Cnova (CNV) Q1 2025 TU earnings summary

Executive summary

• GMV grew by 2% year-over-year on a like-for-like basis in 1Q25, continuing positive momentum from Q4 2024.

• Marketplace GMV increased 7% year-over-year, now representing 67% of total GMV.

• Net sales declined 4.7% year-over-year, reflecting a focus on profitability and reduced direct sales.

• B2B net revenues rose 30% year-over-year, led by strong Octopia and C-Logistics performance.

• Customer experience improved, with NPS up 6 points year-over-year.

Financial highlights

• Overall GMV reached €610.6m, up 1.9% like-for-like from €605.3m in 1Q24.

• Marketplace GMV was €334.7m, up 7.5% like-for-like; direct sales GMV fell 7%.

• Net sales were €231.9m, down 4.7% year-over-year.

• EBITDA excluding IFRS 16 was €4.9m, down €2m year-over-year due to targeted investments.

• Advertising services revenues increased 5% year-over-year, driven by retail media.

Outlook and guidance

• Operational improvement and reinvestment strategies are expected to continue supporting GMV growth and customer acquisition.

• The company remains resilient and competitive amid global trade uncertainties, leveraging its French-based platform and international marketplace.