Operator

Good evening, and welcome to this conference call for Fnac Darty. Mr. Jean-Brieuc Le Tinier the Chief Financial Officer, will be facilitating this call. Over to you, sir.

Jean-Brieuc Le Tinier
Group Chief Financial Officer

Thank you very much. Good evening, everybody. Thank you for attending our conference call for the presentation of activity for the first quarter 2026. Tonight, I'm joined by the Investor Relations team, Domitille Vielle and Laura Parisot. I'll be presenting our results, and we will then take your questions. On Slide 2, you can see the key elements for the first quarter that we will be detailing throughout this presentation.

Our group's revenue has been up by 1% on a like-for-like basis on the quarter, driven by the very good performance of the rest of Europe and of our sales online. Our gross margin is also up with a 10 basis point improvement against the first quarter of 2025. The improvement of subscription services, particularly Darty Max has offset a negative product mix. Indeed, some categories that are strong contributors to the group's gross margin have been declining throughout the period like book sales, for example.

Of course, we'll come back to EPs Group's public tender offer that was filed on the 10th of March 2026 with the AMF French Financial Market Authority, which should be completed in the second half of 2026. On Slide 3, as I said in my opening remarks, Fnac Darty reported in the first quarter revenues that are up by 0.9% on a like-for-like basis. Our online sales amount to 22% of the revenues for this period and are up by more than 5%.