Fnac Darty SA

Latest Results (09.12.2025):

Fnac Darty SA — Q2 and H1 2025 (first half 2025): the Group reports H1 2025 revenue of €4,480m (+32.2% on a reported basis vs H1 2024; +0.7% like‑for‑like). Q2 2025 revenue was €2,166m (+35.7% reported; +2.1% LFL). Gross margin improved to €1,295m (28.9% of revenue) and current EBITDA was €189m (roughly +1% on a comparable basis), while current operating income remained negative at -€56m and Group share net income from continuing operations was -€86m. Free cash‑flow from operations (excl. IFRS 16) was -€878m and the Group recorded a net cash position of €359m at June 30, 2025 with available undrawn facilities of €600m.

Revenue performance

H1 2025 revenue €4,480m (+32.2% reported, +0.7% LFL). Q2 2025 revenue €2,166m (+35.7% reported, +2.1% LFL). Reported growth is mainly driven by the Unieuro acquisition; underlying like‑for‑like demand was modestly positive across France (+2.5% in Q2) and Rest of Europe (+1.5% in Q2).

Profitability and margins

Gross margin rose to €1,295m (28.9% of sales, +60bps vs H1 2024 on a comparable basis; higher share of services). Current EBITDA was €189m (approx. flat on comparable basis). Current operating income was -€56m (after higher D&A and IFRS 16 impacts). H1 Group share net loss from continuing operations: -€86m.

Cash flow and balance sheet

Free cash‑flow from operations excluding IFRS 16: -€878m (seasonal effect, higher working capital and investments). Net financial debt excluding IFRS 16: €779m; Group reported a net cash position of €359m at June 30, 2025 (reflecting IFRS 16 presentation), and undrawn RCF/DDTL of €600m maturing March 2030. Rating: S&P BB+, Scope BBB, Fitch BB+, all stable.

Channels, categories and drivers

Online sales strong (+8% vs H1 2024 comparable), accounting for 21% of sales; omnichannel (Click & Collect) stable and ~50% of online. Services, games & toys, stationery and bedding showed double‑digit growth; large domestic appliances aided by weather. Consumer electronics (PCs, new phones) remains soft while refurbished sales increased.

Geographic split & Unieuro integration

Group now reports France and Rest of Europe (Italy, Belgium, Portugal, Spain, Switzerland). France LFL slightly up; Rest of Europe LFL +0.9% (Italy stable, Portugal +4.6%, Spain +7.4%, Belgium down). Unieuro integration underway with at least €20m synergies targeted by end‑2026 and new logistics hub opened near Rome.

Capital allocation, dividend & buyback

Dividend of €1.00 per share paid July 4, 2025 (c. €29.4m, 40% payout). Board approved a buyback mandate to repurchase ~600k shares to service LTI plans; 151,304 shares repurchased between June 11 and July 23, 2025. Group confirms priority: organic growth, dividend (≥40% payout and ≥€1/share floor), possible M&A or special dividends if results allow.

Strategy and outlook

“Beyond everyday” strategic plan launched: targets include operating margin ≥3% by 2030, cumulative operational free cash‑flow ≥€1.2bn (2025–2030), ~4m service subscribers by 2030 and continued sustainability & governance goals. 2025 outlook: comparable operating margin expected to reach ~2.0% at Dec‑31, 2025 (up ~15bps vs 2024 comparable).

Other items & risks

H1 financials include higher net financial expense (-€57m) partly from new financing terms and IFRS 16 interest, and a temporary exceptional corporate tax contribution of €7.6m in France. Main risks unchanged from the Universal Registration Document; seasonality remains material (cash generation concentrated in H2).