Carrefour : Financial document (VEN Comptes consolide CC 81s 2025 incluant le rapport des CAC)

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Consolidated financial statements as of December 31, 2025 Consolidated financial statements as of December 31, 2025 Consolidated income statement page 03 Consolidated statement of comprehensive income page 04 Consolidated statement of financial position page 05 Consolidated statement of cash flows page 06 Consolidated statement of changes in shareholders' equity page 08 Notes to the consolidated financial statements page 09 The comparative consolidated income and cash flow statement information presented in this document has been restated to reflect the classification of Carrefour Italy in discontinued operations in accordance with IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations . These restatements are described in Note 4. Argentina is classified as a hyperinflationary economy within the meaning of IAS 29 - Financial Reporting in Hyperinflationary Economies which is therefore applicable to the consolidated financial statements for the year ended December 31, 2025. Comparative data for 2024 have been adjusted accordingly for inflation. The consolidated financial statements are presented in millions of euros. As a result, there may be rounding differences between the amounts reported in the various statements. (in millions of euros) Notes 2025 2024 IFRS 5 restated % change Net sales Loyalty programme costs Net sales net of loyalty programme costs 6.1 82,102 (954) 81,149 81,705 (922) 80,783 0.5% 3.5% 0.5% Other revenue 6.1 2,876 2,671 7.7% Total revenue 84,025 83,454 0.7% Cost of sales 6.2 (68,001) (67,328) 1.0% Gross margin from recurring operations 16,024 16,126 (0.6)% Sales, general and administrative expenses, depreciation and amortisation 6.2 (13,867) (13,846) 0.1% Recurring operating income 2,158 2,280 (5.4)% Net income/(loss) from equity-accounted companies 9 42 65 (35.6)% Recurring operating income after net income from equity-accounted companies 2,199 2,345 (6.2)% Non-recurring income and expenses, net 6.3 (62) (253) (75.4)% Operating income 2,137 2,093 2.1% Finance costs and other financial income and expenses, net 14.6 (578) (726) (20.4)% Finance costs, net (396) (386) 2.5% Net interests related to leases (223) (204) 9.4% Other financial income and expenses, net 41 (136) 130.5% Income before taxes 1,559 1,367 14.1% Income tax expense 10.1 (516) (302) 71.0% Net income/(loss) from continuing operations 1,043 1,065 (2.0)% Net income/(loss) from discontinued operations (658) (275) 139.2% Net income/(loss) for the year 385 790 (51.2)% Group share 319 723 (55.9)% of which net income/(loss) from continuing operations - Group share 976 998 (2.2)% of which net income/(loss) from discontinued operations - Group share (657) (275) 139.4% Attributable to non-controlling interests 66 66 (0.2)% of which net income/(loss) from continuing operations - attributable to non-controlling interests 66 67 (0.2)% of which net income/(loss) from discontinued operations - attributable to non-controlling interests (0) (0) 9.6% Basic earnings per share (in euros) Notes 2025 2024 IFRS 5 restated % change Net income/(loss) from continuing operations - Group share - per share 13.6 1.43 1.49 (4.0)% Net income/(loss) from discontinued operations - Group share - per share 13.6 (0.96) (0.41) 134.8% Net income/(loss) - Group share - per share 13.6 0.47 1.08 (56.7)% Diluted earnings per share (in euros) Notes 2025 2024 IFRS 5 restated % change Net income/(loss) from continuing operations - Group share - per share 13.6 1.42 1.48 (3.9)% Net income/(loss) from discontinued operations - Group share - per share 13.6 (0.96) (0.41) 135.1% Net income/(loss) - Group share - per share 13.6 0.47 1.07 (56.7)% (in millions of euros) Notes 2025 2024 Net income/(loss) - Group share 319 723 Net income - Attributable to non-controlling interests 66 66 Net income/(loss) for the year 385 790 Effective portion of changes in the fair value of cash flow hedges ¹ 13.4 (28) 14 Changes in debt instruments at fair value through other comprehensive income 13.4 (1) (6) Exchange differences on translation of intercompany loans qualifying as net investment of foreign operations, net of hedge effect ² 13.4 (36) (135) Exchange differences on translating foreign operations ³ 13.4 (148) (334) Items that may be reclassified subsequently to profit or loss (214) (460) Remeasurements of defined benefit plans obligation ⁴ 12.1/13.4 18 13 Changes in the fair value of equity instruments through other comprehensive income 13.4 (0) 0 Items that will not be reclassified subsequently to profit or loss 18 13 Other comprehensive income/(loss) after tax (196) (447) Total comprehensive income/(loss) 189 342 Group share 125 533 Attributable to non-controlling interests 64 (191) These items are presented net of tax (see Note 13.4). This item includes changes in the fair value of interest rate and currency hedging instruments. The decline in the fair value of derivatives used to hedge future purchases of non-food products in US dollars reflects the decrease in the value of the dollar in 2025. To a lesser extent, this item also includes changes in the fair value of swaps in Spain and France taken out to hedge the risk of unfavourable changes in energy prices (electricity or biomethane). As a reminder, in 2022 and in 2023, Carrefour Finance granted two intra-group revolving credit facilities (RCF) to the Brazilian subsidiary Atacadão for 8.2 billion Brazilian reals. In addition, as part of the restructuring of Atacadão's debt in Brazilian reals, which led to the repayment of all external debt, new inter-company credit lines were signed for 10.55 billion Brazilian reals in the second half of 2025, bringing the amount of RCFs granted to 18.75 billion Brazilian reals as of December 31, 2025. These facilities were treated as part of the net investment in that operation. The derivatives contracted to hedge part of the facilities were classified as a net investment hedge (see Note 2.2). As they represented derivative instruments, they were not rolled over when they were unwound. In 2024, there was a significant decline in the value of the Brazilian real, whereas in 2025 the real remained fairly stable. This item includes the adjustment of Carrefour Argentina's reserves to reflect hyperinflation, in accordance with the Group's accounting principles (see Note 3.1 - Translation of the financial statements of foreign operations). In 2025, exchange differences on translating foreign operations mainly reflect the significant decline in the value of the Argentine peso versus the previous year, partially offset by gains resulting from adjustments for hyperinflation in Argentina. In 2024, exchange differences recognised on translating foreign operations mainly