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Casino, Guichard-perrachon Sa — H1 2025 Earnings Presentation
38 slides from Casino, Guichard-perrachon Sa's earnings presentation, Jul 30, 2025
Slide 1: H1 2025 Results
H1 2025 RESULTS July 30th, 2025 1 H1 2025 Results – July 30th, 2025
Slide 2: H1 2025 Highlights
1 H1 2025 HIGHLIGHTS Philippe Palazzi Chief Executive Officer 2 H1 2025 Results – July 30th, 2025
Slide 3: A Three Phases Transformation Project
A THREE PHASES TRANSFORMATION PROJECT 2024 2025 2026 2027 2028 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 RESTORE RECOVER GROW FINANCIAL RESTRUCTURING AND CHANGE OF CONTROL MANAGERIAL RESTRUCTURING ORGANISATIONAL RESTRUCTURING DEFINITION OF THE STRATEGIC PLAN OPERATIONAL IMPLEMENTATION OF TH
Slide 4: Renouveau 2028: Best Brands in Convenience Retailing
RENOUVEAU 2028: BEST BRANDS IN CONVENIENCE RETAILING 4 H1 2025 Results – July 30th, 2025
Slide 5: H1 2025 - Key Financial Highlights
H1 2025 - KEY FINANCIAL HIGHLIGHTS Q2 NET SALES H1 NET SALES H1 ADJUSTED EBITDA H1 FREE CASH-FLOW BEFORE FINANCIAL EXPENSES VAT EXCLUDED VAT EXCLUDED €286m (+12% vs H1 2024) -€48m €2.1bn €4.1bn AFTER LEASE PAYMENTS +€366m vs H1 2024 +2.4% LFL vs Q2 2024 +0.5% LFL vs H1 2024 €55m (H1 2024: €26m) 5 H1
Slide 6: Per Brand
H1 2025 PER BRAND 6 H1 2025 Results – July 30th, 2025
Slide 7: Monoprix: Q2 and H1 Sales
Q2 Sales H1 Sales €1.03bn €2.01bn +2.9% LFL +1.1% LFL La Cantine - Beaugrenelle Quick Meal Solutions > 3 “La Cantine” inaugurations > 7 new food to go concession stands inauguration with 5 partners: > New snacking assortment launched Focus category Fashion collaboration – Caroline De Benoist > Fruit
Slide 8: Franprix: Q2 and H1 Sales
Q2 Sales H1 Sales €403m €779m +1.7% LFL 0% LFL Loyalty program +Bibi Store concept: Oxygène > 32 stores rolled-out in H1 (50 stores in total) Service Franpclés Quick Meal Solutions > Exclusive launch of (donuts) B2C commercial activities > New loyalty program “+bibi” launched > "prixfranc" initiativ
Slide 9: Casino Proximité: Q2 and H1 Sales
Q2 Sales H1 Sales €322m €626m +2.0% LFL -0.1% LFL Store Concepts > 1 store testing the SPAR “Origines” concept (Q2, Aix en Provence) > First Casino store under a unified “Casino” brand (Q1, Lyon Barbaran) Concept Spar Origines Quick Meals Solutions > 5 “Coeur de Blé” shop-in-shop inaugurations > Mon
Slide 10: Naturalia: Q2 and H1 Sales
Q2 Sales H1 Sales €80m €160m +7.8% LFL +7.5% LFL La Ferme Store concept: La Ferme > 9 stores rolled-out in H1 (20 stores in total) > Shop in shop corner Naturalia in test in 4 Spar Stores Quick Meal solutions > 6 stores testing the new organic QMS concept B2C commercial activities > 1 store testing
Slide 11: Cdiscount: Q2 and H1 Sales
Q2 Sales H1 Sales €226m €457m -0.1% LFL -2.4% LFL Solid B2C performance > Sustained 3P momentum GMV: +9% in H1 (+7% in Q1 and +11% in Q2) > Marketplace: ~68% GMV driven by home & garden, major appliances, and sports > Direct sales return to growth (+2% in Q2), supported by telephony and video games
Slide 12: Boosting Efficiency: 3 Levers
BOOSTING EFFICIENCY: 3 LEVERS STORE PORTFOLIO MANAGEMENT COST SAVINGS MARGIN IMPROVEMENT Stores network streamlining Rationalization, reduction Commercial conditions improvement and selective expansion and mutualisation • Head offices cost optimization • Aura Retail purchasing alliance with Q1 2025
Slide 13: CSR Highlights
CSR HIGHLIGHTS RENEWING OUR COMMITMENTS IN LINE WITH OUR NEW AMBITIONS New 2025-2030 CSR policy 2030 TARGETS ‘+ Proches, + Engagés’ Team Team 50% gender parity in In line with the social and societal challenges specific to the management positions Group's activities, this pillar covers issues relati
Slide 14: Financial Results
2 FINANCIAL RESULTS Angélique Cristofari Chief Financial Officer 14 H1 2025 Results – July 30th, 2025
