ELO (ELO) H2 2024 earnings summary

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.