Q2 2025/26 financial highlights1Sales up by +4.9%2 YoY with +4.8% LFL
Gross margin3,4 up 30bp driven by growth businesses +€10 m increase in adjusted EBIT3 to €27 m. Adjusted EBIT margin4 up 20bp
Guidance 2025/26 confirmed and specified: Moderate sales increase; adjusted EBIT of around
€500 m
Dr. Kai-Ulrich Deissner, CEO of CECONOMY AG:"We are consistently building a platform that is really relevant for customers throughout Europe. Our stores can do more than just selling products. We develop digital services that build trust. Our customer experience online and offline grows together. The fact that our customer satisfaction has risen to 62 at the same time shows that our Experience Electronics strategy is well received. For me, this is the decisive proof: Those who are relevant to customers grow. And those who grow create room for the future."
Reported sales | 5,253 | 5,466 | +4.1% |
Of which indexing effect IAS 29 (hyperinflation in Türkiye) | -43 | +93 | +136 |
Growth2 (%) | 1.3% | 4.9% | +360bp |
Like-for-like sales development | 0.8% | 4.8% | +400bp |
Adjusted gross margin3,4 | 18.5% | 18.7% | +30bp |
Adjusted EBITDA3 | 182 | 193 | +11 |
Adjusted EBITDA margin4 | 3.6% | 3.4% | +20bp |
Reported EBIT | 21 | -17 | -38 |
Adjusted EBIT3 | 17 | 27 | +10 |
Adjusted EBIT margin4 | 0.3% | 0.5% | +20bp |
Net result group share | -33 | -92 | -59 |
Adjusted net profit group share5 | -29 | -68 | -39 |
Reported EPS (€) | -0.07 | -0.19 | -0.12 |
Adjusted EPS5 (€) | -0.06 | -0.14 | -0.08 |
Net debt (-)/Net liquidity (+) | -1.770 | -1.597 | +173 |
12024/25 values restated.
2Adjusted for currency and portfolio change effects, pre-IAS 29.
3Excluding associates, adjusted for portfolio changes, pre-IAS 29 and excluding non-recurring effects.
4Margin calculation based on reported sales pre-IAS 29 and adjusted EBIT/EBITDA.
5Net profit group share and EPS adjusted for portfolio effects, pre-IAS 29, impairment on Poland and at-equity for Fnac Darty S.A.
Outlook for FY 2025/26 confirmed and specified Moderate increase in fx- and portfolio-adjusted total salesWestern/Southern and Eastern Europe are expected to contribute to sales growth
Adjusted EBIT of around €500 m
Improvement in adjusted EBIT driven by Western/Southern Europe
The outlook is adjusted for portfolio changes and excludes earnings effects from companies accounted for using the equity method. Accounting effects of applying IAS 29 in Türkiye as a hyperinflationary economy are likewise excluded, as are non-recurring items, for example in connection with optimisation of the location portfolio and central structures as well as changes in the legal environment.
Group highlights Q2 2025/26 Another subsequent quarter of adj. EBIT growth by +€10 m (+62%) to €27 mOnline share (incl. Marketplace) pre-IAS 29 grew strongly, now at 26.3% (+140bp YoY)
Refurbished product sales increased nearly fourfold YoY to 189,000 units sold
Growth businesses: significant increase in Services & Solutions income and Retail Media nearly doubling
€m pre-IAS 29 Q2 2024/25 Q2 2025/26 Change1
Online sales 1,257 | 1,326 | +8.0% |
Services & Solutions sales 305 | 330 | +11.1% |
EBITDA | 620 | 626 | +6 |
Change in net working capital | -355 | -362 | -7 |
Tax | 41 | -50 | -91 |
Other operating cash flow | -112 | -34 | +78 |
Cash investment | -133 | -111 | +22 |
Free cash flow | 62 | 69 | +7 |
Lease repayments | -233 | -234 | -1 |
Lease-adjusted free cash flow | -171 | -165 | +7 |
1 Adjusted for currency and portfolio change effects, pre-IAS 29.
2 2024/25 values restated.
Performance by segment Q2 2025/26 €m DACH Western/ Southern Europe Eastern Europe Others4 CECONOMYSales (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 | 1,020 | 5,466 | |||
Reported YoY change (%) | -2.0 | +4.2 | +23.8 | +4.1 | |
Adjusted EBIT2 | 13 | -3 | 16 | 2 | 27 |
Adjusted EBIT YoY change | +8 | +4 | +6 | -8 | +10 |
Adjusted EBIT margin3 (%) | 0.5 | -0.2 | 1.7 | - | 0.5 |
Adj. EBIT margin YoY change (bp) | +30 | +20 | +60 | - | +20 |
Western/Southern Europe: Most countries posted positive LFL, high single digit LFL in Spain. EBIT increase mainly driven by Spain and Italy
Eastern Europe: Strong sales performance in Türkiye, EBIT grew in both Türkiye and Poland
Further progress on key pledges, keeping us on track for our targets Business fields KPI FY 21/22 FY 22/23 FY 23/24 FY 24/25 Progress Q2 25/26 Target 25/26
Retail Core | Loyalty members | 34m | 39m | 43m | 53m | ↑ | 50 m |
Retail Core | Online share5 | 25% | 23% | 24% | 26% | ↑ | c. 30% |
Retail Core | Modernisation rate | 30% | 50% | 64% | 75% | ↑ | > 90% |
Retail Core | Stock reach progress | 10.3 weeks | 9.1 weeks (-11%) | 9.3 weeks (-10%) | 8.8 weeks (-15%) | ↑ | -10% |
Space-as-a-Service | # Lighthouses | 6 | 8 | 11 | 11 | ↗ | Up to 20 |
Services & Solutions | Income in % of total sales6 | 4.5% | 4.5% | 5.1% | 5.6% | ↑ | c. 5.5% |
Marketplace | GMV | €65m | €137m | €277m | €527m | ↑ | €750m |
Private Label | Private Label share | 2.3% | 2.4% | 2.7% | 3.0% | ↗ | c. 5% |
Retail Media | Income | c. €5 m | €18m | €48m | €91m | ↑ | c. €45m |
1Adjusted for currency and portfolio change effects, pre-IAS 29.
