Fnac Darty (FNAC) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 revenue reached €2,488.3m, up 34.6% reported and 1.6% like-for-like, with 9M 2025 revenue at €6,968.1m, up 33.0% reported and 1.0% like-for-like, driven by hardware recovery, strong online sales, and robust services momentum.

• Gross margin improved by 50 basis points over nine months, mainly due to services growth, especially Darty Max.

• Online sales rose 7.6% in 9M 2025, now representing 20% of group revenue, with nearly 50% via click & collect.

• Services and diversification (games, toys, stationery) posted double-digit growth; hardware, tablets, and photography showed strong Q3 growth.

• The launch of the Darty brand in Portugal and new store openings support the Beyond everyday strategic plan.

Financial highlights

• Q3 2025 revenue reached €2.5bn, up 1.6% like-for-like; 9M 2025 revenue totaled €7.0bn, up 1.0% like-for-like.

• Gross margin for 9M 2025 increased by 50bps year-over-year.

• Online sales accounted for 20% of total sales, with about half via click & collect.

• France 9M 2025 like-for-like revenue grew 0.9%, outperforming the market by over 2 points.

• Rest of Europe 9M 2025 like-for-like revenue rose 1.0%; Portugal and Spain led with 6.5% and 6.2% growth, respectively.

Outlook and guidance

• 2025 outlook confirmed: comparable operating margin rate expected to rise 15 bps to 2.0% by year-end (from 1.8% in 2024).

• 2025 guidance was confirmed, with a current operating margin target of 2.3% (including Unieuro and excluding ticketing activities), up from 2.0% reported in 2024.

• Q4 anticipated to be strong due to peak sales periods; confidence in consumer participation.