Ceconomy Ag · XETR:CEC
Ceconomy — Ceconomy Ag Ord — Q2 2026 Earnings Presentation
47 slides from Ceconomy's earnings presentation, May 13, 2026
Slide 1: MediaMarktSaturn Results Presentation Q2/H1 2025/26
13 May 2026 MediaMarkt, Berlin, Germany
Slide 2: Business Update, Financial Performance, Outlook and summary
2 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Business Update Financial Performance Outlook and summary Sponsorship , Feyenoord Rotterdam N.V., Netherlands
Slide 3: Rollout status
3 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Rolled out Rollout planned
Slide 4: H1 sales, adjusted EBIT and NPS growth
4 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 • Another subsequent quarter of growth • Solid sales growth, driven by +4.8% like- H1 Sales growth1 H1 adjusted EBIT1 H1 NPS growth vs. PY for-like growth in Q2 vs. PY growth vs. PY • +20bps market share growth in Q2 – f
Slide 5: Online sales up 7.3% in H1
5 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 • Online sales up +7.3%1 in • Services & Solutions • Strong sales performance H1, even+8.0%1 in Q2 income increased strongly in Hungary, Türkiye, Spain • H1 Online share at • Retail Media income • Improving profitability
Slide 6: Strategic KPIs progress
6 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Retail Core Loyalty members 34 m 39 m 43 m 53 m 50 m Retail Core Online share1 25% 23% 24% 26% c. 30% Retail Core Modernisation rate 30% 50% 64% 75% > 90% 9.1 weeks 9.3 weeks 8.8 weeks Retail Core Stock reach progress2 1
Slide 7: Adj. EBIT: all growth businesses increased
7 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Adj. EBIT1 Simplified illustration All growth businesses increased • Services & Solutions • Marketplace • Private Label • Space-as-a-Service • Retail Media Gross profit share Growth Businesses c. 35% c. 40% Retail Core 1
Slide 8: Hub Network in Germany for bulky items
8 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Hub Network in Germany for bulky items • 10 out of 14 hubs now live • Leading to overall inventory decline while improving availability and delivery speed • High single to low double-digit delivery NPS growth over tradit
Slide 9: Direct marketing sales and active loyalty customers
9 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Sales from Direct Marketing campaigns in Germany More customers are actively shopping with us • Active loyalty customers up +26% yoy1 • Personalized offers are performing better than expected • Mobile engagement is accel
Slide 10: BetterWay, trade-in and refurbished products
10 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 BetterWay sales share1 Trade-In products Refurbished products2 Momentum continues (in thousands) (in thousands) • Solid growth in BetterWay assortment • Deeper integration of trade-in into 14% 394 customer experience pl
Slide 11: Business Update, Financial Performance, Outlook and summary
11 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Business Update Financial Performance Outlook and summary
Slide 12: Adjusted EBIT bridge to c. €500 m goal
12 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Adjusted EBIT bridge to c. €500 m goal (in €m) • Adjustment to overly conservative voucher and sales treatment • Voucher-related accruals were not released c. 500 in full upon redemption, resulting in an 51 understateme
Slide 13: Sales performance and adjusted EBIT
13 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Sales Performance (€m) Adjusted EBIT1 Solid group sales performance • Sales growth mainly driven by online (+4.0%1 +€43 m channel (+2.0%) (+14%) • Solid performance in most regions 12,830 13,081 347 Increase in profitab
Slide 14: Results by region
14 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 DACH • Subdued sales growth mainly in Western/ Germany and Austria. Improvement Eastern towards the end of the quarter €m DACH Southern Others2 CECONOMY Europe Europe • Cost measures to respond to weaker Sales (pre-IAS
Slide 15: Services & Solutions sales
15 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Services & Solutions Sales1 (€m) • Most Services & Solutions categories drove H1 sales growth • Strong performance of insurance with +12.5%1 high subscription rate • Positive growth both online and offline 751 683 H1 24
Slide 16: 1P online sales
16 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 1P Online Sales1 (€m) • Online Sales growth in almost all countries driven by increase in traffic • Online sales share including +7.3%1 Marketplace up 150bps YoY to 28.5% • We gained +40bps online market share 3,509 in
Slide 17: Gross margin and OPEX ratio
17 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Gross margin1 (%) OPEX ratio1 (%) Gross margin improvement • Driven by positive impact from all growth businesses (+30bp -0bp 17.8% 18.1% 16.0% 16.0% Stable cost structure • Continued cost control in location costs and
