Label'vie Sa · CSEMA:LBV
Label'vie Sa — FY2025 Earnings Presentation
29 slides from Label'vie Sa's earnings presentation, February 2026
Slide 1: FY 2025 Results
FY 2025 Results February 2026
Slide 2: Macroeconomic overview, Highlights and key achievements, Operational and financial achievements
Macroeconomic Highlights and key Operational and Outlook overview achievements 2025 financial achievements 2025
Slide 3: Macroeconomic overview
Macroeconomic c overview Fauil LabelVie \ GROUPE
Slide 4: Key Macroeconomic Indicators
KEY MACROECONOMIC INDICATORS An economic environment more favorable to consumption ECONOMIC GROWTH TRENDS INFLATION TRENDS FOOD PRODUCTS INDEX TRENDS 6.1% 12.5% 4.8% 4.6% 2.9% 3.0% 1.9% 0.9% 1.0% 0.8% 1.1% 2023 2024 2025e 2026f 2023 2024 2025e 2026f 2023 2024 2025 › 2025: Marked acceleration in gr
Slide 5: Key Macroeconomic Indicators
KEY MACROECONOMIC INDICATORS Trend toward improving household indicators HOUSEHOLD CONFIDENCE INDEX UNEMPLOYMENT RATE 76 13.3% 66 68 66 13.0% 12.8% 63 61 61 61 54 55 56 50 47 47 46 45 47 45 46 46 47 47 44 2023 2024 2025 2020 T1-20 T2-20 2021T3-21 T4-21 T1-22 T2-22 T3-20 T4-20 T1-21 T2-21 2022 2023
Slide 6: Highlights and key achievements 2025
02 Highlights and key achievements 2025 8
Slide 7: Acceleration of store openings in 2025
ACCELERATION OF STORE OPENINGS IN 2025 +18% Additional floor space Store network (2025 vs 2024) 2024 2025 evolution Store Store Floor space Openings Floor space Floor space Share Network Network (m²) # (m²) (m²) % # # 13 70,785 +3 +13,801 16 84,586 23% 104 115,921 +3 +1,735 107 117,656 32% 54 22,239
Slide 8: Geographical distribution of the LabelVie network
GEOGRAPHICAL DISTRIBUTION OF THE LABELVIE NETWORK 37 cities of operation, including 4 new cities in 2025 Tanger – Tétouan 14 Souss-Massa 10 Laâyoune-Sakia El Hamra 1 2 6 5 1 1 7 2 1 Rabat – Salé – kénitra 83 L’Oriental 8 Bejaâd 2 20 15 42 4 1 4 3 4 Tinghir new cities of Grand Casablanca 254 Béni M
Slide 9: Focus on Carrefour LabelVie openings
FOCUS ON CARREFOUR LABELVIE OPENINGS Opening of 3 new stores in Casablanca in 2025 CARREFOUR ALMAZ CARREFOUR ZENATA CARREFOUR AÏN SBAÂ › City : › Sales area : › City : › Sales area : › City : › Sales area : Casablanca 4,200 m² Casablanca 4,200 m² Casablanca 5,401 m² 11
Slide 10: Bond issue of MAD 1.5 billion
BOND ISSUE OF MAD 1.5 BILLION Average rate: 3.06% vs. 3.78% in 2024 LabelVie carried out a standard bond issue TREND IN FINANCING DEBT (in MAD TREND IN THE AVERAGE RATE AND through a private placement with qualified millions) SPREAD investors, aimed at financing its development Bond debt Other deb
Slide 11: CSR achievements in 2025
CSR ACHIEVEMENTS IN 2025 Concrete and targeted actions Waste Food waste Skills development management › 55 tons of food saved › +11% of waste recycled, reaching 1,891 › 7,585 training sessions delivered tons compared to 1,704 tons in 2024 › +56k meals redistributed to local › 88% of employees trai
Slide 12: Operational and financial achievements 2025
03 Operational and financial achievements 2025 14
Slide 13: Performance of key indicators in 2025
PERFORMANCE OF KEY INDICATORS IN 2025 18 534 MDH 362 909 m² 1 557 MDH 43 MDH ▲+12.9% ▲+18% ▲+10.3% ▼-1.9% Retail space EBITDA Financial Result Revenue 93 M 1 206 MDH 594 MDH ▲+22% ▲+32.5% ▲+6.2% Footfall CAPEX Net Income 15
Slide 14: Key P&L Indicators
KEY P&L INDICATORS 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%
Slide 15: Retail Sales: Performance by format
