Slides
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FY 2025 Results February 2026
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Operational and financial achievements 2025 Outlook Macroeconomic overview Highlights and key achievements 2025
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Macroeconomic overview 01 3
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An economic environment more favorable to consumption ECONOMIC GROWTH TRENDS KEY MACROECONOMIC INDICATORS 2.9% 3.0% 4.8% 4.6% 2023 2024 2025e 2026f › 2025: Inflation contained at around 1%, confirming a stable price environment. › 2026: Expected rebound, driven by the normalization of demand and costs. 6.1% 0.9% 1.0% 1.9% 2023 2024 2025e 2026f 12.5% 0.8% 1.1% 2023 2024 2025 6 › 2025: Level similar to 2024, supported by improved supply and easing prices for certain volatile products such as “oil”, “poultry”, and “citrus fruits”. › 2025: Marked acceleration in growth, driven by the agricultural recovery and the resilience of the non-agricultural sector. › 2026: Growth expected to ease slightly, based on the assumption of agricultural normalization. INFLATION TRENDS FOOD PRODUCTS INDEX TRENDS Source : HCP, Bank Al Maghrib (Moroccan central bank)
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Trend toward improving household indicators HOUSEHOLD CONFIDENCE INDEX KEY MACROECONOMIC INDICATORS 76 66 61 61 68 63 66 61 54 50 47 47 46 45 47 44 45 46 46 47 47 55 56 T1-20 T2-20 T3-20 T4-20 T1-21 T2-21 T3-21 T4-21 T1-22 T2-22 T3-22 T4-22 T1-23 T2-23 T3-23 T4-23 T1-24 T2-24 T3-24 T4-24 T1-25 T2-25 T3-25 UNEMPLOYMENT RATE 13.0% 13.3% 12.8% 2023 2024 2025 7 › 2025: Gradual improvement in confidence levels, linked to price stabilization. › 2026: Continued recovery expected, subject to changes in purchasing power and employment. › Limited decline in unemployment in 2025, held back by the contraction in agricultural employment despite the recovery in activity. › Job creation remains concentrated in services and construction. 2020 2021 2022 2023 2024 2025 Source : HCP, Bank Al Maghrib (Moroccan central bank)
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Highlights and key achievements 2025 02 8
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ACCELERATION OF STORE OPENINGS IN 2025 13 104 54 80 19 270 Store Network # 70,785 115,921 22,239 11,847 86,814 307,606 Floor space (m²) 16 107 57 208 23 411 Store Network # 84,586 117,656 22,483 32,296 105,888 362,909 Floor space (m²) 23% 32% 6% 9% 29% 100% Share % Openings # +3 +3 +3 +128 +4 +141 Floor space (m²) +13,801 +55,303 Store network evolution 9 2024 2025 +1,735 +244 +20,449 +19,074 Additional floor space (2025 vs 2024) +18%
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37 cities of operation, including 4 new cities in 2025 GEOGRAPHICAL DISTRIBUTION OF THE LABELVIE NETWORK 10 Tanger – Tétouan 14 2 6 5 1 Rabat – Salé – kénitra 83 2 20 15 42 4 Grand Casablanca 254 6 45 33 168 2 Marrakech – Safi 23 2 13 5 3 Fès – Meknès 14 1 9 1 3 L’Oriental 8 1 4 3 Béni Mellal-Khénifra 7 1 4 2 Drâa-Tafilalet 3 2 1 Guelmim-Oued Noun 1 1 Souss-Massa 10 1 7 2 Laâyoune-Sakia El Hamra 1 1 Laâyoune Guelmim Tinghir Bejaâd 4 new cities of operation in 2025 Existing stores New cities 2025 openings Supeco is now established in Rabat-Salé-Kénitra (42 new stores)
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Opening of 3 new stores in Casablanca in 2025 FOCUS ON CARREFOUR LABELVIE OPENINGS 11 CARREFOUR ALMAZ › City : Casablanca › Sales area : 4,200 m² CARREFOUR ZENATA › City : Casablanca › Sales area : 4,200 m² CARREFOUR AÏN SBAÂ › City : Casablanca › Sales area : 5,401 m²
