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Chargeurs becomes* Belgrano: Repositioning completed, financial outlook reaffirmed. H1 2026 Results – September 10, 2026 The Piazzetta, the Doge's Palace and the Quay of the Sclavonians", by Francesco Guardi (1712-1793) becomes* *Compagnie Chargeurs Invest will become Belgrano subject to the approval of the next General Meeting
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Disclaimer This presentation may contain forward-looking statements concerning the business, results and financial condition of Compagnie Chargeurs Invest*. These expectations are based on assumptions that seem reasonable at this stage but are dependent on exogenous factors and uncertainties, such as the evolution of: • economic conditions, • the geopolitical context, • commodity and energy prices, • the health crisis in all the Group's geographies, • monetary parities, • regulations, • demand in the Group's major markets, • new product launches by competitors. Performance targets and estimated objectives are subject to these uncertainties and communicated for information purposes only. Due to these uncertainties, Compagnie Chargeurs Invest cannot be held liable for any deviations from its current expectations that may be linked to the occurrence of new events or unforeseeable developments. The risk factors that could significantly influence the economic and financial results of Compagnie Chargeurs Invest are set out in the Universal Registration Document filed each year with the AMF. Where this presentation cites information or statistics from an external source, it should not be construed as an endorsement or belief by the Group to be accurate. *Compagnie Chargeurs Invest will become Belgrano subject to the approval of the next General Meeting 2
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SOMMAIRE Str ategy Operations Capital allocation & ret urn to shareholders Conclusion 3 CONTENTS 01 02 03 04
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4 H1 20 26 results – September 1 0, 2026 " We don't admire what is common, but what is out of the ordinary." Seneca
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Chargeurs becomes Belgrano: repositioning completed, financial outlook reaffirmed - Birth of BELGRANO: The adoption of the new name marks the definitive completion of the sectoral shift towards "High Luxury" and iconic heritage assets. - Refocused scope: Successful sale of Novacel and focus on 4 high-potential areas (Culture & Education, Fashion & Luxury, Science & Tech, Tailor-made Investment). - Promising acquisitions: Completion of the Chaplin's World acquisition (operations, walls & IP), and strengthening of recurring profits through the acquisition of Harwanne Capital Management - Robust H1 sales momentum: Success of commercial initiatives in the face of a turbulent environment, driven by ultra- premium (Museum Studio order book of €300 million, visible recovery in Fashion & Luxury). - Profitability lever: Simplification of central organizations, decentralization and advanced integration of AI in all businesses to optimize costs and growth - Guidance1: Acceleration trajectory for H2 2026 / H1 2027 Targets: €500 million in revenue and €50 million in EBITDA by 2027, then €750 million in revenue and €100 million in EBITDA over 5 years - Expected shift in FCF: The end of the heavy investment cycle (organic and M&A) ensures the immediate priority of free cash flow generation. - Protective balance sheet: Solid equity at €285 million, gearing ≤ 0.5. Net income at €24 million, driven by the capital gain on the sale of Novacel and a structural reduction in financial expenses. - Crystallization of value (NAV at €23): Launch of a share buyback tender offer (OPRA) at €14/share (on c.10% of the capital) to ensure accretion and liquidity. STRATEGY New scope OPERATIONS Performance & Efficiency FINANCE AND CAPITAL Allocation & Valuation 5 (1) Guidance based on constant scope, FX, and economic conditions, assuming the current macroeconomic environment
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6 01 Strategy Michaël Fribourg Chairman & CEO Shenzen Natural History Museum
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7 New World, New Name A tribute to the Company's roots The first liner to launch the international epic of the Compagnie des Chargeurs, the Belgrano laid the groundwork for international trade during its maiden voyage in 1872, from Le Havre to Buenos Aires. A name that reflects our positioning and ambitions (Architect of Rarity) A name in line with our strategic signature "Architect of Rarity", which completes 10 years of transformation. This name materializes the transition from a historical logic of volume, to a logic of rarity, strengthening our footprint in the sectors of cultural leisure, luxury, fashion and cutting-edge technologies. The reaffirmation of an international and pioneering spirit With this tribute to the Company's first success, we reaffirm the momentum that continues to carry us today to promote French know-how and excellence throughout the world.
