Slide 1: FY 2022 Results – Q4 2022 Sales
FY 2022 Results Q4 2022 Sales February 14th, 2023
Slide 2: 2022: A year of key strategic achievements
2022: A year of key strategic achievements Sale of Taiwan Grupo BIG acquisition Olympic Games New Strategic Plan Closing in 2023 - €2.0bn EV Completed in June 2022 Premium Partner Announced Nov. 8th Retail Media International Expansion Sustainable Finance Joint Venture New Master franchises €2.35bn
Slide 3: Strong financial performance, sound execution of strategy
Strong financial performance, sound execution of strategy Recurring Net free Sales Operating Income Cost savings cash-flow €90.8bn €2,377m €1.0bn €1,262m +8.5% LFL +8.3% 23-26 target of €4bn +€35m E-commerce Private Grupo BIG CSR Index GMV Labels integration Accelerated pace of +26% +2p.p. yoy store
Slide 4: Consistent market share gains in key markets
Consistent market share gains in key markets France Spain Brazil (excl. Grupo BIG)(1) +20bps +80bps 21.2% +30bps 17.8% 21.0% 17.0% 10.3% 10.0% 2021 2022 2021 2022 2021 2022 Source: Nielsen Source: Nielsen Source: Nielsen (1) Grupo BIG will be included in market share over the full year in 2023 FY 20
Slide 5: CSR – Successful FY 2022 initiatives
CSR – Successful FY 2022 initiatives Achievement of CSR index objectives: 109% with particular progress in: Packaging Climate and waste -29% reduction in store 16,390 tons avoided since 2017 o/w 5,483 tons in 2022 greenhouse gas emissions (scopes 1 and 2) vs. 2019 Food transition Employees 204 suppl
Slide 6: Strong top line momentum
Strong top line momentum +10.9% LFL in Q4 2022 Group LFL sales growth, excl. Taiwan H1 H2 +5.7% +11.1% Hypermarkets: +3.7% 11.3% LFL Q4 Supermarkets: +5.9% 10.9% Convenience / other Group +10.9% formats: +10.7% 7.8% › France +5.6% Spain: +4.6% Italy: +4.5% › Europe +6.2% Belgium: :+3.4% Poland:+9.6%
Slide 7: Strong Q4 sales growth driven both by LFL and expansion
Strong Q4 sales growth driven both by LFL and expansion +18.0% +4.7% +0.5% +1.9% €25,415m +10.9% (0.0)% o/w BIG: +4.5% €21,545m Q4 2021 LFL Expansion & Petrol Calendar Forex Q4 2022 Gross sales M&A Gross sales FY 2022 RESULTS February 14, 2023 7
Slide 8: France: Solid performance across the board
France: Solid performance across the board France 2022 LFL of +3.4% France ROI up +10.2% › Market share gains in value and in volume in 2022 • Nielsen(1): +0.2pts in value and +0.3pts in volume • Kantar(2): +0.1pts in value and +0.4pts in volume › +13% growth in e-commerce GMV +10.2% +20.4% LFL 2022
Slide 9: France: Strong market share growth in volume throughout the year
France: Strong market share growth in volume throughout the year FY22 H1'22 H2'22 +0.42pt +0.41pt +0.42pt Hypermarket 1 +0.30pt +0.30pt +0.29pt Supermarket 1 +0.09pt +0.05pt +0.12pt Discounter 1 +0.08pt +0.24pt (0.06)pt Discounter 2 +0.02pt +0.23pt (0.16)pt Hypermarket 2 (0.05)pt (0.03)pt (0.06)pt S
Slide 10: France: Steady margin improvement
France: Steady margin improvement 4 consecutive years of ROI margin improvement 2.2% 2.1% 1.9% 1.8% 1.6% 1.3% 2017 2018 2019 2020 2021 2022 FY 2022 RESULTS February 14, 2023 10
Slide 11: Europe: Good commercial momentum – ROI pressured by costs
Europe: EuropeGood commercial momentum– ROI pressured by costs Europe 2022 LFL of +4.9% Europe Europe ROI ROI down down (15.3)% (15.3)% at at constant constant FX FX SPAIN SPAIN › Solid market share dynamics (+30bps) in a context › Profitability affected by sharp increase in energy costs of high inf
Slide 12: Latin America: Solid earnings growth despite BIG integration costs
Latin Europe America: Solid earnings growth despite BIG integration costs Latin America 2022 LFL of +24.6% LatAm ROI up +20.4% at constant FX €80m BRAZIL ROI at current FX, evolution at constant FX +€157m FX +€49m at constant-FX › +12.4% LFL sales, with non-food back to positive at constant-FX terri
Slide 13: Latin America: Successful integration of Grupo BIG
