Latest news with #subscriptionservices
The Verge
22-07-2025
- Entertainment
- The Verge
Mobile subscriptions are shedding unique indie games in search of a bigger audience
is a reporter who covers the business, culture, and communities of video games, with a focus on marginalized gamers and the quirky, horny culture of video game communities. For the last few years, subscription gaming services like Apple Arcade and Netflix have offered mobile game developers something of a haven for high-quality, premium mobile games: a type of game that had become vanishingly rare following the rise of the microtransaction-stuffed free-to-play model. But as these services' once enviable lineup of indie games dwindles, that haven appears to be shrinking. In 2021, Netflix announced a new gaming initiative, offering users a chance to play games through the streaming service's mobile app. Apple launched a similar program with Apple Arcade just two years before that. Both services offered an interesting value proposition: Pay a monthly subscription fee to get access to a library of premium games, with some of those games available as mobile exclusives. Those games would have no ads or in-app purchases, and the money paid to studios would ostensibly be used to fund the development of more games. Desta: The Memories Between was one of the first original indie games available as a mobile exclusive on Netflix. Image: Ustwo / Netflix In addition to serving as a publisher, Netflix took the additional step of outright purchasing game studios like Oxenfree developer Night School Studio and Cozy Grove studio Spry Fox to make bespoke games for the service. But late last year, Netflix closed down the studio it spun up to produce what was going to be the service's first blockbuster AAA game. Then, just this month, it announced it was going to delist some of its most notable third-party titles, including indie darlings like Hades and the Monument Valley series. Netflix is increasingly focused on games tied to its own content. In its most recent quarterly earnings report, the platform briefly extolled its continued investment in titles like Squid Game: Unleashed and Thronglets — games tied to Netflix-produced Squid Game and Black Mirror, respectively. This focus, though, seems to come at the expense of adding existing original games from independent developers. It's easy to understand this shift. While these services don't share much about hard numbers, third-party reporting suggested that the majority of Netflix users never engaged with the platform's gaming offerings. And the games they were playing, in however limited amounts, were familiar titles. It's no surprise that GTA had Netflix's biggest game launch. The GTA series are some of the most-played games on Netflix. At GDC 2025, Netflix's president of games, Alain Tascan, spoke to The Verge about the platform refocusing its gaming efforts, saying of indie games, 'We will continue supporting some of them, but I feel that indie gamers are not really coming to Netflix to find indie games.' So far Apple has only purchased a single game studio to make content for Apple Arcade, though its retreat to more casual offerings follows a similar pattern as Netflix. Original or indie games appear less frequently in favor of those attached to big, family-friendly IP like Uno, Angry Birds, and Bluey, all three of which are featured in Apple Arcade's July update. Payouts from Apple Arcade have reportedly been shrinking while developers have complained that it's hard to get their games noticed on the platform. The free-to-play model has conditioned users that spending money for gaming content can be optional. Casual games like Monopoly Go make money through in-game advertisements or opt-in consumer spending on microtransactions, and few traditional paid games outside of Minecraft are now able to break through that mindset. Subscription services were viewed as a kind of equalizer. With investment from Apple and Netflix and elsewhere, quality games could be brought to a platform not generally associated with quality gaming experiences. Developers could fund their vision and not have to worry about monetization, while consumers could access those games with a monthly subscription and no added costs. But a few years in, the aim of these services has been adjusted, and casual games designed to keep eyeballs on an app for as long as possible, or promote the latest streaming series, have won out. Despite strong lineups of indie games, neither Netflix nor Apple could really cut through the noise, and their offerings are no longer unique. Worse still, the unique games they did have now have fewer places to go.
Globe and Mail
08-07-2025
- Business
- Globe and Mail
Are Amazon's Subscription Services Delivering Bigger Returns in 2025?