reflected the significant decline in the value of the Brazilian real compared to December 31, 2023, partially offset by gains resulting from adjustments for hyperinflation in Argentina. Remeasurement of the net defined benefit liability recognised in 2025 reflects the marked increase in discount rates applied for the eurozone, from 3.20% at the end of December 2024 to 3.75% at the end of December 2025. These rates stood at 3.20% at both end-December 2024 and end-December 2023. ASSETS (in millions of euros) Notes December 31, 2025 December 31, 2024 Goodwill 7.1 8,670 8,946 Other intangible assets 7.1 1,459 1,566 Property and equipment 7.2 12,168 13,011 Investment property 7.4 202 218 Right-of-use assets 8.1 4,600 4,522 Investments in companies accounted for by the equity method 9.1 1,017 1,120 Other non-current financial assets 14.5 1,211 1,138 Consumer credit granted by the financial services companies - portion due in more than one year 6.5 1,797 1,846 Deferred tax assets 10.2 558 566 Other non-current assets 6.4 709 623 Non-current assets 32,390 33,557 Inventories 6.4 6,379 6,709 Trade receivables 6.4 3,193 3,305 Consumer credit granted by the financial services companies - portion due in less than one year 6.5 4,663 4,567 Other current financial assets 14.2 241 523 Tax receivables 6.4 1,086 969 Other current assets 6.4 1,028 1,084 Cash and cash equivalents 14.2 6,179 6,564 Assets held for sale 54 84 Current assets 22,822 23,807 TOTAL ASSETS 55,213 57,363 SHAREHOLDERS' EQUITY AND LIABILITIES (in millions of euros) Notes December 31, 2025 December 31, 2024 Share capital 13.2 1,841 1,695 Consolidated reserves (including net income) 9,135 9,125 Shareholders' equity, Group share 10,976 10,820 Shareholders' equity attributable to non-controlling interests 13.5 693 1,665 Total shareholders' equity 11,669 12,484 Borrowings - portion due in more than one year 14.2 7,044 7,589 Lease liabilities - portion due in more than one year 8.2 4,270 3,976 Provisions 11 3,118 3,511 Consumer credit financing - portion due in more than one year 6.5 2,611 2,113 Deferred tax liabilities 10.2 372 494 Tax payables - portion due in more than one year 6.4 36 53 Non-current liabilities 17,450 17,736 Borrowings - portion due in less than one year 14.2 3,289 3,229 Lease liabilities - portion due in less than one year 8.2 989 1,093 Suppliers and other creditors 6.4 14,690 14,997 Consumer credit financing - portion due in less than one year 6.5 2,869 3,533 Tax payables - portion due in less than one year 6.4 1,458 1,358 Other current payables 6.4 2,796 2,931 Liabilities related to assets held for sale 4 − Current liabilities 26,094 27,143 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 55,213 57,363 (in millions of euros) 2025 2024 IFRS 5 restated Income before taxes 1,559 1,367 OPERATING ACTIVITIES Income tax paid (603) (698) Depreciation and amortisation expense 2,349 2,242 Gains and losses on disposal of assets and other (388) (72) Change in provisions and impairment 170 (90) Finance costs, net 396 386 Net interests related to leases 223 204 Share of profit and dividends received from equity-accounted companies 50 23 Impact of discontinued operations ¹ (4) 8 Cash flow from operations 3,752 3,369 Change in working capital requirement ² 475 784 Impact of discontinued operations ¹ (66) 15 Net cash (used in)/from operating activities (excluding financial services companies) 4,161 4,168 Change in consumer credit granted by the financial services companies (212) 32 Net cash (used in)/from operating activities - total 3,948 4,200 INVESTING ACTIVITIES Acquisitions of property and equipment and intangible assets ³ (1,523) (1,711) Acquisitions of non-current financial assets (45) (36) Acquisitions of subsidiaries and investments in associates ⁴ (207) (1,376) Proceeds from the disposal of subsidiaries and investments in associates ⁵ 19 13 Proceeds from the disposal of property and equipment and intangible assets ⁶ 642 595 Proceeds from the disposal of non-current financial assets 10 11 Change in amounts receivable from disposals of non-current assets and due to suppliers of non-current assets 2 (27) Investments net of disposals - subtotal (1,103) (2,531) Other cash flows from investing activities (6) 216 Impact of discontinued operations ¹ (56) (57) Net cash (used in)/from investing activities - total (1,164) (2,372) FINANCING ACTIVITIES Carrefour SA capital increase / (decrease) ⁷ (60) (483) Proceeds from share issues to non-controlling interests 6 42 Dividends paid by Carrefour SA ⁸ (812) (600) Dividends paid to non-controlling interests (1) (26) Change in treasury stock and other equity instruments ⁷ 1 (222) Change in current financial assets ⁹ 100 358 Issuance of bonds ⁹ 2,150 1,459 Repayments of bonds ⁹ (1,995) (1,271) Net financial interests paid (395) (302) Other changes in borrowings ⁹ (565) 1,274 Payments related to leases (principal) ¹⁰ (1,009) (955) Net interests paid related to leases ¹⁰ (224) (202) Impact of discontinued operations ¹ (175) (148) Net cash (used in)/from financing activities - total (2,979) (1,076) Net change in cash and cash equivalents before the effect of changes in exchange rates (195) 752 Effect of changes in exchange rates ¹¹ (190) (477) NET CHANGE IN CASH AND CASH EQUIVALENTS (385) 275 Cash and cash equivalents at beginning of year 6,564 6,290 Cash and cash equivalents at end of year 6,179 6,564 This caption reflects the classification of cash flows relating to discontinued operations in accordance with IFRS 5. The reclassified cash flows relate almost exclusively to the disposal of Carrefour Italy, effective December 1, 2025 (see Note 4). The change in working capital requirement is set out in Note 6.4.1. Acquisitions include operational investments in growth formats and the Group's digitalisation. This amount mainly corresponds to the acquisition of all of the outstanding shares in Carrefour Brazil for a total amount of approximately 140 million euros in cash (see Note 2.1.1). In 2024, these amounts mainly related to the acquisition of Cora and Match and the Provera purchasing centre in France, of some Casino/Intermarché (France) and Supercor stores (Spain), and of stores owned by the Alma franchisee (Belgium). This amount mainly relates to the disposal (net of transaction costs) of 9,866,421 Carmila shares for 17.30 euros per share, representing a total amount of 170 million euros (see Note 9), offset by the disposal of Carrefour Italy for a preliminary amount of 160 million euros net of transaction costs (see Note 4). This line mainly corresponds to the sale of underperforming stores in Brazil, the sale of the Carrefour Banque life insurance portfolio, and sale and leaseback transactions in France, Spain and Brazil (see Note 2.1.3). In 2024 this item corresponded mainly to the sale of other underperforming stores