Label'vie Sa · CSEMA:LBV
Label'vie Sa — Merger or Acquisition (May 2026)
27 slides from Label'vie Sa's merger presentation, May 2026
Slide 1: Retail Holding and LabelVie
Retail Holding and LabelVie An integrated group driving a new growth trajectory MAY 2026
Slide 2: Contents
Contents 1. A clear strategic vision 2. LabelVie and Retail Holding: a solid foundation 3. A transformational transaction supporting growth and profitability 4. An optimized and profitable financial trajectory 5. Focus on the transaction May 2026
Slide 3: A clear strategic vision
A clear strategic vision Building an integrated retail leader present in multiple markets The ambition: leveraging LabelVie's operations to build Morocco's leading omni-channel retail platform, with international development capabilities The project: merger by absorption of LabelVie by Retail Holdin
Slide 4: LabelVie and Retail Holding: a solid foundation
LabelVie and Retail Holding: a solid foundation
Slide 5: LabelVie, a profitable growth trajectory
LabelVie, a profitable growth trajectory Over 40 years of expertise 1985 2002 2011 2023 Hyper SA founded, later Acquisition of Acquisition of Metro Rollout of the Supeco renamed LabelVie Supersol stores stores brand 2001 2009 2012 2024 Opening of the first Opening of the first Carrefour Launch of th
Slide 6: LabelVie, a confirmed ambition: Vision 2028 plan in motion
LabelVie, a confirmed ambition Vision 2028 plan in motion 2024 2025 Network openings openings end-2025 A strong and profitable growth trajectory Format # # # Ambition 2028 plan: Number of stores x5 Revenue x2 +6 +4 23 Profitability maintained +1 +3 16 30,0 28,7 12,0% 9,8% 9,7% 9,7% 25,0 9,3% 9,5% 9,
Slide 7: Retail Holding, a lever for diversification and value creation
Retail Holding, a lever for diversification and value creation • Complementary activities that enrich the LBV model and open new avenues for growth • Proven expertise in incubating and developing new business lines Mass- 2005 Apparel market Founded retail MAD 3.2bn DIVERSIFIED Revenue excluding ACTI
Slide 8: CDCI, an international platform with strong growth potential
CDCI, an international platform with strong growth potential ▪ A proven West African model ready to scale ▪ An opportunity to fully leverage LabelVie's track record A solid platform A proven model A group ready to scale up • Founded in 1989, spun off from Unilever's • Retail concepts aligned with th
Slide 9: KIABI, BURGER KING and b&C: Diverse and complementary
KIABI, BURGER KING and b&C Diverse and complementary ▪ A focused portfolio of activities contributing to diversification and value creation ▪ Significant synergies that enhance profitability and enrich the customer experience through the group's diversified banners ▪ High-potential growth drivers Le
Slide 10: OCS: an immediate lever for synergies and value creation
OCS: an immediate lever for synergies and value creation ▪ Margin uplift and volume protection: MAD 850M of food purchases that can be insourced within the group ▪ Growth driven by access to LabelVie's customer network CONTRACT CATERING FACILITY MANAGEMENT ❖ Leading retail banners in ❖ Professional
Slide 11: ATACADAO France: A strategic option with high potential
ATACADAO France A strategic option with high potential 1 MAD 729m 223 3.400* KEY FIGURES Average customers per Store in Aulnay 2025 Revenue Employees day A proven and differentiated Strategic ambition and A structured pilot phase concept partnership with Carrefour ❖ Highly competitive price position
Slide 12: A transformational transaction supporting growth and profitability
A transformational transaction supporting growth and profitability
Slide 13: An integrated structure for a larger and higher-performing group
An integrated structure for a larger and higher- performing group ▪ Simplified and integrated structure built around a single listed holding ▪ Centralized governance ▪ Improved transparency for investors Pre-transaction structure Post-transaction structure Listed Renamed LABELVIE GROUP following the
