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Good evening. Welcome to the conference call to present first quarter revenues for 2025 for FNAC Darty. Mr. Jean-Brieuc Le Tignier, who is the CFO, will be moderating the call. Sir, over to you.

Thank you. Good evening to you all. Thanks for joining us on this call for presenting The business for Q1 2025. I'm joined this evening by investor relations, Dominique Thielviel and Laurent Parizeau. I'll present our results and we'll take our questions. Slide three, I'll give you some information regarding our reporting. Acquisition of UniEuro gives new European dimension to our group. We wanted to adapt our financial information accordingly. As of today, we're releasing according to the two following geographies. France, 60% of group sales, and rest of Europe that represents 40%. That includes Italy, Belgium, Portugal, Spain, and Switzerland. The detail of restatements... to be found at Annex of the Press release already available on our website. And lastly, and as stated to the contrary, in order to better reflect the business performance of our activities, we're going to comment like for like on a pro forma basis, as if you knew you had been consolidated in our account since the 1st of January 2024. And there's some major scope effects linked to store closures, either definitively Champs-Élysées in France or temporary for two stores in Spain for renovation and works. Lastly, I'd like to re-detail with you the impacts on our P&L of the integration of Uni-Europe. And the deconsolidation of ticketing, starting with UniEuro, 100% of the UniEuro P&L will be consolidated in the FNAC Dati P&L. The minority interest you'll see in the group P&L as of June 30th will essentially represent 49% of net income UniEuro coming to our co-investor, Ruby Equity Investments, the impact on 2024 EPS were not significant. All the impacts on the 2024 results are detailed in the pro forma information released in February 25. And in the release for ticketing, we've sold 17% of France billed to CTS in 2024. And if we keep 24%, 35% stake of the company. We don't have control. We can only consolidate through global integration, but an equity method will book our share of net income of ticketing in current operating income and group share for the same amount. You'll understand. So the net impact on COI is visible about some 10 million euros, but the impact on net income group shares follow, because we'll still consolidate 35% of the net income of ticketing as 52% previously. That's for the scope effect and methodology. Moving to slide four now, these are the key items of Q1 that are detailed throughout the presentation. So revenues slightly up, like for like pro forma, excluding unfavorable calendar effect of minus 1%. Integration of uni-euros well underway. Initiatives that will allow us to deliver synergies of at least 20 million euros by the end of 26 will release more broadly on this topic during our analyst day in June. Our pro forma gross margin sharply up over the period with an improvement of 60 basis points and of course will also return to the success of our bond issue maturity, 2032, allowing us to buy 77 percent of OCEAN 2027 in circulation and extend our debt maturity. Slide five, as I announced in the introduction, FNACDAPTI recorded a almost stable revenue, minus 0.6 percent like-for-like pro forma, plus 29 percent reported date restated for an unfavorable calendar effect of 1% revenue slightly up over the period. There were 29 days in February last year against 28 this year, showing the importance of the calendar effect. Furthermore, the bulk of the decline in the non-comparable figures due to the deconsolidation of ticketing and store closures in France, chancelies in Spain, provisional closures, closures for work at Cayo and Valence Bonnet. Online sales account for 21% of revenue over the period. Click and collect key indicator represent 49% of sales is called integration of UniEuro and its web and click and collect business. Less efficient than the rest of the group is reducing this rate that would have been higher than 52%. But the scope for improvement going forward by category now. Services and diversification category continuing their positive momentum with double-digit growth, positive signals observed at the end of 24. On appliance sales continuing, small appliances delivering good performance and big electrodes driven essentially by Italy. Technical products, bookings, after a drop in their activity, impacted by low volumes in telephony editorial products, down still impacted by gaming, doesn't benefit from the major expected launches as of the end of first half with the launch of Switch 2 in June. Europe, let's turn to the breakdown by geography. France is down 2.6%. data, 1.2% like-for-like versus Q124 scope effect, the final closure, definitive closure of Champs-Élysées. With Uniro, France represents in Q1 59% of total group revenues, again 76%, same period last year. The group continued to outperform the group in Q1 after the latest figures at the end of March. By the Bank of France, our markets are down 2% in this first quarter. We're satisfied with our outperformance, like for like, demonstrating the strength of our model. Rest of sales in Europe, rather, sales represent 41% of total revenue of the group, plus 0.4% like for like pro forma, taking into account revenue from Italy today. In 24, as