Sep 5, 2023

CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2023 Operating income before disposals, changes in fair value and depreciations: EUR 6.9 million compared to EUR 3.5 million on 30 June 2022. Net Result, Group's share: EUR -29,6million compared to EUR 74.1 million on 30 June 2022. Intrinsic value stands at EUR 549.9 per share on 30 June 2023 compared to EUR 557,6 on 31 December 2022. HALF-YEAR IFRS FINANCIAL STATEMENTS On 4 September 2023, the Board of Directors approved the IFRS consolidated financial statements of Compagnie du Bois Sauvage as of 30 June 2023 (1st half of 2023). These accounts have not been subject to a limited review by the company's auditor. This financial communication as of 30 June 2023, is in accordance with IAS 34. INTERIM MANAGEMENT REPORT Compagnie du Bois Sauvage started the year with an increase in turnover of the Chocolate Group (Neuhaus, Jeff de Bruges, Corné Port Royal and Artista) of 12.2% compared to the first half of 2022. This increase was accompanied by an improvement in the operating income by Jeff de Bruges. By Neuhaus, sales growth was mainly driven by tourism-related sales. Operating margin improved slightly. Consolidated earnings of Chocolate Group companies remained stable compared with June 2022. As a reminder, the first half of the year is traditionally less significant than the second half. In the main property investments, sales slowed in the first half of the year, but the fundamentals and financial situation are solid. Futerro, a Galactic subsidiary specialized in PLA production, a lactic acid-basedbio-renewable plastic, is experiencing growth worldwide. The PLA market is underpinned by its intrinsic qualities, the consumer expectations and the favorable development of the European legislation. As previously mentioned, Futerro has decided to make the most of this underlying trend by establishing new production capacities. A purchase option has been taken on a 26-hectare plot of land in France. The engineering work is in progress. The process of raising several hundred million euros is progressing. The company is in discussion with several interested parties and hopes to finalize financing by the end of 2023 or early 2024. This fund-raising will enable the financing of a lactic acid plant with a capacity of 130.000 tons/year coupled with a PLA production unit with a capacity of 75,000 tons/year. Plans are also being made to equip the site with a PLA recycling unit. This complex will thus be the world's first integrated biorefinery. From the beginning of 2023 until today, the Company has pursued its strategy of concentrating on a limited number of participations, reserving the resources necessary for the development of the Group's companies. A positive net cash position enables the Company to seize investment opportunities. 1 / 15 repurchased own shares for EUR 1.2 million (EUR 5.1 million in 2022), canceled 18.837 own shares (1.12% of the total amount of shares) for a total amount of EUR 6.3 million (net effect on equity in 2023 : EUR -1,2 million), released EUR 3.2 million of capital in the FRI2 fund. This brings the current investment to EUR 12.7 million, purchased 364.000 Ageas shares for a total amount of EUR 15.2 million. The shares were transferred from "Financial assets at fair value through profit or loss" to "Investments at fair value through profit or loss", acquired a 5.6% stake in Serendip (Galactic-Futerro) to others shareholders for a total amount of EUR 8.8 million. Cie du Bois Sauvage's percentage interest in Serendip increases from 24.75% to 30.35%, lent the sum of EUR 7.5 million to Praça de Espanha II (a 50% owned real estate project in Portugal) in accordance with the commitments done, lent the sum of EUR 4.6 million to Esch 404 (the "Prism" real estate project in Luxemburg) in accordance with the commitments done, lent the sum of EUR 0.5 million on a total commitment of EUR 3.5 million to Futerro, in order to finance cash-flow requirements before raising funds, lent the sum of USD 0.9 million to Ecuadorcolat, in order to finance cash-flow requirements, lent USD 0.75 million to Noël Group in accordance with the commitments done in 2022 (at a rate of 8%), received confirmation of the reached approved "milestone" allowing the payment of an additional EUR 4 million for the sale in 2017 of our stakes in Ogeda. This amount will however only be recognized, if at all, in the first half of 2024, as the approval is subject to appeal for one year, and the amount is consequently held as security. The Company had a consolidated net cash surplus excluding IFRS 16 of EUR 6.2 million at 30 June 2023 compared to a consolidated net cash surplus of EUR 54.0 million at 31 December 2022. 2 / 15 3 / 15 Regulated information Operating income before disposals, changes in fair value and depreciations »at EUR 6.9 million compared to EUR 3.5 million for the first half of 2022. It takes into account in 2023: an increase in the turnover and results of the chocolate division, the increased result of Berenberg Bank compared to 2022, the Umicore dividend of EUR 2.2 million and the Ageas dividend of EUR 0.7 million, the results of companies consolidated using the equity method at EUR -5,1 million in 2023 compared to EUR -1.9 million in 2022, mainly linked to Noël Group (EUR -2.4 million). In 2023, there was no « Income from disposals », whereas this item had been mainly positively impacted by the proceeds from the sale of the Group's stake in Recticel (EUR 94.9 million) in 2022. The « Changes in fair value and impairments » section, mainly takes into account in 2023 the change in the valuation of Berenberg Bank (EUR 5.7 million), Umicore (EUR -34.5 million), Ageas (EUR -2.0 million) and Valiance (EUR -2.0 million). The « Global result of the Group » amounts to EUR -30.4 million compared to EUR 78.4 million in June 2022. The elements in the global result relate mainly to the exchange rate differences in US dollar at Surongo America. After allocation of the result for the year, payment of the 2022 dividend (EUR -13.3 million) and reversal of the reserve for own shares (EUR -1.2 million), the 'Group's equity' amounts to EUR 596.8 million. In the context of the renewal of the authorization given by the Extraordinary General Meeting of 28 April 2021 to buy back its own shares, Compagnie du Bois Sauvage bought back a total of 3.617 of its own shares in the first half of 2023 for a total of EUR 1.2 million. All own shares held by the Company were cancelled in June 2023. INTRINSIC VALUE The intrinsic value per share on 30 June 2023 amounted to EUR 549.9 compared to EUR 557.6 on 31 December 2022. The valuation rules of assets are based on: the stock exchange prices at 30 June 2023 for all other listed companies an expert valuation for the various funds held and for the real estate or an accepted acquisition offer an internal valuation based on market criteria for the participations in the chocolate division and Berenberg Bank. and the net assets (IFRS) or subscription price of the last capital increases for the other participations. DECLARATION OF ACCOUNTABLE EXECUTIVES To the best of our knowledge, the summarized financial statements shown below have been drawn up in accordance with the IAS 34 standard and present a true and fair view of the company's assets, financial situation and results of the Company and consolidated companies; the interim management report integrated in this document contains an accurate presentation of key events and significant transactions with affiliated parties during the first six months of the financial year, post-balance sheet events and their impact on the summarized financial statements, as well as a description of the outlook for the second half of the financial year. Hubert Olivier