Cie du Bois Sauvage : Results 2025

05/03/2026 – REGULATED AND PRIVILEDGED INFORMATION

COMPAGNIE DU BOIS SAUVAGE SA – Rue du Bois Sauvage, 17 – 1000 Brussels
www.bois-sauvage.be

PRESS RELEASE - 5 March 2026 – 17:45

Full-year results 2025 (unaudited): Compagnie du Bois Sauvage streamlines strategy and acquires full ownership of chocolatier Jeff de Bruges

• Improved results in 2025, driven by the chocolate Pillar and despite a challenging real estate market,
• Strategic focus on three Pillars: chocolate, real estate, and Fund-Based investments,
• Acquisition of the remaining 34% of Jeff de Bruges, further strengthening the chocolate Pillar as the Group's growth engine,
• Ambition to generate €400 million in revenue and €80 million in EBITDA (excl. IFRS 16) through the chocolate Pillar by 2030,
• NAV up 10% to €887 million (compared to €808 million as of 31/12/2024), or €553 per share (compared to €499 per share as of 31/12/2024), with net earnings per share of €23.57,
• Proposed gross dividend of €8.60 per share (compared to €8.40 per share for 2024).

Brussels, 5 March 2026 – Alongside its annual results, Compagnie du Bois Sauvage is announcing a streamlining of its investment strategy, designed to make its business model clearer and more cohesive. The Group will now operate around three well-defined pillars, each with a distinct role in value creation, with the dual aim of reducing its risk profile and improving long-term returns. Central to this evolution is a significant strengthening of the chocolate Pillar, through the acquisition of 100% of the share capital of chocolatier Jeff de Bruges.

Results 2025

In 2025, Compagnie du Bois Sauvage delivered growth in net profit despite a demanding economic and sector environment. Operating profit before equity method results, divestments, fair value adjustments, and impairments came in at €45.8 million, down from €52.6 million in 2024. The figure was supported by positive momentum in the chocolate Pillar (+€2.2 million) but held back by foreign exchange losses and lower dividend income.

Group net profit reached €37.8 million, a sharp turnaround from the -€69.8 million loss recorded in 2024, translating to earnings per share of €23.57.

Activities in the Pillars

The chocolate Pillar was once again the Group's standout performer. Consolidated revenue for the pillar crossed the €300 million mark, while EBITDA (excl. IFRS 16) rose 5% to €56.2 million. These results reflect the ability of the Group's brands to hold their operational ground in an environment of volatile cocoa prices — a testament to the Group's supply chain strategy and sustained productivity efforts.

In the real estate Pillar, the market recovery that had been anticipated for 2025 failed to materialize, weighing on Eaglestone's contribution to the Group. Against this still-difficult backdrop, Eaglestone took structural measures to adapt its operating model, including a reduction in fixed costs and an organizational restructuring.

That said, the real estate projects developed in partnership with leading players continued to perform strongly, underlining the potential of this business line. The projects Praça de Espanha (Lisbon) and Chmielna (Warsaw), together with investments in retail parks through funds FRI 2 and Merep 3, collectively generated more than €9 million in profit over the financial year.

The industry and services Pillar contributed positively to the Group's results, supported in part by favourable valuation movements in holdings such as Berenberg and Umicore. All activities within this pillar were put through a rigorous review of performance and strategic fit, leading to targeted divestments — starting with the US operations (Noël Group, Zebland) — as part of a broader push for greater capital allocation discipline.

After two consecutive years of decline, NAV has returned to growth, rising 10% from €808 million at end-2024 to €887 million as of 31 December 2025, or €552.66 per share. The improvement was driven primarily by value creation in the chocolate Pillar (+€72.2 million) and a positive contribution from the industry and services Pillar (+€29.7 million excluding transactions), which together more than offset the decline in the real estate Pillar linked to the impairment of Eaglestone.

CEO Benoît Deckers on the results: "In 2025, the chocolate Pillar was once again the engine of Compagnie du Bois Sauvage, while our active portfolio management allowed us to strengthen our financial flexibility. The substantial increase in net asset value is something we're particularly pleased about."

Strategic review of assets and streamlining of the investment strategy

As a long-term investment holding company, Compagnie du Bois Sauvage carried out a comprehensive strategic review of its entire portfolio in 2025, set against a backdrop of rapidly shifting macroeconomic and geopolitical conditions.

On the strength of that review, the Board of Directors has decided to implement a thorough streamlining of the investment strategy — one that prioritizes clarity, reduces risk exposure, and sharpens the Group's long-term value creation potential.

The strategy now rests on three clear pillars:

• The chocolate Pillar, the Group's strategic core and principal growth engine, which will receive at least 60% of future investments;
• The real estate Pillar, oriented towards long-term wealth building, which will continue to grow on a self-funding basis;
• An investments via Private Equity Funds Pillar, a new activity intended to provide diversification, returns, and risk spreading. The target allocation is between €50 and €100 million, and it will gradually replace Bois Sauvage's direct industrial holdings and listed equity investments.