Latin Europe America: Successful integration of Grupo BIG Acceleration of conversion plan 2022 2023 AFTER CONVERSION 20 stores 27 stores* 13 stores 15 stores • 70 Atacadão 25 stores 13 stores • 47 Carrefour 4 stores • 7 Sam’s Club 1 store 6 stores* 59 stores 65 stores (vs c.35 initially plan
Slide 14: Steady improvement in Group profits
Steady improvement in Group profits FY22 ROI up +8.3% in €m 2021(1) 2022 Variation Net Sales 70,462 81,385 15.5% Gross margin 14,896 16,313 9.5% Reflecting investment in competitiveness As a % of net sales 21.1% 20.0% -110 bps and change in integrated/franchise store mix SG&A (10,837) (11,958) 10.3%
Slide 15: Strong EPS growth driven by operating performance and buybacks
Strong EPS growth driven by operating performance and buybacks in €m 2021(1) 2022 +8.3% Recurring operating income 2,194 2,377 Net income from associates and JVs 12 50 Non-recurring income and expenses, net (366) 36 Low restructuring costs in 2022 EBIT 1,840 2,463 Higher interest rates and increased
Slide 16: Steady growth in Adjusted EPS
Steady growth in EPS Adjusted EPS +14% in 2022 Adjusted EPS (in €) +50% +50% over 3 years 1.63 1.43 14% CAGR between 1.26 2019 and 2022 1.09 (1) 2019 2020 2021 2022 (1) Carrefour Taiwan reclassified as held for sale as per IFRS 5 FY 2022 RESULTS February 14, 2023 16
Slide 17: Record Net Free Cash Flow generation
Record Net Free Cash Flow generation 2022 Net FCF of €1,262m Net Free Cash Flow (in €m) >1,700 Net FCF to reach 1,227 1,262 >€1.7bn in 2026 1,056 324 (1) 2019 2020 2021 2022 2026 (1) Carrefour Taiwan reclassified as held for sale as per IFRS 5 FY 2022 RESULTS February 14, 2023 17
Slide 18: Net Free Cash Flow growth
Net Free Cash Flow growth EBITDA to Net FCF in €m 2021(1) 2022 Variation EBITDA 4,307 4,613 306 Income tax paid (426) (449) (23) Financial result (operations-related)(2) (1) 13 14 Including exceptional tax payment at the Bank in Brazil Cash impact of restructuring items and others (289) (424) (135)
Slide 19: Increase in net debt reflecting Grupo BIG acquisition
Increase in net debt reflecting Grupo BIG acquisition +€797m in €m 880 (54) 753 481 Incl. Grupo BIG 3,429 for €862m 2,633 (1,262) December 31, Net FCF Dividends Share buyback Net M&A Forex and December 31, 2021 Net Debt others 2022 Net Debt FY 2022 RESULTS February 14, 2023 19
Slide 20: Dividend of €0.56, €800m share buyback
A cash-generating model supporting value creation for shareholders 9.4% yield(1) Dividend of €0.56 8.1% yield(2) 8.6% yield(2) €1,209m representing a total amount of c.€409m(1) €1,130m €1,083m €800m proposed to the General shareholders’ meeting €700m SBB on May 26th, 2023 €750m SBB SBB €700m SBB €80
Slide 21: Appendix
a © APPENDIX
Slide 22: Carrefour 2026 objectives
Carrefour 2026 objectives OPERATIONAL OBJECTIVES 2022 2026 Private labels 33% of food sales 40% of food sales Convenience store openings - +2,400 vs. 2022 Atacadão store openings - >+200 vs. 2022 -20% in 2026 vs. 2019 Reduction in energy consumption -9% (in 2024 for France) ESG OBJECTIVES 2022 2026
Slide 23: Q4 2022 Gross sales
Q4 2022 Gross sales Change at Change at current LFL Organic growth Gross sales constant exch. rates inc. ex. petrol ex. petrol (in €m) exch. rates inc. petrol ex. calendar ex. calendar petrol France 11,496 +8.0% +8.0% +5.6% +4.9% Hypermarkets 5,811 +6.2% +6.2% +3.7% +2.0% Supermarkets 3,749 +8.1% +8
Slide 24: Q4 LFL over 3 years
Q4 LFL over 3 years LFL ex. petrol ex. calendar Q4 2020 Q4 2021 Q4 2022 France +5.5% -0.3% +5.6% Hypermarkets +3.9% -1.8% +3.7% Supermarkets +9.8% -1.3% +5.9% Others, inc. convenience +2.0% +6.9% +10.7% Other European countries +1.8% 0.0% +6.2% Spain +6.0% +1.6% +4.6% Italy -7.6% +2.5% +4.5% Belgium
Slide 25: Q4 2022 Technical effects
Q4 2022 Technical effects Calendar Petrol Forex France -0.1% +3.2%(1) - Hypermarkets -0.3% +4.5%(1) - Supermarkets +0.1% +1.6%(1) - Others, inc. convenience -0.1% +1.9%(1) - Other European countries -0.1% +0.3% -0.2% Spain -0.1% +0.8% - Italy +0.2% +0.1% - Belgium +0.0% - - Poland -0.7% -0.6% -2.4%
Slide 26: FY 2022 Gross sales
