 2022, 2023 and 2024 was Directors, which is part of the remuneration policy for directors,
calculated as follows: will be submitted to a vote by shareholders at the next Annual
Average of combined targets for three years = General Meeting (Resolution 6).

(0.0 + 122.6 + 101.5)/3 = 74.7% < 100%.
Benefits in kind
The achievement is less than 100%; as a result, the plan of
19 May 2022 is 74.7% vested. The executive officers have company cars.
The Board of Directors’ Meeting of 26 February 2025, after The Chief Executive Officer also benefits from GSC insurance cover,
examining the findings of the Governance and Remuneration known as “job loss” insurance, and supplementary life coverage.
Committee, approved the proposed award of shares under the
performance share plan of 19 May 2022 based on an Deferred commitments
achievement rate of 74.7%.
Awards have been made as follows: Groupe SEB’s remuneration policy aims to attract and retain
talented senior and other managers. The Group’s policy has
■ the total number of performance shares awarded to executive always been to encourage internal promotion and sustainable
officers in one financial year is identified individually; management. The Board of Directors does not wish to see
■ the total volume of performance shares awarded to corporate executive officers, after several years of service with Groupe
executive officers and to employees must be capped at 0.5060% SEB, deprived of benefits they would have continued to receive
of the share capital on the date of the decision to award. had they remained employees.
Executive officers are also bound by the following obligations: Pension commitments
■ shares resulting from the exercise of stock options and Previous plan
performance shares must be held in registered form for a
For senior managers in office on 3 July 2019, the provisions of
certain period, as explained below, during their term of office;
Order no. 2019-697 of 3 July 2019 on supplementary work
■ adherence to the principles of the Stock Market Ethics pension plans led the Group to freeze and close this plan as of
Charter, which defines, among other things, blackout periods 31 December 2019.
based on the company’s accounting calendar and earnings
The previous plan was established as follows:
reporting periods, in accordance with the recommendations
of the French Financial Markets Authority (AMF); ■ a deferred defined-benefit pension plan set up in accordance
with Article L. 137-11 of the French Social Security Code.
■ obligation to declare any securities transactions to the AMF in
accordance with the regulations in force; Potential benefits under this plan may be paid out if
beneficiaries have served on the Executive Committee for at
■ formal undertaking not to engage in any hedging transactions
least eight years and leave the company to exercise their right
for their own risks, either on options or on shares resulting
to claim retirement benefits.
from the exercise of options or on performance shares. This
undertaking also appears in the stock award plan rules which Beneficiaries are, however, still entitled to benefits should a
are delivered to each beneficiary. beneficiary aged 55 leave the Group under an early retirement
plan or at the Group’s behest, provided that the interested
Awards of performance shares have no dilutive effect on
party does not perform any professional activity between the
earnings insofar as all shares awarded are existing shares
date of departure and the receipt of benefits and, in the event
bought back by the company. As recommended by the AFEP-
the beneficiary is classified as category 2 or 3 disabled.
MEDEF Code, the Board of Directors makes the annual awards in
the same calendar period each year.
Following the Annual General Meeting on 23 May 2024, the
Board of Directors decided to use the authorization granted by
the shareholders to implement the performance share plan
approved at the Board of Directors’ Meeting on 21 February 2024.




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In addition, should the potential beneficiary die before The reference remuneration used to calculate entitlements in
receiving the benefit entitlement, the benefits derived from respect of the year in question only includes the fixed portion of
said entitlement pass to any surviving spouse or children. the salary taken into account when calculating social security
Potential entitlements under this plan may amount, including contributions (in application of Article L. 242-1 of the French
pensions due under the statutory basic and supplementary Social Security Code) and the bonus paid subject to contributions
pension plans (AGIRC/ARRCO), to a maximum of 25% of the in application of Article L. 242‑1 of the French Social Security Code.
reference salary. The annual entitlements correspond to 1% of the reference
They are funded by contributions paid to an insurance company remuneration defined above.
which are deductible from the taxable base for corporation Annual entitlements are conditional on compliance with
tax and liable for the contribution provided for by Article conditions related to the annual assessment of the beneficiary’s
L. 137-11, I, 2, a) of the French Social Security Code; professional performance based on the financial year prior to
■ a supplementary defined-benefit pension plan set up in receipt. Performance is calculated on the basis of the Business
accordance with Article L. 137-11 of the French Social Revenue and Operating Result from Activity objectives set by
Security Code. the Board of Directors over the year in question. If actual
performance is equal to or greater than 100%, the entitlements
Potential entitlements under this plan may be paid out if
will equal 1% of the reference remuneration. If actual
beneficiaries have served on the Executive Committee for at
performance is between 0% and 100%, the entitlements will be
least eight years, stay with the company until the end of their
prorated. Therefore, entitlements may be nil (0%).
career, and take their entitlements under the statutory basic and
supplementary pension plans. Annual entitlements may not exceed 3% of the reference
remuneration. Furthermore, the total percentage points applied
Beneficiaries are, however, still entitled to benefits should the
to the same beneficiary is capped at 30% over their entire career
beneficiary be classified as category 2 or 3 disabled or in the
and all their employers combined.
event of departure at the Group’s request after the age of 55,
provided that the interested party does not perform any other Entitlements are revalued annually by a coefficient equal to the
professional activity between the date of departure and receipt changes in the social security ceiling. In the event of departure
of benefits. from the company and prior to drawing their pension, the
entitlements are revalued annually in the same way. In addition,
In addition, should the potential beneficiary die before receiving
in the event of the death of the beneficiary before they draw
the benefit entitlement, the benefits derived from said entitlement
their pension, entitlements are retained for the benefit of the
pass to any surviving spouse or children. Potential entitlements
beneficiaries.
enable beneficiaries to receive a pension that equates to 0.80%
of the reference salary, multiplied by the number of years of This annuity is financed exclusively by premiums paid by the
service on the actual retirement date, capped at 20 years and at company to an insurance company which are deductible from
the date the plan freezes. the taxable base for corporation tax. With regard to the social
security contributions associated with payment of the annuity,
They are funded by contributions paid by Groupe SEB to an
the company is obliged to pay a contribution based on premiums
insurance company which are deductible from the taxable base
paid to the insurance company at the rate of 29.7% set by the
for corporation tax and liable for the contribution provided for by
French Social Security Code.
Article L. 137-11, I, 2, a) of the French Social Security Code.
Pension entitlements under this plan may be paid no earlier than This new scheme is not applicable to Thierry de La Tour d’Artaise,
the date on which the general social security pension is drawn. who liquidated his entitlements on 1 July 2022.
As Chief Operating Officer until 30 June 2022, Stanislas de On 16 December 2021, Stanislas de Gramont was authorized
Gramont, who took up this post on 3 December 2018, benefits by the Board of Directors to benefit from this new plan as of
from the previous retirement scheme in line with the conditions 1 January 2022, subject to obtaining the necessary approval
defined in the Ordinance of 3 July 2019 and the application at the Annual General Meeting of 19 May 2022. For 2024,
conditions defined in the directive of 27 July 2020. the entitlements acquired are calculated on the basis of the
achievement of the 2023 economic criteria and are therefore
New plan “L. 137-11-2” achieved (1% of entitlements acquired).
Following the freeze and closure of the previous plan and the
publication of the department of Social Security’s directive of Other lifetime benefits: incapacity, disability
23 December 2020, the implementation of a new plan with and death and health insurance and individual
defined benefits and certain rights, meeting the conditions set
out in Article L. 137-11-2 of the French Social Security Code, was
life insurance
decided by the Board of Directors on 16 December 2021, on the Executive officers continue to benefit from supplementary social
recommendation of the Governance and Remuneration Committee protection, notably as regards the incapacity, disability and death
of 9 December 2021. and health insurance that covers the company’s employees.
This new scheme applies to members of the General Thierry de La Tour d’Artaise and Stanislas de Gramont were
Management Committee and/or the Executive Committee, with authorized by the Board of Directors to benefit:
the exception of those who have received an additional pension
corresponding to the maximum rights under the previous closed ■ from the “incapacity/disability/death” insurance plan applicable
and frozen plan and/or who benefit from an equivalent to senior managers and similar persons, which is funded by
retirement plan in another country. contributions based on tranches that are deductible from the
taxable base for the corporate tax:
This new plan provides for payment to the beneficiary, at the
earliest of the date on which they have liquidated their pension ■ tranche A: 1.562%,
under a mandatory pension plan to which they have contributed, ■ tranches B and C: 2.029%.
or from the statutory retirement age referred to in Article
The employer pays 50% of these contributions and employees 50%.
L. 161‑17-2 of the French Social Security Code, of a life annuity
with the possibility of reversion.




110 GROUPE SEB Universal Registration Document 2024
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Remuneration policy 3
These contributions are not included in the social security ■ if the average actual performance represents 50% to 100%
contribution base, capped at 6% of the annual social security of the targets: the termination benefit is comprised between
ceiling (€2,782 in 2024) and 1.5% of the remuneration figure 75% and 100%, based on a straight-line calculation,
used, capped at 12% of the annual social security ceiling ■ if the average percentage achieved is above 100%: 100% of
(€5,564 in 2024). the benefit is paid.
This insurance plan includes, in particular, the payment of
supplementary daily allowances in the event of incapacity, a Components of remuneration for 2024
disability pension and a death benefit whose amounts are of Thierry de La Tour d’Artaise, Chairman
stated for each of the executive officers below.
of the Board of Directors
Due to his age, Thierry de La Tour d’Artaise only retains life
Fixed remuneration
insurance coverage under this plan;
In 2024, the remuneration of Thierry de La Tour d’Artaise was
■ from specific life insurance cover under “tranche D incapacity,
reduced to €750,000 per annum, as approved by the Board
disability and death insurance”, which is funded by a contribution
of Directors at its meeting of 21 February 2024 and approved by
paid by Groupe SEB of 3.2% of the portion of the remuneration
the Annual General meeting of shareholders on 23 May 2024.
that is between eight and 12 times the annual social security
ceiling and deductible from the taxable base for corporation tax. Remuneration allocated in his capacity as a member of
These contributions are partially excluded from the social the Board of Directors
security contribution base, including contributions paid under Thierry de La Tour d’Artaise, in his capacity as a member of the
the aforementioned “incapacity/disability/death” insurance Board earns a compensation equal to €35,000 gross according
plan, capped at 6% of the annual social security ceiling (€2,782 to the applicable rules.
in 2024) and 1.5% of the remuneration figure used, capped at
12% of the annual social security ceiling (€5,564 in 2024). Furthermore, Thierry de La Tour d’Artaise, in his capacity as
Chairman of the Strategic and CSR Committee earns an additional
This insurance plan includes, in particular, the payment of a compensation of €20,000 gross (as shown on page 106).
death benefit, the amounts of which are stated below.
Stanislas de Gramont is also covered by personal life insurance.
Annual variable remuneration
The purpose of this specific death coverage policy is to cover the Thierry de La Tour d’Artaise receives no variable remuneration
portion of remuneration that is not covered by the collective for his term of office as Chairman of the Board of Directors.
plans as described above.
Performance shares
Severance allowance and non-compete payments As Chairman of the Board, Thierry de La Tour d’Artaise is not
entitled to any performance shares’ Plan new grants.
Severance payments are subject to performance conditions and
may not exceed 24 months’ remuneration, in accordance with Benefits in kind
the recommendations of the AFEP-MEDEF Code (including, in the Thierry de La Tour d’Artaise continued to benefit from a company
case of Stanislas de Gramont, compensation for a non-compete car corresponding to a benefit in kind of €8,604 for 2024.
agreement or any other compensation paid).
Long-term commitments/Pension Commitment
Details related to these payments are described in the section below.
Mr. Thierry de La Tour d’Artaise has requested the liquidation of
Payment of the indemnity will be subject to performance conditions, his rights in the schemes as of 1 July 2022.
measured in the following manner:
Other lifetime benefits: incapacity, disability and death
■ if he is dismissed after four years from his appointment as an and health insurance and individual life insurance
executive officer, the severance allowance will be adjusted
based on actual performance in relation to targets, in said Thierry de La Tour d’Artaise continues to benefit from supplementary
capacity, over the last four full years of service: social protection, notably as regards the death and health insurance
that covers the company’s employees, as described above.
■ if the average percentage achieved is below 50%:
no termination benefit is paid,

SUMMARY TABLE OF THE REMUNERATION AND OPTIONS AND SHARES DUE OR AWARDED
TO THIERRY DE LA TOUR D’ARTAISE
Thierry de La Tour d’Artaise – Chairman of the Board of Directors 2023 2024
Remuneration due during the financial year €1,013,604 €813,604
Value of the stock options awarded for the financial year none none
Value of the performance shares awarded for the financial year* €0 €0
Value of the other long-term remuneration plans N/A N/A
TOTAL €1,013,604 €813,604
* On each award date, the fair value carrying amount of the shares is determined in accordance with IFRS. This is the historical value on the award date, calculated for
accounting purposes using the method described in the Consolidated Financial Statements section. This value represents neither the current market value, nor the discounted
value of these stock options and shares, nor the actual amount that may be generated upon exercise of these options, if they are exercised or on the vesting of these
performance shares, if they are vested.




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Remuneration policy



SUMMARY TABLE OF THE REMUNERATION PAID OR AWARDED TO THIERRY DE LA TOUR D’ARTAISE
Amounts relating to 2023 Amounts relating to 2024
Thierry de La Tour d’Artaise –
Chairman of the Board of Directors Due Paid Due Paid
Fixed remuneration €950,000 €950,000 €750,000 €750,000
Annual variable remuneration €0 €250,338 €0 €0
Extraordinary remuneration none none none none
Remuneration as a member of the Board of Directors €55,000 €55,000 €55,000 €55,000
Benefits in kind:
■ car €8,604 €8,604 €8,604 €8,604
TOTAL €1,013,604 €1,263,942 €813,604 €813,604



Equity ratio between the level of remuneration of the Chairman of the Board of Directors
and the average and median remuneration of the company
This presentation was carried out in accordance with the terms parent company SEB S.A., which is why comparisons are made
of law no. 2019-486 of 22 May 2019, known as the “PACTE” law, with regard to an expanded scope. On 26 February 2025, the Board
in order to ensure compliance with the transparency requirements of Directors maintained the same reference population as that
regarding the remuneration of executive officers. The comparison previously used for this ratio, i.e. the top 10 legal entities in France
with regard to the listed company SEB S.A. is not relevant since (representing 91% of the workforce at 31 December 2024).
only the two corporate executive officers are attached to the

TABLE OF RATIOS UNDER I. 6° AND 7° OF ARTICLE L. 22-10-9 OF THE FRENCH COMMERCIAL CODE
Year ending on 31.12 2020(1) 2021 2022(3) 2023 2024
Chairman’s remuneration 4,023,954 4,785,093 3,303,120 1,200,338 750,000
Evolution vs. Year -1 -15.69% 18.92% -30.97% -63.66% -37.52%
Data about perimeter / top 10 legal entities in France(2)
Average Employees remuneration 51,756 52,031 53,592 54,018 58,225
Evolution vs. Year -1 -0.07% 0.53% 3.00% 0.79% 7.79%
Median Employees remuneration 42,896 42,873 45,516 45,567 48,313
Evolution vs. Year -1 -0.04% -0.05% 6.16% 0.11% 6.03%
Ratio based upon Average Employees
remuneration 77.7 92.0 61.6 22.2 12.9
Evolution vs. Year -1 -14.4 points +14.2 points -30.4 points -39.4 points -9.3 points
Ratio based upon Median Employees remuneration 93.8 111.6 72.6 26.3 15.5
Evolution vs. Year -1 -17.4 points 17.8 points -39 points -46.3 points -10.8 points
% French Headcount covered 97% 97% 97% 97% 91%
Company Performance
Revenue (in €m) 6,940 8,058 7,960 8,006 8,266
Evolution vs. Year -1 -3.80% 16.10% -4.70% 0.58% 3.25%
Operating Result From Activity (in €m) 605 813 620 726 802
Evolution vs. Year -1 -18.20% 34.40% -24.00% 17.10% 10.47%
Explanatory elements for the ratio of the Chairman of the Board of Directors
(1) Elements paid to Thierry de La Tour d’Artaise for 2020 are computed after deduction of “Covid donations” at €41,667 on his fixed part and €48,017 on his variable part.
(2) CALOR SAS, GROUPE SEB EXPORT SAS, GROUPE SEB FRANCE SAS, GROUPE SEB MOULINEX SAS, GROUPE SEB RETAILING SAS, ROWENTA FRANCE SAS, SAS SEB, SEB
DÉVELOPPEMENT SAS, SEB INTERNATIONAL SERVICE SIS SAS, and TEFAL SAS.
(3) The separation took place on 1 July 2022: until 30 June as Chairman and CEO, then from 1 July 2022 as Chairman of the Board of Directors.




112 GROUPE SEB Universal Registration Document 2024
CORPORATE GOVERNANCE
Remuneration policy 3
Methodology
The “Equity Ratio” is the ratio between the Fixed remuneration ■ In accordance with the PACTE law, these ratios are calculated
paid + Variable remuneration paid + Award of performance on the basis of the median data of the employees and then on
shares for the financial year and the total annual full-time salary the basis of the average data of the same employees,
for all employees from the top 10 legal entities in France for all excluding executive officers.
fixed-term contracts (excluding professional contracts/ ■ Groupe SEB rigorously applies the guidelines on pay multiples
apprenticeship) and permanent contracts (excluding expatriates) contained in the AFEP-MEDEF Code to establish and calculate
in accordance with the rule set out in the PACTE law and these ratios.
excluding executive officers.
■ The valuation of free share plans subject to performance
The total annual salary of employees includes base salary, conditions is applied under IFRS (valuation at the “fair value”
bonuses (if any), variable remuneration, holiday bonuses, profit-
of the security calculated on the date of award).
sharing and incentive bonuses, as well as performance share grants
for employees of the 10 main legal entities in France (Calor S.A.S., ■ The comparison with regard to the listed company SEB S.A. is
Groupe SEB Export S.A.S., Groupe SEB France S.A.S., Groupe SEB not relevant since only the two corporate executive officers
Moulinex S.A.S., Groupe SEB Retailing S.A.S., Rowenta France are attached to the parent company SEB S.A., which is why
S.A.S., S.A.S. SEB, SEB Développement S.A.S., SEB International comparisons are made with regard to an expanded scope that
Service SIS S.A.S., and Tefal S.A.S.). includes the data of the top 10 legal entities in France (91% of
the workforce).

STOCK OPTIONS AWARDED IN 2024 TO THIERRY DE LA TOUR D’ARTAISE
Valuation of the options
based on the method used Number
in the Consolidated of options Exercise Exercise
Date of the plan Type of option Financial Statements awarded price period
Thierry de La Tour d’Artaise No options were awarded in 2024


STOCK OPTIONS EXERCISED IN 2024 TO THIERRY DE LA TOUR D’ARTAISE
Number of options exercised Exercise Year
Date of the plan during the financial year price awarded
Thierry de La Tour d’Artaise No options were exercised in 2024


PERFORMANCE SHARES AWARDED FOR 2024 TO THIERRY DE LA TOUR D’ARTAISE
Number of Value of Availability Performance
Date of the plan shares awarded shares Vesting date date conditions
Thierry de La Tour d’Artaise No shares were awarded in 2024.


PERFORMANCE SHARES FULLY VESTED IN 2024 FOR THIERRY DE LA TOUR D’ARTAISE
Number of Availability Acquisition
Date of the plan vested shares Vesting date date conditions
Achievement of Revenue
and Operating Result from
Thierry de La Tour d’Artaise 20/05/2021 18,000 21/05/2024 21/05/2024 Activity targets




MULTI-YEAR VARIABLE REMUNERATION PAID TO THIERRY DE LA TOUR D’ARTAISE
Financial year
Thierry de La Tour d’Artaise No multi-year variable remuneration paid




Universal Registration Document 2024 GROUPE SEB 113
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Remuneration policy




Remuneration of the Chief Executive Officer
Components of remuneration in 2024 Shares resulting from the exercise of stock options and
for Stanislas de Gramont performance shares awarded to Stanislas de Gramont must be
held in registered form for a certain period, under the following
Fixed remuneration terms and conditions:
According to the remuneration policy defined by the Board on ■ the number of shares to be held must correspond to 20% of
21 February 2024 and approved by the Annual General meeting the net capital gain, net of tax and social contributions and
on 23 May 2024, the fixed annual remuneration of Stanislas de transaction fees;
Gramont was €900,000 gross.
■ once the number of shares held by Stanislas de Gramont
This increase in his overall remuneration has brought it back reaches the equivalent of one year’s remuneration (fixed and
into line with the median of remunerations of a panel(1) of target bonus), the holding requirement no longer applies.
19 listed companies considered comparable with SEB.
Long-term commitments
Annual variable remuneration
Pension commitment
Based on the quantitative and qualitative criteria used by the
Board of Directors and set at the start of the year, the amount of Stanislas de Gramont potentially benefits from the former
variable remuneration was measured as follows: retirement plan in line with the conditions defined in the
Ordinance of 3 July 2019 and the application conditions defined
■ based on qualitative criteria, the variable portion amounted to in the directive of 23 December 2020.
101.5% of the fixed annual remuneration of Stanislas de
Gramont with a target of 100%. The Board of Directors In accordance with the remuneration policy decided by the Board
measured Stanislas de Gramont’s performance with respect of Directors on 24 February 2022 and then approved by the
to Groupe SEB’s growth targets for Revenue and Operating Ordinary General Meeting of Shareholders, the application of the
Result from Activity; new “L. 137-11-2” scheme described above was extended, from
1 January 2022, to Stanislas de Gramont.
■ based on qualitative criteria, the variable portion amounted to
131.9% of the fixed annual remuneration of Stanislas de Gramont Other lifetime benefits: incapacity, disability and death
with a target of 100%. The Board of Directors assessed the and health insurance and individual life insurance
performance of Stanislas de Gramont against collective and Stanislas de Gramont continues to benefit from supplementary
individual targets, such as the improvement of succession social protection, notably as regards the incapacity, disability and
plans for key functions, the development of the new corporate death and health insurance for the company’s employees.
plan, the management and consolidation of the General
He also benefits from individual life insurance. The purpose of
Management Committee and the Executive Committee.
this specific life insurance policy is to cover the portion of
As a consequence, the variable remuneration awarded in remuneration that is not covered by the collective plans.
June 2025 for the 2024 financial year is €1,044,000, i.e. 116.0%
This plan notably includes the payment of:
of the new fixed remuneration. The variable remuneration
awarded in 2024 for the 2023 financial year was €1,042,000, i.e. ■ supplementary benefits, set at a maximum annual amount as
126.3% of the fixed remuneration. follows:
He does not benefit from any deferred or multi-year variable
compensation or any other compensation from the company or In the event of incapacity €278,208
other Groupe SEB companies. In the event of first degree disability €185,472
The variable remuneration items (Resolution 10) awarded to In the event of second and third degree disability €278,208
Stanislas de Gramont for the previous year will be able to be Less French Social Security benefits for the 3 items.
awarded only after the Shareholders’ Meeting approves the items.
Benefits in kind ■ a death benefit set at a maximum of €2,825,550.
Stanislas de Gramont has a company car, representing an In addition to the collective incapacity, disability and death insurance
annual benefit of €8,650. plan, Stanislas de Gramont is the beneficiary of death benefit
with a capital amounting to €2,239,424. The purpose of this specific
As he does not have an employment contract with the Group,
life insurance policy is to cover the portion of remuneration that
Stanislas de Gramont benefits from job loss insurance for company
is not covered by the collective plans. The annual charge for this
directors and senior managers, representing an annual benefit
insurance amounts to €15,582.
of €36,932.
This agreement, authorized by the Board of Directors on
Stanislas de Gramont has a supplementary life insurance policy,
19 December 2018, was approved by the shareholders at the
representing an annual benefit of €15,582.
Annual Meeting of Shareholders on 22 May 2019, in accordance
Performance shares with the procedure for regulated related-party agreements
(Resolution 15).
In accordance with the authorization granted by the Annual
General Meeting on 23 May 2024 (Resolution 24), the Board of Severance payments
Directors, at its meeting on the same day, decided to award In the event of dismissal, he will be entitled to severance pay capped
13,000 performance shares to Stanislas de Gramont for the at two years’ fixed and variable remuneration, including, where
2024 financial year. appropriate, the amounts paid under the non-compete clause.
The portion granted to Stanislas de Gramont under the 2024
performance share plan represented 0.02349% of the share capital.




(1) The panel used is made up of companies comparable in size (sales, headcount, market capitalization), 10 of which are listed on the CAC 40 and Next 20 It includes: Accor, ADP,
Arkema, BIC, Bureau Veritas, Eramet, FNAC-Darty, Ipsen, Nexans, Pernod Ricard, Rexel, Sodexo, Spie, Technip, Energies, Ubisoft, Valeo, Vivendi, Wendel, Worldline.



114 GROUPE SEB Universal Registration Document 2024
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Remuneration policy 3
The reference remuneration used to calculate the severance This non-compete agreement, and the terms of severance
allowance consists of the last two years of fixed and variable detailed above, were authorized by the Board of Directors on
remuneration received. 19 December 2018 and were also disclosed as part of the
Payment of the indemnity will be subject to performance permanent information on remuneration and benefits. This
conditions, measured in the following manner: agreement was approved by the shareholders at the Annual
General Meeting on 22 May 2019, in accordance with the
■ if he is dismissed within four years of his appointment as procedure provided for regulated agreements (Resolution 15).
executive officer, the severance allowance will be adjusted for
the rate of achievement of his targets over the last four full Retirement lump-sum payment
years of service, as follows: The legal retirement lump-sum payment entitlement is being
■ as an executive officer, for the period following his computed at the time of the registration of this document. He does
appointment; and not benefit from any Collective Bargaining agreement entitlements
■ if he is dismissed after four years from his appointment as as he is not subject to any Collective Bargaining agreement.
executive officer, the severance allowance will be adjusted for Long-term commitments
the rate of achievement of his targets, in said capacity, over
Pension commitment
the last four full years of service.
In accordance with the remuneration policy for the Chief
In both situations, performance is assessed as follows:
Executive Officer for 2024, decided by the Board of Directors on
21 February 2024 and approved by the Ordinary General Meeting
Average rate of achievement of Shareholders, application of the new “L. 137-11-2” scheme
over the previous four Amount of
financial years benefit paid
described above was extended, for the period from 1 January to
31 December 2024, to Stanislas de Gramont.
100% or more 100%
The receipt of annual entitlements by Stanislas de Gramont is
Between 50% and 100% Between 75% and 100%, conditional on compliance with conditions related to his professional
inclusive according to a straight-line performance. Performance is calculated on the basis of the
calculation
Business Revenue and Operating Result from Activity objectives
Less than 50% None set by the Board of Directors over the year in question.
If actual performance is equal to or greater than 100%, the
Non-compete clause entitlements received by Stanislas de Gramont will equal 3% of
Pursuant to the non-compete agreement, in case of termination the reference remuneration. If actual performance is between
of his appointment of office as Chief Executive Officer, by means 0% and 100%, the entitlements will be prorated. Therefore,
of dismissal or resignation, he shall be prohibited for a one-year entitlements may be nil (0%).
period, renewable once, from working in any manner with a The company’s commitments to Stanislas de Gramont may be
competitor of Groupe SEB. terminated by decision of the Board of Directors. However,
In consideration for this non-compete clause and for its entire any entitlements prior to this termination would remain acquired
duration, Stanislas de Gramont will receive a monthly non- in accordance with the applicable legal provisions.
compete payment amounting to 50% of his monthly average The other conditions referred to in the description of the new
fixed and variable remuneration paid over his last 12 months of plan apply to Stanislas de Gramont.
service within the Group.
Furthermore, Stanislas de Gramont continues to benefit
The Board of Directors may waive Stanislas de Gramont from potentially (subject to career completion) from the old closed and
this obligation by releasing him from the non-compete clause. frozen retirement plan, as described on page 110.

SUMMARY TABLE OF THE REMUNERATION AND OPTIONS AND SHARES DUE OR AWARDED TO STANISLAS DE GRAMONT
Stanislas de Gramont – Chief Executive Officer 2023 2024
Remuneration due during the financial year €1,924,951 €2,005,194
Value of the stock options awarded for the financial year* N/A N/A
Value of the performance shares awarded for the financial year* €1,122,526 €1,341,210
Value of the other long-term remuneration plans N/A N/A
TOTAL €3,047,477 €3,346,404
* On each award date, the fair value carrying amount of the stock options and shares is determined in accordance with IFRS. This is the historical value on the award date,
calculated for accounting purposes using the method described in the Consolidated Financial Statements section. This value represents neither the current market value, nor
the discounted value of these stock options and shares, nor the actual amount that may be generated upon exercise of these options, if they are exercised or on the vesting of
these performance shares, if they are vested.




Universal Registration Document 2024 GROUPE SEB 115
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Remuneration policy



SUMMARY TABLE OF THE REMUNERATION PAID OR AWARDED TO STANISLAS DE GRAMONT
Amounts relating to 2023 Amounts relating to 2024
Stanislas de Gramont – Chief Executive Officer Due Paid Due Paid
Fixed remuneration €825,000 €825,000 €900,000 €900,000
Annual variable remuneration €1,042,000 €356,731 €1,044,000 €1,042,000
Extraordinary remuneration N/A N/A N/A N/A
Remuneration for members of the Board of Directors N/A N/A N/A N/A
Benefits in kind:
■ car €8,650 €8,650 €8,650 €8,650
■ GSC income protection insurance €35,040 €35,040 €36,932 €36,932
■ additional insurance coverage €14,261 €14,261 €15,582 €15,582
TOTAL €1,924,951 €1,239,682 €2,005,194 €2,003,194



Equity ratio between the level of remuneration of the Chief Executive Officer and the average
and median remuneration of the company
This presentation was carried out in accordance with the terms parent company SEB S.A., which is why comparisons are made
of law no. 2019-486 of 22 May 2019, known as the “PACTE” law, with regard to an expanded scope. On 26 February 2025, the
in order to ensure compliance with the transparency requirements Board of Directors maintained the same reference population as
regarding the remuneration of executive officers. The comparison that previously used for this ratio, i.e. the top 10 legal entities in
with regard to the listed company SEB S.A. is not relevant since France (representing 91% of the workforce at 31 December 2024).
only the two corporate executive officers are attached to the

TABLE OF RATIOS UNDER I. 6° AND 7° OF ARTICLE L. 22-10-9 OF THE FRENCH COMMERCIAL CODE
Year ending on 31.12 2020(1) 2021 2022(3) 2023 2024(4)
Remuneration of the Chief Executive Officer 2,560,045 2,761,367 2,653,640 2,304,257 3,283,210
Evolution vs. Year -1 4.82% 7.86% -3.90% -13.17% 42.48%
Data about perimeter / top 10 legal entities in France(2)
Average Employees remuneration 51,756 52,031 53,592 54,018 58,225
Evolution vs. Year -1 -0.07% 0.53% 3.00% 0.79% 7.79%
Median Employees remuneration 42,896 42,873 45,516 45,567 48,313
Evolution vs. Year -1 -0.04% -0.05% 6.16% 0.11% 6.03%
Ratio based upon Average Employees
remuneration 49.5 53.1 49.5 42.7 56.4
Evolution vs. Year -1 2.3 points 3.6 points -3.6 points -6.9 points 13.7 points
Ratio based upon Median Employees
remuneration 59.7 64.4 58.3 50.6 68.0
Evolution vs. Year -1 2.8 points 4.7 points -6.1 points -7.7 points 17.9 points
% French Headcount covered 97% 97% 97% 97% 91%
Company Performance
Revenue (in €m) 6,940 8,058 7,960 8,006 8,266
Evolution vs. Year -1 -3.80% 16.10% -4.70% 0.58% 3.25%
Operating Result From Activity (in €m) 605 813 620 726 802
Evolution vs. Year -1 -18.20% 34.40% -24.00% 17.10% 10.47%
Explanatory elements for the ratio of the Chief Executive Officer
(1) The salary elements paid to Stanislas de Gramont for 2020 are computed after “Covid donations” at €31,250 on his fixed part and €28,710 on his variable part.
(2) CALOR SAS, GROUPE SEB EXPORT SAS, GROUPE SEB FRANCE SAS, GROUPE SEB MOULINEX SAS, GROUPE SEB RETAILING SAS, ROWENTA FRANCE SAS, SAS SEB, SEB
DEVELOPPEMENT SAS, SEB INTERNATIONAL SERVICE SIS SAS, and TEFAL SAS.
(3) The separation took place on 1 July 2022: from 1 January to 30 June as Chief Operating Officer, then from 1 July to 31 December 2022 as Chief Executive Officer.
(4) The salary elements paid to Mr. de Gramont for the 2024 financial year have increased, given the very small variable portion in 2023 and the increase in unit price of the
shares awarded.




116 GROUPE SEB Universal Registration Document 2024
CORPORATE GOVERNANCE
Remuneration policy 3
Methodology
The “Equity Ratio” is the ratio between the Fixed remuneration term contracts (excluding professional contracts/apprenticeship)
paid + Variable remuneration paid + Award of performance shares and permanent contracts (excluding expatriates) in accordance
for the financial year and the total annual full-time salary for all with the rule set out in the PACTE law and excluding executive
employees from the top ten legal entities in France for all fixed- officers. The Methodology is detailed on page 113.

STOCK OPTIONS AWARDED IN 2024 STANISLAS DE GRAMONT
Valuation of the options
based on the method used Number
in the Consolidated of options Exercise Exercise
Date of the plan Type of option Financial Statements awarded price period
Stanislas de Gramont No options were awarded in 2024


STOCK OPTIONS EXERCISED IN 2024 BY STANISLAS DE GRAMONT
Date of Number of options exercised Exercise Year
the plan during the financial year price awarded
Stanislas de Gramont No options were exercised in 2024


PERFORMANCE SHARES AWARDED FOR 2024 TO STANISLAS DE GRAMONT
Number of Value of Availability
Date of the plan shares awarded shares Vesting date date Performance conditions
Achievement of revenue,
24/05/ operating result from
Stanislas de Gramont 23/05/2024 13,000 €1,341,210 24/05/2027 2027 activity and CSR targets


PERFORMANCE SHARES FULLY VESTED IN 2024 FOR STANISLAS DE GRAMONT
Number of Availability Acquisition
Date of the plan vested shares Vesting date date conditions
Achievement of Revenue
and Operating Result from
Stanislas de Gramont 20/05/2021 9,000 21/05/2024 21/05/2024 Activity targets


MULTI-YEAR VARIABLE REMUNERATION PAID TO STANISLAS DE GRAMONT
Financial year
Stanislas de Gramont No multi-year variable remuneration paid



Remuneration policy for the Chairman of the Board of Directors
On the recommendation of the Governance and Remuneration Benefits in kind
Committee, The Board of Directors approved the remuneration policy Thierry de La Tour d’Artaise will benefit from a company car and
for the Chairman of the Board of Directors on 26 February 2025, the availability of a driver, representing a benefit of €8,604.
which is subject to approval at the next Annual General Meeting
of 20 May 2025. Long-term commitments
Fixed remuneration Lifetime benefits: incapacity, disability and death and health
insurance and individual life insurance
The Board of Directors, base on the recomendation of the
Governance and Remuneration Committee decided to maintain Thierry de La Tour d’Artaise continues to benefit from supplementary
the fixed annual remuneration at €750,000 gross. social protection, notably as regards the death and health
insurance that covers the company’s employees.
This remuneration also takes account of the fact that the Chairman
will continue to perform extended tasks in addition to those Other benefits
conferred by law. As of 1 July 2022, Thierry de La Tour d’Artaise requested to receive
his annuity payments under the previous pension scheme.
Variable remuneration and performance shares
Furthermore, he does not benefit from variable remuneration Remuneration as a member of the Board of Directors
and will not be awarded performance shares for 2025. Thierry de La Tour d’Artaise receives remuneration for his position
as a member of the Board of Directors and member of Committees
according to the rules applicable to all Board members.




Universal Registration Document 2024 GROUPE SEB 117
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Remuneration policy




Remuneration policy for the Chief Executive Officer
On the recommendation of the Governance and Remuneration Committee, the Board of Directors approved the remuneration policy for
the Chief Executive Officer from 1 January 2025, set out below, which is subject to approval at the Annual General Meeting of
20 May 2025. The Chief Executive Officer’s remuneration is structured as follows:


Fixed remuneration Annual variable remuneration
The Board of Directors, on the recommendation of the Governance Stanislas de Gramont’s annual variable remuneration is set
and Remuneration Committee, set the fixed annual remuneration according to the same principles, i.e. that it can represent 100%
of Stanislas de Gramont, as Chief Executive Officer, at €900,000 of his target fixed remuneration and a maximum of 150% of his
gross from 1 January 2025, unchanged from his remuneration fixed remuneration, or €1,350,000 on an annual basis according
in 2024 as Chief Executive Officer. to the rate of achievement of his quantitative and qualitative
targets. These targets are divided as follows: 75% relates to
quantitative criteria and 25% to qualitative criteria.

Quantitative criteria 75% 25% Qualitative criteria
15%
Individual performance
10%
Collective performance
60% of the Executive Committee
Financial criteria Revenue
Operating Result from Activity 5%
Energy efficiency
CSR criteria
5% 15%
Social policy/HR

5%
Ethics and compliance



For 2025, the performance evaluation criteria were renewed Benefits in kind
using the quantitative targets set by the Board of Directors:
■ objectives based on Groupe SEB’s targets for Revenue and Stanislas de Gramont continues to benefit from a company car,
Operating Result from Activity that account for 60% of total representing an annual benefit of €8,650. Stanislas de Gramont
variable remuneration. continues to benefit from personal life insurance coverage,
representing an annual benefit of €15,582.
■ quantitative objectives relating to CSR criteria, which account
for 15% of the total variable remuneration. The CSR criteria As he does not have an employment contract with the Group,
are as follows: Stanislas de Gramont continues to benefit from employment
insurance for company directors and senior managers,
■ low carbon objective (Energy efficiencies) (5%): representing an annual benefit of €36,932.
- eco-Manufacturing (2.5%): reducing the energy
consumption (electricity and gas) of our production sites
(measured in kWh/unit)
Performance shares
- CO2 commitment aligned with Science-Based Target The Board of Directors reserves the right to decide to implement
initiative (2.5%): reducing CO2 levelsin line with the SBTi a new performance share award plan, under the authorization that
trajectory as defined in 2021, will be submitted to the Annual General Meeting on 20 May 2025.
■ objective of lowering workplace accidents, measured as Should the Board of Directors be granted the necessary powers
improvement in the Lost Time Injury rate (5%), to award performance shares, it would decide to award
■ objective ethics and compliance (5%): social compliance of 13,000 performance shares to Stanislas de Gramont for 2025, in
our subsidiaries in respecting Human Rights in countries line with the plan described in the proposed Resolution 14.
considered to be at risk (focus on emerging markets). Since 2024, performance shares are subject to criteria relating
Qualitative objectives are: to Social and Environmental Responsibility in addition to financial
performance criteria.
■ qualitative objectives relating to individual performance, set
by the Board of Directors on the recommendation of the All performance shares granted to all beneficiaries are thus
subject to performance conditions measured over a three-year
Governance and Remuneration Committee, which account for
vesting period.
15% of his total variable remuneration;
■ a qualitative objective relating to the collective performance of
the Executive Committee, which accounts for 10% of total
variable remuneration. Achievement of this objective is
assessed by the Board of Directors.




118 GROUPE SEB Universal Registration Document 2024
CORPORATE GOVERNANCE
Remuneration policy 3
These performance conditions are based on the following three ■ Act for the planet: Reduction in scope 1 & 2 CO2 emissions (5%);
criteria, which are unchanged for 2025: ■ Act as a leader in the circular economy: Increase the percentage
■ for 80% on the usual criteria, i.e. (i) a revenue growth target of recycled materials in products and packaging (10%).
and (ii) an Operating Result from Activity growth target, set
each year by the Board for each of the three financial years; Allocation of performance shares in the event
■ for 20% on CSR objectives directly linked to Groupe SEB’s of leaving office
medium-term strategy and objectives, which will be measured
at the end of the third year. If the Chief Executive Officer leaves office, performance shares
not yet vested will not be maintained; however, the Board may
These CSR objectives, directly linked to Groupe SEB’s medium-
override this principle depending on the circumstances, notably
term strategy and objectives, are broken down as follows:
in the event of the executive officer’s retirement.
■ Act for all: Percentage of women in key positions (5%);
In any case, there will be no acceleration of the vesting period
and performance conditions will continue to apply under the
terms of the plan.


Long-term commitments
Pension commitment He continues to benefit from individual death benefit. The purpose
of this specific life insurance policy is to cover the portion of
In accordance with the remuneration policy for the Chief remuneration that is not covered by the collective plans.
Executive Officer for 2025, decided by the Board of Directors on
In addition to the collective incapacity, disability and death
26 February 2025 and to be approved by the Ordinary General
insurance plan, Stanislas de Gramont continues to benefit from
Meeting of Shareholders to be held on 20 May 2025, the application
an individual life insurance policy with a capital amounting
of the new “L. 137-11-2” plan described above was extended, for
to €2,239,424. The purpose of this specific life insurance policy is
the period from 1 January 2022, to Stanislas de Gramont.
to cover the portion of remuneration that is not covered by the
The receipt of annual entitlements by Stanislas de Gramont is collective plans. The annual charge for this insurance amounts
conditional on compliance with conditions related to his professional to €15,582.
performance. Performance is calculated on the basis of the
Business Revenue and Operating Result from Activity objectives Severance payments
set by the Board of Directors over the year in question.
If actual performance is equal to or greater than 100%, the In the event of termination of duties following dismissal,
entitlements received by Stanislas de Gramont will equal 3% of Stanislas de Gramont may receive severance pay under the
the reference remuneration for 2022. If actual performance is conditions and procedures specified above.
between 0% and 100%, the entitlements will be prorated.
Therefore, entitlements may be nil (0%). Non-compete clause
The company’s commitments to Stanislas de Gramont may be
Pursuant to the non-compete agreement, in case of termination
terminated by decision of the Board of Directors. However,
of his corporate mandate as Chief Executive Officer, by means of
any entitlements prior to this termination would remain acquired
dismissal or resignation, Stanislas de Gramont is prohibited for a
in accordance with the applicable legal provisions.
one-year period, renewable once, from working in any manner
The other conditions referred to in the description of the new with a competitor of Groupe SEB.
plan apply to Stanislas de Gramont.
In consideration for this non-compete clause and for its entire
Furthermore, Stanislas de Gramont continues to benefit potentially duration, Stanislas de Gramont will receive a monthly non-compete
from the previous closed and frozen retirement plan. payment amounting to 50% of his monthly average fixed and
variable remuneration paid over his last 12 months of service
Other lifetime benefits: incapacity, disability within the Group.
and death and health insurance and individual In accordance with the AFEP-MEDEF Code, this payment may not
life insurance be made when the executive officer retires, or if they are over
65 years of age, it being specified that the Board may derogate
Stanislas de Gramont continues to benefit from the supplementary from this rule in view of the circumstances and context of the
social protection mentioned above, notably as regards the executive officer’s departure.
incapacity, disability and death and health insurance that covers
The aforementioned non-compete clause was maintained from
the company’s employees.
1 July 2022 under the same terms and conditions.




Universal Registration Document 2024 GROUPE SEB 119
3 CORPORATE GOVERNANCE
Remuneration policy




Remuneration of members of the Group Executive Committee
In 2024, the total remuneration of Groupe SEB’s current Executive Performance shares
Committee amounted to €9,451,000, including €5,751,000 in
fixed remuneration and €3,700,000 in variable remuneration The members of the Group Executive Committee are awarded
(€8,998,000 in 2023, including €5,110,000 in fixed remuneration performance shares, according to the same principles and
and €3,888,000 in variable remuneration). conditions as those presented for executive officers above.
This change in the Executive Committee’s overall remuneration With regard to the 2024 plan, the performance calculation depends
is due in particular to: on the rate of achievement of the revenue and Operating Result
■ internal promotion of a member of the Executive Committee: from Activity target (80%) and the CSR criteria (20%), assessed
over the three-year vesting period (i.e. 2024, 2025 and 2026):
■ Olivier Naccache, promoted to Executive Vice-President,
Emerging Markets, Asia and Pacific; Average achievement
■ appointment of a new member of the Executive Committee: rate over three years Performance shares awarded
■ 2 September 2024: Virginie Van Haeren, appointed Chief 100% or more 100%
Marketing Officer;
Between 50% and 100% inclusive Pro rata
■ departure of three members of the Executive Committee:
Less than 50% None
■ John Cheung (CEO, Supor), Oliver Kastalio (CEO, WMF) and
Vincent Rouiller (Executive Vice-President, Innovation);
In accordance with the authorization granted by the Annual
■ achievement of 101.5% of the economic criteria at Group level
General Meeting of 23 May 2024 (Resolution 24), the Board of
(versus 122.6% the previous year).
Directors, at its meeting on the same day, decided to award
59,500 performance shares to members of the Executive Committee
Annual variable remuneration for the 2024 financial year (excluding corporate officers).
Shares resulting from the exercise of stock options and
As with all executive officers, the senior managers’ variable performance shares awarded to members of the Executive
remuneration is determined so as to align remuneration with Committee must be held in registered form for a certain period,
Groupe SEB’s annual performance and to support the execution under the following terms and conditions:
of a long-term growth strategy, year after year. It is set at the
start of the financial year, by the Board of Directors. ■ shares resulting from the exercise of stock options: the
quantity of shares to be held must correspond to 20% of the
It is expressed as a percentage of the fixed remuneration for the
net capital gain after the sale of the quantity of shares
reference year and corresponds, for the achievement of all the
necessary to fund the option exercise, net of tax and social
targets, to a target of 60% for all the members of the Executive
contributions and transaction fees;
Committee, with one exception where remuneration is paid
internationally. ■ Performance shares: the quantity of shares to be held must
correspond to 20% of the net capital gain, net of tax and social
It is capped and may represent up to 100% of the base
contributions and transaction fees.
remuneration if the quantitative and qualitative targets are met,
with one exception where remuneration is paid internationally. Once the number of shares held by members of the Executive
The criteria are reviewed on a regular basis to ensure that they Committee reaches the equivalent of one year’s remuneration
adhere to the principles referred to above and are only amended (fixed and target bonus), the holding requirement no longer
should this prove necessary. applies.
In 2024, the quantitative and qualitative performance criteria
were assessed and discussed by the Governance and Remuneration Benefits in kind
Committee and approved by the Board of Directors at its meeting
on 26 February 2025. Executive Committee Members have company cars.
Quantitative criteria linked to Groupe SEB’s economic performance
account for 60% of variable remuneration and are assessed Long-term commitments
according to the following objectives:
■ revenue growth; and Pension commitment
■ growth in the Operating Result from Activity. In accordance with the remuneration policy, decided by the Board
The qualitative criteria, linked to individual performance, account of Directors on 16 December 2021, the application of the new
for 40% of variable remuneration and are assessed according to “L. 137-11-2” plan previously described applies to members of
specific strategic objectives. In particular, they allow performance the Executive Committee under French contract who may not
to be measured in relation to the objectives set surrounding reach the maximum entitlements under the old scheme, for the
the organizational development and management of the Group, extended period retroactively to 1 January 2020 for the one
the implementation of the corporate plan, the integration of member of the Executive Committee concerned.
the latest acquisitions and CSR criteria as described on page 99 Annual entitlements are conditional on compliance with conditions
of this document. related to their professional performance. Performance is calculated
on the basis of the Business Revenue and Operating Result from
Activity objectives set by the Board of Directors over the year in
question.




120 GROUPE SEB Universal Registration Document 2024
CORPORATE GOVERNANCE
Remuneration policy 3
If actual performance is equal to or greater than 100%, the The other conditions referred to in the description of the new
entitlements will equal 1% of the reference remuneration. plan apply to members of the Executive Committee who meet
If actual performance is between 0% and 100%, the entitlements the conditions for joining the plan.
will be prorated. Entitlements may therefore be zero (0%) and Furthermore, the other members of the Executive Committee
may not exceed 3% per year. who are under a French contract continue to benefit potentially
The acquisition of entitlements stood at 1% for 2024, given the (subject to career completion) from the previous retirement plan,
achievement of the performance criterion over the reference which is closed and frozen when they meet the conditions for
year (2023 economic criteria with an achievement level of 122.6%, membership of this scheme as described on page 110.
acquisition capped at 100%). The other members of the Executive Committee under an
international contract (located outside of France) benefit from
local pension schemes in compliance with local legislations in
those countries.

HISTORY OF STOCK OPTION AWARDS TO EXECUTIVE OFFICERS
Subscription Purchase Purchase Purchase Purchase Purchase
At 31 December 2024 plan plan plan plan plan plan
Date of meeting 04/05/2000 03/05/1999 14/05/2002 14/05/2002 06/05/2004 06/05/2004
Date of Board of Directors’ Meeting 14/06/2001 19/04/2002 17/10/2002 18/06/2003 18/06/2004 04/08/2005
Total number of shares granted 493,500 417,450 598,125 612,150 539,100 554,700
Those awarded to executive officer
Thierry de La Tour d’Artaise* 66,000 49,500 6,600 115,516 104,989 105,000
Stock option exercise start date 14/06/2005 19/04/2006 17/10/2006 18/06/2007 18/06/2008 04/08/2009
Expiration date 14/06/2009 19/04/2010 17/10/2010 18/06/2011 18/06/2012 04/08/2013
Subscription or purchase price (in €)* 18.18 27.88 25.15 24.24 31.67 28
Average of last 20 prices prior to Board
Meeting (in €)* 17.95 27.78 26.65 24.03 31.52 28.2
Number of options exercised*
by Thierry de La Tour d’Artaise 66,000 49,500 6,600 115,516 104,989 105,000
Number of options canceled* 0 0 0 0 0 0
BALANCE OF STOCK OPTIONS NOT YET
EXERCISED AT 31 DECEMBER 2024* 0 0 0 0 0 0
Purchase Purchase Purchase Purchase Purchase Purchase
At 31 December 2024 plan plan plan plan plan plan
Date of meeting 11/05/2006 11/05/2006 13/05/2008 13/05/2009 12/05/2010 10/05/2012
Date of Board of Directors’ Meeting 16/06/2006 20/04/2007 13/05/2008 12/06/2009 18/06/2010 15/06/2012
Total number of shares granted 589,798 579,150 1,005,900 371,300 412,592 408,925
Those awarded to executive officer
Thierry de La Tour d’Artaise* 105,012 105,000 105,000 71,250 59,942 54,000
Stock option exercise start date 16/06/2010 20/04/2011 13/05/2012 12/06/2013 18/06/2014 15/06/2016
Expiration date 16/06/2014 20/04/2015 13/05/2016 12/06/2017 18/06/2018 15/06/2020
Subscription or purchase price (in €)* 29.33 44 38.35 28.05 53.86 54.12
Average of last 20 prices prior to Board
Meeting (in €)* 29.01 43.73 38.35 28.05 53.85 54.12
Number of options exercised*
by Thierry de La Tour d’Artaise 105,012 105,000 105,000 66,922 55,978 51,449
Number of options canceled* 0 0 0 4,328 3,964 2,551
BALANCE OF STOCK OPTIONS NOT YET
EXERCISED AT 31 DECEMBER 2024 0 0 0 0 0 0
* Takes into account the award of bonus shares in March 2004 (1 for 10) and the 3-for-1 stock split on 16 June 2008.




Universal Registration Document 2024 GROUPE SEB 121
3 CORPORATE GOVERNANCE
Remuneration policy



HISTORY OF PERFORMANCE SHARE AWARDS TO EXECUTIVE OFFICERS
At 31 December 2024
Date of meeting 13/05/2009 12/05/2010 10/05/2012 14/05/2013 15/05/2014 12/05/2015 19/05/2016 11/05/2017
Date of Board of Directors’ Meeting 12/06/2009 18/06/2010 15/06/2012 23/07/2013 22/07/2014 12/05/2015 19/05/2016 11/05/2017
Number of shares granted: 50,472 58,363 63,938 233,475 169,175 169,450 171,075 193,450
Of which to executive officers 5,938 4,995 4,500 18,000 27,000 27,000 27,000 27,000
■ Thierry de La Tour d’Artaise(1) 5,938 4,995 4,500 18,000 18,000 18,000 18,000 18,000
■ Bertrand Neuschwander(2) (6,750) 9,000 9,000 9,000 9,000
■ Stanislas de Gramont(3)
Award date 12/06/2009 18/06/2010 15/06/2012 23/07/2013 22/07/2014 12/05/2015 19/05/2016 11/05/2017
Vesting date 12/06/2011 18/06/2012 15/06/2014 23/07/2016 22/07/2017 12/05/2018 19/05/2019 11/05/2020
Number of shares earned
by executive officers 5,938 4,395 3,850 18,000 27,000 27,000 27,000 27,000
■ Thierry de La Tour d’Artaise (1)
5,938 4,395 3,850 18,000 18,000 18,000 18,000 18,000
■ Bertrand Neuschwander(2) (6,750) 9,000 9,000 9,000 9,000
■ Stanislas de Gramont(3)
Expiration of lock-up period 12/06/2013 18/06/2014 15/06/2016 23/07/2017 22/07/2019 12/05/2020 19/05/2021 11/05/2020
Number of shares canceled or lapsed 600 650
BALANCE OF SHARES YET TO BE VESTED 0 0 0 0 0 0 0 0
(1) Thierry de La Tour d’Artaise was Chairman and Chief Executive Officer until 30 June 2022. He became Chairman of the Board of Directors on 1 July 2022.
(2) Bertrand Neuschwander was appointed member of the Executive Committee in 2013. He became an executive officer in April 2014 and stepped down in October 2018.
(3) Stanislas de Gramont took over as Chief Operating Officer on 3 December 2018. He became Chief Executive Officer on 1 July 2022.
(4) Taking into account the award of bonus shares (1 for 10) in on 3 March 2021.

At 31 December 2024
Date of meeting 16/05/2018 22/05/2019 19/05/2020 20/05/2021 19/05/2022 17/05/2023 23/05/2024
Date of Board of Directors’ Meeting 16/05/2018 22/05/2019 19/05/2020 20/05/2021 19/05/2022 17/05/2023 23/05/2024
Number of shares granted: 185,330 226,500 193,880 200,000 218,360 218,085 253,235
Of which to executive officers 27,000 29,000 29,000 27,000 19,500 12,000 13,000
■ Thierry de La Tour d’Artaise(1) 18,000 18,000 18,000 18,000 9,000 - -
■ Bertrand Neuschwander(2) 9,000
■ Stanislas de Gramont(3) 11,000 11,000 9,000 10,500 12,000 13,000
Award date 16/05/2018 22/05/2019 19/05/2020 20/05/2021 19/05/2022 17/05/2023 23/05/2024
Vesting date 16/05/2021 22/05/2022 19/05/2023 20/05/2024 19/05/2025 18/05/2026 24/05/2027
Number of shares earned
by executive officers 29,700(4) 31,900(4) 31,357(4) 27,000
■ Thierry de La Tour d’Artaise(1) 19,800(4) 19,800(4) 19,463(4) 18,000
■ Bertrand Neuschwander (2)
9,900 (4)


■ Stanislas de Gramont(3) 12,100(4) 11,894(4) 9,000
Expiration of lock-up period 16/05/2021 22/05/2022 19/05/2023 20/05/2024 19/05/2025 18/05/2026 24/05/2027
Number of shares canceled or lapsed 543
BALANCE OF SHARES YET TO BE VESTED 0 0 0 0 19,500 12,000 13,000
(1) Thierry de La Tour d’Artaise was Chairman and Chief Executive Officer until 30 June 2022. He became Chairman of the Board of Directors on 1 July 2022.
(2) Bertrand Neuschwander was appointed member of the Executive Committee in 2013. He became an executive officer in April 2014 and stepped down in October 2018.
(3) Stanislas de Gramont took over as Chief Operating Officer on 3 December 2018. He became Chief Executive Officer on 1 July 2022.
(4) Taking into account the award of bonus shares (1 for 10) in on 3 March 2021.



GENERAL INFORMATION ABOUT EXECUTIVE OFFICERS AT 31 DECEMBER 2024
Compensation or benefits Compensation
due, or likely to be due as relating to
Supplementary a result of termination a non-compete
Employment contract pension plan(2) or a change of roles clause
Yes No Yes No Yes No Yes No
Thierry de La Tour d’Artaise X(1) Liquidated X X
Stanislas de Gramont X Frozen + New X X
(1) This employment contract ended with its liquidation due to his retirement on 1 July 2022.
(2) For the executive officers present at 3 July 2019, the provisions of Ordinance 2019-697 of 3 July 2019 governing professional supplemental pension plans forced the Group
to freeze and close this plan at 31 December 2019. This plan will continue to evolve on the basis of the changes to the annual social security cap and subject to careers coming
to an end within the Group. This plan was liquidated at the same time as the liquidation of the pension for the Chairman and Chief Executive Officer under the general plan on
1 July 2022. Stanislas de Gramont will benefit partly from the old supplementary pension plan and partly from the new “L. 137-11-2 plan”, previously described on page 110,
from 1 January 2022.




122 GROUPE SEB Universal Registration Document 2024
CORPORATE GOVERNANCE
Remuneration policy 3
Say on pay: components of remuneration paid during or allocated for the year
ended 31 December 2024 to executive officers
COMPONENTS OF REMUNERATION FOR THE CHAIRMAN OF THE BOARD OF DIRECTORS SUBMITTED FOR THE APPROVAL
OF THE SHAREHOLDERS

Components Amounts Amounts allocated
of remuneration paid during the for the previous year
submitted for a vote previous year and book valuation Presentation

Fixed remuneration €750,000 According to the remuneration policy defined by the Board of Directors on
21 February 2024 and approved by the 2024 Annual General meeting,
the fixed remuneration for Thierry de La Tour d’Artaise was reviewed and
is equal to €750,000.

Annual variable N/A Thierry de La Tour d’Artaise receives no variable remuneration for his term
remuneration of office as Chairman of the Board of Directors.

Multi-year variable N/A Thierry de La Tour d’Artaise receives no multi-year variable remuneration.
remuneration in cash

Performance share N/A As Chairman of the Board, Thierry de La Tour d’Artaise is not entitled to any
awards performance shares’ Plan new grants.

Extraordinary N/A Thierry de La Tour d’Artaise receives no exceptional remuneration.
remuneration

Remuneration for €55,000 Thierry de La Tour d’Artaise receives remuneration as a member of the
the office of director Board of Directors under the rules applicable to all its Board members
and detailed on page 106. Thierry de La Tour d’Artaise received €55,000
as a director of the company for the 2024 financial year.

Value of benefits €8,604 Thierry de La Tour d’Artaise benefits from a company car and the
in kind (accounting amount) availability of a driver, representing an annual benefit in kind of €8,604
for the financial year.

Severance payments N/A Thierry de La Tour d’Artaise does not benefit from a departure clause
for his term of office as Chairman of the Board of Directors.

Non-compete N/A Thierry de La Tour d’Artaise does not benefit from a non-compete clause
payments for his term of office as Chairman of the Board of Directors.

Retirement lump- N/A Thierry de La Tour d’Artaise does not benefit from a retirement clause
sum payment for his term of office as Chairman of the Board of Directors.

Supplementary N/A Thierry de La Tour d’Artaise does not benefit from a retirement plan for
pension plan his term of office as Chairman of the Board of Directors.

Other lifetime None received Thierry de La Tour d’Artaise continues to benefit from supplementary social
benefits: incapacity, protection, notably as regards the incapacity, disability and death and
disability and death health insurance that covers the company’s employees.
and health insurance This plan notably includes for Thierry de La Tour d’Artaise:
and individual
life insurance ■ due to his age, the plan does not include any supplementary benefits
linked to incapacity or disability any more;
■ a death benefit set at a maximum of €2,073,254.
In addition to the collective incapacity, disability and death insurance plan,
Thierry de La Tour d’Artaise does not benefit from an individual life
insurance policy.
The expense recorded for the year ended 31 December 2024 is thus equal
to zero.




Universal Registration Document 2024 GROUPE SEB 123
3 CORPORATE GOVERNANCE
Remuneration policy



COMPONENTS OF REMUNERATION FOR THE CHIEF EXECUTIVE OFFICER SUBMITTED
FOR APPROVAL BY THE SHAREHOLDERS

Components Amounts paid Amounts allocated for
of remuneration during the the previous year
submitted for a vote previous year and book valuation Presentation

Fixed remuneration €900,000 According to the remuneration policy defined by the Board of Directors on
21 February 2024 and approved by the Annual General meeting on 23 May
2024, the fixed remuneration for Stanislas de Gramont is equal to
€900,000.
This evolution in his remuneration brought it back into line with the median
of remunerations of a panel of 19 listed companies considered comparable
with SEB.

Annual variable €1,042,000 €1,044,000 At its meeting on 26 February 2025, the Board of Directors, on the
remuneration (amount recommendation of the Governance and Remuneration Committee,
(amount to be paid
approved at the measured Stanislas de Gramont’s variable remuneration.
after approval by the
Ordinary Ordinary General Given the quantifiable and qualitative criteria set by the Board of Directors
General Meeting on 21 February 2024, and the rate of achievement noted at 31 December
Meeting of 2024, the variable remuneration was measured as follows:
23 May 2024 in of 20 May 2025 in
accordance accordance with the ■ based on quantitative criteria: the variable portion is 101.5% of his
with the ex- ex-post voting fixed annual remuneration with a target of 100%. The Board of
post voting principle – Directors measured Stanislas de Gramont’s performance with respect
principle – Resolution 9) to Groupe SEB’s growth targets for Revenue and Operating Result from
Resolution 12) Activity;
(No deferred portion
(No deferred of this remuneration) ■ based on qualitative criteria: the variable portion is 137.7% of his fixed
portion of this annual remuneration with a target of 100%. The Board of Directors
remuneration) measured Stanislas de Gramont’s performance based on collective and
individual targets such as changes to the Group’s organizational
structure, strengthening of the Executive Committee and completion of
specific operational projects.
The variable component can amount to no more than 150% of his annual
fixed remuneration.
The variable remuneration paid in 2024 for the 2023 financial year was
€1,042,000, i.e. 126.3% of his fixed remuneration.
The variable remuneration awarded in 2025 for the 2024 financial year is
€1,044,000, i.e. 116.0% of his new fixed remuneration.

Multi-year variable N/A N/A Stanislas de Gramont receives no multi-year variable remuneration.
remuneration in cash

Performance share €1,341,210 In accordance with the authorization granted by the Annual General
awards Meeting on 23 May 2024 (Resolution 24), the Board of Directors, at its
(full-year book
meeting on the same day, decided to award 13,000 performance shares to
valuation)
Stanislas de Gramont for the financial year.
The portion granted to Stanislas de Gramont under the 2024 performance
share plan represented 0.02349% of the share capital.
The performance criteria for the 2024 plan are 80% assessed on the basis
of the rate of achievement of a matrix composed of the following:
■ revenue growth target; and
■ Operating Result from Activity growth target;
20% for the CSR targets directly linked to Groupe SEB’s medium-
term strategy and objectives (see page 114);
both assessed over the three-year vesting period (2024, 2025 and 2026).

Stanislas de Gramont must hold shares resulting from options exercised
and performance shares awarded in registered form (see page 114).

Extraordinary N/A N/A Stanislas de Gramont receives no extraordinary remuneration.
remuneration




124 GROUPE SEB Universal Registration Document 2024
CORPORATE GOVERNANCE
Remuneration policy 3
Components Amounts paid Amounts allocated for
of remuneration during the the previous year
submitted for a vote previous year and book valuation Presentation

Remuneration for N/A N/A Stanislas de Gramont is not a member of the Board of Directors.
the office of director

Value of benefits €61,164 Stanislas de Gramont benefits from a company car representing an
in kind (accounting valuation annual in-kind benefit of €8,650 and unemployment insurance for
company directors, in the absence of an employment contract with the
for the year)
Group, representing an annual benefit of €36,932 and a supplemental
death benefit representing an annual benefit of €15,582.

Severance payments None received In the event of dismissal, he will be entitled to severance pay capped at
two years’ fixed and variable remuneration, including, where appropriate,
the amounts paid under the non-compete clause.
The reference remuneration used to calculate the severance allowance
consists of the last two years of fixed and variable remuneration that
Stanislas de Gramont received as Chief Executive Officer.
Payment of the indemnity will be subject to performance conditions,
measured in the following manner:
■ if he is dismissed within four years of his appointment as executive
officer, the severance allowance will be adjusted for the rate of
achievement of his targets over the last four full years of service, as
follows: as an executive officer, for the period following his
appointment; and
■ if he is dismissed after four years from his appointment as executive
officer, the severance allowance will be adjusted for the rate of
achievement of his targets, in said capacity, over the last four full years
of service.
In both situations, performance is assessed as follows:

Average rate of achievement over Amount of benefit paid
the previous four financial years

100% or more 100%

Between 50% and 100% inclusive Between 75% and 100%, according
to a straight-line calculation

Less than 50% None

This commitment, approved by the Board of Directors on 19 December 2018,
was approved by the shareholders at the Annual Meeting of Shareholders.

Non-compete None received Pursuant to the non-compete agreement, in case of termination of his
payments appointment of office as Chief Executive Officer, by means of dismissal or
resignation, he shall be prohibited for a one-year period, renewable once,
from working in any manner with a competitor of Groupe SEB.
In consideration for this non-compete clause and for its entire duration,
Stanislas de Gramont will receive a monthly non-compete payment
amounting to 50% of his monthly average fixed and variable remuneration
paid over his last 12 months of service within the Group.
The Board of Directors may release Stanislas de Gramont from this
obligation by waiving the non-compete clause.
This non-compete agreement, and the terms of severance detailed above,
were authorized by the Board of Directors on 19 December 2018 and were
also disclosed as part of the permanent information on remuneration and
benefits. This agreement was approved by the shareholders at the Annual
Meeting of Shareholders.




Universal Registration Document 2024 GROUPE SEB 125
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Remuneration policy




Components Amounts paid Amounts allocated for
of remuneration during the the previous year
submitted for a vote previous year and book valuation Presentation

Retirement lump- None received His collective retirement lump-sum payment entitlement amounts to nihil
sum payment as he is not subject to any collective bargaining agreement. Legal
retirement lump-sum amounts are still being computed as this document
is being published.

Supplementary None received Previous plan
pension plan Stanislas de Gramont is a member of the collective supplementary
pension plan set up for Groupe SEB’s French senior managers (members
of the Executive Committee).
The plan complements the statutory schemes and is composed as follows:
■ a defined-benefit deferred compensation plan, under which beneficiaries
are subject to seniority and presence conditions. The amount of
benefits payable under this plan in addition to the applicable statutory
schemes represents up to 25% of a reference remuneration calculated
on the average of the target remuneration for the past three years;
■ a supplementary defined-benefit plan, subject to seniority and continued
employment conditions, with the potential benefits accruing per year of
service being 0.8% of the reference remuneration calculated on the
average of the annual target remuneration over the preceding three
years and capped at one year's service as a result of the freezing of the
plan at 31 December 2019 (i.e. a maximum of 0.8% of the reference
remuneration).
Entitlements estimation at 31 December 2024:
Regime Amount
Deferred defined-benefit €50,745 gross per year
pension plan
Supplementary defined-benefit €13,565 gross per year
pension plan
This plan was closed and frozen at 31 December 2019, as the provisions
of Ordinance 2019-697 of 3 July 2019 governing supplemental pension
plans forced the Group to.
Executive officers are potentially eligible for defined-benefit plans after
8 years of service and attendance at Executive Committee Meetings.
The plan is capped at 25.8% of the reference remuneration, i.e. both fixed
and variable remuneration (including the income from compulsory plans),
in accordance with the AFEP-MEDEF Code. This reference remuneration is
itself capped at 36 times the French annual Social Security ceiling in force.
New Plan
In accordance with the Board of Directors’ decision on 16 December 2021,
which was approved by the Ordinary General Meeting of Shareholders on
19 May 2022, application of the new “L. 137-11-2” plan described above
was extended, for the period starting on 1 January 2022, to Stanislas
de Gramont.
Estimate of entitlements acquired at 31 December 2024:
Stanislas de Gramont was awarded 1% of entitlements for 2024, given
that the performance criterion was fully achieved over the reference year.
The replacement rate is equal to 4.0% of his reference remuneration for
an amount estimated at €72,779 gross per year.


TRANSACTIONS IN SEB SHARES CONDUCTED BY BOARD MEMBERS AND SENIOR MANAGERS
(ARTICLE L. 621‑18‑2 OF THE FRENCH MONETARY AND FINANCIAL CODE) DURING 2024

Number Total Average Number Total
of vested amount of purchase of shares amount Average
Function shares acquisitions price sold of sales sale price
Anne-Laure LESCURE Related person (Thierry LESCURE) 200 €21.780 €108.9
Augustin LESCURE Related person (Thierry LESCURE) 100 €10.890 €108.9
Céleste LESCURE Related person (Thierry LESCURE) 100 €10.890 €108.9
Hadrien LESCURE Related person (Thierry LESCURE) 100 €10.890 €108.9




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4.1 General disclosures 128 4.4 Governance information 228

4.1.1
Basis for preparation 128 4.4.1
Business conduct [G1] 228
4.1.2
Governance 131
Strategy and business model 134 4.5 Statutory auditors’ report on the
4.1.3

certification on sustainability information 231
4.1.4
Management of impacts, risks and opportunities: 142

4.6 Vigilance Plan 235
4.2 Environmental information 151
Management of risks of serious harm
4.2.1
Climate change [E1] 151 to individuals and to the environment 235
4.6.1




4.2.2
Pollution [E2] 165 Preventing and managing social and societal
Water resources [E3] 171 risks associated with people’s health, safety
and security 238
4.2.3




Resource use and circular economy [E5] 175
4.6.2




Preventing and managing environmental risks 240
4.2.4




Applying the EU taxonomy regulation
4.6.3




4.2.5
to Groupe SEB 184 4.6.4
Whistleblowing and reporting mechanism 244
Methodology note – Environmental information 191 Management, governance and monitoring of plan
deployment 244
4.2.6




4.6.5




4.3 Social information 195 4.6.6
Vigilance Plan reference table 245

4.3.1
Own workforce [S1] 195
4.3.2
Workers in the value chain [S2] 212
4.3.3
Consumers and end-users [S4] 218
4.3.4
Methodology note – Social information 224




The Sustainability Statement as defined by the ESRS consists of sections 4.1 to 4.4 of this chapter.




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4.1 General disclosures

4.1.1 Basis for preparation
First-time application of ESRS
The sustainability information was prepared as part of the first- ■ limits to the scope or estimates are made on a case-by-case
time application of the legal and regulatory requirements resulting basis for certain data (4.1.1.1. “Basis for preparation of the
from the transposition of the EU Corporate Sustainability sustainability statement [BP-1] – Scope of consolidation”), in
Reporting Directive (“CSRD”). The application of European Union particular the data points relating to adequate wages, pay gaps
Directive 2022/2464 on corporate sustainability reporting (CSRD), and certain own workforce metrics in the labor relations
as transposed in France by Order No. 2023-1143 of 6 December section and the data points relating to substances of concern
2023, is mandatory for the Group from 1 January 2024 for the and substances of very high concern, the pollution of air,
reporting period ended 31 December 2024. recyclability, product recycling and eco-packaging in the
This first year of implementation of the CSRD was marked by environmental section.
various uncertainties. In addition to the uncertainties inherent in The estimates made relate, in particular, to the determination of
the state of scientific or economic knowledge and the quality of greenhouse gas (GHG) emissions and, in particular, to the scope 3
the external data used, several interpretations of the texts emissions (see 4.1.1.2 “Disclosures in relation to specific
remain. Additional clarification is expected from standardization circumstances [BP-2] – Value chain estimates, sources of uncertainty
or regulatory bodies, in particular concerning sector-specific about estimates”):
standards for the application of ESRS or the application of the
■ uncertainties remain regarding the interpretation of certain
technical criteria of the Taxonomy Regulation.
data points and the calculation methodologies as provided for
The Group has therefore endeavored to apply the requirements by ESRS standards to report on the Group’s control of the
laid down by the ESRS, as applicable on the date of the mechanisms covering the IROs, particularly in the labor
sustainability statement, on the basis of the information available, relations section, for example concerning adequate wages;
within the timeframe for preparing the sustainability statement.
■ uncertainties remain, particularly with regard to the
The preparation of sustainability information was also complicated methodologies for assessing the compatibility or alignment of
by the lack of reliable comparative data and benchmarks, greenhouse gas (GHG) emission reduction targets at company
particularly at the sector level, as well as difficulties in collecting level with the Paris Agreement (see Section 4.2.1.3.1
market data, notably within the value chain. “Transition plan for climate change mitigation [E1-1]”).
In some cases, these difficulties in accessing reliable data have In that sense, the Group may have to change some of its reporting
compelled us to use estimates, which may be refined as the and communication practices with a view to continuous
quality of available data improves. improvement, in the light of industry best practices and
These specific features relating to the first year of application of recommendations and as knowledge of these new regulatory
the CSRD provisions concern in particular: provisions and standards improves. These changes, if they are to
be made, will be explained and justified in a fully transparent
■ the absence of established local practices, particularly for a
manner in the next sustainability statements.
more in-depth analysis of the impacts, risks and opportunities
on the value chain. More in-depth analyses of the challenges Similarly, some estimates may be refined during future
of the value chain will be carried out by the Group during reporting periods when more relevant information becomes
future updates of the double materiality analysis (see Section available. Some estimation methods may also be modified or
4.1.4.1 Description of the procedure for identifying and assessing adapted according to the development of practices generally
material impacts, risks and opportunities [IRO 1]; recognized by the market.
■ differences in consolidation rules between the scope of The Group’s internal control mechanisms relating to the
consolidation of sustainability information and the scope of preparation of sustainability information will be progressively
financial consolidation as specified in paragraph 4.1.1.1 “Basis strengthened on the basis of the experience gained during the
for preparation of the sustainability statement [BP-1] – Scope of first reporting periods.
consolidation”;


Methodology notes
At the end of the report, the Group also presents its methodology notes (see Section 4.2.6 “Methodology notes – Environmental
information” and Section 4.3.4 “Methodology notes – Social information”) where the methodologies used for the metrics in these two
sections are consolidated.




128 GROUPE SEB Universal Registration Document 2024
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General disclosures 4
4.1.1.1 Basis for preparation of the sustainability statement [BP-1]
The sustainability statement was prepared in accordance with Scope of consolidation
Directive (EU) 2022/2464 as regards corporate sustainability
reporting (CSRD), as transposed in France by Order No. 2023-1143 In accordance with ESRS, the sustainability statement applies
of 6 December 2023, and in accordance with the EU taxonomy the same scopes as the financial statements, unless otherwise stated.
under Article 8 of Regulation (EU) 2020/852. Some recent acquisitions and some companies of negligible
This sustainability statement presents information for the importance to the Group do not report all environmental and
consolidated Group as of 31 December 2024, in compliance with social metrics. Action plans are in place to ensure that the data
the applicable European Sustainability Reporting Standards (ESRS). become available as soon as possible. In general, integration into
non-financial reporting takes place during the ISO 14001
The period used for annual sustainability reporting is the
certification of the entity, which usually takes place within three
financial year, which corresponds to the calendar year for
years of acquisition.
Groupe SEB (1 January to 31 December).

PHYSICAL SITE – “ESTABLISHMENT OVERVIEW”
ESRS E5 –
ESRS E3 – Circular
ESRS E1 – Climate ESRS E2 – Pollution Water economy ESRS S1 – Own workforce
Scopes Scope Outflows – Health
1&2 3.4 Pollution Substances Water waste HR data and safety Training
Industrial plants X partial partial X X X X X
Logistics sites X X X X X X
Headquarters X X X X X X
Legal entities –
Tertiary sites &
financial scope
commercial
premises X X X
not not not not
New acquisitions partial reported reported reported partial partial partial partial reported
Box Not applicable or not material



OVERVIEW OF FLOWS
ESRS E1 – Climate ESRS E5 – Circular economy
Purchasing flows Scope 3.1 Inflows – recycled materials
Direct purchases X X
Legal entities – Indirect purchases X
financial scope Purchases of finished products X not reported
New acquisitions not reported not reported
Box Not applicable or not material



ESRS E1 – Climate ESRS E5 – Circular economy
Product design flow – Product
business unit Scope 3.11 recyclability Repairability Eco-packaging Second-hand
Cookware X partial partial
Small Electrical
X X X partial X
Appliances
Legal entities –
Supor Domestic X not reported not reported
financial scope
Professional coffee
X
market (PCM (1)) partial not reported
New acquisitions not reported not reported not reported not reported
Box Not applicable or not material
(1) The acronym PCM stands for Professional Coffee Machines, and refers to the market for professional coffee machines (excluding retailers) for restaurants, hotels, etc.




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By recent acquisitions, the Group means the following entities: The exclusions from the reporting scope are mentioned in the
■ StoreBound; description of each metric presented in the methodology notes
relating to topical ESRS (see Sections 4.2.6 “Methodology note –
■ Krampouz; Environmental information” and 4.3.4 “Methodology note – Social
■ Zummo; information”).
■ La San Marco; These exclusions have no impact on the IROs defined at Group
level, as all companies were included in the DMA analysis.
■ Pacojet;
Groupe SEB discloses information at a consolidated level and
■ Forge Adour;
has assessed the material impacts, risks and opportunities for
■ Sofilac. the consolidated group as a whole.
The contribution of these recent acquisitions to consolidated All statements in this chapter cover the entire Groupe SEB value
revenue does not exceed 5%. chain, both upstream and downstream.
By Supor Domestic, the Group means sales of products under During the preparation of the 2024 sustainability statement,
the Supor brand in China. the options of omitting certain information relating to intellectual
The contribution of Supor Domestic to consolidated revenue is property, know-how or results of innovations(1), or certain
around 25%. information on imminent developments and matters under
negotiation (in accordance with Article L. 232-6-3 of the Commercial
Code) were not used.


4.1.1.2 Disclosures in relation to specific circumstances [BP-2]
Time horizon downstream value chain (see Section 4.2.6 “Methodology note –
Environmental information”).
In accordance with ESRS 1, the Group applies the following time
horizons: Changes in the preparation or presentation
■ for the short term, one year, in line with the Group’s financial of sustainability information
statements;
■ for the medium term, two to five years, in line with the RSE In 2024, Groupe SEB reassessed its carbon footprint calculation
strategic plan; methodology.

■ for the long term, more than five years. The revised comparative figures are presented in Section [E1-6]
“Gross scope 1, 2 and 3 GHG emissions and total GHG emissions” of
ESRS E1
Value chain estimates, sources of uncertainty
This made it possible to update the methodologies for
in estimates calculating the greenhouse gas (GHG) emissions of scope 3.1
The preparation of certain information may require the use of Purchases of goods and services and 3.11 Use of sold products.
estimates and assumptions owing to the lack of standard definitions The purpose of these changes is to:
and national/international laws (e.g. workplace accidents), or ■ improve calculation methodologies in line with the
the qualitative nature of certain data. recommendations of the GHG Protocol;
The preparation of certain information may require the use of ■ ensure consistency of internal guidelines and measurement
estimates related to the understanding of the value chain. and calculation methods at Group level covering all Group
Each metric disclosed on the basis of estimates and assumptions entities; and
is specified in the methodology note relating to topical ESRS (see ■ supplement missing data and correct carbon footprint estimates
Sections 4.2.6 “Methodology note – Environmental information” for the years 2021 (baseline year) to 2023.
and 4.3.4 “Methodology note – Social information”), as well as past
and projected data, their sources and their levels of uncertainty. Disclosures stemming from other legislation
The significant estimates made by the Group, inherent in certain or generally accepted sustainability reporting
calculation methodologies, mainly relate to certain metrics pronouncements
concerning the carbon footprint (emission factors, GHG emissions
of suppliers, metrics related to the use of products in the Not applicable.

Incorporation by reference
ESRS Disclosure Requirement Sections of the Universal Registration Document 2024

ESRS GOV-1 21 a, b, c, d, e 22 a, b, c 23 a, b. 3.3 Composition of the Board of Directors
3.4 Group management bodies

ESRS SBM-1 Information related to product descriptions 1.3.1 Strong leadership and brands
Information on the resources and value creation 1.2 Business sector
of the business model




(1) Pursuant to ESRS 1 Section 7.7 “Classified and sensitive information and information on intellectual property, know-how or results of innovations”.



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General disclosures 4
Use of phase-in provisions in accordance These estimates are detailed in the methodology notes relating
with Appendix C of ESRS 1 to topical ESRS (see Sections 4.2.6 “Methodology note –
Environmental information” and 4.3.4 “Methodology note –
For the first-time application of European sustainability standards, Social information”).
the Group has chosen to adopt the following measures provided ■ comparative information: the Group voluntarily presents
for in ESRS 1 transitional provisions: comparative information on certain ESRS;
■ value chain: the Group has, in part, adopted the phased approach ■ phased-in disclosure requirements: the Group has chosen to
permitted for quantitative and qualitative information for its adopt the phased approach for the anticipated financial effects
value chain. This sustainability statement may also be based of the risks related to the four material environmental ESRS
on estimates for reporting information concerning the Group’s (as presented in the table below).
upstream or downstream value chain;

Disclosure
ESRS Full name of the Disclosure Requirement
Requirement

ESRS 2 SBM-1.40b, c Strategy, business model and value chain (breakdown of total revenue by significant ESRS sector)

ESRS 2 SBM-3.48e Material impacts, risks and opportunities and their interaction with strategy and business model

ESRS E1 E1-9 Anticipated financial effects from material physical and transition risks
and potential climate‑related opportunities

ESRS E2 E2-6 Anticipated financial effects from pollution-related risks and opportunities

ESRS E3 E3-5 Anticipated financial effects from water and marine resources-related risks and opportunities

ESRS E5 E5-6 Anticipated financial effects from resource use and circular economy-related risks
and opportunities

ESRS S1 S1-11 Social protection



4.1.2 Governance
4.1.2.1 The role of the administrative, management and supervisory bodies [GOV-1]
Composition and diversity of the administrative and ■ the Strategic and CSR Committee, created in July 2022,
management bodies examines and reviews the Group’s Sustainable Development
and CSR policy, its objectives and achievements, the criteria
SEB’s governance model comprises a Board of Directors, with used and the means of measuring the Group’s non-financial
separation of the functions of Chairman of the Board of Directors performance. It makes all recommendations and reports any
and Chief Executive Officer. Sustainability matters are fully developments to the Board. It is also responsible for monitoring
integrated at all levels of governance and management. the impacts, risks and opportunities and ensuring that the
The General Management Committee, whose task is to necessary policies, action plans and resources are implemented
implement all dimensions of the undertaking’s strategy, to achieve the goals set. All material IROs have been reviewed
oversees the execution of the CSRD and RSE strategy. It is by the Strategic and CSR Committee as part of the definition
supported by an RSE Steering Committee, set up to oversee the of the ambition 2024–2030;
implementation and execution of the Group’s objectives under ■ the Audit and Compliance Committee met five times in 2024.
the CSRD. This RSE Steering Committee consults it in defining The Strategic and CSR Committee met three times in 2024.
the targets associated with IROs and informs it of the Details of the composition of the Board of Directors and Management
achievement of these targets. Board of Groupe SEB are presented in Sections 3.3 “Composition,
The role of the Board of Directors is to determine the company’s organization, and functioning of the Board of Directors” and
business strategy and see to it that it is implemented in 3.4 “Group management bodies”, in Chapter 3 “Corporate
accordance with its corporate interests. It has three specialized governance” of this Universal Registration Document.
committees to assist it in specific areas. Each committee is The following information regarding the diversity of members of
assigned a role and responsibility in relation to sustainability: the Board of Directors and Management is presented in the
■ the Audit and Compliance Committee reviews the draft sections:
sustainability statement. As regards business conduct, it also ■ “Information on and terms of office of members of the Board of Directors
examines the procedures put in place by the Group with a and Executive Management at 31/12/2024”: the experience of
view to compliance, anti-fraud and anti-corruption, as well as members of governance bodies;
the training and audit programs run to ensure compliance is
■ “General principles relating to the composition of the Board
respected, carrying out any evaluations and making
of Directors”: (i) the number of executive and non-executive
recommendations to that effect. All material IROs have been
members, the representation of employees and other workers,
reviewed by the Audit and Compliance Committee as part of
and (ii) the percentage of independent directors;
the CSRD implementation;
■ “Policy on diversity in governance bodies and gender balance”:
■ the Governance and Remuneration Committee defines and
the percentage by gender and other aspects of diversity taken
implements remuneration incentive mechanisms related to
into account by the Group.
sustainability matters;




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Involvement of the administrative and management bodies in exercising oversight of the process to manage
impacts, risks and opportunities


BOARD OF DIRECTORS MANAGEMENT
COMMITTEES GENERAL MANAGEMENT ESG STEERING
COMMITEE COMMITTEE
oversees the execution of oversees the implementation
the ESG strategy and CSRD and execution of the Group’s
reporting objectives and the CSRD
Strategy approves
and ESG the ESG strategy

GROUP-WIDE GOVERNANCE
Business Responsible for achieving Group-
leadership wide objectives (including on climate,
Governance resources and circular economy).
and defines and
Remuneration monitors ESG
Sustainable Responsible for guidelines,
Development implementation support, and monitoring
team of actions and reporting.


Finance function Ensures the accuracy of non-financial
examines data and their consistency with financial
Audit and
non-financial data.
Compliance
information

IT function Manages the implementation of ESG
tools necessary to measure, monitor,
report and audit non-financial
performance.




Expertise and skills of administrative and management bodies
In the first quarter of 2024, the members of the Board of Directors The link between sustainability skills and expertise and material
took part in a training course on the latest developments IROs and expertise in business conduct matters is detailed in the
in sustainability. The course focused on the new Corporate skills matrix in Part 3.3 “Composition, organization and operation
Sustainability Reporting Directive (CSRD). This training, organized of the Board of Directors” of Chapter 3 “Corporate governance”.
by an external party with the participation of the Group’s
Sustainable Development department, covered the new CSRD
reporting obligations and the roles and responsibilities of the
Board, the Audit and Compliance Committee and the Strategic
and CSR Committee. The session ended with a question and
answer segment.



4.1.2.2 Information provided to, and sustainability matters addressed by, the Group’s
administrative, management and supervisory bodies [GOV-2]
The administrative and management bodies are informed of all impacts, risks and opportunities during the annual presentation to the
Audit Committee and in the report from the Chair of the Audit Committee to the Board of Directors.




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4.1.2.3 Integration of sustainability-related performance in incentive schemes [GOV-3]
Since 2019, the Group has had remuneration schemes in place performance represents 15% of the short-term variable
linked to the achievement of short-term sustainability objectives, remuneration of executive officers. It consists of four objectives:
to which long-term objectives were added in 2024. Sustainability

Objectives Weighting
Reduction in energy consumption (electricity and gas) at Group production sites (kWh/unit produced) 2.5%
Reduction in greenhouse gas (GHG) emissions (scopes 1 & 2) (in absolute value tCO2eq vs. 2021) 2.5%
Annual reduction for the LTIR (Lost Time Injury Rate including temporary workers) worldwide for all Group facilities
(production sites, warehouses, offices) 5%
Ethical, social and environmental compliance of subsidiaries in high-risk countries (Intertek audits) 5%

Since 2024, long-term criteria aligned with the new CSR The long-term remuneration plans extend over a period of three
commitments have been added to the short-term criteria, and years, at the end of which their achievement will be evaluated in
represent 20% of long-term remuneration. relation to the targets set. The intermediate targets established
are aligned with the 2030 targets for each of the criteria.
Objectives Weighting
Reduction in greenhouse gas (GHG) emissions (scopes 1 and 2) 5%
Increase in the % of recycled materials in materials and packaging 10%
Percentage of women in key posts 5%

Regarding climate-related considerations in measuring Long-term remuneration plans for the senior executives follow
sustainability performance for short- and long-term incentives the general principles applicable to all Group senior managers.
of members of the Executive Committee: These criteria are analyzed and discussed each year by
■ RSE performance represents 15% of the short-term incentive the Governance and Remuneration Committee, which regularly
plan and is based on four quantifiable targets, 5% of which relies on studies of practices identified in comparable
are climate-related; undertakings carried out by external consultants. The Board of
Directors sets the criteria and ensures that they constitute
■ RSE performance represents 20% of Management’s long- an incentive mechanism intrinsically linked to the Group’s
term incentive plan. It is based on three quantifiable targets, performance and strategy. The goal is to embed the Group’s
one of which is related to the reduction in carbon emissions non-financial performance within all its businesses and at all
(representing 5% of the plan) and the other to the percentage levels of the company, as part of an overarching approach to
of recycled materials and packaging in the Group’s products, value creation.
directly linked to the reduction in the carbon footprint of
purchases (representing 10% of the plan).


4.1.2.4 Statement on due diligence [GOV-4]
To explain the Group’s due diligence practices, the cross-reference table below shows which parts of the sustainability statement
describe the implementation of the main aspects and steps of the due diligence process.

Core elements of due diligence Paragraphs in the sustainability statement
Embedding due diligence in governance, strategy 4.1.2.1 The role of the administrative, management and supervisory bodies
and business model 4.1.3.1 Strategy, business model and value chain
Engaging with affected stakeholders in all key steps
of the due diligence 4.1.3.2 Interests and views of stakeholders
Identifying and assessing adverse impacts 4.1.3.3 Material impacts, risks and opportunities and their interaction
with strategy and business model
Taking actions to address those adverse impacts
4.5.6 Vigilance Plan reference table
Tracking the effectiveness of these efforts
and communicating



4.1.2.5 Risk management and internal controls over sustainability reporting [GOV-5]
Since 2002, Groupe SEB has been committed to reporting on its The analysis of the risks set out in Chapter 2 “Risk factors and
social, employment-related and environmental performance. management” of the Universal Registration Document details and
To this end, it has established a set of monitoring metrics and includes environmental, social, societal and governance risks.
reporting procedures that are regularly reviewed as part of a Lastly, the double materiality assessment completes this risk
continuous improvement process. The metrics and procedures identification and management system.
are set out in an internal document entitled “Reporting process
for CSR steering indicators”.




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Within its internal control, the Group has introduced CSRD controls ■ ensure that the double materiality assessment has been carried
from this first year of application. The plan is to strengthen out, documented, updated and reviewed within appropriate
these through the updating of controls, which began in 2024. governance structures;
These controls are intended to: ■ ensure that data collected via ESG reporting tools is accurate
and complete;
■ ensure that all datapoints (qualitative and quantitative) are
complete and accurate.


4.1.3 Strategy and business model
4.1.3.1 Strategy, business model and value chain [SBM-1]
Groupe SEB has a long-standing presence in the Small Domestic This innovation-based strategy is part of a sustainability approach
Equipment market, which includes Small Electrical Appliances, that spans the entire product life cycle:
cookware and kitchen utensils, where it occupies a leadership ■ energy consumption during manufacture and use;
position. It has also been active in the Professional market since
2016, and is the world leader in Professional Coffee (excluding ■ repairability, recyclability or second-hand use, use of recycled
vending machines). materials; and
The implementation of the Group’s strategy is underpinned by a ■ ergonomics, inclusive design, etc.;
value-creation model based on strengths developed over time, ■ product end-of-life management and dismantling.
renowned expertise in external growth, and a long-standing
All these topics are covered in the rest of this chapter in Sections
commitment to social, societal and environmental responsibility.
ESRS E1 4.2.1 “Climate change”, ESRS E5 4.2.4 “Resource use and
circular economy”, and ESRS S4 4.3.3 “Consumers and end-users”.
A strategic approach with its roots in sustainable
The Group’s general strategy is presented in Section 1.3
innovation “Strategy and value creation”.
To achieve this, the Group’s vision is based on two strategic
objectives: Committed brands
■ strengthen its leading positions through a policy of continuous The Group is present in nine major Consumer product families
innovation and the ongoing expansion of its category (cookware, utensils, electrical cooking, beverage preparation, food
coverage, and thereby outperform in its market; preparation, linen care, floor care, home comfort and personal
■ become a global standard in the Professional business by care). Beyond the Consumer sector, the Group is also active in
capitalizing on the success of its Coffee business to broaden the Professional sector, in particular in Professional Coffee.
its scope of activity: enter new market segments and integrate Each of the brands is fully committed to raising consumer
new business lines. awareness of sustainability by offering a portfolio of products
Innovation has always been a key pillar of the Group’s strategy, and services aligned with sustainability matters: healthy food, air
which builds on its detailed understanding of consumers’ needs quality, repairability, recyclability and inclusiveness of products.
in order to simplify and enhance their daily lives, and to help Aside from the products themselves, innovation now takes the
people live better, wherever they are in the world. Sustainability form of solutions comprising associated services.
matters are the driving force behind all this. The idea is create
products and services that consumers can use easily and safely, Groupe SEB’s portfolio of products and services, as well as its
as well as solutions that will help them eat healthy, delicious main markets and customer groups, are presented respectively
food and feel better in themselves, while limiting the impact on in paragraph 1.3.1 “Strong leadership and brands” of Section 1.3
the planet. “Strategy and value creation”, and in Section 1.2 “Business sector”
of Chapter 1 “Presentation of the Group” of this document.

BREAKDOWN OF THE NUMBER OF GROUP EMPLOYEES BY REGION
Country Number of employees (head count) % of the total number of Group employees
France 6,296 20%
Germany 4,349 13%
China 10,746 33%
Other 10,847 34%



4.1.3.1.1 Presentation of the Group’s business model
The business model that has underpinned the growth of the business over the last 50 years is based on: strong, complementary leading
brands; a global, diversified presence; broad category coverage driven by innovation; effective commercial execution; and a competitive
manufacturing base. External growth will act as a powerful catalyst, with sustainability as a fundamental pillar.




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4.1.3.1.2 Presentation of the value chain ■ indirect, non-production purchasing covers a very broad
spectrum of expenditure that includes transport and logistics,
Groupe SEB relies on a strong, integrated value chain, which investment, services, IT systems, travel, vehicle fleets and
enables it to design, produce and distribute its products efficiently. overheads, with an ever-expanding international scope.
Its model is based on production that is predominantly in-house, This category comprises more than 20,000 suppliers,
continuous innovation and multi-channel retail distribution that
■ purchases of sourced finished products. This category
keeps pace with market developments.
comprises more than 1,000 suppliers, mainly in Asia.
Upstream, it selects its suppliers of raw materials and components,
mainly in Europe and Asia. Production is supported by 44 industrial CUSTOMERS AND RETAILERS: MORE THAN
sites in 14 countries, guaranteeing flexibility and control of costs. 2,000 PARTNERS, RANGING FROM LARGE STORES
Downstream, it uses omni-channel distribution, combining TO SPECIALISTS AND ONLINE PLATFORMS
leading brands, specialists, e-commerce and own stores, while
committing to repairability and the circular economy. 6% 41%
Other E-commerce*
Within its ecosystem, Groupe SEB interacts with several key
players:
7%
■ suppliers: mainly in Europe and Asia, with some in-house Group retail
production. Groupe SEB has business relationships with more
than 25,000 suppliers worldwide in a direct contractual
relationship (Tier 1), divided into three main purchasing 14%
Specialist
categories: direct, indirect and finished products;
■ direct or production purchases: raw materials (including 15% 16%
metals, plastics, and paper/cardboard for packaging, etc.) Traditional Mass retail
and components (parts, sub-assemblies, etc.) needed for
products manufactured at Group sites. This category
comprises more than 4,000 suppliers, Pure players, DTC and Click & Mortar (Group estimates at 31/12/2024).



END-USERS: CONSUMERS AND PROFESSIONALS (RESTAURANTS, HOTELS, CAFES).


UPSTREAM OWN OPERATIONS DOWNSTREAM
SUPPLIERS SEB PLANTS (44 industrial plants) / COMMERCIAL TRANSPORT / DISTRIBUTORS / CONSUMERS
SUBSIDIARIES / TERTIARY SITES

•R
 aw materials • Purchases of • Industrial • Employees • Downstream • E nd of life
(extraction) finished/sourced operations -R espect for transport of products
- Aluminum products • E nergy efficiency employees’ •P
 roduct - I ncineration,
- Plastics • Indirect purchases of operations fundamental use landfill
- Precious metals/ (provision - Manufacturing rights - Energy - Pollution
Electronic and of services) base -H ealth and safety consumption - Recycling
electrical circuits - Energy monitoring -E qual treatment -P  roduct safety
- Paper/cardboard/ •U  pstream and equal
transport (DSM) for consumers
packaging opportunities - Responsible
•P
 urchase of •U  se of renewable - Diversity
energies marketing
recycled raw -H uman capital
materials development
- Corruption
- Whistleblowers
impacts impacts impacts


GHG emissions GHG emissions GHG emissions
36%(1) 2%(1) 62%(1)
•U
 se of virgin resources/ Use of • P ollution and Eco-design •W
 aste from Responsible
resource depletion recycled industrial waste of products end-of-life marketing
• P ollution from materials •W
 ater resources products practices
our suppliers Product
• Impacts on workers repairability
in the value chain



(1) Total emissions across the value chain.




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4.1.3.1.3 2024–2030 CSR Ambition: contributing to a more sustainable future
On 12 December 2024, Groupe SEB unveiled its new ESG roadmap 2024–2030 RSE Ambition is structured around four fundamental,
for 2024–2030. This program, fully aligned with the Group’s growth complementary pillars deeply rooted in the Group’s core values
strategy, is aimed at continuing and accelerating the Group’s and focusing on environmental, social and societal challenges.
commitment to Sustainable Development.


2024–2030: FOUR PILLARS
UNDERPINNING OUR MISSION


MAKING CONSUMERS’ EVERYDAY
LIVES EASIER AND MORE ENJOYABLE
AND CONTRIBUTING TO BETTER LIVING ALL AROUND THE WORLD




Act Act as a Act
for nature leader in the circular for all
economy
Climate ECO-design Suppliers

Water Second hand Consumers

Substances Employees

Communities



Act ethically and responsibly


Act for nature Act for all
The Group is pursuing its cross-cutting efforts to reduce the The Group aspires to be an inclusive and responsible actor
impacts of its activities on the environment and natural resources. throughout its value chain and toward all its affected stakeholders:
Its objectives in this area are based on three main priorities: ■ employees: promoting diversity, inclusion and employee well-
■ a reduction in its GHG emissions along a pathway consistent being in the workplace, reducing work-related accidents and
with limiting global warming to 1.5 °C in accordance with the increasing gender balance in management positions (see
Paris Agreement (see Section ESRS E1 4.2.1 “Climate change”); Section ESRS S1 4.3.1 “Own workforce”);
■ a reduction in the water consumption of its sites (see Section ■ suppliers and workers in the value chain: strengthening the
ESRS E3 4.2.3 “Water resources”); responsible purchasing policy, supporting its suppliers in
■ a management system for the substances and materials that adopting stringent environmental and social practices, and
are used to manufacture its products so as to detect any implementing an ESG plan for nearly 500 strategic suppliers
associated risk (see Sections ESRS E2 4.2.2 “Pollution” and (see Section ESRS S2 4.3.2 “Workers in the value chain”);
ESRS E3 4.2.3 “Water resources”). ■ consumers and end-users: encouraging healthy and sustainable
eating habits, and innovation to meet global needs (see Section
Act as a leader in the circular economy ESRS S4 4.3.3 “Consumers and end-users”);
The Group’s ambition is to maintain its position as a leader and ■ Communities and civil society: Continuing corporate philanthropy
pioneer in the circular economy and eco-design, while investing initiatives, particularly to combat exclusion and ensure
in the three phases: reduce, re-use and recycle (see Section access to education and food.
ESRS E5 4.2.4 “Resource use and circular economy” for details on
and the definition of eco-design).

Finally, the “Acting ethically and responsibly” pillar is a top priority for the Group. This commitment is reflected in all of its policies and
represents the foundation of its RSE approach.




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Through these new initiatives and in line with its longstanding commitment, the Group strives to accelerate the reduction of its
environmental footprint and to strengthen its social and societal impact by taking action across its value chain.


4.1.3.2 Interests and views of stakeholders [SBM-2]
The Group attaches great importance to establishing and As part of the development of the roadmap for the new
maintaining transparent dialogue with all stakeholders affected 2024–2030 RSE ambition, the Group engaged with its stakeholders
by its business. Over the years, it has developed different with a view to deeper understanding and mutual enrichment.
dialogue channels specific to these populations to ensure that it The Group has identified ten categories of stakeholders and
fully understands their views and interests and takes them into tailors its dialog to their specific needs. The table below describes
account in its strategic decision-making. these dialog channels according to their general purpose and the
stakeholders concerned.

Stakeholders Dialog channels Purpose of the dialog

Intranet site, welcome booklet, internal
communications initiatives, site newspapers, Annual
Group employees Identify employee expectations and employee
Appraisal Interviews (AAIs), employee survey
feedback (in line with the top-down methods of
Employees and assimilated (Great Place to Work®), codes of conduct
dialogue), develop an appropriate training plan, share
non-employees (Code of Ethics, Anti-Corruption Code, etc.), various
the Group’s values and ensure their comprehension
documents (Management Values and Practices, etc.),
whistleblowing mechanism

Students and recent Website, careers site, social networks, school forums, Develop the Group’s visibility to attract and expand
graduates outreach meetings, etc. its pool of young talent

Employee representatives Labor relations agenda, employee-management Provide adequate working conditions in all countries,
Employee representative dialog bodies, dedicated intranet, signing of collective ensuring equal treatment and respect
bodies agreements, etc. for fundamental rights

Group website and brands, social media, press
and other communications, studies on consumers’ Monitor changes in consumer needs, societal
priorities, marketing surveys, Home & Cook stores, trends and lifestyles
Consumers and end-users
customer service, consumer panels, “Consumer Develop inclusive and safe products that facilitate
knowledge” Center of Excellence, whistleblowing healthy and sustainable habits
mechanism

Discussions with Purchasing teams, Responsible
Purchasing Charter, Code of Ethics, annual Evaluate the environmental, ethical and social
Suppliers and
assessment, regulatory compliance via a platform, performance of business partners, including respect
subcontractors
social and environmental audits, whistleblowing for the rights of workers in the value chain
mechanism, etc.

Customers Sales meetings and campaigns, partnerships
Evaluate customer satisfaction, discuss
and multi-year action plans, Code of Ethics,
Distributors ourenvironmental practices
whistleblowing mechanism, etc.

Participation in working groups, conferences, Provide the authorities with the information required
Public authorities partnerships/local projects, public/private to draft regulations and standards that may impact
research partnerships, competitiveness clusters, etc. the Group’s product design

Press releases, Universal Registration Document Build up loyalty among shareholders and meet
Shareholders (URD), Annual General Meeting, website, webzine, their requirements in terms of profitability
information meetings, etc. and performance

Financial and non-financial Press releases, Universal Registration Document,
bodies website, SRI meetings and road shows, ad-hoc Commit to a process of continuous improvement
Rating agencies, financial meetings, Investor Days, responses to of financial and non-financial performance expected
analysts, institutional questionnaires, communication of progress in by the market
investors, banks, funds, etc. respect of the UN Global Compact, etc.

Professional associations
Contribute to the debate and provide the different
APPLiA, Gifam, UIMM, Participation in working groups, involvement authorities with all the information they need to make
SYNETAM, MEDEF, AFEP, in governance, etc. the best decision according to the desired aim
Demeter, Ecosystem, FIEEC and the expectations of the various stakeholders
and other organizations

Universal Registration Document, selection of
Civil society Encourage and harmonize the various subsidiaries’
projects and support via the Fonds Groupe SEB or
philanthropic commitments, organize solidarity
NGOs, associations, subsidiaries, partnerships, cause-related marketing
initiatives (actions not related to material issues
communities products, communication of progress in respect
under CSRD).
of the UN Global Compact, etc.




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Stakeholder consultation, a process of continuous Employees, workers in the value chain and end consumers are a
improvement key group of affected stakeholders. The way in which the Group
considers their interests, views and rights are described in
External stakeholders have been included in the impact materiality Sections ESRS S1 4.3.1 “Own workforce”, ESRS S2 4.3.2 “Workers
assessment indirectly via external databases (ENCORE, SHDB), in the value chain”, ESRS S4 4.3.3 “Consumers and end-users” and
see paragraph 4.1.4.1.2 “General approach” in Section 4.1.4.1 Section ESRS S1 4.3.1.3.1 “Social dialogue and social protection”.
“Description of processes for identification and assessment of
material impacts, risks and opportunities [IRO‑1]”.


4.1.3.3 Material impacts, risks and opportunities and their interaction with strategy
and business model [SBM-3]
The double materiality assessment conducted by Groupe SEB identified 35 material impacts, risks and opportunities, presented in the
following table.

Link to
Impacts, risks, Value Time strategy and
opportunities Description chain horizon activities Sections

Climate change (E1)

CLIMATE CHANGE ADAPTATION

Risk Physical risks – Potential shutdown of production sites due to climate-related events, OO MT/LT Strategy 2.1
Business primarily for sites located in areas of high water stress.
interruption

Risk Transition risk – Increase in the price of raw materials, energy costs and carbon prices VC MT/LT Strategy
Cost of purchases for maritime transport and raw materials.

Opportunities Opportunities Increased market share for low carbon products (eco-design label, OO/VC MT/LT Strategy
related to climate energy savings) and air cooling appliances.
change adaptation

CLIMATE CHANGE MITIGATION

Negative GHG Greenhouse gases emitted throughout the value chain, including the OO/VC MT/LT Activities
impacts emissions purchase of materials and components, the manufacture of products,
their transport, their use by the consumer and their end-of-life.

Pollution (E2)

POLLUTION OF AIR, WATER AND SOIL

Negative Pollution related Potential discharge of pollutants into the water, air or soil at the Group’s OO/VC MT Activities 2.2
impacts to the Group’s sites and/or at suppliers’ manufacturing sites along the value chain,
operations and/or particularly in connection with the production and processing of metals.
its value chain

SUBSTANCES OF CONCERN

Potential Pollution related Potential discharges into ecosystems of substances of concern or very OO/VC MT Activities
negative to substances of high concern related to the use of these substances in the production
impacts concern processes at the Group’s manufacturing sites and/or by the Group’s suppliers.

Risk Regulatory Regulatory risks associated with the ban on using certain substances OO/VC MT Strategy
transition risk (substances of concern and of very high concern), both in the value chain
and in the direct scope.




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Link to
Impacts, risks, Value Time strategy and
opportunities Description chain horizon activities Sections

Water and marine resources (E3)

WATER

Negative Impact on water Disturbance of the water caused by water withdrawals and drainage. OO/VC MT Activities 2.3
impacts resources

Risk Risk of water Risk to the continuity of the activities of industrial sites or suppliers OO/VC MT Strategy
shortage for the located in areas of water stress.
Group’s industrial
operations

Circular economy (E5)

ECO-DESIGN

Positive Eco-designed From the start of the product development process, the eco-design of OO/VC MT Strategy 2.4
impact products products and packaging seeks to reduce their environmental impact
throughout their life cycle: extraction of raw materials, production,
distribution, use and end-of-life.

Opportunities Eco-designed Commercial opportunity related to eco-designed products. OO MT Strategy
products

MATERIALITY

Negative Use of virgin The use of virgin raw materials for the production of goods contributes UVC MT Activities
impacts materials to the depletion of resources and intensifies pressure on them.
in operations

Risk Costs/availability Depletion of resources can lead to shortages or higher prices UVC MT Activities
of materials of raw materials.
and components

USES

Opportunities Product The repairability services offered by the Group could allow it to increase OO, DVC MT Strategy
repairability its market share.

Opportunities Second-hand The second-hand market is an opportunity for the Group to increase OO, DVC MT Strategy
its revenue and profitability.

Positive Reduction of The repair or resale of second-hand products limits the number VC MT Strategy
impact virgin materials of new products manufactured, and therefore the associated virgin
used in the repair resources upstream.
or second-hand
sale of our products

WASTE

Negative Waste generated Generation of waste during production that cannot be re-used OO MT Activities
impacts in operations in industrial processes.

Negative Waste generation Contribution to the generation of waste, including hazardous waste, DVC MT Activities
impacts at the end some of which cannot be recycled or recovered.
of product life




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Link to
Impacts, risks, Value Time strategy and
opportunities Description chain horizon activities Sections

Own workforce (S1)

WORKING CONDITIONS

Potential Working Strong presence in countries where lack of regulations on working OO MT Activities 3.1
negative conditions (excl. h conditions represents a relatively high risk.
impacts ealth and safety)

Negative Health and Safety The health and safety of its employees are among Groupe SEB’s OO MT Activities
impacts foremost concerns. However, the risk of work-related illnesses,
workplace accidents or physical injuries cannot be ruled out. With more
than 32,000 employees spanning the globe, the risk of a workplace
accident will always be present and it concerns all categories of employees
(on site, in stores, at headquarters, etc.). Furthermore, with 44 plants
around the world, the Group is exposed to industrial risks (fires, accidents,
pollution emission), which may affect the health of our employees.

Risk Health and Safety In the event of occupational illnesses, workplace accidents or physical OO MT Activities
injury to persons, the Group could be impacted in the areas of:
■ business continuity: absenteeism, accidents or pandemics can affect
our production capacity;
■ financial aspect: compensation and indemnities in the event
of an accident on a production site.

EQUAL TREATMENT AND OPPORTUNITIES FOR ALL

Potential Equal treatment Strong presence in countries where equal treatment and opportunities OO MT Activities
negative and equal are not always guaranteed.
impacts opportunities

Risk Development A constantly changing market environment requires continual adaptation OO MT Strategy
of human capital of our human resources and a broader range of skills within the Group.
Our markets demand an increasingly specialized and skilled workforce.
For some of these key profiles, a shortage and/or increased competition
could lead to difficulties in attracting and retaining talent. Certain regions,
or certain areas of the Group’s expertise, are particularly prone to this risk.

RESPECT FOR FUNDAMENTAL RIGHTS

Potential Own workforce – Strong presence in countries where there is a high risk of human OO MT Activities
negative Respect for rights abuses.
impacts fundamental
employee rights

Workers in the value chain (S2)

WORKING CONDITIONS

Potential Working Suppliers in Groupe SEB’s upstream value chain are located in countries VC MT Activities 3.2
negative conditions where there is a potential risk related to working conditions, particularly
impacts in the value chain with regard to working time, adequate wages, freedom of association
and health and safety.

EQUAL TREATMENT AND OPPORTUNITIES FOR ALL

Potential Equal treatment Suppliers in Groupe SEB’s upstream value chain are located in countries VC MT Activities
negative and equal where there is a potential risk relating to equal treatment and equal
impacts opportunities opportunities.
in the value chain
This may involve issues of gender equality and equal pay for work
of equal value, employment and inclusion of persons with disabilities,
and diversity.

