Fnac Darty (FNAC) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenue reached €2,314m, up 29% reported and nearly flat (-0.6%) like-for-like pro forma, reflecting Unieuro integration and a negative calendar effect.

• Unieuro integration is progressing as planned, expanding the group's European footprint and contributing positively to results.

• Gross margin improved by 60 bps pro forma, driven by service activities, despite a reported decrease due to Unieuro integration and ticketing deconsolidation.

• Outperformed the French market, which declined 2% in Q1, demonstrating business model resilience.

• New strategic plan, including Unieuro, to be presented June 11, 2025.

Financial highlights

• Online sales represented 21% of revenue, growing over 3% pro forma like-for-like; click and collect accounted for 49% of sales, slightly reduced due to Unieuro's lower efficiency.

• Services and diversification categories posted strong double-digit growth; domestic appliances performed well, while consumer electronics and editorial products declined.

• France revenue was €1,372m, down 2.6% reported and 1.2% like-for-like, mainly due to store closures and ticketing deconsolidation.

• Rest of Europe revenue was €942m, up 0.4% like-for-like; Italy grew 1.4%, Spain 1.7%, Portugal 0.9%, while Belgium and Switzerland declined.

• Editorial products declined due to a high comparison base in gaming; consumer electronics remained weak.

Outlook and guidance

• 2025 current operating income is expected to grow mid-single digit compared to 2024, excluding ticketing and Unieuro.

• At least EUR 20 million in synergies from Unieuro integration targeted by end of 2026, with more details at the June analyst day.

• Ticketing business deconsolidation to impact results by approximately €10m.

• New strategic plan and updated medium-term objectives, including Unieuro, to be presented June 11, 2025.