Fnac Darty Sa · EURONEXT:FNAC
Fnac Darty Sa — Investor Day (June 2025)
71 slides from Fnac Darty Sa's investor day presentation, Jun 11, 2025
Slide 1: Capital Markets Presentation
CAPITAL MARKETS PRESENTATION June 11th 2025
Slide 2: Highly committed management team
Highly committed management Team TODAY'S SPEAKERS Charles-Henri de Tiffany Foucault François Gazuit Vincent Gufflet Florence Lemetais Enrique Martinez Maleissye General Secretary Store operations Services & Operations Sales & Marketing CEO Belgium HR, CSR & Governance director Director Director CEO
Slide 3: A unique transformation
Build a digitized omnichannel A UNIQUE retail TRANSFORMATION Scale the next in-home subscription-based Creating value and setting new retail assistance service standards around omnichannel, services, sustainability Lead durable behaviors 03 CAPITAL MARKETS DAY 2025
Slide 4: #1 Western & Southern Europe
Everyday #1 WESTERN & SOUTHERN EUROPE In retail of editorial products, consumers electronics and domestic appliances Italy 25% €10.5 France #2 Iberia 60% 1,527 8% bn1 Stores o/w 45% Franchisees Belgium 6% Switzerland #1 #2 2% Others 14% 2 Q3 Q4 #1 #2 #1 Premium Products >20% online sales Domestic Ap
Slide 5: Profitable and unique digitized omnichannel retail
Everyday PROFITABLE AND UNIQUE Digitized omnichannel retail > 20% #1 E-commerce Of online in France after sales Amazon1 All 52% 2021 non profitable #1 < 20% Omnichannel stores recovered / Home delivery Of Revenue online sales in recovery & installation online in France +6pts vs 2021 (49% incl. Unieu
Slide 6: Successful transition to subscription service model
Everyday SUCCESSFUL TRANSITION Towards profitable & predictable subscription service model with c.2m subscribers # of subscribers Customer stickiness x3 1.9m x1.5 x1.1 x1.6 Purchase NPS on Average frequency at-home repair basket 0,5 2 vs. standard Darty customer Competitive acquisition costs 1 << In
Slide 7: Strong foundations on circular retail
Everyday STRONG FOUNDATIONS On circular retail and the path to better consumption More sustainable offer Repair 2nd life # of repaired products GMV Sustainability score1 +19pts +24% x1.8 133 2.6m €160m 114 2.1m €90m 2021 2024 2021 2024 2021 2024 More sustainable choice 65/100 (+4pts vs 2022) #2 in s
Slide 8: New growth ventures
Everyday NEW GROWTH VENTURES Impactful Retail Disruptive partnerships AI & GenAI Media offer to accelerate growth acceleration x1.5 €100m 1.2% of Group’s sales >50% Of Store associates 2019 2024 are AI Experts Sales1 08 CAPITAL MARKETS DAY 2025| 1 France sales
Slide 9: Unprecedented market consolidation
Everyday UNPRECEDENTED MARKET CONSOLIDATION Building the leading player in Western & Southern Europe #2 Since Dec. 2024 #1 #2 & 2024 2024 Excl. Unieuro1 Pro forma2 Sales €7.9bn €10.5bn #2 #1 EBIT margin 2.3% 2.0% Weight of France in Group’s sales 80% 60% 9 CAPITAL MARKETS DAY 2025| 1 Fnac Darty 2024
Slide 10: Delivering strong financials
Everyday DELIVERING STRONG FINANCIALS Supported by services mix and growth Gross margin rate increase 25% Contribution of services in 2024 gross margin as a % of sales +110bps Ramp up of subscription services 30.6% 29.5% >60% 2021 2024 2024 Contribution of subscription services in B2C services gross
Slide 11: Improved financial profile and shareholder return
Everyday IMPROVED FINANCIAL Profile and shareholder return Controlled net debt Payout ratio with leverage ratio below 2x target above target 1.98x 40% 1.78x 39% 38% 37% 1.65x1 1,5x 31/12/2022 31/12/2023 31/12/2024 2021 2022 2023 2024 Dividend per share2 €1.00 €1.40 €0.45 €1.00 11 CAPITAL MARKETS DAY
Slide 12: What if we consume better?
