CNOVA N.V. First Quarter 2025 Activity

Core Insights - Cnova N.V. reported a continued growth in GMV of +2% in Q1 2025, driven by commercial momentum and operational improvements [2][5] - The company executed a recovery strategy effectively, resulting in robust new customer acquisition and enhanced brand recognition [3][4] - Financial performance showed an overall GMV increase to €610.6 million, reflecting a +0.9% change compared to Q1 2024 [4][6] Financial Performance - Overall GMV (including VAT) increased from €605.3 million in Q1 2024 to €610.6 million in Q1 2025, a +0.9% increase [4] - E-commerce platform GMV rose slightly from €579.8 million to €580.8 million, a +0.2% change [4] - Direct sales GMV decreased by -8.2% to €164.3 million, while Marketplace GMV increased by +6.1% to €334.7 million [7] Growth Metrics - Like-for-like (LFL) growth for overall GMV was +2% in Q1 2025, continuing the positive momentum from Q4 2024 [5] - Marketplace GMV grew by +7%, now accounting for 67% of total GMV, an increase of +3.3 percentage points compared to 2024 [5][6] - Product GMV increased by +2% on a LFL basis, with a strong performance in March at +8% [5] Profitability and Investments - Net sales decreased by -5% in Q1 2025, reflecting a focus on profitability and reduced direct sales GMV [6] - EBITDA excluding IFRS 16 was €5 million in Q1 2025, down €2 million from the previous year, primarily due to targeted commercial and marketing investments [6][7] - Advertising services revenues increased by +5%, driven by strong performance in Retail Media [6] Customer Experience and CSR Initiatives - Cnova's NPS (Net Promoter Score) reached a record high, growing by +6 points compared to the previous year, with improvements in both Marketplace and Direct sales NPS [6] - The company's CSR strategy has led to "More sustainable products" accounting for 26.7% of Product GMV in Q1 2025, an increase of +6.9 percentage points from 2024 [6]