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Full Year Results 2025 02 2025 HIGHLIGHTS & STRATEGIC REVIEW Enrique Martinez, Chief Executive Officer 2025 FINANCIAL RESULTS Jean-Brieuc Le Tinier, Chief Financial Officer CONCLUSION AND Q&A SESSION AGENDA
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HIGHLIGHTS AND STRATEGIC REVIEW Enrique Martinez Chief Executive Officer
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Full Year Results 202504 EXECUTIVE SUMMARY Revenue: +0.7% LFL1 Outperforming French market by +2 pts2 New strategic plan EP Group’s proposed tender offer FY 2025 HIGHLIGHTS Solid 2025 operational and financial metrics ▪ 2.0% Operating margin ▪ €145m FCF3 1 Like-for-like change 2 French market as per the Banque de France latest figures released on January 21, 2026. 3 Excluding IFRS 16
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Full Year Results 202505 BEYOND EVERYDAY: TO INSPIRE A COMMERCE THAT MATTERS REPAIR & BEYOND Lead European circular & service-based retail BEYOND DIGITIZED OMNICHANNEL Set the European benchmark for social and human centric omnichannel retail experience BEYOND RETAIL Scale services for third parties and partners throughout Europe >€1.2BN CUMULATIVE FCF 2025-20301 >€200M average Capex 2025-2030 ≥3% ROC 1 Free cash flow from operations excluding IFRS 16
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Full Year Results 2025 Subscribers 2022 2023 2024 2025 06 Subscribers Number of Subscribers Subscribers Services Margin contribution 2nd life GMV c. 2.4m 27% 30% in 2030 Subscribers Rollout of the Product Passport for all large household appliances Over 1 million products equipped by Fnac Darty by the end of 2026 Best tech transformation of the year Lead European circular & service-based retail €92m c.€120m +30% vs n-1 c.€150m +25% vs n-1 c.€180m +24% vs n-1 +c. 200bps vs 2024 4m in 2030 X2 in 2030 vs 2024 Product Passport 2022 2023 2024 2025 REPAIR & BEYOND
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Full Year Results 202507 BRAND AWARENESS STORE RESULTS #4 TOP 10 TOM1 Domestic Appliance and Technology +4% Visits (vs N-1) >+10% Revenue (vs N-1) Q4 2025 Set the European benchmark for social and human centric omnichannel retail experience 1 Top of mind Launch of Darty PortugalStore modernization BEYOND DIGITIZED OMNICHANNEL
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Full Year Results 20258 Online Sales c.+6% Like-for-like Scale services for third parties and partners throughout Europe Traffic +4% Business volume +8% Outperforming the market1 1 Source: Fevad Marketplace (GMV) c.+10% Click&Collect (as a % of sales) c.50% 2nd life Reverse Marketplace Fulfillment c.9M products collected in 2025 BEYOND RETAIL
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Full Year Results 20259 Operational efficiency Digital enhancements New Collefero warehouse Ledwall store windows New stores openings Synergies On track to reach target International agreements Local conditions European deals Sourcing ≥ €20m by end 2026 confirmed >60% of the 2025 Rest of Europe COI increase Current Operating income increase UNIEURO INTEGRATION
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Full Year Results 202510 Initiator • EP Group, through a controlled company • Currently #1 shareholder of the group via VESA (28.5%) Targeted instruments • Outstanding shares and OCEANES • No squeeze out Price • €36 per share, representing • 19% premium on spot share price1 • 24% premium on 1-month VWAP • 26% premium on 3-month VWAP • €81.09 per OCEANE2 Offer conditions • Initiator to reach the legal threshold of more than 50% of the share capital or voting rights at the end of the offer period • Standard regulatory approvals (notably Foreign Subsidies Regulation, Anti-trust and, if applicable, Foreign Direct Investment) • Completion of the information and consultation process with the relevant employee representative bodies The Board of Directors unanimously expressed a favourable reception of the proposed transaction, without prejudice to the reasoned opinion to be delivered by the Board of Directors upon receipt of the independent expert’s report and the opinion of the Group Employee Committee Offer filing expected before the end of Q1-2026 1 January 23, 2026 2 Corresponding to their par value of €81.03 plus €0.06 accrued interest assuming an interest period starting on March 23, 2026 and ending on July 15, 2026, as the expected settlement date of the initial acceptance period of the offer. The offer price per 2027 OCEANE will be adjusted according to the actual settlement date of the initial acceptance period EP GROUP’S TAKEOVER BID : TRANSACTION HIGHLIGHTS
