H1 2022 Financial Results

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H1 2022

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#1JULY 2022 INVESTOR PRESENTATION FNAC DARTY#2FNAC DARTY AT A GLANCE A EUROPEAN OMNICHANNEL LEADER WITH AN EFFICIENT CENTRALISED OPERATIONS PLATFORM • 8.0 bn€ Group revenue in 2021 - 25,000 employees Top European Omnichannel Retailer: • 26% of total sales in 2021 are online sales 46% of online sales are omnichannel 957 multiformat stores in 13 countries No. 1 after-sales service in France¹ ⚫ c. 10 million loyalty program members • A portfolio of complimentary brands 2021 revenue breakdown by category Technical products 49% Editorial products 16% White goods 22% Other products and services² 13% 2021 revenue breakdown by region 1 Internal customer studies 2 Include: Ticketing, B2B, after sales service, membership fees, franchise fees, insurance, consumer credit FNAC DARTY С France & Switzerland Iberian Peninsula 9% 83% Belgium & Luxembourg 8% 2#3A PROVEN AND SUCCESSFUL OMNICHANNEL MODEL 971 c. 90% multi-format stores including 405 franchises at end June 2022 of French people have a Fnac or Darty store within 15'of home unique visitors on the c. 27M e-commerce site per month on average C. 50% of online sales are C&C FERGALE FRE GILE HAUT FRAGIL HAUT GILF HA FRAG HAUT Le choix durable par- Darty l'Éclaireur FNAC AN EFFICIENT AFTER- SALES SERVICE → 1 central spare parts warehouse > 5 after-sales service workshops € 3,000+ employees dedicated to after-sales service AN AGILE LOGISTICS NETWORK → 14 warehouses in Europe c.90 delivery platforms Multiples services: click&collect, next day delivery... AN EDUCATED CHOICE 4th edition of its After-Sales Service Barometer (77 product families were studied and analyzed) → L'Eclaireur Fnac, a digital platform for informed opinions on themes related to culture and technology FNAC DARTY 3#4BECOMING A RESPONSIBLE DIGITIZED RETAILER DELIVERING HIGH-VALUE AND DURABLE SERVICES 2016 - 2018 2018 - 2020 > 2021 fnac DARTY CONFIANCE++ POWERFUL LEADER BEST-IN-CLASS OMNICHANNEL RETAILER EVERYDAY everyday au service de nos clients everyday companion of our customers RESPONSIBLE DIGITIZED RETAILER DELIVERING HIGH-VALUE AND DURABLE SERVICES FNAC DARTY#5OUR STRATEGIC PLAN EVERYDAY • 3 main ambitions to become a responsible digitized retailer delivering high-value and durable services >>> Scale the next in-home subscription-based assistance service >> Build a digitized omnichannel retail 26 >>> Lead durable behaviors FNAC DARTY 5#6BUILD A DIGITIZED OMNICHANNEL RETAIL Best-in-class online capacities >50% of total Capex invested by 2025 to offer the best experience A profitable and digitized store network, fostering the expertise of salespeople and digital footprint An uncompromised acceleration to offer high-value products to all 1. Group owned stores perimeter >30% online revenue penetration by 2025 50% of online revenue from Click & Collect 100% of stores profitable by 20251 FNAC DARTY b#7LEAD DURABLE BEHAVIORS A more durable offer, combined with customers' orientation towards durable products The promotion of responsible behaviors, notably through eased access to repair 135 "durability score" by 20251 1. Products durability scores weighted by volumes 2. Repaired or dysfunction resolved c.2,5M products repaired in 20252 FNAC DARTY ASSISTANCE & REPAIR DURABLE OFFER SECOND LIFE RECYCLING USED PRODUCTS COLLECTION 7#8Évolution Intégral €9.99/month €14.99/month €19.99/month SCALE THE NEXT IN-HOME SUBSCRIPTION-BASED ASSISTANCE SERVICES Unlocking the full potential of our exclusive unlimited repairs subscription program To become the leader of in-home assistance solutions ✓ Darty MAX Price incl. VAT Large Domestic Appliances Small Domestic Appliances TV Home Cinema, Sound Photography Multimedia 1 Essentiel >2M subscribers to our unlimited repairs subscription program by 2025 FNAC DARTY From MDA... ... to all our