CNOVA N.V. First Quarter 2025 Activity

Rhea-AI Summary

Cnova reported positive first quarter 2025 results with overall GMV growing +2% year-over-year on a like-for-like basis. The company's Marketplace performance was particularly strong, growing +7% and now representing 67% of GMV (+3.3 points vs 2024).

Key highlights include:

• Net sales declined -5% in Q1 2025, showing recovery from previous quarters
• Advertising services revenues increased +5%
• B2B revenues grew +30%, driven by Octopia and C-logistics
• EBITDA excluding IFRS 16 reached €5m, down €2m from 2024
• Sustainable products now account for 26.7% of Product GMV (+6.9 points)
• Customer satisfaction improved with NPS growing by +6 points

The French ecommerce leader serves 6.9 million active customers through Cdiscount, offering competitive pricing, convenient delivery options, and B2B services through Octopia, Cdiscount Advertising, and C-Logistics.

Positive

• Overall GMV grew +2% YoY in Q1 2025, continuing positive momentum from Q4 2024
• Marketplace GMV increased +7% YoY, now representing 67% of total GMV (+3.3pts)
• B2B revenues up +30% YoY, driven by strong growth in Octopia (+30%) and C-logistics (+29%)
• Advertising services revenue increased +5% YoY due to strong Retail Media performance
• Customer satisfaction improved with NPS growing by +6pts YoY
• Product GMV showed strong March performance at +8% growth

Negative

• EBITDA excluding IFRS 16 declined to €5m (-€2m YoY)
• Net sales decreased -5% YoY in Q1 2025
• Direct sales declined -7% YoY
• B2C services revenue decreased -4.8% YoY
• Other revenues dropped -9.6% YoY

Insights

E-commerce Financial Analyst

Cnova shows strategic marketplace transition with +2% GMV growth despite planned €2m EBITDA reduction for reinvestment, indicating deliberate pivot toward higher-margin model.

Cnova's Q1 2025 results demonstrate the company's ongoing transition toward a marketplace-focused business model. Overall GMV increased by 2% year-over-year on a like-for-like basis, with marketplace GMV growing 7% and now representing 67% of total GMV (a 3.3 percentage point increase from Q1 2024). This shift is particularly notable considering the trend throughout the quarter, culminating in 8% Product GMV growth in March.

The company reported net sales of €231.9m, down 5% compared to Q1 2024. However, this represents an improvement from previous quarters' declines (-13% in Q3 2024 and -9% in Q4 2024). The sales decline reflects Cnova's stated focus on profitability over volume in its direct sales business, which saw a 7% reduction.

B2B revenues showed substantial growth, increasing 30% year-over-year. This diversification was driven by Octopia B2B revenues (+30%) and C-logistics (+29%), demonstrating traction in Cnova's enterprise-focused offerings.

EBITDA excluding IFRS 16 declined by €2m to €5m in Q1 2025. According to the press release, this reduction was anticipated and directly connected to €7m in targeted commercial and marketing investments as part of the company's reinvestment plan.

The monthly progression shows marketplace sales strengthening in March (+13%), suggesting potential momentum building through the quarter after February's more modest 2% growth.

Digital Retail Strategist

Cnova's marketplace-centric strategy shows progress with significant NPS gains (+6pts), improved customer experience, and 67% marketplace GMV share despite near-term financial impact.

Cnova's Q1 2025 results highlight the company's execution on its marketplace-centric transformation. The marketplace now accounts for 67% of GMV, a 3.3 percentage point increase year-over-year, while direct sales declined 7% as part of the company's stated strategy.

Customer experience metrics show material improvement, with Net Promoter Score (NPS) increasing by 6 points compared to Q1 2024. Both marketplace (+5pts) and direct sales (+9pts) saw NPS gains, indicating that customers are responding positively to the operational improvements despite the business model transition.

The company's sustainability initiatives are gaining traction, with "More sustainable products" now representing 26.7% of Product GMV, up 6.9 percentage points year-over-year. This aligns with increasing consumer interest in sustainable retail options.

The monthly performance data reveals an acceleration in Product GMV growth through the quarter, reaching 8% in March after February's 2% decline. This suggests the company's reinvestment strategy, which includes €7m in targeted commercial and marketing investments (as stated in the release), may be building momentum.

Cnova specifically notes that its positioning as a French-based platform with an international seller marketplace provides resilience in "a more uncertain global trade environment." This combination of local presence and international supply chain diversity appears to be a strategic focus for the company.

CNOVA N.V.
First Quarter 2025 activity

Continued GMV growth of +2% in 1Q25 driven by commercial momentum, operational improvement focus and reinvestment strategy

EBITDA excluding IFRS 16 impacted as planned (-€2m vs. 2024)

• Overall GMV up +2% on a like-for-like (“LFL”) basis¹ in 1Q25 vs. 24 continuing the positive momentum from Q4 2024, with a dynamic Marketplace growing +7% now accounting for 67% of GMV (+3.3pts vs. 24)
• Product GMV² up +2% on a LFL¹ basis supported by a strong March performance at +8%

LFL Growth	Jan 25	Feb 25*	March 25	1Q25
Direct sales	-9%	-9%	-1%	-7%
Marketplace	+8%	+2%	+13%	+7%
Product GMV	+1%	-2%	+8%	+2%

*Growth adjusted for leap year in 2024

• Net sales down -5% in 1Q25 vs. 24 reflecting the ongoing focus on profitability and reduced direct sales GMV. Recovering trend confirmed after 3Q24 decrease of -13% and 4Q24 decrease of -9%
• Advertising services revenues up +5% vs. 24, driven by strong Retail Media performance, especially sponsored products for Marketplace sellers
• B2B net revenues³ up +30% vs. 24, led by Octopia B2B revenues (+30%) and C-logistics (+29%)
• EBITDA excluding IFRS 16 at €5m in 1Q25, down €2m vs. 24, mainly due to €7m in targeted commercial and marketing investments as part of the reinvestment plan
• Cnova continues to enhance its CSR strategy with “More sustainable products” now accounting for 26.7% of Product GMV in 1Q25 (+6.9pts vs. 24)
• Record high NPS growing by +6pts in the 1^st quarter 2025 compared to last year, driven by both Marketplace NPS (+5pts vs. 24) and Direct sales NPS (+9pts vs. 24)

AMSTERDAM – April 29, 2025, 17:40 CET Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced its first quarter 2025 activity.