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Full Year Results 202511 ▪ Continuation of a strong partnership with 1st shareholder and JV partner on Unieuro ▪ VESA Equity Investment, an affiliate of EP Group, holds 28.5% of Fnac Darty’s share capital ▪ Support the acceleration of the Beyond everyday strategic plan ▪ Bring shareholder stability, necessary in an environment undergoing profound change ▪ No change in dividend policy EP GROUP’S TAKEOVER BID : INTENTIONS
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FINANCIAL RESULTS Jean-Brieuc Le Tinier Chief Financial Officer
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Full Year Results 202513 2 mains elements have led to restate 2024 financial figures to give a fair representation of the Group's operating performance: ▪ Nature & Découvertes activity reclassified according to IFRS 5 ▪ The acquisition of Unieuro resulted in the recognition of an amortization of assets (Purchase Price Allocation – PPA). In €m 2024 comparable1 Nature & Découvertes IFRS 5 PPA Unieuro 2024 restated2 Revenue 10,496 172 10,324 o/w France 6,243 172 6,071 o/w Rest of Europe 4,253 4,253 Current operating income 193 (14) (6) 200 o/w France 139 (14) 152 o/w Rest of Europe 54 (6) 48 As a % of revenue 1.8% 1.9% 1 Comparable: includes the integration of Unieuro (over 12 months) and the deconsolidation of the ticketing business since January 1, 2024. 2 Restated data: includes the integration of Unieuro (over 12 months) and the deconsolidation of ticketing since January 1, 2024, also including as of January 1, 2024, the restatements related to the allocation of Unieuro's goodwill (PPA) recorded in 2025. It should be noted that these restated figures include the IFRS 5 reclassification of Nature & Découvertes as shown in the IFRS 2025 consolidated financial statements. 2024 RESTATEMENT
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Full Year Results 202514 2025 KEY FINANCIAL FIGURES Group revenue Gross margin Operating margin FCF1 €10,330m +0.7% LFL vs FY 2024 restated2 €145m28.0% +50 bps vs FY 2024 restated2 2.0% 5 bps vs FY 2024 restated2 Growth vs FY 2024 excl. disposals 1 Excluding IFRS 16 2 Restated data: includes the integration of Unieuro (over 12 months) and the deconsolidation of ticketing since January 1, 2024, also including as of January 1, 2024, the restatements related to the allocation of Unieuro's goodwill (PPA) recorded in 2025. It should be noted that these restated figures include the IFRS 5 reclassification of Nature & Découvertes as shown in the IFRS 2025 consolidated financial statements.
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Full Year Results 2025 15 Services c.2.4m subscribers at end-2025 PERFORMANCE BY CATEGORY
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Full Year Results 202516 • Portugal: Fnac & Darty dynamism, both in-store and online In €m 2025 As a % of total Group revenue % LFL1 Change France 6,069 59% +0.5% Rest of Europe 4,261 41% +1.1% Italy 2,584 25% (1.1)% Belgium 631 6% +1.8% Portugal 539 5% +7.3% Spain 296 3% +6.6% Switzerland 211 2% +5.2% TOTAL GROUP 10,330 100% +0.7% 1 Like-for-like: excludes exchange rate fluctuations. change in scope and opening and closing of directly owned stores. Includes Unieuro, Ticketing deconsolidation and IFRS 5 restatement. • Italy: services performance not offsetting strong competitive pressure, particularly in the telephony segment, and a high basis of comparison for television • Belgium: increase in online sales mitigated by the decrease in stores France disappointing Q4 at -0.6% LFL Rest of Europe • Spain: scope effect linked to store closure during the year • Switzerland: growth on both channels, strong increase in Services GROUP REVENUE BY GEOGRAPHY
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Full Year Results 202517 As a % of sales 2024 restated Franchises Channel Web/Mix Services 2025 27.5% 28.0% +55 bps +50 bps -10 bps 1 1 Restated data: includes the integration of Unieuro (over 12 months) and the deconsolidation of ticketing since January 1, 2024, also including as of January 1, 2024, the restatements related to the allocation of Unieuro's goodwill (PPA) recorded in 2025. It should be noted that these restated figures include the IFRS 5 reclassification of Nature & Découvertes as shown in the IFRS 2025 consolidated financial statements GROSS MARGIN INCREASE driven by the positive impact of services
