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2024 ANNUAL RESULTS – KEY FIGURES

COMMENTS ON THE REPORTED FINANCIAL STATEMENTS
The reported financial statements as of December 31, 2024 include 12 months of Fnac Darty activity and 1 month of Unieuro activity, consolidated since November 26, 2024.

2024 reported revenue was €8,253 million, up by +4.8% compared to 2023. Current operating income was €189 million, compared to €171 million in 2023. Unieuro’s contribution to the Group’s reported results represents €321 million in revenue and €7 million in current operating income.

COMMENTS ON FNAC DARTY’S 2024 ACTIVITY¹
2024 revenue was €7,932 million, up by +0.7% compared to 2023 in reported data and by +0.2% on a like-for-like basis³.

The gross margin rate reached 30.6% in 2024 (+50 bps compared to 2023 excluding the dilutive impact of the franchise and the integration of MediaMarkt). This sharp increase reflects the growing contribution of the Services businesses, which posted a solid performance during the year, and, to a lesser extent, a positive product mix effect related to the decline in gaming.

Operating costs totaled €2,243 million in 2024, compared to €2,209 million in 2023. Adjusted for the impact of Weavenn’s launch and the integration of MediaMarkt stores in Portugal, these only increased by €13 million thanks to the performance plans, which continued to improve the productivity of each department.

Current EBITDA amounted to €549 million, up +3% compared to 2023. This includes the application of IFRS 16 for €270 million.

Current operating income was in line with the announced target of at least €180m, reaching €182 million at the end of December 2024, compared to €171 million in 2023. This improvement is due to business growth over the year, the positive impact of the product mix on gross margin and strong cost control. The operating margin rate was 2.3%.

Changes by distribution channel¹⁰

In 2024, in-store sales posted solid momentum, with nearly 72 million checkout transactions (+1.5% compared to 2023). Online sales returned to growth (+2.2% compared to 2023), accounting for 22% of the Group’s total sales. This was driven in particular by the attractiveness of reverse marketplaces implemented with our partners. Omnichannel sales grew by +1.7 points, now accounting for 52% of the Group’s online sales. These results once again confirmed the relevance of the omnichannel strategy adopted by Fnac Darty.

Changes by product category¹

Consumer electronics recorded a slight increase after several years of decline. Computers and telephony benefited from the beginnings of the re-equipment cycle and the launch of innovations. Tablets and headphones continued on their upward trajectory. Services continued to grow in all regions. Diversification also posted strong performance thanks to double-digit growth in toys and games as well as in stationery. Editorial products saw a decline, impacted, as expected, by a high basis of comparison for gaming, which had benefited from a very dense line-up in 2023. Books continued to perform well, largely because of new reading trends. Lastly, domestic appliances posted growth, driven by excellent performance from small domestic appliances, while sales of large domestic appliances continued to flag, still affected by the slump in the real estate market.

Changes by region¹

Revenue in France and Switzerland was stable in 2024 on a like-for-like basis¹¹. In France, the Group outperformed the market by nearly 2 points in 2024 according to the figures published by the Banque de France¹². As a result of the fall in consumer discretionary spending in France and strong competition from low-cost players, Nature & Découvertes posted a sharp decline in sales and profitability compared to last year. Since the beginning of the year, a new governance structure has been put in place and a new roadmap will be incorporated into the new strategic plan to be unveiled in June 2025.
Current operating income came to €160 million in 2024 compared to €152.4 million in 2023. Current operating margin was 2.5%.

Revenue in the Iberian Peninsula increased by +12.0% in reported data and by +2.8% on a like-for-like basis². Portugal and Spain both reported growth in sales, largely thanks to an improvement in macroeconomic indicators.
Current operating income came to €16.3 million in 2024 compared to €12.3 million in 2023. Current operating margin was 2.0%.

In 2024, Belgium and Luxembourg recorded a fall in sales of -1.3% in reported data and -0.9% on a like-for-like basis¹³ , primarily due to intense competition.
Current operating income for the Belgium and Luxembourg segment was €5.4 million in 2024, compared to €6.0 million in 2023. Current operating margin was 0.9%.

