Colruyt Group N.v. · EURONEXT:COLR
Colruyt — H1 2024/25 Earnings Presentation
47 slides from Colruyt's earnings presentation, Dec 11, 2024
Slide 1: Half-Year Results 2024/25
Half-Year Results 2024/25 Financial Year ending 31 March 2025 Analyst meeting 11/12/2024
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 – Restated operating segments FY 2023/24
Slide 4: 1. Key figures
1. Key figures G COLRUYTGROUP
Slide 5: Key figures
Key figures Consolidated Consolidated Consolidated Consolidated ∆% income statement income statement In M€ income statement income statement ∆% excl. one-off H1 2024/25 H1 2023/24 H1 2024/25 H1 2023/24 effects excl. one-off effects excl. one-off effects . . . . . . . . . . . . Revenue 5.427 5.427 5.
Slide 6: Other key figures
Other key figures In M€ . H1 2024/25 . H1 2023/24 . . . . . Market share in Belgium⁽¹⁾ (in %) 31,2% 31,6% . . . . . Capex 237 206 % of revenue 4,4% 3,8%⁽²⁾ . . . . . Net financial debt (incl. IFRS 16) 49 236 . . . . . Share buy-back 54 41 . . . . . (1) Combined market share in Belgium of Colruyt Low
Slide 7: Macro-economic context in Belgium
Macro-economic context in Belgium • Average food inflation: ‒ Approximately 14% in H1 2023/24 ‒ Less than 1% in H1 2024/25. • Difference between food CPI and food PPI negative again. • Negative business and consumer confidence. 7
Slide 8: EBIT evolution (M€)
EBIT evolution (M€) 4,7 % of 4,5 % of revenue revenue +16 -28 +26 bp +13 +37 bp -60 bp -12 0 -21 bp -2 bp +257 +245 EBIT Gross profit Services and Employee Other operating Depreciation EBIT H1 2023/24 miscellaneous goods benefit expenses income and impairment H1 2024/25 and expenses 8
Slide 9: EBIT evolution (M€)
EBIT evolution (M€) 4,7 % of 4,5 % of revenue revenue +16 -28 +26 bp +13 +37 bp -60 bp -12 0 -21 bp -2 bp +257 +245 EBIT Gross profit Services and Employee Other operating Depreciation EBIT H1 2023/24 miscellaneous goods benefit expenses income and impairment H1 2024/25 and expenses 9
Slide 10: Revenue evolution
• Consolidated revenue (-0,5%) impacted by low food inflation, the Revenue evolution decrease of the market share in Belgium, unfavourable weather effect, M€ 5.452 M€ 5.427 full consolidation of Comarkt and Degrenne Distribution and change in accounting year at The Fashion Society and Newpharma. -0,
Slide 11: Gross margin
Gross margin 29,8% 29,5% • Gross profit increases mainly due to an increase in gross margin partly +37 bp compensated by lower revenue. • The difference between sales price inflation and cost price inflation has narrowed again but we were able to realise a gross margin of 29,8%. H1 2023/24 H1 2024/2
Slide 12: Net operating expenses
Net operating expenses 4,7 % of 4,5 % of revenue revenue +16 -28 • Continuous focus on processes, cost +26 bp control and efficiency. +13 • Long-term strategy continued: pursuing +37 bp -60 bp investments in employees, sustainability, -12 efficiency, digital transition, innovation, 0 and high-qualit
Slide 13: Net operating expenses
Net operating expenses Services and miscellaneous goods % of revenue 21,1% 21,7% Services and miscellaneous goods: decrease of M€ 16 or 4,1%. 0,4% 0,3% • Full consolidation Comarkt. • Lower energy expenses. • Continuous focus on processes, cost control and efficiency. 15,4% 16,0% -26 bp 7,1% Other o
Slide 14: Net operating expenses
Net operating expenses Employee benefit expenses % of revenue 21,1% 21,7% 0,4% 0,3% +60 bp Employee benefit expenses: increase of M€ 28 or 3,4% 15,4% 16,0% • Automatic wage indexation in Belgium. • FTE’s increased with 1.306 from 30.613 to 31.919. 7,1% 6,8% Approximately 770 FTE’s can be explained b
Slide 15: EBIT evolution (M€)
EBIT evolution (M€) 4,7 % of 4,5 % of revenue revenue +16 • Increase in depreciations of M€ 10 (to -28 M€ 199) mainly due to the full consolidation +26 bp of Degrenne Distribution and Comarkt and +13 the continuous investments in stores, +37 bp -60 bp production and distribution centres and -12 tran
