# EDGAR Filing Document

**Accession Number:** 0001581835
**File Stem:** 0001104659-26-059496
**Filing Date:** 2026-5
**Character Count:** 34373
**Document Hash:** bacfed96d21f48b233d238b7c0549727
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-059496.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001104659-26-059496

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Valneva SE
- **CENTRAL INDEX KEY:** 0001836564
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** I0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93388
- **FILM NUMBER:** 26969775

**BUSINESS ADDRESS:**
- **STREET 1:** 6, RUE ALAIN BOMBARD
- **CITY:** SAINT-HERBLAIN
- **STATE:** I0
- **ZIP:** 44800
- **BUSINESS PHONE:** 33 2 28 07 37 10

**MAIL ADDRESS:**
- **STREET 1:** 6, RUE ALAIN BOMBARD
- **CITY:** SAINT-HERBLAIN
- **STATE:** I0
- **ZIP:** 44800
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bpifrance Participations SA
- **CENTRAL INDEX KEY:** 0001581835

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** I0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 27-31 AVENUE DU GENERAL LECLERC
- **CITY:** MAISONS ALFORT, CEDEX
- **STATE:** I0
- **ZIP:** 94710
- **BUSINESS PHONE:** 33153898789

**MAIL ADDRESS:**
- **STREET 1:** 27-31 AVENUE DU GENERAL LECLERC
- **CITY:** MAISONS ALFORT, CEDEX
- **STATE:** I0
- **ZIP:** 94710

## Exhibit 99.2

**Exhibit 99.2**

**Information with respect to Directors and Executive Officers of the Reporting Persons**

**Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of**

**BPIFRANCE PARTICIPATIONS S.A.**

The name, business address and present principal occupation or employment of each of the directors and executive officers of Bpifrance Participations S.A. are set forth below. The business address of each director and executive officer is Bpifrance Participations S.A., 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France. Unless otherwise indicated, each director and executive officer is a citizen of France.

**BOARD OF DIRECTORS**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| NICOLAS DUFOURCQ | **Director, Chairman, Chief Executive Officer of Bpifrance Participations**, and Chief Executive Officer of Bpifrance |
| MARION CABROL | **Director**, Investment manager at the Department of strategic holdings at Caisse des Dépôts |
| OLIVIER RAVEL | **Director**, Head of M&A within the Department of strategic holdings at Caisse des Dépôts |
| FREDERIC SAINT-GEOURS | **Director**, formerly vice chairman of the board of directors of SNCF SA |
| FRENCH STATE represented by<br> GuilLemette Kreis | **Director**, Investment manager at the Agence des Participations de l'Etat (French State Shareholding Agency) |
| CAMILLE SUTTER | **Director,** head of the Corporate Financing and Development Office, Direction Générale du Trésor (French Treasury) |
| CHLOE MAYENOBE | **Director**, Chief Operating Officer at Thunes |
| CAROLINE PAROT | **Director**, CEO of Technicolor Creative Studios |
| JEROME GAZZANO | **Director**, deputy Director for Innovation in the General Directorate for Companies of the Ministry of Economy and Finance |
| PIERRE AUBOUIN | **Director**, Director of the division Sales and Strategic management of the Portfolio Banque des Territoires |

---

**EXECUTIVE OFFICERS**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| NICOLAS DUFOURCQ | **Chief Executive Officer** |
| JOSÉ GONZALO | **Executive Director** |
| PIERRE BENEDETTI | **Chief Financial Officer** |

---

**Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of**

**CAISSE DES DÉPÔTS**

The name, business address and present principal occupation or employment of each of the members of the Management Committee of Caisse des Dépôts are set forth below. The business address of each director and executive officer is Caisse des Dépôts, c/o 56, rue de Lille, 75007 Paris, France. Unless otherwise indicated, each such person is a citizen of France.

