Label'vie Sa · CSEMA:LBV
Label'vie Sa — FY2024 Earnings Presentation
37 slides from Label'vie Sa's earnings presentation, February 2025
Slide 1: FY 2024 Results
FY 2024 Results February 2025
Slide 2: Macroeconomic Overview, Key Highlights, 2024 Results, 2025 Outlook
Macroeconomic Key Highlights and 2024 Results 2025 Outlook Overview 2024 major achievements 2
Slide 3: Macro Overview
Vo GQ Macro Ze Overview XN SS \ JA. LabelVie \ GROUPE
Slide 4: Moderate economic growth and slight increase in unemployment rate
Moderate economic growth and slight increase in unemployment rate GDP Growth Inflation General index Food price index 3,8% 128,7 129,7 3,0% 6,6% 6,1% 2.9% 114,4 1.3% 0,9% 2022 2023 2024 2025e 2022 2023 2024 2022 2023 2024 Consumer confidence index Quarterly inflation trends 10,1% 78,2 7,8% 46,2 4,9%
Slide 5: Key Highlights and 2024 major achievements
02 Key Highlights and 2024 major achievements 5
Slide 6: The preferred food retailer for our customers via our multi-format and omnichannel offering
The preferred food retailer for our customers via our multi-format and omnichannel offering Guided by our strong Accelerate the multiformat, Innovate and transform our corporate governance, omnichannel and multimarket core businesses social and environmental expansion strategy principles 4 KEY DRIVE
Slide 7: Leverage our position as a leading retailer in the transformation of Moroccan retail
Leverage our position as a leading retailer to capture the unique opportunity offered by the transformation of the Moroccan retail sector 5x Store Count 2x Revenues Maintain Margins Reduce Gearing (in million MAD) (EBITDA in million MAD ; EBITDA margin) (Debt/Equity %)) Focus on convenience / CAGR 2
Slide 8: Acceleration of our strategic plan
Acceleration of our strategic plan Accelerate multi-format, Innovate and transform our Guided by our strong omnichannel and multi- core businesses corporate governance, market expansion social and environmental Continuation of the strategy of principles +91 new stores including 61 digital transforma
Slide 9: Accelerate the multiformat, omnichannel and multimarket expansion strategy
02 Key Highlights and 2024 majors achievements 1. Accelerate the multiformat omnichannel and multimarket expansion strategy 9
Slide 10: 91 new stores, including 67 in high-growth potential formats
91 new stores, including 67 in high-growth potential formats 2023 2024 Number of Retail space Growth in the number of stores Number of Retail space % of total stores (in m²) stores (in m²) 13 65 714 +6 19 86 814 28% 12 65 900 +1 13 70 785 23% 135 123 853 +23 158 137 434 45% 19 2 763 +61 80 11 985 4%
Slide 11: 91 new stores in one year, out of the 774 by 2028
91 new stores in one year, out of the 774 by 2028 Number of stores 2028 Target 2023 2024 Execution of the strategic plan 2028 Completion rate Remaining openings % 13 19 19 30 36 49 39% 12 13 13 5 6 18 72% 135 158 158 319 477 33% 19 80 80 329 390390 409 20% 179 270 270 683 953 28% Existing stores by
Slide 12: Retail space added and cities covered in 2024
+49 376 m2 33 +4 Retail space Cities covered New cities : +73 stores in Q4 2024 added in 2024 (Kelâa Sraghna, Youssoufia, Taroudant & Taourirt) +5 +4 +4 +11 +36 March May July September November April June August October December +1 +2 +3 +26 +1 12
Slide 13: Divestment of a 49% stake in REIT Terramis
Divestment of a 49% stake in LBV Key figures of REIT Terramis for Full Year 2024 REIT Terramis for MAD 550 million: • 40% in H1 2024, for MAD 473 million • 9% in H2 2024, for MAD 76 million 2 billion MAD 1.6 billion MAD High quality minority investors in Fair market value Net Assets Terramis: Sanlam
Slide 14: Innovate and transform our core businesses
02 Key Highlights and major Achievements of 2024 2. Innovate and transform our core businesses 14
Slide 15: Challenges and initiatives
Challenges Initiatives Commercial aggressiveness 1 Ongoing inflation still impacting purchasing power Intensification of communication 2 Prices deceleration in 2024 Mobilization of our partners 3 Increased competition, particularly in ultra-local markets Productivity improvement Securing and acceler
Slide 16: Becoming the retailer of tomorrow
Becoming the retailer of tomorrow The right product Transformation projects Operational projects Commercial Offering Customer Concepts of differentiation Offering At the right Support Operational excellence the customer price Operations Communication Tech, Digital & Data Culture Process In the right
Slide 17: A key driver for customer loyalty and to support purchasing power
A key driver for customer loyalty and to support purchasing power 2024 Achievements: Loyalty program expanded to all stores by the end of the year Launch of a referral campaign to encourage program sign-ups Digital vouchers introduced to replace physical ones Integration of Bringo orders New partner
Slide 18: Express omnichannel offering
Express Personal Shopper: Omnichannel: 3,000 references Experienced store preparer Loyalty Delivery within 30 minutes Customizing Orders Store assortment (20k SKU) Mesh on the majority of our stores Systematic customer call Store prices and promotions Shop in shop dynamic according to seasons and ev
Slide 19: Guided by strong corporate governance, social and environmental principles