in Brazil and to other sale and leaseback transactions in France, Spain and Brazil. The French 2025 Finance Act introduced a special tax on capital reductions carried out by cancelling shares between March 1, 2024, and February 28, 2025, and resulting from share buybacks by companies with net sales in excess of 1 billion euros. Having cancelled a total of 30,821,628 treasury shares in April and June 2024, the Group paid this tax in April 2025 in the amount of 60 million euros (see Note 1.3.1.). In 2024, these lines corresponded to the 700 million euro share buyback programme launched in 2024, organised as three buyback mandates totalling 335 million euros and a 365 million euro share buyback from Galfa. In accordance with decisions by the Board of Directors, 483 million euros' worth of shares (including associated costs) were cancelled on April 24, 2024 and June 3, 2024. The shares corresponding to the 2024 programme, which were still held in treasury as of December 31, 2024, were presented within "Change in treasury stock and other equity instruments". The dividend approved by the Shareholders' Meeting of May 28, 2025, was paid entirely in cash on June 3, 2025, for an amount of 812 million euros (see Note 2.3). In 2024, the dividend was paid entirely in cash on May 30, 2024, for 600 million euros. Note 14.2 provides a breakdown of debt. Changes in liabilities arising from financing activities are detailed in Note 14.4. In 2025, as part of the restructuring of Brazilian subsidiary Atacadão's debt, all of the Group's debt denominated in reals was repaid early or redeemed, and replaced by euro-denominated debt issued by Carrefour SA in the form of bonds (see Note 2.2). The derivatives associated with the repaid and redeemed debt, shown within current financial assets as of December 31, 2024, were therefore unwound (see Note 14.2.5). In 2024, changes in current financial assets reflected the fact that almost all US dollar- and inflation-linked investments in Argentina taken out in 2023 had matured over the period, as had the currency swap linked to the 500 million US dollar non-dilutive convertible bond, which was repaid in March 2024. In accordance with IFRS 16, payments under leases along with any related interest are shown in financing cash flows. The effect of changes in exchange rates in 2025 mainly relate to the significant decline in the value of the Argentine peso. In 2024, they mainly reflected the significant decline in the value of the Brazilian real. Consolidated statement of changes in shareholders' equity (in millions of euros) Shareholders' equity, Group share Total Shareholders' equity, Group share Total Non-controlling interests Total Shareholders' equity Share capital ¹ Foreign exchange translation reserve ² Fair value reserve ³ Other consolidated reserves and net income Shareholders' equity at December 31, 2023 1,772 (1,719) (42) 11,528 11,539 1,848 13,387 Net income/(loss) for the year 2024 − − − 723 723 66 790 Other comprehensive income/(loss) after tax − (79) (125) 13 (191) (257) (447) Total comprehensive income/(loss) 2024 - (79) (125) 737 533 (191) 342 Share-based payments − − − 38 38 0 38 Treasury stock (net of tax) ⁵ − − − (220) (220) − (220) 2023 dividend payment ⁴ − − − (600) (600) (45) (645) Change in capital and additional paid-in capital ⁵ (77) − − (404) (481) − (481) Effect of changes in scope of consolidation and other movements ⁸ − 0 − 11 11 52 63 Shareholders' equity at December 31, 2024 1,695 (1,798) (166) 11,089 10,820 1,665 12,484 Net income/(loss) for the year 2025 − − − 319 319 66 385 Other comprehensive income/(loss) after tax − (146) (66) 18 (194) (2) (196) Total comprehensive income/(loss) 2025 - (146) (66) 337 125 64 189 Share-based payments − − − 19 19 (1) 18 Treasury stock - exceptional tax on capital reductions ⁶ − − − (60) (60) − (60) 2024 dividend payment ⁴ − − − (812) (812) (3) (814) Change in capital and additional paid-in capital ⁷ 146 − − 621 767 − 767 Effect of changes in scope of consolidation and other movements ⁷ ⁸ − (595) (9) 722 118 (1,033) (915) Shareholders' equity at December 31, 2025 1,841 (2,539) (241) 11,916 10,976 693 11,669 As of December 31, 2025, the share capital was made up of 736,314,789 ordinary shares (see Note 13.2.1). This item includes the adjustment of Carrefour Argentina's reserves to reflect hyperinflation, in accordance with the Group's accounting principles (see Note 3.1 - Translation of the financial statements of foreign operations). In 2025, the Group's share of exchange differences recognised on translating foreign operations mainly reflect the significant decline in the value of the Argentine peso compared with December 31, 2024, partially offset by gains resulting from adjustments for hyperinflation in Argentina. In 2024, the Group's share of exchange differences on translating foreign operations mainly reflected the significant decline in the value of the Brazilian real over the year, partially offset by gains resulting from adjustments for hyperinflation in Argentina. This item comprises: the hedge reserve (effective portion of changes in the fair value of cash flow hedges); the fair value reserve (changes in the fair value of financial assets carried at fair value through other comprehensive income); exchange differences on translation of intra-group loans qualifying as net investments in foreign operations, net of hedging. The 2024 dividend distributed by Carrefour SA, totalling 812 million euros, was paid entirely in cash. The 2023 dividend distributed by Carrefour SA, totalling 600 million euros, was also paid entirely in cash. Dividends paid to non-controlling interests mainly relate to the Brazilian and Spanish subsidiaries for an amount of 3 million euros in 2025, and 45 million euros in 2024. In 2024, the 700 million euro share buyback programme authorised by the Shareholders' Meetings of May 26, 2023 and May 24, 2024 was completed, corresponding to a total of 47,651,459 shares. Carrefour SA's share capital was reduced by cancelling 30,821,628 shares, including 16,844,310 shares on April 24, 2024, and 13,977,318 shares on June 3, 2024, representing a total of 481 million euros. Following cancellation of the shares, Carrefour SA had 32,195,690 treasury shares, representing approximately 4.7% of the share capital as of December 31, 2024. The French 2025 Finance Act introduced a special tax on capital reductions carried out by cancelling shares between March 1, 2024, and February 28, 2025, and resulting from share buybacks by companies with net sales in excess of 1 billion euros. Having cancelled a total of 30,821,628 treasury shares in April and June 2024 (see above), the Carrefour group paid this tax in April 2025 for an amount of 60 million euros. The Group, which held 67.4% of Carrefour Brazil as of December 31, 2024, decided to