Fnac Darty: Revenue up 2.1% in Q2 2025 and +0.7% in H1 2025 LFL
Ivry-sur-Seine, July 23, 2025, 5:45 p.m. CET
REVENUE UP 2.1% IN Q2 2025 AND +0.7% IN H1 2025 LFL1INCREASE IN GROSS MARGIN RATE (+60 bps)BEYOND EVERYDAY, A NEW STRATEGIC AMBITION 2025 OPERATING MARGIN EXPECTED TO GROW BY +15 BPS2
H1 2025 revenue of €4,480 million, up +0.7% LFL1 compared with H1 2024
Growth in online business of almost 8%
Gross margin rate of 28.9%, up 60 bps compared with H1 2024 comparable2
Current operating income of -€56 million: slight growth in EBITDA, increase in impairment, depreciation and amortization
Strengthening of the Group's financial structure with an extended maturity profile
Beyond everyday, a strategic plan to accelerate the rollout in the European market by 2030
Enrique Martinez, Chief Executive Officer of Fnac Darty, declared: "The first half saw the launch of our new strategic plan, Beyond everyday. This sets out our ambitions in terms of circularity, growth in services, reinvented customer experience, expansion and European consolidation. At the same time, the integration of Unieuro continued successfully. We had a very dynamic second quarter, driven by steady growth in e-commerce and services, the launch of a new gaming console and excellent reactivity to the significant demand linked to the June heatwaves. We are confident in our success for the second half of the year and in the performance of our key commercial events. "
H1 2025 KEY FIGURES
(€ million)
H1 2024reported
H1 2024 comparable2
H1 2025
Revenue
3,390
4,489
4,480
Change vs H1 2024 on a reported basis
+32.2%
LFL change1
+0.7%
Gross margin
1,050
1,271
1,295
As a % of revenue
31.0%
28.3%
28.9%
Current EBITDA3
146
187
189
Current operating income
(36)
(49)
(56)
Net income from continuing operations, Group share
(75)
(95)
(86)
Free cash-flow from operations, excluding IFRS 16
(673)
(736)
(878)
The transformative acquisition of Unieuro gives Fnac Darty a new dimension. Since the beginning of 2025, the Group reports its financial information based on the following two geographical areas: France and Rest of Europe (including Italy, Belgium, Portugal, Spain and Switzerland). To ensure better comparability:
The historical data have been restated and are included in the appendix to this press release.
The data for the first half of 2024 in this press release are presented on a reported basis and comparable basis i.e. including Unieuro and the deconsolidation of the ticketing business.
Group performance is historically affected by the seasonal nature of the business, for which the main part of the income and of the free cash-flow from operations is recorded during the second half of the year.
In Q2 2025, Group revenue amounted to €2,166 million, up +35.7% on a reported basis and +2.1% on a like-for-like basis4 compared with Q2 2024. This solid performance is due to the excellent momentum in all regions (LFL1 growth of +2.5% in France and +1.5% in the Rest of Europe). The business was mainly driven by gaming, with the successful launch of a new console and the very positive impact of the weather on sales of domestic appliances, demonstrating the Group's ability to gain market share and respond effectively to customer expectations.
In H1 2025, revenue was €4,480 million, up by +32.2% compared with H1 2024 on a reported basis and by +0.7% on a like-for-like basis1.
In H1 2025, the gross margin rate was 28.9% (+60 bps compared with H1 2024 on a comparable basis2, and +70 bps excluding the dilutive effect of the franchise), primarily due to the growing contribution of the services businesses.
Operating costs totaled €1,351 million in H1 2025, compared with €1,320 million in H1 2024 on a comparable basis2. The change is largely due to the additional costs linked to the ramp-up of the services businesses, rent indexation and an increase in depreciation and amortization, which have only been partially covered by the performance plans rolled out across the Group's divisions.
Current EBITDA amounted to €189 million and grew by almost 1% compared with H1 2024 on a comparable basis2.
After considering impairment, depreciation and amortization, and in particular €163 million for the application of IFRS 16, current operating income amounted to -€56 million in H1 2025 compared with -€49 million in H1 2024 on a comparable basis2.
Changes by distribution channel
In H1 2025, online sales rose sharply (+8% compared with H1 2024 comparable2). These account for 21% of the Group's total sales, mainly driven by the momentum of the marketplace business (direct and reverse). Omnichannel sales (Click & Collect) remained stable compared with the first half of 2024 on a comparable basis2, accounting for nearly 50% of the Group's online sales. In-store sales slowed slightly. These results once again confirmed the relevance of the omnichannel strategy adopted by Fnac Darty.
