Slide 1: FY 2025 Results
FY 2025 Results Q4 2025 Sales February 17th, 2026
Slide 2: Strategic overview
Strategic ) . overview
Slide 3: 2025: Structural transformation & operational progress
2025: Structural transformation & operational progress Private labels E-commerce Cora & Match ESG 38% €7.0bn GMV Good progress in (+21% vs. 2024) 113% of food sales integration Concordis Carrefour Brazil Italy Romania Launch of the buying Full acquisition and taken Completion of the sale in Exclusiv
Slide 4: 2025: Key financial results
2025: Key financial results Recurring Net Sales EBITDA Cost savings Operating Income €4,506m €2,158m €82.1bn €1,100m +2.8% LFL (excl. Italy) -0.9% at stable vs. 2024 constant FX Net Free Net debt Ordinary Special Cash-Flow at December 31st,2025 dividend dividend(1) €1,565m €3,965m €0.97/share excl.
Slide 5: Disposal of Carrefour Romania
Disposal of Carrefour Romania Stores split Strategic rationale Supeco 30 Hyper 55 478 Refocus on Carrefour core and strategic Express 202 countries Market 191 Small business unit for Carrefour Group • Carrefour Romania represents 3.5% of Group sales Attractive offer received Net sales by format 3.5%
Slide 6: CSR & Food Transition Index: 113% achievement rate
CSR & Food Transition Index: 113% achievement rate Climate Food transition 87% of Top 100 suppliers €664m in sales of have a 1.5°C trajectory plant-based alternatives (+34pts vs end-2024) (ahead of the 2026 target of €650m) 31 SLBP(1) contracts 51 490 partner producers signed with our suppliers (ahe
Slide 7: Financial results
. Financial results
Slide 8: Q4 2025 total sales growth
Q4 2025 total sales growth (1.2)% +1.6% +0.2% €24,593m €24,291m › France: +0.4% (0.7)% (0.0)% › Europe: +0.9% (2.3)% › LatAm: +4.4% Q4 2024 LFL Expansion & Petrol Calendar Forex Q4 2025 Gross sales M&A Gross sales FY 2025 RESULTS February 17, 2026 8
Slide 9: Cora & Match and Forex weighing on ROI
Cora & Match and Forex weighing on ROI Group Recurring Operating Income Operating margin -€102m -€120m o/w €95m of non-recurring €2,380m integration costs €2,280m 3.0% €2,278m 2.9% €2,158m 2.8% 2.6% 2024 2025 Forex impact 2025 Cora & Match 2025 IFRS 5 at constant Fx, at current Fx, reported excl. Co
Slide 10: France: Underlying performance improving for another year
France: Underlying performance improving for another year France Q4 2025 LFL of +0.4% ROI temporarily impacted by Cora & Match › Q4 sales impacted by market slowdown in November › Excl. Cora & Match: FY 2025 ROI up +11.3% and December; January back to better trend similar with ROI margin up +31bps a
Slide 11: Cora & Match integration implemented per plan
Cora & Match integration implemented per plan Integration Cost Cycle concluded Commercial integration ramping up €m 2024 2025 Total Banner conversion realized in Q4 2024 Carrefour commercial model implemented over H1 H2 summer 2025 (more competitive, weighing on Opex 50 50 45 145 vs €150m expect
Slide 12: French margin keeps increasing & passes 3% mark
French margin keeps increasing & passes 3% mark (ex Cora & Match) Recurring Operating Income (excl. Cora & Match) Operating margin (excl. Cora & Match) 1200 3,5% €1,103m €988m €991m 3.0% 3,0% €834m 2.7% 2.6% 800 €757m 2,5% €629m 2.2% 2.1% €555m 2,0% €466m 1.8% 1.6% 400 1,5% 1.3% 1,0% 00 0,5% 2018 20
Slide 13: Europe: Improving ROI driven by Spain
Europe: Improving ROI driven by Spain Europe Q4 LFL of +0.9% Increase in ROI driven by Spain › Solid momentum in Spain in a dynamic market › Strong increase of ROI in Spain and sound performance in › Resilient LFL sales growth in Belgium and Romania Belgium despite strong competition and pressure on
Slide 14: Spain: Strong momentum
