ANNUAL REPORT
https://www.bois-sauvage.be
COMPAGNIE DU
BOIS SAUVAGE
Trusted partners
for true growth.
ContentsLetter to shareholders 2
Key Figures as at 31 December 4
Consolidated and separate financial statements 7
Consolidated statement of f inancial position as at 31 December 8
Consolidated statement of comprehensive income
as at 31 December 9
Consolidated statement of changes in equity 10
Consolidated cash-flow statement 11
Consolidated and separate financial statements as
at 31 December 2025 presented to the Ordinary General Meeting of 22 April 2026. This report is a translation from French. In the event of any discrepancy, the French version shall prevail.
This English version is a summary of the annual report.
COMPAGNIE DU BOIS SAUVAGE
Public limited company under Belgian law (SA/NV) with capital of EUR 84,410,825.
17, Rue du Bois Sauvage, 1000 Brussels (Belgium)
Tel.: +32 (0)2.227 54 50
https://www.bois-sauvage.be
Annual Report of the Board of Directors Compagnie du Bois Sauvage is an investment holding company, quoted on
Euronext Brussels, with a stable 'family' principal shareholder.
There is a vision at the heart of Compagnie du Bois Sauvage: we want to be much more than an investment company. We are a trusted partner, offering stability, strong family roots and a track record of entrepreneurial success.
We are guided by long-term loyalty towards the entrepreneurs and visionaries we support and maintain relationships that are built on trust.
With a focus on a limited number of investments, mainly industrial in nature, we contribute actively to the success of these companies by making our expertise available and supporting them at every stage in their growth. We bring together investors who share our long-term vision and our prudent, responsible approach.
Our mission is to build authentic growth - growth that is sustainable, tangible and based on sound governance.
Hubert Olivier, Chairman of the Board of Directors and Benoit Deckers, General Manager, at the Compagnie du Bois Sauvage site, Brussels.
-
Letter to shareholders
Bois Sauvage realigns its strategy.
Dear Shareholders,
Since the establishment of Compagnie du Bois Sauvage, its founder Guy Paquot has viewed the Group as a long-term investment holding company, seeking to provide its shareholders with access to a diversified portfolio of assets enabling sustained wealth growth, while supporting entrepreneurs in the development of their business plans. This vision continues to guide our strategic choices in a radically changing environment, and fully reflects our motto: "Trusted partners for true growth".
The 2025 financial year has been a formative time for Compagnie du Bois Sauvage. In a macroeconomic and geopolitical environment which remains challenging, our Group has achieved improved results, driven by the strength of its Chocolate division, while carrying out an in-depth strategic review of all its holdings. As a result of this exercise, we have realigned our investment strategy, to make our investment model clearer and more consistent, to reduce its exposure to risks and to increase its potential for long-term wealth creation.
A strengthened growth trajectory in 2025In 2025, the Chocolate division has once more been the main driving force behind the Group's performance. The consolidated turnover for this division is more than EUR 300 million, and its EBITDA (exclusive of IFRS 16) has increased by 5%, to reach EUR 56.1 million. These results confirm the ability of our brands to retain their margins in a context of volatile cocoa prices, thanks to a sectoral strategy and continued efforts to boost productivity.
The expected recovery of the real estate market, however, failed to materialise in 2025. This situation affected the performance of Eaglestone, which continued to implement structural measures to adapt its operational model, including a reduction in its fixed cost base and organisational changes, to navigate this adverse period in the business cycle. At the same time, the real estate projects which we have developed in partnership with major players, particularly in Lisbon and Warsaw, have continued to perform robustly, generating returns of more than EUR 9 million in the course of this financial year.
An in-depth analysis was carried out of the other activities of the Group, focusing on their performance and strategic relevance. This review resulted in targeted divestments, particularly in the United States, reflecting an approach characterised by active portfolio management and financial discipline.
After two financial years of downturn, net asset value is once again growing, and has increased by 10% to reach EUR 887 million on 31 December 2025. This increase is mainly due to the value generated by the Chocolate division, as well as the
upswing of some financial holdings, abundantly offsetting the value adjustments in the Real Estate division.
A strategic realignment: clearer, more resilient In 2025, true to its DNA as a long-term investment holding company, Compagnie du Bois Sauvage performed a strategic review of all its holdings. We drew two main conclusions from this exercise.The first is that our long-standing Chocolate division is a particularly strong driver of value creation, with strong brands, acknowledged expertise and still with significant growth potential, particularly internationally. It now constitutes the strategic core of the Group and will receive at least 60% of future investments.
