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Visual22 Oct 2025
Epiroc's cash spent on M&A
ELO (ELO) investor relations material
ELO H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2024 earnings summary25 Jul, 2024
Executive summary
H1 2024 revenue was €15.7 billion, down 1.2% year-over-year, with gross margin rate at 23.7% and EBITDA down 38% to €339 million amid a challenging retail environment, especially in France and war-affected countries.
Net loss widened to €981 million from €215 million in H1 2023, mainly due to significant non-recurring expenses, including €283 million goodwill impairment and asset write-downs in France.
Major acquisitions included Dia stores in Spain and Portugal and Casino stores in France, expanding the store network and increasing goodwill and tangible assets.
ELO issued a €750 million bond and completed a €300 million capital increase to support development and liquidity.
Shareholder support and transformation initiatives continue, including price repositioning and operational efficiency programs.
Financial highlights
Group revenue: €15,692 million, down 1.2% year-over-year; gross margin rate at 23.7%; EBITDA: €339 million, down 38%; EBITDA margin dropped to 2.2%.
Net income: -€981 million, mainly due to lower EBITDA and higher non-recurring expenses.
Free cash flow: -€1,122 million; net free cash flow: -€1,308 million, reflecting operational challenges and investment outflows.
Net financial debt rose to €4,477 million from €2,917 million at year-end 2023, reflecting seasonality and acquisitions.
Cash flow from operations dropped to €79 million from €308 million in H1 2023.
Outlook and guidance
Confidence in future performance based on transformation plans, price repositioning, operational efficiency, and expansion in strategic markets.
Positive effects expected from recent acquisitions and the purchasing alliance with Intermarché and Casino.
Management does not see current uncertainties as threatening ELO's financial situation; liquidity remains strong with €2.4 billion in undrawn credit lines and recent bond issuance.
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Frequently asked questions
ELO SA is a French holding company focused on retail and distribution, primarily through its investment in the Auchan Group, a multinational retail conglomerate. ELO oversees and supports various operations related to Auchan’s supermarkets, hypermarkets, and e-commerce activities across Europe, Asia, and Africa. The company is involved in the development and management of retail infrastructure, emphasizing sustainable practices, digital innovation, and quality consumer experiences. ELO SA also invests in real estate projects associated with retail sites to enhance the accessibility and appeal of its retail environments. ELO SA is headquartered in Croix, France, and its shares are listed on Euronext Paris.
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