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More than 70% of the revenue decline on a pro forma like-for-like basis¹ is explained by the deconsolidation of ticketing business and store closures in France (including the permanent closure of the Champs-Élysées store) and in Spain (temporary closures for renovations in Callao and Valencia Bonaire).

Change by distribution channel

Online sales increased by more than 3% on a pro forma like-for-like basis¹ in Q1 2025 and now represent 21% of the Group's total sales. This strong performance was not enough to offset the decline observed in-store during the period. Omnichannel sales accounted for 49% of total online sales in the first three months of the year.

Change by product category

Services and diversification categories continued to show strong double-digit growth.
Domestic appliances maintained their positive momentum, driven by strong performance in small domestic appliances and a stabilization in large domestic appliances, primarily supported by Italy.
Consumer electronics recorded a decline in activity, mainly impacted by lower volumes in telephony.
Editorial products were down, still affected by the gaming sector, which has not yet benefited from the major releases planned for this year.

Change by region

Sales in France totaled €1,372 million, down -2.6% on a reported basis and -1.2% on a like-for-like basis¹ compared to Q1 2024. The scope effect primarily reflected the permanent closure of the Champs-Élysées store.

Revenue in Rest of Europe reached €942 million in Q1 2025, up 0.4% on a like-for-like pro forma basis¹ compared to Q1 2024:

• Italy posted a 1.4% increase on a like-for-like basis¹, reflecting the strong consumption dynamics of Italian households.

• Belgium declined by -3.6% on a like-for-like basis¹, still impacted by intense competition.

• Portugal grew by 0.9% on a like-for-like basis¹, driven by the strong performance of online sales.

• Spain increased by 1.7% on a like-for-like basis¹, driven by the strong performance of physical stores. The scope effect mainly reflects the temporary closures of stores for renovation and refurbishment.

• Switzerland was almost stable, down 0.5% on a like-for-like basis¹, supported by strong online sales.
  
  

Gross margin rate

The Group's pro forma gross margin rate (including Unieuro in 2024) increased by 60 basis points compared to Q1 2024. In reported data, it decreased by 110 basis points and was mainly due to the following:

• -170 basis points negative impact from the integration of Unieuro.

• -10 basis points due to the dilutive effect of the franchise.

• -30 basis points due to the deconsolidation of ticketing.

• +80 basis points linked to the growing positive impact of service activities.

FINANCIAL STRUCTURE
On March 25, Fnac Darty successfully carried out a bond issuance for a total amount of €300 million, maturing in April 2032, with a fixed annual interest rate of 4.75%. This operation was well received by a diverse base of institutional investors, both in France and internationally, and was oversubscribed several times.

Fnac Darty used the gross proceeds from this issuance to repurchase its 2027 convertible bonds (OCEANE), with more than 77% being tendered in the buyback offer, amounting to 147 million euros). The remaining funds were allocated to the Group's general needs.

At the same time, Fnac Darty obtained unanimous approval from its banks to extend the maturity of its RCF revolving credit line and its DDTL credit line, for a combined amount of €600 million to March 2030, with the addition of two one-year extension options, to March 2031 and March 2032, exercisable at the Group's request and subject to lenders’ approval.

Furthermore, Fnac Darty is rated by the rating agencies S&P Global, Fitch Ratings, and Scope Ratings. In March 2025, Standard & Poor's revised Fnac Darty's outlook to stable from negative and confirmed the Group's BB+ Corporate rating. This revision is based on the back of the Group's solid operating performance, the strengthening of its competitive position, notably thanks to the acquisition of Unieuro, and a prudent and controlled financial policy. Both Fitch Ratings and Scope Ratings confirmed their respective ratings of BB+ and BBB, with a "stable" outlook.
The Group has significantly extended the average maturity of its debt and secured its long-term liquidity.

FRENCH COMPETITION AUTHORITY

Fnac Darty has received the notice of the €109 million fine. The Group must pay this amount by May 15, 2025.

2025 OUTLOOK

As announced last February, 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 activities³.

The presentation of a new strategic plan will take place on June 11, 2025, in Paris and will include Unieuro in the update of the Group's medium-term objectives.

***

PRESENTATION OF FIRST QUARTER 2025 REVENUE

Jean-Brieuc Le Tinier, Group Chief Financial Officer, will host a conference call for investors and analysts in French, with simultaneous interpretation into English, on April 23, 2025, at 6:30 p.m. (CEST); 5:30 p.m. (UK); 12:30 p.m. (East Coast USA).

The webcast will be available here.

In French
For people wishing to connect to the conference call in French and ask questions by phone:
France: +33 1 70 91 87 04
In English
For people wishing to connect to the conference call in English and ask questions by phone:
UK: +44 1 212 818 004 / USA: +1 718 705 8796
Replay
You can listen to a recording of the presentation at any time, in either French or English, via www.fnacdarty.com.

FINANCIAL CALENDAR
May 28, 2025: 2025 General Meeting
June 11, 2025: Investor Day (Invitation-only)
July 23, 2025 (after market close): 2025 Half-year results
October 22, 2025 (after market close): 2025 Third quarter revenue

About Fnac Darty
Operating in 14 countries, Fnac Darty is a European leader in the retail of entertainment and leisure products, consumer electronics and domestic appliances. Since 2021, the Group has accelerated its shift towards a model focused on omnichannel, services, and sustainability. Fnac Darty’s revenue was nearly €8 billion in 2024. With over 30,000 employees and a multi-format network of more than 1,500 stores since the acquisition of Unieuro, the Group is also ranked as a major e-commerce player.
For more information : www.fnacdarty.com

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

APPENDIX – FINANCIAL INFORMATION BY GEOGRAPHY RESTATED

REVENUE

CURRENT OPERATING INCOME

APPENDIX – STORE NETWORK, MARCH 31, 2025

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

1 Like-for-like basis – LFL: excludes the effect of changes in foreign exchange rates, changes in scope, and store openings and closures. Pro forma includes Unieuro in 2024.
2 Like-for-like basis – LFL: excludes the effect of changes in foreign exchange rates, changes in scope, and store openings and closures. Pro forma includes Unieuro in 2024.
3 Impact of the deconsolidation of the Ticketing business on COI: around €10 million.

Attachment

• 20250423_Fnac_Darty_PR_Q1 2025_MEL