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."
€m | Q2 2024/25 | Q2 2025/26 | Change |
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% |
€m | H1 2024/252 | H1 2025/26 | Change |
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 | Others | CECONOMY | |
Sales (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 | |
4
DACH: Subdued sales growth mainly in Germany and Austria. Cost measures to respond to weaker demandWestern/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.
€m | Reported sales 2024/251 | IAS 29 effect | Sales pre-IAS 291 | Reported sales 2025/26 | IAS 29 effect | Sales pre-IAS 29 |
Q2 | 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 | |||||||
€m | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated |
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 items | 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 result | -57 | -57 | -47 | -48 | -56 | -57 | -53 | -54 | -213 | -216 | -53 | -53 |
Earnings before taxes | 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 for the period | 148 | 154 | -38 | -33 | -114 | -111 | -30 | -21 | -34 | -10 | 181 | 188 |
Non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 |
Net profit group share | 148 | 154 | -38 | -33 | -114 | -111 | -30 | -21 | -35 | -11 | 181 | 188 |
Reported EPS undiluted (€) | 0.30 | 0.32 | -0.08 | -0.07 | -0.24 | -0.23 | -0.06 | -0.04 | -0.07 | -0.02 | 0.37 | 0.39 |
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 |
CECONOMY AG, Kaistr. 3, 40221 Düsseldorf, Germany
Telephone Email Website
+49 (0) 211 5408 7222
IR@ceconomy.de https://www.ceconomy.de/de/investor-relations
Investor Relations Fabienne Caron Vice President Investor Relations, Corporate Communications and Public PolicyTelephone Mobile Email
+49 (0) 211 5408 7226
+49 (0) 151 4225 6418
fabienne.caron@ceconomy.de
Dr Kerstin Achterfeldt Senior Investor Relations Manager Arian Ebrahimi Investor Relations ExpertTelephone Mobile Email
+49 (0) 211 5408 7234
+49 (0) 151 5822 4911
kerstin.achterfeldt@ceconomy.de
Telephone Mobile Email
+49 (0) 211 5408 7224
+49 (0) 151 4063 2240
arian.ebrahimi@ceconomy.de
DisclaimerTo the extent that statements in this document do not relate to historical or current facts, they constitute forward-looking statements. All forward-looking statements herein are based on certain estimates, expectations and assumptions at the time of publication of this document and there can be no assurance that these estimates, expectations and assumptions are or will prove to be accurate. Furthermore, the forward-looking statements are subject to risks and uncertainties including (without limitation) future market and economic conditions, the behaviour of other market participants, investments in innovative sales formats, expansion in online and omnichannel sales activities, integration of acquired businesses and achievement of anticipated cost savings and productivity gains, and the actions of public authorities and other third parties, many of which are beyond our control, that could cause actual results, performance or financial position to differ materially from any future results, performance or financial position expressed or implied in this document. Accordingly, no representation or warranty (express or implied) is given that such forward-looking statements, including the underlying estimates, expectations and assumptions, are correct or complete. Readers are cautioned not to place reliance on these forward-looking statements.
This document is intended for information only, does not constitute a prospectus or similar document and should not be treated as investment advice. It is not intended as an offer for sale, or as a solicitation of an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this document nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. Historical financial information contained in this document is mostly based on or derived from the consolidated (interim) financial statements for the respective period. Financial information with respect to the business of MediaMarktSaturn Retail Group is particularly based on or derived from the segment reporting contained in these financial statements. Such financial information is not necessarily indicative for the operational results, the financial position and/or the cash flow of the CECONOMY business on a standalone basis neither in the past nor in the future and may, in particular, deviate from any historical financial information based on corresponding combined financial statements with respect to the CECONOMY business. Given the aforementioned uncertainties, (prospective) investors are cautioned not to place undue reliance on any of this information. No representation or warranty is given, and no liability is assumed by CECONOMY AG, express or implied, as to the accuracy, correctness or completeness of the information contained in this document.
This document contains certain supplemental financial or operative measures that are not calculated in accordance with IFRS and are therefore considered as non-IFRS measures. We believe that such non-IFRS measures used, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance the understanding of our business, results of operations, financial position or cash flows. There are, however, material limitations associated with the use of non-IFRS measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-IFRS measures used by us may differ from, and not be comparable to, similarly titled measures used by other companies. Detail information on this topic can be found in CECONOMY's Annual Report 2024/25, chapter "Management system". All numbers shown are as reported, unless otherwise stated. All amounts are stated in million euros (€ million) unless otherwise indicated. Amounts below €0.5 million are rounded and reported as 0. Rounding differences may occur.