indicated, Italy's up 1.4% like-for-like pro forma reflects the good consumer momentum of Italian households. Belgium's down 3.6% like-for-like, impacted by strong competitive pressure. Portugal's up 0.9% like-for-like, driven by dynamism. Spain's up 1.7% driven by dynamism. in-store sales, the score perimeter, in fact, reflecting the closure of stores K.O. and Valencia. These are temporary closures. Switzerland, pretty stable, minus 0.5 like-for-like, driven by strong online sales, scope effect, effect of the large manual, and German-speaking Switzerland. Let's look at gross margin over the quarter. Facially, it's down 110 basis points, impacted by the integration of uni-euro margin loan out of the group pro forma. That is with a comparable scope, including uni-euro in 24. The rate's up 60 basis points. Good performance due to the increase in survey activity. Dartimax offsetting largely the dilutive effect of the franchise and the negative impact of deconsolidation of ticketing. Slide 8. Debt maturity successfully had a bond issue for €300 million, maturing April 2032, an annual interest rate of 475%. We're going to take advantage of a good market environment and This was welcomed by a diversified base of institutional investors. France, Germany, UK was oversubscribed. The gross proceeds used to buy the 27 convertible bonds, over 77% of Oceans were brought during the redemption for 47 million euros. In parallel, our banks agreed to extend the maturity period over our RCF and DTTL for an amount of €600 million March 2030 with two possibilities to extend them, March 31-32, to cover the maturity in size and maturity for 2032. It's rated by S&P Fitch Scope in March 25. S&P is done and pulls up the outlook force MacDartita Stable is against. Negative. Previously confirmed the BB plus rating in the group. It's revision based on the strength of operational performance. Strengthened competitive position of the group thanks to the acquisition Uniero and prudent and controlled financial policy. Fixed rating. Scope rating. Both confirmed their respective ratings. BB plus and BBB associated with Stable. We have extended the Maturity, we've secured our long-term liquidity. To conclude slide nine, we are, as you've understood, satisfied with our performance in Q1. We reaffirmed the targets disclosed in February last, anticipating of current operating income 2025 growing mid-single digit compared to 2024, excluding ticketing. And we look forward to meet you for our investor day. They'll be held On invitation, 11th of June, VivaTech developed a new technology. Thanks for your attention. We'll now really take your questions.

Ladies and gentlemen, if you wish to ask a question, please press on star 1 on the keyboard of your phone. First question from Clément Jeunelot from Brian Gardner. Over to you. Good evening, Jean-Brieuc. Two questions, if I may. First of all, on revenues in the Bank of France, because we see a decrease in February and March. Was this also the case for FNAC France, and is this continuing into April? My second question is on purchase prices. have you been approached by Asian suppliers who would be prepared to increase your monthly volume in exchange for a slightly lower price? Given the tariffs development, would this be good for you? Because perhaps it would enable you to offer slightly lower prices with higher volume? Or, on the contrary, would this imply short-term increases? Right. Thank you, Clément. Now, for your first question, the figures from Bank of France are very negative in February, but there's a strong calendar effect of minus three for February since we lost a day. So the calendar effect is less three on February So this had a significant impact on sales. I'm not going to give a comment on sales month by month, but we've outperformed basically the market throughout the quarter, and I'm not going to make any comments on April. We'll go back to that in July. The second question, I would recall that our business is not to buy, it's to sell, and therefore we may indeed be approached by suppliers who will boost volume in return for low prices. We're extremely cautious about that, about accumulating stock. We're very cautious about our cash flow. We'll see if that does indeed happen. But we will stay within the limits of what we think the market can absorb. We're not there to absorb surplus stock from our suppliers. And we will look at it if it happens, but we'll look at it very cautiously indeed. in relation to our cash flow and in relation to the market capacity to absorb this. Thank you so much, thank you. I recall that if you wish to ask a question, you should press on star one on your keypad. So if you wish to ask a question, press on star 1 on your keypad, Mr. Letignier. The questions are over. No further questions. Well, I must have been extremely clear. Thank you all very much. Our next meeting will be the general meeting on the 20th, 28th of June. and also the strategic presentation on the 11th of June. You should all have received invitations by now. Please do answer quickly because there are relatively few places for the investor day. And then the last meeting, 23rd of July for annual results. Thank you all for being with us and I wish you all a very pleasant evening. Thank you. Goodbye. Ladies and gentlemen, this brings to an end today's conference call. Thank you for joining us, and you may now hang up. Thank you.