Fnac Darty Reports Moderate Growth in 2025 Driven by Services and European Expansion

Financial Performance Overview

Fnac Darty recorded a revenue of 10,330 million euros in 2025, up by 0.7% on a comparable basis from 2024. The gross margin rate reached 28.0%, improving by 50 basis points, thanks to the growing contribution of service activities. The group has approximately 2.4 million subscribers across all services by the end of 2025. Online sales have significantly increased by 5.8% and account for 22% of total sales, driven by the dynamics of the marketplace activity. Click and Collect remains stable, accounting for nearly 50% of online sales.

Operational Margins and Costs

The current operating margin is set at 2.0%, with a current operating income of 203 million euros compared to 200 million euros in 2024. Operational costs rose to 2,689 million euros, an increase of 49 million euros, primarily due to rent indexing, service development, and higher depreciation. The current EBITDA reached 667 million euros, growing by 15 million euros. However, the net result of the group's continuing activities stands at minus 67 million euros compared to plus 43 million euros in 2024, impacted by the reclassification of Nature & Découvertes under IFRS 5, which generated a goodwill impairment of 60 million euros.

Regional Performance

France shows a slight increase of 0.5% with a current operating income of 141 million euros and a margin of 2.3%. The rest of Europe saw a higher increase of 1.1% with an operating income of 62 million euros and a margin of 1.5%, supported by performance in Italy following the integration of Unieuro, which contributes more than 60% to the growth of the region. The net financial debt stands at 958 million euros, with a net cash position of 146 million euros. The group anticipates an increase in its current operating margin rate and operational cash flow for 2026.