RESPECT FOR FUNDAMENTAL RIGHTS

Potential Respect for Suppliers in Groupe SEB’s upstream value chain are located in countries VC MT Activities
negative fundamental where there is a potential risk related to fundamental rights.
impacts rights in
This may involve issues of forced labor and child labor.
the value chain




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Link to
Impacts, risks, Value Time strategy and
opportunities Description chain horizon activities Sections

Consumers and end-users (S4)

PRODUCT SAFETY AND END-USER PROTECTION – INCLUDING CHILDREN

Risk Product quality The Group could be held liable, or the image of its brands could be DVC MT Activities 3.3
and end tarnished. The Group is exposed to risks of warranty or liability claims
consumer safety from customers and consumers. Product recalls may prove necessary
in some cases.

Potential Product quality Product quality and consumer safety are priorities for the Group. DVC MT Activities
negative and end However, it cannot be ruled out that a user may be injured by a product
impacts consumer safety malfunction or inappropriate use.

POSITIVE IMPACT AND CHANGE IN CONSUMER BEHAVIOR (INCLUDING COMMUNICATION AND RESPONSIBLE MARKETING PRACTICES,
NUTRITION)

Opportunities Responsible A sustainable marketing strategy based on products that meet eco- DVC MT Strategy
marketing design criteria (repairability, energy efficiency, recycled materials, etc.)
practices and on innovative solutions to meet healthy nutrition expectations
could provide a competitive advantage.

Positive Responsible Positive impact related to changes in the behavior of consumers, DVC MT Strategy
impact marketing who buy eco-designed products and adopt healthy cooking practices.
practices

SOCIAL INCLUSION OF CONSUMERS AND/OR END-USERS

Opportunities Product Business opportunities for inclusive-design product ranges. OO MT Strategy
accessibility
(inclusive design)

Business conduct (G1)

CORRUPTION AND BRIBERY

Risk Anti-trust Risks of violating antitrust laws and/or corruption, which could lead OO MT Activities 4
and corruption to potential fines for non-compliance and significant legal action.

Potential Anti-trust Potential negative impact resulting from possible cases of corruption OO/UVC MT Activities
negative and corruption due in particular to the geographical footprint of the Group’s suppliers.
impacts

PROTECTION OF WHISTLEBLOWERS

Risk Protection of Risks of non-compliance and/or inadequacies in the whistleblower UVC/OO MT Strategy
whistleblowers protection policy.
Legend:
OO: Own operations UVC: Upstream value chain (UVC)
DVC: Downstream value chain (DVC) VC: Value chain (upstream and downstream)
All IROs relate to all of the Group’s activities.


The policies and action plans that the Group implements to ■ compliance: the risk for Groupe SEB is related to regulatory
address these impacts, risks and opportunities are detailed in developments that could limit the Group’s ability to operate in
the sections dedicated to each topical ESRS standard. its markets or pose a risk of non-compliance with national or
international regulations;
Resilience of the Group’s strategy and business ■ health and safety: the risk concerns the impact on the Group’s
model with regard to material impacts and risks business continuity and of potential claims for damages and
compensation in the event of an accident at a production site;
The main gross risks related to resilience identified during the
■ human capital development: the risk is related to potential
double materiality analysis conducted in accordance with the
difficulty in attracting and retaining talent with key skills,
CSRD methodology are as follows:
which could hamper the company’s ability to implement its
■ climate change adaptation: the risk that Groupe SEB fails to strategy and achieve its objectives;
prepare for the adverse effects of climate change through
■ product quality and end consumer safety: the risk that Groupe
actions aimed at adequately preventing or minimizing the
SEB may be exposed to warranty or liability claims from its
damage that these could cause (and in particular transition
customers and consumers.
and physical risks);
The above resilience issues are monitored by the Group’s risk
management governance.




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4.1.4 Management of impacts, risks and opportunities:
4.1.4.1 Description of the procedure for identifying and assessing material impacts, risks and
opportunities [IRO-1]
4.1.4.1.1 Background risks tracked in its Duty of Vigilance mapping into the process
for identifying and assessing material adverse impacts. No
In accordance with the requirements of the Corporate Sustainability hierarchy was established between sustainability risks and the
Reporting Directive (CSRD) and the European Sustainability Reporting other types of risk encountered by the Group.
Standards (ESRS), a delegated act from July 2023, published in
The materiality assessment will be reviewed annually by the
the Official Journal of the European Union on 22 December 2023,
Sustainable Development department and updated every three
Groupe SEB performed a double materiality assessment between
years, unless there is a major change in the Group’s business
2023 and 2024 in conjunction with an external consultant.
model or strategy.
The goal of the double materiality assessment, which is a key
component of the CSRD reference framework, was to identify 4.1.4.1.2 General approach
sustainability matters from the following perspectives:
A Scope, stages and main assumptions
■ actual or potential material positive or negative impacts on people
or the environment that are linked to the company’s activities Groupe SEB undertakes commercial activities in nearly
and its value chain (impact materiality – “inside-out” view); 150 countries in a variety of complex economic and socio-
cultural environments. The CSR impacts, risks and opportunities
■ potential material positive financial effects (opportunities) or identified are intrinsically linked to its activities as well as to the
material negative financial effects (risks) linked to sustainability risks inherent to the countries in which its subsidiaries and its
matters that affect, or could affect, the Group’s financial business relationships, in particular its suppliers, are located.
performance (financial materiality – “outside-in” view).
The double materiality assessment therefore covered all Group
The steering and operational implementation of the CSRD is business units and their value chain.
managed by the RSE Steering Committee, which is also
responsible for key audit activities. The results of the materiality The Group has carried out an examination of all its plants as part
assessment were validated by the Executive Management of the double materiality analysis and identification of IROs. It relied
Committee and integrated into the strategic planning process for in particular on the internal mapping of industrial processes at
the purpose of defining the 2024–2030 CSR strategy. the Group’s various sites. This map is regularly updated in line
with the development of the eco-production scope (ISO 14001
Groupe SEB built on the process of identifying and selecting its certified sites).
main risks to incorporate previously identified CSR risks into the
materiality assessment process. It also incorporated the CSR The process of identifying material impacts, risks and opportunities
(IROs) was broken down into three main stages:
IMPACT MATERIALITY
Identification of key impacts Review and validation of ratings
Consolidation of ratings
and pre-rating during workshops



FINANCIAL MATERIALITY
Identification of key risks
Rating during workshops Consolidation of ratings
and opportunities


Once the sustainability matters had been defined (based in particular both from an impact materiality and financial materiality perspective:
on the “AR 16” Application Requirements), the associated potential for each impact identified, the Group considered whether there was
or proven impacts, risks and opportunities were identified and an equivalent financial effect, and vice versa.
assessed. External stakeholders were factored in through documentary
To identify and assess impacts, risks and opportunities, the Group sources and databases in order to assess IRO materiality.
drew on:
B Assessment of the materiality of impacts,
■ internal sources, particularly existing risk maps or matrices; risks and opportunities
■ external sources, including databases (e.g. Encore database The scoring methodology was inspired by the risk mapping process
for environmental impacts), sector-specific benchmarks, and was discussed with internal audit. One of the main differences
studies; and is the time horizon used for ratings: five cumulative years.
■ the in-house expertise of the various departments that
participated in rating workshops. Assessment of impact materiality

The matters were identified and assessed at the “raw” level, i.e. The materiality of the sustainability matters was assessed using
without considering any action plans that had been or could be the four variables required under the ESRS: frequency, scope, scale
implemented by the company. During the discussions for rating and irremediable character – the last two having been assessed
sustainability matters, the matters were systematically considered jointly. Probability has only been assessed for potential impacts.




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A score from 1 to 4 was assigned to each variable. The scores A second score was calculated based on sector (peer comparison),
were then combined to produce a final score from 1 to 4, which regulations (existence or not of a regulatory framework) and
was used to prioritize impacts. market (consumer expectations).
For the Group’s own operations, the ratings for environmental The two scores were then combined to produce a final score
matters were weighted by each business unit’s revenue, and for from 1 to 4, which was used to prioritize risks and opportunities.
social matters, by the number of employees. Similarly, for matters The risks and opportunities were specified to support the
related to the Group’s supply chain, the score was weighted based assessment during discussions with experts during the rating
on purchasing volumes, geographic origin or number of employees. workshops.
No weighting was applied between severity and likelihood for
matters with negative human rights impacts. The Sustainable Development, Control and Internal Audit functions
were called upon to validate the final results of the analysis,
The impacts were specified to support the assessment during thus ensuring consistency between the IROs identified and the
discussions with experts during the rating workshops. Group’s risks.
Assessment of the financial materiality of risks The results of the double materiality assessment were approved
and opportunities by the Group’s General Management.
Financial materiality was assessed using two variables required Within its internal control, the Group has introduced CSRD
by EFRAG (European Financial Reporting Advisory Group): controls from this first year of application; the plan is for these to
severity and frequency. The assessment scales were similar to be strengthened. Some of these controls specifically target the
those used for risk mapping and were approved by internal double materiality analysis, its documentation and updating.
audit. Severity was assessed on the basis of financial impact,
Actual and potential impacts on Group employees, as identified
image and reputation, business continuity and the degree of
according to ESRS 2 SBM-3, are listed in Section ESRS S1
involvement of Management. A score from 1 to 4 was assigned
4.3.1.1.2 “Material IROs and their interaction with strategy and
to each variable. The scores were then combined to produce an
business model”.
interim score from 1 to 4.


4.1.4.2 Disclosure requirements in ESRS covered by the undertaking’s sustainability
statement [IRO-2]
The following table contains the list of ESRS Disclosure Requirements that Groupe SEB complied with in preparing this sustainability
statement, according to the results of the double materiality assessment, including the sections of this chapter where the information in
question can be found.
An analysis of all the standard points (disclosure requirements and data point) was carried out to ensure consistency with the impacts,
risks and opportunities identified during the double materiality analysis.

Disclosure Requirements Sections

ESRS 2 – General disclosures

BP-1 General basis for preparation of sustainability statements 4.1.1.1

BP-2 Disclosures in relation to specific circumstances 4.1.1.2

GOV-1 The role of the administrative, management and supervisory bodies 4.1.2.1

GOV-2 Information provided to and sustainability matters addressed by the undertaking’s 4.1.2.2
administrative, management and supervisory bodies

GOV-3 Integration of sustainability-related performance in incentive schemes 4.1.2.3

GOV-4 Statement on due diligence 4.1.2.4

GOV-5 Risk management and internal controls over sustainability reporting 4.1.2.5

SBM-1 Strategy, business model and value chain 4.1.3.1

SBM-2 Interests and views of stakeholders 4.1.3.2

SBM-3 Material impacts, risks and opportunities and their interaction with strategy 4.1.3.3
and business model

IRO-1 Description of the procedure for identifying and assessing material impacts, 4.1.4.1
risks and opportunities

IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement 4.1.4.2

ESRS E1 – Climate change

ESRS 2 Integration of sustainability-related performance in incentive schemes 4.1.2.3
GOV-3

E1-1 Transition plan for climate change mitigation 4.2.1.3.1




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Disclosure Requirements Sections

ESRS 2 Material impacts, risks and opportunities and their interaction with strategy 4.2.1.2
SBM-3 and business model

ESRS 2 Description of the processes for identifying and assessing climate-related material 4.2.1.1
IRO-1 impacts, risks and opportunities

E1-2 Policies related to climate change mitigation and adaptation 4.2.1.3.2
4.2.1.4.1

E1-3 Actions and resources in relation to climate change policies 4.2.1.3.3
4.2.1.4.2

E1-4 Targets related to climate change mitigation and adaptation 4.2.1.3/4.2.1.4.3

E1-5 Energy consumption and mix 4.2.6.2.1

E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 4.2.6.2.2

E1-7 GHG absorption and mitigation projects funded with carbon credits 4.2.1.3.5

E1-8 Internal carbon pricing 4.2.1.3.5

E1-9 Anticipated financial effects from material physical and transition risks 4.2.1.3.5
and potential climate-related opportunities

ESRS E2 – Pollution

ESRS 2 Description of the processes to identify and assess material impacts, 4.2.2.1
IRO-1 risks and opportunities linked to pollution

E2-1 Policies related to pollution 4.2.2.2.1

E2-2 Actions and resources related to pollution 4.2.2.2.2

E2-3 Targets related to pollution 4.2.2.4

E2-4 Pollution of air, water and soil 4.2.2.4.1

E2-5 Substances of concern and substances of very high concern 4.2.2.4.2

E2-6 Anticipated financial effects from pollution-related impacts, risks and opportunities 4.2.2.4.3

ESRS E3 – Water and marine resources

ESRS 2 Description of the processes to identify and assess material impacts, 4.2.3.1
IRO-1 risks and opportunities linked to water and marine resources

E3-1 Policies related to water and marine resources 4.2.3.2.1

E3-2 Actions and resources related to water and marine resources 4.2.3.2.2

E3-3 Targets related to water and marine resources 4.2.3.2.3

E3-4 Water consumption 4.2.3.3

E3-5 Anticipated financial effects from water and marine resources-related impacts, 4.2.3.4
risks and opportunities

ESRS E5 – Resource use and circular economy

ESRS 2 Description of the processes to identify and assess material impacts, 4.2.4.1
IRO-1 risks and opportunities related to resource use and the circular economy

E5-1 Resource use and circular economy policies 4.2.4.2.1

E5-2 Actions and resources related to resource use and the circular economy 4.2.4.2.2

E5-3 Targets related to resource use and the circular economy 4.2.4.2.3

E5-4 Resource inflows 4.2.4.4.1

E5-5 Resource outflows 4.2.4.4.2

E5-6 Anticipated financial effects from resource use and circular economy-related impacts, 4.2.4.4.3
risks and opportunities




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Disclosure Requirements Sections

ESRS S1 – Own workforce

ESRS 2 Interests and views of stakeholders 4.3.1.1.1
SBM-2

ESRS 2 Material impacts, risks and opportunities and their interaction with strategy 4.3.1.1.2/4.3.1.1.3
SBM-3 and business model

S1-1 Policies concerning own workforce 4.3.1.3.1/4.3.1.3.2/4.3.1.3.3
4.3.1.4.1/4.3.1.4.2/4.3.1.5.1

S1-2 Processes for engaging with own workforce and workers’ representatives about impacts 4.3.1.1.4

S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns 4.3.1.5.2

S1-4 Actions concerning the material impacts on the company’s workforce, approaches aimed 4.3.1.3.1/4.3.1.3.2/4.3.1.3.3
at managing the material risks and taking advantage of the material opportunities 4.3.1.4.1/4.3.1.4.2/4.3.1.5.2
concerning the company’s workforce, and the effectiveness of these actions

S1-5 Targets related to managing material negative impacts, advancing positive impacts, 4.3.1.3.1/4.3.1.3.2/4.3.1.3.3
and managing material risks and opportunities 4.3.1.4.1/4.3.1.4.2/4.3.1.5.3

S1-6 Characteristics of the undertaking’s employees 4.3.1.1.5

S1-7 Characteristics of non-employee workers in the undertaking’s own workforce 4.3.1.1.5

S1-8 Collective bargaining coverage and social dialog 4.3.1.3.1

S1-9 Diversity metrics 4.3.1.4.1

S1-10 Adequate wages 4.3.1.3.1

S1-11 Social protection 4.3.1.3.1

S1-12 Persons with disabilities 4.3.1.4.1

S1-13 Training and skills development metrics 4.3.1.4.2

S1-14 Health and safety metrics 4.3.1.3.3

S1-15 Work-life balance metrics 4.3.1.3.2

S1-16 Remuneration metrics (pay gap and total remuneration) 4.3.1.4.1

S1-17 Cases, complaints and serious impacts on human rights 4.3.1.5.4

ESRS S2 – Workers in the value chain

ESRS 2 Interests and views of stakeholders 4.3.2.1.1
SBM-2

ESRS 2 Material impacts, risks and opportunities and interactions with strategy and business model 4.3.2.1.2
SBM-3

S2-1 Policies related to value chain workers 4.3.2.1.2/4.3.2.1.3

S2-2 Processes for engaging with value chain workers about impacts 4.3.2.1.4

S2-3 Processes to remediate negative impacts and channels for value chain workers 4.3.2.1.5
to raise concerns

S2-4 Actions regarding material impacts on workers in the value chain, approaches to managing 4.3.2.3
material risks and taking advantage of material opportunities for workers in the value
chain, and the effectiveness of these actions

S2-5 Targets related to managing material negative impacts, advancing positive impacts, 4.3.2.4
and managing material risks and opportunities

ESRS S4 – Consumers and end-users

ESRS 2 Interests and views of stakeholders 4.3.3.1.1
SBM-2

ESRS 2 Material impacts, risks and opportunities and their interaction with strategy 4.3.3.1.2
SBM-3 and business model 4.3.3.1.3

S4-1 Policies related to consumers and end-users 4.3.3.2.1/4.3.3.3.1/4.3.3.4.1

S4-2 Processes for engaging with consumers and end-users about impacts 4.3.3.1.4




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S4-3 Processes to remediate negative impacts and channels for consumers and end-users 4.3.3.1.5
to raise concerns

S4-4 Taking action on material impacts on consumers and end-users, and approaches 4.3.3.2.2
to managing material risks and pursuing material opportunities related to consumers 4.3.3.3.2
and end-users, and effectiveness of those actions 4.3.3.4.2

S4-5 Targets related to managing material negative impacts, advancing positive impacts, 4.3.3.2.3/4.3.3.3.3
and managing material risks and opportunities 4.3.3.4.3

ESRS G1 – Business conduct

ESRS 2 The role of the administrative, management and supervisory bodies 4.1.2.1
GOV-1

ESRS 2 Description of the processes to identify and assess material impacts, 4.4.1.1
IRO-1 risks and opportunities

G1-1 Business conduct and corporate culture policies 4.4.1.2/4.4.1.4.1

G1-3 Prevention and detection of corruption and bribery 4.4.1.4.2

G1-4 Incidents of corruption or bribery 4.4.1.4.3


The following table contains the list of datapoints required by other EU legislative acts.

The undertaking shall also include a table of all datapoints required by other EU legislation as listed in Appendix B
to this standard, specifying where they appear in the sustainability statement and including those which it considers,
IRO-2 56
after evaluation, not to be material, indicating, in this case, “not material” in the table in accordance with paragraph 35
of ESRS 1.


Datapoints Other European legislation Sections

ESRS 2 – General disclosures

GOV-1 21d Diversity SFDR Metric no. 13, Table 1, Appendix I. 4.1.2.1
within governance bodies
Benchmark Annex II of Commission Delegated
regulation Regulation (EU) 2020/1816

GOV-1 21e Percentage of Benchmark Annex II of Commission Delegated 3.3
independent directors regulation Regulation (EU) 2020/1816 Chapter 3.

GOV-4 30 Statement on due diligence SFDR Metric no. 10, Table 3, Appendix I. 4.1.2.4

SBM-1 Involvement in activities SFDR Metric no. 4, Table 1, Appendix I. Not
40d (i) related to fossil fuels applicable
Pillar 3 Article 449 a of Regulation (EU)
no. 575/2013
Commission implementing Regulation (EU) 2022/2453,
Table 1: Qualitative information on environmental risk
and Table 2: Qualitative information on social risk

Benchmark Annex II of Commission Delegated
regulation Regulation (EU) 2020/1816

SBM-1 Involvement in activities SFDR Metric no. 9, Table 2, Appendix I. Not
40d (ii) related to chemical applicable
production Benchmark Annex II of Commission Delegated
regulation Regulation (EU) 2020/1816

SBM-1 Involvement in activities SFDR Metric no. 14, Table 1, Appendix I. Not
40d (iii) related to controversial applicable
weapons Benchmark Article 12(1) of
regulation Delegated Regulation (EU) 2020/1818,
Annex II to Delegated Regulation (EU) 2020/1816

SBM-1 Involvement in activities Benchmark Delegated Regulation (EU) 2020/1818, Article 12(1) Not
40d (iv) related to cultivation and regulation of Delegated Regulation (EU) 2020/1816, Annex II. applicable
production of tobacco




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Datapoints Other European legislation Sections

ESRS E1 – Climate change

E1-1 14 Transition plan to reach European Article 2, paragraph 1 of Regulation (EU) 2021/1119 4.2.1.3.1
climate neutrality by 2050 climate law

E1-1 16g Undertakings excluded Pillar 3 Article 449 a of Regulation (EU) 4.2.1.3.1
from Paris-aligned no. 575/2013
Benchmarks Commission implementing Regulation (EU) 2022/2453 Model 1:
Banking portfolio – Climate change transition risk: Credit quality
of exposures by sector, emissions and residual maturity

Benchmark Article 12(1)(d) to (g) and Article 12(2)
regulation of Delegated Regulation (EU) 2020/1818

E1-4 34 GHG emission SFDR Metric no. 4, Table 2, Appendix I. 4.2.1.3.4
reduction targets
Pillar 3 Article 449 a of Regulation (EU) No 575/2013
Commission implementing Regulation (EU) 2022/2453
Model 3: Banking portfolio – Climate change transition risk:
Alignment metrics

Benchmark Article 6 of Delegated Regulation (EU) 2020/1818
regulation

E1-5 38 Energy consumption from SFDR Metric no. 5, Table 1, and Metric no. 5, 4.2.1.3.5
fossil fuels disaggregated Table 2, Appendix I.
by source (only high
climate impact sectors)

E1-5 37 Energy consumption SFDR Metric no. 5, Table 1, Appendix I. 4.2.1.3.5
and mix

E1-5 40 to 43 Energy intensity associated SFDR Metric no. 6, Table 1, Appendix I. 4.2.1.3.5
with activities in high
climate impact sectors

E1-6 44 Gross Scopes 1, 2, 3 SFDR Metrics no. 1 and no. 2, Table 1, Appendix I 4.2.1.3.5
and Total GHG emissions
Pillar 3 Article 449 a of Regulation (EU)
no. 575/2013
Commission implementing Regulation (EU) 2022/2453
Model 1: banking portfolio – Climate change transition risk:
Credit quality of exposures by sector, emissions
and residual maturity

Benchmark Article 5(1), Article 6 and Article 8(1) of Delegated Regulation
regulation (EU) 2020/1818

E1-6 53 to 55 Gross GHG SFDR Metric no. 3, Table 1, Appendix I. 4.2.1.3.5
emission intensity
Pillar 3 Article 449 a of Regulation (EU)
no. 575/2013
Commission Implementing Regulation (EU) 2022/2453
Model 3: banking portfolio – climate change transition risk:
alignment metrics

Benchmark Article 8(1) of Delegated
regulation Regulation (EU) 2020/1818

E1-7 56 GHG removals European Article 2(1) of Regulation (EU) 2021/1119 Not
and carbon credits climate law applicable




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Datapoints Other European legislation Sections

E1-9 66 Exposure of the benchmark Benchmark Annex II of Delegated Regulation (EU) 2020/1818 Use of phased
portfolio to climate-related regulation approach, see
Annex II of Delegated Regulation (EU) 2020/1816
physical risks 4.1.1.2

E1-9 66a Disaggregation of monetary Pillar 3 Article 449 a of Regulation (EU)
amounts by acute and no. 575/2013
chronic physical risk Commission Implementing Regulation (EU) 2022/2453
paragraphs 46 and 47, model 5: banking portfolio –
physical risk linked to climate change: exposures subject
to physical risk

E1-9 66c Location of significant Pillar 3 Article 449 a of Regulation (EU)
assets at material no. 575/2013
physical risk Commission Implementing Regulation (EU) 2022/2453
paragraphs 46 and 47, model 5: banking portfolio –
physical risk linked to climate change: exposures subject
to physical risk

E1-9 67 Breakdown of the carrying Pillar 3 Article 449 a of Regulation (EU) No 575/2013
value of its real estate Commission Implementing Regulation (EU) 2022/2453,
assets by energy-efficiency paragraph 34, model 2: banking portfolio – climate
classes change transition risk: loans secured by real estate –
energy efficiency of collateral

E1-9 69 Degree of exposure of the Benchmark Annex II of Commission Delegated
portfolio to climate-related regulation Regulation (EU) 2020/1818
opportunities

ESRS E2 – Pollution

E2-4 28 Amount of each pollutant SFDR Metric no. 8, Table 1, Appendix I. 4.2.2.4.1
listed in Annex II of the Metrics no. 1,°no. 2 and no. 3, Table 2, Appendix I
E‑PRTR Regulation (European
Pollutant Release and
Transfer Register) emitted
to air, water and soil

ESRS E3 – Water and marine resources

E3-1 9 Water and marine SFDR Metric no. 7, Table 2, Appendix I. 4.2.3.2.1
resources

E3-1 13 Policy in this area SFDR Metric no. 8, Table 2, Appendix I.

E3-1 14 Sustainable oceans SFDR Metric no. 12, Table 2, Appendix I.
and seas practices

E3-4 28c Total percentage of water SFDR Metric no. 6.2, Table 2, Appendix I. 4.2.3.4
recycled and reused

E3-4 29 Total water consumption SFDR Metric no. 6.1, Table 2, Appendix I.
in m3 per revenue
on own operations

ESRS E4 – Biodiversity and ecosystems

ESRS 2 Biodiversity sensitive areas SFDR Metric no. 7, Table 1, Appendix I. Not material
SBM-3 16a (i)

ESRS 2 Land degradation, SFDR Metric no. 10, Table 2, Appendix I.
SBM-3 16b desertification or soil sealing

ESRS 2 Operations affecting SFDR Metric no. 14, Table 2, Appendix I.
SBM-3 16c threatened species

E4-2 24b Sustainable land/agricultural SFDR Metric no. 11, Table 2, Appendix I.
practices or policies

E4-2 24c Sustainable oceans/seas SFDR Metric no. 12, Table 2, Appendix I.
practices or policies




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Datapoints Other European legislation Sections

E4-2 24d Policies to combat SFDR Metric no. 15, Table 2, Appendix I. Not material
deforestation

ESRS E5 – Resource use and circular economy

E5-5 37d Non-recycled waste SFDR Metric no. 13, Table 2, Appendix I. 4.2.4.4.2

E5-5 39 Hazardous waste and SFDR Metric no. 9, Table 1, Appendix I.
radioactive waste

ESRS S1 – Own workforce

ESRS 2 Risk of forced labor SFDR Metric no. 13, Table 3, Appendix I. 4.3.1.1.2
SBM-3 14f

ESRS 2 Risk of incidents SFDR Metric no. 12, Table 3, Appendix I.
SBM-3 14g of child labor

S1-1 20 Human rights policy SFDR Metric no. 9, Table 3 and Metric no. 11, 4.3.1.2
commitments Table in Appendix I 4.3.1.5.1

S1-1 21 Due diligence policy Benchmark Annex II of Commission Delegated
on issues addressed regulation Regulation (EU) 2020/1816
by the fundamental ILO
Conventions 1 to 8

S1-1 22 Processes and measures SFDR Metric no. 11, Table 3, Appendix I.
for preventing trafficking
in human beings

S1-1 23 Workplace accident SFDR Metric no. 1, Table 3, Appendix I. 4.3.1.3.3
prevention policy or
management system

S1-3 32c Grievance/complaints SFDR Metric no. 5, Table 3, Appendix I. 4.3.1.5.2
handling mechanisms

S1-14 88b, c Number of fatalities SFDR Metric no. 2, Table 3, Appendix I. 4.3.1.3.3
and number and rate
of work-related accidents Benchmark Annex II of Commission Delegated
regulation Regulation (EU) 2020/1816

S1-14 88e Number of days lost SFDR Metric no. 3, Table 3, Appendix I.
to injuries, accidents,
fatalities or illness

S1-16 97a Unadjusted gender SFDR Metric no. 12, Table 1, Appendix I. 4.3.1.4.1
pay gap
Benchmark Annex II of Delegated Regulation (EU) 2020/1816
regulation

S1-16 97b Excessive CEO pay ratio SFDR Metric no. 8, Table 1, Appendix I.

S1-17 103a Cases of discrimination SFDR Metric no. 7, Table 3, Appendix I. 4.3.1.5.4

S1-17 104b Non-respect of UNGPs SFDR Metric no. 10, Table 1, Appendix I.
on Business and Human Metric no. 14, Table 3, Appendix I
Rights and OECD
Guidelines Benchmark Appendix II to Commission Delegated
regulation Regulation (EU) 2020/1816, Article 12(1) of Delegated
Regulation (EU) 2020/1818

ESRS S2 – Workers in the value chain

ESRS 2 Significant risk of child SFDR Metrics no. 12 and no. 13, Table 3, Appendix I 4.3.2.1.2
SBM-3 11b labor or forced labor 4.3.2.1.3
in the value chain




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Datapoints Other European legislation Sections

S2-1 17 Human rights policy SFDR Metric no. 9, Table 3 and Metric no. 11, Table 1 in Appendix I 4.3.2.2.1
commitments

S2-1 18 Policies related to value SFDR Metrics no. 11 and no. 4, Table 3, Appendix I
chain workers

S2-1 19 Non-respect of UNGPs SFDR Metric no. 10, Table 1, Appendix I.
on Business and Human
Rights and OECD guidelines Benchmark Appendix II to Commission Delegated
regulation Regulation (EU) 2020/1816, Article 12(1) of Delegated
Regulation (EU) 2020/1818

S2-1 19 Due diligence policy Benchmark Annex II of Delegated Regulation (EU) 2020/1816 4.3.2.1.5
on issues addressed regulation
by the fundamental ILO
Conventions 1 to 8

S2-4 36 Human rights issues and SFDR Metric no. 14, Table 3, Appendix I. 4.3.2.3
incidents connected to its
upstream and downstream
value chain

ESRS S3 – Affected communities

S3-1 16 Human rights policy SFDR Metric no. 9, Table 3, Appendix I. Not material
commitments Metric no. 11, Table 1, Appendix I.

S3-1 17 Non-respect of UNGPs SFDR Metric no. 10, Table 1, Appendix I.
on Business and Human
Rights, ILO principles Benchmark Appendix II to Commission Delegated
or OECD guidelines regulation Regulation (EU) 2020/1816, Article 12(1) of Delegated
Regulation (EU) 2020/1818

S3-4 36 Human rights issues SFDR Metric no. 14, Table 3, Appendix I.
and incidents

ESRS S4 – Consumers and end-users

S4-1 16 Consumer SFDR Metric no. 9, Table 3 and Metric no. 11, Table 1 in Appendix I 4.3.3.2.1
and end-user policies 4.3.3.3.1
4.3.3.4.1

S4-1 17 Non-respect of UNGPs SFDR Metric no. 10, Table 1, Appendix I. 4.3.3.2.2
on Business and Human
Rights and OECD guidelines Benchmark Appendix II to Commission Delegated
regulation Regulation (EU) 2020/1816, Article 12(1) of Delegated
Regulation (EU) 2020/1818

S4-4 35 Human rights issues SFDR Metric no. 14, Table 3, Appendix I.
and incidents

ESRS G1 – Business conduct

G1-1 10b United Nations Convention SFDR Metric no. 15, Table 3, Appendix I. 4.4.1.4.1
against Corruption

G1-1 10d Protection of SFDR Metric no. 6, Table 1, Appendix I.
whistleblowers

G1-4 24a Fines for violation SFDR Metric no. 17, Table 3, Appendix I. 4.4.1.4.3
of anti-corruption
and anti-bribery laws Benchmark Annex II of Delegated Regulation (EU) 2020/1816
regulation

G1-4 24b Standards of anti-corruption SFDR Metric no. 16, Table 3, Appendix I.
and anti-bribery




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4.2 Environmental information

4.2.1 Climate change [E1]
4.2.1.1 Overview of climate-related impacts, risks and opportunities
Upstream Operations Downstream

Negative impacts Greenhouse gases emitted throughout the value chain, including the purchase of materials and components,
the manufacture of products, their transport, their use by the consumer and their end-of-life

Physical risk: potential shutdown
of production sites due to climate-
related events, primarily for sites
located in areas of high water
Risks stress

Transition risk: increase in
the price of raw materials, energy
costs and carbon prices for
transport and raw materials

Opportunities Opportunities related to climate
change adaptation: increased
market share for low-carbon
products (eco-design, energy
savings) and air cooling appliances



4.2.1.2 Strategy – Group resilience analysis in the face of climate change [ESRS 2 SBM-3]
Mindful of the current and future risks associated with climate 2. Resilience analysis methodology
change, in 2021 Groupe SEB conducted a study, in conjunction
with an external consultant, to assess the vulnerability of its The approach taken to gathering and processing information
activities in the face of climate-related risks. The purpose was to assess climate-related risks and opportunities comprised the
to anticipate the effects of climate change and ensure that the following stages:
Group remained resilient to them. In 2023 the Group performed ■ definition of the study’s scope and objectives: the study’s scope
a double materiality assessment, during which no new information was determined by specifying which climate scenarios had
came to light that would alter the conclusions of the study been chosen and what was the extent of the value chain being
carried out in 2021, which were as follows: analyzed;
■ a negative impact identified: GHG emissions. The impacts ■ identification and mapping of impacts, risks and opportunities:
related to GHG emissions have been fully identified thanks to this stage identified climate-related risks and opportunities
the rigorous work carried out over several years to calculate based on interviews with in-house experts and a review of
the Group’s carbon footprint across its entire value chain, documentation. Risks were prioritized according to their
thus confirming that these emissions constitute a material potential impact, and then material risks and opportunities
issue for the company; selected. A total of 18 climate-related risks were identified
■ two main risks identified; based on documentary analysis and in-depth interviews
conducted with Groupe SEB experts. The materiality of those
■ production shutdown due to water stress,
risks was evaluated on the basis of their financial and strategic
■ increase in the price of raw materials, energy costs and impact (limited, moderate or extreme), their time horizon (short,
carbon prices for maritime transport and raw materials; medium or long term), their probability (highly unlikely, unlikely
■ one business opportunity identified: changes in demand, or moderate) and their management capacity (optimal, partial
potentially creating opportunities for the Group in certain or insufficient control);
market segments. ■ quantification of risks and opportunities: focus was placed
on the material risks and opportunities identified. There were
1. Scope of the resilience analysis three main risks and one opportunity, and a detailed assessment
and quantification of financial impact were performed for each,
In order to assess the resilience of its business model and based on different future scenarios;
strategy, in 2021 the Group analyzed all its entities and value ■ action plan: an action plan was drawn up to define the strategic
chain, apart from its most recent acquisitions. Transition risks options for reducing these risks, including mitigation and
and opportunities were assessed for the period up to 2030, while adaptation measures (refer to the policies, actions and targets
physical risks were studied for the period up to 2050. detailed in 4.2.1 "Climate change [E1]" and 4.2.3 "Water resources
[E3]"). A comparison was made of the various options to assess
whether they were relevant to the future scenarios envisaged.




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The Group describes how it integrates sustainability into its This risk is addressed through the Group’s eco-production policy
business model and strategy in Section 4.1.3.1 “Strategy, business (see Section 4.2.6.1 “Group-wide across all Environmental ESRS”),
model and value chain [SBM-1]”. which includes commitments to preserve water resources.
The Group made commitments in 2021 as part of the Act4Nature
3. Scenario analysis used initiative and strengthened its ambition in 2024 by setting new
targets for reducing water consumption by 2030, with a focus on
The analysis was based on two International Energy Agency (IEA) specific actions for sites located in water-stressed areas
scenarios published in the World Energy Outlook 2021 report: (see ESRS E3 “Water resources”, Sections 4.2.3.2.2 and 4.2.3.2.3
“Actions and targets”). Groupe SEB’s strategy to prevent or
■ the business as usual scenario at 4 C: this scenario assumes
mitigate this risk is based on investing in more water-efficient
that current trends in energy consumption and climate policies
processes and studying alternative solutions, such as the
continue without significant change. Global energy demand
implementation of closed loops, rainwater harvesting, and the
continues to increase, particularly in emerging markets, and
adoption of processes aimed at reducing water consumption,
fossil fuels remain dominant. Despite the growth in renewable
particularly at its most exposed sites.
energies, the energy transition remains slow and insufficient,
leading to higher greenhouse gas (GHG) emissions and Material transition risk – higher raw material
warming of 4 C by the end of the century, well above the and sea transport costs
targets set by the Paris Agreement;
The regulation on carbon pricing mechanisms represents a major
■ the 2 °C scenario, Paris Agreement: this scenario describes a issue for the Group and its suppliers. The increase in the price
future in which ambitious policies to reduce greenhouse gas of fossil fuels could lead to an increase in the sales prices of
(GHG) emissions are introduced to limit global warming to 2 °C products and services, affecting both raw materials and transport,
above pre-industrial levels. Renewable energies experience and could have a significant impact on Groupe SEB’s operating
strong growth and eventually dominate the energy mix. expenses.
However, this scenario requires an acceleration of the energy
Several policies and actions have been put in place to manage
transition, a significant reduction in fossil fuels, and a massive
these risks. The risk associated with the increase in maritime
decarbonization of industry, transport and energy.
transport costs is addressed by the eco-logistics policy (see
As the analysis was carried out on the basis of a number of scenarios, Section 4.2.1.3.2 “Description of climate change mitigation policies
a wide range of risks and opportunities was subsequently identified: [E1-2]”) which includes the optimization of logistics routes and
■ transition risks in a more restrictive regulatory context in the the development of alternative modes of transport, such as rail.
case of a +2.0 °C scenario; With regard to the increase in the price of raw materials, this
risk is mitigated by the Group’s eco-design policy and the actions
■ physical risks from more extreme climate conditions in the case
implemented on recycling and the closed loop, particularly for
of a +4.0 °C scenario. aluminum (for more details, see the eco-design policy and the
actions described in 4.2.4.2.1 “Description of related policies” and
4. Governance 4.2.4.2.2 “Eco-design actions and resources”). Finally, to address
the increase in energy costs, the Group is implementing its eco-
At the instigation of the Sustainable Development department, production policy, aimed at reducing energy consumption and
the assessment of climate-related risks and opportunities has optimizing production processes (for more details, see the eco-
been included in Groupe SEB’s overall risk mapping. This mapping production policy described in Section 4.2.6.1 “Group-wide across
is reviewed and consolidated by the Audit and Internal Control all Environmental ESRS”, as well as the actions and targets
department (see Section 2.2 “Risk factors and management”). described in Section 4.2.1.3 “Climate change mitigation”).
The costs associated with these risks have been integrated into
5. Impact, risk and opportunity budget forecasting and financial reporting tools. The Group is
management process also constantly striving to improve its manufacturing productivity
Negative impacts – GHG emissions and control its purchasing costs, thus helping to offset increases
in raw material and freight costs. In addition, an action plan is
The impacts related to the Group’s GHG emissions are being
under way to encourage suppliers to implement initiatives aimed
addressed as part of its transition plan (Section 4.2.1.3.1 “Transition
at reducing their own emissions, with the aim of an overall
plan for climate change mitigation [E1-1]”), the main objective of which
reduction in environmental impact.
is to reduce these impacts in a significant and sustainable manner.
Material opportunities related to changes in demand
Material physical risk – water stress
One of the consequences of global warming will be rising
Although the majority of Groupe SEB’s industrial sites are located
temperatures and growing demand for air cooling devices. The
in areas where water stress is moderate, some of them could be
Group could therefore benefit from a favorable trend in demand
exposed to significant risks of disruption in water supply in the
for fans, a segment in which it is already very well positioned.
coming years, which could cause production to stop.
More generally, the trend for users to reduce their consumption
is an opportunity for the Group, as demand for eco-designed
products and services increases, especially with regard to optimized
energy consumption. The Group is working hard on this issue to
seize future opportunities.




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6. Continuous improvement process In addition, the study used a time horizon of 2030 for the
identification of risks and opportunities related to the transition,
The study, which was completed in 2021, and was carried out in order to focus on short-term and medium-term matters and
voluntarily at the time, will be updated in 2025 as part of the ensure a more accurate assessment of the immediate risks.
Group’s continuous improvement process, so as to maintain the Nevertheless, the Group is aware that this horizon may not
most accurate and relevant view of climate matters. The 2021 permit a comprehensive assessment of the long-term risks. The
analysis was based on a global warming scenario of 2°C, on analysis will therefore be extended until 2050 in the work
account of the data and analyses available at the time. However, planned for 2025, in order to give full consideration to the long-
in line with the requirements of the CSRD and the need term climate risks.
to analyze transition risks in a 1.5°C scenario, we will factor this
Although the financial quantification of the impacts was carried
analysis into the 2025 update.
out as part of the 2021 study, it will be reviewed and updated
in 2025 to take into account the new data and scenarios that will
be used. For this reason, this quantification is not disclosed in
the current report.


4.2.1.3 Climate change mitigation
4.2.1.3.1 Transition plan for climate change The Group’s targets for 2030 and 2050 are based on the cross-
mitigation [E1-1] sector reduction pathway (contraction approach) defined by the
SBTi. This approach is based on the IPCC’s climate scenarios,
Compatibility of targets with the Paris Agreement which aim to keep global emissions within the limits defined
Groupe SEB’s transition plan sets out an ambitious and precise by international agreements. These targets are expressed in
pathway for reducing greenhouse gas (GHG) emissions to absolute values, calculated against GHG emissions for baseline
combat climate change. In 2024, the Group validated its emission year 2021. The pathways are defined according to an analysis of
reduction targets with the Science Based Targets initiative the IPCC’s climate scenarios, which determine the global carbon
(SBTi), showing that its targets were consistent with global budgets that must not be exceeded if the temperature
efforts to achieve carbon neutrality by 2050 and limit global thresholds set by the Paris Agreement are to be met. This leads
warming to 1.5 °C: to the definition of an overall emissions reduction rate, which
■ by 2030, Groupe SEB intends to reduce its scope 1 and 2 GHG serves as the basis for the contraction approach used to
emissions by 42% versus 2021, and its scope 3 GHG establish the Group’s specific targets.
emissions by 25%. This includes the categories of purchases The transition plan was developed in accordance with the
of goods and services (Category 1), upstream transport and recommendations of the TCFD (Task Force on Climate-related
distribution (Category 4), and the use of sold products Financial Disclosure). This approach ensures both transparency
(including direct energy consumption) (Category 11); and compliance with international standards for combating
■ the Group is committed to achieving carbon neutrality by 2050 climate change and for Sustainable Development.
by reducing its Scope 1, 2 and 3 GHG emissions by 90% For more details on the Group’s methodology and targets, see
versus 2021 and neutralizing residual emissions. Section 4.2.1.3.4 “Climate change mitigation targets”.
With regard to the Group’s transition plan for climate change Presentation of decarbonization levers
mitigation, it aims to provide an understanding of the Group’s
past, current and future mitigation efforts in order to ensure The Group has identified a number of decarbonization levers that
the compatibility of its strategy and economic model with the apply throughout its value chain and are based on its policies
transition to a sustainable economy. However, there is no regarding eco-production, eco-logistics, eco-design, and responsible
consensus at present on the pathways for reducing greenhouse purchasing. Those policies have been designed to cover the Group’s
gas (GHG) emissions which could ensure that a strategy main areas of environmental impact, namely internal operations
is compatible with a scenario limiting global warming to 1.5 °C (scopes 1 and 2), upstream operations (scopes 3.1 and 3.4), and
in accordance with the Paris Agreement. downstream operations (scope 3.11), guaranteeing that the
Group’s approach to reducing greenhouse gas (GHG) emissions
will be both comprehensive and consistent.

2024 CARBON FOOTPRINT: 14m tCO2 eq.




33% 2% 2% 60% 3%
Others, including
Purchases Production Logistics Use of sold products
(Scope 3.1) (Scopes 1 & 2) (Scope 3.4) (Scope 3.11) IT and mobility
(Scope 3)




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■ eco-production aims to reduce the environmental impact of Next, it established sales assumptions based on its strategic
Group production sites by focusing on energy efficiency, plan, which defines sales targets and growth forecasts in the
investment in innovative technologies to maximize energy medium and long term. These forecasts are crucial for assessing
efficiency, and the incorporation of renewable energies; the impact of decarbonization levers as a result of expected
■ eco-logistics focuses on reducing GHG emissions by optimizing changes in volumes produced and sold.
transport distances and modes, improving transport-unit loading Finally, given the difficulty of accurately forecasting changes in
rates, and adopting alternative energies for logistics flows; country and product mixes, the Group formulated assumptions
■ eco-design involves designing products that have a reduced about geographical distribution and product types based on
environmental impact, taking into account a product’s entire current trends and short-term forecasts. These assumptions
consider the specific features of local markets, product roll-out
life cycle, from the choice of raw materials to its use,
strategies and changes in demand.
durability, repairability and end-of-life disposal. This approach
actively promotes decarbonization. As a result of these efforts, the Group’s decarbonization levers
have been quantified on the basis of solid, well-supported
Policies and levers are detailed in Section 4.2.1.3.2 “Description
assumptions. However, owing to the dynamic nature of
of climate change mitigation policies”.
environmental matters and the uncertainties regarding strategy
The Group has used stringent, well-founded assumptions and competition, these assumptions are reviewed and updated
to identify and quantify its decarbonization levers across its on a regular basis. This rolling review allows Groupe SEB’s
entire value chain in order to have a clear and realistic vision of decarbonization strategy to be adjusted in the light of changing
its environmental impact and the actions it must take to reduce economic, technological and regulatory conditions, ensuring an
its GHG emissions throughout its value chain. agile, adaptable approach over the long term. Given these
First it determined the electricity mix in its countries of considerations and to maintain the Group’s competitiveness, the
operation based on data published by the International Energy decision was made not to disclose the exact quantitative details
Agency (IEA) in its Announced Pledges Scenario (APS), which of each decarbonization lever.
represents governments’ current decarbonization commitments. More details of specific actions associated with each emissions
This approach considers expected changes in energy sources in category (scopes 1, 2 and 3) can be found in Section 4.2.1.3.3 on
each country and more specifically, public policies on energy actions and resources related to climate change mitigation
transition. policies. It should be noted that no distinction has been made
between scopes 1 and 2 when quantifying the contribution of the
levers, as the emissions of these two scopes are interconnected
and jointly controlled.

Scopes concerned Decarbonization levers Description of associated action plans 2030 Objective

Promote energy efficiency Deployment of energy control and management
at production sites tools at manufacturing sites

Invest in new technologies to maximize Program focused on renovation, installation
Scopes 1 & 2 energy efficiency of the Group’s and replacement of energy-intensive
industrial processes industrial equipment -42% vs 2021
Production
Installation of low-emission generation capacities
Invest in renewable energies (solar and biomass)

Increased procurement of renewable energies

Use recycled materials to manufacture Ongoing increase in the percentage of recycled
products and packaging metals, plastics and cardboard in Group inputs
Scope 3.1
Purchases Program focused on incentives, training
Support for strategic supplier
and follow-up to encourage the decarbonization
decarbonization
of 500 strategic suppliers

Scope 3.4 Optimized management of transport unit volumes
Upstream & -25% vs 2021
Decarbonize logistics flows Development of alternative modes of transport
downstream
transport and optimization of logistics circuits

Reduced energy consumption of products
Scope 3.11 Improve the energy efficiency of by means of technical innovations
the Group’s products and encourage
Product use more sustainable product use Roll-out of solutions promoting energy efficiency in
product use, plus consumer awareness campaigns




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Investments that support the transition plan Approval of the transition plan by administrative,
The Group believes that its transition plan is unlikely to result in management and supervisory bodies
significant material costs on top of its overall cost base. The transition plan was presented and approved in April 2024 by
Transition investments are expected to be managed within the the CSR Committee, followed by the Group Executive Committee
Group’s annual budgets: and Board of Directors.
■ equipment modernization: new-generation machines, such as Progress review
electric injection molding machines, are not necessarily more
expensive than current equipment. However, they are more The transition plan was finalized, approved at the highest Group
efficient and energy-saving, which generates operational savings; level, and incorporated into the company’s new plan in 2024.
The transition plan’s key objectives and decarbonization levers
■ recycled materials: although some recycled materials can cost were also widely communicated and explained to employees in
more than virgin materials, the difference should decrease all regions at the end of 2024 as part of a communications
over time. In fact, in some cases, the use of recycled materials campaign on the new corporate plan. The transition plan’s key
could generate savings for the Group, since they can be less objectives and decarbonization levers were also communicated
expensive than virgin materials; and explained to external stakeholders on 12 December 2024 at
■ eco-design: eco-design initiatives implemented by Groupe the Group’s ESG-focused Investor Day. Operational roll-out
SEB do not necessarily involve major additional expenditure, continued in 2024, particularly in Production, Purchasing and
nor significant extra costs in the purchase of components or Product Development, and will continue in 2025.
materials. As a result of the above, in 2024 the Group reduced its scopes 1
Disclosures on locked-in emissions and 2 emissions by 18.4% and its scope 3 emissions by 13.5%
relative to 2021.
As part of its climate commitments, the Group has estimated
its locked-in emissions, which are not considered material for its
emission reduction targets. These emissions do not represent
4.2.1.3.2 Description of climate change
a transition risk, especially since the overall impact of Groupe mitigation policies [E1-2]
SEB’s emissions is marginal compared to that of carbon-
Material impacts, risks and opportunities relating to climate
intensive sectors.
change mitigation are covered by four cross-functional
Link to European Taxonomy Delegated Regulation environmental policies: eco-production, eco-design, eco-logistics
and responsible purchasing policies.
There is no difference between the amounts related to implementing
actions planned as part of the transition plan for the current The descriptions below are limited to the scope of material
year and the CapEx taxonomy metrics reported for the same year. negative impacts related to climate change mitigation, as
outlined in the introduction to this section.
Paris Agreement benchmark indices
Eco-production policy and the reduction of sites’
In accordance with the criteria detailed in Articles 12.1 and 12.2
carbon footprint (scopes 1 and 2)
of Delegated Regulation (EU) 2020/1818, Groupe SEB is not excluded
from the benchmarks aligned with the EU’s Paris Agreement. This policy covers the reduction of GHG emissions related to the
Group’s operations with ambitious targets to be achieved by 2030.
Description of how the transition plan is integrated and In particular, it aims to encourage energy conservation and increase
aligned with the undertaking’s overall business strategy the use of renewable energy, with the goal of reducing the Group’s
and financial planning carbon footprint while optimizing energy efficiency. For more details
The transition plan, which has been incorporated into the new on this policy, please see the methodology note for environmental
2024–2027 internal plan, is an integral part of the Group’s overall ESRS, where this policy is explained in more depth (see Section
business strategy and financial planning. 4.2.6.1 “Group-wide across all Environmental ESRS”).

More specifically, it is part of the “Act4nature” initiative, one of This scope, which is included in scopes 1 and 2, accounts for
the key pillars of the Group’s strategy and new corporate plan, 1.5% of the Group’s total 2024 GHG emissions.
which underlines the Group’s commitment to sustainability and With regard to the challenge of reducing GHG emissions, the policy
environmental responsibility. The “Act4nature” pillar focuses, inter is defined and monitored by a Low Carbon Steering Committee,
alia, on reducing the Group’s environmental footprint and adopting led by the Industrial Operations Department and comprising
sustainable practices in all its operations. By incorporating the representatives from the Industrial departments (Cookware and
transition plan into its new strategy, Groupe SEB is ensuring that Small Electrical Appliances), Quality Standards and Environment
Sustainable Development is not seen as a separate initiative Department, and Purchasing department. The Low Carbon
but rather as a fundamental part of the Group’s growth and Committee (i) reports on a five-year action plan with performance
profitability. Moreover, aligning its sustainability objectives targets and GHG emission limits (see 4.2.1.3.3 “Actions and
with its overall business strategy and financial planning ensures resources in relation to climate change mitigation policies [E1‑3]”)
that the Group can meet its environmental commitments while and (ii) monitors and assesses the effectiveness of the
continuing to further its financial success. decarbonization industrial roadmap. The Environment-Industrial
Operations Manager, under the direction of the Quality Director,
coordinates the policy’s implementation across the Group business
activities, which are themselves responsible for implementation.




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Eco-design policy and GHG emission reduction related ■ improve transport-unit loading rates (trucks or shipping
to the use of products sold (scope 3.11) and purchases containers), particularly by reducing the size of the packages
of goods and services (scope 3.1) and the empty space inside them and by optimizing container
loading plans;
This policy aims to reduce the environmental footprint of the
Group’s products throughout their life cycle. In 2024, more than ■ explore the use of alternative energies for certain logistics
half of the carbon impact of SEB products came from their flows: hydrotreated vegetable oil produced from waste,
energy consumption in the use phase (60.4% of total emissions), residual oils and fats; liquefied natural gas; and biodiesel
followed by the purchase of goods and services, which made from rapeseed. The Group is actively exploring the
represents one third of the Group’s carbon impact (32.7% of the potential of these alternative fuels to reduce its GHG
total carbon footprint). The objectives of the eco-design policy emissions by up to 80%.
thus aim to address two key levers: improving the energy Groupe SEB’s Supply Chain department oversees the Group’s
efficiency of products to reduce emissions related to their use, eco-logistics policy and strategy, which has been defined in
and increasing the share of recycled materials in order to reduce coordination with the Sustainable Development department. Its
the environmental impact upstream, during manufacturing. eco-logistics unit coordinates all actions, both in France and
For more information on this policy, please refer to ESRS E5, internationally, and consolidates data from factories and
where it is described in detail (see Section 4.2.4.2.1 “Description commercial subsidiaries with the support of a network of local
of related policies [E5-1]”). logistics managers.
The process of extracting and processing virgin materials, such The eco-logistics policy covers transport flows between tier 1
as stainless steel, aluminum and plastics, is also a major source suppliers and manufacturing sites belonging to Groupe SEB,
of GHG emissions. Groupe SEB has set ambitious targets for the between tier 1 suppliers and the warehouses of Groupe SEB
use of recycled and/or low-impact materials in the design and subsidiaries, and between manufacturing sites and the
manufacture of its products. The goal is to reduce purchase- subsidiaries’ warehouses, as well as the distribution from these
related GHG emissions (scope 3.1), which make up almost a third warehouses to the customer’s delivery address. All modes of
of a product’s carbon impact (32.7% of the Group’s total emissions transport are taken into account: road, rail, sea, river and air.
in 2024).
The Group is therefore continuously improving research, 4.2.1.3.3 Actions and resources relating to climate
development and innovation of Consumer and Professional change mitigation policies [E1-3]
products, while at the same time making them more energy-
efficient when used by consumers. To achieve the targets set under the main policies described above,
Groupe SEB is implementing a series of actions aimed at mitigating
Eco-logistics and responsible purchasing, and
its potential or actual negative impacts on climate change.
management of GHG emissions related to purchases
(scope 3.1) and product transport (scope 3.4) The main actions and resources allocated for this purpose and
the results expected to be achieved are described below for
These policies cover GHG emission reductions in both the upstream the Group’s four most material sources of GHG emissions –
and downstream value chain. production (Scopes 1 and 2), purchases of goods and services
Upstream – responsibility for the environmental (Scope 3.1), upstream and downstream transport (scope 3.4),
performance of Group purchases and the use of products sold (scope 3.11) – and by
decarbonization levers (see Section 4.2.1.3.1 “Transition plan for
The responsible purchasing policy and its implementation via the climate change mitigation”).
Responsible Purchasing Charter contribute to reducing scope 3.1
GHG emissions. For more information on this policy, please refer A Actions and resources for reducing GHG emissions
to ESRS S2, where it is described in detail (see Section 4.3.2.2.2 at production sites (scopes 1 and 2)
“Responsible purchasing policy”). The Group aims to use this
As part of the implementation of its eco-production policy (see
Charter to engage its suppliers in their own energy efficiency
Section 4.2.1.3.2 “Description of climate change mitigation
and GHG emission-reduction programs by encouraging them to
policies”), in late 2022 the Group formulated a five-year
set science-based targets for 2030 and helping them improve
investment plan directly focused on decarbonization projects. The
their environmental standards.
plan covers all Group production facilities (i.e. plants and
Upstream and downstream – contributing to transport- logistics) worldwide and is reviewed annually. The various actions
related GHG emission reduction implemented to reduce the Group’s scopes 1 and 2 GHG
The responsible purchasing policy is applied in this instance in emissions are included in this plan.
combination with the Group’s eco-logistics policy. Promote energy efficiency at production sites
The transport of products, as well as the raw materials and In order to maximize energy savings at its production sites, the
components used to manufacture them, is the third biggest Group scrutinizes equipment consumption at all sites using
source of Groupe SEB’s greenhouse gas emissions, accounting energy control and management systems. For example, an
for 2.0% of total emissions in 2024 (scope 3.4). energy management system (EMS) based on the requirements
To reduce emissions related to the transport of products and the of ISO 50001 or equivalent international standard is already in
materials and components used to manufacture them, the place at all production sites (44 sites in 2024).
Group’s eco-logistics policy aims to:
■ optimize distances and choice of transport modes by favoring
local production, which means optimizing logistics circuits
(direct deliveries, less use of transit platforms) and developing
alternative modes of transport to road transport (river, rail)
that are less polluting;




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Furthermore, in 2020, the Group started to introduce a tool Invest in renewable energies
designed to measure, monitor and manage energy consumption The use of renewable energies is another lever for reducing
in order to optimize the energy efficiency of its sites. Using emissions at Group sites, and the Group is planning to launch
sensors installed on equipment, monitoring software and energy new initiatives in all regions, including on-site power generation
management modules, the system allows sites to quickly projects and Power Purchase Agreements (PPA).
implement the necessary remedial actions in the event of
consumption drift (alerts) and will help them carry out more in- On-site power generation projects
depth analyses to refine machine settings (predicting tools). The Group continues to increase its use of renewable energies,
The energy management system operates throughout France especially at sites with the highest GHG emissions. To this end, it
and is currently being rolled out worldwide with the aim of is developing its own on-site installed capacity, and to date has:
covering 90% of site energy consumption by 2027. In 2024, this ■ seven sites equipped with renewable energy installations
system was extended to the Colombian sites, and is currently (solar panels or biomass);
being rolled out in Germany and China, ultimately enabling ■ a Group photovoltaic facility with over 75,000 m2 of solar panels,
Groupe SEB to cover more than 85% of its energy consumption. equivalent to a power generation capacity of 10 GWh in 2024.
Energy experts at the industrial sites are in prime position to In 2024, the Group installed solar panels in Omegna in Italy and
leverage the data collected by the system, with the support of at Supor’s production sites in Vietnam and the Chinese city
the corporate team. Everyone is trained in energy management of Yuhuan.
in industry. Thanks to this tool, the Group’s French production
sites are in a good position to tackle the energy efficiency plan In China, the Group has a number of ambitious plans to install an
introduced nationally in 2022, through short- and medium-term additional 300,000 m2 of solar paneling equivalent to a capacity
action plans in many areas: real-time management of site of more than 30 GWh in order to meet 25% of the power needs
consumption, temperature guidelines, support for sites from of the two Shaoxing sites (one of which is already equipped with
energy experts and awareness in the field, etc. solar panels) plus the Wuhan and Yuhuan sites.
This has made it possible to reduce energy consumption and The Group is also developing biomass capacities. In 2024,
GHG emissions at these sites by around 20% compared to 2021. the Calor site Pont-Évêque in France replaced two of its natural
gas-fired boilers, each with a generation capacity of 800kW, with
Energy audits (or energy reviews) are a prerequisite for any new biomass boilers of equivalent capacity. This is expected
energy management system. They help identify a site’s energy to reduce the site’s GHG emissions by around 45% by 2025.
challenges as well as significant usage. They also ensure that
existing metering plans are sufficient and, if not, how they need Supply through power purchase agreement mechanisms
to be supplemented. Energy reviews are also a means of The Group is gradually increasing its supply of renewable and/or
identifying solution-based action plans. low-emission energies through Power Purchase Agreements
(PPAs) or renewable energy certificates.
In terms of scope, all eco-production sites must undergo an
energy review every four years, in the form of an external or Neutralize residual GHG emissions
internal audit (e.g. ISO 50001).
The Group is committed to achieving carbon neutrality by 2050
Invest in sites’ energy efficiency and industrial equipment by reducing its scopes 1, 2 and 3 GHG emissions by 90% (vs 2021
baseline) and neutralizing the residual GHG emissions (target
Investments in new technologies to maximize the energy
validated by the SBTi based on the Net-Zero Standard).
efficiency of the Group’s industrial processes are a second major
lever for decarbonizing production sites and reducing scopes 1 An initial study was conducted in 2022 to identify ecosystem
and 2 GHG emissions. restoration projects, mainly in forests, that Groupe SEB could
support to neutralize its residual GHG emissions and contribute
The Group is therefore committed to improving the energy
to global carbon neutrality.
efficiency of its sites (insulation, LED lighting, etc.) and replacing
industrial equipment that is highly energy intensive. The main The first project was launched in 2022, when Groupe SEB made
action currently underway involves for the most part replacing a local commitment to its region of origin, Burgundy, in conjunction
part of the fleet of hybrid injection molding machines, which with Coopérative Forestière Bourgogne Limousin (CFBL).
account for 50% of the energy consumed at Small Electrical The project involved the planting of more than 19,000 trees over
Appliance manufacturing sites, with the latest-generation a 16-hectare area to help reforest a spruce forest destroyed by
equipment offering energy savings of up to 75%. bark beetles, which ravage spruce. Several species of tree were
planted between November 2022 and March 2023 to restore the
The goal of these investments is to achieve a replacement rate of
forest population and increase its diversity. The forest is certified
25% by 2027.
“Low Carbon Label” under France’s first voluntary climate
As an example, part of the fleet at the Cajica site in Colombia was certification framework and is an example of the Group’s
replaced in 2023–2024, resulting in site-wide energy savings of contribution to the sequestering of greenhouse gases (GHG) from
around 30%. the atmosphere. This label guarantees that carbon reduction or
sequestration projects carried out on French territory contribute
properly and transparently to achieving objectives using credible,
verified methods for accounting for greenhouse gas (GHG) emissions.




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B Actions and resources for reducing GHG emissions Support the decarbonization of the Group’s strategic suppliers
related to the purchase of materials and components In 2024, when developing its transition plan, the Group devised a
(scope 3.1) decarbonization goal for scope 3.1 emissions through a new
Increase the rate of recycled materials in products supplier program.
and packaging The program, to be launched in 2025, aims to engage suppliers
Groupe SEB is committed to increasing the rate of recycled materials (supply chain extended beyond Tier 1) in reducing their own GHG
in its products and packaging. Recycled materials already make emissions, and, more broadly, guarantee suppliers’ overall
up a significant portion of the Group’s purchases, with the rate of contribution to the Group’s non-financial performance.
recycled and/or low-impact materials reaching 48% in 2024, A list of suppliers to be included in the program has been drawn
comprising mainly aluminum, steel, plastic and packaging. up based on criteria such as GHG emissions, expenditure type,
Actions in this regard concern all countries in which the Group and CSR risks. Approximately 500 of the Group’s strategic
operates and cover all raw materials and products, with priority suppliers – representing 80% of scope 3.1 GHG emissions in 2024
being given to those with the greatest impact. – are included in this program.
The use of recycled materials can reduce GHG emissions by up This program to improve suppliers’ non-financial performance
to 90% for materials whose extraction and processing generate has two main strands:
the most emissions. Aluminum, for example, represents around ■ raise suppliers’ social and environmental standards via
10% of direct purchases but more than 20% of total emissions training and CSR education and help them engage their own
from Scope 3.1 Purchases of goods and services in 2024, with a suppliers (Tiers 2, 3, etc.);
recycling rate of 45% in 2024.. Consequently, this is a major pillar
of Groupe SEB’s transition plan. Similarly, the use of recycled ■ proactively engage suppliers in decarbonization by (i) deploying
plastics reduces GHG emissions by 70% compared to the use of a working group focused specifically on recycled materials, to
virgin plastics. include an action plan, (ii) monitoring suppliers’ decarbonization
pathways through digital solutions, and (iii) encouraging
The main actions undertaken in 2024 regarding the introduction suppliers to define tangible decarbonization targets, such as
of recycled or low-impact materials in Group products were as those validated by the SBTi standard.
follows:
These 500 largest suppliers are responsible for the raw
■ identification of available recycled materials and a feasibility materials, components and finished products used by our entire
analysis of their use for all raw materials used; manufacturing base (production plants) at more than 40 plants
■ development of new recycled plastics in collaboration with worldwide.
suppliers; The key purchasing categories covered are aluminum, steel,
■ Development of tools to support Development teams in the plastic, as well as motors and multiple sub-assemblies (plastic,
use of low-impact and recycled materials, such as an internal electronic and metal).
digital tool to identify and substitute the use of virgin plastics
at the design stage; C Actions and resources for reducing GHG emissions
related to the transport of materials and products
■ establishment of a multi-disciplinary working group dedicated (scope 3.4)
to the use of recycled plastic, incorporating the Purchasing,
Innovation, Design, Quality, and Sustainable Development Optimized management of transport unit volumes
departments; The Group is rolling out actions to improve the loading rate of
■ introduction of an action plan designed to promote the use transport units in its various logistics flows. In recent years it has
of recycled or low-impact materials in Group products to been making particular use of the EffyPACK process (“PACKaging
consumers and retailers. This action plan is implemented from system for supply chain EFFiciencY”), which uses PackSoft
the very first stage of product design by the Development software to improve palletization.
department, following the Group’s marketing strategy, The Group also uses a transport management system to optimize
with support from Purchasing and Design, and goes through container loading plans, whereby a single container can be filled
to the promotion of the product’s benefits at the time of with products from different suppliers, bearing different references,
market launch. or comprising different orders.
The main purpose of these actions is: Development of alternative modes of transport
■ obtain the best “% recycled/product performance” ratio; and optimization of logistics circuits
■ meet consumer expectations in terms of the circular economy The Group continues to take action to decarbonize its supply
and ultimately allow the Group to reduce the carbon footprint chain, starting with the development of alternative modes of
of its products in addition to boosting its sales. transport to road, such as river transport. Since the 2023 opening
of a Western European central warehouse for Small Electrical
These actions, which were launched in 2024, will continue in the Appliances in Bully (France), the Group has greatly increased the
coming years to achieve the Group’s 2030 target of 60% recycled use of inland waterways, particularly the Scheldt canals linking
material use. Antwerp and Dunkirk to Lille, to transport containers imported
The Group is also reducing the carbon footprint of its packaging from ports along the English Channel.
by using recycled materials, optimizing design to minimize
waste, and opting for biodegradable or recyclable solutions. It is
also promoting the circular economy through packaging
recycling (see Section ESRS E5 4.2.4 “Resource use and circular
economy” for more information on circular economy actions).




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The Group also deploys tools to optimize logistics flows, ■ The test protocols were approved at the end of 2024 and
including for these alternative modes. In 2023, the roll-out of the solutions to implement them in a laboratory setting will be
Shippeo solution began on distribution flows from Bully. In 2024, finalized in 2025;
a number of entities (Italy, Groupe SEB Export and Eastern ■ validating the feasibility of the proposed solutions and their
Europe) began using this new solution. This platform connects effectiveness through specific measures carried out in a
clients and carriers, improving delivery performance, reducing laboratory; and
transport costs and providing data, helping the Group to better
understand the environmental impact of its supply chain. ■ integrating validated solutions into future product ranges to
be launched between 2025 and 2030.
Lastly, the Group has been developing the use of alternative
fuels since 2023: In 2025, energy consumption optimization will be introduced into
the product launch validation process at project monitoring and
■ HVO (Hydrotreated Vegetable Oil produced from waste, Product Committee meetings (Quantitative and qualitative
residual oils and fats) is used in France for transport from information will be provided on how action is progressing.) Teams
Bully to the Mions and Alençon sites; will conduct systematic assessments of eco-design criteria. These
■ LNG (Liquefied Natural Gas) is used in France to transport criteria will be reviewed at key stages of the project validation
products between the Mions logistics platform and the Pont- process to ensure that challenges are factored in effectively, and
Évêque plant; that our SBTi commitment is being upheld.
■ biodiesel made from rapeseed is used in various logistics Improve the energy efficiency of the Group’s products
flows, in particular between the Mions and Bully warehouses.
The actions carried out in 2024 mainly consisted in identifying
In 2024, Groupe SEB emitted 277,458 tons of CO2 equivalent: the various avenues for improving and reducing energy consumption
20.3% from maritime transport, 74.9% from road transport, 3.9% by product family, including:
from air transport and 0.9% from rail and river transport.
■ all avenues for improving product energy efficiency (e.g. better
Using alternative transport and low-carbon energy sources will yields, optimized heating, etc.);
help to reduce freight transport emissions by 50,000 tCO2eq. These
levers contribute 70% to the decarbonization of logistics flows. ■ all potential avenues for reducing energy loss from products
(e.g. insulation to limit heat loss).
D Actions and resources for reducing GHG emissions The following are some examples of the Group’s work and progress
related to product use (scope 3.11) in 2024 to make its products more energy efficient:
Over a product’s entire life cycle, more than half of its carbon ■ Effitech motors, reducing the energy consumption of fans by
impact will come from the energy consumed during its use phase up to 65%;
(60.4% in 2024), far outstripping the figure for the manufacturing
■ rapid heating system in toasters, allowing an energy saving of
phase (1.5% in 2024). As part of its eco-design policy, the Group
30% while halving the time required;
has stepped up its efforts to integrate energy efficiency criteria
into its products, starting from the design phase. Accordingly, the ■ with regard to professional coffee machines, three main avenues
Group has identified two decarbonization levers, one to improve have been identified: (i) improving the insulation of boilers,
the energy efficiency of products, and the other to ensure that which are the main sources of potential energy loss (up to 10%
consumers use its products in a more sustainable way. energy saving), (ii) introducing smart energy management, and
In order to make effective progress on these two levers, the (iii) minimizing non-productive losses such as cleaning.
Group is focusing on 15 priority product families (accounting Promote energy efficiency in product use
for more than 80% of emissions related to the direct use of
In addition to the actions undertaken to improve the energy
products sold in 2024) that have the greatest impact on energy
efficiency of its products, the Group also wants to encourage
consumption in terms of their individual consumption and
users to adopt energy-saving practices. Accordingly, the Group
volumes sold. Pilot products have been designated for each of
will continue to deploy solutions that promote energy efficiency
the 15 target families.
by ensuring that its products are best suited to their actual
The actions taken by the Group are similar for the two conditions of use.
decarbonization levers related to product use and involved:
The actions taken in 2024 primarily consisted in identifying
■ identifying the main ways to improve energy efficiency, and avenues for improvement related to product use adaptations
research by R&D and Development and Innovation teams into (e.g. “Eco” modes to reduce energy consumption during certain
actionable solutions; uses, or “nudges” to help consumers better use a product).
■ the development of test protocols based on reference usage The following are some examples of smart solutions developed
scenarios, designed to reflect as closely as possible the actual by the Group in 2024 to encourage more sustainable use of its
usage of the products by consumers. These are based on products:
studies conducted by the Group, which analyze usage trends
■ linen care: introduction of an eco mode on certain ranges
in the countries where the products are sold. The protocols
of steam irons and steam generators, yielding energy savings
are based on data compiled by these studies, and on the
of 30% and 45%, respectively;
extensive expertise of the Development and Quality teams.




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■ kettles: rollout of smart solutions; Baseline year 2021 is representative for Groupe SEB in terms of
■ temperature selection, allowing the user to heat the water operations covered and external influences. The year 2021 saw a
only to the temperature required, resulting in an average strong recovery in post-pandemic business, thanks to an upward
energy saving of 20%, trend in home cooking which continued over the following years
and aligns with Groupe SEB’s future business scenarios. Baseline
■ “one cup” indicator, allowing the user to heat only the year 2021 corresponds to a representative scope of business
volume of water required, resulting in an average energy activity and includes the integration of recent acquisitions.
saving of 35%.
The scope of business activity for these targets covers the Group’s
The Group believes that its transition plan is unlikely to result in total GHG emissions (scopes 1, 2 and 3) for all Group entities in
significant material costs on top of its overall cost base. France and abroad [MDR-T i], with the exception of recent
Transition investments are expected to be managed within the acquisitions, which are gradually being integrated under the current
Group’s annual budgets: integration plan (for more information on how changes in scope
■ equipment modernization: new-generation machines, such as are integrated into targets and metrics, see the methodology
electric injection molding machines, are not necessarily more note in Section 4.2.6.1 “Group-wide across all Environmental ESRS”).
expensive than current equipment. However, they are more Scope 1 and 2 emissions are included in their entirety. With
efficient and energy-saving, which generates operational savings; regard to targets related to scope 3, the reporting scope covers
Categories 3.1 “Purchased goods and services”, 3.4 “Upstream
■ recycled materials: although recycled materials can cost more
transport and distribution”, and 3.11 “Use of sold products” (direct
than virgin materials, the difference should decrease over time.
energy consumption), which accounted for 95.7% of scope 3
In fact, in some cases, the use of recycled materials could
emissions in 2024 (excluding indirect use of sold products). Non-
generate savings for the Group, since they can be less
material scope 3 GHG emission categories are not currently
expensive than virgin materials;
covered by the Group’s targets.
■ eco-design: eco-design initiatives implemented by Groupe
Lastly, the scope of business activity covered by the Group’s
SEB do not necessarily involve major additional expenditure, targets is identical to the data collection scope described in
nor significant extra costs in the purchase of components or Section 4.2.1.3.5 “Metrics related to climate change mitigation” below.
materials.
GHG emission reduction targets are gross, meaning that they do
not include GHG removals, carbon credits or avoided emissions
4.2.1.3.4 Targets related to climate change as a means of achieving GHG emission reduction targets.
mitigation [E1–4]
These targets are based on scientific data and have been
In line with its eco-production, eco-design and eco-logistics assessed according to a strict validation process. The SBTi uses
policies and with the key action points it has developed, Groupe the latest available scientific climate data and verifies in particular
SEB is committed to achieving the GHG emission reduction that targets are aligned with global decarbonization pathways,
targets it has set for 2030 and 2050. These targets have been with sector-focused reductions and the latest climate models,
validated by the Science-Based Targets initiative (SBTi), including IPCC (Intergovernmental Panel on Climate Change)
guaranteeing that the expected emission reductions will be scenarios. SBTi-approved targets are periodically updated to
consistent with limiting global warming to a maximum of 1.5 °C reflect new scientific discoveries, technological advances and
by 2050, per the Paris Agreement: international climate policies. This ensures that they continue to
align with the latest global climate targets. Groupe SEB’s GHG
■ by 2030;
emission targets are aligned with the latest standard published
■ 42% reduction in scope 1 and 2 GHG emissions(1) (vs 2021 by the SBTi (the Corporate Net Zero Standard).
baseline),
As specified in Section 4.2.1.3.1 “Transition plan for climate
■ 25% reduction in scope 3 GHG emissions from Categories change mitigation”, when drawing up its transition plan, the Group
3.1 “Purchased goods and services”, 3.4 “Upstream assessed its decarbonization efforts in light of the International
transportation and distribution”, and 3.11 “Use of sold Energy Agency’s (IEA) Announced Pledges Scenario or APS. In its
products” (direct energy consumption) (vs 2021 baseline); assumptions, the Group anticipated a fast transition to low-
■ by 2050, the Group is committed to achieving carbon neutrality emission energy sources, in line with IEA scenarios. This should
by reducing its scope 1, 2 and 3 GHG emissions by 90% (vs play a key role in decarbonizing the Group’s operations and
2021 baseline), and neutralizing the residual GHG emissions. those of its suppliers, as well as in reducing GHG emissions from
the end use of its products.
Methodological information on climate change
mitigation targets
These targets are in absolute values and expressed as a percentage
of GHG emissions for baseline year 2021.
Scope 2 emissions included in these targets are location-based.




(1) Groupe SEB has chosen to set a combined target for the reduction of scope 1 and 2 greenhouse gas (GHG) emissions, reflecting the comprehensive and coherent approach to
its decarbonization strategy. This decision is based on the fact that emissions from the two scopes are often interconnected in energy production and supply processes.



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SUMMARY TABLE OF THE GROUP’S TARGETS AND CONTRIBUTION OF THE MAIN DECARBONIZATION LEVERS
In tCO2eq

Greenhouse gas emissions % 2024/ 2030 2050
(In tons of CO2 equivalent) 2021 (base year) 2024 2021 target target
TOTAL GHG EMISSIONS (A) + (B) 12,639,014 10,924,017 -14% -25% -90%
Scopes 1 and 2 (A) 259,696 211,978 -18% -42% -90%
Decrease in sites’ energy consumption
Improvement in the energy efficiency of sites and
-42% -90%
equipment
Development of renewable energies
Scope 3 (3.1, 3.4 and 3.11) (B) 12,379,318 10,712,039 -13% -25% -90%
Use of recycled materials in products and packaging (3.1)
Support for strategic supplier decarbonization (3.1)
Optimization of the supply chain (3.4) -25% -90%
Improvement in products’ energy efficiency through their
life cycle (3.11)

For more information on decarbonization levers, climate change 4.2.1.3.5 Metrics related to climate change
mitigation actions implemented by the Group and the climate mitigation [E1‑5], [E1‑6], [E1-7],
scenarios envisaged, refer to Sections 4.2.1.3.1 “Transition plan
[E1‑8], [E1-9]
for climate change mitigation”, 4.2.1.3.3 “Actions and resources
related to climate change mitigation policies” and 4.2.1.2. “Strategy [E1-5] Energy consumption and mix
– Group resilience analysis in the face of climate change”. The table below shows changes in total energy consumption
For more information about the Group’s progress toward achieving related to the Group’s own operations. It also includes a breakdown
its targets, please see Section 4.2.1.3.5. “Metrics related to climate by energy source (fossil, nuclear or renewable) to show changes
change mitigation”. in the energy mix of the Group’s energy consumption, especially
the share of renewable energies.

CHANGE IN ENERGY CONSUMPTION RELATED TO THE GROUP’S OWN OPERATIONS
(in MWh) 2023 2024
1) Fuel consumption from coal and coal products 0 0
2) Fuel consumption from crude oil and petroleum products 17,382 28,045
3) Fuel consumption from natural gas 225,718 221,138
4) Fuel consumption from other fossil sources 45,177 47,864
5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources 168,399 179,286
6) Total fossil energy consumption (Σ 1 to 5) 456,676 476,332
Share of fossil sources in total energy consumption 70% 70%
7) Consumption from nuclear sources 62,408 59,373
Share of consumption from nuclear sources in total energy consumption 10% 9%
8) Fuel consumption for renewable sources, including biomass (also comprising industrial
0 1,338
and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)
9) Consumption of purchased or acquired electricity, heat, steam, and cooling
117,390 131,240
from renewable sources
10) Consumption of self-generated non-fuel renewable energy 4,619 10,407
11) Total consumption of renewable energy (Σ 8 to 10) 122,009 142,985
Share of renewable sources in total energy consumption 19% 21%
TOTAL ENERGY CONSUMPTION (Σ 6, 7 AND 11) 641,093 678,691




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Details of the methodology used to measure and calculate the Energy intensity is calculated based on the ratio between the Group’s
Group’s energy consumption can be found in Section 4.2.6.1 total energy consumption and its consolidated net revenue. This
“Group-wide across all Environmental ESRS”. is because all Group business activities are considered to derive
from activities in high climate impact sectors that fall under
Energy intensity
Section C – “Manufacturing” of the industry standard classification
The table below shows energy intensity in relation to net revenue system used in the EU, also known as NACE (mainly codes
(as presented in the Group’s annual consolidated financial C27.51 – Manufacture of electric domestic appliances; C25.71 –
statements – Chapter 6 “Consolidated financial statements” of this Manufacture of cutlery; and C.25.99 – Manufacture of other
document – in Note 5 – “Revenue”). fabricated metal products n.e.c.).

2023 2024 % 2024/2023
Net consolidated revenue (in € million) 8,006 8,266 3%
Total energy consumption by consolidated net revenue (in MWh/€ million) 80 82 3%


[E1-6] Gross scope 1, 2 and 3 GHG emissions ■ regarding the number of cycles per year and the reference
and total GHG emissions usage scenarios, the assumptions were revised based on
consumer studies conducted by the Group. This process
Groupe SEB measures its greenhouse gas (GHG) emissions across
made it possible to update the calculation of the emissions
its entire value chain in line with the GHG Protocol developed by
related to product use according to the actual usage trends
the World Resources Institute and the World Business Council
for Sustainable Development. The full methodological note is observed in the countries where the products are sold;
presented in Section 4.2.6.2.2 “[E1-6] Gross scopes 1, 2, 3 GHG ■ regarding the estimation of the energy consumed during a use
emissions and total GHG emissions”. cycle, some estimates were based on theoretical calculations
This assessment distinguishes between scopes 1 and 2 greenhouse that were revised either to re-examine the reference duration of
gas (GHG) emissions that are directly linked to the Group’s use, or to develop measurement protocols based on standardized
production activities and scope 3 emissions that are related to usage scenarios.
the Group’s upstream and downstream value chain. ■ Regarding the duration of product use, the Group has
Scopes 1 and 2 emissions and emissions from the transport of examined various assumptions to define the theoretical duration
components and products have been evaluated every year since of use of its products. In the absence of an international
2017. In 2021, Groupe SEB set up a working group to define the standard for the average duration of use of Small Domestic
annual calculation methods for emissions from the purchase Appliances and reliable data on the actual duration of use of
of raw materials and components (Category 3.1 Purchases of the products, which can vary considerably depending on
goods and services) and product use (Category 3.11 Use of sold consumer behavior and the various markets, the Group has
products). This work was extended to subsequent years to opted for an average theoretical duration of use of one year to
ensure that results were reliable and could be fine-tuned, which calculate the carbon footprint associated with product usage.
has meant better assessment of the measures needed to be This duration is not based on the actual duration of use, but
taken or continued to reduce emissions even further (see serves as a uniform basis for assessing emissions. This approach
Section 4.2.1.3.3 “Actions and resources relating to climate change thus enables emissions to be quantified consistently, without
mitigation policies [E1-3]” for more details on action taken). The affecting the concrete actions taken by the Group to reduce its
work continued in 2024 with the development of digitalization carbon footprint.
and ongoing improvements to calculations. Teams focused their These reviews were carried out on a majority of product families
efforts on scopes 3.1 and 3.11. (representing more than 80% of GHG emissions linked to the
For scope 3.1, work was launched with the Purchasing and direct use of products sold by the Group in 2024), and led to a
Sustainable Development teams to switch to a hybrid calculation reassessment of the Group’s carbon footprint for the years 2021,
methodology combining both mass-based and spend-based 2022, 2023 and 2024.
data, as recommended by the GHG Protocol. This resulted in a In 2024, total GHG emissions for Groupe SEB represented
reassessment of the Group’s footprint in 2021, 2022, 2023 and 2024. 14 million tons of CO2 equivalent. The table below shows the
For scope 3.11, the Sustainable Development teams, with the breakdown of GHG emissions for the year and the Group’s
help of the Quality and Development teams, have launched a position in relation to its targets (see Section 4.2.1.3.4 “Targets
review of the calculation assumptions so that they are as close related to climate change mitigation [E1-4]” for more details on
as possible to the actual use of the products. In effect, the targets).
calculation of emissions related to product use is based on an With regard to biogenic emissions, it should be noted that
estimate of the number of annual use cycles, multiplied by the biomass represents only 0.2% of the energy used by the Group.
energy consumed by the product during a use cycle, by Due to its marginal weight, no specific due diligence has been
a standard duration of use of the product and by the emission carried out on CO2 emissions associated with its combustion
factor of the country where the product was sold. The energy or biodegradation. Since these emissions are considered non-
consumed during a use cycle is calculated or measured according material, they are therefore not disclosed separately in the
to a reference usage scenario. The Group’s improvements have calculation of emissions.
made these assumptions more reliable through a process of
continuous improvement and increased reliability of the calculation:




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GREENHOUSE GAS EMISSIONS ASSESSMENT
% 2024/ % 2024/
2021 2023 2024 2023 2021 2030 2050
SCOPE 1 GHG EMISSIONS
Gross scope 1 GHG emissions (tCO2eq) 78,508 58,160 58,801 1.1% -25.1%
Percentage of scope 1 GHG emissions resulting
from regulated emission trading schemes (%)
SCOPE 2 GHG EMISSIONS
Gross scope 2 GHG emissions (location-based)
181,188 146,064 153,177 4.9% -15.5%
(tCO2eq)
Gross scope 2 GHG emissions (market-based)
187,538 108,110 161,738 49.6% -13.8%
(tCO2eq)
Total scope 1 and 2 GHG emissions 259,696 204,224 211,978 3.8% -18.4% -42% -90%
Significant scope 3 GHG emissions (3.1, 3.4
12,379,318 10,451,093 10,712,039 2.5% -13.5% -25%* -90%
and 3.11 direct use)
Total gross indirect GHG emissions (scope 3)
15,950,197 13,298,539 13,766,308 3.5% -13.7%
(tCO2eq)
1. Purchases of goods and services 6,238,379 4,405,624 4,570,776 3.7% -26.7%
2. Capital goods 85,988 66,017 68,928 4.4% -19.8%
3. Fuel and energy related (not included
47,996 37,254 39,440 5.9% -17.8%
in scopes 1 and 2)
4. Upstream transportation and distribution 316,238 247,775 277,458 12.0% -12.3%
5. Waste from operations 47,996 40,408 41,795 3.4% -12.9%
6. Business travel 5,508 6,929 8,193 18.2% 48.8%
7. Employee commuting 44,244 42,829 44,058 2.9% -0.4%
Not Not Not
8. Upstream leased assets
applicable applicable applicable
9. Downstream transportation and distribution 233,779 204,581 233,731 14.2% -0.0%
Not Not Not
10. Processing of sold products
applicable applicable applicable
11. Use of sold products 8,887,447 8,209,822 8,439,316 2.8% -5.0%
■ o/w direct use 5,824,701 5,797,693 5,863,805 1.1% 0.7%
■ o/w indirect use 3,062,746 2,412,129 2,575,511 6.8% -15.9%
12. End-of-life treatment of sold products 42,622 37,299 42,613 14.2% 0.0%
Not Not Not
13. Downstream leased assets
applicable applicable applicable
Not Not Not
14. Franchises
applicable applicable applicable
Not Not Not
15. Capital expenditure
significant significant significant
Total GHG emissions
Total GHG emissions (location-based) (tCO2eq) 16,209,893 13,502,763 13,978,286 3.5% -13.8%
Total GHG emissions (market-based) (tCO2eq) 16,216,243 13,464,809 13,986,847 3.9% -13.7%
* The scope 3 target of a -25% reduction covers greenhouse gas (GHG) emissions from purchases of goods and services (3.1), upstream transportation and distribution (3.4) and
direct use of sold products (3.11 – direct use).


The methodology note (see Section 4.2.6.2.2 “[E1-6] Gross for assessing emissions, given that it is not currently possible
scopes 1, 2, 3 GHG emissions and total GHG emissions”) describes to adopt a relevant estimation methodology owing to the lack of
the methodologies used to estimate scope 3 GHG emissions, harmonized data. This methodology note also contains details
including scope 3.11 (use of sold products), for which the Group of the related improvements envisaged in 2025.
opted for an approach involving a theoretical duration of use of The most significant emission items are part of the Group’s scope 3
one year to calculate the 2024 carbon footprint. This duration emissions and relate to the use of sold products (3.11), purchases
does not reflect the actual duration of use prescribed by the GHG of goods and services (3.1), and upstream transportation (3.4).
Protocol, but is an assumption that provides a uniform basis




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The year 2024 was marked by solid growth in activity, resulting of countries and products, despite a positive impact of the
in a moderate increase of 3.5% in total GHG emissions compared development of the global electricity mix. In addition, scope 3.11
to 2023. This increase is well managed and lower than the growth is impacted by a time lag in measuring the impacts of energy
in activity, reflecting the Group’s constant efforts to reduce its efficiency efforts. The impact of energy efficiency actions is
environmental impact. This development is mainly explained by: only reflected in the measurement of the carbon footprint
■ a 3.8% increase in scope 1 and 2 emissions, linked to expanding several years after their deployment, once the product is
production, largely offset by efforts to improve energy efficiency marketed, due to product development cycles that can span
and the increase in the share of renewable energy in total several years.
consumption; This trajectory is fully aligned with the Group’s targets, and the
■ a 3.7% increase in scope 3.1 emissions related to the purchase Group remains confident in its ability to achieve its 2030 targets,
of goods and services, also due to growth in production, partially building on past efforts and future actions to continue to contain
offset by increased use of recycled materials in products; the carbon footprint while supporting growth.
■ a 2.8% increase in scope 3.11 emissions related to the use of The Group includes all financially consolidated entities in its
sold products, but mitigated by a decrease in sales in China, carbon footprint analysis, in accordance with applicable standards.
where the energy mix is particularly carbon intensive. By contrast, recent acquisitions are excluded from this scope,
since the environmental data for these entities are not yet
Compared to 2021, total emissions have decreased, highlighting available (see Section 4.2.6 “Methodology note – Environmental
the Group’s ongoing efforts to reduce its carbon footprint and information”). Non-consolidated entities, over which the Group
impact on climate change: does not exercise operational control, are subject to estimates
■ a reduction of 18.4% for scopes 1 and 2, demonstrating the and are included in Category 15, in accordance with the
effectiveness of the Group’s efforts in terms of energy efficiency recommendations of the GHG Protocol. However, these emissions
and the use of renewable energy, and confirming that the are not detailed in the report, since they are considered non-
Group is on track to achieve a -42% reduction by 2030; material for the Group’s overall carbon footprint.
■ a significant reduction of -13.5% in scope 3 emissions, GHG emission intensity
reinforcing the Group’s positive momentum to achieve a
The table below shows GHG emission intensity in relation to net
reduction of -25% by 2030. This decrease is mainly due to a - revenue (as presented in the Group’s annual consolidated financial
26.7% reduction in scope 3.1 emissions, thanks to efforts to statements – Chapter 6 “Consolidated financial statements” of
procure recycled materials. It is slightly offset by a 0.7% this document – in Note 5 – “Revenue”).
increase in scope 3.11 emissions, due to an unfavorable mix

2023 2024 % 2024/2023
Net revenue (in € million) 8,006 8,266 3.2%
Total GHG emissions (location-based) by net revenue (in tCO2eq/€ million) 1,687 1,691 0.3%
Total GHG emissions (market-based) by net revenue (in tCO2eq/€ million) 1,682 1,692 0.6%

[E1-7] Not applicable. Groupe SEB did not use any carbon credits [E1-9] Groupe SEB has chosen to make use of the option provided
in 2024. in Appendix C of ESRS 1, which allows some disclosure requirements,
[E1-8] Not applicable. Groupe SEB did not use internal carbon such as E1-9, to be phased-in. Therefore, it has decided not to
pricing in 2024. provide quantitative information in the first year of adoption.


4.2.1.4 Climate change adaptation
4.2.1.4.1 Description of climate change adaptation Eco-production policy and management of material
policies [E1-2] physical risks related to water resources
The Group’s resilience analysis identified a material physical risk
Material risks and opportunities relating to climate change to the ability to continue as a going concern that is related to
adaptation are covered by two cross-functional environmental water stress at some of its production sites.
policies: eco-production (see Section 4.2.6.1 “Group-wide across
all Environmental ESRS”) and eco-design (see Section 4.2.4.2.1 The eco-production policy provides a best practice framework
“Description of related policies [E5-1]”). for Group production sites, allowing them to reduce their water
consumption while improving resource monitoring and conservation.
The descriptions below are limited to the scope of material risks More specifically, risk mitigation plans have been drawn up for
and opportunities related to climate change adaptation, as sites located in regions of extreme water stress.
outlined in the introduction to this section.
Eco-design policy and management of transition
risks and opportunities
By encouraging the use of recycled materials, the Group’s eco-
design policy helps to control purchasing costs, which could be
affected by the volatility of energy and raw material prices, as
well as by the impact of regulatory mechanisms on carbon pricing.




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The effects of climate change could also lead to changes in consumer 4.2.1.4.3 Targets related to climate
expectations and preferences. In particular, energy efficiency and change adaptation [E1-4]
the public’s focus on reducing GHG emissions could stimulate
growth in the market for products with low environmental impact The Group’s management of the material physical risks related
and lower energy consumption. Eco-design policy encourages to water stress involves targets to reduce water consumption in
innovation in order to reduce the environmental footprint of its combination with a specific plan for sites located in areas of high
products and reduce their energy consumption (see Section 4.2.4.2.1 water stress (see Section ESRS E3 4.2.3 “Water resources”).
“Description of related policies [E5-1]”), thus enabling Groupe SEB to
The target for 2030 is to reduce the Group’s water consumption
take advantage of potential commercial opportunities related to
by 25% compared to the baseline year of 2021 and for all cooling
climate change adaptation.
systems to be closed-loop.
This target applies to the entire manufacturing scope of sites
4.2.1.4.2 Actions and resources for climate
included in the management plan, with the exception of recent
change adaptation [E1-3] acquisitions, which will be integrated gradually under the current
integration plan. For more information on the integration of
The Group’s management of the material physical risks related
changes in scope within targets and metrics, see Sections 4.2.6.1
to water stress involves measures to reduce water consumption
“Group-wide across all Environmental ESRS” and 4.1.1 “Basis for
in combination with a specific plan for sites located in areas of
preparation”.
high water stress (see Section ESRS E3 4.2.3 “Water resources”).
See Section 4.2.3.2.3 “Targets” for more information about the
Group’s water consumption reduction target.


4.2.2 Pollution [E2]
4.2.2.1 Overview of impacts, risks and opportunities related to pollution
The use of substances or the release of pollution into the air, ■ For direct operations, chemical substances are used in
water and soil can take place at different levels of the value chain. various manufacturing processes. For example, solvents are
■ Upstream, chemicals are used in the manufacturing processes used to clean parts, while paints and coatings are applied to
for some materials, including metals and plastics. For example, protect and improve the appearance or performance of
chemicals such as acids are used for metal stripping, while products. Bonding agents and adhesives are also commonly
solvents are used for cleaning and surface preparation. used in component assembly.
■ At the product level, volatile organic solvents may be used in
paints and lacquers, and some plastics may contain flame
retardants for safety reasons.

Upstream Operations Downstream

Potential discharges of pollutants
Potential negative into water, air or soil at suppliers’
Potential discharges of pollutants
impacts manufacturing sites, throughout
into water, air or soil related
the value chain, particularly in
(Pollution) to the Group’s operations.
connection with the production and
processing of metals.

Potential discharges into
Potential negative Potential discharges into
ecosystems of substances
impacts ecosystems of substances
of concern or of very high
of concern or of very high
(Substances of concern due to the use of these
concern due to the use of these
concern) substances in the manufacturing
substances by suppliers.
processes of the Group’s sites.

Regulatory risks associated with the ban on using certain substances (substances of concern and of very high
concern), both in the value chain and in the direct scope.
As part of the analysis of environmental risks and opportunities carried out in 2024 by Groupe SEB, the
“development of regulations restricting the use of substances used upstream in the value chain or in its
industrial processes” was identified as material for the Europe and United States region. The analysis focused
Risks on two scenarios in relation to regulatory developments:
■ opportunistic adaptation scenario: Light touch regulation, slow transition to sustainable models;
■ planned transformation scenario: Strict regulation, proactive transition to sustainable models.
This risk is also identified in our risk mapping (see “Product quality and consumer safety risk”, Section 4.3.3.2
"Product and end-user safety").




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The level of materiality of pollution and substance issues is The impact identification methodology is detailed in paragraph
considered to be lower in own operations than in upstream 4.2.6.4 of the methodology note in Section 4.2.6 "Methodology
operations, particularly in relation to the processes implemented note – Environmental Information".
within the Group’s scope, which have fewer impacts than upstream
processes (e.g. extraction and processing of raw materials).


4.2.2.2 Management and reduction of pollutant emissions to air, water and soil
and control and reduction of incidents
4.2.2.2.1 Policies related to the reduction of ■ preparedness and response to environmental emergencies;
pollutant emissions and incidents [E2-1] ■ compliance with local environmental regulations.
A Upstream and downstream policies Priority pollutants are monitored at all Group sites with discharges
The reduction of impacts on the upstream value chain is based on: to air or water. For emerging pollutants such as PFAS, discharges
from sites involved in surface treatment and coating processes
■ the Responsible Purchasing Charter (see Section ESRS S2 are subject to strict control. The potential degradation of inputs
4.3.2.2.2 "Responsible purchasing policy"), which covers in discharges to water is subject to control and monitoring within
pollutant-related matters. the regulatory framework.
First drafted in 2012, the Responsible Purchasing Charter is a The application of ISO 14001 and internal standards ensures
document that sets out the Group’s requirements regarding consistency and a control framework for the technical,
respect for human rights and the ethical, social and organizational and human resources in place at our plants.
environmental principles it expects to be upheld by its direct, Internally, it translates into:
indirect and finished-product suppliers. The Responsible
Purchasing Charter is shared with all the Group’s direct suppliers ■ a common methodology for environmental risk analysis;
(materials, components and finished products), allowing them ■ internal standards with minimum requirements for
to become familiar with it prior to signing. The person responsible emergency preparedness and response, as well as chemical
for the implementation of the Responsible Purchasing Charter risk assessment and prevention.
is the Senior Executive Vice-President, Industrial Operations. The Group’s main policies for pollution prevention apply to water
The Group requires its suppliers to identify, monitor, control resources in particular. The water resource preservation policy,
and treat discharges to air, water or soil that could pose an particularly in areas of water stress, supplements the pollution
environmental risk, in compliance with applicable regulations. prevention policy by taking into account the risks associated with
The Charter also reminds suppliers of the need to involve discharges from treatment plants. The Group operates 16 industrial
their Tier 2 and 3 suppliers in ESG issues; water treatment plants within its scope.

■ The Group’s eco-design policy (see Section ESRS E5 4.2.4.2
"Eco-design"), in particular relating to the use of recycled
4.2.2.2.2 Actions related to the reduction
plastics and metals, contributes to the reduction of pollution of pollutants and incidents [E2-2]
by limiting the extraction of natural resources, reducing CO₂ A Upstream action
emissions and plastic waste. The use of recycled materials also ■ See actions carried out by the Group for recycled materials in
makes it possible to do without certain polluting industrial ESRS E5 (see Section 4.2.4 "Resource use and circular economy").
processes and to favor a circular model, thereby reducing the
environmental footprint of the upstream value chain. ■ See actions related to the supplier commitment described in
ESRS S2 (see Section 4.3.2 "Workers in the value chain").
B Policies related to own operations
B Actions related to own operations
Groupe SEB’s “Eco-production” policy includes a Pollution
Prevention & Reduction pillar enshrined in the “Act for nature” pillar From the analysis of environmental risk, internal standards and
of the 2024–2030 ESG strategy (see Section 4.2.6 "Methodology applicable external requirements, the Group’s industrial sites
note – Environmental information"). It targets the absence of major draw up a monitoring and action plan for pollution prevention in
environmental incidents(1) on sites (DP E2‑1_03) and further order to:
reduction of emissions of priority and emerging pollutants ■ maintain the high level of control of discharges and associated
(DP E2‑1_01). This pillar is divided into levers for action, detailed installations;
in the following section.
■ improve installations in anticipation of regulatory changes;
The main processes concerned by pollution prevention are
■ study and, where appropriate, apply Best Available Techniques
surface treatment, heat treatment, molding and forming. For all
for treating discharges to air and water.
these processes, priority pollutants (VOCs, COD/BOD, heavy
metals, nitrates, phosphates) and emerging pollutants (PFAS) The monitoring and action plan is specifically implemented
are managed through: to control discharges of priority pollutants from the processes
used in our plants (e.g. COD/BOD parameters, metals, nitrates,
■ environmental risk assessment and management;
phosphates) as well as emerging pollutants (PFAS).
■ prevention of environmental accidents and pollution of soil,
water or air;




(1) An event causing significant environmental damage requiring, for example, specialized external intervention with long-term management.



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These actions are organized into three levers: ■ maintain compliance with internal pollution prevention
■ actions related to identification and reduction at source linked standards on all Group sites each year: environmental
to eco-production (see Section 4.2.6 "Methodology note – risk assessment, emergency preparedness and response,
Environmental information"), health and safety and substance chemical risk assessment and prevention. The requirements
policies; of these standards correspond to the implementation of
technical, organizational and human resources (risk
■ actions related to operational management to optimize the assessment, reporting, equipment, site entry procedure for
use of raw materials and chemicals in processes; products, reporting and management of risk situations,
■ actions related to monitoring and continuous improvement of etc.). Sites assess their compliance with the standards
installations treating discharges to air and water, with the through self-assessments and internal audit processes,
application of Best Available Techniques where appropriate. ■ maintain zero major environmental incidents on industrial
This approach is particularly relevant for emerging pollutants, sites. In 2024, the Group confirmed the achievement of this
especially PFAS, which require continuous monitoring of Best objective.
Available Techniques for treatment and constant regulatory ■ reduction targets;
monitoring. In terms of regulations, in France, the Group
contributes to the analysis campaigns for PFAS in discharges to ■ stop the use of phytosanitary products on 100% of Group
water at its ICPE (Installation Classified for the Protection of the sites by 2025. In 2024, 83% of the scope did not use any
Environment) sites subject to authorization, in accordance with phytosanitary products,
the ministerial decree of 20 June 2023, as well as regional ■ continue to reduce emissions of priority and emerging
initiatives conducted by environmental authorities on the subject. pollutants to air, water and soil with relevant and appropriate
At the Rumilly site, the Group, working closely with the DREAL reduction targets on all sites concerned.
(Direction Régionale de l’Environnement, de l’Aménagement et
Quantitative targets related to the prevention and control of air
du Logement – Regional Department of the Environment,
pollutants and emissions to water are defined at site level, taking
Development and Housing) for the Auvergne-Rhône-Alpes region
into account the processes concerned, the regulatory requirements,
and, in accordance with the prefectural requirements, performs
the anticipation of those requirements and the associated
voluntary and regulatory controls on a series of PFAS in discharges
environmental criteria. At Group level, monitoring of the associated
to water and air and in sludge from treatment processes.
metrics is organized accordingly to reflect these priorities.
The Group also keeps a constant watch on international regulatory
The 2024–2030 ESG strategy aims to strengthen this monitoring
developments. The capital expenditure and operating expenditure
in response to the ever-changing challenges.
associated with the action plans are validated at the site level
and can be significant at this scale. They are not material at the These targets have been set internally by the Group, without a
consolidated Group level. process involving stakeholders or scientific organizations.
Key methodologies and assumptions are described in the
4.2.2.2.3 Targets for own operations [E2-3] methodology note (see Section 4.2.6 "Methodology note –
Environmental information").
The levers for preventing pollution on sites are reflected in
quantitative and qualitative targets:
■ avoidance targets;
■ maintain 100% of the Group’s ISO 14001 certified sites
each year, excluding new acquisitions (see Section 4.2.6
"Methodology note – Environmental information"). The Group
confirmed this 100% coverage in 2024,


4.2.2.3 Management and reduction of substances of concern
4.2.2.3.1 Policies related to substances of concern ■ to train and equip workers required to handle these materials
[E2-1] to ensure their safety.
A Upstream and downstream policies Suppliers must also agree to comply with chemical regulations
through the eco-statement process. This includes the Regulation
The reduction of impacts on the upstream value chain is based concerning the Registration, Evaluation, Authorisation and Restriction
on the Responsible Purchasing Charter (see Section ESRS S2 of Chemicals (REACH), the POPs Regulation on persistent organic
4.3.2 "Workers in the value chain"). The Responsible Purchasing pollutants and the Restriction of Hazardous Substances (RoHS)
Charter addresses substance-related matters, with the Group Directive, depending on the type of product purchased.
requiring its suppliers:
Groupe SEB ensures that its products comply with all applicable
■ to comply with the rules and restrictions imposed by Groupe regulatory requirements concerning substances of concern and
SEB concerning the use of hazardous substances; is fully committed to ensuring that its products are safe.
■ to have a regulatory monitoring process in place to ensure Groupe SEB consults its suppliers to ensure that the items and
that their products do not contain restricted or prohibited materials purchased meet the applicable requirements. It
materials; carries out the tests required by the applicable regulations and
■ to inform Groupe SEB immediately in the event of a change in implements regular monitoring measures for its products to
the composition or manufacture of the products; ensure their compliance. Groupe SEB teams monitor national
■ to properly identify, label and manage chemicals or hazardous and international regulations and act accordingly to anticipate
materials to ensure that they are handled, used, stored, regulations.
transported, recycled, reused and disposed of safely and in
accordance with the regulations;




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B Policies related to own operations ■ the selection of suppliers supplying components and materials
Environmental policies and substances (DEM 00 001 and compliant with the Group’s substance requirements, as
DEM 00 002) are integrated into the Group’s ISO 14001 certified previously defined, via the “eco-statement” process. New
environmental management system. suppliers must undertake to comply with the requirements,
such as those defined by the Regulation concerning the
These policies take into account the reduction in the use of Registration, Evaluation, Authorisation and Restriction of
unpopular substances. They have led to: Chemicals (REACH), the POPs Regulation on persistent organic
■ the ban on the use of cadmium (with the exception of certain pollutants and the Restriction of Hazardous Substances
red external coatings used by the Silit-WMF brand and the (RoHS) Directive, depending on the type of product purchased,
potential presence in the finished products of companies ■ monitoring over time of the level of supplier compliance.
acquired less than three years ago) and lead in the coating of
kitchen utensils since 1994. The prohibition applies to coatings, Groupe SEB constantly monitors the situation to ensure that its
including those used outdoors and in the decoration of cutlery; products comply with the substance regulations. The Group uses
external service providers to monitor regulatory developments
■ the complete elimination of PFOA from our suppliers’ processes and is involved in industry associations, both at European and
in 2012 in Europe ahead of changes in the regulations (2020); national level and internationally. The information gathered
■ the phasing-out of silicone molds for cooking utensils from through this monitoring is analyzed by the Compliance teams.
the end of 2023. Impact assessments are then carried out and action plans are
drawn up within Group-wide and/or specific working groups.
Substances of concern are taken into account in the “Act for
To anticipate regulatory developments, the Group may decide to
nature” pillar of the 2024–2030 ESG Strategy, via the commitment:
proceed with the elimination of the substance concerned.
“Continue to ensure a high level of consumer protection worldwide”.
This commitment is divided into levers for action, detailed in the In practice, with the aim of anticipating any potential regulatory
following section (see Section 4.2.2.3.2 "Actions related to the changes related to PFAS, for example, Groupe SEB has set up
management and reduction of substances of concern"). specific regulatory monitoring on this subject. Regulatory and
impact assessments, as well as the actions needed to comply
The main aim of instruction IHA 00 010 is to ensure that Groupe
with the requirements, are discussed in internal working groups
SEB’s internal stakeholders and suppliers are aware of and
specialized in PFAS. It is important to note that the PFAS, such
apply the regulations concerning substances, and that suppliers
as PTFE, used in the products marketed by the Group, comply
comply with Groupe SEB’s rules and requirements restricting
with the regulations in force. PTFE has been recognized by
the use of chemicals.
health authorities such as the World Health Organization and the
The eco-production policy takes into account the management of European Food Safety Authority (EFSA) as a material that does
substances of concern under the pillar “prevention of specified not present a danger to human health and is compatible with
pollution” (see Section 4.2.2.2 "Management and reduction of food contact. In addition to its exceptional non-stick properties, it
pollutant emissions to air, water and soil (excluding substances) is because of this proven safety that Groupe SEB has chosen
and control and reduction of incidents"). PTFE coatings for its frying pans and saucepans.

4.2.2.3.2 Actions related to the management and B Actions related to own operations
reduction of substances of concern [E2-2] Pollution prevention actions for own operations take into account
the management of substances of concern and of very high
A Upstream and downstream actions concern in discharges (see Section 4.2.2.2. "Management and
Within its ESG strategy, Groupe SEB has identified several levers reduction of pollutant emissions to air, water and soil and control
for action targeting substances: and reduction of incidents").
■ “Reduce the use of priority substances” lever, involving;
■ the definition of a list of priority substances for the Group 4.2.2.3.3 Targets for the management and
to anticipate regulations, reduction of substances of concern [E2-3]
■ mapping the use of substances within products, existing A Target for upstream and own operations
alternatives, monitoring and reduction in their use, As part of its ESG policy, under “Continue to ensure a high level
■ “Design and implement processes and tools, including for of consumer protection worldwide”, the Group aims to significantly
suppliers” lever, involving; curtail the use of “priority” substances by reducing the percentage
of products containing such substances by 2030 compared with
■ development of the use of IT tools to improve traceability, 2025. The list of substances and their specific reduction targets
impact assessment, synergy and responses to stakeholders must be drawn up and approved.
and regulatory expectations concerning substances. Every
year, a data collection campaign is launched with a pool B Downstream target
of suppliers selected according to the risks and issues The priority substances to be reduced and the specific reduction
involved, in order to update the Group’s knowledge of the targets for each substance are defined on a case-by-case basis
presence of substances. A database was created in 2024 to and reviewed regularly.
facilitate the use of data by Product Development teams,
The Compliance teams identify the substances and their reduction
■ systematic consideration of the risks associated with targets jointly with other departments, such as Development
substances in the purchasing and product development and Materials. These proposals must be approved by the Quality
process, through the development of a “substance risk” department, as well as by the Senior Executive Vice-Presidents
rating for suppliers from 2025, Industry and Products & Innovation.
The Compliance teams can also propose adjustments, such as
the addition of new substances and the updating of targets, for
example in response to potential regulatory changes.
For production, see Section 4.2.2.2 "Management and reduction of
pollutant emissions to air, water and soil (excluding substances)
and incident control and reduction".


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Groupe SEB is fully committed to the safety, quality and tract. Because it is chemically inert and biocompatible, many
sustainability of its products. Tefal products and all of international regulations permit the use of PTFE for food and
its brands are free from PFAS that are harmful to health or medical contact. Recent studies have also shown that its use in
the environment. Used for more than 60 years, PTFE kitchen utensils or medical implants is safe, even in the event
(polytetrafluoroethylene) is recognized as safe, with international of overheating, with emissions considered safe for human
scientific studies confirming its safety. health. In addition, Groupe SEB bans the use of PFOS and
Authorities in Europe and the United States, including the guarantees the absence of PFOA in its products. Furthermore,
World Health Organization (WHO), the European Food Safety no toxic non-polymeric PFAS are used in its manufacturing
Authority (EFSA), the International Agency for Research on processes. Because of these commitments and in view of the
Cancer (IARC) and the Organisation for Economic Co-operation established scientific evidence, PTFE is recognized as safe for
and Development (OECD), have established that PTFE is an human health in all its applications.
inert substance that cannot be absorbed by the body, is non- Groupe SEB remains alert to scientific and regulatory
carcinogenic and has no toxic, irritant or allergenic effects. Its developments so that it can continue to be fully committed to
high molecular weight prevents it from crossing biological the safety, quality and sustainability of its products in the future.
membranes, and it is not absorbed by the gastrointestinal



4.2.2.4 Metrics relating to pollutant emissions and the use of substances of concern
4.2.2.4.1 Pollution of air, water and soil These metrics are compiled using internal reporting tools, as
well as through regulatory reporting. The measured metrics
Scope of consolidated data at Group level –
follow normative and regulatory methods ensuring the reliability
Pollution prevention
and relevance of the data. The measurements come from
As part of the 2024–2030 ESG strategy, the Group prioritized the the field, are sent to the laboratory and analyzed within a
mapping of pollution risks by continuing and improving the normative framework. They are currently centralized for
centralization of data on priority pollutants (VOCs, COD/BOD, the Group’s European scope.
heavy metals, nitrates, phosphates) and emerging pollutants
In the case of industrial restructuring (closure, acquisitions),
(PFAS). This specifically includes measurements of emissions to
Groupe SEB has always ensured that sites are reclaimed in
water, which are already strictly monitored at local level.
accordance with local legislation. Where appropriate or required
The centralized metrics to date, associated with pollution by law, the Group conducts soil and sub-soil surveys, even though
prevention, fall within this framework and within the regulatory most sites are not subject to any such compulsory assessments.
framework: In the context of the operational management of production
■ at European level, the relevant metrics for pollution prevention activities, no event generated a risk of soil pollution in 2024.
concern our sites subject to the Industrial Emissions Directive The monitoring of soil pollution is carried out as follows:
(IED) and are published in the Industrial Emissions Portal
■ by taking into account accidental events on sites as part of
Regulation (IEPR) register;
eco-production reporting;
■ worldwide, we are working to establish equivalent priority
■ due diligence on each new acquisition;
criteria for integrating other sites into our centralized monitoring.
The COD measured from our wastewater treatment plants is ■ in the event of cessation of activity, according to the
centralized. authorities’ requirements.


