Groupe LDLC société anonyme (ALLDL) Q1 26/27 TU earnings summary

Executive summary

• Q1 2026/2027 consolidated revenues were €109.0m, down 14.3% year-over-year, mainly due to weak BtoC demand impacted by inflation and lack of new graphics card launches.

• BtoB revenues grew 2.9% to €34.2m, showing resilience and recurring corporate demand.

• Rue du Commerce marketplace business volumes surged 70%, driving a 31.8% increase in total business volumes for the brand.

• Inventory normalization underway, with safety stock reduced to around 10%, improving working capital.

• Significant improvement in sales trend since June, continuing into July.

Financial highlights

• Q1 consolidated revenues: €109.0m, down from €127.2m year-over-year (-14.3%).

• Group business volumes: €119.0m, down 12.0% year-over-year.

• BtoC revenues: €71.8m, down 21.2%; online revenues fell 25.4%, store revenues fell 13.2%.

• BtoB revenues: €34.2m, up 2.9% year-over-year.

• Other businesses revenues: €3.1m, up 7.5%; L'Armoire de Bébé up 26.1% to €2.4m.

Outlook and guidance

• Full-year outlook remains positive despite Q1 decline, supported by improving trends since June.

• EBITDA margin target for 2026/2027 confirmed, in line with 2025/2026.

• Continued focus on cost optimization, commercial discipline, and inventory management.

• Medium-term confidence in demand recovery driven by new graphics card launches and AI-related PC innovations.