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9 Belgrano, a player in High Luxury In a context of polarization within the luxury market, high luxury is driven by growing demand for RARE products and experiences. High luxury—which is not reserved for an elite—caters to an educated, discerning, and rapidly expanding audience of consumers and users. Direct and indirect clients in this high-luxury segment do not treat price as their primary selection criterion. Instead, they place creativity, quality, excellence, durability, and the ability to create a memorable emotional impact at the very heart of their purchasing and experiential decisions. Resilience to economic cycles Timeless desirability and a statutory value that allows for strong pricing power Higher barriers to entry than in mass luxury: irreplaceable heritage, ancestral know-how
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10 A business model focused on 4 areas of excellence At the service of transmission and cultural innovation At the heart of creative excellence and exceptional craftsmanship Museum Studio No. 1 in the world in engineering and cultural production PCC Chargers Luxury Fibers Personal Goods 3 exceptional houses in high-end personal accessories No. 1 in the world in the trade of traceable natural fibers N°1 in the world in technical textiles for Luxury and fashion Mastery of complex engineering and strategic sovereignty technologies Senfa Cilander Leader in high-tech technical textiles An investment culture of excellence, dedicated to managing assets on behalf of third parties Investment firm specialising in the management of alternative assets on behalf of third parties Harwanne Capital Management Our Investment Thesis : The Rarity Paradigm Promoting businesses with an irreplaceable desirability premium in an AI world
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A global presence in the 5 continents Production sites Distribution Centers & Commercial Offices AMERICAS 3 production sites 3 distribution centers and sales offices EUROPE 7 production sites 16 distribution centers and sales offices ASIA & OTHERS 3 production sites 13 distribution centers and sales offices New York Montevideo Hong Kong London Abu Dhabi Paris 3 4 11 100 countries A global presence 1,800 employees Long-term family and institutional shareholding 11
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12 A unique portfolio patiently made up of heritage icons Cultural and land monopolies Century-old brands with a very strong heritage State-of-the-art technologies
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13 A prominent role in tackling cultural and creative sovereignty issues, made critical in the age of AI In the face of digital distribution concentration, cultural sovereignty has emerged as a vital imperative for both protection and influence. France, the cradle of critical thinking, the arts, and cultural diplomacy since the Enlightenment, possesses a unique heritage. The Group does not treat this heritage as a passive or static memory, but as a dynamic value-creating asset, an exceptional craftsmanship, and a narrative standard to project on the global stage. Through flagship subsidiaries like Museum Studio, the Group does more than export expertise: it acts as a true "Architect of Rarity," establishing the standards of French cultural exception across major global hubs (e.g. the success of Meet Mona Lisa in Hong Kong).
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14 Growth 2026 normalized view (pro forma for business reorganizations) The disposal of Novacel significantly enhances the Group's business model • Revenue : €[400m – 420m] • EBITDA : €[40m – 44m] Cash conversion ROI • From low single-digit growth to double-digit growth • Lower cyclicality • Capturing upside across economic cycles • Pricing Power • Low Capex intensity • Low regulatory burden • Higher EBITDA-to-EBIT-to-Cash conversion • Low capital intensity • Lower financial intensity • Focus on organic vs. external growth
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15 >€500m 20312027 >€750m Revenue EBITDA >€50m 20312027 >€100m NAV >€1bn • A more selective growth model for a better return on long-term committed equity • Self-financed growth with low debt and high sovereignty, in a volatile world • A value creation strategy that is not dependent on acquisitions Guidance1 and value creation A sector refocusing to aim for more significant and less volatile growth, profitability and return on committed equity (1) Guidance based on constant scope, FX, and economic conditions, assuming the current macroeconomic environment (2) At 30 June 2026 NAV €556m
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16 Focus on organic performance, AI roll-out and organizational optimization Organic Performance Roll-out of AI Optimization of organizations We place Artificial Intelligence at the heart of all our functions and businesses to accelerate our development, the deployment of our strategy and optimize costs Now that the cycle of major acquisitions and investments has been completed, our priority is to accelerate organic growth and gain market share We transform our organizations towards greater simplicity and adopt short decision-making circuits, in the service of operational efficiency
