Good evening to all. I'm very pleased to be with you today to comment on our 2025 annual results, a defining year for the group, with, of course, the launch of the Beyond Everyday plan. I'll begin by presenting the highlights of the year, and then Jean-Brieuc , our CFO, will detail our financial results. The figures we're presenting today follow on from the preview of the 26th of January after the EP Group tender offer. Lastly, I'll come back for the conclusion, and we'll be available, both of us, to take your questions. If you're following the slides, number 4, our revenue's up 0.7% on the year, notably driven by services, posting a double-digit growth across the majority of geographies. Trends and consumption, the situation is contrasted. We have a challenging consumption situation in France, notably in Q4.
In this context, we're nevertheless up. It's a good performance, we believe 2 points above the market trend, according to the figures published by the Bank of France at the end of January. The rest of Europe, we're delivering strong growth of +1.1%, driven by very good performance in Spain and Portugal. Our results are therefore solid, with current operating income of EUR 203 million. That's 2% of our revenue, and a very solid free cash flow at EUR 145 million. As I said, Jean-Brieuc will return in detail on these figures in a few minutes. We presented back in June 2025, our new strategic plan, Beyond Everyday, through 2030. This plan follows on the successful previous plan.
Last year, as you know, early 2026, EP Group, a leading shareholder through its subsidiary, Vesa, announced the planned tender offer on our company. Over the years, we've built a trustful relationship with them, and we welcome this expression of interest. Moving to slide 5. After the success of our Everyday plan, Beyond Everyday projects us into the future, resting on 3 strategic pillars that we'll recall. To become the benchmark player on high-value added products and to accelerate the rollout of subscription services with circularity as the main focus. Secondly, define the market standards in terms of customer experience across all touchpoints. Lastly, develop our expertise with our partners and across all geographies.
Through 2030, we've also defined ambitious objectives at group level, and notably in financial terms, with growth of our operating margin to reach at least 3% in 2030 and an cumulative free cash flow of at least EUR 1.2 billion over the period 2025-2030. Regarding the first pillar that's focused on the rollout of subscription services and circularity, we got specific indicators to measure our progress and reach our objectives. We're aiming for 4 million subscribers by the end of 2030. At the end of 2025, we've already reached 2.4 million subscribers. We aim a twofold increase of our revenue on Second Life offer. In 2025, we recorded growth of 24% over 2024 on the same offer.
At the end of 2030, a contribution of service activities to our growth margin from 25%-30%. We're already at 27% at the end of 2025. That's a growth of 200 basis points over 2024. Develop the reflex of repair and purchase of reconditioned products requires very proactive initiatives to strengthen transparency on household products and to remove obstacles to Second Life products. Early 2026, we launched the Digital Product Passport for large household products, and we aim for the deployment of 1 million products by the end of the year. Moving to slide 7. On pillar two of the Beyond everyday plan, we want to define the market standards in terms of customer experience across all touchpoints. This requires investing in our stores.
Over the duration, we plan to renovate over 200 stores and to open 150 stores over the lifetime of the plan. This year, we've already reopened the Fnac at Callao, center of Madrid, the new store of Barcelona, transferred to the Ramblas, and the new Fnac in Dijon. For Darty, we've opened a wall in the Docks 76 shopping center store, benefiting from the latest innovations. The momentum of openings will continue in Portugal, where at the end of the year, we launched the Darty brand that we plan to develop. The brand is already benefit great spontaneous recognition amongst household and consumer electronics in just a few months. Store traffic is up 4%, and revenue is up 10% since the change in the brand. Return to pillar 3, we'll deploy our expertise with our partners and across all geographies.
Online sales are up almost 6% in 2025, with an increase in traffic and volumes representing 22% of total group sales today. Click and Collect continues to confirm its success. It represents over 50% of our online sales, and we, in fact, have more than 9 million products recovered in stores in 2025. This figure shows the power of our model. We've seen a very dynamic activity in 2025 in our marketplace activities, of the reverse marketplace and our JV, for logistics, within held equally, that's continuing to grow strongly. Second Life activities, both for Fnac and Darty, represent an important share of this momentum. All in all, its sale growth are close on 10% on these channels. A word of Unieuro integration. 2024, the acquisition of Unieuro in Italy was a defining deal for the group.
Integration's progressing very well. Molto bene. The French and Italian teams are working hand in hand on deploying the plan Beyond everyday, both at digital logistics with the new warehouse opened at Colleferro near Rome. Renovation of points of sale and store openings. We're also developing large-scale LED wall store windows, for retail media we've done in France. The objective, at least EUR 20 million in synergies by the end of 2026, is confirmed and has already begun to materialize this year. Operating performance of Italy is very satisfactory and alone accounts for over 60% of the COI growth of the rest of Europe. A word on the current takeover bid, to conclude my section of part one, I'll return to the announcement of the EP Group that communicated an all-cash offer for Fnac Darty shares.