Hubert Olivier, Chairman of the Board of Directors of Compagnie du Bois Sauvage, comments: "In 2025, we took a hard look at everything we do — with the aim of driving greater value creation and making the Group’s business model easier to understand. What emerged very clearly is that the chocolate arm is the cornerstone of our model, in terms of both growth potential and sustainable value creation. That is what justifies our decision to concentrate our resources there as a priority.

This exercise also led us to refine our capital allocation to strengthen the Group's overall coherence. We are now directing our investments towards areas where Compagnie du Bois Sauvage has real competitive strengths. This approach is entirely consistent with our core objective: building asset value for our shareholders, through dividends and long-term capital gains."

Acquisition of 100% of Jeff de Bruges’ share capital

Strengthening the chocolate Pillar is a cornerstone of this strategic streamlining and a priority axis for value creation within the Group. Compagnie du Bois Sauvage announces that it acquired the remaining 34% of Jeff de Bruges’ share capital at the beginning of March 2026, making it the company's sole shareholder.

Founded in 1986, Jeff de Bruges has grown into a significant force in the French chocolate market, where the brand operates through a network of 480 stores, complemented by close to 50 stores internationally. Since 2017, the brand has also been active as a cocoa grower, giving it greater control over its supply of cocoa beans.

The transaction enhances the profitability of Compagnie du Bois Sauvage’s chocolate Pillar and paves the way for accelerating the international development of its brands and to consolidate their position, as well as their continued growth in their home markets. Industrial investment at the Vlezenbeek site will also continue, with a focus on expanding capacity and improving productivity in support of the growth of the Group’s brands.

The investment to be mainly financed through a loan of EUR 110 million and supplemented by the Group's own cash resources. The transaction was signed at the beginning of March, with closing expected in mid-April 2026. The full-year effect of this acquisition based on the results of 2025 equates to an amount of €7.5 million in additional profit and a positive impact of €11 million on the NAV.

In connection with this investment, Compagnie du Bois Sauvage has decided to suspend its share buyback programme with effect from 6 March 2026.

Benoît Deckers: "Now that we have acquired the remaining 34% of the share capital from Jeff de Bruges’ founding shareholder, we can write a new chapter together. We will build on the presence of our chocolate brands in their home markets and step up their international growth. We will continue to invest in the Vlezenbeek production site — in both capacity and productivity — to fuel the commercial development of Neuhaus and Jeff de Bruges. And we will stay the course on our supply chain strategy, from plantation to praline — a strategy that proved its worth when cocoa prices surged."

Hubert Olivier adds: "Our ambition is to reach 400 MEUR in revenue and 80 MEUR in EBITDA (excluding IFRS 16) by 2030. With full ownership of both our brands, and in a market that continues to grow, Compagnie du Bois Sauvage is better placed than ever to support them and encourage every form of collaboration between them. Their mission: to bring the very best of Belgian chocolate to the world — each in their own way.”

About Neuhaus :

Founded in 1857 in Brussels’ Galeries Royales Saint-Hubert, Neuhaus invented the Belgian praline in 1912. All pralines are developed and crafted in Belgium at the Vlezenbeek atelier under the supervision of the Maîtres Chocolatiers. A Warrant Holder to the Belgian Court, Neuhaus operates in 45+ countries through 800+ points of sale, including 64 boutiques in Belgium and nearly 50 airports worldwide.

Over Jeff de Bruges :

Created in 1986, Jeff de Bruges is a chocolatier-cocoa grower primarily active in France with a network of 480+ proximity boutiques, mostly franchised, and close to 50 international stores. The brand offers a wide range of chocolates and confectionery for everyday consumption and gifting. Since 2017, it has cultivated part of its cocoa beans on its own plantations in Ecuador, strengthening supply control and traceability.

CONTACTS

Press:

FR: Henry de Lophem (akkanto) – +32 472 18 53 90 – henry.de.lophem@akkanto.com

NL/EN: Andries Fluit (akkanto) – +32 478 97 41 63 – andries.fluit@akkanto.com

Investors:

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

Activities in 2025

In 2025, the Group Compagnie du Bois Sauvage:

• Repurchased 12,735 treasury shares for a total consideration of EUR 3 million, and on 18 December 2025 cancelled a total of 14,587 treasury shares (part of which were acquired in 2024), representing 0.9% of the share capital.
• Lent EUR 8 million to Eaglestone.
• Subscribed to the capital increase of Ecuadorcolat for USD 1 million and granted a USD 1 million loan to finance the acquisition of an additional 170 hectares of plantation in Ecuador. Our stake (Compagnie du Bois Sauvage Group share) increased from 24.8% to 27.9%.
• Contributed an additional EUR 5.5 million to the Merep 3 fund, bringing total contributions to EUR 10.5 million against a commitment of EUR 20 million.
• Received repayment of a EUR 9 million loan related to our real estate project in Portugal.
• Received repayment of a EUR 4.5 million loan related to our real estate project in Poland.
• Received a distribution of EUR 1.9 million from the FRI 2 fund.
• Sold treasury shares for EUR 7.2 million.
• Sold Ageas shares for EUR 17.6 million.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025 (IFRS) (UNAUDITED)

2024 figures are unchanged from those published in the 2024 Annual Report.

