Cie du Bois Sauvage : Newsletter June 2026

NEWSLETTER · JUNE 2026 Chocolate: The driving force behind our value creation

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FOREWORD BY THE CEO

A refocused group, a clear course

Dear Shareholders,

Our Annual General Meeting on April 22 marked a pivotal milestone for the Group. Following a strategic review, we have clarified our business model around three core pillars: Chocolate, our growth engine and the core of our value creation; Real Estate, a self-financed pillar of financial stability; and a new investment division focused on private equity funds.

This issue of our newsletter is dedicated to our investment in Jeff de Bruges, of which we are now the sole shareholder. This acquisition will enable us to achieve our ambition for the Chocolate segment: €400 million in revenue and €80 million in EBITDA (excluding IFRS 16) by 2030. The Chocolate pillar will now receive at least 60% of our future resource allocations.

In the following pages, we feature an interview with Dennys Larrieu, CEO of Jeff de Bruges; review the brand’s business model and network and explain how our two chocolate houses, Jeff de Bruges and Neuhaus, are now working more closely together, while each maintaining its own identity.

Enjoy the read,

Benoit Deckers
Chief Executive Officer, Compagnie du Bois Sauvage
benoit.deckers@bois-sauvage.be · +32 475 44 15 96

2025 RESULTS RECAP

Chocolate: A Driver of Value Creation

> €300 million
Revenue for the Chocolate Division

56.1 M€
EBITDA excluding IFRS 16 (+5%)

€887 million
Net asset value (+10%)

+€68 million
Contribution of Chocolate to NAV in 2025

These results confirm our brands’ ability to maintain their margins despite the volatility of cocoa prices. This is thanks to proven pricing power and a rigorous sourcing and hedging policy.

In 2025, the Chocolate segment accounted for virtually all of the Group’s operating growth.

FOCUS: JEFF DE BRUGES

Jeff de Bruges: a proven model, market leader

Founded in 1986, Jeff de Bruges relies on a network of more than 500 local stores, 480 in France and nearly 50 internationally, which forms the core of its business model. As the leader in its segment in France, the brand operates a mix of company-owned and franchised stores.

In 2025, consolidated revenue reached 195 million euros, with the brand’s total revenue exceeding 315 million euros.

The business is built around three complementary product categories, chocolate gifts, ice cream, and sugared almonds, covering all consumption occasions throughout the seasons.

Since 2017, Jeff de Bruges has been a cocoa farmer: its plantations in Ecuador (Rainforest Alliance certified) and its “Bean to Bar” approach ensure a secure supply and enhance traceability.

1986 Year founded
> 500 stores (480 in France + ~50 international)
195 M€ revenue 2025

Jeff de Bruges has regularly been voted “the French people’s favorite brand” in its segment.

PROFILE

Dennys Larrieu, CEO of Jeff de Bruges

Dennys Larrieu currently leads Jeff de Bruges, a network of more than 550 stores in France and internationally, for which he defines and implements the overall strategy. He has a clear vision: to position the brand as a chocolatier with a strong experiential focus, balancing financial performance, CSR commitment, and employer branding. Since taking office, he has notably guided the brand through its omnichannel transformation and the strengthening of its franchise model.

He began his career in retail at Galeries Lafayette before managing several iconic Gap stores in Paris, where he developed solid operational expertise in retail. Building on a career that included stints at Marks & Spencer, Gérard Darel, and IKKS, where he led brand transformations and international expansions, he now applies this experience to drive sustainable growth and an accessible premium model.

“Jeff de Bruges’ strength lies in its unique positioning: it is both a cocoa farmer and a chocolatier, from bean to praline.” Dennys Larrieu
CEO, Jeff de Bruges

INTERVIEW WITH DENNYS LARRIEU, CEO OF JEFF DE BRUGES

“A strong brand, a local network, and a high-quality customer experience”

Jeff de Bruges is now fully integrated into the Bois Sauvage Chocolate pillar. What are the key strengths that make the brand so successful?

Dennys Larrieu — Jeff de Bruges is built on a set of highly complementary strengths. First, there’s the product: an accessible, generous, high-quality chocolate that appeals equally to everyday moments and special occasions. We have a clear positioning at the intersection of pleasure and generosity.

Next, there’s our supply chain strategy, which allows us to better manage our sourcing, enhance traceability, and secure part of our production amid high volatility in the cocoa market. We also rely on a network of more than 480 local stores, which are very well spread in France and rapidly expanding internationally. This network is a key asset: it creates a direct connection with consumers and allows us to offer a genuine brand experience.

Finally, there are the teams. The “Jeff, c’est nous” initiative perfectly captures this corporate culture: committed teams, close to the customers, who carry the brand forward every day.

Bois Sauvage now owns 100% of Jeff de Bruges. What does this mean in practical terms for the company?

Dennys Larrieu — The direction remains very clear: a strong brand, a local network, and a high-standard customer experience. Nothing changes regarding these fundamentals. However, this change in ownership opens up new opportunities. It allows us to speed up decision-making, increase investments, and, above all, work more closely with the other companies in Bois Sauvage’s Chocolate pillar.

The goal is not to standardize the brands, each has its own positioning, history, and recipes, but to share best practices, pool certain areas of expertise, and explore new growth opportunities together, particularly internationally.

This is a transformative change that builds on who we are.

“The goal is not to standardize the brands, but to share best practices.”

TWO BRANDS, ONE MISSION

Working together while respecting each other’s identities

Bringing together Neuhaus and Jeff de Bruges aims to create a better environment capable of accelerating their growth while leveraging complementary expertise.

• Sharing best business practices and production tools. Neuhaus brings industrial expertise and international development, while Jeff de Bruges contributes supply chain management and point-of-sale expertise. This synergy enables us to optimize the entire value chain, from production to distribution.
• Pooling certain purchases and developing shared solutions (such as an ERP system) to improve operational efficiency and management.
• Enter new markets, each according to their own positioning.

Each brand retains its history, DNA, recipes, and positioning. Compagnie du Bois Sauvage’s added value is both operational, creating the conditions for this collaboration, and financial, by supporting their growth initiatives. This approach combines synergies and differentiation to drive sustainable growth.

COMBINED FOOTPRINT

NEUHAUS—founded in 1857, with more than 800 retail locations worldwide, strong international presence in Europe, the United States, the Middle East, India, and Japan, as well as in travel retail.

JEFF DE BRUGES—market leader in France, expanding internationally (Europe, the Middle East, Canada, etc.).

A shared mission: to introduce the world to the best of Belgian chocolate.

COMPAGNIE DU BOIS SAUVAGE

Trusted partners for true growth.

Benoit Deckers - CEO
benoit.deckers@bois-sauvage.be · +32 475 44 15 96
www.bois-sauvage.be

Non-regulatory information.