Chargeurs (CRI) Q2 2025 earnings summary

Executive summary

• Group revenue was stable at €372.2M in H1 2025, down 0.6% year-over-year, with strong growth in Museum Studio (+21% revenue, +51% EBITDA) and Personal Goods (+21.1% revenue), offset by declines in Chargeurs PCC and Luxury Fibers.

• Operating profit rose 5.9% to €10.8M, while recurring operating profit declined 11.2% to €15.1M, mainly due to Chargeurs PCC.

• NAV per share increased to €24.2 as of June 30, 2025, despite a -€2.1 per share negative currency impact.

• Strategic review and potential divestment of Novacel underway, with strong indicative offers received.

• Continued portfolio expansion in Culture & Education, including exclusive talks to acquire Chaplin's World and a majority stake in Lord Cultural Resources.

Financial highlights

• Group revenue: €372.2M (-0.6% reported, -1.7% like-for-like year-over-year).

• Gross margin increased to 26.8% of revenue, reflecting productivity gains.

• EBITDA was €29.0M, down 2% year-over-year; recurring operating profit €15.1M (-11.2%), operating profit €10.8M (+5.9%).

• Group net result improved to €2.8M from a loss of €3.5M in H1 2024, but attributable net profit was -€8.3M due to higher tax and non-recurring items.

• Free cash flow from operations reached €17.8M, despite higher investments.

Outlook and guidance

• Targeting 8–10% average annual growth in NAV through 2030, with a normalized net debt/EBITDA ratio of 2x–3x.

• Order intake at Novacel has increased since May, supporting confidence for year-end activity.

• Disposal proceeds from Novacel, if realized, would support long-term expansion in Culture & Education and Fashion & Know-how platforms.

• Focus on accelerating value creation and expanding in high-growth sectors.

• Decrease in financial expenses expected to continue in H2, supported by lower interest rates and reduced leverage.