BEYOND FIGURES A group “à l’avant-garde” What if we consume better ? Circularity Culture Fair markets 12 CAPITAL MARKETS DAY 2025
Slide 13: A future of challenges and opportunities
A FUTURE OF CHALLENGES AND OPPORTUNITIES
Slide 14: An accelerating world
AN ACCELERATING WORLD ENVIRONMENT CONVERSATIONAL TECH ACCELERATION DEMOGRAPHICS FUTURE UNIFIED SOLUTIONS OF ORIENTED TECHNOLOGY RETAIL TALENT REVOLUTION GEOPOLITICS DURABLE & AFFORDABLE 14 CAPITAL MARKETS DAY 2025
Slide 15: Future of our channels
FUTURE OF OUR CHANNELS Store #1 in our countries Tech & durables web penetration1 In value, continental Europe French people remain deeply COVID 51% attached 47% 16-19 (pts.a) 22-24 (pts.a) 24-30F to stores GE +2pts +1pt c.55-60% 92% 36% 35% 35% 35% BE +3pts +0.5pt c.35-40% 29% 30% 30% 27% ES +3pts
Slide 16: Future of our markets
FUTURE OF OUR MARKETS COMMUNITIES (Re)equipment cycle Innovation Hard, MDA, Mangas, AI inside, Records, components, Robotics, Premium CURIOSITY Gaming Connectivity PASSION tech & durable growth opportunities Sustainability 2nd life, Diversification more repairable, New consumer less resources electr
Slide 17: Growth potential in products and services markets
GROWTH POTENTIAL In our products and services markets Products Services 2024 Market share of #1 player in core geographies 2024 # of subscribers in France c.13m c.10m 25% 23% 21% 17% 3.5m 1.9m 1.1m #1 player #1 player #1Video 1 #1 Pay TV 2 #1 Music Home Services player 17 CAPITAL MARKETS DAY 2025| S
Slide 18: Leveraging strong, iconic and preferred brands
LEVERAGING Strong, iconic & preferred brands in their local markets Preferred retailer #1 Editorial products #3 Electronics & appliances #1 Electronics & appliances LOYALTY, CULTURE, PRICE, CHOICE, SERVICE, PASSION, TECHNOLOGY, TECH SUSTAINABILITY PEOPLE « LIBÉRONS LA CULTURE » « C’EST PARTI POUR DU
Slide 19: Highly committed and seasoned teams
HIGHLY COMMITTED AND SEASONED TEAMS To serve our customers & partners NPS 00 CHANGE MAKER 0 30, S +11pts 53 64 2020 2024 ALL LEADERS 73% Employees recommend the company1 Stores / Warehouses / Delivery / Call Center / Headquarters / Repair 19 CAPITAL MARKETS DAY 2025| 1 Share of employees answering 7
Slide 20: Inspiring commerce that matters
INSPIRING COMMERCE THAT MATTERS We renew our commitment to a unique vision we shaped by embracing a changing retail landscape. A vision that pioneered our omnichannel, service-driven and sustainable model we implemented all over our stores through Europe with our passionate employees. And now, we ac
Slide 21: Capital Markets Day 2025
ever a Inspiring commerce y that matters 21> CAPITAL MARKETS DAY 2025 FNAC DARTY
Slide 22: Beyond everyday: Three strategic pillars
Beyond everyday: Three strategic pillars To inspire a commerce that matters #Beyond retail REPAIR BEYOND DIGITIZED BEYOND & BEYOND OMNICHANNEL RETAIL Scale services for third parties and partners throughout Europe Lead European circular Set the European benchmark for social Scale services for third
Slide 23: Repair & Beyond
REPAIR BEYOND DIGITIZED BEYOND & BEYOND OMNICHANNEL RETAIL Set the European benchmark for social and Scale services for third parties Lead European circular human centric omnichannel and partners throughout Europe & service-based retail retail experience
Slide 24: Repair & Beyond
REPAIR & BEYOND Lead circular and service based European retail BETTER PRODUCTS Lead on high margin premium & durable products BETTER USE & RE-USE Scale in-home assistance services & operations throughout Europe BEYOND CARBON Take planetary boundaries into account
