Taking a Conservative View on Renault's Future Readiness

After the sudden departure of its CEO, Luca de Meo, in mid-2025, who was responsible for the excellent execution of the "Renaulution" turnaround strategy, we believe the appointment of Renault stalwart François Provos as CEO, whose key messaging is continuity, is the right appointment given industry volatility. Provos’ “Future Ready” strategy sticks to the same key pillars of pushing product innovation, strengthening partnerships to leverage scale benefits, growing internationally, and protecting the balance sheet. Where we see increased emphasis in the current strategy is the need for cost reduction, with the goal of being competitive on cost with Chinese rivals. We believe this is critical, particularly on the lower end of the value spectrum in which Renault operates.