MESSAGE TO OUR SHAREHOLDERS
Fixed Points,
Forward Motion
The global environment has rarely felt more fluid. Economic assumptions evolve quickly, financial conditions adjust abruptly, and geopolitical balances shift in ways that are difficult to predict. Many of the reference points that once seemed stable are moving, sometimes simultaneously. In such a world, waiting for certainty is not a strategy.
Instead, organisations must define their own fixed points: clear principles and disciplines that allow them to navigate uncertainty while continuing to move forward. This idea inspired the theme of our 2025 Annual Report: “Fixed Points, Forward Motion.”
These fixed points are not constraints. They are anchors that allow us to interpret change with clarity and act with conviction. They enable forward motion even when the external landscape remains unstable.
At Cobepa, these reference points begin with lucidity. The ability to read the environment accurately and to understand both risks and opportunities is the foundation of sound investment decisions.
They are reinforced by discipline in execution. In a fast-moving world, relevance depends on the ability to act quickly while maintaining the highest standards of rigour and precision. Speed therefore matters: actions must generate tangible results rapidly if they are to remain relevant in a changing environment. Yet this does not mean that short-term effectiveness and long-term sustainability should be seen as opposing objectives. On the contrary, disciplined execution seeks to reconcile both delivering results with sufficient immediacy while building foundations that remain robust over time.
These reference points are also sustained by energy, which is the collective drive that motivates our teams, inspires our partners and fuels the entrepreneurial momentum within the companies we support.
These principles also guide our approach to value creation across our portfolio.
Our first responsibility as a shareholder is to ensure alignment within the companies in which we invest: alignment on the vision, on how the strategy will be executed, and on the timetable for its delivery. When this alignment is in place, partnerships are not only fruitful, but also inspiring.
Our second responsibility is to ensure that the engines of value creation are firmly in place. Across industries and geographies, value creation ultimately rests on four fundamental drivers: organic growth (potentially but not necessarily complemented by targeted inorganic growth initiatives), improved productivity and margins, strong free cash flow generation, and more favourable valuation metrics at exit than at entry. While these levers are financial in their measurement, they are fundamentally human in their execution. Achieving them requires teams that believe in the ambition of their company and are proud to pursue demanding objectives.
When these conditions are in place - clarity of vision, disciplined execution, aligned teams and sound economic drivers - time begins to work in your favour. This is a crucial moment in the life of any investment. When time becomes an ally rather than a constraint, companies gain the space needed to compound progress, strengthen their fundamentals and build momentum. This is the illustration of what a forward motion looks like. It is in this environment that the most significant results can be achieved while maintaining a level of risk that remains both measured and acceptable.
The discipline and speed of execution that define Cobepa continue to translate into tangible results.
In 2025, our portfolio delivered value creation of 11% at constant exchange rates, reflecting the resilience and dynamism of the companies we support. In 2025, our consolidated net profit exceeded €200 million, more than twice the level recorded in 2024. This performance will support a further increase in dividends to our ultimate shareholders. At the company level, our total return (NAV based) stood at 5.7% in 2025, despite the significant headwind resulting from the depreciation of the US dollar against the euro. In 2025, we also deployed close to €500m, in three new investments, out of which two are in the US.
Looking ahead, the strength of our portfolio gives us confidence to continue deploying capital.
In 2025, our shareholders reinforced this trajectory by subscribing to a €500 million capital increase, out of which €250m has already been paid up. Their support reflects a shared belief in our strategy and in the long-term value we aim to build together and we sincerely thank them a lot for that renewed trust, which obliges both of us and the entire Cobepa team.
Our sincere thanks go to our teams, who bring to life every day the principles that define who we are — our “fixed points” — and enable the forward motion that drives our continued progress. It is through their dedication and professionalism that Cobepa continues to build a strong and sustainable future.
Jean-Marie Laurent Josi
Chief Executive Officer
François Henrot
Chairman