Where necessary, remedial action will be taken in accordance with the current regulatory framework.

Value
Metric name (in tons) Comments

Emissions to air (NMVOC*) – 104 Five of the Group’s sites, located in France and Germany, are covered by the IED
E-PRTR scope – Europe Directive or the E-PRTR register. The above-mentioned discharges concern a site
for which the reporting threshold has been exceeded.

Emissions to water – Chemical 93 Chemical oxygen demand (COD), an indicator of effluent quality, is consolidated from
oxygen demand – World data from global sites with industrial water treatment plants. There are 16 sites.
* NMVOC: non-methane volatile organic compound.




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4.2.2.4.2 Substances of concern and substances Group has stepped up its efforts to monitor certain substances in
of very high concern anticipation of future regulatory developments. It monitors
changes in the classification of substances by official bodies on
In order to gather information on the presence of chemical an ongoing basis, and the Product and Innovation department
substances, and in particular those regulated under the European works proactively to substitute compounds that may be subject
RoHS and REACH regulations, since 2022 Groupe SEB has been to changes in classification. In 2024, the reference documents
supported by a new partnership with a company specialized in for suppliers and buyers (such as the eco-statement document
the management of technical, regulatory and environmental data. including completion instructions and the list of substances that
are compliant, non-compliant or not affected by the eco-
Currently, this process is implemented for the direct purchases
statement) were therefore updated to reflect the applicable laws,
of production sites in France, Canonsburg in the United States,
as well as changes to the Group’s requirements defined by the
Omegna in Italy and Emsdetten in Germany, as well as for SEB
Quality department.
Asia. It is mandatory for the creation of new suppliers. Annual
data collection campaigns are carried out on a pool of suppliers Groupe SEB is unable to quantify the metrics below. More
selected according to the risks and challenges involved. information is given in the “comments” column.
As a result of this partnership, around 413 of the Group’s direct The quantities of substances of concern likely to be present in
suppliers were subject to closer monitoring in 2024. The process materials and articles purchased below regulatory thresholds
will be rolled out in other regions: in 2025, 100% of Supor’s are not systematically disclosed by suppliers.
suppliers (direct purchases) will be contacted. In addition, the

Metric name Comments

Total amount of substances of concern that are Groupe SEB seeks to comply with all applicable regulatory requirements
generated or used during production or that are relating to substances of concern. The requirements vary according
procured, broken down by main hazard classes to the application/type of product manufactured.
of substances of concern. Information about the potential presence of these substances (in particular
those covered by the applicable regulations) in the materials and articles
procured is obtained from suppliers to ensure that these requirements are met.

Total amount of substances of concern that leave The products and components manufactured by Groupe SEB are not substances
facilities as emissions, as products, or as part of (very high) concern. The products and components manufactured are either
of products or services: articles or mixtures within the meaning of the REACH Regulation.
■ as products by main hazard classes of substances Groupe SEB seeks to comply with all applicable regulatory requirements
of concern; relating to substances of concern. The requirements vary according to the type
of product and include, for example:
■ as part of products by main hazard classes of
substances of concern. ■ compliance with the thresholds established for certain substances
of concern in electrical and electronic equipment (RoHS Directive);
■ notification, via the SCIP database, of the presence of substances
of very high concern (SVHC) in articles placed on the European market
(REACH Regulation).

Amount of substances of concern that leave facilities Emissions to water and air, including substances of concern and substances
as emissions by main hazard classes of substances of very high concern, are strictly controlled as part of the regulatory
of concern. and operational arrangements at our sites. See Section 4.2.2 "Management
and reduction of pollutant emissions to air, water and soil and control and reduction
of incidents".

Total amount of substances of very high concern Groupe SEB seeks to comply with all requirements relating to substances
that are generated or used during production or that of very high concern (SVHC).
are procured by main hazard classes of substances Information about the potential presence of SVHC in the materials and articles
of concern. procured is obtained from suppliers to ensure that these requirements are met.

Total amount of substances of very high concern The products and components manufactured by Groupe SEB are not substances
that leave facilities as emissions, as products, or as part of (very high) concern. The products and components manufactured are either
of products or services by main hazard classes articles or mixtures within the meaning of the REACH Regulation.
of substances of concern. Groupe SEB seeks to comply with all requirements relating to substances of very
high concern (SVHC).
Any presence of SVHC in articles placed on the European market is notified
via the SCIP database in accordance with the REACH Regulation.

Amount of substances of very high concern that leave Emissions to water and air, including substances of concern and substances
facilities as emissions by main hazard classes of very high concern, are strictly controlled as part of the regulatory
of substances of concern. and operational arrangements at our sites. See Section 4.2.2.2 "Management
and reduction of pollutant emissions to air, water and soil and control and reduction
of incidents".




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4.2.2.4.3 Anticipated financial effects from pollution-related risks and opportunities [E2-6]
The Group has chosen to use the progressivity measure allowed for the first year of preparation of its sustainability statement.
In addition, no major filings or incidents took place during the period.


4.2.3 Water resources [E3]
4.2.3.1 Overview of the impacts, risks and opportunities identified in relation to water resources
The Group uses water resources throughout its value chain. purification, and manufacture. During production, water is also used
Upstream, water is primarily used for extracting and processing for cooling, surface treatment, cleaning and residue processing.
materials such as stainless steel, aluminum and plastics, which Downstream, consumers use water to operate or clean the Group’s
require significant amounts of water for component cooling, products, further contributing to the overall water footprint.

Upstream Operations Downstream

Potential negative Disturbance of water resources Disturbance of water resources
impacts resulting from industrial suppliers’ at Groupe SEB manufacturing sites
withdrawals from the environment resulting from withdrawals from the
or potential discharges into water, environment and potential discharges
especially in areas of water stress into water, including at sites located
(e.g. extraction of materials, manufacture in areas of water stress (withdrawals
of plastic, metal or semi-finished parts). by Groupe SEB as part of its production
processes).
Water pollution – Potential discharge
into the environment of polluted water Water pollution – Potential discharge
or toxic substances from material into the environment of polluted water
extraction and supplier production or toxic substances from production
processes (see Section ESRS E2 4.2.2 processes (see Section ESRS E2 4.2.2
“Pollution”). “Pollution”).

Risks Disruption to business operations Disruption to business operations
at manufacturing sites of Groupe SEB of Groupe SEB manufacturing sites
suppliers and sites upstream of those located in areas of water stress.
located in areas of water stress.



Impact identification methodologies
For own operations: water. For own operations, sites in China (especially the plants
■ assessment of sites’ vulnerability to water stress: since 2015, in Shaoxing and Wuhan) were responsible for the majority of
the Group has been conducting an analysis that cross- water consumption volumes and impacts related to hydrological
references the geographical location of industrial sites with disturbance. These were followed by sites in France (water
the Aqueduct Water Risk Atlas reference tool from the World consumption) and Brazil (hydrological disturbance);
Resources Institute (WRI). This tool measures availability, ■ the results were produced by the GBS tool (see Section 4.2.6
quality and water-related dispute risks on an aggregate basis. “Methodology note – Environmental information”) with water-
The assessments carried out by the Group are updated on a related impacts only taken into account in upstream and
regular basis as part of its Water strategy. In 2021, the Group direct operations. No distinction was made for areas of water
also studied the vulnerability of its activities in relation to climate stress. Results were also derived from modeling based on the
change. The study incorporated considerations of water nature of each sector and monetary data.
stress and was updated in 2023 (see Section ESRS E1 4.2.1
“Climate change”). The Group has five sites located in water Risk identification methodology:
stress areas: Selongey, Rumilly and Pont-Évêque in France,
Montebello in the United States, and Borg el Arab in Egypt. ■ the biodiversity risk and opportunity assessment followed
TNFD recommendations and included the following stages:
For own operations and value chain:
■ identification of the main risks and opportunities by category
■ assessment of Groupe SEB’s impacts on biodiversity using (regulatory, market, etc.),
the GBS (Global Biodiversity Score) tool: in 2024, the Group
assessed which of its activities most eroded biodiversity and ■ assessment of the probability of occurrence of the various
through which pressures. The study’s finding in terms of water risks and opportunities on the basis of two scenarios based
indicated that the disruption to water flows due to water on the ADEME publication “Transition(s) 2050” (see Section
withdrawals had a significant impact. This was particularly 4.2.6 “Methodology note – Environmental information”),
evident in the extraction and industrial manufacture of metals, documentary work and expert opinions,
plastics and equipment upstream of the value chain, activities ■ assessment of the potential impact of each risk or SEB’s
that were also responsible for discharges of potentially polluted ability to take advantage of each opportunity.




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4.2.3.2 Use of water resources, including in areas of water stress
4.2.3.2.1 Policies [E3-1] and cooling. The Eco-production policy aims to enhance the
monitoring of water consumption and safeguarding of water
A Upstream policies
resources at the five Group sites in areas vulnerable to water
Water resource management in the upstream part of the value stress. In particular, it further underpins the 3Rs approach
chain is taken into account in Groupe SEB’s eco-design policy described in paragraph 4.2.3.2.2 “Actions related to own operations at
(see ESRS E5 Section 4.2.4 “Resource use and circular economy”) sites at risk of water stress”, by setting reduction targets of at
and in the Group’s responsible purchasing charter (see ESRS S2 least 25% (baseline year 2021) and action plans aligned with
Section 4.3.2 “Workers in the value chain”): local needs, and considering stakeholder requests, particularly
■ the goal of the eco-design policy (see ESRS E5) is to reduce regulatory requests. These efforts are reflected in particular in
the environmental impact of the Group’s products and the development of water conservation plans (e.g. at the Selongey,
packaging throughout their life cycle, from raw-material Rumilly and Pont-Évêque sites) specifying the local context,
extraction to production, distribution, use and end-of-life, and measurement elements, action plans and monitoring plans.
promote the circular economy. The policy is based on specific
criteria, which include internal standards for sustainability, 4.2.3.2.2 Actions [E3-2]
recyclability, energy efficiency and the use of materials with A Upstream actions
reduced environmental impact. Groupe SEB applies this policy
by encouraging the use of recycled materials in the manufacture ■ The Group’s actions in terms of sourcing recycled materials,
of its products. Recycled aluminum and stainless steel, for as part of its eco-design policy, reduce the impact on water
example, have a much smaller water footprint than virgin resources, particularly for certain materials. For example,
aluminum and stainless steel. aluminum recycling contributes to a significant reduction in
water use, as the production of virgin aluminum from ore
B Policies related to own operations requires large amounts of water for the refining process.
The Eco-production policy (see Section 4.2.6 “Methodology note – By increasing the use of recycled materials in our products,
Environmental information”) outlines all the measures implemented to we are helping to reduce the pressure on this valuable resource
reduce water consumption at Group plants, logistics and tertiary while reducing our environmental footprint. For more details,
sites. As such, it supports the Group’s commitment to “Safeguarding please refer to Sections ESRS E5 4.2.4.2.1 “Description of related
water resources by increasing efforts at high-risk sites”, policies” and 4.2.4.2.2 “Eco-design actions and resources”.
included in the “Act for nature” pillar of the 2024 CSR strategy. B Actions related to own operations
Policy on the use and supply of water resources in own Implementing the 3Rs approach means formalizing action plans
operations and for water treatment that prioritize particularly water-intensive processes (e.g. surface
The eco-production policy aims to reduce water usage at Group treatment, cooling, washing, etc.). Sites that manufacture cookware
plants through the 3Rs approach (Reduce, Re-use, Recycle). It is are major users of such processes, and since they account for
based on the following levers: 90% of the Group’s consumption, they play a crucial role in reducing,
reusing and recycling the water used in their manufacturing
■ improving water consumption monitoring at all plants;
processes. This makes them the focus of priority action plans.
■ applying the 3Rs approach at all Groupe SEB sites, with The actions deployed throughout the Group include:
enhanced monitoring and stricter targets in areas experiencing
■ reduction measures;
water stress; and
■ minimum requirements for measuring and managing
■ assessing the water footprint across the entire value chain.
water being introduced across all Group sites, factoring in
The main uses of water on the Group’s sites are related to surface the measuring and monitoring of consumption (leak detection,
treatment and heat treatment processes, as well as associated alerts in the case of excess, etc.). These actions are planned
utilities (heating, cooling, cleaning), representing around 90% of for the period 2025–2026,
consumption. About 10% of the water consumed is taken from
■ identification of levers for reducing water consumption
the natural environment (water tables and rivers).
by process type, and their deployment across a scope
Policy to reduce the consumption of water resources in areas representing more than 90% of the Group’s water
of water stress consumption. These levers include equipment optimization
The Group’s sites in areas at risk of water stress account for and replacement, operational control, and staff education.
8.7% of the water consumption of own operations. The main
industrial uses of water at these sites are surface treatment




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For example, the optimization and replacement at certain As part of their environmental management system, the sites
sites of high-consumption equipment, such as the washing consult with local stakeholders, with particular emphasis on
tunnels at Selongey in France or Omegna in Italy, reduced the water management. French sites located in water stress areas
water consumed during such processes by up to 70%; consult and collaborate with local authorities (community of
■ reuse measures: municipalities) and regional authorities (DREAL), local residents’
associations (such as local fishermen’s associations) and companies
■ introduction of closed-loop cooling systems at all Group in the area, within internal committees or external bodies, in
production sites, excluding power generation, order to share and promote best practices in water conservation.
■ introduction of several process-to-process reuse loops at a
number of Group plants, with the goal of maximizing and
C Downstream actions
quantifying this practice by 2030; As part of its eco-design policy (see Section ESRS E5 4.2.4.2.1
“Description of related policies”), the Group has developed
■ recycling measures;
products that aim to reduce water consumption, both during use
■ maximum recycling of water from industrial water treatment (for example, the steam cooker versus the stewpot) and during
plants, primarily by upgrading and adding stages in process cleaning (the easy-to-clean coatings of our frying pans and
water treatment and depollution. In Itatiaia in Brazil, for saucepans). Additionally, some products have features that help
example, the industrial wastewater treatment plant operates optimize water consumption during use, such as the “one cup”
in a closed loop, with treated water being reused by the line on kettles and graduation marks on saucepans.
treatment installation. A number of studies and pilot projects
are under way at Group installations. 4.2.3.2.3 Targets [E3-3]
These actions are part of the 2024–2030 CSR strategy, with a A Upstream targets
deployment horizon of 2024 to 2030 (100%).
The Group has set voluntary targets for its upstream value
These various actions rely on human resources, both internally chain in order to reduce its impact on water resources:
(operational teams) and externally (research and expertise), and
investments to improve or upgrade installations with a view to ■ 60% recycled materials in products by 2030. In 2024,
reducing water consumption or re-using water. To date, there is products used 48% recycled materials (see Section ESRS E5
no centralization of CAPEX and OPEX specifically allocated to 4.2.4 “Resource use and circular economy”);
water management within the Group. An estimate will be made ■ 100% of purchases of raw materials and manufactured
in 2025 to assess whether these amounts are significant. products compliant with the Responsible Purchasing Charter
The 3Rs approach described above applies in particular to the by 2030. In 2024, 78% of direct purchases and 93% of
five Group sites identified as being in areas of water stress, purchases of manufactured products were covered by the
namely Selongey, Rumilly and Pont-Évêque in France, Montebello Responsible Purchasing Charter (see Section 4.3.2.2.2
in the United States, and Borg el Arab in Egypt. A water- “Responsible purchasing policy”).
efficiency plan is in place at three of these five sites (Rumilly,
Pont-Évêque and Selongey) and is currently being rolled out at
B Targets related to own operations
the Borg el Arab site. The Montebello site does not use water for ■ the eco-production policy includes two voluntary targets;
industrial purposes. For sanitation, it follows best practices to ■ reduce the Group’s water consumption by 25% in absolute
save water. These efficiency plans account for the needs of local terms by 2030 compared to 2021 in its own operations.
stakeholders, including regulatory bodies (environmental authorities In 2024, the Group achieved a 16% reduction compared
or local authorities), to set consumption targets and action plans with 2021, in line with the 2030 reduction target,
for the short and long term. As a result of the actions taken,
between 2021 and 2024 water consumption at sites in areas of ■ achieve 100% closed loops by 2030 on cooling systems not
water stress was reduced by half (-47%). These actions target used for energy production. This target is monitored within
significant water usage, such as surface treatment, and the framework of the quarterly Eco-production Policy
initiatives to reuse water. They also address the control of Steering Committee. The Group is formalizing the mapping
measurements, to ensure that these are reliable and to detect of cooling systems in order to achieve the target of 100%
leaks and other discrepancies. closed loops;
>> Collective action to manage water and resources (DP E3-2_02) ■ the Group’s reduction target is set annually for each site
according to the issues at stake and site priority (e.g. sites at
risk of water stress or the Group’s 10 biggest water consumers).




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BETTER IN-HOUSE MEASUREMENT OF WATER RESOURCE MANAGEMENT (DATA COLLECTION)
Groupe SEB will enhance the monitoring of its water consumption through a dedicated “Measure and Standardize” lever as part of
its CSR strategy. This entails, among other considerations:
■ developing a “water footprint” measurement to map sites in greater detail and identify high water-consuming processes within
the value chain. It will be launched in 2025;
■ defining and implementing minimum requirements for water measurement and management from 2025, which will enable
more detailed quantitative reporting on this topic for Groupe SEB sites;
■ operational monitoring of water consumption at Groupe SEB sites using an internal management tool, also to be finalized in 2025.
These points will enhance the monitoring of consumption excesses, contribute to site reduction action plans, and strengthen
the value chain’s commitment to addressing water challenges.



4.2.3.3 Water treatment
Information on water treatment (Section 4.2.3 “Water resources”, Section 4.2.3.2.1 “Policies”, Section 4.2.3.2.2 “Actions” and Section 4.2.3.2.3
“Targets”) can be found in Section 4.2.2 “Pollution” above.


4.2.3.4 Water resources metrics

Metric name Value Unit Comments
3
Total amount of water consumed 2,654 thousands of m Absolute value based on invoicing
3
Total amount of water consumed 229 thousands of m Absolute value based on invoicing
in areas at risk and at high risk
of water stress

Total amount of water recycled Not available thousands of m3 Work is underway to make the data more reliable
and reused and centralized so that an initial consolidation can be published
for the 2025 period

Total amount of water stored Not available thousands of m3

Water Intensity Ratio 321 m3/€ million Water consumption based on invoicing
Group consolidated revenue




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4.2.4 Resource use and circular economy [E5]
4.2.4.1 Overview of impacts, risks and opportunities
Upstream value chain Own operations Downstream value chain

Negative impacts Materials – Use of virgin materials
in operations: the use of virgin raw
materials for the production of
goods contributes to the depletion
of resources and increases the
pressure on them.

Waste – Waste generated in
operations: generation of waste
during production that cannot be
reused in industrial processes.

Waste – Generation of waste at
product life end: contribution to
the generation of waste, including
hazardous waste, some of which
cannot be recycled or recovered

Positive impacts Eco-design – Eco-designed products: From the start of the product development process, the eco-design
of products and packaging seeks to reduce their environmental impact throughout their life cycle: extraction
of raw materials, production, distribution, use and end-of-life.

Risks Materials – Costs/availability of
materials and components:
depletion of resources can lead to
shortages or higher prices of raw
materials.

Opportunities Uses – Product repairability: repairability services offered by the Group
could increase the Group’s attractiveness and market share.

Uses – Second-hand: the second-hand market is an opportunity
for the Group to increase its revenue and profitability.

Eco-design – Eco-designed
products: commercial opportunities
linked to eco-designed products.


The analysis of impacts, risks and opportunities presented above was carried out for all activities presented in the Groupe SEB business
model (see Chapter 1.3 “Strategy and value creation”).


4.2.4.2 Eco-design

Targets Metrics monitored
Policies Actions by 2030 (relative)

Eco-design policy Repairability >90% 15-year repairability*

■ Use of recycled materials in direct purchases
60% % by weight
(materials, components and packaging)

■ Use of recycled materials – aluminum 65% % by weight

■ Use of recycled materials – plastic 20% % by weight

■ Use of recycled materials – cardboard >90% % by weight

Refurbishment Second-hand business model Second-hand revenue
3% to 5%
development policy in targeted regions
* Excluding the Supor brand.




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Groupe SEB pursues a circular economy strategy to achieve The eco-design policy is implemented from the initial
sustainability and position the Group as a leader in this field. procurement phase (purchase of raw materials) from suppliers
That strategy is based on a variety of measures to reduce the and is shared with all stakeholders along the value chain
environmental impact of the Group’s products and lower its (suppliers, retailers, consumers). The eco-design policy covers
resource utilization rate. To integrate the principles of the “3Rs” the Group’s entire scope (geography, business activity). However,
(Reduce, Re-use, Recycle) across its entire value chain, the Group certain aspects of the eco-design policy might not be covered in
applies an eco-design policy for the duration of a product’s life certain geographies: for example, the 15-year repairable
cycle. At the same time, the Group is developing new business commitment and the eco-packaging policy do not apply to our
models based on product refurbishment and resale for the subsidiary Supor in China.
second-hand market. Each Business Unit Director is responsible for applying the policy
within his or her scope, under the supervision and overall
4.2.4.2.1 Description of related policies [E5-1] responsibility of Groupe SEB’s Senior Executive Vice-president,
The Group’s eco-design policy for products and packaging Products and Innovation.
Groupe SEB’s product and packaging eco-design policy The eco-design policy has been developed to include a variety of
addresses two impacts, two opportunities and one material risk factors that consider stakeholder interests. Repairability generates
identified in its double materiality assessment: positive impacts for both consumers and trade product users.
Not only do they benefit from quality warranties, but also a
■ Positive impact of eco-designed products and packaging streamlined consumer experience whereby they can access
across the Group’s entire value chain; quick and effective repair over the long term at an affordable
■ commercial opportunity related to eco-designed products in price via an extensive network of repair service providers.
its downstream value chain; The Group’s eco-design policy and commitments can be viewed
■ opportunity related to the Group’s repairability service offering in on Groupe SEB’s website at https://www.groupeseb.com/en/
its own operations and downstream value chain; eco-conception and https://www.groupeseb.com/en/reparability.
■ negative impact related to the use of virgin materials in Business development policy for the second-hand market
operations in its upstream value chain;
The business development policy for the second-hand market
■ risk related to the cost and/or availability of materials and addresses material opportunities for Groupe SEB to increase its
components in its upstream value chain. revenue and profitability within its own operations and downstream
This policy applies to all Group activities and comprises several value chain.
pillars, for which precise objectives, actions and targets have As part of its circular economy strategy, Groupe SEB is developing
been defined based on the specific features of Groupe SEB’s new business models to give its products more than one life.
market segments (see Section 4.2.4.2.3. “Eco-design targets”). For instance, when a product is returned (e.g. by a consumer as
Manufacture sustainable products based on stringent quality part of after-sales service or in response to a specific sales
criteria such as the ISO 9001 certified quality management offer) and is still useable, the Group makes every effort to give
system (QMS), which contributes to the quality of products and that product a second life rather than ship it off for dismantling
where repairability is incorporated as early as the design stage. and recycling.
In parallel, develop a comprehensive service offering to To develop these business models, which are based on product
encourage repair over the long term. More than 90% of Groupe repair and/or refurbishment, the Group draws on expertise formed
SEB’s Consumer Electrical Appliances (excluding products under over the years from its successful repair service offering. To achieve
the Supor brand) fall under its “repairable for 15 years at a fair this goal, a dedicated working group has been set up, bringing
price” commitment, and the Group is pursuing this type of initiative together representatives from Sales, Aftersales, Logistics and
in other market segments (see Sections 4.2.4.2.2 “Eco-design Sustainable Development.
actions and resources” and 4.2.4.2.3 “Eco-design targets”).
In 2024, the Group set itself the target of increasing the SDA
Improve the recyclability of products and packaging (see Business Unit’s share of second-hand market sales in Western
Section 4.2.4.3.1 “Description of related policies”, paragraph “Waste Europe to 3% to 5% of revenue/sales volume by 2030, versus <1%
reduction policy for the Group’s downstream value chain”). in 2023.
Reduce pressure on resources and control raw material supply To date, the policy to expand the second-hand product offering
costs by introducing and/or increasing the rate of recycled and/or has applied to Small Domestic Appliances in the Group’s
low-impact materials in products and packaging manufactured operations in Western Europe (France, Belgium, Netherlands, Italy,
by the Group, with the overall aim of achieving a rate of 60% recycled Spain, Portugal, and Germany).
raw materials (metals, components, plastic and cardboard,
by mass) by 2030. The Executive Vice-president, Greater Europe, and Senior Executive
Vice-President, Industrial Operations, both of whom serve on
Apply eco-packaging criteria to reduce the Group’s impact in its Groupe SEB’s Executive Committee, are responsible for monitoring
downstream value chain and encourage recycling (see Section and implementing this policy.
4.2.4.3.1 “Description of related policies”, paragraph “Waste reduction
policy for the Group’s downstream value chain”). Groupe SEB does not use a third-party standard for the definition
of this policy.
Improve the energy efficiency of Group products (see Section
ESRS E1 4.2.1 “Climate change”). Groupe SEB did not consult stakeholders for the definition of
this policy.




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The Group’s policy on developing the second-hand market can ■ the second module provides more in-depth training for teams
be viewed on Groupe SEB’s website at https://www.groupeseb.com/ directly involved in eco-design projects (marketing, development,
en/second-life. purchasing) and is led by internal and external specialists in
this field.
4.2.4.2.2 Actions and resources relating ECOdesign label
to eco‑design [E5-2]
In 2020, the Group set criteria for defining an “eco-designed product”
Meeting the challenges of eco-design and product impact as part of its eco-design policy:
The actions detailed below relate to the entire value chain. ■ a product designed to last and be repaired;
Life cycle analyses ■ an increasingly recyclable product;
As part of the Group’s eco-design policy, the Business Units ■ materials with a reduced environmental impact;
produce life cycle analyses (LCAs) of their products to measure ■ better energy efficiency;
their various impacts on the environment and provide guidance
on how to reduce them. ■ more eco-friendly packaging.
In 2024, the product families defined as the most significant In 2021, to promote its eco-design with consumers, Groupe SEB
were covered by a life cycle analysis. The families covered created its ECOdesign label, which is certified by an independent
account for more than 60% of sales. New LCAs, or updates of old third party with regard to ISO 14020 and ISO 14021 standards.
ones, are carried out periodically to maintain this database. This label allows consumers to quickly identify the products that
conform to the strictest eco-design specifications.
The Group has also established the environmental profile of
each product family by producing summary fact sheets for Designing long-lasting products
internal use. These have been designed in conjunction with Groupe SEB is implementing a range of action plans to improve
teams from Development, Marketing and Quality. The fact sheets the longevity of its products and expand its second-hand activities.
are based on LCA results and identify which stage in the life The action points are described below based on where the
cycle of each product generates the greatest impact, what above-mentioned material impacts, risks and/or opportunities are
resources are required for the product’s manufacture and situated in the Group’s value chain.
operation, and what can be done to reduce that product’s impact.
The fact sheets are available on the Group’s intranet and are The actions detailed below are related to the downstream value chain.
both a means of raising employee awareness and a tool for Repairability
targeting eco-design efforts.
Groupe SEB continues to make every effort to extend the life
Integration of eco-design in the product development process: span of its products in order to limit new product purchases and
■ since 2023, the Group has added the systematic evaluation thus reduce the consumption of the raw materials needed for
of eco-design criteria to its product development process their manufacture. The Group pledged to apply the “repairable
for all its products; for 15 years at a fair price” guarantee to 90% of its Small Electrical
Appliance products(1) aimed at consumers by 2030.
■ for each new product launched, teams analyze which eco-design
criteria can be improved upon compared with its predecessor The guarantee relies on a network of stakeholders. Repair services
in the same category. are provided by a network of 200 repairers in France and 6,200
repair centers worldwide.
Eco-design training
In 2020 in France, Groupe SEB launched a flat-rate repair package
For more practical purposes, the Group has incorporated eco- for products covered by the 15-year repairability guarantee, with
design into its training program. The goal is to help the Product a single fixed rate for each product category. The consumer can
Development and Innovation teams better understand eco- generally get their product repaired for less than a third of
design concepts and challenges, to understand the opportunities the price of an equivalent new product from the brand, whatever
they represent in their area, and to make the most of them by the malfunction, the spare parts needed, and the age of the
using the resources provided by the Group (tools, case studies, appliance (the repairability warranty lasts for up to 15 years).
monitoring documents, etc.). They also benefit from a guaranteed period covering the whole
In 2023, a new version of this training course was offered to the product for six months after the repair has been done. The Group
relevant teams in Asia. has thus become the first Small Domestic Appliance company
to offer a repair package, and is currently the only one offering
An “Advanced Eco-design” training course started in 2021 and
an all-inclusive, affordable package. The Group extended this
comprises two modules:
offer to Spain, Portugal and Italy in 2021 and to the main
■ the first module focuses on the fundamentals of eco-design. It countries of Eastern Europe in 2022 for Tefal, Moulinex, Rowenta
is available in an e-learning format for more than 800 employees and Krups branded products.
of the Products and Innovation community around the world; Product repairability is also a key pillar of the Group’s professional
offering. The Group helps to maintain long-term repairability for
the WMF, Schaerer and Wilbur Curtis brands by guaranteeing
the availability of equipment spare parts for eight years via
a global service network, which is made up of its own service
technicians from its 11 subsidiaries plus certified service
partners worldwide.




(1) Excluding the Supor brand.



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Expansion of second-hand business activities Recycled stainless steel is also an important consideration for
The Group has continued and/or introduced a range of action kitchen utensils and gadgets. The Group already uses 45%
plans in the market concerned by the second-hand activities. To recycled stainless steel in its products and aims to reach the
develop these activities, the Group relies in particular on the highest rate technically possible of 80% by 2030.
results of the RépareSEB business based in Paris, France, which The action plan put together for 2025 on the use of materials
refurbishes SEB products. focuses on two objectives:
In 2024, the Group reached a new milestone in the scaling up of ■ deploying the roadmap for recycled aluminum and integrating
its product refurbishing capabilities, creating a dedicated closed-loop volumes;
refurbishing center at its Is-sur-Tille plant in France. The Group’s ■ continuing research into alternatives to the virgin plastics used
aim is to open the center in 2025 and collect products returned in Group products primarily using a tool developed in-house
firstly in France and then in Spain and Germany, eventually that also considers constraints linked to food contact and
processing 50,000 products per year (reflecting the fact that the temperatures of use. This tool will be used for all of the Group’s
total number of products sold in these regions is much higher). plastic procurement.
The site is the result of a €1.5 million investment. The aim of this
action is to accelerate the online resale of refurbished products. The action plan for recycled materials covers all of the Group’s
geographies.
Combating resource depletion: The 2025 action plan does not entail any operating expenditure
In keeping with its eco-design policy and its strategy related to or capital expenditure considered to be material.
the circular economy and resource utilization, Groupe SEB is
implementing a variety of action plans upstream of its value 4.2.4.2.3 Eco-design targets [E5-3]
chain to mitigate the negative impact of using virgin materials
and to reduce the risks associated with the cost and/or The methodologies, key assumptions, selected scenarios, data
availability of materials and components. sources and alignment of each of the following objectives with
The actions described below are designed to help the Group national, European or international policy objectives are described
meet the material-use targets listed in the table below (“Targets in the methodology note (see 4.2.6. “Methodology note –
related to the upstream value chain”). Environmental information”). The methodology note also lists
any changes in the objectives and corresponding parameters or
An action plan is currently being rolled out that aims to increase underlying measurement methods, significant assumptions,
the use of recycled aluminum in product production to 65% by limitations, sources and data collection processes adopted within
2030. This takes into account supplier capacity as well as the the defined time horizon.
costs and constraints of the industrial processes required to
maximize the use of this material. Stakeholders were not systematically involved and consulted
when setting the targets below.
Targets related to the upstream value chain
(in % of weight) 2024 2023 2030
Rate of recycled materials used in manufacture 48% 45% 60%
Aluminum 45% 33% 65%
Plastic 9% 6% 20%
Cardboard 95% 94% >90%

In 2018, the Group made a specific voluntary commitment to recycled plastic in France as part of the French government’s circular
economy roadmap (FREC). The goal is to double the annual use of recycled plastic in France by 2025 (base year 2017).
Targets related to the downstream value chain
2024 2023 2030
Repairability
Electrical Appliances(1) repairable for 15 years (%) 90% 91% >90%
Second-hand
Proportion of revenue generated by second-hand offerings(2) <1% <1% 3% to 5%
(1) For the entire consumer scope with the exception of the Supor brand.
(2) In the target geographies (France, Belgium, Netherlands, Italy, Spain, Portugal, Germany).




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4.2.4.3 Waste management

Targets by
Policies Actions 2030: Metrics monitored

Industrial waste Waste generation reduction -10% Waste weight vs 2021 (absolute metric)
reduction policy
Non-hazardous waste recovery rate (excluding metal)
Recovery of non-hazardous waste 90%
(relative metric)

Eco-design policy Product recyclability 85% Average recyclability of SDA products (relative metric)

Eco-packaging 100% Sub-packaging without virgin plastic (relative metric)


Groupe SEB’s aim is to reduce the waste generated by its products The process involves:
throughout their life cycle. As part of its strategy for a circular ■ mapping waste generation and flows, and harmonizing waste
economy, the Group is implementing a number of policies and types at all sites through the application of the most ambitious
actions along its value chain, including: regulatory framework relevant to the Group’s operations
■ purchasing practices for raw materials, components or (European Union);
sub‑assemblies that ensure waste is properly managed at ■ applying the “3Rs” (“Reduction, Reuse and Recycling”) approach
production plants; to waste management, starting from the design and scaling‑up
■ an industrial waste reduction policy and actions to limit losses phase. The Group’s actions focus on Reduction, by raising
and recover waste during product manufacturing; employee awareness and improving the sharing of best
■ a series of initiatives, in connection with its eco-design policy, practices; Reuse, to bolster existing efforts on waste reuse
to increase the recyclability of Group products at the end loops; and Recycling.
of their life, as well as an eco-packaging policy to reduce The policy applies to all of the Group’s 14001-certified
the environmental footprint of its packaging; production sites worldwide, and falls under the responsibility of
■ a series of initiatives to encourage recycling. the Group’s Executive Vice-President, Industrial Operations. The
policy applies ISO 14021 for the definition of “Recyclable” and
ISO 14001 for industrial sites.
4.2.4.3.1 Description of related policies [E5-1]
Groupe SEB did not consult stakeholders for the definition of
Waste reduction policy for the Group’s operations this policy.
The Group has adopted an industrial waste reduction policy that
addresses the material negative impact resulting from the waste Waste reduction policy for the downstream value chain
generated by its own operations that is not re-used in the Waste reduction policy for the Group’s downstream value chain
industrial process. addresses the negative material impact of waste generated at
The policy aims to reduce the amount of waste generated at the end of a product’s life. It applies to all Group activities
plants and ensure that unavoidable waste is treated appropriately, included in the reporting scope (see paragraph 4.1.1.1 “Basis for
in particular by minimizing the percentage of waste sent to landfill preparation of the sustainability statement [BP-1]”), with different
or incinerated. This is in line with the Group’s overall approach to objectives and targets depending on the specific features of the
eco-production, which aims to achieve and maintain ISO 14001 various market segments served by each Business Unit (see
“Environmental Management” certification for 100% of its Section 4.2.4.3.3 “Waste reduction targets”).
industrial sites worldwide included in the reporting scope (see This policy supports Groupe SEB’s aim to reduce the waste
paragraph 4.1.1.1 “Basis for preparation of the sustainability generated by its products throughout their life cycle:
statement [BP-1]”). As part of its commitment to the Act4nature
■ via purchasing policies for raw materials, components or
international initiative, the Group had also set itself the goal of
sub‑assemblies, ensuring waste is properly managed at
reducing waste generated at its industrial sites by 15% between
production plants;
2019 and 2022. It exceeded this goal in 2022 with a reduction of
22%. In 2021, the Group made a new commitment, setting a dual ■ during manufacture;
target for 2030: a 10% reduction in its industrial waste production ■ when received by the user who can then recycle the packaging,
and a 90% recovery rate for non-hazardous waste (excluding designed mostly in cardboard for effective recycling anywhere
metal). This 90% target is not based on specific scientific evidence in the world;
but on the Group’s historical waste reduction.
■ by delaying end-of-life as long as possible (see Sections 4.2.4.2
It established a monitoring process in line with waste management “Eco-design” and 4.2.4.2.1 “Description of related policies”);
hierarchy, giving priority to prevention and reduction and, for
unavoidable waste, recycling and recovery. ■ at end-of-life through product recycling.
The Group is intent on doing all it can to encourage the recycling
of its products and thus help to reduce the production of non-
recyclable waste. Its efforts focus on two key priorities.




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The first, which starts at the design stage, is to increase a set up reuse loops with local component suppliers or offer a
product’s recyclability at the end of its life cycle. This can be second life for packaging and pallets (for example, reuse of
achieved by increasing the proportion of potentially recyclable component pallets as pallets for finished products);
materials used in a product’s manufacture, i.e. materials that ■ waste treatment channels: mapping and identification of the
can be reprocessed for re-use as raw materials or products, and most favorable channels and identification of new channels;
by designing products that are easy to dismantle. The Group has
set demanding standards to be met by 2030, with targets ■ process waste: process optimization to reduce raw material
of 80% to 90% (see Section 4.2.4.3.3 “Waste reduction targets”). loss (plastic, metals), scrap rework.
This focus on the beginning of a product’s life cycle is
Actions related to the downstream value chain
complemented by an end-of-life approach, which involves
developing processes and programs to ensure products can be ■ promoting recycling and product recyclability.
collected and reprocessed through partnerships with competent Partnership with eco-organizations
organizations. Recycling initiatives and/or measures to
encourage recycling are also part of this approach. To this end, To expand its product collection and recycling operations,
the Group has formed partnerships with major retailers and Groupe SEB has entered into a partnership with Ecosystem, an
various eco-organizations. eco-organization of which it is also a Board member.
The second priority concerns packaging, which is covered by This partnership stems from the legal requirements in relation
a Group-wide “eco-packaging” commitment. Packaging must to extended producer responsibility (EPR).
fulfill its functions in terms of protection, storage, transport, Ecosystem is France’s leader in managing waste from electrical
information and handling, while minimizing as much as possible and electronic equipment and a member of the WEEE (Waste
its environmental impact. The priority objectives of the eco- from Electrical and Electronic Equipment) Forum, an international
packaging policy relate to the percentage of recycled fibers, the non-profit association made up of 51 electronic waste producer
elimination of expanded polystyrene (EPS), and the elimination of responsibility organizations. EcoSystem’s aim is to combat the
plastic sub-packaging or its replacement by recycled plastic depletion of fossil and mineral resources by expanding waste
(see Section 4.2.4.3.3 “Waste reduction targets”). collection and contributing to the development of new industrial
The policy to reduce waste in the Group’s downstream value processes to produce quality recycled materials that meet new
chain applies to all its activities included in the reporting scope manufacturing requirements.
(see paragraph 4.1.1.1 “Basis for preparation of the sustainability The Group will increase its contribution to the growth in recycled
statement [BP-1]”) worldwide, with targets adapted to the specific waste volumes between now and 2030 by continuing to arrange
features, location and market segment of each Business Unit. recycling services, the recovered products from which will then
The entire policy is led by Groupe SEB’s Senior Executive Vice- enter EcoSystem’s waste management flow.
president, Products & Innovation. Where applicable, the policy France & Europe – partnerships and operations for waste
follows ISO 14021 for the definition of “Recyclable”. collection and recycling.
Groupe SEB does not use a third-party standard for the Since 2012, the Group has been spearheading campaigns to
definition of this policy. promote the recycling of cookware in partnership with specialist
Groupe SEB did not consult stakeholders for the definition of recycling companies and distributors.
this policy. ■ Tefal: In Europe (France, Netherlands, Norway, etc.), these
initiatives have allowed consumers to return their old products
4.2.4.3.2 Actions and resources [E5-2] to the store in exchange for a discount voucher to purchase a
new item. The offer has focused on 100% recycled aluminum
The actions taken to limit waste are as follows: cookware since 2018. The used products are collected before
■ increase the recyclability of our products from the manufacturing being sorted and crushed. The main materials (aluminum,
phase; stainless steel and plastic) are separated, then recycled or
■ increase the life span of our products through repairability recovered to manufacture new products.
(see repairability KPI); and ■ In 2023 in France, collection arrangements were set up with
■ an action plan to encourage recycling at product end of life. Carrefour, Géant Casino, Auchan and BHV. Beyond these one-
off collection arrangements, in 2023, the Group, through its
These action points are described below based on where the Tefal brand, joined a partnership with TerraCycle, involving
above-mentioned material impacts, risks and/or opportunities several brands and providing for recycling kiosks for various
are situated in the Group’s value chain. products not eligible for waste sorting bins in the parking lots
Actions related to own operations of several Carrefour stores in France. These kiosks allow
consumers to drop off their used products, regardless of their
Sites apply their roadmap for reducing waste or recovering condition or brand, in exchange for vouchers for Tefal products.
unavoidable waste based on their specific challenges and main
waste generators, and the 3Rs approach: Over a 10-year period in France, arrangements of this nature
have led to the collection and recycling of more than 1.7 tons of
■ non-hazardous waste, excluding metal (between 40% and cookware – equivalent to over 2.5 million products. These collection
50% of total waste): reuse of component packaging (pallets, and recycling operations for frying pans and saucepans have
cardboard, plastics) that represents up to 80% of waste from been extended to more than a dozen countries, in all geographic
the plants in terms of volume. Most of the Group’s sites have regions, and to an increasing number of brands.




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A global recycling initiative for a complete circular loop ■ phase out expanded polystyrene (EPS): Groupe SEB has made
In late 2024, Tefal took the step of launching the world’s first every effort with its products, with 90% of packaging already
recycling initiative for used kitchen utensils, encompassing EPS-free. For some products, however, eliminating EPS poses
all brands. This unique industrial scheme relies on a national technical problems, and the Group is working hard to resolve
collection network involving retailers (Auchan, Leclerc, Carrefour), these issues wherever possible;
waste disposal facilities and partner stores. The aim is to collect ■ limit the use of virgin plastic in sub-packaging and replace it
up to 20 million utensils in France by 2027 and recycle them with paper or recycled plastic alternatives (minimum of 50%)
locally using innovative processes, saving more than 90% of the whenever possible.
energy required for virgin aluminum production.
Actions in line with the eco-packaging policy 4.2.4.3.3 Waste reduction targets [E5-3]
An action plan has been drawn up with the following objectives: The methodologies, key assumptions, selected scenarios, data
■ increase the use of recycled fibers in cardboard using FSC- sources and alignment of each of the following targets with
certified fibers. national, European or international policy objectives are described
in the methodology note (see Section 4.2.6. “Methodology note –
The packaging used at production sites in Europe, Asia and Environmental information”). The methodology note also lists any
South America is made up of more than 90% recycled fibers, changes in the objectives and corresponding parameters or
and the Group continues to focus its efforts on North America, underlying measurement methods, significant assumptions,
where kraft paper (virgin fibers) makes up a larger proportion limitations, sources and data collection processes adopted within
of the offering and there have been fewer advances in the the defined time horizon.
recycling of products;
Stakeholders were not systematically involved and consulted
when setting the targets below.


Targets related to own operations
Waste from own operations

2024 2023 2030
Waste generation reduction (baseline year 2021) 12.9% 15.8% 10%
Non-hazardous waste recovery rate (excluding metal*) 85.8% 82.0% 90%
* Internal measures: The recycling potential rate is the percentage by weight of components and materials that are potentially recyclable in relation to the product’s total weight.



Downstream value chain targets
Increased product recyclability

2024 2023 2030
Rate of recyclability* of products
Recyclability rate – Small Domestic Appliances 82% 80% 85%
* Internal measures: The recycling potential rate is the percentage by weight of components and materials that are potentially recyclable in relation to the product’s total weight.


The Group does not currently have a system for systematically Product recycling
measuring the recyclability of professional coffee machines. A To help meet various regulatory targets for the France scope,
baseline study on the recyclability of a machine representative of the Group participates, through Ecosystem, in end-of-life product
the product range places the recyclability rate at around 90%. recovery, providing consumers with pick-up points.
The Group does not currently have a system for systematically At the date of publication of the sustainability statement, the 2024
measuring the recyclability of cookware. Based on the products Ecosystem data were not available. Outside Ecosystem, the Group
that have been measured, the average recyclability rate is is unable to retrieve recycling data from eco‑organizations
around 80%. (in geographies where such organizations exist).
The recyclability rate for packaging in 2024 was 96%.

Product recycling 2023 2030
Active pick-up points 12,607
Materials collected from household WEEE (tons) 641,030
Equivalent number of units (in Europe) 137.7 million
Collection rate (in France) 47.4% 65.0%
Recycling rate (in France) 77.6% 74.2%
Recovery rate (fuel/substitute material) (in France) 90.5% 82.5%




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Eco-packaging 2024 2023 2030
90% recycled fibers in cardboard 95% 94% >90%
Zero expanded polystyrene in packaging** 96% 90% >95%
Percentage of packs containing zero plastic sub-packaging or made
65% 47% 100%
from at least 50% recycled plastic*
* Scope: products launched after 2019 except Supor brand and Professional business.



4.2.4.4 Resource use and circular economy metrics [E5‑4], [E5‑5], [E5‑6]
The methodologies, key assumptions, selected scenarios, data Rare earths are not part of the Group’s manufacturing process.
sources and detailed information on the following metrics are The Group’s operations comprise 44 production facilities worldwide.
presented in the methodology note (see Section 4.2.6 “Methodology
note – Environmental information”). At the end of 2024, the percentage of recycled materials was
48%, an increase of 3 percentage points on 2023, reflecting the
The metrics presented below are not validated by an external Group’s continued efforts and in line with its target of 60% by 2030.
body, apart from the signatory(ies) of the sustainability report. The increase between the two financial years was mainly for
aluminum and plastic.
4.2.4.4.1 Resource inflows [E5-4]
The Group’s material resource inflows used in the manufacture
of its products primarily consist of metal (aluminum, steel),
plastics and packaging.

Raw materials
2024 2023 2022 2021
(in tons)
Total consumption of metals 177,078 179,088 203,601 225,406
■ o/w aluminum 88,996 90,297 116,799 122,781
■ o/w recycled aluminum 45% 33% 19% 9%
■ o/w steel 86,509 81,708 78,674 93,939
■ o/w recycled steel 44% 45% 43% 20%
Total consumption of plastics 60,246 57,420 50,259 64,874
■ of which recycled 9% 6% 6% 4%
Total consumption of plastic components/sub-
31,200 32,840 30,698 33,696
parts
Total consumption of packaging 119,391 126,120 157,883 162,644
■ of which cardboard 108,133 114,199 147,000 147,774
■ o/w recycled cardboard 95% 94% 89% 90%
TOTAL RAW MATERIALS (IN TONS) 387,915 395,467 442,441 486,620
RE
CYCLED RAW MATERIALS (IN TONS) 187,029 178,825 191,365 166,571
% RECYCLED 48% 45% 43% 34%

The weight of finished products purchased by the Group in 2024 ■ food preparation appliances: blenders, cooking food processors,
was 358,832 tons. juicers/soya milk makers, mixers, hand blenders, beaters, etc.;
With regard to organic materials used to manufacture the ■ beverage preparation appliances: espresso makers, filter or pod
company’s products and services (including packaging), the vast coffee makers, electric kettles and teapots, draft beer taps, etc.;
majority consist of recycled fibers in cardboard. The Group uses ■ linen care: irons and steam generators, garment steamers, etc.;
more than 90% recycled fibers, a rate that will gradually increase
between now and 2030. The use of recycled materials helps in ■ floor care: canister, versatile or robot vacuum cleaners,
the battle against resource depletion and contributes to sustainable vacuum sweepers, etc.;
procurement. ■ home comfort: fans, heaters, air purifiers, etc.;
■ personal care: hair styling and removal devices, hair clippers,
4.2.4.4.2 Resource outflows [E5-5] bathroom scales, etc.
The Group’s eco-design policy applies to all product families. The long-term viability of products manufactured by the Group
is measured using an internal quality standard that determines
Products and materials to what extent the requirements applicable to certain quality,
Consumer market – Small Electrical Appliances sustainability and performance criteria should be adjusted,
based primarily on the product’s brand and selling price.
■ electrical cooking appliances: deep fryers and air fryers, rice
cookers, electric pressure cookers, multi-cookers, grills, meal
appliances, induction hobs, waffle-makers, toasters, etc.;




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All Group products must comply with these standards and meet Products in this category are covered by warranties, particularly
consumer safety requirements. the 15-year repairability warranty for pressure cookers, and a
Product repairability is measured using an internal quality 10-year breakage warranty for knives.
standard. Many of the parts that can be easily and safely In 2024, the average share of recyclable content in saucepans
replaced by the consumer are available directly from over 60 and frying pans in this segment was around 80%.
online stores on Group websites in different countries.
Professional market – Beverage preparation equipment
More than 90% of Group products are covered by a “15-year
Professional coffee machine segment products are designed to
repairability at a fair price” commitment (excluding the Supor
last many years, even with heavy use.
brand), delivered through a network of 6,200 repairers around
the world. For products in this category, the Group guarantees spare part
availability for eight years after the last series production.
In 2024, the average share of recyclable content in the Small
Technical service teams are involved from the earliest stages of
Electrical Appliance segment was around 80%. The Group’s target
product development to ensure optimum repairability.
is 85% by 2030, with priority given to plastics and metals.
In 2024, the average share of recyclable content in cold and hot
Consumer market – Cookware and utensils beverage preparation appliances was around 89% for the
■ cookware: frying pans, saucepans, stockpots, woks, pressure WMF1500S+ model, according to estimates by partners involved
cookers, bakeware, ovenware, etc.; in end-of-life recycling operations in Germany. This product is
■ kitchen tools and accessories: kitchen knives, thermal flasks and considered representative of the range.
mugs, food storage containers, spatulas, ladles, skimmers, etc. Waste
The long-term viability of products manufactured by the Group is Changes in the total amount of waste produced by the Group
measured using an internal quality standard that determines during the period across ISO 14001-certified entities.
to what extent the requirements applicable to certain quality,
sustainability and performance criteria should be adjusted,
based primarily on the product’s brand and selling price.

2024
Total amount of waste produced (tons) 57,616
Total amount of non-disposed non-hazardous waste (NHW) (tons) 45,068
Preparation for reuse 426
Recycling 42,670
Other recovery operations 1,972

Total amount of non-disposed hazardous waste (HW) (tons) 2,464
Preparation for reuse 2
Recycling 2,188
Other recovery operations 274

Total amount of disposed non-hazardous waste (tons) 5,489
Incineration 2,259
Landfill 3,229
Other operations 0

Total amount of disposed hazardous waste (tons) 4,095
Incineration 2,798
Landfill 1,297
Other operations 0

Total amount of non-recyclable waste produced (tons) 12,330
Percentage of non-recycled waste % 21.40%
Total amount of radioactive waste 0.00




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In 2024, 85.8% of the non-hazardous waste (excluding metals) Waste metrics are collected centrally and mainly come from:
was treated through recycling or used to produce energy. ■ regulatory waste registers at Group sites to fulfill reliability
Groupe SEB’s waste includes the following materials: and completeness obligations;
■ non-hazardous waste: cardboard, wood, plastics, metals, other; ■ on-site weighing where necessary by the treatment provider.
■ hazardous waste: WEEE, oil, sludge, other.


4.2.5 Applying the EU taxonomy regulation to Groupe SEB
Regulation (EU) 2020/852 of the European Parliament and of the 4. the transition to a circular economy;
Council of 18 June 2020 establishes a framework to facilitate 5. pollution prevention and control; and
sustainable investment and amends Regulation (EU) 2019/2088.
These regulations were supplemented by four Delegated Acts – 6. the protection and restoration of biodiversity and ecosystems.
(2021/2139) dated 4 June 2021, (2022/1214) dated 9 March Three types of activity are eligible under the taxonomy: low-carbon
2022 and (2023/2485) and (2023/2486) dated 27 June 2023. activities, transitional activities and enabling activities.
This taxonomy outlines the Sustainable Development objectives For these six climate objectives, Groupe SEB has identified
set by the EU, as well as the specific criteria and thresholds for the following as economic activities that generate eligible revenue
eligible activities in the context of the European environmental within the meaning of the activities defined and described in
strategy. the delegated acts:
This technical classification lists six Sustainable Development Goals. ■ its Small Electrical Appliances and professional equipment
1. climate change mitigation; production and marketing business;
2. climate change adaptation; ■ its professional equipment repair/maintenance business; and
3. the sustainable use and protection of water and marine resources; ■ its spare parts sales business.


4.2.5.1 Methodology
The Group’s business model is structured as follows:
■ production of cookware/Small Electrical Appliances/professional equipment at around 40 production sites worldwide;
■ marketing of these products, as well as other sourced products, through marketing subsidiaries.


MANUFACTURER (44 industrial sites) DISTRIBUTOR




Indirect Direct
Small Domestic Cookware Professional Commercial Network E-commerce
Equipment and kitchen equipment subsidiaries of directly
utensils operated
and gadgets stores


The Group analyzed all of its economic activities with regard to the activities described in the delegated acts. It did so by analyzing all
the activities of the legal entities. For the European entities, the Group relied primarily on the description of the activities given in the
delegated acts currently in force and on the European classification of economic activities (NACE codes).




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4.2.5.2 Key performance indicators

Do No Significant Harm (DNSH)
Revenue Substantial contribution criteria criteria




The transition to a circular economy




The transition to a circular economy
The sustainable use and protection




The sustainable use and protection
The protection and restoration of




The protection and restoration of
Pollution prevention and control




Pollution prevention and control




Proportion of taxonomy-aligned
of water and marine resources




of water and marine resources




Transitional activity category
biodiversity and ecosystems




biodiversity and ecosystems
Climate change adaptation




Climate change adaptation
Climate change mitigation




Climate change mitigation




Enabling activity category
Proportion of revenue




Minimum safeguards
Revenue (in € million)




revenue, 2023
Activity code




Economic activities
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (taxonomy-aligned)
Repair, refurbishment
CE 5.1 87,466 1% N/EL N/EL N/EL YES N/EL N/EL YES YES YES YES
and remanufacturing
Revenue from environmentally
87,466 1% 0% 0% 0% 2% 0% 0%
sustainable activities (A.1)
Of which enabling 0 0% 0% 0% 0% 0% 0% 0%
Of which transitional 0 0% 0%
A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned)
Manufacture of electrical
CE 1.2 3,171,817 38% N/EL N/EL N/EL EL N/EL N/EL 38%
and electronic equipment
Repair, refurbishment
CE 5.1 172,432 2% N/EL N/EL N/EL EL N/EL N/EL 3%
and remanufacturing
Sale of spare parts CE 5.2 42,580 0% N/EL N/EL N/EL EL N/EL N/EL 1%
Revenue from activities
eligible for taxonomy
3,386,829 41% 0% 0% 0% 40% 0% 0% 42%
but not environmentally
sustainable (A.2)
Total (A.1 + A.2) 3,474,295 42% 0% 0% 0% 42% 0% 0% 42%
B. ACTIVITIES THAT ARE NOT TAXONOMY-ELIGIBLE
Revenue from activities that
4,791,729 58%
are not taxonomy-eligible (B)
TOTAL A+B 8,266,024 100%




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Do No Significant Harm (DNSH)
CapEx Substantial contribution criteria criteria




The transition to a circular economy




The transition to a circular economy
The sustainable use and protection




The sustainable use and protection
The protection and restoration of




The protection and restoration of
Pollution prevention and control




Pollution prevention and control
of water and marine resources




of water and marine resources




Transitional activity category
biodiversity and ecosystems




biodiversity and ecosystems
Climate change adaptation




Climate change adaptation
Climate change mitigation




Climate change mitigation




proportion of CapEx, 2023

Enabling activity category
Minimum safeguards
Proportion of CapEx
CapEx (in € million)




Taxonomy-aligned
Activity code




Economic activities
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (taxonomy-aligned)
Renovation of existing CCM 7.2
4.3 1.3% YES N/EL N/EL N/EL N/EL N/EL YES YES YES YES YES 0.4%
buildings CCA 7.2
Installation, maintenance
and repair of equipment CCM 7.3
3.3 1% YES N/EL N/EL N/EL N/EL N/EL YES YES YES 2.8%
that promotes energy CCA 7.3
efficiency
CapEx on environmentally
sustainable activities 7.5 2.3% 2.3% 0% 0% 0% 0% 0% 3.2%
(A.1)
Of which enabling 0.0 0% 0% 0% 0% 0% 0% 0%
Of which transitional 0.0 0% 0%
A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned)
Manufacture of electrical
CE 1.2 64.2 19.6% N/EL N/EL N/EL EL N/EL N/EL 18.8%
and electronic equipment
Acquisition and ownership
CCM 7.7 81.9 25% EL N/EL N/EL N/EL N/EL N/EL 31.8%
of buildings
CapEx on taxonomy-
eligible but not
146.0 44.6% 32.4% 0% 0.0% 22.3% 0% 0% 50.6%
environmentally
sustainable activities (A.2)
Total (A.1 + A.2) 153.6 46.9% 34.7% 0% 0% 22.3% 0% 0% 53.8%
B. ACTIVITIES THAT ARE NOT TAXONOMY-ELIGIBLE
CapEx on activities that are
not taxonomy-eligible (B) 173.9 53.1%
TOTAL A+B 327.5 100%




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Do No Significant Harm (DNSH)
OpEx Substantial contribution criteria criteria




The transition to a circular economy




The transition to a circular economy
The sustainable use and protection




The sustainable use and protection
The protection and restoration of




The protection and restoration of
Pollution prevention and control




Pollution prevention and control
of water and marine resources




of water and marine resources




Transitional activity category
biodiversity and ecosystems




biodiversity and ecosystems
Climate change adaptation




Climate change adaptation
Climate change mitigation




Climate change mitigation




Enabling activity category
proportion of OpEx, 2023
Minimum safeguards
Proportion of OpEx




Taxonomy-aligned
OpEx (in € million)
Activity code




Economic activities
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (taxonomy-aligned)
OpEx on environmentally
0 0% 0% 0% 0% 0% 0% 0% 0%
sustainable activities (A.1)
Of which enabling 0 0% 0% 0% 0% 0% 0% 0% 0%
Of which transitional 0 0% 0% 0%
A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned)
OpEx on taxonomy-eligible
but not environmentally 0 0% 0% 0% 0% 0% 0% 0% 0%
sustainable activities (A.2)
Total (A.1 + A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
B. ACTIVITIES THAT ARE NOT TAXONOMY-ELIGIBLE
OpEx on activities that are
184 100%
not taxonomy-eligible (B)
TOTAL A+B 184 100%


Share of CapEx/ Share of OpEx/
Share of revenue/total revenue
Total CapEx Total OpEx
Taxonomy- Taxonomy- Taxonomy- Taxonomy- Taxonomy- Taxonomy-
aligned by eligible aligned by eligible aligned by eligible
objective by objective objective by objective objective by objective
CCM (climate change
0% 0% 2% 27% 0% 0%
mitigation)
CCA (climate change
0% 0% 0% 2% 0% 0%
adaptation)
WTR (water) 0% 0% 0% 0% 0% 0%
CE (circular economy) 1% 42% 1% 20% 0% 0%
PPC (pollution) 0% 0% 0% 0% 0% 0%
BIO (biodiversity) 0% 0% 0% 0% 0% 0%



4.2.5.2.1 REVENUE
(See also Note 5 to the 2024 consolidated financial statements)
Eligibility
The Group has not identified any economic activities regarding ■ its Small Electrical Appliances and professional equipment
the two climate-related issues. The Group notes that, at this time, production and marketing business (activity code 1.2. Manufacture
Small Electrical Appliance products are not covered by the energy of electrical and electronic equipment): in accordance with
labeling set out in regulation (EU) 2017/1369. the details provided in the ESMA FAQ of November 2024
The Group has identified three eligible economic activities under relating to the Taxonomy Directive, the Group’s Small Electrical
the “Transition to a circular economy” objective, as defined and Appliance products meet the definition of electrical and
described by the delegated acts: electronic equipment (EEE), as defined by this Directive.




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In 2024, the revenue from the production of Small Electrical Specific procedures have been implemented to ensure
Appliances and professional equipment associated with activity compliance with general (see “DNSH” section below) and
1.2 of the Taxonomy Delegated Regulation was extended to specific DNSH. With regard to DNSH pollution, the Group was
the entire consolidated revenue from this activity with the inclusion only able to ensure its compliance with activities that did not
of the marketing of these products in addition to production involve the sale or use of substances. These are solely
activities. This restatement had a significant impact on eligible activities involving the provision of services in connection with
revenue in 2023: maintenance and repair work;
■ its professional equipment repair/maintenance business (activity ■ in 2024, total revenue from aligned activities as defined and
code 5.1. Repair, refurbishment and remanufacturing); described by the delegated acts amounted to €88 million, or
■ its spare parts sales business (activity code 5.2. Sale of spare 1% of Group consolidated revenues.
parts).
To date, the sale of second-hand products has been deemed
4.2.5.2.2 Capital expenditure (CapEx)
insignificant at Group level, and has been included as a qualifying Eligibility
activity. The numerator of eligible CapEx comprises:
In 2024, total revenue from eligible activities as defined and ■ the Group’s capital expenditure linked to its taxonomy-eligible
described by the delegated acts amounted to €3,474 million, or activities, and in particular expenditure linked to its production
42% of Group consolidated revenue. of Small Domestic Appliances and professional equipment
Alignment (activity code 1.2. Manufacture of electrical and electronic
equipment). In 2024, capital expenditure for this activity
■ In terms of its Small Domestic Appliances and professional amounted to €64.2 million;
equipment production business (activity code 1.2. “Manufacture
of electrical and electronic equipment”), the Group does not ■ to which must be added the investments referenced in
comply with the technical examination criteria mentioned in category (c) of Section 1.1.2.2 of Annex I of Commission
the delegated act. Specifically, the Group does not provide Delegated Regulation (EU) 2021/2178 of 6 July 2021 that
consumers with an additional one-year free sales warranty is related to expenditures for the purchase of products from
on its products. a taxonomy-aligned activity and, in particular, expenditures
related to the activities of:
While this technical criterion is included in the delegated act, it
does not reflect Groupe SEB’s policies and commitments when it ■ 7.2: Renovation of existing buildings,
comes to its approach to the circular economy and eco-design. ■ 7.3: Installation, maintenance and repair of equipment that
Rather, the Group’s strategy focuses more on the repairability promotes energy efficiency,
of its products, guaranteeing their ability to be repaired for at ■ 7.7: Acquisition and ownership of buildings.
least 15 years through long-term access to spare parts at a fair
price. This approach goes far beyond additional warranty Flows related to these activities are disclosed in the change in
standards by helping to extend the life of a product and reduce property, plant and equipment table in Note 12.1 to the consolidated
electronic waste. financial statements, in the “Buildings” and “Land” columns.
The fundamental principles of Groupe SEB’s eco-responsible In 2024, they amounted to €89.4 million, including €76 million
policy include sustainable innovation, where eco-design is for acquiring rights of use under IFRS 16 (nearly half of which
incorporated right from the product development stage, and the is for leases of commercial premises related to retail activities,
promotion of the circular economy. These efforts are consistent the remainder mainly being comprised of office or warehouse
with the Group’s goals to limit the environmental impact of its lease agreements).
activities while at the same time addressing consumers’ growing The Group has not identified, in accordance with Section 1.1.2.2
expectations when it comes to sustainability: of Annex I to Delegated Regulation (EU) 2021/2178 of 6 July 2021,
■ with respect to its professional equipment repair/maintenance any expenditure that falls within the scope of a plan to expand
business (activity code 5.1. “Repair, refurbishment and taxonomy-aligned economic activities or to allow taxonomy-eligible
remanufacturing”), the Group considers itself compliant with economic activities to become taxonomy-aligned.
the technical examination criteria mentioned in the delegated The total amount of eligible CapEx, the numerator, is €146 million.
act. In particular, this activity consists of extending the lifespan The total amount of CapEx, the denominator, is €328 million and
of the equipment by: includes:
■ repair, in the case of malfunction, ■ increases in property, plant and equipment of €284 million
■ refurbishment: in the context of preventive maintenance, (Note 12.1 of the consolidated financial statements); this includes
“refurbishment” refers to activities including: €111 million for the increase in rights of use of the leased assets
- testing and, if necessary, repair, under IFRS 16 (Note 13.1 of the consolidated financial statements);
- cleaning the machine, ■ increases in intangible assets of €43 million (Note 11.2 of the
consolidated financial statements).
- maintenance/replacement of worn parts.
In total, the ratio of eligible CapEx to the Group’s CapEx is 47%
The aim of these activities is to restore the product’s performance (compared to 54% in 2023).
as close as possible to its initial state and to maintain its technical
performance and its compliance with applicable regulatory
standards and requirements:
■ with respect to its spare parts sales business (activity code 5.2.
“Sale of spare parts”), the Group considers itself compliant with
the technical examination criteria mentioned in the delegated act.




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Alignment The Group believes that it fulfills the DNSH criterion based on its
The Group has conducted a detailed analysis of the eligible capital examination of the measures described in ESRS E2 4.2.2
expenditure across all its industrial and tertiary sites that helps “Pollution” and E3 4.2.3 “Water resources”, in particular:
promote energy efficiency. It considered that capital expenditure ■ Groupe SEB has mapped the water-related risks of industrial
that complies with the technical screening criteria for activities and logistics sites and deals with the environmental risks
identified as eligible, as referred to in the delegated climate act, associated with water;
was aligned with the objective to mitigate climate change. ■ the Group has drawn up a water management plan with
Specific procedures have been implemented to ensure compliance targets and an action plan aligned with the local context for
with general DNSH (see “DNSH” section below) and specific DNSH. at-risk sites;
These CapEx were considered not to be affected by the DNSH ■ the Group works to maintain the healthy ecological condition
pollution described for this activity for components, building of the waters.
materials and thermal insulation.
In total, it identified €7.5 million of aligned capital expenditure: Minimum safeguards
■ €4.3 million for activity 7.2 “Renovation of existing buildings”; The minimum safeguards cover the following four pillars: human
rights, corruption, competition law and taxation. The Group
■ €3.3 million in 7.3 “Installation, maintenance and repair of particularly bases its belief that it meets the minimum safeguard
equipment that promotes energy efficiency”. requirements on its application of the Duty of Vigilance and the
The most significant investments relate to: Sapin II regulations.
■ the installation of a biomass boiler in Pont-Évêque; In addition, the Group implements procedures to align itself with
■ the replacement of injection molding machines with high- the OECD Guidelines for Multinational Enterprises and the United
performance machines at the Cajica, Mayenne, Pont-Évêque Nations Guiding Principles on Business and Human Rights
and Itatiaia sites. (including the principles and rights set out in the eight
fundamental conventions cited in the International Labour
The remaining expenditure mainly relates to replacing lighting Organization’s Declaration on Fundamental Principles and Rights
with LED bulbs, etc. at Work and the International Bill of Human Rights).
So far, the Group has considered that no expenditure related to In terms of human rights, respect for human rights is an integral
the purchase, construction or increase of the rights of use of part of the Group’s Code of Ethics. The Group has not been
leased assets in application of IFRS 16 was not aligned, as convicted of any violation of human rights. No case has been
defined by the taxonomy. accepted by an OECD National Contact Point (NCP), and no
allegations have been upheld against the Group and published
Do no significant harm (DNSH)
on the Business and Human Rights Resource Centre (BHRRC)
The generic DNSH (Do Not Significant Harm) criteria have been website. The Group’s respect for human rights is detailed in its
analyzed to confirm that this contribution is achieved without Vigilance Plan (see Chapter 4.5 “Vigilance Plan”), in ESRS S2
negatively affecting any other environmental objectives. 4.3.2.2.2 “Responsible purchasing”.
DNSH – Climate change adaptation In terms of anti-corruption policy and procedures, the company
The analysis focused in particular on the climate or physical risks has many policies and procedures in place. In addition to the Code
that could influence the course of economic activity. The Group of Ethics, a specific anti-corruption Code of Conduct, validated in 2021,
believes that it meets the DNSH criterion, having examined the was rolled out in 2022. The Group and its senior management
mechanisms described in ESRS E1, Section 4.2.1.2 “Group have never been convicted of corruption. The anti-corruption
resilience analysis in the face of climate change”, in particular: policy is detailed in ESRS G1 4.4.1 “Business conduct”.

■ the key physical climate risk (water stress) is projected for 2030, In terms of taxation, the Code of Ethics lays out the principles
2040 and 2050 based on IPCC scenarios RCP 8.5 and RCP 2.6; that govern the Group’s taxation policy. It endeavors to comply
with and implement tax regulations in all the countries in which
■ the Group deploys specific adaptation solutions for each site it operates. No conviction of the company or its subsidiaries
depending on the significance of the identified risks and the for violating tax legislation took place during the financial year.
location of the asset. In addition, the Group publishes its taxation policy on its website
DNSH – The sustainable use and protection of water (https://www.groupeseb.com/en/official-documents-and-resources-
and marine resources groupe-seb).

To protect aquatic and marine resources, Groupe SEB has adopted With regard to competition law, respect for competition is an
production processes aimed at reducing water consumption and integral part of the Group’s Code of Ethics, an extract of which
recycling used water. The company ensures that the chemical relating to competition law is mentioned below:
substances used do not contaminate aquatic resources, in strict ■ “we prohibit any exchange of confidential information as well
compliance with regulations. as any agreement – formal or informal – or attempted agreement
with competitors aimed at fixing prices or sales conditions,
sharing a market or boycotting a market player, for example
in the context of meetings of professional organizations or
associations;
■ we do not in any way set the resale prices of our products
by our distributors;




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■ we refrain from abusing a dominant position or a monopoly. policies and compliance commitments, demonstrating its ability
We must not acquire or maintain a dominant position to operate in strict compliance with current regulations.
by means other than those recognized as legitimate, such as
a patent, a skill, superior know-how or a geographical location”. » 4.2.5.2.3 Operating expenditures (OpEx)
The Group is also putting in place policies and procedures
to ensure that the company complies with the applicable laws The Group considers the percentage of eligible OpEx to be
and regulations, and is also setting up training for employees immaterial.
particularly affected by these issues. As a reminder, eligible OpEx covers only direct non-capitalized
There have been no convictions that cast doubt on the minimum costs related to:
safeguards analysis. ■ research and development;
The recent ruling against Groupe SEB by the French competition ■ building renovation measures;
authority on 19 December 2024 does not call into question the
■ short-term lease, maintenance and repair; and
assessment of Minimum Safeguards under the green taxonomy.
That decision, based on alleged practices during the period ■ any other direct expenditures relating to the day-to-day servicing
2008–2013, does not call into question our analysis, which is of assets that are necessary to ensure the continued and effective
based on the Group’s governance and responsible practices in functioning of eligible assets.
its current operations. For Groupe SEB, most of the OpEx as defined in the taxonomy
Furthermore, the Group categorically refutes the competition consists of research and development expenses, which stood at
authority’s finding against it and rejects any allegation that its €184 million in 2024. This amount is analyzed as being
practices did not comply with competition rules. insignificant in light of the Group’s materiality thresholds. As the
ratio of eligible OpEx to the Group’s total OpEx is around 2%, the
Groupe SEB reiterates its firm commitment to strict compliance
Group makes use of the exemption provided and does not
with the law and in particular competition law. It is guided by rigorous
calculate the taxonomy OpEx indicator in further detail.

Groupe SEB is fully aware of the issues related to the depletion As part of its eco-design policy, SEB systematically rethinks
of natural resources and greenhouse gas (GHG) emissions. the design of its products in order to reduce their environmental
Since 2016, it has been actively engaged in the fight against footprint. This includes integrating recycled materials, improving
global warming, with tangible actions covering the entire life product durability and repairability, and optimizing product energy
cycle of its products, from eco-design and eco-production to consumption. In particular, greater use is made of recycled plastics
eco-logistics, recycling and reuse. and aluminum, as well as virgin plastic-free packaging. In this
Its commitment to the climate is among the most rigorous in way, SEB aims to offer more responsible products without
its sector, as demonstrated by the validation by the Science sacrificing high performance.
Based Targets initiative (SBTi) of its greenhouse gas (GHG) At the same time, the Group has been committed for many
emission reduction targets, in both the short and long term. years to a circular economy model aimed at saving the planet’s
The Group is aiming for carbon neutrality by 2050, with ambitious resources. Its actions in this regard comprise extending the life
interim goals, most notably a 42% reduction in its direct emissions of its products, guaranteeing 15-year repairability for most
(scopes 1 and 2) and a 25% reduction in product-related emissions appliances, promoting reuse via refurbishment initiatives, and
(scope 3) by 2030 (see ESRS E1 – 4.2.1 “Climate change”). increasing its use of recycled materials. This approach reflects
SEB’s overall commitment to a sustainable transition. (see
ESRS E5 – 4.2.4 “Circular economy and resource use”).



4.2.5.3 Regulatory tables
ACTIVITIES RELATED TO NUCLEAR ENERGY
Rank Activities related to nuclear energy Inclusion (Yes/No)

The company carries out, finances or is involved in research, development, demonstration and deployment
1 activities for innovative facilities for producing electricity from nuclear processes with minimal waste from No
the fuel cycle.

The company carries out, finances or is exposed to activities involving the construction and safe operation
2 of new nuclear facilities for the production of electricity or industrial heat, particularly for district heating No
or for industrial processes such as the production of hydrogen.

The company carries out, finances or is exposed to activities involving the safe operation of existing nuclear
3 facilities for the production of electricity or industrial heat, in particular for industrial processes such No
as the production of hydrogen from nuclear energy.




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ACTIVITIES RELATED TO FOSSIL GAS
Rank Activities related to fossil gas Inclusion (Yes/No)

The company carries out, finances or is exposed to activities involving the construction or operation
4 No
of facilities for the production of electricity from gaseous fossil fuels.

The company carries out, finances or is exposed to activities involving the construction, refurbishment
5 No
and operation of combined heat and power and electricity production facilities using gaseous fossil fuels.

The company carries out, finances or is exposed to activities involving the construction, refurbishment
6 No
or operation of heat production facilities that produce heat/cooling from gaseous fossil fuels.



4.2.6 Methodology note – Environmental information
4.2.6.1 Group-wide across all Environmental ESRS
Groupe SEB’s environmental policy uses the eco-production and results at each level of responsibility are monitored. This
process to minimize the environmental impact of its production. structure includes a steering committee chaired by the Group’s
This process is integrated into the Group’s ISO 14001-certified Executive Vice-president, Industry; an Environmental Network
environmental management system and the Group’s 2024–2030 that links head office support functions to coordinators within
CSR strategy, which have the following focus: Strategic Business Areas (SBAs); a network of HSE coordinators
■ Act as a leader in the circular economy – Waste Prevention and energy coordinators; and site-level committees tailored to
and Management (ESRS E5); specific challenges and points of contact. In accordance with
ISO 14001 requirements, an annual management review is
■ Act for nature – Climate Mitigation and Adaptation (ESRS E1); performed at each level (Group, SBA, Site). To address the new
■ Act for nature – Pollution Prevention and Reduction (ESRS E2); challenges of the 2024–2030 CSR strategy, new bodies are being
set up to handle specific operational issues (e.g. pollution avoidance).
■ Act for nature – Water Conservation (ESRS E3).

Scope (environment and greenhouse gas emissions Policy
– scopes 1 and 2) The eco-production policy also includes minimum requirements
defined internally in the form of standards, which take into
The scope of the “Eco-production” policy encompasses all account stakeholder expectations. Compliance with these internal
entities over which Groupe SEB exercises operational control, standards, which are applicable to the entire eco-production
meaning all industrial, logistics, and tertiary sites certified under scope, is verified through internal and external audits, as well as
ISO 14001. The scope also includes all sites excluding recent through self-assessment tools that allow each site to develop
acquisitions, while gradually integrating sites acquired after their own roadmap for ongoing improvement. These internal
ISO 14001 certification. In 2024, 50 sites were included in this standards are regularly updated to reflect changing circumstances
scope, with the integration this year of the Krampouz and and challenges. New standards are also being drafted to comply
Zummo plants. Some recent acquisitions do not yet provide full with targets of the new 2024–2030 CSR strategy. The eco-production
environmental metrics, which justifies the implementation policy factors in all external requirements, whether regulatory,
of action plans to guarantee data availability and reliability. prescriptive or pertaining to relevant interested parties.
The environmental data collected each year covers the period
from 1 January to 31 December, and changes in environmental
metrics are measured at current scope. Objectives
The performance targets set by the eco-production policy take 2021
Governance as the baseline year and have a deadline of 2030. An explicit
warning will be given as the deadline approaches.
A governance structure has been set up to ensure that the eco-
production policy is implemented and that the resources allocated


4.2.6.2 Climate change
4.2.6.2.1 [E1-5] Energy consumption and mix
The data collected covers the “eco-production” scope described in Section 4.2.6.1 “Group-wide across all Environmental ESRS”.

4.2.6.2.2 [E1-6] Gross scope 1, 2, 3 GHG emissions and total GHG emissions
[E1-6 46]




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CLARIFICATIONS ON METHODOLOGY
Emission categories Scope Methodology

Scope 1 Fuel consumption and refrigerant Calculations are based on primary data taken from site energy invoices
leaks at Group sites included (eco-production reporting) and standardized emissions factors such as
in the eco‑production scope. those in the DEFRA database.

Scope 2 – Electricity and heat consumption Calculations are based on primary data from site electricity bills
Location-based of the Group’s sites within (eco‑production reporting) and average emission factors for the
the eco‑production scope. national grid published by the IEA: International Energy Agency.
The Group has taken into account the principles and requirements
of the GHG Protocol concerning the accounting of scope 2 emissions.

Scope 2 – Electricity and heat consumption Calculations are based on the Group’s electricity supply contracts.
Market-based of the Group’s sites within In the absence of contractual information, when electricity comes
the eco‑production scope. from the grid for all or part of a site’s supplies, an emission factor
corresponding to the country’s residual mix is used (emission factors
published for Europe by the AIB (Association of Issuing Bodies),
in accordance with best practices. In the absence of reliable data
on the residual mix, the grid emissions factor is used (factors published
by the IEA). The Group has taken into account the principles
and requirements of the GHG Protocol concerning the accounting
of scope 2 emissions.

Scope 3.1 – Goods and services purchased Hybrid methodology:
Purchase of goods from third parties, corresponding ■ mass-based: emissions are calculated from purchased volumes
and services to operating expenses. of raw materials (kg) multiplied by the emission factors provided
in the Ecoinvent and Plastics Europe databases;
■ sourced products: emissions are calculated by multiplying
the gross weight of the product (kg/pc) by the quantity (pcs),
then by an emission factor defined for each product family;
■ spend-based: emissions are calculated based on expenditure
(in euros) multiplied by the monetary emission factors published
in the ADEME database.

Scope 3.2 – Goods and services purchased Spend-based methodology:
Property, plant and from third parties, corresponding Emissions are calculated based on expenditure (in euros) multiplied
equipment to capital expenditure. by the monetary emission factors published in the ADEME database.

Scope 3.3 – Energy Extraction, production and transportation Emission factors come from ADEME for fossil fuels and DEFRA for WTT
(excluding scopes 1 of fuels and energy purchased or and T&D electricity losses.
and 2) acquired during the reporting year, not
already included in scope 1 or scope 2.

Scope 3.4 – Transport between first-tier suppliers The calculation is carried out using ADEME’s Fret21 calculator, based
Upstream and Groupe SEB manufacturing sites, on data supplied by logistics managers (procurement and delivery
transportation and between first-tier suppliers and Groupe of finished products to subsidiaries) and forwarding agents
distribution SEB subsidiaries’ warehouses, between (sea and air freight and domestic departures from China).
manufacturing sites and subsidiaries’ Where the data is incomplete, the calculation is extrapolated based
warehouses, and distribution from these on the distance traveled, which is multiplied by the weight and then
warehouses to customers’ delivery by the emission factor associated with the mode of transport,
addresses. All modes of transport according to the ADEME’s carbon database (Base Carbone)
are taken into account: road, rail, sea, (this concerns a limited number of sites)/
river and air.

Scope 3.5 – Scope 1 and 2 of waste management Calculations are based on ADEME factors for average
Waste service providers that occur during end‑of‑life scenarios.
the disposal or treatment of waste
generated by Groupe SEB.

Scope 3.6 – Business Air and rail transport, car rental, hotels & Spend-based methodology:
travel restaurants and other travel expenses. Emissions are calculated based on expenses related to business travel
(in euros) multiplied by the monetary emission factors published
in the ADEME database.

Scope 3.7 – Group employee travel. Calculation based on the number of employees at the end of the year
Commuting to and on a scenario of daily employee transport.
and from work




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Emission categories Scope Methodology

Scope 3.8 – Not applicable.
Upstream leased
assets

Scope 3.9 – Transport and storage of products sold The calculation is based on ADEME (French Environment and Energy
Downstream during the year, when not carried out Management Agency) factors and assumptions about product transport
transport by the Group. and distribution, including distances and modes of transport,
and distribution downstream of the Group’s operations.

Scope 3.10 – Not applicable.
Processing of
sold products

11 – Use of sold Sales of products over the year The calculation is based on the volumes of products sold during the
products entailing direct or indirect use of energy year, multiplied by their annual energy consumption and the country’s
for their use. energy emission factor. Energy consumption is measured according
to the usage scenarios defined for each product family, and measured
on the most representative products in each family. The standard
product useful life applied for the calculation is one year*.

12 – End-of-life Sales of products over the year. The calculation was carried out on the basis of product life-cycle
treatment of sold analysis (LCA), and in accordance with ADEME’s Bilan Carbone tool
products and the GHG Protocol methodology.

13 – Downstream Not applicable.
leasing

14 – Franchises Not applicable.

15 – Investments Not reported. Emissions in this category have been estimated using an
average‑based methodology and represent less than 1% of scope 3.
This category was therefore considered irrelevant.
* With regard to the useful life of products, the Group has opted for a theoretical average useful life of one year for all products sold for the calculation of the carbon footprint
associated with the use of its products. This theoretical period does not reflect the actual period of use, but is an assumption to provide a uniform basis for assessing
emissions, given the impossibility of adopting a relevant estimation methodology to date due to a lack of harmonized data. The lifespan of a product, which corresponds to the
total period during which a product remains functional, should be distinguished from the period of use, which is the period during which the product is actually used. Although
declarative data on the average lifespan of products exists in the literature, there is no information on the actual duration of product use. Furthermore, consumer behavior
varies considerably from one market to another, which also makes any estimate complex. Finally, there is no international standard concerning the average duration of use of
Small Electrical Appliances, which makes it very difficult for Groupe SEB to adopt an estimate. After exploring various options, the Group chose to use a theoretical useful life
of one year to quantify the emissions related to the use of its products in a uniform manner, independent of user behavior. It should also be noted that this choice has no
impact on the concrete actions taken by the Group to reduce its carbon footprint.


Greenhouse gas (GHG) emissions are calculated in accordance Scope 3 is the subject of a continuous improvement process
with the methodologies of the GHG Protocol for all categories, aimed at refining the quality of input data, methodologies, scopes
with the exception of the assumption relating to the duration of and emission factors in order to increase accuracy and reliability.
use of Scope 3.11, for which the Group uses a standard duration Nevertheless, scope 3 estimates provide valuable information
of use of one year. However, the methods used to assess scope 3 on the Group’s main sources of emissions, thus enabling it
emissions may have certain limitations, particularly due to the to effectively guide its strategies for reducing its carbon
estimates required, the representativeness of the available data footprint. Within this framework, Groupe SEB will continue its
and the sometimes limited availability of the latter. Consequently, efforts on Scope 3.11 in 2025 by:
unlike scopes 1 and 2, variations in scope 3 emissions from one ■ continuing its internal continuous improvement program to
year to the next may be influenced more by the quality of the data further enhance the reliability of its estimates of the actual
collected and the calculation methods applied, rather than by useful life of its products;
a direct measurement of the real development of performance.
■ rigorously monitoring sector-specific best practices in terms
In order to demonstrate the sensitivity of the GHG assessment of product useful-life assumptions. The Group will also study
calculation to the assumptions used in scope 3.11, we have the publications of players in other sectors to ensure the
calculated the GHG assessment by assuming different useful relevance of its own analyses. The aim is to identify whether
life durations, knowing that these assumptions do not reflect more relevant practices are being developed.
the actual useful life of our products at this stage given
the methodological difficulties discussed above. For example: The Group has set itself the objective of following the development
of the GHG Protocol standards on Scope 3.11 and taking future
■ a two-year useful life would lead to a scope 3.11 contribution developments in this area into account as soon as possible.
of 75% of the GHG assessment, compared with 60% in
the current calculation;
■ a three-year useful life would lead to a scope 3.11
contribution of 82% of the GHG assessment, compared with
60% in the current calculation.


4.2.6.3 Water
The environmental data collected covers the “eco-production” scope described in Section 4.2.6.1 “Group-wide across all Environmental
ESRS”. The water data is taken from billing. For water drawn, data is taken from the meter readings of the local authorities or the
Group. They are calibrated and verified in accordance with regulatory requirements and monitoring.



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4.2.6.4 Pollution & substances of concern
The environmental data collected covers the “eco-production” scope described in Section 4.2.6.1 “Group-wide across all Environmental ESRS”.

Methodologies for identifying impacts on own operations prism, in relation to organic ecotoxicity (nitrogen,
operations and the value chain: phosphate, etc.), ecotoxicity from metals, eutrophication of
fresh water, and atmospheric nitrogen deposition. Results
■ An analysis of Groupe SEB’s impact on biodiversity was carried were also derived from modeling based on the nature of each
out in 2024 using the GBS (Global Biodiversity Score) tool. sector and monetary data.
The Group has therefore assessed which activities exert
the greatest pressure on biodiversity. In terms of pollution, Risk identification methodology
the study produced the following results: emissions associated
with metal production and processing, particularly upstream The biodiversity risk and opportunity assessment followed TNFD
in the value chain, have the greatest impact. The purchasing recommendations and included the following stages:
sectors with the greatest impact were identified: ■ identification of the main risks and opportunities by category
■ the iron, steel and ferrous alloys manufacturing sector for (regulatory, market, etc.);
raw materials, ■ assessment of the probability of occurrence of the various
■ the manufacture of metal products for spare parts, risks and opportunities on the basis of two scenarios based
■ the manufacture of machinery and equipment for spare on the ADEME publication “Transition(s) 2050”, documentary
parts, sourced products or industrial equipment. work and expert opinions;

These three purchasing items account for 63% of the ■ assessment of the potential impact of each risk or SEB’s ability
pressures linked to substance emissions; to take advantage of each opportunity.

■ These results are derived from the GBS tool, which only takes
pollution into account through the upstream and direct


4.2.6.5 Circular Economy
4.2.6.5.1 Repairability With regard to the scope of Small Electrical Appliances activities,
the Group systematically collects the recyclability data of its
Scope of consolidation
products during the design phase, on a worldwide scope excluding
Although all the Group’s household appliances can be repaired, the activities of its subsidiary Supor in China and excluding new
the scope monitored concerns the Group’s 15-year repairability acquisitions that are not integrated into the systems.
commitment (excluding the Supor brand). The scope concerns its
Small Electrical Appliances business worldwide, with the exception Clarifications on methodology
of the activities of its subsidiary Supor in China and excluding The recyclability percentage is calculated using an internal tool
new acquisitions that are not integrated into the systems. during the development phase. Each product is broken down into
The Group is able to collect reliable information for products sold subcomponents/materials with a corresponding mass. A table from
under its major brands/international brands worldwide. The scope the Group listing the recyclability percentage of each type of material
covered is greater than 90% of the worldwide sales volume. is applied in order to obtain the product’s recyclability percentage.

Clarifications on methodology
4.2.6.5.3 Eco-packaging
Compliance with the criteria of the 15-year repairability commitment
Scope of consolidation
is verified using an internal tool, which checks in particular:
Small Electrical Appliances
■ availability of spare parts (15 years after product discontinuation);
The scope does not include the activity of the subsidiary Supor in
■ the price of the spare parts in relation to the price of the product. China or new acquisitions.
The data concerning the volumes without virgin plastic bags/
4.2.6.5.2 Recyclability without expanded polystyrene are collected by each product
Scope of consolidation range manager. The product ranges on which the Group collects
With regard to recyclability, the Group is not currently able to collect information are those launched after 2019, which represent
reliable data on the following two areas: around 60% of sales volumes within the defined scope.
■ cookware: the Group has a certain amount of data on the Cookware
recyclability of its cookware (pots and pans, storage containers, The data concerning the volumes without virgin plastic bags/
mugs), but this data is not systematically collected; without expanded polystyrene were collected at the level of each
■ professional: the Group has a benchmark study on a machine factory. The scope does not include the activity of the subsidiary
representative of its ranges, which puts the recyclability rate Supor in China or new acquisitions.
at around 90%, but does not have a study on the other products.




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Clarifications on methodology There are two categories of families not covered:
The data “without virgin plastic bags” may correspond to: 1. families not covered for which reliable weight data is difficult
■ the total banning of plastic bags; to obtain. This scope represents around 30% of direct purchases.
The most significant families involve electrical and electronic
■ the use of a plastic bag made of at least 50% recycled material. components (electronic boards). These components have a
high financial value, however their total mass is estimated
4.2.6.5.4 Waste as low and well below their proportionality in expenditure;
2. families not covered for which the Group hopes in the short
The environmental data collected covers the “eco-production”
term (one or two years) to consolidate weight data. This involves
scope described in Section 4.2.6.1 “Group-wide across all
families whose weight data has been retrieved but over an
Environmental ESRS”. The scope covered includes the ISO 14001
certified entities. incomplete scope. This scope, which is intended to be integrated,
represents approximately 15% of direct purchases;
Waste metrics are collected centrally and mainly come from:
■ with regard to recycled materials, the scope covered is the
■ regulatory waste registers at Group sites to fulfill reliability scope of direct purchases mentioned above.
and completeness obligations;
This area is considered to be representative of the percentage of
■ on-site weighing where necessary by the treatment provider. recycled materials in our products:
■ families not covered by category A above are mainly families
4.2.6.5.5 Inflows / Recycled materials with a low mass (electronic cards), or families that by their very
Scope of consolidation nature cannot be integrated into our ambition of % of recycled
■ With regard to inflows, all direct purchases and purchases material because there is no recycled material (chemical
of finished products within the Group scope are taken into products, ceramics, etc.);
account, excluding new acquisitions that are not integrated ■ regarding the families not covered by category B above, the Group
into the systems. hopes in the short term (one or two years) to consolidate the
For this first year of reporting, the Group is unable to consolidate weight data of recycled material.
weight data for all direct purchasing families. Clarifications on methodology
The scope of the purchasing families covered by mass data The weight data for virgin/recycled raw materials has been
corresponds to approximately 55% of the total amount of direct consolidated by the purchasing category managers. The quantities
purchasing expenditure. of recycled materials were obtained from our suppliers on the
basis of certificates or declarations from our suppliers.



4.3 Social information

4.3.1 Own workforce [S1]
4.3.1.1 General presentation of Groupe SEB’s workforce
At 31 December 2024, Groupe SEB’s workforce was primarily Risk assessments are carried out regularly for all jobs and
composed of: activities. Depending on the level of risk that emerges from these
■ 32,237 employees, mainly in Asia with 10,950 employees assessments, the appropriate risk management measures
(34%) and in the EMEA region with 16,714 employees (52%, (technical, organizational, safety, training) are put in place.
of which 38% in France);
■ 4,931 non-employees in the Group’s workforce, mainly in Asia
4.3.1.1.1 Interests and views of the Group’s
with 2,938 non-employees (60%). These non-employees are workforce [SBM-2]
mainly temporary workers.
Groupe SEB employees constitute a key stakeholder group
During the double materiality assessment carried out to identify identified by the Group, which engages in specific dialog with
the material impacts, risks and opportunities, Groupe SEB them and is committed to respecting their fundamental rights.
included these two categories of workers in its analysis: Groupe SEB is committed to respecting freedom of association
■ Groupe SEB employees, which include employees on permanent and listening to staff within its subsidiaries, both individually and
contracts (“permanent employees”), employees on fixed-term collectively.
contracts or similar and interns (“temporary employees”); and At the individual level, the Group uses global surveys such as
■ non-employees in the Group’s workforce: temporary workers. “Great Place To Work” (carried out on average every two years)
to identify employees’ expectations and gather their views,
(See Section 4.3.1.1.5 “Key metrics concerning the Group’s responding to them with action plans. HR teams play a key role
workforce” below for further details.) in acting as local points of contact, listening to employees’ views
on various topics and addressing their needs.




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At the collective level, the Group endeavors to set up employee 4.3.1.1.2 Overview of material impacts and risks
representative bodies in all countries in which it operates, as
reaffirmed in its Code of Ethics, which applies to all Groupe SEB Following the Group’s double materiality assessment, three
stakeholders. These various bodies, both in France and at the negative impacts and two risks were identified as material.
European and international level, deal with issues, challenges, The table below summarizes these impacts, risks and opportunities
societal developments and changes in the competitive landscape. by issue. The material negative impacts concern three issues:
Employees are informed of talks between their representatives working conditions, diversity, equality and inclusion, and respect
and Management in special reports and communications. for fundamental rights. The material risks involve health and
Section 4.3.1.3.1 “Social dialogue and social protection” below safety and talent management and development:
details the different forms of dialogue established directly
with employees or their representatives, with several examples
of decisions that have been influenced by the views of the
Group’s workforce.
Stakeholder consultation is detailed earlier in ESRS 2 “General
disclosures – 4.1.3.2 Interests and views of stakeholders [SBM-2]”

Negative impacts Risks

WORKING CONDITIONS

■ Strong presence in countries where lack of regulations on
working conditions represents a relatively high risk
(see Section 4.3.1.3 “Working conditions”)

■ The health and safety of its employees are among Groupe SEB’s ■ In the event of occupational illnesses, workplace accidents
foremost concerns. However, the risk of work-related illnesses, or physical injury to persons, the Group could be impacted
workplace accidents or physical injuries cannot be ruled out. in the areas of:
■ With more than 32,000 employees spanning the globe, the risk ■ business continuity: absenteeism, accidents or pandemics
of a workplace accident will always be present and it concerns can affect our production capacity,
all categories of employees (on site, in stores, at headquarters, ■ financial aspect: compensation and indemnities in the event
etc.). Furthermore, with 44 plants around the world, the Group of an accident on a production site.
is exposed to industrial risks (fires, accidents, pollution emission),
which may affect the health of our employees.

EQUAL TREATMENT AND EQUAL OPPORTUNITIES

■ Strong presence in countries where equality and fair treatment ■ A constantly changing market environment requires continual
and opportunities are not always guaranteed. adaptation of our human resources and a broader range of skills
within the Group. Our markets demand an increasingly
(see Section 4.3.1.4.1 “Diversity, equality and inclusion”)
specialized and skilled workforce. For some of these key profiles,
a shortage and/or increased competition could lead to difficulties
in attracting and retaining talent. Certain regions, or certain
areas of the Group’s expertise, are particularly prone to this risk.
(see Section 4.3.1.4.2 “Skills development”)

RESPECT FOR FUNDAMENTAL RIGHTS

■ Strong presence in countries where there is a high risk
of human rights abuses.
(see Section 4.3.1.2.2 “Respect for fundamental rights everywhere
and for everyone”)


A description of all IROs identified by the Group’s double materiality assessment can be found in ESRS 2 4.1.3.3 “General disclosures –
Material impacts, risks and opportunities [SBM-3]” in this chapter.

4.3.1.1.3 Interaction with Groupe SEB’s strategy ■ equality and fair treatment and opportunities are not always
and business model guaranteed;
■ there is a high risk of human rights abuses.
The Group’s industrial status means that it has a strong presence
in countries considered at risk, where: These negative impacts potentially affecting the workforce are
systemic. They are monitored and analyzed regularly by the Group
■ the lack of adequate working conditions represents a relatively so as to manage any risks that could compromise the rights and
high risk; well-being of workers.




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With more than 32,000 employees worldwide, there will always 4.3.1.1.4 Regular IRO coordination with
be a risk of occupational illnesses, workplace accidents or harm all the business lines involved
to the physical integrity of persons. This concerns all categories
of employees (on site, in stores, at headquarters, etc.). In addition, The implementation of the Group’s CSR initiatives is based on
with more than 40 factories around the world, the Group is regular progress reviews organized by the Sustainable
exposed to an industrial risk that can affect staff (fire, accidents, Development Department with the business line contributors.
pollution). These risks are analyzed and monitored regularly in These meetings also ensure regular review of the Group’s
order to reduce potential negative impacts on the Group’s different challenges with all businesses concerned, an assessment
workforce. Any non-compliance on a production site could have of the actions taken, discussion of the challenges encountered,
direct and indirect financial and human impacts (absenteeism, and the development of formal corrective action plans.
accidents or a pandemic that could affect production capacity).
By involving all business lines, the Group ensures that impacts,
The Group closely monitors this risk and analyses it regularly.
risks and opportunities are identified and known to everyone at
The second material risk identified by the double materiality all levels, and that corrective actions are applied.
assessment concerns the Group’s dependence on qualified and
The different action plans are presented in the “related actions”
specialized resources capable of responding to a continually
paragraphs of Sections 4.3.1.3 “Working conditions”, 4.3.1.3.3
changing market and adapting the development and production
“Health and safety”, 4.3.1.4 “Talent management, diversity, equality
of the Group’s products. The risk of shortages and/or increased
and inclusion” and 4.3.1.5 “Respect for fundamental rights
competition for certain key profiles could lead to difficulties
everywhere and for everyone”.
in attracting and retaining talent. Certain geographic areas,
or certain areas of the Group’s expertise, are particularly prone
to this risk. 4.3.1.1.5 Key metrics concerning
As part of its overall strategy for transitioning to a low-carbon
the Group’s workforce
economy, the Group is currently working on the development Characteristics of Group employees [S1-6]
of its product offering, focusing on new technologies and further At 31 December 2024, Groupe SEB had 32,237 employees based
improvements to energy efficiency. To date, our transition plan on the scope defined in the table below. The 3% increase compared
does not pose any risk to the adequacy of our human resources with 2023 is partly explained by the acquisition of Sofilac, which
for our needs. Aware of these challenges, in 2023 SEB launched has 365 employees.
an online training course consisting of 12 modules on the
subject of the climate. The course aims to provide a better In 2024, for the Groupe SEB scope excluding Supor and non-
understanding of environmental issues, how they link with consolidated companies, 2,453 employees on permanent contracts
the socio-economic model, and the urgency of ecological transition. left the company. The turnover rate (number of departures
of employees on permanent contracts/number of employees on
The Group is present in countries considered at risk, where the permanent contracts at 31/12/2024) was 13.2% (down 1.5% on 2023).
lack of adequate working conditions represents a relatively high
risk. These risk countries are identified as such by the Labour For the Groupe SEB scope including Supor and excluding non-
Rights Index 2024, amfori/Business Social Compliance Initiative consolidated companies, 2,645 employees on permanent contracts
– Country Risk Classification, 2021. left the company, with a turnover rate of 11.8%.
Staff costs rose from €1,444 million in 2023 to €1,522 million in
2024, an increase of 5.4% (see Note 6.2 “Employee benefits
expenses” to the Group’s consolidated financial statements,
presented in Chapter 5 “Consolidated financial statements”).


Breakdown of the workforce by gender
At the end of 2024, 43% of the total workforce were women and 57% were men.

Number of The 1,024 employees categorized as “Not reported” correspond
employees to the total number of employees of non-consolidated companies
Gender (head count) in HR systems. Since there are no exact details of gender at present,
they are categorized as “Not reported”.
Male 17,785
Female 13,428
The Group identified equal treatment and equal opportunities
for all as material in its double materiality assessment. See
Other Section 4.3.1.4.1 “Diversity, equality and inclusion” for more
Not reported 1,024 information on the Group’s policies and actions.
TOTAL EMPLOYEES 32,237



PRESENTATION OF THE EMPLOYEE HEAD COUNT IN COUNTRIES WHERE THE UNDERTAKING HAS AT LEAST
50 EMPLOYEES REPRESENTING AT LEAST 10% OF ITS TOTAL NUMBER OF EMPLOYEES
Country Number of employees % of the total number
(at least 50 employees, at least 10% of its total number of employees) (head count) of Group employees
France 6,296 20%
Germany 4,349 13%
China 10,746 33%




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Breakdown of the employee head count by contract type
As in previous years, the consolidation of Supor in the Asia data At 31 December 2024, excluding non-consolidated companies,
leads to a high number of fixed-term or similar contracts, 23,056 employees had a permanent contract (“permanent
which are very common in China and are often for long terms, employees”), i.e. 74% of the Group’s workforce. A total of
especially for manual workers. 8,157 employees were on fixed-term contracts (“temporary
employees”), or 26% of the total workforce.

31/12/2024 Female Male Other Not disclosed Total
1,024
Number of employees (head count) 13,428 17,785 (non‑consolidated 32,237
companies)
Number of permanent employees (head count)
8,535 10,229 4,292 (Supor) 23,056
– excluding non-consolidated companies
Number of temporary employees (head count
on fixed-term contracts/interns) – excluding 891 608 6,658 (Supor) 8,157
non-consolidated companies
Number of non-guaranteed hours employees
(head count)

Other EMEA
31/12/2024 Americas Asia Total
France countries
Number of employees (head count) 6,296 10,418 2,786 12,737 32,237
Number of permanent employees (head count) 5,454 9,402 2,647 5,553 23,056
Number of temporary employees
891 73 6,786 8,157
(head count on fixed-term contracts/interns) 407
Number of non-guaranteed hours employees
(head count)
Number of full-time employees (head count) 4,372 5,848 412 11,580 22,212
Number of part-time employees (head count) 33 1,855 1,888


Characteristics of non-employee workers Number of non-employees
in the undertaking’s own workforce [S1-7] (FTE)
At 31 December 2024, Groupe SEB had 4,931 non-employees in France 621
its own workforce, mainly temporary workers spread across Other EMEA countries 897
different regions, as shown in the table here.
Americas 475
Asia 2,938
TOTAL NON-EMPLOYEES 4,931



4.3.1.2 Respect for human rights
Groupe SEB has 32,237 employees worldwide, around two- For example, the Code of Ethics and the Responsible Purchasing
thirds of whom are located outside Europe. Being at the center of Charter are Group policies that embody the UN guiding principles
such a large, complex human environment means that the Group on human rights.
is faced with risks relating to the respect of Human Rights, which
are also intrinsically linked to the Group’s founding values. This risk Code of Ethics
could materialize in connection with the Group’s operations, on To ensure compliance with the legal requirements and its human
its own sites as well as those of its suppliers and subcontractors. rights commitments, since 2012 the Group has structured and
The Group is present in countries identified as being at risk from formalized its policy in a Code of Ethics. Translated into the Group’s
a human rights perspective, including on the issues of forced 11 main languages, it has been distributed to all employees and
labor and child labor, particularly Brazil, China, Egypt, India, Mexico, is available on the intranet and on the institutional website.
Russia and Turkey. The Group has a presence there through its The Code applies to all activities of companies controlled by the
production and distribution activities. Group. It defines the rules of individual and collective conduct
In that respect, the Group also adheres to the international through 18 key subjects, including child labor, anti-corruption
standards set out by the UN, and particularly to the principles of measures, non-discrimination, environmental protection and the
the Universal Declaration of Human Rights, the fundamental prevention of conflicts of interest.
conventions of the International Labour Organization (ILO) and It also outlines the whistleblowing procedure to ensure that any
the OECD Guidelines for Multinational Enterprises. It has also human rights incidents are escalated and dealt with appropriately.
been a signatory of the UN’s Global Compact since 2013, and is a The whistleblowing mechanism is presented in Section 4.4.1.2
signatory of APPLiA’s Code of Conduct. “The Code of Ethics, a common foundation [G1-1]”.
All policies implemented are aligned with international standards,
including the UN Guiding Principles on Business and Human Rights.



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The Code of Ethics is viewed as a Group-wide policy covering all ■ ILO Fundamental Conventions No. 29 (Forced Labour), No. 105
negative impacts concerning the undertaking’s workforce identified (Abolition of Forced Labour), No. 138 (Minimum Age) and
in the double materiality exercise. It is accompanied by other policies No. 182 (Worst Forms of Child Labour);
and collective agreements, such as the non-discrimination policy ■ principles 1, 2 and 5 of the Code of Conduct issued by the
(see Section 4.3.1.4.1 “Diversity, equality and inclusion”), the health European Committee of Domestic Equipment Manufacturers
and safety policy (see Section 4.3.1.3.3 “Health and safety”) and (CECED);
the remuneration policy (see Section 4.3.1.3.1 “Social dialogue
and social protection”). ■ principles 1, 2, 4 and 5 of the UN Global Compact;
Groupe SEB has set up a Compliance Committee to monitor ■ principle 5 of the OECD Guidelines for Multinational Enterprises.
compliance issues and deal with the necessary trade-offs. These commitments apply to the Group’s employees as well as
This Committee comprises the following representatives: its suppliers, and are included in the Group’s Responsible
Purchasing Charter, which is aligned with the International
■ Senior Executive Vice-President, Finance, Group Deputy CEO; Labour Standards.
■ Senior Executive Vice-President, Human Resources, Group
Deputy CEO; 4.3.1.2.2 Respect for human rights, everywhere
■ Senior Executive Vice-President, Industrial Operations, Group and by everyone (control processes
Deputy CEO; and mechanisms)
■ Executive Vice-president, Legal;
The Group has a control system in place with external audits
■ Director of Audit and Internal Control; carried out on site every three years on average, at a rate
■ Director of Sustainable Development; of about six sites per year and covering all the sites in countries
■ Legal Director, Operations; at risk. These audits are prepared with the support of the Human
Resources department and are accompanied by action plans
■ Group Compliance Manager, who also serves as Chair of the to correct any non-conformities. The audit findings are shared
Committee. with the Industry, Human Resources, Compliance, and Audit and
The Committee meets as often as it needs to, but at least twice a year. Internal Control departments. An annual summary of findings is
sent to the Executive Committee.
4.3.1.2.1 Forced labor and child labor To make it as realistic as possible, employee training on the Code
of Ethics was developed jointly by various Group departments:
In its application, the Group is particularly vigilant in the fight Sustainable Development, Training, Human Resources, Quality
against forced and child labor, as illustrated by the commitments Standards & Environment, Audit and Internal Control, Purchasing,
set out in the Code of Ethics (available on the Groupe SEB Legal, Health and Safety, Compliance, IT.
corporate website) in the “Working Conditions” section. These are
based on the following international rules and principles:


4.3.1.3 Working conditions
Groupe SEB is committed to providing its workforce with adequate On a collective basis
working conditions all over the world, including in countries at The Group endeavors to set up employee representative bodies,
risk. This matter is reflected in the Code of Ethics and covers the whether formally or informally, in the countries in which it operates.
following topics:
In countries with employee representative bodies, employees are
■ social dialogue and social protection: freedom of association, informed of talks and agreements between their representatives and
adequate wages and social protection, secure employment, the management of the undertaking via their representative bodies.
collective bargaining, social dialogue;
These channels for social dialogue foster a constructive and
■ quality of life at work: work-life balance. collaborative exchange, and play a critical role in preventing and
mitigating actual and potential negative impacts on the workforce.
4.3.1.3.1 Social dialogue and social protection They also allow employees to share their views, which can be
Organization of social dialogue at SEB taken into account in the undertaking’s decision-making processes.
Groupe SEB respects freedom of association everywhere in the In that respect, and in accordance with the principles enshrined
world. It encourages social dialogue within its subsidiaries, both in its Code of Ethics, the Group encourages its subsidiaries to
on an individual and a collective basis – a commitment that is voluntarily negotiate collective bargaining agreements in order
reaffirmed in the Group’s Code of Ethics. to establish a solid social protection floor.
Direct dialog with employees In France and Europe, social dialogue is centralized at the Group
level through the France and Europe Group Works Councils. For
Globally, surveys such as Great Place to Work® are carried out
other countries, social dialogue is localized. Feedback takes place
(on average every two years) to identify employees’ expectations
through discussions between local entities and the Group Human
and gather their views. These surveys offer an insight into employees’
Resources department.
needs and enable the Group to respond through concrete action
plans. HR teams also serve as a local point of contact, listening
to and addressing employees’ concerns. This reinforces the sense
of belonging and satisfaction within the undertaking.




