LACROIX : EBITDA margin at 7.6%, in line with the target. Net income impacted by significant non-cash depreciations, strongly positive Free Cash Flow (+€36.6m) and sharp reduction in net debt.

Core Insights - The company achieved an EBITDA margin of 7.6%, aligning with its target, despite a decline in revenue due to the exit from Electronics North America and the impact of non-cash depreciations [1][2][3] - The company reported a significant positive Free Cash Flow of €36.6 million and a sharp reduction in net debt from €126.7 million to €87.8 million, resulting in a leverage ratio of 2.6x [1][12][13] - The company confirmed its financial targets for 2027, aiming for revenue between €475 million and €500 million with an EBITDA margin above 8% [19] Financial Performance - In 2025, the company recorded revenue of €445.5 million, a decrease of 6.5% on a like-for-like basis, primarily due to the decline in the Electronics segment [2][3] - Recurring EBITDA for the year was €34.1 million, maintaining a margin of 7.6%, slightly down from 7.9% in 2024 [3][9] - The Electronics segment generated revenue of €304.2 million, down 13.8% from the previous year, while the Environment segment grew by 14.4% to €141.2 million [5][7] Segment Analysis - The Electronics activity maintained positive profitability with a recurring EBITDA of €3.1 million, despite a revenue decline, reflecting disciplined financial management [6][5] - The Environment activity's recurring EBITDA rose by 36.2% to €32.8 million, achieving a margin of 23.2%, benefiting from strong sales acceleration [8][7] Strategic Outlook - The company plans to focus on moderate revenue growth in 2026, supported by favorable market dynamics in Avionics & Defense and stabilization in the Automotive and Industry segments [16][17] - The company aims to continue the repositioning of its Electronics activity with reduced exposure to Automotive and an emphasis on strategic programs in Defense and Industry [18] - The Environment activity will pursue ambitious development, particularly in international markets and digitalization of offerings [18]