Compagnie Chargeurs Invest · EURONEXT:CRI
Compagnie Chargeurs Invest — H1 2026 Earnings Presentation
46 slides from Compagnie Chargeurs Invest's earnings presentation, Sep 10, 2026
Slide 1: Chargeurs becomes Belgrano: Repositioning completed, financial outlook reaffirmed
becomes* Chargeurs becomes* Belgrano: Repositioning completed, financial outlook reaffirmed. H1 2026 Results – September 10, 2026 The Piazzetta, the Doge's Palace and the Quay of the Sclavonians", by Francesco Guardi (1712-1793) *Compagnie Chargeurs Invest will become Belgrano subject to the approva
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements concerning the business, results and financial condition of Compagnie Chargeurs Invest*. These expectations are based on assumptions that seem reasonable at this stage but are dependent on exogenous factors and uncertainties, such a
Slide 3: Contents
CONTENTS 01 Str ategy SOMMAIRE 02 Oper ations 03 Capital allocation & r etur n to shar eholder s 04 Conclusion 3
Slide 4: Quote by Seneca
"We don't adm ir e what is com m on, but what is out of the or dinar y." Seneca H1 2026 r esults – Septem ber 10, 2026 4
Slide 5: Chargeurs becomes Belgrano: repositioning completed, financial outlook reaffirmed
Chargeurs becomes Belgrano: repositioning completed, financial outlook reaffirmed STRATEGY OPERATIONS FINANCE AND CAPITAL New scope Performance & Efficiency Allocation & Valuation - Robust H1 sales momentum: Success of - Birth of BELGRANO: The adoption of the commercial initiatives in the face of a
Slide 6: Strategy
Shen zen Natur al Histor y Museum 01 Strategy Michaël Fr ibour g Chair m an & CEO 6
Slide 7: New World, New Name
A tribute to the Company's roots The first liner to launch the international epic of the Compagnie des Chargeurs, the Belgrano laid the groundwork for international trade during its maiden voyage in 1872, from Le Havre to Buenos Aires. New World, New Name A name that reflects our positioning and amb
Slide 8: Belgrano
So BELGRANO
Slide 9: Belgrano, a player in High Luxury
Belgrano, a player in High Luxury In a context of polarization within the luxury market, high luxury is driven by growing demand for RARE products and experiences. High luxury—which is not reserved for an elite—caters to an educated, discerning, and rapidly expanding audience of consumers and users.
Slide 10: A business model focused on 4 areas of excellence
A business model focused on 4 areas of excellence Ou r In vestm en t Th esis : Th e Rar ity Par adigm Pr om oting businesses with an ir r eplaceable desir ability pr em ium in an AI wor ld At the heart of creative excellence and An investment culture of excellence, At the service of transmission and
Slide 11: A global presence in the 5 continents
A global presence in the 5 continents Production sites Distribution Centers & Commercial Offices EUROPE 3 7 production sites London 4 Paris 16 distribution centers and sales offices New York Abu Dhabi Hong Kong AMERICAS 3 production sites 3 distribution centers ASIA & OTHERS and sales offices 3 prod
Slide 12: A unique portfolio patiently made up of heritage icons
A unique portfolio patiently made up of heritage icons Century-old brands Cultural and land with a very strong heritage State-of-the-art monopolies technologies 12
Slide 13: A prominent role in cultural and creative sovereignty issues
A prominent role in tackling cultural and creative sovereignty issues, made critical in the age of AI In the face of digital distribution concentration, cultural sovereignty has emerged as a vital imperative for both protection and influence. France, the cradle of critical thinking, the arts, and cu
Slide 14: The disposal of Novacel significantly enhances the Group's business model
The disposal of Novacel significantly enhances the Group's business model Growth Cash conversion ROI • From low single-digit growth to • Pricing Power • Low capital intensity double-digit growth • Low Capex intensity • Lower financial intensity • Lower cyclicality • Low regulatory burden • Focus on
Slide 15: Guidance and value creation