RETAIL SALES Performance by format Sales Sales Sales Sales Sales Sales MAD 3,833m MAD 4,893m MAD 609m MAD 402m MAD 6,135m MAD 15,872m Sales growth Sales growth Sales growth Sales growth Sales growth Sales growth +9.8% +6.7% +15.4% +2.6x +16.8% +13.7% LFL growth LFL growth LFL growth LFL growth LFL
Slide 16: Carrefour Sales
CARREFOUR SALES A format resuming expansion, with strong organic performance 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% CARREFOUR SALES BY HALF-YEAR +14.4% +9.8% sales growth (+4.0% like-f
Slide 17: Carrefour Market Sales
CARREFOUR MARKET SALES Continued structural and recurring growth, supported by the format’s resilience 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% CARREFOUR SALES BY HALF-YEAR +6.7% sales gr
Slide 18: Carrefour Express Sales
CARREFOUR EXPRESS SALES A customized concept, focused on serving customers 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% CARREFOUR EXPRESS SALES BY HALF-YEAR +9.3% +15.4% sales growth, including +10.5%
Slide 19: Supeco Sales
SUPECO SALES Acceleration of store openings, with 128 new stores Number of stores Openings Revenue in MAD millions 2023 19 - 69 2024 80 +61 111 2025 208 +128 402 SUPECO SALES BY HALF-YEAR › Acceleration of store openings, with 128 new stores in 2025 +68% › Strong 292 MMAD contribution from stores
Slide 20: Atacadao Sales
ATACADAO SALES Leading contributor to Group sales 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% ATACADAO SALES BY HALF-YEAR +16.8% sales growth, driven by: +8.9% › Contribution from stores
Slide 21: Retail Sales: Contribution by format
RETAIL SALES Contribution by format +MAD 1,907m +883 +291 15,872 +308 +81 +343 13,965 › Strong contribution › Strong performance › Strong performance from 2024 openings › Strong contribution on a like-for-like from 2024 and 2025 › Strong performance › Strong performance from 2024 openings openings
Slide 22: EBITDA
EBITDA EBITDA increased by 10.3% year-on-year to MAD 1,557m, representing 9.5% of sales EBITDA : Change vs FY 2024 +MAD 145m +423 13.9% 23.4% (+0,2 pt) 1,557 (+0.1 pt) 1,412 -278 9.5% 9.7% Gross Margin OPEX 24
Slide 23: Financial Result
FINANCIAL RESULT Net financial result amounted to MAD 43m, stable year-on-year FINANCIAL INCOME FINANCIAL EXPENSES FINANCIAL RESULT 261 243 218 199 44 43 3 39 2 124 78 132 126 127 137 71 83 2024 2025 2024 2025 2024 2025 Dividends Other financial income Cash out bank loans Bond issue Other financia
Slide 24: 2025 Balance Sheet
2025 BALANCE SHEET Actual 2024 Actual 2025 Change vs historical In MAD ‘000 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
Slide 25: Outlook
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Slide 26: CAP 28: Vision and Ambitions for 2028
CAP 28: VISION AND AMBITIONS FOR 2028 Our ambition is to offer an accessible and modern store format tailored to each consumer segment AMBITIONS OBJECTIVES MAD 27.9bn 9.3% Double EBITDA revenue margin To be the preferred retailer for all consumers by offering the right product, at the right price,
Slide 27: Trend in open store perimeter: end-2025 to 2028
TREND IN OPEN STORE PERIMETER: END-2025 TO 2028 2025/2026 2028 411 Stores 953 Stores Revenue: MAD 21.5bn Revenue : MAD 27,9bn Remaining to be delivered: MAD 5.4bn, equivalent to ~40k sqm of openings per year MAD 22.4bn in 2028 from 80% of 2028 revenue the 411 existing stores secured 29
Slide 28: 2026 Outlook
2026 Outlook › 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 30
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