Slides
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Rotterdam, Netherlands Results Presentation Q2/H1 2024/25 15 May 2025
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Results Presentation Q2/H1 2024/25 on 15 May 2025 2 Management update Dr. Kai-Ulrich Deissner CEO Previous role: / CFO of CECONOMY AG and MediaMarktSaturn since 2023 Remko Rijnders CFO Previous role: / COO BeNeLux, Spain, Türkiye, Poland since 2023 / CEO of MediaMarkt BeNeLux since 2020
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Carugate, Italy 1. Business update
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PERSONALISED APP MARKETPLACESPACE -AS-A- SERVICE Results Presentation Q2/H1 2024/25 on 15 May 2025 4 Operating highlights: driving future performance through innovation “FOR YOU PAGE” now live 6th country onboarded (Belgium) Successful roll-out of Experience Zones and Entrance Statements in Germany
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Results Presentation Q2/H1 2024/25 on 15 May 2025 5 Profitability continued to improve in Q2 1Sales adjusted for fx- and portfolio effects, pre-IAS 29. EBIT at current rate, additionally adjusted for non-recurring effects and excluding associates. Stores +1.3% sales growth1 vs. PY +4 points NPS increase vs. PY +€4 m adjusted EBIT1 growth vs. PY / 1.3% sales growth, with 0.8% LFL in a soft environment / 9th quarter of profitable growth / New all-time-high NPS with 61 / Market share gain driven by online €5.2 bn €10 m 61 Outlook 2024/25 confirmed
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Results Presentation Q2/H1 2024/25 on 15 May 2025 6 Q2 highlights: robust results driven by growth businesses / B&M sales1 broadly flat / Strong online sales with +7.4%1 YoY / Online share at 24.9%2, YoY improvement of +200bp / Reported EPS at €0.23 in H1 / Services & Solutions3 income strongly increased / Marketplace GMV up by c. 90% / Retail Media income grew strongly / +€4 m EBIT improvement / +10bp increase in EBIT margin4 / - €171 m FCF in H1 / Good sales performance in Türkiye, Hungary and Spain, soft development in Germany / Improving profitability in Spain, the Netherlands, Hungary, Austria and Switzerland Omnichannel sales Growth businesses Countries Profitability increase Earnings per share FCF generation 1Sales adjusted for fx- and portfolio effects, pre-IAS 29. Online sales only include 1P sales. 2Online share including Marketplace. 3Up to 2023/24 defined as Operational Services & Solutions. See appendix page 41 for further information. 4EBIT and EBIT margin at current rate, adjusted for portfolio changes, non-recurring effects and excluding associates.
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Results Presentation Q2/H1 2024/25 on 15 May 2025 7 Progress report: all key pledges on track Business fields KPI FY 21/22 FY 22/23 FY 23/24 Target FY 25/26 Progress Q2 24/25 Retail Core Loyalty members 34 m 39 m 43 m 50 m Retail Core Online share1 25% 23% 24% c. 30% Retail Core Modernisation rate 30% 50% 64% > 90% Retail Core Stock reach progress2 10.3 weeks 9.1 weeks (-11%) 9.3 weeks (-10%) -10% Space-as-a- service # Lighthouses 6 8 11 Up to 20 Services & Solutions Income in % of total sales3 4.5% 4.5% 5.1% c. 5.5% Marketplace GMV €65 m €137 m €277 m €750 m Private Label Private Label share 2.3% 2.4% 2.7% c. 5% Retail Media Income c. €5 m €18 m €48 m c. €45 m 1Online share with third party sales. 2Compared to FY 21/22. 3Up to 2023/24 defined as Operational Services & Solutions. See appendix page 41 for further information. Update since Q1
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Results Presentation Q2/H1 2024/25 on 15 May 2025 8 Continued space monetisation through new Space-as-a-Service offer Note: For a more in-depth explanation of our Space-as-a-Service concepts, we recommend this LinkedIn post. Entrance Statement / Highly visible display for products and brands / Introduced in >50% of all German stores in Q2 / Perfect for showcasing new products / Diversification of our revenue streams Experience Zone / Temporary showcase areas for product demonstration / Standardised set-up or custom premium solutions / Appealing for both omnichannel and Marketplace partners
