Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — Casino Group — Investor Presentation (November 2025)
76 slides from Casino, Guichard-perrachon Sa's investor presentation, Nov 24, 2025
Slide 1: Strategic plan 2030 & Business Plan
Strategic plan 2030 & Business Plan November 24, 2025 1
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements, including, without limitation, statements about Casino Group (“the Company”) and its plans, strategies, and prospects. Investors are cautioned that forward-looking statements are not guarantees of future performance and are subject to
Slide 3: Table of Contents
TABLE OF CONTENTS THE STRENGTH OF OUR BRANDS OUR OUR CULTURE POWER OF SERVICE AS A GROUP THE ENERGY OUR SOCIETAL OF OUR PEOPLE AND ENVIRONMENTAL VALUES 2. RENOUVEAU 2030 1. POINT OF DEPARTURE 3. GROUP RESOURCES GROUP STRATEGY 2030 4. RENOUVEAU 2030 5. RENOUVEAU 2030 6. BALANCE PER BRAND GROUP FIGURE
Slide 4: Strategic plan 2030 Introduction
Strategic plan 2030 Introduction 4
Slide 5: Update and expansion of Renouveau 2028 to 2030
UPDATE AND EXPANSION OF RENOUVEAU 2028 TO 2030 TLB maturity March 2027 2028 2030 2024 2025 2026 2027 2028 2029 2030 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 RESTORE RECOVER GROW SUSTAIN FINANCIAL RESTRUCTURING REFOCUSING ON CONVENIENCE OPERATIONAL RESTRUCTURIN
Slide 6: Casino financial trajectory is fully aligned with our plan
CASINO FINANCIAL TRAJECTORY IS FULLY ALIGNED WITH OUR PLAN CONFIRMATION OF 2028 TARGETS IN TERMS OF EBITDA, CASH CONVERSION RATE AND CAPEX FINANCIALS 2024 – 2030 (in €m) 2024 2025 2026 // 2028 // 2030 CAGR 25-30 GMV VAT included 12,895 12,773 13,288 14,675 15,779 +4.3% Net Sales 8,474 8,270 8,290 8,
Slide 7: Group faces significant debt maturity in 2027, notably the Term Loan B
GROUP FACES SIGNIFICANT DEBT MATURITY IN 2027, NOTABLY THE TERM LOAN B AMOUNTING TO €1.4BN Debt maturity schedule as of Sept-25 (€m, nominal value excluding accrued interest) Cost of main debt instruments Maturities assuming all extension options are exercised Chart Title 1,769 Term Loan B ▪ 9% cash
Slide 8: Group capital structure remains overleveraged
GROUP CAPITAL STRUCTURE REMAINS OVERLEVERAGED Net leverage ratio (excluding Quatrim and Latam)1 Interest Coverage Ratio (excluding Quatrim and Latam)2 No challenge to the December 2025 contractual 2.7x 7.6x covenant test Net leverage ratio at the end of 2.4x the plan remains too high for a 6.2x refi
Slide 9: 18 months of restructuring and transformation
18 MONTHS OF RESTRUCTURING AND TRANSFORMATION MAIN ACHIEVEMENTS TO DATE NEW CASINO AT A GLANCE* > MARCH 2024 FINANCIAL RESTRUCTURING • Share capital increase: €1.2bn • Debt conversion to equity: €4.9bn in principal 7 6,640 > FOCUS ON CONVENIENCE RETAIL POINTS • Disposal of hypermarket and supermarke
Slide 10: Casino performance at a glance
CASINO PERFORMANCE AT A GLANCE FY 2024 FY 2025B GMV NET SALES ADJUSTED FCF ** GMV NET SALES ADJUSTED FCF ** VAT INCLUDED VAT EXCLUDED EBITDA * VAT INCLUDED VAT EXCLUDED EBITDA * €12.9bn €8.5bn €111m €(639)m €12.8bn €8.3bn €197m €(108)m FY 2025B VS FY 2024A GMV +1.9% - 0.9% - 3.6% - 8.0% +3.0% +3.1%
Slide 11: Point of departure
RENC-UVEAU 2030 Point of departure GROUPE Casino —— la nouvelle, Proximité
Slide 12: 2024 in a nutshell
2024 IN A NUTSHELL €5.1bn GMV €0.35bn GMV €4.0bn net sales €0.3bn net sales 619 stores* | 48% of the store network franchised 228 stores* | 28% of the store network franchised • Owned: 322 • Owned : 164 • Franchisees: 297 • Franchisees: 64 €2.1bn GMV €1.6bn net sales €2.7bn GMV 1,054 stores | 71% of
