CARMILA's Share Structure: Governance Stability vs. International Access Trade-offs

Carmila maintained a robust share structure as of late 2025, with regulatory compliance anchored in French corporate law. The company reported 140.2 million issued shares and 138.9 million real voting rights (excluding treasury shares) as of November 30, 2025. This structure reflects strict adherence to France's Code de commerce and Autorité des Marchés Financiers (AMF) requirements, ensuring no material gap exists between share capital and voting rights. Treasury shares effectively reduced real voting rights by approximately 1.2 million shares compared to total issued shares.

Earlier data from July 31, 2025 showed a slight increase to 140.9 million issued shares and 140.7 million real voting rights, consistent with the later reporting framework. The theoretical voting rights-equal to total issued shares-remained fully aligned with regulatory standards, though no details on American Depositary Receipts (ADRs) were disclosed. This disciplined approach to capital structure underscores governance rigor, though shareholders should monitor treasury share activity for potential voting dilution effects in future reporting periods.

Governance Stability Enhances Investor Confidence

The company's governance framework demonstrated notable consistency through the latter half of 2025, reinforcing stability for investors. Voting rights closely matched issued shares in both July and November 2025 reports, indicating disciplined capital structure management under French regulatory standards. This alignment suggests no hidden disparities between share count and voting power, a key factor for institutional shareholders concerned about transparency.

Regulatory compliance remained strong, reducing legal and operational risks that could disrupt long-term growth plans.

However, minor complexities persist in the treasury share structure. The slight contraction in issued shares between July and November 2025 – a 0.5% reduction – reflects ongoing buyback activity. While this typically signals confidence in intrinsic value, it also concentrates ownership slightly, potentially narrowing the shareholder base over time. Investors should monitor whether this trend accelerates, as reduced float could impact liquidity and market-making resilience. The absence of ADR conversion details further limits global investor accessibility, creating a friction point for international capital despite overall governance strengths.

Overall, the governance trajectory supports management's growth narrative by minimizing governance-related frictions. The consistent voting rights framework provides a reliable foundation for executing strategic initiatives, though the subtle ownership concentration warrants ongoing scrutiny.