Amazon 's AMZN subscription services continue to deliver steady benefits to the company by increasing customer engagement and loyalty across its ecosystem. The segment includes Prime memberships, audiobooks, digital video, music and e-book services. Amazon highlighted the growing value of Prime as a key driver, particularly in reinforcing its online and physical retail offerings. Amazon's subscription services segment generated $11.7 billion in revenues in the first quarter, up 9.3% year over year. It contributed 7.5% to Amazon's total revenues for the quarter. Our model estimate for 2025 subscription services revenues is pegged at approximately $49 billion, indicating year-over-year growth of 10.9%. Amazon is refining its fulfillment network and regional delivery systems to speed up service. In the first quarter of 2025, Amazon reported record delivery speeds for Prime members, enabled by improved inventory placement. Amazon remains focused on increasing the value proposition for subscribers. It reiterated its commitment to keeping prices low, improving delivery speed and expanding product variety. Prime Day 2025, scheduled for July 8-11, will play a central role in this strategy. With exclusive deals and early discounts for Prime members, Amazon expects to drive stronger engagement and spending through the event. The company also plans to continue investing in its Prime Video, shopping, and fulfillment network while leveraging AI to retain and attract subscribers. Alexa+, which is smarter and more interactive, is now being rolled out for free for Prime members. Prime Day events will serve as another major boost, with exclusive access for members. These initiatives are designed to create a stickier subscription ecosystem. AMZN Faces Stiff Competition in Subscription Services Amazon's subscription offerings, led by Prime, are facing growing pressure from rivals like Walmart WMT and Apple AAPL. Walmart's Walmart+ challenges Prime with benefits like free shipping, fuel discounts and same-day grocery delivery from stores. Meanwhile, Apple's Services business, which bundles services like Apple TV+, Apple Music and Apple Arcade, as well as the growing user base of Apple Pay, has helped Apple achieve more than one billion paid subscribers. While Walmart targets convenience and delivery speed, Apple focuses on entertainment and digital content. Both are expanding rapidly, offering consumers alternative ecosystems, putting pressure on Amazon to keep innovating and differentiating its subscription suite. AMZN's Share Price Performance, Valuation and Estimates AMZN shares have gained 0.8% in the year-to-date (YTD) period, underperforming the Zacks Internet – Commerce industry and the Zacks Retail-Wholesale sector's growth of 7.4% and 5.2%, respectively. AMZN's YTD Price Performance From a valuation standpoint, AMZN stock is currently trading at a forward 12-month Price/Sales ratio of 3.25X compared with the industry's 2.17X. AMZN has a Value Score of D. AMZN's Valuation The Zacks Consensus Estimate for second-quarter 2025 earnings is pegged at $1.32 per share, which has been revised upward by a penny over the past 30 days, indicating 7.32% year-over-year growth. Amazon currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks' Research Chief Picks Stock Most Likely to "At Least Double" Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren't winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%. See Our Top Stock to Double (Plus 4 Runners Up) >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Apple Inc. (AAPL): Free Stock Analysis Report Walmart Inc. (WMT): Free Stock Analysis Report This article originally published on Zacks Investment Research (
Yahoo
03-07-2025
- Business
- Yahoo
5 Insightful Analyst Questions From LegalZoom's Q1 Earnings Call
LegalZoom's first quarter performance drew a positive response from the market, as the company delivered revenue growth despite ongoing macroeconomic challenges. Management credited this outcome to a combination of accelerating subscription growth, successful pricing initiatives, and the strategic integration of Formation Nation. CEO Jeffrey Stibel highlighted that subscription revenue growth marked a turning point, stating, 'Q1 marks the first time in the past year that our subscription revenue growth has accelerated on a sequential basis.' The quarter also benefited from cost efficiencies and increased adoption of bundled service offerings, which helped offset weaker demand for new business formations. Is now the time to buy LZ? Find out in our full research report (it's free). Revenue: $183.1 million vs analyst estimates of $177.2 million (5.1% year-on-year growth, 3.4% beat) Adjusted EPS: $0.13 vs analyst estimates of $0.13 (in line) Adjusted EBITDA: $37.01 million vs analyst estimates of $34.91 million (20.2% margin, 6% beat) Revenue Guidance for Q2 CY2025 is $183 million at the midpoint, roughly in line with what analysts were expecting EBITDA guidance for the full year is $165 million at the midpoint, in line with analyst expectations Operating Margin: 4.9%, up from 2.9% in the same quarter last year Subscription Units: 1.92 million, up 319,000 year on year Billings: $219.5 million at quarter end, up 13.3% year on year Market Capitalization: $1.64 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Ella Smith (JPMorgan