Slide 13: Casino Group: SWOT analysis
CASINO GROUP: SWOT ANALYSIS STRENGTHS WEAKNESSES • French retailer 100% dedicated to Convenience market • In-store customer experience deteriorated due to underinvestment • Brands awareness • Price image • Store locations • Outdated loyalty programs • Market leader in Paris with Franprix, Monoprix,
Slide 14: Strategy
Wy RENC-<UVEAU 2030 Strategy GROUPE Casino —— la nouvelle, Proximité
Slide 15: An experienced team focused on execution
AN EXPERIENCED TEAM FOCUSED ON EXECUTION COMEX GROUP CASINO /SPAR/VIVAL FRANPRIX MONOPRIX NATURALIA C DISCOUNT Magali Vincent Alfred Richard & CNOVA DAUBINET -SALEN DOUMERC HAWAWINI JOLIVET Thomas METIVIER GROUP CHIEF EXECUTIVE OFFICER BOARD MEMBER Philippe PALAZZI Chairman of M&A HR FINANCE PURCHAS
Slide 16: 2030: Vision, mission, direction remain unchanged
2030: VISION, MISSION, DIRECTION REMAIN UNCHANGED BEST OF BRANDS IN CONVENIENCE RETAILING 2028 2030 THE STRENGTH OF OUR BRANDS OUR OUR CULTURE POWER OF SERVICE AS A GROUP THE ENERGY OUR SOCIETAL OF OUR PEOPLE AND ENVIRONMENTAL VALUES 16 Management presentation
Slide 17: 2030: Levers
2030: 5 LEVERS Cultivating brand personalities & positionings Tailoring brand offerings Becoming preferred partner for innovation Improving customer experience Resuming mastered expansion Accelerating franchisees success Streamlining store network Contributing to suppliers | vendors development Cutt
Slide 18: 2030: Human resource strategy
2030: HUMAN RESOURCE STRATEGY TALENTS, NEW MANAGEMENT CULTURE & PERFORMANCE 1 • Strengthen Talent pools • Promote parity PEOPLE • Develop employees' skills • Promote new management culture 2 • Promote added value dialogue with SOCIAL unions at Group level DIALOGUE • Develop innovative Group HR polic
Slide 19: 2030: Corporate social responsibility
2030: CORPORATE SOCIAL RESPONSIBILITY Casino is a people-oriented group … … rooted in local communities … Local Teams Communities … and taking actions to preserve our environment At Casino, convenience Products Planet also means great products… 19 Management presentation
Slide 20: Differentiate brands as possible, centralise resources as necessary
DIFFERENTIATE BRANDS AS POSSIBLE, CENTRALISE RESOURCES AS NECESSARY Shared IT Services Logistics Assortments Franchisees COGS* Mgt. Cash CapEx Mgt. * COGS: Costs of Goods Sold 20 Management presentation
Slide 21: Group resources
Wy RENC;UVEAU 2030 Group resources
Slide 22: Differentiate brands as possible, centralise resources as necessary
DIFFERENTIATE BRANDS AS POSSIBLE, CENTRALISE RESOURCES AS NECESSARY Shared IT Services Logistics Assortments Franchisees COGS Mgt. Cash CapEx Mgt. 22 Management presentation
Slide 23: Shared service centers: improve efficiency and reduce costs
SHARED SERVICE CENTERS: IMPROVE EFFICIENCY AND REDUCE COSTS ACTIVITIES 7 MANAGED BY BRANDS GROUP SHARED SERVICE CENTERS Launched In H1 2025 23 Management presentation
Slide 24: Assortments: rationalise and massify private label volumes
ASSORTMENTS: RATIONALISE AND MASSIFY PRIVATE LABEL VOLUMES > Maintain a high level of Premium differentiation between brands Organic Bio > Increase Franchisees loyalty by higher profits and Core range differentiation Produits frais Value Line > Offering better balance between quality and affordabili