products to the entire home 8#9KEY DRIVERS TO GENERATE RECURRING CASH FLOWS . • • Revenue growth mainly driven by increased online activity - >30% online revenue penetration by 2025 o/w 50% is click & collect Significant contribution in gross margin of the subscription-driven service offering - >2M subscribers to our unlimited repairs subscription program by 2025 Mitigating the impact of the product mix sold online and the development of the franchise Cost-cutting program to offset more than the expected inflation - Continuous reduction of our operational cost base in line with our Performance Plan - 100% of our stores profitable¹ by 2025 Controlled capex level focused on strategic initiatives c. €120m of annual normative capex, excluding major strategic initiatives Additional c.€40m to be invested over the period in new modern and high level logistic equipment Cumulative Free Cash Flow² ~€500m 2021-2023 Run rate Free Cash Flow² ≥ €240m in 2025 1. Group owned stores perimeter 2. Net cash provided by operating activities excluding net financial charges less net operating investments and cash impacts relating to rents within the scope of IFRS 16 FNAC DARTY 9#10ENSURING SUSTAINABLE SHAREHOLDER RETURNS Increased Free Cash Flow + Controlled net debt Leverage (net debt/ EBITDA) of max 2.0x Fund profitable growth Reinvest in the business ➤Tactical bolt-on M&A + Shareholder return policy Dividend of €1/share paid in 2021 Dividend of €2/share paid in 2022 Target mid-term payout ratio > 30% Opportunity-driven decision Incremental shareholder return ➤ Leverage of max 2.0x ➤ Via special dividend or share buyback 1. Leverage measured as of end of June with net debt excluding IFRS 16 measured as of end of June and 12-month rolling EBITDA excluding IFRS16 FNAC DARTY 10#11H1 2022 BUSINESS AND STRATEGIC REVIEW FNAC DARTY 11#12GOOD RESILIENCE OF H1 2022 RESULTS -2.0% Group revenue change (%) +7.8% +9.0% Q1 2022 31.4% 0.0% Q2 2022 vs. H1 2021 vs. H1 2019* +8.4% -1.1% H1 2022 Gross margin rate evolution 30.9% 29.6% 29.7% H1 2019* H1 2020 H1 2021 H1 2022 1 Like-for-like excludes changes in foreign exchange rates, changes in scope of consolidation, openings and closures of integrated stores *Including Nature & Découvertes on a full-year basis and excluding BCC ■ H1 2022 revenue of €3,428m, down slightly by -1.1% on a reported basis and -1.7% on a like-for-like basis¹ compared with H1 2021, in the context of a very high comparison basis and sharply rising inflation ◉ Compared with proforma 2019*, H1 2022 revenue showed strong growth of +8.4%, driven by an increase in the average basket Strong work with all suppliers to adjust inventory levels in order to continue to offer a good level of product availability throughout the period Gross margin rate of 30.9%, up +120 bps vs. H1 2021, mainly driven by Darty Max and the gradual recovery of the ticketing business ■ Current operating income of €19m, roughly stable vs. H1 2019 proformal and H1 2021 excluding the one-off purchasing power bonus of c. €7m and the expenses allocated to activities rolled-out during the semester FNAC DARTY 12#13H1 2022 REVENUE BY CHANNEL AND PRODUCT CATEGORY By channel: In-store sales showed solid growth in all regions with all stores reopened Online sales amounted to 22% of total sales, up +4 pts compared with the pre-pandemic level, as digital market penetration returned to normal after two years of online sales being boosted by store closures Click & collect remains at a high level of 47% of online sales in H1 2022 By product category: In the context of a high comparison basis, market volumes in appliances declined mainly due to sluggish household consumption, while the average selling price continued to increase gradually Good momentum in telephony, sound and photo offset by a decline in categories that outperformed during the health crisis Books continued to post strong sales growth, in line with the gradual recovery