Slide 1: FY 2024 Results, Q4 2024 Sales
FY 2024 Results Q4 2024 Sales February 19th, 2025
Slide 2: Strategic overview
Strategic ) . overview
Slide 3: Challenging markets in 2024
Challenging markets in 2024 Lasting impact of the Increased competitive Additional polarization inflationary peak on pressure & concentration consumption among retailers Sharpened value Consumption under propositions pressure in Europe (trading down, volumes Aggressive price Consolidation dynamics u
Slide 4: 2024: Strong achievements and sequential business improvements
2024: Strong achievements and sequential business improvements • Strong price investments driving upward market share dynamics • Recurring Operating Income up +5.5% to €1,042m – ROI margin up 5bps France • Successful integration of Cora & Match - €130m synergies by 2027 confirmed • Strong price inve
Slide 5: 2024: Strategic levers progressing well
2024: Strategic levers progressing well Private labels E-commerce Customer satisfaction +1.3pt to 37% €5.9bn GMV (+18% vs. 2023) Group NPS® +5pts of food sales M&A Act for Food II ESG Successful integration Launched in October 2024 111% FY 2024 RESULTS February 19, 2025 5
Slide 6: CSR & Food Transition Index: 111% achievement rate
CSR & Food Transition Index: 111% achievement rate Climate Food transition 53% of Top 100 suppliers €621m in sales of have a 1.5°C trajectory plant-based alternatives (+9 pts vs end-2023) (2026 target of €650m) -48% reduction of store 393 suppliers committed to the greenhouse gas emissions Food Tran
Slide 7: 2024: Steady delivery of key financial indicators
2024: Steady delivery of key financial indicators Recurring Net Sales EBITDA Cost savings Operating Income €85.4bn €4,637m €2,213m +2.6% at current €1,240m -2.2% exchange rates +1.7% vs. 2023 +1.4% excl.change Net free Net debt Ordinary Special cash-flow end-December 2024 dividend dividend Increased
Slide 8: Financial results
. Financial results
Slide 9: Q4 sales growth driven by LFL and M&A
Q4 sales growth driven by LFL and M&A +2.6% +5.6% +0.5% +7.1% (1.1)% €25,704m €25,055m (9.5)% Q4 2023 LFL Expansion & Petrol Calendar Forex Q4 2024 Gross sales M&A Gross sales FY 2024 RESULTS February 19, 2025 9
Slide 10: LFL sales in FY 2024
LFL sales in FY 2024 +9.9% LFL in 2024 LFL Q4 › France: Better Q4 thanks to positive market share dynamics despite H1 Q3 FY Group +12.1% +8.8% +7.1% +9.9% price investments and a market marked by negative volumes (food: -1.6% LFL and non-food: -8.1% LFL) France -2.0% -3.0% -2.1% -2.3% Hypermarkets -
Slide 11: 2024 ROI of €2,213m; ROI margin 2.6%
2024 ROI of €2,213m; ROI margin 2.6% in €m 2023 2024 Variation Net Sales 83,270 85,445 +2.6% Gross margin 16,630 16,968 +2.0% Continued price investments and evolution As a % of net sales 20.0% 19.9% -11bps of the integrated/franchised store mix SG&A (12,335) (12,614) +2.3% Strong cost discipline (€
Slide 12: France: Sound ROI improvement despite significant price investments
France: Sound ROI improvement despite significant price investments 2024 ROI up+5.5% and margin up+5bps 2024 Key takeaways › Significant price investments driving positive market share trajectory › Strong cost-cutting momentum €1,042m €988m › Increase in sales of private label products €834m 2.6% 2.