Changes by product category
Services continued to grow, with double-digit growth in most regions.
Diversification also saw double-digit growth in games & toys and stationery. The bedding business, launched at the beginning of the year, got off to a promising start and is experiencing a rapid rollout.
Domestic appliances grew by almost 2% compared with H1 2024 on a comparable basis2. Small domestic appliances continued to grow, driven by innovations (beauty tech and floor care). Sales of large domestic appliances were driven by favorable weather conditions in the second quarter and early signs of a recovery in the real estate market, accompanied by a good dynamic in fitted kitchens.
Editorial products benefited from the excellent performance of the launch of the Switch 2 console in early June 2025. The performance of books was mainly driven by thrillers, replacing romance, which is returning to normal levels.
Lastly, consumer electronics recorded a decline, impacted by a PC market which is still contracting. The end of Windows 10 support in the fourth quarter is expected to drive renewals. Tablets, smart glasses and photography saw strong growth. Sales of new phones declined, while sales of refurbished products rose sharply. Television was impacted by a high basis of comparison due to the Euro 2024 soccer championship.
Changes by geographical region
In H1 2025, France posted a slight increase in its LFL revenue5 compared with H1 2024 on a comparable basis6. In France, the Group outperformed the market in H1 2025 by nearly 2 points, according to figures published by the Banque de France7. The scope effect mainly reflects the permanent closure of the Champs-Elysées store.
Current operating income amounted to -€45.3 million in H1 2025, compared with -€33.9 million in H1 2024 on a comparable basis2.
In H1 2025, Rest of Europe posted an increase in its LFL1 revenue of +0.9% compared with H1 2024:
In Italy, LFL1 revenue remained stable, driven by online sales and services which offset the fall in sales of consumer electronics (telephony, television and PC).
Portugal posted LFL1 growth of +4.6%, boosted by strong online sales.
Spain grew by +7.4% LFL1, driven by an uptick in household spending. The scope effect reflects the temporary closure of stores for refurbishment and renovation.
In H1 2025, Belgium and Luxembourg recorded a LFL1 decline in sales of -2.0%, mainly due to strong competition.
In Switzerland, LFL1 revenue increased by +1.8%, driven by an excellent level of online sales.
Current operating income for Rest of Europe amounted to -€10.6 million in H1 2025, versus -€15.6 million in H1 2024 on a comparable basis2.
Other income statement items
Net income Group share from continuing operations amounted to -€86 million in H1 2025, versus -€95 million in H1 2024 on a comparable basis2. It mainly includes:
non-current income of -€11 million. As a reminder, non-current income for H1 2024 on a comparable basis2 was -€28 million and mainly included restructuring costs for the Nature & Découvertes business and the fair value adjustments of various IT projects.
Net financial income of -€57 million, versus -€44 million in H1 2024 on a comparable basis2. The change is mainly due to:
the increase in the cost of net debt (-€26 million compared with -€18 million in H1 2024) due to the Group's new financing terms; and
the increase in IFRS 16 expenses which amounted to -€31 million compared with -€29 million in H1 2024.
tax income of €34 million, up by €8 million compared with H1 2024, on a comparable basis2. In France, the 2025 Finance Act introduced a temporary exceptional contribution on corporate income tax payable by very large companies (art. 48). Fnac Darty is subject to this contribution. In H1 2025, an amount of €7.6 million was recorded as an expense for this purpose.
The share of non-controlled interests in the consolidated net income was -€3.2 million in H1 2025, compared with +3.2 million euros in H1 2024. This change is driven by Ruby Equity Investments' interests in the joint investment in Unieuro since November 26, 2024, as well as the loss of control of the Ticketing business since November 29, 2024.
Financial structure
Free cash-flow from operations excluding IFRS 16 stood at -€878 million compared with -€736 million at the end of June 2024, in line with expectations. The increase is mainly due to the change in the WCR of €29 million and an increase in investment of €22 million, particularly in Italy with the opening of a new warehouse. As a reminder, asset disposals were made in the first half of 2024 for a total of €93 million (notably the sale and leaseback of a warehouse in France).
The Group's net financial debt excluding IFRS 16 totaled €779 million on June 30, 2025. The change in net financial debt between December 31 and June 30 was due to the seasonal nature of business, with net debt on December 31 being structurally lower due to the high volume of business recorded at the end of the year.
The Group recorded a net cash position of €359 million on June 30, 2025. In addition, the Group benefits from undrawn revolving credit facility and Delayed Drawn Term Loan (DDTL) of €600 million, maturing in March 2030 (with two options to extend, in March 2031 and March 2032).