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Average rate: 3.06% vs. 3.78% in 2024 LabelVie carried out a standard bond issue through a private placement with qualified investors, aimed at financing its development plan, diversifying funding sources, and optimizing costs. Transaction terms: Amount: MAD 1,500,000,000 Tranches : • Tranche A: Bullet repayment after 5 years, with an annually adjustable rate • Tranche B: Bullet repayment after 5 years, at a fixed rate • Tranche C: Amortizing over 7 years, with an annually adjustable rate • Tranche D: Amortizing over 7 years, at a fixed rate BOND ISSUE OF MAD 1.5 BILLION 12 2,805 3,277 4,205 2,057 2,447 2,226 2023 2024 2025 Bond debt Other debt › The growth in financing is mainly driven by bond borrowings, extending maturities while reducing exposure to medium-term loans (CMTs). TREND IN FINANCING DEBT (in MAD millions) › The use of bond borrowings is accompanied by a decrease in the average rate (3.93% → 3.06%) and a controlled spread, providing more competitive financing than medium- term loans (CMTs). TREND IN THE AVERAGE RATE AND SPREAD 4,862 5,724 6,431 95 95 90 85 85 80 3.93% 3.78% 3.06% 4.64% 4.95% 4.64% 2023 2024 2025 Spread (bps) Avg interest rate Avg bank loans interest rate
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Food waste › 55 tons of food saved › +56k meals redistributed to local charities › 226 tons of CO₂ avoided Waste management › +11% of waste recycled, reaching 1,891 tons compared to 1,704 tons in 2024 Skills development › 7,585 training sessions delivered › 88% of employees trained › 3 new partnerships Energy efficiency › 5% improvement vs. 2025 budget › ~5.4 MWh saved (equivalent to the electricity consumption of ~1,800 households) Inclusion and employment › 5 open days (Rabat, Casablanca, Marrakech) › 100 young people supported (Rabat, Casablanca, Marrakech) Solidarity › 50,000 food product donations distributed to vulnerable populations across 7 regions of Morocco Concrete and targeted actions CSR ACHIEVEMENTS IN 2025 13
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Operational and financial achievements 2025 03 14
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PERFORMANCE OF KEY INDICATORS IN 2025 15 362 909 m² ▲+18% Retail space 93 M ▲+22% Footfall 18 534 MDH ▲+12.9% Revenue 1 557 MDH ▲+10.3% EBITDA 43 MDH ▼-1.9% Financial Result 1 206 MDH ▲+32.5% CAPEX 594 MDH ▲+6.2% Net Income
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KEY P&L INDICATORS 16 Change In MAD millions Actuals 2024 Actuals 2025 Amount/pts % Sales of goods 14,604 16,403 +1,799 +12.3% Retail Sales 13,965 15,872 +1,907 +13.7% Services sales 1,814 2,131 +317 +17.5% Ratio 12.4% 13.0% +0.6 Revenue 16,418 18,534 +2,116 +12.9% Direct margin 1,595 1,701 +106 +6.7% Ratio 10.9% 10.4% -0.6 Gross margin 3,409 3,832 +423 +12.4% Ratio 23.3% 23.4% +0.1 Total operating expenses 1,997 2,275 +278 +13.9% Ratio 13.7% 13.9% +0.2 EBITDA 1,412 1,557 +145 +10.3% EBITDA margin 9.7% 9.5% -0.2 D&A 608 718 +110 +18.1% Ratio 4.2% 4.4% +0.2 EBIT 804 839 +35 +4.4% Operating margin 5.5% 5.1% -0.4 Net Financial Income 44 43 -1 -1.9% Ratio 0.3% 0.3% -0.0 Income from ordinary activities 848 882 +34 +4.0% Ratio 5.8% 5.4% -0.4 Non-current income -28 -50 -22 +77.3% Ratio -0.2% -0.3% -0.1 Profit before tax 819 831 +12 +1.5% Ratio 5.6% 5.1% -0.5 Income tax 260 238 -22 -8.5% Ratio 1.8% 1.4% -0.4 Net income 559 594 +35 +6.2% Ratio 3.8% 3.6% -0.2
