Compagnie Chargeurs Invest (CRI) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue was stable at €372.2m (-0.6% reported), with strong growth in Museum Studio (+17.9% to +21%) and Personal Goods (+21.1%), offset by declines in Chargeurs PCC and Luxury Fibers.

• Net Asset Value (NAV) rose to €24.2 per share as of June 30, 2025, up from €24.1 at year-end 2024, despite negative currency impacts.

• The group is reviewing several expressions of interest for a potential disposal of Novacel, which could significantly enhance equity and investment capacity if executed.

• Continued portfolio expansion in Culture & Education, including exclusive talks to acquire Chaplin's World and a majority stake in Lord Cultural Resources.

• Corporate identity changed to Compagnie Chargeurs Invest in April 2025, reflecting a dual industrial and financial vocation.

Financial highlights

• Group revenue was €372.2m (-0.6% reported, -1.7% like-for-like year-over-year).

• Gross margin increased to €99.9m (26.8% of revenue), up 0.6% year-over-year.

• EBITDA was €29.0m, down 2% year-over-year.

• Operating profit rose 5.9% to €10.8m, while recurring operating profit declined 11.2% to €15.1m, mainly due to Chargeurs PCC.

• Attributable net profit was -€8.3m, impacted by higher tax charges and non-recurring items.

Outlook and guidance

• Targeting 8–10% average annual growth in NAV through 2030, with a normalized net debt/EBITDA ratio of 2x–3x.

• Order intake at Novacel has increased since May, supporting confidence for year-end activity.

• Proceeds from a potential Novacel disposal would support long-term expansion in Culture & Education and Fashion & Know-how platforms.

• The group expects continued benefit from lower financial expenses in H2 2025, supported by lower interest rates and reduced leverage.