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17 02 Operations J érôme A ngin Group CFO The Gr an d Egyptian Museum
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18 Museum Studio Chargeurs PCC (fashion) Luxury Fibers Personal Goods Senfa Cilander H1 2026 operational dynamics The strength of the model: Ultra-premium growth and cost optimization • Order book of €300 million • H1 2026 revenue of €49.7 million, taking into account the phasing of new projects and carry-over of revenue to H2 • Continued outstanding profitability (EBITDA margin of 16.1%) • Confirmation of the recovery with an acceleration in Q2 sales (+6.7% on an organic basis) • Improvement in EBITDA (€9.4 million, 11.3% of revenue) thanks to efficiency levers • Significant acceleration in revenue with +11.7% organic growth in H1 • Rebound of traditional wool • Excellent commercial momentum (+25.9% organic growth) validating the refocusing on "high luxury" • Proposed sale of Cambridge Satchel, an accessible luxury brand, distinct from the high luxury strategy • Very strong growth in activity, +12.7% on an organic basis with an acceleration in Q2, thanks to the strategic redeployment in the Defense, Marine and Architecture sectors
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19 Group indicators as of June 30, 2026 The immediate impact of the end of the repositioning cycle Strong commercial momentum and technical phasing at Museum Studio (1) Data presented after reclassification of Novacel and Cambridge Satchel to discontinued/held for sale activities €188.7 million Revenue 1 €58.3 million Gross Margin 1 €24.0M Attributable net profit to the Group €285.0 million Group equity €146.0 million Net debt Gross margin rate improvement of 170 bps vs. H1 2025 Strong improvement in net income with the capital gain on the sale of Novacel Strengthening of the balance sheet with an increase in group equity of €40 million Massive gross and net debt reduction including the impact of disposals and acquisitions
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21 Museum Studio Content Revenue Growth and Shift from an Integrated Services Model to an IP Model Development of own retail Development of own content Development of cultural merchandising Grand Palais Immersif, a new key player in the creation and production of travelling exhibitions - success of the Meet Mona Lisa exhibition, with more than 230K visitors Launch of proprietary cultural concepts that enrich the visitor experience Acquisition of Chaplin's World and the exclusive worldwide rights to Charlie Chaplin's museum and exhibition rights Strengthening leadership in the creation of offers and management of museum shops with the recent management of the Zayed National Museum and Natural History Museum shops in Abu Dhabi
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ROPA 22 Museum Studio An S1 that integrates the phasing of new major projects, confirmation of the strength of its order book and very solid profitability ROPA • Continued sustained commercial momentum, with an order book of nearly €300 million at the end of June 2026, consisting of projects currently mainly in their initial phases, advisory and design phases • Lower revenue due to the project execution cycle The recognition of revenue is less significant at the start of projects in the advisory and design phases than at the time of the subsequent construction and implementation stages This phasing explains the level of activity in the first half of the year and should result in a catch-up effect as the projects in the portfolio ramp up • Very strong EBITDA and operating margin rates of 16.1% and 12.7% respectively Operating margin rate supported by a favorable mix effect, with the upstream phases structurally benefiting from a higher level of margins €m Revenue 49.7 80.2 -38.0% 24.9 43.2 -42.3% Like-for-like growth -38.3% -44.4% EBITDA 8.0 10.9 -26.6% as a % of revenue 16.1% 13.6% Recurring operating profit 6.3 9.0 -30.0% as a % of revenue 12.7% 11.2% ChangeQ2 2026 Q2 2025H1 2026 H1 2025 Change
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24 Chargeurs PCC – Fashion activities Business recovery amplified by operational optimization measures implemented Organizational simplification with shortened decision-making structures Continuation of the nominations strategy Digitalization and integration of AI into operational processes Continuation of the innovation strategy to strengthen product differentiation Optimization of industrial and logistics flows: streamlining the supply chain Consolidation of positions in key markets and expansion of the customer base