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Results Presentation Q2/H1 2024/25 on 15 May 2025 9 Great progress with personalised omnichannel experience Personalised service progresses well / Appointments via app now live in over 360 stores in Germany / Mindset shift: “My customer, my responsibility” / Initial result: Mid-single digit increase in both conversion and attachment rate / Further expansion into more stores and countries planned Data at work gains traction / Data leverage fuelled Q2 online sales growth / New “For-You-Page” for individualised assortment / Improved customer experience with price and availability alerts Personal interactions AttachmentsConversionNPS Personalised service impact indicative Expected impact of personalised service on KPIs
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On track to reach 5% sales share / +15% Private Label sales growth in Q2 / Strong brand building: − New Tim Raue gas grills under KOENIC available in May 2025 − Exclusive audio collection with Robbie Williams under PEAQ to be launched in July 2025 Results Presentation Q2/H1 2024/25 on 15 May 2025 10 Deep dive Private Label: significant progress in Q2 Private Label sales share development in Q2 +40bp 2023/24 2024/25
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11 Our growth businesses continue to drive our profitability III 1 1 Results Presentation Q2/H1 2024/25 on 15 May 2025 2023/24 2024/25 Gross margin1 in Q2 17.8% 18.4% Growth Businesses Retail Core / Increase in both gross profit and margin in Q2 / Retail Core margin stable / All growth businesses contributed to gross profit growth, especially Services & Solutions / Growth businesses include: – Services & Solutions – Marketplace – Private Label – Retail Media 1Excluding portfolio effects, pre-IAS 29, and adjusted for non-recurring effects.
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Results Presentation Q2/H1 2024/25 on 15 May 2025 12 Sustainability KPIs on track – BetterWay target reached ahead of plan Roll-out of group-wide campaign / International campaign with Jürgen Klopp underway in all countries 16% 25% 2023/24 2024/25 BetterWay sales share +9%p. Trade-in products (in thousands) 2023/24 2024/25 217 226 +3% 2023/24 2024/25 26 82 +274% Refurbished products (in thousands) Sustainability KPIs 18% 26% +8%p. 122 107 -12% 13 39 +205% Strong growth of sales and assortment / With 7,300 BetterWay products target reached ahead of plan Deepening store integration / Over 170 German stores actively offering returned products on Marketplace Q2 H1
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OMR Festival, Germany 2. Financial performance
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Results Presentation Q2/H1 2024/25 on 15 May 2025 14 Solid sales and EBIT growth in Q2 1Sales adjusted for fx- and portfolio effects, pre-IAS 29. EBIT at current rate, additionally adjusted for non-recurring effects and excluding associates. Sales (€m) Adj. EBIT1 (€m) +1.3%1 (-1.6%) Q2 2023/24 2024/25 5,334 5,246 2023/24 2024/25 5 10 +80.8% / Sales growth in Q2 driven by strong online business performance, B&M flat YoY / Q2 impacted by negative calendar effect of -1% / Adj. EBIT margin increased by 10bp in Q2 and 20bp in H1 / 9th consecutive quarter of adj. EBIT growth +5.9%1 (+4.0%) H1 2023/24 2024/25 12,318 12,816 2023/24 2024/25 253 289 +14.3%
