PRESS RELEASE
Paris, November 7, 2024




Q3 2024 Revenue up +10.5% on a like-for-like basis
Strong H1 2024 momentum continues,
9M 2024 Revenue of €539.6m, up +10.9% like-for-like

• Q3 2024 Group revenue at €165.3m, up +11.2% and +10.5% on a like-for-like basis
• Third consecutive quarter of growth exceeding +10% like-for-like
• Good momentum in all Group businesses in the third quarter*:
o Novacel confirms its recovery, with revenue growth of +11.6%
o Chargeurs PCC sales in U.S. nominations up by almost 17% compared to the first 9 months of
2023, enabling the business unit to achieve reported growth of +0.6% in the third quarter and
+5.9% like-for-like for the first 9 months, despite lower sales at luxury brands
o Continued spectacular revenue growth of Museum Studio, soaring +28.6%
o Strong performance at Luxury Fibers, increasing +19.7%
o Personal Goods outperforms the luxury market, with revenue up +19.2%

• Targeted acquisitions completed during the quarter that complement in-house expertise and
strengthen global leadership in core businesses areas:
o Consolidation, within Chargeurs PCC, of the strategic assets from the Swiss company Cilander
o Museum Studio acquired a majority stake (52%) in Grand Palais Immersif. At the same time,
Chargeurs sold the assets of its subsidiary Hypsos, whose business no longer matched Museum
Studio's growth model
• From experience, the fall in interest rates and the outcome of the US elections should be favorable to
the Group's business units in 2025, considering the year-end wait-and-see attitude.

*Unless otherwise indicated, progressions are shown on a like-for-like basis

Michaël Fribourg, Chairman and Chief Executive Officer of Chargeurs group, stated: “This strong third
quarter continues the momentum from the first six months and demonstrates the relevance of our global
approach. The Group’s two main growth drivers are performing as anticipated: Novacel demonstrates its
ability to seize all growth opportunities thanks to the quality of its product and service offerings, especially
as the decline in interest rates has just begun, thereby reinforcing its position as a global leader in industrial
process films. Museum Studio, our new global champion, continues its growth trajectory, fueled by powerful
momentum in the United States and the Middle East. Our other strategic assets are successfully carrying out
their transformation, notably Chargeurs PCC, which strengthened its leadership in the textile industry with
the acquisition of Cilander’s Swiss assets. Driven by this momentum, Chargeurs is prioritizing cash generation
and the future value creation of its asset portfolio.”




Financial Communications // +33 (0)1 47 04 13 40 // comfin@chargeurs.com 1
www.chargeurs.com
PRESS RELEASE
Paris, November 7, 2024




Q3 2024 REVENUE
(*)
Q3 2024 Q3 2023 Change
€m Reported Like-for-like
Technologies 120.1 112.7 +6.6% +6.0%
Novacel 71.2 64.1 +11.1% +11.6%
Chargeurs PCC 48.9 48.6 +0.6% -1.3%
Luxury 45.2 35.9 +25.8% +24.6%
Museum Studio 26.1 20.0 +30.5% +28.6%
Luxury Fibers 15.8 13.2 +19.7% +19.7%
Personal Goods 3.3 2.7 +20.5% +19.2%
CHARGEURS 165.3 148.6 +11.2% +10.5%
(*) Amounts calculated on a comparable basis following the consolidation of Swaine

In the third quarter of 2024, Group revenue reached €165.3 million, recording solid growth of +11.2% on a
reported basis and +10.5% on a like-for-like basis, compared to the third quarter of 2023. It includes a
positive scope effect of +2.0%, related to the consolidation of i) assets acquired last July from the Swiss
company Cilander and ii) the Grand Palais Immersif company in which Chargeurs now holds a 52% stake and
acquired last August.

Novacel and Museum Studio stood out as this quarter's main growth drivers, recording like-for-like revenue
increases of +11.6% and +28.6% respectively. Luxury Fibers also performed well, with revenue up +19.7%,
driven by high sales volumes of conventional wool in the third quarter. With reported revenue growth of over
20%, the Personal Goods business unit outperformed the luxury leather goods market.

REVENUE FOR THE FIRST NINE MONTHS OF 2024
9M 2024 9M 2023 (*) Change
€m Reported Like-for-like
Technologies 379.2 359.9 +5.4% +7.6%
Novacel 229.1 210.8 +8.7% +8.8%
Chargeurs PCC 150.1 149.1 +0.7% +5.9%
Luxury 160.4 133.3 +20.3% +19.9%
Museum Studio 92.4 72.0 +28.3% +27.3%
Luxury Fibers 58.9 53.5 +10.1% +10.6%
Personal Goods 9.1 7.8 +16.1% +14.6%
CHARGEURS 539.6 493.2 +9.4% +10.9%
(*) Amounts calculated on a comparable basis following the consolidation of Swaine

Revenue for the first nine months of the year amounted to €539.6 million, compared with €493.2 million for
the same period in 2023. Growth was +9.4% on a reported basis and +10.9% on a like-for-like basis. It
includes a positive scope effect of +0.6%, resulting from the integration of the strategic assets of Cilander
and the Grand Palais Immersif. This effect partially offset the negative currency impact of -2.1%.

