Fnac Darty Sa · EURONEXT:FNAC
Fnac Darty Sa — FY2025 Earnings Presentation
35 slides from Fnac Darty Sa's earnings presentation, Feb 25, 2026
Slide 1: Fnac Darty
FNAC DARTY
Slide 2: Agenda
AGENDA 2025 HIGHLIGHTS & STRATEGIC REVIEW Enrique Martinez, Chief Executive Officer 2025 FINANCIAL RESULTS Jean-Brieuc Le Tinier, Chief Financial Officer CONCLUSION AND Q&A SESSION 02 Full Year Results 2025
Slide 3: Highlights and Strategic Review
HIGHLIGHTS AND STRATEGIC REVIEW Enrique Martinez Chief Executive Officer
Slide 4: Executive Summary
EXECUTIVE SUMMARY Revenue: +0.7% LFL1 Solid 2025 operational Outperforming French market and financial metrics by +2 pts2 ▪ 2.0% Operating margin ▪ €145m FCF3 FY 2025 HIGHLIGHTS New strategic plan EP Group’s proposed tender offer 04 Full Year Results 2025 1 Like-for-like change 2 French market as pe
Slide 5: Beyond Everyday: To Inspire a Commerce That Matters
BEYOND EVERYDAY: TO INSPIRE A COMMERCE THAT MATTERS REPAIR BEYOND DIGITIZED BEYOND & BEYOND OMNICHANNEL RETAIL Lead European circular Set the European benchmark for social Scale services for third parties & service-based retail and human centric omnichannel and partners throughout Europe retail expe
Slide 6: Repair & Beyond
REPAIR & BEYOND Lead European circular & service-based retail Number of Product Passport Subscribers c. 2.4m 4m in 2030 Subscribers Subscribers 2nd life c.€180m GMV c.€150m +24% vs n-1 +25% vs n-1 Best tech Subscribers c.€120m +30% vs n-1 transformation €92m X2 in 2030 of the year vs 2024 2022 2023
Slide 7: Beyond Digitized Omnichannel
BEYOND DIGITIZED OMNICHANNEL Set the European benchmark for social and human centric omnichannel retail experience Store modernization Launch of Darty Portugal Q4 2025 BRAND #4 TOP 10 AWARENESS TOM1 Domestic Appliance and Technology STORE >+10% Revenue (vs N-1) RESULTS +4% Visits (vs N-1) 07 Full Ye
Slide 8: Beyond Retail
BEYOND RETAIL Scale services for third parties and partners throughout Europe Online Click&Collect (as a % of sales) c.50% Sales c.9M products collected in 2025 c.+6% Like-for-like Marketplace (GMV) c.+10% Traffic +4% 2nd life Reverse Marketplace Fulfillment Business volume +8% Outperforming the mar
Slide 9: Unieuro Integration
UNIEURO INTEGRATION Operational efficiency Synergies Current On track to reach target Operating Digital enhancements New Collefero warehouse income increase International agreements Ledwall store windows Local conditions New stores openings European deals Sourcing >60% ≥ €20m by end 2026 of the 2025
Slide 10: EP Group's Takeover Bid: Transaction Highlights
EP GROUP’S TAKEOVER BID : TRANSACTION HIGHLIGHTS • EP Group, through a controlled company Initiator • Currently #1 shareholder of the group via VESA (28.5%) Targeted • Outstanding shares and OCEANES The Board of Directors instruments • No squeeze out unanimously expressed a favourable reception of t
Slide 11: EP Group's Takeover Bid: Intentions
EP GROUP’S TAKEOVER BID : INTENTIONS ▪ Continuation of a strong partnership with 1st shareholder and JV partner on Unieuro ▪ VESA Equity Investment, an affiliate of EP Group, holds 28.5% of Fnac Darty’s share capital ▪ Support the acceleration of the Beyond everyday strategic plan ▪ Bring shareholde
Slide 12: Financial Results
FINANCIAL RESULTS Jean-Brieuc Le Tinier Chief Financial Officer
Slide 13: 2024 Restatement
2024 RESTATEMENT 2 mains elements have led to restate 2024 financial figures to give a fair representation of the Group's operating performance: ▪ Nature & Découvertes activity reclassified according to IFRS 5 ▪ The acquisition of Unieuro resulted in the recognition of an amortization of assets (Pur
Slide 14: 2025 Key Financial Figures
2025 KEY FINANCIAL FIGURES Group revenue Gross margin Operating margin FCF1 €10,330m 28.0% 2.0% €145m +0.7% LFL +50 bps 5 bps Growth vs FY 2024 restated2 vs FY 2024 restated2 vs FY 2024 restated2 vs FY 2024 excl. disposals 1 Excluding IFRS 16 2 Restated data: includes the integration of Unieuro (ove
Slide 15: Performance by Category
PERFORMANCE BY CATEGORY Services c.2.4m subscribers at end-2025 15 Full Year Results 2025
Slide 16: Group Revenue by Geography