**MANAGEMENT COMMITTEE**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| OLIVIER SICHEL | **Chief Executive Officer of Caisse des Dépôts** |
| NICOLAS DUFOURCQ | **Chief Executive Officer of Bpifrance** |
| VIRGINIE CHAPRON-DU JEU | **Head of Risk Management of Caisse des Dépôts Group** |
| PIERRE CHEVALIER | **Head of Legal Affairs, compliance and Ethics** |
| NATHALIE TUBIANA | **Head of finance and Sustainable Development Policy at Caisse des Dépôts** |
| OLIVIER MAREUSE | **Deputy Chief Executive Officer Head of Asset Management and Saving Funds** |
| CATHERINE MAYENOBE | **Deputy Chief Executive, Operations and Business Transformation Director of Caisse des Dépôts Group** |
| SOPHIE QUATREHOMME | **Head of Communications, Corporate Sponsorship and Partnerships** |
| MARIANNE KERMOAL-BERTHOME | **Head of Social Policy** |
| ANTOINE SAINTOYANT | **Deputy general manager at Caisse des Dépôts and Head of Banque des Territoires** |
| JULIE-AGATHE BAKALOWICZ | **Chief Advisor to the Chief Executive Office** |
| AURELIE ROBINEAU-ISRAĒL | **Head of Human Resources** |
| AUDREY GIRARD | **Head of Strategic Investments** |

---

**Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of**

**EPIC BPIFRANCE**

The name, business address and present principal occupation or employment of each of the directors and executive officers of EPIC Bpifrance are set forth below. The business address of each director and executive officer is EPIC Bpifrance, 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France. Unless otherwise indicated, each director and executive officer is a citizen of France.

**DIRECTORS**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| CHRISTIAN BODIN | **Director, interim Chairman, Chief Executive Officer of EPIC Bpifrance** |
| ESTELLE DHONT-PELTRAULT | **Director**, assistant to the Head of the Innovation, Technology Transfer and Regional Action Department in the General Directorate for Research and Innovation |
| SANDRINE MENARD | **Director**, Deputy for Corporate Financing and Financial Markets |
| JOHN PALACIN | **Director**, Head of the office for the General Secretary for Public Investment |
| SIMON PINEAU | **Director**, Head of the office for Energy, Investments, Industry and Innovation in the General Directorate for Budget of the Ministry of Economy and Finance |
| EMMANUELLE BENHAMOU | **Director**, Deputy at the audit and accounting department of the Agence des Participations de l'Etat (French State Shareholding Agency) |
| DAVID HELM | **Director**, Head of Innovation Financing and Intellectual Property in the General Directorate for Companies of the Ministry of Economy and Finance |

---

**Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of**

**BPIFRANCE S.A.**

The name, business address and present principal occupation or employment of each of the directors and executive officers of Bpifrance S.A. are set forth below. The business address of each director and executive officer is Bpifrance S.A., 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France. Unless otherwise indicated, each director and executive officer is a citizen of France.

**DIRECTORS**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| OLIVIER SICHEL | **Director**, Chairman of Bpifrance, Chief Executive Officer of Caisse des Dépôts |
| NICOLAS DUFOURCQ | **Director, Chief Executive Officer of Bpifrance** and Director, Chairman and Chief Executive Officer of Bpifrance Participations |
| ANTOINE SAINTOYANT | **Director,** Deputy general manager at Caisse des Dépôts and Head of Banque des Territoires |
| ALEXIS ZAJDENWEBER | **Director**, Chairman of the Agence des Participations de l'Etat (French State Shareholding Agency) |
| MARIE DELEAGE | **Director representing the employees of Bpifrance** |
| PHILIPPE BAYEUX | **Director representing the employees of Bpifrance** |
| PIERRE-ANDRE DE CHALENDAR | **Director**, honorary Chairman of Saint-Gobain |
| CLAIRE DUMAS | **Director**, formerly CFO at Société Générale |
| STEPHANIE SCHAER | **Director**, Interministerial director of digital affairs |
| MARION CABROL | **Director**, Investment manager in the Department of strategic holdings at Caisse des Dépôts |
| STEPHANIE PERNOD | **Director**, Vice-president of the Regional Council of Auvergne-Rhône-Alpes, in charge of the economy, relocation, regional preference and digital |
| NATHALIE TUBIANA | **Director**, Head of finance and sustainable policy of Caisse des Dépôts Group |
| CLAIRE CHEREMETINSKI | **Director**, Deputy Director General of the Treasury |
| BRICE HUET | **Director**, General commissioner for sustainable development |

---

**Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of**

**CDC CROISSANCE S.A.**

The name, business address and present principal occupation or employment of each of the directors and executive officers of CDC Croissance S.A. are set forth below. The business address of each director and executive officer is CDC Croissance S.A., 209, rue de l'Université, 75007 Paris, France. Unless otherwise indicated, each such person is a citizen of France.

