Chargeurs (CRI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached €165.7 million, down 8.3% organically and 11.8% reported year-over-year, reflecting FX headwinds and portfolio changes.

• Imminent divestment of Novacel marks a strategic shift toward high-end content and expertise, focusing on rare assets with high barriers to entry.

• Commercial momentum remained strong across most businesses despite a complex geopolitical environment.

Financial highlights

• Group revenue excluding Novacel was €93.6 million, down 13.6% organically and 17.5% reported year-over-year.

• Europe returned to organic growth (+0.9%), while Asia (-7.3%) and Americas (-20.1%) declined, mainly due to project phasing.

• Net asset value as of December 31, 2025, stood at €585 million.

Outlook and guidance

• Novacel divestment expected to complete in the coming weeks, accelerating the portfolio's transformation.

• Museum Studio's strong order book (>€280 million) provides high visibility for future revenue.

• Phasing effects in Museum Studio expected to normalize over the year as projects progress.