EP Group has been our major shareholder since 2023, and through its subsidiary, Vesa owns 28.5% of our capital. The offer price, EUR 36 per share, represents a 19% premium before the closing prior to the offer, January 23, and premiums respectively of 24%, 26% of the average price of the 1 month and 3 months. This is, of course, submitted to a mandatory threshold of 50% of the capital voting rights by the AMF, subject to the regulatory authorities in terms of competition, law and control of foreign investment. EP Group has indicated that it didn't plan to solicit a mandatory withdrawal after the offer. After an in-depth examination of the proposed offer, the board favorably received the operation unanimously.
It will deliver its reasoned opinion in the coming weeks after the report of the independent expert, Ledouble, and the advisory opinion of the staff committee. The filing of the offer is expected in the coming weeks before the end of Q1. On slide 11, the EP so offer, it continues on the solid partnership we forged together for several years now. It's a major milestone to accompany the acceleration of our strategic plan Beyond everyday. In the current environment, marked by profound changes of expectations in consumer behavior, support of a long-term, stable shareholder is a great asset. Lastly, I'd like to emphasize that our dividend policy remain unchanged, with a payout ratio above 40%. Over to Jean-Brieuc , our CFO, to detail our results.
Thank you, Enrique. Good evening, everyone. Thank you for being here with us. Let's start with slide 13. You have the new basis for 2024 for our financial statement because of 2 items. The first item is the IFRS 5 restatement of Nature & Découvertes at the bottom of the income statement, because since the COVID crisis, the business, Nature & Découvertes, faced significant pressure on household purchasing powers and the emergence of online players offering very low-cost products. The model, Nature & Découvertes, needs to be adjusted. The turnaround plan that we've been implementing for 12 months or so unfortunately didn't come to fruition. We started looking for a partner. That seems necessary if we want to have a rigorous management of our portfolio.
The effect that you see on the slide is related to the results of 2024. It's -EUR 172 million on revenue, but positive on COP to the tune of EUR 14 million. I'll give you comments in a few minutes, a few details about 2025. The second restatement is more marginal. It's about Unieuro. With the recording of goodwill as per Purchase Price Allocation to the tune of EUR 6 million in 2024, allocated to the rest of Europe, because it is about Italy, the amount for 2025 is roughly identical. The developments that I will comment in a moment are based on these restated figures for 2024. That is a revenue EUR 10.3 billion and current operating profit, EUR 200 million. Let's look at the results for 2025, slide 14.
You can see on this slide, the key figures for 2025, as Enrique pointed out a few moments ago. We're pleased with the group's performance, in view of a very challenging context in France for the retail industry, with significant pressure on consumption and households' confidence. Revenue of the group at end 2025 was slightly up, +0.7% like for like, at EUR 10.3 billion. Gross margin kept growing, reflecting the robustness of the omni-channel model. Operating margin was 2% at end December 2025, up compared to 2024, with a good management of WCR. Operating free cash flow, not including IFRS, was EUR 145 million, up 20 from 2024, not including disposals. Slide 15 now. Enrique pointed out that online sales grew significantly, 6%.
They account for 22% of revenue and about 50% of them are done through Click and Collect. Let's go through categories. Services kept growing with double-digit growth in most countries because of an enriched offer and the rolling out of Darty Max and Fnac Vie Digitale. With all services, we had 2.4 million subscribers at end 2025, compared to 2 million at end 2024. Our ambition is to reach 4 million by 2030. Diversification remains also dynamic, with a double-digit growth for toys, games and stationery. Beds that started in our integrated stores at the beginning of the year, enjoyed rapid growth, just like equipped kitchens that are getting popularity. Domestic appliances were up. Small appliances kept growing with beauty tech and for cleaning equipment.
Large appliances were driven by favorable weather conditions for refrigerators, air conditioning and fans. Editorial products enjoyed the good launch of the Nintendo Switch 2 early in June 2025, 150,000 units sold. Books were slightly down because there were no major novelties. Finally, technical products declined because of fewer television and new phone sales. However, reconditioned phones enjoyed significant growth. Personal computers went up, returned to growth with the determination of support services for Windows 10 and the new cycle of new products. As announced, tablets, connected glasses and cameras also enjoyed growth. Then IT components with the Fnac, on Fnac.com in 2025, were very successful. We now are the lead players in all gaming categories.