**BOARD OF DIRECTORS**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| OLIVIER MAREUSE | **Chief Investment Officer and Director of Saving Funds at Caisse des Dépôts.** |
| LAURENCE GIRAUDON | **Director, Chief Operating Officer, Finance and Operations Department, Asset Management Division** |
| GILLES HAYEM | **Director, Head of Listed Equities Portfolio Management, Asset Management Division at Caisse des Dépôts** |
| FLORENCE BONNEVAY | **Director, Chief Executive Officer of Allesens** |
| OLIVIER HEREIL | **Director, Chief Investment Officer at BNP Paribas Cardif** |

---

**EXECUTIVE OFFICERS**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| AUDE DE LARDEMELLE | **Chief Executive Director** |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 5)**

**Valneva SE**

*(Name of Issuer)*

**Ordinary Shares, nominal value EUR0.15 per share**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Sophie Paquin**<br>6-8, boulevard Haussmann<br>Paris I0 75009<br>33 6 37 85 94 06

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**05/05/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bpifrance Participations S.A.** | Name of reporting person<br>**Bpifrance Participations S.A.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**I0** | Citizenship or place of organization<br>**I0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**14317670.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7158835.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**14317670.00** | Aggregate amount beneficially owned by each reporting person<br>**14317670.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.0%** | Percent of class represented by amount in Row (11)<br>**7.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 7,158,835 Ordinary Shares. The Reporting Person's Ordinary Shares have double voting rights, resulting in 14,317,670 voting rights related to such shares. Upon the sale of Ordinary Shares by the Reporting Person, the double voting rights are extinguished. The aggregate amount beneficially owned and percent of class reported above are based on the Reporting Person's voting rights and the 204,237,106 voting rights outstanding as of May 5, 2026.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**EPIC Bpifrance** | Name of reporting person<br>**EPIC Bpifrance** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**I0** | Citizenship or place of organization<br>**I0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**14317670.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7158835.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**14317670.00** | Aggregate amount beneficially owned by each reporting person<br>**14317670.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.0%** | Percent of class represented by amount in Row (11)<br>**7.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 7,158,835 Ordinary Shares. The Reporting Person's Ordinary Shares have double voting rights, resulting in 14,317,670 voting rights related to such shares.  Upon the sale of Ordinary Shares by the Reporting Person, the double voting rights are extinguished. The aggregate amount beneficially owned and percent of class reported above are based on the Reporting Person's voting rights and the 204,237,106 voting rights outstanding as of May 5, 2026.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bpifrance S.A.** | Name of reporting person<br>**Bpifrance S.A.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**I0** | Citizenship or place of organization<br>**I0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**14317670.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7158835.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**14317670.00** | Aggregate amount beneficially owned by each reporting person<br>**14317670.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.0%** | Percent of class represented by amount in Row (11)<br>**7.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 7,158,835 Ordinary Shares. The Reporting Peron's Ordinary Shares have double voting rights, resulting in 14,317,670 voting rights related to such shares. Upon the sale of Ordinary Shares by the Reporting Person, the double voting rights are extinguished. The aggregate amount beneficially owned and percent of class reported above are based on the Reporting Person's voting rights and the 204,237,106 voting rights outstanding as of May 5, 2026.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Caisse des depots et consignations** | Name of reporting person<br>**Caisse des depots et consignations** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**I0** | Citizenship or place of organization<br>**I0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**19074653.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**11915818.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**19074653.00** | Aggregate amount beneficially owned by each reporting person<br>**19074653.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.3%** | Percent of class represented by amount in Row (11)<br>**9.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 11,915,818 Ordinary Shares. Certain of the Reporting Person's Ordinary Shares have double voting rights, resulting in 19,074,653 voting rights related to such shares. Upon the sale of Ordinary Shares by the Reporting Person, any double voting rights are extinguished. The aggregate amount beneficially owned and percent of class reported above are based on the Reporting Person's voting rights and the 204,237,106 voting rights outstanding as of May 5, 2026.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**CDC Croissance S.A.** | Name of reporting person<br>**CDC Croissance S.A.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**I0** | Citizenship or place of organization<br>**I0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4755872.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4755872.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4755872.00** | Aggregate amount beneficially owned by each reporting person<br>**4755872.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.3%** | Percent of class represented by amount in Row (11)<br>**2.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 4,755,872 Ordinary Shares, which do not have double voting rights. The aggregate amount beneficially owned and percent of class reported above are based on 204,237,106 voting rights outstanding as of May 5, 2026.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Ordinary Shares, nominal value EUR0.15 per share