Other income statement items¹⁴

Non-current items amounted to -€31 million in 2024 compared to -€131 million in 2023. This amount includes:

• -€39 million in exceptional expenses: an additional payment to the fine related to the French Competition Authority¹⁵ of €24 million and the goodwill impairment of the Belgium business for €15 million;

• -€17 million in impairment on various IT projects;

• -€22 million in restructuring charges, mainly linked to the real estate portfolio management;

• +€61 million in positive income from the loss of control of the ticketing business; and

• other items comprising Unieuro acquisition costs and restructuring costs related to changes in scope.
  
  

Net financial income amounted to -€85 million in 2024 compared to -€79 million in 2023. The increase of €6 million is mainly due to a rise in the cost of net financial debt (€11 million) and an increase in IFRS 16 expenses (€14 million) as a result of higher interest rates. In 2023, the disposal of Daphni Purple units generated a capital loss of around €11 million.

Tax expenses were -€29 million, stable compared to 2023. The effective tax rate was 42.5%.

Restated to take account of the €39 million in exceptional non-current items described above, net income from continuing operations, Group share – adjusted¹⁶ totaled €71 million in 2024.

Financial structure

Free cash-flow from operations² excluding IFRS 16 was +€195 million, an improvement compared to the end of 2023. This change reflects strict control over the Group’s working capital requirement and Capex. Over the 2021–2024 period, the Group generated cumulative free cash-flow from operations excluding IFRS 16 of €515 million, exceeding the cumulative target of €500 million over the 2021–2024 period announced in the strategic plan Everyday in 2021.

The Group’s gross financial debt was €838 million, which mainly comprised:

• a €200 million convertible bond issue (OCEANE bond) maturing in 2027; and

• a €550 million bond issue maturing in March 2029.

After taking available cash (€1.1 billion) into account, the Group’s net cash position stood at €224 million as of December 31, 2024.

In addition, the Group has a revolving credit facility of €500 million and a delayed drawn term loan (DDTL) of €100 million, which was undrawn at the end of 2024. Its maturity date has been extended to March 2028 (with two further confirmed options to extend to March 2029 and March 2030).

This strong liquidity position supports Group confidence to strategically allocate its resources in the most opportune way (M&A, debt reduction, shareholder return, etc.) while remaining attentive to its leverage ratio.

As of December 31, 2024, Fnac Darty is fully compliant with its contractual commitments relating to its bonds and corporate loans.

Finally, the Group is rated by the rating agencies Standard & Poor’s, Scope Ratings and Moody’s, which assigned ratings of BB+, BBB and BB+ respectively during 2024, with a negative outlook (S&P) or a stable outlook (Fitch and Scope).

STRATEGIC INITIATIVES
The growth of 2024 full-year results once again demonstrates the power and singularity of the Group’s omnichannel model, with the ambition to be, on a daily basis and in the long term, the consumer’s ally in supporting sustainable consumption and the daily needs of their household.

The transformation of Fnac Darty around high value-added services continues, generating recurring cash flows. To date, 1.4 million customers have placed their trust in our flagship Darty Max and Vanden Borre Life subscription services.

The Group is also continuing with its diversification strategy, with various initiatives that contribute to growth in the Group’s results.

Retaillink, the Group’s fully integrated, omnichannel retail media agency, devises and deploys innovative offers and enhanced presence to help brands achieve their awareness, commitment and sales objectives by getting closer to their communities.
Its range of visibility solutions is one of the most comprehensive on the market. With more than 1,500 digital screens strategically positioned at points of sale, the DOOH (Digital Out-Of-Home) offering allows granular targeting according to the advertising context. On the web, ad formats natively embedded in the online shopping process reach more than 22 million internet users each month. They are also proving to be effective in-store, according to measurement of the ROPO (Research Online, Purchase Offline) effect. At the end of 2024, Retailink generated nearly €100 million in revenue and continued its robust growth with a double-digit increase since 2019.

