Chargeurs is changing its name and becomes Belgrano[1], strengthening the clarity of its positioning and ambitions
o Recalling the name of the Compagnie des Chargeurs Réunis' first vessel, the Belgrano, this name pays tribute to our roots while reaffirming the company's pioneering and international spirit
o A name that better reflects the Group's businesses and ambitions in the new categories of highluxury goods and services, built around the signature "Architect of Rarity"
o High luxury - which is not reserved for an elite - caters to an educated, discerning, and rapidly expanding audience of consumers and users. Direct and indirect clients in this high-luxury segment do not treat price as their primary selection criterion. Instead, they place creativity, quality, excellence, durability, and the ability to create a memorable emotional impact at the very heart of their purchasing and experiential decisions
A strategy serving the Group's new profile and identity
o Priority given to organic growth, market share gains, and maximizing recurring free cash flows
o Enhanced operational efficiency: deployment of Artificial Intelligence at the core of all businesses and adoption of streamlined decision-making structures to optimize organizations
o Focus on intrinsic asset appreciation and steady growth in Net Asset Value to surpass €1bn by 2031
Proposed share buyback tender offer (OPRA)[2] at €14.00 per share[3] targeted by Q1 2027
o Continued project execution: Intent to file approved by the Board of Directors on September 9, 2026, which also voluntarily appointed an independent expert
o Optimized shareholder return combining a liquidity opportunity on attractive financial terms, given low market liquidity, with an accretive effect on long-term share value
First-half 2026 driven by the successful sale of Novacel and strong commercial momentum
o Successful divestment of Novacel, generating a capital gain of €51.2m, net of transaction costs and before deduction of €7.5m in translation reserves reclassified through profit or loss. This €7.5m deduction of reclassified translation reserves is fully offset within equity
o Revenue of €188.7m, driven by the confirmed recovery of Chargeurs PCC and strong momentum at Luxury Fibers, Personal Goods, and Senfa Cilander. Temporary impact from the scheduling of major new projects at Museum Studio-the first step in a cycle backed by a highly solid order book of nearly €300m
o Net profit Group share of €24.0m, including the capital gain on the Novacel divestment
o Significant reduction in net debt to €146.0m as of June 30, 2026 (compared to €277.5m as of December 31, 2025)
o Strengthened equity at €285.0m, compared to €245.2m as of December 31, 2025
o Net Asset Value of €23.0 per share as of June 30, 2026, compared to €24.2 per share as of December 31, 2025
Outlook 2027-2031[4]
o The Group expects its growth trajectory to accelerate over H2 2026/H1 2027.
o The Group targets revenue of €500m and EBITDA of €50m as early as 2027, followed by revenue of €750m and EBITDA of €100m within 5 years.
Michaël Fribourg, Chairman and CEO of Compagnie Chargeurs Invest, stated:
"The first half of 2026 marks a major milestone in our Group's history. With the completion of our transformation cycle and the successful disposal of Novacel, the birth of Belgrano materializes our strategic repositioning toward the economy of rarity and new luxury. The era of foundational investments now gives way to a phase of operational execution, asset monetization, and sustained value creation for our shareholders.
Backed by a strengthened financial structure, the power of an order book nearing €300 million in our cultural businesses, and the acceleration observed across our Luxury and High-Tech divisions, our Group - transformed and ideally positioned in new luxury - offers particularly solid prospects. Our unique positioning in new luxury, combining pricing power and high barriers to entry, serves as a powerful growth and profitability engine.
The proposed share buyback offer (OPRA) at €14 per share illustrates our immediate commitment to returning value to shareholders. Driven by this exceptional strategic positioning and disciplined capital allocation, we are fully primed to maximize cash flow generation and cross the €1 billion Net Asset Value milestone by 2031."
