Form SCHEDULE 13D/A Valneva SE Filed by: Bpifrance Participations SA

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 3 of the Schedule 13D is hereby amended and supplemented as follows: CDC Croissance used working capital for the purchases of Ordinary Shares reported in this Amendment.

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(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.

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: 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.

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