Weavenn, the Group’s subsidiary specializing in e-commerce logistics and the SaaS marketplace, was launched in the summer of 2024 in partnership with Ceva Logistics. The business is developing in line with expectations. It is still on track to meet its five-year target of generating more than €200 million in revenue with a double-digit operating margin.

For the second year running, the Second Life business posted double-digit growth and gross merchandise value of nearly €150 million. In connection with the development of the second-hand market, and still with the aim of supporting consumers toward more sustainable and responsible consumption, Fnac Darty launched the digital passport for domestic appliances in 2024. This new tool will reliably trace the life cycle of an appliance, from manufacture to recycling. The first iteration of this passport is already available for “Second Life Collectors” items, which are 4,000 products from the reconditioning of appliances supplied to the Paris 2024 Olympic Village by Darty as a “Supporteur Officiel”.

The Group also offers eco-conscious purchasing guides (publication of the seventh edition of the After-Sales Service Barometer) and repair services to extend product life span (with 2.6 million products repaired by the Group in 2024).

A reduced carbon footprint is also a major concern for Fnac Darty, which aims to halve its CO₂ emissions by 2030 compared to 2019. Concrete actions are being implemented to improve the energy efficiency of stores and warehouses (electricity consumption down by 27% vs. 2022) or to promote eco-designed products with the “Sustainable Choice” label in-store and on e-commerce sites.
Fnac Darty’s environmental, social and governance commitments are reflected in the various ratings it has received, which have been steadily improving for several years (Moody’s Analytics VE: 65/100, up 4 points from 2022; Sustainanalytics: 11.8 vs. 12.8 in 2023; Ethifinance 80/100 vs. 75/100). At the start of 2025, the Group also obtained an “A” – the highest score in the CDP Climate questionnaire – ranking it among the best companies in the world.

UNIEURO ACQUISITION
On July 16, 2024, Fnac Darty launched a mixed public tender offer for Unieuro, the leading Italian distributor of Consumer electronic products and Domestic appliances. The various stages of the Unieuro public tender offer were completed on December 30, 2024. Unieuro was delisted from the Milan Stock Exchange on January 8, 2025.
The merger of Fnac Darty and Unieuro is in line with the Everyday strategic plan, with the two entities sharing common strategic ambitions focused on omnichannel, the development of home assistance services, and guiding customers towards more sustainable and responsible behaviours.

The combination of Fnac Darty and Unieuro has created a leader in the sale of electronic products, domestic appliances, editorial products and services in Western and Southern Europe, with over €10 billion in revenue, 30,000 employees and over 1,500 stores.

SCOPE
On December 2, 2024, Fnac Darty and CTS Eventim announced that they had finalized the disposal of 17% of FranceBillet, after obtaining the necessary authorizations from the competition authorities.
Fnac Darty retains a 35% stake and continues to participate in the company’s governance. The ticketing business has been recognized under the equity method since December 1, 2024.
The impact of this disposal is not material in the 2024 results. In 2025, it will represent a decrease of around €10 million in current operating income.

FRENCH COMPETITION AUTHORITY
The decision of the French Competition Authority, published on December 19, 2024, set the amount of the fine imposed on Fnac Darty at the end of the settlement procedure at €109 million. Since the Group had already recorded a provision of €85 million in the second quarter of 2023, an additional charge of €24 million was recognized in 2024, with no impact on current operating income. The Group's short-term financing will ensure the settlement of the transaction, which is expected to take place in 2025.

GOVERNANCE AND SHAREHOLDERS
As of December 31, 2024, Vesa Equity Investment was the Group’s largest shareholder with 28.28% of the capital¹⁷, followed by Ceconomy with 21.95% of the capital and GLAS SAS on behalf of ICG with 10.22% of the capital.

On January 29, 2025, Unieuro, which is now part of the Fnac Darty group, appointed its new Board of Directors, of which Enrique Martinez becomes Chairman. Maria Bruna Olivieri has also been appointed chief executive officer Italy of Fnac Darty and thus joins the Executive Committee.

