Fnac Darty (FNAC) investor relations material

Executive summary

• H1 2026 revenue reached €4,457 million, up 0.6% like-for-like, with international operations up 2.7% and France down 0.7%; online sales grew 4.2% and now represent over 21% of total sales, with Click & Collect accounting for nearly 50% of online sales.

• Gross margin expanded by 40 basis points to 29.0%, driven by services, favorable product mix, and digital growth.

• Integration of Unieuro is progressing, targeting €20 million in synergies by year-end 2026.

• EP Group's tender offer is open since May 12, 2026, pending European Commission anti-trust approval, with closing expected in H2 2026 and listing to continue for at least 12 months post-acquisition.

• 2026 guidance and long-term objectives beyond 2030 are confirmed, with S&P raising its outlook to positive and maintaining a BB+ rating.

Financial highlights

• Recurring EBITDA reached €197 million, up €4 million year-on-year, driven by gross margin improvement.

• Current operating income improved by 10% to -€34 million compared to H1 2025.

• Net income from continuing operations was a loss of €82 million, impacted by higher restructuring charges and financial expenses.

• Operating free cash flow (excluding IFRS 16) improved to -€793 million from -€845 million, reflecting better working capital and a tax refund.

• Net financial debt (excluding IFRS 16) stood at €737 million as of June 30, 2026.

Outlook and guidance

• 2026 outlook confirmed, expecting an increase in current operating margin and free cash flow.

• Strategic roadmap and 2030 objectives reaffirmed.

• S&P revised outlook to positive, reflecting potential for a credit rating upgrade if acquisition completes.