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At the local level The European Works Council is informed about the main economic
Any issues, challenges, societal developments and changes in and social events and issues of interest to Groupe SEB, not only
the competitive landscape that Groupe SEB faces are raised and in Europe, but sometimes in a wider international context. Members
discussed by the various employee representative bodies, which are presented with information on the Group’s structure, its
set the pace for industrial relations. Depending on the entities, economic, financial and industrial situation, the development of its
meetings may take place weekly, monthly or bi-monthly, or may businesses, the employment situation and future employment trends.
be held informally. The agenda also sets aside a considerable amount of time for
Employees are informed of these discussions between their questions from employee representatives.
representatives and the undertaking’s Management in minutes In exceptional circumstances, and if the situation so requires,
made available following the various meetings, or through extraordinary meetings may be held.
communications on specific issues.
Worldwide
■ France
The Group takes into account the views of its international
A France Group Works Council was set up on 14 November 2002. employees through regular Great Place To Work® surveys and
It is composed of 20 employee representatives, plus five the implementation of action plans, which are sometimes Group-
representatives appointed by each representative trade union wide spanning different entities.
organization at Group level, who act in an advisory capacity.
The Group’s Human Resources department is responsible for social
The France Group Works Council is an information and discussion dialogue. Implementation is the responsibility of the subsidiary’s
forum intended to foster dialog between Management and senior management and the local Human Resources department.
employee representatives on the economic situation and the
Group’s strategy in particular. It meets at least twice a year Collective agreements
and allows employee representatives to put their questions Groupe SEB is not a signatory to worldwide collective agreements.
directly to the members of General Management present. However, its Code of Ethics and Sustainable Development policy
French entities also have Social and Economic Committees at “Act for all” apply globally.
the establishment, undertaking or central level. These committees In Europe, the agreement to set up the European Works Council
hold ordinary meetings every month or every six months (for was signed by representatives from several European countries.
central committees), and may also hold extraordinary meetings. Collective agreements are also signed at the establishment,
These bodies are informed and consulted throughout the year company, branch or national level. The agreements therefore apply
in accordance with the law. to various Group entities, particularly in Germany, the United States,
The three main annual consultations concern strategy, Belgium, Colombia, Spain, France and Italy. The agreements may be
the economic and financial situation of the undertaking, and renewed at regular intervals (e.g. every five years for the company
HR policy, working conditions and employment. During these Andean S.A., and every four years for the company All-Clad).
consultations, the committees may be assisted by external In France specifically, Groupe SEB regularly signs collective
experts who analyze the documents and enhance the quality agreements at establishment, undertaking or national level (Quality
of the debate. This enables the committees to give informed of Life at Work, Disability, Salary Increases, Disability and Death
opinions to Management. cover, Management of Jobs and Career Paths, etc.). In 2007,
One of the examples of decisions taken following the dialog it signed a specific agreement with employee representatives.
between the Group and the employees is a measure of the This Group agreement on the exercise of trade union rights
QVCT 2022 agreement concerning a relaxation of the rule on and the status of employee representatives was renewed in
remote working; in addition to the option of working regularly January 2019 and signed by all social partners. It in particular
from home two days per week, occasional remote working increases the resources provided to elected employees (material
was increased from four to five days per year and the ability resources, time allowed for the position, Group financial
to work from home was also extended to interns and work-study contribution, etc.) and the measures to safeguard and assess
students. This agreement is valid for the period 2022–2024. their career (skills assessment, career developments interview,
review of salary positioning, etc.).
■ Germany
Most of the Group’s entities in Germany have works councils. Global social protection floor
Meetings with employee representatives are arranged on a Since 2018, the Group has been progressively rolling out a global
monthly or even weekly basis. This fosters a rich social dialogue social protection and working conditions program, WeCare@Seb,
covering day-to-day issues while anticipating changes likely reviewing each of the agreements negotiated locally in the countries.
to affect the workforce. In 2024, an audit of health coverage was carried out in 43 countries
In addition, social dialogue is enhanced by regular employee in which the Group operates (excluding France) to gain a better
surveys on a host of subjects. understanding of our medical coverage compared to local practices.
This analysis will enable us to propose action plans tailored to
Committees and/or meetings with employees are also organized the needs of each country.
in other countries, including Argentina, Belgium, Chile, Colombia,
Spain, the United States, Italy, the Netherlands, Portugal and This global program is built around two pillars:
Turkey. These cover a variety of topics to do with health, safety ■ life insurance: 12 months of salary paid to the employee’s
and working conditions, as well as economic and current issues family in the event of work-related death;
affecting the Group. ■ healthcare costs: coverage of hospital stays resulting from
At the European level accidents (capped at 70% of actual costs).
Groupe SEB has a European Works Council which meets twice a
year with employee representatives from 14 EU countries.




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Every employee with a permanent contract, regardless of their Satisfaction surveys
country and job level, benefits from the minimum guarantees of The Group encourages the individual expression of employees,
this global program. in particular through the promotion of tools such as satisfaction
The integration of acquisitions into this global social protection surveys and the conducting of interviews for managers in all countries.
floor is gradually taking place.
Review of the global program
An audit carried out in 2024 will enable us to develop our
The Group ensures that it reviews the content of social benefits
medical guarantees over the next two years (2025 and 2026).
contracts on a regular basis in order to supplement and/or
Implementation is the responsibility of the managers of the
improve existing insurance coverage in each of the contracts
subsidiary and the HRD of the division, under the guidance of the
negotiated locally at the level of the legal entity and/or the country
Group’s Remuneration and Social Benefits teams.
concerned. Appropriate audits (internal or external) are carried
Remuneration policy out on a regular basis in accordance with legislative developments
Groupe SEB is also committed to the implementation of a fair and or market practices in each country. In the first half of 2024, a health
transparent remuneration policy that is understandable by all. audit was carried out on 43 countries in the Group to enable the
It is committed to paying wages in every country in line with updating of the platform, which was launched in 2018.
current regulations and minimum industry standards, enabling Targets related to dialog and social benefits [S1-5]
employees to cover their basic needs and to benefit from
disposable income. The global social protection program on pillars 1 and 2 is addressed
country by country, either in the context of negotiations on
The Group’s remuneration policy aims to ensure that all implementation or in terms of communication with social bodies
employees are paid fairly (internally and externally) and in line and employees if no negotiations are mandatory.
with their position, skills and performance. Every year, the Group
reviews the components of the overall remuneration package In its internal ACT FOR ALL plan, the Group has set a target
(base salary, individual and collective bonuses, components coverage rate of over 42% for employees covered by a collective
specific to certain professions) and compares them with data agreement.
from external service providers in the main countries where the Metrics related to dialog and social benefits [S1‑8],
Group operates.
[S1‑10], [S1-11]
Responsibility for the remuneration policy lies with the
The definition, clear description and methodology and the main
Remuneration and Social Benefits department within the Group’s
underlying assumptions of the metrics below are listed in
Human Resources department. Implementation is the responsibility
Section 4.3.4 “Methodology note – Social information”.
of the managers of the subsidiary and the HRD of the division.
Collective bargaining coverage and social dialogue [S1-8]
Actions and resources related to social dialogue policies
and social benefits [S1-4] As of 31 December 2024, 39.95% of Groupe SEB employees are
covered by a collective bargaining agreement.
Groupe SEB’s actions are aimed at encouraging all its subsidiaries
worldwide to conduct voluntary negotiations of collective bargaining The percentage provided is a minimum estimate, as data for 6.61%
agreements in order to build a solid social foundation and of the Group’s total workforce is not available (it has therefore
promote the collective representation of employees and freedom been assumed that this workforce is not covered by collective
of association throughout the world. bargaining agreements). The actual percentage could therefore
be higher than 39.95%.
Training in social dialogue
In 2019, a new industrial relations training program was rolled
out in France for all local managers with elected representatives
in their team.

Collective bargaining coverage(1) Social dialogue(2)
Coverage Rate EEA employees Non-EEA employees Workplace representation (EEA only)
EMEA (excluding EEA)
0 – 19%
APAC (including China)
20%–39%
40%–59% Americas
60%–79% Germany
France
80%–100%
EEA (overall) Germany/France
(1) In the columns dedicated to the coverage of employees by collective bargaining, the information is provided by country for those with more than 50 employees and
representing more than 10% of the Group’s overall staff. Otherwise, the coverage rate is provided by geographical area.
(2) Only countries with more than 50 employees and representing more than 10% of the Group’s overall staff are taken into account with regard to employee coverage in terms
of social dialogue.


However, given the existence of the European Committee of representation, namely: Belgium, Czech Republic, Denmark,
Groupe SEB, we consider that employees from countries France, Germany, Greece, Hungary, Italy, Netherlands, Poland,
represented on the Committee are fully covered by workplace Portugal, Romania, Spain, Sweden.




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Social protection [S1-11] Actions and resources relating to quality of life
As part of its common social program policy (detailed above) at work policies [S1-4]
initiated in 2018, Groupe SEB offers its employees worldwide a Since 2012, SEB has used a survey conducted by the Great Place
good level of coverage in relation to the local context. To date, all to Work® Institute to assess employees’ perceptions in this area.
permanent employees are covered by the WeCare@Seb social This employee survey is conducted every two years. Initially
program. launched in France, it was gradually rolled out to all continents.
Adequate wages [S1-10] The most recent survey, in 2023, was conducted over a much
broader scope than in previous years. It covered some 60 countries,
The Group has just begun analyzing wages in accordance with
including China (Supor). More than 80% of the approximately
the new European directives. The benchmark taken into account
20,000 employees invited to answer responded to the survey,
within the EEA is compliance with the country’s minimum wage,
which focused on 93 issues in five areas: credibility, respect,
where one exists. Outside the EEA, an analysis was carried out
fairness, pride and friendly atmosphere:
based on the minimum wages of the countries and, moving
a step further, the living wage was looked at for the first time. ■ 70% of employees believe that Groupe SEB is a great place to
This approach focused on a few countries with an industrial presence. work (seven points more than the industry benchmark);
As the data on a living wage is currently being compiled, in terms ■ the satisfaction rate on the average of all questions (Trust
of external practices, the Group has begun by establishing the main index) is 69.5% (+3.4 points compared to 2021);
principles for taking initial measurements in a few countries. ■ scores increased in each of the five survey areas, showing
All Groupe SEB employees receive a minimum wage, in that the actions taken to improve results following previous
accordance with the applicable benchmarks. The methodology of surveys have been effective with, in parallel,
the calculations presented below is detailed in Section 4.3.4 With a final result at 70%, higher than the sector average, the Group
“Methodology note – Social information”. continues to progress, while at the same time experiencing a
100 % of Groupe SEB employees in EEA countries receive a wage very strong increase in the number of countries covered by
higher than the minimum wage set out in directive 2022/2041. the survey (from 18 countries in 2018 to 56 in 2023).
100% of Groupe SEB employees outside the EEA receive a wage The main elements of satisfaction in 2023 are the high level of
higher than the local minimum wage independence granted by managers, a supportive and respectful
Beyond this legal analysis, an initial analysis on adequate wages working environment and management’s ethical business practices.
was carried out on a small number of countries for the year The areas for improvement relate in particular to the level
2024 based on new international legislation. of recognition and sharing of a shared vision by management.
This feedback will be taken into account in the action plans
An initial consistency test on the adequate wage has been for each country and in the Group action plan.
carried out in four countries (Czech Republic in the EEA and
outside the EEA: Vietnam, Colombia and Brazil). This work has The next comprehensive survey is scheduled for the first quarter
made it possible to identify the various options that are not of 2026. However, shorter surveys are planned in the meantime
imposed by the legislator but specific to each company and the to measure progress, particularly in the geographical areas or
various stakeholders able to provide this type of data. The Group areas with the lowest results.
plans to integrate this topic into its global remuneration policy, Among the measures taken to encourage people to balance their
which will be rolled out in each country over 2025 and 2026. work and personal lives, employees were given the option of
A broader assessment cannot be made in this first year flexible work scheduling (setting up teleworking days) and also
support arrangements (for days when children are ill, support
for caregivers), and several sites introduced child-care or
4.3.1.3.2 Quality of life at work concierge service arrangements (Rumilly and Écully).
Description of policies related to quality of life at work [S1‑1]
Measuring progress
The Group places great emphasis on the quality of life at work
The quality of life at work for employees was recognized by the
for its staff all over the world, particularly in countries considered
Great Place to Work® certification in 48 Group entities (compared
to be at risk.
to 40 in 2021).
Quality of life at work has been the subject of a collective
agreement in France since 2016 and is supported by action Targets related to quality of life at work [S1-5]
plans in each Group entity. This agreement was renewed on The Group’s objective is to continue to improve the rate of positive
1 June 2022 for three years, under the new name Quality of Life responses to the Great Place To Work® barometer question:
and Working Conditions (QLWC). “Overall, I can say that Groupe SEB is a good place to work”. »
In addition, a QLWC specialist has been appointed at most of Following the results of the GPTW survey, each entity must define
Groupe SEB’s sites. They ensure that office ergonomics (equipment a specific and appropriate action plan. Very clear directives have
and work posture) are correct. been communicated to the VPHR and members of the Executive
Implementation is the responsibility of the managers of the Committee on the need to involve all stakeholders. The entities
subsidiary and the HRD of the division, under the guidance of the are supported in defining the actions to be implemented, (in particular
Group’s Human Resources department. using a model) and also in the follow-up of actions.




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Metrics related to work-life balance [S1-15] The Group has established and deployed Health and Safety
(1)
96.04% of Groupe SEB employees have right to family-related standards that apply throughout the world. These standards
leave (maternity, paternity, caregiver). formalize the minimum requirements, above and beyond
compliance with national and international regulations. These
standards are incorporated into health and safety management
4.3.1.3.3 Health and Safety procedures and are written in English, French and Chinese.
Description of health and safety policies [S1-1] They apply to all teams worldwide.
The Group has a health and safety policy to reduce workplace The core principles and application of Health and Safety standards
accidents, physical injury to persons, occupational illnesses and are covered by external audits conducted on our sites and at our
industrial risks that may affect staff (fire, accidents, pollution). suppliers’ premises, as well as by internal audits and the internal
Classification as an accident at work or occupational illness is control manual (ICM).
based on the local legislation of each entity of the Group. Since 2015, audits have been carried out on average every three
The Group’s health and safety policy is deployed worldwide and years, at a rate of around six sites per year, covering all sites in
is based on rigorous standards, written in English, French and the countries considered to be at risk.
Chinese, which are binding on all teams.
Mobilization and sharing of best practices
These standards formalize the Group’s minimum requirements,
All the plant and logistics sites in 13 countries have been
over and above compliance with national and international
meeting since 2020 on a monthly basis for France and bimonthly
regulations, and cover both the organization and management of
for the other sites around the world. These regular meetings
health and safety and the prevention of specific risks. They are
enable the sharing of practices and strengthen the international
embodied in the global programs “Safety in SEB” and “Health in Seb”.
dynamics of the network, which is also supported by an active
This policy covers all internal and external employees and is community on the internal corporate social network.
driven by the highest level of management through a Health
and Safety Steering Committee attended by several members of Training program
the Group’s Executive Committee. The Group Health and Safety Training also plays a significant role in driving improvements
Director reports directly to the Executive Vice-President, and reducing risk. In 2021, the Group developed four e-learning
Industrial Operations. modules on health and safety: one module covering all aspects
The health and safety policy draws on a global network of of the topic and three specific modules (Retail, Logistics, and Industry).
40 Environment, Health and Safety (EHS) managers, who cover They are supplemented by a fifth module for French employees
all plants and logistics sites in 13 countries. Since 2020, they on criminal liability in this area. In 2022, a training course
have met, convening on a monthly basis for teams in France and entitled Developing Your Influence Posture was launched for all
quarterly for other sites around the world. HSE managers worldwide, and will continue in the years to come.
Since 2023, these meetings have been held every two months As the Group is convinced that culture change is the only way to
for all the Group’s sites. ensure the accident rate continues to decline in the coming
years, it launched a program entitled Shared Vigilance in 2022.
In addition to these meetings, a joint seminar with the France This program continued in 2023 and 2024 in France, Germany
network and the OPS Community was organized in order to share and Switzerland.
common Health & Safety and Performance issues and to strengthen
the network’s development. By the end of 2024, all plants and logistics platforms, as well as
Campus, Retail and GSF, had followed this program, which was
In 2018, Groupe SEB set itself the target of having all of its plants also rolled out at the five German production sites (EMSA and
certified to ISO 45001 health and safety standards by the end of 2024, WMF) and at the Swiss site in Zuchwil.
and this target was achieved with manufacturing and logistics
entities certified. The rollout will continue in 2025 to other European and global
sites such as Brazil and Colombia.
In relation to the Group’s total workforce (including tertiary sites),
71% of the workforce is certified (covered by a health and safety Global Safety in SEB Program
management system). The global Safety in SEB program emphasizes the involvement
Actions and resources related to health of employees as participants in their own safety. Employees are
asked to report any hazardous situations identified on the ground
and safety policies [S1-4]
either via an application available on the intranet or in a non-digital
Groupe SEB continually implements measures to reduce the number format. All accidents occurring within the Group, with and without
of workplace accidents and limit the number of occupational lost time, are summarized monthly in a newsletter sent to all
illnesses (particularly musculoskeletal disorders) and reduce the managers (including the Executive Committee) and the Health
industrial risk that can affect staff (fire, accidents, pollution). and Safety community.
In terms of financial resources, the Group spent €3 million on At the plants, safety is one of the points that is reviewed daily by
prevention measures (inspections and regulatory monitoring, the production teams as part of the OPS (Operation Performance
collective or individual protective equipment, etc.), improving SEB) initiative, via Short Interval Management.
working conditions and staff training in 2024. The new projects
also include improvements to the safety and ergonomics of the
working environment.




(1) The percentage provided is a minimum estimate, as data for 6.19% of the Group’s total workforce is not available. It was therefore considered that these staff members did not
benefit from family-related leave. The actual percentage could therefore be higher than 96.04%.



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Reinforced action plan for sites with the highest rate Prevention of psychosocial risks – Training
of workplace accidents
The Group initiated the design of a training course on psychosocial
The Group maintains a high level of organization and support for
risks at the end of 2023. This course comprises three levels:
the sites concerned, in particular via a more intensive action plan
and a monthly meeting with the site management. ■ e-learning (a module intended for all employees with online
access and a module specifically designed for team managers);
The Health and Safety department provides operational support
at all sites, particularly at accident sites, to support action plans ■ an additional one-day face-to-face training course for team
and capitalize on them at the Group’s other sites. managers;
This Safety in SEB approach is bearing fruit: although 2024 saw ■ raising awareness on a locally defined topic.
a significant increase in the number of accidents, mainly in E-learning was initially launched in France in the last quarter of
France, the number of lost-time workplace accidents has 2024 for managers and employees with online access, and will
decreased by 56% since 2019. gradually be rolled out worldwide.
This is illustrated by the drop in the Lost Time Injury Rate The one-day training course for team managers was designed in
(“LTIR”) since it fell below the target of 1 as of 2022. 2024, and three pilot sessions were organized. It will initially be
Feedback deployed in France in 2025.

Good practices and events are shared and within the Group on In 2012 Groupe SEB set up a counseling office in France,
topics such as training, ergonomics and technical improvements. outsourced to the specialist firm Turka. The aim is to offer assistance
Every accident is analyzed, and an action plan is drawn up for and support to any employee who becomes the victim of or witness
feedback. This is then communicated to managers and the to such situations as harassment, discrimination and workplace
Groupe SEB safety community via the “Accident Newsflashes” violence or the stress resulting from them. The employee may
system. Actions taken after serious accidents are specifically remain anonymous if he or she wishes. In any event, the Turka
monitored by the sites and the Health and Safety department. counselor assists the employee and/or puts them in contact with
These “Accident Newsflashes” and other safety measures apply the person in the best position to help.
to all Group entities, including plants, logistics, service and Health and safety targets [S1-5]
commercial sites.
Groupe SEB has used the Lost Time Injury Rate (LTIR) as a safety
Fighting musculoskeletal disorders: awareness-raising performance indicator since 2014. It is calculated based on the
and training number of accidents with a direct causal link with work in relation
In the health field, Groupe SEB focuses a large part of its efforts to the number of hours worked. The internal recording system
on combating musculoskeletal disorders (MSDs) in the upper has no effect on local legal declarations specific to each country.
limbs, and lower back pain. This is a major issue for the The LTIR was 0.81 in 2024, and the target is to reach an LTIR of
industrial sites, particularly in Europe, exacerbated by the aging 0.55 by 2027.
of the workforce and extensions to the pension age.
In addition to the LTIR, since 2023 the Group has been monitoring
The Group’s response involves awareness-raising and training the Frequency Rate 2 (TF2) by site and entity. It records the number
measures, taking MSD prevention into account from the design of accidents with and without lost time with a direct causal link
phase of products and processes as well as implementing with work and relates it to the number of hours worked. It was
specific measures on the sites. 1.92 at the end of 2024.
Improving workstation ergonomics In 2025, the Group will formalize the monitoring of Frequency
Ergonomic improvements to workstations are still being made in Rate 3 (taking first aid into account) by site and entity. The aim is
the Group thanks to the EvalErgo rating tool, which has been to ensure that the reporting, analysis and treatment of first aid
rolled out in France and internationally. In 2024, the aim was for incidents is dynamic, in order to reduce their occurrence and
all plants and logistics sites to improve the ergonomics of anticipate more serious events.
workstations. The target was specific to each site, depending on The three-year and year N+1 objectives have been presented to
the track record of improvement over the past five years. In the members of the H&S Strategy Committee by the Health &
France, each site has a dedicated MSD Steering Committee and Safety department.
MSD guidelines to manage risks associated with product design
and workstation modifications. Once the Group objectives have been validated, they are broken
down by site/BU/entity and shared with the VPI/GM and site
At the end of 2024, the Group had 38 MSD specialists in France. management teams for validation.
Since 2019, the France Health Network has included MSD A note outlining the objectives at Group/BU/site/entity level is
specialists, occupational physicians, nurses and ergonomists then sent by the H&S department to all stakeholders.
from the various sites, as well as the Health and Safety
department. This network implements various actions to prevent Results are monitored locally on a monthly basis and compiled
MSDs. In addition, several sites in France offer visits to a at Group level as part of monthly reporting campaigns. Any
physiotherapist and have an osteopath on site. deviation from target is the subject of an action plan to remedy
the situation. These action plans are managed locally and shared
with the H&S department.




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Health and safety metrics [S1-14] staff members (employees and non-employees) work in an
All Groupe SEB plants and logistics sites have been ISO 45001 ISO 45001-certified environment across the entire certified
Health and Safety-certified since the end of 2023. Thus, 100% of scope. This represents 71% of the Group’s total workforce
(including tertiary sites).

2024 2023 2022 2021 2020
Number of certifiable entities 53 47 46 46 44
Entities holding certification* 100% 100% 100% 100% 100%
% Group employees covered 71%
* Based on industrial and logistics entities at the end of the year concerned


Site certification was carried out by the external firm DNV. The Lost Time Injury Rate (LTIR) was 0.83 (50 lost-time accidents)
Despite efforts to improve workplace safety, Groupe SEB suffered for Group employees and 0.75 (12 lost-time accidents) for temporary
one fatality in 2023 due to an accident among its employees. workers employed by the Group. - The Lost Time Injury Rate
(LTIR) for Group employees pursuant to the CSRD was 0.81.
During the 2024 financial year, there were no fatalities among
Group employees or workers in its value chain working on Group The workplace accident rate with and without lost time (TF2)
sites, and no occupational illnesses among Group employees. was 2.1 (of which 74 accidents without lost time) for Group
employees and 1.43 (of which 11 accidents without lost time).
Groupe SEB distinguishes between deaths resulting from accidents The workplace accident rate with and without lost time (TF2) for
at work and deaths resulting from occupational illnesses. Group employees pursuant to the CSRD was 1.92.
Groupe SEB recorded 62 workplace accidents with lost time and A worldwide survey of work-related illnesses has been conducted
85 accidents without lost time during the year. since 2013. 47 occupational illnesses were recognized throughout
the Group in 2024, excluding temporary employees.

2024 2023 2022
France 39 41 31
Other EMEA countries 1 0 0
Americas 5 8 5
Asia 2 1 0
WORLD 47 50 36

The number of days lost due to workplace accidents, workplace fatalities, work-related health problems and deaths due to health
problems is 2,170 among Groupe SEB employees.




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SAFETY REPORTING
Unlike previous years’ reports, this table takes temporary staff into account. (World data, including temporary staff)

2024 2023 2022
Groupe SEB Temporary
workforce staff Total
France
Number of workplace accidents with days lost 30 10 40 27 29
Number of hours worked 8,338,788 1,657,581 9,996,369
LTIR 3.60 6.03 4.00 2.8 2.98
Number of workplace fatalities [FAT] 0 0 0 0 0
Other EMEA countries
Number of workplace accidents with days lost 14 1 15 15 29
Number of hours worked 15,322,513 1,639,650 16,962,163
LTIR 0.91 0.61 0.88 0.89 1.76
Number of workplace fatalities [FAT] 0 0 0 0 0
Americas
Number of workplace accidents with days lost 5 0 5 4 1
Number of hours worked 5,169,184 2,726,650 7,895,834
LTIR 0.97 0.00 0.63 0.54 0.13
Number of workplace fatalities [FAT] 0 0 0 0 0
Asia
Number of workplace accidents with days lost 2 0 2 3 0
Number of hours worked 31,471,212 10,031,293 41,502,505
LTIR 0.06 0.00 0.06 0.1 0
Number of workplace fatalities [FAT] 0 0 0 1 0
World
Number of workplace accidents with days lost 51 11 62 49 59
Number of hours worked 60,301,696 16,055,174 76,356,871
Number of workplace fatalities [FAT] 0 0 0 1 0
WORLD LTIR 0.846 0.685 0.812 0.69 0.84

Definitions of metrics: KPIs:
■ number of workplace fatalities = FAT (Fatalities) = Number of ■ Lost Time Injuries Rate (LTIR) = Number of work-related lost-
workplace accidents resulting in death, irrespective of the time accidents (LTI+FAT)*1,000,000/Total hours worked;
time elapsed between the injury and the death; ■ Frequency rate 2 (TF2) = Number of work-related accidents
■ number of Lost Time Injuries (LTI) = Workplace accidents resulting with and without lost time (LTI+FAT +WLI)*1,000,000/Total
in a physical injury resulting in a number of days off work; hours worked;
The other KPIs and PPIs (Ergonomics or VCS, for example) are
the subject of an explanatory note (definition, objective, method
of calculation) sent to all stakeholders at the beginning of each year.


4.3.1.4 Talent management, diversity, equality and inclusion
4.3.1.4.1 Diversity, equality and inclusion to create an inclusive and diverse working environment in all
the countries where the Group is present.
Description of policies related to diversity, equality and
inclusion [S1-1] These policies cover ethnicity, sexual orientation, gender identity,
Non-discrimination policy age, religion, political opinion, social origin or other forms covered
by French and European law.
Groupe SEB considers diversity to be a source of attractiveness,
collective performance and innovation. In view of the Group’s The Group introduced an ambitious international plan based on
strong presence in countries where equality and fair treatment three major pillars in 2023:
and opportunities are not always guaranteed, SEB is implementing ■ strengthening inclusive management;
a policy of non-discrimination and promotion of diversity in order ■ promoting an inclusive work environment;
■ promoting diversity.




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Implementation is the responsibility of the managers of the Promoting diversity
subsidiary and the HRD of the division, under the guidance of The Group is stepping up its efforts in all areas of diversity:
the Group’s Corporate Talents teams.
■ gender diversity and equity is dealt with globally at subsidiary
Global Gender Diversity Commitment Plan level, where a commitment must be made to increase the
Gender equality in the workplace is, in fact, an integral part of number of women managers in line with the Group objectives
the Group’s non-discrimination and diversity promotion policy. defined above;
The proportion of women in the Executive Committee is 20% as ■ the other areas, such as equal opportunities (social and
of 31 december 2024. generational diversity), disability and cultural diversity, which
In its corporate project, Groupe SEB has created a specific plan are addressed in a more decentralized manner.
to promote gender equality: The gender balance acceleration plan, Local initiatives
which aims to remove the glass ceiling by committing to a Each management committee, regardless of the country or type
quantified target: over 32% of women in key positions. of entity (plant, sales subsidiary, etc.) committed to six actions
This action plan will be regularly monitored with Executive on gender equality selected from a dozen actions suggested by
Committee members. the Group (anti-discrimination training, mentoring program,
presence of at least one woman on the list of final candidates
Actions and resources relating to the diversity, during recruitment).
equality and inclusion policies [S1-4]
As one of a number of initiatives, Groupe SEB Singapore has
Action plans have been defined for each theme covered by the implemented the anonymous CV principle (no photo, gender or
non-discrimination policy. These action plans are then adapted age) to combat certain gender biases.
to the local context and regulations in each country. The progress
of these action plans is regularly monitored, in particular through Groupe SEB Turkey is actively involved in the “LEAD Network
dashboards and discussions with HR managers on each continent. Türkiye” program, which organizes inter-company mentoring
sessions to support women managers in their development
Inclusive management training (networking, leadership, sharing experience).
Training and awareness-raising The APAC zone has set up dedicated workshops to identify and
Sponsored by Senior Management and the Human Resources eliminate cognitive biases in order to promote an inclusive work
department, this online training course for managers aims to raise environment and inclusive people. A day dedicated to the
awareness of the challenges of diversity and inclusion, and to share promotion of diversity was initiated by the zone in August 2024.
with them the golden rules established by the Group to provide International events
equitable support for employees from all backgrounds in their
In conjunction with these local initiatives, international events
career paths (recruitment, induction, promotion, etc.). It has been
helped to raise employee awareness of the need to continue
followed by 80% of team managers worldwide since 2023. Every
efforts in terms of gender equality, such as conferences,
new manager joining Groupe SEB is invited to complete this module.
webinars, working groups.
In addition, around a dozen workshops run by an external coach
and Group facilitators allowed managers to interact around Mentoring and development program
practical case studies. The progress to continue advancing this percentage is
encouraging with concrete action plans in succession plans, and
Specific awareness campaigns still requires continuous and steady effort across all professions.
Specific awareness-raising measures were rolled out at Senior
The mentoring program launched in 2017, based on strict
Management Committee meetings in many regions. In Asia-
gender parity, also contributes to achieving this aim, as does the
Pacific, for example, all members of management took part in a
joint development program created in 2018 aimed at women.
workshop to play out the cognitive biases that can impact
The aim is to develop confidence, discuss cases of discrimination
thinking around diversity.
(particularly implicit) and suggest ways to progress.
Global initiatives to foster an inclusive work environment These actions enabled the Group to continue its progress in
All Group subsidiaries were encouraged to commit to at least terms of gender diversity worldwide in 2024 compared to 2023,
five practical actions from around a dozen suggested actions, with an increase in particular in:
to promote a working environment that is increasingly open to ■ the proportion of women in management positions and in the
diversity: training measures, more inclusive recruitment advertising Group’s talent pool;
and processes, networking and testimonials from female role
models, etc. ■ the difference in positive responses to the question “people
are treated fairly, regardless of their gender” between Groupe
this type of initiative and many others have been implemented SEB’s results and the Great Place To Work® benchmark
by more than 80% of subsidiaries worldwide. (85% vs 80%);
In Colombia, Argentina and Chile, for example, a diversity and ■ the number of the Group’s business lines (Purchasing, IT,
inclusion academy has been created to improve identification R&D, etc.) that have increased or consolidated their proportion
and understanding of certain topics, such as the mechanisms of female managers.
behind stereotyping or combating harassment, by setting up
fortnightly workshops. Awareness-raising actions concerning the recruitment
and integration of people with disabilities
In the United States and Canada, around a dozen events related
to inclusion were organized during the year (combating racism, Awareness-raising initiatives are carried out throughout the year
international women’s day, etc.). at all our sites around the world, through internal campaigns,
training courses, presentations to disability advisors and medical
teams, and testimonials from employees with disabilities.




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In terms of raising employee awareness, all French sites Targets relating to the employment of women
participate each year in European Disability Employment Week Groupe SEB has made gender diversity and equity its priority,
with practical and fun initiatives. setting itself the target of:
Disability initiatives have multiplied since 2020, particularly ■ achieving 32% female representation in its management
through partnerships between the Group’s sites and organizations positions (key posts) by 2030;
or companies in the protected sector.
■ bringing the % of female managers into line with the %
Hiring of people with disabilities of women in the Group by 2030.
To encourage the hiring of people with disabilities, the Group Diversity and inclusion targets
works closely with public partners (Cap Emploi), private partners
or charities. Groupe SEB has set itself the target of training more than
90% of managers in Diversity and Inclusion and aims to employ
The Group also works closely with local stakeholders and employees with disabilities as 3% of its workforce worldwide by 2030.
participates in events allowing it to meet talented people with
disabilities and to share experiences, particularly through sports The definition of Group targets is discussed with all members of
challenges such as the Race for Diversity or Sport2Job. the Executive Committee. Group performance is monitored
annually with employee representatives.
Monitoring and measuring progress
Metrics related to diversity, equity and inclusion [S1-9],
In France, Groupe SEB has set up appeal and monitoring bodies
for the non-discrimination policy and encourages this type of [S1-12], [S1-16]
initiative in all subsidiaries. Diversity metrics [S1-9]
In France, the Group is a signatory to the Charte de la diversité The management positions, as defined below, represent 177
en France (Diversity Charter in France), which commits it to a employees distributed as follows: 47 women (over 26.5%) and
proactive approach in favor of diversity, thus going beyond the 128 men (72.5%) and two vacant positions. The proportion of women
legal framework of the fight against discrimination. in the Executive Committee is 20% (three women and 12 men).
The senior management of the French commercial subsidiary Management positions refer to the highest level of decision-
was able to measure the impact of its inclusion actions through making and responsibility within a company. For Groupe SEB,
a specific study involving all its employees. The study identified the key positions are represented by:
the perceived level of inclusion on several diversity themes and ■ all Executive Committee functions, with the exception of the CEO;
then identified the priority areas for improvement.
■ all senior manager positions in grades A, B, 1+ and 1;
Diversity, equity and inclusion targets [S1-5] ■ the majority of senior manager positions in grade 2;
The targets presented below reflect the Group’s objectives in ■ selected managers in grade 3;
terms of diversity, equity and inclusion, as well as legislative
constraints linked to the identification of certain populations, ■ Market General Manager (GM) positions in grade 3 and above
notably those exposed to various risks. (excluding country managers);
■ plant managers in grade 3 and above;
■ any other potentially “critical” position in grade 3.
Breakdown of Group employees by age group (excluding non-
consolidated companies with a total staff of 1,024)


Gender/Age group Under 25 years 25 to 44 years Over 44 years Total
Male 1,439 9,822 6,524 17,785
Female 1,094 7,725 4,609 13,428
Other
TOTAL 2,533 17,547 11,133 31,213


Metrics for people with disabilities [S1-12] Remuneration metrics [S1-16]
The proportion of employees with disabilities in the total For 2024, in terms of gap analysis for the two main countries
workforce (excluding temporary staff and ESAT employees) is (negative gap when to the disadvantage of women, positive when
2.5% worldwide. in favor of women):
In order to obtain consistent data and avoid bias due to differing ■ France: gap -6.5% with gaps between +2.9% and -8.4%
definitions of the notion of “persons with disabilities” in the countries depending on the grades;
in which Groupe SEB operates, the United Nations definition of ■ China – Supor: gap of -4.9%, with gaps ranging from -14.5%
disability (2006) has been used by all Group subsidiaries in the to 16% depending on the grade;
construction of this metric.
■ a consolidated publication at Group level is currently not
relevant, given the heterogeneity of classifications and grades
between different countries.




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For 2024, the ratio between the annual total remuneration of the Attractiveness of the Group and career development
highest-paid person and the median annual remuneration of all
Individual development plans to retain and develop employees
employees, as required by the directive, is almost 64 times
higher in China and estimated at 68 times for France.The Group The Group provides local talent management, support and follow-up
will specify this information starting in 2025 on a progressive throughout the year. It relies heavily on Individual Development
basis. Plans to enhance the skills of its employees, promote
their employability and improve their performance. These plans,
based on the skills of each employee, formalize individualized
4.3.1.4.2 Skills development development actions consisting of 70% job-related actions
Description of skills development policies [S1-1] (projects, experiences, etc.), and 20% learning through social
In the current working environment, characterized by digital and interactions (feedback, mentoring, coaching, etc.) and 10% training.
technological revolutions, the emergence of new professions Partnerships and programs to attract young talent
and/or the rapid evolution of current professions, the imbalance In 2024, the Group recruited nearly 8% of its young graduate
between resources and required skills represents a material employees (management positions) from this strategic pool,
risk for the Group. strengthening its teams and skills and helping to transform its
Job and Career Path Management (GEPP) business lines.

In France, the Group’s action in favor of skills development is In order to increase its visibility and expand its pool of young
supported by a three-year agreement on “Job and Career Path talent, the Group maintains close relationships with targeted
Management” (Gestion des Emplois et des Parcours Professionnels educational institutions, in line with its recruitment challenges in
– GEPP) signed between Groupe SEB Management and its social key sectors such as industry, development, marketing, sales and
partners. This approach to GEPP, as applied in France, is also information systems. This translates into around 200 actions
being gradually rolled out in different continents. per year in France, such as school forums, career conferences,
plant tours, case studies and alumni testimonials.
This agreement aims to consolidate and develop the employability
of the Group’s employees by anticipating changes in the Every year, the Group strengthens its School Relations Strategy
professions and promoting the development of skills in line with by developing new partnerships and being innovative in the
changes in the environment and the strategic orientations of actions it undertakes.
Groupe SEB. The key measures of this agreement are: In addition, Groupe SEB offers two flagship Young Talent programs:
■ renewing the objective for 40% of hires on permanent or the Graduate Program and International Business Volunteering
short-term contracts to be interns and work-study trainees; (Volontariat International en Entreprise – VIE). In autumn 2024,
the seventh intake of the Graduate Program joined the Group,
■ expanding the training offer for obtaining certification on IT offering young graduates a two-year program with assignments
fundamentals to all production operators, with no length of in France and abroad. The VIE program now offers
service conditions; 40 assignments a year, up from 25 in 2023, to develop young
■ committing to the formalization of specific training courses in talent over a period of 12 to 24 months.
the following sectors: Manufacturing, Sales & Marketing and Training and skills development
Finance, to support employees wishing to move into another
function or job in their careers; Training programs in line with the Group’s strategy
and business model
■ measures to facilitate the success of a VAE (Validation des
Acquis de l’Expérience – French scheme to gain qualifications At global level, the Learning & Development (L&D) department
oversees the Group’s training offer and courses, in line with
from work experience and achievements) or a CQP (Certificat
business challenges, corporate strategy and employee development
de Qualification Professionnelle – professional qualification
objectives in terms of both technical expertise and soft skills.
certificate); and
At the same time, this offer is widely supplemented by training
■ measures for contributing to the professional training account programs organized locally by the HR and Training teams to satisfy
(Compte Professionnel de Formation – CPF). the collective needs of entities and individual employees’ needs,
Employee representatives and management attend twice yearly particularly on industrial sites.
Career Centers to review the progress of the action plan, Since 2020, the L&D Division has set up 16 Academies that
examine changes in jobs mapping and analysis, and monitor the identify the priority skills to be developed to meet the challenges
implementation of various tools and systems (gateways between of the business lines. Each Academy is made up of three blocks:
professions, technical mentoring, etc.). acclimatization to Groupe SEB (Code of Ethics, data protection,
Responsibility for the implementation of this agreement lies etc.), the profession (fundamentals, strategic issues, tools and
with the Senior Executive Vice-president, Human Resources, technology, etc.), and cross-disciplinary skills (soft skills, language
within the Group. learning, etc.).
In 2024, a priority skills analysis was carried out based on HR
Actions and resources relating to the job and career path
processes (Annual Interviews, Annual Human Resources Reviews,
management policy [S1-4] Strategic Workforce Planning) in order to identify the training
The Group’s action to mitigate and reduce the risk of an courses to be developed to meet needs.
imbalance between resources and skills is based on two levers:
the career path and attractiveness of the Group and training and
skills development. The progress of action plans is regularly
monitored, in particular through the different HR processes:
training plans, annual review procedures (HRAR), with the
creation of the individual development plan (IDP) and career
management and succession plans.




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Mentoring program Training and skills development metrics [S1-13]
Since 2017, the Group has offered a mentoring program to develop The table opposite shows the percentage of employees who
and retain talent. An experienced manager to supports a “high have taken part in regular performance and career development
potential” employee for a year to help them to succeed in reviews. A regular appraisal is defined as an examination
their career within the Group. Pairings respect gender parity. known to the employee and his/her manager, undertaken with
This program, which benefits both mentors and mentees, has been the employee’s knowledge at least once a year. The minimum
a great success, with two to three cohorts of ten pairs launched target is 95%.
each year. In eight years, over 290 entries from 27 countries
have been recorded, 102 of which have resulted in promotion or Percentage of employees who have taken part
geographical mobility. in regular performance and career
Gender development reviews
Global Human Resources Annual Review Procedure
Male 94.8%
The Group conducts Annual HR Reviews worldwide, ensuring it
has a thorough understanding of the skills and geographic Female 95.6%
distribution of its talents, and ultimately, a more analytical, and Other
therefore accurate, overview of its succession plans. It continued TOTAL 95.2%
to strengthen its forecasting capabilities for key positions in 2024,
with increased support in the medium term for identified individuals.
[See Section 4.3.4 – “Methodology note – Social information”]
Targets related to skills development [S1-5] The table below shows the average number of hours of training
The Group has set itself the target of an average of 20 hours of per employee and per gender.
training per employee per year worldwide.
Average number of training hours per
In France, for example, employee representative bodies are Gender employee and gender
consulted annually on social policy, company by company, including
Male 17.2
the subject of skills development and training. In addition,
a three-year Group agreement has been negotiated with Female 13.1
the trade unions in France on Job and Career Path Management, TOTAL 15.4
based on a detailed assessment of actions taken. A joint
commission is set up each year to monitor the commitments
made under the agreement.


4.3.1.5 Respect for fundamental rights, everywhere and by everyone
4.3.1.5.1 Description of human rights policies employees, was supplemented in 2023 by face-to-face and
remote training for the most at-risk populations.
Integrated in the Code of Ethics, respect for Human Rights is one
For employees without online access, classroom-based training
of its strong commitments, which has been validated by the
on the Group’s Code of Ethics began in 2019. Coordinated by the
signing of the Global Compact since 2003. Groupe SEB’s policy
Human Resource Managers and site managers, it focuses on
on respect for human rights is presented in Section 4.3.1.2
areas considered priority and on specific cases tailored to local
“Respect for human rights”, in relation to the material negative
circumstances.
impact of operating in countries where the risk of fundamental
rights violations is high. In order to get as close as possible to real-life situations, this
training course, which was developed jointly by several of the
The Group reaffirms its commitment to combating all forms of
Group’s departments (Sustainable Development, Training,
harassment, whether sexual or psychological, in its Code of Ethics.
Human Resources, Quality Standards & Environment, Audit and
Internal Control, Purchasing, Legal, Health and Safety), is one of
4.3.1.5.2 Actions and resources relating the compulsory training courses for all new employees.
to human rights policies In 2023, a refresher module was developed and sent to all employees
connected as part of the Digital Compliance refresher program.
In addition to simply applying the laws in force in each country,
Groupe SEB has implemented the following measures to ensure Audits of the Group’s sites to ensure respect
that its Code of Ethics is respected by all, particularly in countries for human rights, everywhere and by everyone
considered to be at risk: training programs, site audits, warning systems.
Since 2007, the Group has been evaluating the human rights
A large-scale international training program practices of its teams in its subsidiaries with more than
Since 2018, an extensive training program has been rolled out 10 employees through site audits.
to ensure that every employee masters the key concepts of the Code Control and internal audit in 100% of entities
of Ethics and knows how to behave when faced with an ethical
Every year, the Group launches a self-assessment campaign
dilemma. At year-end 2024, more than 80% of all employees had
(HRCA and CBSSC7) to verify that these controls are in place in
taken the online training program, available in 10 languages on
all Group entities.
the iGrow@Seb HR online platform. This component, aimed at all




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External audits in risk countries Translated into the Group’s 11 main languages, the Code of
Ethical, social and environmental compliance is one of the Ethics has been distributed to all employees and is available on
sustainability criteria used to calculate bonuses for top executives. the intranet and on the institutional website.
Since 2015, Groupe SEB has applied the same ethical, social and The Group’s general approach when a negative impact on
environmental audit procedure that it operates with its suppliers individuals is identified, as well as the way in which the Group
(WCA – Workplace Condition Assessment) to its plants in risk monitors and follows up on complaints and issues raised are
countries, using the specialist consulting firm Intertek. described in the Speak’Up policy available on Groupe SEB’s
Audits, carried out on average every three years, cover 100% of corporate website.
sites in high-risk countries. They are prepared with the support Information on Group employees’ knowledge of the process,
of the Human Resources department and are accompanied their confidence in the system in place to report concerns and
by action plans to correct any instances of non-compliance. whistleblower protection policies is presented in Section 4.4.1.2
Sites with a compliance score below 90/100 must undergo a “The Code of Ethics, a common foundation [G1-1]” of this chapter.
follow-up audit.
Actions to combat harassment
Audit results are shared with various Group departments, and an
annual summary is provided to the Executive Committee. This Committed to combating all forms of harassment, the Group is
monitoring system allows external comparisons to be made and particularly vigilant with regard to sexual harassment, a subject
makes it possible to generate audits that are enforceable against on which many countries have passed specific legislation.
customers. Beyond compliance with statutory requirements, SEB regularly
organizes awareness-raising initiatives and training sessions on
In 2024, five sites were audited (Supor Hangzhou (China), Supor harassment for all employees at its subsidiaries.
Wuhan (China), Cajica (Colombia) Rionegro (Colombia) and Montebello
(USA)), and all achieved a compliance score above 90/100. The Group uses proactive procedures to prevent inappropriate
behavior, ensure careful investigation of complaints and to protect
Forced and child labor the victims and discipline those responsible. In India, a commission
The audit matrices of the WCA standard, used by the Group for dedicated to sexual harassment, made up mainly of women and
the audits of its sites described above, verify compliance with including a specialist NGO, has been set up. In France, the updating
international rules and principles relating to child labor and of the internal rules of all sites makes it possible to raise
forced labor: awareness and to reflect the new legislative provisions against
harassment. Since 2019, each French legal entity with over
■ with regard to child labor, our sites only employ persons 250 employees has had an adviser tasked with combating sexual
aged 15 or over, in compliance with local legislation. Documents harassment and sexist behavior.
proving the age of employees are examined and retained, and
medical examinations are offered to underage employees,
the costs being borne by the site; underage employees (where 4.3.1.5.3 Human rights targets
applicable) are registered with the local administrative office;
The Group handles all alerts received via the channel made
a medical examination is offered to underage employees
available to employees. In 2024, alerts were centralized and
(where applicable). Health and safety training is provided, and
handled by Compliance, which liaised with local representatives
special protection measures apply to minors working at night
to analyze them and, if necessary, implement the appropriate
or performing dangerous tasks. Apprenticeship/temporary action plan. At least once a year, a global report on alerts is sent
contracts are not misused; to the Compliance Committee and to Group Management. Depending
■ with regard to forced labor, no employee who is imprisoned on the criticality of the alert, the Compliance Committee may
(in violation of ILO Convention No. 29), bound by a debt or hired convene an extraordinary meeting.
under an apprenticeship contract is employed. Employees keep The Group’s target is a processing rate of 100% of alerts.
their personal documents (passport, identification card, etc.),
no financial deposit is required whether local law allows it or
not, and all recruitment costs are covered by the employer. 4.3.1.5.4 Metrics relating to complaints and
Employees are free to refuse overtime, to leave the workplace serious impacts on human rights [S1-17]
unsupervised, to move around freely and to terminate their
employment without penalty. They also have the right to use In 2024, 13 warnings, verified and unverified, were escalated via
or not use the facilities provided by the site, such as the internal whistleblowing system. Of these 13 warnings, three
incidents of discrimination and harassment were proven to constitute
accommodation, meals and transport.
cases of non-compliance with the UN Guiding Principles on Business
Implementation of a warning system and Human Rights, the ILO Declaration on Fundamental Principles
and Rights at Work or the OECD Guidelines. Actions have been
As part of the measures taken to ensure proper application
implemented, namely disciplinary sanctions, and communication
of the commitments of the Code of Ethics, the Group set up a
has been stepped up to reaffirm the importance of reporting
whistleblowing system in 2012 to enable all Group employees
incidents, which cannot be tolerated.
and self-employed workers to report situations that violate
the Code. Since the end of the 2024 financial year, this system No fines or compensation for human rights violations in 2024.
has evolved into the Speak’up system. The key contextual data for understanding the above metrics is
presented in paragraph 4.3.1.5.3 “Human rights targets”.




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4.3.2 Workers in the value chain [S2]
4.3.2.1 Overview of workers in the value chain [SBM-2], [SBM-3], [S2-2], [S2-3]
The double materiality assessment performed by Groupe SEB ■ purchases of externally sourced finished products.
found that its activities could have a material impact on workers This category comprises more than 1,000 suppliers. Due to
in its value chain, and especially its own salaried workers and/or their geographical location (in countries with ethical and social
non-employee workers working for its suppliers. While the risks) and the sectors of activity concerned (procurement
majority of the Group’s suppliers are upstream in its value chain, mapping), this is a category whose workers in the value chain
some suppliers are also located downstream (logistics services, are potentially exposed to the risk of material negative impacts.
for example).
As of 31 December 2024, Groupe SEB had business relationships 4.3.2.1.1 Interests and views of workers
with more than 25,000 suppliers worldwide in a direct contractual
in the value chain
relationship (Tier 1), divided into three main purchasing categories:
Direct, Indirect and Finished Products. While these three categories Workers in the value chain are a key group of stakeholders
represent relatively balanced expenditure flows, the suppliers impacted by Groupe SEB’s activities. The Group is aware that any
in question differ substantially in the number of value chain expansion of its own activities could in turn affect the activities
workers who could be exposed to potential negative impacts and of its suppliers (via Purchasing) and consequently their workers.
the degree of that exposure: It therefore adheres to strict quality standards and responsible
■ direct or production purchases: raw materials (including purchasing principles to ensure that its products and services
metals, plastics, and paper/cardboard for packaging, etc.) and are designed, manufactured and produced ethically and responsibly.
components (parts, sub-assemblies, etc.) needed for products The Group’s purchasing policy is guided by its social,
manufactured at Group sites. environmental and ethical commitments, which are applied
This category comprises more than 4,000 suppliers. Value throughout the purchasing process, from calls for tender
chain workers in this category are potentially exposed to to relationships with suppliers. This takes into consideration
the risk of material negative impacts due to the suppliers’ the interests, views and rights of value chain workers, especially
geographical locations (in risk countries with ethical and labor rights, working conditions and human rights, and the
social risks(1)) and the business sectors involved (procurement prevention of forced labor and child labor. The Group’s approach
mapping). This is especially true of sectors associated with is driven by a number of operational programs related to ongoing
aluminum, ferrous metals, batteries, small electronic components, engagement with suppliers. Specifically, suppliers are regularly
magnets and chemicals. assessed on their ethical, social and environmental performance,
as described later in this chapter.
The Group is not directly exposed to issues related to conflict
minerals or, more broadly, to controversial sourcing: To take direct account of value chain workers’ views and interests,
the Group has set up a whistleblowing system that is available
■ the Group does not work directly in a country targeted by
to any affected stakeholder. Ethical and social audits of suppliers,
the controversial sourcing regulations on conflict minerals,
conducted on-site by specialized third-parties, are also part of
■ the Group does not make any direct purchases of minerals this process.
related to the issue of “controversial sourcing”.
Stakeholder consultation is detailed earlier in “General disclosures”,
Nevertheless, for suppliers beyond Tier 2 it is extremely Section 4.1.3.2 “Interests and views of stakeholders (SBM-2)”.
difficult to trace back to the mining sites for metal and/or
mineral extraction activities; 4.3.2.1.2 Overview of material impacts
■ indirect, non-production purchasing covers a very broad
spectrum of expenditure that includes transport and logistics, Following the Group’s double materiality assessment, three
energy, investment, services, IT systems, travel, vehicle fleets potential negative impacts were identified as material. The table
and overheads, with an ever-expanding international scope. below shows these impacts, broken down into working conditions,
equal treatment and equal opportunities, and respect for
This category comprises more than 20,000 suppliers. For these fundamental rights.
suppliers, location (in risk countries) is the main risk factor
for the value chain workers concerned.




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MATERIAL NEGATIVE IMPACTS ON WORKERS IN THE VALUE CHAIN

Issue Description

Working conditions Suppliers in Groupe SEB’s upstream value chain are located in countries(1) where there is a potential risk related
to working conditions, particularly with regard to working time, adequate wages, freedom of association
and health and safety.

Equal treatment Suppliers in Groupe SEB’s upstream value chain are located in countries where there is a potential risk relating
and equal to equal treatment and equal opportunities.
opportunities This may involve issues of gender equality and equal pay for work of equal value, employment and inclusion
of people with disabilities, and diversity.

Respect Suppliers in Groupe SEB’s upstream value chain are located in countries where there is a potential risk related
for fundamental to fundamental rights.
rights This may involve issues of forced labor and child labor.
(1) Risk countries as defined by amfori/Business Social Compliance Initiative – Country Risk Classification, 2021.


A description of all material impacts, risks and opportunities In 2022, the Purchasing department launched a Purchasing
identified by the Group’s double materiality assessment can be Transformation Plan in which the acceleration of CSR practices
found in Section ESRS 2 4.1.3.3 “General disclosures – Material was prioritized. The Purchasing team members work together
impacts, risks and opportunities [SBM-3]”. on initiatives to implement best purchasing practices and
The social audit program applicable to Groupe SEB suppliers processes as part of an ongoing improvement effort. The aim
(see 4.3.3.2.2 “Responsible purchasing policy”) includes the notion is to encourage the long-term development of an increasingly
of “risk countries” (see Section 4.3.1.2), taken from the amfori/ responsible value chain and ensure that responsible purchasing
Business Social Compliance Initiative – Country Risk Classification remains a top internal priority. To develop expertise within its
framework. The criterion identifies suppliers to be audited as teams, the Purchasing Department holds regular information
a priority on the basis that they operate in countries identified and training sessions on responsible purchasing for its community,
as high-risk and therefore are likely to negatively impact workers mainly via topic-specific webinars.
in their own entity or value chain. Groupe SEB’s Purchasing strategy, its objectives, and the policies
The potential negative impacts described above are present and action plans deployed to implement it, are a Group-wide
in procurement contexts where Group suppliers are operating approach designed to address all the material impacts and
in countries and sectors considered high-risk. In particular, they associated sustainability matters described above. The primary
may involve potential threats by suppliers to workers’ fundamental focus is on collaborating with suppliers, as this is presently
and social rights or to their physical or psychological integrity the Group’s most effective strategy for managing the impacts on
in the event of health and safety violations, or potentially hindering workers within its value chain.
workers’ freedom of association resulting in harm to their health
or living conditions. The Group has not identified any potential 4.3.2.1.4 Processes for engaging with value
impact on workers in the value chain related to the transition to chain workers about impacts
greener and climate-neutral operations.
The Group attaches great importance to establishing and
4.3.2.1.3 Interaction of material impacts with maintaining transparent dialogue with all stakeholders affected
by its business, and does so through a variety of communication
the Group’s strategy and business model channels. For workers in the value chain, the Group’s approach
Given that Groupe SEB is a manufacturer in the domestic and is currently based on an extensive dialog process with suppliers
professional equipment markets, its activities and business and subcontractors. This includes mechanisms aimed at identifying
model involve business relationships with suppliers operating in and effectively managing potential negative impacts on working
sectors and countries classified as “risk”(1). conditions, equal treatment and equal opportunities, and
fundamental rights:
Against this backdrop, the strategy of Groupe SEB’s Purchasing
Department is to combine the demands of operational excellence ■ regular discussions with Purchasing teams at Group and
and performance (quality, costs, lead times) with the responsibility local level, including during annual assessments (Supplier
incumbent on the Group. The strategy therefore considers Performance Reviews, Supplier Strategic Reviews);
purchase type, business area, business model, market trends ■ CSR assessments of suppliers, based on a mapping of CSR
and developments, and a mapping of the ethical and social challenges by purchasing family;
issues (e.g. risk countries, specific risks linked to core business ■ ethical, social and environmental audits performed by an
areas) for each of the Group’s main purchasing categories independent firm.
across a value chain that extends beyond Tier 1 suppliers. This
approach makes it possible to identify and avoid the potential
negative impacts on value chain workers described above.




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The Group’s whistleblowing system is available to any third party 4.3.2.1.5 Processes to remediate negative impacts
wishing to report a situation that violates the principles of its Code and channels for value chain workers to
of Ethics (see 4.3.2.1.5 “Processes to remediate negative impacts
raise concerns [S2-3]
and channels for value chain workers to raise concerns”).
The system provides a communication channel for dialog and As part of its responsible purchasing policy (see 4.3.2.2
managing whistleblower reports between the Group (via “ethics “Responsible purchasing policy”), the Group deploys a number of
contacts” in all Group locations) and any value chain worker. This reporting and control systems to ensure that its suppliers comply
communication channel was updated in 2024 to improve with its ethical, social and environmental requirements worldwide.
communication, secure and facilitate the whistleblowing process Ethical and social audits of suppliers are a cornerstone of this
and its handling, and protect the whistleblower. approach, and the Group has a formal procedure for dealing
The Group actively engages with its suppliers for the duration of with any material negative impacts it identifies on the working
the business relationship. This includes conducting upstream conditions, equal treatment and equal opportunities, and/or the
assessments of the relationship; formalizing agreements through fundamental rights of workers in the value chain. A single “failure
contracts; convening Purchasing teams, suppliers and specifiers to comply” under the principle of “zero tolerance” (for example,
for regular performance reviews; monitoring project progress; failure to comply with the legal minimum working age) triggers a
and providing support and assistance with ethical and social audits. series of measures, as described in 4.3.2.2.2 “Responsible
Purchasing Policy – C – Ethical and social audits of suppliers”.
Operational responsibility for ensuring that this dialogue takes
place and that its outcomes align with the Group’s approach lies More robust whistleblowing system
with the Director of Industrial Operations.
One of the measures introduced to ensure that Code of Ethics
Groupe SEB is not a signatory to collective agreements on a commitments are properly applied is a whistleblowing system,
global scale, but it adheres to and actively supports the French set up by the Group in 2012 to allow anyone to report a situation
Charter for Responsible Supplier Relations and Purchasing (RFAR). that violates the principles of its Code of Ethics. The original system,
In addition, its Code of Ethics and the “Act for All” pillar of its CSR which was a dedicated email address, was replaced in 2024
policy apply globally. All suppliers who have signed the Groupe by an external platform called “Speak’up”. The whistleblowing
SEB Responsible Purchasing Charter (see Section 4.3.2.2.2. procedure set out in the Group’s Code of Ethics and available on
“Responsible purchasing policy”) commit to upholding the its corporate website specifies what steps whistleblowers
principles of the UN Global Compact, the CEDED Code of Conduct, should follow to exercise their right, whom they should contact,
the International Bill of Human Rights, and the Fundamental what information they should provide, how reports are handled,
Conventions of the International Labour Organization (ILO). what confidentiality rules are enforced, and what is done to
protect whistleblowers, assuming they are acting not in self-
The effectiveness of dialogue with suppliers is assessed as part
interest and in good faith.
of the project monitoring process and during performance
assessments, when the three parties involved, Purchasing team, The Group systematically and rigorously processes all warnings
supplier and specifier, follow up on action being taken. received through the system and investigates them as necessary.
Warnings are documented in a special-purpose warning tool,
To date, the Group has not implemented a specific approach for
under the responsibility of the ethics contacts, the head of Internal
workers likely to be particularly vulnerable to impacts and/or
Audit, and the head of Group Compliance.
marginalized, but it has plans for actions in that regard.
The warning tool is made available to suppliers, their
For workers who are particularly vulnerable, the Group is
subcontractors and their employees on the Group’s corporate
conducting social audits on a panel of suppliers identified as
website, in addition to being included in the Code of Ethics and
being at risk. These audits can also be used to make a list of
the Responsible Purchasing Charter. The migration in 2024 of
warnings concerning particularly vulnerable and/or
the Group’s whistleblowing system to a dedicated external
marginalized worker populations. Any social risks identified in
platform has (i) strengthened the security of the data collected,
an audit report must be mitigated by the supplier. The Group has
(ii) made it easier to process reports in complete independence
a system for monitoring its suppliers, whereby it can detect
and (iii) provided whistleblowers with increased assurance that
instances of unfavorable media coverage and any sanctions
their reporting will remain anonymous and confidential.
imposed on them.
The alert system protects against retaliation via the policy for the
protection of individuals against the risk of retaliation presented
in Section ESRS G1 – 4.4.1.3 “The protection of whistleblowers as
a guarantee of respect for the Group’s values”.


4.3.2.2 Policies related to value chain workers
4.3.2.2.1 Respect for fundamental rights workforce” – 4.3.1.2 “Respect for human rights”] as well as in
Section 4.3.1 [“ESRS S1 Own workforce” – 4.3.1.5 “Respect for
Groupe SEB has made a number of strategic commitments in fundamental rights”].
terms of human rights and labor rights, particularly the fight
In addition, the Group implements procedures to align itself with
against forced labor, human trafficking and child labor. Where
the OECD Guidelines for Multinational Enterprises and the United
these issues affect workers in the value chain, the Group applies
Nations Guiding Principles on Business and Human Rights
the same policy used to manage impacts on its own workforce,
(including the principles and rights set out in the eight
which is founded on its Code of Ethics and respect for human
fundamental conventions cited in the International Labour
rights everywhere and by everyone. These commitments and the
Organization’s Declaration on Fundamental Principles and
related policy are described in Section 4.3.1 [“ESRS S1 Own
Rights at Work and the International Bill of Human Rights).




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4.3.2.2.2 Responsible purchasing policy No reports of human rights abuses against workers in the value
chain in 2024.
Groupe SEB’s Responsible purchasing policy is described in
4.3.2.1.3 “Interaction of material impacts with the Group’s strategy B CSR evaluation of suppliers
and business model” and is designed to manage the Group’s In accordance with its Responsible Purchasing policy, ethical and
potential material impacts on workers in the value chain. It is a social criteria are an integral part of the Group’s Tier 1 supplier
holistic, cross-functional approach to ensuring compliance with selection processes, project monitoring and performance
the Group’s ethical and social requirements throughout its assessments. A number of standardized tools provide a global
supply chain, and covers respect for human rights, the fight framework for these processes, to help prevent and manage any
against forced labor and conflict minerals, and the promotion of material negative impacts on workers in the value chain:
safe and healthy working conditions for all workers in the Group’s
■ mapping the social and environmental challenges related to
upstream value chain. The policy is overseen by the Director of
each of the Group’s purchasing categories (see 4.3.2.1.3
Industrial Operations and Purchasing and applies to all direct
“Interaction of material IROs with the Group’s strategy and
and indirect Tier 1 suppliers, including for purchases of raw
business model”) allows the Purchasing teams to identify
materials and finished products. It does not apply to suppliers
suppliers operating in risk sectors and/or countries where
whose business is deemed insignificant in relation to worldwide
expenditure. To cover such vast scope, the Responsible Purchasing workers are exposed to the material impacts identified;
policy is structured around three fundamental pillars. ■ direct and indirect buyers use a Supplier Evaluation Form
to learn more about and evaluate their suppliers. It is used in
A Responsible Purchasing Charter 100% of purchasing processes. It enables buyers to identify
First drafted in 2012, the Responsible Purchasing Charter is the points to be checked during site visits, either prior to approving
a document that sets out the Group’s requirements a supplier or during regular supplier performance reviews.
regarding respect for human rights and the ethical, social and It incorporates CSR information focused on three pillars:
environmental principles it expects to be upheld by its direct, Environment, Health & Safety at Work, and Social & Ethics;
indirect and finished-product suppliers. This policy covers all our ■ when selecting suppliers, a formal Qualification Matrix includes
suppliers’ workers. The Charter serves as a common reference CSR criteria that have a direct impact on the product listing
framework for the Group’s Purchasing teams, internal stakeholders decision (with minimum levels required). These criteria can be
and suppliers regarding the material impacts that could affect significant, depending on the tender. With respect to social
workers in the value chain. Such impacts concern workers’ aspects, these criteria mainly concern the existence of a
working conditions, equal treatment and equal opportunities, and formal ethics/social policy, working conditions, compliance
fundamental rights. For Direct and Finished Product purchases, with labor laws (notably age and working time) and safety
signing the Charter is a pre-requisite to doing business. The same rules, and the signature of the Groupe SEB Responsible
applies to indirect purchases with the exception of certain suppliers Purchasing Charter.
belonging to purchasing categories deemed to be non-material
in terms of CSR risk and worldwide expenditure. C Ethical and social audits of suppliers
The Charter also reminds suppliers of the need to involve their The Group conducts ethical and social audits of all its Tier 1
Tier 2 and 3 suppliers in CSR issues. suppliers worldwide, across all categories: raw materials,
The Group’s goal is to achieve a Charter signature rate of 100% components, finished products and indirect purchases. This is to
for direct suppliers and finished-product suppliers by 2030. identify, prevent and/or rectify, where necessary, any potential
material negative impacts on workers in the value chain. The
The Purchasing Charter is updated on a regular basis to incorporate Group’s goal is to achieve a 100% audit coverage rate of its
regulatory changes such as compliance with France’s Sapin II suppliers identified as “at risk”, with audits being carried out at
law or Germany’s Supply Chain Act. It is also based on amfori least every four years.
BSCI and SMETA standards.
These audits are mainly performed by the same external service
In 2024, the Charter was revised to include criteria on: provider, Intertek, that the Group uses to audit its own sites
■ controversial sourcing, in line with the formalized commitment located in risk areas. They apply the same WCA (Workplace
announced by the Group on this topic. The Group is not directly Condition Assessment) standard, which has a checklist of over
exposed to issues related to conflict minerals and controversial 360 items covering six topics: working conditions, wages
sourcing. It has strengthened its control procedures by asking and working hours, health and safety, management system,
suppliers to identify, within their own supply chain, any situation environment, and integrity.
that could give rise to a risk of the use of conflict minerals, While the Group prefers to use the WCA guidelines, it has also
human rights abuses, illicit trade and/or the financing of been a member of amfori BSCI since 2017 and SMETA since 2021,
violence and poor working conditions; and as such will also accept BSCI or SMETA 4-Pillar audit reports
■ compliance with OECD due diligence guidelines throughout performed by an independent audit firm and submitted by a
the supply chain with regard to conflict minerals, including supplier as an alternative:
beyond Tier 1 suppliers. ■ the amfori BSCI audits assess 13 areas of performance,
As the Group’s business continues to grow, the Charter is including workers’ involvement and protection, freedom of
translated into additional languages to ensure accessibility for association and collective bargaining, discrimination, violence
a broader audience. As of 31 December 2024, it was available in or harassment, pay, working hours and child labor;
13 languages on the Group’s corporate website at https://
groupeseb.com/en/responsible-purchasing.




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■ SMETA audits assess labor standards, health and safety, Guiding Principles on Business and Human Rights, the ILO
environment and business ethics in general, covering topics Declaration on Fundamental Principles and Rights at Work, or
such as freely chosen employment, working conditions, child the OECD Guidelines. In the event of non-compliance, specific
labor, or wages and working hours. rules are applied to ensure that the supplier concerned remedies
These results are then converted into WCA criteria and included the situation within the deadlines set by Groupe SEB. If the issues
in the Group’s procedure for dealing with incidents of non- are not resolved, the Group may decide to move its business
compliance. elsewhere. Such matters are treated confidentially with
the suppliers concerned. In 2024, no incidents of major non-
The purpose of conducting social audits of suppliers is to identify compliance were reported.
and report on any incidents of non-compliance with the UN


4.3.2.3 Actions relating to material impacts on workers in the value chain [S2-4]
The Group continuously monitors the deployment of its ■ 93% of Finished Products (97% in 2023);
Responsible Purchasing Charter. Every year, Groupe SEB’s ■ 52% of Indirect Purchases (56% in 2023)(1).
Internal Audit conducts audits and controls to ensure that its
action plans are effective, relevant and constantly improving. The combined coverage rate of Direct Purchases and Finished
Results are reported on a monthly or quarterly basis, depending Products, as of 31 December 2024, was 82%, compared to 80%
on their objectives, in the Business Scorecard used by Purchasing in 2023.
management teams. This approach ensures that remediation The actions described below are the Group’s response to the
procedures and actions are being properly implemented and material impacts on workers in the value chain.
adjusted as needed. The aim is to improve the management of
potential impacts on workers in the value chain. Supplier audits
The Responsible Purchasing Strategy, defined by the Purchasing
department in collaboration with the Group’s Sustainable Ethical and social audits are the backbone of the Group’s efforts
Development department, is designed to manage these associated to monitor suppliers and manage the material impacts on
material impacts. It is implemented at two levels: workers in the value chain.
■ Group level Of the Group’s 25,000 suppliers, more than a thousand have
been identified as being at CSR risk (based on geographical
■ the Purchasing Performance and Development team
criteria, purchasing category and expenditure), representing
defines and strengthens purchasing processes, provides
between 5% and 8% of the total number.
the necessary tools, supports the teams involved and
manages the progress of results, The 2024 annual audit plan covered 285 suppliers (versus 275 in
2023) in the direct, indirect and finished product purchasing
■ category managers integrate CSR aspects into purchasing categories, broken down as follows:
strategies,
■ 100 WCA/SMETA audits;
■ the Purchasing Management Committee drives Group-wide
initiatives, makes decisions and ensures seamless ■ 185 BSCI audits.
communication across the entire Purchasing community. The annual plan covered a wide geographical scope, with Asia
■ in the field nevertheless remaining predominant.
■ heads of purchasing and buyers apply best practices on ■ China: 241 audits;
a daily basis by selecting suppliers and monitoring their ■ South America: 20 audits;
projects and performance to ensure compliance with CSR
■ Other regions and countries: 24 audits.
rules. An awareness and training plan is being developed
for the Purchasing teams, with the first two actions The results of the 2024 audit plan show tangible progress is
implemented in 2023: creation of a webinar for teams being made:
around the world, including a Chinese version. Delivered in ■ 90% of audited suppliers (255 out of 285) achieved the required
three sessions between June and September 2023, these performance levels, thus confirming the 2023 results;
webinars marked the starting point for buyer information
■ 27 suppliers found to have an unsatisfactory performance were
and training campaigns; dedicated workshops by purchasing
subject to mitigation plans finalized during the year;
category with Category leaders and managers.
■ three incidents of critical non-compliance (“zero tolerance”)
As of 31 December 2024, no serious human rights issue and/or
were reported.
incident related to the upstream or downstream value chain had
been reported during the reporting period. They concerned security issues (such as locked emergency exits
during working hours), the use of child labor or employees’
The percentage of purchasing expenditure covered by the Charter
weekly working hours.
is broken down as follows:
■ Two cases were the subject of corrective action plans with a
■ 78% of Direct Purchases (74% in 2023);
warning letter sent and a resolution within the required two-
week timeframe;
■ One case remains open with an action plan in progress.




(1) Excluding suppliers whose business is deemed to be negligible (representing 17% of indirect purchasing expenditure in 2024).



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Over the last five years (2019-2024), the audits conducted were audit triggers immediate actions: a formal notice of breach from
favorable for around 80% of the suppliers audited, who met the Purchasing Management team requiring implementation of a
the Group’s requirements. After follow-up audits for the cases corrective action plan within two weeks, instant suspension
concerned, more than 90% of these suppliers achieved the of any new consultations, and a follow-up audit (by Intertek) one
required level of performance. month later to check that the issue has been resolved, focusing
To recognize the most advanced suppliers, Intertek awards an on the non-compliant items. If not, the Group ends the collaboration.
Achievement Award (AA) to suppliers with an overall score of at
least 85/100 and no major non-compliance or “zero tolerance”. Training program
In 2024, 34 suppliers received this Label.
The Group’s approach to audits has also been one of prevention,
In 2024, the Group also introduced a new audit, specifically aimed at having a positive impact on suppliers and their workforce.
aimed at indirect suppliers. To help its suppliers improve their ethical and social performance,
the Group forwards a document prior to an audit explaining
Creation of annual audit plans the challenges, setting out the items to be assessed, and offering
training. In 2024, training sessions, held via webinar, were
The Group creates its annual audit plans through a global attended by 292 suppliers, mainly from China and Colombia.
network of 20 Social Audit leaders, located on each continent. They were also attended by Group buyers responsible for
These leaders work in collaboration with the Social Compliance monitoring them.
Manager and the Purchasing Development Coordinator to produce
the annual audit plans and coordinate their implementation.
They are also the point of contact in the event of an impasse with
Introduction of anti-corruption risk management
a supplier. Impasse situations, plan progress and corrective tools and (regulatory) due diligence
actions are discussed at monthly meetings.
As part of the continuous improvement of its risk management
Local delegations have been established to maintain proximity to process, the Group has deployed an automated screening tool
purchasing functions and suppliers, enabling more agile and that assesses risks related to reputation, fraud or inclusion on
effective intervention. The network is managed by the Group’s sanctions lists. The tool has an advanced monitoring capability that
Head of Social Compliance and the Purchasing Development factors in international laws and regulations, the supplier’s history
Coordinator, who publish a quarterly dashboard of plan progress and any negative publicity about them. Since 2024 it has been
that is shared with the Purchasing, Supply Chain and Sustainable deployed across the board for Direct, Indirect and Finished Product
Development teams. purchases. In 2025, it will be mandatory for suppliers to submit a
The annual audit plan is determined according to country type compliance report as part of the supplier integration process.
and prioritization criteria:
■ risk countries: all suppliers audited; Inclusion of sustainability goals in performance
■ low-risk countries: suppliers audited based on certain criteria
assessments
or if flagged by a buyer; Since 2023, the Group has included sustainability criteria when
■ prioritization criteria: specific risks, known supplier problems, assessing Buyer performance.
business size. The Purchasing department defines and reviews its responsible
A structured Workplace Condition Assessment (WCA) purchasing goals annually, incorporating them into its operations.
For example, since 2023, one of the performance targets for buyers
audit procedure
is the percentage of suppliers complying with the Responsible
Audits are conducted at the start of a supplier relationship and Purchasing Charter.
thereafter at least every four years, depending on the results
of the previous audit. The audits last from one to three days,
Commitment program for 500 strategic suppliers
according to the company’s size, and are performed on site. They
cover more than 360 items on the WCA audit checklist. Each At the end of 2024, the Group announced a commitment
item is assessed according to a four-level compliance scale ranging program for its 500 strategic suppliers (representing 80% of the
from “zero tolerance” (e.g. child labor or forced labor) to minor, upstream carbon footprint), aimed at steering them toward
moderate or major non-compliance (e.g. absence of paycheck). increasingly stringent environmental and social practices
A supplier’s final score, calculated out of 100, is ranked according through wider deployment of the Charter (see Section 4.2.1.3.3
to four performance levels: high (85 to 100), average (71 to 84), “Actions and resources relating to climate change mitigation
poor (51 to 70) and very poor (0 to 50). If a supplier obtains a score policies – ESRS E1”). The program’s main goals are to:
of less than 51/100 for one of the six modules, or an aggregate ■ support these suppliers, particularly through training, to
score of less than 51/100, the Regional Head of Purchasing enhance their understanding of sustainability matters and
or Sourcing sends them a formal notice requiring correction of improve their non-financial performance. This will provide
the breach and checks that the situation has been rectified through Groupe SEB with a guarantee that suppliers have the ability to
a follow-up audit within 12 months. Suppliers with a score prevent and remediate negative CSR impacts;
between 51/100 and 71/100 are audited every three years, and
those with a score above 71/100 every four years. ■ monitor their initiatives in sharing the Group’s ethical, social
and environmental criteria with their own suppliers (Tiers 2 and 3);
WCA audits are paid for by the Group, except for follow-up
audits, which are paid for by the supplier. ■ Contribute to Groupe SEB’s 2030 decarbonization goal for
upstream scope 3 emissions (-25% vs 2021 baseline).
A single instance of “zero tolerance” non-compliance (e.g. failure
to comply with the minimum working age) identified during an




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4.3.2.4 Targets related to managing material negative impacts [S2-5]
In implementing its Responsible Purchasing policy, the Group has set the following goals for the action plans described above.

Target and
Action plan Goal 2023 2024 deadline
ROLL-OUT OF THE RESPONSIBLE PURCHASING CHARTER
Charter signature rate Direct and Finished Product suppliers 80% 82% 100% by 2030
ETHICAL AND SOCIAL AUDITS OF SUPPLIERS
Coverage of risk suppliers 100% of suppliers in risk areas audited
every three to four years 100% 100% 100% by 2030

The Group has not yet set targets to measure progress in managing material impacts on workers in the value chain through direct
dialogue with workers.


4.3.3 Consumers and end-users [S4]
4.3.3.1 Overview of consumers and end-users and their interaction with Groupe SEB [SBM-2],
[SBM-3], [S4-2], [S4-3]
Groupe SEB is committed to offering consumers all around the trends, lifestyles and consumption habits, as well as cultural
world products that meet the highest quality standards and are differences. It also has programs dedicated to consumer interaction,
guaranteed to be safe and harmless, and also, of course, compliant such as the “Living Lab” (see Section 4.3.31.4 “Processes for
with the standards and regulations in force in each country. engaging [S4-2]”), and to experimentation. The SEBLab is pivotal
Indeed, this responsibility underpins all of its operations, in both in accelerating the Group’s innovation efforts. It contributes
the consumer and professional sectors, and is the first topic in to research projects, helps validate the Center’s findings, and
the Group’s Code of Ethics. in 2023 played a crucial role in re-evaluating the needs of
the Innovation department and Business Units, which led to the
4.3.3.1.1 Interests and views of consumers rollout in 2024 of new innovation practices (see the summary
of action undertaken in 2024 in Sections 4.3.3.2.2, 4.3.3.3.2
and end‑users [SBM-2]
and 4.3.3.4.2 of this standard).
Innovation and sustainability have long been among the driving Stakeholder consultation is detailed earlier in ESRS Section 2
forces of Groupe SEB’s product development. The Group highly General disclosures – 4.1.3.2 “Interests and views of stakeholders
values the interests and views of its consumers and end-users [SBM-2]”.
of its products, recognizing them as key stakeholders. This means
Privacy and the protection of personal data are taken into
having a detailed and regular understanding of their needs
account in the Group’s strategy and business model. Although
to simplify and improve their everyday lives and contribute
considered in the materiality assessment, they did not appear to
to better living globally. The Group’s goal is to create products
be material.
and services that are easy and safe to use and inspire healthy
eating habits. Products must also have a limited environmental
impact during use. 4.3.3.1.2 Overview of material impacts,
Consumer insight has always been at the heart of the Group’s
risks and opportunities
approach to innovation. Since 2021, the Group has further Following the Group’s double materiality assessment, one
enhanced its expertise in this area by establishing a multi- positive impact, one risk, and two opportunities were identified
disciplinary global innovation hub, located in Écully (France). The as material.
hub comprises six centers of excellence, one of which focuses on
consumer insight. It includes experts from an array of relevant These impacts, risks and opportunities pertain to three issues:
fields, such as anthropology, UX design, ethno-digital studies, product quality and safety, responsible marketing practices, and
and psychology. The Center examines shifts in major societal social inclusion:




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Impacts Risks Opportunities

QUALITY AND SAFETY OF PRODUCTS MANUFACTURED AND/OR MARKETED BY THE GROUP

Potential negative impact on product quality The Group could be held liable, or the image
and consumer safety. Although these are of its brands could be tarnished. The Group
priorities for the Group, it cannot be ruled out is exposed to risks of warranty or liability
that a user may be injured by a product claims from customers and consumers.
malfunction or inappropriate use. Product recalls may prove necessary
in some cases.
(see Section 4.3.3.2 “Product
and end-user safety”)

RESPONSIBLE MARKETING PRACTICES THAT CONTRIBUTE TO HEALTHY AND SUSTAINABLE HABITS

Positive impact related to changes A sustainable marketing strategy based
in the behavior of consumers, who buy on products that meet eco-design criteria
eco‑designed products and adopt healthy (repairability, energy efficiency, recycled
cooking practices. materials, etc.) and on innovative solutions
to meet healthy nutrition expectations could
(See Section 4.3.3.3 “Responsible
provide a competitive advantage.
marketing practices”)
(See Section 4.3.3.3 “Responsible
marketing practices”)

SOCIAL INCLUSION OF CONSUMERS AND END-USERS

Business opportunities for inclusive-design
product ranges.
(See Section 4.3.3.4 “Social inclusion
of consumers and end-users”)


A description of all material impacts, risks and opportunities identified by the Group’s double materiality assessment can be found in
Section ESRS 2 4.1.3.3 “General disclosures – Material impacts, risks and opportunities [SBM-3]”.

4.3.3.1.3 Interaction of material impacts, risks and and end-users, and being familiar with their expectations and
opportunities with Groupe SEB’s strategy everyday household practices. This information is gathered through
a range of processes dedicated to dialog and consideration of
and business model [SBM-3]
stakeholders’ expectations.
Groupe SEB is a major player in the domestic and professional
equipment markets. Consequently, its activities and business 4.3.3.1.4 Processes for engaging with consumers
model involve risks pertaining to the design and manufacture and end-users about impacts [S4-2]
of its products. While the Group prioritizes product quality
and user safety, with maximum focus on ensuring the safety and The Group takes pride in engaging in a transparent dialogue with
harmlessness of its raw materials, components, and finished all stakeholders affected by its business and, to this end, uses
products, it cannot be ruled out that a user could be injured if a variety of communication channels that allow for ongoing
a product, whether manufactured internally or outsourced, dialogue. For consumers and end-users, it uses various channels
malfunctions or is used improperly. However, the Group’s strategy to communicate either directly or via representatives. These
also allows it to take advantage of opportunities related to its include Group and brand websites, social media, media and non-
business model by informing consumers about the inclusive media communication, marketing surveys, Home & Cook stores,
design and eco-design of its product and service offerings. plus its own consumer contact centers. Dialog with customers is
These offerings can have a positive impact on all consumers an ongoing process.
and end-users of the Group’s linen care, floor care, electrical Two of these centers play a key role:
cooking, cookware products, etc. – along with their related services 1. the Living Lab within the Center of Excellence “Consumer
– by inspiring the adoption of healthy and sustainable habits, Knowledge”: this lab hosts panels of around 30 consumers
especially in terms of food and energy consumption. The Group from different countries and regions who are also monitored
also provides all its products with clear, accessible user in their homes. The space allows the Group to observe and
information sheets that warn of potential hazards, particularly document user behavior, usage and reactions, and then
for electrical products. shape its strategy based on identified trends;
Groupe SEB’s strategy and policies for managing material impacts,
risks and opportunities are focused on understanding consumers




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2. call centers and after-sales service: Groupe SEB has multi- 4.3.3.1.5 Processes to remediate negative
channel contact centers (telephone, email, brand websites, impacts and channels for consumers
social media, and so on) in a number of countries. It also has and end‑users to raise concerns [S4-3]
multi-country centers with teams able to respond in all relevant
languages and time zones. These contact centers recorded In addition to the specific channels described in Section 4.3.3.1.4
over 1.3 million incoming contacts in 2024. The after-sales “Processes for engaging with consumers and end-users about
service ensures that the repairability policy described in impacts”, consumers may also use Groupe SEB’s whistleblowing
Section ESRS E5 4.2.4.2.1 “Description of related policies system via the “Speak’Up” platform to report any situation that
[E5‑1]” is properly implemented. violates the principles of the Group’s Code of Ethics. The Code of
In 2024, the Group prepared for the launch of the “Voice of the Ethics and whistleblowing system apply systematically to all Group
Consumer”, an initiative that involves systematically listening stakeholders and are described in Section ESRS S1 4.3.1.2.
to consumers at each point of interaction (website, social media “Respect for human rights” of this report.
or contact centers) and then analyzing that data and transforming Interaction with consumers is tracked in the Group’s feedback
it into relevant information for the organization. Consumer cases files (RETEX). The “Voice of the Consumer” initiative being rolled
will be automatically pre-processed at contact centers (around out in 2025 will offer an additional avenue for consumers to
500,000/country) and the resulting information will be fed back express their concerns.
to after-sales quality managers, allowing them to quickly identify
The Group may be required to pay compensation in the event of
problems and take corrective measures. It will also enable the
damage caused to consumers and/or end-users. In this case, the
Group to improve its packaging and information sheets. An initial
consumer can either call one of the call centers or return the
test of this initiative is scheduled for the first quarter of 2025.
product to the point of purchase. The consumer is then informed
The effectiveness of consumer dialogue is assessed on a regular of the procedure to follow to initiate a claim for compensation.
basis. Each contact with customer service is followed up with For their part, consumers must report the problem to their
a satisfaction survey, allowing the Group to consider consumer insurance company. At the same time, the Group also shares the
feedback and make continuous improvements. Over the last two situation with its insurance company in order to establish
years, for example, these efforts, along with others, have led to a whether the consumer’s claim is admissible. If the request is
cumulative rise in customer satisfaction of +7 points worldwide admissible, it will then be processed.
(CSAT score – Consumer Satisfaction Score).
All subsidiaries are included in a worldwide civil liability insurance
The Group’s design and marketing strategy includes a social plan that covers liability relating to their operations and the products
inclusion component that takes into account the diversity of its that they manufacture or distribute, as well as the cost of product
consumers, including marginalized groups. Since 2020, on relevant recalls. The amounts of coverage are based on the quantification
projects, the Group has incorporated individuals with disabilities of the risks to which the Group is exposed in view of its business.
into its user testing and consumer focus group processes, with
The Group has not assessed the effectiveness of its existing
tests formatted according to international standards. These
processes to remedy negative impacts.
processes include partnerships with associations such as APF
France Handicap (a non-profit organization that advocates for As the Group communicates extensively on the different
people with disabilities and their families in France). communication channels available to consumers, it assumes that
consumers are aware of the existence of these different channels.
Proper application of these processes falls under the joint
responsibility of the Senior Executive Vice-President, Products &
Innovation, and the Vice-President, Customer Satisfaction.


4.3.3.2 Product and end-user safety
4.3.3.2.1 Description of the Group’s product quality This policy applies to all products and is the joint responsibility
and safety policy [S4-1] of two Executive Committee members: the Senior Executive
Vice-president, Industrial Operations, and the Senior Executive
The Group has a product quality and safety policy that ensures Vice-president, Products & Innovation.
that the products it develops and distributes are of good quality In connection with this policy, in 2000 the Group implemented an
and safe to use for consumers and end-users. More specifically, ISO 9001-certified quality management system (QMS) at all its
the policy ensures that the raw materials, components and plants, covering all manufacturing and logistics entities.
finished products used in its products are safe and harmless:
Product responsibility is the first topic presented in Groupe
■ product safety: the Group conducts rigorous checks on the SEB’s Code of Ethics, reflecting the importance the Group places
compliance and quality of its products to detect any anomalies. on consumer respect. The Group’s strategic commitments
■ product harmlessness: the Group selects materials carefully, regarding respect for human rights, described in Section ESRS
adhering to high standards that sometimes exceed regulatory S1 4.3.1.2. “Respect for human rights” of this report also applies
requirements. Its guarantee that all products are free of harmful to consumers and end-users.
substances such as PFOA, lead and cadmium is verified by
independent laboratories.
For more information on product safety, please refer to
Section ESRS E2 4.2.2.3.3, which details the Group’s commitments
to product safety.




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4.3.3.2.2 Actions and resources relating A systematic framework for process evaluation
to the product safety policy [S4-4] and improvement
The Group uses tools and methods that guarantee the reliability
Groupe SEB uses action plans to implement its product quality of the testing and approval processes described above:
and safety policy, to ensure that no Groupe SEB product is ever
recalled in the European systems (RAPEX – rapid alert system ■ regular audits of the quality management system (QMS) and
for non-food consumer products, RASFF – rapid alert system for product quality reviews (PQRs);
food and feed, or via CPSC – consumer product safety commission). ■ more stringent risk analysis during the design phase;
All actions, whether preventive or remedial, are part of the product ■ a “Safety Robust Design” preventive analysis, which is a
quality and safety management system. This system includes formal check that a product’s final use is risk-free;
all the procedures, tools and methods required for the efficient
■ analysis of defect causes and use of the results in feedback
operation of the Group. Customers can therefore be assured that
tools (RETEX).
the Group’s products comply with safety standards.
No severe human rights issue and/or incident connected to
Trials and tests at all levels Groupe SEB consumers and end-users was reported in 2024.
Product quality and safety are underpinned by rigorous processes The CAPEX and OPEX resources needed to guarantee product
at every stage of product development and manufacture. During quality and safety are fully integrated into design activities.
development, each project review includes formal verification of
product compliance via validations outlined in the EMQS
4.3.3.2.3 Targets and metrics [S4-5]
reference document.
The Group controls the quality of its products at each stage With regard to product safety, the Group has set an annual target
of the design and manufacturing process, including with of zero product recalls.
subcontractors. Quality assurance begins with initial tests “Product recall” refers to the RAPEX system (or its equivalent
conducted on all products, excluding esthetic variants, starting at outside the European Union) to which information can be sent
the design phase. Products from pre-production runs undergo regarding the type of product, the risks it poses and the
testing in facilities located near the design teams. measures taken at the national level by European Union member
In product endurance tests, products undergo a rigorous series states. If the national or European authority decides that a product
of operating cycles under standard conditions over the course of must be recalled, that product is registered in the RAPEX system
several weeks, without interruption. and a procedure is launched for the recall of all such products in
the hands of consumers, the aim being to recover as many of
During the production phase, many tests are carried out on the
those sold products as possible.
production lines (electrical insulation, sealing tightness, etc.) and
samples are taken on a regular basis for accelerated functional In 2024, zero product recalls had been recorded in RAPEX or an
testing which could reveal possible anomalies not detectable on equivalent system outside the European Union.
the new product. In order to manage the achievement of this target, the Group
specifically monitors a metric relating to quality management
as a whole: this metric measures the percentage of certifiable
Group entities covered by the ISO 9001 standard, with a target of
maintaining this at 100% Group-wide. In 2024, the percentage of
certifiable entities covered by the standard was 100%.

Targets and metrics 2024 2023 % 2024/2023
Product recalls 0 2 N/A
Rate of ISO 9001 certified entities 100% 100% N/A

These targets have been set internally by the Group, without any process involving consumers and/or end-users.


4.3.3.3 Responsible marketing practices
To enhance its influence among consumers, Groupe SEB actively ■ contribute to healthier lifestyles by offering adapted products
promotes and facilitates the adoption of healthy and sustainable and services (e.g. repair);
eating habits along with practices that are good for the planet. ■ engage with consumers, guiding them in their choices and
Leveraging its capacity for continuous innovation, it provides helping them to adopt more responsible behaviors.
solutions and products tailored to evolving global needs.
The policy is part of an overall desire to reduce environmental
impact and protect consumer health. It is based on two distinct
4.3.3.3.1 Description of responsible marketing strategies:
policies [S4-1]
■ a sustainable marketing strategy, covered by the eco-design
The Group is implementing a policy aimed at encouraging consumers policy described in ESRS E5 4.2.4.2.1 “Description of related
to adopt sustainable behavior and consumption patterns to: policies [E5-1]”;
■ a responsible marketing and communications strategy.




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Sustainable marketing strategy Food preservation storage container range
The sustainable marketing strategy is embedded in the eco- This category is gaining popularity among consumers who use
design policy and aims to educate and encourage eating habits these containers to take their meals outside the home. This provides
and consumption patterns with a reduced environmental impact. them with a simple way to enjoy their own home-cooked food
More details on the eco-design policy can be found in Section and reduces single-use packaging. The containers have the additional
ESRS E5 4.2.4.2.1 “Description of related policies [E5-1]” benefit of preserving the nutritional integrity of the food being stored.

A responsible marketing and communications strategy. B Service offering
Ongoing creation of recipes to facilitate home cooking
This strategy encompasses all marketing activities associated
with consumer and end-user communication and activation. Its Since 2019, the Group has been working on a Charter of healthy
purpose is to: and sustainable savory recipes that promote a diet rich in vegetables,
cereals and legumes, but less meat, limited fats and salt, and no
■ contribute to healthier cooking practices and promote home
ultra-processed ingredients. Developed by the Group’s Food
cooking for consumers and end-users of Small Electrical
Technology and Sustainable Development teams, the Charter is
Appliances in the food and cookware sectors;
based in particular on the recommendations of the French National
■ guide and support consumers toward adopting more Health and Nutrition Program (PNNS – France) and the expertise
sustainable behavior. This applies to consumers and end- of a dietician and chef who work in this area.
users of all Small Electrical Appliance and cookware
In 2024, the Group enlisted three multicultural culinary chefs to
products.
work with the Recipe Hub from start to finish on recipes that
This policy is the joint responsibility of the Senior Executive Vice- adhere to good nutritional principles and align with the key tenet
president, Products & Innovation, and the Chief Marketing Officer. of our recipes, which is for 98% of the ingredients to be fresh,
In accordance with this policy, the Group engages in collaborative unprocessed (to promote home cooking), affordable and widely
research initiatives where public and private partners combine available.
their expertise to accomplish shared objectives. More than 1,400 recipes were created by the Content Factory’s
Recipe Hub in 2024. All recipes are available free of charge on
4.3.3.3.2 Actions and resources relating to the Group’s mobile apps and brand websites.
the responsible marketing policy [S4-4] Roll-out of mobile apps
The Group has implemented various actions to promote Applications for the Tefal, Moulinex, Krups, All-Clad, WMF, Imusa,
healthier cooking practices and encourage home cooking. These Arno, SEB and OBH brands make it easy to cook at home by
include efforts to raise consumer awareness and offerings of offering recipes adapted to the Group’s various products. Most of
high-quality products and services. them also offer personalized recommendation services based
on the user’s culinary habits or a “In my fridge” feature designed
A Product offering to prevent food waste. These applications can also display the
The Group brands have consistently prioritized food quality and associated NutriScore for even more transparent and qualitative
ease of preparation as essential components of their offerings. information (for Cookeo and Companion recipes in France).
Since the introduction of its first Cocotte-Minute® pressure cooker, In 2024, the Group worked on the search engine and filters
Groupe SEB has always been at the forefront of innovation in (e.g. seasonal recipes, Nutri-Scores, and ingredients to exclude)
high-quality cookware and Small Electrical Appliances that simplify to make it even easier and faster to find recipes for home cooking.
consumers’ lives and promote home cooking. It also optimized the recipe recommendation algorithm (based on
In 2024, to simplify home cooking, the Group continued to: Artificial Intelligence) to offer personalized suggestions to further
boost the desire to cook at home.
■ expand its product range;
In 2024, more than 20 product categories were actively offering
■ diversify its offering in the regions where it operates. recipes in localized apps. (The number of categories available
For example, the Group has two categories that specifically depends on the brand and the market.) For Cookeo and Companion
embody home cooking and healthy everyday living: recipes (published by the Group on the Moulinex France app),
64% have a Nutri-Score of A or B, helping to promote healthy
Cookeo home-cooked meals.
The Cookeo range makes home cooking quick and easy, with In 2025, the Group will take this a step further by extending the
hundreds of step-by-step recipes that can be prepared in no availability of recipes’ nutritional information and Nutri-Scores
more than 15 to 20 minutes. The range has undergone constant (currently limited to France and Germany) to all key product
upgrades over the past 10 years, with more than 5 million categories and/or markets. The Group is also studying
products sold worldwide. the possibility of integrating the Eco-scores of the recipes offered
In 2024, two new items were introduced into the range: The Cookeo in its mobile apps. An Eco-score indicates a food product’s
9-in-1 and 10-in-1, which offer 9 or 10 preprogrammed cooking environmental impact. The goal is to encourage consumers to
modes to promote home cooking while saving time. A total make more ecological choices when selecting recipes.
of 100 recipes are available that can be prepared in less than
15 minutes.




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C Consumer awareness of its products. For example, the Group has developed low-
Groupe SEB conducts awareness-raising campaigns to encourage consumption, high-efficiency motors (Effitech motors) for its
consumers to adopt more sustainable behavior and get the best fans, offering energy savings of up to 65% for the same
use out of its products. performance. These motors have also been installed in some of
its cylinder vacuum cleaners. In addition, it has developed
Product innovations to encourage more sustainable diets alternative cooking solutions, some of which save energy for
The Group guides and supports its consumers toward innovative uses consumers. Its oil-free fryers, for instance, use up to 65% less
of its products. For example, WMF’s Dynamic Milk and Schaerer’s energy than a traditional oven with an A energy efficiency rating
Best Foam milk functions also work with plant-based milks. (in-house tests conducted in 2022 on frozen French fries).
To meet the expectations of consumers who want plant-based In 2024, the Group continued its efforts to devise other ways
alternatives, in 2025, Groupe SEB will launch its first plant-based to help consumers develop energy efficiency “reflexes”, such as
milk maker. Consumers will be able to prepare their own plant- the “one cup” indicator on its kettles, which enables consumers
based milk based on their own choice of ingredients and customize to save energy by heating only the amount of water they need to
their recipes. prepare their tea, for example.
Other solutions involve promoting the “eco-modes” of certain
Promoting more virtuous uses
Group products, most notably by including an explanation of how
Eco-responsible actions they work and how to get the best use out of them in the product
The Group offers guidance on its brand websites to help leaflets. These actions will continue in 2025.
consumers reduce their energy consumption and prolong the life
Alternative cooking modes
span of their appliances.
In some regions, particularly Africa, Asia and South America,
It has identified and listed 14 ways to be more eco-responsible,
traditional cooking methods that use biomass have a negative
with tips for each, according to product category.
impact both on the climate, due to the associated GHG emissions,
In 2024, it produced and published two films on social media and on the health of consumers and end-users. To reduce these
showing consumers how to be more eco-responsible. two types of impact, Groupe SEB has been participating since
2022 in the Clean Cooking Access for All by 2030, a program
Recycling operations
spearheaded by the UN and several NGOs. The program involves
Since 2012, Groupe SEB has expanded the number of initiatives
developing a specific product (the ultra-simplified and affordable
designed to promote cookware recycling, in particular in Europe
Electrical Pressure Cooker) and implementing a new approach
with the Tefal brand (France, Netherlands, Norway, etc.), in more
to distribution, which will eventually lead to the development of a
than 12 countries. The operations involve a partnership between
new business model for the Group.
the Group, specialist recycling companies and partner distributors.
The used products are collected before being sorted and crushed. In 2024, the pilot program, which began in Kenya 2023, was
The main materials (aluminum, stainless steel and plastic) are expanded to include local partnerships with new organizations
separated, then recycled to manufacture new products. working to promote “Clean Cooking”. Actions related to this program
included clean cooking hubs and digital promotional campaigns,
In 2024, recycling operations were carried out with five distribution
particularly on social media, and the assignment of a dedicated
partners in France, covering 1,270 stores. In addition to these
field representative. As a result of this initial success, the pilot
one-off collection arrangements, in 2023 the Group, through its
program has now been extended to Uganda. A total of 9,000 items
Tefal brand, partnered with TerraCycle to set up recycling kiosks
were sold over the period, a 100% increase over 2023.
where consumers could drop off their used cookware, regardless
of condition or brand. For 2025, the Group plans to extend the scope of the pilot program
even further to include Tanzania, Ghana and Nigeria, and also
Approximately 2 million used products have been collected since
introduce induction hobs to its portfolio of relevant products.
2014 via recycling operations in France. In 2024, a total of
80,000 products were collected. CAPEX and OPEX resources linked to our responsible marketing
practices are not considered significant.
To go even further, the Group is launching the world’s first
collection and recycling program for used kitchen utensils,
regardless of the brand. This ambitious initiative aims to collect 4.3.3.3.3 Targets and metrics [S4-5]
up to 20 million frying pans in France by 2027.
With regard to cookware recycling operations, the Group aims
Energy alternatives to collect up to 20 million frying pans in France by 2027.
For several years now, the Group has been putting visual cues in In the case of responsible marketing policies and actions that do
the form of pictograms plus written explanations on various not yet have targets set, the Group uses specific processes
media, including product packaging and web pages. The aim of to monitor and define a level of ambition to accomplish each
this information is to guide consumers and end-users toward policy and action. We consider our measures to be effective in
less energy-intensive alternatives while raising awareness about addressing the impacts and opportunities associated with our
the importance of energy efficiency. It also highlights the progress responsible marketing actions.
made by the Group in recent years to improve the energy efficiency




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4.3.3.4 Social inclusion of consumers and end-users
Inclusive design is an essential part of design methodology at An open source Good Design Guide
Groupe SEB, which aims to ensure that its products are accessible In 2019, the Group decided to create a guide to best design
to as many people as possible. practices, in partnership with APF France Handicap and with the
support of Caisse Nationale de Solidarité pour l’Autonomie, to
4.3.3.4.1 Inclusive design approach [S4-1] make its products and services accessible to as many people as
possible. The guide, called the Good Design Playbook, was
The Group’s approach to inclusive design, which focuses on both finalized in 2020 and is available for free to anyone interested in
consumer and end-user, involves developing products that are inclusive design. It includes best design practices to facilitate
efficient, easy and pleasant to use for a diverse range of individuals everyday use of a product by all users, with emphasis on
across all stages in life, while also leveraging the business readability, gripping, handling, weight and materials.
opportunities presented by inclusive product ranges.
Outside of permanent disability, everyone at some point in their Includeo – the first inclusive design range
lives could find themselves with limited sensory, physical or In 2021, Groupe SEB introduced a range that exemplified its
cognitive ability, for example due to injury, illness or advancing inclusive design approach. The Includeo breakfast set toaster,
age. Other situations may also be limiting, such as carrying coffee maker and kettle have been designed to better meet the
a young child. Whether permanent, temporary or situational, the needs of all demographics, including the elderly, people who
disability may affect mobility, or limit motor skills, touch, vision, have disabilities, people who are left-handed, etc., while
hearing or speech. Innovating to offer solutions that recognize featuring a stylish esthetic. More than 500,000 Includeo products
the needs of all is integral to Groupe SEB’s social responsibility have been sold worldwide since the range was launched.
and is becoming ever more important as the world’s population
grows older. Actions undertaken by the Group in 2024
This approach applies to all consumers and end-users of Group ■ Ensuring that testing panels include consumer diversity;
products, and particularly those who, at some point in their life, ■ Maintaining links with stakeholders by participating in key
may temporarily experience sensory, physical or cognitive events such as the Inclusive Innovation Observatory or
limitations, for instance due to injury, illness or aging. “Inclusive Innovation: from theory to practice”;
Responsibility for the approach lies with the Senior Executive
■ Expanding the Includeo range with a new product: given
Vice-President, Products & Innovation.
the success of the range, it was decided to enhance it with
the addition of an automatic juicer. This item is currently being
4.3.3.4.2 Actions and resources related to the studied by the design team with an expected launch date of 2026.
inclusive design approach [S4-4] Actions planned by the Group for 2025 include:
To document best practices in inclusive design and facilitate ■ ergonomic testing by an expert during the product design phase.
everyday use for all, in 2020 the Group developed a “Good Design The scope of criteria and products will be defined in early 2025;
Playbook” in partnership with APF France Handicap and with ■ the definition of a self-assessment system for the accessibility
the support of Caisse Nationale de Solidarité pour l’Autonomie. of our integrated interfaces. The methodology is currently
Formalizing the inclusive design process being defined;
In 2021, the Group’s Innovation teams (Research, Marketing, ■ a new product in the Includeo range, based on early user tests
Design, Development) tested the inclusive design approach on conducted at the end of 2024.
six product families as part of an initial assessment phase, with CAPEX and OPEX resources linked to our social inclusion actions
the aim of improving the accessibility of future ranges. At the are not considered significant.
same time, the Group developed the inclusive methodology that
became an integral part of the product design process in 2022. 4.3.3.4.3 Targets and metrics [S4-5]
Specific training on the topic for the Design team was introduced
to support its implementation and continues as the team grows. The Group has not yet defined targets for managing this material
This new step raises awareness even more about the diversity of opportunity for 2024 and 2025. However, it is currently being
consumer profiles. discussed internally with the aim of setting precise targets during
the first quarter of 2025.


4.3.4 Methodology note – Social information
Scope of consolidation: General principles integrated into the Corporate systems over a period of time (on
Labor relations data is consolidated for all Groupe SEB subsidiaries average two years).
worldwide. Unless otherwise stated in the methodology note below, these
Newly integrated companies are taken into consideration via general principles will apply.
specific ad hoc reporting in other systems and are gradually




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4.3.4.1 Personnel metrics
Scope of consolidation Hirings and departures from the company exclude all inter-
The consolidation scope represents 96.8% of the total workforce. company or inter-site movements within the Group.
In the calculation of the staff turnover rate, the figures relating to
Clarifications on methodology staff numbers and departures only cover employees on permanent
The consolidated data is entered by the local HR teams in the contracts, excluding non-consolidated companies. Departures
SAP P97 system, then checked by the HRIS department at corporate include those whose last day of work falls on 31 December.
level to ensure its quality. An interface between SAP P97 and The formula used to calculate the staff turnover rate adopted in
Qlik Sense enables data to be exported at the end of the month 2023 and that adopted in 2024 in accordance with the CSRD are
for monthly, quarterly and annual reporting. not comparable: in 2023, only resignations of employees on
With regard to Supor China and Supor Vietnam, due to Chinese permanent contracts were taken into account, whereas in 2024
legislation (PIPL law), which prohibits the transmission of all departures of employees on permanent contracts (resignation,
personal data for companies listed in China, the consolidated retirement, contractual termination, dismissal, etc.) are taken
data is transmitted each month by the local HR teams. into account. Similarly, the denominators are different: in 2023
it was the average number of employees on permanent contracts
For non-consolidated companies, representing a total workforce
over the year, in 2024 it is the total number of employees on
of 1,024 people, only the overall workforce data is communicated
permanent contracts on the last calendar day of year N-1. The Group
by the subsidiaries. This relates to Coffee Techno, GS Maroc,
has chosen to only include employees on permanent contracts,
STOREBOUND, WMF Heshan, SEB Professional (Shanghai), EMSA
as this allows a more accurate measurement of the stability and
Taicang, Groupe SEB Innovation Center, Forge Adour and Sofilac.
retention of its permanent employees, which is crucial for
Employees with an employment contract (permanent, fixed-term, assessing organizational health and job satisfaction.
work-study students) with a Group company on the last calendar
day of the year are reported in terms of number of people
(headcount). Temporary staff are reported in terms of full-time
equivalents (FTE).


4.3.4.2 Metrics related to dialog and social benefits
Scope of consolidation “all agreements in writing regarding working conditions and
The scope of consolidation of the coverage rate by collective terms of employment concluded between an employer, a group
bargaining agreements is worldwide. of employers or one or more employers’ organisations, on the
one hand, and one or more representative workers’ organisations,
The percentage provided is a minimum estimate, as data for or, in the absence of such organisations, the representatives of
6.61% of the Group’s total workforce is not available (it has the workers duly elected and authorised by them in accordance
therefore been assumed that this workforce is not covered by with national laws and regulations, on the other”. »
collective bargaining agreements). The actual percentage could
therefore be higher than that communicated. A report has been distributed to HR managers in all of the
Group’s geographical areas in order to collect the data by entity.
Clarifications on methodology Consolidation was then carried out at central level.
The definition adopted in the collective bargaining agreement is
that of the International Labour Organization, which has been
communicated to each subsidiary outside France:


4.3.4.3 Metrics related to work-life balance [S1-15]
4.3.4.3.1 Family-related leave For the purposes of this standard, these concepts are defined as
follows:
Scope of consolidation
a) maternity leave (also known as pregnancy leave): job-protected
The scope of consolidation of the coverage rate by collective
leave for employed women around the time of childbirth (or,
bargaining agreements is worldwide.
in some countries, adoption);
The percentage provided is a minimum estimate, as data for
b) paternity leave: leave from work for fathers or, where and to
6.19% of the Group’s total workforce is not available (it has
the extent recognized by national legislation, for equivalent
therefore been assumed that this workforce is not covered
by family-related leave). The actual percentage could therefore second parents, on the occasion of the birth or adoption of a
be higher than that communicated. child for the purpose of providing care;
c) parental leave: leave from work for parents on the grounds
Clarifications on methodology of the birth or adoption of a child to take care of that child, as
The explanations given in Appendix 1 supplementing European defined by each Member State;
Directive 2013/34/EU have been communicated to each subsidiary d) family caregiver leave: time off work for workers to provide
outside France: personal care or support to a relative, or to a person living in
“Family-related leave includes maternity leave, paternity leave, the same household, in need of significant care or support
parental leave and leave for family caregivers available under for a serious medical reason, as defined by each Member State.
national legislation or collective agreements.




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With regard to paragraph 93 (a), employees entitled to family- At the same time, a request was sent to the human resources
related leave are those who are covered by regulations, managers of all the geographical areas of the Group in order
organizational policies, agreements, contracts or collective to collect the data by entity. Consolidation was then carried out
bargaining agreements that contain family-related leave at central level.
entitlements and who have declared their entitlement to the
company or whose entitlement is known to the company
(Disclosure requirement S1-15 – AR 98 and 99).” »


4.3.4.4 Health and safety metrics [S1-14]
Scope of consolidation ■ Number of Lost Time Injuries (LTI) = Workplace accidents resulting
With the exception of recent acquisitions (Forge Adour, Lacanche in a physical injury resulting in a number of days off work;
and Charvet), all sites are included in the reporting scope (plants, KPIs
logistics sites, tertiary sites). The scope of coverage is greater
■ Lost Time Injury Rate (LTIR) = Number of work-related lost-
than 95% of employees.
time accidents (LTI+FAT)*1,000,000/Total hours worked;
The Group has a program for the implementation of ISO 45000,
■ Frequency rate 2 (TF2) = Number of work-related accidents
ISO 14001 and ISO 9001 when the entities are not certified.
with and without lost time (LTI+FAT +WLI)*1,000,000/Total
Health and safety data are only included in the Group’s overall
hours worked;
reporting when the entities have obtained ISO 45001 certification.
The other KPIs and PPIs (Ergonomics or VCS, for example) are
The reported data also takes temporary staff into account, with
the subject of an explanatory note (definition, objective, method
the exception of the coverage rate for the workforce through
of calculation) sent to all stakeholders at the beginning of each
a health and safety management system, which benefits from a
year.
transitional provision.
Commuting accidents are excluded from the report (unlike job- Work-related illness
related accidents). With regard to occupational illnesses, a limit has been identified
in the accounting for worldwide. Some legal systems (such as
Clarifications on methodology
Germany) recommend medical secrecy and figures are therefore
Definitions of metrics unavailable and treated as null for these specific cases.
■ Number of workplace fatalities = FAT (Fatalities) = Number of
workplace accidents resulting in death, irrespective of the
time elapsed between the injury and the death;


4.3.4.5 Metrics related to diversity, equity and inclusion, and metrics related to pay gaps [S1-9],
[S1-12], [S1-13], [S1-16]
4.3.4.5.1 Key positions Only fixed wage data has been used. This choice is motivated by
the fact that, for managers eligible for bonuses, the bonus rate
Scope of consolidation
rules are the same by grade and by country. For those without a
The number of women in key positions is based on a Group scope bonus (particularly in production), certain position or team
defining key positions, including: premiums are linked to constraints (night work, more strenuous
■ all Executive Committee functions, with the exception of the CEO; work). This choice ensures better comparability of information.
■ all senior manager positions in grades A, B, 1+ and 1; Statistically insignificant data (sample of fewer than five staff
members per gender, male and female) were excluded from the
■ the majority of senior manager positions in grade 2;
analysis. The analyses are therefore based on a minimum of
■ selected managers in grade 3; 10 people to measure pay gaps by grade on the base salary.
■ Market General Manager (GM) positions in grade 3 and above
(excluding country managers); 4.3.4.5.3 Ratio of the annual total remuneration
■ plant managers in grade 3 and above; of the highest-paid person to the median
■ any other potentially “critical” position in grade 3. annual remuneration of all employees
Scope of consolidation
4.3.4.5.2 Gender pay gap Although the analysis was initiated in several countries, the
Scope of consolidation Group focused on the two main countries in terms of numbers
and gaps, France and China, for this first year (countries where
Although the analysis was initiated in several countries, the the Group is listed on local stock exchanges: SEB S.A. and SUPOR)
Group focused on the two main countries in terms of numbers,
France and China, for this first year. Clarifications on methodology
Clarifications on methodology The data was analyzed by country.
The data was analyzed by grade (internal classification based on For each country, a ratio between the highest salary and the median
the Mercer methodology) and led to a comparison of average salary was calculated. All countries in the scope analyzed were
salaries for men vs. average salaries for women for a given level. treated in the same way.