in store traffic and the positive impact of the Culture Pass Growth of services thanks to Darty Max expansion as well as gradual recovery in ticketing 1 Like-for-like excludes changes in foreign exchange rates, changes in scope of consolidation, openings and closures of integrated stores FNAC DARTY 13#14A RESPONSIBLE PLAYER WITH A STRONG COMMITMENT TO REPAIRS AND SUSTAINABLE CONSUMPTION + FNAC DARTY First steps in the roll-out of the partnership with Apple o 143 WeFix points of service joined the network of Apple Authorized Service Providers (AASPs) in France at the end of June and now have access to Apple spare parts → Strengthens the Group's commitment to product repair and durability which will contribute to achieving the target of 2.5 million products repaired by 2025 LA LIVRAISON ÉCLAIRÉE Pour plus de trance Fo festimer impactmental des différents modes the raisons pour faire un choda fnac 1st retailer to launch "informed delivery" ➤ Integration of an innovative tool called “informed delivery" on Fnac and Darty websites 。 Customers can estimate the environmental impact of the various delivery methods when purchasing on fnac.com and darty.com → Helps to educate customers and reduce the environmental impact of the Group's e-commerce activity Darty MAX Further enrichment of the Darty Max service offering o Extension of Darty Max to all Fnac integrated stores and introduction of the first video-based product care and maintenance service o To meet the growing number of products being repaired, more than 220 technicians are being trained → Contributes to achieving the target of 2 million Darty Max subscribers by 2025 and increasing the number of products repaired FNAC DARTY 14#15H1 2022 RESULTS FNAC DARTY 15#16FRANCE AND SWITZERLAND IN H1 2022 €m H1 2021 H1 2022 Change Revenue 2,878 2,844 -1.2% Current operating income 32.7 16.7 -16.0 H1 2022 revenue¹ change vs. H1 2021 -2.8% -0.9% -1.9% Q1 2022 Q2 2022 H1 2022 1 Like-for-like excludes changes in foreign exchange rates, changes in scope of consolidation, openings and closures of integrated stores ■ Resilience of sales in H1 2022 Strong momentum in books, telephony and sound IT equipment and TV suffered from high comparison basis and appliances from sluggish household consumption, which penalized volumes in this market Nature & Découvertes showed growth in revenue yoy but is still penalized by a level of traffic that remains below the pre-crisis level Services performed well, driven by solid growth from Darty Max and the gradual recovery of ticketing ■ Current operating income decreased to €17m mainly due to the impact of the PEPA bonus and the opex allocated to the rolling out of new activities during H1 FNAC DARTY 16#17IBERIAN PENINSULA IN H1 2022 €m H1 2021 H1 2022 Change Revenue 285 306 +7.1% Current operating income -4.2 -1.9 +2.3 H1 2022 revenue¹ change vs. H1 2021 +7.4% +4.9% +6.2% Strong revenue growth Significant store performance, boosted by a more favorable comparison basis due to the later end of lockdown measures in 2021 All product categories sustained the sales growth in both countries, particularly books, telephony, photo and sound as well as services ■ Current operating income improved by €2.3m despite an aggressive competitive environment, particularly in Spain Q1 2022 Q2 2022 H1 2022 1 Like-for-like excludes changes in foreign exchange rates, changes in scope of consolidation, openings and closures of integrated stores FNAC DARTY 17#18BELGIUM AND LUXEMBOURG IN H1 2022 €m H1 2021 H1 2022 Change Revenue 301 279 -7.3% Current operating income 5.6 3.8 -1.8 H1 2022 revenue¹ change vs. H1 2021 ■ Revenue decreased mainly due to lower sales volumes in domestic appliances in a context of a very high basis of comparison and particularly high level of inflation, while services posted a good performance However, the team's solid commercial execution enabled the region to outperform the market and post a