Lacroix Reports a 6.5% Decline in Revenue but Confirms Financial Targets
Lacroix Group has announced its annual results for 2025, showing a contraction in consolidated revenue to €445.5 million. However, growth resumed in the fourth quarter, while the group reaffirms its financial targets for 2025 and 2027.
Annual Financial Performance
The consolidated revenue for fiscal year 2025 amounted to €445.5 million, marking a 6.5% decline on a like-for-like basis compared to the previous year. This contraction followed a first semester down by 11.9% on a like-for-like basis and a third quarter decrease of 1.4%. The fourth quarter, however, showed a positive shift with consolidated revenue of €110.5 million, up by 0.9% compared to the same period a year earlier (€109.5 million). This acceleration particularly reflects growth in the Environment segment, which increased by 20.3% in the last quarter. Meanwhile, the Electronics segment saw a less pronounced decline of 6.4% in the fourth quarter, driven by a stabilization in the Automotive segment despite the voluntary termination of low-margin contracts. In 2025, the group completed the divestiture of its Electronics operations in North America, classified as discontinued operations, with the final asset and component disposals planned for early 2026.
Sector Performance
The Environment segment recorded a strong annual growth of 14.4%, reaching €141.2 million compared to a lower base in 2024. This performance was driven by all markets, particularly the Water segment internationally, supported by subsidiaries in Spain and Italy, as well as the HVAC and Smart Grids segments. On the other hand, the Electronics segment posted an annual revenue of €304.2 million, down by 13.8% from €353.1 million in 2024. This decrease is due to project delays in the Industry sector and the end of major programs in Automotive. Aerospace and Defense, after three years of growth, experienced a cyclical decline in 2025, although the segment has a favorably oriented order book at the start of the year. The Public Lighting segment also suffered from the end of the road modernization contract in Flanders and a slowdown in France.
Financial Outlook and Strategic Focus
Lacroix reaffirms its forecast for an EBITDA margin of around 7.5% for 2025, as well as its target for a net debt to EBITDA ratio below 3 times. The group renews its roadmap towards 2027, strengthened by the strategic refocusing following the divestiture of City-Mobility in February 2025 and the exit from North America, coupled with reduced exposure of the Electronics segment to the automotive sector. For 2027, Lacroix confirms its target for revenue between €475 and €500 million, with an EBITDA margin rate above 8% and a net debt to EBITDA ratio below 2.0 times. The 2025 annual results will be presented on March 31, 2026, after the market closes.
