TERACT - Consolidated annual results 2024-2025

Good resistance of TERACT annual results in a context which remains uncertain:

-       Revenue up by +1.2% like-for-like

-       Significant increase in free cash flow thanks to improved WCR 

Key figures in 2024-2025

Breakdown of revenue by segment 

(a)     Restated revenue pursuant to IFRS 15 (see the Annual revenue press release dated 29 July 2025).

(b)     Constant scope restating all changes in the scope of consolidation.

Financial indicators 

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Analysis of consolidated 2024-2025 results

Revenue for the 2024-2025 financial year amounted to €895.2 million, up +0.1% on a reported basis and up +1.2% like-for-like.

Annual consolidated revenue for the Garden Centre/Pet Retail business, which includes the Jardiland, Gamm vert (and Frais d'ICI corners), Delbard, Jardineries du Terroir, and Noé, la Maison des Animaux banners, amounted to €752.6 million for the 2024-2025 financial year, compared to €750.8 million in 2023-2024. This represents an increase of +0.2% on a reported basis and of +1.8% like-for-like, of which +0.7% in H2, impacted by an exceptional heatwave in June, the second-hottest month of June on record according to Météo France. 

In a sluggish environment for specialised retail, TERACT has successfully reached its target for the development of its exclusive brands, a cornerstone of its leadership in Garden Centre/Pet Retail, with a penetration rate of 26.2% of sales at integrated stores at end-June 2025 (target for end-June 2025 of 26%). 

The Group’s leadership position is also growing rapidly thanks to the e-commerce sector, which has enjoyed a particularly sustained growth over the year. As a result, TERACT recorded double-digit growth in this segment following the redesign of the Jardiland.com website in January 2023 and that of Gammvert.fr in October 2023, the launch of the Marketplace in June 2024, with now more than 280 third-party vendors and almost 400,000 references, and a “Click & Collect” service that is gradually being generalised.

During the second half of 2024-2025, the Group opened 22 stores; it has also signed an agreement with the Natera cooperative for the transition of 31 stores to Gamm vert franchises from 1 July 2025, and for the supply of an additional 12 affiliated stores. 

Annual consolidated revenue for the Food Retail business, which includes the Bio&Co, Grand Marché La Marnière and Boulangerie Louise banners reached €142.6 million for the 2024-2025 financial year, down -0.9% on a reported basis, of which -2.9% in H2, relating to transitional changes in the store network. Annual like-for-like growth was -1.0%, of which +1.0% in H2. H2 sales benefited in particular from the continued excellent performance of Organic and Fresh Food stores. Grand Marché La Marnière stores posted strong growth, due to an increase in footfall and volumes, driven by the fruit and vegetable and poultry ranges, notably in May and June.

The development of Food Retail continued with the opening of eight Boulangerie Louise stores over a one-year period to end-June 2025, in line with the reviewed target set after the publication of H1 2024-2025 results. Four stores were opened in H2 alone, of which two franchises and two integrated stores. TERACT is continuing its strategy of favouring a more flexible, capex-virtuous and more performing franchise model, in a market with remains buoyant in France over the long run. Groupe Noriap^[6], an agricultural cooperative for the Hauts de France and Seine Maritime regions with 20232024 revenue of close to €1 billion, thus opened its first Boulangerie Louise store as part of the roll out of its future network of franchise bakeries.

Adjusted EBITDA amounted to €54.1 million in 2024-2025, almost stable compared to 30 June 2024 when it stood at €56.4 million. This sustained performance was supported by energy efficiency and cost reduction plans (€17 million achieved at 30 June 2025 versus an initial target of €15 million), which have helped to contain part of the cost increases in an environment where inflation struggles to stabilize. The adjusted EBITDA margin was therefore resilient at 6.0% compared to 6.3% at 30 June 2024. Current operating income stood at (€10.1 million) at 30 June 2025, compared to (€10.4 million) at 30 June 2024 in light of the impacts that were observed on adjusted EBITDA. 

Operating income was (€20.4 million) at 30 June 2025 compared to (€29.5 million) at 30 June 2024, a figure which included non-current expenses amounting to (€19.1 million), mainly attributable to the write-down of goodwill and costs relating to the restructuring of the network. At 30 June 2025, non-current expenses were down at (€10.3 million), mainly due to costs relating to future store disposals, the reorganisation of support and logistics positions and various restructuring costs.

Net income Group share improved, reaching (€47.9 million) at 30 June 2025 compared to (€68.9 million) at 30 June 2024. This amount included a higher tax expense at (€13.3 million) relating to deferred tax expenses. 