Slide 25: Assortments: increase national brands' assortment overlapping
ASSORTMENTS: INCREASE NATIONAL BRANDS’ ASSORTMENT OVERLAPPING 100% Total Group overlapping SKUs Overlapping from small & middle suppliers 90 80% SKUs Overlapping from large suppliers 80%Max 80 70 > Target: 70% of sales with common assortments 61,7% 62% Aura 70%Min • National brands SKUs’ rationalisa
Slide 26: COGS: levels of purchasing massification
COGS: 3 LEVELS OF PURCHASING MASSIFICATION > European purchasing alliance International purchases (through Intermarché) with PICNIC and EDEKA > alliance since March 2025* Buying massification with Intermarché & Auchan for large 20/80 suppliers > contractualisation & negotiations for group brands for
Slide 27: Cash control: lowering rents & receivables
CASH CONTROL: LOWERING RENTS & RECEIVABLES HQ & WAREHOUSES RENTS OWNED STORES’ RENTS RECEIVABLES RENEGOTIATE WAREHOUSES | HQs RENTS RENEGOTIATE OWNED STORES’ RENTS RECEIVABLES RECOVERY Casino/Spar/Vival Warehouses Store rental cost by maturity Strengthen Monoprix, Franprix, Naturalia & and all HQs r
Slide 28: Capex: strict investments monitoring & costs optimisation
CAPEX: STRICT INVESTMENTS MONITORING & COSTS OPTIMISATION STORE REMODELINGS REMODELING COSTS 2025-2030 DETAILED CALENDARISATION ALIGNED STRICT MONITORING AND COST OPTIMISATION PER SQM WITH OUR CAPEX PROGRAMME Illustrative: concepts remodelling cost evolution - Base 100 • New concepts roll-out: La Ca
Slide 29: Franchise management: centralisation and coordination
FRANCHISE MANAGEMENT: CENTRALISATION AND COORDINATION FRANCHISE COMMITTEE NEGOTIATE COMMERCIAL IDENTIFY WHITE SPOTS STRENGTHEN FRANCHISEES’ SUPPORT FRANCHISEES’ COORDINATE NEGOTIATIONS CONDITIONS FOR IN-STORE & DEFEND EXISTING NETWORK SELECTION PROCESS STORE PERFORMANCE WITH MASTER-FRANCHISEES SERVI
Slide 30: Logistics: create synergies, optimise cost base
LOGISTICS: CREATE SYNERGIES, OPTIMISE COST BASE Logistics network (Cdiscount excluded) Gonesse Garonor Chennevières BACKGROUND Wissous Bonneuil Orlygel > In 2024: transformation from 22 to 12 warehouses* (7 Casino convenience sites stopped and 3 sold) Moissy Arras 2030 TRAJECTORY: 3 LEVERS TO OPTIMI
Slide 31: IT: create synergies, mutualise systems and optimise cost base
IT: CREATE SYNERGIES, MUTUALISE SYSTEMS AND OPTIMISE COST BASE I II III IV Finalise the Group IT shared Share core IT systems Support BUs in their value Run daily IT operations services centers roll-out of our BUs creation plan and maintenance Build one IT organisation with Mutualise BUs core IT sys
Slide 32: Per Brand
RENC-UVEAU 2030 Per Brand {GROUPE Casino = ———— la nouvelle, Proximité
Slide 33: Monoprix
MONOPRIX
Slide 34: Store network management
2030 STORE NETWORK MANAGEMENT I II III PORTFOLIO MANAGEMENT EXPANSION EFFICIENCY > 100% of Monoprix stores renovated by 2030 > Expansion in white spots with focus on our > From self to traditional checkouts strategic regions • New concepts roll-out (QMS, beauty, home, > Out of stock reduction decora
Slide 35: Daily food shopping and quick meal solutions
2030 DAILY FOOD SHOPPING AND QUICK MEAL SOLUTIONS I II III IV Fresh MARKET FRESH self-service QUICK MEAL SOLUTIONS GROCERY > Fresh Meat & Bakery counters > Fresh counters transfer to self-service > High-quality, gourmet and > Private label premiumisation accessible QMS offering for daily • MPX gourm
Slide 36: French art de vivre