[1] Subject to approval by the next General Meeting
[2] Subject to the consent of certain banking and financial partners of the Group and approval by the General Meeting
[3] Subject to the findings of the independent expert report
[4] Guidance based on constant scope, FX, and economic conditions, assuming the current macroeconomic environment
Download full press release:
https://chargeurs.com/wp-content/uploads/2026/09/2026-09-10-H1-2026-results-and-new-identity.pdf
o Recalling the name of the Compagnie des Chargeurs Réunis' first vessel, the Belgrano, this name pays tribute to our roots while reaffirming the company's pioneering and international spirit
o A name that better reflects the Group's businesses and ambitions in the new categories of highluxury goods and services, built around the signature "Architect of Rarity"
o High luxury - which is not reserved for an elite - caters to an educated, discerning, and rapidly expanding audience of consumers and users. Direct and indirect clients in this high-luxury segment do not treat price as their primary selection criterion. Instead, they place creativity, quality, excellence, durability, and the ability to create a memorable emotional impact at the very heart of their purchasing and experiential decisions
A strategy serving the Group's new profile and identity
o Priority given to organic growth, market share gains, and maximizing recurring free cash flows
o Enhanced operational efficiency: deployment of Artificial Intelligence at the core of all businesses and adoption of streamlined decision-making structures to optimize organizations
o Focus on intrinsic asset appreciation and steady growth in Net Asset Value to surpass €1bn by 2031
Proposed share buyback tender offer (OPRA)[2] at €14.00 per share[3] targeted by Q1 2027
o Continued project execution: Intent to file approved by the Board of Directors on September 9, 2026, which also voluntarily appointed an independent expert
o Optimized shareholder return combining a liquidity opportunity on attractive financial terms, given low market liquidity, with an accretive effect on long-term share value
First-half 2026 driven by the successful sale of Novacel and strong commercial momentum
o Successful divestment of Novacel, generating a capital gain of €51.2m, net of transaction costs and before deduction of €7.5m in translation reserves reclassified through profit or loss. This €7.5m deduction of reclassified translation reserves is fully offset within equity
o Revenue of €188.7m, driven by the confirmed recovery of Chargeurs PCC and strong momentum at Luxury Fibers, Personal Goods, and Senfa Cilander. Temporary impact from the scheduling of major new projects at Museum Studio-the first step in a cycle backed by a highly solid order book of nearly €300m
o Net profit Group share of €24.0m, including the capital gain on the Novacel divestment
o Significant reduction in net debt to €146.0m as of June 30, 2026 (compared to €277.5m as of December 31, 2025)
o Strengthened equity at €285.0m, compared to €245.2m as of December 31, 2025
o Net Asset Value of €23.0 per share as of June 30, 2026, compared to €24.2 per share as of December 31, 2025
Outlook 2027-2031[4]
o The Group expects its growth trajectory to accelerate over H2 2026/H1 2027.
o The Group targets revenue of €500m and EBITDA of €50m as early as 2027, followed by revenue of €750m and EBITDA of €100m within 5 years.
Michaël Fribourg, Chairman and CEO of Compagnie Chargeurs Invest, stated:
"The first half of 2026 marks a major milestone in our Group's history. With the completion of our transformation cycle and the successful disposal of Novacel, the birth of Belgrano materializes our strategic repositioning toward the economy of rarity and new luxury. The era of foundational investments now gives way to a phase of operational execution, asset monetization, and sustained value creation for our shareholders.
Backed by a strengthened financial structure, the power of an order book nearing €300 million in our cultural businesses, and the acceleration observed across our Luxury and High-Tech divisions, our Group - transformed and ideally positioned in new luxury - offers particularly solid prospects. Our unique positioning in new luxury, combining pricing power and high barriers to entry, serves as a powerful growth and profitability engine.
The proposed share buyback offer (OPRA) at €14 per share illustrates our immediate commitment to returning value to shareholders. Driven by this exceptional strategic positioning and disciplined capital allocation, we are fully primed to maximize cash flow generation and cross the €1 billion Net Asset Value milestone by 2031."
[1] Subject to approval by the next General Meeting
[2] Subject to the consent of certain banking and financial partners of the Group and approval by the General Meeting
[3] Subject to the findings of the independent expert report
[4] Guidance based on constant scope, FX, and economic conditions, assuming the current macroeconomic environment
Download full press release:
https://chargeurs.com/wp-content/uploads/2026/09/2026-09-10-H1-2026-results-and-new-identity.pdf
© 2026 GlobeNewswire (Europe)