The solid performances recorded during the first nine months of 2024, confirm the return to growth across
all of Chargeurs group's businesses, following a more challenging year in 2023.




Financial Communications // +33 (0)1 47 04 13 40 // comfin@chargeurs.com 2
www.chargeurs.com
PRESS RELEASE
Paris, November 7, 2024




ACTIVITY BY BUSINESS
Based on like-for-like revenue growth, the performance of each business line breaks down as follows:

Novacel: the business remains on a positive trajectory

9M 2024 9M 2023 Change Q3 2024 Q3 2023 Change
€m
Revenue 229.1 210.8 +8.7% 71.2 64.1 +11.1%
Like-for-like growth +8.8% +11.6%


Novacel's revenue for the first nine months of 2024 shows a solid increase of +8.8%, reaching €229.1 million
compared to the first nine months of 2023. In the third quarter, Novacel continued its momentum, driven by
increased volumes and a favorable product mix. Price increases implemented at the beginning of the year
also supported the quarterly revenue growth, which stands at +11.6%.

The Americas made a significant contribution to third-quarter growth, with volumes returning to more normal
levels. Novacel was able to take advantage of the resilience of this market and meet customers' needs.

In Europe, volumes continued to grow thanks to a more aggressive commercial presence across the region.
Central Europe performed particularly well, with a significant increase in volumes. Sales growth in Europe
also reflects a more favorable product mix.

In Asia, growth was impacted by the weakness of the Chinese market. However, the region has continued to
show revenue growth, driven by strong momentum in other key markets across the continent, particularly in
India.

After benefiting in 2024 from the effect of interest rates stabilizing, Novacel is expected to clearly take
advantage in 2025 of the more significant impact of the decrease in these rates, taking into account the
adjustment cycle associated with this new environment becoming even more favorable.


Chargeurs PCC: positive impact of the integration of Cilander's strategic assets

9M 2024 9M 2023 Change Q3 2024 Q3 2023 Change
€m
Revenue 150.1 149.1 +0.7% 48.9 48.6 +0.6%
Like-for-like growth +5.9% -1.3%


In the first nine months of 2024, Chargeurs PCC recorded revenue of €150.1 million, up +5.9% on the first
nine months of 2023. Since the beginning of the year, the momentum in Asia and the United States has
compensated in revenue for the weakness of the European luxury sector and the situation in Argentina. The
third quarter of 2024 was marked by the acquisition, last July, of Cilander's strategic assets, adding further
momentum to the business. These new assets include well-known brands supplying premium fabrics for high-
end shirts, along with technologies for finishing technical textiles, complementary to existing Chargeurs’
existing expertise, strengthening its positions in fast-growing markets such as military equipment, outdoor

Financial Communications // +33 (0)1 47 04 13 40 // comfin@chargeurs.com 3
www.chargeurs.com
PRESS RELEASE
Paris, November 7, 2024




and mobility-related markets. Revenue from Cilander's strategic assets amounted to €2.6 million in the third
quarter of 2024.

Hence, Chargeurs PCC's third-quarter 2024 revenue amounted to €48.9 million, slightly down -1.3% like-for-
like, but growing +0.6% on a reported basis.

In a volatile market, particularly in Europe where major fashion and luxury brands are experiencing a
slowdown in sales, Chargeurs PCC has distinguished itself. The business unit increased its nomination sales
in the United States by nearly 17%. Consequently, Chargeurs PCC's revenue share in Asia continues to grow
significantly, as it did in the first half of the year. Had the situation in the high-margin European market been
less challenging in 2024, the business could have unlocked a much higher potential, given its dynamics in
other regions.

The acquisition of Cilander's assets enables the business unit to integrate new expertise and expand its
product and service portfolio. In a globally competitive market, Chargeurs PCC aims to strengthen its
position across the entire textile value chain and to enter complementary end-markets.