Slide 25: Better products
BETTER PRODUCTS 1 2 3 Lead on high margin premium & durable products REPAIR & BEYOND Lead on High margin A more premium & durable sustainable offer products 133 (+19 vs 2021) Sustainability score1 PRODUCT Grow profitable market share on high margin premium & durable products Product INNOVATION leade
Slide 26: Better products: grow profitable market share
BETTER PRODUCTS 1 2 3 Lead on high margin premium & durable products REPAIR & BEYOND Grow profitable market share Grow Affordability White Goods Editorial Products Credit solutions x2 Portfolio review Kidults Unieuro Synergies Portugal developement Partnerships & Licences Sourcing Streamlined Operat
Slide 27: Better products: durable innovations and supplier engagement
BETTER PRODUCTS 1 2 3 Lead on high margin premium & durable products REPAIR & BEYOND Preempt durable innovations Engage suppliers & partners in improving and drive sustainable choice the sustainability of their products Preempt durable Align 2nd life retail Leverage unique innovations on New product
Slide 28: Better use & re-use
BETTER USE & RE-USE 1 2 3 Scale in-home assistance services & operations throughout Europe REPAIR & BEYOND Scale in-home assistance services & operations throughout Europe A successful transition towards subscription-based services x2 c.4.0m EVERYWHERE # Of Subscribers x4 Scale underpenetrated chann
Slide 29: Scale underpenetrated channels and countries
BETTER USE & RE-USE 1 2 3 Scale in-home assistance services & operations throughout Europe REPAIR & BEYOND Scale Underpenetrated Channels and Countries Underpenetrated Channels Operations ramp-up Franchises @ Web Call Center 3.5m Repaired products by 2030 (+34% vs 2024) New offers Digital Passport &
Slide 30: Maximize ARPU and reduce churn
BETTER USE & RE-USE 1 2 3 Scale in-home assistance services & operations throughout Europe REPAIR & BEYOND Maximize ARPU Reduce Churn Upsell & cross-sell Services Bundle & options (Owned & partners) (Owned, Partners) Sales Excellence Today Process Data + Training Personalized Experience Tomorrow (il
Slide 31: Diversify on new growth activities: energy efficiency
BETTER USE & RE-USE 1 2 3 Scale in-home assistance services & operations throughout Europe REPAIR & BEYOND Diversify on new growth activities: Start with Energy Efficiency Attractive market x2 Existing capabilities By 2030 – Holistic approach Charging stations Air Solar Home Charging High demand Hea
Slide 32: Beyond carbon
BEYOND CARBON 1 2 3 Take planetary boundaries into account REPAIR & BEYOND Climate & resources Manufacturing Usage End of life & waste Transport & Energy (60% of total emissions)1 (33% of total emissions) (4.4% of total emissions) (1.5% of total emissions) Emissions covered by science aligned 80% 20
Slide 33: Repair & Beyond 2030 ambitions
REPAIR & BEYOND 1 2 3 Lead circular and service-based European Retail REPAIR & BEYOND 2030 BETTER PRODUCTS Outperforms market Lead on high margin premium & durable products c.4M Subscribers BETTER USE & RE-USE Scale in-home assistance services & operations throughout Europe >80% of subscribers withi
Slide 34: Beyond Digitized Omnichannel
REPAIR BEYOND DIGITIZED BEYOND & BEYOND OMNICHANNEL RETAIL Lead European circular Scale services for third parties & service-based retail Set the European benchmark for social and partners throughout Europe and human centric omnichannel retail experience
Slide 35: Beyond Digitized Omnichannel
