Label Vie (LBV) Q4 2025 earnings summary

Executive summary

• Revenue grew 12.9–13.7% year-over-year to MAD 18.5 billion, with net income up 6.2% to MAD 594 million and 93 million store transactions, up 22% year-over-year.

• Opened 141 new stores, expanding into four new cities and reaching 411 stores nationwide, with retail space up 18%.

• Strong performance in discount and cash & carry formats: Atacadão sales up 16.8% (LFL +4.8%), Supeco expanded rapidly with 128 new stores and 15.4% sales growth.

• Continued focus on ESG and CSR, reducing food waste by 50 tons, improving energy efficiency by 5%, and expanding employee training.

• Issued MAD 1.5 billion bond at 3.06% to finance expansion and optimize costs.

Financial highlights

• EBITDA increased 10.3% to MAD 1,557 million (margin 9.5%), EBIT up 10%, and net income rose 6.2%.

• CapEx reached MAD 1,206 million, up 32.5% year-over-year.

• Gross margin improved by 0.1pt to 23.4%; operating margin declined by 0.4pt to 5.1%.

• Net financing debt stood at MAD 6.3 billion, net gearing at 54.8%.

• Dividend proposed at MAD 120 per share (+8.5% vs. 2024), payout ratio 58.5%.

Outlook and guidance

• 2028 ambition: target revenue of MAD 28 billion, EBITDA margin around 9.3%, and 774 new stores.

• 2026 outlook: continued expansion across all formats, targeting 10–15% sales area and top-line growth.

• Confident in achieving 80% of the 2028 plan, with the remaining 20% to be secured over the next three years.