Label Vie (LBV) Q1 2026 earnings summary

Executive summary

• Retail revenue grew 16.4% year-over-year in Q1 2026, driven by network expansion and strong operating execution.

• 31 new stores opened in the quarter, supporting the Vision 2028 roadmap and nationwide footprint.

• Like-for-like (LFL) sales increased 4.1%, reflecting solid commercial momentum and customer traffic.

Financial highlights

• Q1 2026 retail sales reached MAD 4,188 million, up 15.6% compared to Q1 2025.

• Net CAPEX was MAD 71 million, down 78.5% year-over-year, mainly due to a MAD 484 million securitization transaction.

• Net debt stood at MAD 4,748 million at March 2026, up from MAD 4,606 million at year-end 2025.

Outlook and guidance

• Revenue growth of around 15% expected for FY 2026, with EBITDA margin targeted near 9.3%.

• Continued expansion across five formats and a projected 15% increase in sales area.