Fnac Darty: Slight Increase in H1 2026 Revenue, but Net Loss Deepens to €82M
Fnac Darty released its results for the first half of 2026 on July 22. The group reported a 0.6% growth in comparable revenue, with a gross margin improvement of 40 basis points. However, operational losses remain structural, with current operating income at -€34M. This mixed performance comes as the group faces a profitability deficit despite accelerated digital initiatives and strict cost management.
Limited Growth, Enhanced Gross Margin
The group posted a revenue of €4,457M in the first half of 2026, up 0.6% on a comparable basis compared to the same period in 2025. Growth was uneven across regions: France saw a decline of 0.7% on a comparable basis, while the rest of Europe grew by 2.7%. Specifically, Portugal recorded a growth of 9.0%, Italy 1.1%, and Belgium 5.8%, but Switzerland experienced a decline of 1.9%.
The gross margin significantly improved, reaching 29.0% compared to 28.6% a year earlier, a gain of 40 basis points. This improvement was supported by a favorable mix and the expansion of service activities. The group generated an absolute gross margin of €1,291M, up €27M compared to the first half of 2025 after adjustments.
Controlled but Persistent Operational Losses
The current operating result remains negative at -€34M, compared to -€38M a year earlier, an improvement of €4M. This progress primarily reflects an increase in EBITDA (€197M compared to €193M previously), offset by stable depreciation allocations at €231M. Operational expenses (OPEX) amounted to €1,325M, down €27M compared to the first half of 2025 after adjustments, indicating cost control despite inflation and the development of service activities.
The group's net result records a loss of €82M compared to €66M a year earlier, penalized by a worsened financial result of €62M (compared to €55M previously), due to new financing conditions.
Cash Flow and Digital Acceleration
The free operating cash flow stands at -€793M in the first half of 2026, an improvement compared to -€845M a year earlier. This enhancement is driven by tight management of working capital needs (WCN), which only deteriorated by €743M compared to €763M in 2025. Operational investments remain aligned with strategic ambitions, at €74M.
Digitally, the group is accelerating: online sales grew by 4% on a comparable basis, while the marketplace recorded an 18% increase in gross merchandise value (GMV) on a comparable basis for the group and 20% in the France perimeter. The group processed about 1 million orders since the launch of its reverse marketplace, which represents about 3% of the total GMV. The 2026 guidance is confirmed, with the group remaining confident in its 2030 objectives in terms of increasing current operating margin and improving free cash flow.