Museum Studio: a continued impressive growth

9M 2024 9M 2023 Change Q3 2024 Q3 2023 Change
€m
Revenue 92.4 72.0 +28.3% 26.1 20.0 +30.5%
Like-for-like growth +27.3% +28.6%


Museum Studio revenue rose by +27.3% over the first nine months of 2024 to €92.4 million. In the third
quarter, activity remained particularly strong, driven by the progress of numerous projects in the United
States and the Middle East, two strategic regions for Museum Studio, which is recognized there as a key
player in the design and creation of cultural spaces. Emblematic projects such as the National Air and Space
Museum in Washington, D.C., and the Cleveland Museum of Natural History were among the main
contributors to the quarter's strong growth. In late September, Museum Studio completed The People's
House in Washington, its flagship project in the United States for the year. The project highlights the business
unit’s expertise in a high-profile city and site, particularly in the context of the American presidential elections.

In the Middle East, particularly in Saudi Arabia, strong activity continued in the third quarter due to increased
services for upcoming regional thematic museums. Museum Studio has also completed the final deliveries
for the exhibition halls of the Sheikh Zayed Grand Mosque in Abu Dhabi. This project stands as one of
Museum Studio's major successes, notably in managing European and local teams for nearly two years.

In Europe, ongoing executions on the Statens Naturhistoriske Museum Denmark have contributed to growth.
In addition, new signed contracts are expected to enhance visibility and drive revenue growth in the
European market.



Financial Communications // +33 (0)1 47 04 13 40 // comfin@chargeurs.com 4
www.chargeurs.com
PRESS RELEASE
Paris, November 7, 2024




In the third quarter of 2024, Museum Studio's revenue grew by +28.6% on the third quarter of 2023, to
€26.1 million.

On August 30, Museum Studio became the new majority shareholder of Grand Palais Immersif, holding 52%
of the capital, with co-shareholders including Grand Palais Rmn, Banque des Territoires, and Vinci Immobilier.
This acquisition marks a significant step for Museum Studio, reinforcing its presence in France. By partnering
with Grand Palais Immersif, the division is helping to develop a French sector for immersive and digital
cultural formats, with plans to expand internationally.


Luxury Fibers: sharp rise in sales

9M 2024 9M 2023 Change Q3 2024 Q3 2023 Change
€m
Revenue 58.9 53.5 +10.1% 15.8 13.2 +19.7%
Like-for-like growth +10.6% +19.7%


Luxury Fibers' revenue for the first nine months of 2024 grew by +10.6% to €58.9 million, with a marked
increase in volumes in the third quarter. In the same period of 2023, sales had reached a low point, due to
high inventories of conventional wool at weavers and spinners in all regions of the world. Thanks to the
offensive sales strategy pursued by the teams throughout the year, Luxury Fibers gained market share,
benefiting from customers' restocking of conventional wool.

Growing demand from fashion brands for natural, traceable fibers also boosted sales volumes of NATIVATM-
As a result, the business unit posted revenue of €15.8 million in the third quarter of 2024, up +19.7%
compared to the third quarter of 2023.

The third quarter was also marked by the first NATIVATM cotton harvest in Greece. The division continues to
map out new partners, to extend and consolidate a complete supply chain, from fiber cultivation to the
supply of cotton fabrics. Luxury Fibers continues to roll out its “Product As A Service” model, by
implementing an end-to-end solution for NATIVATM- cotton fiber. This follows the successful programs
developed and recognized by fashion brands, for merino and cashmere wools.


Personal Goods: remarkable growth in each of the three Maisons

9M 2024 9M 2023 Change Q3 2024 Q3 2023 Change
€m
Revenue 9.1 7.8 +16.1% 3.3 2.7 +20.5%
Like-for-like growth +14.6% +19.2%


Personal Goods revenue amounted to €9.1 million for the first nine months of 2024. Growth reached +19.2%
in the third quarter of 2024, compared with the same period in 2023, outperforming the growth observed in
the luxury sector. This remarkable progress is the result of a transformation carried out over the past three



Financial Communications // +33 (0)1 47 04 13 40 // comfin@chargeurs.com 5
www.chargeurs.com
PRESS RELEASE
Paris, November 7, 2024




years within the three Maisons, as well as an ambitious strategy currently being deployed to ensure their
international expansion.

As a result, Swaine's third-quarter revenue increased significantly. The Men's collection regained visibility
and desirability among British customers, who have been won back by the house's reputation for excellence.
The reimagined women's leather goods collections are also seeing strong growth, thanks to the new designs
introduced, which have been well received by customers at the flagship store on New Bond Street.

Cambridge Satchel has successfully positioned itself in the accessible luxury segment. The brand now offers
a wide range of leather goods with contemporary designs that appeal to a young, international clientele.
Powerful brands have been attracted by this successful repositioning, partnering with Cambridge Satchel for
exclusive leather goods and accessories. Among these collaborations are Hello Kitty, with its iconic graphic
universe, the London National Gallery, and most recently Universal Studios, for the global launch of the 2024
Christmas blockbuster film, Wicked. The development of the Cambridge Satchel brand also includes a retail
expansion plan in Europe, with new stores opening in the UK and continental Europe as early as next year.