Chase) asked about the drivers of strong subscription unit growth. CEO Jeffrey Stibel explained this was due to a combination of bundling entry-level products and focusing on upselling and cross-selling to higher-value offerings. Pat Mcllwee (William Blair) questioned whether marketing spend would increase following the new brand campaign and Formation Nation integration. Stibel said overall spend would remain stable, with shifts in allocation rather than a net increase, and CFO Noel Watson emphasized flexibility in managing expenses. Sang-Jin Byun (Jefferies) inquired about macroeconomic impacts beyond business formations. Stibel and Watson noted continued negative pressure on volumes due to uncertainty and policy changes but reiterated confidence in managing through various scenarios. Elizabeth Elliott (Morgan Stanley) sought insights on the sustainability of recent pricing changes and their applicability to other products. Stibel said pricing remains a lever but stressed the need to add value alongside price increases. Stephen Ju (UBS) asked about potential to increase customer lifetime value at Formation Nation through upselling and cross-selling. Stibel described early integration efforts and the opportunity to grow LTV over time while maintaining the strengths of each brand. In the coming quarters, the StockStory team will closely monitor (1) progress in driving double-digit subscription revenue growth and improving customer retention, (2) further integration of Formation Nation and the development of upsell and cross-sell capabilities within its customer base, and (3) LegalZoom's ability to maintain expense discipline and margin targets despite ongoing macroeconomic uncertainty. Additional attention will be paid to the impact of new product enhancements and technology investments, particularly those involving artificial intelligence. LegalZoom currently trades at $8.96, up from $7.27 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it's free). Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-07-2025
- Business
- Yahoo
The 5 Most Interesting Analyst Questions From PAR Technology's Q1 Earnings Call
PAR Technology's first quarter results drew a positive market reaction, as the company delivered significant year-over-year revenue growth and margin improvement despite missing Wall Street's revenue expectations. Management credited the strong performance to increasing adoption of its multiproduct suite, with CEO Savneet Singh highlighting that 'all deals were multiproduct in nature' and emphasizing the impact of cross-selling and integrated product offerings. The company also noted that its recent acquisition strategy and focus on recurring revenue have contributed to improved operating leverage and higher subscription gross margins. Is now the time to buy PAR? Find out in our full research report (it's free). Revenue: $103.9 million vs analyst estimates of $105.4 million (48.2% year-on-year growth, 1.4% miss) Adjusted EPS: -$0.01 vs analyst estimates of -$0.04 (76.7% beat) Adjusted EBITDA: $4.54 million vs analyst estimates of $4.09 million (4.4% margin, relatively in line) Operating Margin: -15.2%, up from -38.2% in the same quarter last year Annual Recurring Revenue: $282.1 million at quarter end, up 51.9% year on year Market Capitalization: $2.71 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Mayank Tandon (Needham): Asked about the timing and scale of upcoming revenue from new deals. CEO Savneet Singh replied that the impact of these wins would become more visible in the second half of the year, leading to both revenue and EBITDA expansion. Stephen Sheldon (William Blair): Inquired about the visibility for organic ARR growth in the coming year. Singh stated that while it is too early to forecast 2026 precisely, the company feels confident due to recent multi-product wins and a strong sales pipeline. Will Nance (Goldman Sachs): Sought clarity on foreign exchange impacts to ARR and revenue. CFO Bryan Menar confirmed that most of the FX exposure is due to Australian and New Zealand operations, and that about 20% of ARR is now international. Charles Nabhan (Stephens): Asked about the gross margin impact of the growing Payments business. Singh explained that Payments remains margin-dilutive but is improving, and still accounts for less than 10% of revenue. George Sutton (Craig-Hallum): Questioned the evolution of customer needs from single-product RFPs to broader suite adoption. Singh confirmed the trend toward combined offerings and noted that more customers are seeking integrated solutions rather than standalone products. Looking ahead, the StockStory team will be monitoring (1) the pace at which Tier 1 customer rollouts like Burger King and Popeyes translate into reported revenue growth, (2) the degree of success achieved in cross-selling and integrating new product modules across the Operator and Engagement Cloud platforms, and (3) the company's ability to maintain margin expansion as the mix shifts toward higher-value subscription and payments revenue. Progress on new product launches and resilience against macroeconomic and tariff-related risks will also be important indicators. PAR Technology currently trades at $66.82, up from $62.39 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it's free). The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.
