Fnac Darty (FNAC) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue reached €2,310 million, up 0.9% like-for-like year-over-year, driven by strong online and European performance outside France.

• Gross margin improved by 10 basis points to 27.7%, supported by subscription services and growth in services.

• EP Group filed a public tender offer at €36 per share, offering a 19–26% premium over recent VWAPs, with unanimous board support and expected completion in H2 2026.

• The Beyond Everyday plan and 2030 objectives were reaffirmed, focusing on customer-centric offers and service acceleration.

Financial highlights

• Group revenue increased to €2,310m from €2,286m year-over-year (+0.9% LFL); reported growth was 1.0%.

• Gross margin rose to 27.7%, up 10 bps from Q1 2025.

• Online sales rose 5.4% year-over-year, now representing 22% of total revenue; Click and Collect accounts for nearly half of online sales.

• Portugal (+9.8%), Spain (+5.5%), and Belgium (+3.2%) showed strong growth; Switzerland declined by 1.1%.

• Dividend of €1 per share confirmed, with payout ratio above 40%.

Outlook and guidance

• 2026 objectives for improved operating margin and free cash flow are confirmed.

• 2030 targets of the Beyond Everyday plan reaffirmed.

• Expects positive impact from the Football World Cup in the next quarter.