Colruyt Group N.v. · EURONEXT:COLR
Colruyt — FY2024/25 Earnings Presentation
47 slides from Colruyt's earnings presentation, Jun 18, 2025
Slide 1: Full-Year Results 2024/25
Full-Year Results 2024/25 Financial Year ending 31 March 2025 Analyst meeting 18/06/2025
Slide 2: Disclaimer
Disclaimer Risks relating to forecasts Statements by Colruyt Group included in this presentation, along with references to this presentation in other written or verbal statements of the group which refer to future expectations with regard to activities, events and strategic developments of Colruyt G
Slide 3: Table of contents
Table of contents 1. Key figures 2. Business update & highlights 3. Cash flow & net financial debt 4. Outlook 5. Financial calendar Annex – Consolidated income statement per half-year
Slide 4: 1. Key figures
1. Key figures G COLRUYTGROUP
Slide 5: Key figures
Key figures Consolidated Consolidated ∆% Consolidated Consolidated income statement income statement excl. In M€ income statement income statement ∆% FY 2024/25 FY 2023/24 one-off FY 2024/25 FY 2023/24 excl. one-off effects excl. one-off effects effects . . . . . . . . . . . . Revenue 10.963 10.963
Slide 6: Other key figures
Other key figures In M€ . FY 2024/25 . FY 2023/24 . . . . . Market share in Belgium⁽*⁾ (in %) 29,0% 29,3% . . . . . Capex 479 433 % of revenue 4,4% 4,0% . . . . . Net financial debt (incl. IFRS 16) 297 93 . . . . . Share buy-back 175 93 . . . . . . . . . . . FY 2024/25 . FY 2023/24 . . . . . Ordinar
Slide 7: Macro-economic context in Belgium
Macro-economic context in Belgium • Average food inflation: ‒ Approximately 10% in FY 2023/24 ‒ Approximately 1% in FY 2024/25. • Difference between food CPI and food PPI was mostly negative in FY 2024/25. • Negative business and consumer confidence. 7
Slide 8: EBIT evolution (M€)
EBIT evolution (M€) 4,3% of 4,1% of revenue revenue +2 +10 bp +57 -83 +20 bp +11 -59 bp -11 -11 bp +14 bp +470 +446 EBIT Gross profit Services and Employee Other operating Depreciation EBIT FY 2023/24 miscellaneous goods benefit expenses income and impairment FY 2024/25 and expenses 8
Slide 9: EBIT evolution (M€)
EBIT evolution (M€) 4,3% of 4,1% of revenue revenue +2 +10 bp +57 -83 +20 bp +11 -59 bp -11 -11 bp +14 bp +470 +446 EBIT Gross profit Services and Employee Other operating Depreciation EBIT FY 2023/24 miscellaneous goods benefit expenses income and impairment FY 2024/25 and expenses 9
Slide 10: Revenue evolution
• Consolidated revenue (+1,1%) was impacted by the full Revenue evolution consolidation of Comarkt, Degrenne Distribution, Délidis and NRG and by the change in accounting year at The M€ 10.963 Fashion Society and Newpharma. • Excluding Comarkt, Degrenne Distribution, Délidis and M€ 10.845 NRG and ex
Slide 11: Gross margin
Gross margin 30,0% 29,8% • Gross profit increases mainly due to an increase in gross margin and an +20 bp increase in revenue. • The share in revenue of activities with a higher gross margin is increasing which has a positive impact on the gross margin. FY 2023/24 FY 2024/25 • Lowest prices strategy
Slide 12: Net operating expenses
Net operating expenses 4,3% of 4,1% of revenue revenue +2 +10 bp +57 • Long-term strategy continued: pursuing -83 investments in employees, sustainability, efficiency, digital +20 bp transition, innovation, and high-quality +11 and affordable house-brand products. -59 bp -11 • Increased focus on pro
Slide 13: Net operating expenses
Net operating expenses Services and miscellaneous goods % of revenue 21,6% 22,2% 0,5% 0,4% Services and miscellaneous goods: decrease of M€ 2 or 0,3%. • Full consolidation Comarkt. 15,7% 16,3% • Lower energy expenses. • Continuous focus on improvement of productivity and daily cost control. -10 bp O
Slide 14: Net operating expenses
Net operating expenses Employee benefit expenses % of revenue 21,6% 22,2% 0,5% 0,4% +59 bp Employee benefit expenses: increase of M€ 83 or 4,9% 15,7% 16,3% • Automatic wage indexation in Belgium. • FTE’s increased with 314 from 32.103 to 32.418. 7,1% 7,0% Approximately 270 FTE’s can be explained by
Slide 15: EBIT evolution (M€)
EBIT evolution (M€) 4,3% of 4,1% of revenue revenue +2 +10 bp +57 • Increase in depreciations of M€ 22 (to -83 M€ 410) mainly due to the continuous investments in stores, production and +20 bp distribution centres and transformation +11 programmes. -59 bp -11 • Decrease in impairment charges of M€ 3