raise its interest to 100%. On June 2, 2025, in exchange for their Carrefour Brazil shares, the minority shareholders received a total amount of approximately 140 million euros in cash and 58,345,601 Carrefour SA shares issued for this purpose, representing an amount of 767 million euros (see Note 2.1). In 2025, the effect of changes in the scope of consolidation and other movements almost entirely corresponded to the acquisition of minority interests in Carrefour Brazil. In 2024, this item mainly corresponded to capital increases subscribed by non-controlling shareholders in Unlimitail (Publicis) and Carrefour Banque (BNP Paribas Personal Finance) during the period. Table of Contents NOTE 1: BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS . - 10 - NOTE 2: SIGNIFICANT EVENTS OF THE YEAR............................................................................... - 15 - NOTE 3: SCOPE OF CONSOLIDATION ........................................................................................... - 23 - NOTE 4: RESTATEMENT OF THE 2024 CONSOLIDATED FINANCIAL STATEMENTS ......................... - 27 - NOTE 5: SEGMENT INFORMATION ............................................................................................... - 30 - NOTE 6: OPERATING ITEMS ......................................................................................................... - 32 - NOTE 7: INTANGIBLE ASSETS, PROPERTY AND EQUIPMENT, INVESTMENT PROPERTY ................ - 45 - NOTE 8: LEASES ........................................................................................................................... - 55 - NOTE 9: INVESTMENTS IN COMPANIES ACCOUNTED FOR BY THE EQUITY METHOD .................... - 59 - NOTE 10: INCOME TAX EXPENSE ................................................................................................. - 62 - NOTE 11: PROVISIONS AND CONTINGENT LIABILITIES .............................................................. - 65 - NOTE 12: NUMBER OF EMPLOYEES, EMPLOYEE COMPENSATION AND BENEFITS ......................... - 68 - NOTE 13: EQUITY AND EARNINGS PER SHARE ............................................................................. - 78 - NOTE 14: FINANCIAL ASSETS AND LIABILITIES, FINANCE COSTS AND OTHER FINANCIAL INCOME AND EXPENSES .................................................................................................................................... - 83 - NOTE 15: OFF-BALANCE SHEET COMMITMENTS ..........................................................................- 103 - NOTE 16: SUBSEQUENT EVENTS .................................................................................................- 105 - NOTE 17: AUDITORS' FEES .........................................................................................................- 106 - NOTE 18: LIST OF CONSOLIDATED COMPANIES .........................................................................- 107 - ‌NOTE 1: BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements for the year ended December 31, 2025 were approved for publication by the Board of Directors on February 17, 2026. They will be submitted for final approval at the Annual Shareholders' Meeting. Carrefour SA (the "Company") is domiciled in France at 93, avenue de Paris, 91300 Massy. Carrefour is one of the world's leading food retailers (in terms of stores and e-commerce), operating in over 40 countries with an omni-channel model. The Group operates directly in seven countries, including five in Europe (France, Spain, Belgium, Poland and Romania) and two in Latin America (Brazil and Argentina), and has a network of integrated stores, stores under lease management contracts and franchised stores in a variety of formats (hypermarkets, supermarkets, convenience stores, club stores, cash & carry and soft discount). In the other geographies (especially the Middle East, Africa and Asia), the Group operates through local partners who are managing and expanding a network of Carrefour stores. The Group also offers financial services to its customers in France, Spain, Belgium, Brazil and Argentina (consumer credit and insurance). The consolidated financial statements for the year ended December 31, 2025 reflect the financial position and results of operations of the Company and its subsidiaries (together "Carrefour" or the "Group"), along with the Group's share of the profits and losses and net assets of equity-accounted associates and joint ventures. The presentation currency of the consolidated financial statements is the euro, which is the Company's functional currency. Statement of compliance In accordance with European Regulation (EC) 1606/2002 dated July 19, 2002, the 2025 consolidated financial statements have been prepared in compliance with the International Financial Reporting Standards (IFRS) as adopted for use in the European Union as of December 31, 2025 and applicable at that date, with 2024 comparative information prepared using the same standards. All of the standards and interpretations endorsed by the European Union are published in the Official Journal of the European Union, which can be accessed in the EUR-Lex. As of December 31, 2025, the standards and interpretations adopted for use in the European Union were the same as those published by the International Accounting Standards Board (IASB) and applicable at that date. Changes in accounting and reporting framework The accounting policies used to prepare the consolidated financial statements for the year ended December 31, 2025, are the same as those used for the 2024 consolidated financial statements, except for the following amendments whose application is mandatory as of January 1, 2025: Amendments to IAS 21 (published August 15, 2023) - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability , which provides clarifications as to the exchange rate to use when there is a lack of exchangeability. The application of these amendments had no material impact on the Group's consolidated financial statements as of December 31, 2025. Standards, amendments and interpretations published but applicable no earlier than January 1, 2026 Standards, amendments and interpretations Effective date Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments : Contracts Referencing Nature-dependent Electricity. These amendments address the application of the "own-use" exception to PPAs (Power Purchase Agreements) and hedge accounting to VPPAs (Virtual Power Purchase Agreements). Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments . These amendments provide guidance as to the timing of derecognition for financial assets and liabilities, including specific options for financial liabilities settled through electronic transfer, and also clarify the conditions for applying the SPPI ("solely payment of principal and interest") criterion to certain financial assets, with new disclosure requirements. Annual Improvements to IFRS (Volume 11) - Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7. Amendment to IAS 21 - The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency. IFRS 18 - Presentation and Disclosure in Financial Statements, which introduces significant changes to the structure of the income statement and requires disclosure of management-defined performance measures in a specific note. January 1, 2026 January 1, 2026 January 1, 2026 January 1, 2027 (1) January 1, 2027 (1) IFRS 19 - Subsidiaries without Public Accountability: Disclosures. January 1, 2027 (1) (1) Subject to adoption by the European Union. The impacts of IFRS 18 (published by the IASB on April 9, 2024), the amendments to IFRS 9 and IFRS 7 (published by the IASB on May 30, 2024 and December 18, 2024) and the annual improvements to IFRS (published on July 18, 2024) are currently being analysed. The amendments to IAS 21 and IFRS 19 are not applicable to the Group. The Group has not early adopted any standards, amendments or interpretations. Other regulatory developments Estimation of income tax expense and special tax on capital reductions France has transposed the Pillar Two international tax reform into its national law. As Carrefour SA is incorporated under French law, the reform is applicable to all jurisdictions in which the Group operates pursuant to Pillar Two rules as from January 1, 2024. The overall impact on the Group is not material given the tax rates in the jurisdictions where the Group operates. In France, the 2025 Finance Act introduced a special corporate income tax contribution of 41.2% for large companies with net sales in excess of 3 billion euros. In December 2025, the Group paid this contribution, based on the average corporate income tax due for 2024 and 2025. The portion relating to 2024 (representing a special corporate income tax contribution of 20.6%) and 2025 (also representing a special contribution of 20.6%) are fully recognised in 2025 income tax. France also introduced a special tax on capital reductions carried out by cancelling shares between March 1, 2024, and February 28, 2025, and resulting from share buybacks by companies with net sales in excess of 1 billion euros. Having cancelled a total of 30,821,628 treasury shares in April and June 2024, the Carrefour group paid this tax in April 2025 for an amount of 60 million euros, recorded in equity. Change of legislation concerning the "prepension" scheme in Belgium In Belgium, a Royal Decree published on September 15, 2025 abolished the RCC prepension scheme (unemployment scheme with a top-up paid by the employer). Only the medical prepension scheme has been maintained. No new entrants have been admitted to the scheme since January 31, 2025. As a result, the provision recognised as of December 31, 2024 in respect of the prepension scheme was reversed against non-recurring items for 2025 in an amount of 125 million euros (see Note 6.3). The prepension scheme provided for the payment of unemployment benefits during the period from the retirement age proposed in the collective bargaining agreement to the statutory retirement age. Carrefour committed to topping up the benefits paid by the Belgian State, so that the individuals concerned receive 95% of their final net salary. The retirement age under Belgian law was set at 66 in 2025 and 67 in 2030 (unless otherwise provided). Under the collective bargaining agreement applicable to Carrefour, employees were eligible for prepension benefits from the age of 62 (unless otherwise provided) (see Note 12.1). Use of estimates and judgement The preparation of consolidated financial statements requires Management to make a number of estimates and judgements that affect the reported amount of assets and liabilities, income and expenses and the disclosures contained in the notes. These estimates and assumptions are reviewed on an ongoing basis by Management to ensure that they are reasonable in light of past experience and the current economic situation. Depending on changes in those assumptions, actual results may differ from current estimates. In addition to using estimates, Group Management exercises its judgement when determining the appropriate accounting treatment of certain transactions and activities. The estimates and judgements applied for the preparation of these consolidated financial statements mainly concern: measurement of rebates and commercial income (see Note 6.2.1); useful lives of operating assets (see Note 7); definition of cash-generating units (CGUs) for the purpose of impairment tests on non-current assets other than goodwill (see Note 7.3); measurement of the recoverable amount of goodwill, other intangible assets and property and equipment (see Note 7.3); measurement of right-of-use assets and lease liabilities in accordance with IFRS 16 - Leases (see Note 8); measurement of impairment of loans granted by the financial services companies (see Notes 6.5.1 and 14.7.4.2) as well as provisions for credit risk on loan commitments (see Note 11.1); measurement of fair value of identifiable assets acquired and liabilities assumed in business combinations (see Note 3.1); recoverability of deferred tax assets and some tax credits (see Note 10) and determination of uncertainties in income taxes under IFRIC 23; measurement of provisions for contingencies and other business-related provisions (see Note 11); assumptions used to determine defined benefit obligations and other long term post-employment benefit obligations (see Note 12.1); determination of the level of control or influence exercised by the Group over investees (see Notes 3 and 9). Seasonal fluctuations in business Like those of other retailers , Carrefour's sales are subject to significant seasonal fluctuations, with the result that comparisons between the consolidated financial statements for the first and second halves of the year are not particularly meaningful. This is particularly the case for recurring operating income and cash flow generation between the two periods. The Group's second-half sales are traditionally higher than those for the first half, due to increased activity in December. Most of the operating expenses on the other hand - such as payroll costs, depreciation and amortisation - are spread more or less evenly over the year. As a result, the Group's recurring operating income is generally lower in the first half than in the second. Cash flows generated by the Group are also strongly impacted by seasonal trends, with working capital requirement rising sharply in the first half as a result of the large volume of supplier payments due at the beginning of the year for the purchases made ahead of the previous year's peak selling period in December. Influence