Fnac Darty (FNAC) Q4 2025 TU & Status update earnings summary

Executive summary

• EP Group, via VESA, launched a public cash tender offer for all shares at €36 per share and OCEANE convertible bonds at €81.09, representing a 19–26% premium over recent prices, aiming for at least 50% of capital and voting rights.

• The Board of Directors unanimously welcomed the offer, appointed an independent expert, and will publish the final opinion after regulatory review and employee committee consultation.

• The offer supports the acceleration of the Beyond Everyday strategic plan, with no change to the current dividend policy and continued partnership with Unieuro.

• The acquisition of Unieuro in Italy and the planned disposal and IFRS 5 reclassification of Nature & Découvertes are key recent developments.

• Tender offer filing is expected before the end of Q1-2026, with no squeeze-out procedure planned.

Financial highlights

• 2025 estimated revenue is €10,329.8 million, up 0.7% like-for-like year-over-year.

• France revenue estimated at €6,068.9 million (+0.5% LFL); Rest of Europe at €4,260.9 million (+1.1% LFL), with Italy delivering strong performance.

• Current operating income for 2025 projected at €203.1 million, up 1.2% year-over-year, with a 2.0% margin (up 5 basis points from 2024).

• Free cash flow from operations expected at €145 million, in line with 2024 excluding asset disposals.

• Net CapEx showed an income of €21 million due to asset disposals.

Outlook and guidance

• Confident in the implementation of the Beyond Everyday strategic plan through 2030, with objectives reaffirmed.

• 2025 full-year results to be released on 25 February 2026.

• Dividend payout policy to be maintained at 40%, with final numbers to be discussed in February.