Earnings release
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www.bois-sauvage.be Compagnie du Bois Sauvage (COMB) est une société à caractère patrimonial, cotée sur Euronext Brussels, dont l’actionnaire principal est familial et stable. INFORMATION RÉGLEMENTÉE Trusted partners for true growth. PRESS RELEASE CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2025 September 4, 2025 Compagnie du Bois Sauvage is a family-owned, stable company listed on Euronext Brussels. REGULATED INFORMATION
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PRESS RELEASE Regulated Information 04/09/2025 2 FOREWORD BY THE CEO Dear shareholders, The results for the first half of 2025 confirm the strength of our portfolio and the relevance of our investment choices. In an environment that remains volatile, our Chocolate division continues to grow steadily, driven by the commercial dynamic of strong brands such as Neuhaus and JeƯ de Bruges. This sector, which we know well and in which we continue to invest, is a real lever for long-term development. In real estate, trends remain mixed: while some projects are progressing well, the economic climate requires to remain selective and cautious. Finally, the encouraging results of Umicore, Ageas and Berenberg in the Industry and Services division reinforce our commitment to supporting resilient, innovative companies that are aligned with future transitions. Our healthy financial position, characterized by good control of cash flow and debt, allows us to remain open to opportunities while staying true to our mission: to provide demanding support to solid companies and build responsible growth over the long term. Benoit Deckers CEO FINANCIAL CALENDAR HALF-YEAR IFRS FINANCIAL STATEMENTS 5 March 2026 Annual results 2025 On 4 September 2025, the Board of Directors approved the IFRS consolidated financial statements of Companie du Bois Sauvage (1st half of 2025). These accounts have not been subject to a limited review by the company’s auditor. This financial communication as of 30 June 2025, is in accordance with IAS 34. 22 April 2026 Annual General Meeting Key Financial Data 30/06/2025 30/06/2024 Operating income before disposals, changes in fair value and depreciations and equity method results EUR 7,3 millions EUR 6,2 millions Operating income before disposals, changes in fair value and depreciations EUR -2,8 millions EUR 4,4 millions Net Result Group’s share EUR 5,4 millions EUR –57,1 millions 30/06/2025 31/12/2024 Shareholder’s equity EUR 492 millions EUR 506 millions Market Capitalisation EUR 414 millions EUR 371 millions Intrinsic Value EUR 808 millions EUR 808 millions Intrinsic Value (Net asset value) per share EUR 498,8 EUR 498,9 Net Debt EUR (0,2) millions EUR (0,7) millions
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PRESS RELEASE Regulated Information 04/09/2025 3 Contact (investors and press) : Benoit Deckers, CEO +32 475 44 15 96 Find all our reports and publications on our website : www.bois-sauvage.be CONTENTS FOREWORD BY THE CEO............................................................................................................2 INTERIM MANAGEMENT REPORT ..............................................................................................4 COMPARATIVE TABLE – CONSOLIDATED ACCOUNTS (IFRS)..................................................6 INTRINSIC VALUE ........................................................................................................................7 DECLARATION OF ACCOUNTABLE EXECUTIVES .....................................................................8 RISK FACTORS .............................................................................................................................8 OUTLOOK FOR THE CURRENT FINANCIAL YEAR .....................................................................8 CONSOLIDATED FINANCIAL STATEMENTS (IFRS) ....................................................................9
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PRESS RELEASE Regulated Information 04/09/2025 4 INTERIM MANAGEMENT REPORT In an environment that is still marked by rising prices of raw material, the Chocolate segment operating results remain strong. Consolidated sales rose by 3.7% compared with the first half of 2024, driven in particular by price adjustments. Neuhaus and JeƯ de Bruges confirmed their position as the division driving forces, thanks to their commercial resilience and their ability to leverage their premium positioning. On the operational front, JeƯ de Bruges successfully completed the implementation of a new integrated management system, thereby strengthening its foundations for future growth. In addition, eƯorts to automate production lines are continuing across the segment, aiming to improve industrial competitiveness in the medium term. Neuhaus new production line will be fully operational in the last quarter of 2025. The results of the Real Estate segment are more mixed. The investment in Eaglestone shows a larger-than-expected loss, mainly due to the postponement of some transactions. While fundamentals remain solid, we remain cautious given the slow recovery of the market, particularly in the oƯice segment. This underperformance is partially oƯset by increases in value recorded in real estate funds FRI2 (+€1.7 million), MEREP3 (+€0.3 million) and Snurpi (+€0.3 million), as well as the Praça de Espanha (Lisbon) and Chmielna (Warsaw) projects coming to completion and delivering returns of more than 10%. In a still uncertain global economic environment, our industrial holdings delivered strong results. Umicore recorded a marked improvement in its operating performance, supporting a rise of more than 30% in its share price since the beginning of the year. Ageas also shows strong stock market growth of over 20%, while Berenberg recorded a 25% increase in its results, driven by sustained activity. On the contrary, the less favourable economic climate in the bottle closure sector justified a reduction in value on the investment in Vinventions. In line with its strategy, Compagnie du Bois Sauvage continued its policy of focusing on a limited number of holdings and reserving the necessary resources for the development of the Group's companies. Its positive net cash position enables it to seize new investment opportunities.