Compagnie du Bois Sauvage’s operating result before disposals, fair value changes and impairment losses amounted to EUR 36.4 million, compared with EUR 50.1 million in 2024. This result is mainly driven by the combined impact of the following factors:

• Growth in the chocolate Pillar (Neuhaus, Jeff de Bruges, Corné Port-Royal and Artista) in both revenue and operating profit. 2025 revenue was 7.5% higher than in 2024, mainly because cost increases were offset by higher selling prices. Operating profit increased by EUR 2.2 million (6%) compared with 2024.
• The result of equity-accounted investees amounted to –EUR 9.4 million, versus –EUR 2.5 million in 2024. This mainly reflects the results of Eaglestone (–EUR 12.9 million) and Futerro (–EUR 1.6 million), partly offset by gains on real-estate projects in Poland (+EUR 4.6 million) and Portugal (+EUR 1.9 million).

The net result attributable to the Group was EUR 37.8 million (versus –EUR 69.8 million in 2024). It mainly reflects positive fair value changes on the interests in Umicore (+EUR 31.4 million) and Berenberg (+EUR 7.7 million), goodwill impairments at Eaglestone (–EUR 10.7 million) and Vinventions (–EUR 7.7 million), and income taxes (–EUR 13.7 million).

Total comprehensive income attributable to the Group amounted to EUR 34.2 million, compared with –EUR 67.4 million in 2024. This corresponds to the net result attributable to the Group, adjusted for items recognized directly in equity, such as currency translation differences on the conversion of operations outside the euro area (–EUR 3.6 million).

The Group reported a consolidated net cash surplus excluding IFRS 16 of EUR 19.8 million at 31 December 2025, compared with a consolidated net cash surplus excluding IFRS 16 of EUR 0.7 million at 31 December 2024. Within the chocolate Pillar, the net cash surplus (excl. IFRS 16) was EUR 34.2 million versus EUR 30.2 million at end-2024.

After payment of the 2025 dividend (EUR 13.5 million), the share buyback (EUR 3.3 million) and taking the profit for the year (EUR 37.8 million) into account, the Group’s equity totalled EUR 524.2 million at end-2025, compared with EUR 505.5 million at end-2024.

DIVIDEND

The Board of Directors proposes a gross dividend of EUR 8.60 per share for the 2025 financial year, compared with EUR 8.40 per share in 2024. This is intended to underscore its confidence in the prospect of a rising dividend, combined with sustainable growth of the Group.

EQUITY INTERESTS

The consolidated operating result before disposals, fair value changes and impairment losses as at 31 December 2025 is broadly in line with the Group’s expectations, taking into account the results of the first half and the economic environment.

OUTLOOK FOR THE CURRENT FINANCIAL YEAR

In 2026, Compagnie du Bois Sauvage will implement its new strategy with financial discipline and a priority on generating free cash flow. This course is based on strict cost control, selective and optimized capital allocation, and continuous improvement in operational efficiency. Our objective is to strengthen the Company’s financial resilience, enhance its self-financing capacity, and deliver managed, profitable and sustainable growth.

STATUTORY AUDITOR’S REPORT

The Statutory Auditor, Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises, has not yet completed its audit procedures relating to certain significant elements of the Group’s consolidated financial statements. Consequently, the financial statements included in this press release should, at this stage, be considered unaudited. The procedures to provide limited assurance on sustainable development information have been largely completed, and no significant adjustments have been identified relating to that information.

ALTERNATIVE PERFORMANCE MEASURES

Adjusted Net Asset Value (NAV): NAV corresponds to consolidated equity adjusted for the difference between the market value and the carrying amount of fully consolidated interests. Compagnie du Bois Sauvage reminds investors that the calculation of NAV is subject to the uncertainties and risks inherent in this type of valuation and is not a measure of the current or future value of the Company’s ordinary shares.

Consolidated cash position: The sum of “Other current and non-current” financial investments, “Financial assets at fair value through profit or loss”, and “Cash and cash equivalents.”

Consolidated net debt excl. IFRS 16 / Consolidated net cash surplus excl. IFRS 16: Equal to the consolidated cash position minus current and non-current “Borrowings” excluding IFRS 16. A negative figure corresponds to consolidated net debt excl. IFRS 16; a positive figure corresponds to a consolidated net cash surplus excl. IFRS 16.

Operating result before disposals, fair value changes and impairment losses: The difference between “Operating income” (sales, interest and dividends, rental income and other income) and “Operating expenses” (purchases, staff costs, depreciation, impairment, provisions, financial expenses and other expenses), increased by the “Share of result of entities accounted for using the equity method.”

Operating result before equity-accounted results, disposals, fair value changes and impairment losses: The above operating result excluding the share of result of entities accounted for using the equity method.

ADJUSTED NET ASSET VALUE

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 (IFRS) (UNAUDITED)

2024 figures are unchanged from those published in the 2024 Annual Report.

FINANCIAL CALENDER