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ELO (ELO) investor relations material

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ELO H2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2024 earnings summary7 Mar, 2025

Executive summary

  • Revenue increased 1.6% to €32.3 billion in 2024, with 98% from retail and 2% from real estate.

  • EBITDA declined 16.9% to €1,224 million; net income was a loss of €1,220 million, mainly due to impairments and restructuring.

  • Major acquisitions included Casino stores in France and DIA in Portugal, expanding the retail footprint.

  • Significant restructuring in France, with a €250 million provision and a plan impacting up to 2,400 jobs.

  • New Immo Holding continued asset rotation, including disposals in Russia, Portugal, and France.

Financial highlights

  • Gross margin rose 1.1% to €7,907 million, but margin rate slightly decreased to 24.5%.

  • Recurring operating income dropped to €22 million from €320 million in 2023.

  • Non-recurring expenses totaled €868 million, driven by goodwill impairment and restructuring.

  • Net financial debt was €2,921 million, representing 59% of equity and 2.4 years of EBITDA.

  • Equity (Group share) decreased to €4,778 million.

Outlook and guidance

  • Signs of recovery in retail in H2 2024, with 4.2% revenue growth at constant exchange rates.

  • Strategic focus on price repositioning, new sales plans, and operational efficiency in France.

  • New Immo Holding to continue dynamic asset management and site attractiveness initiatives.

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