This article first appeared on GuruFocus .
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Sales:EUR13.1 billion in H1, growing 4% year-over-year.
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Q2 Like-for-Like Sales Growth:4.8% increase.
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Market Share Increase:20 basis points in Q2.
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Adjusted EBIT:EUR43 million increase, a 14.2% rise in H1.
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Net Promoter Score (NPS):Increased by 2 points to 62% year-over-year.
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Online Sales Growth:7.3% in H1, 8% in Q2; online sales share at 28.5%.
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Bricks-and-Mortar Sales Growth:2.8% in H1, 3.9% in Q2.
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Services & Solutions Income Growth:12.5% increase.
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Free Cash Flow:Improved by EUR7 million, now at minus EUR165 million.
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Gross Margin:Increased by 30 basis points to 18.1% in H1.
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EPS:EUR0.20 in the first half of the year.
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Refurbished Business Growth:380% increase.
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Active Loyalty Base Growth:26% year-on-year, nearly 60 million members.
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Release Date: May 13, 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 a strong half-year result, with sales growing by 4% to EUR13.1 billion, demonstrating the effectiveness of their strategy.
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The company's loyalty programs, myMediaMarkt and mySaturn, were ranked number one in the shopping category at the 2026 German Bonus awards, highlighting strong customer engagement.
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Online sales grew by 7.3% in H1 and 8% in Q2, with the online sales share reaching 28.5%, indicating successful omnichannel integration.
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Profitability improved with an adjusted EBIT growth of EUR43 million, a 14.2% increase in H1, showcasing effective cost management and strategic focus.
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The company's growth businesses, such as Services & Solutions and Retail Media, contributed significantly to profitability, with these segments now representing approximately 40% of gross profit.
Negative Points
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Consumer demand in Germany and Austria remained subdued, impacting sales performance in these regions.
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The company had to restate its accounting for voucher-related accruals, which affected reported sales and earnings, although it did not impact cash generation.
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Restructuring costs in Germany were high, raising concerns about the efficiency of operations in this key market.
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The acquisition process with JD.com is facing delays, with regulatory approvals still pending in several countries, potentially impacting strategic plans.
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Free cash flow remained negative at minus EUR165 million in H1, typical for the second quarter but still a point of concern for liquidity management.
Q & A Highlights
Q: Why are restructuring costs so high in Germany? Are there plans for further store closures? A: Remko Rijnders, CFO, explained that restructuring in Germany was necessary to ensure long-term scalability and viability. Currently, there are no plans for additional store closures, but store performance will continue to be evaluated.
Q: Are there any delays in the acquisition by JD.com? A: Kai-Ulrich Deissner, CEO, stated that they remain confident in the acquisition process. All necessary merger control clearances have been obtained, and constructive discussions are ongoing for FDI clearances in Austria, Germany, and Spain.
Q: Can you give more color on what has changed in Poland? A: Remko Rijnders noted that Poland's performance improved due to a new management team and a matrix structure that enhanced supply negotiations and organizational support, leading to stronger EBIT growth.
Q: Regarding key pledges, is there any meaningful EBIT and margin upside beyond '25, '26? A: Kai-Ulrich Deissner indicated that while the current target is EUR500 million, they do not see this as the ceiling, suggesting potential for further growth beyond the current targets.
Q: When do you expect the closing of the JD.com transaction and the subsequent delisting? A: Kai-Ulrich Deissner expects the transaction to close in the second half of the calendar year, before the long stop date of November 10. Delisting is anticipated to occur three to six months after closing.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