BEYOND DIGITIZED OMNICHANNEL Set the European benchmark for social and human centric omnichannel retail experience SOCIAL Set the European standard for social omnichannel experience HUMAN CENTRIC Unleash Human magic empowering Teams and unlocking the full potential of customer interactions EVERYWHER
Slide 36: Social
SOCIAL 1 2 3 Set the European benchmark for Social and BEYOND DIGITIZED OMNICHANNEL human centric omnichannel retail experience Our members, a Build long term daily growing part of relationships with our our GMV customers Members (%GMV 1) +8pts SEAMLESS Unlock full potential of digitized and +10pts
Slide 37: Seamless
SEAMLESS 1 2 3 Unlock full potential of digitized and conversational omnichannel retail BEYOND DIGITIZED OMNICHANNEL Best Omnichannel Delivery Times Conversational Online Best-in-class C&C Conversational search Human Connection on all websites H+1 Day+1 Local inventory Central inventory delivery del
Slide 38: Social: build the ultimate shopping experience
SOCIAL 1 2 3 Build the ultimate shopping experience BEYOND DIGITIZED OMNICHANNEL Social humanized stores Inspire Touch, feel, play Get personalized experiences and advantages The place to be to live unique Learn experiences Connect & build everyday long lasting communities around passions Store #1 m
Slide 39: Stores transformation and upgrade plan
SOCIAL 1 2 3 Build the ultimate shopping experience BEYOND DIGITIZED OMNICHANNEL 5 Years Stores transformation & upgrade plan >200 Customer focus Members, Service oriented, Stores Advice, assistance, simplicity Immersive experience Product, Service, Events New Categories Spatial computing, BeautyTec
Slide 40: Social brands driving customer acquisition
SOCIAL 1 2 3 Build the ultimate shopping experience BEYOND DIGITIZED OMNICHANNEL Social brands driving customer acquisition Inspirational Content everywhere & everyday Tech & Culture thought leadership Store associate influencer Beyond stores Brand & influencers Collaboration Out of home events 40 C
Slide 41: Human centric
HUMAN CENTRIC 1 2 3 Unleash Human magic empowering Teams and unlocking the full potential BEYOND DIGITIZED OMNICHANNEL of customer interactions Unleash human magic Diversity & Expertise and unlock the full potential of customer interactions 73% 33% Employees Women in Top 200 recommend the PEOPLE 1ST
Slide 42: People 1st
PEOPLE 1ST 1 2 3 Empower & Develop Teams BEYOND DIGITIZED OMNICHANNEL Strengthen people’s expertise Support Share For today & tomorrow Diversity & Inclusion Value Creation Products & Services Foster workplace quality Promote employee recognition and engagement through transparent Sustainability, Rep
Slide 43: Lean at scale
LEAN AT SCALE 1 2 3 Free up value-added & productive time BEYOND DIGITIZED OMNICHANNEL Upgrade tech & operations tools & process Operational excellence Governance Front Modernisation Standardization Cyber Mid Simplification BI AI & Cloud Back Employee #Value added tasks #Customer facing #Management
Slide 44: Everywhere
EVERYWHERE 1 2 3 Expand the reach and consolidate the European market BEYOND DIGITIZED OMNICHANNEL Expand and strengthen our #1 or #2 impact and presence across in most of our markets Europe #2 STRONGER #1 #2 Consolidate & strengthen #1& #2 positions #1 #2 LARGER Enlarge addressable market EVERYWHER
Slide 45: Stronger
STRONGER 1 2 3 Consolidate & strengthen #1/#2 positions BEYOND DIGITIZED OMNICHANNEL Turnaround non profitable Unlock European synergies subsidiaries €20m synergies Beyond everyday & by 2026 (purchasing and Marketplace, Services, sourcing) Retail Media & Challenging Offer Operations & 2nd life, Mark
