Compagnie Du Bois Sauvage Sa · EURONEXT:COMB
Compagnie Du Bois Sauvage Sa — FY2025 Earnings Presentation
36 slides from Compagnie Du Bois Sauvage Sa's earnings presentation, March 2026
Slide 1: Full-year 2025 results and strategic update
Full-year 2025 results and strategic update
Slide 2: Full-year 2025 results
Full-year 2025 results
Slide 3: Our strategy for long-term value creation
Our strategy for long-term value creation CHOCOLATE REAL ESTATE INDUSTRY & SERVICES Chocolate is our growth engine, Real estate gives us stability And selective diversification generates cash to support growth with strong brands and strong control of the value chain 57% 21% 19% % of Group NAV at 31/
Slide 4: Our Key Figures
Our Key Figures Financials at 31/12/2025 NET ASSET VALUE OPERATING INCOME NET RESULT GROUP’S SHARE before disposals, changes in fair value & 886.7 M€ deprecations and equity method results 37.8 M€ vs 807.7 M€ at 31/12/2024 45.8 M€ vs –69.8 M€ at 31/12/2024 vs 52.6 M€ at 31/12/2024 NET CASH PROPOSED
Slide 5: Group Net Asset Value
Group Net Asset Value In M€ 72,1724 17,400 11,900 886,6961 807,6857 -22,5616 +10% 2024 Chocolate Real Estate Industry and services Other 2025 THE VALUATION RULES OF ASSETS ARE BASED ON: the stock exchange prices at 31 December 2025 for all listed companies, an expert valuation for the various fu
Slide 6: Chocolate
La Chocolate COMPAGNIE DU BOIS SAUVAGE hs a % | [ ia Chocolate
Slide 7: Our brands and participations
Our brands and participations Chocolate NAV AT 31/12/2025 509.2 M€ 100% 66% +17% VS 31/12/2024 100% 75.8% 27.7% 7
Slide 8: Turnover
Turnover Chocolate In M€ +8% 304,9 283,6 TURNOVER +8% Turnover supported by price increases to absorb cocoa cost inflation FY 2024 FY 2025 8
Slide 9: EBITDA (excl. IFRS 16)
EBITDA (excl. IFRS 16) Chocolate In M€ 56,3 54,0 +4% EBITDA excl. IFRS 16 +4% EBITDA exl. IFRS 16 despite volatile cocoa costs, thanks to pricing power, the benefits of a vertically integrated value chain from bean growing to chocolate sales, and ongoing productivity initiatives 2024 2025 9
Slide 10: Industry and Services
Industry & Services Industry and Services
Slide 11: Diversified portfolio
Industry Diversified portfolio & Services BREAKDOWN OF NAV BREAKDOWN OF NAV AT 31/12/2025 PER PARTICIPATION AT 31/12/2025 2,50% 3,74% 6,60% 51,75% 15,73% 48,25% 41,64% 29,78% Umicore Berenberg Futerro/Galactic Ageas Private equity Listed Noel Group/Vinventions Other private 11
Slide 12: Net Asset Value
Industry Net Asset Value & Services In M€ 7,7 1,5 31,4 -11,7 0,6 170,1 152,7 -12,0 Net Asset Value +11% 12
Slide 13: Changes in positions
Industry Changes in positions & Services NOËL GROUP / VINVENTIONS AGEAS ZEB LAND Full disposal of Noël Group from Partial disposal from Full disposal from 28.66% to 0% 0.26% to 0.08% 29.83% to 0% PROCEEDS: PROCEEDS: PROCEEDS: 5 M$ 17.6 M€ 2.85 M$ 13
Slide 14: Real Estate
BOIS SAUVAGE COMPAGNIE DU Real estate Snlao GAIN Real Estate ay Ee) 4 a iil i | ' |
Slide 15: Diversification
Diversification Real estate BREAKDOWN OF NAV BREAKDOWN OF NAV BREAKDOWN OF NAV AT 31/12/2025 PER PARTICIPATION AT 31/12/2025 PER GEOGRAPHY AT 31/12/2025 PER ASSET TYPE 2,7% 3,7% 0,9% 5,99% 8,3% 8,5% 31,4% 49,6% 12,2% 37,8% 7,4% 47,0% 2,7% 8,3% 6,2% 23,5% 7,4% 21,7% 14,3% Eaglestone Fidential Belux O
Slide 16: Net Asset Value
Net Asset Value Real estate In M€ Net Asset Value -11% 16
Slide 17: Group Financials
COMPAGNIE DU BOIS SAUVAGE Group Financials
Slide 18: Consolidated Profit & Loss
Consolidated Profit & Loss (in K€) 31/12/2025 31/12/2024 Operating Income 336.721 323.897 Operating Expenses -290.922 -271.309 Operating income before shareholdings consolidated using the equity method, disposals, changes in fair value and 45.799 52.588 depreciations and reversals of impairment Shar
Slide 19: Consolidated Balance sheet
Consolidated Balance sheet (in K€) 31/12/2025 31/12/2024 Non-current assets 540 005 527 151 Current assets 234 990 186 876 Non-current assets held for sale 4 255 0 Total assets 779 250 724 028 Equity 558 637 538 220 Liabilities 220 613 185 808 Non-current liabilities 84 043 94 342 Current liabilitie
Slide 20: Consolidated cash flow statement
Consolidated cash flow statement (in K€) 31/12/2025 31/12/2024 Cash flow from operational activities 45.626 49.616 Cash flow from investment activities 23.760 -20.114 Cash flow financing activities -37.256 -34.462 incl. loan issuance / repayments -13.551 -5.197 incl. dividends paid to Group sharehol
