Carrefour Sa · EURONEXT:CA
Carrefour Sa — H1 2025 Earnings Presentation
42 slides from Carrefour Sa's earnings presentation, Jul 24, 2025
Slide 1: H1 2025 Results, Q2 2025 Sales
H1 2025 Results Q2 2025 Sales July 24th, 2025
Slide 2: Key takeaways
Key takeaways Alexandre Bompard, Chairman & CEO
Slide 3: Q2 & H1 2025 show positive underlying trend
Q2 & H1 2025 show positive underlying trend Sales accelerating in Q2 Operating Income up in all 3 key markets excl. Cora & Forex +4.4% LFL in Q2 ROI at €761m ex. Cora & Match (after +2.9% in Q1) (vs €743m in 1H24) €681m incl. Cora & Match Accelerating LFLs Ex. Cora & Match: Positive in all formats •
Slide 4: Moving decisively on the strategic fronts
Moving decisively on the strategic fronts Full acquisition of Disposal of 7% of New buying alliance Carrefour Brazil Carmila’s share capital Concordis Carrefour 29.8% Others 70.2% H1 2025 RESULTS July 24, 2025 4
Slide 5: Disposal of Carrefour Italy as part of the strategic review
Disposal of Carrefour Italy as part of the strategic review Strategic rationale Stores Cash & Carry Hyper Sharpened focus on core operations 41 12 Optimized resource allocation 1,188 Market 315 Improvement of the financial profile of the Group Express 820 … with a buyer that has ambition and fire po
Slide 6: A new European buying alliance - Concordis
A new European buying alliance - Concordis Ranking of European buying alliances by turnover (2024)(1) Carrefour & Coopérative U become the largest (€bn) buying alliance in France with 34% market share ~190 Strengthen competitiveness against major existing alliances and respond to FMCG >150 consolida
Slide 7: Delivering results on our operational initiatives
Delivering results on our operational initiatives Convenience stores E-commerce M&A +400 stores in H1 in Integration +16% to €3.4bn France & Europe progressing well Private labels ESG Cost savings €1.2bn in 2025 37.4% of food sales 107% €610m in H1 (+0.4pt YOY) H1 2025 RESULTS July 24, 2025 7
Slide 8: Financial Results
Financial Results Matthieu Malige, Group CFO
Slide 9: Improving market dynamics
Improving market dynamics Evolution of FMCG markets in Q2 2025 – Market data Value Volume Value Volume Value Volume Value Value Volume Volume Value Value Volume Value Volume Volume H1 2025 RESULTS July 24, 2025 9
Slide 10: Strong improvement in LFL sales in Q2 2025
Strong improvement in LFL sales in Q2 2025 Group LFL sales growth H1 25 +3.7% Hypermarkets: +0.6% Q2 sales LFL Supermarkets: +0.7% +4.4% Convenience/other Group +4.4% formats: +7.6% Spain: +2.9% › France +2.1% +2.9% Italy: +1.6% › Europe +2.2% Belgium: :+1.9% Romania:+2.7% › LatAm +9.7% Poland: -0.3
Slide 11: Q2 sales total growth
Q2 Q2sales totalgrowth sales growth +5.2% +5.5% +1.0% +4.4% (0.9)% €22,708m (4.8)% €23,885m › France: +2.1% › Europe: +2.2% › LatAm: +9.7% Q2 2024 Gross LFL Expansion & Petrol Calendar Forex Q2 2025 Gross sales M&A sales H1 2025 RESULTS July 24, 2025 11
Slide 12: Good underlying operating performance penalized by Cora & Forex
Good underlying operating performance penalized by Cora & Forex Group Recurring Operating Income Operating margin -€62m -€80m €823m €743m €761m 2.0% 1.8% 1.9% €681m 1.6% H1 2024 H1 2025 Forex impact H1 2025 Cora & Match H1 2025 at constant Fx, at current Fx, impact excl. Cora & Match excl. Cora & Ma
Slide 13: France: Improvement in sales & continued increase in margin
France: Improvement in sales & continued increase in margin(1) France Q2 2025 LFL of +2.1% ROI temporarily impacted by Cora & Match › Positive LFL in all formats driven by the success of the › Excl. Cora & Match: H1 2025 ROI up +20.0% commercial policy focusing on value with ROI margin up +34bps at
Slide 14: Europe: Improved topline momentum in Q2
Europe: Improved topline momentum in Q2 Europe Q2 LFL of +2.2% Stabilized ROI thanks to Spain and despite Poland › Solid commercial momentum across Europe led by Spain, thanks to price investments driving volumes in › Spain: Strong increase in ROI (+9.4%) and ROI margin improving markets › Good dyna
Slide 15: Spain: Solid momentum in a dynamic market
Spain: Solid momentum in a dynamic market A buoyant market fostered by both volumes and inflation Successful price investments enhancing price leadership vs. peers Strengthened positive momentum in food sales (+2.9% LFL in Q2 vs +2.5% LFL in Q1) driven by an excellent performance in fresh products P
