SCHEDULE 13D/A 0001104659-22-119388 0001581835 XXXXXXXX LIVE 3 Ordinary Shares, nominal value EUR0.15 per share 08/29/2025 true 0001836564 92025Y103 Valneva SE

6 rue Alain Bombard Saint-Herblain I0 44800

Sophie Paquin 33 6 37 85 94 06 6-8, boulevard Haussmann Paris I0 75009 John Partigan Lloyd Spencer 202-585-8000 Nixon Peabody LLP 799 9 Street NW Ste 500 Washington DC 20001 0001581835 N Bpifrance Participations S.A. OO N I0 0.00 17259364.00 0.00 8639886.00 17259364.00 N 9.2 OO Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 8,639,886 Ordinary Shares and has 17,259,364 voting rights related to such shares. The aggregate amount beneficially owned and percent of class reported above are based on the Reporting Person's voting rights and the 187,854,877 voting rights outstanding as of August 31, 2025. 0001731121 N EPIC Bpifrance OO N I0 0.00 17259364.00 0.00 8639886.00 17259364.00 N 9.2 OO Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 8,639,886 Ordinary Shares and has 17,259,364 voting rights related to such shares. The aggregate amount beneficially owned and percent of class reported above are based on the Reporting Person's voting rights and the 187,854, 877 voting rights outstanding as of August 31, 2025. 0001731118 N Bpifrance S.A. OO N I0 0.00 17259364.00 0.00 8639886.00 17259364.00 N 9.2 OO Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 8,639,886 Ordinary Shares and has 17,259,364 voting rights related to such shares. The aggregate amount beneficially owned and percent of class reported above are based on the Reporting Person's voting rights and the 187,854, 877 voting rights outstanding as of August 31, 2025. 0001056947 N Caisse des depots et consignations OO N I0 0.00 21810176.00 0.00 13190698.00 21810176.00 N 11.6 OO Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 13,190,698 Ordinary Shares and has 21,810,176 voting rights related to such shares. The aggregate amount beneficially owned and percent of class reported above are based on the Reporting Person's voting rights and the 187,854, 877 voting rights outstanding as of August 31, 2025. Y CDC Croissance S.A. OO N I0 0.00 4550812.00 0.00 4550812.00 4550812.00 N 2.4 OO Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 4,550,812 Ordinary Shares and has 4,550,812 voting rights related to such shares. The aggregate amount beneficially owned and percent of class reported above are based on the Reporting Person's voting rights and the 187,854, 877 voting rights outstanding as of August 31, 2025. Ordinary Shares, nominal value EUR0.15 per share Valneva SE 6 rue Alain Bombard Saint-Herblain I0 44800 Introductory Statement: This Amendment No. 3 (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; and (ii) Amendment No. 2 to Schedule 13D filed with the SEC on September 20, 2024 (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. Information concerning the executive officers and directors of Bpifrance Participations, EPIC, Bpifrance, CDC and CDC Croissance required to be disclosed in response to Item 2 and General Instruction C to Schedule 13D is provided in Exhibit 99.2 to this Amendment and incorporated herein by reference. None of the Reporting Persons, nor, to the best of their knowledge, any of the persons referred to in Exhibit 99.2 has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors). None of the Reporting Persons, nor, to the best of their knowledge, any of the persons referred to in Exhibit 99.2 has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or state securities laws or finding any violation with respect to such laws. Item 4 of the Schedule 13D is hereby amended and supplemented as follows: 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(a) of the Schedule 13D is hereby amended and supplemented as follows: As of the date hereof, (i) Bpifrance Participations holds directly 8,639,886 Ordinary Shares and 17,259,364 Voting Rights, and (ii) CDC Croissance held, through CDC PME CROISSANCE, 4,550,812 Ordinary Shares and 4,550,812 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 8,639,886 Ordinary Shares and 17,259,364 Voting Rights, indirectly through its 99.99% ownership of Bpifrance Participations. EPIC may be deemed to be the beneficial owner of 8,639,886 Ordinary Shares and 17,259,364 Voting Rights, indirectly through its joint ownership and control of Bpifrance. CDC may be deemed to be the beneficial owner of (x) 8,639,886 Ordinary Shares and 17,259,364 Voting Rights, indirectly through its joint ownership and control of Bpifrance, (y) 4,550,812 Ordinary Shares and 4,550,812 Voting Rights, indirectly through its ownership of CDC Croissance and (z) 708 Ordinary Shares and 708 Voting Rights, indirectly through its ownership of CNP Assurances. This Amendment is being filed to reflect a decrease in the Reporting Persons' percentage ownership of the Issuer's Ordinary Shares and Voting Rights, which resulted solely from an increase in the number of Ordinary Shares and Voting Rights outstanding since the filing of Amendment No. 2 to Schedule 13D and is not due to any transactions in the Ordinary Shares by the Reporting Persons. The ownership percentages are calculated based on 171,730,534 Ordinary Shares outstanding and 187,854, 877 Voting Rights as of August 31, 2025, as reported by the Issuer. The amount of outstanding Ordinary Shares and Voting Rights disclosed in the prior sentence 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 171,854,856 outstanding Ordinary Shares and 187,980,079 outstanding Voting Rights, and (i) Bpifrance Participations' Ordinary Share holdings represent approximately 5.0% of the Issuer's outstanding Ordinary Shares, and its Voting Rights represent approximately 9.2% of outstanding Voting Rights, and (ii) CDC Croissance's Ordinary Share holdings represent approximately 2.6% of the Issuer's outstanding Ordinary Shares, and its Voting Rights represent approximately 2.4% of outstanding Voting Rights. 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. Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows: 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. EX 99.1 - Joint Filing Agreement, dated as of September 19, 2024, by and among the Reporting Persons (incorporated by reference to Exhibit 99.1 to the Reporting Person's Schedule 13D/A filed on September 20, 2024) EX 99.2 - Information with respect to the Directors and Executive Officers of the Reporting Persons Bpifrance Participations S.A. Sophie Paquin 09/04/2025 EPIC Bpifrance Sophie Paquin 09/04/2025 Bpifrance S.A. Boubakar Dione 09/04/2025 Caisse des depots et consignations Laurence Giraudon 09/04/2025 CDC Croissance S.A. Aude de Lardemelle 09/04/2025