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For the highest salaries, fixed and variable wage data and valuations of LTI plans were used. Median wages were calculated using data
on gross wages including fixed and variable components.


4.3.4.6 Training and skills development metrics [S1-13]
4.3.4.6.1 Percentage of employees who have taken Employees whose company is in the process of long-term
part in regular performance and career integration are:
development reviews ■ followed up and reviewed as part of an internal process, this
Scope of consolidation data has not yet been transmitted. However, their integration
into our internal Groupe SEB processes and their inclusion in
Groupe SEB publishes the percentage of employees who have these figures is planned for 2026.
taken part in regular performance and career development reviews.
Employees on temporary contracts:
The employees included in this review meet the following criteria:
■ are not followed up.
■ Permanent contract or equivalent (equivalent: long-term contract
in the case of some countries where only renewable fixed- Clarifications on methodology
term contracts are used); This figure includes employees who have completed the online
■ connected employees: employees having access to a computer form provided for this purpose and allowing these figures to be
to enable preparation and review, then conclusion; extracted (having at least finalized their AAI following their
■ arrival after 15 October of last year: the annual interview starting review with their N+1).
on 15 January, new arrivals are not reviewed. New arrivals
are given a goal-setting form for their future review; 4.3.4.6.2 Average number of training hours
■ active: the employee must be present for his review. In the per employee and gender
event of absence (e.g. long-term illness, maternity leave), an Scope of consolidation
“out-of-cycle” review form is made available to allow these The scope of consolidation covers all subsidiaries worldwide
employees to be reviewed upon their return during the year. with access to the Igrow tool. The data for the subsidiary Supor
Employees not included in this figure are: are collected separately because it is not consolidated in Igrow.
■ employees who do not have ready access to a computer (e.g. The consolidation of two scopes represents >95% of the Group’s
on production sites, manual workers); employees.
■ employees who are in the process of being integrated into the Clarifications on methodology
organization (arrived after 15/10/N-1);
Sum of training hours of active employees/HR staff as at 31/12.
■ employees whose parent company is in the process of being
integrated into the organization (new acquisitions, e.g. Forge Adour);
4.3.4.6.3 Metrics related to adequate wages
■ employees whose parent company is in the process of being
integrated into the SAP system & HR processes (companies Adequate wages [S1-10]
recently integrated after the acquisition process, e.g. SEB Pro
NA, Wilbur Curtis); Scope of consolidation
■ employees whose company is in the process of long-term The three major countries in terms of salaried employees (France,
integration, taking into account a longer process, its size, etc. Germany, China) as well as the main industrial countries where
(e.g. WMF); the question of respect for human rights arises (Vietnam, Colombia,
Brazil, Czech Republic) have been selected for this first year.
■ employees whose data cannot be accessed with regard to
information sharing (e.g. Supor); These seven countries account for 80% of the Group’s employees.
■ employees on temporary contracts (excluding permanent Clarifications on methodology
contracts or equivalent). The data is taken from FairWage© Network reports on 200
Employees not included in this figure and who do not have ready countries and 3,500 cities worldwide. The data used is the
access to a computer are: version dated October 2024.
■ followed up with the provision of a paper form to be used as a The elements used for the comparison are the average data
basis for their interview. This data cannot be traced at present. analyzed as closely as possible to the actual geographical
The employees of Supor are: location when the data is available (by city, failing that by region
or province in China, failing that by the country average).
■ monitored and reviewed as part of an internal process at
Supor. This data has not been transmitted to date. Only fixed wage data has been used.
Statistically insignificant data (sample of fewer than 20 staff)
were excluded from the analysis.




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4.4 Governance information

4.4.1 Business conduct [G1]
4.4.1.1 Overview of impact, risks and opportunities
The double materiality assessment performed by Groupe SEB The criteria used to determine material impacts, risks and
identified two material risks and a potential negative impact opportunities in relation to the conduct of business, such as
linked to two business-conduct-related sustainability matters: geographical location, the sectors of activity concerned and the
protection of whistleblowers, and corruption and bribery. nature of the transactions carried out, are described in Section
Concerning competition law in relation to business ethics, which ESRS 2 General disclosures – 4.1.3.3 “Material impacts, risks and
has not been identified as a material issue, and more specifically opportunities and their interaction with strategy and business
the current litigation, please refer to Note 21 of the consolidated model [SBM-3]”.
financial statements.

Negative impacts Risks

PROTECTION OF WHISTLEBLOWERS

Risks of non-compliance and/or inadequacies in the whistleblower
protection policy.
[See 4.4.1.3 “Protection of whistleblowers”]

CORRUPTION AND BRIBERY

Potential negative impact resulting from possible cases of Risks of violating antitrust laws and/or corruption, which could lead
corruption due in particular to the geographical footprint of the to potential fines for non-compliance and significant legal action.
Group’s suppliers. [See 4.4.1.4 “Corruption risks”]


This section of the Sustainability report deals with the Group’s The role of the Group’s administrative bodies on sustainability
management of these two risks. For a description of all material issues is described in ESRS 2 “General disclosures” – 4.1.2.1
impacts, risks and opportunities identified by the Group’s double “The role of the administrative, management and supervisory
materiality assessment, please refer to Section ESRS 2 General bodies [GOV-1]”.
disclosures – 4.1.3.3 “Material impacts, risks and opportunities and
their interaction with strategy and business model [SBM-3]”.


4.4.1.2 The Code of Ethics, a common foundation [G1-1]
Driven by the humanist values passed on by its founders, Groupe The principles set out in the Code of Ethics apply to all Group
SEB has always been committed to values such as a sense of business activities worldwide, as well as to the key stakeholder
responsibility, solidarity and commitment. The Group firmly believes groups affected. The relationship with the latter and applicable
that sustainability is a means of creating value for its employees, international standards are described in the relevant sections of
consumers, customers and shareholders, as well as the regions this sustainability statement:
in which it operates. Consequently, it has long been committed to ■ own workforce: 4.3.1.2 Respect for human rights (ESRS S1);
adopting an approach that is both ethical and responsible.
■ workers in the value chain and suppliers: 4.3.2.2. “Policies
Over the last decade, Groupe SEB has more than doubled in size, related to value chain workers” (ESRS S2);
acquiring several companies and becoming increasingly
international. It now has more than 32,000 employees around ■ consumers and end-users: 4.3.4.1 “Overview” (ESRS S4).
the world, more than half of them outside Europe. In such a fast- The Code of Ethics has been translated into the Group’s 11 main
changing environment, a common culture and shared values are languages and distributed to all employees globally as well as to
crucial to a successful ethics policy. To this end, since 2012 relevant stakeholders, primarily through entities’ intranet and
Groupe SEB has structured and formalized its policy and values the corporate website.
in a Code of Ethics.
The Sustainable Development department is responsible for the
The Code of Ethics serves as the frame of reference for Groupe content of the Group’s Code of Ethics and ensuring that it is
SEB’s values and standards. It addresses 18 key subjects, including properly circulated and understood by all entities. The Code’s
child labor, anti-corruption measures, non-discrimination, principles are included in the internal control manual used by
environmental protection and whistleblowing. It defines individual Internal Audit teams to verify subsidiaries’ compliance with
and collective rules of conduct to guide the actions and inspire Group ethics.
the decisions of each employee, while promoting a Group-wide
approach to addressing major sustainability matters.




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4.4.1.3 Protection of whistleblowers as a pledge of respect for Group values [G1-1]
Under the measures introduced to ensure that the commitments The Group systematically and rigorously handles all internal
of the Code of Ethics and Anti-Corruption Code of Conduct are alerts, which are analyzed and subjected to follow-up, and
properly applied (see Section 4.4.1.4.1), the Group set up a carries out audits where necessary.
whistleblowing system and procedure. This whistleblowing
system complies with the legal requirements of the Sapin II law Whistleblowing procedure
(Article 17) and the Waserman law, which guarantee the protection
of whistleblowers’ identity and prohibit retaliation. The aim is to The whistleblowing procedure specifies what steps
enable any employee or person from outside the Group to report whistleblowers should follow to exercise their right, whom they
situations that violate said Codes and be protected against retaliation. should contact, what information they should provide, how
reports are handled, what confidentiality rules are enforced, and
Whistleblowing system what is done to protect whistleblowers, assuming they are acting
not in self-interest and in good faith. It is available on the
The whistleblowing system is designed to receive and process platform and on the intranet.
warnings from whistleblowers. All warnings are processed
systematically and rigorously, and investigated if necessary. Training
Whistleblowers are protected through the offer of anonymity
when making their reports. A training program dedicated to the whistleblowing procedure
In 2024, the Group replaced the email address for the has been delivered to all ethics contacts, who are required to
whistleblowing system with an external online platform called handle warnings within their scope. Each ethics contact only has
“Speak’Up”. This is promoted in internal training materials, on Group access to warnings within their own scope of activity. Only the
and entity intranet sites, and on the Group’s corporate website. Group Compliance Manager and the Audit Director can see all
warnings received.
Beyond this Group approach, some entities have set up
additional dedicated reporting mechanisms for their areas; this
is the case in Brazil or China.


4.4.1.4 Constant vigilance against the risks of corruption and bribery
The Group operates in nearly 150 countries, and its business ■ Principle 10 of the UN Global Compact;
activities include production, distribution and sales. These ■ Principle 7 of the OECD Guidelines for Multinational Enterprises.
involve being in contact with numerous suppliers and customers
and being exposed to public and private officials. Any proven The functions-at-risk have been identified through the mapping
instance of corruption could have material financial of corruption risks. These are essentially positions involving
consequences for the Group (conviction or fines) as well as regular contact with third parties, members of the Management
reputational consequences. Committees and the most exposed populations such as members
of the Executive Committee, local management teams, directors
and managers of the Purchasing, Trade, Finance, Marketing and
4.4.1.4.1 Group anti-corruption policy [G1-1] Communication departments, etc.
The matter of corruption has been included in the global Code of
Ethics since 2013. It provides, in particular, that Groupe SEB strictly 4.4.1.4.2 Prevention and detection of corruption
prohibits any form of corruption in its dealings with commercial and bribery [G1-3]
and institutional partners as well as with the government. The
Group’s anti-corruption policy is designed to prevent and detect Groupe SEB strictly prohibits any form of corruption in its dealings
corruption in its business activities. with commercial and institutional partners, or government
authorities. No financial rewards or other types of benefits may
Responsibility for the policy lies with Group Compliance.
be offered in an effort to seek an advantage or be received in
Anti-corruption Code of Conduct exchange for preferential treatment.
The anti-corruption policy, which supplements the Code of The Anti-Corruption Code of Conduct is disseminated in tandem
Ethics, is documented in an Anti-Corruption Code of Conduct with other prevention and detection procedures, such as gift and
created based on the Group’s corruption risk mapping. Its aim is conflict of interest policies, audit processes, and training and
to guide the decisions and conduct of: awareness campaigns.
■ all staff in the performance of their duties in the event of a These procedures are instituted by the Group to combat fraud
situation that appears to present a risk of corruption or and corruption and are reviewed annually by the Audit Committee.
influence peddling; and Since 2021, the Audit Committee’s annual meeting schedule has
included an additional meeting to review the findings of an
■ all third parties with whom Groupe SEB maintains or enters internal control assessment of anti-corruption measures.
into a relationship.
This Code of Conduct is available on the Group’s intranet and Corruption risk mapping
corporate website. The Anti-Corruption Code of Conduct was created based on a
In accordance with the Sapin II law of 9 December 2016, the risk mapping of the Group’s corruption risks. This highlighted the main
of corruption is subject to special treatment. The Anti-Corruption risk scenarios, which were subsequently put through a risk analysis.
Code of Conduct is based on the following international rules and In 2022, a program to redesign the Group’s corruption risk
principles: mapping was launched. This redesign includes an analysis of the
■ The Council of Europe’s Civil Law Convention on Corruption, processes through interviews focusing on risk scenarios as well
adopted on 4 November 1999; as a detailed evaluation of the gross and net risks and associated
action plan. This risk mapping was finalized and rolled out in 2023,
and is updated annually.


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Governance information



Anti-corruption procedures Corruption risk awareness is included in the Compliance training
In 2023, the control of corruption risks was improved in program delivered via a digital onboarding tool to all new
collaboration with the Group Compliance Manager in accordance employees with internet access within their first six months at
with the requirements of the Sapin II Law (2016). the organization. This program consists of six modules: Code
of Ethics, personal data protection, IT security, anti-corruption,
In addition to the controls carried out on suppliers, the system antitrust and internal control. Employees receive a refresher
was consolidated in 2024 with the acquisition of a new special- module every three years to keep them regularly updated on
purpose tool. compliance-related topics.
Audits to detect and remedy corruption Since October 2023, the Group has been extending its training
activities around anti-corruption still further with the launch of
The ethical compliance of Group sites is measured through audits.
an advanced training course for those most exposed to this risk.
Groupe SEB interacts with its customers and suppliers directly, Implemented globally, either in-person or virtually, but always
without intermediaries. Given the economic environment in which with a trainer present, this comprehensive training program is
Groupe SEB subsidiaries operate, the principal risks are related directed at the Group’s senior executives, including members of
to the purchasing process (passive corruption of the purchaser) the Executive Committee, who were the first to participate.
and sales (active corruption of customers’ employees). These The training is scheduled over three years, from 2023 to 2025,
risks are mitigated for each of those two processes by specific for grade 1 to 4 managers and will be attended by 300
processes and controls, compliance with which is verified by audit. to 400 employees annually.
Groupe SEB’s internal audit function is independent of the audited The training completion rate for the most exposed functions will
entities, guaranteeing impartial assessment of corruption risks. be communicated at the end of the campaign (which will take
place over three years) in 2025. A review of the definition of
Training programs dedicated to corruption prevention individuals most at risk under Article 17.6° of the Sapin II law is
and detection currently underway, as part of the preparations for the training
A campaign to raise awareness among all staff about the risks of program scheduled for 2025.
corruption and conflicts of interest was launched in October 2022.
This online training program provides a real-life illustration of 4.4.1.4.3 Incidents of corruption or bribery [G1-4]
the risks to which any employee may be exposed, outlining the
initial best response in the event of a suspected or proven case In 2024, there were no convictions or fines paid for breaches of
of corruption or non-compliance with the rules, to apply in the anti-corruption legislation.
event of a conflict of interest.
The company reports any action taken to remedy non-compliance
Available in 11 languages, it was also rolled out to employees with procedures and standards related to anti-corruption
without online access during the first half of 2023. measures and acts of corruption. No deviations were identified
for 2024, hence the absence of any specific reporting on
remediation plans.




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Report on the certification of sustainability information and verification of the disclosure requirements
under Article 8 of Regulation (EU) 2020/852 of SEB S.A.
4
4.5 Report on the certification of sustainability information
and verification of the disclosure requirements
under Article 8 of Regulation (EU) 2020/852 of SEB S.A.
Year ended December 31, 2024


This is a translation into English of the statutory auditors report on the certification of sustainability information and verification of the
disclosure requirements under Article 8 of Regulation (EU) 2020/852 of the Company issued in French and it is provided solely for the
convenience of English speaking users.
This report should be read in conjunction with, and construed in accordance with, French law and the H2A guidelines on “Limited
assurance engagement - Certification of sustainability reporting and verification of disclosure requirements set out in Article 8 of Regulation
(EU) 2020/852".


To the General Assembly of SEB S.A.
This report is issued in our capacity as auditor of SEB S.A. It covers the information on sustainability information and the information
provided for in Article 8 of Regulation (EU) No 2020/852, relating to the financial year ended December 31, 2024 included in group's
management report, presented in section 4.1 to 4.4 of chapter “4. Sustainability Report” of the universal registration
document (hereinafter the "Sustainability Statement").
Pursuant to Article L. 233-28-4 of the French Commercial Code, SEB S.A. (the "entity") is required to include the above-mentioned
information in a separate section of the group management report. This information has been prepared in the context of the first-time
application of the aforementioned articles, a context characterized by uncertainties regarding the interpretation of the laws and
regulations, the use of significant estimates, the absence of established practices and frameworks in particular for the double-
materiality assessment, and an evolving internal control system. It enables to understand the impact of the activity of the entity SEB S.A.
on sustainability matters, as well as the way in which these matters influence the development of the business of the entity SEB S.A.,
its performance and position. Sustainability matters include environmental, social and corporate governance matters.
Pursuant to Article L.821-54 paragraph II of the aforementioned Code our responsibility is to carry out the procedures necessary to
issue a conclusion, expressing limited assurance, on:
■ compliance with the sustainability reporting standards adopted pursuant to Article 29 ter of Directive (EU) 2013/34 of the European
Parliament and of the Council of 14 December 2022 (hereinafter ESRS for European Sustainability Reporting Standards) of the
process implemented by SEB S.A. to determine the information reported,
■ compliance of the sustainability information included in the Sustainability Statement with the requirements of Article L.233-28-4 of
the Commercial Code, including with the ESRS; and
■ compliance with the reporting requirements set out in Article 8 of Regulation (EU) 2020/852.
This engagement is carried out in compliance with the ethical rules, including independence, and quality control rules prescribed by the
French Commercial Code.
It is also governed by the H2A guidelines on “Limited assurance engagement - Certification of sustainability reporting and verification of
disclosure requirements set out in Article 8 of Regulation (EU) 2020/852".
In the three separate sections of the report that follow, we present, for each of the sections of our engagement, the nature of the
procedures that we carried out, the conclusions that we drew from these procedures and, in support of these conclusions, the elements
to which we paid particular attention and the procedures that we carried out with regard to these elements. We draw your attention to
the fact that we do not express a conclusion on any of these elements taken individually and that the procedures described should be
considered in the overall context of the formation of the conclusions issued in respect of each of the three sections of our engagement.
Finally, where deemed necessary to draw your attention to one or more disclosures of sustainability information provided by SEB
S.A. in the group management report, we have included an emphasis of matter paragraph hereafter.


Limits of our mission
As the purpose of our engagement is to express limited assurance, the nature (choice of techniques), extent (scope) and timing of the
procedures are less than those required to obtain reasonable assurance.
Furthermore, this engagement does not provide guarantee regarding the viability or the quality of the management of SEB S.A., in
particular it does not provide an assessment, of the relevance of the choices made by SEB S.A. in terms of action plans, targets,
policies, scenario analyses and transition plans, which would go beyond compliance with the ESRS reporting requirements.
It does, however, allow us to express conclusions regarding the entity’s process for determining the sustainability information to be
reported, the sustainability information itself, and the information reported pursuant to Article 8 of Regulation (EU) 2020/852, as to the
absence of identification or, on the contrary, the identification of errors, omissions or inconsistencies of such importance that they
would be likely to influence the decisions that readers of the information subject to this engagement might make.
Any comparative information that would be included in the group management report are not covered by our engagement. Nor does it
address the entity’s compliance with the legal and regulatory provisions relating to the vigilance plan published under Article L225-102-
1 of the Trade Code, presented in the section “4.6 Vigilance Plan” of the Sustainability Report.



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Compliance with ESRS of the process implemented by SEB S.A. to determine
the information reported
Nature of procedures carried out
Our procedures consisted in verifying that:
■ the process defined and implemented by SEB S.A. has enabled it, in accordance with the ESRS, to identify and assess its impacts,
risks, and opportunities related to sustainability issues, and to identify those material impacts, risks, and opportunities that have led
to the publication of sustainability information in the Sustainability Statement; and
■ the information provided on this process also complies with the ESRS.


Conclusion of the procedures carried out
On the basis of the procedures we have carried out, we have not identified any material errors, omissions or inconsistencies regarding
the compliance of the process implemented by SEB S.A. with the ESRS.


Elements that received particular attention
We present below the elements that have received particular attention from us regarding the compliance with ESRS of the process
implemented by SEB S.A. to determine the published information.

Concerning the identification of stakeholders
The information related to the identification of stakeholders is mentioned in the group's management report and presented in chapter
"4.1.3.2 Interests and views of stakeholders" of the Sustainability Statement.
We appreciated the methodology used by the group to identify its affected stakeholders and the main users of the Sustainability
Statement, and we have reviewed, in particular on the basis of interviews and inspection of the available documentation, the types of
dialogue with them.

Concerning the identification of impacts, risks and opportunities
Information on the identification of impacts, risks and opportunities is mentioned in section"4.1.4.1 Description of the procedure for
identifying and assessing material impacts, risks and opportunities" of the Sustainability Statement.
We have reviewed the process implemented by the entity regarding the identification of impacts (negative or positive), risks and
opportunities ("IRO"), real or potential, in relation to the sustainability issues mentioned in paragraph AR 16 of the "application
requirements" of ESRS 1.
We have, most notably :
■ verified the involvement of the functions, directions listed in IRO-1 in the different workshops and we controlled that the different
phases of the double materiality assessment process have been approved at the appropriate hierarchical level ;
■ appreciated how the entity considered the list of sustainability topics listed by ESRS 1 (AR 16) in its analysis ;
■ appreciated the consistency of the actual and potential impacts, risks and opportunities identified by the entity with the available
sector benchmarks ;
■ appreciated how the entity considered different time horizons, particularly with regard to climate issues ;
■ assessed the appropriateness of the information given in section "4.1.4.1 Description of the procedure for identifying and assessing
material impacts, risks and opportunities" of the Sustainability Statement.

Concerning the assessment of impact materiality and financial materiality
Information on the assessment of impact materiality and financial materiality is mentioned in section "4.1.4.1 Description of the
procedure for identifying and assessing material impacts, risks and opportunities" of the Sustainability Statement.
We have reviewed, throughs interviews with management and inspection of the available documentation, the process of assessing
impact materiality and financial materiality implemented by SEB S.A., and assessed its compliance with the criteria defined by ESRS 1.
In particular, we assessed how the entity established and applied the criteria for materiality of information defined in ESRS 1, including
threshold setting, to determine published material information.




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Report on the certification of sustainability information and verification of the disclosure requirements
under Article 8 of Regulation (EU) 2020/852 of SEB S.A.
4
Compliance of the sustainability information included in the Sustainability
Statement with the requirements of Article L. 233-28-4 of the French Commercial
Code, including the ESRS.
Nature of procedures carried out
Our procedures consisted in verifying that, in accordance with legal and regulatory requirements, including the ESRS:
■ the information provided allows for understanding the preparation and governance methods of the sustainability information
included in the Sustainability Statement, including the methods for determining information related to the value chain and the
disclosure exemptions chosen;
■ the presentation of this information ensures its readability and understandability;
■ the scope chosen by SEB S.A. for providing this information is appropriate; and
■ on the basis of a selection, based on our analysis of the risks of non-compliance of the information provided and the expectations of
users, that this information does not contain any material errors, omissions or inconsistencies, i.e. that are likely to influence the
judgement or decisions of users of this information.


Conclusion of the procedures carried out
Based on the verifications we have carried out, we have not identified any significant errors, omissions, or inconsistencies regarding the
compliance of the sustainability information included in the Sustainability Statement with the requirements of Article L.233-28-4 of the
Commercial Code, including with the ESRS.


Emphasis of Matter paragraph
Without qualifying the conclusion expressed above, we draw your attention:
■ To the information presented in chapter "4.1.1 Basis for preparation of the sustainability statement" concerning the limitations
and uncertainties inherent in the first year of application of Article L. 233-28-4 of the French Commercial Code, in
particular regarding certain data points required by the ESRS that are not published in the Sustainability Statement, published on a
partial scope, or estimated.
■ To the information presented in the paragraph [E1-6] Gross scope 1, 2 and 3 GHG emissions and total GHG emissions" in section
"4.2.1.3.5 Metrics related to climate change mitigation", as well as methodological clarifications presented in chapter "4.2.6.2.2 [E1-6]
Gross scope 1, 2, 3 GHG emissions and total GHG emissions", which explain that Groupe SEB considers an average theoretical usage
duration of one year for all products sold when calculating the carbon footprint related to the use of its products within scope 3.11.


Elements that received particular attention
Information provided in accordance with environmental standards (ESRS E1 to E5)
The information published under the heading of climate change (ESRS E1) is mentioned in chapter "4.2.1 Climate change [E1]" and the
information under the heading of pollution in chapter "4.2.2 Pollution [E2]" of the Sustainability Statement.
We present hereafter the elements that we have paid particular attention to regarding the compliance of this information with the ESRS.
With regard to the information published under ESRS E1, our diligences have notably included:
■ conducting interviews with the relevant management or responsible persons, in particular the Sustainable Development Department, to
inquire about the process adopted by the entity to produce this information and to assess the information presented, in particular
the description of the policies, actions and targets put in place by the entity ;
■ assessing the appropriateness of the information presented in the note "4.2.1 Climate change [E1]" and its overall consistency with
our knowledge of the entity ;
■ implementing appropriate analytical procedures, based on this information and our knowledge of the entity ;
As regards the information published under the greenhouse gas emission balance:
■ review the GHG emissions balance assessment procedure used by the entity, in particular:
■ assess the consistency of the scope considered for the assessment of GHG emissions with the scope of the consolidated financial
statements and the upstream and downstream value chain ;
■ review the methodology for calculating estimated data and the sources of information used in the development of the estimates
that we determined to be of particular importance, which the entity used in the development of its GHG emissions reporting ;
■ assess, on the basis of a selection, the appropriateness of the emission factors used and the calculation of the associated
conversions and the assumptions of calculation and extrapolation, taking into account the uncertainty inherent in the state of
scientific or economic knowledge and the quality of the external data used ;
■ reconciling, for directly measurable data, such as energy consumption related to scopes 1 and 2, for a sample, the underlying data
used to assess GHG emissions with supporting documents.
■ regarding emissions related to scope 3, assess:




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■ the justification for the inclusions and exclusions of the different categories and the transparency of the information given in this
regard,
■ the process of collecting information,
■ the relevance of the estimates selected
■ compliance with the GHG Protocol criteria
With regard to the information published under ESRS E2, our diligences have notably included:
■ Understanding the Internal control and risk management procedures implemented by SEB S.A. to comply with published
information ;
■ Assessing the consistency of the scope considered for the identification of the list of substances of concern and of very high concern
on which SEB S.A. is to publish information with the scope of the consolidated financial statements ;
■ Understanding, through interviews with the Sustainable Development Department, the data collection methodology and the sources
of information on which the data are based ;
■ Assessing the consistency of methods and the reliability of the sources of information used ;
■ Assessing the qualitative information provided in application of environmental ESRS standards, among others, with regards to
emerging pollutants (PFAS)


Compliance with the requirements for the publication of information provided
for in Article 8 of Regulation (EU) 2020/852
Nature of procedures carried out
Our work consisted of verifying the process implemented by SEB S.A. to determine the eligible and aligned nature of the activities of the
entities included in the consolidation.
They also consisted of verifying the information published pursuant to Article 8 of Regulation (EU) 2020/852, which involves verification of:
■ compliance with Presentation rules of this information, which ensures its readability and comprehensibility ;
■ on the basis of selection, absence of errors, omissions, material inconsistencies in the information provided, that is, likely to
influence the judgment or decisions of users of the information.


Conclusion of the procedures carried out
Based on the procedures we have carried out, we have not identified any material errors, omissions or inconsistencies relating to
compliance with the requirements of Article 8 of Regulation (EU) 2020/852.


Elements that received particular attention
Concerning the eligible nature of the activities
Information on eligible activities is included in section "Application of the European Taxonomy Regulation for the SEB Group" the
Sustainability Statement.
We assessed, by inquiry and inspection of the related documentation, the conformity of the entity’s analysis on the non-eligibility of all
its activities with the criteria set out in the delegated acts appendices supplementing the Regulation (EU) 2020/852 of the European
Parliament and of the European Council.

Paris La Défense, April 3, 2025
Statutory Auditors

DELOITTE & ASSOCIES KPMG

Patrice Choquet Sara Righenzi De Villers




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Vigilance Plan 4
4.6 Vigilance Plan
For the seventh consecutive year, Groupe SEB complies with law The Group has a whistleblowing mechanism in place to enable
2017-399 of 28 March 2017 concerning the duty of parent employees and external stakeholders to report serious harm to
companies and order-giving companies through the development people and the environment.
of this plan. Corporate social responsibility has been an The plan is the subject of dedicated monitoring. In 2024, monitoring
essential component of the Group’s strategy for many years. and updating of the plan were coordinated by the Sustainable
This plan presents the measures taken within the Group to Development and Compliance departments. This was conducted
identify risks and prevent serious harm to human rights and with the company’s various business lines, and each department
fundamental freedoms, the health and safety of individuals and contributed to completing and updating the plan.
the environment, related to its activities as well as those of its Groupe SEB defines its value chain in the Sustainability Report,
subcontractors and suppliers. It restates the actions already Section 4.1.3 “Strategy and business model”.
anchored in the Group’s policies: Code of Ethics, health and safety
policy, objectives, Responsible Purchasing Charter, and more.


4.6.1 Management of risks of serious harm to individuals and to the environment
Preventing and managing risks related to ethics and Human Rights

Risks

Equal treatment and equal opportunities

Strong presence in countries where equality and fair treatment A constantly changing market environment requires continual
and opportunities are not always guaranteed. adaptation of our human resources and a broader range of skills
within the Group. Our markets demand an increasingly specialized
and skilled workforce. For some of these key profiles, a shortage
and/or increased competition could lead to difficulties in attracting
and retaining talent.

Suppliers in Groupe SEB’s upstream value chain are located
in countries where there is a risk relating to equal treatment
and equal opportunities.

Respect for fundamental rights

Strong presence in countries where there is a high risk of human
rights abuses.

Groupe SEB’s suppliers are located in countries where there is
a risk related to fundamental rights.



Code of Ethics In addition to simply applying the laws in force in each country,
Groupe SEB has implemented the following measures to ensure
The top priority when it comes to ethics is to apply the laws in that its Code of Ethics is respected by all:
force in each country where Groupe SEB operates. Groupe SEB
■ training programs;
also adheres to the international standards set out by the UN,
and particularly to the principles of the Universal Declaration ■ site audits; and
of Human Rights, the fundamental conventions of the International ■ the whistleblowing system.
Labour Organization (ILO) and the OECD’s guidelines for multinational
To ensure that every employee understands the key concepts
enterprises. It has also been a signatory of the UN’s Global Compact
of the Code of Ethics and knows how to act when faced with
since 2003, and is a signatory of APPLiA’s Code of Conduct(1).
an ethical dilemma, a training program was rolled out in 2018.
The Code of Ethics has been translated into the Group’s 11 main This is included in mandatory training for new employees.
languages, it has been distributed to all employees and is available
Every three years, a Compliance Refresher is provided to all
on the intranet and on the institutional website(2). It presents the
Group employees with online access.
whistleblowing procedure enabling the actors in the Group’s
value chain to report any unethical behavior, facts or actions. The Code of Ethics is viewed as a Group-wide policy covering
all negative impacts concerning the company’s workforce. It is
accompanied by other policies and collective agreements, such
as the non-discrimination policy, the health and safety policy or
the remuneration policy.




(1) Home Appliance Europe (formerly CECED: European Committee of Domestic Equipment Manufacturers).
(2) https://www.groupeseb.com/en/our-code-ethics.



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Vigilance Plan




Respect for Human Rights, everywhere The Group ensures that it reviews the content of social benefits
and by everyone contracts on a regular basis in order to supplement and/or
improve existing insurance coverage in each of the contracts
Integrated into both the Code of Ethics and the Responsible negotiated locally at the level of the legal entity and/or the
Purchasing Charter, respect for Human Rights is one of its country concerned. Appropriate audits (internal or external) are
strong commitments, which has been validated by the signing of carried out on a regular basis in accordance with legislative
the United Nations Global Compact in 2003. The Group decided developments or market practices in each country. In the first
in 2007 to evaluate its teams’ practices in relation to Human half of 2024, a health audit was carried out on 43 countries in the
Rights in subsidiaries employing more than 10 people. It is based Group to enable the updating of the platform, which was
on self-assessment tools (HRCA and CBSSC) that cover 100% of launched in 2018.
the Group’s entities.
The Group is present in countries identified as being at risk from Social protection
a human rights perspective, including on the issues of forced
labor and child labor. As part of its common social program policy initiated in 2018,
Groupe SEB offers its employees worldwide a good level of
Groupe SEB has made a number of strategic commitments in coverage in relation to the local context. To date, all employees
terms of human rights and labor rights, particularly the fight are covered by the WeCare@Seb social program.
against forced labor, human trafficking and child labor. The
Group requires the same rules from its value chain as it imposes For workers in the value chain, the Group’s approach is currently
on itself via the Code of Ethics with regard to human rights and based on an extensive dialogue process with suppliers and
fundamental freedoms. subcontractors. This includes mechanisms on working conditions,
equal treatment and equal opportunities, as well as fundamental
rights:
Forced labor and child labor
■ regular discussions with Purchasing teams at Group and local
In its application, the Group is particularly vigilant in the fight against level, including during annual assessments (Supplier Performance
forced and child labor, as illustrated by the commitments set Reviews, Supplier Strategic Reviews);
out in the Code of Ethics in the “Working Conditions” section. ■ CSR assessments of suppliers, based on a mapping of CSR
These are based on the following international rules and principles: challenges by purchasing family. Ethical, social and environmental
■ ILO Core Conventions No. 29 (Forced Labour), No. 105 audits performed by an independent firm.
(Abolition of Forced Labour), No. 138 (Minimum Age) and The Group actively engages with its suppliers for the duration of
No. 182 (Worst Forms of Child Labour); the business relationship. This includes conducting upstream
■ Principles 1, 2 and 5 of the Code of Conduct issued by the assessments of the relationship; formalizing agreements through
European Committee of Domestic Equipment Manufacturers contracts; convening Purchasing teams, suppliers and specifiers
(CECED); for regular performance reviews; monitoring project progress; and
providing support and assistance with ethical and social audits.
■ Principles 1, 2, 4 and 5 of the UN Global Compact;
For workers who are particularly vulnerable, the Group is
■ Principle 5 of the OECD Guidelines for Multinational Enterprises.
conducting social audits on a panel of suppliers identified as
These commitments apply to the Group’s employees as well as its being potentially at risk. These audits can also be used to make
suppliers, and are included in the Group’s Responsible Purchasing a list of warnings concerning particularly vulnerable and/or
Charter, which is aligned with the International Labour Standards. marginalized worker populations. Any social risks identified
in an audit report must be mitigated by the supplier. The Group
Working conditions has a system for monitoring its suppliers, whereby it can detect
instances of unfavorable media coverage and any sanctions
Groupe SEB is committed to providing its workforce with adequate imposed on them.
working conditions all over the world. This matter is reflected in
the Code of Ethics and covers the following topics: Adequate wages
■ social dialogue and social protection: freedom of association,
adequate wages and social protection, secure employment, The Group has just begun analyzing wages in accordance with
collective bargaining, social dialogue; the new European directives. The benchmark taken into account
within the EEA is compliance with the country’s minimum wage,
■ quality of life at work: work-life balance.
where one exists. Outside the EEA, an analysis was carried out
based on the minimum wages of the countries and, moving a step
Social dialogue further, the living wage was looked at for the first time. This approach
focused on a few countries with an industrial presence.
In France and Europe, social dialogue is centralized at the Group
level through the France and Europe Group Works Councils. For As the data on a living wage is currently being compiled, in terms
other countries, social dialogue is localized. Feedback takes of external practices, the Group has begun by establishing
place through discussions between local entities and the Group the main principles for taking initial measurements in a few
Human Resources department. countries. All Groupe SEB employees receive a minimum wage
in accordance with the applicable benchmarks.
The Group encourages the individual expression of employees, in
particular through the promotion of tools such as satisfaction surveys
and the conducting of interviews for managers in all countries.




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Vigilance Plan 4
Quality of life at work In 2021, the Group’s Innovation teams (Research, Marketing, Design,
Development) tested the inclusive design approach on six product
The Group places great emphasis on the quality of life at work families as part of an initial assessment phase, with the aim
for its staff all over the world, particularly in countries considered of improving the accessibility of future ranges. At the same time,
to be at risk (as defined in the 2025 Universal Report) the Group developed the inclusive methodology that became an
Quality of life at work has been the subject of a collective agreement integral part of the product design process in 2022. Specific training
in France since 2016 and is supported by action plans in each on the topic for the Design team was introduced to support its
Group entity. This agreement was renewed on 1 June 2022 for implementation and continues as the team grows.
three years, under the new name Quality of Life and Working In 2024, the Group carried out the following actions:
Conditions (QLWC).
■ ensuring that testing panels include consumer diversity;
In addition, a QLWC specialist has been appointed at most of
■ maintaining links with stakeholders by participating in key events
Groupe SEB’s sites. They ensure that office ergonomics (equipment
such as the Inclusive Innovation Observatory or “Inclusive
and work posture) are correct.
Innovation: from theory to practice”;
Since 2012, SEB has used a survey conducted by the Great Place
■ expanding the “Includeo” range with a new product, an automatic
to Work® Institute to assess employees’ perceptions in this area.
juicer.
This employee survey is conducted every two years. Initially
launched in France, it was gradually rolled out to all continents.
Ethical and social audits
The most recent survey, in 2023, was conducted over a much broader
scope than in previous years. It covered around 60 countries. Value chain: Upstream
More than 80% of the approximately 20,000 employees invited The Group conducts ethical and social audits of all its Tier 1
to answer responded to the survey, which focused on 93 issues in suppliers worldwide, across all categories: raw materials,
five areas: credibility, respect, fairness, pride and friendly atmosphere. components, finished products and indirect purchases. This is
to identify, prevent and/or rectify, where necessary, any potential
Diversity, equality and inclusion material negative impacts on workers in the value chain. The Group’s
goal is to achieve a 100% audit coverage rate of its suppliers
Groupe SEB considers diversity to be a source of attractiveness, identified as “potentially at risk”, with audits being carried out at
collective performance and innovation. In view of the Group’s strong least every four years.
presence in countries where equality and fair treatment and The social audit program applicable to Groupe SEB suppliers
opportunities are not always guaranteed, SEB is implementing a includes the notion of “risk countries”, taken from the amfori/
policy of non-discrimination and promotion of diversity in order Business Social Compliance Initiative – Country Risk Classification
to create an inclusive and diverse working environment in all the framework. The criterion identifies suppliers to be audited as a
countries where the Group is present. priority on the basis that they operate in countries identified as
These policies cover ethnicity, sexual orientation, gender identity, high-risk and therefore are likely to negatively impact workers in
age, religion, political opinion, social origin. their own entity or value chain.
Gender equality in the workplace is, in fact, an integral part of Ethical and social audits of suppliers are a cornerstone of
the Group’s non-discrimination and diversity promotion policy. this approach, and the Group has a formal procedure for dealing
In its corporate project, Groupe SEB has created a specific plan with any material negative impacts it identifies on the working
to promote gender equality: The gender balance acceleration conditions, equal treatment and equal opportunities, and/or the
plan, which aims to remove the glass ceiling by committing to a fundamental rights of workers in the value chain.
quantified target: over 32% of women in key positions. A single “failure to comply” under the principle of “zero tolerance”
Action plans have been defined for each topic covered by the (for example, failure to comply with the legal minimum working age)
non-discrimination policy and are implemented in each country, triggers a series of actions.
adapted to local regulations. The progress of these action plans The Group’s approach to audits has also been one of prevention,
is regularly monitored, in particular through dashboards and aimed at having a positive impact on suppliers and their workforce.
discussions with HR managers on each continent. To help its suppliers improve their ethical and social performance,
the Group forwards a document prior to an audit explaining the
Social inclusion of consumers and end-users challenges, setting out the items to be assessed, and offering training.
In 2024, training sessions, held via webinar, were attended by
Inclusive design is an essential part of design methodology at 312 suppliers, mainly from China and Colombia. They were also
Groupe SEB, which aims to ensure that its products are accessible attended by Group buyers responsible for monitoring them.
to as many people as possible.
In 2024, no incidents of major non-compliance were reported.
To document best practices in inclusive design and facilitate
everyday use for all, in 2020 the Group developed a “Good Design Group plants
Playbook” in partnership with APF France Handicap and with Since 2015, Groupe SEB has applied the same ethical, social
the support of Caisse Nationale de Solidarité pour l’Autonomie. and environmental audit procedure that it operates with its
suppliers to its plants in risk countries, using the same specialist
consulting firm.




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Audits are carried out on average every three years, at a rate to ensure that its suppliers comply with its ethical, social and
of around six sites per year, covering all sites in the countries environmental requirements worldwide.
considered to be at risk. They are prepared with the support of This strategy includes:
the Human Resources department and are accompanied by action
plans to correct any non-conformities. The results of the audits ■ Responsible Purchasing Charter(1);
are shared with the Manufacturing department (including the Health, ■ CSR evaluation of suppliers;
Safety and Environment Managers), the Human Resources
■ ethical, social and environmental audits performed by an
department, the Compliance department, the Sustainable
independent firm;
Development department and the Audit and Internal Control
department. Action plans are submitted to the Human Resources ■ mapping of CSR challenges by purchasing family.
department. An annual summary of the audit results is also sent This strategy has been continually reinforced since 2012. It is
to the Group Executive Committee. This monitoring system, covered by a roadmap shared by the Purchasing and Sustainable
similar to the one used for the Group’s suppliers, allows external Development departments. In 2022, the Purchasing Department
comparisons to be made and makes it possible to generate launched a Procurement Transformation Plan, which made the
audits that are enforceable, including against customers. acceleration of CSR practices a priority. The aim is to encourage
the long-term development of an increasingly responsible value
Responsible purchasing chain. To develop expertise within its teams, the Purchasing
Department holds regular information and training sessions on
Groupe SEB bears great responsibility for ensuring its products responsible purchasing for its community, mainly via topic-
are manufactured under ethical conditions. It follows a responsible specific webinars.
purchasing strategy that includes reporting and control systems


4.6.2 Preventing and managing social and societal risks associated
with people’s health, safety and security

Risks

Working conditions

Strong presence in countries where a lack of adequate working
conditions represents a relatively high risk.

The health and safety of its employees are among Groupe SEB’s In the event of occupational illnesses, workplace accidents
foremost concerns. However, the risk of work-related illnesses, or physical injury to persons, the Group could be impacted
workplace accidents or physical injuries cannot be ruled out. in the areas of:
Business continuity: absenteeism, accidents or pandemics can
affect our production capacity.
Financial impact: compensation and indemnities in the event
of an accident on a production site.

Suppliers in the upstream value chain are located in countries
where there is a risk related to working conditions, particularly
with regard to working time, adequate wages, freedom
of association and health and safety.



Ensuring product quality and consumer safety
Safety and cover both the organization and management of health and
safety and the prevention of specific risks. They are embodied in
The Group has a health and safety policy to reduce workplace the global programs “Safety in SEB” and “Health in Seb”.
accidents, physical injury to persons, occupational illnesses and
In terms of financial resources, the Group spent €3 million on
industrial risks that may affect staff (fire, accidents, pollution).
prevention measures (inspections and regulatory monitoring,
The Group’s health and safety policy is deployed worldwide collective or individual protective equipment, etc.), improving
and is based on rigorous standards, written in English, French working conditions and staff training in 2024. The new projects
and Chinese, which are binding on all teams. also include improvements to the safety and ergonomics of the
These standards formalize the Group’s minimum requirements, over working environment.
and above compliance with national and international regulations,




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In order to reduce security and safety risks, the Group has The Group’s response involves awareness-raising and training
implemented: measures, taking MSD prevention into account from the design
■ Mobilization actions and sharing of best practices phase of products and processes as well as implementing
specific measures on the sites.
All plants and logistics sites in 13 countries have been meeting
since 2020. These regular meetings enable the sharing of practices Ergonomic improvements to workstations are still being made in
and strengthen the international dynamics of the network, which the Group thanks to the EvalErgo rating tool, which has been
is also supported by an active community on the internal corporate rolled out in France and internationally. In 2024, the aim was for
social network; all plants and logistics sites to improve the ergonomics of
workstations. The target was specific to each site, depending on
■ Training program the track record of improvement over the past five years. In
Training also plays a significant role in driving improvements France, each site has a dedicated MSD Steering Committee and
and reducing risk. In 2021, the Group developed four e-learning MSD guidelines to manage risks associated with product design
modules dedicated to safety and security. and workstation modifications.
As the Group is convinced that culture change is the only way to At the end of 2024, the Group had 38 MSD specialists in France. Since
ensure the accident rate continues to decline in the coming 2019, the France Health Network has included MSD specialists,
years, it launched a program entitled Shared Vigilance in 2022. occupational physicians, nurses and ergonomists from the various
This program continued in 2023 and 2024 in France, Germany sites, as well as the Health and Safety department.
and Switzerland. Combating psychosocial risks: The Group initiated the design of
By the end of 2024, all plants and logistics platforms in France, a training course on psychosocial risks at the end of 2023.
as well as Campus, Retail France and Groupe SEB France, had This course comprises three levels:
followed this program, which was also rolled out at the five ■ e-learning (a module intended for all employees with online
German production sites (EMSA and WMF) and at the Swiss site access and a module specifically designed for team managers);
in Zuchwil.
■ an additional one-day face-to-face training course for team
The rollout will continue in 2025 to other European and global managers;
sites such as Brazil and Colombia;
■ raising awareness on a locally defined topic.
■ Global Safety in SEB Program
E-learning was initially launched in France in the last quarter of
The global Safety in SEB program emphasizes the involvement 2024 for managers and employees with online access, and will
of employees as participants in their own safety. Employees are be rolled out worldwide. At the same time, the one-day training
asked to report any hazardous situations identified on the ground course for team managers in industry, logistics and the service
either via an application available on the intranet or in a non- sector was designed in 2024, and three pilot sessions were
digital format. organized. It will initially be deployed in France in 2025.
At the plants, safety is one of the points that is reviewed daily by In 2012 Groupe SEB set up a counseling office in France,
the production teams as part of the OPS (Operation Performance outsourced to the specialist firm Turka. The aim is to offer
SEB) initiative, via Short Interval Management. assistance and support to any employee who becomes the victim
The LTIR was 0.81 in 2024, and the target is to reach an LTIR of of or witness to such situations as harassment, discrimination
0.55 by 2027. and workplace violence or the stress resulting from them.
The employee may remain anonymous if he or she wishes.
100% of plants certified for health and safety standards –
In any event, the Turka counselor assists the employee and/or
ISO 45001. The health and safety policy draws on a global
puts them in contact with the person in the best position to help.
network of 40 Environment, Health and Safety (EHS) Managers,
who cover all of the plants and logistics sites (more than 40) Social coverage is presented in Section 4.5.1 of this Vigilance Plan.
in 13 countries.
Measures to combat harassment
Health
Committed to combating all forms of harassment, the Group is
The Group’s international health plan, Health in SEB, was particularly vigilant with regard to sexual harassment, a subject
launched in 2016. It started with an analysis of all the plants to on which many countries have passed specific legislation. Beyond
identify the main health risks (dust, noise, repetitive work, etc.). compliance with statutory requirements, SEB regularly organizes
This inventory was used as a basis for the creation of Group awareness-raising initiatives and training sessions on harassment
standards and to define health targets, accompanied by monitoring for all employees at its subsidiaries.
indicators. This is particularly true of ergonomics where the The Group uses proactive procedures to prevent inappropriate
indicator measures improvements that are deemed significant behavior, ensure careful investigation of complaints and to protect
using specific analysis methods, scoring grids, a decision-making the victims and discipline those responsible. In India, a commission
tool developed by ergonomists and the person’s experience. dedicated to sexual harassment, made up mainly of women
All industrial and logistics sites around the world must work and including a specialist NGO, has been set up. In France,
towards the objective of improving the ergonomics of 25% of its the updating of the internal rules of all sites makes it possible
workstations every year. to raise awareness and to reflect the new legislative provisions
Efforts to combat musculoskeletal disorders: as an industrial against harassment. Since 2019, each French legal entity with
group, Groupe SEB focuses a large part of its efforts on combating over 250 employees has had an adviser tasked with combating
musculoskeletal disorders (MSDs) in the upper limbs, and lower sexual harassment and sexist behavior.
back pain. The aim is to prevent them and limit deterioration.




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4.6.3 Preventing and managing environmental risks

Upstream Operations Downstream

Potential discharges of pollutants into Potential discharges of pollutants
water, air or soil at suppliers’ manufacturing into water, air or soil related
sites, particularly in connection with to the Group’s operations.
the production and processing of metals.

Potential discharges into ecosystems Potential discharges into ecosystems
of substances of concern or of very of substances of concern or of very high
high concern. concern related to the Group’s operations.

Disturbance of the water resources Disturbance of water resources at Group
resulting from industrial suppliers’ plants resulting from withdrawals from
withdrawals from the environment or the environment and potential discharges
potential discharges into water, especially into water, including at sites located in areas
in areas of water stress. of water stress
Water pollution – Potential discharge into Water pollution – Potential discharge into
the environment of polluted water or toxic the environment of polluted water or toxic
substances from material extraction substances from production processes
and supplier production processes

Materials – Use of virgin materials Waste – Waste generated in operations: Waste – Generation of waste at product life
in operations: contribution to resource Generation of waste during production end: contribution to the generation of waste,
depletion and pressure on resources that cannot be reused in industrial including hazardous waste.
through the use of raw materials processes.
for product production.

Transition risk: increase in the price of raw Physical risk: potential shutdown
materials, energy costs and carbon prices of production sites due to climate-related
for transport and raw materials events, primarily for sites located in areas
of high water stress.

Disruption to business operations Disruption to business operations of Groupe
at manufacturing sites of the Group’s SEB manufacturing sites located in areas
suppliers and sites upstream of those of water stress
located in areas of water stress.

Materials – Costs/availability of materials
and components: depletion of resources
can lead to shortages or higher prices
of raw materials

Regulatory risk associated with the ban on using certain substances (substances of concern and of very high concern), both in the value
chain and in the direct scope.



Contributing to the fight against climate change:
Climate change
Groupe SEB sells an average of 400 million products per year. In 2024, total GHG emissions for Groupe SEB represented
At each step in their life cycle, these products consume natural 14 million tons of CO2 equivalent.
resources and emit greenhouse gases (GHG), which contributes The Group has set itself ambitious objectives:
to climate change, depleting the planet’s resources and impacting
biodiversity. Aware of this responsibility, the Group completed ■ by 2030, Groupe SEB intends to reduce its scopes 1 and 2 GHG
a carbon assessment of its businesses in 2016. This provided emissions by 42% versus 2021, and its scope 3 GHG emissions
a precise image of the distribution of carbon emissions over by 25%. This includes the categories of purchased goods and
the entire value chain (extraction of raw materials, manufacture, services (Category 1), upstream transport and distribution
transport, use, end of life) and led to the implementation (Category 4), and the use of sold products (including direct
of concrete actions to reduce the environmental impacts related energy consumption) (Category 11);
to its activity. In addition, the Group produced a Sustainability ■ the Group is committed to achieving carbon neutrality by 2050
Report in 2024 presenting a transition plan for climate change by reducing its scopes 1, 2 and 3 GHG emissions by 90%
mitigation and a climate change adaptation plan. versus 2021 and neutralizing residual emissions.




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Climate change mitigation through wider deployment of the Responsible Purchasing Charter.
Material impacts, risks and opportunities relating to climate change The program’s main goals are to:
mitigation are covered by four cross-functional environmental ■ support these suppliers, particularly through training, to enhance
policies: eco-production, eco-design, eco-logistics and responsible their understanding of sustainability matters and improve
purchasing policies. their non-financial performance. This will provide Groupe SEB
These policies cover the upstream value chain with the Responsible with a guarantee that suppliers have the ability to prevent
Purchasing Charter, which aims to engage its suppliers in their and remediate negative CSR impacts;
own energy efficiency and GHG emission-reduction programs ■ monitor their initiatives in sharing the Group’s ethical, social
by encouraging them to set science-based targets for 2030 and and environmental criteria with their own suppliers (Tiers 2 and 3);
helping them improve their environmental standards. They also ■ contribute to Groupe SEB’s 2030 decarbonization goal for
cover the downstream value chain by contributing to the reduction upstream scope 3 emissions (-25% vs 2021).
of GHG emissions related to transportation.
In its downstream value chain, the Group is implementing a policy
Actions have been implemented by the Group for the reduction aimed at encouraging consumers to adopt sustainable behavior
of GHG emissions and consumption patterns to:
At production sites: ■ contribute to healthier lifestyles by offering adapted products
■ promote energy efficiency at production sites; and services (e.g. repair);
■ invest in sites’ energy efficiency and industrial equipment; ■ engage with consumers, guiding them in their choices and
■ invest in renewable energies; helping them to adopt more responsible behaviors.
■ neutralize residual GHG emissions. The policy is part of an overall desire to reduce negative
environmental impacts and protect consumer health. It is based
On purchases of materials and components: on two distinct strategies:
■ increase the rate of recycled materials in products and packaging; ■ sustainable marketing strategy covered by the eco-design
■ support the decarbonization of the Group’s strategic suppliers; policy of the Sustainability Report;
■ optimized management of transport unit volumes; ■ a responsible marketing and communications strategy: Raise
■ development of alternative modes of transport and optimization consumer awareness of sustainability, eco-responsible
of logistics circuits; actions, home-made recipes, recycling operations, energy
alternatives and alternative cooking methods.
■ improve the energy efficiency of the Group’s products;
■ promote energy efficiency in product use. Pollution prevention
Climate change adaptation Prevention of air, soil and water pollution is the first pillar of the
Material risks and opportunities relating to climate change Group’s environmental policy, designed to protect the ecological
adaptation are covered by two cross-functional environmental balance around our sites.
policies: eco-production and eco-design. The use of substances or the release of pollution into the air,
Eco-production policy and management of material physical water and soil can take place at different levels of the value chain.
risks related to water resources: This is a material physical risk With this in mind, the application of ISO 14001 and internal
to the Group’s ability to continue as a going concern that is standards ensures consistency and a control framework for
related to water stress at some of its production sites. the technical, organizational and human resources in place at
Eco-design policy and management of transition risks and our plants. Internally, this translates into a methodology for analyzing
opportunities By encouraging the use of recycled materials, the environmental risks that is common to all the Group’s sites, as
Group’s eco-design policy helps to control purchasing costs, well as a common standard for responding to emergency situations.
which could be affected by the volatility of energy and raw material The reduction of impacts on the upstream value chain is based on:
prices, as well as by the impact of regulatory mechanisms on
carbon pricing. Eco-design policy encourages innovation in order ■ the responsible Purchasing Charter, which incorporates the issues
to reduce the environmental footprint of products and reduce related to pollutants. The Group requires its suppliers to identify,
their energy consumption, thus enabling Groupe SEB to take monitor, control and treat discharges to air, water or soil
advantage of potential commercial opportunities related to climate that could pose an environmental risk, in compliance with
change adaptation. applicable regulations;
In its upstream value chain, at the end of 2024, the Group announced ■ the Group’s eco-design policy, in particular, relating to the use
a commitment program for its 500 strategic suppliers (representing of recycled plastics and metals, contributes to the reduction
80% of the upstream carbon footprint), aimed at steering them of pollution by limiting the extraction of natural resources,
toward increasingly stringent environmental and social practices reducing CO₂ emissions and plastic waste.




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The reduction of impacts on the Group’s own operations is based ■ to have a regulatory monitoring process in place to ensure that
on Groupe SEB’s “Eco-production” policy, which includes a Pollution their products do not contain restricted or prohibited materials;
Prevention & Reduction pillar enshrined in the 2024–2030 ■ to inform Groupe SEB immediately in the event of a change in
CSR Strategy “Act for nature”, which aims to eliminate major the composition or manufacture of the products;
environmental accidents and to continue reducing pollutant
emissions monitored by the local authorities or the regional ■ to properly identify, label and manage chemicals or hazardous
authorities (DREAL). materials to ensure that they are handled, used, stored,
transported, recycled, reused and disposed of safely and in
The main processes concerned by pollution prevention are accordance with the regulations;
surface treatment, heat treatment, molding and forming. For all
these processes, the pollutants monitored by the authorities or ■ to train and equip workers required to handle these materials
DREAL (VOCs, COD/BOD, heavy metals, nitrates, phosphates) and to ensure their safety.
emerging pollutants (PFAS) are managed through: In addition, suppliers must agree to comply with chemical regulations
■ environmental risk assessment and management; through the eco-statement process. This includes the Regulation
concerning the Registration, Evaluation, Authorisation and Restriction
■ prevention of environmental accidents and pollution of soil, of Chemicals (REACH), the POPs Regulation on persistent organic
water or air; pollutants and the Restriction of Hazardous Substances (RoHS)
■ preparedness and response to environmental emergencies; Directive, depending on the type of product purchased.
■ compliance with local environmental regulations; For the management of substances of concern, the Group has
Pollutants monitored by the authorities or DREAL are monitored adopted environmental and substances policies, which are integrated
at all Group sites with discharges to air or water. For emerging into the Group’s ISO 14001-certified environmental management
pollutants such as PFAS, discharges from sites involved in surface system. These policies take into account the reduction in the use
treatment and coating processes are subject to strict control. of substances of concern.
The potential degradation of inputs in discharges to water is Within its CSR strategy, Groupe SEB has identified several levers
subject to control and monitoring within the regulatory framework. for action targeting substances:
The actions carried out on the Group’s industrial sites draw up a ■ lever: “Reduce the use of priority substances”, involving:
monitoring and action plan for pollution prevention in order to: ■ the definition of a list of priority substances for the Group
■ maintain the high level of control of discharges and to anticipate regulations,
associated installations; ■ mapping the use of substances within products, existing
■ improve installations in anticipation of regulatory changes; alternatives, monitoring and reduction in their use.
■ study and, where appropriate, apply Best Available Techniques ■ lever: “Design and implement processes and tools, including
for treating discharges to air and water. for suppliers”, involving:
The monitoring and action plan is specifically implemented ■ development of the use of IT tools to improve traceability,
to control the release of pollutants from the processes used impact assessment, synergy and responses to stakeholders
in our factories, which is monitored by the authorities or DREAL. and regulatory expectations concerning substances. Every
This approach is particularly relevant for emerging pollutants, year, a data collection campaign is launched with a pool of
especially PFAS, which require continuous monitoring of Best suppliers selected according to the risks and issues involved,
Available Techniques for treatment and constant regulatory in order to update the Group’s knowledge of the presence
monitoring. of substances. A database was created in 2024 to facilitate
the use of data by product development teams,
Management of substances of concern ■ systematic consideration of the risks associated with
substances in the purchasing and product development
The reduction of impacts on the upstream value chain is based on process, through the development of a “substance risk”
the Responsible Purchasing Charter, which incorporates the issues
rating for suppliers from 2025.
related to substances of concern. The Group requires its suppliers:
■ the selection of suppliers supplying components and
■ to comply with the rules and restrictions imposed by Groupe
materials compliant with SEB’s substance requirements,
SEB concerning the use of hazardous substances;
as previously defined,
■ monitoring over time of the level of supplier compliance;
■ constant regulatory monitoring.




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Water resources ■ reduce pressure on resources and control raw material supply
costs by introducing and/or increasing the rate of recycled
Use of water resources, including in areas of water stress
and/or low-impact materials in products and packaging
Water resource management in the upstream part of the value manufactured by the Group, with the overall aim of achieving
chain is taken into account both in Groupe SEB’s eco-design a rate of 60% recycled raw materials (metals, components,
policy and in the Group’s Responsible Purchasing Charter. plastic and cardboard, by mass) by 2030;
The eco-production policy outlines all the measures implemented
to reduce water consumption at Group plants, logistics and tertiary ■ apply eco-packaging criteria to reduce the Group’s impact in
sites. As such, it supports the Group’s commitment to its downstream value chain and encourage recycling;
“Safeguarding water resources by increasing efforts at high-risk ■ improve the energy efficiency of the Group’s products.
sites”, included in the 2024 “Act for nature” CSR strategy. The eco-design policy is implemented from the initial procurement
The main uses of water on the Group’s sites are related to surface phase. It applies to the Group’s suppliers and is shared with all
treatment and heat treatment processes, as well as associated stakeholders along the value chain (suppliers, retailers, consumers).
utilities (heating, cooling, cleaning), representing around 90% of The actions implemented in eco-design are detailed in the
consumption. About 10% of the water consumed is taken from Sustainability Report.
the natural environment (water tables and rivers).
Moreover, in keeping with its eco-design policy and its strategy
At the top of its value chain, the Group has implemented actions related to the circular economy and resource utilization, Groupe
presented in the recycled materials in the Sustainability Report SEB is implementing a variety of action plans upstream of its
(Responsible Purchasing Charter, CSR audits, etc.). value chain to mitigate the negative impact of using virgin
The Group has implemented measures to reduce, reuse and materials and to reduce the risks associated with the cost and/
recycle (3R) water resources at its sites. or availability of materials and components.
On the downstream side of its value chain, the Group has
developed products that enable consumers to reduce their water Waste management
consumption, both during use and when cleaning.
Groupe SEB’s aim is to reduce the waste generated by its
products throughout their life cycle. As part of its strategy for
Resource use and circular economy a circular economy, the Group is implementing a number of policies
Groupe SEB pursues a circular economy strategy to achieve and actions along its value chain, including:
sustainability and position the Group as a leader in this field. ■ purchasing practices for raw materials, components or
That strategy is based on a variety of measures to reduce the sub‑assemblies that ensure waste is properly managed at
environmental impact of the Group’s products and lower its production plants;
resource utilization rate. To integrate the principles of the “3Rs” ■ an industrial waste reduction policy and actions to limit losses
(Reduce, Re-use, Recycle) across its entire value chain, the Group and recover waste during product manufacturing;
applies an eco-design policy and eco-packaging criteria for
the duration of a product’s life cycle. At the same time, the Group ■ a series of initiatives, in connection with its eco-design policy,
is developing new business models based on product refurbishment to increase the recyclability of Group products at the end
and resale for the second-hand market. of their life, as well as an eco-packaging policy to reduce the
environmental footprint of its packaging;
These policies make it possible to:
■ a series of initiatives to encourage recycling.
■ manufacture sustainable products based on stringent quality
criteria such as the ISO 9001 certified quality management Actions implemented to promote waste reduction in the value chain:
system (QMS), which contributes to the quality of products ■ increase the recyclability of our products from the
and where repairability is incorporated as early as the design manufacturing phase;
stage. In parallel, develop a comprehensive service offering
■ increase the life span of our products through repairability; and
to encourage repair over the long term;
■ Action plan to encourage recycling at product end of life.
■ improve the recyclability of products and packaging at end of life;




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4.6.4 Whistleblowing and reporting mechanism
As part of the measures introduced to ensure that the Code of incidents of discrimination and harassment were proven to
Ethics’ commitments are properly applied, in 2012 the Group set constitute cases of non-compliance with the UN Guiding Principles
up a whistleblowing system so that any employee or person on Business and Human Rights, the ILO Declaration on Fundamental
from outside the Group can report situations that violate Principles and Rights at Work or the OECD Guidelines. Actions
the Code. Since the end of the 2024 financial year, this have been taken, namely disciplinary sanctions and increased
whistleblowing system has evolved with an external platform communication throughout the Group to reaffirm the importance
called “Speak Up”. of reporting incidents, which cannot be tolerated.
Information on Group employees’ knowledge of the process, Groupe SEB was not subject to a fine or ordered to pay
their confidence in the system in place to report concerns compensation for a human rights violation in 2024.
and whistleblower protection policies is presented in the In 2024, warnings were centralized and handled by the Compliance
Sustainability Report. Department, which liaised with local representatives to analyze
A whistleblowing procedure specifies how to report a concern on them and, where appropriate, ensure that the appropriate action
the Speak’Up platform or through a specific local channel. plan was implemented. At least once a year, a global report on
It is available to employees on the Group’s intranet and its alerts is sent to the Compliance Committee and to Group
corporate website: www.groupeseb.com/en/documents-speakup. Management. Depending on the criticality of the alert, the
It is also communicated to suppliers through the Responsible Compliance Committee may convene an extraordinary meeting.
Purchasing Charter. The Group handles all warnings reported via the system made
In 2024, 13 warnings, verified and unverified, were reported via available to employees.
the internal whistleblowing system. Of these 13 warnings, three


4.6.5 Management, governance and monitoring of plan deployment
Plan validation process
The main risks as well as the control systems were validated by the General Management Committee in December 2021 and shared
with the Audit and Compliance Committee in January 2022.


Compliance Committee
To address internal and external risks and uncertainties, Groupe SEB ■ Executive Vice-president, Legal;
has set up a Compliance Committee whose objective is to identify, ■ Director of Audit and Internal Control;
quantify, prevent and control these risks as much as possible.
■ Director of Sustainable Development;
This Committee comprises the following representatives:
■ Legal Director, Operations;
■ Senior Executive Vice-President, Finance, Group Deputy CEO;
■ Group Compliance Manager, who also serves as Chair of the
■ Senior Executive Vice-President, Human Resources, Group Committee.
Deputy CEO;
The Committee meets as often as it needs to, but at least twice a year.
■ Senior Executive Vice-President, Industrial Operations, Group
Deputy CEO;


Regular coordination with all the business lines involved
The implementation of the Group’s CSR initiatives is based on regular discussion of the challenges encountered, and the development
progress reviews organized by the Sustainable Development of formal corrective action plans. By involving all business lines,
Department with the business line contributors. These meetings the Group ensures that risks are identified and known to everyone
also ensure regular review of the Group’s different risks with all at all levels, and that corrective actions are applied.
businesses concerned, an assessment of the actions taken,




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SUSTAINABILITY REPORT
Vigilance Plan 4
4.6.6 Vigilance Plan reference table
The table below provides details and additional information on the Vigilance Plan (risks, impacts, actions, figures) presented in the
Sustainability Report.

Part of the Vigilance Plan Page Reference to the Sustainability Report

Definition of the value chain of Groupe SEB 135 4.3.2 Workers in the value chain
212

4.5.1 Preventing and managing risks 195 4.3.1. Own workforce
related to ethics and Human Rights
212 4.3.2 Workers in the value chain

Social dialogue 199 4.3.1.3.1 Social dialogue and social protection

Social protection 199 4.3.1.3.1 Social dialogue and social protection

Adequate wages 202 4.3.1.3.1 Social dialogue and social protection

Quality of life at work 202 4.3.1.3.1 Social dialogue and social protection

Diversity, equality and inclusion 206 4.3.1.4.1 Diversity, equality and inclusion

Ethical and social audits 210 4.3.1.5 Respect for fundamental rights, everywhere and by everyone

213 4.3.2.3 Actions relating to material impacts on workers in the value chain

Responsible purchasing 212 4.3.2 Workers in the value chain

4.5.2 Preventing and managing social 218 4.3.3 Consumers and end-users
and societal risks associated with
people’s health, safety and security 195 4.3.1 Own workforce

Ensuring product quality 218 4.3.3.1 Overview of consumers and end-users and their interaction
and consumer safety with Groupe SEB

220 4.3.3.2 Product and end-user safety

Ensuring employee health and safety 203 4.3.1.3.3 Health and safety

4.5.3 Preventing and managing 218 4.3.3 Consumers and end-users
environmental risks
212 4.3.2 Workers in the value chain

151 4.2 Environmental information

Climate change 151 4.2.1.1 Overview of climate-related impacts, risks and opportunities

151 4.2.1.2 Strategy - Groupe resilience analysis in the face of climate change

153 4.2.1.3 Climate change mitigation

164 4.2.1.4 Climate change adaptation

Pollution prevention 165 4.2.2.1 Overview of impacts, risks and opportunities related to pollution

166 4.2.2.2 Management and reduction of pollutant emissions to air, water, and soil
and control and reduction of incidents

167 4.2.2.3 Management and reduction of substances of concern

Management of substances of concern 194 4.2.6.4 Pollution and substances of concern & 4.2.2.3 Management and reduction
of substances of concern
167

169 4.2.2.4 Metrics relating to pollutant emissions and the use of substances

Water resources 171 4.2.3 Water resources

174 4.2.3.4 Water resources metrics

Resource use and circular economy 175 4.2.4.1 Overview of impacts, risks and opportunities

Waste management 179 4.2.4.3 Waste management




Universal Registration Document 2024 GROUPE SEB 245
4 SUSTAINABILITY REPORT
Vigilance Plan




246 GROUPE SEB Universal Registration Document 2024
5 Commentary on
the financial year

5.1 Highlights 248 5.3 Commentary on the consolidated results 253
Changes in the composition of the Board 1077.1.3
Income statement 253
of Directors 248
1066.1.2



1082.1.2
Balance sheet and cash flow 254
Strengthening of the Professional business 248
1071.1.1




1084.1.1
Capital expenditure 254
1071.1.2
Strategic partnership in Saudi Arabia 248
1071.1.3
Investment in Kuantom via SEB Alliance 248 5.4 Commentary on SEB S.A.’s results 254
Construction of a Professional Coffee hub in China 249
1071.1.4




1088.1.1
Presentation of SEB S.A.’s results 254
Responsible and societal commitment 249
1071.1.5




1091.1.1
Acquisitions of equity investments 255
Strengthening the Group’s financial structure 249
1071.1.6




1091.1.2
Dividends paid out in the last three fiscal years 255
Breakdown of trade receivables by due date 255
5.2 Commentary on consolidated sales 250 1091.1.3




1091.1.4
Breakdown of trade payables by due date 255
Performance by activity – consumer 250
1071.1.7


Sumptuary expenses and non-tax
1077.1.1
Comments on consumer sales by region 251 1091.1.5
deductible expenses 256
1077.1.2
Performance by activity – Professional 253
5.5 Post-balance sheet events 256

1091.1.6
Acquisition of La Brigade de Buyer 256

5.6 Main disputes 256

1094.1.1
Investigation by the French Competition Authority 256




Universal Registration Document 2024 GROUPE SEB 247
5 COMMENTARY ON THE FINANCIAL YEAR
Highlights




5.1 Highlights

Changes in the composition of the Board of Directors
During the year, the Annual General Meeting of 23 May 2024 At 31 December 2024, the Board of Directors was composed of
renewed for a period of four years the directorships of Thierry de 14 members with a four-year term of office, in accordance with
La Tour d’Artaise, of the Fonds Stratégique de Participations, the bylaws.
represented by Catherine Pourre, and of Venelle Investissement, The composition of the Board of Directors is as follows:
represented by Damarys Braida.
■ the Chairman;
It also appointed François Mirallié as director to replace Jérôme
Lescure. ■ six directors representing the Founder Group, namely:
In addition, the Board of Directors re-elected Thierry de La Tour ■ four directors from VENELLE INVESTISSEMENT,
d’Artaise as Chairman of the Board of Directors. At the same ■ two directors from GÉNÉRACTION;
time, Adeline Lemaire was appointed Permanent Representative
■ four independent directors;
of BPIFRANCE INVESTISSEMENT to replace Guillaume Mortelier.
■ one director representing employee shareholders;
■ two directors representing employees.


Strengthening of the Professional business
In April 2024, Groupe SEB announced the acquisition of Groupe This acquisition allows Groupe SEB to strengthen its presence
Sofilac. Through this transaction, the Group strengthens its expertise in the cooking segment by complementing its range of premium
in the high-end cooking segment and thus continues its growth in brands (Krampouz, Forge Adour, WMF, All-Clad and Lagostina).
the professional and semi-professional markets. It also supports Groupe SEB’s ambition to become a leading
In 2023, Sofilac posted revenue of around €60 million. It designs, player in the profitable and growing professional and semi-
manufactures and distributes high-end semi-professional professional Equipment markets, with complementary brands,
(Lacanche brand) and professional (including the Charvet brand) products and distribution channels.
culinary equipment.


Strategic partnership in Saudi Arabia
In April 2024, Groupe SEB announced the strengthening of its Based in Jeddah, Alesayi Holding has a broad business portfolio
presence in Saudi Arabia with the acquisition of a 55% stake which has enabled it to build a strong reputation in the market
in its Saudi distributor – Alesayi Household Appliances Co. LLC – and acquire in-depth product knowledge, making it a natural fit
a subsidiary of Alesayi Holding Group that exclusively sells the for Groupe SEB. Moreover, Alesayi Holding’s extensive distribution
Groupe SEB’s Consumer products on a local basis since 2009. network encompasses hypermarkets, traditional retail, trading,
This partnership aims to unlock future growth opportunities in and e-commerce, and will therefore ensure a strong visibility for
the Saudi market through the local expertise of Alesayi Holding. the Group’s products throughout the country.
The new subsidiary will enable Groupe SEB to accelerate the
development of its sales in Saudi Arabia and to make the most of
the strong growth potential of this market.


Investment in Kuantom via SEB Alliance
In January 2025, Groupe SEB announced a minority investment recipes developed by French mixologists. The machines are
in KUANTOM during a fundraising round, through its investment designed in Paris and assembled in France in an establishment
vehicle SEB Alliance. that promotes the inclusion of disabled people.
Kuantom offers a compact, smart machine that can make This partnership is fully in line with the diversification strategy of
alcoholic and non-alcoholic cocktails in 30 seconds, without the Groupe SEB’s portfolio of professional brands, while supporting
need for any particular expertise. Designed to offer an optimal French industrial know-how. Through this investment, Groupe SEB
experience for hospitality and catering professionals, this unique will support Kuantom as it scales up its efforts in the manufacture,
technology guarantees the perfect dose, with a wide range of marketing and continual improvement of its smart machines.




248 GROUPE SEB Universal Registration Document 2024
COMMENTARY ON THE FINANCIAL YEAR
Highlights 5
Construction of a Professional Coffee hub in China
In January 2024, Groupe SEB announced plans to build its first environment for innovation. Against a backdrop of increasing
Professional Coffee hub in Shaoxing, China. The aim of this competition, the Group’s strategy focuses on cutting-edge innovation
project is to consolidate the Group’s global leadership in the and collaboration with major players to meet the specific needs
Professional coffee sector, paving the way for its expansion into of local markets.
new product categories. With an investment of €60 million, this new state-of-the-art hub
The Hub will be operational by 2026, and will include an R&D reflects the Group’s commitment to sustainable growth in Asia
center, purchasing facilities and a production site. and will enable significant expansion into new categories.
China is today the leading and fastest-growing market for The choice of Shaoxing in Zhejiang province, just 65 kilometers
professional automatic coffee machines, providing a favorable from Hangzhou, enables Groupe SEB to leverage its historic
location to accelerate the ramp-up of its operations.


Responsible and societal commitment
New ESG ambition by 2030 and validation Launch of the world’s first pan
by SBTi recycling scheme
At its Capital Market Day held in December 2024, Groupe SEB In January 2025, Tefal announced the launch of the world’s first
unveiled its new ESG roadmap for the period 2024–2030. This is collection and recycling scheme for used kitchen utensils,
based on four pillars which reflect the Group’s values: Act for regardless of the brand. The aim of this ambitious initiative is
nature, Act as a leader in the circular economy, Act for all and to collect up to 20 million pans in France by 2027, transforming
Act ethically and responsibly. them into new products through an innovative and responsible
In addition, the Group’s new trajectory for net zero by 2050 was recycling process.
validated by the Science Based Targets initiative (SBTi) in Noting that 60% of used pans were being thrown away in
December 2024. It is aligned with the target of limiting global household waste, Tefal has pioneered recycling in stores, with
warming to 1.5 °C. more than 2 million pans recovered over 10 years.
See section 1.4. New ESG ambition by 2030 for more information. In early 2025, Tefal will partner with leading retailer brands in France
to collect used utensils. After sorting the items in accordance
with strict quality and safety standards, the materials, especially
New employee share ownership plan aluminum, will be recovered. This will save more than 90%
of the energy used in virgin aluminum production.
In 2024, Groupe SEB launched “Horizon 2024”, its new employee
share ownership plan. This was offered to 19,000 employees in This initiative dovetails with the new ESG ambition. The aim is for
37 countries and has proved a resounding success, with a products and packaging to contain 60% recycled materials by 2030.
subscription rate of more than 28%. This result highlights the
commitment and confidence of employees in the senior
management team and Groupe SEB’s strategy.
The plan totaled more than €19 million, representing around
264,000 shares, including the company’s matching payment. This
operation was serviced by treasury shares and did not lead to the
creation of new shares.
At the end of the operation, employee participation in the share
capital had increased to 3.36%.


Strengthening the Group’s financial structure
Groupe SEB has successfully completed a 12-year private €495 million Club Deal arranged with its relationship banks in
placement of €150 million, with leading institutional investors. March 2024.
The placement comes without financial covenants and is SEB’s This institutional private placement further diversifies Groupe
first with a maturity of more than 10 years, enabling it to extend SEB’s sources of financing. The issuance was made on favorable
the average maturity of its debt. terms, with a fixed interest rate of 5.0%. Meanwhile, Groupe SEB
This success reflects investors’ confidence in the Group’s long- is actively managing its interest-rate risk to optimize its
term strategy and prospects, following the oversubscribed financial expenses by benefiting from falling interest rates while
Schuldschein financing of €650 million in December 2023 and a being hedged against any potential rises.




Universal Registration Document 2024 GROUPE SEB 249
5 COMMENTARY ON THE FINANCIAL YEAR
Commentary on consolidated sales




5.2 Commentary on consolidated sales
Breakdown of revenue by region for 2024

Change 2024/2023
Sales
(in € million) 2023 2024 Published data Like-for-like
EMEA 3,475 3,733 7.4% 10.2%
Western Europe 2,401 2,531 5.4% 4.8%
Other countries 1,074 1,202 12.0% 22.5%
AMERICAS 1,113 1,170 5.1% 9.4%
North America 767 815 6.3% 7.5%
South America 345 354 2.6% 13.5%
ASIA 2,457 2,388 -2.8% -0.7%
China 1,966 1,906 -3.1% -1.4%
Other countries 492 483 -1.8% 2.0%
TOTAL CONSUMER 7,045 7,291 3.5% 6.3%
Professional 962 975 1.4% -4.5%
GROUPE SEB 8,006 8,266 3.2% 5.0%

Throughout 2024, Groupe SEB achieved sales of €8,266 million, In China, Supor continued to gain market share, despite a slight
with organic growth of 5.0% (+3.2% on a reported basis). decline in annual sales in a still-weak market. Supor thus
This performance includes a scope effect of 0.8% linked to the confirmed its leadership in its key culinary categories. In Asia
acquisitions of La San Marco, Pacojet, Forge Adour and Sofilac. excluding China, the region posted a slight increase over the year.

The currency effect, although still visible, with a negative impact Overall, Groupe SEB recorded growth in multiple geographical
of -2.6 points over 12 months (-€205m), gradually eased off regions, with strong organic growth of 9% excluding China.
toward the end of the year (-€38m in the fourth quarter). This positive momentum is reflected in all product categories,
Additionally, it proves to be half as significant as in 2023. all of which reported growth in 2024. This was due in particular
to good growth in cookware and the success of innovations such
Consumer business reported robust growth, with organic sales as versatile vacuum cleaners, oilless fryers, garment steamers
up 6.3% to €7,291 million. This performance was consistent and full auto coffee machines.
throughout the year, thanks to organic growth of over 5% in
each quarter. In a complex geopolitical and macroeconomic For the Professional business, sales amounted to €975 million,
environment, the Small Domestic Equipment markets were up 1.4% on a reported basis and down 4.5% organically, on an
buoyant overall, notably driven by innovations. Over the year, the exceptional comparison base in 2023 (+27% LFL). 2024 remains
Group confirmed its return to solid growth in Western Europe the second-best year on record in terms of sales for Professional
and North America, while continuing its double-digit expansion Coffee, despite lower deliveries for large deals. The good level of
in Eastern Europe and South America. the core business, up by around 7%, was underpinned by sustained
sales momentum, notably with new customers in Mexico and China.


Performance by activity – consumer
Consumer sales totaled €7,291 million this year, up 6.3% LFL(1) In terms of products, growth was driven by:
compared with 2023. This performance was consistent ■ versatile vacuum cleaners, in floor care, based on a very broad,
throughout the year, with organic growth exceeding 5% for each completely renewed range, launched in multiple markets;
quarter. The Small Domestic Equipment markets were buoyant
on the whole, despite the complex macroeconomical and ■ food preparation, particularly blenders, with a comprehensive
geopolitical environment. offering that supports new consumer uses and upgrades
through innovation;
This performance was fueled by the ongoing development drive
based on innovation, continuous improvement of the product ■ fans, which experienced very strong growth in the first half of
range, the launch of flagship products in the markets, and the year, particularly in certain markets like Latin America
effective go-to-market strategy. due to the El Niño climate phenomenon;
■ linen care, driven by the success of garment steamers as a
secondary appliance, as well as the successful renewal of the
best sellers ranges (irons and steam generators);




(1) LFL: like-for-like.



250 GROUPE SEB Universal Registration Document 2024
COMMENTARY ON THE FINANCIAL YEAR
Commentary on consolidated sales 5
■ cookware, driven by the success of multi-material ranges and The muted performance in Electrical cooking is mainly due to
the premiumization of the offering, as well as the acceleration the slowdown in sales of rice cookers in China. It is partly offset
of the geographical expansion of Ingenio; by the success of oilless fryers, particularly in Europe, with a
■ and automatic coffee machines, fueled by new consumer trends. comprehensive and attractive product range, where innovation
feeds an increasingly differentiated offering to meet new
consumer needs.

CHANGE IN SALES BY PRODUCT LINE

2024 vs. 2023,
30 as a %

25

20
Home
Food care
15 preparation
Home
Linen comfort
Cookware
care
10
Personal Beverages
care
Electrical
5 cooking
LKA*

0

-5

-10

* Large Kitchen Appliances



Comments on consumer sales by region

Change 2024/2023
Sales
(in € million) 2023 2024 Published data Like-for-like
EMEA 3,475 3,733 7.4% 10.2%
Western Europe 2,401 2,531 5.4% 4.8%
Other countries 1,074 1,202 12.0% 22.5%



Western Europe
Sales rose organically by 4.8% (+5.4% on a reported basis) in Revenue in France grew by around 7% in 2024. Strong sales
overall buoyant markets. This return to dynamic growth in the momentum was maintained throughout the year, driven by specific
region was driven in particular by good growth in cookware categories such as cookware (excluding loyalty programs), oilless
sales, as well as by the effective roll-out of the Group’s fryers and versatile vacuum cleaners.
innovations in Small Domestic Appliances (electrical cooking, Germany enjoyed a year of sales growth, in a context marked at
floor care, full auto coffee machines, etc.). the beginning of the year by the reorganization of the SEB and
Sales growth was widespread across all countries in the region WMF sales teams. Commercial synergies have begun to produce
and gained momentum over the course of the year. The second results, with new product listings and market share gains in
half also benefited from the positive impact of successful loyalty categories such as cookware, floor care and full auto coffee
programs. Dynamic was particularly strong in Southern Europe, machines.
Benelux and the Nordic countries. Finally, in the United Kingdom, sales trends improved significantly
in the second half of the year due to a more favorable base
effect, despite a still negative market.




Universal Registration Document 2024 GROUPE SEB 251
5 COMMENTARY ON THE FINANCIAL YEAR
Commentary on consolidated sales




Other EMEA countries
Group sales in other EMEA countries stood at a solid +22.5% steamers, full auto coffee machines and cookware), and further
organic growth for the full year (+12% on a reported basis). The consolidated its solid competitive positions.
growth differential between LFL and reported figures is notably Organic growth was also strong in Turkey, where the market
due to the depreciation of the Turkish lira, the ruble and the remained favorable despite a complex macroeconomic environment
Egyptian pound against the euro. and a persistently volatile local currency.
In 2024, the Group’s performance in Eastern Europe remained The Group also strengthened its presence in the Middle East after
excellent in buoyant markets, particularly in Poland and Romania. signing in the first half of the year a strategic partnership with
The Group continued to launch innovations in highly dynamic the Alesayi Group in Saudi Arabia, ensuring high visibility for its
categories (versatile vacuum cleaners, oilless fryers, garment products throughout the country (see section 5.1 Highlights).



Change 2024/2023
Sales
(in € million) 2023 2024 Published data Like-for-like
AMERICAS 1,113 1,170 5.1% 9.4%
North America 767 815 6.3% 7.5%
South America 345 354 2.6% 13.5%



North America
In 2024, business was solid with organic growth of 7.5% and In Mexico, sales were again up by double digits for the entire
6.3% on a reported basis, fueled by a favorable trend in the year, in a market that remained buoyant despite a less favorable
United States and continued expansion in Mexico. monetary environment in the second half of the year. The Group
In the United States, in a still-volatile consumer environment and strengthened its presence in several segments, notably cookware,
a slow market, the Group strengthened its leadership position in full auto coffee machines and fans. At the same time, range
cookware thanks to its three flagship brands: T-fal, All-Clad and extensions continued, with successful launches in electrical
Imusa. Sales of linen care products gradually picked up over the cooking and floor care.
months. This momentum is the result of the Group’s product Finally, in Canada, sales returned to growth in 2024, underpinned
innovations, promoting trading-up, new customer listings and by solid performance in cookware and linen care, on a more
product ranges extension. favorable base effect.


South America
Annual sales were up 13.5% LFL (+2.6% on a reported basis), in the most important categories (cookware, electrical cooking,
with a different dynamic between the first and second halves of food preparation), and by new launches (full auto coffee machines,
the year, marked in particular by this base effect, but also by the versatile vacuum cleaners).
depreciation of the main currencies at the end of the year. Sales in Brazil remained on a positive performance over the year.
In Colombia, the Group continues to enjoy a still very positive Demand for fans largely contributed to the strong momentum
momentum and has confirmed its position as the market leader in the first half. However, the second half was more difficult, with
in 2024. Excluding fans, the Group’s double-digit sales growth a depreciation of the real against a backdrop of intense competition.
was fueled both by the strengthening of its competitive positions

Change 2024/2023
Sales
(in € million) 2023 2024 Published data Like-for-like
ASIA 2,457 2,388 -2.8% -0.7%
China 1,966 1,906 -3.1% -1.4%
Other countries 492 483 -1.8% 2.0%



China
In 2024, sales showed a slight decline of 1.4% LFL, or by 3.1% on Supor successfully continued to roll out its product innovations,
a reported basis, after considering the depreciation of the yuan with good results in woks, thermal mugs, pressure cookers and
against the euro over the period. garment steamers. Supor thus confirmed and consolidated its
The Group strengthened its positions by continuing to gain leadership in its key culinary categories, both in online retail and
market share in its key culinary categories, in a still challenging in physical stores.
consumer environment and a weak market marked by sustained
promotional pressure.




252 GROUPE SEB Universal Registration Document 2024
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Commentary on the consolidated results 5
Other Asian countries
Over the entire year, sales were up 2.0% organically, but down in physical stores. Fans in Vietnam also reported good growth
1.8% on a reported basis, mainly due to the depreciation of the over the year.
yen and the won against the euro. The situation remained mixed Japan and South Korea, on the other hand, experienced less
across the region. favorable conditions, marked by weak currencies and declining
On the one hand, very good performances were recorded in consumer confidence. Despite this backdrop, market share gains
Australia, Vietnam and Malaysia, driven by a positive market were observed in cookware and kitchenware, which grew in
share trend. This growth was particularly the result of the both countries. In South Korea, versatile vacuum cleaners also
extension of the product offering (oil-less fryers, rice cookers, performed well.
cookware) and the expansion of retail networks, both online and


Performance by activity – Professional

Change 2024/2023
Sales
(in € million) 2023 2024 Published data Like-for-like
Professional 962 975 1.3% -4.5%

The Professional business posted annual sales of €975 million, (convenience stores) and China (tea chains), as well as the
down 4.5% organically, on the back of an exceptional comparison development of new markets in Malaysia, Taiwan and Eastern
base in 2023 (+27%). Europe.
On a reported basis, sales grew 1.4% due to a scope effect The year 2024 was also marked by further strategic
related to the acquisitions of La San Marco and Pacojet in 2023 reinforcement in the professional culinary sector with the
and Sofilac in 2024. acquisition of Sofilac in April, which specializes in high-end
2024 was the second-best year on record in terms of sales for cooking equipment under the Charvet and Lacanche brands (see
Professional Coffee. section 5.1 Highlights). This active strategy continues into 2025
with the announcement of the acquisition of La Brigade de Buyer,
Excluding large deals, core business showed an increase of which brings together the De Buyer, Sabatier and 32 Dumas
about 7%, maintaining its strong momentum, particularly in brands, symbols of excellence in cookware and cutlery. (see
Germany. Commercial activity remained strong over the year, section 5.5 Post-balance sheet events).
thanks in particular to the acquisition of new customers in Mexico



5.3 Commentary on the consolidated results

Income statement
Operating result from activity (ORfA) ■ a slight rise of €34 million in sales and marketing expenses,
combining strengthened commercial actions and stability
In 2024, the Group achieved an ORfA of €802 million, up 10.5% in administrative expenses.
compared to 2023 (€726 million). The Operating margin thus These changes are accompanied by negative currency effects of
stood at 9.7% of sales, compared to 9.1% in 2023. The LFL -€120 million, concentrated on long currencies, and largely
increase in ORfA versus 2023 is due to the following factors: offset by price effects.
■ a positive volume effect of €169 million, due to the good
volume momentum in the Consumer business;
Operating profit and net profit
■ a decline in the cost of sales by €135 million: effect of cost
reductions in 2023, new gains in 2024 and a better industrial The Operating profit stands at €540 million, compared
absorption; with €667 million in 2023. It includes a profit-sharing expense of
■ an unfavorable price-mix effect of -€20 million reflecting the -€33 million (compared with -€24 million in 2023), along with
enriched product mix, driven by innovation, but also price increases in other income and expenses, reaching -€229 million.
reinvestments intended to support the sales momentum and This latter amount primarily includes a provision for risk covering
made possible by the decline in the cost of sales; the full amount of the fine imposed by the French Competition
Authority (-€189.5m). The Group has decided to appeal to Paris
■ an €62 million increase in investment in growth drivers, Appeal Court, for the decision to be annulled.
sustaining growth through enhanced innovation and activation;
The 2024 financial result amounts to -€120 million, up on 2023
(-€81 million), due to increased financial expenses related to
refinancings carried out by the Group in 2024.




Universal Registration Document 2024 GROUPE SEB 253
5 COMMENTARY ON THE FINANCIAL YEAR
Commentary on SEB S.A.’s results



The tax expense is €138 million, with an effective tax rate rising The Group's net profit is €232 million, vs. €386 million in 2023.
from 25.1% in 2023 to 32.7% in 2024 (22.6% corrected by As for the Operating profit, the provision for the fine imposed by
the impact of the provision for the fine). The charge relating the French Competition Authority explains this decrease. Excluding
to non‑controlling interests (mainly Supor) is slightly down at the impact of this provision, the Group's adjusted net profit
-€51 million (compared to -€53 million in 2023). amounts to €422 million, showing an annual increase of 9.3%.


Balance sheet and cash flow
As of December 31, 2024, consolidated shareholders’ equity totaled Red Sea disruptions (impact of approximately +1 point on
€3,540 million, up compared to the end of 2023 (€3,461 million). the WCR as a percentage of sales), and phasing and
Net debt as of December 31, 2024 reached €1,926 million, geographic mix effects on trade receivables;
increasing by €157 million (including €311 million in IFRS 16 ■ and an increase in net finance costs.
debt). This evolution can be explained by: ■ the inclusion of acquisitions for €139 million (including
■ a free cash flow generation of €260 million in 2024, lower Sofilac and SEB Alliance investments), dividends paid and
than the exceptional level of 2023 (€805 million), including mainly: share buybacks.
■ an increase in operating working capital requirements by With an adjusted EBITDA up by 5.8% in 2024 at €1,042 million,
€234 million. After reaching a low point at the end of 2023 the net debt/adjusted EBITDA ratio is thus stable at 1.8x (1.6x
with 14.6% of sales, it settled at 16.8% of sales at the end excluding IFRS 16 and M&A).
of 2024 due to increased inventories related to persistent


Capital expenditure
In 2024, CAPEX(1) amounted to €217 million, representing 2.6% ■ renewing computer software.
of revenue, compared to €176 million in 2023. This increase is As was the case in previous years, capitalized development
explained in particular by: costs and the costs of reorganizing the Group’s own stores were
■ the renovation and construction of sites, particularly in Til-Châtel in addition.
and Shaoxing; Incorporating the effects of IFRS 16 (€57 million in 2024),
■ the development of new products that require molds and tooling; the total amount of capital expenditure amounted to €269 million,
■ continuing our decarbonization efforts in our industrial sites; compared to €247 million in 2023.



5.4 Commentary on SEB S.A.’s results

Presentation of SEB S.A.’s results
SEB S.A., the parent company of Groupe SEB, is a holding ■ provisions for impairment of financial items for a net amount
company. It therefore defines and implements the Group’s of €46.1million (including €40.0 million in provisions for equity
development strategy. It holds financial interests that give it investments and €6.1 million in provisions for loans and current
direct and indirect control over group companies. SEB S.A. also accounts) compared with €192.4 million in 2023;
manages the Group’s cash, implements the financing policy and ■ unfavorable currency effects of €44.7 million in 2024, compared
centralizes the management of the market risks to which the with an expense of €45.5 million in 2023.
subsidiaries and the Group are exposed.
Profit from ordinary activities before tax was therefore
The financial statements of SEB S.A. at 31 December 2024 are €163.1 million in 2024, compared with €160.5 million in 2023.
characterized by the following amounts and transactions: An exceptional loss of €194.8 million was recorded, compared
Operating income and expenses resulted in a loss of with a loss of €2.0 million in 2023.
€24.7 million in 2024, compared with a loss of €25.4 million in 2023. As SEB S.A. is the lead company of the tax consolidation group,
Net financial income increased, standing at €187.8 million it posted tax income of €21.0 million in 2024 (compared
in 2024, compared with €185.9 million in 2023. to €20.3 million in 2023), corresponding primarily to the tax savings
This net financial income mainly comprises: related to the deduction of the losses of the loss-making subsidiaries
from the total group’s tax result of €21.6 million in 2024.
■ dividends received, which increased to €231.6 million,
compared with €354.3 million in 2023; SEB S.A.’s net loss for 2024 was €10.7 million, compared with
€178.7 million for 2023.




(1) Cash outflows for capital expenditure and purchases of intangible assets



254 GROUPE SEB Universal Registration Document 2024
COMMENTARY ON THE FINANCIAL YEAR
Commentary on SEB S.A.’s results 5
At 31 December 2024, total assets amounted to €5,127.2 million, Acquisitions of equity investments
compared with €5,144.1 million at the end of 2023, representing
a decrease of €16.9 million. The company did not acquire any significant direct holdings
Non-current assets amounted to €4,551.6 million, up €276.7 million during the year.
compared with 31 December 2023. They were primarily composed
of equity investments for a net amount of 1,540.7 million,
compared with €1,580.7 million in 2023, and long- and medium- Dividends paid out in the last three
term loans granted for €3,010.8 million, versus €2,694.1 million
in 2023. fiscal years
In terms of liabilities, the company’s equity stood at €1,268.4 million Dividends Share premium
at 31 December 2024, compared with €1,426.9 million in 2023.
2022 134,984,771 4,998,691
SEB S.A.’s total borrowings and financial debt amounted to
€3,365.3 million at 31 December 2024, compared with 2023 134,893,725 5,034,451
€3,442.9 million in 2023 2024 142,520,182 5,342,180



Breakdown of trade receivables by due date

Article D. 441 I.-2: Invoices issued and not settled at the closing date
of the fiscal year period that are in arrears
Total
0 days 1 to 30 31 to 61 to 91 days (1 day
(in € million) (indicative) days 60 days 90 days or more or more)
(A) Late payment tranches
Number of invoices concerned 4
Total amount of invoices concerned incl. VAT 0.0 0.0 0.0
Percentage of total amount of purchases incl. VAT
for the year 0.00% 0.00% 0.00%
(B) Invoices excluded from (A) relating to debts and receivables that are disputed or not reported
Number of invoices excluded 0
Total amount of invoices excluded 0
(C) Payment deadlines for references used (contractual or statutory deadline – Article L. 441-6 or Article L. 443-1
of the French Commercial Code)
Payment deadlines used to calculate Legal deadlines: for French customers, payment deadlines range from 0 to 60 days.
late payments Contractual deadlines: for foreign customers, payment deadlines range from 0 to 180 days.



Breakdown of trade payables by due date

Article D. 441 I.-1: Invoices received and not settled at the closing date
of the fiscal year period that are in arrears
Total
0 days 1 to 30 31 to 61 to 91 days (1 day
(in € million) (indicative) days 60 days 90 days or more or more)
(A) Late payment tranches
Number of invoices concerned 23
Total amount of invoices concerned incl. VAT 0.1 0.0 0.0 0.0
Percentage of total amount of purchases incl. VAT
for the year 0.00% 0.00% 0.00% 0.00%
(B) Invoices excluded from (A) relating to debts and receivables that are disputed or not reported
Number of invoices excluded 0
Total amount of invoices excluded 0
(C) Payment deadlines for references used (contractual or statutory deadline – Article L. 441-6 or Article L. 443-1 of the French
Commercial Code)
Payment deadlines used to calculate Legal deadlines: for French suppliers, payment deadlines range from 15 days to 60 days.
late payments Contractual deadlines: for foreign suppliers, payment deadlines range from 0 to 120 days.




Universal Registration Document 2024 GROUPE SEB 255
5 COMMENTARY ON THE FINANCIAL YEAR
Post-balance sheet events




Sumptuary expenses and non-tax deductible expenses
Pursuant to the provisions of Article 223 quater of the French General Tax Code, it is specified that the financial statements for the
previous fiscal year contain sumptuary expenses of €22,711 corresponding to the depreciation of passenger vehicles. This expense is
not deductible from the tax result under Article 39-4 of the French General Tax Code.



5.5 Post-balance sheet events

Acquisition of La Brigade de Buyer
In January 2025, the Group announced the acquisition of La ■ Rousselon Dumas-Sabatier, a brand offering kitchen knives
Brigade de Buyer. This acquisition strengthens the Group’s for discerning professionals and consumers;
leadership in the Professional and premium segments, while ■ Scaritech, manufacturer of small appliances for bakeries-
preserving and enhancing its unique know-how. patisseries and N2J, creator of sustainable utensils under the
With 2024 revenue of more than €65 million, half of which was Pebbly brand.
generated outside France (in 95 different countries), a workforce
of 290 employees and 3 production sites in France, La Brigade
de Buyer includes the following brands:
■ de Buyer, a living heritage company founded in 1830, which offers
premium cookware for professionals and keen amateur chefs;



5.6 Main disputes

Investigation by the French Competition Authority
In October 2013, the French Competition Authority conducted The Group maintains that it has not committed any offense. It has
an inquiry into the pricing and listing practices of several always acted in the interests of its customers and for the benefit of
domestic appliance manufacturers, including Groupe SEB French consumers, in strict compliance with applicable regulations.
France and Groupe SEB Retailing over the period 2008 to 2013. It therefore categorically refutes the Competition Authority’s finding
The notification of objections received on 23 February 2023 and rejects any allegation that its practices did not comply with
alludes to suspicions of practices involving sale prices imposed competition rules.
on certain retailers and exchanges of statistical information The Group appealed before the Court of Appeal of Paris, seeking
through a professional association, in the Small Electrical to have the Authority’s decision set aside.
Appliances sector. The hearing before the Authority’s Board took
place on 5 and 6 March 2024. The Board’s decision was published A risk provision for the entire amount of the fine was recognized
on 19 December 2024. In this decision, the Competition Authority in the Group’s consolidated financial statements at
fined SEB €189.5 million for the vertical agreement on sale prices 31 December 2024 (see section 6.2 notes to the Consolidated
between manufacturers and distributors, but dismissed the objection Financial Statements, note 21.2).
concerning the exchange of information (horizontal agreement).




256 GROUPE SEB Universal Registration Document 2024
6 Consolidated financial
statements

6.1 Financial statements 258 6.3 Statutory auditors’ report on the
consolidated financial statements 319
1094.1.2
Consolidated income statement 258
Consolidated statement of comprehensive income 258
1094.1.3

6.4 History of significant consolidated
1094.1.4
Consolidated balance sheet 259 items and ratios 323
1094.1.5
Consolidated cash flow statement 260
1094.1.6
Consolidated statement of changes in equity 261

6.2 Notes to the consolidated financial
statements 262




Universal Registration Document 2024 GROUPE SEB 257
6 CONSOLIDATED FINANCIAL STATEMENTS
Financial statements




6.1 Financial statements

Consolidated income statement
Year ended 31 December

(in €m) 2024 2023
Revenue (5) 8,266.0 8,006.0
Operating expenses (6.1) (7,464.3) (7,280.4)
Operating Result from Activity 801.7 725.6
Statutory and discretionary employee profit-sharing (6.2) (32.9) (23.8)
Recurring Operating profit 768.8 701.8
Other operating income and expense (7.1) (228.8) (34.3)
Operating profit (loss) 540.0 667.5
Finance costs (8) (81.7) (42.9)
Other financial income and expense (8) (38.1) (37.6)
Profit before tax 420.2 587.0
Income tax (9) (137.5) (147.6)
Profit for the period 282.7 439.4
Non-controlling interests (20) (50.7) (53.2)
Profit attributable to SEB S.A. 232.0 386.2
Profit attributable to SEB S.A. per share (in units)
Basic earnings per share (10) 4.26 7.01
Diluted earnings per share (10) 4.23 6.97

The accompanying Notes 1 to 34 are an integral part of these Consolidated Financial Statements.


Consolidated statement of comprehensive income

(in €m) 2024 2023
Profit before minority interests 282.7 439.4
Foreign currency translation adjustments 40.4 (102.9)
Gains (losses) on cash flow hedges (16.4) (33.2)
Change in fair value of financial assets* (10.9) (30.9)
Revaluation of employee benefits* 6.8 (15.2)
Tax effect (1.7) 16.8
Other comprehensive income 18.2 (165.4)
Comprehensive income 300.9 274.0
Non-controlling interests (49.0) (38.2)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT 251.9 235.8
* Items that will not be reclassified to profit or loss.




258 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Financial statements 6
Consolidated balance sheet
Year ended 31 December

ASSETS
(in €m) 31/12/2024 31/12/2023
Goodwill (11) 1,965.6 1,868.4
Other intangible assets (11) 1,401.4 1,347.5
Property, plant and equipment (12) 1,263.2 1,292.2
Other investments (14.1) 225.1 210.6
Other non-current financial assets (14.2) 17.2 16.6
Deferred taxes (9) 140.1 151.6
Other non-current assets (17) 48.5 65.5
Long-term derivative instruments – assets (24) 18.7 17.9
Non-current assets 5,079.8 4,970.3
Inventories (15) 1,645.6 1,474.8
Trade receivables (16) 1,141.9 1,018.0
Other receivables (17) 221.7 185.0
Current tax assets (9) 25.8 36.8
Short-term derivative instruments – assets (24) 64.8 40.8
Financial investments and other current financial assets (14) 126.8 94.7
Cash and cash equivalents (18) 1,017.0 1,432.1
Current assets 4,243.6 4,282.2
TOTAL ASSETS 9,323.4 9,252.5


LIABILITIES
(in €m) 31/12/2024 31/12/2023
Share capital (19.1) 55.3 55.3
Reserves and retained earnings (19.3) 3,292.7 3,170.8
Treasury stock (19.4) (71.9) (27.7)
Equity attributable to owners of the parent 3,276.1 3,198.4
Non-controlling interests (20) 264.2 262.3
Consolidated shareholders’ equity 3,540.3 3,460.7
Deferred taxes (9) 173.2 198.6
Employee benefits and other non-current provisions (21 and 22) 396.3 210.4
Long-term borrowings (23) 1,619.1 1,890.4
Other non-current liabilities (26) 78.2 58.9
Long-term derivative instruments – liabilities (24) 20.4 13.9
Non-current liabilities 2,287.2 2,372.2
Employee benefits and other current provisions (21 and 22) 114.0 125.3
Trade payables (26) 1,211.1 1,160.6
Other current liabilities (26) 631.2 609.8
Current tax liabilities 47.8 58.8
Short-term derivative instruments – liabilities (24) 58.5 65.0
Short-term borrowings (23) 1,433.3 1,400.1
Current liabilities 3,495.9 3,419.6
TOTAL EQUITY AND LIABILITIES 9,323.4 9,252.5

The accompanying notes 1 to 34 are an integral part of these Consolidated Financial Statements.




Universal Registration Document 2024 GROUPE SEB 259
6 CONSOLIDATED FINANCIAL STATEMENTS
Financial statements




Consolidated cash flow statement
Year ended 31 December

(in €m) 31/12/2024 31/12/2023
Profit attributable to SEB S.A. 232.0 386.2
Depreciation, amortization and impairment losses 294.9 294.0
Change in provisions 172.7 (26.9)
Unrealized gains and losses on financial instruments (6.3) 18.4
Income and expenses related to stock options and bonus shares 27.6 25.4
Gains and losses on disposals of assets 4.0 2.6
Other 0.0 0.0
Non-controlling interests 50.7 53.2
Current and deferred taxes 137.5 147.6
Finance costs 81.7 42.9
Cash flow(1)(2) 994.8 943.4
Change in inventories and work in progress (152.6) 193.3
Change in trade receivables (98.9) (161.2)
Change in trade payables 17.9 185.8
Change in other receivables and payables 18.4 50.5
Income tax paid (165.4) (147.9)
Net interest paid (81.7) (42.9)
Net cash from operating activities 532.5 1,021.0
Proceeds from disposals of assets 5.0 5.1
Purchases of property, plant and equipment(2) (173.5) (143.2)
Purchases of software and other intangible assets(2) (43.1) (32.5)
Purchases of financial assets(3) (56.5) (21.5)
Acquisitions of subsidiaries, net of cash acquired (93.0) (163.3)
Net cash used by investing activities (361.1) (355.4)
Increase in borrowings(2) 931.8 1,118.8
Decrease in borrowings (1,256.9) (1,263.6)
Issue of share capital 0.0 0.0
Transactions between owners(4) 0.1 (62.8)
Change in treasury stock (73.4) (17.8)
Dividends paid, including to non-controlling interests (193.9) (195.4)
Net cash used by financing activities (592.3) (420.8)
Effect of changes in foreign exchange rates 5.8 (49.7)
Net increase (decrease) in cash and cash equivalents (415.1) 195.1
Cash and cash equivalents at beginning of period 1,432.1 1,237.0
Cash and cash equivalents at end of period (+) 1,017.0 1,432.1
(1) Before net finance costs and income taxes paid.
(2) Excluding IFRS 16, the effects of which are presented in Note 13.
(3) See Note 14. Investments in other financial assets.
(4) Including the purchase of Supor shares for €62.8 million in 2023.




260 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Financial statements 6
Consolidated statement of changes in equity

Foreign Equity
Reserves and currency attributable Non- Consolidated
Share Share retained translation Treasury to owners of controlling shareholders’
(in €m) capital premiums(1) earnings(1) adjustments(1) shares the parent interests equity
AT DECEMBER 2022 55.3 103.7 2,990.8 52.3 (33.3) 3,168.8 280.1 3,448.9
Profit for the period 0.0 0.0 386.2 0.0 0.0 386.2 53.2 439.4
Other comprehensive income 0.0 0.0 (61.2) (89.2) 0.0 (150.4) (15.0) (165.4)
Comprehensive income 0.0 0.0 325.0 (89.2) 0.0 235.8 38.2 274.0
Dividends paid 0.0 0.0 (139.8) 0.0 0.0 (139.8) (56.1) (195.9)
Issue of share capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Reduction of share capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Changes in treasury stock 0.0 0.0 0.0 0.0 5.6 5.6 0.0 5.6
Gains (losses) on sales of treasury
stock, after tax 0.0 0.0 (23.7) 0.0 0.0 (23.7) 0.0 (23.7)
Exercise of stock options 0.0 0.0 24.3 0.0 0.0 24.3 1.1 25.4
Change in put options granted
to minority shareholders 0.0 0.0 (8.6) 0.0 0.0 (8.6) 0.0 (8.6)
Other movements(2) 0.0 0.0 (64.6) 0.6 0.0 (64.0) (1.0) (65.0)
AT DECEMBER 2023 55.3 103.7 3,103.4 (36.3) (27.7) 3,198.4 262.3 3,460.7
Profit for the period 0.0 0.0 232.0 0.0 0.0 232.0 50.7 282.7
Other comprehensive income 0.0 0.0 (17.7) 37.6 0.0 19.9 (1.7) 18.2
Comprehensive income 0.0 0.0 214.3 37.6 0.0 251.9 49.0 300.9
Dividends paid 0.0 0.0 (148.0) 0.0 0.0 (148.0) (46.6) (194.6)
Issue of share capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Reduction of share capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Changes in treasury stock 0.0 0.0 0.0 0.0 (44.2) (44.2) 0.0 (44.2)
Gains (losses) on sales of treasury
stock, after tax 0.0 0.0 (28.4) 0.0 0.0 (28.4) 0.0 (28.4)
Exercise of stock options 0.0 0.0 27.1 0.0 0.0 27.1 0.4 27.5
Change in put options granted
to minority shareholders 0.0 0.0 12.5 0.0 0.0 12.5 0.0 12.5
Other movements 0.0 0.0 5.4 1.4 0.0 6.8 (0.9) 5.9
AT DECEMBER 2024 55.3 103.7 3,186.3 2.7 (71.9) 3,276.1 264.2 3,540.3
Dividends proposed for 2024(3) (159.4) (159.4) (159.4)
Balance after appropriation
at 31 December 2024 55.3 103.7 3,026.9 2.7 (71.9) 3,116.7 264.2 3,380.9
(1) Reserves and retained earnings in the balance sheet.
(2) Including the purchase of Supor shares for €(62.8) million in 2023.
(3) Dividend per share €2.80.