The second lesson learnt is that some direct and financial industrial holdings, which have become more diverse, were making the group vulnerable to multiple risks, without providing the required returns. In this context, the Board of Directors decided to realign the Group's investment strategy, focusing on three clearly identified areas:
Chocolate, driving growth and at the core of value creation;
Real estate, for long-term asset growth, which will be continued on a self-financing basis;
A new area of investment through "private equity" funds, to enhance diversification, increase yield and the pooling of risks, with a target allocation of between EUR 50 and 100 million, gradually replacing direct industrial holdings and investments in listed companies.
In early March 2026, building on this strategic realignment, Compagnie du Bois Sauvage announced its acquisition of the remaining 34% of Jeff de Bruges, thus becoming the company's sole shareholder. This operation should be concluded in mid-April 2026. It considerably strengthens our position as a major player in the Belgian chocolate sector and allows us to provide more effective support to the development of our brands.
Founded in 1986, Jeff de Bruges has become a key player in the market for Belgian chocolate in France, where it is supported by a network of 480 local shops, as well as almost 50 international outlets. Since 2017, the brand has expanded its activities in the sector to become a cocoa farmer, thus gaining more control over its cocoa bean supply.
Our 100% shareholding in Jeff de Bruges gives us more strategic flexibility and a greater ability to coordinate the international development of our brands, while carrying out the industry investments needed to improve the capacity and productivity of our Vlezenbeek site.
Prospects and commitment to our shareholdersLooking towards 2030, our ambition for the Chocolate division is clear: to generate EUR 400 million in turnover and an EBITDA (exclusive of IFRS 16) of EUR 80 million, applying strict financial discipline and a long-term vision for the industry.
Confident of the strength of our balance sheet and the relevance of our strategy, we shall propose to the next General Assembly payment of a gross dividend of EUR 8.60 per share, demonstrating our wish to create sustainable wealth for our shareholders, in the form of dividends and, over time, increased value.
As a new growth chapter opens for Bois Sauvage, we sincerely thank all our shareholders for their trust and loyalty, and express gratitude to our workers and partners for their commitment throughout 2025.
Brussels, 5 March 2026
Chairman of the Board of Directors Chief Executive Officer Hubert Olivier Benoit Deckers
- Key Figures as at 31 December
assets - Historical Trend
Consolidated accounts (in millions of euros)
Liabilities - Historical Trend
Change in equity and Net asset Value
1000
800
600
400
200
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Net Asset Value ■ Consolidated equity
Consolidated accounts (in millions of euros)
1000 1000
900 900
800 800
700 700
600 600
500 500
400 400
300
200
100
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
300
200
100
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Non-current assets
Current assets
Equity ■ Financial debts (excluding IFRS 16)
Other liabilities
EUR 1,000 | 2025 | 2024 | 2023 | 2022 | EUR 1,000 | 2025 | 2024 | 2023 | 2022 | |
Group equity | 524,196 | 505,529 | 597,070 | 642,555 | Number of shares | |||||
Intrinsic 'in-the-money' value(1)(3) | 886,696 | 807,686 | 898,861 | 926,766 | In circulation | 1,604,406 | 1,618,993 | 1,658,509 | 1,677,346 | |
Market capitalisation at year-end | 463,673 | 370,749 | 461,065 | 550,169 | Fully diluted | 1,604,406(3) | 1,618,993 | 1,658,509 | 1,677,346 | |
Operating profit and loss before Intrinsic value per share at year- | ||||||||||
end (EUR) 552,66 498,88 543,68 557,58
Consolidated net profit/loss (attributable to the Group) 37,814-69,770
-27,842
108,077
Average daily volume traded
486702
332
369
Price (EUR)Highest
292.00285.00
350.00
369.00
Lowest 210.00 213.00 258.00 300.00
Year-end 289.00 229.00 278.00 328.00
Average daily capital (EUR) 123,924 179,700 100,942 122,200
Gross dividend per share 8.60 8.40 8.20 8.00 Consolidated net earnings per share (attributable to the Group) (EUR)Basic(2) 23.51 -42.71 -16.77 64.73
Diluted (2) 23.51 -42.71 -16.77 64.73
The valuation method for calculating intrinsic value is explained in section 11.