Slide 14: Concrete and actionable value creation levers
Concrete and actionable value creation levers Immediate added value for shareholders and consumers • MAD 118m of additional EBITDA • Access to international • Proven expertise serving • Improved gearing ratio: 35% from 2027 markets all of the group's banners in 2026 (vs. 54% currently for • Over MAD
Slide 15: An optimized and profitable financial trajectory
An optimized and profitable financial trajectory
Slide 16: Business plan 2026-2030: scale-up vs. LBV stand-alone
Business plan 2026-2030: scale-up vs. LBV stand-alone Combining growth, profitability and risk discipline REVENUE EBITDA NET INCOME x2.2 x2.3 x3.6 CAGR: +17.5% CAGR: +16.7% CAGR: +28.9% 47.0 4,5 8,4% 8,4% 8,5% 1439 42.1 8,0% 4,0 7,7% 3.3 3.8 1250 11,1 37.0 3,5 3.0 0,7 345 9,6 1121 256 31.9 0,5 3,0 8
Slide 17: Financial trajectory by banner (1/2)
Financial trajectory by banner (1/2) Revenue EBITDA EBITDA margin Commentary 36 055 ❖ Disciplined execution of the 2028 plan CAGR: 3 102 +14.2% CAGR: 18 534 1 557 +14.8% 9,5% 9,3% ❖ Sustained growth while preserving profitability and financial balance 2025 2030 2025 2030 ❖ Solid fundamentals built o
Slide 18: Financial trajectory by banner (2/2)
Financial trajectory by banner (2/2) Revenue EBITDA EBITDA margin Commentary ❖ Faster opening pace in a buoyant Moroccan market, with CAGR: 775 +25.4% CAGR: an average of 5 openings per year to reach a fully scaled 174 250 +34.8% 25,0% network by 2030. 1,5% ❖ Profitability uplift through expanded lo
Slide 19: A profitable growth trajectory, underpinned by a stronger financial structure
A profitable growth trajectory, underpinned by a stronger financial structure ▪ A value-creating model, combining profitability, cash generation and balance-sheet strength ▪ MAD 10 billion of investment fully funded by the Group's free cash flow MAINTAINING A SOLID FINANCIAL STRUCTURE STRENGTHENED E
Slide 20: Focus on the Transaction
Focus on the Transaction
Slide 21: Transaction Structure
Transaction Structure Merger by absorption of LBV by RH and Listing of RH Shares Pre-Merger Post-Merger Merger / Absorption Concomitance of both transactions c. 50% CFG Listing of RH shares Exchange of LBV shares for listed RH shares LBV shareholders will automatically receive listed LBV shares list
Slide 22: Selected valuation methods
Valuation Approach Overview of the valuation methods applied to assess the Equity Value of Retail Holding and LabelVie Selected valuation methods Méthode retenue LabelVie Retail Holding Cours moyen pondéré Volume Weighted Average (CMP) Sum-Of-The-Parts Price (SOTP) (VWAP) CFG
Slide 23: Label'Vie Valuation – VWAP Method
Label’Vie Valuation – VWAP Method Label’Vie Share Price Performance – 12 Months Outbreak of the conflict in Iran 5500 250 28.02.2026 4,949 5000 200 4,680 4,579 4500 150 4,569 3,949 17/03/2026 4000 100 3,797 3500 50 3000 - march-25 mars-25 mai-25 may-25 juillet-25 july-25 septembre-25 september-25 no
Slide 24: Retail Holding Valuation – SOTP Method (1/2)
Retail Holding Valuation – SOTP Method (1/2) The SOTP methodology, which values each Retail Holding subsidiary on a standalone basis, mitigates the impact of potential fluctuation of Label’Vie’s share price on the exchange ratio, by applying a consistent valuation approach to LabelVie (standalone) a
Slide 25: Retail Holding Valuation – SOTP Method (2/2)
Retail Holding Valuation – SOTP Method (2/2) SOTP valuation of Retail stands out at mMAD 6,926 In MMAD 100 87 205 11,118 118 66,926 926 +720 KMAD other 66,206 206 (790) entities (10%) +6,206 LBV (90%) Holdings & Others % Stake c.50% 72% 99% 50% 96%
Slide 26: Exchange ratio and impact of the transaction on shareholding
Exchange ratio and impact of the transaction on shareholding Approach Equity Value – Group share (MMAD) Value per share (MAD) RH (SOTP) [A] 6,926 5,928 LBV (3-months / 6-months VWAP average) 12,464 4,307 Of which stake held directly and indirectly by RH (50,25%) [B] 6,264 LBV Contribution to RH valu
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