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NEWSLETTER - DECEMBER 2025




Trusted partners for true growth.




Compagnie du Bois Sauvage (COMB) is a family-owned, stable company
listed on Euronext Brussels.

NON-REGULATED INFORMATION
CEO'S FOREWORD


Dear Shareholders,

In our newsletters, we aim to highlight the concrete dynamics
that drive our investments. This month, you will discover three
examples that each illustrate, in their own way, the long-term
value creation strategy we are pursuing.

First, we take a look at Je de Bruges' innovative approach to
business intelligence, which is driving commercial performance.
Next, we zoom in on the success of the Chmielna real estate
project in Warsaw and two new residential developments
launched in Poland. Finally, we look back at the landmark
transaction carried out by Mitiska REIM, of which Bois Sauvage
is a long-standing partner, with the acquisition of several Belgian
commercial sites with strong redevelopment potential.

These topics are part of a broader transformation. For several
months now, we have been conducting an in-depth strategic
review of all our holdings. This review will result in concrete
announcements in March 2026. It reflects our desire to better
focus our e orts on our areas of expertise, align our portfolio with
our ambition for sustainable growth, and enhance the clarity of
our investment profile.

We hope you enjoy reading this report and remain at your
disposal for any further information you may require.



Benoit Deckers

CEO

+32 475 44 15 96

benoit.deckers@bois-sauvage.be
1. DATA, THE NEW KEY INGREDIENT FOR JEFF DE BRUGES



In a chocolate market marked by cocoa price volatility, Je
de Bruges (66% Compagnie du Bois Sauvage) is
demonstrating resilience and proving that innovation and
commercial performance can go hand in hand—thanks to
an ambitious and concrete business intelligence strategy.

With more than 500 stores in 10 countries and a leading
position in the French market, the brand is constantly refining
its model. The secret? A discreet but e ective digital
transformation that puts data at the heart of strategic and operational decisions.

The management team has invested heavily in reorganizing logistics to increase
e iciency and in structuring a 360° sales performance management tool. Each point of
sale is analyzed in all its dimensions: sales, tra ic, margin, average basket size,
performance by product, customer behavior, and more.

Dynamic dashboards help to identify opportunities and areas for improvement, and
actions to be implemented at all levels (product, price, merchandising, human
resources, etc.).

Far from being confined to headquarters, this data culture permeates the entire network:
regional and store managers are trained in the use of indicators, and performance
analysis becomes an operational routine, facilitating sales promotion, inventory
management, and product range adjustments.

Data is not just used for reporting purposes: it is leveraged to drive continuous innovation.
The company measures the impact of each new development—packaging, collection,
customer experience—and adjusts its action plan in real time.

For example, the sales forecasting tool enables better production planning, which
reduces logistics costs and avoids shortages or overstocking.

In a sector subject to raw material volatility, competitive
pressure, and growing ESG expectations, Je de Bruges is
a pioneer and strategic di erentiator with its ability to
finely tune performance.

Je de Bruges exemplifies Compagnie du Bois Sauvage's
vision: investing in strong brands, but also supporting
them in their transformation and professionalization with
concrete tools.
2. RESIDENTIAL REAL ESTATE IN ACTION: A SUCCESS IN
WARSAW, TWO NEW PROJECTS IN POLAND, AND SOLID
PROSPECTS IN LISBON

While the real estate environment remains complex in the BeLux and French markets,
Compagnie du Bois Sauvage is cautiously but e ectively pursuing its targeted residential
strategy. The approach is clear: select well-located projects, backed by solid partners, in
high-potential markets (Poland and Portugal) and with a proven ability to generate value.

Chmielna, a 360° success story

Located in the heart of Warsaw, the Chmielna Duo project, carried out in
partnership with BPI Real Estate Poland, is a prime example of this
positioning.

Launched in 2021 with an initial investment of €9 million from Bois
Sauvage, the project is almost entirely sold, with a solid return.

This success has enabled immediate reinvestment in two new residential
projects in Poland, alongside the same key partner, BPI Real Estate Poland.

Two new projects in development: Pianoforte and Moniuszki

Pianoforte is a high-end residential project located in the dynamic Mokotów district of Warsaw,
close to Łazienki Royal Park and the city center. It combines contemporary design,
architectural quality, and sustainability with a range of services and green spaces tailored to
modern urban living. Marketing is currently underway.

Moniuszki is a more exclusive project, located in a premium area of the Polish capital. Its
strategic location, vertical living concept, and urban integration are aimed at a demanding,
international audience.

These projects illustrate Bois Sauvage's ability to recycle capital in clear, well-sized operations
with strong potential.

Lisbon: already tangible returns on Praça de Espanha

At the same time, Compagnie du Bois Sauvage is also present in Portugal with the Praça de
Espanha project, located in the heart of Lisbon, also carried out in partnership with a leading
player, Besix Real Estate Development (RED).

The first phase of the project has been completed, with €9 million in cash flow already
generated in the third quarter of 2025, out of a total investment of €15 million.

These results confirm the relevance of Compagnie du Bois Sauvage's real estate strategy: a
stable, self-financing hub that anchors the group's overall strategy in tangible, high-performing
assets.
3. REINVENTING COMMERCIAL REAL ESTATE WITH
MITISKA REIM



For several years, Bois Sauvage has chosen to diversify its real estate investments
through partnerships with professional players, such as the Belgian player Mitiska
REIM. This choice is in line with our objective of building a balanced and flexible
portfolio, capable of adapting to market developments while generating stable
returns.

In April 2025, Mitiska REIM, through its MEREP3
fund—to which Bois Sauvage has already
contributed €10.5 million out of a total commitment
of €20 million—announced the purchase of former
Cora sites in Belgium (hypermarkets and shopping
malls) located in strategic areas. The purchase was
finalized in early September, and ambitious
renovation work began in October 1 to transform
these sites into modern shopping centers with a
renewed mix of brands better suited to consumer
expectations.

Since the announcement, the redevelopment has been progressing rapidly: more than
80% of the redeveloped hypermarket space has already found tenants, and the first new
stores are scheduled to open at the end of January 2026.

This conversion project led by Mitiska REIM is part of an ambitious strategy. While the
hypermarket format now seems outdated, conversion into modern, modular retail parks
meets new consumer expectations and the demand for proximity. The repositioning
transforms them into productive assets with stable long-term returns.

This approach is in line with Bois Sauvage's desire to
invest in concrete, structured, and promising projects
that are consistent with our asset-backed approach and
part of solid partnerships. Working with a specialized and
experienced player such as Mitiska REIM reduces risk,
improves visibility, and places us in a professional real
estate development framework.