GROUP REVENUE BY GEOGRAPHY As a % of total % LFL1 In €m 2025 Group Change revenue France 6,069 59% +0.5% France disappointing Q4 at -0.6% LFL Rest of Europe 4,261 41% +1.1% Rest of Europe • Italy: services performance not offsetting strong competitive pressure, particularly Italy 2,584 25% (1.1)% in
Slide 17: Gross Margin Increase
GROSS MARGIN INCREASE driven by the positive impact of services As a % of sales +50 bps +55 bps -10 bps 28.0% 27.5% 2024 Franchises Channel Services 2025 restated 1 Web/Mix 1 Restated data: includes the integration of Unieuro (over 12 months) and the deconsolidation of ticketing since January 1, 202
Slide 18: Financial Results
FINANCIAL RESULTS In €m 2024 2025 Var. restated 1 vs. 24 rest. Gross margin 2,840 2,892 +52 Improved gross margin positive impact of Services OPEX excl. D&A (2,188) (2,226) Tight cost control inflation offset by proactive performance plans EBITDA2 652 667 +15 EBITDA increase +€15m not offsetting IFR
Slide 19: From EBITDA to FCF
FROM EBITDA TO FCF In €m 2024 2025 restated1 EBITDA 652 667 EBITDA increase +€15m thanks to tight cost control IFRS 16 impact (320) (346) Non-current cash items and EBITDA non-cash items (31) (27) Cash-flow before tax, dividends and interest, excluding IFRS 16 301 294 Change in WCR2 11 75 Tight mana
Slide 20: Solid Financial Structure
SOLID FINANCIAL STRUCTURE In €m 31 Dec. 2024 31 Dec. 2025 Positive net cash of € 146m excluding IFRS 16 at year-end Shareholders equity 1,737 1,576 Net cash 224 146 No major refinancing until April 2029 after successful €300m emission of a 2032 senior notes (4.75%). More than 77% of Gross financial
Slide 21: Conclusion & Outlook
CONCLUSION & OUTLOOK Enrique Martinez Chief Executive Officer
Slide 22: Outlook
OUTLOOK • Ex-date: 3 June 2026 Dividend proposed €1.0 per share • Payment date: 5 June 2026 Increase in Current Operating Margin and Free Cash Flow 2030 Objectives confirmed 22 Full Year Results 2025
Slide 23: Q&A Session
Q&A SESSION
Slide 24: Fnac Darty
FNAC DARTY
Slide 25: Appendices
APPENDICES
Slide 26: 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 inc
Slide 27: 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 ren
Slide 28: Simplified P&L
SIMPLIFIED P&L In €m 2024 2024 2025 comparable1 restated2 Revenue 10,496 10,324 10,330 Current operating income 193 200 203 Non-current operating income and expenses (32) (27) (123) Operating income 160 174 80 Financial expense (100) (97) (118) Tax (36) (37) (25) Net income from continuing operation
Slide 29: 2024 Restated Simplified P&L (H1 – H2)
2024 RESTATED SIMPLIFIED P&L (H1 – H2) In €m H1 2024 H2 2024 FY 2024 restated1 restated1 restated1 Revenue 4,429 5,895 10,324 Current operating income (34) 234 200 Non-current operating income and expenses (23) (3) (27) Operating income (57) 231 174 Financial expense (43) (55) (97) Tax 27 (64) (37)
Slide 30: 2025 Simplified P&L (H1 – H2)
2025 SIMPLIFIED P&L (H1 – H2) In €m H1 2025 H2 2025 FY 2025 Revenue 4,423 5,907 10,330 Current operating income (38) 241 203 Non-current operating income and expenses (10) (113) (123) Operating income (49) 129 80 Financial expense (55) (63) (118) Tax 34 (59) (25) Consolidated net income from continu
Slide 31: Balance Sheet
BALANCE SHEET 31 Dec. 31 Dec. 31 Dec. 31 Dec. Assets in €m Equity and Liabilities in €m 2024 2025 2024 2025 Goodwill 2,009 1,794 Share capital 30 30 Reserves related to equity 1,040 1,042 Intangible assets 615 753 Conversion reserves (6) (3) Tangible assets 531 515 Other reserves 546 381 Rights of u
Slide 32: Cash Flow Statement
CASH FLOW STATEMENT In €m 2024 2024 2025 reported restated1 Net Cash as of January 1 excl. IFRS 16 199 137 225 Operating free cash-flow (excl. IFRS 16) 175 210 145 Dividends paid (18) (22) (34) Shareholders’ equity component – OCEANE bonds 0 0 0 Interest paid net of interest and dividends received (
Slide 33: Store Network
STORE NETWORK December 31, 2024 December 31, 2025 Integrated Franchises Total Integrated Franchises Total France1 398 430 828 395 401 796 Rest of Europe 439 261 700 439 249 688 Italy 268 254 522 269 242 511 Belgium 84 - 84 84 - 84 Portugal 46 4 50 45 4 49 Spain 33 3 36 33 3 36 Switzerland 8 - 8 8 -
Slide 34: 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
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