Slide 1: Carrefour H1 2026
Carrefour H1 2026 July 23rd, 2026 July 23, 2026 1
Slide 2: Rapid implementation of Carrefour 2030 strategic initiatives
Rapid implementation of Carrefour 2030 strategic initiatives Fast implementation of AI solutions Vusion tech roll-out in hypermarkets: 8 stores deployed to date out of 50 planned for 2026 Deployment of in-store concepts Parapharmacy, fresh food Expansion of growth formats over H1 2026 Conv
Slide 3: Q2 2026 - Key highlights
Q2 2026 - Key highlights Solid LFL Sales Momentum 2026 Targets Confirmed Continued robust topline growth in Q2 driven by core Based on the satisfactory performance in H1, markets the Group re-affirms all full-year 2026 financial • France +1.0% LFL objectives • Former Cora & Match stores accelerating
Slide 4: Financial Results
Financial Results H1 2026 July 23, 2026 4
Slide 5: Q2 2026 sales growing +2.8%
Q2 2026 sales growing +2.8% +2.8% +1.1% €22,711m +1.9% +1.3% €22,083m (0.6)% (0.8)% Q2 2025 LFL Expansion & Petrol Calendar Forex Q2 2026 Gross sales M&A Gross sales H1 2026 July 23, 2026 5
Slide 6: France: Good commercial performance, 13.8% ROI growth
France: Good commercial performance, 13.8% ROI growth Q2 2026 LFL sales +1.0% YoY H1 2026 ROI up +13.8% YoY at €300m with ROI margin up +16bps at 1.5% H1 2026 LFL +1.1% YoY H1 2026 ROI +9.1% excl. Cora & Match, with margin at 2.1% Supportive food market growing both in value and in Strong operat
Slide 7: France: Impact of key operating initiatives
France: Impact of key operating initiatives Stable market share in H1 234 convenience stores opened in H1 through despite the sale of 6 hypermarkets (antitrust remedies franchise of Cora & Match acquisition) Improvement in price competitiveness E-commerce GMV up +10.1% in Q2 Three waves of
Slide 8: Spain: Continued strong momentum and increase in profitability
Spain: Continued strong momentum and increase in profitability Q2 2026 LFL sales +2.2% YoY H1 2026 ROI +7.3% YoY at €177m H1 2026 LFL +2.7% YoY ROI margin up +14bps at 3.3% Consumption environment remains supportive with Increase in ROI driven by solid business momentum, tight positive volume tr
Slide 9: Brazil: Back to positive LFL, increase in operating margin
Brazil: Back to positive LFL, increase in operating margin Q2 2026 LFL sales +0.4% YoY H1 2026 ROI +5.8% YoY at €359m H1 2026 LFL -0.1% YoY ROI margin up +9bps at 4.0% Return to topline growth in 2Q26 Strict cost discipline implemented Atacadão: return to positive sales growth, outperforming t
Slide 10: Brazil: Commercial initiatives and sustained operational discipline
Brazil: Commercial initiatives and sustained operational discipline Atacadão Product range rationalization Launch of Bulnez private label (200 SKUs) E-commerce GMV up +30% in H1 Carrefour Retail Resilient food momentum (+1.7% LFL) Solid performance of hypermarkets (+2.5% LFL) Further inc
Slide 11: Other countries: Mixed situations with Argentina weighing on ROI
Other countries: Mixed situations with Argentina weighing on ROI Q2 2026 LFL sales +8.0% YoY H1 2026 ROI at -€34m H1 2026 LFL +8.6% YoY Belgium: sequential acceleration in LFL, thanks to a solid Belgium: Stable ROI vs H1 2025 commercial dynamic; Stable market share despite a Poland: Slight imp
Slide 12: ROI improvement in H1 2026
ROI improvement in H1 2026 H1 2025 in €m H1 2026 Variation IFRS 5 Net Sales 38,648 39,434 +2.0% Gross margin 7,476 7,518 +0.6% Continued price investments and evolution of As a % of net sales 19.3% 19.1% -28bps the integrated/franchised store mix SG&A (5,790) (5,788) -0.0% As a % of net sales 15.0%
Slide 13: Adjusted EPS up +18.3% driven by ROI growth and reduced financial costs
Adjusted EPS up +18.3% driven by ROI growth and reduced financial costs H1 2025 in €m H1 2026 IFRS 5 Recurring operating income 727 757 Net income from associates and JVs 14 14 In 2025: capital gains notably on the disposal Non-recurring income and expenses, net (39) (165) of Carmila stakes and real
Slide 14: Net Free Cash Flow
Net Free Cash Flow (in €m) -1,922 -1,987 -2,081 FY Forex Calendarisation effect of real estate should be disposals with positive on 159 higher proportion positive FY NFCF scheduled in H2 2026 vs. 2025 65 (53) (77) -€64m NFCF H1 2025 Italy NFCF H1 2025 Forex Brazil Real estate Retail NFCF, Net NFCF H
Slide 15: Net Free Cash Flow
