Groupe LDLC société anonyme (ALLDL) H1 25/26 earnings summary

Executive summary

• Achieved a strong rebound and return to profitability in H1 2025-2026, with revenue up 9.5% year-over-year to €266.8M and a gross margin rate of 22.5%.

• Net income reached €1.5M, positive for the first time in three years, versus a €7.3M loss in H1 2024-2025, driven by improved gross margin and cost control.

• Strategic initiatives, including the acquisition of Rue du Commerce and the opening of the LDLC Paris Madeleine flagship store, contributed to growth and market outperformance.

• Recognized for service excellence, winning Service Client de l'Année for the 12th consecutive year.

• Benefited from investments in fundamentals, proximity to the public, and expansion of Rue du Commerce.

Financial highlights

• Revenue for H1 2025-2026 reached €266.8M (+9.5% YoY); BtoC up 14.7%, online up 19.7%, BtoB down 1.7% but returned to growth in Q2.

• Gross margin improved to €60.0M (+17% YoY), with a margin rate of 22.5%.

• EBITDA was €8.5M (3.2% margin), compared to -€2.5M (-1.0%) last year.

• Operating income turned positive at €4.4M (1.7% margin) versus -€8.7M (-3.5%) year-over-year.

• Net income was €1.5M (vs. -€7.3M YoY); EPS: €0.24 (vs. -€1.19 YoY).

Outlook and guidance

• Expects continued growth and improved profitability in H2, supported by favorable seasonality, operational efficiencies, and full impact of cost-saving measures.

• Aims to capture new market share, accelerate Rue du Commerce, and maintain financial strength.

• Anticipates a record year outside the COVID period, driven by demand rebound and market share gains.

• No significant supply chain risks identified; inventory and cash position sufficient to manage memory chip shortages.

• Financial base expected to strengthen as working capital normalizes and profitability improves.