of the geopolitical and macroeconomic environment Conflict in Ukraine The Group does not do business in Ukraine, Russia or Belarus. It does not hold any assets or interests in entities in these countries, nor is it party to any franchise agreements. In addition, the Group's exposure to the markets of these countries is not deemed to be material. The Group is not materially affected by the trade restrictions and sanctions imposed by certain governments on Russia. The Group is closely monitoring the development of the conflict and its macroeconomic and potentially operational consequences, particularly in its integrated countries bordering Ukraine (Poland and Romania). Customs duties and trade tensions Given the nature of its business and the geographical areas in which it operates, the Group does not expect to be significantly impacted by changes to customs duties decided by certain countries, nor by any of the resulting trade tensions. Nevertheless, the Group is closely monitoring such developments and the potential geopolitical and macroeconomic consequences that they may have. Climate change The potential impacts of climate change are taken into account in the Group's strategic plan and risk management. In preparing these consolidated financial statements, the Group took these impacts into account in particular when reviewing the useful lives of property and equipment (see Note 7.2) and performing goodwill impairment tests (see Note 7.3). In line with the goals set in 2015 by the Paris Climate agreement adopted by the COP21, Carrefour raised its objectives to limit global warming in 2025, setting itself the goal of reducing direct greenhouse gas (GHG) emissions (Scopes 1 and 2) by 60% by 2030, 67.2% by 2035 and 70% by 2040 (2019 baseline). This target for Scopes 1 and 2, as well as the Group's targets for reducing its indirect GHG emissions (Scope 3), are aligned with an emissions reduction trajectory consistent with a "below 1.5°C" scenario and have been validated by the Science Based Targets initiative. The main actions for achieving this objective are set out below. Use of 100% renewable electricity by 2030 : The Group prioritises on-site production for self-consumption or grid feeding, followed by the adoption of long-term Power Purchase Agreements: Solar energy production: the Group has accelerated the pace of installing on-site green electricity production installations at its stores as part of the objective of the Carrefour 2026 strategic plan to produce almost one TWh of electricity per year as from 2027. As of the end of 2025, 337 stores were equipped with solar power systems for self-consumption (61% more than in 2024). More than 45 photovoltaic canopy projects were launched in France as part of the Group's major partnership with GreenYellow, which plans to install them at a total of 350 sites. In addition, 54 new stores were equipped with rooftop solar power systems in Poland, 28 in Spain and 8 in Belgium. The first solar panels were also installed at stores in Argentina and Romania. Power Purchase Agreements: in 2025 and January 2026, the Group entered into six new Power Purchase Agreements. It has contracted almost 1,027 GWh of cumulative renewable power per year in total through Power Purchase Agreements, representing 24% of the power consumed by the Group. The Group will continue to implement these green energy contracts across all its geographies. A 27.5% reduction in energy consumption by 2030 (2019 baseline) : The investments made (in the form of operating and capital expenditure) will enable Carrefour to reduce energy consumption across the Group by 27.5% by 2030. The Group is seeking to improve energy efficiency through six priority action and technology recommendations for its stores: renovation of commercial cooling systems, doors for refrigeration units, use of electronic speed controllers, use of divisional meters, low-energy LED lighting solutions and building management systems (including air conditioning, ventilation and heating). Reductions of 50% by 2030 and 80% by 2040 in emissions related to the use of refrigerants (2019 baseline) : Carrefour is committed to phasing out HFC refrigeration units and phasing in systems using natural refrigerants (CO 2 ), which have much lower emission levels than fluorinated fluids, by 2030 in Europe and 2040 in other geographies. Each country has drawn up a roadmap for the renewal of its store base: by the end of 2025, implementation was in line with the targets set for 2030 in Europe. Measurement bases The consolidated financial statements have been prepared using the historical cost convention, except for: certain financial assets and liabilities measured using the fair value model (see Note 14); assets acquired and liabilities assumed in business combinations, measured using the fair value model (see Note 3.1); assets acquired through exchange, assessed at fair value if the exchange has commercial substance and if it is possible to reliably measure the fair value of the asset received or sold (see Notes 7.2 and 7.4); non-current assets held for sale, measured at the lower of their carrying amount or fair value less costs to sell. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with the hierarchy defined in IFRS 13 - Fair Value Measurement , there are three levels of inputs: Level 1 inputs: unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 inputs: models that use inputs that are observable for the asset or liability, either directly (i.e., prices) or indirectly (i.e., price-based data); Level 3 inputs: inputs that are intrinsic to the asset or liability and are not based on observable market data. Translation of the financial statements of subsidiaries in hyperinflationary economies Since 2018, Argentina has been classified as a hyperinflationary economy, as the country's cumulative inflation rate over the three preceding years consistently exceeded 100%. For 2025, the financial statements of the Argentine subsidiaries have accordingly been recognised and translated into euros in accordance with IAS 29 - Financial Reporting in Hyperinflationary Economies . The comparative period presented also includes the inflation adjustment. ‌NOTE 2: SIGNIFICANT EVENTS OF THE YEAR Main changes in scope of consolidation Main acquisitions completed in 2025 Acquisition of all outstanding shares in Carrefour Brazil On February 11, 2025, the Group announced its intention to acquire the outstanding shares held by minority shareholders in its Brazilian subsidiary, Grupo Carrefour Brasil ("Carrefour Brazil"), and delist it from the São Paulo Stock Exchange through a share merger ( Incorporação de Ações ). On April 3, 2025, the Group increased its offer. The Group decided to raise its 67.4% interest in Carrefour Brazil to 100%, reflecting its confidence on the