Slide 13: Europe: Tough and competitive environments
Europe: EuropeTough and competitive environments Europe 2024 Recurring Operating Income 2024 Key takeaways › Significant investments in competitiveness in all countries marked by tough competition SPAIN › Negative impact of price investments, financial services and SuperCor integration -34% › Sequen
Slide 14: Latam: Continued improvement with ROI up +15.2%
Europe Latam: Continued improvement with ROI up +15.2% 2024 Recurring Operating Income 2024 Key takeaways +14.4% › Good commercial momentum (+23.4% at constant Forex) › Improvement in the financial services › Cost discipline €668m €764m › +60bps ROI margin improvement 4.1% › Continued ramp-up of ex-
Slide 15: Adjusted EPS: €1.61
Adjusted EPS: €1.61 in €m 2023 2024 Recurring Operating Income 2,264 2,213 Net income from associates and JVs 44 63 Mainly restructuring costs in Europe & Non-recurring income and expenses, net (558) (424) asset impairment EBIT 1,749 1,852 Net financial expenses (410) (759) 1 Focus on next slide Inc
Slide 16: Focus on net financial expenses
Focus on net financial expenses 1 Net financial expenses included in 2023 positive elements from Argentina for (in €m) +€121m, mainly gains on financial (39) (759) products labelled in US dollars due to the (189) devaluation of the Peso in December 2023 and positive IAS 29 impact +121 (531) 2 Conver
Slide 17: Net Free Cash Flow in line with 2024 objective & multi-year trajectory
Net Free Cash Flow in line with 2024 objective & multi-year trajectory EBITDA to Net FCF in €m 2023 2024 Variation Strong increase in 2023 taxable income in Argentina, end of use of EBITDA 4,559 4,637 79 NOLs in France & use of tax credits in Brazil in 2023 Income tax paid (343) (606) (263) IAS 29 a
Slide 18: Net Free Cash Flow excluding real estate
Net Free Cash Flow excluding real estate (in €m) 2023 2024 Variation Net free cash-flow (incl. real estate) 1,622 1,457 (165) Real estate Capex 333 308 (25) Includes the sale and leaseback transaction of a portfolio of Real estate asset disposal 395 536 140 15 stores in Brazil for €125m at attractiv
Slide 19: Net debt variation
Net debt variation Net debt increases following Cora/Match acquisition +€1,220m in €m 1,284 63 3,780 3,780 705 2,560 626 Mainly impact of Cora/Match acquisition (1,457) December 31, Net FCF Dividends Share buyback Net M&A Forex and December 31, 2023 Net Debt others 2024 Net Debt FY 2024 RESULTS Febr
Slide 20: €0.92 ordinary dividend, €0.23 special dividend per share
2025 Capital Allocation €0.23 +6% €0.92 ordinary dividend vs €0.87 in 2023 (+6%) €1.15 €0.92 €0.87 €0.52 €0.56 €0.48 €150m/€0.23 per share 2021 2022 2023 2024 2025 special dividend => €1.15 return /share i.e. 8.2% yield (share price at 18/02/25) FY 2024 RESULTS February 19, 2025 20
Slide 21: Appendix
a © APPENDIX
Slide 22: Carrefour 2026 objectives
Carrefour 2026 objectives OPERATIONAL OBJECTIVES 2023 2024 2026 Private labels 36% of food sales 37% of food sales 40% of food sales Convenience store openings +653 vs. 2022 +1,556 vs. 2022 +2,400 vs. 2022 Atacadão store openings +92 vs. 2022 +110 vs. 2022 >+200 vs. 2022 -27.5% in 2026 vs. 2019 -13%
Slide 23: Q4 2024 gross sales
Q4 2024 gross sales Change at Change at LFL Organic growth Gross sales current constant ex. petrol ex. petrol (in €m) exch. rates inc. exch. rates inc. ex. calendar ex. calendar petrol petrol France 12,185 -2.1% -2.7% 11.0% 11.0% Hypermarkets 6,325 -3.8% -5.0% +14.4% +14.4% Supermarkets 3,896 -1.6%
Slide 24: Q4 2024 technical effects
Q4 2024 technical effects Calendar Petrol Forex France +0.9% -1.9% - Hypermarkets +0.8% -2.8% - Supermarkets +1.1% -1.7% - Others, inc. convenience +0.5% +0.2% - Other European countries +0.5% -0.6% +0.2% Spain +0.5% -1.5% - Italy +0.0% -0.2% - Belgium +0.6% - - Romania +0.0% -0.0% -0.1% Poland +1.7