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Results Presentation Q2/H1 2024/25 on 15 May 2025 15 Profitability further improved driven by Western/Southern Europe 1Sales adjusted for fx- and portfolio effects, pre-IAS 29. EBIT at current rate, additionally adjusted for non-recurring effects and excluding associates. Margin calculation based on reported sales pre-IAS 29 and adjusted EBIT. 2Including Consolidation. €m DACH Sales (pre-IAS 29) Western/ Southern Europe Eastern Europe Others2 CECONOMY Growth1 (%) IAS 29 Sales (post-IAS 29) Adj. EBIT1 Adj. EBIT YoY change Adj. EBIT margin1 (%) 2,738 1,680 868 4 5,289 -3.4 -0.1 +23.6 +6.3 +1.3 -2 -7 9 10 10 +1 +10 -9 +4 -0.1 -0.4 1.1 - 0.2 -43 824 5,246 -43 +2 Segments Q2 2024/25 development DACH / Soft market development / EBIT improvement driven by region-wide gross margin increase Western/Southern Europe / Substantial increase in EBIT margin / EBIT increase in major countries: Spain, Italy and the Netherlands Eastern Europe / Top-line and profit normalise as expected in Türkiye, continued soft development in Poland Others / Pay-off from cost optimisation Adj. EBIT margin YoY change (bp) +0 +60 -140 - +10 Like-for-like (%) -3.7 -0.1 +20.7 - +0.8
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Results Presentation Q2/H1 2024/25 on 15 May 2025 16 H1 EBIT progress bodes well for our FY guidance DACH / EBIT improvement supported by strong cost control notably in Germany Western/Southern Europe / Sales growth led EBIT improvement throughout the region Eastern Europe / Profitability normalising as expected in Türkiye. Restructuring measures continue in Poland. Others / EBIT progress backed by cost control 1Sales adjusted for fx- and portfolio effects, pre-IAS 29. EBIT at current rate, additionally adjusted for non-recurring effects and excluding associates. Margin calculation based on reported sales pre-IAS 29 and adjusted EBIT. 2Including Consolidation. Segments H1 2024/25 development €m DACH Sales (pre-IAS 29) Western/ Southern Europe Eastern Europe Others2 CECONOMY Growth1 (%) IAS 29 Sales (post-IAS 29) Adj. EBIT1 Adj. EBIT YoY change Adj. EBIT margin1 (%) 6,800 4,098 1,936 10 12,844 +2.0 +4.3 +27.1 +19.1 +5.9 167 69 35 19 289 +25 +25 -30 +36 2.4 1.7 1.8 - 2.3 -28 1,908 12,816 -28 +16 Adj. EBIT margin YoY change (bp) +30 +60 -200 - +20 Like-for-like (%) +1.5 +2.9 +23.6 - +4.7
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H1 Results Presentation Q2/H1 2024/25 on 15 May 2025 17 Services & Solutions well on track to reach mid-term goals 1Excluding portfolio effects, pre-IAS 29. Growth additionally adjusted for fx-effects. Up to 2023/24 defined as Operational Services & Solutions. See appendix page 41 for further information. Services & Solutions Sales1 (€m) +7.0% Q2 2023/24 2024/25 288 305 +15.6% 2023/24 2024/25 597 683 / Strong Q2 S&S performance ahead of group sales / Our portfolio performed well overall, particularly warranties and financing / +70bp increase in services attach rate in Q2
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H1 Results Presentation Q2/H1 2024/25 on 15 May 2025 18 Strong online sales growth due to improved customer experience 1Excluding portfolio effects, pre-IAS 29. Growth additionally adjusted for fx-effects. 1P Online Sales1 (€m) 2023/24 2024/25 1,180 1,257 Q2 +12.5% 2023/24 2024/25 2,985 3,333 / Significant increase in online market share / Performance driven by higher conversion rate and basket size / Online sales share including Marketplace up 200bp YoY to 24.9% in Q2, up 210bp YoY to 27.1% in H1 +7.4%
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Q2 Results Presentation Q2/H1 2024/25 on 15 May 2025 19 EBIT improvement fueled by gross margin uplift in Q2 1Excluding portfolio effects, pre-IAS 29, and adjusted for non-recurring effects. Gross margin1 (%) OPEX ratio1 (%) 2023/24 2024/25 17.8% 18.4% 2023/24 2024/25 18.4% 18.6% +20bp → flat H1 2023/24 2024/25 17.7% 17.7% 2023/24 2024/25 16.3% 16.0% -30bp / Strong gross margin improvement in Q2 thanks to growth businesses, particularly Services & Solutions / Gross profit increase in line with sales in H1 / Cost programmes successfully offset inflation in Q2, keeping costs roughly stable. OPEX ratio impacted by soft sales. / Positive progress in both absolute cost and OPEX ratio in H1 +50bp
