Ceconomy Ag · XETR:CEC
Ceconomy — H1 2024/25 Earnings Presentation
43 slides from Ceconomy's earnings presentation, May 15, 2025
Slide 1: Results Presentation Q2/H1 2024/25
Rotterdam, Netherlands Results Presentation Q2/H1 2024/25 15 May 2025
Slide 2: Management update
Results Presentation Q2/H1 2024/25 on 15 May 2025 2 Management update Dr. Kai-Ulrich Deissner Remko Rijnders CEO CFO Previous role: Previous role: / CFO of CECONOMY AG / COO BeNeLux, Spain, and MediaMarktSaturn Türkiye, Poland since 2023 since 2023 / CEO of MediaMarkt BeNeLux since 2020
Slide 3: 1. Business update
Carugate, Italy 1. Business update
Slide 4: Operating highlights: driving future performance through innovation
Results Presentation Q2/H1 2024/25 on 15 May 2025 4 Operating highlights: driving future performance through innovation PERSONALISED SPACE-AS-A- MARKETPLACE APP SERVICE “FOR YOU PAGE” now live Successful roll-out of 6th country onboarded Experience Zones and Entrance (Belgium) Statements in Germany
Slide 5: Profitability continued to improve in Q2
Results Presentation Q2/H1 2024/25 on 15 May 2025 5 Profitability continued to improve in Q2 Stores / 1.3% sales growth, with 0.8% LFL in a soft environment +1.3% +€4 m +4 points / 9th quarter of profitable growth sales growth1 adjusted EBIT1 NPS increase vs. PY growth vs. PY vs. PY / New all-time-h
Slide 6: Q2 highlights: robust results driven by growth businesses
Results Presentation Q2/H1 2024/25 on 15 May 2025 6 Q2 highlights: robust results driven by growth businesses Omnichannel sales Growth businesses Countries / B&M sales1 broadly flat / Services & Solutions3 income / Good sales performance in strongly increased Türkiye, Hungary and Spain, / Strong onl
Slide 7: Progress report: all key pledges on track
Results Presentation Q2/H1 2024/25 on 15 May 2025 7 Progress report: all key pledges on track Business fields KPI FY 21/22 FY 22/23 FY 23/24 Target FY 25/26 Progress Q2 24/25 Retail Core Loyalty members 34 m 39 m 43 m 50 m Retail Core Online share1 25% 23% 24% c. 30% Retail Core Modernisation rate 3
Slide 8: Continued space monetisation through new Space-as-a-Service offer
Results Presentation Q2/H1 2024/25 on 15 May 2025 8 Continued space monetisation through new Space-as-a-Service offer Entrance Statement Experience Zone / Highly visible display for products and brands / Temporary showcase areas for product demonstration / Introduced in >50% of all German stores in
Slide 9: Great progress with personalised omnichannel experience
Results Presentation Q2/H1 2024/25 on 15 May 2025 9 Great progress with personalised omnichannel experience Expected impact of personalised service on KPIs Personalised service progresses well / Appointments via app now live in over 360 stores in Germany indicative / Mindset shift: “My customer, my
Slide 10: Deep dive Private Label: significant progress in Q2
Results Presentation Q2/H1 2024/25 on 15 May 2025 10 Deep dive Private Label: significant progress in Q2 Private Label sales share development in Q2 On track to reach 5% sales share / +15% Private Label sales growth in Q2 / Strong brand building: +40bp − New Tim Raue gas grills under KOENIC availabl
Slide 11: Our growth businesses continue to drive our profitability
