Label Vie (LBV) Q2 2025 earnings summary

Executive summary

• H1 2025 saw robust growth in revenue, retail sales, and store expansion, supported by favorable macroeconomic conditions and a recovery in consumer confidence.

• Achieved strong growth in H1 2025, driven by network expansion and increased customer footfall, with 44 new store openings, especially in the Supeco format.

• Maintained solid profitability and a sound financial structure while reaffirming full-year objectives.

Financial highlights

• Revenue (excluding gas sales and real estate) rose 13.9% year-over-year to MAD 8,504m; group revenue reached MAD 8.73 billion, up 12.1%.

• Net income increased 3.4% to MAD 276m, with gross margin up 13.7% to MAD 1,782m.

• EBITDA grew 9.5% to MAD 644m, representing 8.3% of sales.

• Financial result improved 49% year-over-year when excluding a one-off gain in 2024; otherwise, declined by MAD 11m due to non-recurrence of a prior capital gain.

Outlook and guidance

• 2025 targets include 15–20% expansion in retail space and revenue exceeding MAD 19Bn.

• Strategic plan aims to multiply store count by 5 and double sales by 2028, maintaining an EBITDA margin of 9.3%.

• Several additional store openings planned for the remainder of 2025.