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› Increasing contribution from discount formats Atacadao (+1pt) and Supeco (+2pts) gaining shares at the expense of historical formats Carrefour (–1pt) and Carrefour Market (–2pts) › Atacadão, Express and Carrefour formats recorded the strongest like-for-like growth over the period. Sales MAD 3,833m Sales growth +9.8% LFL growth +4.0% % of total sales 24% (-1pt) Store count 16 Sales MAD 4,893m Sales growth +6.7% LFL growth +0.5% % of total sales 31% (-2pts) Store count 107 Sales MAD 609m Sales growth +15.4% LFL growth +10.5% % of total sales 4% (+0pt) Store count 57 Sales MAD 402m Sales growth +2.6x LFL growth N/S % of total sales 3% (+2pt) Store count 208 Sales MAD 6,135m Sales growth +16.8% LFL growth +4.8% % of total sales 39% (+1pt) Store count 23 Sales MAD 15,872m Sales growth +13.7% LFL growth +3.5% % of total sales 100% Store count 411 Performance by format RETAIL SALES 17
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+9.8% sales growth (+4.0% like-for-like), driven by: › Solid performance of fresh products › Increased penetration and weight of promotional activity › Continued growth in e-commerce and loyalty programs › Performance of non-food categories A format resuming expansion, with strong organic performance CARREFOUR SALES 1,788 2,045 H1 2025 H2 2025 CARREFOUR SALES BY HALF-YEAR 18 Actuals Actuals Change In MAD millions 2024 2025 Amount % LFL Sales 3,482 3,620 +138 +4.0% Openings 9 213 +205 +24.0x Total Sales 3,490 3,833 +343 +9.8% +14.4%
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CARREFOUR SALES BY HALF-YEAR +6.7% sales growth, driven by: › Improved customer traffic › Higher customer penetration › Solid performance of fresh products › Increased weight of promotional activity › Continued growth in e-commerce and loyalty programs 2,325 2,576 H1 2025 H2 2025 19 Continued structural and recurring growth, supported by the format’s resilience CARREFOUR MARKET SALES Actuals Actuals Change In MAD millions 2024 2025 Amount % LFL Sales 4,487 4,510 +22 +0.5% Openings 98 383 +285 +2.9x Total Sales 4,585 4,893 +308 +6.7% +10.8%
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CARREFOUR EXPRESS SALES BY HALF-YEAR +15.4% sales growth, including +10.5% at constant perimeter, driven by: › The concept revamp initiated in 2025 › Accelerated rollout of the concept › Strong focus on service and an enriched assortment 291 318 H1 2025 H2 2025 20 A customized concept, focused on serving customers CARREFOUR EXPRESS SALES Actuals Actuals Change In MAD millions 2024 2025 Amount % LFL Sales 523 578 +55 +10.5% Openings 4 31 +26 +5.9x Total Sales 527 609 +81 +15.4% +9.3%
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150 252 H1 2025 H2 2025 Acceleration of store openings, with 128 new stores SUPECO SALES 21 SUPECO SALES BY HALF-YEAR +68% › Acceleration of store openings, with 128 new stores in 2025 › Strong 292 MMAD contribution from stores <1 year old, reflecting : • the ramp-up of the format since the rollout decision, with EBITDA profitability in line with the business model • disciplined capital investment Number of stores Openings Revenue in MAD millions 2023 19 - 69 2024 80 +61 111 2025 208 +128 402
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+16.8% sales growth, driven by: › Contribution from stores opened in 2024 in semi-rural cities, delivering strong performance › +4.8% growth at constant perimeter › Opening of 4 new stores in 2025 2,938 3,197 H1 2025 H2 2025 Leading contributor to Group sales ATACADAO SALES 22 ATACADAO SALES BY HALF-YEAR Actuals Actuals Change In MAD millions 2024 2025 Amount % LFL Sales 5,022 5,265 +243 +4.8% Openings 230 870 +641 +2.8x Total Sales 5,252 6,135 +883 +16.8% +8.9%
