Slide 1: H1 2023 Results, Q2 2023 Sales
H1 2023 Results Q2 2023 Sales July 26th, 2023
Slide 2: H1 2023 Strategic highlights
H1 2023 Strategic highlights Private labels Maxi method E-commerce CSR & Food Transition Roll-out underway Numerous initiatives leading +3 pts to 35% of food sales +20% in GMV Promising pilots to index at 108% Grupo BIG integration Retail Media Real estate valorization M&A Conversions complete Partn
Slide 3: H1 2023 Key financial highlights
H1 2023 Key financial highlights Recurring Net Sales Operating Income Cost savings €40.7bn €700m €490m Stable margin €1bn target +11.2% LFL excl. Grupo BIG confirmed for FY23 Net free Net debt Adj. EPS cash-flow end-June 2023 +9% +€196m -€1,440m at €0.45 at €(1,684)m to €5,040m H1 2023 RESULTS July
Slide 4: CSR – Successful H1 2023 initiatives
CSR – Successful H1 2023 initiatives 108% achievement of CSR index objectives, with particular progress in: Food transition Climate (scope 3) €3.1bn in sales of certified 36% of Top 100 suppliers sustainable products adopted a 1.5°C trajectory (+9% vs H1 2022) (+2 points vs end-2022) Packaging Emplo
Slide 5: Sustained top line momentum
Sustained top line momentum +10.3% LFL in Q2 2023 Group LFL sales growth H1 22 H2 22 H1 23 +5.7% +11.1% +11.2% Hypermarkets: +6.6% LFL Q2 Supermarkets: +7.6% 12.3% Convenience/other 11.3% 10.9% Group +10.3% formats: +8.2% 10.3% › France +7.3% Spain: +7.7% Italy: +4.7% 7.8% › Europe +7.4% Belgium: :+
Slide 6: Solid Q2 sales growth
Solid Q2 sales growth +4.1% +3.0% +10.3% (3.4)% €23,377m €22,462m (0.5)% (5.4)% Q2 2022 LFL Expansion & Petrol Calendar Forex Q2 2023 Gross sales M&A Gross sales H1 2023 RESULTS July 26, 2023 6
Slide 7: Stable ROI margin excl. Grupo BIG
Stable ROI margin excl. Grupo BIG H1 2023 ROI -2.2% at constant rate H1 2022 in €m H1 2023 Variation IFRS 5(1) Net Sales 37,790 40,743 +7.8% Gross margin 7,504 8,074 +7.6% +25bps at constant forex, driven by As a % of net sales 19.9% 19.8% -4bps the evolution of the geographic mix SG&A (5,769) (6,35
Slide 8: Sequential slowdown in food inflation since March in Europe
Sequential slowdown in food inflation since March in Europe 12M food inflation in Europe 25% 20% 17.9% 17.8% 15.1% 15% 13.6% 11.2% 10% 10.3% 5% Jul22 Aug22 Sep22 Oct22 Nov22 Dec22 Jan23 Feb23 Mar23 Apr23 May23 Jun23 Source: local national institutes of statistics H1 2023 RESULTS July 26, 2023 8
Slide 9: France: strong sales momentum and profitability
France: strong sales momentum and profitability France Q2 2023 LFL of +7.3% H1 2023 ROI up +39% ROI Margin up +36bps at 1.4% › Food sales up +8.5% LFL; Non-food down -3.1% LFL › Good sales performance, strong cost discipline › Continued momentum of market share gain in volumes in H1 › Positive impac
Slide 10: Europe: Sound performance driven by Spain and Italy
Europe: EuropeSound performance driven by Spain and Italy Europe Q2 2023 LFL of +7.4% Europe H1 2023 ROI down ROI +1% (15.3)% at constant at constant FX FX SPAIN SPAIN › Solid dynamic driven by hypermarkets › Solid increase in ROI and ROI margin BELGIUM ITALY › Ongoing top line & market share recove
Slide 11: Latin America: Strong Argentina - Grupo BIG weighing on H1
Europe Latin America: Strong Argentina - Grupo BIG weighing on H1 Latin America Q2 2023 LFL of +17.3% H1 2023 ROI down -18.6% BRAZIL ROI at current FX, evolution at constant FX › Adverse environment with falling inflation and negative volumes €(82)m €58m at constant-FX FX › Resilient profile confirm
Slide 12: Brazil: Grupo BIG integration weighing heavily on H1
Brazil: Grupo BIG integration weighing heavily on H1 ROI bridge – H1 2022 to H1 2023 €414m €(65)m €(85)m Equivalent to c.-4% EBITDA margin €251m H1 2022 Grupo BIG one-off Performance of Legacy business H1 2023 costs converted stores (excl. Grupo BIG) Store conversion costs EBITDA margin ramp-up of A
Slide 13: Adjusted EPS up +9% in H1 2023
Adjusted EPS up + 9% in H1 2023 H1 2022 in €m H1 2023 IFRS 5 Recurring operating income 775 700 Net income from associates and JVs 12 24 Restructuring costs related to reorganization Non-recurring income and expenses, net (82) (186) plan announced in France headquarters EBIT 704 538 Increased cost o
Slide 14: Net Free Cash Flow growth
Net Free Cash Flow growth EBITDA to Net FCF H1 2022 in €m H1 2023 Variation IFRS 5 EBITDA 1,862 1,852 (10) Income tax paid (198) (146) 52 Financial result (operations-related)(1) 38 15 (23) Including less cash-out Cash impact of restructuring items and others (168) (26) 142 for restructuring Gross c
Slide 15: Sharp decrease in net debt
