Cnova N.V.

Communication regarding Cdiscount's Conciliation Proceedings & Activity

Communication by CNOVA N.V

Amsterdam – June 26, 2023, 8:45 CET – Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova” or the “Company”) releases an update regarding conciliation proceedings and activity at Cdiscount.

Information provided to stakeholders in conciliation proceedings

As part of the discussions conducted by the Casino Group - the parent company of Cnova - under the aegis of the conciliators appointed on May 25, 2023 by the Commercial Court of Paris, the Casino Group has shared with stakeholders involved in the conciliation proceedings, under a confidentiality agreement, its strategic elements and key prospective financial information.

A presentation containing all privileged information related to the Casino Group that has been shared to date as part of these discussions is made available today on the Casino Group’s website.

An excerpt from this presentation is also posted today on the Cnova website. It highlights key elements for Cnova, under the label "Cdiscount," including the current level of activity and key prospective financial information.

Update on liquidity

The Casino Group has implemented various measures to preserve its liquidity throughout the entire conciliation period (until September 25, 2023, which may be extended by one month until October 25, 2023). Cash flow forecasts reviewed by Accuracy confirm that the Casino Group does not anticipate any liquidity issues until the end of 2023.

Considering the aforementioned and the terms and conditions of the medium-term financing agreements in place between the Company and the Casino Group (maturing in 2026), Cnova continues to have sufficient liquidity for the proper execution of its operations.

It should be noted that these cash flow forecasts inherently involve some uncertainty as they depend, among other factors, on the level of activity and the expected payment terms with suppliers in the coming months.

Half-Year Financial Statements

In line with the progress of the conciliation proceedings, these forecasts, regularly updated, will be reassessed for the purpose of preparing the consolidated 2023 half-year financial statements in accordance with the going concern accounting convention. The notes to the consolidated half-year financial statements will disclose the key assumptions and basis used to assess the going concern principle as of the financial statement closing date.