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PRESS RELEASE Regulated Information 04/09/2025 5 In this context, until 30 June 2025, the Company has mainly: Bought back 10,326 own shares for a total value of EUR 2.4 million, or an average price of EUR 230/share Paid-up EUR 0.12 million additional for Maash's 2024 capital increase, bringing the amount already paid to €2.5 million, or almost the entire commitment Paid-up additional EUR 0.25 million for Noosa's 2024 capital increase, bringing to 0.57 million the amount already paid out of a commitment of EUR 1 million Lent EUR 8 million to Eaglestone at the end of June 2025, to support its future development projects ECUADORCOLAT Contributed to Ecuadorcolat's capital increase of USD 1 million and granted a USD 1 million loan for the acquisition of 170 acres of plantation The Group has a consolidated net cash surplus excluding IFRS 16 of EUR 0,2 million at 30 June 2025 compared to EUR 0,7 million at 31 December 2024.
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PRESS RELEASE Regulated Information 04/09/2025 6 COMPARATIVE TABLE – CONSOLIDATED ACCOUNTS (IFRS) x € 1.000 Note 30-06-202530-06-2024 Operating income3 & 4127.485 124.713Sales 109.878 105.994Interest and dividends 8.234 8.693Rental income 352 322Other income 9.022 9.704Operating expenses5-120.158 -118.489Purchasing6-54.705 -53.562Personnel cost -36.492 -34.827Amortisations, impairments and provisions6-15.759 -17.907Financial expenses6-3.911 -3.055Other expenses -9.289 -9.1387.328 6.2247-10.142 -1.870-2.815 4.354Earnings on disposals8-92 3.609Changes in fair value and depreciations910.626 -64.767Pre-tax profits 7.719 -56.804Income taxes on profits -943 1.349Profit for the year 6.776 -55.455Other elements of the comprehensive income -3.573 1.315-60 5Elements that may be reclassified subsequently to result -3.513 1.310Available for sale shareholdings 0 0Transfer to profit and loss following disposal0 0Exchange differences on the conversion of activities abroad -3.513 1.310GLOBAL RESULT FOR THE YEAR 3.203 -54.140Profit for the year 6.776 -55.455Group's share 5.395 -57.054Non controling interest 1.381 1.599Global result for the year 3.203 -54.140Group's share 1.886 -55.757Non controling interest 1.317 1.617Earnings for the year per share (x €)Basic earnings per share153,33 -34,40Diluted earnings per share153,33 -34,40Share in the comprehensive income of shareholdings consolidated using the equity methodOperating income before disposals, changes in fairvalue and depreciationsShare in the profit of shareholdings consolidated using the equity methodOperating income before disposals, changes in fairvalue, depreciations and shareholdings using the equity method
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PRESS RELEASE Regulated Information 04/09/2025 7 The « Operating income before disposals, changes in fair value and depreciations » amounted to EUR -2.8 million, compared with EUR 4.4 million in the first half of 2024. This result was mainly influenced by the combined eƯect of the following factors: • Continued growth in turnover for the Chocolate division (Neuhaus, JeƯ de Bruges, Corné Port-Royal and Artista). Turnover for the first half of 2025 increases by 3.7% compared with 2024. • The