Lacroix Group Sa · EURONEXT:LACR
Lacroix Group Sa — H1 2025 Earnings Presentation
41 slides from Lacroix Group Sa's earnings presentation, Oct 1, 2025
Slide 1: Investors Presentation 2025 Half-Year Results Trajectory 2027
OCTOBER 1ST, 2025 INVESTORS PRESENTATION 2025 Half-Year Results Trajectory 2027
Slide 2: Agenda
Agenda 01 PRESENTATION Vincent BEDOUIN 02 H1 2025 RESULTS Chief Executive Officer 03 TRAJECTORY 2027 Nicolas BEDOUIN 04 UPCOMING EVENTS Chief Operating Officer & Executive Vice-President Finance 05 QUESTIONS & ANSWERS This document is proprietary and confidential to LACROIX and may not be reproduced
Slide 3: Presentation
01 PRESENTATION AT THE HEART OF LACROIX This document is proprietary and confidential to LACROIX and may not be reproduced without prior authorization.
Slide 4: An international, tech & industrial midcap
An international, tech & industrial midcap Incl. 17.9M€ €636M Road Signs BU Revenue in 2024 4,300 Employees Located in Activity Electronics 12 countries Activity Environment LOCATIONS A family-owned group on the stock market since 1992 EMEA ~ 78% revenue NORTH AMERICA ~ 22% revenue APAC 62% FRANCE P
Slide 5: Our mission
Our mission Contribute to the development of more sustainable living ecosystems through useful, robust & secure connected technologies Activity Electronics Activity Environment Design & manufacture Provide electronic equipment & industrial electronic equipment IoT solutions to optimize & secure & in
Slide 6: H1 2025 Results
02 H1 2025 RESULTS Divestment/carveout decision of the ELEC NA subsidiary - Results impacted by the Electronics activity vs N-1 - Very good momentum for the Environment activity This document is proprietary and confidential to LACROIX and may not be reproduced without prior authorization.
Slide 7: Decision to withdraw permanently from our Electronics North American operations
Decision to withdraw permanently from our ELECTRONICS North American operations by the end of 2025 ELEC NA SNAPSHOT EXIT RATIONALE Operational turnaround would have taken too long, with a subsidiary unable 1 to absorb its losses and an ROI that was both low and uncertain Critical performance & resul
Slide 8: Deployment of the withdrawal scenario to stop losses by end of 2025
Deployment of the withdrawal scenario to stop losses by the end of 2025 and protect LACROIX from the financial impact of the EXIT May 15th WHAT HAS BEEN DONE TODAY KEY NEXT STEPS ✓ Grand Rapids divestment (September 1st): ❑ Respect production plan to ensure end of • Buyer: SAFARI Circuits, local EMS
Slide 9: Revenue around €230M, EBITDA margin at 7.5%
REVENUE AROUND €230M, EBITDA MARGIN AT 7.5% EXCLUDING CITY MOBILITY (DISC. ACTIVITY SINCE 2024) -35% vs Y-1 (-12% l-f-l) ELEC NA Revenue by quarter, €M ROAD SIGNS Revenue (€M) 350,3 181 169 285,2 144 141 17,9 116 112 276,6 258,7 132 217,8 227,9 127 116 109 109 112 H1 2024 H2 2024 H1 2025 Q1 24 Q2 24
Slide 10: Electronics Activity
ELECTRONICS ACTIVITY EXCLUDING ELEC NORTH AMERICA (DISC. ACTIVITY) -19% vs Y-1 Revenue by quarter, €M Revenue (€M) 194,3 98 96 158,7 157,9 79 79 81 77 H1 2024 H2 2024 H1 2025 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 -4,4€M vs Y-1 (-8,1 l-f-l) • ELECTRONICS sales reached €157.9m in H1 2025, down 19% year
Slide 11: Environment Activity
ENVIRONMENT ACTIVITY +8,9% vs Y-1 Revenue by quarter, €M Revenue (M€) 70,1 34,0 34,7 35,4 64,4 59,1 30,3 29,2 29,8 H1 2024 H2 2024 H1 2025 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 +3,8€M vs Y-1 Recurring EBITDA (M€, %) • ENVIRONMENT sales reached €70.1m in H1 2025, up 9% year on year 16,4 (23,4%) 12,6 •
Slide 12: Simplified Income Statement
SIMPLIFIED INCOME STATEMENT H1 2024 • Operating income of €9.4M with lower In M€ H1 2025 (retreated H1 2024 from NA) non-current expenses compared to last year Revenue 227,9 276,6 350,3 • Organizational adjustments in 2025 • Loss on the sale of the Road signs Current EBITDA 17,0 22,0 18,3 In % Reven
Slide 13: Simplified Balance Sheet
SIMPLIFIED BALANCE SHEET June 30 December 31 In €M 2025 2024 Non-current assets 160.0 211.5 Current assets (excluding cash) 194.0 258.0 • Treatment of Electronics North Cash and cash equivalents 34.7 41.6 America as assets and liabilities held for sale (N.B. : in 2024 assets and liabilities held for
Slide 14: Cash Flow Statement
CASH FLOW STATEMENT Continu Discont In €M H1 2025 H1 2024 ed inued Consolidated net income 8.4 (31.6) (23.2) (16.9) Cash flow from operations 14.3 (9.9) 4.4 6.3 • Positive net cash flow from operating activities of €16.6M out of Change in working capital (0.0) 12.2 12.2 0.3 which 14.2 on continued a
Slide 15: Deleveraging path: net debt and gearing ratio
We remain on our deleveraging path, while equity reflects the accounting impact of discontinued operations LACROIX NET DEBT & GEARING RATIO, €M Net Debt 139 Gearing 125 113 113 • Net debt at 101 M€ decreasing by 12 M€ vs 103 101 12/2024 and by -24 M€ vs 06/24 • Equity impacted by net income from dis
Slide 16: New Guidance 2025 Following Change in Perimeter
NEW GUIDANCE 2025 FOLLOWING CHANGE IN PERIMETER ~€455M ~7.5% < 3.0 REVENUE EBITDA NET DEBT FY2025 FY2025 / EBITDA This document is proprietary and confidential to LACROIX and may not be reproduced without prior authorization. 16 .
