Groupe LDLC société anonyme (ALLDL) H1 24/25 earnings summary

Executive summary

• Revenue for H1 2024-2025 was €243.7M, down 8.7% year-over-year, impacted by inflation and political uncertainty in France, with a net loss of €7.3M compared to a €3.6M loss in H1 2023-2024.

• Gross margin remained within the normative range at 21.1%, but gross profit declined to €51.3M from €57.5M.

• EBITDA loss of €2.5M versus a €2.9M profit in H1 2023/2024, reflecting cost pressures and lower sales.

• Operating loss deepened to €8.7M from €2.3M, reflecting lower activity, integration costs, and higher depreciation.

• Strategic acquisition of Rue du Commerce to strengthen BtoC positioning and future marketplace growth.

Financial highlights

• BtoC revenue was €167.4M, down 6.2% year-over-year; BtoB revenue was €70.2M, down 13.7%.

• EBITDA (excédent brut d'exploitation) was -€2.5M, compared to +€2.9M a year earlier.

• Net financial debt increased to €12.6M (from €3.5M at March 2024), with equity at €93.8M (gearing 13.4%).

• EPS was -€1.19 versus -€0.58 in H1 2023-2024.

• Revenues declined 8.7% year-over-year; at constant scope, down 9.1%.

Outlook and guidance

• Profitability is expected to improve in H2 2024-2025 due to seasonality and ongoing cost control.

• The group aims to leverage its strong financial position and Rue du Commerce's brand to capture future growth and return to normative profitability.

• Rue du Commerce integration is expected to optimize medium-term profitability.