Universal Registration Document 2024 GROUPE SEB 261
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




6.2 Notes to the consolidated financial statements
INDEX OF THE NOTES


General principles 263
Note 17 Other receivables and non-current assets 286
Note 1 Accounting principles 263
Note 18 Cash and cash equivalents 287
Highlights and post-balance sheet events 265 Note 19 Equity 287

Note 2 Changes in scope of consolidation 265 Note 20 Non-controlling interests 290

Note 3 Highlights and litigation 267 Note 21 Provisions and contingent liabilities 291

Note 4 Subsequent events 268 Note 22 Employee benefits 293
Note 23 Borrowings 297
Income statement 268 Note 24 Fair value of financial instruments 300
Note 5 Revenue 268 Note 25 Financial risk management 305
Note 6 Operating Result from Activity and recurring Note 26 Trade payables and other liabilities 309
Operating profit 270
Note 27 Off-balance sheet commitments 310
Note 7 Operating profit (loss) 271
Note 28 Related party transactions 310
Note 8 Finance result 272
Note 29 Segment information 311
Note 9 Income tax 272
Note 30 Fees paid to Statutory auditors 313
Note 10 Earnings per share 274
List of consolidated companies
Balance sheet 275 at 31 December 2024 314
Note 11 Intangible assets 275 Note 31 Consolidation criteria 314
Note 12 Property, plant and equipment 280 Note 32 Fully consolidated companies 314
Note 13 Leases 282 Note 33 Transactions with associates 318
Note 14 Investments in other financial assets 284 Note 34 Non-consolidated companies where Groupe SEB
Note 15 Inventories 286 has a % interest of at least 20% 318
Note 16 Trade receivables 286




262 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
Groupe SEB, composed of SEB S.A., a French company, and its subsidiaries, has a long history in the Consumer business,
where it holds a leadership position. It has also been active in the Professional market since 2016, and is the world leader in
Professional Coffee (excluding vending machines). Since 2024, the Group has also expanded its presence in the professional
culinary segment.
SEB S.A.’s registered office is at Chemin du Moulin Carron, 69130 Écully, France. The company is listed on the Euronext-
Paris Eurolist market (ISIN code: FR0000121709 SK).




General principles
The financial statements of Group companies are prepared in accordance with local generally accepted accounting principles.
They are restated to comply with Group accounting policies.
The notes to the Financial Statements include analyses of assets and liabilities by maturity where disclosure of this information is required.


Note 1 ACCOUNTING PRINCIPLES

Note 1.1 Applicable accounting principles
The Financial Statements were authorized for publication by the ■ amendments to IAS 7 and IFRS 7 relating to Supplier Finance
Board of Directors on 26 February 2025 and will be approved by Arrangements;
the Annual General Meeting on 20 May 2025. ■ amendments to IFRS 16 relating to lease liabilities in a sale
As a company listed in a European Union Member State and and leaseback transaction.
pursuant to Regulation (EC) No. 1606/2002 of 19 July 2002, These new standards and amendments had no material impact
the Group’s published Consolidated Financial Statements for on the Group’s financial statements. However, additional
FY 2024 and the comparative financial statements for FY 2023 information on financing agreements with suppliers is disclosed
were prepared in accordance with IFRS (International Financial in Note 26 Trade payables and other liabilities.
Reporting Standards), as adopted by the European Union at
31 December 2024. In addition, the Group decided to proceed with early application
of the amendment to IAS 12 on International Tax Reform – Pillar
These guidelines can be downloaded from the European Two Model Rules. The impact of this reform on income tax
Commission’s website. This includes the standards published expense at 31 December 2024 is presented in Note 9.
by the IASB (International Accounting Standards Board),
namely the IFRS, IAS (International Accounting Standards) and
the interpretations from the International Financial Reporting
New early-adopted standards and interpretations
Interpretations Committee (IFRIC) and the former Standard The following standards and interpretations optional at
Interpretations Committee (SIC). 31 December 2024 have not been applied early:
■ amendments to IAS 21 on lack of exchangeability.
Mandatory new standards, amendments
and interpretations The Group does not, however, anticipate any material impact
related to the application of this new standard.
The Group adopted the following amendments applicable as of
1 January 2024. This date of application matches that of the IASB:
■ amendments to IAS 1 relating to the classification of liabilities
as current or non-current;


Note 1.2 Use of estimates
The preparation of Consolidated Financial Statements in accordance has taken into account the issues related to climate change but
with IFRS requires the use of estimates and assumptions that has not identified, to date, any specific risk that would have a
have an impact on the reported amounts of assets and liabilities material impact on its estimates. The Group has also taken into
– such as accumulated depreciation, amortization and impairment account the volatile economic context in its estimates and
losses – and contingent assets and liabilities on the date of the assumptions used to calculate pension liabilities (Note 22),
Consolidated Financial Statements, as well as on income and deferred taxes (Note 9), property, plant and equipment (Note 12),
expenses for the year. These estimates are made on a going intangible assets (Note 11), investments in associates and other
concern basis and reflect amounts and assumptions that investments (Note 14), impairment of current assets (Notes 15
management considers relevant and reasonable given the and 16), short and long-term provisions (Note 21), certain
Group’s operating environment and past experience. The Group financial instruments (Note 24).




Universal Registration Document 2024 GROUPE SEB 263
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements



The Consolidated Financial Statements for the period are Impact on the 2024 financial statements
prepared on the basis of financial parameters for the market This conflict generates uncertainties as to currency volatility, supply
available at the end of the period. The value of certain assets, chains, the price of raw materials and energy in particular. The
such as goodwill and trademarks, is estimated at each year-end Group is constantly monitoring developments in the situation
based on the long-term economic outlook and management’s and their potential direct and/or indirect effects on its business
best estimates. In accordance with IAS 36, the Group presented and financial situation.
in note 11.4 Procedures for conducting impairment tests,
the assumptions used and results obtained by calculating the In a context of high currency volatility, the Group has decided to
sensitivity to fluctuations in these estimates. These estimates classify the intra-Group financing of these subsidiaries as net
can be adjusted to any change in the circumstances on which investments within the meaning of IAS 21. Exchange gains and
they were based or when any new information comes to light. losses on intra-Group financing are therefore recorded in “Other
Actual results may differ from these estimates and assumptions. comprehensive income”.
The credit risk of these subsidiaries is monitored in real time but
Russia-Ukraine conflict to date has not had a significant impact on the Group’s accounts.
Reminder of the context The Ukrainian and Russian subsidiaries are an integral part of
the Consumer EMEA CGU. The risk associated with the situation
Since 24 February 2022, the geopolitical landscape has
of these countries was assessed by conducting specific sensitivity
deteriorated considerably with Russia’s invasion of Ukraine. As a
tests as part of the impairment test for the Consumer EMEA CGU
reminder, these two countries accounted for less than 5% of
(note 11.4). The Group feels that, in accordance with IFRS 10,
consolidated revenue and approx. 2% of the Group’s total assets
there is no proven loss of control over its Russian and Ukrainian
at the end of December 2024. The Group is complying strictly
subsidiaries.
with the sanctions imposed by the French and European authorities.


Note 1.3 Translation of foreign financial statements and currency transactions

1.3.1 Translation of the financial statements 1.3.2 Translation of foreign
of foreign operations currency transactions
The financial statements of foreign entities are prepared in their Foreign currency transactions are recognized and measured in
functional currency, corresponding to the currency of the primary accordance with IAS 21 – Effects of Changes in Foreign Exchange
economic environment in which the entity operates. The functional Rates. Transactions in currencies other than the functional
currency of most foreign entities is their local currency. currency are recognized at the exchange rate prevailing on the
The Group’s reporting currency is the euro. transaction date.

The financial statements of the Group’s subsidiaries are Monetary assets and liabilities denominated in currencies other
translated into euros by the closing rate method, as follows: than the functional currency are translated at the closing exchange
rate. The resulting exchange gains and losses are recognized in
■ assets and liabilities in a functional currency other than the the income statement except where they are recognized directly
euro are translated at the closing rate at the balance sheet under other comprehensive income or refer to eligible cash flow
date and income statement items are translated at the hedges or hedges of a net investment in a foreign entity.
weighted average rate for the year;
Non-monetary foreign currency assets and liabilities carried at
■ the resulting exchange differences are recognized as a separate historical cost are translated using the exchange rate on the date
component of equity, under “Translation differences”. of the transaction. Non-monetary assets and liabilities measured
The financial statements of subsidiaries whose functional currency at fair value in a foreign currency are translated at the exchange
is not the local accounting currency are initially translated into the rate on the date on which this fair value was measured.
functional currency using the historical rate method, as follows: Where a profit or a loss on a non-monetary item is recognized
■ non-monetary assets and liabilities: non-current assets, under other comprehensive income, any exchange component
inventories and securities and the corresponding movements of this profit or loss is recognized directly under other
recorded in the income statement are translated at the comprehensive income. In contrast, where a profit or a loss
historical exchange rate; on a non-monetary item is recognized directly in the income
statement, any exchange component of this profit or loss is
■ monetary assets and liabilities: cash, short and long-term
recognized in the income statement.
loans and borrowings, operating receivables and payables are
translated at the closing rate at the balance sheet date; The Group’s exposure to certain currency risks is hedged using
forward contracts and options (note 24).
■ income statement items are translated at the weighted
average exchange rate for the year, apart from amortization
and impairment losses on non-monetary items;
■ the resulting exchange differences are recognized in the income
statement for the year. With the exception of foreign exchange
gains or losses related to items recognized directly under
other comprehensive income.
Financial statements prepared in the functional currency are
then translated into euros using the closing rate method.




264 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
Highlights and post-balance sheet events

Note 2 CHANGES IN SCOPE OF CONSOLIDATION

Note 2.1 Transactions in 2024

SOFILAC
On 4 April 2024, Groupe SEB finalized the acquisition of Sofilac, This acquisition supports Groupe SEB’s ambition to become
a French group specialized in the design, manufacture and the reference in professional and semi-professional equipment
marketing of high-end semi-professional and professional cooking markets and strengthens its presence in the premium cooking
equipment (in particular, with the Lacanche and Charvet brands). segment.
The provisional net fair value of the acquired assets and assumed liabilities at 4 April 2024 is as follows:

(in €m) 04/04/2024
Tangible fixed assets* 40.7
Inventories 16.0
Trade receivables 8.0
Net cash 6.5
Trade payables (6.4)
Other net liabilities (17.3)
Total net assets 47.5
Percentage interest 100%
Total net assets acquired 47.5
Non-controlling interests 0.0
Acquisition price 118.3
Provisional goodwill 70.8
* Including the Lacanche and Charvet brands, estimated by an independent valuer to be worth €15.1 million and €8.6 million, respectively.


Groupe SEB Arabia Other transactions in 2024
On 22 May 2024, Groupe SEB also finalized the acquisition of The Group proceeded with its legal reorganization in Brazil,
a 55% stake in its Saudi distributor – Alesayi Household merging its distribution company Seb Comercial into the production
Appliances Co. LLC – a subsidiary of Alesayi Holding Group that company Seb do Brasil. This merger has no impact on the
has exclusively sold Groupe SEB’s Consumer products in Saudi consolidated financial statements.
Arabia since 2009. This transaction resulted in the recognition In early 2024, the Group also created a new legal entity in China,
of provisional goodwill of €11.9 million. Seb Professional Shaoxing, to house the Group’s first Professional
Equipment hub. The hub, which should eventually represent an
investment in the region of €60 million, will develop new products
for various professional and semi-professional segments.


Note 2.2 Follow-up on significant transactions in 2023

La San Marco
On 16 February 2023, Groupe SEB acquired La San Marco from and grinders. A recognized leader in the espresso machine
the Massimo Zanetti Beverage Group (MZBG). La San Marco, segment with the traditional lever system, the company offers
an Italian family-owned company founded in 1920, specializes in a wide range of products, mostly manufactured in Italy, in Gradisca
the production and distribution of professional coffee machines d’Isonzo (Gorizia).




Universal Registration Document 2024 GROUPE SEB 265
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements



The final net fair value of the acquired assets and assumed liabilities at 16 February 2023 is as follows:

(in €m) 16/02/2023
Tangible fixed assets* 19.0
Inventories 9.1
Trade receivables 3.6
Net cash 7.7
Trade payables (3.6)
Other net liabilities (4.6)
Total net assets 31.2
Percentage interest 100%
Total net assets acquired 31.2
Non-controlling interests 0.0
Acquisition price 54.9
Final Goodwill 23.7
* Including the La San Marco brand, estimated by an independent valuer to be worth €9.3 million.



Pacojet
On 28 April 2023, Groupe SEB acquired Pacojet, a family-owned worldwide led to the neologism of “pacotizing” respectively
company specializing in the development and marketing of a pacossage®, which is now a registered trademark referencing
revolutionary culinary appliance, which has been popular with the unique process associated with using the Pacojet to process
chefs for 30 years. A Swiss company founded in 1992, Pacojet frozen food into ultra-smooth textures to achieve signature
has developed a unique emulsifier that can make ice creams, dishes consistently.
sorbets, sauces, mousses, fillings, purees and much more, During 2024, the various entities in Switzerland were merged.
in less than 90 seconds. The success of Pacojet among chefs
The final net fair value of the acquired assets and assumed liabilities at 28 April 2023 is as follows:

(in €m) 28/04/2023
Tangible fixed assets* 49.8
Inventories 5.6
Trade receivables 2.9
Net debt (13.5)
Trade payables (3.3)
Other net liabilities (3.7)
Total net assets 37.8
Percentage interest 100%
Total net assets acquired 37.8
Non-controlling interests 0.0
Acquisition price 126.6
Final goodwill 88.8
* Including the Pacojet brand, estimated by an independent valuer to be worth €39.9 million.



Forge Adour
On 29 June 2023, Groupe SEB acquired Forge Adour, a French As soon as this acquisition was made, the Group launched
family-owned group that specializes in the design, manufacture a project to streamline legal entities in France, which resulted
and marketing of planchas, accessories and outdoor kitchens for in various Universal Transfer of Assets transactions on
the consumer market. 30 December 2023. The Group now has a legal entity in France
and an industrial plant in Spain.




266 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
The final net fair value of the acquired assets and assumed liabilities at 29 June 2023 is as follows:

(in €m) 29/06/2023
Tangible fixed assets* 10.8
Inventories 7.2
Trade receivables 2.0
Net debt (8.6)
Trade payables (2.2)
Other net liabilities (0.1)
Total net assets 9.1
Percentage interest 100%
Total net assets acquired 9.1
Non-controlling interests 0.0
Acquisition price 22.8
Final goodwill 13.7
* Including the Forge Adour brand, estimated by an independent valuer to be worth €6.3 million.



Other transactions in 2023
Moreover, the legal structure of operations in Italy was reviewed leading to the absorption of the legal entity Casa Lagostina by Groupe
SEB Italia. This restructuring and the simplification of the legal organizational chart in Brazil and Spain had no impact on the Group’s
consolidated financial statements.


Note 3 HIGHLIGHTS AND LITIGATION

Investigation by the French Competition Consolidation of activities in the Dach region
Authority (Germany, Austria, Switzerland)
In October 2013, the French Competition Authority conducted To promote growth in this region, in 2022 Groupe SEB decided to
an inquiry into the pricing and listing practices of several domestic consolidate and realign its existing structures. This consolidation,
appliance manufacturers, including Groupe SEB France and which could affect 180 jobs (out of a total of 5,000 approximately),
Groupe SEB Retailing over the period 2008 to 2013. has been underway since January 2024. The cost of this
The notification of objections received on 23 February 2023 alludes restructuring was estimated to be approximately €35 million and
to suspicions of practices involving sale prices imposed on a provision of €21.4 million was set aside at 31 December 2022.
certain retailers and exchanges of statistical information through The provision was still unchanged at 31 December 2023.
a professional association, in the Small Electrical Appliances The provision was partially used in 2024. The balance at
sector. The hearing before the Authority’s Board took place on 31 December 2024 was €9 million (see Note 21.2).
5 and 6 March 2024. The Board’s decision was published on
19 December 2024. In this decision, the Competition Authority fined
SEB €189.5 million for the vertical agreement on sale prices
Investigation by the Competition Authority
between manufacturers and distributors, but dismissed the objection in Brazil
concerning the exchange of information (horizontal agreement).
In August 2024, the local competition authority (CADE) announced
However, the Group maintains that it has not committed any that it was opening an investigation into a suspected exchange
offense. It has always acted in the interests of its customers and of sensitive information concerning human resources within a
for the benefit of French consumers, in strict compliance with professional association (GECON). A total of 51 companies were
applicable regulations. It therefore categorically refutes the notified, including Seb do Brasil.
Competition Authority’s finding and rejects any allegation that its
practices did not comply with competition rules. The Group has The investigation is ongoing and no notification of objections has
appealed before the Court of Appeal of Paris, seeking to have the been received. Accordingly, no provision has been recorded.
Authority’s decision set aside. A risk provision for the total
amount of the fine was recognized in the Group’s consolidated An additional €150 million in financing
financial statements at 31 December 2024 (see note 21.2).
Groupe SEB successfully completed a 12-year private placement
of €150 million with leading institutional investors on 3 April 2024.
The placement comes without financial covenants and is the Group’s
first with a maturity of more than 10 years, enabling it to extend
the average maturity of its debt.




Universal Registration Document 2024 GROUPE SEB 267
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




Horizon 2024
Groupe SEB launched “Horizon 2024”, its new employee share totaled more than €19.5 million, i.e. 263,974 shares.
ownership plan. This plan, launched in 37 countries with around This operation was serviced by own shares and did not lead to
19,000 eligible employees, was a success, with a subscription the creation of new shares. At the end of the operation, employee
rate of more than 28% (the subscription rate of the previous participation in the share capital had increased by 0.48% to
Horizon 2019 employee share ownership plan was 22%). 3.36%. The plan gave rise to the recognition of a €6.1 million
The subscription amount, including the matching payment, thus expense (see note 19.2.3.).

Angell Bike
The company Zebra, which sold Angell e-bikes, initiated a recall In the past 12 months, other than the proceedings reflected in
campaign for its first-generation bikes in late 2024. On the financial statements and described in the accompanying
27 January 2025, it issued a legal complaint with written notes, there have been no other government, legal or arbitration
summons against the company Kickmaker in France (the design proceedings (including any such proceedings which are pending
company that designed the bikes) and SAS SEB (industrial or threatened of which the Group is aware) which may have or
subcontractor), seeking an expert opinion to establish liability for have had in the recent past significant effects on the Group and/or
the failure of Angell’s first-generation bikes. its financial position or profitability.
Groupe SEB maintains that it complied with the bike assembly
procedures issued by the stakeholders and will cooperate with
any expert opinion required. Accordingly, no provision has been
recorded in connection with this legal complaint with written
summons.



Note 4 SUBSEQUENT EVENTS

On 22 January 2025, Groupe SEB acquired La Brigade de Buyer, On the date these financial statements were approved by the
an international group that notably owns the de Buyer, Sabatier Board of Directors, on 26 February 2025, no other subsequent
and 32 Dumas brands, symbols of excellence and expertise in material event had occurred.
the cookware, pastry and cutlery sectors. This acquisition allows
the Group to continue its expansion in the professional and
premium markets.


Income statement

Note 5 REVENUE

Revenue corresponds to the value, excluding tax, of goods and services sold by consolidated companies in the course of their ordinary
activities, after eliminating intra-Group sales.

“Consumer” business Revenue from this business is recognized upon transfer of
control of the product and corresponds to the transaction price
This business encompasses the sales and marketing obtained in exchange for the products and services rendered, i.e.
of cookware and Small Electrical Appliances. The Group relies after taking into account the terms of the contract and usual
on a large, diversified network of distributors: mass food commercial practices such as trade discounts or rebates.
retailers, specialists, traditional stores/convenience stores Sales deductions are therefore booked for deferred rebates
or groups of independents, e-commerce (pure players – directly granted to customers on the basis of contractual or constructive
or via marketplaces – online sales platforms of bricks-and- commitments identified at the period-end. Advertising expense
mortar customers, Click & Mortar, etc.). contributions billed by customers, the cost of consumer
The Group also has a network of stores, operated either directly, promotions, loyalty vouchers granted by retailers and some
under franchise, or via exclusive distribution, and is committed miscellaneous sales are also recognized as a deduction from
to a direct online sales strategy (online DTC), which combines Group revenue.
brands’ own websites with marketplaces. Freight and other costs billed to customers are treated as an
integral part of revenue.




268 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
“Professional” business
This activity includes the design, manufacture and marketing of transaction price obtained in exchange for the products and services
professional automatic and manual coffee machines and rendered, i.e. after deduction of trade discounts or rebates.
premium catering equipment, as well as crepe makers, waffle Revenue from the sales and marketing of annual or multi-year
makers, planchas, grills, automatic fruit juice extraction maintenance contracts is recognized, over time, as the service is
machines and professional cooking equipment. provided.
Revenue from the sale and marketing of machines is recognized Freight and other costs billed to customers are treated as an
upon transfer of control of the product and is assessed at the integral part of revenue.

REVENUE BY GEOGRAPHICAL LOCATION OF THE CUSTOMER AND BUSINESS SECTOR
(in €m) 2024 2023
Western Europe 2,531.1 2,401.0
Other countries 1,202.3 1,073.7
Total EMEA 3,733.4 3,474.7
North America 815.4 767.2
South America 354.4 345.4
Total Americas 1,169.8 1,112.6
China 1,905.6 1,965.7
Other countries 482.6 491.5
Total Asia 2,388.2 2,457.2
Total Consumer 7,291.4 7,044.5
Total Professional 974.6 961.5
TOTAL 8,266.0 8,006.0


REVENUE BY BUSINESS SECTOR – 2024 REVENUE BY BUSINESS SECTOR – 2023
4,878 4,730
Small domestic Appliances Small domestic Appliances




Professional Professional


2,413 2,315
Cookware Cookware




Universal Registration Document 2024 GROUPE SEB 269
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




Note 6 OPERATING RESULT FROM ACTIVITY AND RECURRING OPERATING PROFIT

(in €m) 2024 2023
Revenue (5) 8,266.0 8,006.0
Operating expenses (6.1) (7,464.3) (7,280.4)
OPERATING RESULT FROM ACTIVITY 801.7 725.6
Statutory and discretionary employee profit-sharing (6.2) (32.9) (23.8)
RECURRING OPERATING PROFIT 768.8 701.8

The Group’s main performance indicator is the Operating Result Exchange gains and losses on manufacturing and sales
from Activity (ORfA). transactions denominated in foreign currencies and their related
Operating Result from Activity corresponds to revenue less hedging transactions are included in Operating Result from Activity.
operating expenses. Recurring Operating profit corresponds to Operating Result from
Activity less statutory and discretionary employee profit‑sharing.


Note 6.1 Operating expenses
Operating expenses comprise the cost of sales, research and development costs (for the non-capitalized portion), advertising costs and
distribution and administrative expenses.
ORfA does not include discretionary and non-discretionary profit-sharing or other non-recurring operating income and expense.

(in €m) 2024 2023
Cost of sales (4,908.1) (4,806.4)
Research and development costs (11) (183.7) (175.1)
Advertising (155.4) (148.7)
Distribution and administrative expenses (2,217.1) (2,150.2)
OPERATING EXPENSES (7,464.3) (7,280.4)



Note 6.2 Employee benefits expenses

(in €m) 2024 2023
Wages and salaries (excluding temporary staff costs) (1,154.5) (1,096.7)
Payroll taxes (213.1) (207.4)
Pension and other post-employment benefit plan costs (84.9) (76.9)
Service cost under defined benefit plans (19.2) (13.6)
Performance shares (17.7) (25.4)
Employee benefits expenses included in operating expenses (1,489.4) (1,420.0)
Statutory and discretionary employee profit-sharing (32.9) (23.8)
TOTAL EMPLOYEE BENEFITS EXPENSES (1,522.3) (1,443.8)


Breakdown by geographical segment 2024 EMEA Americas Asia Total
Employee benefits expenses (excluding temporary staff costs) (1,032.7) (158.8) (330.8) (1,522.3)
Average number of employees (in units) 16,647 2,764 12,737 32,148


Breakdown by geographical segment 2023 EMEA Americas Asia Total
Employee benefits expenses (excluding temporary staff costs) (981.9) (146.5) (315.4) (1,443.8)
Average number of employees (in units) 16,263 2,744 12,444 31,451




270 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
Note 7 OPERATING PROFIT (LOSS)

Operating profit is comprised of all the recurring and non-recurring income and expenses generated in the course of the Group’s
ordinary activities, including income and expenses resulting from one-off decisions or transactions that are unusual in terms of their amount.


Note 7.1 Other operating income and expenses
Other non-recurring operating income and expenses primarily purpose of the business combination) and remeasurement of
include the following items: any previously held investment on the date control was obtained;
■ costs of significant restructuring plans as well as non- ■ gains or losses recognized upon losing control of a subsidiary,
recurring and significant costs related to the consolidation of including the remeasurement at fair value of any retained
new entities within the Group; investment;
■ impairment losses on property, plant and equipment and ■ gains and losses on unusual, abnormal and infrequent events
intangible assets, including goodwill; (litigation, asset disposals, etc. involving unusually large amounts)
■ costs related to business combinations (excluding the costs of and changes in provisions booked for these types of events.
issuing equity instruments or of new debt contracted for the

(in €m) 2024 2023
Restructuring costs (18.9) (16.8)
Impairment losses (21.1) (12.2)
Gains and losses on asset disposals and other (188.8) (5.3)
OTHER OPERATING INCOME AND EXPENSES (228.8) (34.3)



Note 7.2 Restructuring costs

2024 2023
Restructuring expenses in 2024 amounted to €18.9 million and Restructuring costs in 2023 totaled €16.8 million and were
mainly linked to the reorganization of our operations in Brazil for mainly linked to the restructuring of our businesses in Germany
€6.4 million (including the partial transfer of production to for €11.5 million and store closures in China for €1.1 million.
Colombia), continued restructuring in Germany for €3.8 million
and consolidation of various administrative activities in the
Americas region for €2.8 million.


Note 7.3 Impairment losses
In application of the principle described in Note 11.3, certain In 2023, asset impairment had been recorded in connection with
manufacturing CGUs are tested for impairment by comparing the reorganization of production facilities for the production of
the carrying amount of the assets of each CGU with their automatic coffee machines and the cessation of iontophoresis
recoverable amount. activity.
The asset impairment recorded in 2024 therefore mainly
corresponds to the continued restructuring of our operations
in Germany for €15.5 million and stoppage of the production of
washing machines in Brazil.


Note 7.4 Gains and losses on asset disposals and other

2024 2023
Gains and losses on asset disposals and other mainly includes The main elements of the “Gains and losses on asset disposals
the provision for the amount of the fine from the French and other” section include:
Competition Authority for €189.5 million (see note 3). ■ the partial reversal of a provision for a class action in the
United States to the level of €5.2 million;
■ €7.4 million in fees related to acquisitions during the year;
■ €4.8 million in costs related to investigations by the competition
authorities in France and in Czech Republic.




Universal Registration Document 2024 GROUPE SEB 271
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




Note 8 FINANCE RESULT

Finance costs Other financial income and expenses
Finance costs are recognized in the income statement in the SEB S.A. is the main provider of financing for its subsidiaries.
period in which they are incurred. As resources (current accounts and long-term loans) are issued
Interest income and expenses are recognized using the effective in the operating currency of the subsidiaries, SEB S.A. is exposed
interest method. to currency risks on this financing. Gains and losses on these
intra-Group borrowings in foreign currencies and related hedges
Dividend income is recognized when the shareholder’s right to are reported under “Other financial income and expenses”.
receive payment is established.
The interest costs on long-term employee benefits set out below
Gains and losses on borrowings in foreign currencies and related represents the difference between the annual discounting of
hedges are reported under “Finance costs”. commitments and the expected return on the corresponding
financial assets held in a hedging contract for these commitments,
as well as the discounting charges for other long-term liabilities
and provisions.

(in €m) 2024 2023
FINANCE COSTS (81.7) (42.9)
Exchange gains and losses and financial instruments (19.7) (19.4)
Interest cost on long-term employee benefit obligations (7.2) (7.0)
Put option on treasury shares (0.2) 5.5
Other miscellaneous financial expenses (11.0) (16.7)
OTHER FINANCIAL INCOME AND EXPENSES (38.1) (37.6)

Other miscellaneous financial expenses mainly include withholding tax on interest charges, taxes on financial expenses and
management fees.


Note 9 INCOME TAX

The “Income tax” line in the income statement includes current Deferred tax assets are recognized for deductible temporary
tax for the period and changes in deferred taxes. differences and tax loss carryforwards to the extent that it is
In accordance with IAS 12 – Income Taxes, deferred taxes are probable that future taxable profits will be available in the
recognized, using the liability method, for temporary differences foreseeable future against which they can be utilized.
between the carrying amounts of assets and liabilities and their Deferred tax assets previously unrecognized at the date of a
tax base. They are determined using tax rates (and tax laws) that business combination or during the 12-month purchase price
have been enacted or substantively enacted by the balance allocation period are subsequently recognized as an adjustment
sheet date. to profit or loss provided they meet the recognition criteria.
Temporary differences include: In accordance with IAS 12, deferred tax assets and liabilities are
■ taxable temporary differences, which are temporary not discounted.
differences that will result in taxable amounts in determining The Group also decided to proceed with early application of the
taxable profit (tax loss) of future periods when the carrying amendment to IAS 12 – International Tax Reform – Pillar Two
amount of the asset or liability is recovered or settled; and Model Rules. The impact of this reform on income tax expense at
■ deductible temporary differences, which are temporary 31 December 2024 is presented in note 9.2.
differences that will result in amounts that are deductible in
determining taxable profit (tax loss) of future periods when
the carrying amount of the asset or liability is recovered or settled.




272 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
Note 9.1 Income tax expense
Profit (loss) before tax amounted to €420.2 million versus €587.0 million in 2023.

(in €m) 2024 2023
Current tax expense 164.7 181.4
Deferred tax exepnse (27.2) (33.8)
INCOME TAX 137.5 147.6

Current income tax expense corresponds to taxes paid or The agreements guarantee neutrality for each of the companies
payable in the short term on profit for the year, based on local included in the scope and generate no significant tax savings
tax rates and tax laws in the Group’s host countries. apart from the immediate offset of the deficits on profits.
Group companies in France, Italy and the United States have
elected for group relief.


Note 9.2 Analysis of income tax expense
The difference between the effective tax rate of 32.7% (25.1% in 2023) and the statutory French tax rate of 25.8% in 2024 (including
additional contribution) breaks down as follows:

(in %) 2024 2023
Statutory French tax rate 25.8 25.8
(1)
Effect of differences in tax rates (11.3) (6.1)
Unrecognized and relieved tax loss carryforwards 2.7 3.9
Prior period tax loss carryforwards recognized and utilized during the period 0.1 (0.4)
Top-up tax 0.3 0.0
Other(2) 15.1 1.9
EFFECTIVE TAX RATE 32.7 25.1
(1) The “Effect of differences in tax rates” line corresponds to the distribution of income in the geographic areas.
(2) The “Other” item primarily comprises the impact of the non-deductibility of the French Competition Authority’s fine for 11.6% and withholding tax for 4.1%. In 2023, this item
mainly comprised withholding tax for 1.7%.



Note 9.3 Deferred tax assets and liabilities on the balance sheet

(in €m) 31/12/2024 31/12/2023
Intangible assets (including trademarks and goodwill) (296.8) (305.7)
Capitalized development costs (10.9) (13.4)
Property, plant and equipment (21.7) (25.5)
Net tax loss carryforwards 108.2 118.8
Interest expense carryforwards in Germany 10.0 0.0
Provisions for pensions and other employee-related liabilities 30.2 32.5
Elimination of intra-Group gains 49.0 48.3
IFRS 16 3.7 3.4
Other temporary differences 95.2 94.6
TOTAL DEFERRED TAX ASSETS (LIABILITIES) (33.1) (47.0)
Of which:
Deferred tax assets 140.1 151.6
Deferred tax liabilities (173.2) (198.6)

“Other employee-related liabilities” mainly correspond to the statutory employee profit-sharing debt valued at approximately €2.6 million.
Deferred tax liabilities on “other temporary differences” are principally comprised of deferred taxes on non-deductible provisions.




Universal Registration Document 2024 GROUPE SEB 273
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements



The change in net deferred tax liabilities on the balance sheet is explained as follows:

(in €m)
Net deferred taxes at 31/12/2023 (47.0)
Deferred taxes for the period recognized in profit or loss 27.2
Effect of deferred taxes recognized in equity (2.5)
Effect of changes in foreign exchange rates (4.1)
Effect of changes in the scope of consolidation (8.3)
Other 1.6
NET DEFERRED TAXES AT 31/12/2024 (33.1)

Deferred taxes recognized in consolidated equity essentially The effect of changes in the scope of consolidation correspond to
correspond to deferred tax liabilities related to actuarial gains the deferred taxes of Sofilac, which was newly integrated.
and losses on pension liabilities, derivative instruments, and
gains or losses on treasury shares.


Note 9.4 Other information
At 31 December 2024, the Group had a number of unrecognized deductible temporary differences and tax loss carryforwards. These
amounts are listed per category as well as per expiration date in the table below:

Deductible temporary
(in €m) differences Tax losses Total
2025 0.0 1.5 1.5
2026 0.0 0.6 0.6
2027 0.0 1.1 1.1
2028 0.0 0.5 0.5
2029 and beyond 0.0 6.4 6.4
Unlimited 12.5 61.1 73.6
TOTAL 12.5 71.2 83.7

Unrecognized tax loss carryforwards went from €111.9 million merger of the Brazilian entities, Germany (€23.1 million in 2024,
in 2023 to €71.2 million in 2024. The item mainly concerns Brazil €19.9 million in 2023), and India (€6.0 million in 2024,
(€32.0 million in 2024, €75.3 million in 2023), following the €5.0 million in 2023).


Note 10 EARNINGS PER SHARE

Basic earnings per share correspond to profit attributable to Diluted earnings per share are calculated by adjusting the weighted
owners of the parent divided by the weighted average number of average number of shares outstanding to take into account
shares outstanding during the period, excluding treasury stock. the dilutive effect of stock options and other consolidated equity
instruments issued by the company.

(in €m) 2024 2023
NUMERATOR
Profit attributable to SEB S.A. 232.0 386.2
After tax effect of dilutive potential shares 0.0 0.0
Profit used to calculate diluted earnings per share 232.0 386.2
DENOMINATOR
Weighted average number of ordinary shares used to calculate basic earnings per share 54,517,799 55,050,519
Effect of dilutive potential shares 349,919 327,336
Weighted average number of ordinary shares used to calculate diluted earnings per share 54,867,717 55,377,855
Basic earnings per share (in €) 4.26 7.01
Diluted earnings per share (in €) 4.23 6.97

The dilutive impact is mainly linked to performance share plans (see note 19.2).




274 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
Balance sheet

Note 11 INTANGIBLE ASSETS

Goodwill Other intangible assets
Goodwill arising from consolidated companies is booked as a Software licenses and internal software development costs are
balance sheet asset under “Goodwill”. recognized as intangible assets when it is probable that they will
On the takeover date, any excess between the net fair value of generate future economic benefits.
the identifiable assets acquired and liabilities assumed of the They are amortized by the straight-line method over useful lives
company being taken over and the acquisition price is recorded ranging from three to five years.
as goodwill. The consideration transferred is measured as the Other software licenses and software development costs are
fair value of assets transferred, equity instruments issued and expensed as incurred. Patents, licenses and trademarks with a
liabilities incurred by the acquirer to the former owner on the finite useful life are amortized over the shorter of the period of
acquisition date, plus any contingent consideration. In the case of legal protection and their expected useful life.
an acquisition carried out in stages, the difference between the
carrying amount of the previously held interest and its Trademarks considered in their entirety with an indefinite useful
acquisition-date fair value is recorded directly in the income life are not amortized but are tested for impairment.
statement on the acquisition date under “Other operating income In business combinations, order books and customer relationships
and expenses”. are recorded as recurring transactions with existing customers
For each business combination, any non-controlling interest (minority at the date of acquisition.
interest) in the acquired company may be measured either at The Group also holds certain trademarks – such as the Tefal
fair value on the acquisition date (full goodwill method) or at the international trademark and the Seb and Calor regional trademarks
non-controlling interest’s proportionate share of the acquired – which are not recognized as a balance sheet asset.
company’s identifiable net assets (partial goodwill method).
The fair values provisionally attributed to identifiable assets Development costs
acquired and liabilities assumed, non-controlling interests
measured at fair value and the various components of the Under IAS 38 – Intangible Assets, research costs are recognized
consideration transferred may be adjusted by the acquirer for a as an expense and development costs must be recognized as an
period of 12 months after the acquisition date. After that period, intangible asset when the Group can demonstrate (IAS 38,
any adjustments are recognized prospectively in profit or loss paragraph 57) (non-exhaustive list):
with no adjustment to goodwill.
■ its intention to complete the development project;
Goodwill is not amortized but is tested for impairment at least
once a year. For the purpose of these tests, goodwill is allocated ■ that it is probable that the expected future economic benefits
to cash generating units (CGU). These CGUs are uniform groups attributable to the intangible asset will flow to the Group;
of assets the ongoing use of which generates cash inflows that ■ its ability to reliably measure the cost of the intangible asset.
are largely independent from the cash inflows generated by Development costs that do not fulfill the criteria defined in the
other groups of assets. standard are recognized during the year in which they are incurred.
The method used to test cash generating units for impairment is In Groupe SEB’s Consolidated Financial Statements, qualifying
described in note 11.3. development costs incurred after the advance design phase and
When impairment is noted, the difference between the carrying before the manufacturing phase are recognized as intangible assets.
amount of the asset and its recoverable amount is recognized in Development costs are amortized on a straight-line basis over
other operating expenses. This impairment loss is first allocated three to five years, corresponding to the same useful life as that
to goodwill. Impairment losses on goodwill are not reversible. applied to specific tooling.
Badwill (negative goodwill) is recognized directly in the income
statement under “Other operating income and expenses” and is
attributed in full to the acquirer.




Universal Registration Document 2024 GROUPE SEB 275
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




Note 11.1 Product Development Costs

(In €m) 2024 2023
Research and development gross expenditure (199.7) (189.9)
Research tax credit 6.1 6.5
Research and development net expenditure (193.6) (183.4)
as a % of revenue 2.3% 2.3%
Capitalized development costs 9.9 8.3
as a % of R&D expenditure 5.1% 4.5%
Amortization for the period recognized in cost of sales (6.9) (6.4)
Research and development costs recognized in the income statement (6.1) (183.7) (175.1)
TOTAL RECOGNIZED IN THE INCOME STATEMENT (190.6) (181.5)
as a % of revenue 2.3% 2.3%



Note 11.2 Change in intangible assets

Other intangible
assets and
31/12/2024 Patents and Computer Development intangible assets
(in €m) licenses Trademarks Goodwill software costs in progress Total
COST
At 1 January 43.5 1,173.8 1,943.6 156.9 48.3 192.8 3,558.9
Acquisitions/additions 0.1 0.0 0.2 10.5 9.9 22.4 43.1
Disposals 0.0 0.0 0.0 (2.5) (4.0) (1.3) (7.8)
Other movements* 0.9 27.7 78.9 12.9 8.9 (13.4) 115.9
Foreign currency translation adjustments (0.4) 12.4 22.3 (0.9) (0.4) 3.9 36.9
At 31 December 44.1 1,213.9 2,045.0 176.9 62.7 204.4 3,747.0
DEPRECIATION AND IMPAIRMENT LOSSES
At 1 January 41.8 10.1 75.2 105.4 24.2 86.3 343.0
Foreign currency translation adjustments (0.3) 0.3 4.0 (1.2) (0.4) 1.7 4.1
Additions 1.4 0.0 0.0 17.5 6.9 10.5 36.3
Net impairment losses 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation and impairment written off
on disposals 0.0 0.0 0.0 (2.5) (3.1) 0.0 (5.6)
Other movements* (0.3) (0.1) 0.2 0.8 1.6 0.0 2.2
At 31 December 42.6 10.3 79.4 120.0 29.2 98.5 380.0
CARRYING AMOUNT AT 1 JANUARY 1.7 1,163.7 1,868.4 51.5 24.1 106.5 3,215.9
Carrying amount at 31 December 1.5 1,203.6 1,965.6 56.9 33.5 105.9 3,367.0
* Including changes in scope of consolidation.




276 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
Other intangible
assets and
31/12/2023 Patents and Computer Development intangible assets
(in €m) licenses Trademarks Goodwill software costs in progress Total
COST
At 1 January 43.7 1,133.1 1,845.2 133.8 40.4 192.7 3,388.9
Acquisitions/additions 0.1 0.0 0.1 17.8 8.3 6.2 32.5
Disposals 0.0 0.0 0.0 (5.0) (2.3) (2.4) (9.7)
Other movements* 0.0 51.6 128.2 16.3 1.0 (3.7) 193.4
Foreign currency translation adjustments (0.3) (10.9) (29.9) (0.8) 0.9 (5.2) (46.2)
At 31 December 43.5 1,173.8 1,943.6 162.1 48.3 187.6 3,558.9
DEPRECIATION AND IMPAIRMENT LOSSES
At 1 January 40.1 10.3 77.3 93.4 16.8 78.0 315.9
Foreign currency translation adjustments (0.3) (0.2) (2.8) (0.3) 0.4 (1.6) (4.8)
Additions 1.4 0.0 0.0 17.3 6.4 11.0 36.1
Net impairment losses 0.0 0.0 0.7 0.0 3.3 0.0 4.0
Depreciation and impairment written off
on disposals (0.1) 0.0 0.0 (4.8) (2.1) 0.0 (7.0)
Other movements* 0.7 0.0 0.0 (0.2) (0.6) (1.1) (1.2)
At 31 December 41.8 10.1 75.2 105.4 24.2 86.3 343.0
Carrying amount at 1 January 3.6 1,122.8 1,767.9 40.4 23.6 114.7 3,073.0
Carrying amount at 31 December 1.7 1,163.7 1,868.4 56.7 24.1 101.3 3,215.9
* Including changes in scope of consolidation.



Note 11.3 Impairment rules for fixed assets and definition of CGUs
In accordance with IAS 38, intangible assets with an indefinite Losses on CGUs and on assets with an indefinite useful life is
useful life – corresponding to trademarks and goodwill – are not recorded in “Other operating income and expenses”. Impairment
amortized but are tested for impairment at each year end. losses recognized for non-financial assets other than goodwill
Intangible assets with a finite useful life are amortized by the are reviewed at each annual and interim period-end or adjusted
straight-line method over their estimated useful life. Amortization as necessary.
expenses are included in “Operating Result from Activity”. The Group’s long-term assets are allocated to the following CGUs:
In accordance with IAS 36 – Impairment of Assets, the net ■ a “Professional Business” CGU comprising intangible assets
carrying amount of property, plant and equipment and intangible and industrial assets (mainly tools, machinery and buildings)
assets (with a finite or indefinite useful life) is tested at the related to Professional activities to which a portion of the goodwill
appearance of impairment. Assets with an indefinite useful life – calculated at the time of the WMF acquisition was allocated
corresponding in the case of the Group to goodwill and trademarks in 2017. Since then, all goodwill resulting from acquisitions made
and intangible assets in progress – are tested for impairment at in the Professional sector (Krampouz, Zummo, La San Marco,
least once a year. Assets with a finite life are tested whenever Pacojet) have been allocated to this CGU;
events or circumstances indicate that their carrying amount may
not be recovered. ■ a CGU called “Consumer EMEA” covering all consumer activities
in the EMEA area. This CGU includes intangible assets and
Impairment tests are performed at the level of each Cash-
industrial assets (mainly tools, machinery and buildings)
Generating Unit (CGU). A CGU is defined as an identifiable group
related to its “Consumer” activities in the EMEA region, to
of assets that generates cash inflows that are largely independent
which a portion of the goodwill calculated at the time of the
of the cash inflows from other groups of assets. The value in
WMF acquisition has been allocated; The goodwill of Forge
use of these units is determined by reference to net discounted
Adour, a group acquired in 2023, was allocated to this CGU;
future cash flows. An impairment loss is recognized for any
excess in an asset’s carrying amount over the recoverable ■ a CGU called “Consumer North America” covering all consumer
amount of the unit tested. Recoverable amount corresponds to activities in the North America area. This CGU includes intangible
the higher of the unit’s fair value less costs to sell and its value assets and industrial assets (mainly tools, machinery and
in use, calculated using the discounted cash flows method. The buildings) related to its “Consumer” activities, including intangible
impairment loss thus determined is first allocated against assets (brands and Goodwill) resulting from the acquisition of
goodwill and then pro-rata to the other intangible and tangible StoreBound;
assets based on their carrying amounts. ■ independent CGUs for Group subsidiaries with both industrial
and commercial activities and whose cash inflows remain
highly independent.




Universal Registration Document 2024 GROUPE SEB 277
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




Note 11.4 Procedures for conducting impairment tests
Intangible assets with indefinite useful lives (brands and DISTRIBUTION OF TRADEMARKS AT 31/12/2024
goodwill) have been tested for impairment in accordance with
the accounting method described above and their net book value Professional
is generally compared with their value in use. business CGU
The discount rates used were based on a weighted average cost of
capital that factors in market borrowing rates, gearing ratio, beta
and country risk using Damodaran methodology. The mature
country risk premium used for 2024 was 4.60% (compared to
5.00% in 2023). Specific equity risk premiums ranging from 0.58% “Consumer EMEA”
CGU
to 4.40% were applied to the Group’s different CGUs, according to Other
their size, region and other specific characteristics.
The 2024 tests were conducted on the basis of a medium-term
“Consumer North
sales and ORfA (Operating Result from Activity) forecast, with the America” CGU
first year being the Group’s scope for 2025.
The long-term assets allocated to each CGU include the assets of
distribution and production companies located in the geographical
area of the CGU as well as a portion of the assets of sites located
outside this geographical area but which have manufactured “Professional business” CGU
products marketed in this area. This portion is determined using The test of this CGU, which included trademarks with a net value
an allocation key based on the cost of sales. of €436.1 million and goodwill for €1,066.3 million (including
A portion of the goodwill and industrial assets located in China is intangible assets arising from the allocation of the WMF, Wilbur
therefore allocated to the “Consumer EMEA” and “Consumer North Curtis, Krampouz, Zummo, La San Marco and Pacojet purchase
America” CGUs. Due to this allocation a portion of Supor assets price), was carried out by comparing the carrying amount with
are therefore tested twice. As a listed group, Supor assets are its value in use.
tested on the basis of their market valuation. The value in use is defined as the sum of discounted cash flows
based on a five-year business plan and taking into account a terminal
Distribution of long-term assets across the various value based on the cash flow of the final year of the plan.
CGUs of the Group The main actuarial assumptions used were as follows:
■ a discount rate of 7.79% (compared with 8.14% in 2023); and
DISTRIBUTION OF LONG-TERM ASSETS AT 31/12/2024
■ a long-term growth rate of 2% in line with forecasts for the sector.
Professional business CGU This test did not indicate any impairment risk for the assets
allocated to this CGU. The sensitivity of the test to changes, taken
in isolation, in the assumptions used to calculate the value in
use of this CGU at the end of 2024 is as follows:
■ a one-point decrease in the growth rate would have reduced
the test margin to 56%, compared to 60% in 2023;
“Consumer North ■ a 4.21-point increase in the WACC rate would have reduced
“Consumer EMEA” America” CGU the test margin to 0 (in 2023, a 4.5-point increase in the WACC
CGU rate would have reduced the test margin to 2%);

Other
■ moreover, if the terminal value had been calculated on the
assumption of an unchanged income statement between 2024
and 2029, the test margin would have been 4%.

“Consumer EMEA” CGU
DISTRIBUTION OF GOODWILL AT 31/12/2024
The test of this CGU, which included net trademarks values for
Professional business CGU €398.5 million and for goodwill for €446.8 million (of which
€307 million in trademarks and €240 million in goodwill from
the allocation of the WMF purchase price), was carried out by
comparing the carrying amount with its value in use. The main
brands allocated to this CGU are Rowenta, Lagostina, EMSA, OBH
Nordica and Forge Adour.
“Consumer North
America” CGU


“Consumer EMEA” Other
CGU




278 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
The carrying amount of this CGU also includes a share of the This test did not indicate any impairment risk for the assets
goodwill and industrial assets in our consumer business in allocated to this CGU.
China. The share of Supor goodwill incorporated into this CGU The sensitivity of the test to changes, taken in isolation, in the
in 2024 amounts to €121.1 million (compared to €106.2 million assumptions used to calculate the value in use of this CGU at the
in 2023). In accordance with IAS 36, the net carrying amount of end of 2024 is as follows:
this CGU was also revalued at €20 million, taking into account a
portion of Supor’s goodwill attributable to minority interests and ■ a one-point decrease in the growth rate would have reduced
not recognized at the time of the acquisition of this company due the test margin to 85%;
to the application of the partial goodwill method. ■ using a WACC rate of 15% would have reduced the test
The value in use is defined as the sum of discounted cash flows margin to 14%;
based on a five-year business plan and taking into account a ■ moreover, if the terminal value had been calculated on the
terminal value based on the cash flow of the final year of the plan. assumption of an unchanged income statement between
The main actuarial assumptions used were as follows: 2024 and 2029, the test margin would have been 40%.
■ a discount rate of 9.09% (compared with 9.03% in 2023); and
Other CGUS tested separately
■ a long-term growth rate of 2% in line with forecasts for the
household goods sector. Groupe SEB Andean
This test did not indicate any impairment risk for the assets This CGU previously called Imusa (including net trademark value
allocated to this CGU. A one-point change in the discount rate or and goodwill for €11.6 million and €18.2 million respectively at
long-term growth rate, or significant changes in the assumptions 31 December 2024) was tested by comparing the carrying
in the business plan regarding revenue and profitability, would amount to its value in use. The value in use is defined as the sum
not affect the valuation of this CGU. Furthermore, the exclusion of discounted cash flows based on a five-year business plan and
of flows from the Ukrainian and Russian markets would also taking into account a terminal value based on the cash flow of
have no impact on the valuation of this CGU. the final year of the plan. The main actuarial assumptions used
were as follows:
“Consumer North America” CGU ■ a discount rate of 10.8% (compared with 12.52% in 2023); and
The test of this CGU, which included trademarks with a net value ■ a long-term growth rate of 3% in line with forecasts for the sector.
of €195.0 million and goodwill for €142.0 million (including in The test did not lead to any impairment loss being recognized.
particular intangible assets arising from the allocation of the All-
The sensitivity of the test to changes, taken in isolation, in the
Clad and StoreBound purchase price), was carried out by
assumptions used to calculate the value in use of this CGU at the
comparing the net carrying amount with its value in us.
end of 2024 is as follows:
The carrying amount of this CGU also includes a share of the
■ the use of an 15% discount rate (i.e. +5 points) would not affect
goodwill and industrial assets in our consumer business in
the valuation of this CGU;
China. The share of Supor goodwill incorporated into this CGU
in 2024 amounts to €46.9 million (compared to €36.4 million ■ a one-point decrease in the growth rate to perpetuity would
in 2023). In accordance with IAS 36, the net carrying amount of not result in an additional impairment loss being recognized;
this CGU was also revalued at €33.3 million, taking into account a ■ the use of an unchanged operating margin or an assumption
portion of StoreBound’s and Supor’s goodwill attributable to of a stagnant operating margin over the course of the business
minority interests and not recognized at the time of the plan would not give rise to any additional impairment loss.
acquisition of these companies due to the application of the
partial goodwill method.
Supor
The value in use is defined as the sum of discounted cash flows
based on a five-year business plan and taking into account a terminal At 31 December 2024, the Supor CGU (including the trademark
value based on the cash flow of the final year of the plan. for €112.1 million and goodwill for €378.1 million) was compared
to its market value. ZJ Supor is listed on the Shenzhen stock
The main actuarial assumptions used were as follows: market and the share has enough liquidity to make this a good
■ a discount rate of 9.69% (compared with 7.98% in 2023). basis for comparison. At 31 December 2024, Supor shares were
The increase in this discount rate is mainly due to the trading at CNY 53.21. The carrying amount at the same date was
geographical distribution of sales within the CGU; CNY 18.83 per share.
■ a long-term growth rate of 2% in line with forecasts for the It should be noted that a portion of the goodwill and industrial
household goods sector. assets of Supor is also integrated into the long-term assets of
the Consumer EMEA and Consumer North America CGUs, as
presented above.




Universal Registration Document 2024 GROUPE SEB 279
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




Note 12 PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are initially recognized at their ■ office equipment: 3-10 years;
net acquisition cost and are depreciated by the straight-line ■ vehicles: 4-5 years;
method over their estimated useful lives.
■ tooling: 1-5 years.
Maintenance and repair costs are expensed as incurred.
Each asset component with a useful life that is different from
The useful lives are as follows: that of the asset to which it belongs is depreciated separately.
■ buildings and components: 10-40 years; Useful lives are reviewed at regular intervals and the effect of
■ plants and machineries: 10 years; any adjustments are recognized prospectively.
No items of property, plant or equipment have been revalued.


Note 12.1 Change in property, plant and equipment

Other property,
31/12/2024 Machinery and plant and Fixed assets
(in €m) Land Buildings equipment equipment in progress Total
COST
At 1 January 94.4 1,443.7 1,428.3 481.9 61.9 3,510.2
Acquisitions/additions 0.2 89.2 65.3 40.2 89.5 284.4
Disposals (3.3) (74.5) (72.8) (21.8) 0.0 (172.4)
Other movements(1) 1.9 34.3 76.9 (13.0) (49.0) 51.1
Foreign currency translation adjustments (0.4) (6.4) 4.3 (5.1) (1.2) (8.8)
At 31 December 92.8 1,486.3 1,502.0 482.2 101.2 3,664.5
DEPRECIATION AND IMPAIRMENT LOSSES
At 1 January 11.1 709.9 1,148.8 348.2 0.0 2,218.0
Foreign currency translation adjustments (0.1) (2.7) 5.6 (2.4) 0.0 0.4
Additions 1.0 106.0 87.2 43.3 0.0 237.5
Net impairment losses 0.0 15.6 4.1 1.4 0.0 21.1
Depreciation and impairment written off
on disposals (1.7) (25.1) (69.3) (17.7) 0.0 (113.8)
(1)
Other movements 0.1 14.7 32.6 (9.3) 0.0 38.1
At 31 December 10.4 818.4 1,209.0 363.5 0.0 2,401.3
CARRYING AMOUNT AT 1 JANUARY 83.3 733.8 279.5 133.7 61.9 1,292.2
(2)
Carrying amount at 31 December 82.4 667.9 293.0 118.7 101.2 1,263.2
(1) Including changes in scope of consolidation.
(2) Of which €295.9 million related to the application of IFRS 16 (Note 13).



Breakdown of acquisitions/additions
(in €m) 2024 2023
New IFRS 16 leases (13) 36.8 46.2
Upward change in leases (13) 74.1 66.0
Other purchases of property, plant and equipment per cash flow statement 173.5 143.2
TOTAL 284.4 255.4




280 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
Other property,
31/12/2023 Machinery and plant and Fixed assets
(in €m) Land Buildings equipment equipment in progress Total
COST
At 1 January 89.3 1,399.3 1,390.6 449.5 79.8 3,408.5
(1)
Acquisitions/additions 2.8 97.9 58.3 48.0 48.4 255.4
Disposals (0.2) (59.4) (61.2) (28.3) (0.6) (149.7)
Other movements(2) 2.0 24.6 53.8 16.2 (65.4) 31.2
Foreign currency translation adjustments 0.5 (18.7) (13.2) (3.5) (0.3) (35.2)
At 31 December 94.4 1,443.7 1,428.3 481.9 61.9 3,510.2
DEPRECIATION AND IMPAIRMENT LOSSES
At 1 January 10.1 633.9 1,103.1 322.6 0.0 2,069.7
Foreign currency translation adjustments 0.1 (4.2) (9.3) (2.6) 0.0 (16.0)
Additions 1.0 108.2 91.9 46.5 0.0 247.6
Net impairment losses 0.0 0.0 6.3 0.0 0.0 6.3
Depreciation and impairment written off
on disposals (0.1) (28.5) (59.3) (20.5) 0.0 (108.4)
(2)
Other movements 0.0 0.5 16.1 2.2 0.0 18.8
At 31 December 11.1 709.9 1,148.8 348.2 0.0 2,218.0
CARRYING AMOUNT AT 1 JANUARY 79.2 765.4 287.5 126.9 79.8 1,338.8
Carrying amount at 31 December 83.3 733.8 279.5 133.7 61.9 1,292.2
(1) Including changes in scope of consolidation.
(2) Of which €341.7 million related to the application of IFRS 16 (Note 13).


The Group owns most of its plants and generally rents its new platform at the Bully site. All leases are with unrelated
logistics warehouses and commercial and administrative lessors and reflect normal market terms. The Group has no
premises, with the exception of its head office in Écully and its specific financing for its investments.


Note 12.2 Location of the Group’s main industrial sites
They are distributed as follows:

GERMANY

Emsdetten

FRANCE
Ingwiller Diez
Saint-Lô Vernon
Mayenne Is/Tille Geislingen CHINA
Hayingen
Lacanche Selongey
Tournus Rumilly Riedlingen Taicang
Marigny RUSSIA Shaoxing LKA
Pont-Évêque Shaoxing SDA
Charavines Hangzhou
Saint Petersburg Yuhuan
VIETNAM Wuhan
Lourdes CZECH REPUBLIC Heshan
Domažlice Vinh Loc
SWITZERLAND Binh Duong
Zuchwil Gradisca
USA Villafranca ITALY Ho Chi Minh
Canonsburg La Moncada Omegna
Montebello EGYPT

Borg El Arab
Baddi
INDIA
Rionegro

Cajicá
COLOMBIA
Recife
BRAZIL

Itatiaia



Cookware and kitchenware
Kitchen electric
Home and personal care
Professional




Universal Registration Document 2024 GROUPE SEB 281
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




Note 13 LEASES

Under IFRS 16 – “Lease”, all leases (except where exempted by which the Group is entitled to use the asset as well as periods
the standard) result in the recognition on the balance sheet of an covered by lease renewal options, which are reasonably certain
asset (representing the right to use the leased asset during the to be exercised and periods covered by cancellation options that
lease) and a liability (in respect of lease payment obligations). the Group does not intend to exercise.
On the date on which the lease takes effect, the right-of-use is An analysis of existing contracts found:
measured at cost including the initial amount of the liability, ■ the absence of a complex lease and pretty uniform types of leases
the advance payments made to the lessor and the initial direct costs within the Group primarily regarding the leasing of offices, stores,
incurred in concluding the lease. This may also include an estimate warehouses, vehicles and a number of industrial assets;
of the costs of restoring the leased asset as per the lease.
■ relatively short leases except for a number of stores;
When the lease comes into effect, the lease liability represents
the present value of lease payments under the lease. Rents are ■ fixed lease payments in virtually all cases.
discounted at the lessee’s marginal borrowing rate. At 31 December 2024, the average term of leases falling within
The lease payments factored into the calculation of the liability the scope of IFRS 16 was 3.1 years, compared with 3.4 years
include fixed lease payments (including lease payments considered at 31 December 2023. The average marginal borrowing rate at
fixed in substance), variable lease payments based on a rate or 31 December 2024 was 4.3%, compared to 3.9% at 31 December 2023.
index (using the rate or index on the date on which the lease The remaining lease expense related to the variable portion
takes effect), residual value guarantees, the exercise price of of contracts and other exemptions (short-term contracts relating to
purchase options, penalties for cancellation or non-renewal of low-value assets) at 31 December 2024 amounted to €50.5 million
leases. The term of the lease is the non-cancelable period over compared with €50.2 million at 31 December 2023.


Note 13.1 Changes in right-of-use and breakdown by type of asset
CHANGE IN RIGHT-OF-USE OVER THE PERIOD 2024
Other property,
31/12/2024 Machinery and plant and
(in €m) Land Buildings equipment equipment Total
COST
At 1 January 4.0 551.0 20.6 65.1 640.7
Acquisitions/upward changes 0.0 76.1 9.9 24.9 110.9
End of contracts and downward changes (3.2) (71.7) (4.7) (9.6) (89.2)
Other movements 0.0 4.4 0.0 4.9 9.3
Foreign currency translation adjustments (0.2) (8.7) (0.3) (1.0) (10.2)
At 31 December 0.6 551.1 25.5 84.3 661.5
DEPRECIATION
At 1 January 1.4 244.3 8.9 44.4 299.0
Foreign currency translation adjustments (0.1) (4.3) (0.1) (0.3) (4.8)
Additions 0.4 74.7 4.0 13.5 92.6
Net impairment losses 0.0 10.8 0.0 0.0 10.8
End of contracts and downward changes (1.5) (23.9) (3.4) (6.4) (35.2)
Other movements 0.0 0.3 0.0 2.9 3.2
At 31 December 0.2 301.9 9.4 54.1 365.6
CARRYING AMOUNT AT 1 JANUARY 2.6 306.7 11.7 20.7 341.7
Carrying amount at 31 December 0.4 249.2 16.1 30.2 295.9

These amounts are included in Note 12.1 “Property, plant and equipment”.




282 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
CHANGE IN RIGHT-OF-USE OVER THE PERIOD 2023
Other property,
31/12/2023 Machinery and plant and
(in €m) Land Buildings equipment equipment Total
COST
At 1 January 2.0 533.7 16.6 51.8 604.1
Acquisitions/upward changes 2.0 83.8 5.8 20.6 112.2
End of contracts and downward changes (0.2) (57.1) (1.8) (7.3) (66.4)
Other movements 0.0 (0.4) (0.2) (0.3) (0.9)
Foreign currency translation adjustments 0.2 (9.0) 0.2 0.3 (8.3)
At 31 December 4.0 551.0 20.6 65.1 640.7
DEPRECIATION
At 1 January 1.0 202.8 6.8 34.2 244.8
Foreign currency translation adjustments 0.1 (3.5) 0.1 0.1 (3.2)
Additions 0.4 73.8 3.5 12.5 90.2
End of contracts and downward changes (0.1) (26.8) (1.3) (1.9) (30.1)
Other movements 0.0 (2.0) (0.2) (0.5) (2.7)
At 31 December 1.4 244.3 8.9 44.4 299.0
CARRYING AMOUNT AT 1 JANUARY 1.0 330.9 9.8 17.6 359.3
Carrying amount at 31 December 2.6 306.7 11.7 20.7 341.7

These amounts are included in note 12.1 “Property, plant and equipment”.
The value of these right-of-use is an integral part of the property, plant and equipment values presented in note 12.1

Breakdown by type of asset
BREAKDOWN BY TYPE OF ASSET AT 31/12/2024 (IN €M) BREAKDOWN BY TYPE OF ASSET AT 31/12/2023 (IN €M)
121.6 169.5
Stores Stores




65.4 11.3 8.8
Offices Industrial equipment Industrial equipment
16.5
16.6 Other
Other 74.1 17.5
Offices Vehicles
Vehicles 55.4
Warehouses Warehouses




Note 13.2 Change in lease liabilities
CHANGE IN LEASE LIABILITIES OVER THE 2024 PERIOD
Foreign
Change New leases currency
in scope of and lease Financial translation
(in €m) 01/01/2024 consolidation amendments Repayment expenses adjustments 31/12/2024
Lease liabilities 357.7 0.4 49.5 (104.5) 13.8 (5.6) 311.3


CHANGE IN LEASE LIABILITIES OVER THE 2023 PERIOD
Foreign
Change New leases currency
in scope of and lease Financial translation
(in €m) 01/01/2023 consolidation amendments Repayment expenses adjustments 31/12/2023
Lease liabilities 371.5 1.7 75.1 (99.4) 14.2 (5.4) 357.7




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6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements



The short-term lease liability totaled €81.7 million at 31 December 2024 compared with €82.7 million at 31 December 2023.


Note 13.3 Remaining lease expense and off-balance sheet commitments
The remaining lease expense following application of IFRS 16 breaks down as follows:

Prior to Lease payments Variable portion
application of IFRS 16 Residual lease Short-term lease for low-value of lease
(in €m) IFRS 16 adjustment expense payments assets payments
Lease expense (155.0) 104.5 (50.5) (9.0) (2.9) (38.6)


OFF-BALANCE SHEET COMMITMENTS RELATING TO REMAINING LEASE EXPENSE
More than one year
but less than five
(In €m) Less than one year years More than five years Total commitments
Short-term lease payments 7.7 0 0 7.7
Lease payments for low-value assets 2.6 3.1 0.2 5.9
Variable portion of lease payments 19.8 20.2 3.6 43.6
TOTAL COMMITMENTS 30.1 23.3 3.8 57.2



Note 14 INVESTMENTS IN OTHER FINANCIAL ASSETS

Financial instruments are accounted for in accordance with Short-term financial investments
IFRS 9 – Financial Instruments.
Financial assets are recognized in the balance sheet when the The Group makes short-term financial investments with no
Group becomes a party to the contractual provisions of the significant risk of a change in value but whose maturity on the
instrument. They are recognized at the fair value of the subscription date is longer than three months. These financial
consideration given or received. The transaction costs directly assets recognized using the amortized cost method do not meet
attributable to the acquisition of the financial assets are included the definition of cash equivalents. They are classified in the
in the initial valuation. Acquisition costs include direct external “Financial investments and other current financial assets”
transaction costs. balance sheet item and are an integral part of the determination
of the Group’s net debt.
The classification of financial assets into each of the categories
defined by IFRS 9 (amortized cost, fair value through other
comprehensive income, fair value through profit or loss) is Bank Acceptance Drafts
dependent on the management systems put in place by the
Group and their contractual cash flow characteristics. In its Chinese subsidiaries, the Group receives Bank Acceptance
Drafts issued by leading local banks for the payment of trade
receivables. These financial instruments, with no risk of
Equity instruments held impairment and whose only counterparty risk is that of the bank,
have maturities of less than one year.
These assets are measured at fair value through profit or loss
or for those not held for trading designated at fair value through They are classified in the “Financial investments and other
other comprehensive income (cannot be reclassified to profit or current financial assets” balance sheet item and are an integral
loss). This classification is irrevocable. part of the determination of the Group’s net debt.
These assets are presented on the “Other investments” line in It should be noted that when the Group’s Chinese subsidiaries
the balance sheet and mainly relate to those taken by SEB Alliance. also ask their local banks to issue Bank Acceptance Drafts for
their suppliers, such drafts are placed in the “Financial debts”
balance sheet item (note 23).
Financial assets recognized at amortized cost
These assets include the loans and receivables presented in the
“Other non-current financial assets” and “Financial investments
and other current financial assets” balance sheet items.
These assets are measured at amortized cost, using the effective
interest method.




284 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
(in €m) 31/12/2024 31/12/2023
Other investments 225.1 210.6
Other non-current financial assets 17.2 16.6
Financial investments 75.6 44.9
Bank Acceptance Drafts in China (Note 14.3.2) 48.3 46.3
Other current financial assets 2.9 3.5
Financial investments and other current financial assets 126.8 94.7
TOTAL INVESTMENTS, FINANCIAL INVESTMENTS AND OTHER FINANCIAL ASSETS 369.1 321.9


(in €m) 31/12/2024 31/12/2023
Total investments, financial investments and other financial assets at 1 January 321.9 338.5
Change in fair value in other comprehensive income (10.9) (30.9)
Change in fair value recognized in the income statement 0.0 0.0
Proceeds/outflows (see consolidated cash flow statement) 56.5 21.5
Currency translation adjustment 2.2 (6.2)
Other including changes in the scope of consolidation (0.6) (1.0)
TOTAL INVESTMENTS, FINANCIAL INVESTMENTS AND OTHER FINANCIAL ASSETS AT 31 DECEMBER 369.1 321.9



Note 14.1 Financial investments Note 14.2 Other non-current financial assets

14.1.1 Investments in associates The “Other non-current financial assets” item stood at
€17.2 million at 31 December 2024 compared with €16.6 million
The Group has not had any investments in associates since 2017. at 31 December 2023.
These assets are mainly comprised of endorsements and
14.1.2 Other investments guarantees, chiefly for property leases.
The “Other investments” item stood at €225.1 million at
31 December 2024, compared with €210.6 million at
31 December 2023. Note 14.3 Financial investments and other
It consists primarily of minority holdings in various entities. current financial assets
In accordance with IFRS 9, the non-consolidated investments
and securities should be booked at Fair Value. The Group decided 14.3.1 Financial investments
to recognize the fair value in other items of comprehensive These short-term financial investments with a maturity of over
income without subsequent reclassification to profit or loss, even three months on the subscription date are worth €75.6 million at
in the event of disposal. The change in fair value of these 31 December 2024 (including €36.8 million in China) compared
investments amounted to (€10.9) million in 2024 compared with with €44.9 million (including €44.5 in China) at 31 December 2023.
(€30.9) million in 2023.
14.3.2 Bank Acceptance Drafts
Bank Acceptance Drafts issued by leading Chinese banks received
as part of the trade receivables settlement totaled €48.3 million at
31 December 2024, compared to €46.3 million at 31 December 2023.




Universal Registration Document 2024 GROUPE SEB 285
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




Note 15 INVENTORIES

Raw materials and goods purchased for resale are measured at Net realizable value corresponds to the estimated selling price in
purchase cost, using the weighted average cost method. the ordinary course of business less the estimated costs of
Work-in-progress and finished products are measured at cost, completion and the estimated costs necessary to make the sale
including raw materials and labor and a portion of direct and (mainly distribution costs).
indirect production costs. The carrying amount of inventories does not include any
In accordance with IAS 2, inventories are measured at the lower borrowing costs.
of cost, determined as explained above, and net realizable value.

31/12/2024 31/12/2023
Carrying Carrying
(in €m) Cost Depreciation amount Cost Depreciation amount
Raw materials 424.1 (34.1) 390.0 421.0 (40.9) 380.1
Work in progress 14.2 (1.8) 12.4 29.3 (1.8) 27.5
Finished products and goods
purchased for resale 1,273.6 (30.4) 1,243.2 1,095.5 (28.3) 1,067.2
TOTAL 1,711.9 (66.3) 1,645.6 1,545.8 (71.0) 1,474.8



Note 16 TRADE RECEIVABLES

Trade receivables are initially recognized at their transaction receivables. These receivables are impaired, on the basis of the
price (defined according to IFRS 15). The estimated amounts of credit losses expected at maturity in accordance with the asset
deferred rebates (see Note 5) granted to customers and not yet impairment model introduced by IFRS 9.
settled at the closing date are recognized by offsetting customer

(in €m) 31/12/2024 31/12/2023
Trade receivables (including discounted bills not yet due) 1,168.4 1,045.4
Provision for doubtful debt (26.5) (27.4)
TOTAL 1,141.9 1,018.0

The Group divests trade receivables and applies the reverse At 31 December 2024, the amount of trade receivables sold and
factoring programs of some of its customers. As these sales deconsolidated was €165 million.
of receivables are without recourse, they are deconsolidated. A receivables aging analysis is presented in note 25.
The amount sold at 31 December 2023 was €145 million.


Note 17 OTHER RECEIVABLES AND NON-CURRENT ASSETS

(in €m) 2024 2023
Non-current prepaid expenses 2.7 2.1
(1)
Prepaid and recoverable taxes and other non-current receivables 45.8 63.4
Other non-current receivables 48.5 65.5
Current prepaid expenses 20.5 16.7
(2)
Advances paid 67.5 60.8
Prepaid and recoverable taxes and other receivables(1) 133.7 107.5
Other current receivables 221.7 185.0
(1) Including VAT claims amounting to €139.5 million at 31 December 2024 (€143.9 million at 31 December 2023).
(2) Including €54.6 million from Supor at 31 December 2024 (€47.2 million at 31 December 2023).


Non-current tax receivables mainly relate to tax receivables in that ICMS should be excluded from their calculation basis. These
Brazil: ICMS, PIS and COFINS. calculation methods were again confirmed by the Supreme
The methods for calculating PIS and COFINS taxes were clarified Court on 13 May 2021.
on 15 March 2017, when the Brazilian Supreme Court ruled




286 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
Following these court decisions, in 2018 our industrial subsidiary for the surplus tax paid since 2013. In July 2023, a notification
Seb do Brasil recorded a tax receivable of 213 million Brazilian was received from the Federal Government requiring Seb Comercial
reals (including interest on arrears) in connection with the surplus to halt the use of these tax credits from that date and potentially
tax paid since 2004. This receivable is pending repayment to the calling into question their use since March 2020. In 2024,
state of Rio de Janeiro. In 2019, our commercial subsidiary Seb the merger of Seb Commercial with SEB do Brasil allowed the
Comercial registered a tax receivable of 51 million Brazilian reals offsetting of receivables (€2.6 million) at 31 December 2024.


Note 18 CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash at bank and on hand and short-term investments in money market instruments.
Cash equivalents are mainly composed of very short-term investments, such as SICAV money market funds, whose market value
corresponds to their carrying amount at the balance sheet date.

(in €m) 31/12/2024 31/12/2023
Cash at bank 1,000.5 1,130.4
Investment securities 16.5 301.7
TOTAL 1,017.0 1,432.1

The €(415.1) million change in cash and cash equivalents over IAS 7 – Statement of Cash Flows was amended following the
the financial year was due to €532.5 million in cash, from operations publication of IAS 27R. The aggregate cash flows arising from
allocated to investment activities in the amount of €(361.1) million obtaining or losing control of a subsidiary are classified as investing
and financing activities in the amount of €(592.3) million. activities while cash flows arising from changes in ownership
The consolidated cash flow statement is presented using the interests in a fully consolidated subsidiary are classified as
indirect method and cash flows are analyzed between operating, financing activities.
investing and financing activities. Transactions with jointly controlled entities or entities accounted
for by the equity method continue to be classified as investing
activities.


Note 19 EQUITY

Note 19.1 Share capital
At 31 December 2024, the capital consisted of 55,337,770 shares registered without interruption for two financial years preceding
with a nominal value of €1 (similar to the capital at the dividend payment, and which are still registered on the ex-
31 December 2023). dividend date. For any one shareholder, this supplement is limited
Some shares enjoy double voting rights (Article 35 of the bylaws) to a number of shares that may not exceed 0.5% of the share capital.
and a supplementary dividend (Article 46 of the bylaws). After deducting treasury shares, the weighted average number
Shares acquire double voting rights when they are fully paid-up of shares outstanding in 2024 was 54,517,799 (55,050,519 in 2023).
and have been registered in the name of the same owner for at At 31 December 2024, the Family voting block owned 34.61% of
least five years. The supplementary dividend of 10% of the unit the capital, with these shares representing 41.66% of the theoretical
value of the reference dividend is granted to holders of shares voting rights at Extraordinary Shareholders’ Meetings.


Note 19.2 Share-based payments
Stock option plans are measured and recognized in accordance as an expense over the vesting period by adjusting equity. They
with IFRS 2 – Share-Based Payment. are valued on the basis of the fair value of the underlying equity
Stock options represent a benefit for the grantee and, accordingly, instruments on the award date. As the stock options and
are treated as part of the Group’s compensation costs. Option performance shares granted to employees of Group subsidiaries
grants are not cash-settled, and the benefit is therefore recognized are only exercisable for SEB S.A. shares, they are deemed to be
equity-settled share-based payments.




Universal Registration Document 2024 GROUPE SEB 287
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements



The fair value of stock options at the grant date is determined rights to the options or performance shares being forfeited, the
using the Black & Scholes option pricing model. This model takes cumulative compensation cost is canceled by recording an
into account the option exercise price and period, market data at equivalent amount in income. Conversely, if a grantee leaves the
the grant date (risk-free interest rate, share price, volatility, Group earlier than originally expected, while maintaining his or
expected dividends) and grantee behavior assumptions (average her rights to the stock options held, amortization of the cost of
holding period of the options). his or her options or performance shares is accelerated.
The fair value of performance shares corresponds to the share
price on the grant date less a discount covering the lock-up 19.2.1 Stock options
feature and the value of future dividends that will not be received There are no more subscription and purchase option plans, as
during the vesting period. the last plan from June 2012 expired in June 2020.
The compensation cost recorded for each plan is determined by
multiplying the fair value per option or performance share by the 19.2.2 Performance shares
estimated future number of shares to be delivered. The estimated
Each year, the Board of Directors awards performance shares to
number of shares is adjusted at each balance sheet date, as
certain employees and executive officers.
necessary, based on a revised estimate of the probability of non-
market-based performance criteria being met, leading to an Since 2017, performance shares awarded under the plans are
adjustment of the compensation cost. only finally vested after a period of three years, with no lock-in
period. In addition, the final vesting of performance shares is
The compensation cost is recognized in employee benefits
subject to the achievement of objectives identical to those used
expense on a straight-line basis over the option or performance
to calculate the variable compensation of the Group’s senior
share vesting period by adjusting equity. When a grantee leaves
managers and executives, based on revenue and Operating
the Group before the end of the vesting period, resulting in the
Result from Activity.

At 31/12/2024 Date Number of shares
Share price on
Type of grant(1) of vesting granted vested canceled Outstanding the grant date
Performance shares 20/05/2021 20/05/2024 200,000 182,375 17,625 0 151.3
Performance shares 19/05/2022 19/05/2025 218,360 19,870 198,490 100.4
Performance shares 17/05/2023 18/05/2026 218,085 8,500 209,585 101.6
Performance shares 23/05/2024 24/05/2027 253,235 253,235 111.8
TOTAL 889,680 182,375 45,995 661,310
(1) The grant date corresponds to the date on which the Board of Directors granted the rights.


As the shares granted for the 2021, 2022, 2023 and 2024 plans have no lock-up clause, the fair value only takes into account the
absence of dividends during the vesting period.
The main assumptions used to determine the fair value of performance shares were as follows:

Assumptions 2024 plan 2023 plan 2022 plan 2021 plan
Share price on the grant date (in €) 111.8 101.6 100.4 151.3
Risk-free interest rate (5-year rate) 3.13% 3.19% 1.18% 0%
Discounted average rate of dividends not received 2.87% 2.7% 2.8% 2.45%
INITIAL VALUATION (IN €M) 26.1 20.4 20.1 28.8
Expense for 2024 (in €m) 5.4 7.0 4.2 2.7

Supor performance share plans and/or stock option plans have It takes into account matching employer contributions to the plan
been granted by Supor each year since 2021. These plans have a and any discount offered on the shares, less the deemed cost to
vesting period of two years and the shares acquired are non- the employee of the lock-up applicable to the shares.
transferable for one year following vesting. Expenses for 2024 It is recognized in full in the income statement in the year of the
under the 2021, 2022, 2023 and 2024 plans totaled €2.2 million rights issue, provided the shares are not subject to any vesting
(versus €6.3 million in 2023). condition, as in this case the shares are issued in exchange for
employee services rendered in prior periods. The charge is
19.2.3 Employee share ownership plan recognized on the income statement, under “Discretionary and
When employee rights issues are carried out, if the shares are non-discretionary profit-sharing”.
offered at a discount to market price, the difference between the The SEB Group offered its employees the opportunity to become
offer price and the market price is recorded as an expense. shareholders with its “Horizon 2024” operation. This allowed
The expense is measured on the date the rights are granted, employees in around 37 countries where the Group is established
corresponding to the point at which both the Group and the to subscribe for the company’s own shares, either through an
employees understand the characteristics and terms of the offer. employee mutual investment fund (FCPE) or directly, depending on
the legislation in force in the different countries.




288 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
The purchase price was set at €73.71, i.e. 20% below the average At the end of the operation, employee participation in the share
SEB share price for the 20 days preceding the opening of the capital had increased by 0.48% to 3.36%.
employee subscription period. The shares acquired under this employee share ownership plan
The plan was a success, with a subscription rate of more than are locked-in for a minimum of five years, except in cases where
28% (the subscription rate of the previous Horizon 2019 employee they are released early as permitted by law.
share ownership plan was 22%). The IFRS 2 expense related to this plan, which totals €6.1 million,
The subscription amount, including the matching payment, thus was determined on the basis of the following assumptions.
totaled more than €19.5 million, i.e. 263,974 shares.

Assumptions 2024 plan
Reference price (in euros) 92.13
Plan maturity 5 years
Risk-free interest rate (5-year rate) 2.4%
Average interest rate on unallocated 5-year individual borrowings 3.52%
Dividend rate 3.16%
Cost of non-transferability (as a % of reference price) 6.67%
Expense for 2024 (in €M) 6.1



Note 19.3 Reserves and retained earnings (before appropriation of profit)
Retained earnings include reserves shown on the balance sheet SEB S.A.’s share of the retained earnings of foreign subsidiaries
of SEB S.A. (of which 1,189.8 million are freely distributable at is considered to be permanently invested. Any withholding taxes
31 December 2024, compared with 1,348.4 million at or additional taxes on distributed income are only recognized when
31 December 2023), and SEB S.A.’s share of the retained earnings distribution of these amounts is planned or considered probable.
of consolidated subsidiaries subsequent to their acquisition or
incorporation.


Note 19.4 Treasury shares
The Group buys back shares for the following purposes: As a reminder, the Group also set up collars on treasury shares
■ for cancellation in order to reduce the company’s share capital; to cover its performance share and employee share ownership
plans. The call options are classified as equity instruments. The
■ for allocation to employees, senior managers or senior executives put options sold simultaneously with these call options are classified
of the company or of related companies upon exercise of stock as financial instruments and are part of the Group’s net debt.
options or vesting of performance shares;
In 2024, the Group bought back 1,163,526 shares at a weighted
■ for delivery on redemption, conversion, exchange or exercise average price of €105 and sold 763,153 shares at an average price
of share equivalents. of €64.72. The €28.4 million after tax loss on the sales was recognized
Share buybacks are carried out based on market opportunities directly in equity without affecting profit (loss) for the period.
and only when the Group has sufficient cash to fund the transactions. At 31 December 2024, the Group held 676,780 treasury shares
Treasury stock is deducted from equity at cost. The consideration at an average price of €106.18 per share.
paid or received is recognized directly in equity.

Movements in treasury shares were as follows:
Transactions
(in number of shares) 2024 2023
Shares held in treasury at 1 January 276,407 287,766
Share purchases 1,163,526 464,077
Buyback plan 846,762 192,884
Liquidity contract 316,764 271,193
Sales (763,153) (475,436)
Disposals (316,764) (272,293)
Shares allocated on exercise of stock options, and under the performance share and employee
share ownership plans (446,389) (203,143)
Shares canceled during the period 0.0 0.0
SHARES HELD IN TREASURY AT 31 DECEMBER 676,780 276,407




Universal Registration Document 2024 GROUPE SEB 289
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




Transactions
(in €m) 2024 2023
Shares held in treasury at 1 January 27.7 33.3
Share purchases 122.7 45.9
Buyback plan 89.9 19.2
Liquidity contract 32.8 26.7
Sales (78.5) (51.5)
Disposals (32.7) (26.9)
Shares allocated on exercise of stock options, and under the free share and employee share
ownership plans (45.8) (24.6)
Shares canceled during the period 0.0 0.0
SHARES HELD IN TREASURY AT 31 DECEMBER 71.9 27.7

Collars on treasury shares are broken down into call and put options. These put options, which are an integral part of the Group’s debt,
are presented in the table below:

Put options 2024 2023
Number of shares 90,000 255,000
Amount in € million 0.8 2.4
Change in Fair Value impacting the Net Financial Expense (in € million) (0.4) 2.6



Note 20 NON-CONTROLLING INTERESTS

Acquisitions or disposals of non-controlling interests that do not In the event of the disposal of non-controlling interests resulting
affect the Group’s control of a subsidiary are treated as in a loss of control of a subsidiary, a gain (loss) on disposal is
transactions between owners and accounted for in equity. recognized for the difference between the selling price, the fair
The carrying amounts of the subsidiary’s assets (including value of the interest retained in the subsidiary and the carrying
goodwill recognized upon obtaining control) and liabilities amount of all the assets (including goodwill) and liabilities as
remain unchanged. well as non-controlling interests in the subsidiary, following
reclassification in profit or loss of the gains and losses recognized
When the Group grants a put option to a minority shareholder for in other comprehensive income attributable to owners of the parent.
the securities it holds in the subsidiary in question, a financial The remeasurement at fair value of the retained investment
liability is recorded on the balance sheet at fair value through equity. therefore affects profit or loss.
Subsequent changes in this debt are also recorded through equity.

Changes in non-controlling interests are as follows:

(in €m) 2024 2023
AT 1 JANUARY 262.3 280.1
Non-controlling interests in profit 50.7 53.2
Dividends paid (46.6) (56.1)
Exercise of stock options 0.5 1.1
Non-controlling interests in shares issues by subsidiaries 0.0 0.0
Changes in scope of consolidation, acquisition by the Group of non-controlling interests in
subsidiaries and other companies (5.5) (2.3)
Foreign currency translation adjustments 2.8 (13.7)
TOTAL AT 31 DECEMBER* 264.2 262.3
* Including Supor for €237.1 million in 2024 (€232.3 million in 2023).


Non-controlling interests primarily concerned the non-controlling The ZJ Supor Group is made up of various subsidiaries, whose
interests of the ZJ Supor Group. The share of non-controlling name, line of business, location and percentage of interest are
interests therefore mainly changed in line with changes in the shown in Note 32 herein. The 2023 dividends paid to non-
ZJ Supor Group’s reserves (particularly profit and translation controlling interests in 2024 were €45.5 million. The 2024 profit
adjustments), purchases, sales or any other voluntary adjustments (loss) of this sub-group taken by itself was €288.3 million on
to Seb’s stake in ZJ Supor. At 31 December 2024, Groupe SEB revenue of €2,867.0 million, versus €288.6 million on €2,772 million
held 83.19% of Supor’s shares. in 2023. The impact of the sub-group on the consolidated
statement of comprehensive income consists solely of foreign
currency translation adjustments.




290 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
SUMMARY 2024 BALANCE SHEET OF THE SUPOR SUB-GROUP (IN €M)
ASSETS 31/12/2024 31/12/2023 LIABILITIES 31/12/2024 31/12/2023
Non-current assets 767 743 Shareholders’ equity 1,319 1,268
Inventories 319 273 Long-term provisions 9 7
Trade receivables 272 276 IFRS 16 debt 30 29
Other receivables 101 63 Trade payables 341 327
Cash and cash equivalents 652 662 Other current liabilities 412 386
TOTAL 2,111 2,017 TOTAL 2,111 2,017


SUMMARY 2024 CASH FLOW STATEMENT OF THE SUPOR SUB-GROUP (IN €M)
Summary cash flow statement (in €m) 2024 2023
Net cash from operating activities 317 305
Net cash used by investing activities (38) (29)
Net cash used by financing activities (311) (328)
Currency translation adjustment 18 (43)
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS GROSS (14) (95)

The gross cash presented above also includes the Supor financial Financing activities during the period mainly concerned the
investments and Bank Acceptance Drafts (see Note 14). payment of dividends to Groupe SEB.
Since this group is located in China, the cash it generates is
subject to the foreign exchange controls in effect in that country.


Note 21 PROVISIONS AND CONTINGENT LIABILITIES

In accordance with IAS 37 – Provisions, Contingent Liabilities and ■ Restructuring provision
Contingent Assets, a provision is recognized when the Group The Group is considered as having a constructive obligation when
has a present obligation (legal or constructive) as a result of a management has a detailed formal plan for the restructuring, or
past event, it is probable that an outflow of resources embodying has raised a valid expectation in those affected that it will carry
economic benefits will be required to settle the obligation, and a out the restructuring by starting to implement that plan or
reliable estimate can be made of the amount of the obligation: announcing its main features and no inflow of economic benefits
■ Provisions for warranty costs is expected that would offset the costs of the plan.
As part of its Consumer business, the Group provides a warranty The amount of the related provision corresponds to forecast
on its products to consumers. The estimated costs of the cash outflows under the plan.
warranty are accrued at the time of sale, based on historical data. In a business combination, a contingent liability will be recognized
This item also includes provisions for product recalls. These costs where there is a current obligation arising from past events and
are incurred when a recall decision is determined by Groupe SEB. its fair value can be measured reliably.
■ Provisions for claims and litigation Provisions are classified as short-term or long-term according
As a general principle, all known claims and litigation involving to whether the obligation is expected to be settled within or
the Group are reviewed by management at each period-end. All beyond one year.
necessary provisions have been recorded to cover the related risks,
as estimated after obtaining advice from outside legal advisors.

31/12/2024 31/12/2023
(in €m) non-current current non-current current
Pension and other post-employment benefit obligations (22) 178.1 17.5 177.1 25.1
Product warranties (21.1) 11.0 50.7 11.1 52.1
Claims and litigation and other contingencies (21.2) 205.7 28.3 15.8 24.1
Restructuring provision (21.3) 1.5 17.5 6.4 24.0
TOTAL 396.3 114.0 210.4 125.3




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6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements



Provision movements (other than provisions for pensions and other post-employment benefit obligations) over the year are as follows:

Other
(in €m) 01/01/2024 Increases Reversals Utilizations movements (a) 31/12/2024
Product warranties (21.1) 63.2 27.3 (2.3) (26.8) 0.3 61.7
Claims and litigation and other
contingencies (21.2) 39.9 212.1 (8.7) (7.9) (1.4) 234.0
Restructuring provision (21.3) 30.4 10.5 (1.1) (21.2) 0.4 19.0
TOTAL 133.5 249.9 (12.1) (55.9) (0.7) 314.7
(a) “Other movements” include foreign exchange translation adjustments and changes in the scope of consolidation.



Other
(in €m) 01/01/2023 Increases Reversals Utilizations movements (a) 31/12/2023
Product warranties (21.1) 53.6 32.7 (1.8) (19.9) (1.4) 63.2
Claims and litigation and other
contingencies (21.2) 86.1 13.6 (14.2) (44.3) (1.3) 39.9
Restructuring provision (21.3) 26.0 9.9 (0.8) (4.9) 0.2 30.4
TOTAL 165.7 56.2 (16.8) (69.1) (2.5) 133.5
(a) “Other movements” include foreign exchange translation adjustments and changes in the scope of consolidation.



Note 21.1 Product warranties
Provisions are recorded for the estimated cost of repairing or replacing products sold under warranty to customers and consumers.
The warranty, which is either legal or contractual, generally covers a period of one or two years. Provisions for product recalls are
recorded as soon as the recall is decided.


Note 21.2 Claims and litigation and other contingencies
Certain subsidiaries are involved in claims and litigation with third parties.
At 31 December, this item included:

(in €m) 31/12/2024 31/12/2023
Supplier claims and litigation 1.7 2.5
Local government claims, litigation and contingencies 7.7 6.1
Commercial claims, litigation and contingencies 0.5 0.0
Employee claims, litigation and contingencies 4.0 5.8
Other claims, litigation and contingencies 220.1 25.5
TOTAL 234.0 39.9

The “Other claims, litigation and contingencies” item mainly liabilities acquired with WMF (see Note 21.4), as well as a class
includes the provision for the €189.5 million fine from the French action in the United States.
Competition Authority (see Note 3) and a residual liability acquired The provisions for the other claims, litigations and risks under
with WMF (see Note 21.4). At 31 December 2023, this item included this item are not material when taken individually.


Note 21.3 Restructuring provision
Restructuring provisions break down as follows:

(in €m) 2024 2023
Employee benefits expenses 13.0 22.5
Site closure costs 6.0 7.9
TOTAL 19.0 30.4

The current portion of the restructuring provision amounted to €17.5 million, mainly related to the WMF restructuring plan for cookware
and professional activities and the restructuring plan in Brazil and China.




292 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
Note 21.4 Contingent liabilities
Provisions for contingent liabilities were estimated at €48 million in connection with the WMF acquisition which covered litigation, tax,
environmental and regulatory risks. As the main disputes were closed in 2023, the residual provision at 31 December 2024 was €7 million.


Note 22 EMPLOYEE BENEFITS

Employee benefits include retirement plans, other post-employment Actuarial gains and losses, resulting from changes in actuarial
benefits and other long-term benefits. assumptions and experience adjustments (i.e. the effects of
the differences between the previous actuarial assumptions
and what has actually occurred) are recognized in “Other
Pension and other post-employment comprehensive income”.
benefit plans Interest income or interest expense calculated on the defined
In some countries, the Group is required to pay length-of-service benefit obligation net of the value of plan assets by applying the
awards to employees on retirement or pension benefits under discount rate used to determine the defined benefit obligation is
formal pension plans. The Group also pays contributions to recognized in “Other financial income and expenses”.
government-sponsored pension plans in its various host countries.
The difference between the actual return on plan assets and the
The accounting treatment of these pension and other post-
interest income calculated by applying the discount rate is
employment benefit plans depends on the type of plan.
recorded in other comprehensive income.
There are two categories of retirement plans:
For plans that have a surplus – corresponding to the excess of
■ Defined contribution plans plan assets over the defined benefit obligation – the Group applies
Contributions to these plans are recognized as an expense for the limit provided for in IAS 19, as amended in determining any
the period to which they relate. asset recognized in the balance sheet.
■ Defined benefit plans
In accordance with IAS 19, as amended – Employee Benefits, Other long-term benefits
obligations are calculated annually by independent actuaries Certain subsidiaries pay jubilees to employees who have completed
using the projected Unit credit method based on final salaries. a certain number of years’ service or offer employees “time savings
This method sees each period of service as giving rise to an accounts”. The cost of these long-term benefits is calculated on
additional Unit of benefit entitlement and measures each Unit an actuarial basis and recognized in profit over the service lives
separately to build up the final obligation. The final obligation is of the employees concerned. Actuarial gains and losses are
then discounted. The actuarial assumptions used to calculate the recognized immediately in profit during the period in which they
obligation include staff turnover rates, mortality rates, the are generated, as their deferral is not allowed under IFRS.
discount rate and the retirement age. Pension and other post-employment benefit costs are classified
The assumptions vary according to local laws and regulations in as operating expenses, except for the interest cost, which is
the host countries concerned. included in other financial income and expenses in accordance
A provision is recorded in the balance sheet for any unfunded with the alternative treatment allowed under IAS 19.
obligations, corresponding to defined benefit obligations not Contributions to external funds and payments to employees are
covered by plan assets. reported in the cash flow statement under “Cash flows from
Current service cost, corresponding to the increase in the operating activities”.
present value of the defined benefit obligation resulting from
employee service in the current period, and the effect of
liquidations and plan reductions, are recognized in the Operating
Result from Activity.


Note 22.1 Assumptions used to determine pension and similar commitments
Provisions for pension and other post-employment benefit Discount rates are determined based on the yields of investment
obligations, determined as explained in the accounting principle grade corporate bonds with maturities that match the remaining
set out above, primarily concern France (mainly length-of-service life of the benefit obligations at the measurement date.
awards) and Germany (mainly pension plans). The obligations
are determined by qualified actuaries using a certain number of
assumptions. These assumptions are revised once a year.




Universal Registration Document 2024 GROUPE SEB 293
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




31/12/2024
Assumptions France Germany
ECONOMIC ASSUMPTIONS
Rate of salary increases Between 3.00%
and 4.00% 2.50%
Discount rate (based on Iboxx AA) Between 2.75% Between 2.75%
and 3.30% and 3.30%
Duration 8.8 10.0
DEMOGRAPHIC ASSUMPTIONS
Retirement age 62 to 65 years* 63 years
Staff turnover 0% to 13.3% 7.5% on average
Mortality tables TH/TF 00-02 (with age © Heubeck reference
gap) TGC-TGF 05 tables (RT 2018 G)
* Depending on employee age and category (management or other).



31/12/2023
Assumptions France Germany
ECONOMIC ASSUMPTIONS
Rate of salary increases Between 3.00% Between 2.50%
and 4.00% and 3.00%
Discount rate (based on Iboxx AA) Between 3.05% Between 3.05%
and 3.20% and 3.20%
Duration 9.8 11.2
DEMOGRAPHIC ASSUMPTIONS
Retirement age 62 to 65 years* 60 to 63 years
Staff turnover 0% to 12.3% 0% to 7.5%
Mortality tables TH/TF 00-02 (with age © Heubeck reference
gap) TGC-TGF 05 tables (RT 2018 G)
* Depending on employee age and category (management or other).



Note 22.2 Pension and other post-employment benefit obligations and current value of the funds
The provision is based on the net amount between the commitment (actuarial debt with future wages) and assets value:

31/12/2024
(in €m) France Germany Other countries Total
Projected benefit obligation based on final salaries 87.1 152.7 87.4 327.2
Present value of plan assets (56.3) (7.3) (68.0) (131.6)
Deficit 30.8 145.4 19.4 195.6
Recognized liability 30.8 145.4 19.4 195.6
Recognized asset 0.0 0.0 0.0 0.0
NET 30.8 145.4 19.4 195.6


31/12/2023
(in €m) France Germany Other countries Total
Projected benefit obligation based on final salaries 83.0 163.7 71.3 318.0
Present value of plan assets (51.0) (7.3) (57.5) (115.8)
Deficit 32.0 156.4 13.8 202.2
Recognized liability 32.0 156.4 13.8 202.2
Recognized asset 0.0 0.0 0.0 0.0
NET 32.0 156.4 13.8 202.2




294 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
Note 22.3 Recognized costs
The cost recognized in the income statement for pension and other post-employment benefit plans breaks down as follows:
2024
(in €m) France Germany Other countries Total
Service cost 7.7 3.3 3.8 14.8
Interest cost 2.6 5.8 1.9 10.3
Expected return on plan assets (1.6) (0.3) (1.2) (3.1)
Other (0.8) 5.1 0.1 4.4
COST FOR THE PERIOD 7.9 13.9 4.6 26.4

2023
(in €m) France Germany Other countries Total
Service cost 5.1 3.4 3.5 12.0
Interest cost 2.8 5.4 1.8 10.0
Expected return on plan assets (1.7) (0.3) (1.1) (3.1)
Other (1.5) 2.6 0.5 1.6
COST FOR THE PERIOD 4.7 11.1 4.7 20.5



Note 22.4 Change in gains and losses recorded in other comprehensive income

2024
(in €m) France Germany Other countries Total
Amount at 1 January (27.6) (10.6) 5.2 (33.0)
Actuarial gains and losses (1.2) 10.7 (8.9) 0.6
Return on plan assets greater/(less than) expected return 2.6 (0.2) 3.7 6.1
Other 0.0 0.0 0.1 0.1
AMOUNT AT 31 DECEMBER (26.2) (0.1) 0.1 (26.2)


2023
(in €m) France Germany Other countries Total
Amount at 1 January (27.4) 3.9 5.2 (18.3)
Actuarial gains and losses (2.7) (14.6) (2.4) (19.7)
Return on plan assets greater/(less than) expected return 2.4 0.1 1.9 4.4
Other 0.1 0.0 0.5 0.6
AMOUNT AT 31 DECEMBER (27.6) (10.6) 5.2 (33.0)



Note 22.5 Movements in provisions
Movements in provisions break down as follows:

(in €m) 2024 2023
Net at 1 January 202.2 186.1
Cost for the period 26.4 20.5
Contributions paid (29.0) (21.1)
Actuarial gains and losses and other changes (4.0) 16.7
NET AMOUNT AT 31 DECEMBER 195.6 202.2




Universal Registration Document 2024 GROUPE SEB 295
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




Note 22.6 Movements in pension and other post-employment benefit obligations
MOVEMENTS IN PENSION AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS 2024
2024
(in €m) France Germany Other countries Total
Projected benefit obligation at 1 January 2024 83.0 163.7 71.3 318.0
Service cost 7.7 3.3 3.8 14.8
Interest cost 2.6 5.8 1.9 10.3
Benefits paid (8.5) (14.5) 1.1 (21.9)
Plan amendments 0.0 0.0 0.0 0.0
Actuarial gains and losses 1.2 (5.6) 8.8 4.4
Curtailments/Settlements (0.9) 0.0 0.0 (0.9)
Other 2.0 0.0 0.5 2.5
PROJECTED BENEFIT OBLIGATION AT 31 DECEMBER 2024 87.1 152.7 87.4 327.2


MOVEMENTS IN PENSION AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS 2023
2023
(in €m) France Germany Other countries Total
Projected benefit obligation at 1 January 2023 81.5 151.8 63.3 296.6
Service cost 5.1 3.4 3.5 12.0
Interest cost 2.8 5.4 1.8 10.0
Benefits paid (7.6) (13.9) (4.4) (25.9)
Plan amendments 0.0 0.0 0.0 0.0
Actuarial gains and losses 2.6 17.3 2.3 22.2
Curtailments/Settlements (1.3) 0.0 0.1 (1.2)
Other (0.1) (0.3) 4.7 4.3
PROJECTED BENEFIT OBLIGATION AT 31 DECEMBER 2023 83.0 163.7 71.3 318.0



Note 22.7 Analysis of plan assets
CHANGE IN PLAN ASSETS IN 2024
2024
(in €m) France Germany Other countries Total
Plan assets at 1 January 2024 51.0 7.3 57.5 115.8
Expected return on plan assets 1.6 0.3 1.2 3.1
Contributions paid 3.2 0.0 3.6 6.8
Benefits paid (2.3) 0.0 2.5 0.2
Actuarial gains and losses and other 2.8 (0.3) 3.2 5.7
PLAN ASSETS AT 31 DECEMBER 2024 56.3 7.3 68.0 131.6


CHANGE IN PLAN ASSETS IN 2023
2023
(in €m) France Germany Other countries Total
Plan assets at 1 January 2023 49.4 7.3 53.8 110.5
Expected return on plan assets 1.7 0.3 1.1 3.1
Contributions paid 0.0 (0.4) 1.1 0.7
Benefits paid (2.6) 0.0 (3.0) (5.6)
Actuarial gains and losses and other 2.5 0.1 4.5 7.1
PLAN ASSETS AT 31 DECEMBER 2023 51.0 7.3 57.5 115.8




296 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
The assets in France are invested with three insurance companies, The return on these funds was 7.67% in 2024. This is not
with 54.96% invested in euro-denominated vehicles. The funds expected to generate significant actuarial differences in 2025.
are invested in bonds, equities and the general assets of insurers, The only contributions to these plans are paid by the employer.
consisting mainly of government bonds or issuers rated primarily Plan members make no contributions.
AAA, AA or A. Asset/liability allocation studies are carried out
regularly to verify the relevance of the investment strategy.


Note 22.8 Other information

22.8.1 Cash outflows expected in future periods

Expected cash outflows 2024
(in €m) France Germany Other Total
In less than 1 year 3.8 12.6 1.1 17.5
More than 1 year 27.0 132.8 18.3 178.1
TOTAL 30.8 145.4 19.4 195.6



22.8.2 Expected contributions to plans 22.8.3 Sensitivity analysis
in the following year A 0.25% reduction in the discount rate would increase the
No material contribution is currently planned. projected benefit obligation by around €8.6 million and a 0.25%
increase in the discount rate would reduce the obligation by
approximately €8.0 million. The impact on 2024 service cost of
a change in the projected benefit obligation resulting from
the application of either of the above discount rates would not
be material.


Note 23 BORROWINGS

Borrowings are accounted for in accordance with IFRS 9 – Some floating rate financial liabilities are hedged by interest rate
Financial Instruments. swaps which qualify as future cash flow hedges. Changes in the
Borrowings are recognized in the balance sheet of the Group fair value of the swap are recorded in the balance sheet, with the
when the Group becomes a party to the contractual provisions of effective portion recorded in other comprehensive income.
the instrument. They are recognized at the fair value of the Some fixed rate financial liabilities are hedged by interest rate
consideration received. Transaction costs directly attributable to swaps that qualify as fair value hedges. Changes in the fair value
the issue of the financial liability are included in the initial of the hedging instrument and the hedged financial liability are
measurement of all financial assets and liabilities. Acquisition recognized in profit or loss.
costs include direct external transaction costs. When the Group’s Chinese subsidiaries ask their local banks to
Financial liabilities comprise borrowings and other financing, issue Bank Acceptance Drafts for their suppliers they are
including bank overdrafts, and operating liabilities. Borrowings classified in the “Financial debts” balance sheet item.
and other financial liabilities are measured at amortized cost,
determined by the effective interest method.




Universal Registration Document 2024 GROUPE SEB 297
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




Note 23.1 Total borrowings
Total borrowings includes all short- and long-term borrowings.

(in €m) 31/12/2024 31/12/2023
Bonds 0.0 499.4
Bank borrowings 11.2 7.4
IFRS 16 debt 229.6 275.0
Negotiable European Medium Term Note (NEU MTN) 150.0 200.0
Other debts (including private placements) 1,228.3 906.0
Employee profit-sharing 0.0 2.6
Long-term borrowings 1,619.1 1,890.4
Bonds 503.2 506.8
Bank borrowings 31.0 41.1
IFRS 16 debt 81.7 82.7
Short- and medium-term Negotiable European Commercial Paper (NEU CP and NEU MTN) 587.8 516.7
Current portion of long-term borrowings 229.6 252.8
Short-term borrowings 1,433.3 1,400.1
TOTAL BORROWINGS 3,052.4 3,290.5

At 31 December 2024, Group debt was composed of short-term, ■ private placement financing for €150 million, maturing in 2036;
medium-term and long-term borrowings. The Group has diversified ■ €478 million in Negotiable European Commercial Paper (NEU CP)
its financing sources, and borrowings now comprise: (outstanding from a €1.25 billion program with an A2 short-
■ €1,048 million in private placement notes (Schuldschein term rating from Standard & Poor’s).
instruments); At 31 December 2024, the weighted average interest rate on
■ a €500 million bond debt due in 2025; long-term bank borrowings (falling due in over a year), excluding
■ €260 million in Negotiable European Medium Term Notes derivatives, was 3.68%.
(NEU MTN) (outstanding from a €500 million program); At 31 December 2024, none of these borrowings were subject to
early repayment clauses based on covenants.

CHARACTERISTICS AND MATURITIES OF TOTAL BORROWINGS (NOMINAL VALUES)
Due
In less In more Original
31/12/2024 Issuing Outstanding than 1 to than interest
(in €m) currency Term balance 1 year 5 years 5 years rate
Schuldschein EUR 2026 60.0 60.0 Fixed
Schuldschein EUR 2026 152.0 152.0 Variable(1)
Schuldschein EUR 2028 162.5 162.5 Fixed
Schuldschein EUR 2028 320.5 320.5 Variable(1)
Schuldschein EUR 2030 48.5 48.5 Fixed
Schuldschein EUR 2030 127.5 127.5 Variable(1)
Schuldschein EUR 2031 112.0 112.0 Fixed
Schuldschein EUR 2031 15.0 15.0 Variable
Schuldschein EUR 2033 50.0 50.0 Fixed
Bond 2025 EUR 2025 500.0 500.0 Fixed
Private placement EUR 2036 150.0 150.0 Fixed(2)
Negotiable European Commercial Paper (NEU CP) EUR 2025 477.7 477.7 Fixed
Negotiable European Medium Term Note (NEU MTN) EUR 2025 and 2026 170.0 110.0 60.0 Variable(1)
Negotiable European Medium Term Note (NEU MTN) EUR 2026 and 2027 90.0 90.0 Fixed
Other bank borrowings (including overdrafts) 133.8 92.3 41.5 Variable
IFRS 16 debt 311.3 81.7 197.7 31.9 Variable
Employee profit-sharing EUR 3.5 3.5 Variable
BAD Supor CNY 2025 168.1 168.1 Fixed
TOTAL 3,052.4 1,433.3 1,084.2 534.9
(1) Partly hedged by floating/fixed rate derivatives.
(2) Hedged by fixed/floating rate derivatives.




298 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
LOAN MATURITIES (UNDISCOUNTED NOMINAL AMOUNTS, INCLUDING ACCRUED INTEREST)
Due
In more
31/12/2024 Issuing Expected In less 1 to than
(in €m) currency Term cash outflows than 1 year 5 years 5 years
Schuldschein EUR 2026 63.2 1.6 61.6
Schuldschein EUR 2026 161.8 5.2 156.6
Schuldschein EUR 2028 176.2 3.4 172.8
Schuldschein EUR 2028 365.7 11.9 353.8
Schuldschein EUR 2030 61.3 2.2 8.5 50.6
Schuldschein EUR 2030 157.5 5.2 19.8 132.5
Schuldschein EUR 2031 122.2 1.5 5.8 114.9
Schuldschein EUR 2031 18.5 0.5 2.0 16.0
Schuldschein EUR 2033 71.3 2.4 9.5 59.4
Bond 2025 EUR 2025 506.9 506.9
Private placement EUR 2036 240.2 7.5 30.1 202.6
Negotiable European Commercial Paper (NEU CP) EUR 2025 477.7 477.7
Negotiable European Medium Term Note (NEU MTN) EUR 2025 and 2026 176.0 114.5 61.5
Negotiable European Medium Term Note (NEU MTN) EUR 2026 and 2027 94.1 1.9 92.2
BAD Supor CNY 2025 168.1 168.1
TOTAL 2,860.7 1,310.5 974.2 576.0



Confirmed credit facilities
The Group also has two confirmed and unused syndicated loans totaling €1,485 million, maturing in 2027 and 2028.
These loans do not include any acceleration clauses.

CHANGES IN LIABILITIES INCLUDED IN GROUP FINANCING ACTIVITIES (IN € MILLION)


New borrowings Repayments during
5,000 during the period the period

4,500 932 (1,158)
Total borrowings Currency
4,000 at 1 January Scope translation Total borrowings
IFRS 16 effects adjustments at 31 December
3,500
3,291
(41) 26 3 3,052
3,000
2,500
2,000
1,500
1,000
500
0
Increase Decrease Total

New borrowings during the period amounting to €931.8 million mainly involved NEU CP drawdowns of €478 million, private placement
notes (Schuldschein instruments) of €203.5 million and private placement financing (maturity 2036) of €150 million.


Note 23.2 Net debt
Net debt corresponds to total long-term and short-term borrowings It also includes financial debt from application of the IFRS 16
less cash and financial investments and other current financial standard “Leases” in addition to short-term investments with no
assets with no significant risk of a change in value (see Note 14) risk of a substantial change in value but with maturities of over
as well as derivative instruments used for Group financing. three months.




Universal Registration Document 2024 GROUPE SEB 299
6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




(in €m) 31/12/2024 31/12/2023
Long-term borrowings 1,619.1 1,890.4
Short-term borrowings 1,433.3 1,400.1
Total borrowings 3,052.4 3,290.5
Net cash and cash equivalents(1) (1,017.0) (1,432.1)
(1)(2)
Financial investments and other current financial assets (123.9) (91.2)
Derivative instruments (net) 14.9 1.9
NET DEBT 1,926.4 1,769.1
(1) Including €600 million in China versus €672 million at 31 December 2023.
(2) Excluding guarantees and sureties.