subsidiary's growth trajectory and its firm conviction of its value creation potential. The delisting will allow for more agile management and enhanced focus on execution. With this transaction, Carrefour is reaffirming its commitment to Brazil and will continue to invest in the growth and development of its activities in the country. On April 25, 2025, at Carrefour Brazil's Extraordinary Shareholders' Meeting, around 59% of minority shareholders voted in favour of the acquisition. Minority shareholders were offered three options to tender and exchange their shares: 15% of them chose to receive 8.50 Brazilian reals in cash for every Carrefour Brazil share; 85% chose to receive one Carrefour SA share for every 9.96 Carrefour Brazil shares; 0.01% opted for a combination of the above two options, i.e., 4.25 Brazilian reals in cash for every Carrefour Brazil share plus one Carrefour SA share for every 19.92 Carrefour Brazil shares. On June 2, 2025, minority shareholders received a total of around 140 million euros in cash in exchange for the Carrefour Brazil shares they held (options 1 and 3), alongside 58,345,601 Carrefour SA shares issued as part of the transaction (options 2 and 3). As this was a transaction with minority shareholders, the impact was recognised directly in consolidated shareholders' equity, leading to a 1,040 million euro reduction in minority interests and an 891 million euro increase (including associated costs) in the Group's share. In addition, non-deliverable forwards and options used to hedge the acquisition of minority interests resulted in a gain of 8 million euros recognised in other financial income and expenses in the first half of 2025 (hedge accounting not being permitted under IFRS in this situation). During the second half of 2025, Group subsidiary Carrefour Brazil's external debt in reals was fully repaid and replaced by additional inter-company financing granted by the Carrefour Finance subsidiary. As a result, Carrefour Brazil was delisted from the São Paulo stock exchange on December 22, 2025. Monitoring acquisitions completed in 2024 - determining final purchase prices and opening balance sheets Cora and Match and the Provera purchasing centre (France) On July 12, 2023, Carrefour announced that it had entered into an agreement with the Louis Delhaize group to acquire its Cora and Match retail units along with the Provera purchasing centre in France. Cora and Match operate 60 hypermarkets and 115 supermarkets, respectively, and employ some 24,000 people. This acquisition will enable the Group to reaffirm its leadership in food retail in France, with the acquired stores offering a very strong geographical fit with Carrefour, particularly in the east and north of the country. The transaction was carried out based on an enterprise value of 1.05 billion euros and included the purchase of the real estate of 55 hypermarkets and 77 supermarkets. On June 6, 2024, the French competition authority granted Carrefour an exemption from the suspensive effect of merger control, allowing Cora and Match to be acquired without waiting for the outcome of its review. Following this exemption, the acquisition closed on July 1, 2024. The Group acquired Cora and Match in France by purchasing the shares of the two parent companies Delparef and Provera. The shares were paid for in full in cash on July 1, 2024, for a preliminary amount of 1,180 million euros. Developments in 2025 On March 13, 2025, the French competition authority authorised the Carrefour group to acquire Cora and Match and the Provera purchasing centre, subject to the implementation of remedies in seven catchment areas. These remedies will involve the sale of seven stores (including three Cora hypermarkets and one Match supermarket, and one hypermarket and two supermarkets from the legacy store network), and the termination of the franchise agreement for an eighth store. The assets of these seven stores were therefore classified as "assets held for sale" as of June 30, 2025, in accordance with IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations , for an amount of around 30 million euros. Liabilities related to these stores are not material. On July 10, 2025, the Group announced the signing of two agreements for the sale of nine stores located in the areas identified by the French competition authority, including five Carrefour hypermarkets (of which three former Cora stores and one former Casino store), two Carrefour Market stores, one Carrefour City store and one Match store. This announcement followed the decisions by the French competition authority approving Carrefour's acquisition of (i) Cora and Match in France and the Provera purchasing centre; and (ii) Casino stores. Seven stores are to be taken over by Coopérative U and two stores by Intermarché, representing a total value for Carrefour of around 70 million euros, compared with a net carrying amount of around 30 million euros for the assets sold. Subsequent to the reporting date and following authorisation from the French competition authority, the first two stores were sold to Coopérative U at the end of January 2026. The other five are due to be sold to Coopérative U or Intermarché by the end of the first quarter of 2026. In addition, discussions between the seller (Louis Delhaize) and the buyer (Carrefour France) under the terms of the acquisition agreement led the parties to reduce the price by 11 million euros. As a result, the final purchase price amounts to 1,169 million euros. In accordance with IFRS 3 - Business Combinations , the price reduction and other adjustments occurring within 12 months of the acquisition's closing are recognised retrospectively in the opening balance sheet with an offsetting adjustment to goodwill. The opening balance sheet of Cora and Match as of July 1, 2024, as included in the Group's consolidated financial statements since June 30, 2025, is as follows: ASSETS (in millions of euros) Reference Preliminary opening balance sheet (Fair Value) Price reduction and others adjustments Final opening balance sheet (Fair Value) Goodwill (a) 232 (13) 219 Other intangible assets (b) 78 (1) 78 Property and equipment (c) 1,249 6 1,255 Right-of-use assets (d) 160 9 168 Other non-current financial assets (h) 4 - 4 Deferred tax assets (e) 0 - 0 Non-current assets 1,723 1 1,724 Inventories (h) 390 (10) 380 Trade receivables (h) 207 4 211 Tax receivables (h) 70 - 70 Other current assets (h) 43 6 50 Cash and cash equivalents (h) 154 - 154 Current assets 864 0 865 TOTAL ASSETS 2,588 1 2,589 SHAREHOLDERS' EQUITY AND LIABILITIES (in millions of euros) Reference Preliminary opening balance sheet (Fair Value) Price reduction and others adjustments Final opening balance sheet (Fair Value) Total shareholders' equity 1,180 (11) 1,169 Borrowings - portion due in more than