2030 FRENCH ART DE VIVRE I II FASHION & DECORATION BEAUTY > Online shopping acceleration > Beauty concept: c. 90 stores rolled-out by 2030 • Monoprix.fr website redesign and features improvement • Beauty specialist signage • Marketplaces extension • Make-up: digital screens and trend table display •
Slide 37: Increase customer share of wallet
2030 INCREASE CUSTOMER SHARE OF WALLET I II PRICE IMAGE, PROMOTION & LOYALTY OMNI-CHANNEL & SERVICES > Reposition prices on key product categories to improve > Monoprix.fr acceleration plan competitiveness and price image • Customers recruitment • Mobile/website customer experience improvement > Inc
Slide 38: Renouveau 2030 – Monoprix
RENOUVEAU 2030 Alfred Hawawini Managing Director Monoprix 38 Management presentation
Slide 39: Business plan: Net sales and FCF
BUSINESS PLAN Net Sales FCF VAT EXCL. 2026 €4,118m €53m 2030 €4,439m €201m 2026-2030 +€320m +€149m +7.8% +282% CAGR 26-30 +1.9% +40% 39 Management presentation
Slide 40: le dimanche
le dimanche a partir de 9h franprix ©
Slide 41: Store network management
2030 STORE NETWORK MANAGEMENT I II III PORTFOLIO MANAGEMENT STORE CONCEPT EXPANSION > Store portfolio rationalisation > c. 800 stores (85%) converted into Oxygène > c. 200 new stores opened by 2030 (new sites | concept by 2030 competitors' conversion) > Transfer owned stores to franchise • Food hall
Slide 42: Increase customer share of wallet (B2C) and make franchisees more profitable (B2B)
INCREASE CUSTOMER SHARE OF WALLET (B2C) AND MAKE FRANCHISEES MORE PROFITABLE (B2B) I II III IV ASSORTMENT PRICE IMAGE PROMOTION & LOYALTY B2B > Daily shopping: launch of assortments > Price repositioning > Twice a month promotional > Marketing B2B tailored to local needs campaigns • Commercial event
Slide 43: Renouveau 2030 – Franprix
RENOUVEAU 2030 Vincent DOUMERC Managing Director Franprix 43 Management presentation – October xxth, 2025
Slide 44: Business plan: Net sales and FCF
2030 BUSINESS PLAN Net sales FCF VAT EXCL. 2026 €1,513m -€1m 2030 €1,759m €48m 2026-2030 +€246m +€49m +16% CAGR 26-30 +3.8% 44 Management presentation
Slide 45: Casino brands
EAN MON EPICERIE DEPUIS 1898
Slide 46: Brands positioning: 5,400 points of sales
2030 BRANDS POSITIONING: 5,400 POINTS OF SALES RURAL AREAS URBAN AREAS TOURISTIC AREAS 1,685 stores 650 stores 853 stores From 60 to 150 sqm From 150 to 450 sqm From 150 to 1,000 sqm & LONG-TERM PARTNERSHIPS and other energy companies 46 Management presentation
Slide 47: Store network management
2030 STORE NETWORK MANAGEMENT I II III PORTFOLIO MANAGEMENT STORE CONCEPTS EXPANSION > Store portfolio rationalisation > New Casino identity for Casino Shop, Petit Casino > c. 210 new stores opened by 2030 (new sites | and Vival located in urban environment competitors' conversion) > Transfer owned
Slide 48: Increase customer share of wallet (B2C) and make franchisees more profitable (B2B)
2030 INCREASE CUSTOMER SHARE OF WALLET (B2C) AND MAKE FRANCHISEES MORE PROFITABLE (B2B) I II III IV ASSORTMENT PRICE IMAGE PROMOTION & LOYALTY B2B > Daily food shopping > Price repositioning > Bimonthly campaigns and specific > Marketing B2B • Assortments adjusted to regional events • Commercial eve
Slide 49: Renouveau 2030 – Distribution Casino France
RENOUVEAU 2030 Magali DAUBINET-SALEN Managing Director Distribution Casino France 49 Management presentation – October xxth, 2025
Slide 50: Business plan: Net sales and FCF