FY 2022 Gross sales Change at Change at current LFL Organic growth Gross sales constant exch. rates inc. ex. petrol ex. petrol (in €m) exch. rates inc. petrol ex. calendar ex. calendar petrol France 42,009 +6.8% +6.8% +3.4% +2.5% Hypermarkets 20,728 +5.5% +5.5% +1.8% +0.4% Supermarkets 13,880 +5.0%
Slide 27: FY LFL over 3 years
FY LFL over 3 years LFL ex. petrol ex. calendar 2020 2021 2022 France +3.6% +1.8% +3.4% Hypermarkets +1.0% +0.6% +1.8% Supermarkets +6.8% +3.6% +2.2% Others, inc. convenience +5.2% +2.1% +10.2% Other European countries +3.5% -1.1% +4.9% Spain +7.1% -0.4% +5.4% Italy -5.2% -3.0% +4.2% Belgium +8.3% -
Slide 28: FY 2022 Technical effects
FY 2022 Technical effects Calendar Petrol Forex France +0.2% +4.1%(1) - Hypermarkets +0.1% +5.0%(1) - Supermarkets +0.3% +3.6%(1) - Others, inc. convenience +0.1% +2.5%(1) - Other European countries +0.0% +1.2% -0.3% Spain +0.2% +2.4% - Italy +0.1% +1.2% - Belgium -0.2% - - Poland -0.1% -1.3% -2.8%
Slide 29: FX impact on results
FX impact on results 2022 CURRENCY Evolution(1) +2.6% Brazilian Real +17.5% positive FX impact on 2022 Gross Sales Argentine Peso -13.8% Polish Zloty -2.5% +€81m Romanian Leu -0.2% positive FX impact on 2022 ROI (1) Average foreign exchange rate FY 2022 RESULTS February 14, 2023 29
Slide 30: Net sales and recurring operating income by region
Net sales and recurring operating income by region NET SALES RECURRING OPERATING INCOME Variation Variation Variation Variation (1) (1) 2021 2022 at constant at current 2021 2022 at constant at current exch. rates exch. rates exch. rates exch. rates in €m France 35,283 37,706 +6.9% +6.9% 757 834 +10
Slide 31: Reduction in non-recurring expenses
Reduction in non-recurring expenses in €m 2021(1) 2022 Restructuring costs (383) (13) Impairment and asset write-offs (215) (147) Results from asset disposals 271 212 Other non-current items (40) (16) Non-recurring income and expenses, net (366) 36 (1) Including Carrefour Taiwan reclassified as held
Slide 32: 2022 income statement
2022 income statement in €m 2021(1) 2022 Net Sales 70,462 81,385 Net sales, net of loyalty program costs 69,669 80,543 Other revenue 2,091 2,546 Total revenue 71,760 83,089 Cost of goods sold (56,865) (66,776) Gross margin 14,896 16,313 SG&A (10,837) (11,958) Recurring operating income before D&A (E
Slide 33: Tax expense
Tax expense 2021 in €m 2021(1) 2022 reported Income before taxes 1,632 1,570 1,973 Non-recurring income and expenses, net (374) (366) 36 Income before taxes (excl. non-recurring income and 2,005 1,936 1,937 expense and net income from associates) Evolution of the geographic mix and Full-year normati
Slide 34: Earnings per share
Earnings per share (€ per share) 2021(1) 2022 Net income from continuing operations, Group share 1.27 1.85 Net income from discontinued operations, Group share 0.09 (0.03) Net income, Group share 1.36 1.82 Adjusted net income, Group share 1.43 1.63 Weighted average number of shares (in millions) 786
Slide 35: Enhanced liquidity and solid balance sheet
Enhanced liquidity and solid balance sheet Debt redemption schedule (in €m) › Credit Rating as of December 31, 1,899 2022: BBB stable outlook by S&P 1,686 Baa1 stable outlook by Moody’s 1,534 (Moody’s raised the outlook for 186 Carrefour to “stable” in May 2021) 1,370 932 316 120 › On December 31, 2
Slide 36: Stores under banners at end Q4 2022
Stores under banners at end Q4 2022 Cash & Soft (#) Hypermarkets Supermarkets Convenience Sam’s Club Total Carry discount France 253 1,039 4,472 148 33 - 5,945 Other European countries 455 2,088 3,471 12 91 - 6,117 Spain 205 160 1,050 - 55 - 1,470 Italy 42 439 1,024 12 - - 1,517 Belgium 40 441 313 -
Slide 37: Disclaimer
DISCLAIMER This presentation contains both historical and forward-looking statements. These forward- looking statements are based on Carrefour management's current views and assumptions. Such statements are not guarantees of future performance of the Group. Actual results or performances may differ