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Chargeurs PCC – Fashion activities Confirmed recovery in Q2 and increased profitability driven by improved operational efficiency 25 • Confirmation of the recovery, with an acceleration in activity in Q2 Strong revenue growth of +6.7% on an organic basis compared to Q2 2025 Momentum driven in particular by the Asia region • Confirmation of the relevance of the strategic positioning Multi-domestic footprint to capture the opportunities of the recomposition of global value chains • Improved profitability reflecting the effectiveness of strategic and operational levers EBITDA and operating margin rates increased driven by operational efficiency measures €m Revenue 83.5 88.7 -5.9% 42.2 40.6 +3.9% Like-for-like growth -1.0% +6.7% EBITDA 9.4 9.0 +4.4% as a % of revenue 11.3% 10.1% Recurring operating profit 6.6 6.3 +4.8% as a % of revenue 7.9% 7.1% ChangeQ2 2026 Q2 2025H1 2026 H1 2025 Change
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26 Product innovation and further roll-out of NATIVATM programs Luxury Fibers Continued success of NATIVATM programs Strong support from fashion stakeholders for regenerative agriculture and traceability approaches The development of T-Gen, a yarn combining NATIVATM Merino wool with the plant fiber of the Japanese biotech Spiber Collaboration with leading fashion players to strengthen NATIVA 's role as a reference in the sustainable transformation of textiles, in particular through its partnershipwith the Institut Français de la Mode (IFM) Enhanced customer engagement around NATIVATM programs Strengthening partnerships and sector anchoring
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(*) 27 Luxury Fibers Strong growth in revenue • Strong growth in H1 2026, with +11.7% organic growth compared to H1 2025 Significant acceleration observed in Q2, with +33.0% organic growth compared to Q2 2025 • Rebound of traditional wools Revenue growth in traditional wools in Q2 €m Revenue 41.5 38.1 +8.9% 21.7 16.6 +30.7% Like-for-like growth +11.7% +33.0% EBITDA 0.8 0.8 +0.0% as a % of revenue 1.9% 2.1% Recurring operating profit 0.6 0.6 +0.0% as a % of revenue 1.4% 1.6% ChangeQ2 2026 Q2 2025H1 2026 H1 2025 Change
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28 Personal Goods Swaine’s targeted international expansion continues Strategic deployment in the United States and France Launch of new collections Inauguration of the first American boutique in Beverly Hills, Los Angeles in May 2026, with an immersive and confidential space dedicated to private appointments, located in the heart of the Hollywood ecosystem Historic opening in Paris in September 2026: establishment on the prestigious Avenue George V, anchoring Swaine in the capital of luxury Malibu & Bel-Air collection: reinterpretation of the historical heritage of the House of Swaine, inseparable from travel and world cinema, through a new Californian signature A unique combination of British craftsmanship and the spontaneous elegance of the Pacific coast
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29 Personal Goods Altesse Studio's great commercial success continues Continuously expanding distribution network and successful brand positioning with national and international customers
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(*) 30 Personal Goods Continued strong growth and focus on luxury and craftsmanship excellence • Capital allocation review Priority given to the "high luxury" segment Decision to sell Cambridge Satchel in order to optimise capital allocation towards the very high-end • Continued excellent commercial momentum in H1 2026 Organic revenue growth of +25.9%, compared to H1 2025 • Profitability in line with the investment program, with break-even EBITDA Data presented after reclassification of Cambridge Satchel as a held-for-sale activity €m Revenue 6.2 5.0 +24.6% 3.0 2.5 +21.2% Like-for-like growth +25.9% +18.9% EBITDA 0.0 0.1 -100.0% as a % of revenue 0.0% 2.0% Recurring operating profit -1.9 -1.6 -18.8% as a % of revenue -30.5% -32.0% Q2 2026 Q2 2025 ChangeH1 2026 H1 2025 Change
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32 Senfa Cilander Relevance of the repositioning confirmed by its early successes Commercial momentum confirmed in growth markets (defense, marine and architecture) Military Marine Architecture
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33 Senfa Cilander Very strong growth in activity thanks to the strategic redeployment initiated in 2025 • Very strong organic revenue growth in H1 2026 (+12.7% compared to H1 2025) Acceleration of growth in Q2 (+18.6% on an organic basis compared to Q2 2025) • Completion of the strategic pivot initiated in 2025 Very positive commercial momentum in the new target markets (military, marine, architecture) • Margin rates improvement Operating leverage through volume acceleration €m Revenue 7.7 6.8 +13.5% 3.9 3.3 +18.2% Like-for-like growth +12.7% +18.6% EBITDA -1.4 -1.9 +26.3% as a % of revenue -18.1% -27.9% Recurring operating profit -2.4 -2.8 +14.3% as a % of revenue -31.0% -41.1% ChangeQ2 2025H1 2026 H1 2025 Change Q2 2026
