Fnac Darty (FNAC) Q4 2025 TU & Status update earnings summary

Executive summary

• EP Group, via VESA, has launched a public cash tender offer for all shares at €36 per share and OCEANE convertible bonds at €81.09, representing a 19–26% premium over recent prices, aiming for at least 50% of capital and voting rights.

• The Board of Directors unanimously welcomed the offer, appointed an independent expert, and will publish a reasoned opinion after regulatory review and employee committee consultation.

• The offer supports the acceleration of the Beyond Everyday strategic plan, with no change to the current dividend policy and continued partnership with Unieuro.

Significant events and developments

• The acquisition of Unieuro in Italy has been transformative, contributing to strong performance outside France.

• Nature & Découvertes has been reclassified under IFRS 5 due to ongoing challenges, with a process initiated to find a new partner or acquirer.

• Tender offer filing is expected before the end of Q1-2026, with no squeeze-out planned.

Financial highlights

• 2024 restated revenue: €10,324 million; current operating income: €200 million (1.9% margin).

• 2025 estimated revenue: €10,330 million (+0.7% LFL); current operating income: €203.1 million (+1.2% LFL, 2.0% margin).

• Free cash flow for 2025 is projected at €145 million, in line with 2024 excluding asset disposals.

• Net CapEx showed an income of €21 million due to asset disposals.