Financial structure at 30 June 2025

Free cash flow  

The Group’s free cash flow in 2024-2025 was €66.3 million, compared to €21.8 million at 30 June 2024, due to a marked increase in net cash flow from activities. This significant growth, in a still constrained environment, is mainly due to the strong improvement in WCR driven by the quality and sound management of trade receivables, inventories and trade payables.  

Net debt  

The Group posted net debt of €496.3 million at 30 June 2025 (of which €271.1 million with its parent company InVivo Group and €204.0 million in rental liabilities). Its level remains stable compared to the previous financial year. 

Outlook

CSR commitments and outlook

Since TERACT changed its status in 2023 to a “société à mission” (purpose-driven company) with its “raison d’être” (purpose) being to “Help make the benefits of nature accessible to all”, the Group is more focused than ever on achieving its 2030 CSR targets. These include^{[7] [8]}: 

•       10% less water consumption compared to 2025;

•       100% of integrated stores and franchises accredited an animal welfare label (48% at end-June 2025);

•       70% of waste sorted (58% at end-June 2025);

•       46% reduction in greenhouse gas emissions versus 2019-2020 (scopes 1 and 2). At 30 June 2025, GHG emissions were already down 38% compared to 2019-2020 thanks to the effectiveness of the multi-annual energy savings and efficiency plan;

•       80% of our positive impact offer (Revenues from own brands and products from Boulangerie) (56% at endJune 2025);

•       90% of the amount of outdoor plant-based products purchased of French origin (85% at end-June 2025) and

50% of the amount of plant products purchases coming from sector commitments (42% at end-June 2025);

•       a 30% decrease in accidents in the workplace compared to 2024 (-7.8% at end-June 2025).

New targets for the 2025-2030 period have been defined following a dual materiality assessment, the work of the Mission Committee and the integration of the new food subsidiaries in the scope of consolidation:

•       80% of the amount of plant-based products purchased from suppliers with a label guaranteeing action on biodiversity (70% at end-June 2025);

•       50% of the amount of purchases from suppliers that have completed and submitted a carbon footprint assessment to TERACT; 

•       4% employment rate of people with disabilities (3% at end-2025).

The aim of these targets as a whole is to generate a positive overall impact which benefits TERACT’s employees and stakeholders as well as the environment. The roadmap focuses in particular on three priorities: humans, resource management and climate change.

Operating, strategic and financial outlook

As part of its roadmap and following an in-depth review of its businesses, TERACT launched a new phase of its development on 27 June 2025. New business, operating, strategic and financial targets were announced, aiming at consolidating the Group’s growth model:

In Garden Centre/Pet Retail: 

•       A return to full franchising by the end of 2026 for the entire Gamm vert network, to capitalise on a triedand-tested performing and agile model. In the beginning of H1 2025/2026, 38 Gamm vert stores were made franchises, all of these stores were sold to partner cooperatives. Moreover, an agreement was notably signed with the Natera cooperative for the transition of 31 stores to Gamm vert franchises as of 1 July 2025, and for the supply of an additional 12 affiliated stores, 

•       The end of the Noé Maison des Animaux experiment (three points of sale) by the end of 2025,

•       The reorganisation by end-June 2026 of support and logistics functions in the Garden Centre/Pet business to provide banners with better support in their growth, protect their competitive edge and reinvest sustainably in prices and store renovation, an own brand penetration target increased to 27.5% of integrated store revenue by end-June 2026,

•       The gradual generalisation of omnichannel sales with, on one hand, a double-digit e-commerce revenue growth target and, on the other hand, around 350 third-party vendors on the marketplace by end-June 2026.

In Food Retail: 

•       The ramping up of the Boulangerie Louise model, including the joint development of the lease management (with a target of at least 10% of the network as of 30 June 2026) and franchise models (with a target of up to five stores by end-June 2026). 

•       The disposal of Bio&Co (seven points of sale): As such, TERACT announced on 17 September the beginning of exclusive negotiations with marcel&fils, an organic banner from South East of France, with a view to dispoing of the banner. The transaction remains subject to the approval of the French Competition Authority and should be finalised during the last quarter of 2025.

The disposal of stores by the end of June 2026 should therefore total an amount to be cashed-in of €35 million. The majority will operate on a franchise basis, which would thus imply a loss of around 10% of annual consolidated revenue for 2024-2025 (on a full-year basis), with part of this amount nonetheless shifting towards business volume. 

The Group will also continue its strict supervision of WCR and its components, and will extend its cost reduction plan launched at the end of June 2023 (€17 million of which had already been achieved at end-June 2025 compared to the €15 million initially announced). The new target therefore aims to reach a cumulative total amount of €40 million over four years atend-June 2027(including the €17 million already achieved). 

