Fnac Darty (FNAC) H2 2024 earnings summary

Executive summary

• 2024 revenue rose to €8,253m, up 4.8%, with current operating income at €189m, both exceeding targets and driven by omnichannel growth and services.

• Free cash flow from operations reached €195m, surpassing the €180m target and strategic plan goals.

• Acquisition of Unieuro in Italy strengthened European leadership, expanding the network to over 1,500 stores and pro forma revenue to €10.5bn.

• Omnichannel sales model drove growth, with e-commerce up 2.2% year-over-year and omnichannel sales representing 52% of online sales.

• Double-digit growth in subscription-based services and sustainability initiatives, including a 15% reduction in electricity consumption and 2.6 million products repaired.

Financial highlights

• Reported revenue: €8,253m (+4.8% vs. 2023); like-for-like growth +0.2%.

• Current operating income: €189m (vs. €171m in 2023); adjusted net income from continuing operations: €71m (vs. €31m in 2023).

• EBITDA (excluding IFRS 16): €565m, up from €533m in 2023.

• Free cash flow from operations (excluding IFRS 16): €195m, exceeding the €180m target.

• Proposed dividend: €1.00/share, up €0.55, with a 40% payout ratio.

Outlook and guidance

• 2025 current operating income (excluding Unieuro and ticketing) expected to see mid-single-digit growth versus 2024.

• New strategic plan to be presented at Investor Day in June 2025, incorporating Unieuro.