Fnac Darty (FNAC) H1 2025 earnings summary

Executive summary

• H1 2025 revenue reached €4,480 million, up 32.2% year-over-year and 0.7% like-for-like, driven by Unieuro integration, strong omnichannel and online sales, and market share gains, especially in gaming and home appliances.

• Gross margin improved by 60 basis points to 28.9%, supported by service activities, product mix improvements, and diversification.

• EBITDA rose to €189 million (+1% year-over-year), with current operating income at -€56 million, reflecting seasonality and higher depreciation.

• Net income from continuing operations was -€86 million, an improvement from -€95 million in H1 2024.

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

Financial highlights

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

• 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.

• Operating free cash flow (excl. IFRS 16) was -€878 million, mainly due to working capital and investment increases.

• Net financial debt (excl. IFRS 16) was €779 million at June 30, 2025, including a €109 million fine.

• Equity stood at €1.5 billion at H1 end.

Outlook and guidance

• 2025 operating margin is expected to rise by 15 basis points to 2.0% (from 1.8% in 2024), with some guidance updates indicating 2.3%.

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

• Dividend policy: minimum €1/share, payout ratio at least 40%.

• Environmental goals: 50% CO2 reduction (scopes 1 & 2) and >40% women in leadership by 2030.

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