LACROIX Group (LACR) H2 2024 earnings summary

Executive summary

• 2024 revenue reached €636M, down 13.4% year-over-year (8.6% like-for-like), mainly due to Electronics in North America, with EBITDA margin at 4% in line with guidance.

• Free cash flow remained positive at €15.2M, but net income was heavily impacted by significant one-offs and non-cash items, resulting in a net loss of €49.2M.

• Electronics segment faced a difficult year, especially in North America, while Environment segment delivered strong growth and profitability.

Financial highlights

• Revenue declined 13.4% year-over-year to €635.5M; like-for-like decline was 8.6%.

• Recurring EBITDA dropped to €25.4M (4.0% margin), down from €45.1M (6.1%) in 2023.

• Operating income was -€20.8M, mainly due to exceptional amortization and restructuring costs.

• Net income was -€49.2M, including losses from discontinued operations and non-cash items.

• Free cash flow was positive at €15.2M, with net cash from operating activities at €29.3M.

Outlook and guidance

• 2025 revenue targeted at around €600M with EBITDA margin above 4%.

• Environment segment expected to maintain growth and high profitability, driven by product renewal, digital services, and regulatory trends.

• Electronics EMEA to focus on topline and cost adaptation; North America to continue restructuring with goal to eradicate losses by 2026.

• New strategic trajectory for 2027 to be presented at half-year 2025 results.