2Excluding associates, adjusted for portfolio changes, pre-IAS 29 and excluding non-recurring effects.
3Margin calculation based on reported sales pre-IAS 29 and adjusted EBIT/EBITDA.
4Segment Others includes holding functions, hence respective EBIT margin would not offer a reasonable comparison. Including consolidation.
5 Online share based on 1P and 3P online sales.
6 Up to 2023/24 defined as Operational Services & Solutions.
Application of IAS 29, hyperinflation accountingGiven the technical impact of IAS 29 (hyperinflation) on sales in Türkiye we comment on business dynamics pre-IAS 29.
Reported sales
€m 2024/251IAS 29
effect
Sales pre-IAS 291
Reported sales 2025/26 IAS 29 effect Sales pre-IAS 29Q2 | 5,253 | -43 | 5,296 | 5,466 | +93 | 5,373 |
H1 | 12,830 | -28 | 12,859 | 13,081 | +79 | 13,003 |
Voucher-related accruals were not released in full upon redemption, resulting in an understatement of sales and earnings
Prior year restated leading to an increase in sales and adj EBIT of €28 m for FY 2024/25 to respectively €23,101 m and €406 m
No impact on cashflow
2024/25 2025/26
Q1 Q2 Q3 Q4 FY Q1
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 | -31 | -24 | 119 | 126 | 378 | 406 | 311 | 320 |
Non-recurring 50 | 50 | -4 | -4 | 47 | 47 | 43 | 43 | 137 | 137 | 18 | 18 |
EBIT reported 229 | 236 | 14 | 21 | -78 | -71 | 76 | 83 | 241 | 269 | 293 | 302 |
Net financial -57 | -57 | -47 | -48 | -56 | -57 | -53 | -54 | -213 | -216 | -53 | -53 |
Earnings 172 | 179 | -33 | -27 | -134 | -128 | 23 | 30 | 28 | 54 | 240 | 249 |
Income taxes -24 | -25 | -4 | -6 | 20 | 17 | -54 | -51 | -62 | -64 | -59 | -61 |
Profit or loss 148 | 154 | -38 | -33 | -114 | -111 | -30 | -21 | -34 | -10 | 181 | 188 |
Non-controlling 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 |
Net profit group 148 | 154 | -38 | -33 | -114 | -111 | -30 | -21 | -35 | -11 | 181 | 188 |
Reported EPS 0.30 | 0.32 | -0.08 | -0.07 | -0.24 | -0.23 | -0.06 | -0.04 | -0.07 | -0.02 | 0.37 | 0.39 |
€m Reported Restated Reported Restated Reported Restated Reported Restated Reported Restated Reported Restated
items
result
before taxes
for the period interests share undiluted (€)
1 2024/25 values restated.
Results callThere will be a live presentation followed by a Q&A session. The call for press, investors and analysts will start at 10am CEST today: Webcast Link
The quarterly statement will be posted on https://www.ceconomy.de/en/investor-relations at 7am CEST. A recording of the conference call will be posted shortly after its conclusion.
Store network 30/09/2025 Openings H1 2025/26 Closures H1 2025/26 31/03/2026Germany | 403 | |||
Austria | 56 | 0 | 0 | |
Switzerland | 45 | 0 | ||
Hungary | 40 | 0 | 0 | |
DACH | 544 | +1 | -5 | 540 |
Belgium | 28 | 0 | ||
Italy | 145 | 0 | ||
Luxembourg | 2 | 0 | 0 | |
Netherlands | 54 | 0 | 0 | |
Spain | 111 | 0 | 0 | |
Western/Southern Europe | 340 | +7 | 0 | 347 |
Poland | 81 | 0 | ||
Türkiye | 102 | 0 | ||
Eastern Europe | 183 | +1 | -1 | 183 |
CECONOMY | 1.067 | +9 | -6 | 1,070 |
Strategy Day | Thursday | 9 July 2026 |
Q3/9M 2025/26 results | Thursday | 30 July 2026 |
Q4/FY 2025/26 trading statement | Tuesday | 27 October 2026 |
Q4/FY 2025/26 results | Monday | 14 December 2026 |