Slide 17: Limited net cash impact from exit of Electronics North America
We expect a limited net cash impact from the exit of Electronics North America operations OPERATIONAL BUSINESS WORKING CAPITAL LOSSES LIQUIDATION • Operational losses < 2024 losses: • Quality improvement, Dec/24 Net Profit Inventory Restruct. Net Fixed • Restructuring Cash for the Non-Cash Consumed
Slide 18: 2027 Trajectory
03 2027 TRAJECTORY FROM A RAPID EXPANSION STRATEGY TO A RESILIENT DEVELOPMENT APPROACH This document is proprietary and confidential to LACROIX and may not be reproduced without prior authorization.
Slide 19: Our Vision
OUR VISION AT LACROIX, WE BELIEVE TECHNOLOGY SHOULD CONTRIBUTE TO SIMPLE, SUSTAINABLE & SAFER ENVIRONMENTS This document is proprietary and confidential to LACROIX and may not be reproduced without prior authorization. 19 .
Slide 20: A different world since 2019 requiring a resilient development approach
From a rapid expansion strategy to a resilient development approach A DIFFERENT WORLD REQUIRING A RESILIENT SINCE 2019… DEVELOPMENT APPROACH A clear positioning as a trusted partner 1 for critical applications with resilient solutions & supply chain 2 More focus in terms of business & more UNCERTAIN
Slide 21: 2027 Organic Trajectory
2027 ORGANIC TRAJECTORY 2025 : ~€455M Revenue 2027 : €475-500M 2027 EBITDA > 8% margin Net Debt / 2025 2026 2027 EBITDA < 3.0 < 2.5 < 2.0 This document is proprietary and confidential to LACROIX and may not be reproduced without prior authorization. 21 .
Slide 22: Electronics Activity
ELECTRONICS ACTIVITY A VIRTUOUS STRATEGIC REORIENTATION... This document is proprietary and confidential to LACROIX and may not be reproduced without prior authorization.
Slide 23: Customized end-to-end services for electronic equipment & industrial IoT
Our customized end-to-end services, from design to manufacturing, for electronic equipment & industrial IoT solutions Design Industrialize Manufacture Sustain HBAS Avionics Automotive Industry Home & Building & defense Healthcare Automation • Powertrain & e-mobility • Machine/robot controls • Automa
Slide 24: Moderate growth for Electronics driven by refocus on strategic markets
A moderate growth for ELECTRONICS activity driven by the refocus on most strategic markets ELECTRONICS REVENUE BY MARKET SEGMENT, €M Trusted partner in strategic segments 511 for regional resilience & agility 8% A virtuous pivot… moving from crisis 19% management in ELEC NA to building a resilient a
Slide 25: A well-calibrated industrial footprint
A well-calibrated industrial footprint to serve the priorities of today and the needs of tomorrow KWIDZYN A benchmark automotive facility, leveraging its advanced capabilities to serve the Smart Home & Buildings sector IMPULSE LOW & MED. mix HIGH volumes Our design center delivers a complete end-to-
Slide 26: Significant asset investment enabling less CAPEX-intensive plan by 2027
In the last years we’ve significantly invested in our assets which will allow an ambitious but less CAPEX-intensive performance plan by 2027 ELECTRONICS EMEA CAPITAL EXPENDITURES, €M CAPEX KEY FACTS 2021-25: a period of exceptional 7,5% CAPEX CAPEX as % of sales investments to prepare strategic 2026
Slide 27: Inventory reduction trajectory to improve cash conversion
The inventory reduction trajectory has also been initiated and will enable better cash conversion in the coming years while ensuring supply chain resilience ELECTRONICS EMEA NET INVENTORY AS % OF SALES SUPPLY CHAIN OPTIMIZATION AND RESILIENCE ➢ PURCHASING EXCELLENCE • Minimum Order Quantity and Lead
Slide 28: Resilient, focused Electronics activity without North America
Without North American operations, we return to a resilient, focused ELECTRONICS activity, built for the future OPERATIONS SOLID BALANCED ROBUST UNDER FINANCIAL SEGMENTS CUSTOMERS CONTROL STRUCTURE EXPOSURE RELATIONSHIP 20+ years of legacy within Positive Free Cash Flows for the <50% exposure to aut
Slide 29: Environment Activity
ENVIRONMENT ACTIVITY AN AMBITIOUS & PRAGMATIC DEVELOPMENT PLAN IN A FAVORABLE MARKET… This document is proprietary and confidential to LACROIX and may not be reproduced without prior authorization.