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Results Presentation Q2/H1 2024/25 on 15 May 2025 20 Q2 net profit development impacted by tax income in PY Note: From continuing operations and based on reported figures. Average number of shares 485,221,084 since Q3 2021/22. 1Underlying tax rate and EPS adjusted for impairment in Poland and at equity result, pre-IAS 29. See Appendix for more details. Q2 development Non-recurring items / Decline mainly driven by lower Fnac profit share and fire damage in the Netherlands: − At equity results (€26 m, -€17 m YoY) − Fire damage in the Netherlands (-€9 m) − Efficiency measures (-€6 m) Net financial result / PY positively impacted by Metro properties and Metro AG dividend (€15 m) Tax / Decline driven by higher activation of DTA (deferred tax assets) in PY €m 2023/24 Adjusted EBIT Non-recurring items 2024/25 Change EBIT reported Net financial result Earnings before taxes Income taxes Profit or loss for the period Non-controlling interests Net profit group share 5 10 +4 39 4 -35 44 14 -30 85 -38 -123 0 0 0 -26 -47 19 -33 -52 66 -4 -70 -21 Reported EPS undiluted (€) Net profit group share adjusted EPS adjusted undiluted (€)1 84 -38 -122 0.17 -0.08 -0.25 93 -33 -126 0.19 -0.07 -0.26
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Results Presentation Q2/H1 2024/25 on 15 May 2025 21 H1 operating improvement balanced out by prior year tax benefits Note: From continuing operations and based on reported figures. Average number of shares 485,221,084 since Q3 2021/22. 1Underlying tax rate and EPS adjusted for impairment in Poland and at equity result, pre-IAS 29. See Appendix for more details. H1 development Non-recurring items / Decline mainly driven by lower Fnac profit share and impairment in Poland − At equity results (€19 m, -€24 m yoy) − Impairment in Poland (-€32 m) − Efficiency measures (-€8 m) Net financial result / PY positively impacted by Metro properties and Metro AG dividend (€15 m) Tax / Higher activation of DTA in prior year / Tax rate rate of 20.4% reported / Underlying tax rate of 15.9%1 €m 2023/24 Adjusted EBIT Non-recurring items 2024/25 Change EBIT reported Net financial result Earnings before taxes Income taxes Profit or loss for the period Non-controlling interests Net profit group share 253 289 +36 10 -46 -56 263 243 -20 233 110 -123 2 0 -2 -66 -104 197 138 -59 36 -28 -64 -38 Reported EPS undiluted (€) Net profit group share adjusted EPS adjusted undiluted (€)1 231 110 -121 0.48 0.23 -0.25 261 158 -102 0.54 0.33 -0.21
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Free cash flow (FCF) in H1 2024/25 (YoY change, €m) 1Lease-adjusted FCF subtracts the repayment of lease liabilities for better FCF comparability under IFRS 16. Results Presentation Q2/H1 2024/25 on 15 May 2025 22 FCF impacted by soft sales development 606 62 -171 EBITDA -341 Δ NWC 41 Tax -112 Other operating cash flow -133 Cash investments Free cash flow pre leases -233 Lease repayments Lease adj. free cash flow1 NWC / Impacted by soft sales development and Easter shift Tax / Cash inflow due to tax repayment Other operating cash flow / Adjustment for our equity stake in Fnac / Cash out for restructuring Lease repayments / Continued optimisation +11 -236 +54 +22 -18 -167 +3 -164
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SmartBar live demonstration, Brugherio, Italy 3. Outlook and summary
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The outlook is adjusted for portfolio changes and does not take into account the earnings effects from companies accounted for using the equity method. Accounting effects of the application of IAS 29 in Türkiye as a hyperinflationary economy are also not taken into account either. It excludes non-recurring effects, particularly in connection with the simplification and digitalisation of central structures and processes or changes to the legal environment. Results Presentation Q2/H1 2024/25 on 15 May 2025 24 2024/25 sales and EBIT outlook confirmed // Moderate increase in fx- and portfolio-adjusted sales / All segments are expected to contribute to sales growth // Clear increase in adjusted EBIT / Improvement in adjusted EBIT driven by DACH and Western/Southern Europe