Slide 25: FY 2024 gross sales
FY 2024 gross sales Change at Change at LFL Organic growth Gross sales current constant ex. petrol ex. petrol (in €m) exch. rates inc. exch. rates inc. ex. calendar ex. calendar petrol petrol France 43,959 -2.3% -3.3% +3.4% +3.4% Hypermarkets 21,560 -4.2% -5.7% +4.1% +4.1% Supermarkets 14,603 -1.4%
Slide 26: FY 2024 technical effects
FY 2024 technical effects Calendar Petrol Forex France +0.2% -0.8% - Hypermarkets +0.3% -1.2% - Supermarkets +0.2% -0.9% - Others, inc. convenience +0.2% +0.2% - Other European countries +0.1% -0.5% +0.4% Spain +0.0% -1.2% - Italy +0.1% -0.3% - Belgium +0.4% - - Romania +0.2% -0.1% -0.6% Poland +0.2
Slide 27: FX impact on results
FX impact on results 2024 CURRENCY Evolution -11.1% Brazilian Real -7.3% negative FX impact on FY 2024 gross sales Argentine Peso -67.6% Romanian Leu -0.5% -83m Polish Zloty +5.3% negative FX impact on FY 2024 ROI FY 2024 RESULTS February 19, 2025 27
Slide 28: 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 2023 2024 at constant at current 2023 2024 at constant at current exch. rates exch. rates exch. rates exch. rates in €m France 38,220 39,540 +3.5% +3.5% 988 1,042 +5.5% +5.
Slide 29: Non-recurring expenses
Non-recurring expenses in €m 2023 2024 Restructuring costs (352) (186) Impairment and asset write-offs (297) (299) Results from asset disposals 66 112 Other non-current items 25 (51) Non-recurring income and expenses, net (558) (424) FY 2024 RESULTS February 19, 2025 29
Slide 30: 2024 income statement
2024 income statement in €m 2023 2024 Net Sales 83,270 85,445 Net sales, net of loyalty program costs 82,276 84,526 Other revenue 2,632 2,744 Total revenue 84,908 87,270 Cost of goods sold (68,278) (70,302) Gross margin 16,630 16,968 SG&A (12,335) (12,614) Recurring operating income before D&A (EBIT
Slide 31: Tax expense
Tax expense in €m 2023 2024 Income before taxes 1,339 1,093 Non-recurring income and expenses, net (558) (424) Income before taxes (excl. non-recurring income and expense and 1,897 1,517 net income from associates) Full-year normative tax rate(1) 27.1% 27.2% Evolution of the geographic mix Normative
Slide 32: Net income, Group share, adjusted for exceptional items
Net income, Group share, adjusted for exceptional items › Given the high volatility related to hyperinflation in Argentina and to exchange rates of the Argentine peso, the application of IAS 29 generates significant and unpredictable impacts on the financial result in Argentina (mostly non-cash), an
Slide 33: Earnings per share
Earnings per share (€ per share) 2023 2024 Net income from continuing operations, Group share 1.30 1.18 Net income from discontinued operations, Group share 1.02 0 Net income, Group share 2.32 1.08 Adjusted net income, Group share(1) 1.71 1.61 Weighted average number of shares (in millions) 714.2 66
Slide 34: Enhanced liquidity and solid balance sheet
Enhanced liquidity and solid balance sheet › Credit Rating as of December 31, 2024: BBB stable outlook by S&P Debt redemption schedule (in €m) – As of December 31, 2024 › On December 31, 2024, average bond debt maturity is at 3.8 years 2,174 › January 2024: Bond issuance in Brazil for €233m equivale
Slide 35: Stores under banners at end-2024
Stores under banners at end-2024 Cash & Soft (#) Hypermarkets Supermarkets Convenience Sam’s Club Total Carry discount France 325 1,171 4,784 153 35 - 6,468 Other European countries 467 2,251 3,249 12 104 - 6,083 Spain 204 162 1,097 - 70 - 1,533 Italy 41 323 809 12 - - 1,185 Belgium 40 350 323 - - -
Slide 36: 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