Slide 16: Net result from continuing operations evolution (M€)
Net result from continuing operations evolution (M€) 16,7% of 3,7% of 3,5% of revenue revenue revenue -708 -12 +13 -7 -4 -20 bp +24 bp -13 bp -8 bp +909 +201 +191 Net result from One-off effects Net result from EBIT Net financial result Share in result of Income tax expense Net result from continuin
Slide 17: Net result from continuing operations evolution (M€)
Net result from continuing operations evolution (M€) 16,7% of 3,7% of 3,5% of revenue revenue revenue Increase in finance income Effective tax rate and stable finance costs. amounts to 25,0%. -708 -12 +13 -7 -4 -20 bp +24 bp -13 bp -8 bp +909 +201 +191 Net result from One-off effects Net result from
Slide 18: Net result from continuing operations evolution (M€)
Net result from continuing operations evolution (M€) 16,7% of 3,7% of 3,5% of revenue revenue revenue -708 -12 +13 -7 -4 -20 bp +24 bp -13 bp -8 bp +909 +201 +191 Net result from One-off effects Net result from EBIT Net financial result Share in result of Income tax expense Net result from continuin
Slide 19: Share in result of associates and joint ventures (M€)
Share in result of associates and joint ventures (M€) -708 +722 -7 +7 H1 2023/24 One-off effects Other H1 2024/25 19
Slide 20: 2. Business update & highlights
2. Business update & highlights
Slide 21: Food, Health & Well-being and Non-Food
Food 95,6% of group revenue EUR 5.186 million Health & Well-being and Non-Food 4,2% of group revenue EUR 229 million Group activities, Shareholdings: Real Estate and Energy EUR 12 million 21
Slide 22: Food, Health & Well-being and Non-Food
Food 95,6% of group revenue EUR 5.186 million Health & Well-being and Non-Food 4,2% of group revenue EUR 229 million Group activities, Shareholdings: Real Estate and Energy EUR 12 million 22
Slide 23: Belgian food retail market
Belgian food retail market Belgian food retail market characterised by: • low food inflation; • unfavourable weather conditions; • combined market share decreased; • competitive market with increasing number of independent storekeepers open on Sundays. 23
Slide 24: Food Retail (-1,4% = M€ 4.379)
Food Retail (-1,4% = M€ 4.379) -1,9% -0,5% = M€ 364 = M€ 3.438 (-0,7% excl. petrol) +5 = 265 +39 = 39 +2 = 102 Colruyt Lowest Prices - Comarkt • Colruyt Lowest Prices winner of GfK Summer Report 2024. • Including Match- and Smatch-stores converted to Comarkt. Colruyt Prix Qualité • Low food inflatio
Slide 25: Food Retail (-1,4% = M€ 4.379)
Food Retail (-1,4% = M€ 4.379) +1,0% = M€ 578 +8 = 169 +3 = 38 +0 = 4 Okay • Third place in GfK Summer Report 2024. • Okay Compact turns into Okay City: easily accessible, carefully selected assortment, budget-friendly and open 7 days a week. Bio-Planet and Cru • Continuous efforts to improve operat
Slide 26: Food Wholesale
Food Wholesale +12,8% = M€ 635 • Excluding Degrenne Distribution, revenue rose by 4,3% (partly 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 store
Slide 27: Foodservice & Foodproduction
Foodservice & Foodproduction +19,4% +1,8% = M€ 157 = M€ 14 Foodservice • Revenue evolution mainly impacted by volume gains. • Solucious stands out by its convenience, its wide product range, its smooth and reliable deliveries and its fair and consistent pricing. • End of September 2024: acquisition
Slide 28: Food, Health & Well-being and Non-Food
Food 95,6% of group revenue EUR 5.186 million Health & Well-being and Non-Food 4,2% of group revenue EUR 229 million Group activities, Shareholdings: Real Estate and Energy EUR 12 million 28
Slide 29: Health & Well-being (-15,5% = M€ 112)
Health & Well-being (-15,5% = M€ 112) -19,4% Comparable: +14,9% appr. +20% +4 = 38 Newpharma • Change in accounting year. • Limited impact on operational result. Jims • Organic growth. • Limited impact on operational result. • Acquisition of NRG (40 fitness clubs in Belgium). 29
