First half of 2025

Core Insights - LACROIX has announced a strategic repositioning plan, focusing on the Electronics and Environment sectors, with a revenue target of €475 million to €500 million by 2027 and an EBITDA margin above 8% [1][19][21] Financial Performance - In H1 2025, LACROIX reported revenue of €227.9 million, a decline of 11.9% compared to the previous year when adjusted for the Road Signs segment [4][3] - Current EBITDA for the first half of 2025 was €17.0 million, with a margin of 7.5%, down from 8.0% in H1 2024 [5][3] - Net income from continuing operations increased to €8.4 million, an 8.3% year-on-year rise, while consolidated net income was -€19.6 million [13][14] Segment Analysis - The Electronics segment saw revenue drop to €157.9 million, an 18.7% decrease year-on-year, primarily due to the discontinuation of low-margin contracts and a challenging market environment [7][8] - The Environment segment experienced strong growth, with revenue rising 9.0% to €70.1 million, supported by double-digit growth in Water, HVAC, and Smart Grids [10][11] Strategic Developments - LACROIX is exiting Electronics North America due to contract losses and economic uncertainties, with operations expected to be terminated by the end of 2025 [1][19] - The company aims to reduce its exposure to the automotive sector, targeting a balanced sector mix by 2027, with automotive revenue expected to represent 25% to 30% of total revenue [20][24] Future Outlook - For H2 2025, LACROIX anticipates a revenue of around €455 million, reflecting a 4% decline on a comparable basis [17] - The company expects to maintain an EBITDA margin of approximately 7.5% in 2025 and aims to reduce its net debt-to-EBITDA ratio below 3x [18][21]