GCO’s Board of Directors issues a favourable opinion on the takeover bid by Inoc, S.A. (Inocsa)

"The acceptance period for the takeover bid made by Inocsa will end on 28 November 2025."

GCO’s Board of Directors has issued, at its meeting today, a favourable opinion on the voluntary takeover bid made by Inocsa for all of GCO's shares.

In this regard, in accordance with stock market regulations, the Board has approved the report on the takeover bid, in which it considers several aspects. With regard to the price of the takeover bid, and in line with standard practice for such transactions, the Board has taken into consideration the opinions of independent advisors Bank of America and KPMG on the fairness of the offer price from a financial point of view.

It has also assessed the structure of the transaction, which allows shareholders to participate in the Offer through a cash consideration of €49.75 per GCO share, or, alternatively, through an exchange of 1 newly issued Inocsa Class B share for every 43.9446 GCO shares (based on a reference price per new Inocsa share of €2,186.24); this second option allows shareholders who so wish to continue participating in the Group's business under the terms of the takeover bid.

The Board has also considered, among other things, Inocsa's intention not to make any changes to GCO's strategy, which will continue to operate as usual through its three lines of business: Occident, Atradius and Mémora.

The acceptance period for the voluntary takeover bid began on 30 October 2025 and will end on 28 November 2025.

The terms and conditions of the takeover bid are set out in the explanatory prospectus prepared by Inocsa and approved by the CNMV on 29 October 2025, which is available to the public on the CNMV website (www.cnmv.es), the Inocsa website (www.grupoinocsa.com) and the GCO website (www.gco.com).