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Results Presentation Q2/H1 2024/25 on 15 May 2025 25 New product innovations to boost product categories / IT category still going strong thanks to AI-enabled products / Gaming on the rise: strong pre-order for Nintendo Switch 2 / Emerging new categories: smart glasses with potential for mainstream adoption
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Results Presentation Q2/H1 2024/25 on 15 May 2025 26 Summary of Q2 and H1 results 01 Robust performance in a volatile market 02 We gained market share 03 Our sizeable growth businesses keep expanding 04 We progress in leveraging data to improve customer experience 05 Our focus remains on cost, liquidity and profitability 06 We confirm our growth outlook for FY 2024/25
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This presentation is intended for information only, does not constitute a prospectus or similar document and should not be treated as investment advice. It is not intended and should not be construed as an offer for sale, or as a solicitation of an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this presentation nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. CECONOMY AG assumes no liability for any claim which may arise from the reproduction, distribution or publication of the presentation (in whole or in part). The third parties whose data is cited in this presentation are neither registered broker- dealers nor financial advisors and the permitted use of any data does not constitute financial advice or recommendations. This presentation contains forecasts, statistics, data and other information relating to markets, market sizes, market shares, market positions and other industry data on the Company’s business and markets (together the “market data”) provided by third party sources as interpreted by us. This market data is, in part, derived from published research and additional market studies prepared primarily as a research tool and reflects estimates of market conditions based on research methodologies including primary research, secondary sources and econometric modelling. We want to point out that part of the market data used has been collected in the framework of a market survey carried out as a panel observation. The panel is a regular survey monitoring sales of specific products and product categories, using a range of distribution channels including internet, retail outlets (e.g. high street, mail order) and companies (e.g. resellers). The market data does not represent actual sales figures globally or in any given country; rather, the market data represents a statistical projection of sales in a given territory and is subject to the limitations of statistical error and adjustments at any time (e.g. reworks, changes in panel structure). The representativeness of the market data may be impacted by factors such as product categorisation, channel distribution and supplier universe identification and statistical sampling and extrapolation methodologies. The market data presented is based on statistical methods and extrapolation. In addition, market research data and trend information as interpreted or used by CECONOMY is based on certain estimates and assumptions and there can be no assurance that these estimates and assumptions as well as any interpretation of the relevant information by CECONOMY are accurate. The market research institutes which data CECONOMY used as basis for this presentation are neither registered broker dealers nor financial advisors and the permitted use of any market research data does not constitute financial advice or recommendations. Historical financial information contained in this presentation is mostly based on or derived from the consolidated (interim) financial statements for the respective period. Financial information with respect to the business of MediaMarktSaturn Retail Group is particularly based on or derived from the segment reporting contained in these financial statements. Such financial information is not necessarily indicative for the operational results, the financial position and/or the cash flow of the CECONOMY business on a stand-alone basis neither in the past nor in the future and may, in particular, deviate from any historical financial information based on corresponding combined financial statements with respect to the CECONOMY business. 