See calculation and definitions in note 25.
Including 1,334 own shares owned by Compagnie du Bois Sauvage on 31stDecember 2025.
Consolidated and Separate Financial Statements as at 31 December 2025
Presented to the General Meeting of 22 april 2026
Consolidated statement of financial position as at 31 December
Assets Liabilities
x € 1,000
2025
2024
Non-current assets
540,004
527,151
Property, plant and equipment
70,303
68,078
Investment property
11,589
11,751
Goodwill
11,003
11,003
Intangible assets
28,912
25,339
Intangible assets right to use
82,995
59,516
Equity-accounted investments
93,156
129,093
Investments at fair value through profit or loss
169,690
136,446
Other assets
69,948
79,174
Deferred tax assets
2,409
6,751
Current assets
234,990
196,876
Stocks
28,369
29,528
Trade and other receivables
114,356
101,350
Current tax assets
4,863
5,389
Financial assets at fair value through profit or loss
3,759
9,675
Other assets
10,155
9,576
Cash and cash equivalents
73,488
41,358
Non-current assets held for sale
Total assets
4,255
779,250
0
724,028
x € 1,000
2025
2024
Equity
558,637
538,220
Group equity
524,196
505,529
Capital
154,297
154,297
Retained earnings
366,314
344,366
Reserves
3,585
6,866
Non-controlling interests
34,441
32,691
Liabilities
220,613
185,808
Non-current liabilities
84,042
94,342
Borrowings
13,162
34,332
Debts linked to leases
67,343
54,017
Provisions
802
571
Deferred tax liabilities
2,373
3,082
Other non-current liabilities
363
2,340
Current liabilities
136,570
91,466
Borrowings
44,270
15,964
Debts linked to leases
17,836
11,290
Provisions
3,122
1,807
Suppliers and other creditors
62,883
50,993
Current tax liabilities
6,561
9,716
Other liabilities
Total equity and liabilities
1,898
779,250
1,696
724,028
x € 1,000
2025
2024
Operating income
336,721
323,897
Sales
305,120
283,788
Interest and dividends
12,173
17,865
Rental income
729
704
Other income
18,699
21,540
Operating expenses
-290,922
-271,309
Raw materials and consumables used
-157,827
-146,085
Employee expenses
-74,088
-71,150
Depreciation, impairment losses and provisions
-32,845
-30,140
Financial costs
-6,751
-6,505
Other expenses
-19,411
-17,429
Operating profit/loss before disposals, fair value adjustments and impairments
45,799
52,588
Profit/loss on disposals
-9,363
-2,476
Fair value adjustments and impairments
36,436
50,112
Profit/loss before tax
3,175
4,019
Income tax expense
19,444
-103,894
Profit/loss of the period
59,055
-49,763
Other comprehensive income
-13,686
-13,326
Items not to be reclassified subsequent to profit or loss
45,369
-63,089
Actuarial gains (and losses)
-3,671
2,443
Share of other comprehensive income of equity-accounted investments
0
0
x € 1,000
2025
2024
Items to be reclassified subsequent to profit or loss
-3,671
2,443
Investments at fair value through profit or loss
Fair value adjustments
0
0
Transferts to profit/loss on impairment
Transfer to profit/loss on disposal
0
0
Forex difference for conversion of activities abroad
-3,622
2,443
Other elements of global result for participations managed on equity basis
-50
0
Comprehensive income of the period
41,698
-60,646
Profit/loss of the period
45,369
-63,089
Attributable to the Group
37,814
-69,770
Non-controlling interests
7,555
6,681
Comprehensive income of the period
41,698
-60,646
Attributable to the Group
34,159
-67,367
Non-controlling interests
7,539
6,721
Earnings (losses) per share as at 31 December
€
2025
2024
Basic
23.51
-42.71
Diluted
23.51
-42.71
Consolidated statement of comprehensive income as at 31 December
Consolidated statement of changes in equity
x € 1,000
Share capital
Capital
Share premium
Reserves
Reserves
Treasury shares
Exchange differences
Retained earnings
Group equity
Non-controlling interests
Equity
Balance as at 1 January 2024
84,411
69,886
-5
-1,433
5,168
439,042
597,070
33,153
630,223
Share of hedging and actuarial reserves of equity-accounted investments