Slide 16: Solid performance in Brazil, consumption under pressure in Argentina
Europe Solid performance in Brazil, consumption under pressure in Argentina LatAm Q2 2025 LFL of +9.7% H1 2025 ROI impacted by FX › Sound performance in Brazil (+4.4% LFL) driven by › Brazil: €340m vs €366m in H1 2024 (up +6.5% at Atacadão (+5.4% LFL) in an uncertain environment constant exchange ra
Slide 17: Stable ROI margin improvement in H1 excl. Cora & Match
ROI margin improvement in H1 excl. Cora & Match H1 2025 ROI Stable at constant rates in €m H1 2024 H1 2025 Variation Net Sales 40,619 41,755 +2.8% Gross margin 7,898 8,195 +3.8% Primarily driven by the consolidation As a % of net sales 19.4% 19.6% +18bps of Cora & Match – -12bps excl. Cora & Match S
Slide 18: Net income impacted by the impairment of Italy
Net income impacted by the impairment of Italy in €m H1 2024 H1 2025 Recurring operating income 743 681 Net income from associates and JVs 14 14 Non-recurring income and expenses, net (126) (529) Impairment of Italy & lower restructuring EBIT 632 166 Net financial expenses (430) (308) Cost of debt,
Slide 19: Net Free Cash Flow
Net Free Cash Flow EBITDA to Net FCF in €m H1 2024 H1 2025 Variation EBITDA 1,916 1,936 21 Income tax paid (209) (217) (8) Normalization after negative (1) impact in Argentina in 2024 Financial result (operations-related) (121) 21 142 Cash impact of restructuring items and others (82) (57) 25 Less c
Slide 20: Net Free Cash Flow excluding real estate
Net Free Cash Flow excluding real estate (in €m) H1 2024 H1 2025 Variation Net free cash-flow (incl. real estate) (1,704) (2,091) (386) Real estate Capex 96 106 +10 Real estate asset disposal 208 138 (70) Net real estate investment/(disposal) (112) (32) (81) Net free cash-flow (excl. real estate) (1
Slide 21: FY 2025 Net Free Cash Flow outlook: H2 expected key moving parts
FY 2025 Net Free Cash Flow outlook: H2 expected key moving parts Expected Expected NFCF H1 2025 H2 2025 NFCF vs. H2 2024 NFCF FY 2025 NFCF vs. FY 2024 NFCF (in €m) vs H1 2024 Trend Comments Trend Comments Improving business trends EBITDA +21 ++ ++ Increase in EBITDA End of Cora & Match negative impa
Slide 22: Net debt variation
Net debt variation Net debt increases mainly following Cora/Match acquisition +€1,571m in €m 382 6,989 1,177 5,418 258 (1,071) 826 June 30, 2024 LTM Net FCF Dividends(1) Share buyback Net M&A(2) Forex and June 30, 2025 Net Debt Others Net Debt Notes: (1) Including €15m dividends paid to minority sha
Slide 23: Brazil: Refinancing of local debt
Brazil: Refinancing of local debt Following the buyout of minority shareholders in Carrefour Brazil, Carrefour will start refinancing BRL-denominated debt, currently standing at ~BRL 9.7bn (€1.5bn) Most of BRL debt expected to be refinanced with EUR-denominated debt at lower interest rate by end-202
Slide 24: Disposal of Carrefour Italy
Disposal of Carrefour Italy Transaction structure Carrefour Italy in a nutshell Buyer: NewPrinces Group, a major international in €m FY 2024 food and beverage group Gross sales including fuel €4.2bn Recurring Operating Income €(67)m Perimeter: All Carrefour activities in Italy Net Free Cash Flow €(1
Slide 25: Appendix
a © APPENDIX
Slide 26: Cora & Match integration progressing well; remedies fixed
Cora & Match integration progressing well; remedies fixed Cora & Match acquisition €130m run-rate EBITDA Confirmed synergies by 2027 Remedies: • 6 hypermarkets (incl. 3 ex-Cora and 1 ex-Casino) out of which 4 bought by Coopérative U and 2 by Intermarché Confirmed €250m integration costs • 2 Carrefou
Slide 27: Concordis: a new buying alliance to strengthen competitiveness
Concordis: a new buying alliance to strengthen competitiveness Objective: strengthen competitiveness against major existing alliances and respond to FMCG consolidation Creation of a new European buying alliance • First milestone: An alliance between Carrefour & Coopérative U Objective to welcome o
Slide 28: A next-generation buying alliance with a scalable ambition