CASH AND UNDRAWN CONFIRMED BALANCES CONFIRMED DRAWN AND UNDRAWN FINANCING (IN €M)
AT 31 DECEMBER 2024 (IN €M)
1,485 1,500
Confirmed credit facilities
168.1
3.5
81.7
1,125 92.3
110
990



750 477.7

1,017
Net Cash and cash 31.9
44.1
equivalents 3.7 150
67.8
375 495
145
500 483
353
212 57.2
37.8
5 28.6
0
2025 2026 2027 2028 2029 2030
and beyond

Schuldschein Other bank borrowings
Bond Lease debt
NEU CP Employee profit-sharing
Private placement BAD SUPOR
NEU MTN Undrawn syndicated credit facility




Note 24 FAIR VALUE OF FINANCIAL INSTRUMENTS

Market risks (interest rate, currency and commodity price risks) ■ net investment hedges allow the hedging of currency risks
are hedged, generally through the use of derivative instruments. relating to the net situation of a holding in a consolidated
In accordance with IFRS 9, derivative instruments are measured foreign subsidiary outside the eurozone. The hedged net
at fair value. investment may also result from an intra-Group loan to a
The measurement of changes in fair value depends on the non-eurozone consolidated foreign subsidiary that is not
accounting classification of the instrument. Derivative instruments repayable within a scheduled or foreseeable time frame.
designated as the hedging instrument in a hedging relationship The change in fair value of derivative instruments designated at
may be classified as either fair value, cash flow hedges or net fair value hedge is recognized in profit, offsetting the unrealized
investment: gain or loss recognized on the hedged item for the effective
■ a fair value hedge is a hedge of the exposure to changes in portion of the hedge.
fair value of a recognized asset or liability, or an unrecognized In the case of cash flow hedges, the effective portion of the gain
firm commitment that is attributable to a particular risk and or loss arising from remeasurement of the derivative instrument
could affect profit; at fair value is recognized as other comprehensive income and
■ future cash flow hedges allow hedging of highly likely future the ineffective portion as profit or loss. The cumulative gains and
cash flow fluctuations; losses on cash flow hedges recognized in equity are reclassified
into profit when the hedged item affects profit.




300 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
When the Group categorizes a hedging relationship as a “Hedge ■ the economic link between the hedged item and the hedging
of a net investment in a foreign operation” due to the non-repayable instrument is documented, as are the potential sources of
nature of the intragroup loan set up within a scheduled or foreseeable ineffectiveness.
period, changes in the fair value of the hedging instrument are Changes in the fair value of derivative instruments that do not
recorded in other comprehensive income, with the exception of qualify for hedge accounting are recognized in profit.
the ineffective portion recorded in profit or loss. The amounts
recorded in other comprehensive income are only reclassified to The Group applies the provisions permitted or required by IFRS 9
the income statement when the investment is deconsolidated. for the treatment of hedging costs for all qualifying instruments.
Hedge accounting is applied when the conditions set out in
IFRS 9 are met:
■ the hedging relationship is formally designated and documented
at the inception of the hedge;


Note 24.1 Carrying value and fair value of financial assets and liabilities by accounting category
Financial assets consist of shares in subsidiaries and affiliates subsequent reclassification to profit or loss, even in the event of
as well as operating receivables (excluding tax and social security disposal (see Note 14).
claims), debt securities and other cash equivalents classified The fair value of borrowings that are not quoted in an active
as current assets. The fair value of trade and other receivables is market are measured by the discounted cash flow method,
equivalent to their carrying amount, in view of their short maturities. applied separately to each individual facility, based on market
Non-current financial assets consist mainly of investments in rates observed at the period-end for similar facilities and the
non-consolidated companies (minority interests without significant average spread obtained by the Group for its own issues.
influence), certain related receivables and receivables due beyond The fair value of derivative instruments is determined by the
one year. In accordance with IFRS 9, these non-current financial discounted future cash flows method using forward exchange
assets for which the management model is to collect contractual rates, market interest rates, and aluminum, copper, nickel and
cash flows and the flows resulting from disposals are recognized plastics prices at 31 December 2024.
at fair value in other items of comprehensive income without

31/12/2024 Financial instruments by category
At fair value Fair value
through through other Borrowings
profit or loss items of Assets at at
Carrying (excluding comprehensive amortized amortized Derivative
(in €m) amount Fair value derivatives) income cost cost instruments
ASSETS
Other investments(1) 217.1 217.1 0.0 217.1 0.0 0.0 0.0
Other non-current financial assets 17.2 17.2 0.0 0.0 17.2 0.0 0.0
Other non-current assets(2) 2.2 2.2 0.0 0.0 2.2 0.0 0.0
Long-term derivative instruments
– assets 18.7 18.7 0.0 0.0 0.0 0.0 18.7
Trade receivables 1,141.9 1,141.9 0.0 0.0 1,141.9 0.0 0.0
Other current receivables(2) 96.3 96.3 0.0 0.0 96.3 0.0 0.0
Short-term derivative instruments
– assets 64.8 64.8 0.0 0.0 0.0 0.0 64.8
Financial investments and other
current financial assets 126.8 126.8 0.0 0.0 126.8 0.0 0.0
Cash and cash equivalents 1,017.0 1,017.0 1,017.0 0.0 0.0 0.0 0.0
TOTAL FINANCIAL ASSETS 2,702.0 2,702.0 1,017.0 217.1 1,384.4 0.0 83.5
LIABILITIES
Long-term borrowings 1,619.1 1,585.1 0.0 0.0 0.0 1,585.1 0.0
Other non-current liabilities(3) 2.2 2.2 0.0 0.0 0.0 2.2 0.0
Long-term derivative instruments
– liabilities 20.4 20.4 0.0 0.0 0.0 0.0 20.4
Trade payables 1,211.1 1,211.1 0.0 0.0 0.0 1,211.1 0.0
Short-term borrowings 1,433.2 1,429.7 0.0 0.0 0.0 1,429.7 0.0
Other current liabilities(3) 295.1 295.1 0.0 0.0 0.0 295.1 0.0
Short-term derivative instruments
– liabilities 58.5 58.5 0.0 0.0 0.0 0.0 58.5
TOTAL FINANCIAL LIABILITIES 4,639.6 4,602.1 0.0 0.0 0.0 4,523.2 78.9
(1) Including Fair Value through non-recyclable OCI: see Statement of Comprehensive Income.
(2) Excluding prepaid expenses and tax/social security receivables.
(3) Excluding deferred income and tax/social security payables.




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31/12/2023 Financial instruments by category
At fair value Fair value
through through other Borrowings
profit or loss items of Assets at at
Carrying (excluding comprehensive amortized amortized Derivative
(in €m) amount Fair value derivatives) income cost cost instruments
ASSETS
Other investments(1) 202.8 202.8 0.0 202.8 0.0 0.0 0.0
Other non-current financial assets 16.6 16.6 0.0 0.0 16.6 0.0 0.0
(2)
Other non-current assets 2.3 2.3 0.0 0.0 2.3 0.0 0.0
Long-term derivative instruments
– assets 17.9 17.9 0.0 0.0 0.0 0.0 17.9
Trade receivables 1,018.0 1,018.0 0.0 0.0 1,018.0 0.0 0.0
Other current receivables(2) 77.2 77.2 0.0 0.0 77.2 0.0 0.0
Short-term derivative instruments
– assets 40.8 40.8 0.0 0.0 0.0 0.0 40.8
Financial investments and other
current financial assets 94.7 94.7 0.0 0.0 94.7 0.0 0.0
Cash and cash equivalents 1,432.1 1,432.1 1,432.1 0.0 0.0 0.0 0.0
TOTAL FINANCIAL ASSETS 2,902.4 2,902.4 1,432.1 202.8 1,208.8 0.0 58.7
LIABILITIES
Long-term borrowings 1,890.4 1,823.6 0.0 0.0 0.0 1,823.6 0.0
Other non-current liabilities(3) 2.3 2.3 0.0 0.0 0.0 2.3 0.0
Long-term derivative instruments
– liabilities 13.9 13.9 0.0 0.0 0.0 0.0 13.9
Trade payables 1,160.6 1,160.6 0.0 0.0 0.0 1,160.6 0.0
Short-term borrowings 1,400.1 1,387.8 0.0 0.0 0.0 1,387.8 0.0
Other current liabilities(3) 259.7 259.7 0.0 0.0 0.0 259.7 0.0
Short-term derivative instruments
– liabilities 65.0 65.0 0.0 0.0 0.0 0.0 65.0
TOTAL FINANCIAL LIABILITIES 4,792.0 4,712.9 0.0 0.0 0.0 4,634.0 78.9
(1) Including Fair Value through non-recyclable OCI: see Statement of Comprehensive Income.
(2) Excluding prepaid expenses and tax/social security receivables.
(3) Excluding deferred income and tax/social security payables.




302 GROUPE SEB Universal Registration Document 2024
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Notes to the consolidated financial statements 6
Note 24.2 Derivative instruments
The fair value of derivative instruments is as follows:

31/12/2024
Fair value
(in €m) Notional amount Assets Liabilities
FAIR VALUE HEDGES
Forward sales of foreign currencies 101.4 1.9 (2.9)
Forward purchases of foreign currencies 267.7 13.8 (9.7)
Optional currency purchase strategy 69.6 2.1 (0.1)
Optional currency sale strategy 43.9 1.8 (0.9)
Commodity hedges (aluminum, nickel, copper and plastic) 31.5 0.0 0.0
Fixed/floating rate derivatives 150.0 7.3
Revaluation of intra-Group transactions 1.4 (14.1)
TOTAL 28.3 (27.7)
TRADING
BRL 60.6 0.8 0.0
CHF 20.9 0.1 0.0
CLP 16.0 0.0 (0.1)
COP 31.8 0.0 (0.2)
JPY 29.7 0.1 (0.5)
MXN 46.6 1.0 0.0
USD 42.2 0.2 0.0
Other currencies 160.0 0.7 (0.9)
TOTAL 2.9 (1.7)
CASH FLOW HEDGES
Forward purchases and sales of foreign currencies 837.7 20.1 (2.0)
Optional foreign exchange strategies 684.5 15.8 (5.7)
Floating/fixed rate derivatives 892.0 0.0 (13.3)
Cross-currency swaps 159.2 10.9 (19.8)
Commodity hedges (aluminum, nickel, copper and plastic) 107.4 1.8 (3.7)
TOTAL 48.6 (44.5)
NET INVESTMENT HEDGES
Net investment hedges 408.3 3.8 (4.2)
TOTAL 3.8 (4.2)
TREASURY SHARES
Put on Treasury Shares (19.4) 0.0 (0.8)
TOTAL 0.0 (0.8)
TOTAL DERIVATIVE INSTRUMENTS 83.6 (78.9)
NET IMPACT ON EQUITY (INCLUDING IN PROFIT OR LOSS) 4.7




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31/12/2023
Fair value
(in €m) Notional amount Assets Liabilities
FAIR VALUE HEDGES
Forward sales of foreign currencies 126.3 3.3 (2.7)
Forward purchases of foreign currencies 180.9 8.9 (11.8)
Optional currency purchase strategy 168.6 0.0 (7.9)
Optional currency sale strategy 18.9 0.4 (0.1)
Commodity hedges (aluminum, nickel, copper and plastic) 24.6 0.0 (0.9)
Revaluation of intra-Group transactions 6.0 (6.3)
TOTAL 18.6 (29.7)
TRADING
BRL 61.2 0.1 0.0
CHF 28.3 0.5 0.0
CLP 16.1 0.0 (0.1)
COP 21.4 0.0 (0.5)
JPY 87.2 0.0 (0.8)
MXN 32.3 0.0 (0.1)
USD 89.3 0.4 0.0
Other currencies 115.7 0.6 (0.4)
TOTAL 1.6 (1.9)
CASH FLOW HEDGES
Forward purchases and sales of foreign currencies 539.8 6.2 (5.3)
Optional foreign exchange strategies 818.4 9.1 (14.9)
Floating/fixed rate derivatives 588.5 0.5 (6.2)
Cross-currency swaps 153.5 15.2 (11.3)
Commodity hedges (aluminum, nickel, copper and plastic) 97.3 2.1 (4.5)
TOTAL 33.1 (42.2)
NET INVESTMENT HEDGES
Net investment hedges 397.0 3.6 (2.5)
TOTAL 3.6 (2.5)
TREASURY SHARES
Put on Treasury Shares (19.4) 1.7 (2.5)
TOTAL 1.7 (2.5)
TOTAL DERIVATIVE INSTRUMENTS 58.6 (78.8)
NET IMPACT ON EQUITY (INCLUDING IN PROFIT OR LOSS) 0.0 (20.2)




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Notes to the consolidated financial statements 6
The instruments expiring beyond one year are primarily cash flow hedges. They also include cross currency swaps and puts on own shares.
At 31 December 2024, the fair value of these instruments breaks down as follows:

31/12/2024 In less In more than
(in €m) than 1 year 1 to 5 years 5 years Total
Cross-currency swaps (3.3) (5.6) 0.0 (8.9)
Forward purchases and sales of foreign currencies 16.4 1.7 0.0 18.1
Optional foreign exchange strategies 7.9 2.2 0.0 10.1
Floating/fixed rate derivatives (2.8) (6.6) (3.9) (13.3)
Fixed/floating rate derivatives 0.0 0.0 7.3 7.3
Commodity hedges (aluminum, nickel, copper and plastic) (1.9) 0.0 0.0 (1.9)
Put on Treasury Shares (0.8) 0.0 0.0 (0.8)
TOTAL 15.5 (8.3) 3.4 10.6



Note 24.3 Information on financial assets and liabilities recognized at fair value
In accordance with IFRS 13 and the amended IFRS 7, fair value ■ level 2: valuation techniques for which all significant inputs
measurements are classified using a fair value hierarchy that reflects are based on observable market data;
the significance of the inputs used in making the measurements. ■ level 3: valuation techniques for which any significant input is
The hierarchy breaks down into three levels as follows: not based on observable market data.
■ level 1: instrument quoted in active markets;

31/12/2024
(in €m) Total Level 1 Level 2 Level 3
ASSETS
Other investments 217.1 0.0 217.1 0.0
Derivative instruments 83.5 0.0 83.5 0.0
Cash and cash equivalents 1,017.0 1,017.0 0.0 0.0
TOTAL FINANCIAL ASSETS MEASURED AT FAIR VALUE 1,317.6 1,017.0 300.6 0.0
LIABILITIES
Derivative instruments 78.9 0.0 78.9 0.0
TOTAL FINANCIAL LIABILITIES MEASURED AT FAIR VALUE 78.9 0.0 78.9 0.0

The portfolio of derivative instruments used by the Group to and own share option strategies. These instruments are
manage risk mainly includes forward purchases and sales of classified as Level 2, as their fair value is calculated using
foreign currencies, option strategies, interest rate swaps, cross internal valuation models based on observable data.
currency swaps, foreign exchange swaps, commodity options


Note 25 FINANCIAL RISK MANAGEMENT

Note 25.1 Risk management
Risks are managed centrally by the Group Corporate Finance counterparty risk. Hedging transactions are managed centrally.
and Treasury. They are carried out in specific cases by Group subsidiaries
Hedging transactions are carried out in the financial markets when required by local regulations but these transactions remain
with a limited number of high-quality partners in order to avoid under the control of the Group Corporate Finance and Treasury.




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Notes to the consolidated financial statements




Note 25.2 Financial market risks

25.2.1 Currency risks ■ purchases of industrial components and finished products
from external suppliers by the manufacturing subsidiaries,
The majority of the Group’s sales are billed in currencies other
which are billed in a currency other than their functional currency
than the euro, mainly the US dollar, Chinese yuan, Russian ruble,
(for example, components purchased by the Group’s production
Brazilian real, Japanese yen and Korean won. Most billing
plants that are billed in US dollars or Chinese yuan).
currencies correspond to the functional currencies of the
subsidiaries concerned and do not give rise to any transactional These risks are managed at Group level by SEB S.A., which acts
currency risk at the local level. as the subsidiaries’ sole counterparty, except where this is not
possible due to local regulations. Transactional foreign exchange
Similarly, goods purchased for resale (sourced products) billed
positions open on the balance sheet are hedged partially
in US dollars or Chinese yuan are bought from Asian suppliers
through forward or optional hedges.
by a Group subsidiary, SEB Asia, whose functional currency is
also the US dollar. The Group’s overall currency risk management policy sets very
strict rules for the hedging of currency risks associated with
The main sources of transactional currency risks therefore arise
highly probable future transactions.
from:
■ intra-Group billings between Group companies when they bill
or purchase products or services in a currency other than
their functional currency;

Currency risks on intra-Group and external customer commercial transactions
The Group’s net exposure to notional currency risks primarily concerns the following currencies (excluding the functional currencies of
Group companies).

31/12/2024
(in €m) USD CNY RUB BRL KRW GBP MXN PLN Other
Net position before hedging (133) (216) 18 14 13 9 17 27 103(1)
NET POSITION AFTER HEDGING (1) 15 18 1 2 (1) 5 1 28(2)
(1) Including JPY for €19m, SAR for €12m and ARS for €10m.
(2) Including SAR for €11m and ARS for €10m.


31/12/2023
(in €m) USD CNY RUB BRL KRW GBP MXN PLN Other
Net position before hedging (89) (224) 1 25 6 12 19 16 39
NET POSITION AFTER HEDGING 32 28 1 2 (8) (5) 3 (3) (18)

At 31 December 2024, the euro was trading at USD 1.03890, CNY 7.62770, RUB 106.10280, and GBP 0.82920.
At 31 December 2024, the sensitivity analysis of the position after hedging was as follows:

(in €m) USD CNY RUB BRL KRW GBP MXN PLN Other
Hypothetical currency appreciation 10% 10% 10% 10% 10% 10% 10% 10% 10%
IMPACT ON PROFIT (0.1) 1.7 2.0 0.1 0.2 (0.1) 0.6 0.1 2.9


Currency risks on financial transactions
SEB S.A. is the main provider of financing for its subsidiaries. lending in the subsidiary’s functional currency using currency
The resources granted to subsidiaries are made in their operating swaps. Currency risks on financing are therefore systematically
currency through SEB S.A. with access to stable resources in euros. hedged from the moment there are competitive derivative
It is exposed to currency risks related to the financing granted to instruments available on the market.
Group subsidiaries. This exposure is hedged by borrowing or

The Group does not apply hedge accounting to these transactions.
31/12/2024
(in €m) USD Other
Total assets 455.0 377.0
Total liabilities (352.0) (27.0)
Net position before hedging 103.0 350.0
Hedging positions (117.0) (336.0)
NET POSITION AFTER HEDGING (14.0) 14.0




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Notes to the consolidated financial statements 6
31/12/2023
(in €m) USD Other
Total assets 438.3 332.5
Total liabilities (351.3) (71.0)
Net position before hedging 87.0 261.5
Hedging positions (64.3) (286.9)
NET POSITION AFTER HEDGING 22.7 (26.4)

The appreciation or depreciation of these currencies, assuming all other variables remained the same, would have an impact on profit.
At 31 December 2024, the sensitivity analysis of the net position after hedging was as follows:
(in €m) USD Other
Hypothetical currency appreciation 10% 10%
IMPACT ON PROFIT (1.6) 2.5


Currency risks on net investments
Groupe SEB is also exposed to currency risks on its net At 31 December 2024, the nominal amount of hedges classified
investment in foreign operations, corresponding to the impact of as net investment hedges and fair values recognized in equity are:
changes in exchange rates for the subsidiaries’ functional
currencies on SEB S.A.’s share in their net assets.
31/12/2024
(in €m) BRL CNY TOTAL
Nominal amount of hedges classified as NIH 137.0 271.4 408.4
Fair value in equity 1.9 (2.4) (0.5)

31/12/2023
(in €m) BRL CNY TOTAL
Nominal amount of hedges classified as NIH 159.5 237.5 397.0
Fair value in equity (0.6) 1.7 1.1

The Group also has a net investment in long-term loans to its Egyptian subsidiaries for EGP 289.1 million (€5.5 million). These
Russian subsidiary for RUB 7,828.1 million (€73.8 million), its long-term loans are not subject to currency hedging.
Ukrainian subsidiary for UAH 490 million (€11.2 million) and its

25.2.2 Interest rate risk
Group policy consists of hedging interest rate risks based on The following table presents the net debt maturity schedule
trends in market interest rates and changes in the Group’s (excluding financial instruments) at the end of December 2024,
overall debt structure. based on interest rate reset dates:

Overnight to 1 year Due in 1 to 5 years More than 5 years
31/12/2024
(in €m) Floating rate Fixed rate Floating rate Fixed rate Floating rate Fixed rate
Total assets 1,252.3 (111.4) 0.0 0.0 0.0 0.0
Total liabilities (287.5) (1,145.8) (771.7) (312.5) (174.4) (360.5)
NET NOTIONAL AMOUNT
BEFORE HEDGING 964.8 (1,257.2) (771.7) (312.5) (174.4) (360.5)

Floating/fixed rate derivatives and fixed/floating rate derivatives were arranged to hedge interest payable on borrowings by December 2033.
The Group is mainly hedged on the monetary interest rate, Euribor 6-month.
31/12/2024 Less than one Due in 1
(in €m) year to 5 years More than 5 years
Floating/fixed rate derivatives 200.0 414.5 277.5
Fixed/floating rate derivatives 0.0 0.0 150.0
Cross-currency swaps 19.1 140.1 0.0

Assuming total borrowings remain constant at 31 December 2024 €3.5 million to financial expenses for 2024, after hedging, and
levels throughout the year and with the same currency breakdown, would have no material impact on net debt.
an immediate 1% rise in interest rates would add an estimated




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Notes to the consolidated financial statements



The change in the fair value of the interest rate swap at 31 December 2024 was as follows:

(in €m) 31/12/2024
Fair value at 1 January (1.3)
Change in fair value (11.8)
Amount recognized in income statement 0.0
FAIR VALUE AT 31 DECEMBER (13.1)



25.2.3 Commodity risk 25.2.4 Equity risk and treasury stock
Commodity risks arising from changes in the prices of certain It is not Group policy to hold significant portfolios of equities or
raw materials used by the Group – mainly aluminum, copper, equity funds.
nickel used to produce stainless steel and plastics – are hedged The Group does, however, hold a portfolio of treasury stock. It
by derivative instruments. The Group anticipates its needs for thus established:
the coming year and applies appropriate hedging according to its
needs. ■ a liquidity contract set up in order to ensure that there is a
sufficiently liquid market for its shares and to stabilize the
The Group uses swaps and options to set the prices of these share price;
commodities. These hedges of raw material purchases are
qualified as cash flow hedges under IFRS 9 when the criteria ■ the share buyback program, mainly for allocation on exercise
listed in Note 24 are met. of performance shares awarded to employees.
At 31 December 2024, the commodity derivative instruments Treasury stock is deducted directly from equity. Gains and losses
showed an unrealized loss of €1.6 million. In 2023, the from sales of treasury shares are also recognized in
unrealized loss stood at €2.4 million. consolidated equity.
Derivative instruments expiring in 2024 generated a €0.1 million Based on the closing SEB share price on 31 December 2024
loss (€14.0 million loss in 2023). (€87.41), the market value of shares held in treasury at that date
stood at €59.2 million. A 10% increase or decrease in the SEB
share price would therefore have led to a €5.9 million change in
Sensitivity analysis of hedged commodities the market value of treasury stock.
On the portfolio of raw materials, a 10% increase in raw material ZJ Supor, which is now 83.2%-owned by Groupe SEB, is listed on
prices at 31 December 2024 would have had a €10.2 million the Shenzhen Stock Exchange. At 31 December 2024, the share
positive impact on equity. A 10% fall would have an equivalent price was CNY 53.21, valuing Groupe SEB’s investment at
negative effect, assuming all other variables remained constant. €4,650.7 million. Changes in the Supor share price have no
Excluding derivatives, a 10% increase or decrease in raw impact on Groupe SEB’s Consolidated Financial Statements, as
material prices versus their average prices in 2024 would have ZJ Supor is fully consolidated.
had a €16.3 million positive or negative impact on the Operating
Result from Activity.


Note 25.3 Liquidity risk
To manage the liquidity risk that may arise due to financial ■ credit facilities:
liabilities reaching maturity or needing to be settled early, the ■ two confirmed and unused syndicated loans totaling
Group implements a financing strategy based on: €1,485 million, maturing in 2027 and 2028,
■ maintaining cash and cash equivalents at a certain level at all ■ €1,048 million in private placement notes (Schuldschein
times (€1,017.0 million at 31 December 2024); instruments), maturing in 2026, 2028, 2030, 2031 and 2033,
■ short-term financial investments with top-ranked counterparties ■ a €500 million bond debt due in 2025,
in the amount of €75.6 million at 31 December 2024; and
additional liquid resources including: ■ private placement financing of €150 million, maturing in 2036.
■ a €1.25 billion Negotiable European Commercial Paper Cash and cash equivalents and debt are described in Note 18
(NEU CP) program. At 31 December 2024, €478 million had and Note 23, respectively.
been drawn down, Furthermore, the Group’s borrowings and credit facilities do not
■ a €500 million Negotiable European Medium Term Note include any acceleration clauses.
(NEU MTN) program. At 31 December 2024, €260 million
had been drawn down;




308 GROUPE SEB Universal Registration Document 2024
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Notes to the consolidated financial statements 6
Note 25.4 Credit risk
Groupe SEB is exposed to credit risk in the event of customer and financial investments), to the subscription of derivative products
default, as well as to counterparty risk related to the investment and unused credit facilities.
of its cash and cash equivalents (mainly bank credit balances The Group has implemented procedures to regulate and limit
credit risk and counterparty risk.

25.4.1 Trade receivables
At the period-end, trade receivables broke down as follows based on their age:

Past due
(in €m) Current 0–90 days 91–180 days Over 181 days Total
Trade receivables 904.7 213.1 13.6 37.0 1,168.4
Provision for doubtful debt (0.2) (2.6) (0.9) (22.8) (26.5)
TOTAL 904.5 210.5 12.7 14.2 1,141.9

To avoid default risks, Groupe SEB sets individual credit limits Groupe SEB has taken out insurance with COFACE to cover
that are regularly updated based on the customer’s financial customer credit risk. At 31 December 2024, most of the Group’s
position and payment history. subsidiaries were covered by insurance on trade receivables
Groupe SEB’s main customers are well-known international that would apply in the event of non-recovery.
retailers, and for the year ended 31 December 2024, no single
customer accounted for more than 6.0% of sales. 25.4.2 Financial instruments
Furthermore, the Group has chosen to work only with first-rate
Banks in France and abroad.


Note 26 TRADE PAYABLES AND OTHER LIABILITIES

Trade payables and other liabilities are measured at fair value at the time of initial recognition, then at amortized cost.
At the end of the period, trade payables and other liabilities broke down as follows by maturity:

(in €m) 31/12/2024 31/12/2023
Accrued taxes and employee benefits expenses 72.4 53.9
Other liabilities 5.8 5.0
Other non-current liabilities 78.2 58.9
Accrued taxes and employee benefits expenses 314.5 331.7
Due to trade payables of non-current assets 21.5 15.2
(1)
Advances received 256.3 223.6
Other liabilities 38.9 39.3
Other current liabilities 631.2 609.8
Trade payables 1,211.1 1,160.6
(1) Including €160.8 million from Supor at 31 December 2024 (€123.7 million at 31 December 2023).


Non-current accrued taxes and employee benefits expense At 31 December 2024, trade payables under these agreements
corresponds mainly to employee time savings accounts in France. totaled €173.1 million, of which €74.6 million had already been
The Group offers some of its suppliers the option of financing settled by the Group. The payment terms of the Group’s
solutions via financing agreements with partner banks. suppliers range as follows:

“Consumer” business
“Professional”
Number of days before payment (2024) EMEA AMERICAS ASIA business
Suppliers without a financing agreement 7 to 180 days 5 to 180 days 5 to 180 days 7 to 180 days
Suppliers with a financing agreement 31 to 200 days 90 to 120 days 0 to 195 days Not applicable




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Notes to the consolidated financial statements




Note 27 OFF-BALANCE SHEET COMMITMENTS

For several years now, the Group’s reporting system has ■ personal securities (endorsements, bonds and guarantees);
included detailed reporting of off-balance sheet commitments to ■ security interests (mortgages, pledges and collateral);
identify the nature and purpose. The process provides for the
reporting by consolidated subsidiaries, in their consolidation ■ leases (variable or exempt rent contracts in accordance with
packages, of information about the following commitments that IFRS 16), purchase and investment obligations;
they have given: ■ other commitments.

Commitments related to operating activities:

(in €m) 31/12/2024 31/12/2023
Firm orders for the acquisition of industrial assets 19.4 7.7
Guarantees and bonds given(1) 48.3 31.5
Non-cancelable, non-capitalized operating leases(2) 57.2 49.8
Miscellaneous financial commitments including tripartite contracts in China 58.3 70.7
TOTAL COMMITMENTS GIVEN 183.2 159.7
Guarantees received for trade receivables under credit insurance policies 878.7 774.5
Miscellaneous financial commitments 21.3 36.4
TOTAL COMMITMENTS RECEIVED 900.0 810.9
(1) Mainly in Brazil and Germany.
(2) See Note 13.3 Leases.


As part of three-parties contracts signed with leading Chinese The theoretical risk incurred by the Group under these three-
banks and selected distributors, the Group receives Bank parties contracts at 31 December 2024 stood at ¥365.5 million,
Acceptance Drafts which are recorded under other financial or €47.9 million; this risk stood at ¥343.9 million, or
assets (see Note 14) and provides collateral to the bank in the €43.7 million, at 31 December 2023.
event of default by the distributor. If the suppliers endorse these
Bank Acceptance Drafts, they are deconsolidated as the
collateral granted to the bank is not attached to the Draft.



Note 28 RELATED PARTY TRANSACTIONS

Note 28.1 Transactions with associates and non-consolidated companies
The Consolidated Financial Statements include transactions carried out in the normal course of business with related companies and
majority interests in non-consolidated companies.
All of these transactions are carried out on arm’s length terms.

(in €m) 2024 2023
Revenue 2.5 1.6
Other income 1.6 1.9
Purchases 30.0 30.6
Other non-current financial assets 0.0 0.0
Trade receivables 5.6 4.5
Trade payables 2.1 2.9
Collateral given by the Group 160.1 147.2

Income from ordinary activities corresponds to sales made to Financial guarantees given by the Group to banks in connection
the company Zebra. with the external financing of subsidiaries stood at €160.1 million
Groupe SEB mainly completed purchases with Anzaï, a kitchen at 31 December 2024 (versus €147.2 million at 31 December 2023).
utensil supplier of Supor, amounting to €23.9 million in 2024
(€23.6 million in 2023), as well as €5.9 million with Numberly
(1000 Mercis Group) for services (€4.9 million in 2023).




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Notes to the consolidated financial statements 6
Note 28.2 Directors’ and officers’ compensation and benefits
The directors and members of the Group Executive Committee are the current members listed in the corporate governance section of the
annual report along with the members of the Group Executive Committee who left the Group during the period.
The following table provides an analysis of the compensation and benefits paid to the members of the Board of Directors and the Executive
Committee:

(in €m) 2024 2023
SHORT-TERM BENEFITS
Fixed remuneration 5.7 5.1
Variable remuneration 3.7 3.9
Remuneration allocated to directors 0.8 0.8
OTHER BENEFITS
Post-employment benefits 3.0 0.8
Share-based payments (stock options) 7.8 7.8
TOTAL 21.0 18.4

The remuneration and other benefits of Group executive officers are detailed in Chapter 3.5 “Remuneration Policy”. They are not
covered in this note.


Note 29 SEGMENT INFORMATION

In accordance with IFRS 8 – Operating segments, financial The General Management Committee assesses the performance
information is presented based on the internal information of the segments on the basis of:
reviewed and used by the chief operating decision makers, i.e. ■ revenue and Operating profit or loss; and
the members of the General Management Committee.
■ net capital invested defined as the sum of segment assets
The Group’s activities are organized into two activities (Consumer (goodwill, property, plant and equipment and intangible assets,
and Professional). Consumer activities are also monitored by inventory and trade receivables) and segment liabilities (trade
geographic area. payables, other operating liabilities and provisions).
Performance in terms of financing and cash flow and tax on profits
is monitored at Group level and is not allocated per segment.




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Notes to the consolidated financial statements




Financial information by location of assets
The data below includes internal transactions established under “External revenue” corresponds to total sales (within the Group
terms and conditions similar to those offered to third parties, i.e. and to external customers) generated outside the geographical
they include the effects of the Group’s internal transfer prices. segment by companies within the geographical segment.
“Inter-segment revenue” corresponds to sales to external
customers located within the geographical segment.

“Consumer” business
2024 “Professional” Intra-group
(in €m) EMEA AMERICAS ASIA business transactions Total
Revenue
Inter-segment revenue 3,712.6 1,123.2 2,387.8 974.6 8,198.2
External revenue 214.8 0.4 1,851.2 0.0 (1,998.6) 67.8
Total revenue 8,266.0
Profit (loss)
Operating Result from Activity 181.1 82.3 418.4 153.4 (33.5) 801.7
Operating profit (loss)(1) (68.5) 68.6 410.6 162.8 (33.5) 540.0
Finance costs and other financial income
and expenses (119.8)
Profit (loss) attributable to associates
Income tax (137.5)
PROFIT (LOSS) FOR THE PERIOD 282.7
Consolidated balance sheet
Segment assets 3,124.8 1,034.5 1,951.6 2,283.9 (706.9) 7,687.9
Financial assets 1469.6
Tax assets 165.9
TOTAL ASSETS 9,323.4
Segment liabilities (1,331.3) (263.6) (956.3) (331.8) 452.2 (2,430.8)
Borrowings (3,131.3)
Tax liabilities (221.0)
Equity (3,540.3)
TOTAL EQUITY AND LIABILITIES (9,323.4)
Other information
Capital expenditure and purchases
of intangible assets 177.9 26.3 69.9 53.4 327.5
Depreciation and amortization expense (145.0) (21.1) (65.8) (41.9) (273.8)
Impairment losses (16.5) (2.7) 0.0 (1.9) (21.1)
(1) Operating profit for the EMEA Consumer Business includes the €189.5 million provision for the French Competition Authority fine.




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Notes to the consolidated financial statements 6
“Consumer” business
2023 “Professional” Intra-group
(in €m) EMEA AMERICAS ASIA business transactions Total
Revenue
Inter-segment revenue 3,454.3 1,078.3 2,454.3 961.5 0.0 7,948.4
External revenue 247.3 0.3 1,538.3 0.0 (1,728.3) 57.6
Total revenue 8,006.0
Profit (loss)
Operating Result from Activity 105.7 49.2 429.5 150.6 (9.4) 725.6
Operating profit (loss) 57.6 50.2 427.9 141.2 (9.4) 667.5
Finance costs and other financial income
and expenses (80.5)
Profit (loss) attributable to associates 0.0
Income tax (147.6)
PROFIT (LOSS) FOR THE PERIOD 439.4
Consolidated balance sheet
Segment assets 2,950.2 1,024.9 1,695.3 2,125.7 (544.7) 7,251.4
Financial assets 1812.7
Tax assets 188.4
TOTAL ASSETS 9,252.5
Segment liabilities (1,230.2) (279.6) (827.9) (277.2) 449.9 (2,165.0)
Borrowings (3,369.4)
Tax liabilities (257.4)
Equity (3,460.7)
TOTAL EQUITY AND LIABILITIES (9,252.5)
Other information
Capital expenditure and purchases
of intangible assets 149.9 29.2 74.5 34.3 287.9
Depreciation and amortization expense (160.4) (20.4) (67.5) (35.4) (283.7)
Impairment losses (11.9) (0.3) (12.2)



Note 30 FEES PAID TO STATUTORY AUDITORS

The breakdown of fees paid to statutory auditors and members of their networks is as follows:

Deloitte KPMG
Amount Amount
(excluding tax) In % (excluding tax) In %
(in €k) 2024 2023 2024 2023 2024 2023 2024 2023
Statutory auditor, certification, review
of individual and consolidated
financial statements and
sustainability information 2,588 2,343 90% 90% 2,833 2,378 95% 94%
Non-audit services 279 248 10% 10% 143 146 5% 6%
TOTAL 2,867 2,591 100% 100% 2,976 2,524 100% 100%

Services other than the certification of the financial statements provided by SEB S.A.’s Statutory auditors to SEB S.A. and by SEB S.A.’s
Statutory auditors to SEB S.A. and the entities it controls were as follows:
■ for Deloitte & Associés: the issuance of certifications for ■ for KPMG S.A.: the issuance of certificates for entities’
revenue and electrical waste and the issue of financial due accounting and tax information.
diligence reports;




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Notes to the consolidated financial statements




List of consolidated companies at 31 December 2024

Note 31 CONSOLIDATION CRITERIA

Material companies that are controlled by SEB S.A. either Material companies over which SEB S.A. exercises significant influence,
directly or indirectly are consolidated. directly or indirectly, are accounted for by the equity method.
The profits of subsidiaries acquired or disposed of during the Certain companies fulfilling all of the above criteria are not
year are recognized in the consolidated income statement from consolidated because they are not material to the Group:
the acquisition date or up to the disposal date. ■ revenue of less than €15 million;
Where necessary, the financial statements of subsidiaries are ■ total assets of less than €15 million;
restated to comply with Group accounting principles.
■ total debt of less than €5 million.
All intra-Group transactions have been eliminated in consolidation.


Note 32 FULLY CONSOLIDATED COMPANIES

% voting
Company Core business(2) Headquarters Registration no. rights % interest
EMEA
Europe
SEB S.A.(1) Parent company France 300,349,636
Calor S.A.S.(1) * France 956,512,495 100 100
(1)
S.A.S. SEB * France 302,412,226 100 100
Tefal S.A.S.(1) * France 301,520,920 100 100
Rowenta France S.A.S.(1) * France 301,859,880 100 100
Groupe SEB Moulinex S.A.S.(1) * France 407,982,214 100 100
SIS S.A.S.(1) *** France 399,014,216 100 100
SEB Développement S.A.S.(1) *** France 016,950,842 100 100
(1)
Groupe SEB France S.A.S. ** France 440,410,637 100 100
Groupe SEB Retailing S.A.S.(1) ** France 440,410,884 100 100
SEB Internationale S.A.S.(1) Holding company France 301,189,718 100 100
Groupe SEB Export S.A.S.(1) ** France 421,266,271 100 100
SEB Alliance S.A.S.(1) Holding company France 440,410,918 100 100
Immobilière Groupe SEB S.A.S.(1) *** France 799,230,388 100 100
(1)
Krampouz S.A.S. * France 387,558,315 100 100
Ethera S.A.(1) * France 520,944,182 100 100
Groupe SEB Ré(1) *** France 898,183,108 100 100
Feeligreen *** France 538,799,370 99.17 99.17
Forge Adour S.A.S(1) ** France 352,651,673 100 100
Société Financière de Lacanche – Sofilac S.A.S Holding company France 388,851,412 100 100
Etablissements Paul Charvet S.A.S * France 553,620,105 100 100
Alirol service et commercialisation S.A.S ** France 324,666,502 100 100
Société industrielle de Lacanche S.A.S * France 324,578,277 100 100
Emaillerie Rhenane S.A.S * France 481,231,603 100 100
EM.R.ING *** France 481,154,250 100 100
SEB Professional France SARL(1) ** France 421,742,586 100 100
(1)
WMF France Consumer Goods SARL ** France 309,434,017 100 100




314 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
% voting
Company Core business(2) Headquarters Registration no. rights % interest
SEB Portugal Electrodomesticos Ltda. ** Portugal 100 100
Tefal – OBH Nordica Group AB *** Sweden 100 100
Groupe SEB Schweiz GmbH ** Switzerland 100 100
Pacojet International AG ** Switzerland 100 100
Schaerer AG * Switzerland 100 100
Groupe SEB Osterreich GmbH ** Austria 100 100
WMF in Österreich Ges.m.b.H. ** Austria 100 100
Groupe SEB Belgium S.A. NV ** Belgium 100 100
SEB Professional Belux ** Belgium 100 100
Groupe SEB Denmark AS ** Denmark 100 100
Groupe SEB Iberica S.A. ** Spain 99.92 99.92
Zummo Innovaciones Mecánicas, S.A.U. * Spain 100 100
Forge Adour Iberica * Spain 100 100
SEB Professional Iberia S.A. ** Spain 100 100
Groupe SEB Finland OY ** Finland 100 100
Groupe SEB UK Ltd. ** United Kingdom 100 100
Tefal UK Ltd. Dormant United Kingdom 100 100
Fourneaux de France Ltd ** United Kingdom 100 100
SEB Professional United Kingdom Ltd. ** United Kingdom 100 100
Groupe SEB Hellados S.A. ** Greece 100 100
Groupe SEB Italia SpA ** Italy 100 100
Lagostina SpA * Italy 100 100
Coffee Technology * Italy 60 60
La San Marco SpA * Italy 100 100
Groupe SEB Norway A.S. ** Norway 100 100
Groupe SEB Nederland BV ** Netherlands 100 100
Rowenta Invest B.V. Holding company Netherlands 100 100
SEB Professional Nederland B.V. ** Netherlands 100 100
(3)
Rowenta Werke GmbH * Germany 100 100
Groupe SEB WMF Consumer GmbH(3) ** Germany 100 100
EMSA GmbH(3) * Germany 100 100
Finedening TopCo GmbH Holding company Germany 100 100
WMF GmbH * Germany 100 100
Silit-Werke Beteiligungsgesellschaft GmbH *** Germany 100 100
Silit Haushaltswaren GmbH *** Germany 100 100
Silit-Werke GmbH & Co. KG(3) * Germany 100 100
ProHeq GmbH(3) * Germany 100 100
(3)
W. F. Kaiser u. Co. GmbH * Germany 100 100
ProLOG – Logistics Services GmbH & Co. KG(3) *** Germany 100 100
Groupe SEB WMF Retail GmbH(3) ** Germany 100 100
(3)
WMF Business Unit Consumer GmbH ** Germany 100 100
ProMONT Montage GmbH * Germany 100 100
Schaerer Deutschland GmbH ** Germany 100 100
WMF Immobilienverwaltungs GmbH *** Germany 100 100
Groupe SEB WMF Shared Services GMBH *** Germany 100 100
Pacojet Europe GmbH ** Germany 100 100




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6 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements




% voting
Company Core business(2) Headquarters Registration no. rights % interest
EURASIA
Groupe SEB Bulgaria EOOD ** Bulgaria 100 100
Groupe SEB MKU & P D.O.O. ** Croatia 100 100
Groupe SEB for Trade and Consultancy Holding company Egypt 100 100
Groupe SEB for Importation ** Egypt 66.25 55
Groupe SEB Egypt for Household Appliances * Egypt 55 55
Groupe SEB Central Europe Ltd. ** Hungary 100 100
Groupe SEB India PVT Ltd. * India 100 100
Groupe SEB Baltic OU ** Latvia 100 100
Groupe SEB Maroc ** Morocco 55 55
Groupe SEB Arabia for Home Appliances
Company ** Saudi Arabia 55 55
Groupe SEB Polska ZP Z.O.O. ** Poland 100 100
Groupe SEB CR s.r.o ** Czech Republic 100 100
Groupe SEB Romania S.R.L. ** Romania 100 100
Groupe SEB Vostok ZAO * Russia 100 100
Groupe SEB Slovensko s.r.o ** Slovakia 100 100
Groupe SEB d.o.o. ** Slovenia 100 100
Groupe SEB Istanbul EV A.S. ** Turkey 100 100
Groupe SEB Ukraine ** Ukraine 100 100
WMF Bulgaria EOOD ** Bulgaria 100 100
Coffee Day Schaerer Technologies p.l. * India 51 51
ProHeq (CZ) s.r.o. * Czech Republic 100 100
AMERICAS
North America
Groupe SEB Canada Inc. ** Canada 100 100
Groupe SEB USA ** United States 100 100
All-Clad Metal-Crafters LLC * United States 100 100
Groupe SEB Holdings Inc. Holding company United States 100 100
Imusa USA Corp. ** United States 100 100
Wilbur Curtis Co., Inc. * United States 100 100
CEI RE Acquisition LLC *** United States 100 100
SEB Professional North America ** United States 100 100
Storebound LLC ** United States 55 55
Zummo Inc. ** United States 100 100
Groupe SEB Mexico S.A. de CV ** Mexico 100 100
Groupe SEB Servicios S.A. de CV *** Mexico 100 100
South America
Groupe SEB Argentina S.A. ** Argentina 100 100
SEB Do Brasil Produtos Domesticos Ltda. * Brazil 100 100
Groupe SEB Chile Ltda. ** Chile 100 100
Groupe SEB Andean S.A. * Colombia 100 99.56
Groupe SEB Venezuela S.A. ** Venezuela 100 100
Corporación GSV 2015, C.A. *** Venezuela 100 100




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CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements 6
% voting
Company Core business(2) Headquarters Registration no. rights % interest
ASIA
China
Zhejiang Supor Co. Ltd Holding company China 83.19 83.19
Zhejiang Shaoxing Supor Domestic
Electrical Appliances * China 100 83.19
Wuhan Supor Pressure Cooker Co. Ltd Holding company China 100 83.19
Wuhan Supor Cookware Co. Ltd * China 100 83.19
Wuhan Supor Recycling Co. Ltd *** China 100 83.19
Yuhuan Supor Cookware Sales Co. Ltd *** China 100 83.19
Zhejiang Supor Plastic & Rubber Co. Ltd * China 100 83.19
Zhejiang Supor Electrical Appliance
Manufacturing Co. Ltd * China 100 83.19
Hangzhou Omegna Commercial Trade Co. Ltd ** China 100 83.19
Shanghai Supor Cookware Marketing Co. Ltd ** China 100 83.19
EMSA Taicang Co. Ltd. * China 100 100
Zhejiang Futengbao Housewares Co., Ltd. * China 100 83.19
Zhejiang Shaoxing Supor Housewares Co., Ltd. ** China 100 83.19
Zhejiang Supor Large Kitchen Appliance
Manufacturing Co., Ltd. ** China 100 83.19
Shanghai WMF Enterprise Development Co. Ltd * China 100 83.19
Zhejiang Supor Water Heaters Co. Ltd * China 52 43.26
Hainan Tefal Trade Co., Ltd. ** China 100 83.19
Hainan Supor E-Commerce Co. Ltd ** China 100 83.19
GS Innovation Center Co. Ltd *** China 100 100
SEB Professional Shaoxing Co. Ltd * China 100 100
WMF Shanghai Co. Ltd *** China 100 100
SEB Professional (Shanghai) Co. Ltd ** China 100 100
WMF (He Shan) Manufacturing Co. Ltd * China 100 100
Groupe SEB (Shenzen) Co. Ltd. *** China 100 100
ASIA-PACIFIC
Groupe SEB Australia PTY Ltd. ** Australia 100 100
Groupe SEB Korea Co. Ltd. ** South Korea 100 100
SEB Asia Ltd. **/*** Hong Kong 100 100
Groupe SEB Japan Co. Ltd. ** Japan 100 100
Groupe SEB Malaysia SND. BHD ** Malaysia 100 100
Groupe SEB Singapore PTE Ltd. ** Singapore 100 100
South East Asia Domestic Appliances PTE, Ltd. *** Singapore 100 91.43
Groupe SEB Thailand Ltd. ** Thailand 100 100
PT Groupe SEB Indonesia MSD ** Indonesia 66.67 60.95
Vietnam Fan Joint Stock Company * Vietnam 100 100
Vietnam Supor * Vietnam 100 83.19
AFS Vietnam Management Co. Ltd. *** Vietnam 100 91.43
WMF (Hong Kong) Manufacturing Co. Ltd. Holding company Hong Kong 100 100
SEB Professional Japan Corporation K.K. ** Japan 100 100
(1) Companies within the tax consolidation group in France.
(2) Core business:
* manufacturing, sales and marketing;
** sales and marketing;
*** services.
(3) These entities claim the exemption according to paragraph 264 para. 3 HGB (German Commercial Code). The publication of consolidated financial statements releases
Groupe SEB from the obligation to publish individual financial statements and prepare certain elements of local financial statements.




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Notes to the consolidated financial statements




Note 33 TRANSACTIONS WITH ASSOCIATES

Company Core business Headquarters Registration no. % interest
None



Note 34 NON-CONSOLIDATED COMPANIES WHERE GROUPE SEB HAS A %
INTEREST OF AT LEAST 20%

Company Core business(2) Headquarters Registration no. % interest
Wuhan ANZAI Kitchenware Co. Ltd. * China 30.0
Gastromedia Sp.z.o.o. *** Poland 20.0
Bauscher Hepp Inc. Holding company United States 49.0
Groupe SEB Media S.A.S.(1) *** France 539,534,792 100.0
WMF Gastronomie Service GmbH *** Germany 100.0
4iTECH 4.0 (S.A.S.) * France 829,128,420 22.7
Repareseb S.A.S. *** France 892,136,920 49.0
Texelman SL ** Spain 66.0
Premier Ranges Ltd ** United Kingdom 50.0
Arnold III GmbH ** Germany 100.0
(1) Companies within the tax consolidation group in France.
(2) Core business:
* manufacturing, sales and marketing;
** sales and marketing;
*** services.




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Statutory auditors’ report on the consolidated financial statements 6
6.3 Statutory auditors’ report on the consolidated
financial statements
For the year ended December 31, 2024
To the Annual General Meeting of SEB S.A.


Opinion
In compliance with the engagement entrusted to us by your Annual General Meeting, we have audited the accompanying consolidated
financial statements of SEB SA for the year ended December 31, 2024.
In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of
the Group as at December 31, 2024 and of the results of its operations for the year then ended in accordance with International
Financial Reporting Standards as adopted by the European Union.
The audit opinion expressed above is consistent with our report to the Audit and Compliance Committee.


Basis for opinion
Audit framework
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the “Statutory Auditors’ Responsibilities for the Audit of the
Consolidated Financial Statements” section of our report.


Independence
We conducted our audit engagement in compliance with independence requirement rules required by the French Commercial Code
(code de commerce) and the French Code of Ethics (code de déontologie) for statutory auditors for the period from January 1, 2024 to
the date of our report, and specifically we did not provide any prohibited non-audit services referred to in Article 5(1) of regulation (EU)
No. 537/2014.


Justification of assessments - Key audit matters
In accordance with the requirements of Articles L.821-53 and R.821-180 of the French Commercial Code relating to the justification of
our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment,
were of most significance in our audit of the consolidated financial statements of the current period, as well as how we addressed
those risks.
These matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our
opinion thereon, and we do not provide a separate opinion on specific items of the consolidated financial statements.




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Statutory auditors’ report on the consolidated financial statements




Measurement of the recoverable amount of goodwill and trademarks
with indefinite useful lives

RISK IDENTIFIED OUR RESPONSE
See Note 11 “Intangible assets” to the consolidated financial statements
As at December 31, 2024, goodwill and trademarks with indefinite Our work involved (i) assessing compliance of the methodology
useful lives recorded in the consolidated statement of position applied by Management with current accounting standards and
had respective net carrying amounts of €1,966 million and €1,204 (ii) obtaining an understanding of the internal control procedures
million, representing around 34% of total consolidated assets. relating to the measurement of goodwill and trademarks with
indefinite useful lives.
In valuing these assets, the Group performs annual impairment
tests on goodwill and trademarks with indefinite useful lives and We also assessed the main estimates adopted, considering in
whenever there is any indication of impairment according to the particular:
methods described in Notes 11.3 and 11.4 to the consolidated ■ the methods and parameters used by Management to determine
financial statements. For the purpose of these tests, goodwill and the discount rates and perpetual growth rates applied to the
trademarks with indefinite useful lives are grouped into cash- estimated cash flows. With the help of our valuation specialists
generating units (CGUs) as described in Note 11.3 to the included the audit team, we recalculated these discount rates
consolidated financial statements. using the most recent external market data considering the
We deemed the measurement of the values in use used to economic and financial context specific to each CGU;
determine the recoverable amount of goodwill and trademarks ■ consistency of the future cash flow projections of the CGUs with
with indefinite useful lives to be a key audit matter due to: regard to past results and our knowledge of the activities;
■ the materiality of goodwill and trademarks with indefinite ■ when a group entity is listed (as is the case for the Supor Group),
useful lives in the consolidated financial statements; the market value adopted in connection with the stock market
■ the significant estimates underlying the calculation of their price and its trend;
value in use, including revenue and operating income rate ■ the sensitivity scenarios used by Management for which we
forecasts, the perpetual growth rates used to determine the verified the mathematical accuracy.
terminal value and discount rates;
We also assessed the appropriateness of the disclosures
■ the sensitivity of the measurement of these values in use to presented in the notes to the consolidated financial statements.
certain assumptions, including any changes in the discount
rate, perpetual growth rate or business operating income.



Measurement and recognition of provisions for deferred rebates

RISK IDENTIFIED OUR RESPONSE
See Note 5 “Revenue” and Note 16 “Trade receivables” to the consolidated financial statements
■ SEB’s consolidated revenues are recognized after deduction of Our work primarily involved:
rebates and discounts. These include trade discounts or ■ assessing the appropriateness of the accounting rules applied
rebates, as well as the advertising contributions invoiced by with regard to the recognition of deferred rebates in line with
clients and consumer promotions. revenue recognition principles;
■ Management assesses the amount of provisions for deferred ■ obtaining an understanding of and assessing the internal control
rebates granted to customers and offset against trade procedures relating to the measurement and recognition of
receivables based on the contractual or constructive deferred rebates in line with revenue and testing the
commitments of SEB Group entities identified at the period- effectiveness of key controls relating to these procedures;
end.
■ assessing the consistency of changes in deferred rebates with
■ Given the complex and diverse nature of the numerous existing changes in revenue;
agreements with retailers, there is a risk that the provision
may be incorrectly estimated. We therefore deemed the ■ analyzing the differences between the amounts set aside for
valuation and recognition of provisions for deferred rebates to provisions in the previous reporting period and amounts
be a key audit matter. actually paid during the period and assessing the validity of
reversals of provisions that may no longer be required;
■ for a defined sample, testing the calculation of the year-end
provisions for deferred rebates based on the contractual terms
and, in particular, (i) verifying the consistency with the
accounting records of the revenue subject to rebates used to
calculate the rebates, (ii) assessing compliance of the applied
rebate rates with contractual rates, and (iii) verifying the
mathematical accuracy of the year-end provision calculation.




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Statutory auditors’ report on the consolidated financial statements 6
Specific verifications
We have also performed, in accordance with professional standards applicable in France, the specific verification required by laws and
regulations of the Group’s information given in the management report of the Board of Directors.
We have no matters to report as to their fair presentation and their consistency with the consolidated financial statements.


Other Legal and Regulatory Verifications or Information
Format of presentation of the financial statements intended to be included
in the annual financial report
We have also verified, in accordance with the professional standard applicable in France relating to the procedures performed by the
statutory auditor relating to the annual and consolidated financial statements presented in the European single electronic format, that
the presentation of the consolidated financial statements intended to be included in the annual financial report mentioned in
Article L.451-1-2, I of the French Monetary and Financial Code (code monétaire et financier), prepared under the responsibility of the
Chief Executive Officer, complies with the single electronic format defined in the European Delegated Regulation No 2019/815
of December 17, 2018. As it relates to consolidated financial statements, our work includes verifying that the tagging of these
consolidated financial statements complies with the format defined in the above delegated regulation.
Based on the work we have performed, we conclude that the presentation of the consolidated financial statements intended to be
included in the annual financial report complies, in all material respects, with the European single electronic format.
We have no responsibility to verify that the consolidated financial statements that will ultimately be included by your company in the
annual financial report filed with the AMF are in agreement with those on which we have performed our work.


Appointment of the Statutory Auditors
We were appointed statutory auditors of SEB SA by the Annual General Meeting held on May 20, 2021.
As at December 31, 2024, Deloitte & Associés et KPMG S.A. were both in their fourth year of uninterrupted engagement.


Responsibilities of Management and Those Charged with Governance
for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with
International Financial Reporting Standards as adopted by the European Union and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless it is
expected to liquidate the Company or to cease operations.
The Audit and Compliance Committee is responsible for monitoring the financial reporting process and the effectiveness of internal
control and risk management systems and where applicable, its internal audit, regarding the accounting and financial reporting
procedures.
The consolidated financial statements were approved by the Board of Directors.


Statutory auditors’ responsibilities for the audit of the consolidated
financial statements
Objectives and audit approach
Our role is to issue a report on the consolidated financial statements. Our objective is to obtain reasonable assurance about whether the
consolidated financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance
but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As specified in Article L.821-55 of the French Commercial Code, our statutory audit does not include assurance on the viability of the
Company or the quality of management of the affairs of the Company.




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Statutory auditors’ report on the consolidated financial statements



As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises
professional judgment throughout the audit and furthermore:
■ identifies and assesses the risks of material misstatement of the consolidated financial statements, whether due to fraud or error,
designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and
appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control;
■ obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control;
■ evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by Management in the consolidated financial statements;
■ assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s
ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report.
However, future events or conditions may cause the company to cease to continue as a going concern. If the statutory auditor
concludes that a material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in
the consolidated financial statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein;
■ evaluates the overall presentation of the consolidated financial statements and assesses whether these statements represent the
underlying transactions and events in a manner that achieves fair presentation;
■ obtains sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group
to express an opinion on the consolidated financial statements. The statutory auditor is responsible for the direction, supervision
and performance of the audit of the consolidated financial statements and for the opinion expressed on these consolidated financial
statements.


Report to the Audit and Compliance Committee
We submit a report to the Audit and Compliance Committee which includes in particular a description of the scope of the audit and the
audit program implemented, as well as the results of our audit. We also report, if any, significant deficiencies in internal control
regarding the accounting and financial reporting procedures that we have identified.
Our report to the Audit and Compliance Committee includes the risks of material misstatement that, in our professional judgment, were
of most significance in the audit of the consolidated financial statements of the current period and which are therefore the key audit
matters that we are required to describe in this report.
We also provide the Audit and Compliance Committee with the declaration provided for in Article 6 of regulation (EU) No. 537/2014,
confirming our independence within the meaning of the rules applicable in France, such as they are set in particular by Articles
L.822‑10 to L.822-14 of the French Commercial Code and in the French Code of Ethics for statutory auditors. Where appropriate, we
discuss with the Audit and Compliance Committee the risks that may reasonably be thought to bear on our independence and the
related safeguard.


Paris-La Défense, April 3, 2025
The Statutory Auditors

KPMG S.A. Deloitte & Associés
Eric ROPERT Sara RIGHENZI DE VILLERS Patrice CHOQUET Bertrand BOISSELIER




322 GROUPE SEB Universal Registration Document 2024
CONSOLIDATED FINANCIAL STATEMENTS
History of significant consolidated items and ratios 6
6.4 History of significant consolidated items and ratios

6.4.1 History of significant consolidated items

(in €m) 2024 2023 2022 2021 2020 2019(6) 2018 2017 2016(5) 2015
RESULTS
Sales in France 905 791 753 948 796 780 775 804 779 739
Sales outside France 7,361 7,215 7207 7111 6144 6,574 6,037 5,681 4,221 4,031
Total sales 8,266 8,006 7960 8059 6940 7,354 6,812 6,485 5,000 4,770
Operating Result from Activity 802 726 620 813 605 740 695 661 505 428
Operating profit (loss) 540 668 547 715 503 620 626 580 426 371
Profit attributable to SEB S.A. 232 386 316 454 301 380 420 375 259 206
Depreciation, amortization
and impairment losses 295 296 274 272 274 278 179 178 123 146
Employee benefits expense(1) 1568 1485 1405 1407 1315 1,373 1,286 1,250 831 802
Discretionary and non-discretionary
profit‑sharing and bonuses 33 24 18 39 24 37 34 38 37 31
EBITDA(2) 835 963 821 987 777 899 805 765 550 508
Adjusted EBITDA(3) 1042 985 874 1041 851 966 829 808 591 533
BALANCE SHEET (AT 31 DECEMBER)
Shareholders’ equity after appropriation 3,381 3,311 3,308 3,150 2,612 2,553 2,196 1,861 1,747 1,829
Net debt 1,926 1,769 1,973 1,524 1,518 1,997 1,578 1,905 2,019 316
Non-current assets 4,873 4,735 4,648 4,442 4,247 4,260 3,576 3,508 3,583 1,654
Capital expenditure 328 288 388 312 298 701 215 192 181 153
Inventories and work-in-progress 1,646 1,475 1,682 1,840 1,212 1,189 1,181 1,112 1,067 821
Trade receivables net of
advances received 886 794 645 789 841 1,017 939 1,016 1,053 886
Trade payables net of advances made 1,144 1,100 933 1,514 1,205 991 999 906 915 695
Net cash from operating activities 532 1,021 276 573 962 682 724 457 576 376
Number of employees at 31 December
(in units) 32,237 31,314 30,863 32,695 32,847 34,263 33,974 32,319 32,871 26,024
SHARES (IN €)
Total number of shares outstanding
(in thousands) 55,338 55,338 55,338 55,338 50,307 50,307 50,169 50,169 50,169 50,169
Weighted average number of shares
after treasury stock (in thousands) 54,518 55,051 55,055 53,886 50,073 49,779 49,661 49,597 49,749 49,037
Adjusted diluted earnings per share 4.23 6.97 5.71 8.36 5.96 7.58 8.38 7.50 5.15 4.14
Net income 2.80 2.62 2.45 2.45 2.14 1.43 2.14 2.00 1.72 1.54
Yield per share (in %)(4) 3.20 2.32 3.13 1.79 1.44 1.08 1.90 1.29 1.34 1.63
Price range:
High 120.20 115.80 142.00 159.20 153.30 166.80 175.90 169.90 136.00 97.45
Low 84.75 77.45 55.20 115.40 86.35 107.00 105.60 115.70 79.90 58.01
Price at 31 December 87.50 113.00 78.25 136.90 149.00 132.40 112.80 154.45 128.75 94.60
Stock market capitalization (in € million) 4,842.1 6,253.2 4,330.2 7,575.7 7,495.74 6,660.7 5,659.1 7,748.6 6,459.3 4,746.0
Average daily trading volume
(number of shares) 59,888 56,580 77,708 64,434 68,854 53,796 56,108 53,452 60,252 79,811
(1) Excluding discretionary and non-discretionary profit-sharing and matching contributions to employee savings plans, including temporary staff costs. Since the Group’s
transition to IFRS in 2004, the reported amounts have also included the service cost of pension and other post-employment.
(2) Earnings before interest, taxes, depreciation and amortization (including amortization and impairment of goodwill and trademarks, and depreciation and amortization
expense reported under “Other operating income and expenses”, financial costs and income tax).
(3) Recurring Operating profit before operating depreciation and amortization.
(4) Dividend for the year expressed as a percentage of the closing share price at the year-end.
(5) The balance sheets and income statements for 2016 were restated in subsequent years. The restatements were not material.
(6) After first application of IFRS 16 and excluding Krampouz.




Universal Registration Document 2024 GROUPE SEB 323
6 CONSOLIDATED FINANCIAL STATEMENTS
History of significant consolidated items and ratios




6.4.2 History of consolidated ratios

(in %) 2024 2023 2022 2021 2020 2019(3) 2018 2017 2016 2015
PROFITABILITY RATIOS
Return on equity before
appropriation of
previous year’s profit 6.70 11.20 9.61 16.59 11.44 16.46 21.36 20.43 13.55 11.94
Net profit/Sales 2.81 4.82 3.97 5.63 4.33 5.16 6.16 5.78 5.17 4.32
FINANCIAL RATIOS
Net debt/shareholders’
equity before
appropriation(1) 54.41 51.12 57.21 46.30 55.51 76.02 68.39 96.96 109.98 16.57
Financial costs, net/
Revenue 1.45 1.01 1.01 0.80 0.88 0.83 0.47 1.11 1.16 1.00
Net debt/Adjusted
EBITDA (in value)(1) 1.85 1.80 2.26 1.46 1.78 2.07 1.90 2.36 3.42 0.59
INVESTMENT RATIOS(2)
Investments/Sales 3.96 3.60 4.87 3.88 4.30 9.53 3.15 2.97 3.63 3.23
(1) As per new definition of net debt. Note 23.2.
(2) Capital expenditure on property, plant and equipment, software and development costs.
(3) After first application of IFRS 16.




324 GROUPE SEB Universal Registration Document 2024
7 Company financial
statements

7.1 Financial statements 326 7.3 Five-year financial summary 342

1211.1.2
Income statement 326
Balance sheet 327 7.4 Statutory auditors’ report on the financial
1211.1.3

statements 343

7.2 Notes to the SEB S.A. financial statements 328

1211.1.4
Significant events of the year 328




Universal Registration Document 2024 GROUPE SEB 325
7 COMPANY FINANCIAL STATEMENTS
Financial statements




7.1 Financial statements

Income statement
Year ended 31 December

Income/(expenses)
(in €m) Notes 2024 2023
Operating income 1.7 1.7
Operating expenses (26.4) (27.0)
Operating profit (loss) 2 (24.7) (25.4)
Net financial income from equity investments 343.3 470.3
Cost of net financial debt (63.8) (45.6)
Foreign exchange income (44.7) (45.5)
Other financial income and expenses (46.9) (193.3)
Finance costs and other financial income and expenses 3 187.8 185.9
Profit before tax 163.1 160.5
Exceptional profit 4 (194.8) (2.0)
Income tax 5 21.0 20.3
PROFIT FOR THE PERIOD (10.7) 178.7




326 GROUPE SEB Universal Registration Document 2024
COMPANY FINANCIAL STATEMENTS
Financial statements 7
Balance sheet
Year ended 31 December

2024 2023
Assets Depreciation/
(in €m) Notes Gross Amortization Net Net
Patents, licenses and other rights 0.1 (0.1) 0.1 0.1
Financial investments 2,037.1 (496.4) 1,540.7 1,580.7
Loans to subsidiaries and affiliates 3,090.9 (80.1) 3,010.8 2,694.1
Other non-current assets 0.1 0.0 0.1 0.1
Non-current assets 6 5,128.2 (576.6) 4,551.6 4,274.9
Accounts receivable 25.6 25.6 11.9
Other receivables 7 146.6 146.6 92.7
Investment securities 8 88.4 88.4 329.1
Liquid assets and cash instruments 293.2 293.2 410.9
Prepaid expenses 0.5 0.5 0.5
Current assets 554.2 554.2 845.1
Deferred financing costs 9 6.8 6.8 5.6
Bond redemption premium 9 0.4 0.4 1.2
Conversion losses 14.2 14.2 17.2
TOTAL ASSETS 5,703.8 (576.6) 5,127.2 5,144.1



Liabilities (before appropriation of profit)
(in €m) Notes 2024 2023
Share capital 55.3 55.3
Additional paid-in capital 114.9 114.9
Revaluation reserve 16.9 16.9
Legal reserve 5.5 5.5
Regulatory reserves 0.8 0.8
Revenue reserves 7.9 7.9
Retained earnings 1,077.8 1,046.9
Profit (loss) for the period (10.7) 178.7
Shareholders'Equity 10 1,268.4 1,426.9
Provisions for risks 275.5 80.3
Provisions for charges 128.1 129.8
Provisions for risks and charges 11 403.6 210.1
Bank borrowings 12 1,727.6 1,913.8
Other borrowings 12 1,637.7 1,529.1
Trade payables 2.8 2.4
Accrued taxes and employee benefits expenses 2.4 3.3
Other liabilities 13 82.6 56.2
Liabilities 3,453.1 3,504.8
Conversion gains 2.2 2.2
TOTAL LIABILITIES 5,127.2 5,144.1




Universal Registration Document 2024 GROUPE SEB 327
7 COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements




7.2 Notes to the SEB S.A. financial statements

Significant events of the year
Changes in the composition of the Board of Directors
During the year, the Annual General Meeting of 23 May 2024 At 31 December 2024, the Board of Directors was composed of
renewed for a period of four years the directorships of Thierry de 14 members with a four-year term of office, in accordance with
La Tour d’Artaise, of the Fonds Stratégique de Participations, the bylaws.
represented by Catherine Pourre, and of Venelle Investissement, The composition of the Board of Directors is as follows:
represented by Damarys Braida.
■ the Chairman;
It also appointed François Mirallié as director to replace
Jérôme Lescure. ■ six directors representing the Founder Group, namely:
In addition, the Board of Directors re-elected Thierry de La Tour ■ four directors from VENELLE INVESTISSEMENT,
d’Artaise as Chairman of the Board of Directors. At the same ■ two directors from GÉNÉRACTION;
time, Adeline Lemaire was appointed Permanent Representative
■ four independent directors;
of Bpifrance Investissement to replace Guillaume Mortelier.
■ one director representing employee shareholders;
■ two directors representing employees.


Investigation by the French Competition Authority
In October 2013, the French Competition Authority conducted an and distributors, but dismissed the objection concerning the
inquiry into the pricing and listing practices of several domestic exchange of information (horizontal agreement). SEB S.A., as
appliance manufacturers, including Groupe SEB France and parent company of Groupe SEB France and Groupe SEB
Groupe SEB Retailing over the period 2008 to 2013. Retailing, is liable for the full amount of the fine. A risk provision
The notification of objections received on 23 February 2023 for the amount of the fine was recognized in the company’s
alludes to suspicions of practices involving sale prices imposed financial statements at 31 December 2024.
on certain retailers and exchanges of statistical information However, the Group maintains that it has not committed any
through a professional association, in the Small Electrical offense. It has always acted in the interests of its customers and
Appliances sector. The hearing before the Authority’s Board took for the benefit of French consumers, in strict compliance with
place on 5 and 6 March 2024. The Board’s decision was published applicable regulations. It therefore categorically refutes the
on 19 December 2024. In this decision, the Competition Authority Competition Authority’s finding and rejects any allegation that its
imposed a joint and several fine on the companies SEB S.A., practices did not comply with competition rules. The Group will
Groupe SEB France et Groupe SEB Retailing of €189.5 million for appeal before the Court of Appeal of Paris, seeking to have the
the vertical agreement on sale prices between manufacturers Authority’s decision set aside.


“Horizon 2024” employee share ownership plan
The company launched “Horizon 2024”, its new employee share €19,5 million, or around 264,000 shares. This operation was
ownership plan. This plan, launched in 37 countries with around serviced by treasury shares and did not lead to the creation of
19,000 eligible employees, was a resounding success, with a new shares. At the end of the operation, employee participation
subscription rate of more than 28%. The subscription amount, in the share capital had increased to reach 3.36%.
including the matching payment, thus totaled more than


Strengthening the financial structure
New €495 million syndicated loan An additional €150 million in financing
On 1 March 2024, the company arranged a three-year syndicated On 3 April 2024, the company successfully completed a 12-year
loan for €495 million, with two options for a one-year extension. private placement of €150 million with leading institutional
The loan is not accompanied by any financial covenants. investors. The placement is without financial covenants and is
the company’s first with a maturity of more than 10 years,
demonstrating the confidence of investors in its strategy and
long-term prospects. This financing extends the average maturity
of the company’s debt.


Contract for the sale of receivables
Several subsidiaries of SEB S.A. signed a contract during the financial year for the sale of some of their receivables. This contract had
no impact on the company’s financial statements over the 2024 financial year.




328 GROUPE SEB Universal Registration Document 2024
COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements 7
INDEX OF NOTES

Note 1 Accounting principles 330 Note 11 Provisions for risks and charges 335
Note 2 Operating profit (loss) 330 Note 12 Maturities of borrowings 336
Note 3 Finance costs and other financial income Note 13 Debt maturity schedule 337
and expenses 331
Note 4 Exceptional profit 332 Other information 337
Note 5 Income tax 332 Note 14 Employees 337
Note 6 Non-current assets 333 Note 15 Stock option and performance share plans 337
Note 7 Maturities of other loans 334 Note 16 Financial commitments 338
Note 8 Investment securities 334 Note 17 Pension commitments 339
Note 9 Deferred financing costs and bond issue premiums 334 Note 18 Post-balance sheet event 341
Note 10 Equity 335 Note 19 List of subsidiaries and affiliates 341




Universal Registration Document 2024 GROUPE SEB 329
7 COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements




Note 1 ACCOUNTING PRINCIPLES

Note 1.1 Principles Clarification of ANC regulation no. 2015-05:
■ foreign exchange hedges linked to current accounts, intra-
General accounting conventions were applied, in line with the Group loans/borrowings, and foreign currency bank accounts
principle of prudence and in compliance with the general rules are revalued on the balance sheet to offset the revaluation at
on the preparation and presentation of annual financial statements the closing rate of these items. The premium/discount is
set out in French law and France’s Chart of Accounts (Plan taken to profit or loss over the term of the hedge;
Comptable Général) governed by regulation 2014-03 issued by
the French Accounting Standards Authority (Autorité des normes ■ the competitiveness and transactional hedges taken out with
comptables, “ANC”) on 5 June 2014. banking counterparties are backed in accounting terms by
foreign exchange hedges granted to Group subsidiaries. In the
event of a significant difference between the rates realized
Note 1.2 Cash and cash equivalents with the banking counterparties and the rates granted to the
subsidiaries, any gains or losses realized by SEB S.A. will be
and financial instruments passed on to the subsidiaries that initiated the hedging requests;
SEB S.A. takes care of cash management and risks related to the ■ currency translation adjustments on hedges and hedged items
Group’s financing. Several notes to the financial statements in are classified in the income statement under Net financial income
this appendix refer to the following principles: and expense. The company does not engage in optimization
transactions that entail additional risks for the business;
■ SEB S.A. takes care of the Group’s short-term financing needs.
SEB S.A. has therefore implemented automatic daily bank ■ financial income and expenses relating to interest rate hedges
balance reporting systems with some of its subsidiaries. are recognized in the income statement symmetrically to the
For other subsidiaries, cash requirements or surplus cash are income and expenses generated by the hedged item;
transferred manually. Short-term loans or borrowings between ■ the company centrally manages raw materials price increase
Group companies and SEB S.A. pay interest at the spot base risks by entering into raw materials derivative contracts on
rate for the currencies concerned, plus or minus a margin; behalf of Group subsidiaries. Realized gains and losses on
■ SEB S.A. also takes care of the Group’s medium- and long- derivatives entered into with bank counterparties are written
term financing needs. SEB S.A. has therefore set up medium- back to the subsidiaries that initiated the hedging requests;
or long-term loans for some of its subsidiaries. The interest ■ the fair value of the instruments and information on the
rate applied to these loans is either a fixed rate or a swap rate volume and nature of the instruments (type of income/
for the currency plus a margin; underlyings) and the amount of deferred realized gains and
■ SEB S.A. raises capital on the financial markets and/or from losses on the balance sheet are disclosed in Note 16.
financial institutions in euros. SEB S.A. buys and sells foreign Clarification of conversion and valuation procedures:
exchange hedges that enable it to convert its euro financing
Cash and short-term bank loans denominated in foreign
into its subsidiaries’ local currency. Exposure to currency risks
currency at the period-end are converted into local currency at
on the financing of non-euro subsidiaries is hedged in this way;
the exchange rate on the last business day of the period, and
■ the company puts competitiveness and transactional hedges foreign exchange translation adjustments are recognized in
in place to cover its subsidiaries’ exposure to currency risks. profit for the period under “Foreign Exchange gains” or “Foreign
The hedged transactions are recorded for the guaranteed Exchange losses”.
price by SEB S.A. for the operating subsidiaries and in their
own currency for market subsidiaries. A provision may be set
aside to cover the unhedged portion of the risk.



Note 2 OPERATING PROFIT (LOSS)

(in €m) 2024 2023
Other income 1.7 1.7
Operating income 1.7 1.7
Other purchases and external charges 10.6 8.7
Taxes other than income tax 5.8 7.2
Wages, salaries and payroll taxes 6.5 8.4
Depreciation, amortization and impairment losses 2.4 1.6
Other expenses 1.1 1.1
Operating expenses 26.4 27.1
TOTAL OPERATING PROFIT (LOSS) (24.7) (25.4)




330 GROUPE SEB Universal Registration Document 2024
COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements 7
Operating profit amounted to -€24.7 million in 2024, compared to Personnel costs decreased over the financial year and included
-€25.4 million in 2023. an impairment charge of €3.2 million on treasury shares.
Operating expenses consist primarily of external expenses Operating income and expenses include transactions with
(€10.6 million), personnel costs (€6.5 million) and taxes (€5.8 million). related companies, carried out under normal market conditions.
External expenses include fees for the Horizon 2024 plan.


Note 3 FINANCE COSTS AND OTHER FINANCIAL INCOME AND EXPENSES

(in €m) 2024 2023
Dividends 231.6 354.3
Net interest income received from subsidiaries 111.6 116.0
Net financial income from subsidiaries and equity investments 343.3 470.3
Cost of net financial debt (63.8) (45.6)
Foreign exchange income (44.7) (45.5)
Other financial income and expenses (46.9) (193.3)
TOTAL FINANCIAL PROFIT 187.8 185.9

Finance costs amounted to €187.8 million in 2024, compared to €185.9 million in 2023.


Note 3.1 Net financial income Note 3.3 Foreign exchange income
from subsidiaries
Foreign exchange income amounted to -€44.7 million in 2024,
and equity investments versus -€45.5 million in 2023. This foreign exchange income is
composed of net exchange differences on hedged items (banks,
Dividends received during the financial year totaled €231.6 million
loans, invoicing and financial instruments) and associated costs.
compared to €354.3 million in 2023, a decrease of €122.7 million.
This change is due both to the absence of distribution by Rowenta This foreign exchange income is stable for the period.
Invest BV in 2024, compared with €85.0 million paid in 2023, and
by a decrease in dividends received from Groupe SEB France –
€47.3 million in 2024 compared with €74.0 million in 2023. Note 3.4 Other financial income
It should be noted that the dividends paid by SEB Internationale and expenses
were stable at €150.0 million.
Net financial interest income received from subsidiaries consists Other financial income and expenses mainly consist of provisions
primarily of income net of remuneration from subsidiaries’ for impairment of financial items of -€46.1 million in 2024,
loans and current accounts. compared to -€192.4 million in 2023.
Given the changes to its subsidiaries over the financial year,
SEB S.A. completed impairment of its equity interests to the
Note 3.2 Cost of net financial debt value of -€40.0 million (including S.A.S. SEB for -€33.2 million,
Calor S.A.S. for -€6.4 million, Rowenta S.A.S. for -€1.2 million,
The cost of net borrowings was -€63.8 million in 2024, compared Groupe SEB Retailing S.A.S. for €0.8 million and a reversal of the
to -€45.6 million in 2023. The increase in these expenses is linked provision for Groupe SEB Moulinex for +€1.6 million.)
to refinancing operations that took place during the period, with
Over the period, the company also impaired loans and current
a significant rate impact due to the rise in market interest rates.
accounts to the value of €6.1 million, of which €5.5 million to the
Russian subsidiary Groupe SEB Vostok and €0.6 million for Ethera.




Universal Registration Document 2024 GROUPE SEB 331
7 COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements




Note 4 EXCEPTIONAL PROFIT

(in €m) 2024 2023
Gains/(losses) on sales of treasury shares (29.1) (24.6)
Income from treasury shares rebilled to subsidiaries 21.5 17.5
Reversal (increase) in provision for losses on treasury shares (2.1) 0.2
Other non-recurring income (expenses) (186.8) 3.8
Reversal (increase) in provision for charges for tax group 1.7 1.1
TOTAL EXCEPTIONAL PROFIT (194.8) (2.0)

Exceptional profit amounted to -€194.8 million in 2024, Disposals of treasury shares generated a net capital loss of
compared to -€2.0 million in 2023. ‑€29.1 million in 2024, versus -€24.6 million in 2023.
Following the decision of the French Competition Authority to fine During the period, 763,153 treasury shares were sold, including
SEB, the company recognized a provision for the amount of the fine 316,764 under the liquidity contract, 182,375 under the annual
of €189.5 million at 31 December 2024 (see significant events of free share award program, and 263,974 shares in connection
the year). with the Horizon 2024 plan.


Note 5 INCOME TAX

Note 5.1 Analysis of income tax
Since 2015, SEB S.A. has signed a tax group agreement with all The agreement also states that at the “end of a loss-making
its subsidiaries benefiting from the tax group system, setting financial year, the subsidiary shall not be entitled to make any
the rules for the tax group. The contract specifies that the tax claim on the parent company on this basis, even if the parent
group will take effect retroactively from 1 January 2013 and, company establishes a claim against the French Treasury
pursuant to the provisions of Article 223 A et seq. of the French by opting to carry back the total loss”.
General Tax Code, will be tacitly renewed for additional five- Concerning tax credits, the subsidiaries’ liability to the parent
year periods. company shall be reduced:
The agreement also provides that subsidiary companies which ■ for tax credits that cannot be carried forward and cannot be
are members of the tax group should be placed in a situation refunded. If the subsidiary is loss-making, these claims
during consolidation comparable to the situation that they shall be offset by the parent company against the income
would have been in if the Group did not exist. tax owed by the Group;
With regard to the calculation of tax liability, each subsidiary ■ for all tax credits that cannot be carried forward but can be
“shall pay the parent company, by way of contribution to the refunded. The fraction of the claim in excess of the income
Group’s income tax, irrespective of the actual amount of said tax owed by the subsidiary shall be repaid to the subsidiary
tax, a sum equal to the tax that it would have paid on earnings by the parent company.
and/or net long-term capital gains for the financial year had
it been taxed separately, minus all the tax deductions to which Lastly, if the subsidiary leaves the tax group, the agreement
the subsidiary would have been entitled in the absence of provides that compensation shall be paid insofar as it can be
consolidation, including its tax loss carryforwards”. determined, by mutual agreement, that the subsidiary has paid
too much tax as a result of its membership of the Group.


The tax result of SEB S.A. showed a loss at 31 December 2024. Income tax breaks down as follows:

2024 2023
Income/(expenses) Profit for the Profit for the
(in €m) Before tax Tax period Before tax Tax period
Profit (loss) from ordinary activities 163.1 (1.1) 161.9 160.5 (23.1) 137.4
Exceptional profit (194.8) (1.4) (196.1) (2.0) (0.5) (2.6)
Tax loss carryforwards generated/(used) 2.5 2.5 18.4 18.4
Tax group 21.7 21.7 24.0 24.0
Other income and (expenses) (0.7) (0.7) 1.5 1.5
TOTAL (31.7) 21.0 (10.7) 158.5 20.3 178.7




332 GROUPE SEB Universal Registration Document 2024
COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements 7
Note 5.2 Tax group In addition, under the tax agreement signed with member
companies, the tax savings made by the Group as a result of the
The tax group recorded a loss for the 2024 financial year. tax group are retained by the parent company.
Tax integration savings amount to €21.7 million. They are Since the agreement was implemented, provisions have not been
recognized in the company’s financial statements as current tax recorded in the financial statements of SEB S.A. to cover the tax
income, breaking down as follows: loss carryforwards generated by members of the tax group
other than SEB S.A. Only reversals of provisions are recorded
■ income of €21.6 million for tax losses by consolidated
when tax loss carryforwards are used. In this regard, the
subsidiaries used in the financial year;
company recorded a provision reversal of €1.7 million.
■ an expense of -€2.7 million related to tax credits from
unallocated profit-making subsidiaries;
■ a tax saving of €7.4 million resulting from the application of Note 5.3 Deferred tax assets and liabilities
the specific tax group rules for determining the individual
profit or loss. At 31 December 2024, deferred tax assets totaled €0.6 million
(compared with €0.6 million at 31 December 2023), corresponding
to unrealized exchange gains deductible the year following their
recognition.


Note 6 NON-CURRENT ASSETS

The gross amount of shares in subsidiaries and affiliates on Treasury shares are classified in the two following ways:
the balance sheet is the sum of the purchase price (after ■ all treasury shares bought back for allocation under existing
statutory revaluation if necessary) plus additional charges. or future stock option or performance share plans are
Impairment tests are conducted at each year-end to check that classified as “investment securities”;
the net book value does not exceed the net asset value. If the ■ all other classes of treasury shares – mainly treasury shares
net asset value is inferior to the net book value, a provision for held under a liquidity contract – are classified as “other non-
impairment is observed, equal to the amount of the difference. current assets”.
The net asset value can be pegged to the value in use and At year-end, an impairment loss is recognized in connection
determined according to the share of the net assets, adjusted with the liquidity agreement whenever the average purchase
where applicable for potential capital gains on intangible assets price of treasury shares held in the portfolio is higher than the
(brands and technologies), land assets or financial assets, or, if it average share price for the last month of the year.
is considered more relevant, on the basis of discounted cash flow.


(in €m) 2023 Increase Decrease 2024
Patents, licenses and other rights 0.2 0.2
Financial investments 2,037.0 2,037.0
Loans to subsidiaries and affiliates 2,768.1 759.6 436.8 3,090.9
Other non-current financial assets 0.1 0.1
Total gross value 4,805.4 759.6 436.8 5,128.2
Patents, licenses and other rights (0.1) (0.1)
Provisions for investments and related receivables (530.4) (47.7) (1.6) (576.5)
Total provisions (530.5) (47.7) (1.6) (576.6)
TOTAL NET VALUE 4,274.9 711.9 435.2 4,551.6

■ SEB S.A.’s holdings consist of securities held directly by the €1,992.9 million. These loans and advances were primarily
company in French subsidiaries and a foreign company. provided to WMF GmbH (€330.8 million), SEB Internationale
■ Loans to subsidiaries and affiliates consist of advances made (€313.0 million), Groupe SEB Export (€300.0 million) and
by SEB S.A. to its French and foreign subsidiaries in connection Wilbur Curtis Co., Inc. (€214.0 million).
with the Group’s financial policy (see Note 1.2 under the ■ During the financial year, the company granted new advances
Accounting principles). totaling €759.6 million, split between new long-term loans
■ At 31 December 2024, these net receivables from subsidiaries of €152.7 million (including €67.2 million to SEB Do Brasil,
totaled €3,090.9 million, including medium- and long-term €28.8 million to Groupe SEB Istanbul, and a new loan set up
loans totaling €1,098.0 million (€53.7 million are repayable with the subsidiary Groupe SEB Japan Co. for €19.6 million)
within one year) and current account advances of and an increase in current account advances to its
subsidiaries of €606.9 million.




Universal Registration Document 2024 GROUPE SEB 333
7 COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements



■ For addition, loans granted by the company decreased over ■ Other non-current financial assets mainly include treasury
the period in a total amount of €436.8 million. These shares under the liquidity agreement. As at 31 December 2024,
decreases are mainly due to the repayment of long-term the liquidity contract portfolio showed a zero balance. Over
loans in the value of €323.2 million (including €99.9 million the financial year, 316,764 shares were bought back at an
for WMF GmbH, €70.2 million for SEB Internationale, average price of €103.38 and 316,764 shares were sold
€28.4 million for SEB Commercial and €19.9 million for at an average price of €103.35 per share.
Groupe SEB Holdings, Inc., as well as the transfer of a loan ■ Lastly, the valuation of the subsidiaries’ portfolios led the company
from SEB Commercial to SEB Do Brasil for €48.0 million) and to make a net allocation to provisions of €46.1 million for
repayments of current account advances of €113.6 million. impairment of financial elements (the breakdown is explained
in Note 3).


Note 7 MATURITIES OF OTHER LOANS

Due by 31/12/2024
Less than More than
(in €m) 2023 2024 1 year 1 to 5 years 5 years
Tax receivables 16.3 23.3 23.3
Accruals of subsidiaries 50.8 55.6 18.1 37.5
Financial instruments 25.6 28.9 28.9
Other financial receivables 38.5 38.5
TOTAL 92.7 146.3 108.7 37.5

No financial investments with a maturity of less than one year and for which availability is between 32 and 91 days are present in the
accounts as at 31 December 2024. Other financial receivables, amounting to €38.5 million, consist of cash in transit.


Note 8 INVESTMENT SECURITIES


Treasury shares are classified as follows: ■ all other classes of treasury shares – mainly treasury shares
■ all treasury shares bought back for allocation under existing held under a liquidity contract – are classified as “other non-
or future stock option or performance share plans are classified current assets”.
as “investment securities”;

(in €m) 2024 2023
Treasury shares 71.9 27.7
Investment securities 16.5 301.4
TOTAL 88.4 329.1

At 31 December 2024, SEB S.A. held a total of 676,780 treasury No unrealized loss on investment securities was recorded at 31
shares (compared with 276,407 at 31 December 2023) at an average December 2024.
price of €106.18, notably to cover current stock option plans.


Note 9 DEFERRED FINANCING COSTS AND BOND ISSUE PREMIUMS

(in €m) 2024 2023
Deferred financing costs 6.8 5.6
Share premium 0.4 1.2
TOTAL 7.2 6.8

The costs of issuing capitalized loans and bond share premiums Of the charges to be deferred, maturities of more than one year
increased by €0.4 million over the period, in conjunction with stand at €4.7 million for loan issue costs.
new financing during the financial year.




334 GROUPE SEB Universal Registration Document 2024
COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements 7
Note 10 EQUITY

Share capital
At 31 December 2024, the share capital was €55,337,770 and “theoretical” voting rights and 80,666,711 “effective” voting rights
remained unchanged over the financial year. This was made up (excluding treasury shares).
of 55,337,770 fully paid-up shares, representing 81,343,491

Changes in equity

Additional Reserves and
Share paid-in retained Profit (loss)
(in €m) capital capital earnings for the period Total
Balance at 31 December 2023 before allocation
of the result 55.3 114.9 1078.0 178.7 1,426.9
Allocation of the result for the 2023 financial year 178.7 (178.7)
Dividends distributed for the 2023 financial year (147.8) (147.8)
Profit (loss) for the 2024 financial year (10.7) (10.7)
BALANCE AT 31 DECEMBER 2024
BEFORE ALLOCATION OF THE RESULT 55.3 114.9 1108.9 (10.7) 1,268.4



Note 11 PROVISIONS FOR RISKS AND CHARGES

In accordance with the principles of ANC regulation no. 2015- The company also records provisions on the balance sheet for
05, the company recognizes a provision for currency risks, on the tax savings resulting from the implementation of the tax
the basis of an aggregate net position determined per currency group, relating to the utilization of losses incurred by certain
at year-end. subsidiaries, which may have to be transferred back to them if
The company funds a provision for contingencies for expected and when they leave the consolidation group.
losses on performance shares under performance share plans
granted to all Group employees.


Reversals not
(in €m) 2023 Increases applicable Utilizations 2024
Provisions for claims and litigation
Provisions for currency risks 17.2 14.2 17.2 14.2
Provisions for other risks 63.1 217.8 19.5 261.3
Provisions for risks 80.3 232.0 36.8 275.6
Provisions for Tax Group 129.8 1.7 128.1
Provisions for charges 129.8 1.7 128.1
TOTAL 210.1 232.0 38.5 403.6

Provisions for other risks amounted to €261.3 million in 2024, (compared with €17.2 million in 2023) to cover currency risk on
compared with €63.1 million in 2023. This amount includes the the items hedged.
provision for the €189.5 million fine imposed by the French Lastly, the company’s financial statements continue to include a
Competition Authority, as well as the provision for capital losses €128.1 million provision, to address the risk of having to refund
expected on free shares in the amount of €71.8 million. the tax used by the tax group to the subsidiaries. During the
A provision for currency risks was recorded in the financial financial year, the company made a reversal of €1.7 million.
statements at 31 December 2024, in the amount of €14.2 million




Universal Registration Document 2024 GROUPE SEB 335
7 COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements




Note 12 MATURITIES OF BORROWINGS

Due by 31/12/2024
Less than More than
(in €m) 2023 2024 1 year 1 to 5 years 5 years
Bonds 1,008.1 503.7 503.7
Other financial debts (including private
placements) 864.6 1,050.2 2.2 695.0 353.0
Bank borrowings 41.1 173.7 23.7 150.0
Bank borrowings 1,913.8 1,727.6 529.6 695.0 503.0
NEU Commercial Paper 420.0 477.7 477.7
NEU Medium Term Notes 296.0 260.0 110.0 150.0
Group borrowings 808.0 897.4 897.4
Employee profit-sharing 5.1 2.6 2.6
Other borrowings 1,529.1 1,637.7 1,487.7 150.0
TOTAL 3,442.9 3,365.3 2,017.3 845.0 503.0

In January 2024, SEB S.A. received €203.5 million under the new LOAN MATURITIES AT 31 DECEMBER 2024 (IN M€)
€650 million Schuldschein private placement, placed in December
1,200
2023 (€446.5 million having been received in 2023).
24
As planned, in January 2024 the company reimbursed a
Schuldschein private placement in the amount of €18 million. 1,000
On 3 April 2024, the company issued a 12-year private placement
of €150 million with leading institutional investors. In May 2024, 500
as planned, SEB S.A. reimbursed its €500 million bond issue 800
subscribed in May 2017.
Furthermore, NEU MTN outstanding totaled €260 million 600
at 31 December 2024 (down €36 million compared with 110
31 December 2023). NEU CP outstanding amounted to
€477.7 million (up €57.7 million compared with 31 December 2023). 400
This NEU CP was issued as part of a €1,250 million NEU CP
program, which has a short-term rating of A2 awarded by 478
212 483
Standard & Poor’s. In addition, the NEU MTN program amounted 200
to €500 million.
145 176 127
5 50 150
0

2025 2026 2027 2028 2030 2031 2032 2036

NEU CP Bond
NEU MTN 12-year financing
Schuldschein Blocked current accounts
& bank borrowings




336 GROUPE SEB Universal Registration Document 2024
COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements 7
Note 13 DEBT MATURITY SCHEDULE

Due by 31/12/2024
Less than More than
(in €m) 2023 2024 1 year 1 to 5 years 5 years
Trade payables 2.4 2.8 2.8
Accrued taxes and employee benefits
expenses 3.3 2.4 2.2 0.2
Other liabilities 56.2 82.6 82.6
TOTAL 61.9 87.7 87.5 0.2

Other liabilities consisted primarily of liability cash instruments totaling €50.0 million and subsidiaries’ current income tax accounts
totaling €18.9 million.


Other information

Note 14 EMPLOYEES

The average number of employees was two (executive officers), the same as the previous financial year.


Note 15 STOCK OPTION AND PERFORMANCE SHARE PLANS

The change in performance share assets over the period was as follows:

At 31/12/2024 Date Number of shares
Share price on
Type of grant(1) of vesting granted vested canceled Outstanding the grant date
Performance shares 20/05/2021 21/05/2024 200,000 182,375 17,625 151.3
Performance shares 19/05/2022 19/05/2025 218,360 19,870 198,490 100.4
Performance shares 17/05/2023 18/05/2026 218,085 8,500 209,585 101.6
Performance shares 23/05/2024 24/05/2027 253,235 253,235 111.8
TOTAL 889,680 182,375 45,995 661,310
(1) The grant date corresponds to the date on which the Board of Directors granted the rights.


As part of its share buyback program, approved by the Combined As the plans for 2025 to 2027 involve a maximum number
Annual General Meeting of 23 May 2024, SEB S.A. has purchased of shares, SEB S.A. may enter into other such transactions up to
846 722 shares over the period, includind 691 722 shares from the overall amount of the plans should it wish to increase
the company Peugeot Invest. These transactions were conducted the level of coverage.
to partially cover the performance share award plans for
employees, subject to performance conditions, maturing in 2024,
2025 and 2026 and approved by resolution 15 of this meeting.


Horizon 2024
The company successfully launched “Horizon 2024”, its new This operation was serviced by treasury shares and did not lead
employee share ownership plan. This enabled it to offer employees to the creation of new shares. At the end of the operation,
in 37 countries the opportunity to become shareholders. employee participation in the company’s share capital had
The purchase price was set at €73.71, i.e. 20% below the average increased to 3.36%.
SEB share price for the 20 days preceding the opening of the The shares acquired under this employee share ownership plan
employee subscription period. The total amount subscribed are locked-in for five years, except in cases where they are
exceeded €19,5 million, i.e. 263,974 shares, including the released early as permitted by law.
company’s matching payment.




Universal Registration Document 2024 GROUPE SEB 337
7 COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements




Note 16 FINANCIAL COMMITMENTS

31/12/2024 31/12/2023
(in €m) Notional amount Market value Notional amount Market value
COMPARED TO THE MARKET
Balance sheet commitments
FX hedges for competitiveness and transactional risk
Forward sales of foreign currencies 455.7 (9.9) 493.0 8.5
Forward purchases of foreign currencies (622.1) 12.9 (547.7) (10.8)
Optional currency sale strategy 70.2 1.1 18.9 0.2
Optional currency purchase strategy 142.9 1.9 168.6 (7.9)
Financial FX hedges
Currency swap 263.2 0.9 173.8 (3.3)
Cross-currency swaps 159.2 (19.6) 153.5 (11.3)
Forward financial sales/purchases 17.1 (0.1) 23.8
Other hedges
Puts on treasury shares (including premiums paid) (0.8) (5.5)
Off-balance sheet commitments
FX hedges for competitiveness
Forward sales of foreign currencies 304.8 0.4 255.9 4.3
Forward purchases of foreign currencies (833.0) 17.7 (415.1) (3.4)
Optional currency sale strategy 350.5 2.1 246.4 1.1
Optional currency purchase strategy 334.0 8.0 572.0 (6.8)
Financial FX hedges
Forward financial sales
Forward financial purchases
Optional currency sale strategy 408.3 (0.4) 397.0 1.1
Optional currency purchase strategy
Other hedges
Fixed-rate payer swaps (211.0) (6.0) 588.5 (5.7)
Cross-currency swaps 159.2 10.7 153.5 15.2
Raw materials derivatives 107.4 (1.9) 97.3 (2.4)
WITH SUBSIDIARIES
Balance sheet commitments
Revaluation of intra-Group transactions (95.4) (12.1) (144.3) (0.3)
Off-balance sheet commitments
Raw materials derivatives 107.4 (1.9) 97.3 (2.4)

The use and accounting treatment of financial instruments are Commitments received by SEB S.A.
disclosed under the Accounting principles. Notional amounts
represent the notional amounts of the contracts. The market The company has two confirmed undrawn syndicated loans,
value of financial instruments represents the gain or loss that maturing in 2027 and 2028, for a total of €1,485 million.
would have been recognized had the contracts been settled
The company also has the following programs:
on the market at 31 December 2024. It is estimated based on
the exchange rate and interest rate at 31 December 2024, ■ a €500 million NEU MTN program, €260 million of which has
or obtained from the counterparty banks with which the been used;
commitments were made. ■ a €1,250 million NEU CP program, €478 million of which has
been used.

Commitments given by SEB S.A.
The company has given guarantees to various counterparties to
cover commitments totaling €39.1 million.




338 GROUPE SEB Universal Registration Document 2024
COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements 7
Note 17 PENSION COMMITMENTS

The following table provides an analysis of the compensation and benefits paid to SEB S.A. Executive officers:

(in €m) 2024 2023
Short-term benefits
Fixed remuneration 1.7 1.8
Variable remuneration 1 1
Remuneration as a member of the Board of Directors 0.05 0.05
Other benefits
Share-based payments (stock options/year N-3) 3.9 2.6
Value of the performance shares awarded for the period 1.3 1.1
Benefit in kind 0.07 0.06



Pension commitments New plan “L. 137-11-2”
Following the freeze and closure of the previous plan and
The Chief Executive Officer is a member of the collective the publication of the department of Social Security’s directive of
supplementary pension plan set up for Groupe SEB’s senior 23 December 2020, the implementation of a new plan with
managers on French contracts (members of the Executive defined benefits and certain rights, meeting the conditions set
Committee). out in Article L. 137-11-2 of the French Social Security Code, was
For senior managers in office on 3 July 2019, the provisions of decided by the Board of Directors on 16 December 2021, on the
Order no. 2019-697 of 3 July 2019 on supplementary work recommendation of the Governance and Remuneration Committee
pension plans forced the Group to freeze and close this plan as of 9 December 2021.
of 31 December 2019. This new plan applies to members of the General Management
This scheme complemented the statutory schemes and was Committee and/or the Executive Committee, with the exception
composed as follows: of those who have received an additional pension corresponding
■ a defined-benefit deferred compensation plan, under which to the maximum entitlements under the previous plan and/or who
beneficiaries are subject to seniority and presence conditions. benefit from an equivalent retirement plan in another country.
The amount of benefits payable under this plan in addition to This new plan provides for payment to the beneficiary, at the
the applicable statutory schemes represents up to 25% of a earliest of the date on which they have liquidated their pension
reference remuneration calculated on the average of the under a mandatory pension plan to which they have contributed,
target remuneration for the past three years; or from the statutory retirement age referred to in Article
■ a supplementary defined-benefit plan, subject to seniority and L. 161‑17-2 of the French Social Security Code, of a life annuity
service conditions, with the potential benefits accruing per with the possibility of reversion.
year of service being 0.8% of the reference compensation The reference remuneration used to calculate entitlements in
calculated on the average of the annual target compensation respect of the year in question only includes the fixed portion
over the preceding three years and capped at 20 years’ of the salary taken into account when calculating social security
service, i.e. a maximum of 16% of the reference compensation. contributions and the bonus paid subject to contributions,
in application of Article L. 242-1 of the French Social Security Code.
Groupe SEB executives became potentially eligible for the
defined benefit plans after eight years of service on the Groupe The annual entitlements correspond to 1% of the reference
SEB Executive Committee, and subject to completion of their remuneration defined above.
careers within the Group. Annual entitlements are conditional on compliance with
At its meeting of 16 December 2021, the Board of Directors laid conditions related to the annual assessment of the beneficiary’s
out a new plan for this group of individuals that was in keeping professional performance. Performance is calculated on the
with France’s PACTE law on business growth and transformation basis of the Business Revenue and Operating Result from
and with Ordinance no. 2019-697. Activity objectives set by the Board of Directors over the year in
question. This calculation is defined annually by the Governance
The new plan was presented to the staff representative body
and Remuneration Committee at the start of the year when
(CSE) on 20 December 2021 and implemented the following day,
calculating the C1, which is also used to calculate the variable
i.e., 21 December 2021, with effect from 1 January 2022 for the
portions for the Group’s corporate executive officers as specified
Chief Executive Officer.
above. If actual performance is equal to or greater than 100%,
For the old plan and for the new plan implemented on the entitlements will equal 1% of the reference remuneration.
21 December 2021 (supplementary pension plan with defined If actual performance is between 0% and 100%, the entitlements
benefits and certain entitlements, pursuant to Article L. 137-11-2 will be prorated.
of the French Social Security Code), Groupe SEB aims to outsource
Therefore, entitlements may be nil (0%). Annual entitlements
all commitments to a collective fund to which payments are
may not exceed 3% of the reference remuneration. Furthermore,
made regularly.
the total percentage points applied to the same beneficiary
is capped at 30 points over their entire career and all their
employers combined.




Universal Registration Document 2024 GROUPE SEB 339
7 COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements



Entitlements are revalued annually by a coefficient equal to the In accordance with the provisions set forth in Article L. 225-42-1
changes in the social security ceiling. In the event of departure of the French Commercial Code, payment of the severance
from the company and prior to drawing their pension, allowance shall be subject to performance conditions, assessed
the entitlements are revalued annually in the same way. as follows:
In addition, in the event of the death of the beneficiary before ■ the severance allowance shall be adjusted for the rate of
they draw their pension, entitlements are retained for the benefit achievement of targets, in said capacity, for the period limited
of the beneficiaries. to the last four financial years (in the event of a term of office
The amount payable is financed exclusively by premiums paid by exceeding four years);
Groupe SEB to an insurance company. With regard to the social ■ if the average percentage achieved is below 50%: no
security contributions associated with payment of the annuity, termination benefit is paid;
the company is obliged to pay a contribution based on premiums
paid to the insurance company at the rate of 29.7% set by the ■ if the average actual performance represents 50% to 100% of
French Social Security Code. the targets: the termination benefit is comprised between 75%
and 100%, based on a straight-line calculation;
The various conditions of the former pension plan imply that at
31 December 2023 Stanislas de Gramont will be able to receive, ■ if the average percentage achieved is above 100%: 100% of
at the legal retirement age, a gross replacement ratio (including the benefit is paid.
statutory plans) of 14.30% of his reference remuneration as As his service within the company exceeded 24 months, the
Chief Executive Officer. This would correspond to a replacement maximum amount of termination benefits reached the cap of
ratio of 3.99% of his reference remuneration (not counting 24 months’ remuneration in December 2020.
statutory plans).
Furthermore, termination benefits are only paid in the event of
Stanislas de Gramont joined the new plan implemented on forced departure, and will still be capped at two years’
21 December 2021 on 1 January 2022. This information was subject remuneration (fixed and variable received). This includes the
to ex-ante/ex-post approval at the Annual General Meeting. non-compete clause.
The replacement ratio under the new plan is 5.9% of his fixed
Pursuant to the non-compete agreement, in case of termination
remuneration as Chief Executive Officer at 31 December 2024.
of his appointment of office as Chief Operating Officer, by means
Given the performance conditions for the periods in question,
of dismissal or resignation, he shall be prohibited for a one-year
Stanislas de Gramont received no new entitlements under the
period (renewable once) from working in any manner with a
new plan in respect of 2023, but received 1% in respect of 2024.
competitor of Groupe SEB, on a worldwide basis.
In consideration for this non-compete clause and for its entire
Severance allowance and non-compete duration, Stanislas de Gramont will receive a monthly non-compete
payments payment amounting to 50% of his monthly average fixed and variable
remuneration (paid or due depending on the circumstances) over
For Thierry de La Tour d’Artaise his last 12 months of service within the Group.
Thierry de La Tour d’Artaise is not entitled to a severance The Board of Directors may release Stanislas de Gramont from this
allowance in the event that his corporate office is terminated. obligation by waiving the non-compete clause.
Thierry de La Tour d’Artaise’s employment contract did not This corporate mandate agreement dated 12 December 2018,
contain a non-compete clause. This employment contract ended which includes the non-compete clause, and the severance terms
on 1 July 2022, when his pension was liquidated under the legal and conditions described above, were approved by the shareholders
system. at their Annual General Meeting, in accordance with “ex-ante
and ex-post Say-on-Pay” procedures.
Entitlement to stock options in the event of termination
The last stock option plan (known as the “15 June 2012 stock
Continuation of employment contract
option plan”) lapsed on 16 June 2020 at the end of its eight-year
Thierry de La Tour d’Artaise began his career at Groupe SEB
term. The clause relating to the terms and conditions of holding
in 1994 and was appointed Chairman and CEO in 2000.
stock options is therefore no longer relevant.
In accordance with changing governance practice, his employment
contract was suspended in 2005. This employment contract
For Stanislas de Gramont ended on 1 July 2022, when his pension was liquidated under
Stanislas de Gramont is entitled to a severance allowance in the the legal system.
event that his corporate office is terminated. With regard to Stanislas de Gramont, who was appointed Chief
The reference remuneration used to calculate the severance Operating Officer on 3 December 2018, the Board of Directors of
allowance consists of the last two years of fixed and variable 23 October 2018 decided to hire him solely under a corporate
remuneration that Stanislas de Gramont has received in his mandate (so no applicable employment contract). This status, i.e.
capacity as Chief Operating Officer and Chief Executive Officer no contract of employment, just a corporate mandate, was
since 1 July 2022. retained when he became Chief Executive Officer.
The remuneration policy and components applicable to these
two individuals were approved at the Annual General Meeting,
in accordance with the “ex-ante and ex-post Say-on-Pay” procedure,
and are described in detail in Chapter 3.5 “Remuneration policy”
of the Universal Registration Document.




340 GROUPE SEB Universal Registration Document 2024
COMPANY FINANCIAL STATEMENTS
Notes to the SEB S.A. financial statements 7
Note 18 POST-BALANCE SHEET EVENT

On the date these financial statements were approved by the Board of Directors, on 26 February 2025, no subsequent material event
had occurred.


Note 19 LIST OF SUBSIDIARIES AND AFFILIATES

Note 19.1 Subsidiaries (more than 50%-owned)

Gross
carrying Net carrying
amount of amount of Dividends
Reserves shares in shares in Loans and received by
and Percentage other other advances Guarantees the company
Share retained share of subsidiaries subsidiaries granted by and bonds over the
(in €m) capital(1) earnings capital held and affiliates and affiliates the company given period
Calor S.A.S. 44.0 (37.7) 100% 233.9 85.4 31.94
S.A.S. SEB 19.4 (72.7) 100% 195.5 21.2 101.93
Tefal S.A.S. 7.1 31.8 100% 6.6 6.6 51.96 17.4
Rowenta France S.A.S. 8.0 (59.8) 100% 29.6 4.3 77.3
SEB Développement S.A.S. 3.3 1.6 100% 18.0 18.0 24.11 3.8
Rowenta Invest B.V. 42.8 169.6 100% 211.8 211.8 0.0
SEB Internationale S.A.S. 830.0 1,596.3 100% 963.4 963.4 313.03 150.0
Groupe SEB France 42.0 32.0 98% 73.9 73.9 47.3
Groupe SEB Export 5.8 25.0 100% 38.0 38.0 300 9.5
Groupe SEB Moulinex 20.0 (82.3) 100% 176.8 14.0 110.01
Groupe SEB Retailing 1.0 0.7 100% 3.0 1.2 0 0.6
SEB Alliance 30.0 (33.9) 100% 30.0 30.0 170.23
Immobilière Groupe SEB 37.5 0.0 100% 50.0 50.0 121.06
Ethera(2) 2.4 (8.0) 63.5% 1.6 0.0 10.76
Groupe SEB RE (Captive) 4.4 0.0 99.0% 4.3 4.3 4.0
(1) The equity of subsidiaries does not include net profit (loss) for the period, as the company financial statements were not finalized at the date of publication of this document.
(2) Ethera’s current account depreciated in part to €3.4 million at the end of the financial year.



Note 19.2 Affiliates (10% to 50%-owned)

Gross carrying Net carrying
amount of shares amount of shares Loans and
in other in other advances granted
Reserves and Percentage share subsidiaries subsidiaries and received by
(in €m) Share capital retained earnings of capital held and affiliates and affiliates the company
SEB International
Service S.A.S. 0.8 0.3 46.80% 0.5 0.5 15.7

The company considers that disclosure of results of individual consolidated level. Group consolidated revenue generated by direct
subsidiaries could be seriously prejudicial to its interests. Additional and indirect subsidiaries and affiliates totaled €8,266.0 million,
information analyzed by geographic segment is provided at and profit attributable to owners of the parent came to €232.0 million.




Universal Registration Document 2024 GROUPE SEB 341
7 COMPANY FINANCIAL STATEMENTS
Five-year financial summary




7.3 Five-year financial summary
(in € thousands) 2024 2023 2022 2021 2020
SHARE CAPITAL AT YEAR-END
a) share capital 55,338 55,338 55,338 55,338 50,307
b) number of shares outstanding 55,337,770 55,337,770 55,337,770 55,337,770 50,307,064
c) number of convertible bonds outstanding 0 0 0 0 0
OPERATIONS AND PROFIT (LOSS) FOR THE PERIOD
a) net revenue, excluding tax
b) profit before tax, depreciation, amortization and
provisions 211,117 361,839 214,092 145,400 98,073
c) income tax (20,997) (20,263) (27,911) (31,077) (27,178)
d) profit after tax, depreciation, amortization and
provisions (10,691) 178,729 181,969 162,611 124,594
(1)
e) dividend payout 159,425 149,729 139,928 139,989 123,237
EARNINGS PER SHARE (in units)
a) profit after tax but before depreciation,
amortization and provisions 4.2 6.9 4.4 3.2 2.5
b) profit after tax, depreciation, amortization and
provisions (0.2) 3.2 3.3 2.9 2.5
c) dividend per share(1) 2.8 2.6 2.5 2.5 2.1
EMPLOYEES
a) number of employees (executive officers) 2 2 2 2 2
b) total payroll 5,622.7 6,913.5 8,109.3 6,641.2 8,154.5
c) employee benefits paid (payroll taxes) 902.0 1,477.2 531.0 1,892.8 1,626.9
(1) Temporary amount in 2024.




