ESG Report 2025

Benjamin Arm

Chief Executive Officer · idiCo

"After three years of laying the foundations, we are entering a phase in which our commitments are beginning to translate into tangible results. This report is a testament to that progress."

Benjamin Arm
Chief Executive Officer · idiCo

EDITORIAL

In 2023, idiCo published its first ESG report. In 2024, we became a "Société à mission". This third report follows that trajectory: a journey built over time and now entering a new phase.

A period of regulatory clarification

Private equity is, by nature, a long-term business. At idiCo, this is also the lens through which we approach ESG. Yet the current context encourages immediacy: between debates surrounding the Omnibus Directive, the review of the SFDR framework with the emergence of SFDR 2.0, and discussions about the scope of non-financial obligations applicable to private market players, the sector is going through a period of profound regulatory clarification. For private equity managers, these developments are redefining investor expectations, reporting practices and transparency standards. In a challenging economic environment, sustainability considerations are increasingly confronted with short-term priorities.

ESG REPORT 2025idiCo02

It is precisely at such times that the consistency of an approach is tested, and that we have an opportunity to demonstrate it in practice.

Our first Mission Committee

Holding our first Mission Committee meeting is fully consistent with this approach. We were not legally required to do so. We chose to do it because commitments benefit from independent external oversight.

From intention to action

After three years of laying the foundations (an organisation, formalised commitments, tools and a Mission Committee now in place), this report marks a milestone: the point at which intentions are beginning to translate into visible results. Our objectives are clear and measurable. The following pages provide an honest account of what is progressing and what remains to be built.

We hope you enjoy the report.

"Against a backdrop of regulatory clarification, this is an opportunity to show what is truly taking shape behind our commitments."

Alexandre Chollet · Secretary General

Alexandre Chollet

Secretary General

03idiCoESG REPORT 2025

idiCo

Founded in 2023. Forged since 1999.

Geographic footprint

Locations of our portfolio companies

ESG REPORT 2025idiCo04

Our platform

An investment platform built around three complementary areas of expertise. Three distinct strategies, each designed to address different needs and supported by dedicated teams:

Lower-Mid Cap

idiCo Croissance 5

team members

Small Cap

idiCo Expansion 4

team members

Private Debt

idiCo Mezzanis 4

team members

2025 key figures

1 Md€

assets under management

portfolio investments

135

companies supported

employees

05idiCoESG REPORT 2025

RESPONSIBLE
INVESTOR

Since our creation, we have been building a responsible investment approach that has grown year after year, commitment by commitment. This journey has taken shape progressively: formalising our ESG investment process, strengthening our dedicated team, and embedding our approach within the sector's reference frameworks.

This approach is underpinned by collective commitments: the United Nations-supported Principles for Responsible Investment (PRI), the Initiative Climat International (iCi), the France Invest Gender Equality Charter and the France Invest Value-Sharing Charter. These frameworks guide and challenge us, enabling us to progress in a structured way.

To strengthen its commitment in practical terms, idiCo expanded its dedicated ESG team. In 2025, a full-time ESG analyst joined the ESG lead, enabling deeper monitoring of portfolio companies and more effective ESG support across our investment strategies.

Our SFDR funds

Funds
Article 9

Funds
Article 8

ESG REPORT 2025idiCo06

COMPANY-LED
COMPANY

Our purpose

“Help companies grow and create value while supporting their transition towards a more sustainable and inclusive world. Alongside employees and executives, we address economic, social and environmental challenges and work towards a fairer transition.”

Statutory objectives

Structure and develop companies

Contribute to talent attraction and retention

Enable executives and their teams to take action on ESG issues

Contribute to the ecological transition

These four objectives were incorporated into our articles of association when we became a "Société à mission" in 2024. Their implementation is monitored by the Mission Committee, which met for the first time in June 2025.

07idiCoESG REPORT 2025

idiCo

GOVERNANCE
ESG

At idiCo, we have chosen to bring external and independent perspectives into the heart of our ESG governance. Our approach therefore relies on two distinct bodies with complementary roles.

