Compagnie Chargeurs Invest (AO) | Hold | Q1 sales below expectations

Research evidence excerpt

Compagnie Chargeurs Invest (AO) | Hold | Q1 sales below expectations

News comment

Release date: 12 May 2026

Baptiste de Leudeville

Equity Research Analyst

Hold +33 1 53 65 36 55Compagnie Chargeurs Invest bdeleudeville@keplercheuvreux.com

France | Support services MCap: EUR207.8M

Target Price: EUR11.00 Bloomberg: CRI FP Reuters: CRIP.PA

Current Price: EUR8.63 Free float 35%

Up/downside: 27.5% Avg. daily volume (EURm) 0.1

YTD abs performance -13.6% Market data: 11 May 2026

52-week high/low (EUR) 11.86/8.31

Q1 sales below expectations

Key points:

Q1 revenues came at EUR94m in the first quarter, down 18% from last year and -14% on a like-for-like basis. This is Excluding

Novacel, which is due to be discontinued in the course of FY 2026.

Q1 revenue came in weaker than expected, whereas we had anticipated a broadly stable topline performance (we were expecting

a c.1% decline in sales). The shortfall primarily reflects the sharp year-on-year decline at Museum Studio, driven by project

phasing effects following a period of major deliveries during 2024 and 2025. To a lesser extent, the underperformance also stems

from Chargeurs PCC Fashion activities, where revenue appears to be stabilizing compared with previous quarters, but has not yet

rebounded as we had expected.

These negative developments were partially offset by solid growth in Chargeurs PCC Technical Textiles and Personal Goods,

supported by the significant investments carried out in 2025. In our view, these businesses, which absorbed the bulk of the

transformation investments last year, are now beginning to demonstrate tangible operational traction.

In terms of commercial momentum, investors will closely monitor developments at Museum Studio over the coming quarters,