Ceconomy (CEC) Q1 2026 earnings summary

Executive summary

• Achieved twelve consecutive quarters of profitable growth, with record online share exceeding 30% and peak customer satisfaction during Q1, which included the full peak season and served millions of customers across all channels.

• Ongoing omnichannel transformation and investments in channel integration are driving flexibility, responsiveness, and growth in sales, profitability, and customer satisfaction despite a volatile retail environment.

• Growth businesses, including Services & Solutions, Retail Media, Marketplace, and Private Label, are scaling rapidly and are now integral to the profitability profile.

• Loyalty program membership reached 57 million, with a 13 million increase year-over-year.

• Free cash flow was strong at €1.4 billion, maintaining a robust liquidity position.

Financial highlights

• Sales grew by 3.4% year-over-year to €7.6 billion, with like-for-like sales up 3.0%.

• Adjusted EBIT increased by €31 million (11%) to €311 million; reported EBIT was €293 million, up €64 million year-over-year.

• EPS rose 23% to €0.37; net result group share improved to €181 million.

• Gross margin improved by 40 basis points to 17.6%; adjusted OpEx ratio improved by 20 basis points to 14.0%.

• Free cash flow for the quarter was €1.4 billion, with net liquidity improving by €109 million to €8 million.

Outlook and guidance

• Full-year guidance for FY 2025/26 confirmed: moderate increase in currency and portfolio adjusted sales, with all regions contributing.

• Adjusted EBIT target of around €500 million reiterated, mainly driven by DACH and Western/Southern Europe.

• Outlook assumes a stable macroeconomic environment, especially in DACH.