Mission Committee

Since we became a "Société à mission", the Mission Committee has been responsible for verifying that our statutory objectives are genuinely implemented. It first met in June 2025 and is composed of 4 members, including 2 independent members and 1 external member.

Fanny Bénard (Chair)

Independent

Co-CEO of BuyYourWay

Balthazar Laporte

Independent

Secretary of the ISR Label Committee

Patrick Bertrand

External member

Partner EIM France

Sacha Talmon

Internal member

Partner idiCo Lower-Mid

ESG Supervisory Board

Our ESG Supervisory Board includes two independent members specialising in sustainability issues. They support and challenge our long-term ESG strategic direction.

Corinne Lepage

Former Minister for the Environment

Stéphane Voisin

Expert
sustainable finance

ESG governance structure

At the centre of our organisation, the ESG team coordinates and facilitates communication between all governance bodies. It leads the Operational ESG Committee, which brings together one member from each investment team, ensuring that our ESG strategy is implemented in practice within each team. It prepares and supports the work of the Mission Committee and reports to the ESG Supervisory Board.

08idiCo · Report ESG 202509

ESG INVESTMENT
PROCESS

OUR TOOLS &
SUPPORT

Pre-investment

Exclusion policy

Vigilance policy

ESG due diligence

Climate and biodiversity risk analysis

Portfolio ownership

ESG roadmap

Semi-annual ESG review committees

Funding of the first carbon footprint assessment

Engagement on CSR policy

Monitoring of non-financial performance

Exit

Review of non-financial performance

Sharing progress on the ESG roadmap

01To be implemented in 2026

100-day support plan

From the time of investment, each new portfolio company benefits from a structured 100-day plan to identify priority ESG issues and lay the foundations for a CSR roadmap.

02To be implemented in 2026

idiCo Sustainability Elevator

A structured programme of 21 CSR actions across 4 pillars. 11 actions are common to all investment strategies, 9 are dedicated to Equity and 1 to Private Debt.

idiCo Sharing

A CSR toolkit shared with all our portfolio companies: practical guides, carbon methodology resources and a CSR newsletter.

04New in 2025

Semi-annual ESG review committees

Two annual meetings per investment team to review CSR progress, monitor indicators and adjust action plans.

Altitude

A tool for analysing climate and biodiversity-loss risks in order to identify and monitor these risks across the portfolio.

06New in 2025

PMDR

Private Market Decarbonisation Roadmap, a carbon maturity framework used to position each portfolio company on its decarbonisation pathway.

Specialist provider partnerships

A catalogue of specialist providers for ESG due diligence and CSR support for portfolio companies.

10idiCo · Report ESG 202511

idiCo

ENVIRONMENT
& CARBONE

We address the ecological transition at two levels: internally, by measuring our own carbon footprint as an asset management company, and across our portfolio companies, by supporting them in the same process. We believe that measurement is the essential starting point for any concrete action.

To structure and monitor this progress, we rely in particular on the Private Market Decarbonisation Roadmap (PMDR) methodology, which enables us to position each portfolio company on its decarbonisation pathway.

55,6%

of portfolio companies *

have completed a carbon footprint assessment

2025

55.6%

✓

2026

60%

2030

75%

40%

of portfolio companies *

have a carbon reduction plan

59%

of portfolio companies *

have an environmental policy

* Data calculated for the portfolio companies that responded to the annual ESG monitoring questionnaire.

PMDR breakdown of the portfolio

Not Started

37.5%

Capturing Data

33.3%

Preparing to Decarbonise

25%

Aligning to Net Zero

4.2%

The PMDR breakdown is calculated based on the amount invested.

idiCo carbon footprint (excluding Scope 3.15)***

184

tCO₂e

Total idiCo footprint

5,7

tCO₂e

/ employee

−4% vs 2024

18,2

tCO₂e

/ €m revenue

−6% vs 2024

ktCO₂e

Portfolio estimate **

** Estimate calculated by the Greenly platform.

*** Scope 3.15 “Investments” corresponds to emissions financed by idiCo.

14idiCo · Report ESG 202515

PORTFOLIO
COMPANY

INTERVIEW &
ENGAGEMENT

Simpliciti

Third investment of the 5th-generation Lower Mid Cap funds (2023)