The Board of Directors of Fnac Darty will propose to the General Meeting the renewal of Jacques Veyrat, Sandra Lagumina and Caroline Grégoire Sainte-Marie be renewed at the General Meeting, as well as the ratification of the cooption of Stefano Meloni as Director, replacing Nonce Paolini, who passed away in July 2024.

DIVIDENDS

Fnac Darty will propose to the General Meeting scheduled for May 28, 2025 the approval of the distribution of a dividend of €1.00 per share, an increase of 55 cents compared to 2023. This amount represents a 40% payout ratio, calculated on the net income from continuing operations, Group share – adjusted¹⁸. This is in line with previous years and with the shareholder return policy presented in the strategic plan Everyday. The ex-date is July 2, 2025 and the payment date is July 4, 2025.

2025 OUTLOOK

The presentation of a new strategic plan will take place in June 2025 and will allow Unieuro to be included in the update of the Group's medium-term objectives.

The Group is approaching 2025 with confidence and anticipates a "mid single digit” growth in its Current Operating Income (COI) excluding Unieuro, compared to 2024 COI excluding ticketing activities¹⁹.

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PRESENTATION OF ANNUAL RESULTS 2024

Enrique Martinez, Chief Executive Officer and Jean-Brieuc Le Tinier, Group Chief Financial Officer, will host a virtual presentation of the results in French, with simultaneous interpretation into English, on

February 26, 2025 at 6:30 p.m. (Central European Time); 5:30 p.m. (UK); 12:30 p.m. (East Coast USA).

The webcast will be available 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.

FINANCIAL CALENDAR
April 23, 2025 (as of the close of business): Revenue for the first quarter of 2025
May 28, 2025: General Meeting 2025
June 2025: Investor Day
July 23, 2025 (as of the close of business): Half-year results 2025
October 22, 2025 (as of the close of business): Revenue for the third quarter of 2025

CONTACTS
ANALYSTS/INVESTORS
Domitille Vielle – Head of Investor Relations – domitille.vielle@fnacdarty.com – +33 (0)6 03 86 05 02
Laura Parisot – Investor Relations Manager – laura.parisot@fnacdarty.com – +33 (0)6 64 74 27 18

PRESS
Bénédicte Debusschere – Head of Media Relations and Influence – benedicte.debusschere@fnacdarty.com – +33 (0)6 48 56 70 71

2024 PROFORMA P&L UNAUDITED

The following financial information is for illustrative purposes and reflects a situation which is hypothetical in nature. It is neither representative nor indicative of the actual performance of the transactions that would have been observed if those transactions had actually been carried out as of January 1, 2024. Nor is it an indication of the future results of the new Fnac Darty group resulting from the transaction.

NOTES – REPORTED DATA

The Board of Directors of Fnac Darty SA met under the chairmanship of Jacques Veyrat on February 26, 2025 to approve the consolidated financial statements for the year 2024. The procedures for auditing the consolidated financial statements were performed and the certification report will be issued after the verification of the Management Report and the due diligence relating to the ESEF electronic format of the 2024 accounts are finalized.
The Group’s unaudited 2024 consolidated financial statements are available on the website www.fnacdarty.com/en.
The following tables contain individually rounded data. The arithmetical calculations based on rounded data may present some differences with the aggregates or subtotals reported.

Q4 2024 REVENUE BY OPERATING SEGMENT

2024 REVENUE BY OPERATING SEGMENT

2024 CURRENT OPERATING INCOME BY OPERATING SEGMENT

SUMMARY INCOME STATEMENT

FREE CASH-FLOW FROM OPERATIONS

BALANCE SHEET

STORE NETWORK

* including 13 Fnac stores abroad: 3 in Qatar, 3 in Tunisia, 2 in Senegal, 2 in Ivory Coast, 1 in the Congo, 1 in Cameroon, 1 in Saudi Arabia and 3 Darty stores abroad in Tunisia; and including 18 stores in the French overseas territories. Excluding 14 Fnac shop-in- shops opened in Manor stores.
** including Nature & Découvertes subsidiaries managed from France: 4 stores in Belgium, 1 store in Luxembourg, 4 franchises in Switzerland, 1 franchise in Portugal and 5 franchises in the French overseas territories.
*** Including one store in Luxembourg, which is managed from Belgium.