We're trying a new dedicated department for these components in some pilot stores and on the site, darty.com. Let's look at the revenues per geography. France had sales were up on the like-for-like basis, plus 0.5%, but they were down 0.6% in Q4. As we said, business suffered in December, in particular in stores, and that of course, drove down the performance in Q4. The numbers published by the French Central Bank confirmed a very challenging context in 2025 for the retail industry, with significant pressure on consumption and household confidence. Let's look at the rest of Europe. This give a very satisfactory performance, like-to-likes, growth of sales, plus 1.1% for the full year, plus 1% in Q4.
In Italy, revenue were down 1.1%. Q4 was down 2.1% because of significant competitive pressure on phones and a high basis of comparison for television. This had no significant consequence on COP growth. Belgium and Luxembourg enjoyed +1.8% growth over the year, 3.9% in Q4. That confirmed the good momentum in online sales. Portugal, significant growth, like for likes, +7.3%, 8.7% in Q4. The two brands, Fnac and Darty, did well both on the web and in stores. As Enrique pointed out, a very good performance of a source that recently joined the Darty brand. Spain displayed an LFL growth of 6.6% for the year and 7.3% for the fourth quarter alone.
All categories were up over the period, and services had double-digit growth. The scope effect for Spain reflected the temporary closing of stores for renovations. They all reopened by year end. Finally, in Switzerland, LFL revenue was up 5.2%, including 4.1% in Q4, driven by fine growth, both online and in stores, and of course, the growth of services. Let's look at growth margin, slide 17. Over the 2025, it was up 50 basis points and 60 basis points, not including the dilutive effect of the franchise. This reflected the good performance of services and Darty Max, in particular. Let's look at other items of the income statement on slide 18. As I said, the gross margin was up at end December.
OPEX, including DNM, was EUR 2.2 billion-2.6 billion at end 2026, 2025, up EUR 38 million compared to 2024 restated. The higher property costs and inflation on other costs were offset by the performance plans. EBITDA at end 2025 was up EUR 15 million, and current operating profit, COP, stood at EUR 2.2 million or EUR 3 million. Compared to EUR 200 at end 2024 restated because of higher depreciation allowances related to leases and IFRS 16. Per area, business in France, in December, had a negative effect on profitability, the rest of Europe had a significant improvement in COP, about EUR 15 million. In Italy, that accounted for 60% of the full growth for the region. At end 2025, EUR 4 million in synergies were recorded.
As Enrique pointed out, the objective of EUR 20 million was confirmed by 2026. One of items stood at -EUR 123 million compared to -27 at the end 2024. This is because of the impairment of intangible assets, no cash effect, EUR 96 million, and the recognition of restructuring costs for the same amount as for 2024. Operating profits stood at EUR 80 million at end 2025. Financial expenditures stood at EUR 118 million, up EUR 21 million compared to 2024. This is because of the higher cost of debt, of net debt, the new financing conditions, and the increases of IFRS 16 charges. Taxes stood at EUR 25 million, that included EUR 10 million extra tax for large companies in France.
Net income for continuing activities for the group stood at minus EUR 67 million, a degradation compared to 2024, where it stood at EUR 43 million. If you restate this for non-current items with no cash effects, the EUR 96 million I just mentioned, the net income attributable to the group of continuing activities would have stood at +EUR 28 million at end 2025. The EUR 78 million charge for health facility activities is because of the restatement of Nature & Découvertes as a health facility business. Most of this is goodwill amortization to the tune of EUR 60 million and a net loss of the business for 2025, EUR 18 million.
In 2024, on that line, you had a loss of EUR 19 million for Nature & Découvertes, in line with the IFRS 5, plus an income of EUR 2 million because of the resolution of the Comet litigation. If you look at cash flow, of operating free cash flow, not including IFRS 16, stood at EUR 145 million compared to EUR 210 million in 2024 restated. In line with our expectations, in 2024, net CapEx included disposals, including a logistics warehouse in the Paris area, the EUR 93 million, a change in WCR stood at EUR 75 million. This reflects the good management of that, in spite of the challenging Q4 in France. The increase in CapEx is in line with our ambitions.
It affects our stores, our supply chain, our IT systems. Italy had increased CapEx with the opening of a new warehouse in Colleferro, which Enrique talked about, and several new stores or renewed stores. The financial position of the group is sound, as you can see in Slide 20. Net financial debt, excluding IFRS 16, stood at EUR 958 million, with two bonds, EUR 550 million due in 2029 and EUR 300 million due in 2032, and the remainder of the OCEANE issue, EUR 46 million. At end 2025, the net cash position stood at EUR 146 million, plus undrawn credit lines, the RCF and DDTL, worth EUR 600 million. This undrawn line covers both the issue of 2029 in volume and the 2032 issue in maturity.
