Fnac Darty Sa · EURONEXT:FNAC
Fnac Darty Sa — Fnac Darty Sa Ord — FY2024 Earnings Presentation
41 slides from Fnac Darty Sa's earnings presentation, Feb 26, 2025
Slide 1: Fnac Darty
FNAC DARTY
Slide 2: Full Year Results 2024
FULLYEAR RESULTS 2024 FNAC DARTY
Slide 3: Agenda
AGENDA 6:30 pm 2024 HIGHLIGHTS AND STRATEGIC REVIEW Enrique Martinez, Chief Executive Officer 6:45 pm FINANCIAL RESULTS Jean-Brieuc Le Tinier, Chief Financial Officer 7:00 pm CONCLUSION AND Q&A SESSION 3
Slide 4: 2024 Highlights and Strategic Review
2024 HIGHLIGHTS AND STRATEGIC REVIEW Enrique Martinez Chief Executive Officer 4
Slide 5: 2024: Relevance of a Winning Strategy
2024: RELEVANCE OF A WINNING STRATEGY SUCCESSFUL E-commerce back to growth, +2.2% vs 2023 OMNICHANNEL MODEL Omnichannel sales up c.2 pts: 52% of online sales FOCUS ON Recurrence and profitability of results SERVICES Double-digit growth of subscription-based services SUSTAINABLE Pioneer in circularit
Slide 6: 2024 Objectives Achieved or Exceeded
2024 OBJECTIVES ACHIEVED OR EXCEEDED Initial objective Revised target Achievement (October 2024) ACHIEVED Current operating income Current operating income €182m expected to be at least equal to that of 2023 (€171m) > expected to exceed €180m > EXCEEDED FCF 1 expected to be at least €180m > FCF 1 ex
Slide 7: 2024 Growth in All Indicators
2024 GROWTH IN ALL INDICATORS Outperforming the French market Profitable growth Value creation 10,00% Reported sales Gross margin Dividend 8,00% 6,00% ↑+1% ↑ 30.6% ↑+0.55€ 4,00% vs. 30.2% in 2023 o/w online sales ↑ +2.2% 2,00% Stable 0,00% Current Free Cash Flow -2,00% -2% Operating from operations1
Slide 8: What Were the 2024 Trends?
WHAT WERE THE 2024 TRENDS ? Technical Products Domestic Appliances Virtual Video Beauty & AI Laptops Tablets Sounds Airfryers Floorcare Dryers reality projector Health Editorial Products Diversification Vinyles Books Board games Toys Stationery 8
Slide 9: Focus on Services: Darty Max, a Record Year
FOCUS ON SERVICES: DARTY MAX, A RECORD YEAR Evolution of subscribers 1.4m February 2025 X1.5 Repeat shop vs. standard Darty client X1.6 2019 2020 2021 2022 2023 2024 ARPU1 Average basket vs. standard Darty client ↑+5% vs 2023 1 “Average Revenue Per User” : Revenue divided by average number of subscr
Slide 10: Our Sustainability Successes
OUR SUSTAINABILITY SUCCESSES Energy Efficiency Increase in repaired Sustainability Score1 2nd Life Offer Plan products 15% reduction in the Group's 2.5M products repaired Achieving a sustainability electricity consumption in in 2025 score of 135 in 2025 Atteindre un score de France by the end of 202
Slide 11: Our Progresses and Commitments Rewarded
OUR PROGRESSES AND COMMITMENTS REWARDED ↑A ↑ 65/100 ↑ 80/100 ↑ 11.8/100 = AA vs AA in 2023 vs A- in 2023 +4 pts vs 2022 +12 pts vs 2023 vs 12.8/100 in 2023 The highest score in the 2nd largest company in the With a better Low risk In the top 45% of the best- CDP Climate specialized retail sector per
Slide 12: Retail Media: The Future of Advertising
RETAIL MEDIA: THE FUTURE OF ADVERTISING EXPLOITS THE POWER OF GROUP OMNICHANNEL MODEL SALES +53% ~ €100m +28% 2019 2020 2021 2022 2023 2024 vs. 2023 DOOH Revenue ~1.2% of Group revenue vs. c. 0.2% for European retailers 12
Slide 13: Continuing Our Digital Transformation
CONTINUING OUR DIGITAL TRANSFORMATION Evolution of e-commerce Support for sustainable Data and AI tools choice Reverse Marketplace Online Buy-in process Data Management + AI and Generative AI Fulfillment Passeport digital 13
Slide 14: Fnac Darty Is Committed to Customers and Employees
