France · Delayed Price · Currency is EUR Fnac Darty Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 0.9% year-over-year in Q1 2026, with strong online and European sales and a 10 bps gross margin improvement. EP Group’s public tender offer at a 19% premium is supported by the board, and 2026 margin and cash flow targets are reaffirmed.
Fiscal Year 2025
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Revenue rose 0.7% to EUR 10.3 billion, with strong service and online growth offsetting weak French retail. Operating margin improved to 2%, and free cash flow reached EUR 145 million. The group launched its Beyond Everyday plan and received a takeover bid from EP Group.
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EP Group launched a cash tender offer for all shares at €36, aiming to accelerate the Beyond Everyday strategy and maintain the dividend policy. 2025 revenue is stable at €10.3 billion, with EBIT margin at 2% and strong performance in Italy. Regulatory approvals and shareholder responses remain key uncertainties.
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Q3 and nine-month sales grew, led by hardware recovery, online and services strength, and margin gains. Operating margin is set to rise to 2% in 2025, with strong Q4 expected despite macro headwinds. Portugal expansion and new omnichannel initiatives are underway.
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H1 2025 saw revenue rise to EUR 4.5 billion (+0.7% like-for-like), with strong online and service growth, improved gross margin, and successful UniEuro integration. Operating margin is expected to reach 2% for 2025, with robust liquidity and extended debt maturity.
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The 2030 strategic plan aims for over 3% operational margin, €1.2 billion free cash flow, and 4 million subscribers, driven by service expansion, omnichannel innovation, and international growth. Sustainability, digital transformation, and disciplined capital allocation are central, with Unieuro integration and store upgrades supporting profitability.
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The meeting reviewed strong 2024 results, approved a higher dividend, and highlighted the transformative acquisition of Unieuro, which expands international reach but brings short-term margin dilution. All resolutions, including board renewals and remuneration policies, were adopted.
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Q1 2025 revenue was nearly flat like-for-like, with gross margin up 60 bps pro forma and strong service growth. Unieuro integration is progressing, and 2025 operating income is expected to grow mid-single digit, excluding ticketing.
Fiscal Year 2024
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Q3 sales were stable with strong service growth and margin expansion, driven by innovation and a favorable product mix. Guidance for recurring operating income was raised above EUR 180 million, and the Unieuro acquisition is expected to create significant value.
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H1 2024 saw resilient performance with revenue up 1.4% and all regions returning to growth in Q2. The planned Unieuro acquisition will boost turnover above €10 billion and reinforce European leadership, while 2024 guidance and financial targets are confirmed.