Spain: Strong momentum Buoyant market Solid dynamics in food sales (+2.3% LFL in 2025) with an outstanding performance in fresh products Positive non-food sales (+0.7% LFL in 2025) Sustained price leadership in the market (best price positioning since 2022) Ongoing development of convenience stores
Slide 15: Challenging environments in Brazil and Argentina in 2025
Challenging environments in Brazil and Argentina in 2025 LatAm Q4 2025 LFL of +4.4% 2025 ROI impacted by FX › Performance in Brazil (0.0% LFL) still affected by a › Negative FX impact of -€101m in Latin America difficult backdrop with record high interest rates • Food inflation slowing down to low s
Slide 16: 2025 ROI of €2,158m; ROI margin 2.6%
2025 ROI of €2,158m; ROI margin 2.6% 2024 in €m 2025 Variation IFRS 5 Net Sales 81,705 82,102 +0.5% Gross margin 16,126 16,024 -0.6% Continued price investments and evolution As a % of net sales 19.7% 19.5% -22bps of the integrated/franchised store mix SG&A (11,874) (11,800) -0.6% As a % of net sale
Slide 17: Adjusted EPS: €1.60
Adjusted EPS: €1.60 2024 in €m 2025 IFRS 5 Recurring operating income 2,280 2,158 Net income from associates and JVs 65 42 Non-recurring income and expenses, net (253) (62) Lower restructuring EBIT 2,093 2,137 Net financial expenses (726) (578) Cost of debt, net (386) (396) Stable level cost of debt
Slide 18: Net Free Cash Flow
Net Free Cash Flow EBITDA to Net FCF 2024 in €m 2025 Variation IFRS 5 EBITDA 4,522 4,506 (16) Income tax paid (604) (603) 1 Normalization after negative impact Financial result (operations-related) (1) (136) 41 177 in Argentina in 2024 Cash impact of restructuring items and others (327) (189) 139 Le
Slide 19: Net Free Cash Flow excluding real estate
Net Net Free Free Cash Cash Flow Flow excluding excluding real real estate estate 2024 (in €m) 2025 Variation IFRS 5 Net free cash-flow (incl. real estate) 1,469 1,305 (164) Real estate Capex (308) (253) 55 Real estate asset disposal 536 517 (18) Net real estate investment/(disposal) (227) (264) 37
Slide 20: FY 2025 Net Free Cash Flow compared to initial estimations
FY 2025 Net Free Cash Flow compared to initial estimations NFCF FY 2025 NFCF vs. FY 2024 NFCF Achievements FY 2025 vs FY 2024 (in €m) Expected (disclosed in July 2025) EBITDA Increase in EBITDA ++ (16) FY 2025 EBITDA stable YoY Income tax paid Stable ~ +1 Stable YoY Improving after high financia
Slide 21: Net debt variation
Net debt variation +€185m in €m 3,965 3,780 337 106 181 (1,305) 866 December 31, Net FCF Dividends and Net M&A incl. the Sale of Forex and December 31, 2024 Net Debt tax paid on acquisition of Carrefour others 2025 Net Debt 2024 share minorities in Brazil Italy buyback FY 2025 RESULTS February 17, 2
Slide 22: Disposal of Carrefour Romania
Disposal of Carrefour Romania Transaction structure Carrefour Romania in a nutshell Exclusive negotiations with Paval Holding, FY 2025 founders of the Dedeman DIY retail chain Net sales €2.8bn EBITDA €173m Perimeter: All Carrefour activities in Romania Recurring Operating Income €29m Valuation: Ente
Slide 23: €0.97 ordinary dividend +€150m/€0.21 per share
2026 Shareholder Remuneration €0.97 ordinary dividend €0.23 €0.21 vs €0.92 in 2024 (+5.4%) €0.97 €0.92 €0.87 €1.18 €0.56 +€150m/€0.21 per share €0.48 €0.52 special dividend 2021 2022 2023 2024 2025 2026 conditioned to the closing of the disposal of Carrefour Romania => €1.18 /share i.e. 8.3% yield (
Slide 24: Appendix
a © APPENDIX
Slide 25: Q4 2025 gross sales
Q4 2025 gross sales Change at Change at LFL Organic growth Gross sales current constant ex. petrol ex. petrol (in €m) exch. rates inc. exch. rates inc. ex. calendar ex. calendar petrol petrol France 12,190 +0.4% -0.5% +0.0% +0.0% Hypermarkets 6,238 -0.7% -1.7% -1.4% -1.4% Supermarkets 3,896 +0.6% -0
Slide 26: Q4 2025 technical effects