**(b) Name of Issuer:**
Valneva SE

**(c) Address of Issuer's Principal Executive Offices:**
Ilot Saint-Joseph, Bureaux Convergence, 12ter Quai Perrache, Lyon, I0, 69002

Introductory Statement:

This Amendment No. 5 (this "Amendment") is being filed by Bpifrance Participations S.A., a societe anonyme incorporated under the laws of the Republic of France ("Bpifrance Participations"), EPIC Bpifrance, a French public institution of industrial and commercial nature ("EPIC" ), Bpifrance S.A., a societe anonyme incorporated under the laws of the Republic of France ("Bpifrance"), Caisse des Depots et consignations, a French special public entity (etablissement special) ("CDC") and CDC Croissance S.A., a societe anonyme incorporated under the laws of the Republic of France ("CDC Croissance") (collectively, the "Reporting Persons") pursuant to Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

This Amendment relates to the Ordinary Shares, nominal value EUR0.15 per share (the "Ordinary Shares") of Valneva SE (the "Issuer").This Amendment amends and supplements the Schedule 13D relating to Ordinary Shares of the Issuer filed with the Securities and Exchange Commission (the "SEC") on November 16, 2022, as amended by: (i) Amendment No. 1 to Schedule 13D filed with the SEC on June 30, 2023; (ii) Amendment No. 2 to Schedule 13D filed with the SEC on September 20, 2024; (iii) Amendment No. 3 to Schedule 13D filed with the SEC on September 5, 2025; and (iv) Amendment No. 4 to Schedule 13D filed with the SEC on March 10, 2026 (collectively, as amended, the "Schedule 13D").

Except as specifically provided herein, this Amendment does not modify any of the information previously reported in the Schedule 13D.  Capitalized terms used herein shall have the meanings ascribed to them in the Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and supplemented as follows:

The Issuer completed an EUR84 million reserved offering subscribed by a limited number of investors which is expected to close on May 5, 2026 (the "Reserved Offering"). In the Reserved Offering, the Issuer issued 15,893,817 new ordinary shares (the "New Shares"), and one share warrant is attached to each New Share. The Reporting Persons did not participate in the Reserved Offering. The New Shares issued in the Reserved Offering represented an increase in the share capital of the Issuer which resulted in a dilution of the Reporting Persons' holdings.

In the past 60 days, Bpifrance Participations sold 356,003 Ordinary Shares. Bpifrance Participations sold the amount of Ordinary Shares on the date and at the price set forth below in open market transactions. Unless otherwise noted, the sales of the Ordinary Shares were sold in multiple transactions at varying prices. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this Schedule 13D.

March 10, 2026:

-  226,532 Ordinary Shares at a weighted average price of EUR4.93 per share (multiple transactions at prices ranging from EUR4.85 to EUR5.03, inclusive).

March 11, 2026:

-  5,318 Ordinary Shares at a weighted average price of EUR4.96 per share (multiple transactions at prices ranging from EUR4.90 to EUR4.96, inclusive).

March 18, 2026:

-  124,153 Ordinary Shares at a weighted average price of EUR4.94 per share (multiple transactions at prices ranging from EUR4.85 to EUR5.00, inclusive).

Since the filing of Amendment No. 4, CDC Croissance has acquired 130,000 Ordinary Shares and sold 289,645 Ordinary Shares. CDC Croissance purchased and sold the amount of Ordinary Shares on the date and at the price set forth below in open market transactions. Unless otherwise noted, the purchases and sales of the Ordinary Shares were purchased or sold in multiple transactions at varying prices. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each price within the ranges set forth in this Schedule 13D.

Purchased Ordinary Shares

March 9, 2026:

- 78,518 Ordinary Shares at a weighted average price of EUR4.51 per share (multiple transactions at prices ranging from EUR4.43 to EUR4.60, inclusive).

March 12, 2026:

- 51,482 Ordinary Shares at a weighted average price of EUR4.54 per share (multiple transactions at prices ranging from EUR4.49 to EUR4.60, inclusive).

Sold Ordinary Shares

March 30, 2026:

- 289,645 Ordinary Shares at a weighted average price of EUR2.81 per share (multiple transactions at prices ranging from EUR2.75 to EUR2.88, inclusive).

