Belgrano (formerly Chargeurs) returns to growth in the third quarter: +6.5%, but -8% over nine months
Belgrano (new name of Chargeurs) published third-quarter revenue of €99.4 million on November 5, 2026, up 6.5% year on year. At constant scope and exchange rates, growth stands at 1.6%: a scope effect of +4.0% and a currency effect of +0.9% complement the published increase.
The scope effect stems from two acquisitions consolidated in June 2026: Chaplin's World within Museum Studio and Harwanne Capital Management within Premium Capital. The quarter breaks with the year-to-date trend: over nine months, revenue declines 8.0% to €288.1 million from €313.0 million, and by 7.8% on an organic basis.
Museum Studio returns to growth, mainly thanks to Chaplin's World
The group's return to growth is primarily due to Museum Studio. Its quarterly revenue rises 11.6% to €33.3 million from €29.8 million, but only 1.0% at constant scope. Chaplin's World contributed €3.0 million.
The group attributes the sequential improvement to the entry of large projects into the construction and installation phases, which generate revenue significantly higher than the initial consulting and design phases. At the half-year results publication on September 10, 2026, it had already presented this timing gap as a temporary effect.
Over nine months, activity declines 24.5% to €83.0 million (-27.6% organically), due to the predominance of consulting and design phases in the first half.
The order book reaches nearly €300 million as of September 30, 2026, and new projects were won in India and Vietnam during the quarter.
Chargeurs PCC stable on an organic basis, Luxury Fibers slows during the quarter
The group's largest business by revenue, Chargeurs PCC grows 1.5% to €40.8 million and remains stable at constant scope and exchange rates. The company cites the ramp-up of partnerships in Asia, notably with Japanese brands, while European luxury remains at a standstill, according to the company.
Over nine months, Chargeurs PCC declines 3.6% to €124.3 million, and 0.8% organically. Conversely, Luxury Fibers slows: its growth comes to 2.8% in the third quarter, at €18.1 million, compared with +7.0% over nine months (+8.8% organically), at €59.6 million.
The smaller businesses show the strongest growth: Personal Goods gains 22.8% to €3.1 million, and Senfa Cilander 12.9% to €3.5 million. Premium Capital makes a first contribution of €0.7 million. By region, Asia ranks first with €34.3 million (+11.6%), ahead of Europe (€33.6 million) and the Americas (€31.6 million).
A net asset value target of over one billion euros by 2031
The group places this publication within a strategy focused on the value of its assets: it aims for a net asset value above one billion euros by 2031, compared with €556 million as of June 30, 2026.
Following the disposal of Novacel in the first half and the classification of Cambridge Satchel as an activity held for sale, priority is given to organic acceleration.
Michaël Fribourg, Chairman and Chief Executive Officer, stated: “The third quarter of 2026 marks a strong growth performance for our Group, in line with the acceleration we announced for the second half.” He added that the group approaches the coming quarters “with enhanced visibility,” relying on the order book of its cultural activities.
This emphasis now placed on organic growth thus contrasts with a quarter in which most of the published increase comes from companies consolidated in June, while Museum Studio holds an order book close to €300 million for the remainder of the year.
