Cnova (CNV) Trading Update summary

Financial performance and growth

• Returned to growth in Q4 2024 with overall GMV up 2.1% year-on-year, after two years of transformation and a customer-centric reinvestment plan.

• Full-year GMV declined 5% to €2,665.5m, but Marketplace GMV grew 3.2% and its share rose to 65.4% (+5.4pts).

• Net sales fell 13.2% to €1,039.1m, reflecting a strategic shift from direct sales to higher-margin services.

• Gross margin improved to 35.1% of net sales (+4.8pts), driven by Marketplace, advertising, and B2B activities.

• EBITDA excluding IFRS 16 was €47.4m, down €2.5m, impacted by targeted reinvestment in marketing and brand.

Cash flow and financial position

• Free cash flow improved by €120m to €(78.6)m, mainly due to better working capital management and lower capex.

• Net financial debt increased to €704.3m, up €114.9m from 2023.

• Cash and cash equivalents at year-end were €14.8m, with total assets of €672.1m.

Operational highlights and strategic initiatives

• Marketplace outperformed the French market, with Q4 GMV up 9.1% and December up 20.1% year-on-year.

• B2B activities, especially Octopia and C-Logistics, saw strong growth: Octopia B2B revenues +37.6%, C-Logistics B2B +99%.

• Customer satisfaction improved, with overall NPS up 2.7pts to 56.6, and new customer acquisition up 18% in Q4.

• Launched new Cdiscount brand identity and omnichannel campaign in June 2024.

• Expanded use of Generative AI for catalog enrichment, search, and internal productivity, with notable efficiency gains.