FNAC DARTY IS COMMITTED… to its customers to its employees NPS1 64.2 +2.7 pts vs. 2023 c.100% of employees trained in 2024 +11pts With a focus on AI Group Expert salespeople² c.80% c.50% in Feb. 2025 in Feb. 2025 TARGET: 100% in Q1 2025 2019 2020 2021 2022 2023 2024 1 Net Promoter Score aggregated F
Slide 15: Unieuro: Leverage for Future Growth
UNIEURO: LEVERAGE FOR FUTURE GROWTH #1 #2 Build Unlock >€20m of in Western 84 PoS1 the leading run-rate & Southern Europe Player synergies #2 In specialized retail in mainly resulting from the 8 PoS1 Western & Southern optimization of purchasing conditions >1,500 #1 Europe with >€10bn revenues and #
Slide 16: Financial Results
FINANCIAL RESULTS Jean-Brieuc Le Tinier Chief Financial Officer 16
Slide 17: Revenue Growth
REVENUE GROWTH 2024 % LFL2 Revenue €m 2023 €7,932m Excl. Unieuro1 change Growth of +0.7% on a reported basis and +0.2% on a like-for-like basis2 compared to 2023 Revenue 7,875 7,932 +0.2% By category France and • Solid performance of Editorial Products although impacted by a high 6,515 6,493 0% basi
Slide 18: Strong Increase in Gross Margin
STRONG INCREASE IN GROSS MARGIN Gross margin growth driven by positioning and growth of services As a % of sales +40 bps +50 bps 30.6% 30.3% 30.2% 29.5% 2021 2022 Franchises Services 2023 MediaMarkt… 2024 Fnac Darty 2024 activity 12 months excluding Unieuro. 18
Slide 19: Strong Cost Control
STRONG COST CONTROL Cost inflation offset by proactive measures: Performance plans and lower energy consumption in €m +0.6% 2,243 2,223 2,209 Rents Inflation Energy MediaMarkt & Weavenn 2023 Salary increases Performance plans 2024 2024 (constant) Fnac Darty 2024 activity 12 months excluding Unieuro.
Slide 20: Financial Results
FINANCIAL RESULTS €m 2023 2024 Var. Excl. Unieuro Current operating income Current operating income 171 182 +11 +€11M Growth in activity, increase in OPEX not fully offset by Non-current operating income and expenses (131) (31) performance plans Operating income 40 151 +111 Net financial expense Net
Slide 21: Solid Free Cash Flow Generation
SOLID FREE CASH FLOW GENERATION €m 2023 2024 Free Cash Flow from operations3 Excl. Unieuro EBITDA 533 549 +€15m €195m at the end of 2024, Everyday target exceeded IFRS 16 impact (264) (270) Non-current cash items and EBITDA non-cash items (38) (33) 170 180 195 = €515m Over the period 2021-2024 Cash-
Slide 22: A Solid Financial Structure
A SOLID FINANCIAL STRUCTURE €m 31 Dec. 2023 31 Dec. 2024 Positive net cash of € 224m ecluding IFRS 16 at year-end Shareholders equity 1,538 1,737 Net cash 198 224 No major refinancing until April 2029 Gross financial debt 923 838 after successful refinancing of the 2024 and 2026 senior bonds: €550m
Slide 23: Dividend Growth
DIVIDEND GROWTH +55 cents vs. 2023 Dividend Policy €1 /per share1 €0.45/per share Payout² > 30% 40% Payout 2023 2024 Medium term 1 Submitted for approval to the Annual General Meeting of May 28, 2025. 2 Calculated on net income Group share from continuing operations – adjusted for exceptional non- 2
Slide 24: A New Dimension for the Group
A NEW DIMENSION FOR THE GROUP 2024 combined figures1 before synergies 2024 combined revenue by category Revenue Store network 14% Technical Products €10,540m 1,527 Editorial Products 22% 50% Appliances Other products and 14% Services Current Operating Current income EBITDA2 2024 combined revenue by
Slide 25: Conclusion & Outlook
CONCLUSION & OUTLOOK Enrique Martinez Chief Executive Officer 25
Slide 26: 2025 Outlook
2025 OUTLOOK Current operating income Mid single digit growth excluding Unieuro vs 2024 COI excl. Ticketing1 New strategic plan Investor Day June 2025 1Impact of the deconsolidation of the Ticketing business : around 10 million euros. 26
Slide 27: Q&A Session
FULL YEAR RESULTS 2024 Q&A SESSION FNAC DARTY
