Carrefour Sa · EURONEXT:CA
Carrefour Sa — Investor Presentation (2023)
61 slides from Carrefour Sa's investor presentation, 2023
Slide 1: Carrefour
CARREFOUR 226 wovsicrer <6 eves? &
Slide 2: Carrefour: A retail powerhouse
Carrefour: A retail powerhouse Multi-format and 80 million omnichannel household customers 8bn >€80bn transactions sales Company in one of the largest data lakes in E es in Europe 500,000 people working for Carrefour Our purpose wortdwide mexere| Transition for All Our model Digital Retail <6
Slide 3: Leveraging two key geographies
Leveraging two key geographies South America 1,500 stores ~30% of sales (incl. Grupo BIG) ~40% of operating income >150,000 direct employees Europe 11,000 stores ~70% of sales ~60% of operating income >175,000 direct employees Presence in ~40 markets with international partners <6
Slide 4: Major achievements since 2018
Major achievements since 2018 +20pts 33% of food sales from in Nis Pikes Seen private labels (vs 25%) +3,500 Reinforced positions in France, Brazil and Spain with sustained market +130 share gains Atacadao convenience stores 1 Disposal of China in 2019 (€1.4bn EV) and Taiwan (€2.0bn EV - closing exp
Slide 5: A strong financial performance
A strong financial performance 6 One of the €5bn strongest cost savings balance sheets in the industry over 2018-2022 gain in Recurring Operating Income margin €1.1bn annual cash return to since 2020 shareholders in 2021 & 2022 Net Free Cash Flow Comfortably ane 1,228 > €1bn 3 €m 1056 €m_ 1,083 2.5%
Slide 6: Recognized best-in-class extra-financial performance
Recognized best-in-class extra-financial performance 6 «@ Dow Jones. Sustainability Indexes DRIVING SUSTAINABLE ECONOMIES. 71/100 for climate #1 French retailer Among top 5% companies worldwide
Slide 7: Carrefour in 2022
Carrefour in 2022 Building on a solid asset base Reinforced leadership positions A management team with proven transformation track-record <6 Unifying purpose; committed teams A solid balance sheet A strong portfolio of recognized private labels A broad ecosystem of e-commerce, financial and merchan
Slide 8: Successfully navigating in a challenging context
Successfully navigating in a challenging context Geopolitical tensions Supply chains under pressure Climate change Purshasing power crisis Food sovereignty Spending trade-off <6 Inflation growing Subdued consumer confidence
Slide 9: Carrefour 2026 Strategic Plan structure
Carrefour 2026 Strategic Plan structure Our purpose Our model Our two pillars Food Transition for All “Digital Retail Company” Carrefour 2026 <6
Slide 10: Carrefour 2026
Carrefour 2026 Committed to making the best accessible to all our customers A distinctive offer Unique omnichannel model Mobilize to fight climate change Building a cutting-edge Group Simpler and better performing Unlocking full value from all assets More inclusive <6 10
Slide 11: A distinctive offer
Carrefour 2026 <6 A distinctive offer Placing our private labels at the heart of our commercial model Leading the way in accessible fresh products Continuing to lead the food transition for all 11
Slide 12: A large range of private labels
A large range of private labels to meet all customer needs %: ) Entry price Sample of Carrefour food private labels Premium new trends <6 12
Slide 13: Placing Carrefour private labels at the heart of our commercial model
Placing Carrefour private labels at the heart of our commercial model Private labels as % of food sales 40% <6 13
Slide 14: Clear brand strategy
Clear brand strategy Offer segmentation New sourcing strategy Product design “to cost" Direct sourcing and purchasing Dedicated marketing Continuously improving quality as key differentiator Dedicated supply chain approach to maximize availability 14
Slide 15: Accelerating our Act for Food program
Accelerating our Act for Food program removed from our food private labels . in all markets by 2026 <6 15
Slide 16: Increased availability and visibility in store
Increased availability and visibility in store Assortment rollout in all geographies 16
Slide 17: Heightened ambition on certified sustainable products
Heightened ambition on certified sustainable products <¢@® and new responsible consumption trends € 8 b N1 sales in certified sustainable products e Organic @ Carrefour Quality Lines @ Agroecology @ Sustainable fishing (ASC/MSC) 2026 @ Sustainable forest sourcing (FSC) 17
Slide 18: Double the sourcing of ultra-local fruits and vegetables
Double the sourcing of ultra-local fruits and vegetables (produced 50km or less from store) Guarantee freshness & quality through optimized supply chain and logistics polos New convenience banner specialized in fresh 18
Slide 19: Partner producers
50,000 partner producers by 2026 7,000 organic producers by 2026
Slide 20: Unique omnichannel model
Carrefour 2026 <6 Unique omnichannel model Closer to our customers through digital Reinforcing our discount formats Densifying our network of growth formats 20
