Slide 1: 2024 annual results and new strategic update
February 13th, 2025 2024 annual results and new strategic update
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements relating to the business, results and financial position of the Chargeurs group(1). Such forward-looking statements are based on assumptions that are currently considered reasonable, but which are dependent on external factors and u
Slide 3: Contents
01 CONTENTS INTRODUCTION 02 OPERATING REVIEW 03 ASSET AND FINANCIAL REVIEW 04 CONCLUSION 3
Slide 4: Introduction
01 Introduction Michaël Fribourg Chairman and CEO 4
Slide 5: A dual industrial and financial vision
A dual industrial and financial vision A culture of active An operator and developer of global champions in industry and services portfolio management CULTURE INNOVATIVE FASHION & KNOW-HOW A long-term family and & EDUCATION MATERIALS institutional shareholder base Net asset value at December 31, 202
Slide 6: After years of profound business transformation, the Group opens a new chapter
After 10 years of profound business transformation and the success of the public tender offer led in spring 2024 by Groupe Familial Fribourg and its partners, the Group opens a new chapter in its history To embody its dual industrial and financial culture, Chargeurs changes its corporate identity to
Slide 7: A new identity for the Group's stakeholders
A new identity for the Group’s stakeholders 7
Slide 8: The Group's activities are organized around thematic platforms
The Group's activities are organized around 3 thematic platforms The Group focuses its development on 3 sectoral themes where it has a competitive edge CULTURE & EDUCATION FASHION & KNOW-HOW INNOVATIVE MATERIALS Serving cultural transmission and At the heart of creative excellence and Innovative sol
Slide 9: Strategic and asset management analysis framework to optimize portfolio development
Design of a strategic and asset management analysis framework to optimize portfolio development, value and impact A 10-criteria matrix Strategic and asset management • Organic growth : Ability of the business to grow in a stable and sustainable analysis matrix way through internal resources • Global
Slide 10: Culture & Education
Culture & Education Strategic and asset management analysis matrix Profitability Capability to Museum Studio Globality generate end- impact • 2024 revenue €140.1m Low capex Organic growth • Employees 400 intensitivy • Market share >30% Attractiveness for Low volatility a minority • Order book €330.4
Slide 11: Fashion & Know-how
Fashion & Know-how Chargeurs PCC • 2024 revenue €202.8m • Employees 1,200 Strategic and asset management analysis matrix • Market share ≃ 25% • International revenue 92% Profitability Capability to • 2024 operating cash flow €10.8m Globality generate end- impact Luxury Fibers Low capex Organic Growt
Slide 12: Innovative Materials
Innovative Materials Strategic and asset management analysis matrix Profitability Capability to Novacel Globality generate end- impact • 2024 revenue €297.2m Low capex Organic Growth • Employees 800 intensivity • Market share >30% Attractiveness for Low volatility • Production capacity >1bn m2 a min
Slide 13: A tailor-made approach to drive development and sustainable value creation
A tailor-made approach to drive development and sustainable value creation Defining the path to remain the best shareholder-developer of each activity € In-house development Combined development Arbitration Invest Contribution or merger of assets Partial disposal of assets Develop and strengthen Acc
Slide 14: Operating review
02 Operating review Jérôme Angin Group Chief Financial Officer 14
Slide 15: Strong improvement in business and operating performance
Strong improvement in business and operating performance Recurring Operating Revenue cash flow operating profit generated by the businesses +10.7%(1) +73.9% €63.8m €39.3m €729.6m €63.8m +€63.5m €22.6m €652.3m €0.3m (2) 2023 (2) 2024 2023 (2) 2024 2023 2024 (1)Like-for-like growth (2) 2023 calculated
Slide 16: Strong growth in Group revenue, driven by all businesses and geographical areas
Strong growth in Group revenue, driven by all businesses and geographical areas Revenue growth in all regions, with very strong Revenue growth in all businesses momentum in the United States Reported Like-for- (in €m) 2024 2023(1) change like change EUROPE Culture & Education +0.7%(2) Museum Studio
Slide 17: High level of operating cash flow generated by the businesses
High level of operating cash flow generated by the businesses: €63.8m in 2024 Portfolio assets generated €63.8 million in operating cash flow €14.7m Debt reduction In €m 63.8 26.5 Operating €25.0m Cost of net debt cash flow €63.8m generated by 21.0 the businesses €13.8m CAPEX 0.3 12.3 16.2 €10.3m Ac
Slide 18: Culture & Education
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Slide 19: Culture & Education
Culture & Education Museum Studio finalised 3 iconic projects Project management during almost 2 years of the Design of the immersive museum of the White Redevelopment of Cleveland Museum of exhibition spaces at the Sheikh Zayed Grand House (The People's House) in Washington, Natural History into a
Slide 20: Museum Studio: a new year of strong commercial expansion
Museum Studio A new year of strong commercial expansion 3.5x Order book 240 330 at end-December 2024 122 94 +38% vs. end December 2023 End-dec. 2021 End-dec. 2022 End-dec. 2023 End-dec. 2024 Order book • Record-high order book of €330.4 million at end-December 2024 • Delivery of 3 emblematic project