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35 Harwanne Capital Management The Group has set up an alternative management division, strengthens its recurring growth model and creates its new Premium Capital division 7 decades of strategic investment and institutional DNA A double historical Franco-Swiss anchorage since 1955, supported by strategic alliances of excellence, such as Paribas, Financière Pinault, Covéa A distinctive investment strategy: agility at the service of institutional investors Multi-class and multi-sector expertise to meet the requirements of major institutional names A tailor-made team of experienced professionals Generate recurring fees (management fees and carried interest), providing leverage on the capital invested by the Group (co-investment) and strengthening the predictability of cash flow Assets under management c. €180 million Tier-one clients and institutional partners Crédit Agricole Assurances, Predica, Groupe BPCE, Matmut, Assurances Crédit mutuel, etc.Premium Capital
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36 03 Capital allocation & Return to shareholders J érôme A ngin Group CFO Campa ign Ch a p lin ’s Wor ld
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ANR au 30 juin … Evolution … Création de valeur Effet de change … Autre ANR au 30 juin … €24.2 per share €23.0 per share In €/share 37 Change in net asset value as of June 30, 2026 XX € / action Valuation drivers in H1 2026 + Value creation of the businesses - Precautions on market multiples Net Asset Value €556m NAV as of December 31, 2025 NAV as of June 30, 2026 Evolution of market multiples Impact of foreign exchange Net financial position and change in number of shares outstanding Value creation of the businesses 24.2 23.0 -2.1 +1.8 +0.3 -1.2
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38 PARTIAL LIQUIDITY OPTION AT ATTRACTIVE FINANCIAL CONDITIONS For shareholders wishing to monetize their stake ACCRETION & VALUE CREATION For shareholders who choose to hold their shares Return to shareholders OPRA: A better allocation of capital to shareholders' profits Share buyback tender offer (OPRA) A double benefit for shareholders Possibility to sell their shares at an attractive price of €14.00 per share(1) Higher price than the 2024 takeover bid (€12.00), offering a substantial immediate premium to current market conditions An opportunity for orderly monetization in the face of a tight stock market order book The cancellation of the shares repurchased by the company mechanically reduces the number of shares outstanding Direct increase in earnings per share (EPS) and share of capital for the remaining Consolidation of the future value of the share and support for long-term price dynamics (1) Envisaged price of €14 per share subject to the conclusions of the voluntary independent expert appraisal that will be carried out The completion is targeted by the first quarter of 2027 at the latest in accordance with the publicly announced schedule, and more likely before the end of 2026 The proposed OPRA remains subject to the agreement of certain banking and financial partners of the Group and the approval of the general meeting
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39 Income statement Attributable net income of €24 million, including the capital gain on the sale of Novacel 1 Revenue, reflecting the phasing of new projects at Museum Studio, the resumption of activity at Chargeurs PCC and the strong commercial momentum at Luxury Fibers, Personal Goods and Senfa Cilander 2 EBITDA and recurring operating profit taking into account the phasing of projects at Museum Studio 4 6 Continued decline in financial expenses, expected to accelerate sharply in H2 after the sale of Novacel Including capital gain on disposal of Novacel of €51.2 million, net of transaction costs and before deduction of translation reserves recycled from the income statement of €7.5 million. This deduction of the €7.5 million of translation reserves recycled in the income statement is fully neutralized in equity. 3 Other income and expenses mainly related to operational optimization measures at Chargeurs PCC Data presented after reclassification of Novacel and Cambridge Satchel as discontinued/held for sale activities 5 Income tax expense in beneficiary geographies €m H1 2026 H1 2025 Reported Like-for-like Revenue 188.7 219.6 -14.1% -11.7% Gross profit 58.3 64.2 -9.2% as a % of revenue 30.9% 29.2% EBITDA 13.9 17.0 -18.2% as a % of revenue 7.4% 7.7% Recurring operating profit 5.2 8.5 -38.8% as a % of revenue 2.8% 3.9% Amortization of PPAs* -1.6 -1.6 Current operating profit** 3.6 6.9 Other operating income and expenses -6.5 -1.2 Operating profit -2.9 5.7 Net financial expense -9.0 -11.5 Tax -3.0 -5.0 Net profit from discontinued activities 38.9 2.5 Attributable net profit 24.0 -8.3 * Amortization of intangible assets related to business combinations **Operating profit before other operating income and expenses Change
