This article first appeared on GuruFocus .
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Revenue (Sales):EUR 18.4 billion in the first nine months, a 5% increase adjusted for currency and portfolio effects. Q3 like-for-like growth was 8.2%.
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Adjusted EBIT:EUR 342 million in the first nine months, an increase of EUR 62 million year-over-year.
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Gross Margin:Increased by 30 basis points to 18.2% for the first nine months.
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Online Sales Growth:Grew by 10% in the first nine months and accelerated to 18.3% in Q3.
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Brick-and-Mortar Sales Growth:Grew 3.3% in the first nine months and 4.8% in Q3.
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Online Share:Stood at 28.2%, an increase of 190 basis points.
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Loyalty Members:57 million members, an increase of 30 million year-over-year.
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Net Promoter Score (NPS):63, up two points year-over-year.
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Free Cash Flow:Stable year-over-year in the third quarter.
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Reported EPS:EUR 6 in the first nine months, an improvement of EUR 4 compared to last year.
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DACH Segment Like-for-Like Sales:Slight decline of 0.9% for the nine months, but a strong Q3 growth of 5.1%.
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Western and Southern Europe Like-for-Like Sales:3.6% increase for the first nine months.
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Guidance:Confirmed adjusted EBIT of around EUR 500 million for fiscal year 2025/26.
Release Date: July 30, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Ceconomy AG ( MTTRY ) reported its 14th consecutive quarter of profitable growth, with Q3 like-for-like sales up 8.2%.
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Adjusted EBIT for the first nine months increased by 22% to $342 million, driven by strong performance in growth businesses.
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Online sales grew 18.3% in Q3, and the online share of total sales rose to 28.2%, up 190 basis points year-over-year.
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Growth businesses like retail media (income nearly doubled) and marketplace GMV (high double-digit growth) are scaling rapidly, improving margins.
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The company confirmed its full-year guidance for moderate sales growth and adjusted EBIT of around $500 million, with progress on the JD.com partnership expected to close in H2 2026.
Negative Points
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DACH region saw a slight like-for-like sales decline of 0.9% in the first nine months, though Q3 improved.
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Higher risk provisions on mobile phone contracts in other segments weighed on EBITDA, reflecting macroeconomic headwinds.
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Non-recurring items increased by $11 million year-over-year, partly due to a lower profit share from FNACDRT.
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Free cash flow remained seasonally negative in the first nine months, though stable year-on-year in Q3.
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The JD.com partnership closing is delayed, pending FDI clearance in Austria and FSR filing in Brussels, with expectations for H2 2026.
Q & A Highlights
Q: How much of the Q3 improvement comes from World Cup and weather versus underlying trends? A: (Remko Rijnders, CEO) We had some tailwinds. For the World Cup, our TV sales rose by 15%. On seasonal products like air conditioners and fans, we saw an increase of almost 65%. These were positive factors, but the overall performance was strong.
Q: How should we think about working capital development on your path to '28/'29? A: (Remko Rijnders, CEO) Our plan is to keep working capital stable as a percentage of sales until 2029. It will grow with sales, but the ratio will remain stable.
Q: What are your expectations on the impact of higher chip prices on computers and similar products? Have you purchased inventory in advance? A: (Remko Rijnders, CEO) The increase in chip prices is a daily topic with our suppliers. As a market leader, we have strong relationships. We have made strategic purchases, buying notebooks 8-9 months in advance to avoid passing price increases to customers. For mobile phones, lower-price entry segments are suffering most, but this can lead to more price stability in the market as availability decreases.
Q: Do you think consumers have noticed the rise in chip prices and have you seen any difference in purchasing behavior? A: (Remko Rijnders, CEO) We see a price increase in the market, especially for notebooks. However, due to AI integration, the notebook category is growing nicely in value and slightly in units. We are well prepared for this.
Q: Can you tell us more about the demand for climate facilities? A: (Remko Rijnders, CEO) Demand was exceptional, especially in Western Europe. Our sales increased by over 65%, with a big part coming from our own brand, Konik, which helps margin and brand awareness. We are also working on new installation concepts for next year to tap into this potential further, learning from countries like Turkey, Spain, and Italy.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