Slide 15: H1 2025 Key Figures
H1 2025 KEY FIGURES H1 2024 H1 2025 Change In €m Net sales 4,192 4,077 +0.5% (LFL), -2.7% (total change) Gross Merchandise Volume 6,056 5,958 -1.6% Adjusted EBITDA 255 286 +12.2% EBITDA after lease payments 26 55 +115.7% Trading profit (56) (11) +80.9% Net profit (loss), Group share 39 (210) -€249m
Slide 16: FMCG Market Evolution
FMCG* MARKET EVOLUTION FMCG market evolution – YTD Net sales Inflation Volume Mix Effect +0.3% -0.4% +0.5% +0.2% = + + -0.5% in 2024 +0.5% in 2024 -0.9% in 2024 -0.1% in 2024 Change in net sales and volume by retail channel – YTD HYPERMARKETS SUPERMARKETS DISCOUNT CONVENIENCE E-COMMERCE Net sales +0
Slide 17: Net Sales and GMV
H1 2025 NET SALES AND GMV NET SALES GMV VAT EXCLUDED VAT INCLUDED NET SALES BREAKDOWN €4.08bn €5.96bn 4% 1% +0.5% LFL -1.6% 11% 15% 49% NET SALES Convenience brands Cdiscount 19% €3.58bn €457m +1.0% LFL -2.4% LFL Monoprix Franprix Monoprix +1.1% LFL Sequential improvement Casino Cdiscount Franprix +
Slide 18: H1 2025 Monoprix
H1 2025 Net Sales EBITDA €2.01bn €186m €50m €169m in H1 2024 €37m in H1 2024 +1.1% LFL Adjusted After lease payments • Q2: +2.9% LFL / Q1: -0.6% LFL • Monoprix City (+1.0% LFL) Food (+0.4 LFL): recovery in Q2 thanks to fruit & vegetables Net sales Non-food (+2.4% LFL) driven by Fashion & Home (+
Slide 19: H1 2025 Franprix
H1 2025 Net Sales EBITDA €779m €60m €20m €50m in H1 2024 €8m in H1 2024 Flat LFL Adjusted After lease payments • Q2: +1.7% LFL / Q1: -1.7% LFL • Positive impact Good performance of stores converted to the ‘Oxygène’ concept Net sales Favorable weather conditions in Q2 • Negative impact: price cut
Slide 20: H1 2025 Casino Proximité
H1 2025 Net Sales EBITDA €626m €14m €(8)m €24m in H1 2024 €2m in H1 2024 -0.1% LFL Adjusted After lease payments • Q2: +2.0% LFL / Q1: -1.9% LFL • Negative impact of March: seasonal slowdown that occurred earlier than in 2024, with Easter and European spring holidays not occurring until April Net sa
Slide 21: H1 2025 Naturalia
H1 2025 Net Sales EBITDA €160m €12m €4m €9m in H1 2024 €1m in H1 2024 +7.5% LFL Adjusted After lease payments • Q2: +7.8% LFL / Q1: +7.0% LFL • Success of ‘La Ferme’ concept • Effectiveness of measures taken: product range and assortments Net sales • E-commerce: double-digit growth of Naturalia's we
Slide 22: H1 2025 Cdiscount
H1 2025 Net Sales EBITDA €457m €27m €15m €30m in H1 2024 €18m in H1 2024 -2.4% LFL Adjusted After lease payments • Q1: -4.6% LFL / Q2: -0.1% LFL • +7% growth from Cdiscount Advertising • +8% increase in B2B revenues from C-Logistics and Octopia1 Net sales • Product GMV: +4% Marketplace GMV: +9% (6
Slide 23: H1 2025 Consolidated Net Loss
H1 2025 CONSOLIDATED NET LOSS Net financial Trading profit OOE expense Taxation Net loss from continuing -€179m -€4m operations, Group share -€11m -€20m -€204m • Net loss from continuing operations, Group share: -€204m + ‐ Net other operating expense (OOE) of -€20m (vs. -€609m in H1 2024), mainly in
Slide 24: H1 2025 Free Cash Flow Before Financial Expenses
H1 2025 FREE CASH FLOW BEFORE FINANCIAL EXPENSES +€366m improvement in free cash flow before financial expenses In €m H1 2024 H1 2025 Adjusted EBITDA 255 286 (-) lease payments (229) (231) Adjusted EBITDA after lease payments 26 55 o/w other operating expense cash items (42) (28) (-) other items 3 6
Slide 25: H1 2025 Net Debt
H1 2025 NET DEBT In €m H1 2024 H1 2025 Free cash flow before financial expenses (413) (48) Financial expenses (117) (83) Dividends (1) 0 Share capital increase 1,200 - Effect of completing the 2024 Restructuring of debt excluding TSSDIs 3,886 - financial restructuring Financial restructuring and con
Slide 26: Net Debt
