Press release

PRESS RELEASE
Regulated Information

Dear Shareholders,

In early 2026, Compagnie du Bois Sauvage announced a major strategic refocus to the markets.

Business activity in the first half of 2026 therefore took place within this new context, characterized by a focus on the Chocolate division—which is the Group’s core business and its main growth driver—on Real Estate, a division dedicated to long-term asset development, and on the gradual transformation of the direct industrial holdings division into a private equity funds investment division.

The results for the first half of 2026 also reflect a period during which the economic environment and geopolitical context remained highly volatile. Climate conditions, particularly in Europe with a series of summer heat waves, also impacted business momentum.

Specifically, the results for the first half of 2026 are as follows: Operating income before disposals, changes in fair value, and impairment came in at EUR 8.3 million, compared with a loss of EUR 2.8 million in the first half of 2025. Net income attributable to the group reached EUR 11.8 million, compared with EUR 5.4 million a year earlier. Net asset value rose 4.3% to EUR 925 million, compared with EUR 887 million, or 576.5 euros per share, compared with 552.7 euros per share as of December 31, 2025.

For the Chocolate division, the first half of the year was marked by the acquisition of the 34% stake in Jeff de Bruges that CBS did not yet own. The Group has thus become the sole shareholder of its two leading chocolate brands, Neuhaus and Jeff de Bruges. This transaction strengthens our ability to support their long-term development while preserving each brand’s unique identity and positioning.

During the first half of the year, the Chocolate division’s revenue remained stable compared to the first half of 2025. This demonstrates strong resilience in the face of the temporary slowdown in travel retail activities in the Middle East and the “heat wave” effect that impacted retail sales this spring, particularly in France and Belgium.

Both brands continued to advance their initiatives: Neuhaus opened new retail locations in Belgium and the U.S., entered the Indian market, and inaugurated a new high-capacity production line at its Vlezembeek site. For Jeff de Bruges, the first half of the year saw the launch of the new “Divins Desserts” collection, the continued success of the “Dubai” line—now expanded to include ice cream—and the rollout of a new logistics center increasing capacity by 50%.

The Jeff de Bruges brand was also re-elected in the first half of the year as the French public’s favorite brand and best website in the “chocolates, treats, and gifts” category.

The two teams have also launched the initial stages of a collaborative process aimed at capitalizing on each brand’s areas of excellence to accelerate their growth and identify opportunities for additional profitability.

For the Real Estate division, which continues to operate in a turbulent market, the projects in Portugal (Praça de Espanha) and Poland (Chmielna), as well as the FRI2 and Merep3 real estate funds, continued to perform well and generated positive contributions of EUR 3.5 million, EUR 2 million, and EUR 2.6 million, respectively, over the half-year.

Conversely, Fidentia posted a loss of EUR 1.9 million, and the recovery of business at Eaglestone remains slower than expected. Although the company posted a profit of EUR 0.4 million (Group share) for the half-year, CBS recognized an impairment charge of EUR 10.3 million on Eaglestone.

For the Industry and Services division, positive developments at Umicore (+EUR 7.7 million), Ageas (+EUR 1.5 million), and Berenberg (+EUR 1 million) contributed favorably to first-half results.

Regarding this division’s gradual transition toward investments via private equity funds, the sale of Noël Group was finalized at the expected price of USD 5 million, or EUR 4.2 million, and CBS has launched a comprehensive analysis of this new market to prepare for its future investment decisions.

While remaining cautious in the face of ongoing economic and geopolitical uncertainties, CBS is confident in the implementation of its strategic refocusing. The first steps were taken during the first half of the year, and fiscal year 2026 will continue at the same pace and with the same momentum.

 

This press release has been translated into English.
In the event of divergence, the French version shall be final.