LDC SA (LOUP) H1 24/25 earnings summary

Executive summary

• H1 2024-2025 saw a successful recovery in sales volumes post-avian influenza, with financial results aligned with annual targets.

• Seven acquisitions were completed or in progress in France and internationally, supporting growth ambitions.

• The group maintained a solid financial position despite accelerated acquisition activity.

Financial highlights

• Volumes sold increased 4.9% year-over-year; revenue rose 1.2%, but dipped 3.9% like-for-like at constant exchange rates.

• EBITDA was €257.1m (8.6% of revenue), down from €290.7m (9.6%) in H1 2023-2024.

• Net income Group share was €124.2m, compared to €153.2m a year earlier.

• Cash flow reached €234.5m, down from €255.7m in H1 2023-2024.

Outlook and guidance

• Annual targets confirmed: over €6.2bn in revenue and a current operating margin of around 5%.

• Strategic plan targets over €7bn in revenue and EBITDA close to €560m by FY 2026-2027.

• Price increases planned for 2025-2026 to offset rising sector expenses.