Compagnie Chargeurs Invest (CRI) Q2 2026 earnings summary

Executive summary

• Completed strategic transformation and rebranding to Belgrano, focusing on high-luxury and heritage assets under the “Architect of Rarity” signature.

• Achieved a major milestone with the successful sale of Novacel, generating a €51.2m capital gain and reducing net debt by €129.1m to €146.0m as of June 30, 2026.

• Announced a proposed share buyback offer (OPRA) at €14.00 per share, targeting completion by Q1 2027, to optimize shareholder returns.

• Strengthened equity to €285.0m and maintained a robust order book of nearly €300m in cultural businesses.

• Strategic simplification, decentralization, and AI integration drive cost optimization and growth.

Financial highlights

• H1 2026 revenue: €188.7m, down 14.1% year-over-year due to project phasing at Museum Studio and Novacel divestment; gross margin: €58.3m (30.9% margin, up 170 bps y/y).

• Attributable net profit: €24.0m, including the Novacel capital gain.

• Group equity: €285.0m; net debt: €146.0m, reflecting significant deleveraging.

• EBITDA: €13.9m (7.4% margin); recurring operating profit: €5.2m (2.8% margin).

• NAV: €556m (€23.0/share) as of June 30, 2026, down from €585m (€24.2/share) at year-end 2025.

Outlook and guidance

• Growth expected to accelerate in H2 2026/H1 2027, targeting €500m revenue and €50m EBITDA by 2027.

• Five-year targets: €750m revenue and €100m EBITDA.

• Ambition to surpass €1bn in Net Asset Value by 2031.

• Free cash flow generation prioritized as investment cycle ends.

• OPRA share buyback at €14/share to enhance EPS and liquidity, subject to approvals.