Group's share in Berenberg Bank pre-tax results amounts to EUR 2.5 million, compared with EUR 2.1 million in 2024. • The result of equity-accounted companies amounts to EUR -10.1 million, compared with EUR -1.9 million in the first half of 2024. This result is mainly related to the negative results of Eaglestone (Group share of EUR -6.8 million). The Group's share net profit of EUR 5.4 million (compared to EUR -57.1 million in 2024) mainly reflects changes in the fair value of investments in Umicore (EUR +9.9 million), Ageas (EUR +5.1 million), Berenberg (EUR +0.8 million) and FRI2 (EUR +1.7 million). This is partially oƯset by the impairment loss recorded on Vinventions of EUR -7.4 million. The overall net result of the Group is EUR 1.9 million, compared to EUR -55.8 million at 30 June 2024. This amount corresponds to the net result attributable to the Group adjusted for items recognized directly in equity, such as exchange diƯerences on the conversion of activities in currencies outside the euro zone (EUR -3.4 million). After payment of the 2024 dividend (EUR 13.5 million) and payment for the repurchase of own shares buyback (EUR 2.4 million), and taking into account the results for the year (EUR +5.4 million), the Group's equity stands at EUR 491.6 million in June 2025, compared with EUR 505.5 million at the end of 2024. INTRINSIC VALUE The intrinsic value per share on 30 June 2025 amounts to EUR 498,8 compared to EUR 498,9 on 31 December 2024. The valuation rules of assets are based on: - the stock exchange prices at 30 June 2025 for all listed companies, - an expert valuation for the various funds held and for the real estate or an accepted acquisition offer, - an internal valuation based on market criteria for the investments in the Chocolate segment and Berenberg Bank, - and the net assets (IFRS) or subscription price of the last capital increases for the other investments.
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PRESS RELEASE Regulated Information 04/09/2025 8 DECLARATION OF ACCOUNTABLE EXECUTIVES To the best of our knowledge, i) the consolidated financial statements shown below have been drawn up in accordance with the IAS 34 standard and present a true and fair view of the company’s assets, financial situation and results of the Company and consolidated companies; ii) the interim management report integrated in this document contains an accurate presentation of key events and significant transactions with aƯiliated parties during the first six months of the financial year, post-balance sheet events and their impact on the summarized financial statements, as well as a description of the outlook for the second half of the financial year. Hubert Olivier Benoit Deckers Chairman of the Board of Directors General Manager RISK FACTORS The specific risks to Companie du Bois Sauvage as of 30 June 2025 are detailed in the 2024 annual report (page 19 and following of the French version). Compagnie du Bois Sauvage should remain subject to the same risks during the second half of 2025. OUTLOOK FOR THE CURRENT FINANCIAL YEAR The Board remains confident in the quality of the assets but it is cautious about the short and medium-term outlook considering the global economic and political context.