resilient Current operating income of €4m -6.3% -8.6% -7.6% Q1 2022 Q2 2022 H1 2022 1 Like-for-like excludes changes in foreign exchange rates, changes in scope of consolidation, openings and closures of integrated stores FNAC DARTY 18#19H1 2022 GROUP FINANCIAL RESULTS €m H1 2021 H1 2022 Revenue 3,465 3,428 Gross margin 1,029 1,058 Costs 995 1 039 Current operating income 34 19 Non-current operating -14 income and expenses Operating income 32 5 Financial expense -25 -18 Tax expense -9 -3 Net income from continuing 1 -17 operations, Group share Discontinued operations 17 -0 Consolidated net income, Group share 17 -18 ☐ ■ Continued tight control of operating costs • Most of the rise in operating costs is due to the closure of some stores last year as a result of the Covid crisis, the PEPA bonus and the costs linked to the rolling out new activities Implementation of performance plans enabling the Group to almost entirely offset the impact of inflation Operating costs as a percentage of sales are slightly lower in H1 2022 than in H1 20191 ■ Current operating income at €19m Roughly stable vs. H1 2021 and proforma H1 20191, excluding the PEPA bonus and the impact of the rolling out new activities ■ Net income from continuing operations, Group share at -€17m 1 Including Nature & Découvertes on a full-year basis and excluding BCC FNAC DARTY 19#20FREE CASH-FLOW GENERATION €m H1 2021 H1 2022 EBITDA 210 192 IFRS 16 impact -125 -126 Non-recurring cash elements 2 2 Cash flow from operations before 88 68 tax, dividends and interest Change in working capital' -581 -735 Capex -46 -56 Ταχ -38 -40 Operating free cash-flow¹ -577 -764 1 Excluding IFRS 16 ■ EBITDA at €192m including the impact of IFRS 16, down by -€18m vs. H1 2021, in line with the change in current operating income Operating free cash-flow¹ stands at -€764m, mainly impacted by: Unfavorable change in working capital requirements resulting in particular from advance product purchases amid sharply rising inflation and shortages of certain essential components Building up inventories for the opening of 14 new Fnac shop-in-shops within Manor stores Slightly higher level of capex than in H1 2021, as expected, due to the opening of the Fnac shop-in-shops in Manor FNAC DARTY 20 20#21A STRONG LIQUIDITY POSITION €m 12/31/2021 06/30/2022 Shareholders' equity 1,564 1,524 Net debt¹ -247 586 Gross debt 934 936 Cash & cash equivalents 1,181 350 Rental debt (IFRS 16) 1,130 1,067 ☐ Gross dividend per share 1.00€ 2021 2.00€ 2022 ■ Net financial debt¹ amounted to €586 million at end of June 2022 impacted by usual seasonality of activity ■ Good cash position at €350m, thanks to solid financial management, and a €500m revolving credit facility. undrawn to date Leverage² of 1.6x at end of June 2022, in line with the Group's objective of a maximum of 2.0x2 Long-term credit rating upgraded to BB+ by S&P and BBB by Scope Ratings in H1 2022 alongside the unchanged Ba2 rating from Moody's, all with a stable outlook Payment of a dividend for the second time: €2/share paid on June 23, representing a payout ratio of c. 37%³ 1 Excluding IFRS 16 2 Leverage (net debt/EBITDA) measured as at end of June with net debt excluding IFRS 16 measured as at end of June and 12-month rolling EBITDA excluding IFRS16 3 Calculated on 2021 net income from continuing operations, Group share FNAC DARTY 21#22OUTLOOK FNAC DARTY 22 22#23OUTLOOK The Group has demonstrated its resilience in H1 2022 in a context of rising inflation and geopolitical uncertainties that still impact visibility in the coming months ■ For the rest of the year, the Group: ◉ Excluding IFRS 16 ✓ Remains fully committed to continuing to outperform the market, as it demonstrated in H1; ✓ Keeps focusing its efforts on optimizing its gross margin rate thanks to: effective supply-chain management enabling the Group to provide a wide range of products in a context of pressure on purchasing power and