Slide 1: Half-Year Results 2025/26
Half-Year Results 2025/26 Financial Year ending 31 March 2026 Analyst meeting 17/12/2025
Slide 2: Disclaimer
Disclaimer Risks relating to forecasts Statements by Colruyt Group included in this presentation, along with references to this presentation in other written or verbal statements of the group which refer to future expectations with regard to activities, events and strategic developments of Colruyt G
Slide 3: Table of contents
Table of contents 1. Key figures 2. Business update & highlights 3. Cash flow & net financial debt 4. Outlook 5. Financial calendar Annex – Restated consolidated income statement FY 2024/25
Slide 4: 1. Key figures
1. Key figures G COLRUYTGROUP
Slide 5: Key figures
Key figures Linked The figures with regard to the French integrated retail activities are presented as “Net result from discontinued operations” Consolidated Consolidated income income in both periods. In M€ ∆% The comparative period statement statement HY 2025/26 HY 2024/25 has been restated. . . .
Slide 6: Other key figures
Other key figures In M€ . HY 2025/26 . HY 2024/25 . . . . . Market share in Belgium⁽¹⁾ (in %) 28,8% 29,2% . . . . . Capex 262 237 % of revenue 4,9% 4,4%⁽²⁾ . . . . . Net financial debt (incl. IFRS 16) 654 49 . . . . . Share buy-back 41 54 . . . . . (1) Combined market share in Belgium of Colruyt Low
Slide 7: Macro-economic context in Belgium
Macro-economic context in Belgium • Average food inflation: ‒ Less than 1% in the first half of 2024/25 and approximately 2% in the second half of 2024/25. ‒ Approximately 2,5-3% in HY 2025/26. • Difference between food CPI and food PPI was mostly positive in the first half of 2025/26. • Improving b
Slide 8: EBIT evolution (M€)
EBIT evolution (M€) 4,5% of 5,0% of 4,0% of 3,5% of revenue revenue revenue revenue -30 +58 -28 bp -51 -8 -22 bp +6 -26 bp +6 bp -23 -27 bp -15 +245 +253 +213 +198 EBIT incl. French EBIT French EBIT Gross profit Services and Employee Other operating Depreciation EBIT EBIT French EBIT incl. French in
Slide 9: EBIT evolution (M€)
EBIT evolution (M€) 5,0% of 4,0% of revenue revenue -30 +58 -28 bp -51 -22 bp +6 +6 bp -26 bp -23 -27 bp +253 +213 EBIT Gross profit Services and Employee Other operating Depreciation EBIT HY 2024/25 miscellaneous goods benefit expenses income and impairment HY 2025/26 and expenses 9
Slide 10: Revenue evolution
Revenue evolution M€ 5.293 • Consolidated revenue (+4,5%) was positively impacted by the full consolidation of Délidis, NRG, Foodbag and M€ 5.063 Delitraiteur and by the change in accounting year at The Fashion Society (altogether “changes in scope”). +4,5% • Excluding the changes in scope: consolid
Slide 11: Gross margin
Gross margin 30,3% 30,1% • Gross profit increased mainly due to an increase in revenue partly compensated by a decrease in gross margin. -22 bp • The decrease in the gross margin is the result of high price and promotional pressure and of the intensified competitive environment, partly compensated b
Slide 12: Net operating expenses (M€)
Net operating expenses (M€) 5,0% of 4,0% of revenue revenue -30 +58 -28 bp • Increase in net operating expenses -51 mainly due to changes in scope and due -22 bp to automatic wage indexation in +6 +6 bp -26 bp -23 Belgium. -27 bp • Increased focus on productivity (in terms of revenue growth and cost
Slide 13: Net operating expenses
Net operating expenses Services and miscellaneous goods % of revenue 21,7% 22,1% 0,3% 0,3% Services and miscellaneous goods: increase of M€ -30 or 8,8%. • Increase mainly due to changes in scope. 16,1% 16,4% • Continuous focus on improvement of productivity and daily cost control. +28 bp Other opera
Slide 14: Net operating expenses
Net operating expenses Employee benefit expenses % of revenue 21,7% 22,1% 0,3% 0,3% Employee benefit expenses: increase of M€ 51 or 6,3% +26 bp • Automatic wage indexation in Belgium. 16,1% 16,4% • FTE’s increased with 385 from 29.650 to 30.035. That increase can be split as follows: 7,1% — H2 2024/
Slide 15: EBIT evolution (M€)
EBIT evolution (M€) 5,0% of 4,0% of revenue revenue -30 +58 -28 bp • Increase in depreciations of M€ 19 -51 (to M€ 204) mainly due to changes in scope -22 bp and the continuous investments in stores, +6 +6 bp production and distribution centres and in -26 bp -23 automation and innovation. -27 bp • I