Location

Aix-en-Provence, Provence-Alpes-Côte d'Azur

Sector

Consulting, electronic equipment and software publishing

Employees

>200 ETP

Revenue

30 M€

Founded in 1994, Simpliciti is a green-tech platform specialising in solutions for connected territories and smart cities. Simpliciti deploys hardware, software and data consulting solutions for local authorities and private operators (Paprec, Suez, Sepur, RATP, IdF Mobilités, etc.). The group operates in the following areas:

• Waste management: route optimisation, resource traceability, incentive-based billing, RFID identification, citizen communication, training and support, and recycling incentives

• Mobility: on-demand, school and reduced-mobility transport management

• Water & Green spaces: IoT management of water networks, intervention planning, irrigation optimisation and wastewater management

Simplicitis solutions generate a measurable impact across the group’s three verticals (non-exhaustive list):

Waste management — 20% fewer kilometres travelled by waste-collection trucks (5.4 million km) and fewer non-recycled materials, avoiding approximately 40,000 tCO₂ per year

Mobility — 1 million journeys per year to improve access and facilitate travel for people with reduced mobility and people without private transport

Water — 50% less water used for irrigation and 70% fewer network interventions

“Our "Société à mission" status and idiCo’s presence in our governance help us maintain alignment between our development strategy and our mission commitments. This enables us to grow without losing sight of the purpose of our business.”

Ludovic Gineste — Strategic and Partnerships Director, Simpliciti

Ludovic Gineste

Strategic and Partnerships Director · Simpliciti

Q1 —As a "Société à mission", which environmental indicators do you monitor?

We structure our environmental monitoring around two complementary areas. On the one hand, our own carbon footprint across Scopes 1, 2 and 3, and on the other, the positive impact of our solutions. Our solutions have enabled our clients to avoid more than 40,000 tCO2e per yearwhich has enabled us to issue more than 20,000 Climate Dividends to our shareholders over the last two financial years. We also monitor the share of our business with a positive impact, which reaches more than 80% of our revenue according to the measurement framework established by our Mission Committee. Finally, we are working to monitor specific indicators relating to water, mobility and the circular economy in the coming financial years, progressively broadening the scope of our impact measurement.

Q2 —You have introduced Climate Dividends. Could you explain this mechanism and what it brings in practical terms?

Climate Dividends are a non-financial indicator used to quantify and recognise the positive climate impact of our solutions. This approach was developed by the Climate Dividends association. The principle is as follows: 1 Climate Dividend corresponds to 1 tonne of CO2 avoided through our business, and these dividends are distributed to our shareholders each year. This tool makes our contribution to carbon neutrality visible and comparable, beyond our own footprint. For Simpliciti, it is particularly relevant: our solutions avoid approximately 40,000 tonnes of CO2e per year. The methodology and audit process make this figure robust and highlight our contribution to our ecosystem of clients and partners.

Q3 —How do you engage employees on these issues and embed the mission in day-to-day operations?

We have put in place several practical levers, including an ESG bonus paid to all teams, a Sustainable Mobility Allowance to encourage low-carbon travel, and workshops to raise awareness of individual carbon footprints and how to take action to reduce them. Volunteer employees champion these topics internally, as close as possible to the field in each group entity. This momentum is reflected in our offerings through the business challenges we choose to address and the formats of the services and solutions proposed to client territories.

12idiCo · Report ESG 202513

idiCo

SOCIAL &
VALUE SHARING

Behind every company we support are teams, executives and employees. Their engagement and satisfaction are key performance drivers. Among the issues to which we pay particular attention are value sharing and the employee satisfaction measurement.

These topics are integrated into our annual monitoring of portfolio companies. They are tracked through indicators that we measure over time, with the objective of continuous year-on-year improvement.