price increases, particularly in the more premium product categories a positive service mix mainly driven by Darty Max Continues to implement solid cost control through efficient performance plans that already offset the vast majority of inflation in H1 2022 and will continue in H2; Adjusts its operating investments for 2022 to be slightly below €140m. Fnac Darty will continue to execute its strategic plan Everyday and confirms its objectives of achieving: ✓ Cumulative free cash-flow from operations¹ of c. €500m over the 2021-2023 period; ✓ Annual free cash-flow from operations ≥ €240m from 2025 onwards. FNAC DARTY 23 23#24APPENDICES FNAC DARTY 24 24#25DEFINITIONS (1/2) • Definition of like-for-like 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. FNAC DARTY 25#26DEFINITIONS (2/2) With application of IFRS 16 EBITDA Current operating income before depreciation, amortization and provisions on fixed operational assets IFRS 16 Rents within the scope of IFRS 16 Without application of IFRS 16 EBITDA excluding IFRS 16 EBITDA including rental expenses within the scope of IFRS 16 Operating free cash-flow Net cash provided by operating activities less net operating investments Disbursement of rents within the Scope of IFRS 16 Net cash Gross cash and cash equivalents less gross financial Rental debt debt Operating free cash-flow excluding IFRS 16 Free cash-flow from operations including cash impacts relating to rents within the scope of IFRS 16 Net cash excluding IFRS 16 Net cash less rental debt Net debt Gross financial debt less gross cash and cash equivalents Net financial income Rental debt Net debt excluding IFRS 16 Net financial debt less rental debt Financial interest on rental debt Net financial income excluding IFRS 16 FNAC DARTY 26#27Q1/Q2/H1 REVENUE (Єm) Q1 2022 Reported Change vs. Q1 2021 At constant FX and comparable Scope of consolidation Like-for-like Change vs. Q2 2021 Change vs. H1 2021 At constant FX and Q2 2022 Reported comparable Like-for-like Scope of consolidation At constant FX and H1 2022 Reported comparable Like-for-like scope of consolidation France and 1,471 -2.3% -2.4% -2.8% 1,373 -0.1% -0.2% -0.9% 2,844 -1.2% -1.3% -1.9% Switzerland Iberian 157 8.5% 8.5% 7.4% 148 5.6% 5.6% 4.9% 306 7.1% 7.1% 6.2% Peninsula Belgium and 154 -8.6% -8.6% -8.6% 126 -5.6% -5.6% -6.3% 279 -7.3% -7.3% -7.6% Luxembourg Group 1,782 -2.0% -2.1% -2.5% 1,647 0.0% -0.2% -0.8% 3,428 -1.1% -1.2% -1.7% FNAC DARTY 27#28CASH FLOW STATEMENT €m H1 2021 H1 2022 Net Cash as at January 1 Operating free cash-flow Dividends paid Shareholders' equity component - OCEANE bonds 114 247 -577 -764 -1 -55 21 0 Interest paid net of interest and dividends received Acquisition/disposal of subsidiaries net of cash transferred Acquisition/disposal of other financial assets (net) Increase/decrease in equity and other transactions with -17 -11 0 2 2 CON 0 -1 -2 shareholders Cash-flow related to discontinued activities -1 0 1 Excluding IFRS 16 Others Change in Net Cash Net Cash as at June 30 7 -3 -568 -832 -454 -586 FNAC DARTY 28#29BALANCE SHEET At December 31, At June 30, At December 31, At June 30, Assets in Єm 2021 Goodwill 1,654 2022 1,654 Equity and Liabilities in €m Share capital Reserves related to equity 2021 2022 27 27 971 971 Intangible assets 528 541 Conversion reserves -6 -5 Tangible assets 575 569 Other reserves and net result 563 523 Rights of use relating to lease agreements 1,115 1,047 Equity, Group share 1,555 1,516 Equity attributable to minority interests 8 Investments in associates 1 1 Equity 1,564 1,524 Long-term liabilities 932 934 Non-current financial assets 40 45 Long-term leasing debt 891 831 Deferred tax assets 69 61 Provisions for retirement and similar benefits 188 152 Other non-current assets 0 Other non-current liabilities 79 38 Deferred tax liabilities 165 165 Non-current assets 3,982 3,918 Non-current liabilities 2,255 2,120 Inventories Accounts receivable Current tax