Label Vie (LBV) Q4 2024 earnings summary

Executive summary

• Achieved record expansion with 91 new stores in 2024, accelerating the multi-format, omnichannel strategy and aligning with the 2024-2028 plan.

• Revenue grew to 16,418 M MAD (+3.9% year-over-year), with EBITDA up 6.6% to 1,412 M MAD and net income up 6.7% to 559 M MAD.

• Gross margin improved to 23.34% and EBITDA margin rose to 9.7%, near historical highs.

• Divested 49% stake in REIT Terramis, generating a one-off capital gain of 47 M MAD and proceeds of 550 M MAD.

• Advanced ESG initiatives, including earthquake relief, school reconstruction, and CSRD-aligned sustainability plan.

Financial highlights

• Revenue: 16,418 M MAD (+3.9% year-over-year); sales: 14,604 M MAD (+3.2%, -0.8% LFL).

• EBITDA: 1,412 M MAD (+6.6%, 9.7% margin); EBIT: 804 M MAD (+1.2%, 5.5% margin); Net income: 559 M MAD (+6.7%).

• Gross margin increased to 3,409 M MAD (23.4% of sales).

• Cash position rose to 1,575 M MAD (+53.6% year-over-year); free cash flow was 745 M MAD.

• Operating expenses rose 7% to 1,990 M MAD.

Outlook and guidance

• 2025 targets: retail space growth of 15–20%, revenue of 19 billion MAD, EBITDA margin aligned with 2028 target of 9.3%.

• Proposed dividend of 110.57 MAD/share (+14.3% year-over-year).

• Confirms 2028 ambition of 27.9 billion MAD in revenue while maintaining profitability ratios.