Slide 46: Larger
LARGER 1 2 3 Enlarge addressable markets BEYOND DIGITIZED OMNICHANNEL Accelerate Small & Medium business activities X1.4 New customer segments : B2B native customer journey & Hospitality Services >€400m New B2B Tech Stack Europe 2024 2030F Small & Medium business activities sales 46 CAPITAL MARKETS
Slide 47: Maximize customer touchpoints online
EVERYWHERE 1 2 3 Maximize Customer Touchpoints ONLINE BEYOND DIGITIZED OMNICHANNEL Online expansion MARKETPLACE REVERSE AI RETAIL Digital Shop in shop Chat Based AI retail Launch Affiliation x Diversification GPTs Other Leading Social 1 + New category Leading networks per year Marketplaces (upcoming
Slide 48: Maximize customer touchpoints offline
EVERYWHERE 1 2 3 Maximize Customer Touchpoints OFFLINE BEYOND DIGITIZED OMNICHANNEL Offline expansion on selected concept & geographies KITCHEN SOLO ~150-300 sqm +75% +150 PROXI ~700 sqm +92 BEDDING SOLO ~ 200 sqm Stores openings CLASSIC (Net of PROXI ~1,500 sqm ~700-1,000 sqm closures) CLASSIC “Dar
Slide 49: Beyond Digitized Omnichannel 2030 ambitions
BEYOND DIGITIZED OMNICHANNEL 1 2 3 Lead circular and service-based European Retail BEYOND DIGITIZED OMNICHANNEL 2030 SOCIAL >50% Set the European standard for social omnichannel Of GMV with loyal members experience >200 HUMAN CENTRIC Store upgrade Unleash Human magic empowering Teams and unlocking t
Slide 50: Beyond Retail
REPAIR BEYOND DIGITIZED BEYOND & BEYOND OMNICHANNEL RETAIL Lead European circular Set the European benchmark for social and & service-based retail human centric omnichannel Scale services for third parties retail experience and partners throughout Europe
Slide 51: Beyond Retail
BEYOND RETAIL Scale services for third parties and partners throughout Europe ASSETS Scale Operations for third parties (Omnichannel, Circularity, Culture) AUDIENCE Lead Omnichannel Retail Media
Slide 52: Assets: scale operations for third parties
ASSETS 1 2 3 Scale operations for third parties BEYOND RETAIL Monetize Fnac & Darty best in class solutions and assets to Third parties A growing offer for third parties OMNICHANNEL Scale omnichannel operations for third parties Since 2024 Since 2023 CIRCULARITY Scale circularity operations for thir
Slide 53: Fulfillment
ASSETS 1 2 3 Scale omnichannel operations for third parties BEYOND RETAIL Marketplace Operations Bulky Products The most comprehensive solution for best-in-class fulfilment Leaders-like services Best in class Fnac & Darty Owned MP Other MP Monetize our Best- Fulfillment (Since 2024) solutions (2025)
Slide 54: Scale circularity operations for third parties
ASSETS 1 2 3 Scale circularity operations for third parties BEYOND RETAIL In-home & in-office Subscriber Ecoconception assistance operations managment Repair & maintenance, 2nd life #1 ASSISTANCE #1 PARTNER TELCO & PAY TV PLAYERS #1 REPAIRER End to end Customer service management for subscribers Pro
Slide 55: Develop culture operations for third parties
ASSETS 1 2 3 Develop culture operations for third parties BEYOND RETAIL #BRANDS #BOOKSTORES #ARTISTS #MAJORS Unique Unique Experiences Omnichannel solutions TODAY Publishers’ distribution solutions : 14k publishers, 4k suppliers, TODAY TOMORROW 3.5m titles to more than 50% TOMORROW Bookstores digita
Slide 56: Audience: lead omnichannel retail media
AUDIENCE 1 2 3 Lead omnichannel Retail Media BEYOND RETAIL The most comprehensive retail media offer 8,000 EVENTS 29M UV1 +80k visitors @Fnac Live 40M in CRM 11M subscribers 1.6M 2000 screens DOOH 1.2 M 613 k 1.3m UV/m 56 CAPITAL MARKETS DAY 2025| 1 France, Fevad Q4 2024
