Fnac Darty S.A.

For 2025, Fnac Darty reported revenue of EUR 10.3 billion, up 0.7% like-for-like, current operating profit of EUR 203 million, and an operating margin of 2%. Gross margin increased 50 basis points (60 basis points excluding the dilutive effect of franchise), and operating free cash flow excluding IFRS 16 was EUR 145 million. On the bottom line, current operating profit improved from EUR 200 million in the restated 2024 base; operating profit was EUR 80 million after one-offs, and net income from continuing activities was minus EUR 67 million. Looking ahead, management said it expects an increase in current operating margin and free cash flow, confirmed its 2030 objectives, and reiterated a dividend proposal of EUR 1 per share with a payout ratio above 40%.

Enrique Martinez framed 2025 as a defining year because the company launched its Beyond Everyday plan and showed resilience in a difficult consumer environment, especially in France. He emphasized the strategy around high value-added products, subscription services, circularity, customer experience, and partner expertise across geographies. His tone was constructive and confident, highlighting momentum in services, online, store renovations, and Italy integration, while also welcoming EP Group’s support as a stable long-term shareholder.

Jean-Brieuc Le Tinier focused on the mechanics of the 2025 numbers and the restated 2024 base, including the IFRS 5 treatment of Nature & Decouvertes and the Unieuro PPA adjustment. He highlighted 0.7% like-for-like revenue growth to EUR 10.3 billion, a 50 bps gross margin improvement, EUR 203 million current operating profit, and EUR 145 million operating free cash flow excluding IFRS 16. He also noted EUR 958 million of net financial debt excluding IFRS 16, EUR 146 million of net cash, and EUR 600 million of undrawn credit lines, saying the balance sheet and long-term cash profile remain sound.

Analysts asked about Nature & Decouvertes, and management said a formal disposal process is underway, some expressions of interest have already been received, but it is too early to discuss details or the cash impact. On the Bank of France trend, management said Fnac Darty typically does better than the macro figures and does not see the current environment as jeopardizing 2026 guidance. Questions also covered 2026 guidance, investment, and working capital; management said capex in 2026 should be broadly similar to or slightly above 2025, average annual investment should be around EUR 200 million by 2030, and the EUR 75 million working-capital increase was driven by all countries, not just Italy.