All of the Ordinary Shares that are held of record by the Reporting Persons as reported herein were acquired for investment purposes. The Reporting Persons retain the right to change their investment intent, from time to time to acquire additional Ordinary Shares or other securities of the Issuer, or to sell or otherwise dispose of all or part of the Ordinary Shares or other securities of the Issuer, if any, beneficially owned by them, in any manner permitted by law. The Reporting Persons may engage from time to time in ordinary course transactions with financial institutions with respect to the securities described herein.

Except as set forth above, none of the Reporting Persons currently has any plans or proposals which would be related to or would result in any of the matters described in Items 4(a)-(j) of the Instructions to Schedule 13D. However, as part of the ongoing evaluation of investment and investment alternatives, the Reporting Persons may consider such matters and, subject to applicable law, may formulate a plan with respect to such matters, and, from time to time, may hold discussions with or make formal proposals to management or the board of directors of the Issuer or other third parties regarding such matters.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows:

As of the date hereof, (i) Bpifrance Participations holds directly 7,158,835 Ordinary Shares and 14,317,670 Voting Rights, and (ii) CDC Croissance held, through CDC PME CROISSANCE, 4,755,872 Ordinary Shares and 4,755,872 Voting Rights.

As of the date hereof, none of Bpifrance, EPIC or CDC holds any Ordinary Shares directly. Bpifrance may be deemed to be the beneficial owner of 7,158,835 Ordinary Shares and 14,317,670 Voting Rights, indirectly through its 99.99% ownership of Bpifrance Participations. EPIC may be deemed to be the beneficial owner of 7,158,835 Ordinary Shares and 14,317,670 Voting Rights, indirectly through its joint ownership and control of Bpifrance. CDC may be deemed to be the beneficial owner of (x) 7,158,835 Ordinary Shares and 14,317,670 Voting Rights, indirectly through its joint ownership and control of Bpifrance, (y) 4,755,872 Ordinary Shares and 4,755,872 Voting Rights, indirectly through its ownership of CDC Croissance and (z) 1,111 Ordinary Shares and 1,111 Voting Rights, indirectly through its ownership of CNP Assurances.

The ownership percentages are calculated based on 189,646,915 Ordinary Shares outstanding and 204,237,106 Voting Rights as of May 5, 2026, as reported by the Issuer. The amount of outstanding Ordinary Shares and Voting Rights disclosed above is calculated under U.S. law, which requires treasury shares to be excluded from the calculation of outstanding shares.  Under French law, treasury shares are required to be included in the calculation of outstanding shares. Using the French law requirements, the Issuer has 189,771,237 outstanding Ordinary Shares and 204,361,428 outstanding Voting Rights, and (i) Bpifrance Participations' Ordinary Share holdings represent approximately 3.8% of the Issuer's outstanding Ordinary Shares, and its Voting Rights represent approximately 7.0% of outstanding Voting Rights, and (ii) CDC Croissance's Ordinary Share holdings represent approximately 2.5% of the Issuer's outstanding Ordinary Shares, and its Voting Rights represent approximately 2.3% of outstanding Voting Rights.

**(b)**
Item 5(b) of the Schedule 13D is hereby amended and supplemented as follows:

See the information contained on the cover pages of this Amendment, which is incorporated herein by reference.

**(c)**
Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows:

The information set forth in Item 4 is hereby incorporated by reference to this Item 5(c). Except as disclosed in this Amendment, there have been no reportable transactions with respect to the Ordinary Shares of the Issuer within the last 60 days by the Reporting Persons, or, to the best of their knowledge, any of the persons referred to in Exhibit 99.2.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Bpifrance Participations S.A.

**Signature:** /s/ Sophie Paquin

**Name/Title:** Sophie Paquin/Director of Legal Affairs

**Date:** 05/12/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** EPIC Bpifrance

**Signature:** /s/ Sophie Paquin

**Name/Title:** Sophie Paquin/Director of Legal Affairs

**Date:** 05/12/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Bpifrance S.A.

**Signature:** /s/ Boubaker Dione

**Name/Title:** Boubakar Dione/Group Director of Legal Affairs

**Date:** 05/12/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Caisse des depots et consignations

**Signature:** /s/ Laurence Giraudon

**Name/Title:** Laurence Giraudon/Chief Operating Officer, Finance and Operations Department, Asset Management Division

**Date:** 05/12/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** CDC Croissance S.A.

**Signature:** /s/ Aude de Lardemelle

**Name/Title:** Aude de Lardemelle/Executive Director

**Date:** 05/11/2026