Slide 16: Net result evolution (M€)
Net result evolution (M€) 3,9% of 3,0% of revenue revenue -4 -40 +11 +161 +198 -10 +194 -97 bp -11 +2 +27 bp -19 bp +4 bp +150 Net result Net result from Net result from EBIT Net financial Share in result of Income tax Net result from Net result from Net result HY 2024/25 discontinued continuing res
Slide 17: Net result evolution (M€)
Net result evolution (M€) 3,9% of 3,0% of Decrease in finance income revenue revenue and stable finance costs. -4 Effective tax rate amounts to 25,6%. -40 +11 +161 +198 -10 +194 -97 bp -11 +2 +27 bp -19 bp +4 bp +150 Net result Net result from Net result from EBIT Net financial Share in result of In
Slide 18: Net result evolution (M€)
Net result evolution (M€) 3,9% of 3,0% of revenue revenue -4 Including positive one-off effect of M€ 12 related to the change in consolidation method of Foodbag -40 +11 +161 +198 -10 +194 -97 bp -11 +2 +27 bp -19 bp +4 bp +150 Net result Net result from Net result from EBIT Net financial Share in re
Slide 19: Result from discontinued operations
Result from discontinued operations HY 2025/26 HY 2025/26 HY 2024/25 • Net result of the French integrated retail activities Net result French integrated retail -4 -6 of M€ -4. activities One-off effects related to the French -8 - • One-off positive impact of M€ +6 on depreciations integrated retail
Slide 20: 2. Business update & highlights
2. Business update & highlights
Slide 21: Food, Health & Well-being and Non-Food
Food 94,2% of group revenue EUR 4.988 million Health & Well-being and Non-Food 5,5% of group revenue EUR 293 million Group activities, Shareholdings: Real Estate and Energy EUR 12 million Non-exhaustive overview of Colruyt Group’s activities. 21
Slide 22: Food, Health & Well-being and Non-Food
Food 94,2% of group revenue EUR 4.988 million Health & Well-being and Non-Food 5,5% of group revenue EUR 293 million Group activities, Shareholdings: Real Estate and Energy EUR 12 million Non-exhaustive overview of Colruyt Group’s activities. 22
Slide 23: Belgian food retail market
Belgian food retail market • Belgian food retail market becoming more competitive due to structural changes (Sunday openings and removal mandatory weekly closing day). This requires more flexibility and efficiency from retailers but leads to an unlevel playing field due to the disparities in employm
Slide 24: Food Retail (+2,9% = M€ 4.132)
Food Retail (+2,9% = M€ 4.132) +2,4% M€ 32 = M€ 3.519 +6 = 271 -14 = 25 Colruyt Lowest Prices - Comarkt • Lowest price promise and additional actions (partly as reaction on agressive promotions from competitors). • First place in YouGov Summer Report 2025 for sixth year in a row. • Comarkt stores be
Slide 25: Food Retail (+2,9% = M€ 4.132)
Food Retail (+2,9% = M€ 4.132) +0,5% = M€ 581 +3 = 172 +2 = 40 +0 = 4 Okay • Revenue impacted by the change in legislation prohibiting the sale of tobacco products to private individuals in food stores larger than 400 m². • Okay City and Okay Direct already open on Sundays. Okay will also open on Su
Slide 26: Food Wholesale
Food Wholesale +3,2% = M€ 656 • Including Delitraiteur since June 2025. Excluding Delitraiteur, revenue decreased by 0,5%. • Revenue decrease mainly explained by Colex. Revenue in France increased and revenue in Belgium remained stable (impacted by the change in legislation prohibiting the sale of t
Slide 27: Foodservice & Foodproduction
Foodservice & Foodproduction +18,8% -4,3% (comparable +8,6%) = M€ 14 = M€ 187 Foodservice • Including Délidis as of October 2025. Excluding Délidis revenue rose by 8,6%. • Revenue evolution mainly impacted by volume gains. • Ambition to further grow in the B2B market. Food production • Primarily gen
Slide 28: Food, Health & Well-being and Non-Food
Food 94,2% of group revenue EUR 4.988 million Health & Well-being and Non-Food 5,5% of group revenue EUR 293 million Group activities, Shareholdings: Real Estate and Energy EUR 12 million Non-exhaustive overview of Colruyt Group’s activities. 28
Slide 29: Health & Well-being
Health & Well-being (+22,4% (comparable +12,3%) = M€ 137) +116,0% +9,8% Comparable: +30,0% +47 (of which 40 NRG clubs) = 85 Newpharma • Limited impact on operational result. • Ambition to further grow as European player. Jims • Including NRG as of January 2025. Excluding NRG, revenue rose by 30,0%.
