LDC SA (LOUP) H1 24/25 earnings summary

Executive summary

• The first half of 2024-2025 saw a strategic focus on volume recovery post-avian influenza, with volumes sold up 4.9% and financial results aligned with annual targets.

• Seven acquisitions were completed or in progress in France and internationally, supporting growth ambitions and representing over €640M in potential revenue.

• The group maintained strong operational control and a solid financial position despite accelerated acquisition activity, with EBITDA at €257.1M (8.6% of sales), above the 2026-2027 plan target.

• Net income attributable to the group was €124.2M, down from €153.2M in the prior year period.

Financial highlights

• Consolidated revenue for H1 2024-2025 was €2,984.7M, down 1.2% year-over-year, despite a 4.9% increase in volumes.

• EBITDA reached €257.1M (8.6% margin), compared to €290.7M (9.6%) in H1 2023-2024.

• Operating income was €151.8M (5.1% margin), down from €193.5M (6.4%) year-over-year.

• Net income attributable to the group was €124.2M, with EPS at €3.5 versus €4.4 a year earlier.

• Net cash from operations was €180.2M, with a solid cash position of €305.0M at period end.

Outlook and guidance

• The group confirms its target to exceed €6.2B in revenue and maintain an operating margin of around 5% for FY 2024-2025.

• Strategic plan aims for over €7B revenue and EBITDA close to €560M by 2026-2027.

• Price renegotiations are planned for 2025-2026 to address rising costs and sector expenses, while supporting consumer purchasing power.