Compagnie Chargeurs Invest · EURONEXT:CRI
Compagnie Chargeurs Invest — FY2025 Earnings Presentation
56 slides from Compagnie Chargeurs Invest's earnings presentation, Mar 19, 2026
Slide 1: New capabilities, new ambitions – FY 2025 Results
New capabilities, new ambitions FY 2025 Results 19 March 2026 Conceptual rendering for the Mahatma Gandhi Sabarmati Ashram Memorial project in India, by Museum Studio
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements relating to the business, results and financial position of Compagnie Chargeurs Invest. Such forward-looking statements are based on assumptions that are currently considered reasonable, but which are dependent on external factors a
Slide 3: Contents
CONTENTS 1 Strategic review 2 Portfolio review 3 Asset and financial review 4 Conclusion Bespoke offering, Swaine’s flagship store at New Bond Street, London, UK 3
Slide 4: Strategic review
1 Strategic review Michaël Fribourg Chairman & CEO Project of Museum Studio, Milken Center for Advancing the American Dream, USA 4
Slide 5: The sale of Novacel brings renewed strategic and portfolio coherence
The sale of Novacel brings renewed strategic and portfolio coherence to Compagnie Chargeurs Invest A strategic coherence A portfolio coherence Value crystallization (1) Cash proceeds from sale of €230m and an estimated capital For the business (2) gain on sale of approx. €50m illustrating the Group’
Slide 6: A strengthened financial profile following the Novacel sale
A strengthened financial profile following the Novacel sale 2026 financial profile post-Novacel sale(1) benefiting from strong financial flexibility The sale of Novacel will be completed in H1 2026 Net debt very significantly reduced to less than €80m Sharp reduction in financial fees Strength
Slide 7: A portfolio rotation that materializes the transformation of growth profile
A portfolio rotation that materializes the transformation of Compagnie Chargeurs Invest’s growth profile An active portfolio A profile of less A significantly strengthened value-enhancement strategy cyclical leaders financial capacity for development Value creation through the strategic and operatio
Slide 8: Prioritizing the asset value enhancement strategy
Supporting its transformation, Chargeurs has chosen to prioritize its asset value enhancement strategy, unlocking significant financial flexibility for the future Prioritizing the asset value enhancement strategy A strategy aimed at strengthening the balance sheet and enhancing liquidity Tactica
Slide 9: Net asset value €585M, €24.2 / share
A net asset value confirmed by the Novacel sale proceeds and effectively protected in a volatile macroeconomic environment €585M, €24.2 / share NET ASSET VALUE (1) CULTURE & EDUCATION FASHION & KNOW-HOW Serving cultural transmission and At the heart of creative excellence and INVESTMENTS & REDEPLOYM
Slide 10: A portfolio of heritage-rich assets and brands
Today, a portfolio of heritage-rich assets and brands, offering high strategic potential and significant barriers to entry A UNIQUE PORTFOLIO OF PRESTIGIOUS ASSETS Cilander Herbert Johnson Rayne Bertero D&P 1677 1856 1885 1907 1949 1750 1875 1903 1928 1955 Swaine Altesse Studio Lainière Skira de Pic
Slide 11: New strategic signature: Architect of Rarity
Building on its refocusing, Chargeurs unveils its new strategic signature : « Architect of Rarity » A NEW STRATEGIC SIGNATURE « ARCHITECT OF RARITY » Our vision and ambition in the era of the new AI revolution Our differentiation A portfolio of assets built around Concentrating the allocation of our
Slide 12: In 2025, Chargeurs positioned for a new economic and geostrategic environment
In 2025, Chargeurs positioned itself to benefit from a new economic and geostrategic environment NOVACEL Adaptation through productivity improvements and price increases, supported by strong pricing power Trade-tariff tensions CHARGEURS PCC Fashion activities Adaptation to the new tariff geography t
Slide 13: Strategic transformation investments cycle completed in 2025
Driven by visibility on the Novacel sale, Chargeurs completed in 2025 its strategic transformation investments cycle CULTURE & EDUCATION FASHION & KNOW-HOW INNOVATIVE MATERIALS Chargeurs PCC Fashion & Technical Textiles activities Adaptation, transformation et reorganization • Completion of the rati