Yahoo
11-06-2025
- Business
- Yahoo
Fnac Darty unveils Beyond everyday, its 2030 strategic plan, to accelerate the rollout of its pioneering model on the European market
Ivry-sur-Seine, June 11, 2025, 7:00 AM CEST Fnac Darty unveils Beyond everyday, its 2030 strategic plan, to accelerate the rollout of its pioneering model on the European market Since 2021, Fnac Darty has successfully implemented its strategic plan Everyday to transition toward a more omnichannel, service-oriented and sustainable model These solid foundations will enable the Group to implement three complementary strategic pillars: Becoming the benchmark player in high-value-added products and accelerating the rollout of subscription-based home services with circularity at the core. Setting market standards for customer experience at all touchpoints. Applying the Group's expertise to the benefit of partners and in all geographical locations. Fnac Darty has set the following objectives for the 2025–2030 period: Nearly 4 million subscribers for all services combined by 2030. An operating margin over 3% by 2030. A cumulative free cash-flow from operations1 for 2025–2030 over €1.2 billion. A dividend policy revised upward: payout rate of at least 40% and a minimum dividend per share of €1 per year. With the Everyday plan, Fnac Darty has transformed itself by achieving extensive development of the subscription-based service model, by making sustainability a core part of its vision, by devising and launching new levers for growth, and, finally, by expanding its European footprint with the integration of Unieuro. Fnac Darty will build on the foundations laid by this profitable growth as it embarks upon a new stage of its development with the aim of consolidating its omnichannel and service-based model on a European scale. With Beyond everyday, Fnac Darty is continuing to innovate in the interests of its purpose, which is the cornerstone of all its initiatives: to enable its customers to make educated choices and guide them toward more sustainable consumption. Enrique Martinez, Chief Executive Officer of Fnac Darty, said: 'Building on the success of the plan Everyday, which is nearing its conclusion, I am very proud to be unveiling today our new plan Beyond everyday, which will sustainably strengthen our leadership in our markets and set new standards for a commerce that matters. This plan will allow us to expand and broaden our service model in Europe, with circularity at the core, to make ourselves the benchmark for customer experience at all touchpoints, to go beyond the traditional borders of retail by deploying our services on a large scale for third-party partners. We will rely on the extraordinary commitment of our teams, who work every day to ensure our mission is meaningful. Beyond everyday sets us on an ambitious course for 2030 to accelerate the deployment of our model with a commitment to generating positive impacts for our customers and partners, driving momentum across our entire industry, and promising sustainable value creation for our shareholders.' Becoming the benchmark player in high-value-added products, and accelerating the rollout of subscription-based home services with circularity at the core Fnac Darty aims to drive growth toward premium, innovative and sustainable products by extending their life spans through services, while maintaining its carbon footprint reduction commitments. This pillar is built on: Continuous optimization and renewal of the offering to gain market share and improve profitability by developing products and services adapted to new uses: beauty tech, entertainment, cultural exclusives, partnerships and licenses for games and leisure, etc. A significant breakthrough in subscription-based services. Moving beyond Darty Max's classic model, the objective is to reach approximately 4 million subscribers across all services by 2030 by expanding offerings, investing in new channels and markets, and diversifying – starting with a step into the energy sector – to make Fnac Darty a genuine assistant and partner for its customers in their everyday lives, homes and leisure activities. Strengthening of Fnac Darty's commitment to repairability. The objective is to increase the number of products repaired