Slide 21: Value creation from omnichannel customers
Value creation from omnichannel customers <® validated since 2021 Digital Day Average spending per customer +2/% Gor omnichannel customers by 2026 (vs. 11% in 2021) — Offline customer === Omnichannel customer +7% average basket +15% frequency M M+12 M+24 21
Slide 22: Enhanced loyalty and customer retention
<6 Enhanced loyalty and customer retention Rollout of subscription programs in Spain To be deployed in other countries >10% of promotions personalized by 2026 Increase the number of loyalty members in all countries 22
Slide 23: Financial and ancillary services
Carrefour Rental Electric charging stations Financial services New services: * Buy Now Pay Later * Targeted credit offers * APAG 23
Slide 24: "Digital Retail" targets confirmed
"Digital Retail" targets confirmed €10bn e-commerce GMV in 2026 e-commerce +€200m additional Recurring Operating Income in 2026 vs 2021 Financial services +€200m additional Recurring Operating Income from digital in 2026 vs 2021 <6
Slide 25: Hypermarkets: The first discount format
Hypermarkets: The “first” discount format The “Maxi” method - 25
Slide 26: A new paradigm on non-food
A new paradigm on non-food <6 Increase online visibility of non-food my <2 - oF 8 4x 26
Slide 27: Rapid expansion of most affordable formats
Rapid expansion of most affordable formats «6 _ 470+ _ 200+
Slide 28: Densifying our convenience store network
Densifying our convenience store network < + 2, 4 0 0 store openings by 2026 oe SS oo 28
Slide 29: Mobilize to fight climate change
Carrefour 2026 <6 Mobilize to fight climate change Fighting all forms of waste Involving our ecosystem for climate transition 29
Slide 30: Fighting all forms of waste
Fighting all forms of waste by 2025 by 2025 (vs 2016) <6 30
Slide 31: Strong commitment on climate
Strong commitment on climate <6 Carbon @ neutrality 203 0 in e-commerce 2040 in all stores <6 Involve our suppliers 100% 2&3 of top 100 suppliers required to commit to L.5°C trajectory by 2026, failing which they will be delisted 31
Slide 32: Investing in actions to preserve biodiversity
“invested in’actions to preserve biodiversity in ~ ts ge
Slide 33: Carrefour 2026
Carrefour 2026 Committed to making the best accessible to all our customers A distinctive offer Unique omnichannel model Mobilize to fight climate change Building a cutting-edge Group Simpler and better performing Unlocking full value from all assets More inclusive <6 33
Slide 34: Building a cutting-edge Group
Carrefour 2026 Building a cutting-edge Group Mutualizing and making the organization leaner Improving our performance with digital Simpler and better performing Developing the franchise model <6 34
Slide 35: Strong value creation levers
Strong value creation levers «6 South America * Growth engine * Strong synergy play with ‘ ( 10 additional int tional Grupo BIG integration ee markets with partners 35
Slide 36: Mutualizing merchandise purchasing across Europe
Mutualizing merchandise purchasing across Europe «6 Share of purchasing massified across Europe 20% 0% 10% 2022 2026 2022 2026 2022 2026 EURECA For imported products European purchasing center for FMCG 36
Slide 37: Reinforce integration across European countries
Reinforce integration across European countries <6 : : * Expert functions Mutualization + Support functions and centralization ¢ Purchasing of merchandise and goods not for resale ¢ Lighter head-offices Countries focused * Commercial policy and development : * Day-to-day operations on operations * C
Slide 38: Putting tech into retail
Putting tech into retail Reshape core processes with Lean and Digital to optimize performance 40% of technologies in 2026 (vs 10% to date) common among our countries with the creation of a “Global Tech Center” <6 38
Slide 39: Franchise at the heart of our model
Franchise at the heart of our model >90% of store openings . under franchise to franchise in Europe Gontinuershift International development via partners. Focus on +10 Latin America, markets Africa by 2026 & Middle East An increasingly deeply-rooted franchisor culture <6 39
Slide 40: Further cost-savings initiatives
Further cost-savings initiatives <e to nurture competitiveness ¢ Mutualization of our offer and purchasing across countries * Industrial approach to private labels * Assortment rationalization Digitization of processes * Operating processes reshaped * Mutualization of expert and support functions *
Slide 41: Unlocking full value from all assets
Carrefour 2026 Becoming a leader in Retail media in Europe & Latin America Producing renewable energy Leveraging our real estate assets Building a cutting-edge Group Unlocking full value from all assets <6 41
Slide 42: Joint venture with Publicis