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Full Year Results 202518 In €m 2024 restated1 2025 Var. vs. 24 rest. Gross margin 2,840 2,892 +52 OPEX excl. D&A (2,188) (2,226) EBITDA2 652 667 +15 D&A (452) (464) Current operating income 200 203 +3 Non-current operating income and expenses (27) (123) Operating income 174 80 (94) Net financial result (97) (118) Income tax (37) (25) Net income from continuing operations, Group share – adjusted3 n/a 28 Activities held for sale (IFRS 5) (16) (78) 1 Restated data: includes the integration of Unieuro (over 12 months) and the deconsolidation of ticketing since January 1, 2024, also including as of January 1, 2024, the restatements related to the allocation of Unieuro's goodwill (PPA) recorded in 2025. It should be noted that these restated figures include the IFRS 5 reclassification of Nature & Découvertes as shown in the IFRS 2025 consolidated financial statements. 2 EBITDA: current operating income before interest, tax, depreciation, amortization and provisions on fixed operational assets 3 Adjusted from non-current expenses with no cash impact Improved gross margin positive impact of Services Tight cost control inflation offset by proactive performance plans Financial result evolution linked to new financial profile and IFRS 16 charge increase Income tax include €10m French additional tax Nature & Découvertes 2025 loss (€18m) and goodwill impairment (€60m) Non-current expenses mainly related to restructuration fees and impairments with no cash impact EBITDA increase +€15m not offsetting IFRS 16 charge increase COI improvement: strong contribution of Italy not offsetting disappointing performance in France FINANCIAL RESULTS
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Full Year Results 202519 In €m 2024 restated1 2025 EBITDA 652 667 IFRS 16 impact (320) (346) Non-current cash items and EBITDA non-cash items (31) (27) Cash-flow before tax, dividends and interest, excluding IFRS 16 301 294 Change in WCR2 11 75 Operating investments3 (56) (176) Income tax paid (46) (47) Free cash-flow from operations 210 145 Others (122) (223) Net cash flow generation 87 (79) 1 Restated data: includes the integration of Unieuro (over 12 months) and the deconsolidation of ticketing since January 1, 2024, also including as of January 1, 2024, the restatements related to the allocation of Unieuro's goodwill (PPA) recorded in 2025. It should be noted that these restated figures include the IFRS 5 reclassification of Nature & Découvertes as shown in the IFRS 2025 consolidated financial statements. 2 Includes the change in payables and receivables relating to non-current assets. 3 Investments net of divestments. Penalty notice from the French Competition Authority (ADLC) for €109 million, paid in May 2025 CAPEX increase in line with strategic ambitions and no asset disposal (€93m in 2024) EBITDA increase +€15m thanks to tight cost control Tight management of WCR despite France difficult Q4 FROM EBITDA TO FCF
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Full Year Results 202520 Positive net cash of € 146m excluding IFRS 16 at year-end No major refinancing until April 2029 after successful €300m emission of a 2032 senior notes (4.75%). More than 77% of outstanding convertible bond bought back representing €147m Undrawn credit lines (RCF + DDTL1): €600m maturing March 2030 with options to extend until 2031 and 2032 Strong liquidity position €1.7bn at the end of 2025 Sollicited credit ratings In €m 31 Dec. 2024 31 Dec. 2025 Shareholders equity 1,737 1,576 Net cash 224 146 Gross financial debt 837 958 Cash and cash equivalents 1,062 1,104 Leasing debt IFRS 16 1,615 1,568 Corporate Rating Outlook BB+ BB+ BBB- Stable March 2025 Stable Sept. 2025 Stable Dec. 2025 17 17 17 1745 550 300 2025 2026 2027 2028 2029 2032 FINANCIAL DEBT BY REPAYMENT MATURITY BEI loan Convertible bond² 2029 & 2032 Senior Notes RCF + DDTL1: €600m in €m 1 Delayed Drawn Term Loan. SOLID FINANCIAL STRUCTURE
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CONCLUSION & OUTLOOK Enrique Martinez Chief Executive Officer
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Full Year Results 2025 OUTLOOK 22 Increase in Current Operating Margin and Free Cash Flow Dividend proposed €1.0 per share • Ex-date: 3 June 2026 • Payment date: 5 June 2026 2030 Objectives confirmed
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Q&A SESSION
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APPENDICES
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Full Year Results 202526 Definition of like-for-like (LFL) sales growth • This indicator measures changes in revenue excluding exchange rate fluctuations, the impact of change in scope and the impact of the opening and closing of directly owned stores since January 1, N-1. Definition of current operating income • The monitoring of the Group’s operating performance uses current operating income as the main operating balance. It is defined as the difference between the total operating profit and “non- current operating income and expenses.” • Current operating income is an intermediate line item intended to facilitate the understanding of the entity's operating performance and that can be used as a way to estimate recurring performance. DEFINITIONS 1/2