Guidance1 and value creation A sector refocusing to aim for more significant and less volatile growth, profitability and return on committed equity Revenue EBITDA >€100m >€750m >€500m >€50m 2027 2031 2027 2031 NAV €556m NAV >€1bn • A more selective growth model for a better return on long-term commi
Slide 16: Focus on organic performance, AI roll-out and organizational optimization
Focus on organic performance, AI roll-out and organizational optimization Optimization of Organic Performance Roll-out of AI organizations Now that the cycle of major We place Artificial Intelligence at We transform our organizations acquisitions and investments has the heart of all our functions an
Slide 17: Operations
The Gr an d Egyptian Museum 02 Operations Jér ôm e An gin Gr oup CFO 17
Slide 18: H1 2026 operational dynamics
H1 2026 operational dynamics The strength of the model: Ultra-premium growth and cost optimization Museum Studio Chargeurs PCC Luxury Fibers Personal Goods Senfa Cilander (fashion) • Order book of €300 million • Significant acceleration in • Confirmation of the • Excellent commercial • Very strong g
Slide 19: Group indicators as of June 30, 2026
Group indicators as of June 30, 2026 The immediate impact of the end of the repositioning cycle €188.7 million €58.3 million €24.0M €285.0 million €146.0 million 1 1 Revenue Gross Margin Attributable net profit Group equity Net debt to the Group Strong commercial Gross margin rate Strong improvement
Slide 20: Belgrano: Culture & Education
BELGRANO CULTURE & EDUCATION
Slide 21: Museum Studio
Museum Studio Content Revenue Growth and Shift from an Integrated Services Model to an IP Model Development Development Development of cultural of own retail of own content merchandising Strengthening leadership in the Acquisition of Chaplin's World and the exclusive worldwide rights to Launch of pr
Slide 22: Museum Studio
Museum Studio An S1 that integrates the phasing of new major projects, confirmation of the strength of its order book and very solid profitability H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change €m Revenue 49.7 80.2 -38.0% 24.9 43.2 -42.3% Like-for-like growth -38.3% -44.4% EBITDA 8.0 10.9 -26.6% as a
Slide 23: Belgrano: Luxury & Heritage
BELGRANO LUXURY & HERITAGE
Slide 24: Chargeurs PCC – Fashion activities
Chargeurs PCC – Fashion activities Business recovery amplified by operational optimization measures implemented Digitalization and integration of Continuation of the AI into operational processes nominations strategy Optimization of industrial and Consolidation of positions in key logistics flows: s
Slide 25: Chargeurs PCC – Fashion activities
Chargeurs PCC – Fashion activities Confirmed recovery in Q2 and increased profitability driven by improved operational efficiency H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change €m Revenue 83.5 88.7 -5.9% 42.2 40.6 +3.9% Like-for-like growth -1.0% +6.7% EBITDA 9.4 9.0 +4.4% as a % of revenue 11.3% 10.
Slide 26: Luxury Fibers
Luxury Fibers Continued success of NATIVATM programs Product innovation and Enhanced customer engagement further roll-out of NATIVATM programs around NATIVATM programs The development of T-Gen, a yarn combining Strengthening partnerships and Strong support from fashion stakeholders NATIVATM Merino w
Slide 27: Luxury Fibers
Luxury Fibers Strong growth in revenue (*) H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change €m Revenue 41.5 38.1 +8.9% 21.7 16.6 +30.7% Like-for-like growth +11.7% +33.0% EBITDA 0.8 0.8 +0.0% as a % of revenue 1.9% 2.1% Recurring operating profit 0.6 0.6 +0.0% as a % of revenue 1.4% 1.6% • Strong growt
Slide 28: Personal Goods
Personal Goods Swaine’s targeted international expansion continues Strategic deployment in the United States Launch of new collections and France Malibu & Bel-Air collection: reinterpretation of the historical heritage of the House of Swaine, inseparable from travel and Inauguration of the first wor
Slide 29: Personal Goods
Personal Goods Altesse Stu d io's gr eat com m er cial su ccess con tin u es Continuously expanding distribution network and successful brand positioning with national and international customers 29
Slide 30: Personal Goods
