Cie du Bois Sauvage : Newsletter December 2025

NEWSLETTER - DECEMBER 2025

Trusted partners for true growth.

Compagnie du Bois Sauvage (COMB) is a family-owned, stable company listed on Euronext Brussels.

NON-REGULATED INFORMATION

CEO'S FOREWORD

Dear Shareholders,

In our newsletters, we aim to highlight the concrete dynamics that drive our investments. This month, you will discover three examples that each illustrate, in their own way, the long-term value creation strategy we are pursuing.

First, we take a look at JeƯ de Bruges' innovative approach to business intelligence, which is driving commercial performance. Next, we zoom in on the success of the Chmielna real estate project in Warsaw and two new residential developments launched in Poland. Finally, we look back at the landmark transaction carried out by Mitiska REIM, of which Bois Sauvage is a long-standing partner, with the acquisition of several Belgian commercial sites with strong redevelopment potential.

These topics are part of a broader transformation. For several months now, we have been conducting an in-depth strategic review of all our holdings. This review will result in concrete announcements in March 2026. It reflects our desire to better focus our eƯorts on our areas of expertise, align our portfolio with our ambition for sustainable growth, and enhance the clarity of our investment profile.

We hope you enjoy reading this report and remain at your disposal for any further information you may require.

Benoit Deckers
CEO
+32 475 44 15 96
benoit.deckers@bois-sauvage.be

1. DATA, THE NEW KEY INGREDIENT FOR JEFF DE BRUGES

In a chocolate market marked by cocoa price volatility, JeƯ de Bruges (66% Compagnie du Bois Sauvage) is demonstrating resilience and proving that innovation and commercial performance can go hand in hand—thanks to an ambitious and concrete business intelligence strategy.

With more than 500 stores in 10 countries and a leading position in the French market, the brand is constantly refining its model. The secret? A discreet but eƯective digital transformation that puts data at the heart of strategic and operational decisions.

The management team has invested heavily in reorganizing logistics to increase eƯiciency and in structuring a 360° sales performance management tool. Each point of sale is analyzed in all its dimensions: sales, traƯic, margin, average basket size, performance by product, customer behavior, and more.

Dynamic dashboards help to identify opportunities and areas for improvement, and actions to be implemented at all levels (product, price, merchandising, human resources, etc.).

Far from being confined to headquarters, this data culture permeates the entire network: regional and store managers are trained in the use of indicators, and performance analysis becomes an operational routine, facilitating sales promotion, inventory management, and product range adjustments.

Data is not just used for reporting purposes: it is leveraged to drive continuous innovation. The company measures the impact of each new development—packaging, collection, customer experience—and adjusts its action plan in real time.

For example, the sales forecasting tool enables better production planning, which reduces logistics costs and avoids shortages or overstocking.

In a sector subject to raw material volatility, competitive pressure, and growing ESG expectations, JeƯ de Bruges is a pioneer and strategic diƯerentiator with its ability to finely tune performance.

JeƯ de Bruges exemplifies Compagnie du Bois Sauvage's vision: investing in strong brands, but also supporting them in their transformation and professionalization with concrete tools.

2. RESIDENTIAL REAL ESTATE IN ACTION: A SUCCESS IN WARSAW, TWO NEW PROJECTS IN POLAND, AND SOLID PROSPECTS IN LISBON

While the real estate environment remains complex in the BeLux and French markets, Compagnie du Bois Sauvage is cautiously but eƯectively pursuing its targeted residential strategy. The approach is clear: select well-located projects, backed by solid partners, in high-potential markets (Poland and Portugal) and with a proven ability to generate value.

Chmielna, a 360° success story

Located in the heart of Warsaw, the Chmielna Duo project, carried out in partnership with BPI Real Estate Poland, is a prime example of this positioning.

Launched in 2021 with an initial investment of €9 million from Bois Sauvage, the project is almost entirely sold, with a solid return.

This success has enabled immediate reinvestment in two new residential projects in Poland, alongside the same key partner, BPI Real Estate Poland.

Two new projects in development: Pianoforte and Moniuszki

Pianoforte is a high-end residential project located in the dynamic Mokotów district of Warsaw, close to Łazienki Royal Park and the city center. It combines contemporary design, architectural quality, and sustainability with a range of services and green spaces tailored to modern urban living. Marketing is currently underway.

Moniuszki is a more exclusive project, located in a premium area of the Polish capital. Its strategic location, vertical living concept, and urban integration are aimed at a demanding, international audience.

These projects illustrate Bois Sauvage's ability to recycle capital in clear, well-sized operations with strong potential.

Lisbon: already tangible returns on Praça de Espanha

At the same time, Compagnie du Bois Sauvage is also present in Portugal with the Praça de Espanha project, located in the heart of Lisbon, also carried out in partnership with a leading player, Besix Real Estate Development (RED).

The first phase of the project has been completed, with €9 million in cash flow already generated in the third quarter of 2025, out of a total investment of €15 million.

These results confirm the relevance of Compagnie du Bois Sauvage's real estate strategy: a stable, self-financing hub that anchors the group's overall strategy in tangible, high-performing assets.

3. REINVENTING COMMERCIAL REAL ESTATE WITH MITISKA REIM

For several years, Bois Sauvage has chosen to diversify its real estate investments through partnerships with professional players, such as the Belgian player Mitiska REIM. This choice is in line with our objective of building a balanced and flexible portfolio, capable of adapting to market developments while generating stable returns.

In April 2025, Mitiska REIM, through its MEREP3 fund—to which Bois Sauvage has already contributed €10.5 million out of a total commitment of €20 million—announced the purchase of former Cora sites in Belgium (hypermarkets and shopping malls) located in strategic areas. The purchase was finalized in early September, and ambitious renovation work began in October 1 to transform these sites into modern shopping centers with a renewed mix of brands better suited to consumer expectations.

Since the announcement, the redevelopment has been progressing rapidly: more than 80% of the redeveloped hypermarket space has already found tenants, and the first new stores are scheduled to open at the end of January 2026.

This conversion project led by Mitiska REIM is part of an ambitious strategy. While the hypermarket format now seems outdated, conversion into modern, modular retail parks meets new consumer expectations and the demand for proximity. The repositioning transforms them into productive assets with stable long-term returns.

This approach is in line with Bois Sauvage's desire to invest in concrete, structured, and promising projects that are consistent with our asset-backed approach and part of solid partnerships. Working with a specialized and experienced player such as Mitiska REIM reduces risk, improves visibility, and places us in a professional real estate development framework.

+32 (0)2 227 54 50
www.bois-sauvage.be
17, Rue du Bois Sauvage
B-1000 Bruxelles