Chargeurs: Public Tender Offer project at €14, net profit of €24M driven by Novacel disposal
Chargeurs published half-year results on September 10, 2026, marked by the sale of majority control of Novacel to KPS Capital Partners: the transaction generates a gain of €51.2M and brings the group's net profit to €24.0M, compared to a loss of €8.3M a year earlier. At the same time, revenue from continuing operations declined to €188.7M and the group is undertaking a dual initiative: a name change to become Belgrano and a public tender offer project for share buyback at €14.00 per share.
Revenue down 14.1%, net result boosted by disposal gain
First-half 2026 revenue stood at €188.7M, down 14.1% on a reported basis and 11.7% organically compared to €219.6M in the first half of 2025. This decline primarily reflects the timing of new major Museum Studio projects, whose activity fell 38.0% to €49.7M, with revenue recognition being lower during the initial design and engineering phase. Gross margin reached €58.3M, or 30.9% of revenue, compared to 29.2% a year earlier. EBITDA came in at €13.9M (7.4% of revenue), compared to €17.0M (7.7%) a year earlier, and operating profit from continuing operations was €5.2M, compared to €8.5M in the first half of 2025. Group net profit stood at €24.0M, compared to a loss of €8.3M a year earlier. It includes the Novacel disposal gain of €51.2M, net of transaction costs and before deduction of €7.5M in recyclable conversion reserves recognized in the income statement, a deduction entirely neutralized in equity.
Debt reduction of €129.1M following Novacel disposal
The disposal of Novacel, which closed in May 2026, resulted in disposal proceeds of €193.1M net of cash transferred. Group net debt decreased by €129.1M compared to December 31, 2025, and stood at €146.0M as of June 30, 2026, compared to €277.5M at end-2025. Equity increased to €285.0M as of June 30, 2026, compared to €245.2M at end-2025, benefiting from the disposal gain. Available financial resources reached €199.1M, compared to €119.6M on December 31, 2025. Following this transaction, the group made early debt repayment of €83.5M on August 21 and September 3, 2026. Revalued net asset value stood at €556M, or €23.0 per share, compared to €585M and €24.2 per share on December 31, 2025. This change reflects a positive effect from operating performance (+€1.8 per share), a negative effect from changes in market multiples (-€2.1 per share), a positive currency effect (+€0.3 per share) and a negative effect from the net financial position and changes in share count (-€1.2 per share).
2027 objectives and public tender offer project at €14 per share
The group targets revenue of €500M and EBITDA of €50M as early as 2027, then revenue of €750M and EBITDA of €100M within five years, based on comparable economic, scope and exchange conditions. It aims to exceed €1 billion in revalued net asset value by 2031. The board of directors on September 9, 2026 confirmed its intention to file a public tender offer for share buyback at €14.00 per share, targeted no later than the first quarter of 2027 and subject to conclusions from independent expertise, agreement from financial partners and approval by the general meeting. This price represents a premium compared to the 2024 takeover bid, which was carried out at €12.00. Museum Studio's order book reached nearly €300M as of June 30, 2026. The group plans to change its name to Belgrano, subject to approval at the next general meeting.
