Ceconomy : Results Presentation Q2/H1 2024/25

Results Presentation Q2/H1 2024/25

15 May 2025

Rotterdam, Netherlands

Results Presentation Q2/H1 2024/25 on 15 May 2025 2

Management update

Dr. Kai-Ulrich Deissner

CEO

Previous role:

/ CFO of CECONOMY AG

and MediaMarktSaturn since 2023

Remko Rijnders

CFO

Previous role:

/ COO BeNeLux, Spain, Türkiye, Poland since 2023

/ CEO of MediaMarkt

BeNeLux since 2020

1. Business update

Carugate, Italy

‌Operating highlights: driving future performance through innovation PERSONALISED APP SPACE-AS-A-SERVICE MARKETPLACE

"FOR YOU PAGE" now live

Successful roll-out of Experience Zones and Entrance Statements in Germany

6thcountry onboarded (Belgium)

Profitability continued to improve in Q2

/ 1.3% sales growth, with 0.8% LFL

in a soft environment

/ 9thquarter of profitable growth

/ New all-time-high NPS with 61

/ Market share gain driven by online

+1.3%

sales growth1

vs. PY

€5.2 bn

+€4 m

adjusted EBIT1

growth vs. PY

€10 m

+4 points

NPS increase

vs. PY

61

Outlook 2024/25 confirmed

1Sales adjusted for fx- and portfolio effects, pre-IAS 29. EBIT at current rate, additionally adjusted for non-recurring effects and excluding associates.

Growth businesses

/ Services & Solutions3income strongly increased

/ Marketplace GMV up by

c. 90%

/ Retail Media income grew strongly

Countries

/ Good sales performance in Türkiye, Hungary and Spain, soft development in Germany

/ Improving profitability in Spain, the Netherlands, Hungary, Austria and Switzerland

Q2 highlights: robust results driven by growth businesses

Omnichannel sales

/ B&M sales1broadly flat

/ Strong online sales with

+7.4%1YoY

/ Online share at 24.9%2, YoY

improvement of +200bp

Earnings per share

/ Reported EPS at €0.23 in H1

Profitability increase

/ +€4 m EBIT improvement

/ +10bp increase in EBIT

margin4

FCF generation

/ - €171 m FCF in H1

1Sales adjusted for fx- and portfolio effects, pre-IAS 29. Online sales only include 1P sales. 2Online share including Marketplace. 3Up to 2023/24 defined as Operational Services & Solutions. See appendix page 41 for further information.

4EBIT and EBIT margin at current rate, adjusted for portfolio changes, non-recurring effects and excluding associates.

Progress report: all key pledges on track

Business fields	KPI	FY 21/22	FY 22/23	FY 23/24	Target FY 25/26	Progress Q2 24/25
Retail Core	Loyalty members	34 m	39 m	43 m	50 m
Retail Core	Online share1	25%	23%	24%	c. 30%
Retail Core	Modernisation rate	30%	50%	64%	> 90%
Retail Core	Stock reach progress2	10.3 weeks	9.1 weeks (-11%)	9.3 weeks (-10%)	-10%
Space-as-a-service	# Lighthouses	6	8	11	Up to 20
Services & Solutions	Income in % of total sales3	4.5%	4.5%	5.1%	c. 5.5%
Marketplace	GMV	€65 m	€137 m	€277 m	€750 m
Private Label	Private Label share	2.3%	2.4%	2.7%	c. 5%
Retail Media	Income	c. €5 m	€18 m	€48 m	c. €45 m

1Online share with third party sales. 2Compared to FY 21/22. 3Up to 2023/24 defined as Operational Services & Solutions. See appendix page 41 for further information.

Update since Q1

Continued space monetisation through new Space-as-a-Service offer

Entrance Statement

/ Highly visible display for products and brands

/ Introduced in >50% of all German stores in Q2

/ Perfect for showcasing new products

/ Diversification of our revenue streams

Experience Zone

/ Temporary showcase areas for product demonstration

/ Standardised set-up or custom premium solutions

/ Appealing for both omnichannel and Marketplace partners

Note: For a more in-depth explanation of our Space-as-a-Service concepts, we recommend this LinkedIn post.