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The non-IFRS measures used by us may differ from, and not be comparable to, similarly-titled measures used by other companies. Detail information on this topic can be found in CECONOMY’s Annual Report 2023/24, section “Management system”. All numbers shown are as reported, unless otherwise stated. All amounts are stated in million euros (€ million) unless otherwise indicated. Amounts below €0.5 million are rounded and reported as 0. Rounding differences may occur. This disclaimer shall apply in all respects to the entire presentation (including all slides of this document), the oral presentation of the slides by representatives of CECONOMY AG, any question-and-answer session that follows the oral presentation, hard copies of the slides as well as any additional materials distributed at, or in connection with this presentation. By attending the meeting (or conference call or video conference) at which the presentation is made, or by reading the written materials included in the presentation, you (i) acknowledge and agree to all of the following restrictions and undertakings, and (ii) acknowledge and confirm that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation. To the extent that statements in this presentation do not relate to historical or current facts, they constitute forward-looking statements. All forward-looking statements herein are based on certain estimates, expectations and assumptions at the time of publication of this presentation and there can be no assurance that these estimates, expectations and assumptions are or will prove to be accurate. Furthermore, the forward-looking statements are subject to risks and uncertainties including (without limitation) future market and economic conditions, the behaviour of other market participants, investments in innovative sales formats, expansion in online and omnichannel sales activities, integration of acquired businesses and achievement of anticipated cost savings and productivity gains, and the actions of public authorities and other third parties, many of which are beyond our control, that could cause actual results, performance or financial position to differ materially from any future results, performance or financial position expressed or implied in this presentation. Accordingly, no representation or warranty (express or implied) is given that such forward-looking statements, including the underlying estimates, expectations and assumptions, are correct or complete. Readers are cautioned not to place reliance on these forward-looking statements. See also "Opportunity and Risk Report" in CECONOMY's most recent Annual Report for risks as of the date of such Annual Report. We do not undertake any obligation to publicly update any forward-looking statements or to conform them to events or circumstances after the date of this presentation. Results Presentation Q2/H1 2024/25 on 15 May 2025 27 Disclaimer and Notes 27
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Results Presentation Q2/H1 2024/25 on 15 May 2025 28 Questions & Answers Dr. Kai-Ulrich Deissner CEO Remko Rijnders CFO
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Results Presentation Q2/H1 2024/25 on 15 May 2025 29 Financial calendar 2024/25 Bernstein Pan European Nice Conference 20 May 2025 Q3/9M 2024/25 results 12 August 2025 CF&B London Conference 24 June 2025 Q4/FY 2024/25 trading statement 28 October 2025 Oddo BHF Next Cap Forum 12 June 2025 Q4/FY 2024/25 results 17 December 2025