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PRESS RELEASE Regulated Information 04/09/2025 9 CONSOLIDATED FINANCIAL STATEMENTS (IFRS) 1. Consolidated Financial Statements (1) Figures not modified Vs the version from the 2024 annual report. x € 1.000 Note 30-06-202531-12-2024 (1)Non-current assets 528.101 527.151Tangible assets 68.080 68.078Investment buildings 11.749 11.751Goodwill 11.003 11.003Intangible assets 28.118 25.339Right-of-use assets653.677 59.5167109.102 129.093Available-for-sale shareholdings via P&L11153.368 136.446Other assets 86.713 79.174Deferred tax assets 6.291 6.751Current assets 183.952 196.876Inventories 47.279 29.528Customers and other debtors 54.401 101.350Tax assets payable 7.563 5.3891210.859 9.675Other assets 14.242 9.576Cash and cash equivalents 49.608 41.358Non-current assets held for sale 0 0Total assets 712.053 724.028x € 1.000 Note 30-06-2025 31-12-24Equity 525.561 538.220Group equity13491.553 505.529Capital 154.297 154.297Undistributed profit 336.267 344.366Reserves 988 6.866Non controling interest34.008 32.691Liabilities 186.492 185.808Non-current liabilities72.079 94.342Interest-bearing liabilities1416.317 34.332Lease liabilities6, 1450.027 54.017Provisions 805 571Deferred tax liabilities 2.581 3.082Other non-current liabilities 2.349 2.340Current liabilities114.413 91.466Interest-bearing liabilities1443.961 15.964Lease liabilities6, 1411.349 11.290Provisions 1.212 1.807Suppliers and other creditors 46.235 50.993Tax liabilities payable 9.985 9.716Other liabilities 1.671 1.696Total liabilities and shareholder's equity 712.053 724.028 Shareholdings consolidated using equity methodFinancial assets designated at fair value through
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PRESS RELEASE Regulated Information 04/09/2025 10 2. Consolidated Global Results x € 1.000 Note 30-06-202530-06-2024 Operating income3 & 4127.485 124.713Sales 109.878 105.994Interest and dividends 8.234 8.693Rental income 352 322Other income 9.022 9.704Operating expenses5-120.158 -118.489Purchasing6 -54.705 -53.562Personnel cost -36.492 -34.827Amortisations, impairments and provisions6 -15.759 -17.907Financial expenses6 -3.911 -3.055Other expenses -9.289 -9.1387.328 6.224 7 -10.142 -1.870-2.815 4.354Earnings on disposals8 -92 3.609Changes in fair value and depreciations9 10.626 -64.767Pre-tax profits 7.719 -56.804Income taxes on profits -943 1.349Profit for the year 6.776 -55.455Other elements of the comprehensive income -3.573 1.315-60 5Elements that may be reclassified subsequently to result -3.513 1.310Available for sale shareholdings 0 0Transfer to profit and loss following disposal0 0Exchange differences on the conversion of activities abroad -3.513 1.310GLOBAL RESULT FOR THE YEAR 3.203 -54.140Profit for the year 6.776 -55.455Group's share 5.395 -57.054Non controling interest 1.381 1.599Global result for the year 3.203 -54.140Group's share 1.886 -55.757Non controling interest 1.317 1.617Earnings for the year per share (x €)Basic earnings per share15 3,33 -34,40Diluted earnings per share15 3,33 -34,40Share in the comprehensive income of shareholdings consolidated using the equity methodOperating income before disposals, changes in fairvalue and depreciationsShare in the profit of shareholdings consolidated using the equity methodOperating income before disposals, changes in fairvalue, depreciations and shareholdings using the equity method
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PRESS RELEASE Regulated Information 04/09/2025 11 3. Consolidated treasury flow x € 1.000 30-06-2025 30-06-2024Income before taxes 7.719 -56.804AdjustmentsIncome from disposals 92 -3.609Changes in faire value -10.626 64.767Share of income from participating interests using the equity method 10.142 1.870Financial charges 3.911 3.055Income from interest and dividends -8.234 -8.693Depreciations, write-down and provisions 7.404 9.945Depreciation rights of use (IFRS 16) 8.355 7.962Others 3.305 -3.160Changes in need for revolving fundsElements of current assets 33.467 19.993Elements of current liabilities -4.646 -9.379Interest paid -1.035 -1.035Interest received 866 866Dividends receivedParticipating interests using the equity method 1.079 136Other shares 0 5.692Taxes paid / to be received -2.889 -4.794Cash flow from operational activities 48.911 26.811(Acquisitions) / disposals of shareholdings consolidated using the equity method -1.394 -988(Acquisitions) / disposals of available-for-sale shareholdings -92 -656(Acquisitions) / disposals