Thomas Métivier, Cnova’s CEO, commented:

“Building on Q4 2024’s solid momentum, we effectively executed our recovery strategy in Q1 2025, enabled by our reinvestment plan. We achieved robust growth in new customer acquisition and significantly strengthening brand recognition. Our GMV kept growing at a healthy pace, supported by our daily operational improvement strategy now being rolled out accrossed Cnova, driving an increasingly compelling customer experience. We also made significant progress from our CSR and generative AI initiatives, which keep on creating concrete benefits for both our operations and our customers.

In a more uncertain global trade environment, our positioning as a French-based platform, combined with the agility of our international seller marketplace, enables us to remain resilient, competitive, and well-equipped to deliver value to our customers by offering them the right products, at the right price.”

Financial highlights

Financial performance (€m)			1Q24	1Q25		Change vs. 24
						Reported	L-f-L4
Overall GMV (including VAT)			605.3	610.6		+0.9%	+1.9%
E-commerce platform			579.8	580.8		+0.2%	+1.2%
o/w Direct sales			179.0	164.3		(8.2)%		(7.0)%
o/w Marketplace			315.4	334.7		+6.1%		+7.5%
Product GMV (Direct sales & Marketplace)			494.3	499.1		+1.0%		+2.2%
Marketplace share			63.8%	67.1%		+3.3pts
o/w B2C services			39.2	37.3		(4.8)%
o/w Other revenues			25.6	23.1		(9.6)%
B2B activities			25.6	29.8		+16.6%
o/w Octopia B2B revenues			6.9	9.0		+29.5%
o/w Octopia Retail & others			12.0	12.2		+2.1%
o/w C-Logistics			6.7	8.6		+29.3%
Net sales			243.4	231.9		(4.7)%
EBITDA			13.6	10.8		€(2.8)m
EBITDA excluding IFRS 165			7.0	4.9		€(2.0)m

***
About Cnova N.V.
Cnova N.V., the French ecommerce leader, serves 6.9 million active customers via its state-of-the-art website, Cdiscount. Cnova N.V.’s product offering provides its B2C clients with a wide variety of very competitively priced goods, fast and customer-convenient delivery options, practical and innovative payment solutions as well as travel and entertainment services. Cnova N.V. also serves B2B clients internationally through Octopia (Marketplace-as-a-Service solutions), Cdiscount Advertising (advertising services for sellers and brands) and C-Logistics (end-to-end logistic ecommerce solution). Cnova N.V. is part of Casino group, a global diversified retailer. Cnova N.V.'s news releases are available at www.cnova.com. Information available on, or accessible through, the sites referenced above is not part of this press release.
This press release contains regulated information (gereglementeerde informatie) within the meaning of the Dutch Financial Supervision Act (Wet op het financieel toezicht) which must be made publicly available pursuant to Dutch and French law. This press release is intended for information purposes only.

Cnova Investor Relations Contact: investor@cnovagroup.com Tel : +33 6 79 74 30 94

Media contact: directiondelacommunication@cdiscount.com Tel: +33 6 18 33 17 86 cdiscount@vae-solis.com Tel: +33 6 17 76 79 71

---

1 Like-for-like growth adjusted for leap year in 2024
2 Shipped Direct sales and Marketplace GMV including VAT
3 Excluding Products-as-a-Service retail activities of Octopia
⁴ Like-for-like growth adjusted for leap year in 2024 for Direct Sales & Marketplace GMV
⁵ Historically named “EBITDA after rents” in our financial performance & activity press releases, renamed “EBITDA excluding IFRS
16” to distinct it from “Adjusted EBITDA after lease payments” reported by Casino, which corresponds essentially to EBITDA less (i)
repayments of lease liabilities and interests paid on lease liabilities (including potential onerous lease contracts) and (ii) Casino
management fees

Attachment

• Cnova NV_Activity Press release_1Q25

FAQ

What is Cnova's (CNV) GMV growth in Q1 2025?

Cnova reported a 2% GMV growth in Q1 2025 on a like-for-like basis, with marketplace GMV growing 7% and now representing 67% of total GMV.

How did Cnova's (CNV) marketplace perform in March 2025?

Cnova's marketplace showed strong performance in March 2025 with 13% growth, contributing to an overall Product GMV growth of 8% for the month.

What is Cnova's (CNV) EBITDA performance in Q1 2025?

Cnova's EBITDA excluding IFRS 16 was €5m in Q1 2025, down €2m compared to 2024, due to €7m in targeted commercial and marketing investments.

How much did Cnova's (CNV) B2B revenues grow in Q1 2025?

Cnova's B2B net revenues grew 30% in Q1 2025, driven by Octopia B2B revenues (+30%) and C-logistics (+29%).

What is Cnova's (CNV) progress in sustainable products for Q1 2025?

Cnova's 'More sustainable products' accounted for 26.7% of Product GMV in Q1 2025, showing an increase of 6.9 percentage points compared to 2024.