Slide 16: Net result from continuing operations evolution (M€)
Net result from continuing operations evolution (M€) 9,9% of 3,4% of 3,1% of revenue revenue revenue -704 -23 +4 -5 -8 -649 bp -26 bp +3 bp -5 bp -7 bp +1.072 +368 +334 Net result from One-off effects Net result from EBIT Net financial result Share in result of Income tax expense Net result from con
Slide 17: Net result from continuing operations evolution (M€)
Net result from continuing operations evolution (M€) 9,9% of 3,4% of 3,1% of revenue revenue revenue Increase in finance income Effective tax rate -704 and stable finance costs. amounts to 25,2%. -23 +4 -5 -8 -649 bp -26 bp +3 bp -5 bp -7 bp +1.072 +368 +334 Net result from One-off effects Net resul
Slide 18: Net result from continuing operations evolution (M€)
Net result from continuing operations evolution (M€) 9,9% of 3,4% of 3,1% of revenue revenue revenue -704 -23 +4 -5 -8 -649 bp -26 bp +3 bp -5 bp -7 bp +1.072 +368 +334 Net result from One-off effects Net result from EBIT Net financial result Share in result of Income tax expense Net result from con
Slide 19: Share in result of associates and joint ventures (M€)
Share in result of associates and joint ventures (M€) -704 +709 -5 0 FY 2023/24 One-off effects Other FY 2024/25 Virya Energy 19
Slide 20: 2. Business update & highlights
2. Business update & highlights
Slide 21: Food, Health & Well-being and Non-Food
Food 95,2% of group revenue EUR 10.441 million Health & Well-being and Non-Food 4,6% of group revenue EUR 500 million Group activities, Shareholdings: Real Estate and Energy EUR 23 million 21
Slide 22: Food, Health & Well-being and Non-Food
Food 95,2% of group revenue EUR 10.441 million Health & Well-being and Non-Food 4,6% of group revenue EUR 500 million Group activities, Shareholdings: Real Estate and Energy EUR 23 million 22
Slide 23: Belgian food retail market
Belgian food retail market • Belgian food retail market characterised by: ‒ reduced food inflation; ‒ unfavourable weather conditions; ‒ competitive market with increasing number of independent storekeepers open on Sundays. • Combined market share of Colruyt Group decreased. • New established buying
Slide 24: Food Retail (+0,3% = M€ 8.835)
Food Retail (+0,3% = M€ 8.835) +0,1% -0,2% = M€ 715 = M€ 6.952 (+0,3% excl. petrol) +9 = 270 -2 = 35 +2 = 103 Colruyt Lowest Prices - Comarkt • Winner of YouGov Summer and Winter Report 2024. • Including Match- and Smatch-stores converted to Comarkt. Colruyt Prix Qualité • Downward pressure on volum
Slide 25: Food Retail (+0,3% = M€ 8.835)
Food Retail (+0,3% = M€ 8.835) +1,9% = M€ 1.168 -1 = 170 +4 = 40 +0 = 4 Okay • Third place in YouGov Summer Report 2024 and second place in YouGov Winter Report 2024. • Okay Compact turned into Okay City: easy accessible; carefully selected assortment, budget-friendly and open 7 days a week. Bio-Pla
Slide 26: Food Wholesale
Food Wholesale +6,8% = M€ 1.246 • Excluding Degrenne Distribution, revenue rose by 2,8% (mainly due to acquired Match- and Smatch- stores run by independent storekeepers). • Close and long-term collaboration with independent entrepreneurs. • Intention to further expand the efficient independent stor
Slide 27: Foodservice & Foodproduction
Foodservice & Foodproduction +21,6% +2,4% = M€ 332 = M€ 28 Foodservice • End of September 2024: acquisition of Délidis. Excluding Délidis revenue rose by 15,9%. • Revenue evolution mainly impacted by volume gains. • Solucious stands out by its convenience, its wide product range, its smooth and reli
Slide 28: Food, Health & Well-being and Non-Food
Food 95,2% of group revenue EUR 10.441 million Health & Well-being and Non-Food 4,6% of group revenue EUR 500 million Group activities, Shareholdings: Real Estate and Energy EUR 23 million 28
Slide 29: Health & Well-being (-3,9% = M€ 234)
Health & Well-being (-3,9% = M€ 234) -9,3% Comparable: +47,9% appr. +15% +48 (of which 40 NRG clubs) = 83 Newpharma • Change in accounting year. • Limited impact on operational result. Jims • Mid December 2024: acquisition of NRG. Excluding NRG revenue rose by 23,4%. • Organic growth. • Limited impa
Slide 30: Non-Food (-12,6% = M€ 265)