of shareholdings at fair value though income statement 379 4.005(Acquisitions) / disposals of other financial instruments -7.539 12.646(Acquisitions) / disposals of investment real property 0 4.012(Acquisitions) / disposals of other tangible fixed assets -7.406 -13.037(Acquisitions) / disposals of other intangible fixed assets -5.295 -1.873(Acquisitions) / disposals of other financial fixed assets 0 241Cash flow from investment activities -21.348 4.350Loan issuance 9.981 15.685Loan repayments 0 -156Debt repayment of lease liabilities -3.930 -9.525Dividends paid to shareholders -13.494 -13.433Dividends paid to non controling interest 0 0Sales (Purchase) of own shares -2.369 -5.956Capital increase 0 0Others -9.501 -5.836Cash flow financing activities -19.313 -19.220Net cash flow for the financial period 8.250 11.940Cash and cash equivalents at begining of the financial period 41.358 46.318Effect of changes on cash and equivalents in currency 0 0Cash and cash equivalents at the end of the financial period 49.608 58.258
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PRESS RELEASE Regulated Information 04/09/2025 12 4. Consolidated table of own capital variations x € 1.000Share capitalShare premiums Reserves Own sharesConversion differenceUndistributed profit Group equityNon controling interest EquityBalance at 31 December 2023 84.411 69.886 -5 -1.433 5.169 439.042 597.070 33.153 630.223Share of the Coverage Reserves of the Equity Method Holdings 5 5 5Change in scope of consolidation 0 0Change in conversion differences 1.292 1.292 18 1.310Other 0 0Net profit entered directly in shareholders' equity 0 0 5 0 1.292 0 1.297 18 1.315Net profit for the year -57.054 -57.054 1.599 -55.455Global profit for the period 0 0 5 0 1.292 -57.054 -55.757 1.617 -54.140Dividends paid -13.433 -13.433 -13.433Change in the scope of consolidation 0 0Change in own shares (Purchase / Cancellation) -5.956 -5.956 -5.956Capital and Share Premiums 0 0Other -1.162 -1.162 -1.162Balance at 30 June 2024 84.411 69.886 0 -7.389 6.461 367.393 520.762 34.770 555.532Balance at 31 December 2024 84.411 69.886 -15 -702 7.584 344.366 505.530 32.691 538.221Share of the Coverage Reserves of the Equity Method Holdings -60 -60 -60Change in scope of consolidation 0 0Change in conversion differences -3.449 -3.449 -64 -3.513Other 0 0Net profit entered directly in shareholders' equity 0 0 -60 0 -3.449 0 -3.509 -64 -3.573Net profit for the year 5.395 5.395 1.381 6.776Global profit for the period 0 0 -60 0 -3.449 5.395 1.886 1.317 3.203Dividends paid -13.494 -13.494 -13.494Change in the scope of consolidation 0 0Change in own shares (Purchase / Cancellation) -2.369 -2.369 -2.369Capital and Share Premiums 0 0Other 0 0Balance at 30 June 202584.41169.886-75-3.0714.135336.267491.55334.008525.561
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PRESS RELEASE Regulated Information 04/09/2025 13 5. Notes 1. Accounting principles and methods The accounting principles and methods used to set up these half-year financial statements are identical to those adopted on 31 December 2024 and detailed in the 2024 annual report. 2. Seasonality The two main seasonality factors for the Group are : - the activity of the Chocolate segment (Neuhaus, Jeff de Bruges, Corné Port-Royal and Artista Chocolates), that usually registers a higher second half of the year than the first, - and the collection of dividends from our holdings and investments which takes place mainly in the first half of the year. 3. Segment information In order to align segment information with the Group's various strategic segments in accordance with IFRS 8 and facilitate understanding of the financial performance of the various business segments, the segments have been adjusted and are now divided between the Chocolate segment, Industry and Services, Real Estate and the Treasury segment. The 2024 reference has been adjusted accordingly (*). In the Chocolate segment, the increase in raw material costs is mainly offset by higher sales. In the Real Estate segment, the decline in earnings is mainly due to the loss recorded on Eaglestone (EUR -6.8 million), partially offset by the revaluation of the FRI2 fund (EUR +1.7 million), Snurpi (EUR +0.3 million) and MEREP3 (EUR +0.3 million). For the Industry and Services segment, a very significant improvement in pre-tax profits is recorded, mainly due to the combined change in fair value of Umicore (EUR +9.9 million), Ageas (EUR +5.1 million) and Berenberg Bank (EUR +0.8 million), partially offset by the impairment of Vinventions (EUR 7.4 million). The pre-tax result for the Treasury segment is the result of changes in the stock market prices of the portfolio. 30-06-25 30-06-24 30-06-25 30-06-24Chocolate 127.401 124.558 2.295 3.906Industrial 0 73 9.602 -56.455Real Estate 0 -5 -3.681 -2.439Treasury Investments 84 87 -497 -1.815127.485 124.713 5.424 -60.709Pre-tax profitsIncome