78,6%

of portfolio companies * with a value-sharing agreement

59,1%

of portfolio companies * with employee satisfaction measurement

Training plan *85,7%

Women among managers *31,7%

Women on the Executive Committee *30,8%

16,1h

of annual training per employee *

3,5%

Absenteeism rate *

* Data calculated for the portfolio companies that responded to the annual ESG monitoring questionnaire.

Non-mandatory value sharing *

2025 law

ⓘ

Since 2025, certain value-sharing mechanisms have become mandatory for companies with more than 11 employees. This change affects the calculation basis for the indicators, which explains the decrease in results compared with previous years.

Employee satisfaction measurement *

IDICO GENDER BALANCE

20%

Women in investment teams

17%

Women on the Investment Committee

idiCo employees

including 8 women

* Data calculated for the portfolio companies that responded to the annual ESG monitoring questionnaire.

18idiCo · Report ESG 202519

PORTFOLIO
COMPANY

INTERVIEW &
ENGAGEMENT

ClimaNext

First investment of the 4th-generation Private Debt funds (2024)

Location

Île-de-France

Sector

Climate engineering

Employees

>370 ETP

Revenue

82 M€

Born out of an external growth strategy launched in 2022, Climanext is a group specialising in the installation and maintenance of HVAC equipment (heating, ventilation and air conditioning).

With a presence throughout France through 12 companies, it masters the full range of technologies in the sector, enabling it to deliver projects of any scale and complexity for corporate and public-sector clients and social landlords.

"It gives us a genuine ability to quickly integrate new entities during external growth transactions, or to create new business segments."

Luc Barillon — Chief Executive Officer, Climanext

Luc Barillon

Chief Executive Officer · Climanext

Q1 —How do you define corporate culture?

At Climanext, we champion a deeply human, collaborative and committed corporate culture. It rests on several pillars: respect and recognition for every individual; human-sized organisations that foster dialogue, agility and close management; and a sustainable vision in which environmental issues are fully integrated into our actions. This culture is driven by strong collective momentum, fuelled by internal synergies and development opportunities for our employees.

Q2 —What are your main HR objectives and challenges, and which tools have you put in place?

Our HR priorities are clear: attract and retain talent in a competitive sector where the quality of the working environment makes a difference. We are strengthening our employer brand through concrete commitments to transparency, CSR, professional equality and work-life balance. We encourage internal mobility and have introduced continuous listening mechanisms: progress reviews, an anonymous employee survey and monitoring of the internal climate.

Q3 —How does a strong corporate culture contribute to the group’s overall performance?

A strong and authentic culture is a decisive performance driver. It fosters lasting team cohesion, a climate of trust and genuine day-to-day motivation. It strengthens our appeal and directly contributes to economic performance by aligning employees with the company’s objectives, streamlining decision-making and reducing friction between departments. It also gives us a genuine ability to quickly integrate new entities during external growth transactions.

16idiCo · Report ESG 202517

idiCo

GOVERNANCE
& STRUCTURATION

Governance is often the least visible aspect of an ESG approach. Yet it determines a company’s ability to make sound decisions, engage its teams and adapt to long-term challenges. As a result, it is subject to rigorous monitoring throughout the holding period.

This is long-term, substantive work carried out in close collaboration with executives, adapted to each company’s reality and embedded over time.

57%

of portfolio companies * have a CSR lead

2026 target: 75%

59,3%

of our portfolio companies have undergone full ESG due diligence

Obj. 2026 : 60%

reported CSR incident

GDPR and data confidentiality policy *91,7%

Formalised code of ethics *72,7%

ESG on the Board agenda *71,4%

CSR performance audit *65,0%

* Data calculated for the portfolio companies that responded to the annual ESG monitoring questionnaire.

Governance indicators · Portfolio

ESG lead appointed

ESG due diligence completed

CSR action plan (Equity)

Interest adjustment rate based on CSR criteria

✓ 2026 target already achieved

* Data calculated for the portfolio companies that responded to the annual ESG monitoring questionnaire.