Slide 18: Income statement and non-recurring items
18 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 • Non-recurring items2 reflect mainly: − Strong decline in Fnac associated to - €m 2024/25 2025/26 Change €14 m down €32 m YoY Sales 12,830 13,081 +251 − Restructuring costs for -€24 m mainly Adjusted EBIT 304 347 +43 i
Slide 19: Slight improvement in free cashflow
19 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Slight improvement in free cashflow • Product availability continued to improve +6 -7 -91 +78 +22 +7 -1 • Liquidity was stronger at the end of the first half 626 • Free cash flow remained seasonally negative in H1, but
Slide 20: S&P credit rating upgrade
20 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 • In April, Standard & Poor's (S&P) has upgraded the long-term credit rating from BB- to BB for CECONOMY • The rating remains on CreditWatch Positive • Recognition of the sustained profitable Outlook: Stable growth traj
Slide 21: Business Update, Financial Performance, Outlook and summary
21 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Business Update Financial Performance Outlook and summary MediaMarkt, World Cup campaign 2026
Slide 22: Management changes: CEO and COO
22 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Remko Rijnders Jan Niclas Brandt - CEO from 1st July 2026 COO since 1st April 2026 Chief Financial Officer Previous roles: Previous roles: Timely announcement expected • CFO of CECONOMY • CEO Switzerland & Austria • Reg
Slide 23: Outlook
23 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 − − The outlook is adjusted for portfolio changes and does not take into account the earnings effects from companies accounted for using the equity method (Fnac Darty S.A. and Power Retail Sweden AB). Accounting effects
Slide 24: CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026
24 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026
Slide 25: Merger control clearances obtained
25 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Germany • Merger control clearances obtained in Germany, Austria, the Austria Netherlands, Poland, Spain, and Türkiye Switzerland • FDI clearances also received in Italy and France Hungary • FDI clearances in Germany an
Slide 26: Summary
26 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Our experience electronics strategy is grounded in higher customer satisfaction Strong H1 performance thanks to balanced country portfolio and growth businesses Our growth businesses are integral and continue to expand
Slide 27: Disclaimer
27 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 This disclaimer shall apply in all respects to the entire presentation This presentation is intended for information only, does not constitute a The market research institutes which data CECONOMY used as basis for this
Slide 28: Questions & Answers
CECONOMY Questions & Answers Dr. Kai-Ulrich Deissner Remko Rijnders CEO CFO
Slide 29: Investor Relations contacts
CECONOMY Investor Relations Website Media-Saturn Straße 1 85053 Ingolstadt Germany Kaistraße 3 40221 Düsseldorf Germany CECONOMY Press Website Phone +49 (211) 5408 7226 Vice President Investor Relations, Corporate Mobile +49 (151) 4225 6418 Communications and Public Policy Email fabienne.caron@cecon
Slide 30: Financial calendar
30 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 9 July 30 July 27 October 14 December 2026 2026 2026 2026
Slide 31: Appendix
31 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Appendix MediaMarkt, Emmen, Netherlands
Slide 32: Q2 sales performance and adjusted EBIT
32 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Sales Performance (€m) Adjusted EBIT1 (+4.9%1 +€10 m (+4.1%) 5,466 5,253 27 17 Q2 24/25 Q2 25/26 Q2 24/25 Q2 25/26 1Sales growth adjusted for fx- and portfolio effects, pre-IAS 29. EBIT at current rate, additionally adj
Slide 33: Q2 results by region
33 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Western/ Eastern €m DACH Southern Others CECONOMY Europe Europe Sales (pre-IAS 29) 2,689 1,750 927 6 5,373 Growth1 (%) -2.4 +4.2 +34.8 +42.4 +4.9 Like-for-like (%) -2.1 +3.7 +35.0 - +4.8 IAS 29 93 93 Sales (post-IAS 29)
Slide 34: Q2 income statement
34 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 €m 2024/25 2025/26 Change Sales 5,253 5,466 +213 Adjusted EBIT1 17 27 +10 Non-recurring items 4 -44 -48 Associates 26 -10 -36 Others -22 -34 -12 EBIT reported 21 -17 -38 Net financial result -48 -58 -11 Earnings before
Slide 35: Q2 Services & Solutions and 1P online sales
35 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Services & Solutions Sales1 (€m) 1P Online Sales1 (€m) +11.1%1 +8.0%1 330 1,326 305 1,257 Q2 24/25 Q2 25/26 Q2 24/25 Q2 25/26 1Excluding portfolio effects, pre-IAS 29. Growth additionally adjusted for fx-effects.