receivables Other current financial assets Other current assets Cash & cash equivalents Current assets Assets held for sale 1,104 1,136 Short-term liabilities 2 2 304 192 Short-term leasing debt 239 236 1 5 Other current financial liabilities 9 8 Accounts payable 2,037 1,346 9 7 Provisions 31 36 378 289 Tax liabilities 8 -23 1,181 350 Other current liabilities 816 648 Current liabilities 3,142 2,978 0 2,253 1,979 Liabilities associated with assets classified as held for 0 0 0 sale Total assets 6,960 5,897 Total liabilities and equity 6,960 5,897 FNAC DARTY 29#30STORE NETWORK December 31, 2021 Owned Franchised June 30, 2022 Total Owned Franchised Total France and Switzerland¹ 413 385 798 411 400 811 Iberian Peninsula 69 5 74 69 50 74 Belgium and Luxembourg 85 0 85 86 0 86 Group 567 390 957 566 405 971 Including 13 stores abroad: 3 in Morocco, 4 in Tunisia, 1 in Congo, 1 in Cameroon, 2 in Ivory Coast and 2 in Qatar; and 17 overseas stores. Excluding Fnac shop-in-shops in Manor stores FNAC DARTY 30#31FNAC DARTY, A RESPONSIBLE COMPANY FOCUS ON A STRONG COMMITMENT TOWARD A MORE CIRCULAR ECONOMY A strong commitment to the circular economy with a clear engagement in extending product durability through a unique service proposal SCORE DE DURABILITE 111 Labofnac Tests, actu et comparatifs high-tech 849 tests on 447 products carried out in 2021 La 4me édition du Baromètre du SAV Launch of the 4th "After-sales service barometer" Guiding customers toward the most sustainable products A sustainability score of 111 in 2021, up +6pts vs. 2020 and encouraging suppliers to prioritize eco-design Le choix durable More than 150 products labelled Sustainable choice by Darty and Fnac CUSTOMER INFORMATION ECO-DESIGN ecosystem recycler c'est protéger approx. 52,000 tones of waste collected and recycled in 2021 at Group level Promoting the collection, sorting, valuation and recycling of waste FNAC DARTY "2 for 1" collecting systems recycling yard since 1994 CIRCULAR ECONOMY Do RE-USE RECYCLE DARTY OCCASION FNAC 2NDE VIE Products resold in 2021 Increasing sales of second-hand products and donations of unsold goods up +50% vs. 2020 REPAIR Developing repair services and promoting DIY repairs FNAC DARTY No. 1 COLLECTOR OF WEEE IN FRANCE 1 OpinionWay study carried out online, from December 15 to 16, 2021, with a sample of 1,013 people representative of the French population aged 18 and over. FNAC DARTY La Bourse Baux Livres #LELIVREFRANÇAIS Extension in 2021 of the partnership to offer a fast and efficient book return service FONDATION NATURE Q, DECOUVERTES SOUS L'ÉCIDE DE LA FONDATION DE FRANCE SECOURS FRANCARE Bibliothèques Sans Frontières Libraries Without Borders More than €10 million were donated to associations in 2021 RIEN L'EST TOUT Darty MAX 500,000 Darty Max subscribers at the end of 2021 VANDEN BORRE LIFE Launch of Vanden Borre Life in 2021 for large domestic appliances WeFix 139 WeFix point of sales at the end of 2021 FNAC DARTY No. 1 REPAIR PROVIDER IN FRANCE¹ +2.1 million of products repaired in 2021 31#32A RESPONSIBLE RETAILER RECOGNIZED BY EXTERNAL ESG ORGANIZATIONS MOODY'S ESG CDP DISCLOSURE INSIGHT ACTION 2021 48 54 . Top 20% worldwide 100 100 Information rate of 91% . (rank in Universe: 358/4,923) Rank in Sector 8/74 (vs. 9/73 in 2020) Information rate of 95% Robust (1) SUSTAINALYTICS MSCI ESG RATINGS C A- 2020 2021 Average performance of discretionary retail B- Low 12.2 /100 2021 11.4/ ESG AA 100 7.9 out of 10 2021 AA risks 2020 2020 ESG risk rating FNAC DARTY 7.8 out of 10 Score adjusted to the retail industry 32#33DISCLAIMER 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 6 "Risk factors and internal control" of the Fnac Darty 2021 Universal Registration Document filed with the French Autorité des Marchés Financiers ("AMF") on March 17, 2022, 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. FNAC DARTY 333

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