22idiCo · Report ESG 202523

PORTFOLIO
COMPANY

INTERVIEW &
ENGAGEMENT

Loré

First investment of the 4th-generation Small Cap funds (2024)

Location

Bordeaux, Nouvelle-Aquitaine

Sector

Software publishing

Employees

> 70 ETP

Revenue

8 M€

Founded in 2009 by Charlotte Valette, Loré provides proprietary SaaS software on a subscription basis for the financial, tax and property management of real-estate portfolios owned by social and private landlords:

• WIM: optimising and improving the reliability of property-tax management for social landlords.

• Alfons : launched in 2024, offering the same functionality as WIM for the private property-management market.

• Milo (originally Bazimo, acquired in 2025): a property-management solution.

Loré also provides software integration and configuration services, as well as tax and financial advisory support.

"An external and independent perspective first and foremost provides greater perspective and limits internal bias. This independence contributes to stronger governance and more informed decision-making, particularly in periods of growth or transformation."

Bernard Fort — Strategic Partner, Loré

Charlotte Valette

Chair and Founder · Loré

Q1 —How were you organised around CSR issues before idiCo invested in the company?

Before idiCo’s investment, we already considered CSR issues. We addressed them pragmatically and voluntarily, but without formalisation or a defined roadmap. When idiCo joined our shareholder base, an assessment was carried out. It gave us a structured view of what we were already doing, while also highlighting the lack of formalisation and structure in our governance of these issues. The maturity score of 2.2 out of 4 determined when idiCo invested reflects a genuine level of consideration and provides a solid starting point.

Q2 —How has idiCo’s investment changed your approach to CSR issues?

idiCo’s investment enabled us to prioritise and formalise our approach: a dedicated ESG lead, a roadmap shared with the strategic committee and regularly monitored indicators. idiCo is now supporting us in completing our first carbon footprint assessment and implementing our ESG roadmap. The appointment of an independent member to our strategic committee has been a significant driver in structuring our governance.

Q3 —How has the appointment of an independent member at Loré benefited the company?

The appointment of an independent member, Bernard Fort, has genuinely strengthened our governance. As co-founder of Tennaxia, a SaaS publisher dedicated to CSR that he developed through several growth cycles, he understands the challenges of a company like ours in practical terms. He acts as a strategic partner, challenging our strategic direction, sharing experience from other contexts and helping us structure Loré during this period of rapid growth. This external and independent perspective enables us to step back, limit our internal biases and approach our decisions with greater rigour. The quality of the relationship, based on open dialogue and an equal-footing approach, is what makes this support truly valuable.

20idiCo · Report ESG 202521

CONCLUSION

Since its creation, idiCo has chosen a progressive and pragmatic approach: move forward, test and adjust. This report is a faithful reflection of that approach, with its progress and the areas of work that remain open.

Our "Société à mission" status remains our reference framework. It continues to evolve, notably with the support of our Mission Committee and ESG Supervisory Board, whose commitment alongside us we greatly value.

In the same spirit, we joined the France Invest working group on value sharing. Value is created within companies, and how it is shared is a central issue. It is through sharing practices and working together that the most lasting progress is built, whatever the subject.

At a time when ESG issues are the subject of growing debate, consistency over time is what matters. We will continue in this direction and look forward to reporting on our progress next year.

Signatories

Initiative Climat International

Principles for Responsible Investment

France Invest Gender Equality Charter

France Invest Value-Sharing Charter

24idiCo · Report ESG 2025

Disclaimer

The information in this document is provided for reference purposes only and does not constitute an offer, advertising or a recommendation to sell or purchase investment products. Its content was prepared by idiCo’s ESG team and is based on information that we consider to come from reliable sources. However, we cannot guarantee that this information is accurate, complete or up to date. The circumstances and principles to which the information in this document refers may change. The publication of this information should not be interpreted as meaning that no changes may occur after publication or that no updates may be made. The information contained in this publication does not constitute advice for financial, legal, tax or contractual decision-making, and no investment or other decision should be made solely on the basis of this information. Readers are therefore advised to consult qualified experts for any advice they may require.