Label Vie (LBV) investor relations material

Executive summary

• Revenue grew 12.9% to MAD 18,534 million, with sales up 13.7% and net income rising 6.2% to MAD 594 million.

• Opened 141 new stores, expanding into four new cities and reaching 411 stores nationwide, with retail space up 18%.

• Discount formats Supeco and Atacadão drove expansion, with Supeco adding 128 stores and Atacadão contributing 39% of total sales.

• Strong ESG focus: reduced food waste by 50 tons, improved waste management by 11%, and trained 7,600 employees.

• Issued MAD 1.5 billion bond at 3.06% to finance expansion and optimize costs.

Financial highlights

• EBITDA rose 10.3% to MAD 1,557 million (margin 9.5%), and EBIT increased by 10%.

• Gross margin improved to 23.4%, while operating margin declined to 5.1%.

• CapEx totaled MAD 1,206 million, up 32.5% year-over-year.

• Net financing debt stood at MAD 6,391 million, with net gearing at 54.8%.

• Net financial result stable at MAD 43 million.

Outlook and guidance

• 2028 targets: MAD 28 billion revenue, 9.3% EBITDA margin, and 774 new stores planned.

• Board proposed a dividend of MAD 120 per share for FY 2025, up 8.5% year-over-year.

• Confident in achieving 80% of the 2028 plan, with the remainder to be secured over the next three years.

• 2026 will see continued expansion across all formats, with CapEx slightly lower than 2025.