Slide 30: Non-Food (-24,3% = M€ 118)
Non-Food (-24,3% = M€ 118) -24,3% Comparable: stable -8,9% to slight increase -1 = 130 +2 = 29 The Fashion Society • Change in accounting year. • Expansion plans in Belgium (Zeb, PointCarré and The Fashion Store) and France (ZEB). French stores opened in the fall of 2024. • Profitable. Bike Republic
Slide 31: Food, Health & Well-being and Non-Food
Food 95,6% of group revenue EUR 5.186 million Health & Well-being and Non-Food 4,2% of group revenue EUR 229 million Group activities, Shareholdings: Real Estate and Energy EUR 12 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: 238 Luxembourg: 4 France: 102 • Online revenue increased on a comparable basis. • Collect&Go is market leader in the Be
Slide 33: Innovation
Innovation • Smart Technics, Colruyt Group's innovation hub, focuses on introducing robotics in distribution centres and integrating technologies in the stores. • Colruyt Group is taking steps towards creating the store of the future, aimed at achieving better service for customers and more efficien
Slide 34: Sustainability
Sustainability Colruyt Group is a 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 offering
Slide 35: Key figures per segment
Key figures per segment Food ] [ Health & Well-being and Non-Food | [ Group activities, Real Estate and Energy ] InMé H1 2024/25 H1 2023/24 a% H1 2024/25 H1 2023/24 b% H1 2024/25 H1 2023/24 B% Revenue 5.189 5.160 0,6% 229 288 -20,3% 14 16 68% External 5.186 5.150 0,7% 229 288 -20,3% 12 14 -15,9% Int
Slide 36: 3. Cash flow and net financial debt
3. Cash flow and net financial debt
Slide 37: Cash flow (M€)
Cash flow (M€) -70 Net cash evolution -36 -51 -2 -237 -291 +444 -134 Investing Financing +355 -54 activities activities Operating activities -54 -35 +775 -45 +705 Cash & EBITDA Change Income tax Operating CAPEX Investing Purchase Payment of Financing Cash & cash equivalents (incl. discontinued in wo
Slide 38: Net financial debt (M€)
Net financial debt (M€) (*) Including readily redeemable funds for a total of EUR 240 at the end of September 2024 and EUR 151 million at the end of March 2024. 38
Slide 39: Capital expenditures (M€)
Capital expenditures (M€) Continuation of the CAPEX programme: • H1 2024/25: M€ 237 or 4,4% of revenue (exclusive of right-of-use assets and business combinations) • Expectation FY 2024/25: 4,0 to 4,5% of revenue Investments in: • New stores and store modernisation (including transformation costs fo
Slide 40: Share buybacks (M€)
Share buybacks (M€) Treasury shares purchased: Status as per 6/12/2024(*) • In H1 2024/25: 1.234.093 shares (M€ 54). • 4.289.895 treasury shares held by Colruyt Group. • After period-end: 852.434 shares (M€ 36). • 3,37% of the total number of shares issued Treasury shares cancelled: 3.000.000 in Dec
Slide 41: 4. Outlook
4. Outlook G COLRUYTGROUP
Slide 42: Outlook
Outlook 2024/25 result guidance • Excluding one-off effects and excluding DATS 24, Dreamland and Dreambaby, operating profit amounted to EUR 470 million and the net result to EUR 368 million in the 2023/24 financial year. Colruyt Group aims to match (from slight decrease to stable) this result in th
Slide 43: 5. Financial calendar
5. Financial calendar G COLRUYTGROUP
Slide 44: Financial calendar
Financial calendar 16/05/2025 Start black-out period 17/06/2025 Publication full-year results 2024/25 (17h45 CET) 18/06/2025 Information to financial analysts (14h00 CET) 31/07/2025 at the latest Publication annual report 2024/25 10/09/2025 Start black-out period 24/09/2025 General Meeting of Shareh
Slide 45: Thank you for your attention
Thank you for your attention Questions? 45
Slide 46: ANNEX: Restated operating segments FY 2023/24
ANNEX Restated operating segments FY 2023/24
Slide 47: Restated operating segments FY 2023/24
Restated operating segments FY 2023/24 (*) As % of consolidated revenue. . . . . . . . . . . . 47