Slide 21: Strategic review
A SA, A Strategic review
Slide 22: Our strategy for long-term value creation
Our strategy for long-term value creation CHOCOLATE REAL ESTATE INDUSTRY & SERVICES Strengthening Continuation New investments of the pillar through the of the development strategy through funds as a lever for acquisition of the 34% on a self-financed basis diversification and returns, remaining in
Slide 23: Acquisition of the remaining 34% share in Jeff de Bruges
Acquisition of the 34% remaining share in Jeff de Bruges 23
Slide 24: Growth potential of the chocolate market
Growth potential of the Chocolate chocolate market Market increase Premium segment growth Overall market growth from $123 billion to of 27% of 3 to 5% /year $184 billion GROWTH POTENTIAL GROWTH POTENTIAL GROWTH POTENTIAL by 2033 by 2030 Per year Sources: Grand View Research, Chocolate Market 2025 –
Slide 25: Jeff de Bruges
Jeff de Bruges Chocolate Created in 1986 Turnover (in M€) Market leader in France 179 Repeatedly voted France’s favourite food retail brand +44% 124 A database of 3.3 million customers 536 stores : 480 in France & 56 abroad Present in 15 countries 2025 turnover : 180 M€ Track-record
Slide 26: Vertically integrated bean to bar chocolate maker
Jeff de Bruges Chocolate Vertically integrated bean to bar chocolate maker Cocoa plantations in Ecuador 26
Slide 27: Jeff de Bruges stores abroad
Jeff de Bruges Chocolate 56 stores abroad in 15 countries NUMBER OF STORES Europe 17 Africa 22 French overseas territories 9 North America 4 Asia 4 27
Slide 28: 2030 Strategic Priorities
Jeff de Bruges Chocolate 1 2 3 4 2030 STRATEGIC PRIORITIES DATA-DRIVEN OPERATIONAL NETWORK EXPANSION GROUP INTEGRATION LEADING ESG PROPOSITION EXCELLENCE target of 75 new stores by 2030 in enhanced experience sharing driving performance through a strong focus on employee France, alongside internatio
Slide 29: Terms of the transaction
Jeff de Bruges Chocolate TERMS OF THE TRANSACTION Price Not disclose Completion of the transaction Timing is expected to occur in Q2 2026 110 M€ in debt Financing & the balance in cash Debt ratio 12% (post acquisition) Suspended Share buyback program as from 6 March 2026 29
Slide 30: Ambition 2030: Turnover of the Chocolate pillar
Ambition 2030 Chocolate TURNOVER OF THE CHOCOLATE PILLAR 400 Ambition to generate 400M€ in 304,9 272,5 283,6 revenues for the 252,5 Chocolate pillar by 2030 (IN M€) 220,5 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030e 30
Slide 31: Ambition 2030: EBITDA of the Chocolate pillar
Ambition 2030 Chocolate 18.5% EBITDA excl. IFRS 16 margin 20% Ambition to generate 80 EBITDA EXCL. IFRS 16 OF THE 80 M€ of EBITDA CHOCOLATE PILLAR (IN M€) 56,3 excl. IFRS 16 54,0 49,6 47,0 for the Chocolate pillar 40,3 by 2030 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030e 31
Slide 32: A new pillar: Funds
A new pillar: Funds Funds NEW PILLAR TARGET ALLOCATION PROGRESSIVE REPLACEMENT designed to drive 50 to 100 M€ of direct industrial diversification, risk entrusted to expert fund holdings & listed equity reduction and higher managers with proven track investments returns records 32
Slide 33: Gross dividend per share
Group dividend Policy 8,60 Ambition of an 8,40 increasing GROSS DIVIDEND PER SHARE (IN €) 8,20 8,00 dividend to be 7,90 7,90 7,70 7,80 7,80 combined with an 7,60 7,52 attractive growth of the Group 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividend per share Exceptional dividend per share 33
Slide 34: Share Price and discount to NAV per share
Share Price and discount to NAV per share 558 553 536 544 499 467 459 435 403 369 -18% -18% -6% 335 385 -38% 377 -28% -41% -17% 358 330 333 -49% -48% 328 -26% 306 IN € 278 -54% 289 247 229 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 share NAV premium(+)/discount(-) 34
Slide 35: Financial Calendar & Contact
Financial Calendar & Contact 01 02 03 20/03/2026 22/04/2026 09/2026 Publication of General meeting Publication of half- annual report yearly results 2026 35
Slide 36: Questions & answers
Questions & answers Rue du Bois Sauvage, 17 1000 Bruxelles Rue du Bois Sauvage, 17 1000 Bruxelles INVESTOR CONTACT +32 (0)2 227 54 50 Benoit Deckers, CEO : +32 475 44 15 96
Compagnie du Bois Sauvage — FY2025 Earnings Presentation on 6ix