Net Free Cash Flow H1 2025 in €m H1 2026 Variation IFRS 5 EBITDA 1,821 1,865 45 Income tax paid (206) (168) 38 Recognition of monetary adjustments on some Financial result (excl. net cost of financial debt) 33 (38) (71) tax credits in Brazil in 1H25 Cash impact of restructuring items and others (27)
Slide 16: Net debt decreasing €1.1bn YoY
Net debt decreasing €1.1bn YoY (in €m) -€1,141m (1,409) (260) (145) 672 6,989 5,849 June 30, 2025 LTM Net FCF Dividends(1) Net M&A(2) Forex and June 30, 2026 Net Debt Others Net Debt Notes: (1) Dividends paid / received and capital-related transactions. Mainly the €686m dividend distribution in Q2 2
Slide 17: Thank you
Thank you H1 2026 July 23, 2026 17
Slide 18: Appendix
Appendix H1 2026 July 23, 2026 18
Slide 19: CSR – H1 achievements
CSR – H1 achievements Climate Food transition & Health 115 suppliers committed to €421m in sales of a climate strategy plant-based alternatives (+26 vs. end-2025) (+22% vs. H1 2025) -63% reduction in Scopes 1 & 2 44% of food sales from healthy products CO2 emissions (Carrefour is the first retailer
Slide 20: Q2 2026 gross sales
Q2 2026 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 11,723 +1.0% -0.3% +1.6% +1.6% Hypermarkets 5,690 +0.8% -0.9% +0.9% +0.9% Supermarkets 3,830 +1.0% -0
Slide 21: Q2 2026 technical effects
Q2 2026 technical effects Calendar Petrol Forex France -0.3% +2.4% - Hypermarkets -0.5% +2.6% - Supermarkets -0.3% +1.7% - Others, inc. convenience +0.3% +3.1% - Spain -0.7% +0.5% - Brazil -1.1% +0.4% +9.6% Other countries -0.5% -0.3% -9.1% Belgium -0.5% - - Poland -1.9% -0.5% +0.3% Argentina +0.3%
Slide 22: H1 2026 gross sales
H1 2026 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 22,862 +1.1% -0.1% +1.8% +1.8% Hypermarkets 11,162 +0.8% -0.9% +0.4% +0.4% Supermarkets 7,505 +1.1% +
Slide 23: H1 2026 technical effects
H1 2026 technical effects Calendar Petrol Forex France -0.1% +2.1% - Hypermarkets -0.1% +1.6% - Supermarkets -0.1% +1.7% - Others, inc. convenience +0.2% +4.1% - Spain -0.2% +0.1% - Brazil -0.2% +0.3% +4.9% Other countries -0.1% -0.2% -12.7% Belgium -0.1% - - Poland -0.1% -0.0% -0.2% Argentina -0.1%
Slide 24: FX impact on results
FX impact on results H1 2026 CURRENCY evolution Brazilian Real +5.0% Argentine Peso -27.0% €16m positive FX impact on Polish Zloty -0.2% H1 2026 ROI (1) H1 2026 July 23, 2026 24
Slide 25: 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 H1 2025 H1 2025 H1 2026 at constant at current H1 2026 at constant at current IFRS 5 IFRS 5 exch. rates exch. rates exch. rates exch. rates in €m France 20,270 20,607 +1.7%
Slide 26: H1 2026 income statement
H1 2026 income statement H1 2025 in €m H1 2026 IFRS 5 Net sales 38,648 39,434 Net sales, net of loyalty program costs 38,199 38,957 Other revenue 1,413 1,447 Total revenue 39,613 40,404 Cost of goods sold (32,137) (32,886) Gross margin 7,476 7,518 SG&A (5,790) (5,788) Recurring operating income befo
Slide 27: Non-recurring expenses
Non-recurring expenses H1 2025 in €m H1 2026 IFRS 5 Restructuring costs (44) (52) Partial goodwill write-off from the antitrust remedies leading to store disposals as part of Impairment and asset write-offs (84) (127) Cora & Match acquisition In 2025: capital gains, notably Results from asset dispos
Slide 28: Tax expense
Tax expense H1 2025 in €m H1 2026 IFRS 5 Income before taxes 427 322 Non-recurring income and expenses, net (39) (165) Income before taxes 466 486 (excl. non-recurring income and expense) Normative tax rate(1) 29.5% 28.5% Evolution of the geographic mix Normative tax expense (138) (139) Non income-b
Slide 29: Enhanced liquidity and solid balance sheet
Enhanced liquidity and solid balance sheet › Credit Rating as of June 30, 2026: 1 250 1 250 BBB stable outlook by S&P 1 200 › On June 30, 2026, average bond 1 000 debt maturity is at 4.1 years › February 2026: Sustainability- 750 750 750 750 linked Bond issuance for €500m 650 (3.875%) 500 › May 2026
Slide 30: Stores under banners at end Q2 2026
Stores under banners at end Q2 2026 (#) Hypermarkets Supermarkets Convenience Cash & Carry Soft discount Sam’s Club Total France 319 1,174 5,213 157 32 - 6,895 Spain 204 161 1,219 - 70 - 1,654 Brazil 105 26 142 387 - 58 718 Other countries 212 555 1,284 37 6 - 2,094 Belgium 40 346 310 - - - 696 Pola
Slide 31: 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 m