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23 Contribution by format RETAIL SALES 13,965 15,872 +343 +308 +81 +291 +883 Contribution : 18% › Strong performance on a like-for-like basis › Strong contribution from 2024 openings Contribution : 16% › Strong contribution from 2024 openings Contribution : 4% › Strong performance on a like-for-like basis › Strong contribution from 2024 openings Contribution : 15% › Strong performance from 2024 and 2025 openings › Opening of 128 stores in 2025 Contribution : 46% › Strong contribution from 2024 openings › Strong performance on a like-for-like basis +MAD 1,907m 2024 Retail Sales 2025 Retail Sales
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24 EBITDA EBITDA : Change vs FY 2024 +MAD 145m 9.7% 9.5% 23.4% (+0.1 pt) 13.9% (+0,2 pt) EBITDA increased by 10.3% year-on-year to MAD 1,557m, representing 9.5% of sales 1,412 +423 -278 1,557 Gross Margin OPEX
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44 43 2024 2025 25 FINANCIAL RESULT FINANCIAL INCOME FINANCIAL RESULTFINANCIAL EXPENSES Net financial result amounted to MAD 43m, stable year-on-year 127 137 78 124 39 2024 2025 Dividends Other financial income Cash out 71 83 126 132 2 3 2024 2025 bank loans Bond issue Other financial expenses 243 261 199 218
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2025 BALANCE SHEET 26 In MAD ‘000 Actual 2024 Actual 2025 Change vs historical Amount Days of sales Amount Days of sales Amount Days of sales WCR 1,668,365 42 2,127,626 47 459,261 6 Equity 3,513,657 88 3,797,619 85 283,962 - 3 Net income 558,939 593,658 Dividend distribution -280,000 -320,000 Financing debt 5,723,612 143 6,391,365 142 667,754 - 1 New debt: MLTD 862,909 557,000 New bond debt 1,000,000 1,500,000 MLTD repayments -465,511 -386,204 Bond repayments -527,143 -1,003,042 Permanent financing 9,237,268 231 10,188,984 227 951,716 - 4 Net gearing 53,1% 54,8% Fixed assets -7,568,903 -189 -8,061,357 -179 - 492,454 10 Normalized operating working capital 1,131,044 28 924,077 21 - 206,967 - 8 Inventory -3,070,341 -77 -3,901,773 -87 - 831,432 - 10 Receivables / Payables 4,201,385 105 4,825,850 107 624,465 2 Other current items -1,048,644 -26 -1,265,904 -28 - 217,260 - 2 Cash and short-term investments 1,750,766 44 1,785,800 40 35,035 - 4
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Outlook 04 27
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Our ambition is to offer an accessible and modern store format tailored to each consumer segment CAP 28: VISION AND AMBITIONS FOR 2028 28 AMBITIONS To be the preferred retailer for all consumers by offering the right product, at the right price, in the right place, at the right time OBJECTIVES MAD 27.9bn Double revenue 9.3% EBITDA margin +774 new stores Accelerated expansion MAD 5.3bn CAPEX While preserving our profitability ratios and financial balance
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29 TREND IN OPEN STORE PERIMETER: END-2025 TO 2028 2025/2026 411 Stores Revenue: MAD 21.5bn 2028 953 Stores Revenue : MAD 27,9bn 80% of 2028 revenue secured MAD 22.4bn in 2028 from the 411 existing stores Remaining to be delivered: MAD 5.4bn, equivalent to ~40k sqm of openings per year
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2026 Outlook 30 › Acceleration of the expansion strategy across the five formats › EBITDA margin in line with the 2028 Vision › For FY 2025, the Board will propose to the AGM the distribution of a dividend of MAD 120 per share, up 8.5% year-on-year