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40 4 2 5 Change in working capital related to the date of Novacel's disposal within the half-year Acquisition of Harwanne Capital Management, net of acquired financial assets Non-current expenses that incorporate Novacel 6 Sale of Novacel Cash flow and evolution of net debt Net debt of €146 million 1 Decrease in recurring cash flows related to the date of the sale of Novacel (EBITDA over 4.5 months vs. 6 months) and the phasing of projects at Museum Studio €m H1 2026 H1 2025 EBITDA from continued and discontinued activities 21.2 29.0 Tax - cash -4.0 -5.4 Recurring cash flows from operating activities of businesses 17.2 23.6 Non-recurring – cash -8.9 -2.8 Financial expenses – cash -12.7 -13.2 Other -3.9 0.3 Cash flows from operating activities, before changes in net working capital -8.3 7.9 Dividends from associates - - Change in working capital (excl. Novacel) -12.7 4.7 Change in working capital of Novacel -15.8 5.2 Operating cash flows -36.8 17.8 o/w Operating cash-flow from discontinued activities -14.9 12.1 Acquisition of property, plant and equipment and intangible assets, net of disposals -7.0 -9.5 Acquisition of subsidiaries, net of the cash acquired -9.2 - Disposal of subsidiaries, net of cash disposed 193.1 - Dividends paid in cash - -3.2 Other -11.0 -19.5 Change in net debt (-)/net cash (+) 129.1 -2.3 Effect of changes in exchange rates on cash and cash equivalents 2.4 -8.2 Opening net cash (+) /net debt (-) -277.5 -236.4 Closing net cash (+) /net debt (-) -146.0 -246.9
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41 1 1 Financial structure and equity strengthened by the capital gain on the sale of Novacel (1) After taking into account the early redemption of €83.5 million in August and September 2026 €m 30/06/2026 31/12/2025 Intangible assets 235.1 224.6 Property, plant and equipement 96.1 96.7 Associates 5.3 5.0 Other net assets and liabilities 46.3 158.0 WCR 48.1 38.2 Total capital employed 430.9 522.5 Group equity 285.0 245.2 Net financial debt 146.0 277.5 €m and years 30/06/2026 Average maturity 31/12/2025 Average maturity Drawn financing facilities 401.6 3.0 414.6 3.2 Undrawn financing facilities - - 8.0 1.4 Total financing 401.6 3.0 422.6 3.1 Available financial resources (cash + undrawn facilities) 199.1 n/a 119.6 n/a
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42 1 1 A carbon trajectory maintained after Novacel's sale Governance and sustainability: an integrated strategy Strengthening of Governance through the arrival of new independent directors on the Board of Directors, covering all the key skills to support the Group's development. Dedicated Committees to integrate all of the Group's priorities: - Audit Committee - Sustainable Strategy Committee - Governance and Compensation Committee - Ethics Committee 100% participation of directors on boards by 2025 Governance committed to sustainability, with the Board of Directors having validated the Group's carbon trajectory in 2023. Consolidated governance The disposal of Novacel significantly optimizes the Carbon Intensity (Scopes 1 and 2) per million euros of revenue for the remaining operations. The completion of the portfolio repositioning optimizes the carbon impact of operations across Scopes 1, 2, and 3. First-half 2026 results show a reduction in Scopes 1 & 2 in line with the full-year target (-16%).
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43 04 Conclusion Michaël Fribourg Chairman & CEO Camp aign Swaine
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44 Outlook 2026: A trajectory of operational acceleration and financial execution Confirmation of the trend : Very favourable economic expectations with an acceleration expected in H2 2026 and H1 20271, thanks to the success of commercial initiatives in an ultra- premium segment insensitive to the macroeconomy. Leverage on volumes: Gradual ramp-up of Museum Studio's order book (construction phases following design) and confirmation of the recovery in demand in Fashion, Luxury and Technology. Inflection of Free Cash Flow : The end of major transformation investments (CapEx, M&A and organic) frees up cash generation capacity from the second half of the year. Net income expansion : Full effect in H2 of the structural reduction in financial expenses, mechanically induced by the deleveraging following the disposal of Novacel. AI efficiency : Accelerated deployment of Artificial Intelligence tools and decentralization to secure margin expansion towards the target of €50 million in EBITDA in 20271. Deployment of the OPRA : Execution of the OPRA at €14/share with an immediate accretive effect on EPS for shareholders. Governance : Formal adoption of the Belgrano brand at the next Annual General Meeting and operational structuring of the Premium Capital division with the integration of Harwanne. COMMERCIAL DYNAMICS Acceleration in H2 PROFITABILITY & CASH GENERATION The full effect of the transformation CAPITAL EXECUTION The realization of the Belgrano era (1) Guidance based on constant scope, FX, and economic conditions, assuming the current macroeconomic environment
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Pionnering the new era of high luxury
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