Chargeurs (CRI) investor relations material

Executive summary

• Completed sale of Novacel, generating €230m in cash and an estimated €50m capital gain, enhancing strategic and portfolio coherence; sale to KPS Capital Partners to finalize in Q2 2026, with 25% stake retained.

• Refocused on high-barrier, heritage-rich assets in culture, education, fashion, and personal goods, with a new strategic signature as "Architect of Rarity," emphasizing value creation from unique assets.

• 2025 marked by stable revenue (€713.4m), strong performance in Museum Studio and Personal Goods, but EBITDA and net profit impacted by tariff tensions and transformation investments.

• Intensive investment cycle and portfolio refocus in 2025, with benefits and monetization expected from 2026 onward.

Financial highlights

• 2025 revenue: €713.4m, down 2.2% year-over-year at constant exchange rates.

• EBITDA: €52.3m, down 19.5% year-over-year, margin at 7.3%; recurring operating profit: €25.0m, down 36.4%.

• Attributable net profit: -€26.5m, impacted by financial expenses, transformation costs, and €15m in strategic investments.

• Operating cash flow: €43.7m, supported by strict working capital management despite lower EBITDA.

• Net asset value as of Dec 31, 2025: €585m (€24.2/share), stable vs. June 2025.

Outlook and guidance

• 2026 expected as a pivotal year with higher, less cyclical EBITDA growth and improved return on equity; monetization of investments and new deployment capacity anticipated.

• Net debt projected below €80m post-Novacel sale; liquidity near €200m, gearing ratio below 0.3x, leverage below 2.0x.

• Ambition to exceed €1bn net asset value by 2030 through active portfolio rotation and value enhancement.

• Exceptional dividend of €1.50/share planned by June 2027, subject to approval.