LDLC: Half-year revenue down 9.6%, B2B up 16.1% in the second quarter
The LDLC Group published on October 29, 2026 revenue of €241.3 million for the first half of fiscal 2026-2027, ended September 30, down 9.6%. The quarterly profile differs: the decline, 14.3% in the first quarter, was reduced to 5.3% in the second quarter, to €132.3 million.
This trend reflects two movements in opposite directions. B2B accelerated to +16.1% over the quarter. B2C, which accounts for most of the sales, remains down 13.1%, a less pronounced decline than in the first quarter.
B2C down 16.9% over the half-year, B2B up 9.7%
B2C, which covers sales to individual customers, generated €159.5 million in the first half, down 16.9%. The decline narrowed from one quarter to the next, going from 21.2% in the first quarter to 13.1% in the second.
In the second quarter, online activity came to €52.5 million (-15.2%, compared with -25.4% in the first quarter) and stores to €35.2 million (-9.8%, compared with -13.2%). The group points out that the comparison base was high: B2C had grown 16.2% in the second quarter of 2025-2026.
B2B reached €75.7 million over the half-year, up 9.7%. After +2.9% in the first quarter, it grew 16.1% in the second quarter, to €41.6 million. Other activities totaled €6.1 million (+5.7%), including €4.8 million for L'Armoire de Bébé (+16.1%).
Business volume down 1.3% in the second quarter, compared with -5.3% for sales
Olivier de la Clergerie, chief executive officer, stated that “the first-quarter decline was not representative of the year”. Business volume, which includes the LDLC franchise network and the LDLC and Rue du Commerce marketplaces, came to €147 million in the second quarter (-1.3%) and €266 million over the half-year (-6.4%).
According to the group, the gap between business volume and revenue is mainly explained by the ramp-up of the Rue du Commerce marketplace. The banner's business volume reached €12.5 million in the second quarter (+104.3%) and €19.2 million over the half-year (+71.5%).
For B2C, the group cites the absence of new technological developments and component prices at historic highs, linked to memory prices. According to the group, B2B benefits from the need to equip and secure IT fleets, with budgets increasingly oriented toward equipment adapted to artificial intelligence.
EBITDA margin target maintained at the 2025-2026 level
The LDLC Group confirmed its objective of maintaining its EBITDA margin at the level of fiscal 2025-2026. It relies on its commercial discipline, the continued optimization of costs and the management of its inventories, in an environment it describes as unfavorable for the B2C market.
The group also announced the takeover, through its subsidiary OLYS, of three Apple authorized reseller stores in Toulouse, Labège and Tours, which are scheduled to open under the LDLC banner in November 2026. The network will comprise 23 stores: 18 under the LDLC banner and 5 under the Actimag banner.
The company says it remains attentive to ongoing events in France, which have already affected several of its stores. In the medium term, it says it is confident in a rebound in demand, driven, according to it, by new generations of graphics cards and PCs incorporating artificial intelligence.
The reduction in inventories, of around €20 million as of September 30, 2026, should translate, according to the group, into an improvement in working capital requirements and cash generation, visible in the half-year accounts expected on December 10, 2026, after market close.