Non-Food (-12,6% = M€ 265) -11,9% Comparable: -3,4% limited increase +3 = 133 +3 = 29 stores and 3 service points The Fashion Society • Change in accounting year. • 3 French integrated stores opened in the fall of 2024. • Profitable. Bike Republic • Major player in its respective market. • Potential
Slide 31: Food, Health & Well-being and Non-Food
Food 95,2% of group revenue EUR 10.441 million Health & Well-being and Non-Food 4,6% of group revenue EUR 500 million Group activities, Shareholdings: Real Estate and Energy EUR 23 million 31
Slide 32: E-commerce
E-commerce Online revenue Online revenue accounted for almost 8% of retail revenue(*). Online revenue mainly realised by Collect&Go and Newpharma. Over 340 collection points: Belgium: 242 Luxembourg: 4 France: 103 • Online revenue remained stable on a comparable basis. • Collect&Go is market leader
Slide 33: Sustainability
Sustainability Colruyt Group is the reference point for sustainable entrepreneurship and a source of inspiration for conscious consumption. Colruyt Group works towards this objective step by step, through a wide array of initiatives and partnerships. • Colruyt Group has long been committed to offeri
Slide 34: Key figures per segment
Key figures per segment Food Health & Well-being and Non-Food Group activities, Real Estate and Energy . ; . . . . . . . . . . . . . . ; . . In M€ . FY 2024/25 ; FY 2023/24 . ∆% . FY 2024/25 ; FY 2023/24 ; ∆% ; FY 2024/25 ; FY 2023/24 ; ∆% . . . ; . . . . . ; . ; . ; . ; . ; . , Revenue , 10.444 ;,
Slide 35: 3. Cash flow and net financial debt
3. Cash flow and net financial debt
Slide 36: Cash flow (M€)
Cash flow (M€) -149 Net cash +6 evolution -357 Investing -116 activities -9 -479 +122 +858 -171 +739 Operating activities -530 -176 Financing activities -76 -107 +775 +627 Cash & EBITDA Change Income tax Operating CAPEX Investing Dividend paid Purchase Payment of Financing Cash & cash equivalents (i
Slide 37: Net financial debt (M€)
Net financial debt (M€) (*) Including readily redeemable funds for a total of EUR 31 at the end of March 2025 and EUR 151 million at the end of March 2024. 37
Slide 38: Capital expenditures, net of capital grants (M€)
Capital expenditures, net of capital grants (M€) Continuation of the CAPEX programme: • FY 2024/25: M€ 479 or 4,4% of revenue (exclusive of right-of-use assets and business combinations) • Expectation FY 2025/26: above 4,5% of revenue Investments in: • New stores and store modernisation (including t
Slide 39: Share buybacks (M€)
Share buybacks (M€) Treasury shares purchased: Status as per 13/06/2025(*) • In 2024/25: 4.414.803 shares (M€ 175). • 3.804.237 treasury shares held by Colruyt Group. • After period-end: 186.066 shares (M€ 7). • 3,06% of the total number of shares issued Treasury shares cancelled: 3.000.000 in Decem
Slide 40: 4. Outlook
4. Outlook G COLRUYTGROUP
Slide 41: Outlook
Outlook 2025/26 • Colruyt Group aims to ensure the operating profit of the financial year 2024/25 remains stable in the financial year 2025/26. • Colruyt Group will present its full-year 2025/26 guidance at the General Meeting of Shareholders on 24 September 2025. Strategy consistency • The group co
Slide 42: 5. Financial calendar
5. Financial calendar G COLRUYTGROUP
Slide 43: Financial calendar
Financial calendar 31/07/2025 at the latest Publication annual report 2024/25 10/09/2025 Start black-out period 24/09/2025 General Meeting of Shareholders (16h00 CET) 17/11/2025 Start black-out period 16/12/2025 Publication half-year results 2025/26 (17h45 CET) 17/12/2025 Information to financial an
Slide 44: Thank you for your attention Questions?
Thank you for your attention Questions? 44
Slide 45: Annex: Consolidated income statement per half-year
ANNEX Consolidated income statement per half-year
Slide 46: First semester
First semester . | Consolidated income ae Consolidated income Consolidated income Consolidated income A% In ME statement ment statement statement A% excl. one-off H1 2024/25 Ha 2024/25 H1 2023/24 Ha 2028/24 effects excl. one-off effects excl. one-off effects Revenue 5.427 5.427 5.452 5.452 -0,5% -0,
Slide 47: Second semester
Second semester Consolidated income Consolidated income Consolidated income Consolidated income A% In ME statement statement statement statement A% excl. one-off H2 2024/25 H2 2024/25 H2 2023/24 H2 2023/24 effects excl. one-off effects excl. one-off effects Revenue 5.536 5.536 5.393 5.393 2,7% 2.1%