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

Executive summary

• EP Group, via VESA, 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 set up an ad hoc committee to assess its fairness; final opinions will be published after regulatory and employee committee reviews.

• The offer supports the acceleration of the Beyond Everyday strategic plan, maintains the current dividend policy, and intends to preserve the partnership with Unieuro.

• The acquisition of Unieuro in Italy was highlighted as transformative, with strong performance outside France.

Financial highlights

• 2025 estimated group revenue is €10,329.8 million, up 0.7% like-for-like year-over-year.

• Operating profit for 2025 projected at €203.1 million, up 1.2% year-over-year, with a current operating margin of 2.0%, up 5 basis points.

• Free cash flow for 2025 is estimated at €145 million, stable year-over-year excluding asset disposals.

• Net CapEx showed an income of €21 million due to asset disposals, including a logistics warehouse.

Outlook and guidance

• Confident in the implementation of the Beyond Everyday strategic plan through 2030, with 2025 full-year results to be released on 25 February 2026.

• Dividend payout policy confirmed at 40%, with no change planned; final numbers to be discussed in February.