LACROIX Group (LACR) H1 2025 earnings summary

Executive summary

• H1 2025 revenue from continued operations was €227.9m, reflecting a strategic refocus and the impact of discontinued operations and segment disposals.

• Strategic exits from North America Electronics, Road Signs, and City Mobility are nearly complete, with North America operations expected to terminate by end of 2025.

• The group is transitioning from rapid expansion to a resilient, cash-generative development approach, focusing on Electronics (Europe, Africa) and Environment.

• Net income (Group share) was a loss of €19.6m, mainly due to discontinued operations and impairment charges.

• A new 2027 roadmap targets higher profitability and growth.

Financial highlights

• H1 2025 revenue was €227.9m, down 12% year-over-year at constant scope, mainly due to Electronics decline.

• Group EBITDA reached €17.0m (7.5% margin), with Environment delivering record profitability.

• Net income from continued operations was €8.4m; consolidated net income was -€19.6m due to discontinued operations.

• Free cash flow was €12.0m in H1 2025, up from €0.9m a year earlier.

• Net debt decreased to €100.8m, with gearing at 88%.

Outlook and guidance

• FY2025 revenue guidance is ~€455m, with EBITDA margin ~7.5% and net debt/EBITDA below 3.0.

• 2027 targets: revenue €475–500m, EBITDA margin >8%, net debt/EBITDA <2.0.

• Net debt/EBITDA expected to fall below 2.5x in 2026.

• Limited net cash impact expected from North America Electronics exit.

• No significant additional tax burden expected from OECD Pillar II amendment.