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PRESS RELEASE Regulated Information 04/09/2025 14 4. Operating revenue Sales have gone up compared with the first half of 2024 and are almost exclusively generated by the Chocolate segment. Interest and dividends are detailed as follows: The decrease in dividends on investments at fair value through profit or loss is mainly related to the reduction of Umicore. The increase in various interests is mainly related to the increase in available term deposits on cash. 5. Operating charges The increase in operating expenses is mainly due to higher raw material costs. 6. Rights-of-use assets and lease For its Chocolate segment, the Group leases several sales locations for its own shops and retail shops under management. These contract leases are generally taken for a contractual period between 9 and 12 years. Next to this, car rental contracts are added to these shop rental contracts. The lease payments are updated using the marginal borrowing rate. Since the enforcement of IFRS 16 as of 1 January 2019, the Group uses a progressive approach by taking as a starting value a risk-free interest rate, adjusted by a theoretical credit spread applied by banking institutions in its recent financings. Note that the marginal lending rate has also taken into account lease-specific parameters such as duration, country and currency. As of 30 June 2025, the marginal lending rate that is used is between 3,14% and 5,23%, depending on the factors mentioned above. The ratio commitments included in the bank loan contracts exclude the enforcement of IFRS 16. x € 1.000 30-06-25 30-06-24Dividends on shareholdings at fair value through income statement4.513 5.090Dividends on trading securities 326 642Vairous interests 3.394 2.961Total8.234 8.693
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PRESS RELEASE Regulated Information 04/09/2025 15 7. Shareholdings consolidated using equity method The “Acquisitions” section mainly relates to a capital increase in Ecuadorcolat aiming to acquire a new plantation. The “Result for the period” section mainly includes the loss recorded by Eaglestone of EUR -6.8 million. The depreciations include the impairment recorded for Vinventions on Magritte Holding and via CBS for EUR -7.4 million and Plaine 17 for EUR -0.4 million. Conversion diƯerences are mainly related to exchange rate diƯerences associated with Surongo America. 8. Earnings on disposals In 2024, the gain on disposals relates mainly to the payment of an earn-out of EUR 4 million on the sale of the stake in Ogeda. x € 1.000 30-06-25 30-06-24Balance at 1 January 129.093 151.530Acquisitions 1.394 988Disposals 0 0Result for the period -10.142 -1.870Distribution for the period -1.079 -136Depreciations -7.759 -6.940Reversal of depreciations 0 0Conversion differences -2.773 904Others 368 -1.711Balance at 30 June 109.102 142.765Loss on disposals (x € 1.000) 30-06-25 30-06-24Real Estate 0 0Investment at fair value through income statement 0 0Derivatives and shares held for transactions 0 00 0Gain on disposals (x € 1.000) 30-06-25 30-06-24Real Estate 0 0Participations held to be sold -92 -656Financial assets at fair value through income statement 0 0Derivatives and shares held for transactions 0 253Others 0 4.012-92 3.609Total -92 3.609
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PRESS RELEASE Regulated Information 04/09/2025 16 9. Changes in fair value and depreciations The evolution of the section «Changes in fair value and depreciations » mainly includes: - changes in investments at fair value through profit or loss, mainly Umicore (EUR +9,9 million), Ageas (EUR +5,1 millions) Berenberg Bank (EUR +0,8 million) - changes in shareholdings consolidated using equity method, mainly the EUR 7.4 million impairment loss on the investment in Vinventions. 10. Financial Instruments IFRS 7 level of fair value 1. Identical assets and liabilities listed on active markets and valuated at closing price. 