02 Key highlights and major achievements of 2023 3. Guided by our strong corporate governance, social and environmental principles 19
Slide 20: "Ma3a Al Haouz" initiatives
"Ma3a Al Haouz" initiatives Supporting families affected by the Al Haouz earthquake Housing assistance: Contributed to the relocation of 3 villages, providing new homes for 67 affected families Food baskets: Distribution of nearly 3,000 food baskets reaching various areas, including Amizmiz, Talat N
Slide 21: Aligning with global best practices
Aligning with global best practices How ? Develop a double materiality matrix to identify the Group’s key sustainability issues, considering both financial and non- financial perspectives. Develop a detailed CSR action plan aligned with the company's strategic objectives and the requirements of vari
Slide 22: 2024 Results
03 2024 Results 22
Slide 23: Acceleration of openings
Acceleration of openings 16 418 M MAD 14 604 M MAD 1 412 M MAD 270 307 606 m2 +3.9% +3.2% +6.6% +91 stores +19% -0.8% LFL 9.7% of sales +30 bps Number of stores Total retail space Revenue Sales EBITDA Business resilience 1 819 M MAD 804 M MAD 559 M MAD 73,4 M +7.3% +1.2% +6.7% 209 MAD 12.5% of sales
Slide 24: Quarterly revenue 2024
Q1 2024 Q2 2024 Q3 2024 Q4 2024 3,825 M MAD 3,958 M MAD 4,308 M MAD 4,327 M MAD +1.3% yoy +5.4% yoy +0.3% yoy +8.9% yoy -0.2% LFL +0,7% LFL -1.7% LFL* -1,9% LFL %* High comparison basis in 2023, with to exceptional sales in Q3 and Q4 due to the Al Haouz earthquake context. 24
Slide 25: Sales breakdown by format
(Figures in MAD million ) Hypermarkets Hyper cash Sales: 3 490 M MAD Sales: 5 252 M MAD -2.8% vs. 2023 Sales breakdown by format +5.2% vs. 2023 -3.0% LFL +0.6% LFL 2024 13 stores 19 stores 25% 26% 37%37% 2023 Supermarkets Sales: 5 369 M MAD 37% +7.3% vs. 2023 38% +0.7% LFL 238 stores 25
Slide 26: Supermarkets: growth driven by new openings
Growth driven by new openings (Figures in MAD million ) Supermarkets sales performance +7.3% 5 369 238 stores 150 007 m² 45 M +84 additions +23 391 m² +5.2% 36% 121 of total sales 5 004 Network Retail space Customer visits 308 101 4.903 4.940 +0.7% LFL Revenue grew +7.3% to 5 369 M MAD with a slight
Slide 27: Hypermarkets: recovery in Q4
Recovery in Q4 driven by both store footfall and average basket size (Figures in MAD million ) Hypermarkets sales performance -2.8% 3 591 13 stores 70 785 m² 16 M 3 490 +4 885 m² -4.2% 24% 3.591 9 +1 addition of total 3.482 Network Retail space Customer visits sales Challenging macroeconomic environ
Slide 28: Atacadao: growth driven by new store openings
Growth driven by new store openings, with resilient LFL sales (Figures in MAD million ) Atacadao sales performance 5 252 +5.2% 19 stores 86 814 m² 9M 230 36% 4 992 +6 additions +21 100 m² +11.6% of total Network Retail space Customer visits sales 4.992 5.022 A high-growth potential retail format at
Slide 29: Direct margin, back margin, gross margin
(Figures in MAD million and in % of sales) Direct margin Back margin Gross margin +3.3% +10,1% +6.8% 1.814 3.409 3.192 1.647 23,4% 1.595 12,4% 1.544 22,6% 11,6% 10,9% 10,9% 2023 2024 2023 2024 2023 2024 29
Slide 30: EBITDA margin increases to 9.7%
EBITDA margin increases to 9.7%, close to historical peak levels (Figures in MAD million) +87 M MAD +6.6% 1 412 M MAD 9.7% 9.4% 9.7% 2024 EBITDA 2024 EBITDA margin of sales of sales +6.6% vs. 2023 +31 bps vs. 2023 166 51 1 412 1 325 - 130 +6.8% increase in gross margin, due to improved supplier nego
Slide 31: Change in financial result
(Figures in MAD million) Change in financial result 44 1 127 Terramis Stake Sale 96 Dividends received Despite the increase in financial expenses, 73 75 financial result shows a significant increase, Other financial income and driven by higher dividends and the Terramis -66 -71 expense stake sale in
Slide 32: In line with the 2024-2028 strategic plan
In line with the 2024-2028 strategic plan (Figures in MAD million) Net debt Net capex and leverage Equity Gearing ROIC (Net debt ratio) 2.8x 2.8x EBITDA EBITDA 1.218 3.973 53% 53% 12% 3.650 11% 3.484 910 3.220 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 32
Slide 33: Working capital, equity and debt 2024 vs. 2023
2023 2024 2024 vs. 2023 In MAD m Amount Days of sales Amount Days of sales Amount Days of sales Working capital 815 21 1 668 42 853 21 Equity 3 229 83 3 513 88 284 5 Net income 524 559 Dividend paid -250 -280 Financial debt 4 853 125 5 724 143 871 18 New bank debt 453 863 New bond debt 1 000 1 000 D
Slide 34: Cash position growth
+550 MDH +53,6% Cash position growth +745 CAGR +599 +34% 1.575 1,575 1.026 1,026 -795 618 565 501 365 2019 2020 2021 2022 2023 2024 End 2023 Cash from Cash from Cash from End 2024 cash position operations investments financing cash position 34
Slide 35: 2025 Outlook
04 2025 Outlook 35
Slide 36: Continued execution of our strategic plan, acceleration of growth
Continued execution of our strategic plan, acceleration of growth LabelVie’s 2025 outlook Further acceleration of the expansion strategy with an increase in total retail space in the range of 15% to 20% Revenue reaching approximately 19 billion MAD EBITDA margin in line with the 2028 target of 9.3%
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