Slide 28: Full Year Results 2024
FULLYEAR RESULTS 2024 FNAC DARTY
Slide 29: Appendices
FULL YEAR RESULTS 2024 APPENDICES FNAC DARTY
Slide 30: Definitions (1/2)
DEFINITIONS (1/2) Definition of like-for-like (LFL) sales growth • This indicator measures changes in revenue excluding exchange rate fluctuations, the impact of change in scope and the impact of the opening and closing of directly owned stores since January 1, N-1. Definition of current operating i
Slide 31: Definitions (2/2)
DEFINITIONS (2/2) With application of IFRS 16 IFRS 16 restatement Without application of IFRS 16 Current EBITDA Current EBITDA excluding IFRS 16 Current operating income before depreciation, Rents within the scope amortization and provisions on fixed operational of IFRS 16 Current EBITDA including r
Slide 32: Key Indicators of the Everyday Plan
KEY INDICATORS OF THE EVERYDAY PLAN 2025 Indicators 2023 2024 Targets Durability score1 131 133 135 Number of DartyMax subscribers 1.1m 1.3m 2m Number of products repaired 2.5m 2.6m 2.5m Proportion of Women in the Top 200 managers 33% 33% 35% Share of women in the Executive Committee 42% 30% > 40% 1
Slide 33: ESG Ratings
ESG RATINGS Agencies 2020 2021 2022 2023 2024 48/100 54/100 61/100 n/a 65/100 11.5 11.4 12.0 12.8 11.8 Low ESG risks Low ESG risks AA AA AA AA AA C A- A- A- A n/a 66/100 71/100 68/100 80/100 C- C- C- C- C 33
Slide 34: Simplified P&L
SIMPLIFIED P&L €m 2023 2024 2024 Excl. Unieuro reported Revenue 7,875 7,932 8,253 Current operating income 171 182 189 Non-current operating income and expenses (131) (31) (31) Operating income 40 151 157 Financial expense (79) (85) (85) Tax (31) (29) (31) Consolidated net income from continuing ope
Slide 35: Simplified P&L (H1 – H2)
SIMPLIFIED P&L (H1 – H2) €m H1 2023 H2 2023 H1 2024 H2 2024 H2 2024 Excl. Unieuro reported Revenue 3,344 4,531 3,390 4,542 4,863 Current operating income (35) 206 (36) 218 225 Other non-current operating income and expenses (100) (30) (27) (4) (5) Operating income (136) 176 (63) 213 220 Financial ex
Slide 36: Unaudited Pro Forma P&L
UNAUDITED PRO FORMA P&L 2024 11 months 2024 €m Reported Unieuro Pro forma1 Revenue 8,253 2,287 10,540 Gross Mragin 2,481 496 2,977 Recurring operating income 189 20 209 Other non-recurring operating income and expenses (31) 0 (32) Operating income 157 20 177 Net financial expense (85) (12) (98) Inco
Slide 37: Balance Sheet
BALANCE SHEET 31 Dec. 31 Dec. 31 Dec. 31 Dec. Equity and Liabilities in €m Assets in €m 2023 2024 2023 2024 Goodwill 1,680 2,009 Share capital 28 30 Reserves related to equity 987 1,040 Intangible assets 566 615 Conversion reserves (6) (6) Tangible assets 544 531 Other reserves 513 546 Rights of use
Slide 38: Cash Flow Statement
CASH FLOW STATEMENT €m 2023 2024 2024 Excl. Unieuro Reported Net Cash as of January 1 excl. IFRS 16 (5) 198 198 Operating free cash-flow (excl. IFRS 16) 180 195 175 Dividends paid (21) (18) (18) Shareholders’ equity component – OCEANE bonds 0 0 0 Interest paid net of interest and dividends received
Slide 39: Store Network
STORE NETWORK December 31, 2023 December 31, 2024 Integrated Franchises Total Integrated Franchises Total France and Switzerland1 407 431 838 406 430 836 Iberian Peninsula 82 6 88 78 7 85 Belgium and Luxembourg 84 - 84 84 - 84 Italia N/A N/A N/A 268 254 522 Total Group 573 437 1,010 836 691 1,527 1
Slide 40: Disclaimer
DISCLAIMER IMPORTANT NOTICE: By reading this presentation, you agree to be bound by the following limitations and qualifications: certain information included in this release is not based on historical facts but on forward-looking statements. Such forward-looking statements speak only as of the date
Slide 41: Fnac Darty
FNAC DARTY