2. Non-listed assets and liabilities in which transactions have taken place and valuated at the price of the last known and significant transactions. Fair value has been determined by actualizing future cash flows based on market interest rates for fixed rate loans and derivatives and has not been considered diƯerent, measured at amortized cost for the other assets/liabilities and variable rate loans. 3. Other valuations are not based on observable market information (see also the section « Intrinsic Value » of this press release). 4. The fair values of financial instruments are determined at the year-end. Assets of fair value level 3 Financial assetsCarrying amount Fair valueCarrying amount Fair value CategoryInvestments available for sale 77.475 77.475 62.366 62.366 1Investments available for sale 0 0 0 0 2Investments available for sale 75.892 75.892 74.080 74.080 3Other non current assets 81.457 81.457 73.232 73.232 2Other non current assets 5.256 5.256 5.942 5.942 3Financial assets at fair value through profit or loss 10.859 10.859 9.675 9.675 1Other current assets 0 0 0 0 2250.939 250.939 225.295 225.295Financial liabilitiesCarrying amount Fair valueCarrying amount Fair value CategoryNon-current borrowings 16.316 16.316 34.332 34.332 2Lease liabilities 50.027 50.027 54.017 54.017 2Other non-current liabilities 321 321 0 0 2Current borrowings 43.961 43.961 15.964 15.964 2Current Lease liabilities 11.349 11.349 11.290 11.290 2Derivative instruments 6 6 0 0 2Other current liabilities 0 0 0 0 2121.980 121.980 115.603 115.60330-06-2531-12-2024
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PRESS RELEASE Regulated Information 04/09/2025 17 Berenberg Bank has been valued based on an average of (i) net assets plus goodwill net of risk capital and (ii) revalued net assets through “price-to-book ratio” average on a group of comparable companies. The first valuation method uses the average « price/earnings ratio » of this same group of comparable companies to measure goodwill from the profits generated by the Bank. A discount of 25% is applied to the final result to take into account the illiquidity of the participation. To this is added a discount of 16% to take account of statutory distributions in case of sale of this participation. As the valuation is not based on discounted projected cash flows, the use of a discount rate is not relevant. 11. Available-for-sale participations Acquisitions in 2025 mainly relate to capital repayments for FRI2 amounting to EUR 0.7 million, partially oƯset by the release of funds for Maash and Noosa (EUR 0.4 million). Changes in fair value observed since 1 January 2025 impact the income statement in accordance with IFRS 9 and mainly concern Umicore (EUR +9.9 million), Ageas (EUR +5.1 million) and Berenberg Bank (EUR +0.8 million). Conversion discrepancies are due to exchange rate diƯerences associated with the Snurpi fund and in particular the devaluation of the dollar. 12. Financial assets at fair value through profit and loss The Group’s financial assets listed under «Equities held for transactions» mainly concern Belgian and European shares quoted on Euronext or other European stock exchanges. 13. Equity The Group’s consolidated statement of changes in equity is detailed in point 4 of this press release. These are mainly influenced by the result of the time period (EUR +5,4 million), by the 2024 dividend (EUR -13,5 million) paid by Compagnie du Bois Sauvage and by the movements on own shares due to their buyback for EUR 2,4 million. x € 1.000 30-06-25 30-06-24Balance at 1 January 136.446 216.739Acquisitions 365 2.690Disposals -744 -6.695Change in fair value 18.255 -57.837Depreciations 0 0Foreign exchange rate differences -953 533Transfers 0Others 0 0Balance at 30 June 153.368 155.431
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PRESS RELEASE Regulated Information 04/09/2025 18 14. Loans The increase in current borrowings in 2025 relates to Neuhaus seasonal cash requirements, to a loan for investment projects and to the granting of a cash flow facility to Compagnie du Bois Sauvage. 15. Result per share on 30 June For the calculation of the diluted result per share, the net result has not been adjusted with the dilutive eƯect resulting from the potential exercise of options reserved for employees as there are no longer any such options. The weighted average number of shares is the number of shares outstanding at the start of the time period, less the own shares and adjusted for the number of shares redeemed or issued during the time period and multiplied by a time-weighting factor. 