-10
-10
-10
Changes in scope of consolidation
0
0
Foreign exchange translation differences
2,416
2,416
37
2,453
Other
Other comprehensive income
0
0
-10
0
2,416
0
2,406
37
2,443
Profit/loss of the period
-69,771
-69,771
6,684
-63,087
Comprehensive income of the period
0
0
-10
0
2,416
-69,771
-67,365
6,721
-60,644
Dividends paid
-13,433
-13,433
-6,800
-20,233
Share capital and share premium
0
Changes in scope of consolidation
0
0
Operations with treasury shares (purchase/cancellation)
730
-10,262
-9,532
-9,532
Other
-1,211
-1,211
-384
-1,595
Balance as at 31 December 2024
84,411
69,886
-15
-703
7,584
344,366
505,529
32,690
538,220
Balance as at 1 January 2025
84,411
69,886
-15
-703
7,584
344,366
505,529
32,690
538,220
Share of hedging and actuarial reserves of equity-accounted investments
-50
-50
-50
Changes in scope of consolidation
Foreign exchange translation differences
-3,605
-3,605
-17
-3,622
Other
Other comprehensive income
-50
-3,605
-3,655
-17
-3,671
Profit/loss of the period
37,814
37,814
7,555
45,369
Comprehensive income of the period
-50
-3,605
37,814
34,159
7,539
41,698
Dividends paid
-13,494
-13,494
-6,800
-20,294
Share capital and premiums
Changes in scope of consolidation
Operations with treasury shares (purchase/cancellation)
373
-3,334
-2,961
-2,961
Other
1
962
962
1,012
1,974
Balance as at 31 December 2025
84,411
69,886
-65
-329
3,979
366,314
524,196
34,441
558,637
Consolidated cash-flow statement
x € 1,000 | 2025 | 2024 |
Profit/loss before tax | 59,055 | -49,763 |
Adjustments | ||
Profit/loss on disposals | -3,175 | 0 |
Fair value adjustments and impairments | -19,433 | 103,787 |
Share of profit/loss of equity-accounted investments | 9,363 | 2,476 |
Finance costs | 6,751 | 6,504 |
Income from interest and dividends | -12,173 | -17,865 |
Depreciation, impairment losses and provisions (excluding IFRS 16) | 15,766 | 13,825 |
Depreciation of assets right of use (IFRS 16) | 17,080 | 16,315 |
Other | -7,795 | -707 |
Changes in working capital requirements | ||
Current assets (1) | -13,005 | -29,304 |
Current liabilities (2) | 11,891 | 2,668 |
Interest paid | -6,549 | -6,504 |
Interest received | 7,417 | 4,980 |
Dividends received | ||
Equity-accounted investments | 3,642 | 2,488 |
Other investments | 5,062 | 11,687 |
Taxes paid | -12,682 | -10,971 |
Cash flows relating to operating activities | 61,205 | 49,616 |
x € 1,000 | 2025 | 2024 |
(Acquisition) / disposal of equity-accounted investments | -5,922 | -5,971 |
(Acquisition) / disposal of investments at fair value through profit or loss | 0 | 0 |
(Acquisition) / disposal of financial assets | 8,836 | 2,778 |
(Acquisition) / disposal of other financial instruments | 4,235 | 5,731 |
(Acquisition) / disposal of investment property | 69 | 54 |
(Acquisition) / disposal of tangible assets | -14,519 | -23,095 |
(Acquisition) / disposal of intangible assets | 14,187 | -4,213 |
(Acquisition) / disposal of other non-current assets | 6,150 | 4,603 |
Cash flows relating to investment activities | 13,036 | -20,114 |
New loans (excluding IFRS 16) | 21,282 | 28,194 |
Repayment of loans (excluding IFRS 16) | -14,153 | -18,378 |
Repayment of debts linked to leases | -20,687 | -15,013 |
Capital increase / (decrease) | 0 | 0 |
Dividends paid to the Group's shareholders | -13,494 | -13,433 |
Dividends paid to minority shareholders | -6,800 | -6,800 |
Sale / (purchase) of treasury shares | -2,961 | -9,532 |
Other | -5,298 | 500 |
Cash flows relating to financing activities | -42,111 | -34,462 |
Net cash flows of the period | 32,130 | -4,960 |
Cash and cash equivalents, beginning balance | 41,358 | 46,318 |
Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents, ending balance | 0 73,488 | 0 41,358 |
Changes in working capital requirements relating to inventories, accounts receivable
Changes in working capital requirements relating to trade and other payables.