from 2.6 million to 3.5 million by 2030. Reiteration of the Company's ambitious carbon footprint reduction target. The Group is maintaining its target of a 50% reduction in direct CO₂ emissions (scopes 1 and 2) by 2030, compared to 2019. Setting market standards for customer experience at all touchpoints Fnac Darty aims to set new standards in terms of sales experience by seamlessly integrating the physical and digital worlds. The objective is to provide a seamless and personalized experience that is consistent across all customer touchpoints to boost retention and loyalty. The Group also aims to expand its customer base and consolidate its positions at the European level. This will involve: Reaffirming the position of stores at the core of the Fnac Darty model. This model will be reinforced by a plan to renovate over 200 stores and open 150 new stores during the timeframe of the plan. Geographic expansion and consolidation, by strengthening and stabilizing the number 1 and number 2 positions, maximizing customer contact points (offline and online), while expanding the addressable market with increased activity aimed at professionals' clients. Aiming to set new standards in terms of digital and social customer experience by making journeys increasingly fluid, intuitive and personalized, and by developing new concepts and new ways of interacting with customers. Investing in employee training. The internal academies, which have already trained several thousand employees, will offer new modules dedicated to AI, new product ranges and hybrid customer journeys. The objective is to equip teams with all the skills they need to master new tools and free up their time for high-value-added tasks, and to continue offering outstanding customer the Group's expertise to the benefit of partners and in all geographical locations Fnac Darty wants to accelerate the sale of services to businesses by leveraging on its unique marketplace and logistics expertise through customer relationship management solutions, while also harnessing its experience and the strength of its physical and digital network in retail media. Fnac Darty's aim is to monetize its expertise and its assets, which are among the best on the market, by putting them at the service of third-party players. As such, the aim is to: Accelerate the rollout of Weavenn, a company created with CEVA Logistics, dedicated to marketplace operations, to offer an increasingly efficient fulfillment experience, regardless of the vendor partner, and increase the number of Saas contracts. Increase focus on omnichannel Retail Media, with the target of representing 2% of total Group sales by 2030, by developing under-exploited and emerging segments, and extending this strategy throughout Europe. Consolidate Fnac Darty's position as a central player in the cultural ecosystem by offering high-value-added services for publishers, artists, booksellers and other players in the sector; by holding events on behalf of third parties; by supporting bookstore digitalization and operating commercial microsites on behalf of artists (Direct-to-fans). Broaden partnerships with third-party companies, such as in the insurance sector, where the Group is responsible for the management of repairs and replacement of damaged goods. These activities illustrate Fnac Darty's ability to harness its technical expertise and provide concrete solutions to its partners' sustainability challenges. Group objectives 2025-2030 In line with this vision, and assuming that no major changes occur as regards the macroeconomic, geopolitical and fiscal environment, Fnac Darty today announces its financial targets for the 2025–2030 period: The operating margin is expected to increase to at least 3% by 2030. The Group expects to generate cumulative operational free cash-flow2 of at least €1.2 billion over the period. With a level of debt that will remain under control in the long term and target leverage of 1.5x 3 in the medium term, Fnac Darty will pursue a capital allocation strategy that maximizes shareholder value. The Group will give priority to financing profitable organic growth, and to paying a dividend with a payout ratio of at least 40% and a minimum dividend of €1 per share per year. The Group may