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 will publish a reasoned opinion after regulatory review and employee committee consultation.

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

• Acquisition of Unieuro in Italy and the planned disposal and IFRS 5 reclassification of Nature & Découvertes are key recent developments.

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

Financial highlights

• 2025 estimated revenue is €10,329.8 million, up 0.7% like-for-like, with France at €6,068.9 million (+0.5% LFL) and Rest of Europe at €4,260.9 million (+1.1% LFL).

• Current operating income for 2025 is projected at €203.1 million (2.0% margin), up 1.2% year-over-year.

• Free cash flow from operations for 2025 is expected at €145 million, down from €210 million in 2024, in line with 2024 when excluding asset disposals.

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

• France current operating income is €140.9 million; Rest of Europe is €62.2 million.

Outlook and guidance

• The Beyond Everyday strategic roadmap for 2030 remains on track, with objectives reaffirmed and management confident in continued execution despite challenging retail conditions.

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

• 2025 full-year results will be released on 25 February 2026.