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Results Presentation Q2/H1 2024/25 on 15 May 2025 30 We would be delighted to answer your questions Arian Ebrahimi Investor Relations Expert +49 (211) 5408 7224 +49 (151) 4063 2240 arian.ebrahimi@ceconomy.de Dr. Kerstin Achterfeldt Sr. Investor Relations Manager +49 (211) 5408 7234 +49 (151) 5822 4911 kerstin.achterfeldt@ceconomy.de Fabienne Caron VP, Head of Investor Relations +49 (211) 5408 7226 +49 (151) 4225 6418 fabienne.caron@ceconomy.de +49 (211) 5408 7222 IR@ceconomy.de Kaistr. 3 40221 Düsseldorf Germany ceconomy.de/en/investor-relations CECONOMY Investor Relations Team
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Valentine’s Day Campaign “Gift moments that last forever”
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Q2 2024/25 Results Presentation Q2/H1 2024/25 on 15 May 2025 32 Reported to adjusted EBIT bridge 1Excluding associates, adjusted for portfolio changes, pre-IAS 29 and excluding non-recurring effects. EBIT (€m) 10 1426 Adjusted EBIT1 At equity investment 0 IAS 29 -6 Efficiency measures -16 Others Reported EBIT H1 2024/25 289 243 Adjusted EBIT1 19 At equity investment -8 IAS 29 -8 Efficiency measures -49 Others Reported EBIT / At equity investment in H1 includes -€7 m for Fnac Darty post dilution (Q1) / Others in Q2 includes -€9 m for fire damage in NL (temporary effect) thereof Impairment Poland: -€3 m thereof Impairment Poland: -€32 m
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Q2 2024/25 Results Presentation Q2/H1 2024/25 on 15 May 2025 33 Reported to adjusted gross margin and OPEX ratio 1Excluding associates, adjusted for portfolio changes, pre-IAS 29 and excluding non-recurring effects. H1 2024/25 / IAS 29 effect: – Negative impact on reported gross margin – Almost neutral in OPEX ratio as OPEX and sales are both adjusted / Other includes mainly impairments for Poland Gross margin (%) OPEX ratio (%) Adjusted1 -0.2 IAS 29 Reported 18.4 18.2 Adjusted1 0.1 IAS 29 0.4 Other Reported 18.6 19.1 Adjusted1 -0.2 IAS 29 Reported 17.7 17.5 Adjusted1 0.1 IAS 29 0.4 Other Reported 16.0 16.5
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Results Presentation Q2/H1 2024/25 on 15 May 2025 34 Reported net working capital €m 31/12/2023 Inventories 3,549 Trade receivables and similar claims 557 31/03/2024 Change 31/12/2024 31/03/2025 3,108 -441 3,694 3,299 522 -35 697 577 Receivables due from suppliers 1,618 1,245 -373 1,902 1,165 Trade liabilities and similar liabilities -7,691 -5,451 2,241 -8,302 -5,537 Net working capital -1,967 -576 1,391 -2,009 -495 Change -395 -120 -737 2,765 1,514 Q2 2023/24 Q2 2024/25
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Results Presentation Q2/H1 2024/25 on 15 May 2025 35 Reported net working capital €m 30/09/2023 Inventories 2,918 Trade receivables and similar claims 490 31/03/2024 Change 30/09/2024 31/03/2025 3,108 190 3,114 3,299 522 32 560 577 Receivables due from suppliers 1,207 1,245 37 1,292 1,165 Trade liabilities and similar liabilities -5,320 -5,451 -131 -5,824 -5,537 Net working capital -705 -576 129 -857 -495 Change 185 17 -127 287 362 H1 2023/24 H1 2024/25
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Results Presentation Q2/H1 2024/25 on 15 May 2025 36 Application of IAS 29, hyperinflation accounting Sales growth Like-for- like growth Growth from expansion Fx-and portfolio adjusted Portfolio effect Fx-effect Growth in € pre-IAS 29 IAS 29 Reported growth in € Q1 7.8% 1.7% 9.5% 0% -1.6% 7.9% +0.5% 8.4% Q2 0.8% 0.6% 1.3% 0% -1.3% 0.0% -1.6% -1.6% H1 4.7% 1.2% 5.9% 0% -1.4% 4.5% -0.5% 4.0% €m Reported sales IAS 29 effect Sales pre-IAS 29 Reported sales IAS 29 effect Sales pre-IAS 29 Q1 6,984 -19 7,003 7,570 +15 7,555 Q2 5,334 +45 5,289 5,246 -43 5,289 H1 12,318 +26 12,292 12,816 -28 12,844 2023/24 2024/25 2024/25 thereof 0.4%p. in Q2 and 0.3%p. in H1 from acquisitions (melectronics and Gravis)
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Results Presentation Q2/H1 2024/25 on 15 May 2025 37 Q2/H1 2024/25 hyperinflation accounting 1.6 0.0 0.0 -1.6 1.3 1.3 Impact of IAS 29, fx- and Portfolio effects on sales growth Sales (% growth) / Negative impact from IAS 29 accounting on Sales in Q2 and H1 2024/25 / Switching KPIs analysis to pre-IAS 29 more appropriate and closer to the underlying operating performance Reported Growth 0.5 IAS 29 Growth in € pre IAS 29 fx-Effect 0.0 Portfolio- Adjustment Sales Growth adj. for fx- and Portfolio effects 4.0 4.5 1.4 5.9 Q2 H1
