Compagnie du Bois Sauvage (COMB) H1 2025 earnings summary

Executive summary

• First half 2025 results show portfolio strength and effective investment choices amid ongoing market volatility, with the Chocolate division delivering steady growth and Industry & Services holdings outperforming, while Real Estate remains mixed.

• Financial position remains healthy, with strong cash flow and low net debt, enabling continued investment and selectivity.

Financial highlights

• Consolidated sales increased by 3.7% year-over-year, mainly from the Chocolate segment.

• Operating income before disposals, changes in fair value, and depreciations was EUR -2.8 million, down from EUR 4.4 million in H1 2024, mainly due to losses in equity-accounted companies.

• Net result attributable to the Group was EUR 5.4 million, a significant recovery from EUR -57.1 million in H1 2024, driven by positive fair value changes in Umicore, Ageas, and Berenberg, partially offset by an impairment on Vinventions.

• Intrinsic value per share was EUR 498.8 at June 30, 2025, stable versus EUR 498.9 at year-end 2024.

• Net cash surplus (excluding IFRS 16) was EUR 0.2 million at June 30, 2025.

Outlook and guidance

• Board remains confident in asset quality but cautious on short- and medium-term prospects due to global economic and political uncertainties.