LDC SA (LOUP) Q1 25/26 earnings summary

Executive summary

• Revenue for Q1 2025-2026 rose 10.9% year-over-year to €1,682.6 million, with like-for-like growth of 4.1%.

• Volumes increased 7.4% year-over-year, or 1.2% like-for-like, driven by strong poultry consumption and acquisitions.

• Growth was led by the Poultry France and International divisions, while Catered Food saw modest gains.

Financial highlights

• Poultry France revenue grew 5.5% to €1,160.5 million, with like-for-like sales up 4.2%.

• International revenue surged 54.1% to €284.1 million, with 39.4% volume growth, mainly from acquisitions.

• Catered Food revenue increased 1.8% to €238 million, despite a 1.1% decline in volumes.

• Group revenue breakdown: Poultry France 69%, International 17%, Catered Food 14%.

Outlook and guidance

• Confirms targets to surpass €7 billion in revenue and achieve nearly €560 million EBITDA by end of 2025-2026, one year ahead of plan.

• Ongoing negotiations on price increases to offset rising operating and raw material costs.

• Integration of Pierre Martinet Group expected to strengthen Catered Food division.