Slide 21: Museum Studio: strong results
Museum Studio Strong results reflecting the continued and highly profitable development of the business (*) 2024 2023 Change Q4 2024 Q4 2023 Change €m Revenue 140.1 102.6 +36.5% 47.7 30.6 +55.9% Like-for-like growth +33.3% +47.6% EBITDA 21.8 10.7 +103.7% as a % of revenue 15.6% 10.4% Recurring opera
Slide 22: Fashion & Know-how
Fashion & Know-how A compacnie i, SHARGEURS af INVEST
Slide 23: Fashion & Know-how
Fashion & Know-how Continued deployment of NATIVATM programs for Launch of the innovative textile membrane “H2” , cotton and cashmere fibers Expansion of Cambridge Satchel's retail network with ideally suited for technical garments, especially for the opening of a new store in Leeds, England outdoor
Slide 24: Chargeurs PCC: solid results driven by the United States and Asia
Chargeurs PCC Solid results driven by strong momentum in the United States and Asia (*) 2024 2023 Change Q4 2024 Q4 2023 Change €m Revenue 202.8 193.1 +5.0% 52.7 44.0 +19.8% Like-for-like growth +3.5% -4.5% EBITDA 20.4 19.9 +2.5% as a % of revenue 10.1% 10.3% Recurring operating profit 14.2 12.5 +13
Slide 25: Luxury Fibers: ongoing development of NATIVA programs
Luxury Fibers Ongoing development of NATIVATM programs (*) 2024 2023 Change Q4 2024 Q4 2023 Change €m Revenue 74.4 73.3 +1.5% 15.5 19.8 -21.7% Like-for-like growth +1.9% -21.5% EBITDA 1.2 2.3 -47.8% as a % of revenue 1.6% 3.1% Recurring operating profit 0.7 1.8 -61.1% as a % of revenue 0.9% 2.5% (*)
Slide 26: Personal Goods: development of high-potential assets
Personal Goods Development of high-potential assets promoting high-quality craftsmanship • Development of Cambridge Satchel confirming the successful repositioning in the affordable luxury segment, combining modernity and quality ✓ Very successful collaborations with Hello Kitty and partnership with
Slide 27: Personal Goods: remarkable revenue growth
Personal Goods Remarkable revenue growth (*) 2024 2023 Change Q4 2024 Q4 2023 Change €m Revenue 13.6 11.3 +20.4% 4.5 3.5 +28.6% Like-for-like growth +18.5% +25.9% EBITDA -2.7 -1.4 as a % of revenue ns ns Recurring operating profit -6.8 -3.4 as a % of revenue ns ns (*) Amounts calculated on a compara
Slide 28: Innovative Materials
Innovative Materials 28
Slide 29: Innovative Materials: OXYGEN eco-designed range
Innovative Materials OXYGEN 1st eco-designed product range on the market OXYGEN Recycled OXYGEN Vegetal+ Protective and process films made from Protective and process films made from over 25% recycled materials over 80% renewable raw materials 29
Slide 30: Novacel: confirmation of the upturn in activity
Novacel Confirmation of the upturn in activity with strong growth in revenue and operating margin (*) 2024 2023 Change Q4 2024 Q4 2023 Change €m Revenue 297.2 272.0 +9.3% 68.1 61.2 +11.3% Like-for-like growth +9.3% +11.2% EBITDA 27.1 18.8 +44.1% as a % of revenue 9.1% 6.9% Recurring operating profit
Slide 31: Asset and financial review
03 Asset and financial review Olivier Buquen Deputy Chief Executive Officer Financial Affairs and Group Performance 31
Slide 32: A financial and intrinsic vision
A financial and intrinsic vision At December 31, 2024 NAV first publication €581m Net asset value(1) Materialising the new value creation strategy €24.1 / share Consolidated total equity €315.7m Consolidated leverage ratio 3.6x Net debt/ EBITDA(2) 3.5x excluding acquisitions during the period (1) NA
Slide 33: Strong growth in consolidated results
Strong growth in consolidated results €m 2024 2023(1) Change Revenue 729.6 652.3 +11.9% Strong revenue growth in all businesses and geographical 1 areas Gross profit 206.8 172.6 +19.8% Strong improvement in gross profit thanks to volume effect 2 as a % of revenue 28.3% 26.5% +1.8pt and continued cos
Slide 34: High operating cash flow generation
High operating cash flow generation €m 2024 2023(1) EBITDA 65.0 45.0 1 Strong EBITDA growth of over 40%, driven by Non-recurring – cash -11.4 -7.3 Museum Studio and Novacel’s upturn in activity Financial expenses – cash -26.4 -23.4 2 Expected decrease in 2025 thanks to reduction in the Group's indeb
Slide 35: Further reduction in net financial debt and strengthening of balance sheet
Further reduction in net financial debt and strengthening of balance sheet (1) €m 31/12/2024 31/12/2023 Intangible assets 320.2 289.7 Property, plant and equipement 147.0 133.4 • Reduction in leverage ratio to 3.6x compared with 5.0x at year-end 2023 thanks to strong cash generation Associates 5.3 5
Slide 36: Conclusion
04 Conclusion Michaël Fribourg Chairman and CEO 36
Slide 37: Recognized expertise in building global champions
Recognized expertise in building global champions, combined with active management of a portfolio of high value-added assets ✓ A unique heritage, with a rich and diversified industrial history Our ambition ✓ A committed family shareholder base with a long-term vision ✓ A portfolio of high value-adde
Slide 38: Outlook: increase in Net asset value and stabilization at a normative debt leverage
Outlook: increase in Net asset value and stabilization at a normative debt leverage 2025-2030 outlook Net asset value(1) [8-10%] of CAGR(2) Consolidated leverage ratio Net debt / EBITDA(3) [2x-3x] (1) Net asset value per share (2) Compound annual growth rate, excluding dividend payout 38 (3) Group c
Slide 39: EST. 1872
U EST. 1872 COMPAGNIE CHARGEURS INVEST