10.326 shares have been bought back by Compagnie du Bois Sauvage during the first half of 2025. 16. Related party During the first half of 2025, Compagnie du Bois Sauvage released an additional 0.12 million for Maash's 2024 capital increase and released an additional 0.25 million for Noosa's. 17. Rights and commitments Existing commitments at 31st December 2024 mainly concern the commitments to the MEREP3 fund of Mitiska Reim. 18. Subsequent events In line with its commitments, Compagnie du Bois Sauvage has paid EUR 5.5 million into the MEREP3 fund aiming to acquire seven retail parks in Belgium. This acquisition is accompanied by an ambitious transformation aimed at revitalizing and modernizing these high commercial potential sites. x € 1.000 30-06-25 31-12-2024 30-06-25 31-12-2024Bank loans 43.961 15.964 16.317 34.332Bond loans 0 0 0 0Convertible bonds loans 0 0 0 0Leasing liabilities 11.349 11.290 50.027 54.017Total 55.311 27.254 66.344 88.349CurrentNon-currentx € 30-06-25 30-06-24Net result group share (x € 1.000) 5.395 -57.054Average number of shares 1.618.993 1.658.509Basic result per share3,33 -34,40Net result group share with dilutive effect (x € 1.000) 5.395 -57.054Average diluted number of shares 1.618.993 1.658.509Diluted result per share3,33 -34,40
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PRESS RELEASE Regulated Information 04/09/2025 19 19. Intrinsic Value (Net Asset Value) The intrinsic value is calculated as described below : 30-06-25 31-12-24(KEUR) (KEUR)Listed Participations 88.335 72.040Umicore 49.387 39.395Ageas 28.089 22.971Syensqo 2.947 3.175Solvay 1.320 1.402BNP 2.945 2.184AB Inbev 582 483Orange 674 594Engie 2.391 1.837Private Equity Participations 519.145 527.372Groupe Chocolat 439.359 437.059Berenberg 43.764 42.959Noel Group - Vinventions 5.593 16.248Galactic-Futerro 24.243 25.313Other private 6.186 5.794 Real Estate 204.933 205.910Eaglestone 77.323 76.112Fidential Belux Office 40.905 40.832FRI2 14.016 13.052Merep 3 5.398 5.064Praça de Espanha (Po) 22.181 22.246Esch 404 (Lux) 12.648 12.645Chmielna (Pl) 11.733 11.585Site Bois Sauvage 11.143 11.095Other Real Estate 2.284 3.895US Real Estate 7.301 9.384 Portfolio 812.413 805.322Treasury and equivalent of Treasury (*) 2.192 11.147Gross Debt (*) -20.437 -21.341Other (deferred taxes,…) (*) 13.366 12.558Adjusted Net Asset Value 807.534 807.686Net Asset Value per share (EUR) 498,79 488,53Number of shares (excluding own shares) 1.618.993 1.653.290(*) Excl Pôle Chocolat
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PRESS RELEASE Regulated Information 04/09/2025 20 20. Alternative indicators and glossary Intrinsic value (Net Asset Value) : Intrinsic Value corresponds to consolidated equity corrected by the difference between market value and book value of globally consolidated holdings. Caution : Compagnie du Bois Sauvage reminds to investors that the calculation of the intrinsic value is subject to uncertainties and to the inherent risks in this kind of evaluation and that it does not constitute a measurement of the current or future value of the Company’s shares. Intrinsic value "in the money" : Intrinsic value which assumes the exercise of warrants and options if their conversion price or exercise price is below market price. Intrinsic value "fully diluted" : Intrinsic value which assumes the exercise of all outstanding warrants and options. Consolidated cash flow : Consolidated cash is the sum of « Other current and non-current cash assets”, «Financial assets at fair value through profit or loss » and « Cash and cash equivalents». Consolidated net debt excluding IFRS 16 – Consolidated net cash surplus (if positive) excluding IFRS 16 : Consolidated net debt (surplus if positive) is the consolidated cash flow from which current and non-current « borrowings », excluding borrowings relating to lease-related debts recognized in accordance with IFRS 16, are subtracted. Operating income before disposals, changes in fair value and depreciations : Operating income before disposals, changes in fair value and depreciations is the difference between « operating income » (sales, interests and dividends, rental income and other income) and « operating expenses » (purchasing, personnel expenses, amortizations, impairments, provisions, financial expenses and other expenses) increased by the « Share in the profit of shareholdings consolidated using the equity method». This press release is translated from the French version. In case of divergence, the French version shall be final.