Slide 30: Non-Food
Non-Food (+32,9% (comparable appr. +3%) = M€ 156) +41,7% Comparable: +9,1% appr. +2,5% +4 = 134 +3 = 29 stores and 3 service points The Fashion Society • Change in accounting year in last financial year (6 months in HY 2025/26 vs. 4 months in HY 2024/25). • Profitable. Bike Republic • Leading player
Slide 31: Food, Health & Well-being and Non-Food
Food 94,2% of group revenue EUR 4.988 million Health & Well-being and Non-Food 5,5% of group revenue EUR 293 million Group activities, Shareholdings: Real Estate and Energy EUR 12 million Non-exhaustive overview of Colruyt Group’s activities. 31
Slide 32: E-commerce
E-commerce Online revenue Online revenue accounted for 9% of retail revenue(*). Online revenue mainly realised by Collect&Go, Newpharma and Foodbag. Over 240 collection points: Belgium: 243 Luxembourg: 4 • Online revenue increased on a comparable basis. • Collect&Go is market leader in the Belgian o
Slide 33: Sustainability – Focus on 3 pillars
Sustainability – Focus on 3 pillars For more than 50 years now, sustainability has been at the heart of how we do business at Colruyt Group. We always think and act with respect for people, the environment and society, drawing guidance from the five Ps of sustainable business: people, planet, prospe
Slide 34: Key figures per segment
Key figures per segment Group activities, Food Health & Well-being and Non-Food Real Estate and Energy . ; . . . . . . . . . . . . . . ; . . In M€ . HY 2025/26 ; HY 2024/25 . ∆% . HY 2025/26 ; HY 2024/25 ; ∆% ; HY 2025/26 ; HY 2024/25 ; ∆% . . . ; . . . . . ; . ; . ; . ; . ; . , Revenue , 4.989 ;, 4
Slide 35: 3. Cash flow and net financial debt
3. Cash flow and net financial debt
Slide 36: Cash flow (M€)
Cash flow (M€) -361 Net cash evolution -143 -297 +428 Investing -68 activities +214 -3 Operating activities -262 -35 -149 -278 +627 Financing -41 activities -44 -44 +266 Cash & EBITDA Change Income tax Operating CAPEX Investing Dividend paid Purchase Payment of Financing Cash & cash equivalents (inc
Slide 37: Net financial debt (M€)
Net financial debt (M€) (*) Including readily redeemable funds for a total of EUR 31 at the end of March 2025. 37
Slide 38: Capital expenditures, net of capital grants (M€)
Capital expenditures, net of capital grants (M€) Continuation of the CAPEX programme: • HY 2025/26: M€ 262 or 4,9% of revenue (exclusive of right-of-use assets and business combinations) • Expectation FY 2025/26: above 4,5% of revenue Investments in: • New stores and store modernisation (including t
Slide 39: Share buybacks (M€)
Share buybacks (M€) Treasury shares purchased • In 2025/26: 1.098.717 shares (M€ 41). • After period-end: 0 shares. Status as per 16/12/2025(*) • 4.716.888 treasury shares held by Colruyt Group. • 3,79% of the total number of shares (124.497.858). Treasury shares to be cancelled 4.000.000 on 19 Dece
Slide 40: 4. Outlook
4. Outlook G COLRUYTGROUP
Slide 41: Outlook
Outlook Context • Colruyt Group is facing significant challenges in an uncertain and challenging macroeconomic context and in a competitive Belgian retail market marked by high price and promotional pressure. • The macroeconomic context is characterised by international uncertainty, challenging publ
Slide 42: Outlook
Outlook 2025/26 • Colruyt Group continues to strive to maintain both the operating result and the net result of the 2024/25 financial year at stable levels in the 2025/26 financial year, although the above factors tend to complicate this. Both are exclusive of the French integrated retail operations
Slide 43: Outlook
Outlook Strategy consistency • Colruyt Group seeks to further strengthen its position in the retail market and to continue creating sustainable added value together. • The group remains focused on driving growth across all operations (inter alia through expansion, the integration of earlier acquisit
Slide 44: Subsequent event – French integrated retail activities
Subsequent event – French integrated retail activities Current situation • For 100 of 105 stores and for 45 fuel stations acquirers were found (Groupment Mousquetaires, Mouvement E. Lerclerc and Coopérative U), including the automatic transfer of employees. • Efforts to identify potential buyers sti
Slide 45: 5. Financial calendar
5. Financial calendar G COLRUYTGROUP
Slide 46: Financial calendar
Financial calendar 15/05/2026 Start black-out period 16/06/2026 Publication half-year results 2025/26 (17h45 CET) 17/06/2026 Information to financial analysts (14h00 CET) 31/07/2026 at the latest Publication annual report 2025/26 16/09/2026 Start black-out period 30/09/2026 General Meeting of Shareh
Slide 47: Thank you for your attention
Thank you for your attention Questions? 47
Slide 48: ANNEX
ANNEX Restated consolidated income statement FY 2024/25
Slide 49: Restated consolidated income statement FY 2024/25
Restated consolidated income statement FY 2024/25 49