Slide 1: Q1 2024 Sales
Q1 2024 Sales April 24th, 2024
Slide 2: Q1 2024: Solid execution of strategic roadmap
Q1 2024: Solid execution of strategic roadmap Group sales up +13.5% LFL in Q1 • Stable sales in France and the rest of Europe, marked by a sharp slowdown in inflation and price investments • Inflection in Brazil and continued strong momentum in Argentina Intensification of price investments in Franc
Slide 3: Q1 sales growth driven by LFL
Q1 sales growth driven by LFL +0.4% +13.5% +1.4% (0.4)% (2.3)% €22,071m €22,156m (11.8)% Q1 2023 LFL Expansion & Petrol Calendar Forex Q1 2024 Gross sales M&A Gross sales Q1 2024 SALES April 24, 2024 3
Slide 4: Continued slowdown in food inflation in Europe
Continued slowdown in food inflation in Europe YoY food inflation in Europe 25% 20% 15% 4.3% 3.1% 10% 2.9% 2.8% 5% 1.7% 0.3% 0% MoM food inflation in France 1.7% 1.7% 1.7% 1.7% 1.8% 1.4% 0.9% 1.0% 0.8% 1.0% 1.1% 0.6% 0.5% 0.5% 0.6% 0.4% 0.3% 0.3% 0.3% 0.1% 0.3% 0.0% 0.0% 0.2% 0.0% -1% (0.3)% (0.3)%
Slide 5: France: Stable sales; Price investments underway
France: FRANCE Stable sales; Price investments underway Q1 Sales inc. VAT €10,000m €4,807m €3,392m €1,802m France Hypermarkets Supermarkets Other formats Variation vs. Q1 23 -2.1% -3.8% -0.1% -1.3% LFL ex. petrol -0.4% -1.3% +0.1% +0.8% ex. calendar LFL sales down -0.4% on the back of slowing inflat
Slide 6: Europe: Stable sales with sequential slowdown in inflation
Europe: Stable sales with sequential slowdown in inflation Q1 Sales inc. VAT €6,155m €2,716m €1,035m €1,102m €725m €576m Europe Spain Italy Belgium Romania Poland Variation vs. Q1 23 +2.4% +0.2% -1.2% +1.3% +13.7% +9.4% LFL ex. petrol -0.2% +0.7% -1.4% -0.2% +1.7% -4.2% ex. calendar Spain: Solid mom
Slide 7: Latin America: Brazil back to growth, Argentina remains strong
Latin America: Brazil back to growth, Argentina remains strong Q1 Sales inc. VAT €6,000m €5,168m €3,586m €1,276m €832m €306m (1) Latin America Brazil Atacadão Carrefour Retail Sam's Club Argentina Variation vs. Q1 23 +2.7% +6.2% +10.5% -7.5% +25.9% -14.7% LFL ex. petrol +48.0% +1.3% +1.8% -1.4% +6.9
Slide 8: Rapid execution of share buyback
Rapid execution of share buyback €700m €272m to be €428m of buybacks secured to date completed by €800m year-end 29 million shares repurchased in Q1 €750m €700m Including 25m shares bought from Galfa €428m 689.6 million outstanding shares to date 2021 2022 2023 2024 Q1 2024 SALES April 24, 2024 8
Slide 9: Key takeaways
Key takeaways Successful execution of major strategic initiatives 1 Intensification of price investments in France and other Europe Cost savings objective raised to €1.2bn in 2024 (vs. €1.0bn) 2 Stable sales in Europe marked by sharp slowdown in inflation 3 Inflection in Brazil with improving ma
Slide 10: Appendix
a © APPENDIX
Slide 11: CSR – Q1 achievements
CSR – Q1 achievements • Climate change: • In January 2024, Carrefour énergies initiated a partnership with Octopus Energy in France, with the aim of offering its customers an ultra-competitive French green electricity offer, thus pursuing its actions in favor of the energy and environmental transiti
Slide 12: Q1 2024 gross sales
Q1 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 10,000 -0.4% -1.8% -2.1% -2.1% Hypermarkets 4,807 -1.3% -3.0% -3.8% -3.8% Supermarkets 3,392 +0.1% -0
Slide 13: Q1 2024 technical effects
Q1 2024 technical effects Calendar Petrol Forex France +1.4% -1.7% - Hypermarkets +1.6% -2.4% - Supermarkets +1.5% -1.1% - Others, inc. convenience +0.8% -1.2% - Other European countries +1.5% -0.5% +0.6% Spain +0.6% -1.0% - Italy +2.3% -0.5% - Belgium +1.5% - - Romania +1.6% -0.1% -1.2% Poland +4.3
Slide 14: Stores under banners at end Q1 2024
Stores under banners at end Q1 2024 Cash & Soft (#) Hypermarkets Supermarkets Convenience Sam’s Club Total Carry discount France 253 1,037 4,591 152 33 - 6,066 Other European countries 469 2,176 3,423 12 97 - 6,177 Spain 204 153 1,061 - 63 - 1,481 Italy 42 408 1,020 12 - - 1,482 Belgium 40 349 319 -
Slide 15: Net FCF path to 2026 target
Net FCF path to 2026 target Net Free Cash Flow (in €m) Objective: Net FCF to reach >€1.7bn in 2026 1,622 >1,700 1,262 1,227 1,056 2024 NFCF expected closer to initial 2022-2026 growth trajectory (1) 2020 2021 2022 2023 2024 2025 2026 Theoretical NFCF on the assumption of a linear trajectory to €1.7b
Slide 16: 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