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Full Year Results 202527 With application of IFRS 16 IFRS 16 restatement Without application of IFRS 16 Current EBITDA Rents within the scope of IFRS 16 Current EBITDA excluding IFRS 16 Current operating income before depreciation, amortization and provisions on fixed operational assets recognized in current operating income Current EBITDA including rental expenses within the scope of IFRS 16 Free cash-flow from operations Disbursement of rents within the scope of IFRS 16 Free cash-flow from operations excluding IFRS 16 Net cash provided by operating activities less operating investments Free cash-flow from operations including cash impacts relating to rents within the scope of IFRS 16 Net financial debt Leasing debt Net financial debt excluding IFRS 16 Gross financial debt less gross cash and cash equivalents Net financial debt excluding leasing debt Net financial income Financial interest on leasing debt Net financial income excluding financial interest on leasing debt DEFINITIONS 2/2
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Full Year Results 202528 In €m 2024 comparable1 2024 restated2 2025 Revenue 10,496 10,324 10,330 Current operating income 193 200 203 Non-current operating income and expenses (32) (27) (123) Operating income 160 174 80 Financial expense (100) (97) (118) Tax (36) (37) (25) Net income from continuing operations,Group share 24 43 (67) Net income from continuing operations, Groupe share – adjusted3 n/a n/a 28 Net income from discontinued operations 5 (16) (78) Consolidated net income, Group share 29 26 (146) 1 Comparable: includes the integration of Unieuro (over 12 months) and the deconsolidation of the ticketing business since January 1, 2024. 2 Restated data: includes the integration of Unieuro (over 12 months) and the deconsolidation of ticketing since January 1, 2024, also including as of January 1, 2024, the restatements related to the allocation of Unieuro's goodwill (PPA) recorded in 2025. It should be noted that these restated figures include the IFRS 5 reclassification of Nature & Découvertes as shown in the IFRS 2025 consolidated financial statements. 3 Adjusted from non-current operating expenses with no cash impact SIMPLIFIED P&L
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Full Year Results 202529 In €m H1 2024 restated1 H2 2024 restated1 FY 2024 restated1 Revenue 4,429 5,895 10,324 Current operating income (34) 234 200 Non-current operating income and expenses (23) (3) (27) Operating income (57) 231 174 Financial expense (43) (55) (97) Tax 27 (64) (37) Consolidated net income from continuing operations, Group share (64) 106 43 Net income from discontinued operations (19) 3 (16) Consolidated net income, Group share (83) 109 26 2024 RESTATED SIMPLIFIED P&L (H1 – H2) 1 Restated data: includes the integration of Unieuro (over 12 months) and the deconsolidation of ticketing since January 1, 2024, also including as of January 1, 2024, the restatements related to the allocation of Unieuro's goodwill (PPA) recorded in 2025. It should be noted that these restated figures include the IFRS 5 reclassification of Nature & Découvertes as shown in the IFRS 2025 consolidated financial statements.
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Full Year Results 202530 In €m H1 2025 H2 2025 FY 2025 Revenue 4,423 5,907 10,330 Current operating income (38) 241 203 Non-current operating income and expenses (10) (113) (123) Operating income (49) 129 80 Financial expense (55) (63) (118) Tax 34 (59) (25) Consolidated net income from continuing operations, Group share (66) (1) (67) Net income from discontinued operations (20) (59) (78) Consolidated net income, Group share (86) (59) (146) 2025 SIMPLIFIED P&L (H1 – H2)
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Full Year Results 202531 Assets in €m 31 Dec. 2024 31 Dec. 2025 Goodwill 2,009 1,794 Intangible assets 615 753 Tangible assets 531 515 Rights of use relating to lease agreements 1,532 1,444 Investments in associates 50 54 Non-current financial assets 31 29 Deferred tax assets 91 11 Other non-current assets 23 16 Non-current assets 4,882 4,616 Inventories 1,659 1,617 Accounts receivable 246 225 Current tax receivables 13 21 Other current financial assets 30 12 Other current assets 597 776 Cash & cash equivalents 1,062 1,104 Current assets 3,606 3,754 Assets held for sale - 173 Total assets 8,488 8,543 Equity and Liabilities in €m 31 Dec. 2024 31 Dec. 2025 Share capital 30 30 Reserves related to equity 1,040 1,042 Conversion reserves (6) (3) Other reserves 546 381 Equity, Group share 1,610 1,449 Equity attributable to minority interests 127 127 Equity 1,737 1,576 Long-term liabilities 791 929 Long-term leasing debt 1,295 1,267 Non recurring provisions 12 44 Provisions for retirement and similar benefits 177 172 Other non-current liabilities 255 220 Deferred tax liabilities 135 87 Non-current liabilities 2,665 2,719 Short-term liabilities 46 29 Short-term leasing debt 320 301 Other current financial liabilities 18 23 Accounts payable 2,658 2,909 Provisions 38 31 Tax liabilities 10 3 Other current liabilities 996 829 Current liabilities 4,086 4,124 Liabilities associated with assets classified as held for sale - 124 Total liabilities and equity 8,488 8,543 BALANCE SHEET
