Compagnie du Bois Sauvage (COMB) H1 2026 earnings summary

Executive summary

• Strategic refocus in early 2026 prioritized the Chocolate division, Real Estate, and a shift from direct industrial holdings to private equity fund investments.

• Operating income before disposals, fair value changes, and impairments improved to EUR 8.3 million from a EUR -2.8 million loss in H1 2025.

• Net income attributable to the group rose to EUR 11.8 million, up from EUR 5.4 million year-over-year.

• Net asset value increased 4.3% to EUR 925 million, or EUR 576.5 per share, compared to December 31, 2025.

• The acquisition of the remaining 34% of Jeff de Bruges made the group the sole owner of both Neuhaus and Jeff de Bruges.

Financial highlights

• Sales were EUR 130.9 million, stable compared to EUR 127.5 million in H1 2025.

• Operating income before disposals, fair value changes, and impairments: EUR 8.3 million (H1 2025: EUR -2.8 million).

• Net income: EUR 11.8 million (H1 2025: EUR 5.4 million).

• Basic and diluted EPS: EUR 7.35 (H1 2025: EUR 3.33).

• Group equity at June 30, 2026: EUR 417 million (Dec 31, 2025: EUR 524 million), reflecting the Jeff de Bruges acquisition.

Outlook and guidance

• Board remains confident in the new strategic direction but cautious due to ongoing economic and geopolitical uncertainties.

• Fiscal year 2026 expected to continue with the same pace and momentum as the first half.