1 III Results Presentation Q2/H1 2024/25 on 15 May 2025 11 Our growth businesses continue to drive our profitability Gross margin1 in Q2 / Increase in both gross profit and margin in Q2 / Retail Core margin stable 18.4% / All growth businesses contributed to gross profit growth, 17.8% especially Ser
Slide 12: Sustainability KPIs on track – BetterWay target reached ahead of plan
Results Presentation Q2/H1 2024/25 on 15 May 2025 12 Sustainability KPIs on track – BetterWay target reached ahead of plan Sustainability KPIs BetterWay sales share Trade-in products (in thousands) Refurbished products (in thousands) Q2 +8%p. -12% +205% 26% 18% 122 107 39 13 H1 +9%p. +3% +274% 25% 2
Slide 13: 2. Financial performance
OMR Festival, Germany 2. Financial performance
Slide 14: Solid sales and EBIT growth in Q2
Results Presentation Q2/H1 2024/25 on 15 May 2025 14 Solid sales and EBIT growth in Q2 Q2 H1 Sales / Sales growth in Q2 driven by strong online (€m) +1.3%1 +5.9%1 business performance, B&M flat YoY (-1.6%) (+4.0%) / Q2 impacted by negative calendar effect 12,318 12,816 of -1% 5,334 5,246 2023/24 202
Slide 15: Profitability further improved driven by Western/Southern Europe
Results Presentation Q2/H1 2024/25 on 15 May 2025 15 Profitability further improved driven by Western/Southern Europe Segments Q2 2024/25 development Western/ DACH Eastern DACH Southern Others2 CECONOMY / Soft market development €m Europe Europe / EBIT improvement driven by region-wide Sales (pre-IA
Slide 16: H1 EBIT progress bodes well for our FY guidance
Results Presentation Q2/H1 2024/25 on 15 May 2025 16 H1 EBIT progress bodes well for our FY guidance Segments H1 2024/25 development Western/ DACH Eastern DACH Southern Others2 CECONOMY / EBIT improvement supported by strong €m Europe Europe cost control notably in Germany Sales (pre-IAS 29) 6,800 4
Slide 17: Services & Solutions well on track to reach mid-term goals
Results Presentation Q2/H1 2024/25 on 15 May 2025 17 Services & Solutions well on track to reach mid-term goals Q2 H1 Services & / Strong Q2 S&S performance ahead of Solutions +7.0% +15.6% group sales Sales1 / Our portfolio performed well overall, (€m) 683 particularly warranties and financing / +70
Slide 18: Strong online sales growth due to improved customer experience
Results Presentation Q2/H1 2024/25 on 15 May 2025 18 Strong online sales growth due to improved customer experience Q2 H1 1P Online / Significant increase in online market Sales1 (€m) +7.4% +12.5% share / Performance driven by higher conversion 3,333 rate and basket size / Online sales share includi
Slide 19: EBIT improvement fueled by gross margin uplift in Q2
Results Presentation Q2/H1 2024/25 on 15 May 2025 19 EBIT improvement fueled by gross margin uplift in Q2 Q2 H1 Gross / Strong gross margin improvement in Q2 margin1 (%) +50bp → flat thanks to growth businesses, particularly Services & Solutions 17.8% 18.4% 17.7% 17.7% / Gross profit increase in lin
Slide 20: Q2 net profit development impacted by tax income in PY
Results Presentation Q2/H1 2024/25 on 15 May 2025 20 Q2 net profit development impacted by tax income in PY Q2 development €m 2023/24 2024/25 Change Non-recurring items Adjusted EBIT 5 10 +4 / Decline mainly driven by lower Fnac profit share and Non-recurring items 39 4 -35 fire damage in the Nether
Slide 21: H1 operating improvement balanced out by prior year tax benefits