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Full Year Results 202532 In €m 2024 reported 2024 restated1 2025 Net Cash as of January 1 excl. IFRS 16 199 137 225 Operating free cash-flow (excl. IFRS 16) 175 210 145 Dividends paid (18) (22) (34) Shareholders’ equity component – OCEANE bonds 0 0 0 Interest paid net of interest and dividends received (30) (37) (48) Acquisition/disposal of subsidiaries net of cash transferred (93) (53) 7 Acquisition/disposal of other financial assets (net) (6) (6) (6) Increase/decrease in treasury shares (9) (9) (9) Cash-flow related to discontinued activities 0 (5) (131) Other 6 8 (4) Change in Net Cash excl. IFRS 16 26 87 (79) Net Cash as of December 31 excl. IFRS 16 225 225 146 CASH FLOW STATEMENT 1 Restated data: includes the integration of Unieuro (over 12 months) and the deconsolidation of ticketing since January 1, 2024, also including as of January 1, 2024, the restatements related to the allocation of Unieuro's goodwill (PPA) recorded in 2025. It should be noted that these restated figures include the IFRS 5 reclassification of Nature & Découvertes as shown in the IFRS 2025 consolidated financial statements.
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Full Year Results 202533 December 31, 2024 December 31, 2025 Integrated Franchises Total Integrated Franchises Total France1 398 430 828 395 401 796 Rest of Europe 439 261 700 439 249 688 Italy 268 254 522 269 242 511 Belgium 84 - 84 84 - 84 Portugal 46 4 50 45 4 49 Spain 33 3 36 33 3 36 Switzerland 8 - 8 8 - 8 Total Group 837 691 1,528 834 650 1,484 1 Including 22 stores abroad (2 in Saudi Arabia, 3 in Qatar, 6 in Tunisia, 2 in Senegal, 2 in Ivory Coast, 1 in Congo, 1 in Cameroon), 18 stores in the French overseas territories as well as Nature & Découvertes subsidiaries managed from France. STORE NETWORK
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Full Year Results 2025 34 IMPORTANT NOTICE: By reading this presentation, you agree to be bound by the following limitations and qualifications: certain information included in this release is not based on historical facts but on forward-looking statements. Such forward-looking statements speak only as of the date of this presentation and Fnac Darty expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this presentation to reflect any change in expectations or any change in events, conditions or circumstances (or otherwise) on which these forward-looking statements are based. Such forward-looking statements are for illustrative purposes only. Investors are cautioned that forward-looking information and statements do not guarantee future performance and are subject to various known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Fnac Darty, and could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking information and statements. These risks and uncertainties include those discussed or identified in Chapter 5 “Risk factors and internal control” of the Fnac Darty 2024 Universal Registration Document filed with the French Autorité des Marchés Financiers ("AMF") on 10 March 2025, and which is available in French and in English on the AMF's website at www.amf-france.org and on Fnac Darty’s website at www.fnacdarty.com. This material was prepared solely for informational purposes and does not constitute and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in the United States of America or any other jurisdiction. Likewise, it does not provide and should not be treated as providing investment advice. It does not reflect in any way the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this material are subject to change without notice. This material is being furnished to you solely for your information, and it may not be reproduced, redistributed or published (whether internally or externally to your company), directly or indirectly, in whole or in part, to any other person. Failure to comply with these restrictions may result in the violation of legal restrictions in some jurisdictions. The distribution of, or access to, this release in certain jurisdictions may be subject to legal or regulatory restrictions. Accordingly, any persons coming into possession of this document are required to inform themselves about and to observe any such restrictions. Fnac Darty expressly disclaims any liability as to the violation of such restrictions by any person. Finally, the tables contain individually rounded data. The arithmetical calculations based on rounded data may present some differences with the aggregates or subtotals reported. 34 DISCLAIMER