Label'vie Sa · CSEMA:LBV
Label'vie Sa — H1 2026 Earnings Presentation
25 slides from Label'vie Sa's earnings presentation, October 2026
Slide 1: H1 2026 Results
H1 2026 Results October 2026 het Mit Shot, os PAL - WE | Sd / ¢ = 2 a= -““ Label Vie - GROUPE
Slide 2: Macroeconomic context, H1 2026 Highlights, Operating & financial performance
Macroeconomic H1 2026 H1 2026 context Highlights Operating & financial performance
Slide 3: Macroeconomic context
Macro- — c economic context x N } Vee JK. LabelVie \ GROUPE Fauil
Slide 4: Key Macroeconomic Indicators
KEY MACROECONOMIC INDICATORS GDP GROWTH INFLATION FOOD PRICE INDEX 1.2% 1.2% 1.1% 5.4% 1.1% 0.8% 5.0% 4.9% 4.8% 4.8% 2025 Q1 26 Q2 26 -0.1% -0.7% 2025 Q1 26 Q2 26 Q3 26e 2026e -1.1% 2025 Q1 26 Q2 26 Q3 26e 2026e CONSUMER CONFIDENCE INDEX Ukraine conflict impact Consumer confidence 64 61 recovery sup
Slide 5: H1 2026 Highlights
02 H1 2026 Highlights 5
Slide 6: H1 2026 Highlights
H1 2026 HIGHLIGHTS Accelerate multi-format, Strengthen our position Innovate and transform omnichannel and multi- as a responsible our core businesses market expansion corporate citizen Record store openings, with 72 new Digital transformation as a key A strategic focus on stores and 19.3k sqm of ad
Slide 7: Acceleration in Store Openings in H1 2026
ACCELERATION IN STORE OPENINGS IN H1 2026 +5.2% Additional retail space (H1 2026 vs 2025) 2025 Evolution H1 2026 Store Retail Store Additional Store Retail Share Network Space Openings Retail Space Network* Space* % # m² # sqm # m² 16 84,586 +0 +0 16 84,586 22% 107 117,656 +6 +4,708 112 121,814 32%
Slide 8: Carrefour Express
CARREFOUR EXPRESS Concept enhancement — 9 strategic initiatives New customer journey Margin & traffic Fruit & veg. weighing at checkout Fresh market and snacking brought together at Enhanced cross-merchandising through endcaps, First retailer in Morocco to introduce fruit & the entrance: snacking,
Slide 9: H1 2026 Operating & Financial Performance
03 H1 2026 Operating & Financial Performance 9
Slide 10: Retail Sales
RETAIL SALES* Sales Sales Sales Sales Sales Sales MAD 2,162m MAD 2,504m MAD 332m MAD 321m MAD 3,475m MAD 8,794m Growth Growth Growth Growth Growth Growth +20.3% +6.9% +19.8% +115% +18.2% +17.2% LFL Growth LFL Growth LFL Growth LFL Growth LFL Growth LFL Growth +9.8% +3.6% +17.0% -7.3% +4.7% +5.4% As
Slide 11: Carrefour
CARREFOUR Sales MAD million H1 2025 H1 2026 Change vs. H1 2025 LFL Sales 1,797 1,973 +176 +9.8% New Store Contribution 0 189 +189 - Total Sales 1,797 2,162 +365 +20.3% › Strong like-for-like performance, up 9.8% despite a deflationary environment › Sustained growth in customer traffic (+7.0%) on a
Slide 12: Carrefour Market
CARREFOUR MARKET Sales MAD million H1 2025 H1 2026 Change vs. H1 2025 LFL Sales 2,343 2,427 +85 +3.6% New Store Contribution - 78 +77 - Total Sales 2,343 2,504 +162 +6.9% › LFL sales up 3.6% › Strong performance from stores opened in 2026 › Solid performance in fresh produce, particularly fruit &
Slide 13: Carrefour Express
CARREFOUR EXPRESS Sales MAD million H1 2025 H1 2026 Change vs. H1 2025 LFL Sales 271 317 +46 +17.0% New Store Contribution 5 15 +9 - Total Sales 277 332 +55 +19.8% › Strong LFL sales growth of 17.0% › Confirmed turnaround of the 350 sqm format, combined with strong e-commerce performance › Sustain