Great progress with personalised omnichannel experience

Expected impact of personalised service on KPIs

Personalised

service impact

Personal interactions

NPS

Conversion

Attachments

indicative

Personalised service progresses well

/ Appointments via app now live in over 360 stores in Germany

/ Mindset shift: "My customer, my responsibility"

/ Initial result: Mid-single digit increase in both conversion and

attachment rate

/ Further expansion into more stores and countries planned

Data at work gains traction

/ Data leverage fuelled Q2 online sales growth

/ New "For-You-Page" for individualised assortment

/ Improved customer experience with price and availability alerts

Deep dive Private Label: significant progress in Q2

+40bp

2023/24

2024/25

Private Label sales share development in Q2

On track to reach 5% sales share

/ +15% Private Label sales growth in Q2

/ Strong brand building:

• New Tim Raue gas grills under KOENIC available in May 2025

• Exclusive audio collection with Robbie Williams under PEAQ to be launched in July 2025

Our growth businesses continue to drive our profitability

Growth Businesses

18.4%

/ Increase in both gross profit and margin in Q2

Gross margin1in Q2

/ Retail Core margin stable

17.8%

/ All growth businesses contributed to gross profit growth, especially Services & Solutions

/ Growth businesses include:

• Services & Solutions

• Marketplace

• Private Label

• Retail Media

Retail Core

2023/24 2024/25

1Excluding portfolio effects, pre-IAS 29, and adjusted for non-recurring effects.

Sustainability KPIs on track - BetterWay target reached ahead of plan

Sustainability KPIs

BetterWay sales share

Trade-in products (in thousands)

Refurbished products (in thousands)

Q2 +8%p.

18% 26%

122

-12%

107

+205%

13 39

H1

16%

+9%p.

+3%

+274%

25%		217		226				82
						26
2024/25		2023/24		2024/25		2023/24		2024/25

2023/24

Strong growth of sales and assortment

/ With 7,300 BetterWay products target reached ahead of plan

Roll-out of group-wide campaign

/ International campaign with Jürgen Klopp underway in all countries

Deepening store integration

/ Over 170 German stores actively offering returned products on Marketplace

2. Financial performance

OMR Festival, Germany

Solid sales and EBIT growth in Q2

+1.3%1

(-1.6%)

5,334

5,246

2023/24

2024/25

+80.8%

5

2023/24

10

2024/25

Q2

Sales

(€m)

Adj. EBIT1

(€m)

/ Sales growth in Q2 driven by strong online business performance, B&M flat YoY

+5.9%1

(+4.0%)

12,318

12,816

2023/24

2024/25

+14.3%

253

289

2023/24

2024/25

H1

/ Q2 impacted by negative calendar effect of -1%

/ Adj. EBIT margin increased by 10bp in Q2 and 20bp in H1

/ 9th consecutive quarter of adj. EBIT growth

1Sales adjusted for fx- and portfolio effects, pre-IAS 29. EBIT at current rate, additionally adjusted for non-recurring effects and excluding associates.

Profitability further improved driven by Western/Southern Europe

Segments Q2 2024/25 development

€m	DACH	Western/ Southern Europe	Eastern Europe	Others2	CECONOMY
Sales (pre-IAS 29)	2,738	1,680	868	4	5,289
Growth1(%)	-3.4	-0.1	+23.6	+6.3	+1.3
Like-for-like (%)	-3.7	-0.1	+20.7	-	+0.8
IAS 29	-43				-43
Sales (post-IAS 29)	824				5,246
Adj. EBIT1	-2	-7	9	10	10
Adj. EBIT YoY change	+1	+10	-9	+2	+4
Adj. EBIT margin1(%)	-0.1	-0.4	1.1	-	0.2
Adj. EBIT margin YoY change (bp)	+0	+60	-140	-	+10

DACH

/ Soft market development

/ EBIT improvement driven by region-wide gross margin increase

Western/Southern Europe

/ Substantial increase in EBIT margin

/ EBIT increase in major countries: Spain,

Italy and the Netherlands

Eastern Europe

/ Top-line and profit normalise as expected in Türkiye, continued soft development in Poland

Others

/ Pay-off from cost optimisation

1Sales adjusted for fx- and portfolio effects, pre-IAS 29. EBIT at current rate, additionally adjusted for non-recurring effects and excluding associates. Margin calculation based on reported sales pre-IAS 29 and adjusted EBIT.

2Including Consolidation.