Slide 36: Q2 gross margin and OPEX ratio
36 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Gross margin1 (%) OPEX ratio1 (%) (+30bp +20bp 18.5% 18.7% 18.6% 18.8% Q2 24/25 Q2 25/26 Q2 24/25 Q2 25/26 1Adjusted for fx- and portfolio effects, pre-IAS 29, and adjusted for non-recurring effects.
Slide 37: Efficiency measures and EBIT bridge
37 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Efficiency measures • Mainly optimization measures in Germany 347 -34 -17 -11 285 Others • Q2: positive effects from IAS 29 accounting (€15 m) offset by Retail Tax Hungary (-€7 m), provision for legal risks in Türkiye (
Slide 38: IAS 29 effect on gross margin and OPEX ratio
38 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 • IAS 29 effect: − negative impact on reported gross margin Gross margin (%) − Neutral in OPEX ratio as OPEX and 18.7 18.6 18.1 17.9 sales are adjusted concurrently 0.0 -0.1 0.0 -0.2 • Other includes all further non- re
Slide 39: Net working capital
39 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 €m 31/12/2024 31/03/2025 Change 31/12/2025 31/03/2026 Change Inventories 3,694 3,299 -395 3,744 3,429 -315 Trade receivables and similar claims 697 577 -120 735 684 -51 Receivables due from suppliers 1,902 1,165 -737 1,
Slide 40: IAS 29 impact on reported sales
40 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 • Positive net impact from IAS 29 on reported sales • Switching KPIs analysis to pre-IAS 29 more appropriate and closer to the underlying operating performance 4.9 4.1 0.0 -2.6 3.4 1.5 4.0 0.0 2.0 2.9 -0.8 1.1 Reported
Slide 41: Sales by quarter, IAS 29 effects
41 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 €m Reported sales IAS 29 effect Sales pre-IAS 29 Reported sales IAS 29 effect Sales pre-IAS 29 Q1 7,578 +15 7,563 7,615 -15 7,630 Q2 5,253 -43 5,296 5,466 +93 5,373 H1 12,830 -28 12,859 13,081 +79 13,003 Growth Fx-and L
Slide 42: Q2 EPS reconciliation
42 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Reported Incl. adjustments €m Q2 24/25 Q2 25/26 Change Q2 24/25 Q2 25/26 Change Comment Reported EBIT 21 -17 -38 21 -17 -38 Impairments 3 0 -3 Poland Adjustment: IAS 29 0 -15 -15 Türkiye Adjustment: At-Equity (Fnac Dart
Slide 43: H1 EPS reconciliation
43 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Reported Incl. adjustments €m H1 24/25 H1 25/26 Change H1 24/25 H1 25/26 Change Comment Reported EBIT 257 285 +28 257 285 +28 Impairments 32 0 -32 Poland Adjustment: IAS 29 8 -1 -9 Türkiye Adjustment: At-Equity (Fnac Da
Slide 44: Reported vs restated figures
44 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 €m Reported Restated Reported Restated Reported Restated Reported Restated Reported Restated Reported Restated Sales 7,570 7,578 5,246 5,253 4,803 4,810 5,453 5,460 23,072 23,101 7,606 7,615 Adjusted EBIT 279 287 10 17
Slide 45: Store count by country
45 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 Country/Segment Stores 30/09/2025 Openings Closures Stores 31/03/2026 Germany 403 1 4 400 Austria 56 0 0 56 Switzerland 45 0 1 44 Hungary 40 0 0 40 DACH 544 1 5 540 Belgium 28 1 0 29 Italy 145 6 0 151 Luxembourg 2 0 0 2
Slide 46: ESG ratings
46 CECONOMY - MediaMarktSaturn Results Presentation Q2/H1 2025/26 on 13 May 2026 CCC B BB BBB A AA AAA A AA AA Laggard Average Leader Severe High Med. Low Negl. 40+ 30-40 20-30 10-20 0-10 15.8 13.3 13.3 D- D C- C B- B A- A Disclosure Awareness Management Leadership B A- A- D- D D+ C- C C+ B- B B+ A-
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