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2023/24 2024/25 Change 2023/24 2024/25 Change Reported EBIT 44 14 -30 44 14 -31 Impairments 0 3 +3 Poland Adjustment: IAS 29 -4 0 +4 Türkiye Adjustment: At-Equity (Fnac Darty S.A.) 0 0 0 EBIT for EPS calculation 44 14 -31 44 17 -27 Net financial Result -26 -47 -21 -23 -49 -25 Earnings before Taxes (EBT) 19 -33 -52 21 -32 -53 o/w non-controlling interests 0 0 0 0 0 0 o/w net profit group share 84 -38 -122.0 93 -33 -126 EPS in € 0.17 -0.08 -0.25 0.19 -0.07 -0.26 Income Taxes 66 -4 -70 73 -1 -74 Net profit/loss for the period 85 -38 -122 94 -33 -127 dilution impact Results Presentation Q2/H1 2024/25 on 15 May 2025 38 From reported to adjusted net profit — Q2 / Financial result and tax rate adjusted for IAS 29, impairments in Poland and at-equity result for Fnac / Number of shares: 485,221,054 ordinary shares €m Reported Incl. adjustments Comment
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2023/24 2024/25 Change 2023/24 2024/25 Change Reported EBIT 263 243 -20 263 243 -20 Impairments 0 32 +32 Poland Adjustment: IAS 29 21 8 -14 Türkiye Adjustment: At-Equity (Fnac Darty S.A.) 0 7 +7 EBIT for EPS calculation 263 243 -20 288 289 +2 Net financial Result -66 -104 -38 -65 -106 -41 Earnings before Taxes (EBT) 197 138 -58 223 184 -39 o/w non-controlling interests 2 0 -2 2 0 -2 o/w net profit group share 231 110 -121 261 158 -102 EPS in € 0.48 0.23 -0.25 0.54 0.33 -0.21 Income Taxes 36 -28 -64 40 -25 -65 Net profit/loss for the period 233 110 -123 263 158 -105 dilution impact Results Presentation Q2/H1 2024/25 on 15 May 2025 39 From reported to adjusted net profit — H1 / Financial result and tax rate adjusted for IAS 29, impairments in Poland and at-equity result for Fnac / 15.9% expected underlying tax rate for the full year / Number of shares: 485,221,054 ordinary shares €m Reported Incl. adjustments Comment
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40 Store network Stores (#) 31/12/2024 Openings Closures 31/03/2025 401 0 0 401 Austria 56 0 0 56 Switzerland 44 0 44 Hungary 40 0 40 DACH 541 Belgium 26 1 0 27 Italy 139 0 0 139 Luxembourg 2 0 0 2 Western/Southern Europe 333 1 1 333 Poland 86 0 2 84 Türkiye 101 1 0 102 Germany 0 0 Netherlands 55 0 1 54 Spain 111 0 0 111 541 0 0 Eastern Europe 187 1 2 186 CECONOMY 1,061 2 3 1,060 Results Presentation Q2/H1 2024/25 on 15 May 2025
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Results Presentation Q2/H1 2024/25 on 15 May 2025 41 Updated reporting of Services & Solutions KPI 1Excluding Sweden and Portugal, pre-IAS 29. Up to 2023/24 defined as Operational Services & Solutions. Services & Solutions sales1 in €m / From Q1 2024/25 our Services & Solutions definition only includes Operational Services & Solutions, in line with our Key Pledge 2025/26 shown at Capital Markets Day 2023 / Services & Solutions now consists of: – Insurance and warranties – Telecom and digital products – Advice, installation and repair services – Consumer financing – Sustainability services and others / Steady growth thanks to strategic focus and expanding service offering Financial period Q1 Q2 Q3 Q4 FY 2021/22 281 256 246 277 1,061 2022/23 310 260 238 295 1,104 2023/24 310 288 289 325 1,211
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Results Presentation Q2/H1 2024/25 on 15 May 2025 42 Our commitment to sustainability is reflected in our ratings Note: As of May 2025 Rating agency Results for FY 22/23 Results for FY 23/24 Trend A AA 15.8 13.3 Scale CCC B BB BBB A AA AAA Laggard Average Leader Negl. 0-10 Low 10-20 Med. 20-30 High 30-40 Severe 40+ C CD- D D+ C- C C+ B- B B+ A- A A+ 50 50 Insufficient Partial Good Advanced Outstanding 0-24 25-44 45-64 65-84 85-100 Disclosure Awareness Management Leadership D- D C- C B- B A- A B A-