This strategy and the proposed targets will allow TERACT to strengthen its position as leader in the Garden Centre/Pet Retail sector and better meet customer expectations, while continuing its development in Food Retail. The Group will thus be able to serenely implement its leaner and more agile model against a backdrop which remains uncertain, while remaining attentive to common-sens partnerships that align with its DNA. 

Post-closing events

Refinancing

To refinance the seven-year bullet loan maturing in September 2025, TERACT has taken out a new bullet loan with the InVivo Group maturing in October 2030 in the amount of €70 million.

TERACT thus maintains a stable and solid medium/long-term financial base.

Cancellation of treasury shares following the acquisition by TERACT of a 4.75% block of shares held by Sycomore Asset Management

TERACT announced on 28 November 2024, the acquisition of a 4.75% block of shares held by Sycomore Asset Management and their full allocation for cancellation purposes.

On 7 October 2025 TERACT’s Board of Directors, under the authorisation granted by the General Shareholders’ Meeting for the cancellation of shares acquired by TERACT pursuant to the terms set out in Article L. 22-10-62 of the French Commercial Code, approved the cancellation of 3,489,212 treasury shares with a nominal value of €0.01 (one cent) per share and the related decrease in share capital.

The share capital was thus reduced from €734,602.29 to €699,710.17.                                                                  

Appendix

1.   Store network

2.   Sales volume⁹ 

3.   Reconciliation of non-IFRS financial indicators

Adjusted EBITDA

Adjusted EBITDA is defined as current operating income plus the elimination of expenses (or income) related to depreciation/amortisation or impairment (or reversals of depreciation/amortisation or impairment) of fixed assets. 

The table below presents the reconciliation between current operating income and adjusted EBITDA for 2024/2025 and 2023/2024.

⁹   Sales volume and revenue under banner include revenue generated by integrated stores and franchised/affiliated stores.

¹⁰  At constant scope when restating all changes in the scope of consolidation. Excluding affiliates.

4. Consolidated income statement

(a) Restated revenue pursuant to IFRS 15                                                                 

5.   Consolidated statement of financial position

6.   Consolidated statement of cash flows

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7.   Provisional agenda of forthcoming events and financial publications 

For the financial year ended 30 June 2025

(1) The Annual General Meeting, initially scheduled for December 12, 2025, has been postponed to December 16, 2025.

For the financial year ended 30 June 2026

These dates are indicative and are subject to change.

Disclaimer 

This press release may contain forward-looking statements. 

Forward-looking statements are defined as opposed to historical facts and include, but are not limited to, all expectations regarding:

-       Future events such as trends, plans, expectations or objectives;

-       Future business, such as the results, financial condition, performance or strategy of TERACT.

Forward-looking statements are based on the expectations and assumptions anticipated by TERACT's management as of the date of this release and are only valid as of the date they are made. Investors and/or shareholders of TERACT are warned not to place undue reliance on these forward-looking statements, which are, by their nature, subject to  risks and uncertainties that may or may not be identified and are beyond the control of TERACT. 

These risks include, among others, those set forth in the "Risk Factors" section of the 2023-2024 Universal Registration Document approved by the Autorité des Marchés Financiers on 24 October 2024 under the number R. 24-013 and available at www.teract.com (under the heading "Investors/Publications"). As a result, actual results or performance may differ materially from those expressed or implied by such forward-looking statements.

TERACT does not undertake any obligation to update such forward-looking statements, except as required by law and regulation. All forward-looking statements made by or on behalf of TERACT are qualified by this cautionary statement.

About TERACT : 

Since 29 July 2022, TERACT has combined the distribution activities of InVivo Group (formerly InVivo Retail) and those  of the former SPAC 2MX Organic. 

TERACT is a major responsible distribution player in the garden centre, pet retail and food distribution growth markets.  Our ambition is to create a unique network of brands combining tradition and modernity, agricultural know-how and  innovation and in-store and digital experiences. TERACT meets the demand for a new generation of consumption which  is synonymous with quality, sustainability and traceability. TERACT groups together Garden Centre/Pet Retail brands  Jardiland, Gamm vert, Delbard, Jardineries du Terroir and Noé, la Maison des Animaux as well as Food Retail brands  Boulangerie Louise, Grand Marché La Marnière, Frais d'Ici and Bio&Co. TERACT's majority shareholder is InVivo, one of  the leading agricultural and agri-food groups in Europe.

TERACT is listed on the professional segment of Euronext Paris (ticker code: TRACT, ISIN: FR001400BMH7). Further  information is available at www.teract.com.

CONTACTS :

Investors: investors@teract.com Media: media@teract.com