Finally, the S&P Global , Fitch Ratings and Scope Ratings, agencies published their ratings, respectively, BB+, BB+ and BBB-, with a stable outlook, so we have a sound long-term cash profile. Finally, about the balance sheet. We have an agreement with the trustee of the Comet Pension Scheme in the UK and Canada Life UK to cover all liabilities of this scheme, this pension scheme, with the full buy-in worth GBP 330 million. This operation did not and will not have any significant impact on the group's cash position. Now give the floor back to Enrique.
Thank you very much, Jean-Brieuc. In conclusion, I'd like to acknowledge the unfailing commitment of our 30,000 partners and staff for serving our customers' expectations, seeking out all growth opportunities. A word on the financial outlook. At our shareholders' meeting in May, we'll propose a payment of a dividend, 1 EUR per share, equivalent to last year, consistent with our shareholder return policy. The ex-date of the dividend will be 3rd of June. In a volatile and still uncertain context, we nevertheless expect an increase in our current operating margin and also our free cash flow. Of course, we confirm our 2030 objectives that are announced as a presentation of our Beyond Everyday plan in June 2025. Thank you for your attention. With Jean-Brieuc, we're now ready to take all your questions.
We have a first question from Florentiti: Did you have expressions of interest for Nature & Découvertes? Should we expect a cash impact on the disposal? Well, I can answer that. Nature & Découvertes, we launched a disposal process that's formalized. We've chosen a bank and an expert to support us for the financial side. This stage, it's premature to mention the first expressions of interest we've already received. It's too soon to tell you about that. Yeah, we've had some expressions of interest. The cash impact on the disposal, we'll get back to you when we have more formal expressions. As you said, too soon to say. Once again, we confirm our commitment to continue to maintain the activity and stores and all our activities around Nature & Découvertes continuity until we find a right solution, and we have time. We got a second question.
Bank of France figures in January are not in a good trend. Are you confirming that similar trend? Well, thank you. As you know, well, we generally do better than the Bank of France figures. Unfortunately, I cannot confirm the performance is today, but we'll see that for the quarter. I'd say the group continues to expand confidently in a context that we know well, that we're mastering and doesn't in any way jeopardize the guidance we've given for 2026. Not good figures from the Bank of France, but let's wait the quarterly results to give the market figures. We have a question in English. I'll read it in English from Marcos.
Prospect for the distribution of gift cards, Smartbox, and similar in France and abroad. What about the ticketing, concert, music festival, sport events, et cetera? Merci beaucoup.
Well, thanks for that question. As part of the activities that are significant group wide, that we classify under services, gift vouchers, experience packs. We're not gonna give any specific outlook, but we're a leader in this and standard setter for ticketing. Well, these are segments that are seeing a major expansion of activity and for shows. These are actually markets that have a great appetite for consumers still in 2026. Thanks to Marcos for his question once again. Waiting as the questions come in. We'll allow a bit more time for questions, otherwise we'll wrap up the session. Our teams of Laura, et cetera, are available. There's a new question just come in on the guidance.
Question on the guidance of the operating margin, free cash flow, excluding the synergies of the integra Unieuro, what could be an improvement, its upside and scale? Thanks for the question. Obviously, if we include synergies, levers of our Everyday strategic plan, services, commercial dynamic, that's pretty solid across countries, notably in the south. We saw the figures, Portugal, Spain, so we're continuing to benefit from that. Hopefully, consumption dynamism in France will be a bit more favorable, lower inflation and possibly opportunities for exchanging products, the World Cup in July, and of course, the real estate market will perhaps show some signs of recovery. The big and the small already in this re-equipment phase, everything for robotics and floor care, et cetera.
There are a lot of good activities that will drive the business forward, and we project the profitability through 2030 at 3%. We need to travel the path and the difficulty 2026 is to boost free cash flow generation and activity to deliver our commits in 2030. We have a question from: What level of investment should we expect 2026 in the coming years? Well, 2026, we can expect a level that will be broadly similar to that of 2025, maybe slightly higher. We guided on 2030 of investment, around EUR 200 million on average. As we said back then, slightly up versus what we were doing historically to incorporate development of IT services, store refurbishment, an important part of the Beyond Everyday plan.
We have another question just in on WCR. Question on WCR chain, plus EUR 75 million. Is there a strong contribution of Italy that explains that high number? Italy contributed, I won't give the exact figure, for quite a substantial share, but not the majority of that growth. All countries contributed EUR 75 million, including Italy, like the other countries. Wait a couple more seconds. We can close the session. Of course, we remain available should you require further information and interaction. See you for the next presentation in April and the AGM and following events on the offer that's underway. Thank you for your attention. Pleasant evening.