BUSINESS PLAN Net Sales FCF VAT EXCL. 2026 €1,283m -€49m 2030 €1,525m €0m 2026-2030 +€243m +€50m +19% CAGR 26-30 +4.4% 50 Management presentation
Slide 51: Naturalia
NATURALIA
Slide 52: Store network management
2030 STORE NETWORK MANAGEMENT I II III PORTFOLIO MANAGEMENT STORE CONCEPT EXPANSION > Store portfolio rationalisation > c. 150 stores (70%) converted into La Ferme > c. 20 new stores opened by 2030 (new sites | concept by 2030 competitors' conversion) > Transfer owned stores to franchise • Fruit & v
Slide 53: Increase customer share of wallet (B2C)
2030 INCREASE CUSTOMER SHARE OF WALLET (B2C) I II III ASSORTMENT PRICE IMAGE PROMOTION & LOYALTY > QMS: new organic concept roll-out > Price positioning already aligned with > Best promotional policy in organic market > Health/beauty: new organic assortment development market standards*: Naturalia p
Slide 54: Renouveau 2030 – Naturalia
RENOUVEAU 2030 Richard JOLIVET Managing Director Naturalia 54
Slide 55: Business plan: Net sales and FCF
BUSINESS PLAN Net Sales FCF VAT EXCL. 2026 €291m -€3m 2030 €349m €9m 2026-2030 +€59m +€11m +20% CAGR 26-30 +4.7% 55 Management presentation
Slide 56: Cdiscount
AIS
Slide 57: 2024 in a nutshell
2024 IN A NUTSHELL FRENCH E-COMMERCE LEADER AT THE HEART OF A UNIQUE WITH . MARKETPLACE ECOSYSTEM c. €2.6bn GMV in 2024 >€300M in annual revenue #2 non-food e-commerce player in France with diversified business lines CUSTOMER MARKETPLACE OFFER BRAND EXPERIENCE PLATFORM RETAIL MEDIA LOGISTICS 20M pro
Slide 58: Develop brand power and commercial promise
2030 DEVELOP BRAND POWER AND COMMERCIAL PROMISE I II III ENERGIZE EXPAND NURTURE CDISCOUNT BRAND DIFFERENCIATING OFFER CUSTOMER LOYALTY > Deploy a “Top of Funnel” strategy with renewed > Broaden product assortment through coverage of > Deliver consistent end-to-end service across content and segment
Slide 59: Improve customer experience
2030 IMPROVE CUSTOMER EXPERIENCE I II III OFFER SEAMLESS ON-SITE EXTEND DIFFERENTIATING IMPROVE AFTER-SALES EXPERIENCE SERVICE OFFERING EXPERIENCE > Improve navigation reliability and reduce friction > Expand payment options, including highly > Use conversational interfaces and proactive points acro
Slide 60: Develop marketplace & B2B activities
2030 DEVELOP MARKETPLACE & B2B ACTIVITIES I II III REINFORCE EXPAND DEVELOP PARTNERSHIPS WITH SELLERS RETAIL MEDIA SYNERGETIC B2B ACTIVITIES > Increase recruitment and retention of top-tier > Enhance quality of sponsored offers to reinforce > Expand our network of partner marketplace to internationa
Slide 61: Renouveau 2030 – Cdiscount
RENOUVEAU 2030 Thomas Métivier Managing Director CDiscount 61
Slide 62: Business plan: Net sales and FCF
2030 BUSINESS PLAN Net Sales FCF VAT EXCL. 2026 €1,056m €7m 2030 €1,206m €61m 2026-2030 +€150m +€54m +14% CAGR 26-30 +3.4% +72% 62 Management presentation
Slide 63: Group financial figures
2030 Group Financial figures 63
Slide 64: Casino financial trajectory is fully aligned with our plan
CASINO FINANCIAL TRAJECTORY IS FULLY ALIGNED WITH OUR PLAN FINANCIALS 2024 – 2030 (in €m) 2024 2025 2026 // 2028 // 2030 CAGR 25-30 GMV VAT included 12,895 12,773 13,288 14,675 15,779 +4.3% Net Sales 8,474 8,270 8,290 8,802 9,311 +2.4% VAT excluded Adjusted EBITDA 111 197 309 535 644 after lease pay
Slide 65: Net sales 2025 - 2030 (VAT excluded)