Slide 30: Turnkey offer of electronic equipment & IoT solutions for water & energy
Our turnkey offer of electronic equipment & industrial IoT solutions to optimize & secure water & energy infrastructures IIoT & RTUs Sensors & actuators Connection boxes & accessories IoT platforms Supervision Professional services Water HVAC Smart Smart networks Heating, Ventilation & Air Condition
Slide 31: An ambitious growth journey leveraging favorable market trends
An ambitious growth journey, continuing the exceptional trajectory of the last decade and leveraging favorable market trends ENVIRONMENT REVENUE BY MARKET SEGMENT, €M Ageing of infrastructure & 2G/3G stop + pushing renewal of equipment +7-8% Benefitting from local regulations and SMART LIGHTING + fu
Slide 32: Reinforced positioning and strategic pillars
A reinforced positioning to leverage emerging value creation axes A REINFORCED POSITIONNING Being our customers’ preferred service provider for trusted field data in infrastructure networks 3 STRATEGIC PILLARS Run Legacy assets & business, International scale up to Digitalize our offering & deploy t
Slide 33: Digitalize our offering & deploy recurring services
Digitalize our offering & deploy recurring services leveraging our installed base, proprietary software, and AI partnerships DATA LX ANALYTICS with INTEGRATION AND ANALYTICS AI partnerships Optional add-on for small & PARTNERSHIP WITH AI PURE PLAYER SOLUTIONS medium customers (POC & STUDY IN SUPERVI
Slide 34: Consolidated Vision
CONSOLIDATED VISION This document is proprietary and confidential to LACROIX and may not be reproduced without prior authorization.
Slide 35: A solid 2027 trajectory to lay foundations for 2030 plan
A solid 2027 trajectory to lay the foundations for an ambitious 2030 plan LACROIX REVENUE & EBITDA% TRAJECTORY , AS REPORTED IN €M LX ELEC NA CITY EBITDA% ~7,5% >8,0% 6,2% 6,3% • Realistic & organic growth to 5,5% consolidate LACROIX's foundations in 4,4% key development areas 761 708 PROJECTIONS 63
Slide 36: Heavy portfolio restructuring is behind us
The heavy portfolio restructuring is behind us, the future is about long-term growth, resilience, and cash generation 1 2 3 ELEC NORTH AMERICA ROAD SIGNS CITY MOBILITY EXIT DIVESTMENT DIVESTMENT 100% COMPLETED 100% COMPLETED 75% COMPLETED Divested to AIAC in 2024 Divested to SWARCO in 2025 Grand Rap
Slide 37: Solid cash generation, robust financial structure
Short-term objective is clear: strong cash generation to preserve financial strength and provide fair value to shareholders SOLID CASH GENERATION MAINTAIN ROBUST FINANCIAL STRUCTURE • Highest margins segments with strong OPERATIONAL tailwinds (Water, Smart Grids, Defense…) PROFITABILITY NET DEBT / 2
Slide 38: Confirmation of our commitments to useful & sustainable electronics
Confirmation of our 4 commitments to useful & sustainable electronics 2024 OBJECTIVES Impact indicators w/o ELEC NA GROW POSITIVE Share of impact business 67% 71% 80% IMPACT BUSINESS in revenue in 2030 DESIGN ECO- EFFICIENT Share of new LACROIX products eco-designed 71% 71% 100% SOLUTIONS in 2025 11
Slide 39: Upcoming Events
04 UPCOMING EVENTS This document is proprietary and confidential to LACROIX and may not be reproduced without prior authorization.
Slide 40: Next Appointments
NEXT APPOINTMENTS • November 5, 2025: Revenue Q3 2025 • February 10, 2026 : Revenue Q4 2025 • March 31, 2026 : FY2025 Results Ce document est confidentiel, et est la propriété de LACROIX, il ne peut être reproduit sans autorisation préalable. 40
Slide 41: Thank you for your attention Q&A
Thank you for your attention Q&A