Sharp decrease in net debt Net FCF generation and sale of Taiwan driving sharp decrease in net debt, even with active shareholder return policy €(1,440)m in €m (1,459) (881) 336 520 44 6,480 Mainly Taiwan proceeds 5,040 June 30, 2022 LTM Net FCF Dividends(1) Share buyback Net M&A Forex and June 30,
Slide 16: Key takeaways
Key takeaways 1 Solid performance in Europe with record high operating margin increase in France 2 Pressure in Brazil with Grupo BIG integration in an adverse business environment 3 Confirmed 2023 objective of growth in EBITDA, Recurring Operating Income and Net Free Cash-flow H1 2023 RESULTS July 2
Slide 17: APPENDIX
a © APPENDIX
Slide 18: Carrefour 2026 objectives
Carrefour 2026 objectives OPERATIONAL OBJECTIVES 2022 H1 2023 2026 33% of food sales 35% of food sales 40% of food sales Private labels (+3 pts vs H1 22) Convenience store openings - +295 +2,400 vs. 2022 Atacadão store openings - +14 >+200 vs. 2022 ESG OBJECTIVES 2022 H1 2023 2026 Sales of certified
Slide 19: Q2 2023 Gross sales
Q2 2023 Gross sales Change at Change at current LFL Organic growth Gross sales constant exch. rates inc. ex. petrol ex. petrol (in €m) exch. rates inc. petrol ex. calendar ex. calendar petrol France 10,559 +2.0% +2.0% +7.3% +6.5% Hypermarkets 5,024 -0.2% -0.2% +6.6% +5.3% Supermarkets 3,571 +3.2% +3
Slide 20: Q2 2023 Technical effects
Q2 2023 Technical effects Calendar Petrol Forex France -0.8% -3.8% - Hypermarkets -0.9% -4.7% - Supermarkets -0.7% -3.2% - Others, incl. convenience -0.7% -2.2% - Other European countries -0.3% -2.7% +0.2% Spain +0.1% -4.8% - Italy -0.1% -1.8% - Belgium -0.5% - - Poland -1.9% -1.4% +2.2% Romania -0.
Slide 21: H1 2023 Gross sales
H1 2023 Gross sales Change at Change at current LFL Organic growth Gross sales constant exch. rates inc. ex. petrol ex. petrol (in €m) exch. rates inc. petrol ex. calendar ex. calendar petrol France 20,775 +4.1% +4.1% +7.2% +6.3% Hypermarkets 10,022 +2.2% +2.2% +6.3% +4.8% Supermarkets 6,964 +4.5% +
Slide 22: H1 2023 Technical effects
H1 2023 Technical effects Calendar Petrol Forex France +0.2% -2.5% - Hypermarkets +0.1% -2.7% - Supermarkets +0.3% -2.4% - Others, incl. convenience +0.3% -1.8% - Other European countries +0.0% -1.9% +0.1% Spain +0.0% -3.4% - Italy +0.2% -1.2% - Belgium +0.1% - - Poland -0.1% -2.0% +0.3% Romania +0.
Slide 23: FX impact on results
FX impact on results H1 2023 CURRENCY evolution(1) -4.0% Brazilian Real +0.9% negative FX impact on H1 2023 gross sales Argentine Peso -45.9% Polish Zloty +0.2% -58m Romanian Leu +0.2% negative FX impact on H1 2023 ROI (1) Average foreign exchange rate H1 2023 RESULTS July 26, 2023 23
Slide 24: 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 2022 H1 2022 H1 2023 at constant at current H1 2023 at constant at current IFRS 5 IFRS 5 exch. rates exch. rates exch. rates exch. rates in €m France 17,910 18,694 +4.4%
Slide 25: Non-recurring expenses
Non-recurring expenses H1 2022 in €m H1 2023 IFRS 5 Restructuring costs (16) (257) Impairment and asset write-offs (41) (56) Results from asset disposals 62 42 Other non-current items (87) 85 Non-recurring income and expenses, net (82) (186) H1 2023 RESULTS July 26, 2023 25
Slide 26: H1 2023 income statement
H1 2023 income statement H1 2022 in €m H1 2023 IFRS 5 Net sales 37,790 40,743 Net sales, net of loyalty program costs 37,391 40,302 Other revenue 1,168 1,287 Total revenue 38,558 41,589 Cost of goods sold (31,055) (33,515) Gross margin 7,504 8,074 SG&A (5,769) (6,356) Recurring operating income befo
Slide 27: Tax expense
Tax expense H1 2022 in €m H1 2023 IFRS 5 Income before taxes 522 262 Non-recurring income and expenses, net (82) (186) Income before taxes 605 448 (excl. non-recurring income and expense) Full-year normative tax rate(1) 31.7% 27.2% Evolution of the geographic mix Normative tax expense (192) (122) No
Slide 28: Enhanced liquidity and solid balance sheet
Enhanced liquidity and solid balance sheet Debt redemption schedule (in €m) – As of June 30, 2023 › Credit Rating as of June 30, 2023: BBB stable outlook by S&P Baa1 stable outlook by Moody’s 1,785 › On June 30, 2023, average bond 1,545 285 debt maturity is at 3.8 years 1,439 335 189 › May 2023 : €5
Slide 29: Stores under banners at end Q2 2023
Stores under banners at end Q2 2023 Cash & Soft (#) Hypermarkets Supermarkets Convenience Sam’s Club Total Carry discount France 253 1,037 4,493 150 33 - 5,966 Other European countries 454 2,044 3,381 12 93 - 5,984 Spain 203 160 1,042 - 58 - 1,463 Italy 42 425 1,013 12 - - 1,492 Belgium 40 350 310 -
Slide 30: 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