Slide 14: Supeco
SUPECO Sales MAD million H1 2025 H1 2026 Change vs. H1 2025 LFL Sales 125 116 -9 -7.3% New Store Contribution 24 205 +181 +7.4x Total Sales 149 321 +172 +1.2x › Continued rapid network expansion, with 59 stores opened across three regions › Launch of a dedicated logistics platform to support the n
Slide 15: Atacadao
ATACADAO Sales MAD million H1 2025 H1 2026 Change vs. H1 2025 LFL Sales 2,889 3,024 +135 +4.7% New Store Contribution 49 450 +401 +8.2x Total Sales 2,938 3,475 +536 +18.2% › Like-for-like sales growth of 4.7% › Strong growth in grocery sales, driven by B2B › Earlier-than-planned opening of the Khe
Slide 16: Retail Sales: Contribution by Format
RETAIL SALES* Contribution by Format +MAD 1,289m +536 (42%) +172 +162 +55 (13%) +365 (13%) (4%) Retail Sales (28%) H1 2026 8,794 Retail Sales H1 2025 7,505 * excl. Service Stations & Real Estate 16
Slide 17: Retail Sales: Contribution by Growth Driver
RETAIL SALES* Contribution by Growth Driver +MAD 1,289m New Store Contribution Like-for-L.ike +895 (69%) +394 (31%) Retail Sales H1 2026 Retail Sales 8,794 H1 2025 7,505 * excl. Service Stations & Real Estate 17
Slide 18: Margins
MARGINS Direct Margin / Sales of Goods & Services / Gross Margin DIRECT MARGIN SALES OF GOODS & SERVICES GROSS MARGIN % OF SALES % OF SALES % OF SALES +14.8% 2,046 10,0% +12.8% 12,6% 1,782 (22.6%) +17.5% (23.1%) 1,141 905 1,012 (12.6%) 770 (10.0%) (13.1%) (10.0%) H1 2025 H1 2026 H1 2025 H1 2026 H1
Slide 19: EBITDA
EBITDA +MAD 62m EBITDA reached MAD 706m, up 9.7%, supported by Gross Margin OPEX gross margin growth and disciplined cost +264 -202 management: (-0.5pts) (-0.0pts) › Gross margin reached MAD 2,046m, up 14.8%, driven by sustained business growth, higher volumes and continued optimization of EBITDA H1
Slide 20: Net Financial Result
NET FINANCIAL RESULT FINANCIAL INCOME FINANCIAL EXPENSES NET FINANCIAL RESULT 204 219 65 141 61 130 32 4 74 74 143 154 74 64 52 48 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Dividends Other Financial Income MTL Bonds Other Financial Expenses › Dividends received amounted to MAD 154m, mainly dri
Slide 21: H1 2026 Retail FCF
H1 2026 RETAIL FCF MAD million H1 2026 FY 2025 H1 2025 Operating income (EBIT) 334 839 323 Depreciation & Provisions 375 757 318 Net Financial Income 64 43 74 Income tax (144) (238) (96) Non-recurring items 0 (47) (21) Change in operating working capital (excl. short-term investments) 290 (424) 330
Slide 22: Financial Structure
FINANCIAL STRUCTURE Net Debt Net Gearing MAD 4,650m 54.9% Vs. MAD 4 606m FY 2025 Vs. 54.8% FY 2025 Equity Net Capex Operating WCR MAD 3,827m MAD 737m 23 days Vs. MAD 3,798m FY 2025 Vs. MAD 751m H1 2025 Vs. 21 days FY 2025 22
Slide 23: Guidance
GUIDANCE 2026 Outlook › Full Year +15% expansion in retail space, broadly similar growth in revenues › FY EBITDA margin stable and in line with 2028 Vision Target 23
Slide 24: Takeaways
TAKEWAYS Strong Core Business: › LabelVie retail engine remains healthy, with strong execution; Double Digit Revenue Growth: › Strong retail execution and expansion, healthy economic conditions and consumer demand support growth, › Further World Cup investment providing a positive backdrop; Focus on
Slide 25: Takeaways
TAKEWAYS