Slide 14: 2025 performance preserved despite tariff tensions and currency
2025 performance preserved despite trade-tariff tensions, accelerated investments, and unfavorable currency movements €713.4m €52.3m €43.7m OPERATING CASH-FLOW REVENUE EBITDA generated by the businesses Revenue stable at constant exchange EBITDA impacted by : rates, despite client caution at Cash fl
Slide 15: 2026: a pivotal year of monetization and metamorphosis
2026 : a pivotal year of monetization and metamorphosis 2015-2025 2026 The sale of Novacel completes the Compagnie Chargeurs Invest is now Group’s strategic transformation, positioned to capture the return on executed with discipline and agility investment from its profound metamorphosis • 10 years
Slide 16: Ambition 2030
Ambition 2030 : capitalizing on the strategic potential of the portfolio assets and brands, and on strong financial flexibility 2030 Outlook An active portfolio rotation model, enabling Compagnie Chargeurs Invest to balance its hybrid role as investor or co-investor and that of an operator-developer
Slide 17: Asset portfolio review
2 Asset portfolio review Jérôme Angin Group Chief Financial Officer Chaplin’s World 17
Slide 18: Culture & Education
Culture & Education Museum Studio project, Hong Kong History Museum 18
Slide 19: Culture & Education: 2025 achievements and strategy
Culture & Education : 2025 achievements and strategy Strong acceleration in demand Strategic and asset management analysis matrix • The momentum of physical and experiential cultural assets continues to strengthen worldwide Profitability A differentiated global positioning at the heart of the Capabi
Slide 20: New international headquarters of Museum Studio in Paris
New international headquarters of Museum Studio in Paris to support its expansion and development Museum Studio moves to 9 rue Kepler in Paris, into a unique location bringing together all of its areas of expertise • A strategic hub for international growth : design and management of large-scale mus
Slide 21: Three new acquisitions to strengthen Museum Studio
Three new acquisitions to continue strengthening the expertise, geographies, and offerings of Museum Studio Lord Cultural Resources Institut Beau Cèdre Chaplin’s World Creation of a training institute for museum Ongoing acquisition of the only museum in Majority stake acquisition managers the world
Slide 22: Completion of major projects in the United States in 2025
Completion of major projects in the United States in 2025 Washington-on-the Brazos Milken Center for Advancing the American Dream A new chapter for the legendary Texan heritage site Delivery of the Milken Center for Advancing the American Dream and its Washington-on-the-Brazos, with a fully redesign
Slide 23: Iconic museum openings in the Middle East
Iconic museum openings in the Middle East Grand Egyptian Museum Al Ain Museum Inauguration of the Grand Egyptian Museum, the largest and most important Reopening of Al Ain Museum, the first museum founded in the United pharaonic museum in the world, where Lord Cultural Resources provided a Arab Emir
Slide 24: Opening of the Zayed National Museum and Natural History Museum
Opening of the Zayed National Museum and of the Natural History Museum in Abu Dhabi Masterplanning of the museum and design & Design & management of the Natural History Museum shops management of the Zayed National Museum shops A project by Museum Studio Paris and Lord Cultural Resources, A project
Slide 25: Winning iconic projects and breaking into new markets
Winning iconic projects and breaking into new markets Museum Studio has been awarded major projects and continues its expansion into new geographies Touring of the exhibition Meet Mona Lisa First project in Mongolia, at the Hong-Kong Heritage Museum Winning of two iconic the Natural History Museum p
Slide 26: Museum Studio
Museum Studio Very solid business performance, paced by the progress of the projects +7.8% at constant exchange rates • Order backlog exceeding €300m, with strategic expansion into new international markets (India, Vietnam, Mongolia) • Delivery of landmark projects in 2025 : 5 of the 12 galleries of