H1 EBIT progress bodes well for our FY guidance

Segments H1 2024/25 development

€m	DACH	Western/ Southern Europe	Eastern Europe	Others2	CECONOMY
Sales (pre-IAS 29)	6,800	4,098	1,936	10	12,844
Growth1(%)	+2.0	+4.3	+27.1	+19.1	+5.9
Like-for-like (%)	+1.5	+2.9	+23.6	-	+4.7
IAS 29	-28				-28
Sales (post-IAS 29)	1,908				12,816
Adj. EBIT1	167	69	35	19	289
Adj. EBIT YoY change	+25	+25	-30	+16	+36
Adj. EBIT margin1(%)	2.4	1.7	1.8	-	2.3
Adj. EBIT margin YoY change (bp)	+30	+60	-200	-	+20

DACH

/ EBIT improvement supported by strong cost control notably in Germany

Western/Southern Europe

/ Sales growth led EBIT improvement throughout the region

Eastern Europe

/ Profitability normalising as expected in Türkiye. Restructuring measures continue in Poland.

Others

/ EBIT progress backed by cost control

1Sales adjusted for fx- and portfolio effects, pre-IAS 29. EBIT at current rate, additionally adjusted for non-recurring effects and excluding associates. Margin calculation based on reported sales pre-IAS 29 and adjusted EBIT.

2Including Consolidation.

Services & Solutions well on track to reach mid-term goals

+7.0%

305

288

2023/24

2024/25

Q2

Services & Solutions Sales1 (€m)

/ Strong Q2 S&S performance ahead of group sales

+15.6%

683

597

2023/24

2024/25

H1

/ Our portfolio performed well overall,

particularly warranties and financing

/ +70bp increase in services attach rate in Q2

1Excluding portfolio effects, pre-IAS 29. Growth additionally adjusted for fx-effects. Up to 2023/24 defined as Operational Services & Solutions. See appendix page 41 for further information.

Strong online sales growth due to improved customer experience

+7.4%

1,257

1,180

2023/24

2024/25

Q2

1P Online Sales1 (€m)

/ Significant increase in online market share

+12.5%

3,333

2,985

2023/24

2024/25

H1

/ Performance driven by higher conversion

rate and basket size

/ Online sales share including Marketplace up 200bp YoY to 24.9% in Q2,

up 210bp YoY to 27.1% in H1

1Excluding portfolio effects, pre-IAS 29. Growth additionally adjusted for fx-effects.

EBIT improvement fueled by gross margin uplift in Q2

+50bp

17.8%

18.4%

2023/24

2024/25

+20bp

18.4%

18.6%

2023/24

2024/25

Q2

Gross

margin1 (%)

OPEX

ratio1 (%)

/ Strong gross margin improvement in Q2 thanks to growth businesses, particularly Services & Solutions

→

flat

17.7%

17.7%

2023/24

2024/25

-30bp

16.3%

16.0%

2023/24

2024/25

H1

/ Gross profit increase in line with sales in H1

/ Cost programmes successfully offset inflation in Q2, keeping costs roughly stable. OPEX ratio impacted by soft sales.

/ Positive progress in both absolute cost

and OPEX ratio in H1

1Excluding portfolio effects, pre-IAS 29, and adjusted for non-recurring effects.

Q2 net profit development impacted by tax income in PY

Q2 development

€m	2023/24	2024/25	Change
Adjusted EBIT	5	10	+4
Non-recurring items	39	4	-35

Non-recurring items

/ Decline mainly driven by lower Fnac profit share and fire damage in the Netherlands:

EBIT reported	44	14	-30	 At equity results (€26 m, -€17 m YoY)
Net financial result	-26	-47	-21	 Fire damage in the Netherlands (-€9 m)

Earnings before taxes	19	-33	-52
Income taxes	66	-4	-70
Profit or loss for the period	85	-38	-123
Non-controlling interests	0	0	0
Net profit group share	84	-38	-122
Reported EPS undiluted (€)	0.17	-0.08	-0.25
Net profit group share adjusted	93	-33	-126
EPS adjusted undiluted (€)1	0.19	-0.07	-0.26

 Efficiency measures (-€6 m)

Net financial result

/ PY positively impacted by Metro properties and Metro

AG dividend (€15 m)

Tax

/ Decline driven by higher activation of DTA (deferred tax assets) in PY

Note: From continuing operations and based on reported figures. Average number of shares 485,221,084 since Q3 2021/22.