also carry out M&A transactions or pay a special dividend if results allow. The ambitious environmental and social objectives of the plan Everyday remain in place: 50% reduction in direct CO₂ emissions (scopes 1 and 2) by 2030, compared to 2019. Proportion of women in the leadership group (Top 200) of over 40% by 2030. With Beyond everyday, the Group is also expressing its commitment to value-sharing and wants its employee shareholders to represent 5% of its equity. KEY FIGURES 2030 Nearly 4 million subscribers for all services combined by 2030 (vs 1.9 million in February 2025). Contribution of services to the Group's gross margin up from 25% to 30%, and contribution of subscription-based services to B2C gross margin increased from >60% to >80%. Cumulative free cash-flow1 for 2025–2030 of >€1.2 bn. Operating margin >3% by 2030 (+100 basis points vs 2024PF). Average CapEx for 2025–2030 of approximately €200 million per year (vs ~€160 million in 2024PF). Improved shareholders' return policy: payout rate up from 30% to 40%, dividend-per-share floor of €1 per year. Target financial debt ratio kept at 1.5x2. 50% reduction in direct CO₂ emissions (scopes 1 and 2) by 2030 compared with 2019. Feminization rate of the leadership group (Top 200) of over 40% by 2030. Employee shareholding: 5% of capital by 2030. Fnac Darty is holding its Investor Day 2025 today at 9:30 (Paris time). The presentation will be streamed live at this link. Later, you can listen to the recording on the website: press release contains certain forward-looking statements. Although Fnac Darty believes that its forecasts are based on reasonable assumptions, the actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company's Universal Registration Document ('Risk factors' section, the latest version of which is available at About Fnac Darty: Fnac Darty is a European leader in the omnichannel retail of consumer electronics and domestic appliances, culture and leisure products. Operating in 14 countries, it employs nearly 30,000 employees and has a multi-format network of more than 1,500 stores, with a strong web position and a growing number of subscribers to its services. Fnac Darty's revenue was over €10.5 billion in 2024 on the new perimeter including the Italian leader Unieuro. With its 2030 plan Beyond everyday, Fnac Darty is expanding its European footprint and deepening its shift towards a model focused on omnichannel, services, and circularity. For more information: CONTACTSANALYSTS/INVESTORSDomitille Vielle – Investor Relations Director – – +33 (0)6 03 86 05 02Laura Parisot – Investor Relations Manager – – +33 (0)6 64 74 27 18 PRESSBénédicte Debusschere – Media Relations and Influence Director – – +33 (0)6 48 56 70 71DEFINITIONS OF ALTERNATIVE PERFORMANCE INDICATORS Indicator name Indicator definition Free cash-flow from operations excluding IFRS 16 Free cash-flow from operations, including cash impacts relating to rent within the scope of application of IFRS 16. Free cash-flow from operations This financial indicator measures net cash-flow from operating activities and net cash-flow from operating investments (defined as acquisitions and disposals of property, plant and equipment and intangible assets, and the change in trade payables for non-current assets). The application of IFRS 16 significantly changes the Group's free cash-flow from operations. 2024 pro forma The pro-forma data comprises the sum of the Group's reported data (12 months Fnac Darty + 1-month Unieuro) and the Unieuro data from January to November 2024 (11 months) for the income statement only. Current operating income Fnac Darty uses the current operating income as the main operating balance. It is defined as the difference between the total operating income and the 'Other 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 that can be used as a way to estimate recurring performance. This indicator is presented in a manner that is consistent and stable over the long term in order to ensure the continuity and relevance of financial information. 1 Excluding IFRS 162 Net debt to EBITDA (IFRS 16) at the end of DecemberAttachment 20250611_Fnac Darty_Beyond everyday_EN_vDefError in retrieving data Sign in to access your portfolio Error in retrieving data