342 GROUPE SEB Universal Registration Document 2024
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Statutory auditors’ report on the financial statements 7
7.4 Statutory auditors’ report on the financial statements
For the year ended December 31, 2024


This is a translation into English of the statutory auditors’ report on the financial statements of the Company issued in French and it is
provided solely for the convenience of English-speaking users.
This statutory auditors’ report includes information required by European regulation and French law, such as information about the
appointment of the statutory auditors or verification of the information concerning the Group presented in the management report and
other documents provided to shareholders.
This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards
applicable in France.


To the Annual General Meeting of SEB S.A.


Opinion
In compliance with the engagement entrusted to us by your Annual General Meeting, we have audited the accompanying financial
statements of SEB SA for the year ended December 31, 2024.
In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company
as at December 31, 2024 and of the results of its operations for the year then ended in accordance with French accounting principles.
The audit opinion expressed above is consistent with our report to the Audit and Compliance Committee.


Basis for opinion
Audit framework
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the “Statutory Auditors’ Responsibilities for the Audit of the
Financial Statements” section of our report.


Independence
We conducted our audit engagement in compliance with independence requirements of the French Commercial Code (code de
commerce) and the French Code of Ethics (code de déontologie) for statutory auditors, for the period from January 1, 2024 to the date of
our report and specifically we did not provide any prohibited non-audit services referred to in Article 5(1) of regulation (EU) No 537/2014.


Justification of assessments - Key audit matters
In accordance with the requirements of Articles L.821-53 and R.821-180 of the French Commercial Code relating to the justification of
our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment,
were of most significance in our audit of the financial statements of the current period, as well as how we addressed those risks.
These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon,
and we do not provide a separate opinion on specific items of the financial statements.




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7 COMPANY FINANCIAL STATEMENTS
Statutory auditors’ report on the financial statements




Valuation of investments in subsidiaries

RISK IDENTIFIED OUR RESPONSE
See Note 6 "Non-current assets" to the annual financial statements
At December 31, 2024, investments in subsidiaries are booked for Our work consisted mainly in (i) assessing the compliance of the
a net carrying amount of €1,540.7 million, which represents around methodology adopted by Management with current accounting
30% of total assets. standards and (ii) obtaining an understanding of the internal
control procedures relating to the valuation of investments in
At the year-end, investments in subsidiaries are valued by the
subsidiaries.
Company using the balance sheet amount that can be obtained
with reference to values in use, determined based on the share of We also reviewed the methods used by Management to determine
net assets, adjusted, where necessary, for potential capital gains the balance sheet amount based on the estimates obtained and
arising from intangible (brands and technologies), real estate or documented according to the various criteria described below.
financial assets, or discounted cash flows if deemed more relevant, For valuations based on the share of net assets, we verified that
as described in Note 6 - "Non-current assets" to the annual the shareholders’ equity amount matched the audited accounts of
financial statements. the relevant entities.
If this balance sheet amount is lower than the net carrying amount, Where applicable, for estimates based on forecast data, we:
a provision for impairment is recorded for the difference.
■ verified the consistency of the assumptions used in the cash
We have considered the valuation of investments in subsidiaries to flow forecasts with past performances and the economic
be a key audit matter due to: environment,
■ the materiality of these assets in the SEB S.A. balance sheet, ■ compared some of these assumptions with market data
■ the need for Management to use estimates and assumptions to or documented evidence,
determine the balance sheet amount, and ■ analyzed the methods and parameters used to determine
■ the sensitivity of this valuation to some of these assumptions. the present value of estimated cash flows,
■ verified the mathematical accuracy of these estimates.



Specific verifications
We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and
regulations.


Information given in the management report and in the other documents with respect
to the financial position and the financial statements provided to the shareholders
We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in
the management report of the Board of Directors and in the other documents with respect to the financial position and the financial
statements provided to the shareholders.
We attest the fair presentation and the consistency with the financial statements of the information relating to the payment deadlines
mentioned in Article D.441-6 of the French Commercial Code.


Information related to Corporate Governance
We attest that the Board of Directors’ report on corporate governance contains the information required by Articles L.225-37-4, L.22-
10-10 and L.22-10-9 of the French Commercial Code.
Concerning the information given in accordance with the requirements of Article L.22-10-9 of the French Commercial Code relating to
remunerations and benefits received or awarded by the directors and any other commitments made in their favor, we have verified its
consistency with the financial statements, or with the underlying information used to prepare these financial statements and, where
applicable, with the information obtained by your company from controlled companies within the scope of consolidation. Based on
these procedures, we attest the accuracy and fair presentation of this information.
With respect to the information relating to items that your Company considered likely to have an impact in the event of a takeover bid or
exchange offer, provided pursuant to Article L.22-10-11 of the French Commercial Code, we have agreed this information to the source
documents communicated to us. Based on these procedures, we have no observations to make on this information.




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Statutory auditors’ report on the financial statements 7
Other Legal and Regulatory Verifications or Information
Format of the presentation of the financial statements intended to be included in the annual
financial report
We have also verified, in accordance with the professional standard applicable in France relating to the procedures performed by the
statutory auditor relating to the annual and consolidated financial statements presented in the European single electronic format, that
the presentation of the financial statements intended to be included in the annual financial report mentioned in Article L.451-1-2, I of
the French Monetary and Financial Code (code monétaire et financier), prepared under the responsibility of the Chief Executive Officer,
complies with the single electronic format defined in the European Delegated Regulation No 2019/815 of December 17, 2018.
Based on the work we have performed, we conclude that the presentation of the financial statements included in the annual financial
report complies, in all material respects, with the European single electronic format.
We have no responsibility to verify that the financial statements that will ultimately be included by your Company in the annual financial
report filed with the AMF are in agreement with those on which we have performed our work.


Appointment of the Statutory Auditors
We were appointed statutory auditors of SEB SA by the Annual General Meeting held on May 20, 2021.
As at December 31, 2024, Deloitte & Associés et KPMG S.A. were both in their fourth year of uninterrupted engagement.


Responsibilities of Management and Those Charged with Governance
for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with International
Financial Reporting Standards as adopted by the European Union and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless it is expected to
liquidate the Company or to cease operations.
The Audit and Compliance Committee is responsible for monitoring the financial reporting process and the effectiveness of internal
control and risk management systems and where applicable, its internal audit, regarding the accounting and financial reporting
procedures.
The financial statements were approved by the Board of Directors.


Statutory auditors’ responsibilities for the audit of the financial statements
Objectives and audit approach
Our role is to issue a report on the financial statements. Our objective is to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance but is not a guarantee
that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
As specified in Article L.821-55 of the French Commercial Code, our statutory audit does not include assurance on the viability of the
Company or the quality of management of the affairs of the Company.




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As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises
professional judgment throughout the audit and furthermore:
■ Identifies and assesses the risks of material misstatement of the financial statements, whether due to fraud or error, designs and
performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to
provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
■ Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control;
■ Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by management in the financial statements;
■ Assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s
ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report.
However, future events or conditions may cause the Company to cease to continue as a going concern. If the statutory auditor
concludes that a material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in
the financial statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein;
■ Evaluates the overall presentation of the financial statements and assesses whether these statements represent the underlying
transactions and events in a manner that achieves fair presentation.


Report to the Audit and Compliance Committee
We submit a report to the Audit and Compliance Committee which includes in particular a description of the scope of the audit and the
audit program implemented, as well as the results of our audit. We also report, if any, significant deficiencies in internal control
regarding the accounting and financial reporting procedures that we have identified.
Our report to the Audit and Compliance Committee includes the risks of material misstatement that, in our professional judgment, were
of most significance in the audit of the financial statements of the current period and which are therefore the key audit matters that we
are required to describe in this report.
We also provide the Audit and Compliance Committee with the declaration provided for in Article 6 of regulation (EU) No. 537/2014,
confirming our independence within the meaning of the rules applicable in France, such as they are set in particular by Articles L.822-
10 to L.822-14 of the French Commercial Code and in the French Code of Ethics for statutory auditors. Where appropriate, we discuss
with the Audit and Compliance Committee the risks that may reasonably be thought to bear on our independence and the related
safeguard.


Paris-La Défense, April 3, 2025
The Statutory Auditors



KPMG S.A. DELOITTE & ASSOCIES
Eric ROPERT Sara RIGHENZI DE VILLERS Patrice CHOQUET Bertrand BOISSELIER




346 GROUPE SEB Universal Registration Document 2024
8 Information concerning
the company and
its share capital

8.1 Information concerning the company 348 8.3 Financial authorizations 355

1259.1.2
Name: SEB S.A. 348 Existing authorizations relating to the share
capital and share equivalents 355
1259.1.3
Consultation of legal documents 348 1281.1.1




Authorization for the company to trade
1259.1.4
Corporate purpose (Article 3 of the bylaws) 348 in its own shares 356
1281.1.2




Allocation of profits (Articles 46 and 47
of the bylaws) 348
1264.1.1

8.4 Employee shareholding 356
Annual General Meetings (Article 28 et seq.
1264.1.2
of the bylaws) 348 1291.1.1
New employee share ownership plan 356
1264.1.3
Double voting rights (Article 35 of the bylaws) 349 Staff mutual investment fund and direct
employee shareholding 356
1264.1.4
Limitation of voting rights 349 1291.1.2




Statutory and discretionary employee
1264.1.5
Threshold clause (Article 8 of the bylaws) 349 profit‑sharing 357
1291.1.3




1264.1.6
Identity of bearer shareholders 349 Stock option and performance share
1267.1.1
Share capital at 31 December 2024 349 1293.1.1
allocation policy 357

1267.1.2
Factors which could affect a takeover bid 349 1297.1.2
Performance shares awarded to staff 358


8.2 Information on the share capital 350 8.5 Securities market, dividend 359

Breakdown of share capital and voting rights 1297.1.3
Securities market 359
1267.1.3
at 31 December 2024 350 Stock market data for the past three years 359
1297.1.4




1269.1.1
Crossing of legal thresholds 351 Transactions in 2024 on NYSE Euronext 359
1297.1.5




1269.1.2
Shareholder agreements – action in concert 351 Dividend – dividend supplement 360
1297.1.6




1275.1.2
Number of registered and bearer shareholders 352
Pure registered issuer shares used as collateral
1275.1.3
at 31 December 2024 352
1275.1.4
Collective commitments to hold shares 352
Evolution of the capital and voting rights
1275.1.5
breakdown over previous years 353
Change in share capital over the last five
1275.1.6
financial years 354
1275.1.7
Potential share capital at 31 December 2024 354
Changes in the breakdown of capital and voting
1275.1.8
rights over the last three years 354




Universal Registration Document 2024 GROUPE SEB 347
8 INFORMATION CONCERNING THE COMPANY AND ITS SHARE CAPITAL
Information concerning the company




8.1 Information concerning the company

Name: SEB S.A.
Registered office: Campus SEB – 112 chemin du Moulin Carron LEI code: 969500WP61NBK098AC47
69130 Écully – France SEB share ISIN code: FR0000121709
Tel.: +33 (0) 472 18 18 18 Fax: +33 (0) 472 18 16 55 Form: société anonyme (public limited company)
Website: www.groupeseb.com Financial year: 1 January to 31 December
Business registration number: 300 349 636 RCS Lyon Legislation: French
Industrial classification (NACE) code: 6 420 Z Duration: 99 years from 27 December 1973


Consultation of legal documents
The company’s bylaws, minutes of Annual General Meetings and other company documents may be consulted at the company’s
registered office.
Company regulatory documents may be consulted on the Groupe SEB website: www.groupeseb.com


Corporate purpose (Article 3 of the bylaws)
The purpose of the company in France and abroad covers: ■ the acquisition and registration of all patents for inventions and
■ investment in any company involved in any form of business the granting of all forms of licenses for the use of these patents;
and, therefore, the acquisition or subscription of all types of ■ the acquisition, construction, management of real estate and
shares, debentures, capital holdings and interests, all types of its disposal;
marketable securities, as well as the disposal of the said ■ all operations contributing to the development of the company
investments and marketable securities; and to the achievement of the purpose specified above.
■ all operations concerning the financing of its subsidiaries and
other companies in which it owns or may acquire a holding;


Allocation of profits (Articles 46 and 47 of the bylaws)
Profits are allocated in accordance with legal requirements and The General Meeting may, in addition, decide to distribute sums
regulations. Dividends are drawn, as a priority, from distributable drawn from the reserves at its disposal; in this case, the decision
profits. will expressly indicate the reserve items from which the
The Annual General Meeting may offer shareholders a choice deductions have been made.
between payment of dividends in cash or in new shares whose From 1 January 2023, should the Board of Directors, acting on
price is set beforehand as provided for by law. the authorization of the Annual General Meeting, decide to
A supplementary dividend payment per share of 10% of the unit increase the share capital by capitalization of reserves, profits or
value of the reference dividend, which may be rounded down to premiums, shares held in registered form for at least two years
the nearest even number of euro cents, will be paid in respect of at 31 December preceding the transaction and which remain
shares registered without interruption by the same shareholder registered until the day before the share allocation, would entitle
in the nominal register for at least two financial years preceding their holders to a share allocation increased by 10%, this
the dividend payment, and which are still registered on the number being rounded down in the case of fractional shares.
ex‑dividend date. For any one shareholder, this supplement is The new shares thus created will carry the same rights (higher
limited to a number of shares that may not exceed 0.5% of the dividend and double voting rights) as the original shares.
share capital. The supplementary dividend may be modified or Pursuant to the law, the number of securities eligible for these
canceled by a decision of the Extraordinary General Meeting, increases may not exceed 0.5% of the company’s share capital
which will decide the terms and conditions thereof. for any one shareholder.



Annual General Meetings (Article 28 et seq. of the bylaws)
Shareholders are notified of Annual General Meetings in either in their name or in the name of the intermediary registered
accordance with the law. on the shareholder’s behalf, by midnight, French time, on
All shareholders have the right to attend Annual General Meetings the second business day preceding the meeting, either in the
or to be represented at them, regardless of the number of shares registered share accounts held by the company or in the bearer
they hold, provided that their shares are fully paid up and registered share accounts held by the authorized intermediary.




348 GROUPE SEB Universal Registration Document 2024
INFORMATION CONCERNING THE COMPANY AND ITS SHARE CAPITAL
Information concerning the company 8
Double voting rights (Article 35 of the bylaws)
Each member attending the Annual General Meeting is entitled transferred, except in cases where the transfer involves a
to exercise one vote for every share they own or represent. change of name in the register subsequent to a family
Double voting rights are granted to all fully paid-up shares, inheritance or gift. In the event of a capital increase by
provided they are held in registered form in the name of the capitalization of reserves, profits or share premiums, double
same shareholder for a certain period of time. This holding voting rights are conferred, as soon as they are issued, on
period, set by the founders at two years when the company was registered shares allocated free of charge to a shareholder in
incorporated in 1973, was extended to five years at the Annual respect of the shares already held for which they benefit from
General Meeting of 15 June 1985. Double voting rights expire if the said right.
the share is converted to a bearer share or if ownership is


Limitation of voting rights
There is no statutory limitation on voting rights.


Threshold clause (Article 8 of the bylaws)
Article 8 of the company’s bylaws provides that any natural or Failure to comply with these reporting obligations and upon
legal person, acting alone or in concert, who comes to hold, request, duly recorded in the minutes of the Annual General
directly or indirectly, as defined by Articles L. 233-7 and L. 233-9 Meeting, by one or more shareholders holding at least 0.5% of
of the French Commercial Code, 0.5% of the share capital or the share capital or voting rights, will result in the shares in
voting rights, or any multiple of that percentage, shall be excess of the amount that has not been properly reported being
required to notify the company of the total number of shares stripped of their voting rights until such time as the situation is
they hold within a period of four trading days of crossing one of rectified and for any Shareholders’ Meetings that may take place
these thresholds or any other threshold provided for in law. within a period of two years after the date on which they are
The notification must be repeated each time a further threshold properly reported.
of 0.5% of the share capital or voting rights is crossed, whether
upward or downward.


Identity of bearer shareholders
In accordance with the legal and regulatory provisions in force, ■ the number of securities they each hold;
the company may at any time request the following from Euroclear ■ where applicable, any restrictions to which these shares may
France, the organization responsible for clearing the securities: be subject.
■ the personal name or company name, year of birth, address SEB S.A. makes such a request on 31 December every year.
and nationality of company shareholders;


Share capital at 31 December 2024
At 31 December 2024, the share capital amounted to €55,337,770 There are no stricter conditions than the law for modifying
and consisted of 55,337,770 fully paid-up shares with a par shareholders’ rights.
value of €1, representing 81,343,491 total “theoretical” voting
rights and 80,666,711 total “effective” voting rights (excluding
treasury shares).


Factors which could affect a takeover bid
Pursuant to Article L. 22-10-11 of the French Commercial Code, the factors that could affect a takeover bid are as follows:


Structure of the company’s share capital Powers of the Board of Directors in the event
of a takeover bid
See following page: “Breakdown of share capital and voting
rights at 31 December 2024”. The General Meeting of 23 May 2024 authorized the Board of
Directors to implement a share buyback program for the
Shareholder agreements of which the company company. With the exception of the company’s share buyback
program, all other delegations of financial authority are
is aware suspended during the public offer period (Resolutions 17 to 21 of
the General Meeting of 23 May 2024).
See paragraph: “Shareholder agreements – Action in concert”.




Universal Registration Document 2024 GROUPE SEB 349
8 INFORMATION CONCERNING THE COMPANY AND ITS SHARE CAPITAL
Information on the share capital




Other
At 31 December 2024, SEB S.A. indirectly held 83.19% of the consequently, any proposed takeover bid for SEB S.A. falling
share capital of Chinese company Zhejiang Supor Co, Ltd., whose within the scope of this Article will give rise to the filing of an
shares are listed on the Shenzhen Stock Exchange. Considering irrevocable and fair takeover bid for the entire share capital of
its value and strategic importance, this shareholding constitutes Zhejiang Supor Co., Ltd. under the terms and conditions of the
an essential asset of SEB S.A. within the meaning of aforementioned Code.
Article L. 433-3, III of the French Monetary and Financial Code;



8.2 Information on the share capital
Breakdown of share capital and voting rights at 31 December 2024
Share capital Votes
At 31/12/2024 Total shares % EGM % theoretical OGM % theoretical
I. SHAREHOLDERS FROM THE FOUNDER GROUP
I.1. Family voting block 19,152,747 34.61% 33,889,268 41.66% 33,134,228 40.73%
(1)
VENELLE 8,180,163 14.78% 16,272,453 20.00% 16,272,453 20.00%
GÉNÉRACTION (2) 6,324,894 11.43% 12,495,003 15.36% 11,733,477 14.42%
HRC (3) 4,074,905 7.36% 4,074,910 5.01% 4,074,910 5.01%
(4)
OTHER CONCERT PARTIES 572,785 1.04% 1,046,902 1.29% 1,053,388 1.29%
I.2. Other family shareholders
FÉDÉRACTIVE (5) 3,963,317 7.16% 7,908,238 9.72% 7,908,238 9.72%
(6)
OTHERS 178,680 0.32% 357,360 0.44% 1,112,400 1.37%
II. OTHER SHAREHOLDERS
BPIFRANCE INVESTISSEMENT (7) 2,900,000 5.24% 2,900,000 3.57% 2,900,000 3.57%
FSP 2,620,575 4.74% 5,241,150 6.44% 5,241,150 6.44%
EMPLOYEES 1,841,021 3.33% 2,936,714 3.61% 2,936,714 3.61%
INVESTORS 20,478,655 37.01% 22,549,712 27.72% 22,549,712 27.72%
INDIVIDUALS 3,525,995 6.37% 4,884,269 6.00% 4,884,269 6.00%
TREASURY SHARES 676,780 1.22% 676,780 0.83% 676,780 0.83%
TOTAL 55,337,770 81,343,491 81,343,491
(1) VENELLE branch includes S.A.S. VENELLE INVESTISSEMENT, its associates and members, natural or legal persons, who are members of the Founder Group, in concert with
GÉNÉRACTION branch, HRC and OTHER CONCERT PARTIES.
(2) GÉNÉRACTION branch includes the shareholder association GÉNÉRACTION and its members, natural or legal persons, who are members of the Founder Group, in concert
with VENELLE branch, HRC and OTHER CONCERT PARTIES.
(3) HRC is an investment vehicle made up exclusively of shareholders who are members of the family voting block, and whose purpose is to increase the concert party’s
holdings of SEB S.A. shares.
(4) The OTHER CONCERT PARTIES category includes a number of SEB S.A. shareholders, natural and legal persons, who are members of the Founder Group, in concert with
VENELLE and GÉNÉRACTION branches and HRC but who are not affiliated with either of the two groupings.
(5) FÉDÉRACTIVE branch includes S.A.S. FÉDÉRACTIVE, its associates and members, both natural and legal persons, from the Founder Group.
(6) Family shareholders not affiliated to a specific grouping.
(7) Through the LAC 1 SLP fund.

As a reminder, voting rights attached to stripped shares belong Some individuals who are partners of FÉDÉRACTIVE have
to the bare owner for decisions covered by the Extraordinary temporarily contributed usufructs of shares to FÉDÉRACTIVE, a
General Meeting (“EGM”) and to the beneficial owner for those holding company that controls asset ownership.
covered by the Ordinary General Meeting (“OGM”), in accordance Some individuals who are part of VENELLE and FÉDÉRACTIVE
with Article 35 of the company’s bylaws. Registered nominal have granted the usufruct of their shares to foundations.
shares held for at least five years by the same shareholder confer
entitlement to double voting rights. Apart from double voting rights, In order to improve the readability of the information communicated,
all shareholders have the same voting rights attached to their shares. the presentation of the table calls for the following clarifications:
The total number of “theoretical” voting rights is 81,343,491 at ■ in the “Share capital” column, the distinction between OGM and
31 December 2024. This number includes, within the meaning of EGM is not made insofar as the fraction of the capital corresponding
Article 223-11 of the AMF general regulation, all shares with to the split shares belongs to bare owners; a single “Share
voting rights attached, as well as shares without voting rights. capital” column is shown without distinction between OGM and
EGM, simply reflecting the breakdown of the share capital;
The term “Shareholders from the Founder Group” used in the
table above refers to a group of natural persons who are either ■ in the “Voting rights” column, the distinction between (i) theoretical
direct descendants of the LESCURE family or related to the voting rights and (ii) “effective” voting rights or voting rights
family through marriage, and any legal entities that they control. “exercisable at the General Meeting” has been removed. As the
difference between the two is no longer significant, only theoretical
voting rights are now mentioned. Should this difference become
significant again in the future, the distinction would be reinstated
in accordance with AMF recommendations.



350 GROUPE SEB Universal Registration Document 2024
INFORMATION CONCERNING THE COMPANY AND ITS SHARE CAPITAL
Information on the share capital 8
Moreover, voting rights attached to shares for which usufruct It is specified that, with the exception of HRC, none of the
was granted to Foundations have always, once stripped, been members of the Concert or the FÉDÉRACTIVE branch is individually
assigned (without specific instruction) to the relevant bare the owner of more than 5% of the share capital or voting rights
owners at each Annual General Meeting. As this historical of SEB S.A.
practice is intended to continue as agreed with the said
Foundations, it makes more sense to record the corresponding
voting rights for the relevant bare owners, as has been done in
the presentation above.


Crossing of legal thresholds
Apart from the shareholders mentioned in the breakdown of On 27 February 2024, PEUGEOT INVEST ASSETS declared that it
share capital and voting rights above, and to the best of the had fallen below the legal threshold of 5% in capital and voting
company’s knowledge, there are no other shareholders that rights following the sale of all of its stake.
directly or indirectly hold more than 5% of the capital or voting HRC disclosed that it had crossed above the legal threshold of
rights at 31 December 2024. 5% of voting rights on 17 June 2024 and held 7.36 % of the share
capital and 5.01% of the voting rights of SEB S.A. at that date.


Shareholder agreements – action in concert
Shareholders’ agreement They relate in particular to the following aspects:
■ information on transfers, acquisitions and holding of SEB
On 27 February 2019, VENELLE INVESTISSEMENT, the associates shares: the parties have undertaken to favor registration in
and members of VENELLE INVESTISSEMENT, GÉNÉRACTION, pure registered form for all of the SEB shares they hold or
the members of GÉNÉRACTION and the holding company HPP may come to hold, subject to certain exceptions. They also
(now HRC) entered into a new shareholders’ agreement (the undertake to communicate with each other on any movement
“Agreement”), in the presence of SEB, which replaced the various of securities (purchase, sale, donation, pledge, etc.);
shareholders’ agreements previously signed (in particular the
agreement of 19 November 2016) for the parties involved. ■ first offer procedure: the parties agree mutually and as a
matter of priority a right of first offer applicable to any
At the same time, the family holding company VENELLE transfer of SEB shares, in any way whatsoever, regardless of
INVESTISSEMENT, GÉNÉRACTION, and their associates and whether or not there is an offer from a third party acquirer;
members confirmed their continued intention to the French
Financial Markets Authority (Autorité des Marchés Financiers) to ■ consultation: The parties have undertaken to consult each
implement a sustainable management policy for Groupe SEB in other prior to certain decisions, projects and events through
order to ensure the longevity of their control, thus maintaining meetings of the pact council which are convened by the
the action in concert initiated in May 1989 by the members of the Chairman of the Board of Directors of SEB on his own initiative
Founder Group. or on that of VENELLE INVESTISSEMENT or GÉNÉRACTION.
The Agreement, which has an initial term of four years and a FÉDÉRACTIVE, its associates and members, who are not parties
broader scope than previous shareholder agreements, is to the Agreement, have decided discontinue participation in the
intended to stabilize SEB’s capital by strengthening the ties action in concert referred to above. However, FÉDÉRACTIVE, its
between its signatories (more than 260 people, including the associates and members, who have terminated the FÉDÉRACTIVE
seventh generation of the Founder Group) and to ensure the shareholders’ agreement entered into on 9 July 2008, have
long-term control of family shareholders over Groupe SEB, declared that they will continue to act in concert, maintaining
notably through a right of first offer and full tag-along rights. their commitment to implement a common sustainable
management policy for SEB.
The Agreement also aims to preserve proprietary interests and
values of its members and strengthens the consultation process
between them as well as improving the monitoring of their
shareholdings with a timely and effective procedure.
The main provisions of the Agreement were notified to the
Autorité des Marchés Financiers (AMF), which published a
summary thereof in accordance with the applicable regulations
(AMF notice no. 219C0415 of 7 March 2019).




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8 INFORMATION CONCERNING THE COMPANY AND ITS SHARE CAPITAL
Information on the share capital



Following the signing of the Agreement on 27 February 2019, HRC (holding de renforcement du contrôle)
shareholders from the Founder Group now comprise:
■ the concert party combining VENELLE INVESTISSEMENT, its HRC (Holding de Renforcement du Contrôle) is an investment
associates and members, GÉNÉRACTION and its members, vehicle created on 15 March 2021 and composed exclusively of
and other family shareholders including HRC; shareholders who are members of VENELLE and GÉNÉRACTION.
Its purpose is to increase the concert party’s holdings of
■ the concert party comprised of FÉDÉRACTIVE, its associates SEB S.A. shares. Its former corporate name was HPP, a company
and its members; already included in the concert party declared between VENELLE
■ other shareholders having declared that they will no longer INVESTISSEMENT, GÉNÉRACTION, their respective associates
be part of FÉDÉRACTIVE at the end of 2021. and members and other family shareholders (see above).


Number of registered and bearer shareholders
At 31 December 2024, 8,704 shareholders held SEB registered shares and 32,896 shareholders held SEB bearer shares.


Pure registered issuer shares used as collateral at 31 December 2024
28 individual and corporate shareholders used pure registered SEB shares as collateral to guarantee various transactions to their
financial intermediaries. This concerned a total of 3,620,156 shares, i.e. 6.54% of the share capital.


Collective commitments to hold shares
Collective commitments to hold shares

Dutreil Transmission Dutreil Transmission
Regime Art. 787 B of the French Art. 787 B of the French
General Tax Code General Tax Code
Date of signature 26/05/2021 26/05/2021
Term of collective commitment 4 years 6 years
Commitment expiration date 27/05/2025 27/05/2027
Renewal terms None None
Shares pledged upon signing the agreement, as a percentage of the share capital 24.67% 18.31%
Shares pledged upon signing the agreement, as a percentage of the voting rights 28.94% 24.61%
Names of signatory senior managers Thierry de La Tour d’Artaise Thierry de La Tour d’Artaise
Stanislas de Gramont Stanislas de Gramont
Names of signatories holding at least 5% of the company’s
share capital and/or voting rights HRC -




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Information on the share capital 8
Evolution of the capital and voting rights breakdown over previous years

Share capital Votes
At 31/12/2023 Total shares % EGM % theoretical OGM % theoretical
I. SHAREHOLDERS FROM THE FOUNDER GROUP
I.1. Family voting block 18,944,290 34.23% 33,491,051 40.07% 32,957,691 39.43%
VENELLE (1) 8,220,754 14.86% 16,358,178 19.57% 16,358,178 19.57%
(2)
GÉNÉRACTION 6,106,846 11.04% 12,061,861 14.43% 11,522,015 13.79%
HRC (3) 4,061,905 7.34% 4,061,910 4.86% 4,061,910 4.86%
OTHER CONCERT PARTIES (4) 554,785 1.00% 1,009,102 1.21% 1,015,588 1.22%
I.2. Other family shareholders
FÉDÉRACTIVE (5) 3,967,524 7.17% 7,912,645 9.47% 7,912,645 9.47%
OTHERS (6) 416,801 0.75% 833,291 1.00% 1,366,651 1.64%
II. OTHER SHAREHOLDERS
BPIFRANCE INVESTISSEMENT (7) 2,900,000 5.24% 2,900,000 3.47% 2,900,000 3.47%
FSP 2,620,575 4.74% 5,241,150 6.27% 5,241,150 6.27%
PEUGEOT INVEST ASSETS 2,223,674 4.02% 4,447,348 5.32% 4,447,348 5.32%
EMPLOYEES 1,564,271 2.83% 2,540,287 3.04% 2,540,287 3.04%
INVESTORS 18,683,648 33.76% 20,825,706 24.92% 20,825,651 24.92%
INDIVIDUALS 3,740,580 6.76% 5,110,508 6.11% 5,110,563 6.11%
TREASURY SHARES 276,407 0.50% 276,407 0.33% 276,407 0.33%
TOTAL 55,337,770 83,578,393 83,578,393
(1) VENELLE branch includes S.A.S. VENELLE INVESTISSEMENT, its associates and members, natural or legal persons, who are members of the Founder Group, in concert with
GÉNÉRACTION branch, HRC and OTHER CONCERT PARTIES.
(2) GÉNÉRACTION branch includes the shareholder association GÉNÉRACTION and its members, natural or legal persons, who are members of the Founder Group, in concert
with VENELLE branch, HRC and OTHER CONCERT PARTIES.
(3) HRC is an investment vehicle made up exclusively of shareholders who are members of the family voting block, and whose purpose is to increase the concert party’s
holdings of SEB S.A. shares.
(4) The OTHER CONCERT PARTIES category includes a number of SEB S.A. shareholders, natural and legal persons, who are members of the Founder Group, in concert with
VENELLE and GÉNÉRACTION branches and HRC but who are not affiliated with either of the two groupings.
(5) FÉDÉRACTIVE branch includes S.A.S. FÉDÉRACTIVE, its associates and members, both natural and legal persons, from the Founder Group.
(6) Family shareholders not affiliated to a specific grouping.
(7) Through the LAC 1 SLP fund.




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8 INFORMATION CONCERNING THE COMPANY AND ITS SHARE CAPITAL
Information on the share capital




Share capital Votes
At 31/12/2022 Total shares % EGM % theoretical OGM % theoretical
I. SHAREHOLDERS FROM THE FOUNDER GROUP
I.1. Family voting block 18,555,341 33.53% 32,732,365 39.18% 32,732,365 39.18%
VENELLE (1) 8,239,737 14.89% 16,390,400 19.62% 16,390,400 19.62%
(2)
GÉNÉRACTION 5,730,377 10.36% 11,320,411 13.55% 11,313,925 13.54%
HRC (3) 4,049,905 7.32% 4,049,910 4.85% 4,049,910 4.85%
OTHER CONCERT PARTIES (4) 535,322 0.97% 971,644 1.16% 978,130 1.17%
I.2. Other family shareholders
FÉDÉRACTIVE (5) 3,967,401 7.17% 7,912,552 9.47% 7,912,552 9.47%
OTHERS (6) 816,931 1.48% 1,633,281 1.95% 1,633,281 1.95%
II. OTHER SHAREHOLDERS
BPIFRANCE INVESTISSEMENT (7) 2,900,000 5.24% 2,900,000 3.47% 2,900,000 3.47%
FSP 2,620,575 4.74% 5,241,150 6.27% 5,241,150 6.27%
PEUGEOT INVEST ASSETS 2,223,674 4.02% 4,447,348 5.32% 4,447,348 5.32%
EMPLOYEES 1,553,818 2.81% 2,492,265 2.98% 2,492,265 2.98%
INVESTORS 18,627,343 33.66% 20,814,292 24.91% 20,814,292 24.91%
INDIVIDUALS 3,784,921 6.84% 5,090,458 6.09% 5,090,458 6.09%
TREASURY SHARES 287,766 0.52% 287,766 0.34% 287,766 0.34%
TOTAL 55,337,770 83,551,477 83,551,477
(1) VENELLE branch includes S.A.S. VENELLE INVESTISSEMENT, its associates and members, natural or legal persons, who are members of the Founder Group, in concert with
GÉNÉRACTION branch, HRC and OTHER CONCERT PARTIES.
(2) GÉNÉRACTION branch includes the shareholder association GÉNÉRACTION and its members, natural or legal persons, who are members of the Founder Group, in concert
with VENELLE branch, HRC and OTHER CONCERT PARTIES.
(3) HRC is an investment vehicle made up exclusively of shareholders who are members of the family voting block, and whose purpose is to increase the concert party’s
holdings of SEB S.A. shares.
(4) The OTHER CONCERT PARTIES category includes a number of SEB S.A. shareholders, natural and legal persons, who are members of the Founder Group, in concert with
VENELLE and GÉNÉRACTION branches and HRC but who are not affiliated with either of the two groupings.
(5) FÉDÉRACTIVE branch includes S.A.S. FÉDÉRACTIVE, its associates and members, both natural and legal persons, from the Founder Group.
(6) Family shareholders not affiliated to a specific grouping.
(7) Through the LAC 1 SLP fund.




Change in share capital over the last five financial years

Amount of change Notional amount Share premium Successive amounts
Year Type of capital increase in shares (in €) (in €) of capital (in €)
2020 No change in capital 50,307,064
2021 Free share award (1 for 10 held) 5,030,706 5,030,706 55,337,770
2022 No change in capital 55,337,770
2023 No change in capital 55,337,770
2024 No change in capital 55,337,770



Potential share capital at 31 December 2024
There are no stock options granted to employees that can be exercised, no convertible bonds that can be exchanged or redeemed in
securities giving access to capital, and no securities that do not represent capital.


Changes in the breakdown of capital and voting rights over the last three years
In 2022:
■ the proportion of the capital and votes held by members of ■ in December, 1,450,418 voting rights attached to shares held
the Concert Party increased over the course of 2022. This by shareholders in the “Investors” category were doubled,
change can be explained partly by HRC’s purchase of after having been held in registered form for five years,
securities, in line with its intended purpose, but also by the thereby diluting the proportion of the voting rights
fact that shareholders from the Founder Group are new represented by other categories.
members of GÉNÉRACTION branch and parties to the 2019
Shareholders’ Agreement;




354 GROUPE SEB Universal Registration Document 2024
INFORMATION CONCERNING THE COMPANY AND ITS SHARE CAPITAL
Financial authorizations 8
In 2023: ■ the Family Concert requested and obtained from the AMF, on
■ the proportion of the capital and votes held by members of the the basis of the provisions of Article 234-9, 5° of the AMF general
Concert Party increased over the course of 2023. This change regulations, the granting of an exemption from the compulsory
can be explained partly by HRC’s purchase of securities, in line filing of a public offer project by arguing that the increase
with its intended purpose, but also by the fact that shareholders in its relative participation in voting rights is the exclusive
from the Founder Group are new members of GÉNÉRACTION and mechanical result of the reduction in the total number
branch and parties to the 2019 Shareholders’ Agreement; of voting rights of SEB S.A. of which it is not the origin;

In 2024: ■ the change in the proportion of share capital and votes held
by members of the Family voting block is also explained
■ Peugeot Invest Assets, which held 2,223,674 SEB S.A. shares by the fact that shareholders from the Founder Group are
representing 4,447,348 voting rights, i.e. 4.02% of the capital new members of GÉNÉRACTION branch and parties to the
and 5.32% of voting rights as of 31 December 2023, sold Shareholders’ Agreement.
its holding on 27 February 2024. This sale resulted in a loss
of 2,223,674 voting rights and generated an increase in voting
rights for all shareholders;



8.3 Financial authorizations

Existing authorizations relating to the share capital and share equivalents

Resolution Authorization End of
Type of operation no. date authorization Maximum authorized Used in 2024
Buy back of the company’s 14 23/05/2024 22/11/2025(1) 5,533,777 shares Acquisition of 0 shares
own shares (buyback plan)
€1,162,093,170 Purchase of
185,066 shares Sale
of 187,841 shares
(liquidity contract)
Cancellation of treasury shares 17 23/05/2024 22/07/2026 5,533,777 shares None
Issue of all shares or share 18 23/05/2024 22/07/2026 Shares: €5.5 million None
equivalents with pre-emptive par value
subscription rights
Debt securities: None
€1,500 million
Issue of all shares or share 19/20 23/05/2024 22/07/2026 Shares: €5.5 million None
equivalents without pre-emptive par value
subscription rights
Debt securities: None
€1,500 million
Issue of all shares or share Shares: €2.75 million
equivalents without pre-emptive par value None
subscription rights (remuneration
Debt securities: None
for contributions in kind)
21 23/05/2024 22/07/2026 €1,500 million
Ceiling on the authorizations Overall ceiling under
to issue shares or share Resolutions 18 to 21:
equivalents €11 million par value None
Individual ceiling under None
Resolutions 19 to 21:
22 23/05/2024 22/07/2026 €5.5 million par value
Capital increase through
capitalization of reserves,
profits, premiums or additional
paid-in capital 23 23/05/2024 22/07/2026 €11 million par value None
Authorization to award free 24 23/05/2024 22/07/2025(1) 280,000 shares in total 253,235 shares awarded
performance shares to Group (0.5060% of the share under the 2024
executive officers and employees capital), including Performance shares Plan
13,000 shares for Stanislas
de Gramont (0.02349%
of the share capital)
Share capital increases restricted 25 23/05/2024 22/07/2026 par value of €553,377 None
to members of a company
or Group Savings Scheme
(1) Authorizations whose renewal is proposed to the General Meeting of 20 May 2025.




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8 INFORMATION CONCERNING THE COMPANY AND ITS SHARE CAPITAL
Employee shareholding




Authorization for the company to trade in its own shares
The Annual General Meeting of 23 May 2024 authorized the For the implementation of this contract, €2,000,000 in cash was
Board of Directors to trade in the company’s shares. allocated to the liquidity account.
During the 2024 year, in accordance with the authorizations Groupe SEB set up options on treasury shares (tunnels) from
granted to the Board of Directors at the Annual General Meetings July 2019 to partially cover its performance share plans. In 2024,
and pursuant to Article L. 22-10-62 of the French Commercial 155,000 options were exercised. At 31 December 2024,
Code, the company: the company had open positions in derivatives amounting to
■ definitively awarded 182,375 performance shares for the 90,000 options.
2021 plan; At 31 December 2024, the company held 676,780 treasury
■ allocated 263,974 shares to the Horizon 2024 Group Savings shares with a par value of €1 and a gross value of €71,862,101.
Plan in connection with delivery of the shares to subscribers These treasury shares represented 1.22% of the company’s
(shares issued from treasury stock). share capital, including 676,780 under the buyback agreement
and none under the liquidity contract.
As part of the buy-back program:
With the current authorization expiring in 2025, the company will
■ 846,722 shares were acquired on behalf of the company by ask the Annual General Meeting of 20 May 2025 to grant a new
investment services providers, at an average price of €106.17 authorization to allow the company to buy back treasury shares
(of which 155,000 shares result from the exercise of options (see Chapter 9) for a period of 18 months at a maximum
on own shares). purchase price per share of €210 excluding fees.
In addition, in connection with the execution of the liquidity The authorization would cover a maximum of 10% of the share
contract, the company: capital. The company could buy back its own shares with a view to:
■ acquired 316,764 shares at an average price of €103.38; ■ maintaining a liquid market for the company’s shares through
■ sold 316,764 shares at an average price of €103.35. an investment service provider acting on a fully independent
basis;
As of 1 July 2021 and for a period of one year, renewable
automatically, SEB S.A. has entrusted ROTHSCHILD MARTIN ■ allocating shares to eligible employees and executive officers
MAUREL with the implementation of a liquidity contract in of the company;
accordance with the provisions of the current legal framework, ■ canceling shares in order to increase return on equity and
in particular Regulation (EU) No. 596/2014 of the European earnings per share or to offset the dilutive impact of any
Parliament and of the Council of 16 April 2014, Commission capital increases on existing shareholders’ interests;
Delegated Regulation (EU) 2016/908 of 26 February 2016,
Articles L. 225-209 et seq. of the French Commercial Code, ■ delivering or exchanging shares in connection with any future
Decision no. 2018-01 of the AMF (Autorité des Marchés external growth transactions;
Financiers – French Financial Markets Authority) of 2 July 2018 ■ allocating shares on the exercising of rights attached to share
(the “AMF Decision”) and the texts referred to therein. equivalents.
The purpose of this contract is for ROTHSCHILD MARTIN MAUREL In accordance with the law, these shares have been stripped of
to ensure the liquidity of SEB shares on Euronext Paris. their voting rights.



8.4 Employee shareholding

New employee share ownership plan
The company launched “Horizon 2024”, its new employee share The subscription amount, including the matching payment,
ownership plan. This plan, launched in 37 countries with around thus totaled more than €19 million, and 263,974 shares. This
19,000 eligible employees, was a resounding success, with a operation was serviced by treasury shares and did not lead to
subscription rate of more than 28%. the creation of new shares.
Employee participation in the capital has thus increased to reach
3.33% as of December 31, 2024.


Staff mutual investment fund and direct employee shareholding
In accordance with the provisions of Article L. 225-102 of the At 31 December 2024, employees held 1,630,461 shares, of
French Commercial Code, the management report referred to which 983,610 shares were owned via a mutual investment fund
in the second paragraph of Article L. 225-100 of the Code that and 646,851 were directly owned, representing 2.95% of the
the Board of Directors presents to the Annual General Meeting capital and 3.12% of the voting rights.
provides an annual summary of the status of employee With the addition of SEB shares held by employees outside the
shareholding in the company’s share capital on the last day of savings scheme, employees held a total of 3.33% of the share
the year and shows what percentage of the share capital belongs capital and 3.61% of the voting rights at 31 December 2024.
to employees of the company and to employees of related
parties within the meaning of Article L. 225-180.




356 GROUPE SEB Universal Registration Document 2024
INFORMATION CONCERNING THE COMPANY AND ITS SHARE CAPITAL
Employee shareholding 8
Statutory and discretionary employee profit-sharing
To attract and retain competent and motivated employees at all ■ a Group profit-sharing agreement, which is based on a statutory
levels of responsibility, in addition to its remuneration and career plan but is discretionary. This Group-level agreement allows
management policies Groupe SEB has always had a policy of a fair distribution of sums from the bonus plan between the
long-term staff participation in profits, through: employees of the various French companies, regardless of
■ an exceptional Group profit-sharing agreement that gives all their business sector and performance.
employees of French companies a joint share of the profit. In 2024, expenses recognized for profit-sharing and incentive
In 2024, the legal formula was applied; schemes amounted to €26.1 million.

The sums allocated over the past five years were as follows:

(in €m) 2020 2021 2022 2023 2024
Amount allocated 24.2 40.0 18.1 24.1 26.1
Of which employer’s social
tax contribution 4 6.4 3 4 4.3



Stock option and performance share allocation policy
There are two types of allocation: At its meeting of 21 February 2024, the Board of Directors, on
■ periodically, an allocation to members of management, extended the recommendation of the Governance and Remuneration
to the Group’s various entities, according to their individual Committee, decided to include criteria relating to Social and
responsibilities, performance and potential; Environmental Responsibility in addition to financial performance
criteria, starting with the 2024 performance share plan.
■ occasionally, a broader allocation with a view to rallying Authorization for the 2025 performance share plan will be put to
employees around a specific project. the vote of shareholders at the Annual General Meeting in 2024
Furthermore, all beneficiaries of stock options and/or (Resolution 14).
performance shares receive an internal directive each year for From 2024, all performance shares granted to all beneficiaries
the following reporting period, defining the blackout periods in would be thus subject to performance conditions based on three
accordance with the recommendations of the Autorité des criteria measured over a three-year vesting period, as follows:
Marchés Financiers, according to the company’s accounting
calendar and in particular the periods for announcement of ■ for 80% on the usual criteria, i.e. (i) a revenue growth target
earnings. The Market Ethics Charter also reminds recipients of and (ii) an Operating Result from Activity growth target, set
the rules governing the use of insider information with regard to each year by the Board for each of the three financial years;
stock market regulations. ■ for 20% on CSR targets directly linked to Groupe SEB’s
medium-term strategy and objectives, to be measured at the
end of the third year, broken down as follows; (i) Act for all:
Characteristics of the performance number of women in key positions (accounting for 5%), (ii) Act
shares awarded for the planet: reduction in scope 1&2 CO2 emissions (5%), and
(iii) Act as a leader in the circular economy: percentage of
Each year, the Group establishes a performance share plan recycled materials in products and packaging (10%).
designed to give employees a stake in the company’s performance.
Shares are awarded to beneficiaries at the end of a three-year
vesting period, subject to performance (achievement of Turnover Characteristics of the stock options awarded
and Operating Results from Activity targets) and continued The Group awarded stock options until 2012. The last stock
employment conditions. Since the 2017 performance plan, the option allocation plan was definitively closed on 15 June 2020.
additional lock up period that existed until that date has been
removed.




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Employee shareholding




Performance shares awarded to staff
Date of meeting 20/05/2021 19/05/2022 17/05/2023 23/05/2024
Number of shares authorized by the General Meeting 220,000 220,000 220,000 280,000
Authorization period 14 months 14 months 14 months 14 months
Date of Board of Directors’ Meeting 20/05/2021 19/05/2022 17/05/2023 23/05/2024
Number of shares granted: 200,000 218,360 218,085 253,235
of which to executive officers 27,000 19,500 12,000 13,000
of which to the Management/Executive Committee
(excluding executive officers) 63,500 64,500 72,000 66,000
of which to employee recipients of the ten largest amounts
(excluding executive officers/Executive Committee/
Management Committee) 14,800 18,400 18,100 19,900
Number of initial beneficiaries: 297 326 333 507
of which to executive officers 2 2 1 1
of which to the Management/Executive Committee
(excluding executive officers) 13 13 14 13
of which to employee recipients of the ten largest amounts
(excluding executive officers/Executive Committee/
Management Committee) 12 10 10 10
Award date 20/05/2021 19/05/2022 17/05/2023 23/05/2024
Vesting date 21/05/2024 19/05/2025 18/05/2026 24/05/2027
Expiration date of lock-up period 21/05/2024 19/05/2025 18/05/2026 24/05/2027
Number of shares canceled 17,625 19,870 8,500 0
Number of vested shares 182,375 0 0 0
BALANCE OF SHARES YET TO BE VESTED 0 198,490 209,585 253,235



Options granted in 2024 Performance shares granted in 2024
Share subscription or purchase options granted Performance shares granted to the top ten non-executive
to the top ten non-executive employees with the highest employees with the highest number of shares granted
number of options granted
Date of the plan 23/05/2024
None
Amount 57,500


Options exercised in 2024
Performance shares vested in 2024
Share subscription or purchase options exercised
by the top ten non-executive employees with the highest Performance shares vested by the top ten non-executive
number of options exercised employees with the highest number of vested shares

None Date of the plan 20/05/2021

Amount 53,500




358 GROUPE SEB Universal Registration Document 2024
INFORMATION CONCERNING THE COMPANY AND ITS SHARE CAPITAL
Securities market, dividend 8
8.5 Securities market, dividend

Securities market
The company’s shares are listed on compartment A of Euronext Paris under ISIN code FR0000121709. They are listed in the Euronext
category “Household Equipment and Products” (ICB code: 40202025).


Stock market data for the past three years

2024 2023 2022
Market capitalization at 31 December (in € million) 4,842 6,253 4,330
Highest price during the session €120.20 €115.80 €142.00
Lowest price during the session €84.75 €78.85 €55.20
Closing price on the last trading day €87.50 €113.00 €78.25
Average of the last 30 prices for the year €89.71 €107.90 €77.90
Average of the closing prices for the year €102.92 €97.68 €96.43
Average daily trading volume (number of shares) 59,888 56,580 77,708



Transactions in 2024 on NYSE Euronext

Number of Trading
Highest price Lowest price
securities volumes
during the during the
traded (in € thousands)
session session
(in €) (in €) Daily averages
2024 120.20 84.75 59,888 6,197
January €115.30 €112.50 42,345 4,620
February €116.20 €113.60 164,895 17,748
March €120.20 €118.60 63,493 7,284
April €119.60 €117.00 53,198 6,075
May €118.50 €115.90 50,793 5,793
June €113.30 €111.40 49,253 5,172
July €104.80 €102.80 47,935 4,752
August €95.20 €93.45 41,000 3,715
September €105.30 €102.00 51,627 4,907
October €105.30 €102.90 47,518 4,715
November €97.15 €96.05 56,132 5,166
December €95.50 €94.15 54,359 4,850




Universal Registration Document 2024 GROUPE SEB 359
8 INFORMATION CONCERNING THE COMPANY AND ITS SHARE CAPITAL
Securities market, dividend




Dividend – dividend supplement
It is SEB S.A.’s policy to ensure that its shareholders are given a A 10% dividend supplement, rounded down to the nearest even
fair return on the capital they invest in it. The Board of Directors number of euro cents, will be paid in 2025 to long-term shareholders
aims to ensure regular and continuous growth in dividend payments. in respect of shares registered in the same shareholder’s name
At its meeting of 26 February 2025, the Board of Directors since at least 31 December 2022 and still held on the ex-dividend
proposed to distribute a dividend of €2.80 per share in respect of date of 3 June 2025. No single shareholder will be entitled to
the 2024 financial year. this supplementary dividend on any shares in excess of 0.5%
of the company’s share capital.

Number of Dividend per share
Years of payment shares paid (in €)
2022 for the 2021 financial year
Dividend 55,095,825 2.45
Dividend supplement 20,402,820 0.245
2023 for the 2022 financial year
Dividend 55,058,663 2.45
Dividend supplement 20,548,779 0.245
2024 for the 2023 financial year
Dividend 54,397,016 2.62
Dividend supplement 20,390,000 0.262

A net dividend of €2.80 per share will be proposed to the Annual General Meeting of 20 May 2025 based on the results for 2024.
The ex-dividend date will be 3 June 2025 and the dividend will be paid as from 5 June 2025.




360 GROUPE SEB Universal Registration Document 2024
9 Annual General Meeting
9.1 Agenda for the Combined Annual General 9.2 Draft resolutions and Board of Directors’
Meeting of 20 May 2025 362 report to the Combined Annual General
Meeting of 20 May 2025 363
Resolutions to be submitted to
1297.1.7
the ordinary Annual General Meeting 362 1297.1.9
Ordinary resolutions 363
Resolutions to be submitted 1315.1.1
Extraordinary resolutions 368
1297.1.8
to the extraordinary Annual General Meeting 362
9.3 Statutory auditors’ report
on regulated agreements 371
Agreements subject to approval
1326.1.2
of the Annual General Meeting 371
Agreements already approved
1326.1.3
by the Annual General Meeting 371




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9.1 Agenda for the Combined Annual General Meeting
of 20 May 2025

Resolutions to be submitted to the ordinary Annual General Meeting
1. Approval of the separate financial statements for the year 8. Approval of fixed, variable and exceptional components of the
ended 31 December 2024. total remuneration and benefits of all kinds paid or allocated for
2. Approval of the consolidated financial statements for the year the 2024 financial year to Stanislas de Gramont.
ended 31 December 2024. 9. Approval of the remuneration policy for the Chairman of the
3. Allocation of the result for the year ended 31 December 2024 Board of Directors for the 2025 financial year.
and setting of the dividend. 10. Approval of the remuneration policy for the Chief Executive
4. Reappointment of Brigitte Forestier as a director. Officer for the 2025 financial year.

5. Appointment of Eric Rondolat as director. 11. Approval of the remuneration policy for directors for the
2025 financial year.
6. Approval of information about the remuneration of all
executive officers referred to in Article L. 22-10-9 I of the French 12. Setting of the total annual remuneration of directors.
Commercial Code. 13. Authorization to be granted to the Board of Directors for the
7. Approval of fixed, variable and exceptional components of the company to buy back its own shares.
total remuneration and benefits of all kinds, paid or allocated for
the 2024 financial year to Thierry de La Tour d’Artaise.


Resolutions to be submitted to the extraordinary Annual General Meeting
14. Authorization to be granted to the Board of Directors to grant 16. Amendment of Article 20 of the bylaws to introduce written
performance shares. consultation.
15. Amendment of Article 17 of the bylaws on the term of office 17. Powers to carry out formalities.
of directors.




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9.2 Draft resolutions and Board of Directors’ report to
the Combined Annual General Meeting of 20 May 2025
This chapter presents the draft resolutions to be submitted to statement) on these resolutions. The Board of Directors’ report
the Combined Annual General Shareholders’ Meeting to be held and the draft resolutions were approved by the Board of Directors
on 20 May 2025, and the Board of Directors’ report (explanatory at its meeting on 26 February 2025.


Ordinary resolutions

RESOLUTIONS 1, 2 AND 3
Approval of the annual financial statements (separate and consolidated) for the financial year ended 31 December 2024,
allocation of the result for the financial year ended 31 December 2024 and setting of the dividend


Explanatory statement ■ a supplementary dividend of 10% or €0.280 per share having
a par value of €1.
By voting on Resolutions 1 and 2, the Board of Directors invites
The supplementary dividend will be paid on shares registered
the shareholders to approve:
prior to 31 December 2022 and continuing to be registered
■ the separate financial statements for the financial year ended in the name of the same holder until the ex-dividend date
31 December 2024, which show a net loss of -€10,691,049. of 3 June 2025. These shares represent 58.89% of the
■ the consolidated financial statements for the financial year outstanding total. No single shareholder will be entitled to
ended 31 December 2024, which show a net profit attributable the supplementary dividend on any shares in excess of 0.5% of
to owners of the parent of €232,019,291. the company’s share capital.
Details of these financial statements appear in the 2024 Annual The ex-dividend date will be 3 June 2025. The dividend will be
Financial Report, the main elements of which are contained in paid as from 5 June 2025.
the meeting notice relating to the Annual General Meeting of The dividend and the supplementary dividend qualify for the
20 May 2025. exemption referred to in Article 158-3.2 of the French General
The aim of Resolution 3 is to invite the shareholders to allocate Tax Code.
the net result for 2024 and to set the dividend amount as follows:
■ a net ordinary dividend of €2.80 per share having a par
value of €1;


Resolution 1: Resolution 2:
Approval of the separate financial statements Approval of the consolidated financial statements
for the year ended 31 December 2024 for the year ended 31 December 2024
The Annual General Meeting, voting in accordance with the The Annual General Meeting, voting in accordance with the
quorum and majority voting requirements for Ordinary Annual quorum and majority voting requirements for Ordinary Annual
General Meetings, having considered the report of the Board of General Meetings, having considered the report of the Board of
Directors and of the Statutory auditors for the financial year Directors and the Statutory auditors, approves the consolidated
ended 31 December 2024, approves the financial statements as financial statements for the year ended 31 December 2024,
presented, which show a net loss of -€10,691,049. which show a net profit attributable to owners of the parent
of €232,019,291.

Resolution 3:
Allocation of the result for the year ended 31 December 2024 and setting of the dividend
The Annual General Meeting, voting in accordance with the quorum and majority voting requirements for Ordinary Annual General
Meetings, on the proposal of the Board of Directors, resolves to allocate the distributable profit for the 2024 financial year as follows:

In euros
Retained earnings at 31 December 2024 1,077,765,941
Net profit for the financial year -10,691,049
Total distributable net profit 1,067,074,892
Allocation -
(1)
Legal reserve 0
Total dividend (including the dividend supplement)(2) 159,425,594
Balance of retained earnings 907,649,298
(1) As the legal reserve has reached the threshold of 10% of the share capital, no allocation is proposed.
(2) Based on the number of shares of the outstanding total at 31 December 2024 (after deduction of treasury shares).




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The amount distributed to shareholders represents a dividend of However, no single shareholder will be entitled to the
€2.80 per share having a par value of €1. supplementary dividend on any shares in excess of 0.5% of the
The ex-dividend date will be 3 June 2025 and the dividend will be company’s capital.
paid as from 5 June 2025. The dividends distributed will qualify for the 40% exemption for
Furthermore, as provided for in Article 46 of the company’s natural persons who are tax residents of France, as per
bylaws, a supplementary dividend of 10% of the dividend, Article 158.3-2° of the French General Tax Code.
amounting to €0.280 per share having a par value of €1, will The Annual General Meeting acknowledges that dividends
be paid on shares registered in the name of the same holder distributed for the last three years were as follows:
throughout the period between 31 December 2022 and the
ex‑dividend date, 3 June 2025.

Dividend qualifying Dividend not qualifying
for 40% exemption for 40% exemption
Financial year Dividend per share Premium per share Dividend Premium
2021 2.45 0.245 2.45 0.245 -
2022 2.45 0.245 2.45 0.245 -
2023 2.62 0.262 2.62 0.262 -



RESOLUTIONS 4 AND 5
Reappointment and appointment of directors


Explanatory statement The Board of Directors also proposes, on the recommendation
of the Governance and Remuneration Committee, the appointment
The Board of Directors noted the expiration of the term of office of Eric Rondolat as independent director, to replace Yseulys
of Yseulys Costes and Brigitte Forestier at the close of the Costes (Resolution 5).
Annual General Meeting of 20 May 2025.
Eric Rondolat holds an engineering degree from the Institut
The Board of Directors, on the recommendation of the national polytechnique de Grenoble and a master's degree
Governance and Remuneration Committee, decided to submit in international Marketing at Ecole Supérieure de Commerce de
for shareholder approval the reappointment for four years of Grenoble. After holding various executive positions at Schneider
Brigitte Forestier (Resolution 4), whose application was approved Electric (1990–2012) in France and internationally, he joined
by the Supervisory Board of FCPE SEB 1 at its meeting on Philips in 2012 as CEO of the Lighting Division. From May 2016
16 December 2024 in accordance with Article 16 of the to April 2025, he served as Chairman and CEO of Signify
company’s bylaws. (a spin-off of Philips listed on the Amsterdam Stock Exchange).
Brigitte Forestier, who has been a Board member since 2017, Eric Rondolat will bring to the Board his experience as a CEO
will continue to provide the Board with her deep understanding of an international listed company.
of the Group and her extensive expertise in human resources Subject to the approval of Resolutions 4 and 5 submitted to the
management. vote of shareholders, the composition of the Board of Directors
would remain at 14 members at the close of the Annual
General Meeting of 20 May 2025.


Resolution 4: Resolution 5:
Reappointment of Brigitte Forestier as director Appointment of Eric Rondolat as director
The Annual General Meeting, voting in accordance with the quorum The Annual General Meeting, voting in accordance with the quorum
and majority voting requirements for Ordinary Annual General and majority voting requirements for Ordinary Annual General
Meetings, having considered the Board of Directors’ report, Meetings, having considered the Board of Directors’ report,
reappoints Brigitte Forestier as a director for a period of four years appoints Eric Rondolat as a director for a period of four years
expiring at the close of the Ordinary Annual General Meeting to expiring at the close of the Ordinary Annual General Meeting to
be held to approve the financial statements for the financial year be held to approve the financial statements for the financial year
ended 31 December 2028. ended 31 December 2028.

RESOLUTION 6
Approval of information about the remuneration of all executive officers referred to in Article L. 22-10-9 I
of the French Commercial Code

Explanatory statement the executive officers mentioned in Article L. 22-10-9 I of
the French Commercial Code. These items appear in the
Pursuant to Article L. 22-10-34 I of the French Commercial corporate governance report and more specifically in Chapter
Code, the Ordinary Annual General Meeting votes on a draft 3.5 of the 2024 Universal Registration Document.
resolution on the information relating to the remuneration of




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Resolution 6:
Approval of information about the remuneration of all executive officers referred to in Article L. 22-10-9 I of the French
Commercial Code
The Annual General Meeting, voting in accordance with the quorum Code, the information referred to in Article L. 22‑10‑9 I of
and majority voting requirements for Ordinary Annual General the French Commercial Code presented therein, as it appears
Meetings, having considered the corporate governance report, in Chapter 3.5 of the 2024 Universal Registration Document.
approves, pursuant to Article L. 22-10-34 I of the French Commercial

RESOLUTIONS 7 AND 8
Approval of executive officers’ remuneration paid during or awarded in respect of the 2024 financial year

Explanatory statement to Thierry de La Tour d’Artaise and Stanislas de Gramont must
be approved by the Annual General Meeting.
Pursuant to Article L. 22-10-34 II of the French Commercial
Details of the various remuneration components are provided
Code, the fixed, variable and exceptional components of the
in the sections of the 2024 Universal Registration Document,
total remuneration and benefits of all kinds paid during the
Chapter 3 dealing with “Corporate governance” and “Say on
previous financial year or allocated for the same financial year
Pay – Remuneration components paid or allocated in respect
of the financial year ended 31 December 2024”.


Resolution 7: Resolution 8:
Approval of fixed, variable and exceptional components Approval of fixed, variable and exceptional components
of the total remuneration and benefits of all kinds, of the total remuneration and benefits of all kinds
paid or allocated for the 2024 financial year paid or allocated for the 2024 financial year
to Thierry de La Tour d’Artaise to Stanislas de Gramont
The Annual General Meeting, voting in accordance with the quorum The Annual General Meeting, voting in accordance with the quorum
and majority voting requirements for Ordinary Annual General and majority voting requirements for Ordinary Annual General
Meetings, having considered the corporate governance report, Meetings, having considered the corporate governance report,
approves, pursuant to Article L. 22-10-34 II of the French approves, pursuant to Article L. 22-10-34 II of the French
Commercial Code, the fixed, variable and exceptional components Commercial Code, the fixed, variable and exceptional components
of the total remuneration and benefits of any kind paid during of the total remuneration and benefits of any kind paid during
the 2024 financial year or allocated for the same financial year the 2024 financial year or allocated for the same financial year
to Thierry de La Tour d’Artaise as set out in Chapter 3.5 of the to the Stanislas de Gramont, as set out in Chapter 3.5 of the 2024
2024 Universal Registration Document. Universal Registration Document.

RESOLUTIONS 9 TO 11
Approval of the remuneration policy for all executive officers


Explanatory statement Remuneration Committee. All of these items are presented
to you in detail in the corporate governance report and more
Pursuant to Article L. 22-10-8 II of the French Commercial specifically in Chapter 2.5 of the 2024 Universal Registration
Code, the purpose of Resolutions 9 and 10 is to submit for your Document.
approval the remuneration policy for executive officers. This
Resolution 11 concerns the approval of the remuneration
policy is consistent with the company’s corporate interests,
policy for directors.
contributes to its long-term future and is part of its overall
strategy. It describes all the components of fixed and variable These policies will apply from the 2025 financial year until
remuneration and explains the decision-making process for its such time as the Annual General Meeting decides on a new
determination, revision and implementation. remuneration policy. The texts of these remuneration policies
established by the Board of Directors can be found in Chapter
These principles and criteria are adopted by your Board of
3.5 of the 2024 Universal Registration Document.
Directors on the recommendation of the Governance and


Resolution 9:
Approval of the remuneration policy for the Chairman Meetings, having considered the corporate governance report,
of the Board of Directors for the 2025 financial year approves the remuneration policy for the Chairman of the Board
of Directors for the 2025 financial year as presented in Chapter
The Annual General Meeting, voting in accordance with the quorum 3.5 of the 2024 Universal Registration Document.
and majority voting requirements for Ordinary Annual General




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Resolution 10: Resolution 11:
Approval of the remuneration policy for the Chief Executive Approval of the remuneration policy for directors
Officer for the 2025 financial year for the 2025 financial year
The Annual General Meeting, voting in accordance with the quorum The Annual General Meeting, voting in accordance with the quorum
and majority voting requirements for Ordinary Annual General and majority voting requirements for Ordinary Annual General
Meetings, having considered the corporate governance report, Meetings, having considered the Board of Directors’ report,
approves the remuneration policy for the Chief Executive Officer approves the remuneration policy for the directors for 2024 as
for the 2025 financial year as presented in Chapter 3.5 of the presented in Chapter 3.5 of the 2024 Universal Registration
2024 Universal Registration Document. Document.

RESOLUTION 12
Setting of the total annual amount of directors’ remuneration


Explanatory statement The proposed increase takes into account the need to remain
aligned with market standards for remuneration and the changing
Resolution 12 sets the total annual amount of directors’ regulatory environment, entailing a higher number of meetings
remuneration authorized for each financial year. It is recalled of the Board of Directors and/or of certain Committees.
that the Annual General Meeting of 19 May 2022 decided
The principles for allocating this remuneration would remain
to increase this amount to €820,000. On the recommendation
unchanged, namely a fixed portion of 40% and a variable
of the Governance and Remuneration Committee, the Board
portion of 60%.
of Directors proposes to set the total annual amount of
remuneration that can be allocated to directors at €1,100,000 For more details of these items, please see the information
from 2025. included in the 2024 Universal Registration Document, in
Chapter 3 “Corporate Governance”, in the section “Remuneration
of executive officers”.


Resolution 12
Setting of the total annual amount of directors’ remuneration
The Annual General Meeting, voting in accordance with the quorum This decision applies to the current financial year and will be
and majority voting requirements for Ordinary Annual General maintained until a new decision is taken.
Meetings, having considered the Board of Directors’ report, sets
the maximum annual sum to be distributed among the directors
at €1,100,000.


RESOLUTION 13
Authorization to be granted to the Board of Directors for the company to buy back its own shares


Explanatory statement Resolution 13 therefore invites the shareholders to once more
authorize the Board of Directors, for a period of 18 months,
The Annual General Meeting of 17 May 2023 authorized the to trade in the company’s shares at a maximum price of €210
Board of Directors to trade in the company’s shares. In 2024, per share, excluding trading fees. The authorization would cover
the company definitively awarded 182,375 performance shares a maximum of 10% of the share capital.
under the 2021 plan and allocated 263,974 shares to the
■ the company could purchase its own shares for each of
Horizon 2024 Group Savings Plan, in connection with delivery
the following purposes, with none taking precedence over
of the shares to subscribers. In addition, under the liquidity
the others: maintaining a liquid market for the company’s
contract, 316,764 shares were acquired at an average price
shares through an investment service provider acting on
of €103.38 and 316,764 shares were sold at an average price
a fully independent basis;
of €103.35.
■ allocating shares to eligible employees and executive
Under the buy-back program, the company acquired 846,722
officers of the company;
shares at an average price of €106.17 through its investment
services provider. ■ canceling shares in order to increase return on equity and
earnings per share or to offset the dilutive impact of any
At 31 December 2024, the company holds 676,780 treasury
capital increases on existing shareholders’ interests;
shares with a par value of €1 and a gross value of €71,862,101.
These treasury shares represented 1.22% of the company’s ■ delivering or exchanging shares in connection with any
share capital, including 676,780 under the buyback agreement future external growth transactions;
and none under the liquidity contract. ■ allocating shares on the exercising of rights attached to
These transactions are also described in Chapter 8 of the share equivalents.
Universal Registration Document, “Information on the company In accordance with the law, these shares have been stripped of
and its share capital”. Since the existing authorization is due to their voting rights.
expire at the end of the 2025 Annual General Meeting,




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Resolution 13:
Authorization to be granted to the Board of Directors for the company to buy back its own shares
The Annual General Meeting, voting in accordance with the quorum ■ resolves that the Board of Directors may adjust the above
and majority voting requirements for Ordinary Annual General price, in the case of any change in the share’s par value, by
Meetings, having considered the Board of Directors’ report: capitalizing reserves, any stock-split or reverse stock-split,
■ resolves to terminate the share buyback program authorized any return of capital or capital reduction, any distribution of
by the Combined Annual General Meeting of 23 May 2024; reserves or assets, or any other corporate action, to take into
account the effect thereof on the share price. In this case, the
■ resolves to adopt the program described below, and accordingly: price will be adjusted based on the ratio between the number
■ authorizes the Board of Directors, or any representative of of shares outstanding before and after the corporate action,
the Board empowered to act on the Board’s behalf, in ■ resolves that the total amount invested in the share buyback
accordance with Articles L. 22-10-62 et seq. of the French program may not exceed €1,162,093,170,
Commercial Code, to buy back shares of the company
representing up to 10% of the company’s share capital, ■ resolves that the shares may be bought back by any
subject to the limits set down by law, appropriate method and accordingly that all or part of the
program may be implemented on the market or through block
■ resolves that the shares may be bought back for the following purchases – and, if appropriate, through over-the-counter
purposes: sales – or by means of public buyback or exchange offers, or
■ to maintain a liquid market for SEB’s shares through an through the use of options and derivative instruments. The
independent investment service provider under a liquidity buybacks may be carried out at any time at the Board’s
contract that complies with the AMAFI Code of Ethics discretion, subject to compliance with the applicable securities
recognized by the Financial Market Authority, regulations. The shares purchased under this authorization
■ for allocation to eligible employees and executive officers may be kept, sold or transferred by any method, including
of the company or the Group in the form of performance through block sales, at any time including while a public
shares governed by Articles L. 22-10-59 et seq. of the tender offer is in progress,
French Commercial Code, or in payment of statutory ■ gives full powers to the Board of Directors, including the
employee profit-shares, or in connection with an employee power of delegation, to:
stock ownership or stock saving plan, ■ carry out the transactions and set the related terms and
■ for cancellation, in order to increase return on equity and conditions,
earnings per share and/or to offset the dilutive impact of ■ place all orders on or off the stock market,
any capital increase on existing shareholders’ interests,
provided that such cancellation is authorized by the ■ adjust the maximum purchase price of the shares to take
Extraordinary Annual General Meeting, into account the effect on the share price of any of the
corporate actions referred to above,
■ for delivery or exchange in connection with any future
external growth transactions initiated by the company, up ■ enter into any and all agreements for the keeping of a
to a limit of 5% of the capital, register of share purchases and sales or for any other
purpose,
■ for allocation on the exercising of rights attached to share
equivalents that are convertible, exercisable, redeemable ■ fulfill any and all reporting obligations with the Financial
or exchangeable for the assignment of company shares, in Market Authority and any other bodies,
accordance with the applicable stock market regulations; ■ carry out any and all formalities;
■ resolves that shares may not be bought back under this ■ resolves that this authorization will be granted for a period of
authorization for more than €210 per share, excluding trading 18 months as from this Annual General Meeting.
fees,




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Extraordinary resolutions

RESOLUTION 14
Authorization to be granted to the Board of Directors to grant performance shares.


Explanatory statement ■ Act for all: percentage of women in key positions (5%),
■ Act for the planet: reduction in scopes 1 and 2 CO2
Each year, the Group establishes a performance share plan
emissions (5%), and
designed to give employees a stake in the company’s performance.
To enable us to pursue this allocation policy, it is proposed in ■ Act as a leader in the circular economy: increase in the
Resolution 14 that you renew the existing authorization. percentage of recycled materials in products and
packaging (10%).
Since 2024, performance shares have been subject to
corporate social responsibility criteria, in addition to financial You are therefore asked to renew the authorization granted
performance criteria. in 2024 and to authorize the Board of Directors to grant
performance shares up to a limit of 240,000 shares, i.e.
All performance shares granted to all beneficiaries are thus
0.4337% of the share capital, it being specified that the number
subject to performance conditions measured over a three-year
of shares granted to the Chief Executive Officer, Stanislas de
vesting period.
Gramont, will be limited to 13,000 shares, i.e. 0.02349% of the
These performance conditions are based on three criteria share capital.
defined as follows:
We would ask shareholders to fully empower the Board of
■ for 80% on the usual criteria, i.e. (i) a revenue growth target Directors to set the terms and conditions of these grants,
and (ii) an Operating Result from Activity growth target, set including in order to determine the identity of the beneficiary of
each year by the Board for each of the three financial years; the performance share grants.
■ for 20% on CSR targets directly linked to Groupe SEB’s This authorization would be given for a period of 14 months
medium-term strategy and objectives, to be measured at from the date of the Annual General Meeting.
the end of the third year, broken down as follows:


Resolution 14:
Authorization to be granted to the Board of Directors to grant performance shares
The Annual General Meeting, voting in accordance with the quorum The Annual General Meeting resolves to set a vesting period
and majority voting requirements for Extraordinary Annual General of three years with effect from the date of grant by the Board of
Meetings, having considered the Board of Directors’ report and Directors during which period the rights shall not be transferable
the Statutory Auditors’ special report: and at the end of which the rights shall vest to the beneficiaries,
■ authorizes the Board of Directors, in accordance with Articles provided the performance targets for revenue and Operating
L. 225‑197-1 to L. 225-197-5 of the French Commercial Code, Result from Activity and Corporate Social Responsibility targets,
to award existing bonus shares in the company on one or more assessed over the three-year vesting period, have been met,
occasions, to employees of the company or certain categories in accordance with Article L. 225-197-3 of the French
of employee and/or to the senior managers referred to Commercial Code.
in Article L. 225-197-1 II of the French Commercial Code, and The Annual General Meeting fully empowers the Board of
to employees and senior managers of Companies or economic Directors, within the limits set out above, to:
interest groupings affiliated to the company within the meaning ■ draw up the list of beneficiaries or decide the category/
of Article L. 225‑197-2 of the French Commercial Code; categories of beneficiaries, bearing in mind that no shares
■ resolves that the total number of shares that may be granted may be allocated to employees or executive officers who
may not exceed 240,000 shares (or 0.4337% of the company’s individually hold over 3% of the share capital and that the
share capital on the date of this Annual General Meeting), bonus shares may not have the effect of raising the interest
with the understanding that the number of shares granted to held by any such person to above the 3% ceiling;
the Chief Executive Officer, Stanislas de Gramont, may not ■ determine, on one or more occasions and whenever deemed
exceed 13,000 shares (or 0.02349% of the company’s share appropriate, the share allocation rights by the expiration date
capital on the date of this Annual General Meeting). of this authorization;
The Annual General Meeting authorizes the Board of Directors ■ set the criteria and any other conditions of eligibility for share
to make stock grants, within the limits set out in the preceding awards, including but not limited to years of service and
paragraph, using shares bought back by the company in continued employment by the company or continuation of the
accordance with Articles L. 22-10-61 and L. 22-10-62 of the corporate mandate throughout the vesting period;
French Commercial Code.




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■ set the vesting period, within the limits specified above by the Commercial Code, the Board of Directors shall prepare
Annual General Meeting; a special report for each Ordinary Annual General Meeting
■ if any of the financial transactions governed by Article on the transactions carried out under this authorization.
L. 228‑99 I of the French Commercial Code are carried out The Annual General Meeting sets this authorization granted
during the vesting period, take any and all appropriate to the Board of Directors at a period of 14 months and
measures to protect and adjust the rights of grantees, in consequently decides that this authorization cancels all
accordance with the provisions of said Article. In accordance authorizations given previously for the same purpose.
with Articles L. 225-197-4 and L. 225-197-5 of the French

RESOLUTIONS 15 AND 16
Amendment of the bylaws to facilitate the staggering of the Board and to introduce written consultation.


Explanatory statement To this end, it is proposed in the 16th resolution to amend
Article 20 of the Company’s bylaws to allow the Board
It is proposed, under the 15th resolution, to amend Article 17 of Directors to make decisions through written consultation
of the bylaws to introduce staggered terms for directors. of directors, including electronically. This mode of consultation
Currently set at four years, the term of office for directors would be initiated by the Chairman of the Board, and
could, upon the Board's proposal, be exceptionally adjusted by in accordance with the law, any director could oppose
the General Meeting to one, two, or three years for one or more the decision being made through written consultation for each
directors, in order to facilitate a gradual renewal of the Board. decision.
However, this provision would not apply to directors
The Board's Internal Rules would specify the procedures for
representing employees or the director representing employee
implementing this consultation, including the technical aspects
shareholders.
for participation, the response deadline, and the possibility for
French Law No. 2024-537 of June 13, 2024 aimed at increasing each director to ask questions. The decision would only
the funding of companies and the attractiveness of France be considered adopted if at least half of the Board members
(the "Attractiveness Law"), which came into force on September 14, participated in the written consultation and no director exercised
2024, simplified the procedures for holding Board of Directors’ their right of opposition.
meetings.


Resolution 15:
Amendment of Article 17 of the bylaws on the term of office of directors
The Annual General Meeting, voting in accordance with the quorum bylaws on the term of office of directors, other than those
and majority voting requirements for Extraordinary Annual General representing employees and employee shareholders, in order
Meetings, having considered the Board of Directors’ report, to ensure a staggered renewal of the Board of Directors:
resolves to amend as follows the provisions of Article 17 of the

Previous version New version

Subject to the provisions of the following paragraph instituting the replacement of the Directors are appointed for a term of four (4) years.
board of directors by rotation, Board members serve a four-year term of office. Nevertheless, to allow the staggered replacement
of the Board of Directors, the Ordinary General
Board members retire by rotation, such that the Board of Directors is replaced on a
Meeting may, on a proposal from the Board of
regular basis in the most equal proportions possible.
Directors, appoint or reappoint one or more
To allow this rotation: directors, other than those representing employees
■ Board members retire from office in the order initially determined by the Board of and employee shareholders, for a term of one, two
or three years.
Directors, which may draw lots, and then in chronological order of appointment;
The appointment of a Board member terminates at
■ the Annual General Meeting may limit the term of office of a Board member it
the close of the Ordinary General Meeting voting on
appoints in place of another, to the term of office of the Board member who was the financial statements for the preceding financial
replaced. year and held in the year in which the term of office
The appointment of a Board member terminates at the close of the Ordinary General of that Board member expires.
Meeting voting on the financial statements for the preceding financial year and held in All outgoing Board members are eligible for re-
the year in which the term of office of that Board member expires. election. The number of Board members who have
All outgoing Board members are eligible for re-election. The number of Board reached the age of 70 may not exceed one third
members who have reached the age of 70 may not exceed one third of members of of members of the Board of Directors. If this limit
the Board of Directors. If this limit is reached, an adjustment shall be made no later is reached, an adjustment shall be made no later
than at the next Annual General Meeting. Failing that, the Board member who is most than at the next Annual General Meeting. Failing
senior in age is deemed to have resigned automatically. that, the Board member who is most senior in age
is deemed to have resigned automatically.




Universal Registration Document 2024 GROUPE SEB 369
9 ANNUAL GENERAL MEETING
Draft resolutions and Board of Directors’ report to the Combined Annual General Meeting of 20 May 2025




Resolution 16:
Amendment to Article 20 of the bylaws to introduce written consultation
The Annual General Meeting, voting in accordance with the quorum provisions of Law No. 2024‑537 of 13 June 2024 on increasing
and majority voting requirements for Extraordinary Annual General the financing of businesses and the attractiveness of France,
Meetings, having considered the Board of Directors’ report, resolves to allow the Board of Directors to adopt its decisions by written
to amend Article 20 of the bylaws to take into account the new consultation of Board members, including electronically.

Previous version New version

The Board of Directors meets as often as the interests The Board of Directors meets as often as the interests of the company require. It
of the company require. It is convened by the chairman. is convened by the chairman. However, Board members constituting at least
However, Board members constituting at least one one third of members of the Board of Directors may, by stating the meeting
third of members of the Board of Directors may, agenda, convene a meeting of the Board if it has not met for more than two
by stating the meeting agenda, convene a meeting of months; otherwise, the agenda is set by the chairman and may be decided at
the Board if it has not met for more than two months; the time of the meeting. Meetings are held either at the registered office or at
otherwise, the agenda is set by the chairman and may any other location stated in the notice of meeting.
be decided at the time of the meeting. Meetings are At least half of Board members must be in attendance for the proceedings to be
held either at the registered office or at any other valid. For the purpose of calculating the quorum and majority, Board members
location stated in the notice of meeting. who participate in the meeting by means of videoconference or telecommunication
At least half of Board members must be in attendance enabling them to be identified and ensuring their effective participation, shall be
for the proceedings to be valid. For the purpose deemed present under the conditions provided for by applicable legislation and
of calculating the quorum and majority, Board members regulations.
who participate in the meeting by means of Decisions are taken by majority vote of the members present or represented,
videoconference or telecommunication enabling them each Board member present or represented having one vote and each Board
to be identified and ensuring their effective participation, member present being permitted to hold a single proxy. In the event of a tie, the
shall be deemed present under the conditions provided
meeting chairman has the deciding vote. If the Board is composed of fewer than
for by applicable legislation and regulations.
five members and only two Board members attend the meeting, decisions shall
Decisions are taken by majority vote of the members be taken unanimously.
present or represented, each Board member present At the chairman’s initiative, all the Board of Directors’ decisions may be made
or represented having one vote and each Board member by written consultation of the directors, according to the time frame and method
present being permitted to hold a single proxy. In the set out in the Board of Directors’ internal rules. Directors are therefore called
event of a tie, the meeting chairman has the deciding to express an opinion by any written means, including via electronic means,
vote. If the Board is composed of fewer than five on the decision or decisions sent to them.
members and only two Board members attend the
meeting, decisions shall be taken unanimously. All Board members have at least 3 business days from the date of receipt to
oppose written consultation, informing the chairman or person convening the
The proceedings of the Board are recorded in minutes meeting by any written means.
drawn up and signed in a special register or on loose-
leaf documents under the conditions laid down by the The proceedings of the Board are recorded in minutes drawn up and signed in a
applicable provisions. special register or on loose-leaf documents under the conditions laid down by
the applicable provisions.



RESOLUTION 17
Powers to carry out formalities


Explanatory statement
Resolution 17 is a customary resolution whose purpose is to submit for shareholder approval the powers given in order to
carry out any public announcements and legal formalities that result from the decisions of the meeting.



Resolution 17:
Powers to carry out formalities
The Annual General Meeting gives full powers to the bearer of an original, extract or copy of the minutes of this meeting to carry out any
and all formalities required by law.




370 GROUPE SEB Universal Registration Document 2024
ANNUAL GENERAL MEETING
Statutory auditors’ report on regulated agreements 9
9.3 Statutory auditors’ report on regulated agreements
Shareholders’ Meeting for the approval of the financial statements as of 31 December 2024

To the Annual General Meeting of SEB S.A.,

In our capacity as statutory auditors of your company, we hereby present our report on the regulated agreements.
We are required to inform you, on the basis of the information provided to us, of the terms and conditions of the agreements of which
we have been informed or of which we became aware in the course of our engagement. We are not required to determine whether they
are useful or appropriate or to ascertain whether any other agreements exist. It is your responsibility, under the terms of
Article R.225‑31 of the French Commercial Code, (“Code de commerce”), to evaluate the benefits resulting from these agreements prior
to their approval.
In addition, we are required, if applicable, in accordance with Article R.225-31 of the French Commercial Code, to inform you of
agreements which were approved by the Shareholders’ meeting during previous years and continued to apply during the financial year.
We performed the procedures we considered necessary in accordance with French professional guidance issued by the “Compagnie
Nationale des Commissaires aux Comptes” (National Association of Statutory Auditors), relating to this engagement.


Agreements subject to approval of the Annual General Meeting
Agreements authorized during the year
We inform you that we have not been advised of any agreements entered into or authorized in the past year that would require
Shareholders’ meeting approval, under the terms of Article L. 225-38 of the French Commercial Code (“Code de Commerce”).


Agreements already approved by the Annual General Meeting
Agreements approved during previous years which continued to apply during the financial year
We inform you that we have not been advised of any agreements already approved by the Shareholders’ meetings in previous years
and continued to apply during the financial year.

Paris la Défense, 3 April 2025
The Statutory Auditors

KPMG S.A. Deloitte & Associés

Éric ROPERT Sara RIGHENZI DE VILLERS Patrice CHOQUET Bertrand BOISSELIER




Universal Registration Document 2024 GROUPE SEB 371
9 ANNUAL GENERAL MEETING
Statutory auditors’ report on regulated agreements




372 GROUPE SEB Universal Registration Document 2024
10 Additional information

10.1 Declaration by the person responsible 10.2 Statutory auditors and audit fees 374
for the Universal Registration Document
containing the annual report 374 1326.1.4
Statutory auditors 374
1326.1.5
Fees paid to Statutory auditors 374

10.3 2024 Regulated information 375




Universal Registration Document 2024 GROUPE SEB 373
10 ADDITIONAL INFORMATION
Declaration by the person responsible for the Universal Registration Document containing the annual report




10.1 Declaration by the person responsible for the Universal
Registration Document containing the annual report
I hereby declare that the information contained in this Universal Registration Document is, to the best of my knowledge, consistent with
the facts and contains no omission likely to affect its import.
I hereby declare that, to my knowledge, the financial statements have been prepared in accordance with relevant accounting standards
and provide a true and fair view of the assets, financial situation and profit or loss of the company and of all companies included under
the Consolidated Financial Statements, and that the Management Report, whose elements are specified in the cross-reference table in
the appendices, provides an accurate picture of the company's performance and results, the financial position of the issuer and all the
companies included under the Consolidated Financial Statements, a description of the main risks and uncertainties they face, and has
been prepared in accordance with the applicable sustainability information standards.
3 April 2025
Chief Executive Officer
Stanislas de Gramont



10.2 Statutory auditors and audit fees

Statutory auditors
KPMG S.A., represented by: Deloitte & Associés, represented by:
Eric ROPERT and Sara RIGHENZI DE VILLERS Patrice CHOQUET and Bertrand BOISSELIER
2 avenue Gambetta – CS 60055 – 92066 PARIS-La Défense Cedex, 6 place de la Pyramide – 92908 Paris-La Défense Cedex
appointed by the Ordinary General Meeting of 20 May 2021. appointed by the Ordinary General Meeting of 20 May 2021.
Term: Ordinary General Meeting of 2027. Term: Ordinary General Meeting of 2027.
Each of these Statutory auditors is a member of the Compagnie Each of these Statutory auditors is a member of the Compagnie
Régionale des Commissaires aux Comptes de Versailles et du Centre. Régionale des Commissaires aux Comptes de Versailles et du Centre.


Fees paid to Statutory auditors
The breakdown of fees paid to statutory auditors and members of their networks is as follows:

Deloitte KPMG
Amount Amount
(excluding tax) In % (excluding tax) In %
(in €k) 2024 2023 2024 2023 2024 2023 2024 2023
Statutory auditor, certification, review
of individual and consolidated
financial statements and
sustainability information 2,588 2,343 90% 90% 2,833 2,378 95% 94%
Non-audit services 279 248 10% 10% 143 146 5% 6%
TOTAL 2,867 2,591 100% 100% 2,976 2,524 100% 100%




374 GROUPE SEB Universal Registration Document 2024
ADDITIONAL INFORMATION
2024 Regulated information 10
10.3 2024 Regulated information
List of regulated information made public by Groupe SEB in 2024 ■ press release on the acquisition of a 55% stake in its Saudi
used in this URD: distributor Alesayi Household Appliances Co. LLC, 19 April 2024;
■ press release on the acquisition of SEB Alliance’s stake in ■ press release on the publication of sales figures for the first
Vulkam, 15 January 2024; quarter of 2024, 25 April 2024;
■ press release on the publication of 2023 provisional sales ■ press release on the publication of sales figures and results
figures, 30 January 2024; for the first half of 2024, 24 July 2024;
■ press release on Groupe Sofilac acquisition process, ■ press release on the availability of the 2024 interim financial
21 February 2024; report, 31 July 2024;
■ press release on the publication of 2023 annual results, ■ press release on the launch of a new employee share
21 February 2024; ownership plan, 18 September 2024;
■ press release on the availability of the 2023 URD and financial ■ press release on the publication of sales figures for the first
report, 4 April 2024; nine months of 2024, 24 October 2024;
■ press release on the completion of the Sofilac Group ■ press release on the announcement of the new ESG
acquisition, 11 April 2024; 2024–2030 ambition, 12 December 2024;
■ press release on the successful issuance of a €150 million ■ press release on the success of the “Horizon 2024” employee
private placement, 15 April 2024; share ownership plan, 18 December 2024;
■ press release on the investigation by the French Competition
Authority, 19 December 2024.




Universal Registration Document 2024 GROUPE SEB 375
10 ADDITIONAL INFORMATION
2024 Regulated information




376 GROUPE SEB Universal Registration Document 2024
Appendices
1342.1 Glossary 378 Cross-reference table for the Universal
Registration Document 383

Cross-reference table for the Annual
Financial Report, management report
and corporate governance report 381




Universal Registration Document 2024 GROUPE SEB 377
APPENDICES
Glossary




Glossary
Adjusted EBITDA Dividend supplement
Adjusted EBITDA is equal to Operating Result from Activity minus This is paid for any shares registered before 31 December of any
discretionary and non-discretionary profit-sharing, to which are year, which are held in this form for two consecutive financial
added operating depreciation and amortization. years in the same shareholder’s name, up to a statutory
maximum shareholding of 0.5%. The amount of the dividend
AFEP-MEDEF Code supplement is equal to 10% of the ordinary dividend, the
maximum amount authorized by current legislation.
Corporate governance standards developed by AFEP and MEDEF
since 1995. They enable listed companies to improve their Double voting rights
operations and management in a very transparent manner and
to fulfill the expectations of investors and the general public. Double voting rights are allocated to any fully paid-up share
Followed by almost all the companies in the SBF 120, it provides provided that it has been held in registered form in the name of
a set of recommendations on corporate governance and notably, the same shareholder for a period of five years. Double voting
on the remuneration of their senior executive and non-executive rights are defined in Article 35 of the Group’s bylaws. See
officers. The Code was last revised in January 2020. Section 8.1.

Bearer shares Duty of Vigilance
Shares are held in a securities account by the shareholder’s The duty of vigilance is an obligation imposed upon principal
financial intermediary. The name of the shareholder is not, contractors to anticipate the social, environmental and
therefore, directly known to Groupe SEB. In this case, the governance risks associated with their operations, but which
purchase and ongoing management of their securities are may also extend to the activities of their subsidiaries and
entrusted to the financial intermediary of their choice. commercial partners (subcontractors and suppliers).

BtoB EGM
Business to Business: Refers to the range of commercial Extraordinary General Meeting
activities that take place between two companies, as opposed to
activities that take place between a company and an individual. Executive officers
Business Unit (BU) Until 30 June 2022, these are the Chairman and Chief Executive
Officer and the Chief Operating Officer, as well as the members
An organizational unit within the company that focuses on a of the Board of Directors of SEB S.A.
certain area of business. A BU is managed independently and From 1 July 2022, these are the Chairman of the Board of
has its own objectives and resources. Directors and the Chief Executive Officer, as well as the
members of the Board of Directors of SEB S.A.
CIR (crédit d’impôt recherche, research tax credit)
The CIR is a tax incentive which purpose is to promote innovation
Family shareholders
and competitiveness of French companies. Through this tax The family shareholding represents all the shareholders from
credit, companies can incur research and development expenses the Group’s founding family.
and receive partial reimbursement for these expenses.
The majority of shareholders from the Founder Group are
represented by three family holdings/organizations: VENELLE
Click & Mortar INVESTISSEMENT, GÉNÉRACTION and FÉDÉRACTIVE.
Refers to retailers that have added online activities (click) to their Their shareholder strategy gives family shareholders influence
traditional models (mortar). This retail model is the opposite of over company policy and governance. Certain family shareholders
that of pure players, like Amazon in online sales. operate a concerted voting block through a shareholder agreement:
see Section 8.2 of the Universal Registration Document:
Code of Ethics “Shareholder agreement – Concerted voting block”.

Since 2012, Groupe SEB’s Code of Ethics has documented the Free cash flow
18 fundamental ethical principles that the Group wants all its
employees to observe, in all circumstances and in all countries. Free cash flow corresponds to adjusted EBTIDA, after
It is available at https://www.groupeseb.com/sites/default/files/ considering changes in operating working capital, recurring
2018-10/Code_ethique_GB.pdf capital expenditures (CAPEX), taxes and financial expenses, and
other non-operating items.
Customer/Consumer
Growth Drivers
Within the Group, whose business model is generally BtoB, the
term customer refers to a retailer and the term consumer refers Growth drivers include all the levers, including advertising,
to the ultimate consumer. Where sales are made direct to the marketing and innovation, that a company can put into action to
consumer, particularly through the Group’s retail network, the successfully market its product or brand.
term customer refers to the consumer.




378 GROUPE SEB Universal Registration Document 2024
APPENDICES
Glossary




Home & Cook Net debt
Home & Cook is a Groupe SEB store selling products from its This term refers to all recurring and non-recurring financial debt
various brands (e.g. Calor, Rowenta, Moulinex, Seb, Tefal, Krups, minus cash and cash equivalents, as well as derivative
Lagostina, etc.). instruments linked to Group financing. It also includes financial
debt from application of the IFRS 16 standard “Leases” in
IFRS addition to short-term investments with no risk of a substantial
change in value but with maturities of over three months.
International Financial Reporting Standards. Accounting standards
with which listed companies are required to comply when OGM
preparing their accounts, in order to harmonize the presentation
of their financial statements. Ordinary General Meeting

IFRS 16 Operating margin
New accounting standard for leases that requires a liability and Ratio of ORFA to net sales
a right of use to be recognized in the balance sheet for leases
meeting certain criteria (term of lease, materiality, etc.). Organic growth/on a like-for-like basis (LFL)
ISO 14001 The amounts and growth rates at constant exchange rates and
consolidation scope in a given year compared with the previous
ISO 14001 is a standard applied to environmental management year are calculated:
systems to address the environmental concerns of consumers. It ■ using the average exchange rates of the previous year for the
was created by the International Standards Organization (ISO). It period in consideration (year, half year, quarter);
applies to any entity wishing to implement an ecologically
friendly system. The entity will be required to update its ■ on the basis of the scope of consolidation of the previous year.
environmental policy in order to improve its performance in this This calculation is made primarily for sales and Operating Result
area and to ensure it complies with the standard. from Activity.

Loyalty program (LP) Operating result from activity (ORFA)
These programs, led by the distribution retailers, consist of Operating Result from Activity (ORfA) is Groupe SEB’s main
promotional offers in a product category to loyal consumers who performance indicator. It corresponds to sales minus operating
have made a series of purchases within a short period of time. costs, i.e. the cost of sales, innovation expenditure (R&D,
The promotional programs enable distributors to boost footfall in strategic marketing and design), advertising, operational
their stores, and consumers to access our products at marketing as well as commercial and administrative costs. ORfA
discounted prices. does not include discretionary and non-discretionary profit-
sharing or other non-recurring operating income and expense.
LTIR/LTIRi
Lost Time Injury Rate/Lost Time Injury Rate with temporary
workers. Safety performance indicator. It counts the number of
accidents with a direct causal link with work and relates it to the
number of hours worked.




Universal Registration Document 2024 GROUPE SEB 379
APPENDICES
Glossary




Performance shares Sapin II
Bonus shares allocated by the Board of Directors to the French law no. 2016-1691 of 9 December 2016 on transparency,
executive officers, members of the Executive Committee and the fight against corruption and the modernization of economic life.
directors and managers of the Group, on expiration of a vesting
period and subject to the associated performance conditions SDA
having been met.
These shares reward the achievement of the Group’s long-term Small Domestic Appliances. It includes kitchen electric products
objectives, and their allocation is entirely subject to the as well as home and personal care products.
performance conditions having been fulfilled.
These performance conditions cover revenue and Operating SEB
Result from Activity targets and are assessed on an annual basis
The Société d’Emboutissage de Bourgogne (Burgundy Stamping
over a three-year period. The achievement rates are set each
Company). SEB refers to Groupe SEB, while Seb refers to the
year by the Board of Directors on a proposal of the Governance
Group’s product brand (pressure cooker, Actifry, etc.).
and Remuneration Committee.

Senior executive officers
Pre-emption rights
These are the Chairman and Chief Executive Officer and the Chief
A benefit conferred by Article 225-132 of the French Commercial
Operating Officer until 30 June 2022. Since 1 July 2022, these
Code to shareholders of a limited company, that enables them
are the Chairman of the Board of Directors and the Chief
to exercise a preferential right to acquire new shares issued
Executive Officer.
during a share capital increase, within a given timescale and in
accordance with the conditions set out by the Extraordinary
General Meeting. SDE
Small Domestic Equipment. It includes cookware and kitchen
Profit attributable to owners of the parent utensils as well as Small Domestic Appliances.
This corresponds to the total consolidated net profit (profits
generated by all the companies in the Group), minus the share Specialist stores
that belongs to the third-party shareholders of subsidiaries that
Specialist superstores are large stores, usually located close to
the Group does not fully own.
hypermarkets, that specialize in the sale of cookware or
electrical appliances.
Pure players
A pure player is an actor or company operating exclusively Traditional stores
online, as opposed to actors who have a presence in several
Traditional stores are convenience stores in most cases, still
distribution channels.
very established in emerging countries. Given the limited storage
space, the selections on offer are more limited than in large
Registered shares specialist stores or through online commerce. Here, the consumer
is primarily looking for proximity, convenience and human contact,
As opposed to bearer shares, registered shares give the company
which have been maintained despite the rise of new stores.
a better understanding of its shareholders and promote direct
contact with them.
URD
There are two ways registered shares can be held:
■ direct registration: the shares are registered in shareholder’s Universal Registration Document. This new document, arising as
name with the SEB Share Service, where they are held and a result of the entry into force on 21 July 2019 of regulation (EU)
managed free of charge; 2017/1129, known as “Prospectus 3”, replaces the Registration
Document. In addition to its new name, this document meets the
■ administered registration: the shares are held and managed
objective of improving readability for shareholders and investors
by a financial intermediary. They are also registered with by adding more detailed information on:
Groupe SEB’s Share Service.
■ strategy;
Registered securities entitle the holder to certain benefits,
including the granting of a dividend supplement equal to 10% ■ non-financial information;
of the dividend for all registered shares held for more than ■ risk factors.
two years.




380 GROUPE SEB Universal Registration Document 2024
APPENDICES
Cross-reference table for the Annual Financial Report, management report and corporate governance report




Cross-reference table for the Annual Financial Report,
management report and corporate governance report
Annual
Financial Management
Page numbers Report report

Commentary on the financial year

Objective and exhaustive analysis of developments in the company’s and Group’s business,
performance and financial position 247-256 X X

Key non-financial performance indicators relevant to the company’s specific business activity 128-230 X

Significant stakes acquired during the financial year in companies headquartered in France 255 X X

Significant events that occurred between the financial year-end and the date on
which the report was drawn up 256 - X

Foreseeable developments regarding the position of the company and the Group 54 X X

Dividends distributed over the three preceding financial years and amount
of income distributed for these years 255 X

Supplier and customer payment schedules 255 X

Presentation of the Group

Description of the main risks and uncertainties faced by the company 55-69 X X

The company’s use of financial instruments: objectives and policy in relation
to financial risk management 297-309 X X

Company’s exposure to price, credit, liquidity or cash flow risks 305-309 X X

Social and environmental consequences of business (including “Seveso” facilities) 128-245 X

Research and development activities 29-32 X X

Information concerning the company and its share capital

Rules applicable to the appointment and replacement of members of the Board of Directors
or Management Board, as well as to changes in the company’s bylaws 73-75; 96-103 X

Powers of the Board of Directors or Management Board, in particular concerning the issue
or buyback of shares 355-356 X X

Purchases and sales of treasury stock during the financial year 355-356 X X

Adjustments for share equivalents in the event of share buybacks or financial transactions N/A - -

Structure of and changes to the company’s share capital 350-354 X X

Statutory limitations on the exercise of voting rights and transfer of shares
or clauses in agreements brought to the attention of the company 348-355 X X

Direct or indirect shareholdings in the company of which the company is aware 348-355 X X

Employee shareholding in the company’s share capital on the last day of the financial year
and portion of the share capital represented by the shares held by employees under
the company savings scheme and by the employees and former employees under employee
mutual investment funds 356-358 X

Holders of any securities conferring special control rights and a description of those rights N/A -

Control mechanisms within any employee shareholding system, where control rights are not
exercised by the employees N/A -

Agreements between shareholders of which the company is aware and which may give rise
to restrictions on share transfers and voting rights 350-351 X X

Agreements entered into by the company that are amended or terminated in the event
of a change in control, with the exception of those agreements whose disclosure would
seriously harm its interests N/A -




Universal Registration Document 2024 GROUPE SEB 381
APPENDICES
Cross-reference table for the Annual Financial Report, management report and corporate governance report



Annual
Financial Management
Page numbers Report report

Agreements providing for indemnities payable to employees or members of the Board
of Directors or Management Board if they resign or are dismissed without real or serious
cause or if their employment contract is terminated as a result of a public tender offer 105-126 X

Injunctions or fines as a result of anti-competitive practices N/A -

Financial statements

Changes in the presentation of the financial statements or in the valuation methods used 263 X

Profit over the last five financial years 342 X

Consolidated financial statements 258-318 X

Company financial statements 326-342 X

319-322 ; 343-
Statutory auditors’ reports on the company and Consolidated Financial Statements 346 X

Fees paid to the Statutory auditors 374 X

Corporate governance report X

Information on the composition, operation and powers of the Board of Directors:

Reference to a Corporate Governance Code 73

Composition of the Board of Directors and conditions governing
the preparation and organization of meetings 73-103

Principle of gender balance 73

List of the offices and positions of each director 76-90

Agreements signed between a director or a shareholder holding more than 10%
of the voting rights and a subsidiary 93

Table summarizing the outstanding delegations granted by the Annual General Meeting
of Shareholders to the Board of Directors to increase the share capital, showing the use
made of these delegations during the financial year

Conditions governing the exercise of executive powers 73

Conditions governing shareholder participation in Annual General Meetings 103

Information on the remuneration of executive officers: 105-126

Remuneration policy (ex-ante Say on Pay)

Total compensation and benefits of any kind paid to each executive officer during the
financial year, and reference to the resolutions voted for through an ex-ante vote

Stock options granted, subscribed or purchased during the financial year by the executive
officers and the ten highest-earning non-executive employees of the company, and stock
options granted to all eligible employees, by category

Conditions for the exercise and retention of stock options by executive officers

Conditions for the retention of performance shares awarded to executive officers

Transactions by senior managers and associated persons involving the company’s shares

Commitments of any kind made by the company for the benefit of its executive officers,
such as remuneration, compensation or benefits due or likely to become due when, or
after, they assume, cease or change positions

Information on factors which could affect a takeover bid 349

Statutory auditors’ report on the corporate governance report 344 X X

Report by one of the Statutory auditors on the consolidated human resources,
environmental and social information included in the management report 231-234 X X

Statutory auditors’ report on regulated agreements and commitments 371 X

Declaration by the person responsible for the Annual Financial Report 374 X




382 GROUPE SEB Universal Registration Document 2024
APPENDICES
Cross-reference table for the Universal Registration Document




Cross-reference table for the Universal Registration Document
Cross-reference table for the Universal Registration Document – Annex 1 and 2 of the European
delegated regulation 2019/980 of 14 March 2019 completing the European regulation 2017/1129
of 14 June 2017 Page numbers

1 – PERSONS RESPONSIBLE, INFORMATION FROM A THIRD PARTY, FROM EXPERT REPORTS
AND APPROVAL FROM COMPETENT AUTHORITY 374

2 – STATUTORY AUDITORS 374

3 – RISK FACTORS 56-70

4 – INFORMATION ABOUT THE ISSUER
4.1. Legal and commercial name 348
4.2. Place and number of incorporation and ID of legal entity (LEI) 348
4.3. Creation date and duration 348
4.4. Domicile and legal form 348
5 – BUSINESS OVERVIEW
5.1 Principal activities 4; 24-26; 250-253; 268-269
5.1.1. Principal activities 24-26
5.1.2. Main products 4; 24-26
5.2 Principal markets 24-26 ; 268-269; 311-313
5.3 Exceptional factors 248-249; 256; 267-268
5.4 Strategy and objectives 2-11; 22-54
5.5 Dependence on patents or licenses, industrial, commercial or financial contracts or new processes 67
5.6 Basis for any statements made by the issuer regarding its competitive position 6; 22-25
5.7 Investments
5.7.1. Important investments completed 254; 275-281
5.7.2. Important investments in progress or for which firm commitments have already been made
5.7.3. Significant joint-ventures and interests 284
5.7.4. Environmental issues that could influence the issuer’s use of its tangible fixed assets N/A
6 – ORGANIZATIONAL STRUCTURE

6.1 Brief description of the Group 57

6.2 List of significant subsidiaries 314-317

7 – OPERATING AND FINANCIAL REVIEW
7.1 Financial condition 253-254
7.1.1. Analysis of the evolution and result of the issuer’s activities 16; 250-253; 323-324
7.1.2. Probable future development of the issuer’s activities and research and development activities 29-32
7.2 Operating results 253-254
7.2.1. Significant factors affecting income from operations N/A
7.2.2. Discussion of material changes in sales or revenues 250-253

8 – CAPITAL RESOURCES
8.1 The issuer’s capital resources 259; 261; 287-290
8.2 Source and amounts of the cash flows 260
8.3 Borrowing requirements and funding structure 297-300
8.4 Information regarding any restrictions on the use of capital resources 297-300; 305-309
8.5 Anticipated sources of funds 297-300




Universal Registration Document 2024 GROUPE SEB 383
APPENDICES
Cross-reference table for the Universal Registration Document



Cross-reference table for the Universal Registration Document – Annex 1 and 2 of the European
delegated regulation 2019/980 of 14 March 2019 completing the European regulation 2017/1129
of 14 June 2017 Page numbers

9 – REGULATORY ENVIRONMENT 48; 62; 128-132

10 – TREND INFORMATION 54

11 – PROFIT FORECASTS OR ESTIMATES N/A

12 – ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES AND SENIOR MANAGEMENT

12.1 Administrative and management bodies 73-103

12.2 Conflicts of interest within administrative and management bodies 95

13 – REMUNERATION AND BENEFITS

13.1 Amount of remuneration paid and benefits in kind 105-126

13.2 Total amounts set aside or accrued to provide pension, retirement or similar benefits 109-112; 114-116

14 – PRACTICES OF ADMINISTRATIVE AND MANAGEMENT BODIES

14.1 Date of expiration of current terms of office 92

14.2 Service contracts binding the members of the administrative bodies 93

14.3 Information about the Audit and Compliance Committee, the Governance and Remuneration
Committee and the Strategic and CSR Committee 98-103

14.4 Statement of compliance with the regime of corporate governance 72-73; 103

14.5 Potential impacts on the corporate governance 72-73; 100; 364

15 – EMPLOYEES

15.1 Number of employees 134; 270; 323

15.2 Shareholdings and stock options of the executive officers 356-358

15.3 Arrangements for involving the employees in the capital of the issuer 288; 356-358

16 – MAJOR SHAREHOLDERS

16.1 Shareholders owning more than 5% of the capital and voting rights 350-354

16.2 Existence of different voting rights 349-351

16.3 Control over the issuer 350-354

16.4 Arrangements, known to the issuer, the operation of which may at a subsequent date result
in a change in control of the issuer 354-355

17 – RELATED PARTY TRANSACTIONS 310-311

18 – FINANCIAL INFORMATION CONCERNING THE ISSUER’S ASSETS AND LIABILITIES,
FINANCIAL POSITION AND PROFITS AND LOSSES

18.1 Historical financial information 323-324

18.2 Interim and other financial information 258-261; 326-327

18.3 Auditing of historical annual financial information 319-322; 343-346

18.4 Proforma financial information N/A

18.5 Dividend policy 360

18.6 Legal and arbitration proceedings 267-268; 291-293

18.7 Significant change in the issuer’s financial or trading position N/A




384 GROUPE SEB Universal Registration Document 2024
APPENDICES
Cross-reference table for the Universal Registration Document



Cross-reference table for the Universal Registration Document – Annex 1 and 2 of the European
delegated regulation 2019/980 of 14 March 2019 completing the European regulation 2017/1129
of 14 June 2017 Page numbers

19 – ADDITIONAL INFORMATION

19.1 Share capital 350-355

19.1.1. Amount of issued capital and number of shares 349

19.1.2. Shares not representing capital N/A

19.1.3. Treasury shares 17

19.1.4. Convertible securities, exchangeable securities or securities with warrants 354

19.1.5. Terms governing unissued capital N/A

19.1.6. Options on share capital N/A

19.1.7. History of changes to share capital 350-355

19.2 Memorandum and bylaws 348

19.2.1. Corporate objects and purposes 348

19.2.2. Rights, privileges and restrictions applying to shares 348-349

19.2.3. Provisions likely to defer, delay or prevent a change in control N/A

20 – MATERIAL CONTRACTS N/A

21 – DOCUMENTS ON DISPLAY 348


The following information is incorporated by reference in this 6 April 2023, under number D.23-0248. The Consolidated
Universal Registration Document: Financial Statements appear on pages 259–330 and the
■ the Universal Registration Document for the 2023 financial corresponding audit report appears on pages 326–330 of this
year was filed with the French Financial Markets Authority on document;
4 April 2024, under number D.24-0240. The Consolidated The information on the Group’s website (www.groupeseb.com),
Financial Statements appear on pages 273–346 and the with the exception of that incorporated by reference, is not part
corresponding audit report appears on pages 340–344 of this of this Universal Registration Document.
document; As such, this information has not been reviewed or approved by
■ the Universal Registration Document for the 2022 financial the AMF.
year was filed with the French Financial Markets Authority on




Universal Registration Document 2024 GROUPE SEB 385
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