Results Presentation Q2/H1 2024/25 on 15 May 2025 21 H1 operating improvement balanced out by prior year tax benefits H1 development €m 2023/24 2024/25 Change Non-recurring items Adjusted EBIT 253 289 +36 / Decline mainly driven by lower Fnac profit share and Non-recurring items 10 -46 -56 impairmen
Slide 22: FCF impacted by soft sales development
Results Presentation Q2/H1 2024/25 on 15 May 2025 22 FCF impacted by soft sales development Free cash flow (FCF) in H1 2024/25 (YoY change, €m) 606 NWC / Impacted by soft sales development and Easter shift -341 Tax / Cash inflow due to tax repayment 41 -112 Other operating cash flow -133 / Adjustmen
Slide 23: 3. Outlook and summary
SmartBar live demonstration, Brugherio, Italy 3. Outlook and summary
Slide 24: 2024/25 sales and EBIT outlook confirmed
Results Presentation Q2/H1 2024/25 on 15 May 2025 24 2024/25 sales and EBIT outlook confirmed // Moderate increase in fx- and portfolio-adjusted sales / All segments are expected to contribute to sales growth // Clear increase in adjusted EBIT / Improvement in adjusted EBIT driven by DACH and Wester
Slide 25: New product innovations to boost product categories
Results Presentation Q2/H1 2024/25 on 15 May 2025 25 New product innovations to boost product categories / IT category still going strong thanks to AI-enabled products / Gaming on the rise: strong pre-order for Nintendo Switch 2 / Emerging new categories: smart glasses with potential for mainstream
Slide 26: Summary of Q2 and H1 results
Results Presentation Q2/H1 2024/25 on 15 May 2025 26 Summary of Q2 and H1 results 01 02 Robust performance in a volatile We gained market share market 03 04 Our sizeable growth businesses keep We progress in leveraging data to expanding improve customer experience 05 06 Our focus remains on cost, li
Slide 27: Disclaimer and Notes
Results Presentation Q2/H1 2024/25 on 15 May 2025 27 Disclaimer and Notes 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 (including a
Slide 28: Questions & Answers
Results Presentation Q2/H1 2024/25 on 15 May 2025 28 Questions & Answers Dr. Kai-Ulrich Deissner Remko Rijnders CEO CFO
Slide 29: Financial calendar 2024/25
Results Presentation Q2/H1 2024/25 on 15 May 2025 29 Financial calendar 2024/25 Bernstein Oddo BHF CF&B London Q3/9M 2024/25 Q4/FY 2024/25 Q4/FY 2024/25 Pan European Nice Next Cap Forum Conference results trading statement results Conference 20 May 12 June 24 June 12 August 28 October 17 December 20
Slide 30: We would be delighted to answer your questions
Results Presentation Q2/H1 2024/25 on 15 May 2025 30 We would be delighted to answer your questions CECONOMY Investor Relations Team Kaistr. 3 40221 Düsseldorf Germany ceconomy.de/en/investor-relations Fabienne Caron Dr. Kerstin Achterfeldt Arian Ebrahimi VP, Head of Investor Relations Sr. Investor
Slide 31: Valentine’s Day Campaign
“Gift moments that last forever” Valentine’s Day Campaign
Slide 32: Reported to adjusted EBIT bridge
Results Presentation Q2/H1 2024/25 on 15 May 2025 32 Reported to adjusted EBIT bridge Q2 2024/25 H1 2024/25 / At equity investment in H1 EBIT includes -€7 m for Fnac (€m) Darty post dilution (Q1) 289 19 -8 -8 -49 / Others in Q2 includes -€9 m 243 for fire damage in NL (temporary effect) thereof Impa
Slide 33: Reported to adjusted gross margin and OPEX ratio