Altesse Studio is successfully continuing its international expansion, with its haircare products now distributed
in five countries, including the United States and Japan. Sales recorded high double-digit growth over the
past period.




ABOUT CHARGEURS
CHARGEURS is a diversified international holding company, world leader in high value added niche industrial and service
markets. Active in nearly 100 countries with around 2,500 employees, the Group relies on the long-term commitment of Groupe
Familial Fribourg, an invested and committed controlling shareholder, and on its portfolio of assets organized into two strategic
business segments: Technologies and Luxury. Chargeurs, whose global signature is High Emotion Technology, achieved
revenues of €652.3 million in 2023.

The Chargeurs share is listed on Euronext Paris and is PEA-PME eligible.
ISIN Code: FR0000130692, Bloomberg Code: CRI:FP, Reuters Code: CRIP.PA




Financial Communications // +33 (0)1 47 04 13 40 // comfin@chargeurs.com 6
www.chargeurs.com
PRESS RELEASE
Paris, November 7, 2024




BREAKDOWN OF REVENUE BY OPERATING SEGMENT

(*) Change
€m 2024 2023
2024/2023
First quarter
Technologies 123.7 122.0 +1.4%
Novacel 72.4 70.7 +2.4%
Chargeurs PCC 51.3 51.3 +0.0%
Luxury 54.1 43.1 +25.5%
Museum Studio 28.2 19.0 +48.4%
Luxury Fibers 23.1 21.7 +6.5%
Personal Goods 2.8 2.4 +16.7%
CHARGEURS 177.8 165.1 +7.7%


Second quarter
Technologies 135.4 125.2 +8.1%
Novacel 85.5 76.0 +12.5%
Chargeurs PCC 49.9 49.2 +1.4%
Luxury 61.1 54.3 +12.5%
Museum Studio 38.1 33.0 +15.5%
Luxury Fibers 20.0 18.6 +7.5%
Personal Goods 3.0 2.7 +11.1%
CHARGEURS 196.5 179.5 +9.5%

Third quarter
Technologies 120.1 112.7 +6.6%
Novacel 71.2 64.1 +11.1%
Chargeurs PCC 48.9 48.6 +0.6%
Luxury 45.2 35.9 +25.8%
Museum Studio 26.1 20.0 +30.5%
Luxury Fibers 15.8 13.2 +19.7%
Personal Goods 3.3 2.7 +20.5%
CHARGEURS 165.3 148.6 +11.2%


Fourth quarter
Technologies - 105.2 -
Novacel - 61.2 -
Chargeurs PCC - 44.0 -
Luxury - 53.8 -
Museum Studio - 30.6 -
Luxury Fibers - 19.8 -
Personal Goods - 3.4 -
CHARGEURS - 159.0 -


Full-year total
Technologies - 465.1 -
Novacel - 272.0 -
Chargeurs PCC - 193.1 -
Luxury - 187.2 -
Museum Studio - 102.6 -
Luxury Fibers - 73.3 -
Personal Goods - 11.3 -
CHARGEURS - 652.3 -
(*) Amounts calculated on a comparable basis following the consolidation of Swaine


Financial Communications // +33 (0)1 47 04 13 40 // comfin@chargeurs.com 7
www.chargeurs.com
PRESS RELEASE
Paris, November 7, 2024




BREAKDOWN OF REVENUE BY GEOGRAPHY
Change
€m 2024 2023(*)
2024/2023
First quarter
Europe 74.5 75.9 -1.8%
Americas 52.3 44.7 +17.0%
Asia 51.0 44.5 +14.6%
GROUP TOTAL 177.8 165.1 +7.7%

Second quarter
Europe 78.3 74.1 +5.7%
Americas 61.9 49.6 +24.8%
Asia 56.3 55.8 +0.9%
GROUP TOTAL 196.5 179.5 +9.5%

Third quarter
Europe 63.9 61.3 +4.2%
Americas 49.6 41.1 +20.7%
Asia 51.8 46.2 +12.1%
GROUP TOTAL 165.3 148.6 +11.2%

Fourth quarter
Europe - 61.7 -
Americas - 44.1 -
Asia - 53.2 -
GROUP TOTAL - 159.0 -

Full-year total
Europe - 273.1 -
Americas - 179.5 -
Asia - 199.7 -
GROUP TOTAL - 652.3 -
(*) Amounts calculated on a comparable basis following the consolidation of Swaine




Financial Communications // +33 (0)1 47 04 13 40 // comfin@chargeurs.com 8
www.chargeurs.com