This strong liquidity position supports the Group's confidence in strategically allocating its resources in the most opportune way (shareholder return, M&A, debt reduction, etc.) while remaining attentive to its leverage ratio.
Furthermore, the Group is rated by the rating agencies S&P Global, Scope Ratings and Fitch Ratings, which assigned ratings of BB+, BBB and BB+ respectively, with a "stable" outlook.
Lastly, Fnac Darty paid a dividend of €1.00 per share. It represents a 40% payout ratio, in accordance with the shareholder return policy implemented by the Group. It was paid on July 4, 2025, for an amount of €29.4 million.
UNIEURO INTEGRATION
The integration of Unieuro is ongoing, and the French and Italian teams are working together to roll out the strategic initiatives of the Beyond everyday plan. The target is confirmed of at least €20 million synergies by the end of 2026.
In the first half of the year, Unieuro's logistics capability was strengthened with the opening of a new 50,000 m2 logistics hub in Colleferro, near Rome. The new hub will supplement existing facilities: Piacenza for northern Italy, Carini (Palermo) for Sicily and the 33 home delivery centers for large domestic appliances. Unieuro will thus be able to ensure a substantial improvement in the level of service in those regions, while reducing logistics costs.
NEW STRATEGIC AMBITION BY 2030
With the Everyday plan, Fnac Darty has transformed itself by achieving extensive development of the subscription-based service model, by making sustainability a core part of its vision, by devising and launching new levers for growth, and, finally, by expanding its European footprint with the integration of Unieuro.
Fnac Darty is building on this profitable growth for the next stage of its development with one ambition: to consolidate its omnichannel and service-based model on a European scale.
With Beyond everyday, published on June 11, 2025, Fnac Darty is continuing to innovate in the interests of its purpose, which is the cornerstone of all its initiatives: to enable its customers to make educated choices and guide them toward more sustainable consumption. To that end, the Group will implement three complementary strategic pillars:
Becoming the benchmark player in high-value-added products and accelerating the rollout of subscription-based home services with circularity at the core: Fnac Darty aims to drive growth toward premium, innovative and sustainable products by extending their life spans through services, while maintaining its carbon footprint reduction commitments.
Setting market standards for customer experience at all touchpoints: Fnac Darty aims to set new standards in terms of sales experience by seamlessly integrating the physical and digital worlds. The objective is to provide a seamless and personalized experience that is consistent across all customer touchpoints to boost retention and loyalty. The Group also aims to expand its customer base and consolidate its positions at the European level.
Applying the Group's expertise to the benefit of partners and in all geographical locations: Fnac Darty wants to accelerate the sale of services to businesses by leveraging on its unique marketplace and logistics expertise through customer relationship management solutions, while also harnessing its experience and the strength of its physical and digital network in retail media. Fnac Darty wants to monetize its expertise and its assets, which are among the best on the market, by putting them at the service of third-party players.
In line with this vision, and assuming that no major changes occur as regards the macroeconomic, geopolitical and fiscal environment, Fnac Darty has announced financial targets for the 2025–2030 period:
The operating margin is expected to increase to at least 3% by 2030.
The Group expects to generate cumulative operational free cash-flow8 of at least €1.2 billion over the period.
With a level of debt that will remain under control in the long term and target leverage of 1.5x9 in the medium term, Fnac Darty will pursue a capital allocation strategy that maximizes shareholder value. The Group will give priority to financing profitable organic growth, and to paying a dividend with a payout ratio of at least 40% and a minimum dividend of €1 per share per year. The Group may also carry out M&A transactions or pay a special dividend if results allow.
The ambitious environmental and social objectives of the plan Everyday remain in place:
50% reduction in direct CO₂ emissions (scopes 1 and 2) by 2030, compared with 2019.
Proportion of women in the leadership group (Top 200) of over 40% by 2030.
With Beyond everyday, the Group is also expressing its commitment to value-sharing and wants its employee shareholders to represent 5% of its equity.
IMPLEMENTING A SHARE BUYBACK PROGRAM
At its meeting on May 28, 2025, the Board of Directors resolved to implement the share buyback program adopted by the General Meeting on the same day to service its performance share plans (LTI). Fnac Darty will entrust an investment service provider (ISP) with one or more mandates to acquire around 600,000 securities.
An initial mandate for a total of €5 million was entrusted to Natixis on June 11, 2025.
151,304 shares were repurchased between June 11 and July 23, 2025.
