Towards a new normality ?

This year again, our international environment was marked by growing tensions and an increasing number of conflicts. Multilateralism now appears more fragile than in the past, while individualization continues to progress within our societies and confidence in the future tends to erode.

In this uncertain context, the financial markets nevertheless continued to deliver solid performances. Whereas traditional models associate stability and confidence with favorable market expectations, we are now witnessing the emergence of new balances capable of generating positive results despite a more volatile environment.

In light of these developments, it remains essential to stay true to our founding values and to the prudent and consistent strategy that has been the source of our strength. We owe this to our affiliated members, who choose our foundation for its transparency, stability, and unwavering respect for its commitments. Our governance also requires this discipline by favoring a long-term vision and measured decisions.

In this report, you will find all the figures and technical indicators for the 2025 financial year, characterized by 12% growth in total assets. The 6.0% performance consolidates the financial balance. This is reflected notably in maintaining the technical interest rate at 2.0%, in a stable demographic ratio — with one pensioner for every nine insured members — as well as in the strengthening of the coverage ratio, which reached 107.6%.

The Foundation Board pays particular attention to the solidity of our commitments. In collaboration with our expert, provisions are regularly analyzed in order to guarantee the stability of the fundamentals and to ensure the long-term development of the Foundation.

Sustainability remains fully integrated into our investment approach, as detailed in the report dedicated to this subject. We also ensure clear and transparent communication regarding our actions to all stakeholders.

Mindful of its long-term operational stability, the foundation has organized its management structure accordingly. The recruitment of new competencies, the continuous training of employees, and the clear definition of responsibilities provide teams with the necessary serenity to deliver high-quality work. Processes have been further strengthened, as has internal auditing, within the framework of our quality management system.

I would like to express my deep gratitude to our management and employees for their commitment and professionalism in the service of Patrimonia. They deserve our sincere thanks, as do our affiliated members for the trust and loyalty they have shown. We are therefore able to approach future challenges with vigilance and determination.

Guy Bardet

President