A next-generation buying alliance with a scalable ambition Concordis aims at attracting additional European retail partners • Gradual ramp-up starting in 2026, expanding into 2027 • Between 5 and 7 potential partners targeted across all Europe • Already advanced discussions with future partners Targ
Slide 29: Concordis becomes the largest buying alliance in France
Concordis becomes the largest buying alliance in France Before Concordis With Concordis Market Market share (%) share (%) 1. Aura 1. Concordis • Intermarché (17.0%) • Carrefour (22.0%) 34% 29% • Auchan (9.5%) • Coopérative U (12.1%) • Casino (2.9%) 2. Aura 2. E. Leclerc 25% • Intermarché (17.0%) 29%
Slide 30: Carrefour 2026 objectives
Carrefour 2026 objectives OPERATIONAL OBJECTIVES 2024 H1 2025 2026 37% of food sales 37.4% of food sales 40% of food sales Private labels (+0.4pt vs H1 24) Convenience store openings +1,556 vs. 2022 +2,068 vs. 2022 +2,400 vs. 2022 Atacadão store openings +110 vs. 2022 +114 vs. 2022 >+200 vs. 2022 ES
Slide 31: Q2 2025 Gross sales
Q2 2025 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 11,542 +2.1% +2.0% +14.1% +14.1% Hypermarkets 5,641 +0.6% -0.4% +20.0% +20.0% Supermarkets 3,784 +0.7
Slide 32: Q2 2025 Technical effects
Q2 2025 Technical effects Calendar Petrol Forex France +0.7% -2.4% - Hypermarkets +1.4% -2.1% - Supermarkets +0.5% -4.3% - Others, incl. convenience -0.7% -0.1% - Other European countries +1.2% -0.5% -0.0% Spain +0.7% -1.0% - Italy +2.5% -0.7% - Belgium +1.1% - - Romania +0.0% - -1.1% Poland +3.4% +
Slide 33: H1 2025 Gross sales
H1 2025 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 22,468 +0.2% +0.0% +11.7% +11.7% Hypermarkets 11,120 -1.5% -2.4% +16.9% +16.9% Supermarkets 7,393 -0.
Slide 34: H1 2025 Technical effects
H1 2025 Technical effects Calendar Petrol Forex France -0.7% -1.4% - Hypermarkets -0.6% -0.6% - Supermarkets -0.6% -3.2% - Others, incl. convenience -0.9% -0.3% - Other European countries -0.5% -0.3% +0.1% Spain -0.5% -0.8% - Italy -0.5% -0.4% - Belgium -0.5% - - Romania -0.4% - -0.6% Poland -0.4% +
Slide 35: FX impact on results
FX impact on results H1 2025 CURRENCY evolution(1) Brazilian Real (12.7%) Argentine Peso (22.5%) -€62m negative FX impact on Romanian Leu (0.6%) H1 2025 ROI Polish Zloty +2.0% (1) Average foreign exchange rate H1 2025 RESULTS July 24, 2025 35
Slide 36: 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 2024 H1 2025 at constant at current H1 2024 H1 2025 at constant at current exch. rates exch. rates exch. rates exch. rates in €m France 18,146 20,270 +11.7% +11.7% 286 2
Slide 37: Non-recurring expenses
Non-recurring expenses in €m H1 2024 H1 2025 Restructuring costs (77) (65) Less reorganization plans Impairment and asset write-offs (84) (554) Mainly Italy Mainly capital gains on asset Results from asset disposals 37 132 disposals Other non-current items (2) (42) Mainly provisions for legal risks
Slide 38: Tax expense
Tax expense in €m H1 2024 H1 2025 Income before taxes 201 (142) Non-recurring income and expenses, net (126) (529) Mainly the impairment of Italy Income before taxes 327 387 (excl. non-recurring income and expense) Normative tax rate(1) 27.6% 31.6% Evolution of the geographic mix Normative tax expen
Slide 39: H1 2025 income statement
H1 2025 income statement in €m H1 2024 H1 2025 Net sales 40,619 41,755 Net sales, net of loyalty program costs 40,159 41,306 Other revenue 1,343 1,468 Total revenue 41,502 42,773 Cost of goods sold (33,604) (34,579) Gross margin 7,898 8,195 SG&A (6,122) (6,405) Recurring operating income before D&A
Slide 40: Enhanced liquidity and solid balance sheet
Enhanced liquidity and solid balance sheet Debt redemption schedule (in €m) – As of June 30, 2025 › Credit Rating as of June 30, 2025: 1,986 BBB stable outlook by S&P › On June 30, 2025, average bond debt maturity is at 4.2 years 1,506 686 1,270 › January 2025: Sustainability-linked 256 Bond issuanc
Slide 41: Stores under banners at end Q2 2025
Stores under banners at end Q2 2025 Cash & Soft (#) Hypermarkets Supermarkets Convenience Sam’s Club Total Carry discount France 325 1,165 5,001 157 37 - 6,685 Other European countries 464 2,217 3,249 12 103 - 6,045 Spain 204 163 1,113 - 69 - 1,549 Italy 41 315 820 12 - - 1,188 Belgium 40 346 321 -
Slide 42: 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