Slide 27: Fashion & Know-how
Fashion & Know-how A compacnie i, SHARGEURS af INVEST
Slide 28: Fashion & Know-how: 2025 achievements and strategic vision
Fashion & Know-how: 2025 achievements and strategic vision Strategic and asset management analysis matrix Priority given to transformation and reorganization • In 2025, priority was given to major transformations, with on the Profitability Capability to generate Globality end-impact one hand a clear
Slide 29: Chargeurs PCC Fashion Activities
Chargeurs PCC Fashion Activities Lainière de Picardie in Pérone, France 29
Slide 30: Strengthening of the referencing and innovation strategy
Strengthening of the referencing and innovation strategy in an uncertain economic environment Strong presence at the Morocco International Promotion of Manufacturing Trade Chargeurs PCC’s Fair, expertise and product showcasing the full range ranges through at one of the most the launch of the import
Slide 31: Chargeurs PCC – Fashion activity
Chargeurs PCC – Fashion activity 2025 a year impacted by the trade tariff tensions • Activity affected by uncertainty over tariffs, and a wait-and-see approach in the luxury sector in Europe • Gradual adaptation of the market to the new U.S. tariffs geography • Acceleration of the referencing and in
Slide 32: Senfa Cilander Technical Textiles Activities
Senfa Cilander Technical Textiles Activities Planofil, Senfa Cilander 32
Slide 33: A year of transformation and reorganization of technical textiles
A year of transformation and reorganization of technical textiles activities Reorganization of technical textiles activities Investments and commercial developments in new following the integration of Cilander growth markets Defense Marine Architecture 33
Slide 34: Chargeurs PCC – Technical textiles (Senfa Cilander)
Chargeurs PCC – Technical textiles (Senfa Cilander) 2025 a year of structuring investments serving future performance • Transformation and reorganization of technical textiles activities • Significant operational, industrial, and commercial investments following the integration of Cilander to : Ac
Slide 35: Luxury Fibers
Luxury Fibers NATIVATM coton field 35
Slide 36: Continued strong demand from fashion brands for the NATIVA programs
Continued strong demand from fashion brands for the NATIVATM programs Brands are increasingly highlighting their commitment to NATIVATM continues to develop its partnerships and the NATIVATM programs to their customers NATIVATM programs LVMH ba&sh Creation of the NATIVATM training book, designed for
Slide 37: Luxury Fibers
Luxury Fibers Another year of strong demand for the NATIVATM programs and well-managed strategic deployment • Very strong demand for the NATIVATM programs, driven by outstanding customer engagement Sales volume up by more than +28% • Persistent volatility in the traditional wool market • ROPA main
Slide 38: Personal Goods
Personal Goods Launch of Altesse Studio’s Collector Brush to mark its 150th anniversary 38
Slide 39: Swaine accelerates its expansion (1/2)
Swaine accelerates its expansion (1/2) A strategy of boutique openings and exclusive event activation Historic entry into Harrods and opening A program of exclusive of the first boutique in Switzerland, within events in prestigious settings the Hôtel Palace in Montreux in Monaco and St. Moritz, feat
Slide 40: Swaine accelerates its expansion (2/2)
Swaine accelerates its expansion (2/2) Celebration of the brand’s 275th anniversary Recognition and acceleration of « Made in UK » know-how A spectacular visual campaign Recruitment and training of new New digital momentum celebrating 275 years of British artisans to support the growing with a redes
Slide 41: Recognition of Cambridge Satchel's creativity and international expansion
Recognition of Cambridge Satchel’s creativity and continued international expansion A talent recognized for creating iconic collaborations, Continued strong retail development of the brand honored with the 2025 Licensing Award • The Miffy x Cambridge Satchel capsule collection wins the • Opening of
Slide 42: Strong commercial success for Altesse Studio
