Groupe LDLC société anonyme (ALLDL) Q4 25/26 TU earnings summary

Executive summary

• Full-year consolidated revenues rose 3.7% year-over-year to €554.1m, with business volumes up 6.2% to €601.1m.

• BtoC revenues increased 4.5% to €395.4m, driven by strong online and store performance, despite a Q4 decline due to lack of Nvidia launches.

• BtoB revenues grew 1.4% to €146.3m, with acceleration in the second half and a 5.2% increase in Q4.

• L'Armoire de Bébé posted standout growth, up 13.0% year-over-year to €9.1m.

• Rue du Commerce marketplace sales surged 116% year-over-year, with Q4 up 170%.

Financial highlights

• Q4 revenues fell 11.0% year-over-year to €122.8m, mainly due to the absence of new Nvidia product launches.

• Gross margin for 2025/2026 is forecast above 24%, exceeding the normalized 21-22% range.

• EBITDA expected to surpass €23m, representing an EBITDA margin of at least 4.1%, up from 0.5% the previous year.

Outlook and guidance

• Margin-focused strategy to continue, with gross margin and EBITDA margin expected to remain strong.

• Short-term headwinds from Nvidia product cycle expected to persist into early 2026/2027.

• Medium-term revenue growth anticipated from new Nvidia launches and AI-driven hardware upgrades.