NET SALES 2025 - 2030 (VAT EXCLUDED) Evolution 2025 / 2030 (in €m) Total value creation: +€1.0bn CAGR 2025/2030: +2.4% Other: BAO, RelevanC, etc. Management presentation 65
Slide 66: Efficiency plan: an additional €150m+ savings over 2029-2030
EFFICIENCY PLAN: AN ADDITIONAL €150m+ SAVINGS OVER 2029-2030 Pooling of skills and expertise through Shared Services Centers roll-out An additional Renegotiation of warehouse, HQ and owned store network rents €150m+ Reduction in energy expenses in cumulative savings Logistic optimisation Over 2029-2
Slide 67: Capex 2025-2030: fueling growth through intensive capex programme
CAPEX 2025-2030: FUELING GROWTH THROUGH INTENSIVE CAPEX PROGRAMME CUMULATIVE NET CAPEX OF €1.7BN OVER 2025/2030 PER BRAND PER TYPE OTHER MONOPRIX 49 % REFURBISHMENT 33 % & CONCEPTS CDISCOUNT 18 % MAINTENANCE 22 % & OPERATIONAL FRANPRIX 17 % EFFICIENCY CASINO/SPAR/VIVAL 12% CDISCOUNT 18 % NATURALIA 2
Slide 68: FCF before financial expenses 2025 - 2030
FCF BEFORE FINANCIAL EXPENSES 2025 - 2030 Evolution 2025 / 2030 (in €m) Total value creation: +€394m Other: AMC, IGC, Holdings, etc. Management presentation 68
Slide 69: Adapting & strengthening the Balance Sheet Structure
2030 Adapting & strengthening the Balance Sheet Structure 69
Slide 70: Group faces significant debt maturities in 2027, notably the Term Loan B
GROUP FACES SIGNIFICANT DEBT MATURITIES IN 2027, NOTABLY THE TERM LOAN B AMOUNTING TO €1.4BN Debt maturity schedule as of Sept-25 (€m, nominal value excluding accrued interest) Cost of main debt instruments Maturities assuming all extension options are exercised Chart Title 1,769 Term Loan B ▪ 9% ca
Slide 71: Group capital structure remains overleveraged
GROUP CAPITAL STRUCTURE REMAINS OVERLEVERAGED Net leverage ratio (excluding Quatrim and Latam)1 Interest Coverage Ratio (excluding Quatrim and Latam)2 No challenge to the December 2025 contractual 2.7x 7.6x covenant test Net leverage ratio at the end of 2.4x the plan remains too high for a 6.2x refi
Slide 72: Group liquidity position keeps reducing as interest charges burden cash flow
WHILST STILL ADEQUATE, GROUP LIQUIDITY POSITION KEEPS REDUCING AS INTEREST CHARGES ARE BURDENING CASH FLOW GENERATION Group’s liquidity position (€m) 1 518 1 236 1 222 946 The Group’s liquidity position is expected to 1 019 decrease by more than €500m in 2025 and to 929 876 continue to deteriorate i
Slide 73: Group's key financial objectives
GROUP’S KEY FINANCIAL OBJECTIVES 1 ◼ Reduce leverage in line with Casino’s main peers to ensure a sustainable capital structure Achieve significant debt ❑ Main peers operating between less than 3.0x and a negative net leverage, with a median of around 0.6x reduction ❑ Target net leverage of less tha
Slide 74: Group's key financial objectives: operational financing
GROUP’S KEY FINANCIAL OBJECTIVES OPERATIONAL FINANCING ◼ The current operational financings mechanism is the following : Current amount €m Required amount (September 2025) RCF Monoprix Exploitation 95 95 Operational financings package needs to be Bilateral credit lines (1) 56 56 negotiated PGE Cdisc
Slide 75: Appendix
Appendix 75
Slide 76: Key parameters of FRH's proposed equity injection
Key parameters of FRH’s proposed equity injection ‒ €300m for the company through a share capital increase backstopped by FRH (TLB lenders which are New Money also shareholders to commit not to exercise their preferential subscription rights) New shareholding ‒ FRH to own c. 68% of the PF shareholdi