Results Presentation Q2/H1 2024/25 on 15 May 2025 33 Reported to adjusted gross margin and OPEX ratio Q2 2024/25 H1 2024/25 / IAS 29 effect: Gross 18.4 18.2 17.7 17.5 margin -0.2 -0.2 – Negative impact on (%) reported gross margin – Almost neutral in OPEX ratio as OPEX and sales are both adjusted Ad
Slide 34: Reported net working capital
Results Presentation Q2/H1 2024/25 on 15 May 2025 34 Reported net working capital Q2 2023/24 Q2 2024/25 €m 31/12/2023 31/03/2024 Change 31/12/2024 31/03/2025 Change Inventories 3,549 3,108 -441 3,694 3,299 -395 Trade receivables and similar claims 557 522 -35 697 577 -120 Receivables due from suppli
Slide 35: Reported net working capital
Results Presentation Q2/H1 2024/25 on 15 May 2025 35 Reported net working capital H1 2023/24 H1 2024/25 €m 30/09/2023 31/03/2024 Change 30/09/2024 31/03/2025 Change Inventories 2,918 3,108 190 3,114 3,299 185 Trade receivables and similar claims 490 522 32 560 577 17 Receivables due from suppliers 1
Slide 36: Application of IAS 29, hyperinflation accounting
Results Presentation Q2/H1 2024/25 on 15 May 2025 36 Application of IAS 29, hyperinflation accounting 2023/24 2024/25 €m Reported sales IAS 29 effect Sales pre-IAS 29 Reported sales IAS 29 effect Sales pre-IAS 29 Q1 6,984 -19 7,003 7,570 +15 7,555 Q2 5,334 +45 5,289 5,246 -43 5,289 H1 12,318 +26 12,
Slide 37: Q2/H1 2024/25 hyperinflation accounting
Results Presentation Q2/H1 2024/25 on 15 May 2025 37 Q2/H1 2024/25 hyperinflation accounting Impact of IAS 29, fx- and Portfolio effects on sales growth Sales (% growth) Q2 / Negative impact from IAS 29 accounting on Sales in Q2 and H1 2024/25 1.3 0.0 / Switching KPIs analysis to pre-IAS 29 1.3 more
Slide 38: From reported to adjusted net profit — Q2
Results Presentation Q2/H1 2024/25 on 15 May 2025 38 From reported to adjusted net profit — Q2 Reported Incl. adjustments €m Comment 2023/24 2024/25 Change 2023/24 2024/25 Change Reported EBIT 44 14 -30 44 14 -31 Impairments 0 3 +3 Poland Adjustment: IAS 29 -4 0 +4 Türkiye Adjustment: At-Equity (Fna
Slide 39: From reported to adjusted net profit — H1
Results Presentation Q2/H1 2024/25 on 15 May 2025 39 From reported to adjusted net profit — H1 Reported Incl. adjustments €m Comment 2023/24 2024/25 Change 2023/24 2024/25 Change Reported EBIT 263 243 -20 263 243 -20 Impairments 0 32 +32 Poland Adjustment: IAS 29 21 8 -14 Türkiye Adjustment: At-Equi
Slide 40: Store network
Results Presentation Q2/H1 2024/25 on 15 May 2025 40 Store network Stores (#) 31/12/2024 Openings Closures 31/03/2025 Germany 401 0 0 401 Austria 56 0 0 56 Switzerland 44 0 0 44 Hungary 40 0 0 40 DACH 541 0 0 541 Belgium 26 1 0 27 Italy 139 0 0 139 Luxembourg 2 0 0 2 Netherlands 55 0 1 54 Spain 111
Slide 41: Updated reporting of Services & Solutions KPI
Results Presentation Q2/H1 2024/25 on 15 May 2025 41 Updated reporting of Services & Solutions KPI Services & Solutions sales1 in €m Financial / From Q1 2024/25 our Services & Q1 Q2 Q3 Q4 FY Solutions definition only includes period Operational Services & Solutions, in line with our Key Pledge 2025/
Slide 42: Our commitment to sustainability is reflected in our ratings
Results Presentation Q2/H1 2024/25 on 15 May 2025 42 Our commitment to sustainability is reflected in our ratings Rating agency Scale Results for FY 22/23 Results for FY 23/24 Trend CCC B BB BBB A AA AAA Laggard Average Leader A AA Severe High Med. Low Negl. 40+ 30-40 20-30 10-20 0-10 15.8 13.3 D- D
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