H1 2025 NET DEBT In €m Mar. 2024 June 2024 Dec. 2024 June 2025 Gross borrowings and debt (3,354) (2,375) (2,040) (1,980) €205m increase in net debt Reinstated Monoprix RCF (711) - - (70) in H1, mainly due to : Reinstated Term Loan (1,410) (1,352) (1,380)1 (1,390)1 HY Quatrim Notes (491) (491) (300)
Slide 27: Debt Maturity Schedule as at June 2025
DEBT MATURITY SCHEDULE AS AT 30 JUNE 2025 Average debt maturity (excluding Quatrim) 1.88 years without extension option 2.03 years with extension option Over H1 2025: • The Group made several repayments of the Quatrim secured debt (in February, April and June) and capitalized part of the interest pa
Slide 28: Liquidity Position as at June 2025
LIQUIDITY POSITION AS AT 30 JUNE 2025 641 €1.24bn liquidity as at 30 June 2025 €307m of available cash held in the Casino Finance cash pool1 307 Monoprix’s €641m reinstated undrawn RCF 288 €288m of other undrawn financing (not including factoring, reverse factoring and similar programmes), com
Slide 29: Financial Covenants
FINANCIAL COVENANTS Minimum liquidity Projected liquidity Net leverage ratio • On the last day of each • At the end of each quarter, • At the end of each quarter, month, liquidity must be at cash forecasts must show the covenant net debt to pro least €100m. liquidity of at least €100m at forma EBITD
Slide 30: Conclusion
3 CONCLUSION Philippe Palazzi Chief Executive Officer 30 H1 2025 Results – July 30th, 2025
Slide 31: Market Outlook
MARKET OUTLOOK RETAIL INSIGHTS MARKET TRENDS CONSUMPTION TRENDS • Shift in consumer habits from • Quick Meal Solutions: strong development • Consumption uncertainties mainly Hyper/supermarkets towards of growing QMS segment due to convenience retail • Upcoming state budget 2026 • Tax measures to red
Slide 32: Next Step: Full Swing Renouveau 2028 Execution
NEXT STEP : FULL SWING RENOUVEAU 2028 EXECUTION 2024 2025 2026 2027 2028 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 RESTORE RECOVER GROW FINANCIAL RESTRUCTURING AND CHANGE OF CONTROL MANAGERIAL RESTRUCTURING ORGANISATIONAL RESTRUCTURING DEFINITION OF THE OPERATIONAL STRATEGIC PLAN IMPLEMENTA
Slide 33: Appendices
4 APPENDICES 33 H1 2025 Results – July 30th, 2025
Slide 34: Store Network as at June 2025
STORE NETWORK AS AT 30 JUNE 2025 June 2024 Sept. 2024 Dec. 2024 Mar. 2025 June 2025 Monoprix 618 620 625 620 617 o/w integrated stores France 322 323 322 321 318 o/w franchises/BL 296 297 303 299 299 Franprix 1,179 1,127 1,054 1,044 1,031 o/w integrated stores France 316 306 306 302 299 o/w franchis
Slide 35: Other Operating Income and Expenses
OTHER OPERATING INCOME AND EXPENSES H1 2024 H1 2025 In €m Gains and losses on the disposal of assets, scope changes and impairment (472) 7 losses Gains (losses) on disposal of non-current assets (2) 70 Net income (expenses) related to changes in scope of consolidation (21) 3 Net asset impairment los
Slide 36: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT H1 2025 In €m H1 2024 CONTINUING OPERATIONS Net sales 4,192 4,077 Other revenue 29 32 Total revenue 4,221 4,109 Full cost of goods sold (3,062) (2,935) Gross margin 1,159 1,174 Selling expenses (806) (778) General and administrative expenses (409) (407) Adjusted EBITDA
Slide 37: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION In €m 31 December 2024 30 June 2025 Goodwill 1,602 1,561 Property, plant and equipment, intangible assets and investment property 1,830 1,805 Right-of-use assets 1,518 1,395 Investments in equity-accounted investees 71 73 Deferred tax assets 22 22 Other n
Slide 38: Disclaimer
DISCLAIMER This presentation contains forward-looking information and statements about Casino. Forward-looking statements are statements that are not historical facts. These statements include financial forecasts and estimates and their underlying assumptions, statements regarding plans, objectives,
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