Label Vie (LBV) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues rose 8.7% year-over-year to MAD 4.2 billion, driven by robust store openings and strong retail performance.

• Underlying revenues, excluding real estate and gas stations, increased 11.6% year-over-year.

• Like-for-like retail sales grew 2%, showing sequential improvement amid better macroeconomic conditions.

Financial highlights

• Retail sales up 11.4% year-over-year, supported by 28 new store openings, mainly in H2 2024.

• Net CAPEX reached MAD 331 million, reflecting continued investment in expansion.

• Net debt increased by MAD 195 million since December 2024, totaling MAD 4.3 billion at March 2025.

Outlook and guidance

• Full-year 2025 revenue target set above MAD 19 billion, consistent with the 2024-2028 strategic plan.

• EBITDA margin expected to remain aligned with the 2028 Vision target of 9.3%.