LACROIX Group (LACR) H2 2025 earnings summary

Executive summary

• EBITDA margin reached 7.6% in 2025, aligning with targets despite revenue decline from strategic exits.

• Net income from continuing operations rose to €8.9m, but consolidated net income was negative due to non-cash impairments and discontinued operations.

• Free Cash Flow was strongly positive at €36.6m, supporting a sharp reduction in net debt.

• Major strategic refocus completed with the disposal of City-Mobility and exit from North America.

Financial highlights

• 2025 revenue from continuing operations was €445.5m, down 6.5% year-over-year on a like-for-like basis.

• Recurring EBITDA was €34.1m (7.6% margin), slightly down from 7.9% in 2024.

• Recurring operating income reached €21.1m (4.7% margin), down from 5.3% in 2024.

• Net income from discontinued operations was -€56.0m, mainly due to non-cash impairments and operating losses.

• Net debt reduced from €126.7m to €87.8m; leverage ratio improved to 2.6x.

Outlook and guidance

• Moderate revenue growth and stable EBITDA margin expected in 2026.

• 2027 targets confirmed: revenue €475–500m, EBITDA margin above 8%, net debt/EBITDA below 2.0x.

• Dividend suspension to be maintained for 2025 due to ongoing turnaround and economic prudence.