Fnac Darty (FNAC) investor relations material

Executive summary

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

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

• Current EBITDA rose to €197 million (+€4 million year-on-year), and current operating income improved to -€34 million from -€38 million.

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

• EP Group's tender offer is open and pending European Commission approval, with completion expected in H2 2026.

Financial highlights

• Group revenue up 0.6% LFL to €4,457 million; Rest of Europe +2.7% LFL, France -0.7% LFL.

• Gross margin rate at 29.0%, up 40 bps year-on-year.

• Current EBITDA at €197 million (+2.1% year-on-year); current operating income at -€34 million.

• Net financial debt (excl. IFRS 16) at €737 million; gross financial debt at €1,253 million.

• Free cash flow from operations (excl. IFRS 16) improved to -€793 million from -€845 million, reflecting better working capital.

Outlook and guidance

• 2026 outlook and strategic roadmap to 2030 confirmed, expecting growth in current operating margin and operating cash flow.

• S&P revised outlook to positive in June 2026, reflecting potential for a credit rating upgrade if EP Group acquisition completes.

• Expects inflationary pressures in H2, especially in micro-IT, but too early to quantify impact.