MONITORING OF THE NON-FINANCIAL INDICATORS OF THE EVERYDAY PLAN

DEFINITIONS OF ALTERNATIVE PERFORMANCE INDICATORS

THE APPLICATION OF THE IFRS 16 STANDARD

On January 13, 2016, the IASB published IFRS 16 on “Leases.” IFRS 16 replaces IAS 17 and its interpretations. This standard, which is mandatory for annual periods beginning on or after January 1, 2019, requires the recognition of an asset (the right of use) and a liability (leasing debt) on the basis of discounted in-substance fixed lease payments.

The Group has applied IFRS 16 since January 1, 2019. In order to ensure the transition between IAS 17 and IFRS 16, all lease and service agreements falling within the scope of 16 have been analyzed.

To monitor its financial performance, the Group publishes indicators that exclude the application of IFRS 16. These indicators are current EBITDA excluding IFRS 16, free cash-flow from operations excluding IFRS 16, and net financial debt excluding IFRS 16.

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1 Fnac Darty 2024 activity excluding Unieuro: Current Operating Income of at least €180 million and 2021–2024 cumulative free cash-flow from operations of €500 million (excluding IFRS 16)
2 Proposal subject to the approval of the General Meeting of May 28, 2025

3 Pro forma (unaudited): Group reported data (12 months Fnac Darty + 1-month Unieuro) + 11 months of Unieuro data (January to November 2024)
4 For the full year by 2026
5 Impact of the deconsolidation of the Ticketing business on COI: around €10 million.
6 Fnac Darty 2024 activity excluding Unieuro
7 Unaudited: Group reported data (12 months Fnac Darty + 1-month Unieuro) + 11 months of Unieuro data (January to November 2024)

8 Like-for-like basis – LFL: excludes the effect of changes in foreign exchange rates, changes in scope, and store openings and closures.
9 Corresponds to the current net income, Group share of continuing operations, and adjusted for the additional charge relating to the transaction with the French Competition Authority (€24 million) and a goodwill impairment on Belgium (€15 million).
10 Fnac Darty 2024 activity excluding Unieuro
¹¹ Like-for-like basis – LFL: excludes the effect of changes in foreign exchange rates, changes in scope, and store openings and closures.
¹² Market data for 2024 published by Banque de France on January 20, 2025.
13 Like-for-like basis – LFL: excludes the effect of changes in foreign exchange rates, changes in scope, and store openings and closures
14 Fnac Darty 2024 activity excluding Unieuro
15 The decision of the French Competition Authority, published on December 19, 2024, set the amount of the fine imposed on Fnac Darty at the end of the settlement procedure at €109 million. Since Fnac Darty had already recorded a provision of €85 million in the second quarter of 2023, an additional charge of €24 million was recognized in 2024.
16 Corresponds to the current net income, Group share of continuing operations and adjusted for the additional charge relating to the transaction with the French Competition Authority (€24 million) and a goodwill impairment on Belgium (€15 million).
17 Direct holding declared on November 18, 2024, AMF notice 224C2372.
18 Corresponds to the current net income, Group share of continuing operations and adjusted for the additional charge relating to the transaction with the French Competition Authority (€24 million) and a goodwill impairment on Belgium (€15 million).
19 Impact of the deconsolidation of the Ticketing business on COI: around €10 million.

20 EBITDA: current operating income before interest, tax, depreciation, amortization and provisions on fixed operational assets.
21 Like-for-like basis – LFL: excludes the effect of changes in foreign exchange rates, changes in scope, and store openings and closures.
22 Unieuro has been consolidated since December 1, 2024.

23 EBITDA: current operating income before interest, tax, depreciation, amortization and provisions on fixed operational assets.
24 Sustainability score: average of a reliability score and a repairability score, based on data collected by Fnac Darty’s after-sales service over the last two years for each product and weighted by the volumes and carbon footprint of products sold by the Group in the year in question.

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