Fnac Darty (FNAC) H1 2025 earnings summary

Executive summary

• H1 2025 revenue reached €4,480 million, up 32.2% reported and 0.7% like-for-like, driven by Unieuro integration, strong online and services growth, and robust gaming and home appliances sales.

• Gross margin improved by 60 bps to 28.9%, mainly due to service activities and product mix improvements.

• EBITDA increased slightly to €189 million, while net income from continuing operations, Group share, was -€86 million, an improvement from -€95 million in H1 2024.

• Online sales grew 7.7–8% year-over-year, now representing 21% of total sales, with omnichannel sales accounting for nearly half of online revenue.

• The 'Beyond Everyday 2030' strategic plan was launched, targeting European expansion, high-value products, subscription services, circularity, and omnichannel experience.

Financial highlights

• Like-for-like revenue grew 0.7% in H1 2025, with Q2 up 2.1%.

• Gross margin: 28.9% (+60 bps year-over-year).

• EBITDA: €189 million (+1% year-over-year).

• Net income from continuing operations: -€86 million (improved from -€95 million YoY).

• Free cash flow from operations (excl. IFRS 16): -€878 million, reflecting seasonality and increased investments.

Outlook and guidance

• 2025 operating margin expected to rise by 15 bps to 2.0% (from 1.8% in 2024), with updated guidance up to 2.3%.

• Cumulative operational free cash flow of at least €1.2 billion targeted for 2025–2030, with average CapEx above 3%.

• Dividend payout ratio set at a minimum of 40%, with at least €1 per share per year.

• Environmental goals include a 50% reduction in direct CO2 emissions and >40% women in leadership by 2030.

• €20 million in Unieuro synergies targeted by end-2026, with potential to exceed.