LDC SA (LOUP) H1 25/26 earnings summary

Executive summary

• Revenue for H1 2025/26 rose 15.6% year-over-year to €3,450.0M, driven by acquisitions and favorable pricing.

• Net income increased 10.2% to €136.9M.

• Integration of Pierre Martinet and international acquisitions (Indykpol, Konspol, ECF, Calibra) significantly boosted segment performance.

• Like-for-like H1 sales increased 5.7% in value and 1.7% in volume, highlighting organic growth alongside acquisition impact.

• Q2 revenue grew 20.5% to €1,767.4M, with volumes up 20.7%, reflecting strong contributions from International and Convenience Food divisions.

Financial highlights

• EBITDA rose 19% to €306.8M (8.9% margin); operating income up to €176.6M (5.1% margin, stable year-over-year).

• Net income attributable to the group increased to €136.9M from €124.2M year-over-year.

• Cash flow from operations reached €218.2M; investments totaled €163.4M in H1.

• Equity rose 12.3% to €2,391.4M; net cash position at €73.7M.

• Group H1 volumes rose 14.0% including acquisitions, 1.7% like-for-like.

Outlook and guidance

• Confirms FY 2025/26 targets: revenue above €7B and EBITDA near €560M, achieving 5-year goals a year early.

• Plans to present a new 5-year strategic plan in May 2026.

• Ongoing vigilance on avian influenza and cost inflation; further price adjustments expected in Traiteur.

• Strategy focuses on sector modernization and value creation across the supply chain.