1Underlying tax rate and EPS adjusted for impairment in Poland and at equity result, pre-IAS 29. See Appendix for more details.

H1 operating improvement balanced out by prior year tax benefits

H1 development

€m	2023/24	2024/25	Change
Adjusted EBIT	253	289	+36
Non-recurring items	10	-46	-56

Non-recurring items

/ Decline mainly driven by lower Fnac profit share and impairment in Poland

EBIT reported	263	243	-20	 At equity results (€19 m, -€24 m yoy)
Net financial result	-66	-104	-38	 Impairment in Poland (-€32 m)

Earnings before taxes	197	138	-59
Income taxes	36	-28	-64
Profit or loss for the period	233	110	-123
Non-controlling interests	2	0	-2
Net profit group share	231	110	-121
Reported EPS undiluted (€)	0.48	0.23	-0.25
Net profit group share adjusted	261	158	-102
EPS adjusted undiluted (€)1	0.54	0.33	-0.21

 Efficiency measures (-€8 m)

Net financial result

/ PY positively impacted by Metro properties and Metro

AG dividend (€15 m)

Tax

/ Higher activation of DTA in prior year

/ Tax rate rate of 20.4% reported

/ Underlying tax rate of 15.9%1

Note: From continuing operations and based on reported figures. Average number of shares 485,221,084 since Q3 2021/22.

1Underlying tax rate and EPS adjusted for impairment in Poland and at equity result, pre-IAS 29. See Appendix for more details.

FCF impacted by soft sales development

606

-341

41

-112

-133

62

-233

EBITDA

Δ NWC

Tax

-171

Other Cash Free cash Lease Lease adj. operating investments flow repayments free cash cash flow pre leases flow1

+11

-236

+54

+22

-18

-167

+3

-164

Free cash flow (FCF) in H1 2024/25 (YoY change, €m)

NWC

/ Impacted by soft sales development and Easter shift

Tax

/ Cash inflow due to tax repayment

Other operating cash flow

/ Adjustment for our equity stake in Fnac

/ Cash out for restructuring

Lease repayments

/ Continued optimisation

1Lease-adjusted FCF subtracts the repayment of lease liabilities for better FCF comparability under IFRS 16.

3. Outlook and summary

SmartBar live demonstration, Brugherio, Italy

2024/25 sales and EBIT outlook confirmed

// Moderate increase in fx- and portfolio-adjusted sales

/ All segments are expected to contribute to sales growth

// Clear increase in adjusted EBIT

/ Improvement in adjusted EBIT driven by DACH and Western/Southern Europe

The outlook is adjusted for portfolio changes and does not take into account the earnings effects from companies accounted for using the equity method. Accounting effects of the application of IAS 29 in Türkiye as a hyperinflationary economy are also not taken into account either. It excludes non-recurring effects, particularly in connection with the simplification and digitalisation of central structures and processes or changes to the legal environment.

New product innovations to boost product categories

/ IT category still going strong thanks to AI-enabled products

/ Gaming on the rise: strong pre-order for Nintendo Switch 2

/ Emerging new categories: smart glasses with potential for mainstream adoption

Summary of Q2 and H1 results 01

Robust performance in a volatile market

03

Our sizeable growth businesses keep expanding

05

Our focus remains on cost, liquidity and profitability

02

We gained market share

04

We progress in leveraging data to improve customer experience

06

We confirm our growth outlook for FY 2024/25

Disclaimer and Notes

This disclaimer shall apply in all respects to the entire presentation (including all slides of this document), the oral presentation of the slides by representatives of CECONOMY AG, any question-and-answer session that follows the oral presentation, hard copies of the slides as well as any additional materials distributed at, or in connection with this presentation. By attending the meeting (or conference call or video conference) at which the presentation is made, or by reading the written materials included in the presentation, you (i) acknowledge and agree to all of the following restrictions and undertakings, and (ii) acknowledge and confirm that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation.

