Ceconomy (CEC) investor relations material

Executive summary

• H1 2025/26 sales reached €13.1 billion, up 4% year-over-year, with adjusted EBIT rising €43 million (14.2%) to €347 million and free cash flow improving by €7 million.

• Online sales grew 7.3% in H1, reaching €3.5 billion and a 28.5% share of total sales, while Services & Solutions and Retail Media businesses expanded significantly.

• Customer satisfaction improved, with Net Promoter Score up by 2 points to 62 and loyalty base rising to 60 million.

• Strategic investments focused on digital services, omnichannel platform, and store network expansion.

• S&P upgraded the long-term credit rating from BB- to BB, with CreditWatch Positive.

Financial highlights

• H1 sales: €13.1 billion (+4% year-over-year, adjusted for fx and portfolio effects); Q2 sales: €5,466 million (+4.9% year-over-year).

• Adjusted EBIT for H1 was €347 million (+14.2% year-over-year); Q2 adjusted EBIT was €27 million (+€10 million year-over-year).

• Gross margin improved by 30 basis points to 18.1% in H1; Q2 adjusted gross margin reached 18.7%.

• Reported EPS for H1 was €0.20; adjusted EPS was €0.28.

• Free cash flow improved by €7 million in H1, reaching €69 million, and net debt reduced by €173 million to €1,597 million.

Outlook and guidance

• FY 2025/26 guidance confirmed: moderate sales increase and adjusted EBIT around €500 million, mainly driven by Western/Southern and Eastern Europe.

• Guidance excludes non-recurring effects, portfolio changes, equity-method earnings, and IAS 29 effects.

• Management transition planned, with Remko Rijnders to become CEO from July 2026.

• Strategy Day scheduled for July 9, 2026, to outline new midterm ambitions to 2028/29.