Germany · Delayed Price · Currency is EUR Ceconomy AG Earnings Call Transcripts
Fiscal Year 2026
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Sales rose 5% year-over-year to EUR 18.4 billion, with adjusted EBIT up EUR 62 million to EUR 342 million and strong omnichannel and growth business momentum. Guidance for moderate sales growth and EUR 500 million adjusted EBIT in 2025/2026 is confirmed, with JD.com partnership progressing.
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Aiming for EUR 800 million adjusted EBIT by 2029, the strategy focuses on omnichannel growth, trust-driven customer experience, and diversification into services, marketplace, and media. JD.com partnership will accelerate technology and logistics, while cost discipline and sustainability remain central.
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Achieved ambitious EBIT and brand growth, with a new target of EUR 800 million adjusted EBIT by FY 2028-2029 and over half of gross profit from growth areas. Partnership with JD.com will accelerate tech and logistics, while trust and AI-driven personalization remain central.
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Delivered strong H1 results with 4% sales growth and 14.2% EBIT increase, driven by omnichannel and growth businesses. Outlook for FY 2025/26 confirmed, with moderate sales growth and EUR 500 million adjusted EBIT expected.
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Q1 delivered strong sales and profitability growth, with online share and customer satisfaction at record highs. Growth businesses and international diversification drove resilience, and full-year guidance for sales and EBIT is confirmed.
Fiscal Year 2025
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Sales grew 5.7% to EUR 23.1 billion and adjusted EBIT rose 24% to EUR 378 million, with strong free cash flow and record customer satisfaction. Growth businesses now contribute 36% of gross profit, and a positive outlook is maintained as the JD.com partnership advances.
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Achieved 10th consecutive quarter of growth, with Q3 sales up 5.1% and adjusted EBIT improving by €20 million. Growth was driven by services, marketplace, and retail media, while the JD.com partnership and strong cash flow position the company for continued expansion.
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A strategic partnership with JD.com was announced, featuring a EUR 4.60 per share takeover offer and a focus on accelerating omnichannel growth, technology, and logistics. The company will remain independent, with no workforce reductions, and aims to close the transaction in H1 2026.
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Q2 saw 1.3% sales growth and a doubling of adjusted EBIT to €10 million, driven by strong online and growth businesses, despite soft demand and leadership changes. Full-year guidance for 3%-5% sales growth and higher EBIT is reaffirmed, with all regions contributing.
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Q1 saw 9.5% sales growth, strong market share gains, and 13% Adjusted EBIT growth, with robust free cash flow and a positive outlook for FY 2024-2025. Growth businesses now drive a third of gross profit, and cost-saving initiatives continue to support profitability.
Fiscal Year 2024
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Sales grew 5.3% to €22.4B and adjusted EBIT rose 26% to €305M, with strong market share gains and record customer satisfaction. Guidance calls for further sales and EBIT growth in 2024-25, driven by growth businesses and cost efficiencies.
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Q3 saw 6.6% sales growth and improved profitability, with market share gains in 10 of 11 countries and strong momentum in online, private label, and service businesses. Sales outlook for 2023-2024 was upgraded to moderate growth, and adjusted EBIT guidance was reaffirmed.