To the extent that statements in this presentation do not relate to historical or current facts, they constitute forward-looking statements. All forward-looking statements herein are based on certain estimates, expectations and assumptions at the time of publication of this presentation and there can be no assurance that these estimates, expectations and assumptions are or will prove to be accurate. Furthermore, the forward-looking statements are subject to risks and uncertainties including (without limitation) future market and economic conditions, the behaviour of other market participants, investments in innovative sales formats, expansion in online and omnichannel sales activities, integration of acquired businesses and achievement of anticipated cost savings and productivity gains, and the actions of public authorities and other third parties, many of which are beyond our control, that could cause actual results, performance or financial position to differ materially from any future results, performance or financial position expressed or implied in this presentation.

Accordingly, no representation or warranty (express or implied) is given that such forward-looking statements, including the underlying estimates, expectations and assumptions, are correct or complete. Readers are cautioned not to place reliance on these forward-looking statements.

See also "Opportunity and Risk Report" in CECONOMY's most recent Annual Report for risks as of the date of such Annual Report. We do not undertake any obligation to publicly update any forward-looking statements or to conform them to events or circumstances after the date of this presentation.

This presentation is intended for information only, does not constitute a prospectus or similar document and should not be treated as investment advice. It is not intended and should not be construed as an offer for sale, or as a solicitation of an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this presentation nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. CECONOMY AG assumes no liability for any claim which may arise from the reproduction, distribution or publication of the presentation (in whole or in part). The third parties whose data is cited in this presentation are neither registered broker-dealers nor financial advisors and the permitted use of any data does not constitute financial advice or recommendations.

This presentation contains forecasts, statistics, data and other information relating to markets, market sizes, market shares, market positions and other industry data on the Company's business and markets (together the "market data") provided by third party sources as interpreted by us. This market data is, in part, derived from published research and additional market studies prepared primarily as a research tool and reflects estimates of market conditions based on research methodologies including primary research, secondary sources and econometric modelling. We want to point out that part of the market data used has been collected in the framework of a market survey carried out as a panel observation. The panel is a regular survey monitoring sales of specific products and product categories, using a range of distribution channels including internet, retail outlets (e.g. high street, mail order) and companies (e.g. resellers). The market data does not represent actual sales figures globally or in any given country; rather, the market data represents a statistical projection of sales in a given territory and is subject to the limitations of statistical error and adjustments at any time (e.g. reworks, changes in panel structure). The representativeness of the market data may be impacted by factors such as product categorisation, channel distribution and supplier universe identification and statistical sampling and extrapolation methodologies. The market data presented is based on statistical methods and extrapolation.

In addition, market research data and trend information as interpreted or used by CECONOMY is based on certain estimates and assumptions and there can be no assurance that these estimates and assumptions as well as any interpretation of the relevant information by CECONOMY are accurate.

The market research institutes which data CECONOMY used as basis for this presentation are neither registered broker dealers nor financial advisors and the permitted use of any market research data does not constitute financial advice or recommendations. Historical financial information contained in this presentation is mostly based on or derived from the consolidated (interim) financial statements for the respective period. Financial information with respect to the business of MediaMarktSaturn Retail Group is particularly based on or derived from the segment reporting contained in these financial statements.

Such financial information is not necessarily indicative for the operational results, the financial position and/or the cash flow of the CECONOMY business on a stand-alone basis neither in the past nor in the future and may, in particular, deviate from any historical financial information based on corresponding combined financial statements with respect to the CECONOMY business. Given the aforementioned uncertainties, (prospective) investors are cautioned not to place undue reliance on any of this information. No representation or warranty is given and no liability is assumed by CECONOMY AG, express or implied, as to the accuracy, correctness or completeness of the information contained in this presentation.

This presentation contains certain supplemental financial or operative measures that are not calculated in accordance with IFRS and are therefore considered as non-IFRS measures. We believe that such non-IFRS measures used, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance the understanding of our business, results of operations, financial position or cash flows. There are, however, material limitations associated with the use of non-IFRS measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-IFRS measures used by us may differ from, and not be comparable to, similarly-titled measures used by other companies. Detail information on this topic can be found in CECONOMY's Annual Report 2023/24, section "Management system".

All numbers shown are as reported, unless otherwise stated. All amounts are stated in million euros (€ million) unless otherwise indicated. Amounts below

€0.5 million are rounded and reported as 0. Rounding differences may occur.

Questions & Answers

Dr. Kai-Ulrich Deissner

CEO

Remko Rijnders

CFO

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We would be delighted to answer your questions

CECONOMY Investor Relations Team

Kaistr. 3

40221 Düsseldorf

Germany

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