Strong commercial success for Altesse Studio and the celebration of its 150th anniversary Very strong commercial momentum reflecting the success of its positioning in France and internationally • Continued commercial expansion • Successful production ramp-up to meet demand • Success of the new body
Slide 43: Personal Goods
Personal Goods A year of commercial success, recognized excellence, and strategic investments (*) • Outstanding performance across the three brands, with organic revenue growth of +17.2%, driven by very strong commercial momentum and rigorous execution. • Strong institutional recognition, illustrate
Slide 44: Innovative Materials
Innovative Materials Novacel protective film 44
Slide 45: Novacel accelerates innovation and strengthens commercial development
Novacel accelerates innovation and strengthens its commercial development Product innovations Commercial develompents India : opening of a local distribution center in the first half of Roll-out of VERSATIS, a versatile « film + machine » 2026 solution for pre-coated metals Middle East : stren
Slide 46: Novacel
Novacel Strong acceleration in H2 2025 and improved profitability in an unfavorable environment • Solid commercial momentum in a challenging exchange rate climat, with a strong acceleration in revenue in H2 2025 (+5.0% organic growth compared with H2 2024) and a sharp increase in order intake • Stre
Slide 47: Asset and financial review
3 Asset and financial review Jérôme Angin Group Chief Financial Officer Campagne Swaine 47
Slide 48: 2025: a transition year with short-term challenges and strategic investments
2025: a transition year combining short-term challenges in the textile sector, due to the trade tariff tensions, and strategic investments to prepare for future growth Figures presented before reclassifying Novacel as a discontinued operation 1 Stable revenue at constant exchange rates, despite wait
Slide 49: Operating cash flows preserved thanks to strict working capital management
Operating cash flows preserved thanks to strict working capital management €m 2025 2024 EBITDA continued and discontinued activities 52.3 65.0 Non-recurring – cash -6.3 -11.4 Financial expenses – cash -28.9 -26.4 Tax – cash -7.0 -5.4 Other -7.4 -7.0 Cash flow provided by operational activities impac
Slide 50: A new strategic deployment capacity following the sale of Novacel
A new strategic deployment capacity expected in the coming months following the sale of Novacel Figures presented before reclassification of Novacel as a discontinued operation €77,5m Reinforced shareholders’ equity post-sale Net financial debt post-sale (1) Estimated capital gain on sale of approx.
Slide 51: Successful long-term debt refinancing and reduction of excess liquidity
Successful long-term debt refinancing and reduction of excess liquidity Around €200m of refinancing completed since end-2024 (1) Refinancing of approx. €200m since the end of 2024 with competitive financial terms Extension of the average maturity by more than one year Reduction of excess liqui
Slide 52: Evolution of the Net Asset Value as of December 31, 2025
Evolution of the Net Asset Value as of December 31, 2025 €24.2€ €24.2 per share per share 24.2 +4.4 €/share 24.2 Net asset value -0.4 -0.4 €585m -3.6 Key valuation drivers in 2025 + Value creation by businesses - Evolution of market multiples - Impact of exchange rates XX € / action NAV Evolutionin
Slide 53: Conclusion
4 Conclusion Michaël Fribourg Chairman and CEO D&P Project, Washington-on-the-Brazos, USA 53
Slide 54: A solid model for long-term value creation
A solide model for long-term value creation A committed, long-term family shareholding structure that ensures sustainable value creation A stable and patient support, safeguarding the long-term vision of Groupe Fribourg and its partners An entrepreneurial vision, guided by a pioneering spirit an
Slide 55: Compagnie Chargeurs Invest
EST. T 1872 COMPAGNIE CHARGEURS INVEST
Slide 56: 2025 consolidated Group financial statements
Appendix 2025 consolidated Group financial statements In compliance with IFRS 5, Novacel’s operating income is presented within the line ‘Net result from discontinued operations’ for fiscal years 2024 and 2025 56
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