Joint venture with Publicis <e to scale up Data & Retail media o> © <|> C|> o Sane PUBLICIS Carrefour Carrefour GROUPE LINKS: LINKS: + Enlarged data lake with Carrefour transactions & Publicis Core ID Data 8bn Carrefour transaction data Geographical reach 8 Carrefour countries * Continental Europe,
Slide 43: A leading retail player in the energy transition
A leading retail player in the energy transition €200.. invested per year (x2 vs. 2022) =27.5:. energy consumption by 2030 -20% -20% in France by 2024 at Group level by 2026 <6 43
Slide 44: Producing renewable energy on Carrefour sites
Producing renewable energy on Carrefour sites |... «6 a 44
Slide 45: Urban transformation: Leveraging our assets to create value
Urban transformation: Leveraging our assets to create value ~100 _ sites in France Selection of co-promoters launched at end-2022 Housing Leisure areas Offices (2022-2030) Equivalent to1.5m sqm €500m value creation potential 45
Slide 46: Creating the largest private property company in South America
Creating the largest private property company in South America ~500 _ sites in Brazil oA Open capital to minority partner investors BRL ~1.5bn annual rental income Open to value crystallization opportunities <6 46
Slide 47: Making the Group more inclusive
Carrefour 2026 Building a cutting-edge Group Making the Group more inclusive Creating more opportunities for all More inclusive Embark all employees into Carrefour 2026 success <6 47
Slide 48: Accelerating on diversity and inclusion
Accelerating on diversity and inclusion Promoting Promoting gender diversity equality of origins 15,000 employees with disabilities by 2026 (+50% vs. 2022) <6 48
Slide 49: Creating more opportunities for all
Creating more opportunities for all Digital Retail Academy 100% of Carrefour employees trained in digital by 2024 *,* +5,000 x2 alumni from “School of Leaders” by 2026 , <6 49
Slide 50: Embark all employees into Carrefour 2026 success
Embark all employees into Carrefour 2026 success «6 Carrefour Invest // ( An employee shareholding Plan (implemented in 2023) Strengthening employee Benefiting all Carrefour Proceeds notably commitment employees allocated to CSR projects 50
Slide 51: Carrefour 2026
Carrefour 2026 Committed to making the best accessible to all our customers A distinctive offer Unique omnichannel model Mobilize to fight climate change Building a cutting-edge Group Simpler and better performing Unlocking full value from all assets More inclusive <6 51
Slide 52: Financial wrap-up
CARREFOUR 21326 Financial wrap-up <6 <6
Slide 53: Stepping up our operating performance
Stepping up our operating performance Further market share gains in key countries, driving sales growth Enhanced productivity and constant cost discipline €4bn cost savings 2023-2026 Development of margin-accretive models Franchising Data & Retail media Atacadaéo Convenience Financial services <6 Gr
Slide 54: Capex increasing to €2.0bn per year
Capex increasing to €2.0bn per year €2.0bn €1.7bn —— Energy ++ —s — - ~€600m Digital = scat Maintenance & remodeling + (incl. “Maxi” method) 2022 2023 - 2026 excl. €150m for Grupo BIG conversions <6 54
Slide 55: Growth in EBITDA
<6 Growth in EBITDA Market share gains, operational initiatives and cost discipline N et Free Cash Flow reaching Positive contribution from working capital Topline growth from market share gains and expansion >€ b Nn Stable Capex policy I N 2 @) 2 6 €2.0bn per year 55
Slide 56: Net free cash flow generation - Key building blocks
Net free cash flow generation - Key building blocks 6 EBITDA ° Year-on-year growth Taxes ° Broadly stable tax rate Restructuring ——————* Additional exceptionals in 2023-24 Working Capital —————* Positive contribution Capex ° Stable at €2bn per year Asset disposals —_———* Continued real estate asset
Slide 57: A well-balanced capital allocation policy
A well-balanced capital allocation policy 1) Investments in operations and customer value proposition 6 Solid investment grade rating 3 Growth in ordinary dividend of at least +5% per year 4 | Additional returns to shareholders every year 5 ] Opportunistic bolt-on M&A <6 57
Slide 58: Carrefour 2026 dashboard
Carrefour 2026 dashboard -— Operational targets by 2026 + Market share Sustained in key markets gains * e-commerce GMV €10bn + Sales of certified sustainable products €8bn + Private labels ° as % of food sales 40% + Number of openings +2,400 convenience in growth formats +200 Atacadao -— Financial t
Slide 59: Investment case
Investment case Leading market positions and best-in-class operational excellence + #1 or #2 positions in key countries, with solid market share gain dynamics + Unparalleled multiformat and omnichannel proposition for customers, fostering loyalty + State-of-the-art digital solutions supporting perfo
Slide 60: Disclaimer
Disclaimer <6 This document 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
Slide 61: Carrefour
CARREFOUR ZOQEG | sustesc rer <6 eves? &