Personal Goods Continued strong growth and focus on luxury and craftsmanship excellence Data presented after reclassification of Cambridge Satchel as a held-for-sale activity H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change €m Revenue 6.2 5.0 +24.6% (*) 3.0 2.5 +21.2% Like-for-like growth +25.9% +18.9%
Slide 31: Belgrano: Sciences & Systems
BELGRANO SCIENCES & SYSTEMS
Slide 32: Senfa Cilander
Senfa Cilander Relevance of the repositioning confirmed by its early successes Commercial momentum confirmed in growth markets (defense, marine and architecture) Military Marine Architecture 32
Slide 33: Senfa Cilander
Senfa Cilander Very strong growth in activity thanks to the strategic redeployment initiated in 2025 H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change €m Revenue 7.7 6.8 +13.5% 3.9 3.3 +18.2% Like-for-like growth +12.7% +18.6% EBITDA -1.4 -1.9 +26.3% as a % of revenue -18.1% -27.9% Recurring operating p
Slide 34: Belgrano: Premium Capital
BELGRANO PREMIUM CAPITAL
Slide 35: Harwanne Capital Management
Harwanne Capital Management The Group has set up an alternative management division, strengthens its recurring growth model and creates its new Premium Capital division 7 decades of strategic investment and institutional DNA A double historical Franco-Swiss anchorage since 1955, supported by strateg
Slide 36: Capital allocation & Return to shareholders
Cam paign Chaplin ’s Wor ld 03 Capital allocation & Return to shareholders Jér ôm e An gin Gr oup CFO 36
Slide 37: Change in net asset value as of June 30, 2026
Change in net asset value as of June 30, 2026 €24.2 €23.0 per share per share In +1.8 24.2 +0.3 Net Asset Value €/share 23.0 -2.1 -1.2 €556m Valuation drivers in H1 2026 + Value creation of the businesses - Precautions on market multiples XX € / action NAV Evolution Evolution … of market Value creat
Slide 38: Return to shareholders: OPRA
Return to shareholders OPRA: A better allocation of capital to shareholders' profits Share buyback tender offer (OPRA) A double benefit for shareholders PARTIAL LIQUIDITY OPTION AT ATTRACTIVE ACCRETION & VALUE CREATION FINANCIAL CONDITIONS For shareholders who choose to hold their For shareholders w
Slide 39: Income statement
Income statement Attributable net income of €24 million, including the capital gain on the sale of Novacel Data presented after reclassification of Novacel and Cambridge Satchel as discontinued/held for sale activities Change €m H1 2026 H1 2025 Reported Like-for-like Revenue, reflecting the phasing
Slide 40: Cash flow and evolution of net debt
Cash flow and evolution of net debt Net debt of €146 million €m H1 2026 H1 2025 Decrease in recurring cash flows related to the date of the sale EBITDA from continued and discontinued activities 21.2 29.0 1 of Novacel (EBITDA over 4.5 months vs. 6 months) and the Tax - cash -4.0 -5.4 phasing of proj
Slide 41: Financial structure and equity strengthened by the capital gain on the sale of Novacel
Financial structure and equity strengthened by the capital gain on the sale of Novacel €m 30/06/2026 31/12/2025 Intangible assets 235.1 224.6 Property, plant and equipement 96.1 96.7 Associates 5.3 5.0 Other net assets and liabilities 46.3 158.0 WCR 48.1 38.2 Total capital employed 430.9 522.5 Group
Slide 42: Governance and sustainability: an integrated strategy
Governance and sustainability: an integrated strategy Consolidated governance Strengthening of Governance through the arrival of new independent directors on the Board of Directors, covering all the key skills to support the Group's development. Dedicated Committees to integrate all of the Group's p
Slide 43: Conclusion
Cam paign Swain e 04 Conclusion Michaël Fr ibour g Chair m an & CEO 43
Slide 44: Outlook 2026: A trajectory of operational acceleration and financial execution
Outlook 2026: A trajectory of operational acceleration and financial execution COMMERCIAL DYNAMICS PROFITABILITY & CASH GENERATION CAPITAL EXECUTION Acceleration in H2 The full effect of the transformation The realization of the Belgrano era Confirmation of the trend : Very favourable Inflection of
Slide 45: Pioneering the new era of high luxury
Pionnering the new era of high luxury
Slide 46: Belgrano
So BELGRANO
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