A description of the share buyback program can be found in the 2024 Universal Registration Document (Chapter 6.2.3.2), available on the Group's website.
2025 OUTLOOK
The comparable operating margin rate (after considering the integration of Unieuro and the deconsolidation of the Ticketing businesses) is expected to increase by 15 bps, to reach 2.0% on 31 December 2025 (compared to 1.8% in 2024). This outlook updates the one communicated in the 2024 full-year results, which only concerned the Fnac Darty scope.
*********
PRESENTATION OF 2025 HALF-YEAR RESULTS
Enrique Martinez, Chief Executive Officer and Jean-Brieuc Le Tinier, Group Chief Financial Officer, will hosta virtual presentation of the results in French, with simultaneous interpretation into English
Wednesday, July 23, 2025, at 6:00 p.m. (Central European Time) 5:00 p.m. (UK), 12:00 p.m. (East Coast USA)
To join the conference call, dial +33 1 70 91 87 04
The presentation will be streamed live at this link.
You can listen to a recording of the presentation at any time, in either French or English, via the website www.fnacdarty.com/en.
In addition, Fnac Darty is also publishing its half-year report on the same date on its website, in the Investors section. It will be available on the Group website and on the AMF website.
FINANCIAL CALENDAROctober 22, 2025 (after market close): Revenue for the third quarter of 2025
CONTACTSANALYSTS/INVESTORSDomitille Vielle, Head of Investor Relations, +33 (0)6 03 86 05 02Laura Parisot, Investor Relations Manager, +33 (0)6 64 74 27 18
PRESSBénédicte Debusschere, Head of Media Relations and Influence, +33 (0)6 48 56 70 71
APPENDIX
The half-year financial statements approved by the Board of Directors on July 23, 2025, have been subject to a limited audit conducted by the statutory auditors.
The following tables contain individually rounded data. The arithmetical calculations based on rounded data may present some differences with the aggregates or subtotals reported.
REVENUE
in €m
Q2 2024 on a reported basis
Q2 2024 comparable10
Q2 2025 on a reported basis
Change compared with Q2 2024
Reported
LFL11
France
1,265.3
1,255.9
1,278.8
+1.1%
+2.5%
Rest of Europe
331.1
882.7
887.2
+168.0%
+1.5%
o/w Italy
-
551.6
547.2
n/a
-0.7%
o/w Belgium
126.5
126.5
126.7
+0.2%
+0.1%
o/w Portugal
103.0
103.0
109.7
+6.5%
+8.3%
o/w Spain
61.7
61.7
61.2
-0.8%
+14.3%
o/w Switzerland
39.9
39.9
42.4
+6.3%
+4.5%
Group
1,596.4
2,138.6
2,166.0
+35.7%
+2.1%
in €m
H1 2024 on a reported basis
H1 2024 comparable1
H1 2025 on a reported basis
Change compared with H1 2024
Reported
LFL2
France
2,673.6
2,652.4
2,650.5
-0.9%
+0.5%
Rest of Europe
716.1
1,836.1
1,829.3
+155.5%
+0.9%
o/w Italy
-
1,120.1
1,120.4
n/a
+0.3%
o/w Belgium
285.4
285.4
279.7
-2.0%
-2.0%
o/w Portugal
208.5
208.5
214.1
+2.7%
+4.6%
o/w Spain
135.1
135.1
128.3
-5.1%
+7.4%
o/w Switzerland
87.0
87.0
86.8
-0.2%
+1.8%
Group
3,389.7
4,488.5
4,479.8
+32.2%
+0.7%
2024 COMPARABLE1
Q1
Q2
H1
Q3
9M
Q4
H2
FY
in €m
France
1,396.5
1,255.9
2,652.4
1,451.5
4,103.8
2,139.0
3,590.4
6,242.8
Rest of Europe
953.5
882.7
1,836.1
1,014.3
2,850.5
1,402.8
2,417.2
4,253.1
o/w Italy
568.5
551.6
1,120.1
627.4
1,747.5
860.2
1,487.6
2,607.6
o/w Belgium
158.9
126.5
285.4
150.1
435.5
184.2
334.3
619.7
o/w Portugal
105.5
103
208.5
119.4
327.9
179.5
298.9
507.3
o/w Spain
73.4
61.7
135.1
72.9
208.0
104.0
176.9
312.0
o/w Switzerland
47.2
39.9
87.0
44.6
131.6
74.9
119.5
206.5
REVENUE COMPARABLE1
2,350.0
2,138.6
4,488.5
2,465.8
6,954.3
3,541.8
6,007.6
10,495.9
CURRENT OPERATING INCOME