Slide 57: Retail media offer
AUDIENCE 1 2 3 Lead omnichannel Retail Media BEYOND RETAIL Leverage our audience to lead omnichannel retail The most comprehensive media Retail Media offer Retail Media Non- (% of Group’s sales) x1.7 Unlock full potential Sellers endemic on underpenetrated 2% as well as emerging In-store Connected x
Slide 58: Beyond Retail 2030 ambitions
BEYOND RETAIL 1 2 3 Scale services for third parties and partners throughout Europe BEYOND RETAIL 2030 Scale Omnichannel ASSETS Circularity Scale Operations for third parties Culture Operations for third parties AUDIENCE Lead Omnichannel Retail Media 2% Share of retail media in total Group's sales 5
Slide 59: Financial profile and capital structure
FINANCIAL PROFILE AND CAPITAL STRUCTURE
Slide 60: From a solid starting point
FROM A SOLID STARTING POINT Proactive debt Strong focus on management profitability and conservative net and cash generation leverage target Strong liquidity Dividend policy position payout above target 60 CAPITAL MARKETS DAY 2025
Slide 61: Towards an increased profitability
TOWARDS AN INCREASED PROFITABILITY ROC margin1 at least +100 bps by 2030 Key growth drivers BEYOND Outperform market RETAIL BEYOND c.4M Subscribers DIGITIZED Services from 25% to 30% of OMNICHANNEL Group's gross margin REPAIR & BEYOND >3% c.€300m Cumulative Performance plan 2% 2% Share of Retail med
Slide 62: Strong value creation coming from Italia
STRONG VALUE CREATION COMING FROM ITALIA CURRENT OPERATING PROFIT ITALIA By 2026 At least €20m synergies (purchasing and sourcing) x3 c.€80m By 2030 Beyond everyday deployment c.€27m Deploy in-home assistance services Omnichannel experiences Retail media acceleration 2024PF 2030F Marketplace launch
Slide 63: Capex expected to increase as we expand our reach
CAPEX EXPECTED TO INCREASE AS WE EXPAND OUR REACH + c.€40m c.€200m OTHERS Enhanced logistics & Services and operations on average p.a c.€160m (Web, Logistics,...) Online expansion ~€40m >200 stores transformation ~€35m STORES & upgrade ~€70m (excl. Web) +150 stores opening ~€35m Upgrade tech & ~€90m
Slide 64: Free cash flow generation
FREE CASH FLOW GENERATION INCREASING THROUGHOUT THE PLAN 2030 ROC margin increase >3% by 2030 WCR Optimized >1.2bn >€1.2bn Income tax 30% on average Cumulative FCF over 2025-20301 CAPEX c.€200m on average per year 64 CAPITAL MARKETS DAY 2025| 1 Free cash flow from operations excluding IFRS 16
Slide 65: Disciplined approach to capital allocation
DISCIPLINED APPROACH TO CAPITAL ALLOCATION Financial Reinvest INCREASE CAPEX €200m pa on average over resilience and in the business 2025-2030 effective balance sheet BOOST DIVIDEND Return to >1.2bn CUMULATIVE FCF1 ≥40% Payout ratio over 2025-2030 shareholders Dividend per share floor €1 p.a TARGETE
Slide 66: Dashboard by 2030
DASHBOARD BY 2030 Operational key figures Financial and non-financial ambitions OUTPERFORM MARKET >3% >€1.2bn c.4M >50% ROC CUMULATIVE FCF Subscribers Of GMV with loyal members MARGIN 2025-20301 +150 >80% €200m p.a. >40% Store openings (net of closures) c.1.5x Payout ratio of subscribers within Aver
Slide 67: Wrap-up
WRAP-UP FNAC DARTY
Slide 68: A commerce that matters
A commerce that matters for our customers for the Fnac Darty talents for our partners for our shareholders for the planet for the people 68 CAPITAL MARKETS DAY 2025
Slide 69: Questions & Answers
QUESTIONS & ANSWERS FNAC DARTY
Slide 70: 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 71: everyday mmer
everyday mmer