Compagnie du Bois Sauvage (COMB) H2 2025 earnings summary

Executive summary

• Strategic focus sharpened to three pillars: chocolate, real estate, and fund-based investments, aiming for clarity and long-term value creation.

• Full ownership of Jeff de Bruges acquired, reinforcing the chocolate pillar as the main growth engine.

• Net profit rebounded to €37.8 million in 2025 from a €69.8 million loss in 2024, with EPS at €23.57.

• NAV increased 10% year-over-year to €887 million (€553 per share).

• Proposed gross dividend raised to €8.60 per share, up from €8.40.

Financial highlights

• Operating profit before equity method results, divestments, fair value adjustments, and impairments was €45.8 million, down from €52.6 million in 2024.

• Group net profit reached €37.8 million, reversing a prior year loss.

• Chocolate pillar revenue exceeded €300 million; EBITDA (excl. IFRS 16) rose 5% to €56.2 million.

• Real estate pillar faced continued market challenges, with Eaglestone posting a loss but some projects generating over €9 million in profit.

• Industry and services pillar benefited from positive valuation movements in holdings like Berenberg and Umicore.

Outlook and guidance

• Ambition to reach €400 million in chocolate pillar revenue and €80 million in EBITDA (excl. IFRS 16) by 2030.

• 2026 focus on financial discipline, free cash flow generation, strict cost control, and optimized capital allocation.

• Strategy to prioritize investments in the chocolate pillar (at least 60% of future investments), with real estate and private equity funds as supporting pillars.