Q4 2025 technical effects Calendar Petrol Forex France -0.1% +0.6% - Hypermarkets -0.4% +0.8% - Supermarkets +0.0% +0.6% - Others, inc. convenience +0.9% +0.3% - Other European countries +0.0% -0.2% -0.2% Spain +0.1% -0.3% - Belgium +0.2% - - Romania -0.1% - -2.2% Poland -0.3% -0.2% +1.5% Latin Amer
Slide 27: FY 2025 gross sales
FY 2025 gross sales Change at Change at LFL Organic growth Gross sales current constant ex. petrol ex. petrol (in €m) exch. rates inc. exch. rates inc. ex. calendar ex. calendar petrol petrol France 46,301 +0.4% -0.2% +5.3% +5.3% Hypermarkets 22,998 -1.1% -2.1% +6.7% +6.7% Supermarkets 15,123 +0.2%
Slide 28: FY 2025 technical effects
FY 2025 technical effects Calendar Petrol Forex France -0.4% -0.4% - Hypermarkets -0.4% +0.0% - Supermarkets -0.3% -1.3% - Others, inc. convenience -0.4% +0.1% - Other European countries -0.3% -0.2% -0.0% Spain -0.3% -0.6% - Belgium -0.5% - - Romania -0.2% - -1.4% Poland -0.3% +0.4% +1.5% Latin Amer
Slide 29: FX impact on results
FX impact on results 2025 CURRENCY Evolution -3.5% Brazilian Real -7.8% negative FX impact on FY 2025 gross sales Argentine Peso -28.6% Romanian Leu -1.4% -102m Polish Zloty +1.5% negative FX impact on FY 2025 ROI FY 2025 RESULTS February 17, 2026 29
Slide 30: 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 2024 2024 2025 at constant at current 2025 at constant at current IFRS 5 IFRS 5 exch. rates exch. rates exch. rates exch. rates in €m France 39,540 41,743 +5.6% +5.6% 1,042
Slide 31: Non-recurring expenses
Non-recurring expenses 2024 in €m 2025 IFRS 5 Restructuring costs (150) (70) Impairment and asset Partial impairment of Polish and Belgian (239) (496) goodwill write-offs Results from asset Gain on sale of Carmila and sales and 112 312 disposals lease back Mainly Reversal of provision following Othe
Slide 32: 2025 income statement
2025 income statement 2024 in €m 2025 IFRS 5 Net Sales 81,705 82,102 Net sales, net of loyalty program costs 80,783 81,149 Other revenue 2,671 2,876 Total revenue 83,454 84,025 Cost of goods sold (67,328) (68,001) Gross margin 16,126 16,024 SG&A (11,874) (11,800) Recurring operating income before D&
Slide 33: Tax expense
Tax expense 2024 in €m 2025 IFRS 5 Income before taxes 1,367 1,559 Non-recurring income and expenses, net (253) (62) Income before taxes (excl. non-recurring income and expense and 1,619 1,621 net income from associates) Full-year normative tax rate(1) 27.0% 27.9% Evolution of the geographic mix Nor
Slide 34: Net income, Group share, adjusted for exceptional items
Net income, Group share, adjusted for exceptional items FY 2024 FY 2024 in €m FY 2025 published IFRS 5 Net income, Group share 723 723 319 Restatement of Recurring Operating Income (before tax) - 6 38 Restatement for non-recurring income and expenses (before tax) 424 253 62 Restatement for exception
Slide 35: Earnings per share
Earnings per share 2024 (€ per share) 2025 IFRS 5 Net income from continuing operations, Group share 1.49 1.43 Net income from discontinued operations, Group share (0.41) (0.96) Net income, Group share 1.08 0.47 Adjusted net income, Group share 1.74 1.60 Weighted average number of shares (in million
Slide 36: Enhanced liquidity and solid balance sheet
Enhanced liquidity and solid balance sheet › Credit Rating as of December 31, 2025: Debt redemption schedule (in €m) – As of December 31, 2025 BBB stable outlook by S&P › On December 31, 2025, average bond debt maturity is at 3.7 years › January 2025: Sustainability-linked 1 350 Bond issuance for €5
Slide 37: Stores under banners at end-2025
Stores under banners at end-2025 Cash & Soft (#) Hypermarkets Supermarkets Convenience Sam’s Club Total Carry discount France 325 1,167 5,084 157 33 - 6,766 Other European countries 462 2,143 3,385 12 106 - 6,108 Spain 204 162 1,159 - 70 - 1,595 Belgium 40 346 317 - - - 703 Romania 55 191 202 - 30 -
Slide 38: 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