Cnova N.V. - Cnova intends to increase its capital to fund accelerated growth

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CNOVA N.V.

Cnova intends to increase its capital to fund accelerated growth

Cnova (Cdiscount’s holding company) accelerates the development of its successful e-commerce platform and targets global expansion of its tech-enabled B2B solutions for marketplaces powered by its subsidiary Octopia.

Cnova N.V. is a leading European tech player with its e-commerce platform Cdiscount and its global innovative tech-enabled ecosystem of marketplaces with Octopia
Cnova already achieved €4.2bn of GMV (Gross Merchandise Volume), €2.2bn of net sales and an EBITDA of €133m (+62.5% growth and reaching 6.0% of net sales) in 2020
Encouraged by a strong start of the year with its growing marketplace, digital marketing, and tech-enabled B2B services, Cnova expects an EBITDA of €160m this year, a 20%+ increase versus 2020, and c.100% increase versus 2019
Leveraging further its unique digital assets, Cnova offers through Octopia full B2B marketplace solutions, unlocking global growth potential
By 2025, the company aims to reach a total GMV above €12bn, fueled by Octopia and by the continuously growing marketplace activity
Cnova is targeting a placement of c.€300 million of new shares to fund its accelerated growth and a potential secondary offering in addition to further increase its free float by year-end, subject to market conditions

AMSTERDAM – June 1, 2021, 08:30 CET Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced its plan to increase its capital to fund its accelerated growth prospects.

Over the past years, on the back of the sustained growth of the e-commerce sales channel, Cnova achieved significant growth and margin expansion, demonstrating the strength of its positioning as the French champion and a European leader in e-commerce.

In 2020, Cnova achieved €4.2bn of GMV, €2.2bn of net sales and an EBITDA of €133m (growing +62.5% and reaching 6.0% of net sales), with strong growth and improving profitability continuing into 2021 year-to-date.
Marketplace with its strong digital marketing capabilities was at the heart of this profitable growth, with its GMV increasing by 22%, and representing 44% of total GMV. The number of merchants grew at 15% to 13,000 and the assortment at 33% to 100m products.

Cnova has a clear ambition to become a leading global end-to-end player, retailer and provider of technology solutions across the e-commerce marketplace ecosystem. Leveraging on the strategic assets built over the last 10 years, including marketplace capabilities, digital marketing expertise, differentiated logistics and technological know-how, Cnova, is now also providing through Octopia a full marketplace solution, including tech platform, merchant and product base and fulfilment capabilities, and presenting both e-retailers and merchants with a winning proposition. Octopia will unlock significant growth potential and enhance the group’s profitability.

As of March 31, 2021, Cnova’s marketplace represented 46% of GMV, and Octopia achieved +86% year-on-year growth in the first quarter, with 518 website clients across Europe. In particular, Octopia signed in a leading EMEA retailer client over that period and launched its first marketplace in April 2021.

Cnova stands ready to accelerate rapidly its growth taking advantage of the strong momentum in both its marketplace and tech-enabled B2B services platform Octopia.

The company is targeting for 2021 an EBITDA of €160m this year, a 20%+ increase versus 2020, and c.100% increase versus 2019. By 2025, the company aims a total GMV above €12bn, fueled by Octopia and by the continuously growing marketplace activity.

To fund its accelerated growth, Cnova is considering a c.€300m private placement to be launched by the end of the year, subject to market conditions. Proceeds will fund the international deployment of the Group and strengthen its tech leadership.

In addition, certain existing shareholders of Cnova may decide to sell a portion of their shares to further increase the free float. Groupe Casino intends to remain the company’s majority shareholder.

“Leveraging our strong foundations as a leading e-commerce platform, our clear ambition is to become the first global marketplace ecosystem leader. The ramp up of Octopia is accelerating and promising. The capital increase we are envisaging will provide Cnova with the full capacity to achieve our mission and develop a decentralized network of independent marketplaces powered by Cnova’s know-how and existing unique assets”, said Emmanuel Grenier, Cnova’s CEO.

Cnova will host an analyst presentation on June 7, 2021 at 8:30 am CET.

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About Cnova N.V.

Cnova N.V. is a leading European e-commerce platform with €4.2bn of GMV, €2.2bn of net sales and EBITDA of €133m (6.0% of net sales) in 2020.

It serves 10.5 million active customers via its state-of-the-art website, Cdiscount. With its marketplace at the core of its business model, it provides a winning proposition to both consumers and merchants.

Its B2B tech-enabled platform Octopia offers unique marketplace tech solutions to websites globally.

Cnova N.V. is part of Groupe Casino, a global diversified retailer, and is listed on Euronext Paris (ticker: CNV).

Cnova Investor Relations contact:investor@cnovagroup.com

Media contacts:elody.rustarucci@cdiscount.comTel: +33 6 18 33 17 86 leo.finkel@plead.frTel: +33 6 32 09 54 94

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DISCLAIMER

Certain information included in this press release is not historical data but are forward-looking statements. These forward-looking statements are based on estimates, forecasts and assumptions including, but not limited to, assumptions about Cnova's current and future strategy and the economic environment in which Cnova operates. They involve known and unknown risks, uncertainties, and other factors, which may cause Cnova's actual performance and results, or the results of its industry, to differ materially from those expressed or implied in such forward-looking statements. These forward-looking statements and information are not guarantees of future performance.

These forward-looking statements speak only as of the date of this press release and Cnova expressly disclaims any obligation or undertaking to release any update or revision to the forward-looking statements included in this press release to reflect changes in assumptions, events, conditions, or circumstances on which the forward-looking statements are based. The forward-looking statements contained in this press release are made for illustrative purposes only.

This press release includes only summary information and does not purport to be complete. No warranty is given as to the accuracy or completeness of the information or opinions contained in this press release.

The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes are required to inform themselves about and to observe any such restrictions. This press release does not contain and does not constitute an offer to sell securities or an invitation or inducement to invest in securities in France, the Netherlands, the United States, or any other jurisdiction. The securities referred to herein may not be sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The company does not intend to register all or any portion of any offering of the securities in the United States of America or to conduct a public offering of the securities in the United States of America.

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