2021 Second Quarter Activity & First Half Financial Performance

1H21 Highlights
For the first half of 2021, Cnova demonstrated robust financial performance driven by solid B2C
performance versus a challenging 2020 comparable period. Increasing marketplace GMV (Gross
Merchandise Volume) share, the continued acceleration of marketplace revenues and digital
marketing as well as Octopia dynamic growth and commercial ramp-up continue to strengthen the
Group’s profitable business model.
Marketplace performance at the heart of Cnova’s strategy to achieve profitable growth. The
marketplace grew by +10% in the first half 2021 compared to last year now representing 46% of GMV share
(+4 points), with. Comparing marketplace performance to first half 2019, GMV CAGR increased +15% and
GMV marketplace share increased by +8 points.
Marketplace revenues1 grew by +17% in the first semester, reaching €199m over the last twelve
months (“LTM”).
This growth was supported by the acceleration of Cdiscount Fulfilment, which represented 35% of
marketplace GMV in the first half 2021, increasing by +5 points y-o-y.
Digital marketing revenues increased by +44% in the first half 2021 compared to last year, reinforcing
Cnova’s most profitable activity. It was powered by Cdiscount Ads Retail Solution (CARS), a 100% selfcare advertising platform enabling both sellers and suppliers to promote their products and brands.
Octopia, Cnova’s turnkey marketplace solution for EMEA retailers and e-merchants, showed strong
growth with its solutions now fully operational for commercial roll-out: historical Products-as-aService and Fulfilment-as-a-Service solutions increased by +60% y-o-y. Merchant- and Marketplace-as-aService solutions benefited from a strong start with 3 contracts signed and 4 LOIs signed since the beginning
of the year and with many other qualified prospects identified.
GMV reached nearly €2bn, increasing by +2% compared to 2020 and +14% vs. 2019. This solid
performance was supported by a very strong first quarter, delivering a +12% GMV growth and a +34%
Marketplace increase. The second quarter performance demonstrated resilience as compared to the
exceptional second quarter last year, with a -6% decrease in GMV or -3% when adjusting Q2 2020 for mask
sales2. Comparing this first half of 2021 to H1 2019 performance, GMV Compound Annual Growth Rate
(“CAGR”) amounts to +7%.
As a result, and in light of exceptional circumstances during the second quarter of last year, EBITDA
remains stable at €49m in 1H 2021. Comparing EBITDA performance to first semester 2019, CAGR
reaches +58% over the last two years driven by +18% CAGR for marketplace revenues and +31% CAGR for
digital marketing.