Ceconomy (CEC) Q4 2025 earnings summary

Executive summary

• Achieved 5.7% sales growth to €23.1 billion, with adjusted EBIT up 24% to €378 million, marking eleven consecutive quarters of EBIT growth.

• Free cash flow rose 180% to €337 million, reflecting strong operational execution and tax optimization.

• Growth businesses, including Services & Solutions, Marketplace, Private Label, and Retail Media, now contribute 36% of gross profit and drive margin expansion.

• Omnichannel strategy and customer-centric initiatives led to a record Net Promoter Score of 61, up three points year-over-year.

• JD.com partnership is set to accelerate logistics and technology capabilities, with closing expected in the first half of next calendar year.

Financial highlights

• Sales increased to €23.1bn (+5.7% year-over-year), with like-for-like growth of 5.0%.

• Adjusted EBIT rose to €378m (+24% year-over-year), exceeding updated guidance.

• Gross margin improved by 30 basis points to 18.3% for the year, and adjusted OpEx ratio decreased by 10 basis points to 17.3% of group sales.

• Online sales grew 13.3% to €5.7bn, representing 26% of total sales.

• Free cash flow increased by €218m–€280m year-over-year, reaching €337m.

Outlook and guidance

• Forecasts a moderate increase in currency and portfolio adjusted total sales for FY25 and FY26, with all regions contributing.

• Targeting adjusted EBIT of around €500 million and stable free cash flow of €200 million per year.

• Positive outlook maintained despite challenging market conditions, assuming a stable macroeconomic environment.