one year (h) 7 - 7 Lease liabilities - portion due in more than one year (d) 127 10 137 Provisions (f) 123 3 126 Deferred tax liabilities (e) 200 (1) 198 Non-current liabilities 456 11 468 Borrowings - portion due in less than one year (h) 0 - 0 Lease liabilities - portion due in less than one year (d) 30 (2) 29 Suppliers and other creditors (h) 557 3 560 Tax payables - portion due in less than one year (g) 175 - 175 Other current payables (h) 188 - 188 Current liabilities 951 1 952 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 2,588 1 2,589 The purchase price allocation process stipulated in IFRS 3 was implemented and led to the recognition of final goodwill (a) in an amount of 219 million euros in the consolidated financial statements at December 31, 2025 (amount of goodwill finalised since the half-year consolidated financial statements at June 30, 2025). The opening balance sheet was prepared based on the following: recognition and measurement of the acquired Match brand and its indefinite useful life. The fair value of the right to use the Cora brand is considered immaterial and is not recognised; fair value measurement of the land and real estate of stores owned by the Group (as determined by independent valuers using the capitalisation method), and of other property and equipment; measurement of right-of-use assets and related lease liabilities of the stores, taking into account the reasonably certain term of the leases in application of the Group's accounting principles; measurement of deferred tax relating to fair value adjustments to assets and liabilities, corresponding mainly to remeasurements of tangible and intangible assets, and to a lesser extent the measurement of provisions; increase in provisions (especially provisions for social risks) following analyses of litigation and contingent liabilities (recognised in accordance with IFRS 3) by Carrefour and its advisors. This item also includes provisions for post-employment benefit obligations (recognised in accordance with IAS 19); recognition of an additional tax liability corresponding to taxable capital gains that had been neutralised in the past because they arose within the Delparef fiscal unity. This group was terminated following Carrefour's acquisition of Delparef, the Cora and Match holding company, in late 2024; maintenance of the net carrying amount of other assets and liabilities (including inventories, trade and tax receivables, cash and cash equivalents, other current assets and other non-current financial assets, borrowings, trade payables, and other current liabilities) or immaterial fair value adjustments. Casino/Intermarché stores (France) On January 25, 2024, the Group announced that it had entered into exclusive negotiations with the Intermarché group to acquire, directly from Intermarché and/or, by acting as a substitute for Intermarché, from Casino Guichard - Perrachon and its subsidiaries, 31 stores (with adjacent petrol stations if applicable). These stores generated around 400 million euros in sales in 2023. Under the terms of this agreement, on February 8, 2024, the Group acted as a substitute for Intermarché for the purchase of 25 stores directly from Casino Guichard - Perrachon and its subsidiaries. The other six stores were to be purchased directly from Intermarché. As of December 31, 2024, 27 stores had been acquired, including 24 from Casino and three directly from Intermarché, for a preliminary purchase price of 41 million euros (including inventories taken over). Of the four remaining transactions, two (with Intermarché) still required the fulfilment of conditions precedent. The last two transactions (one with Casino and one with Intermarché) will not go ahead. As a reminder, on March 19, 2024, the French competition authority granted Carrefour France an exemption from the suspensive effect of merger control, allowing Casino stores to be acquired without waiting for the outcome of its review, which was finally handed down on December 13, 2024. In this decision, the Authority authorised the purchase of 25 stores from Casino, subject to Carrefour divesting two other stores. In addition, the Authority did not have any concerns regarding the acquisition of the first three stores from Intermarché. Developments in 2025 In April 2025, the last two convenience stores were acquired from Intermarché for an amount not deemed material. The purchase price for the first 27 stores acquired directly from Intermarché and Casino was reduced by 6 million euros after the value of the effectively transferred inventories was measured. The final purchase price for the 29 stores therefore amounts to around 35 million euros. In accordance with IFRS 3, following the Group's measurement of the assets acquired and liabilities assumed at the acquisition date of the various stores, a final goodwill amount of 40 million euros was recognised as of June 30, 2025, in respect of the first 29 acquired stores, all of which are leased. This amount includes, in particular, right-of-use assets recognised for less than the associated lease liabilities, given that the leases were acquired in unfavourable conditions, i.e., at higher-than-market rent levels. On July 10, 2025, Carrefour announced the signing of agreements with Coopérative U and Intermarché to sell two stores (one convenience store and one hypermarket, respectively) in accordance with the decision of the French competition authority of December 13, 2024 (see section on Cora and Match). Main disposals completed in 2025 Sale of Carrefour Italy On July 24, 2025, the Board of Directors approved the disposal for the whole of its operations in Italy ("Carrefour Italy") to NewPrinces Group. The sale took effect on December 1, 2025, following approval from the European competition authorities, and resulted in the loss of control of these subsidiaries at that date. The sale price was 1 euro and, shortly before the closing, the agreement provided for the waiver of the current account with the Group and an injection of cash via a capital increase. The disposal loss, amounting to approximately 0.4 billion euros, was recognised within net income/(loss) from discontinued operations. As Carrefour Italy represents a separate major geographic area of operations, in accordance with our consistently applied accounting practices, it has been treated as a discontinued operation pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations . For more details on the impacts of this sale on the consolidated financial statements for the year ended December 31, 2025, see Note 4. Sale and leaseback transactions (France) In 2025, the real estate of 25 Carrefour Market supermarkets and three hypermarkets were sold to Supermarket Income REIT for a total of approximately 150 million euros in two transactions: on January 9, 2025, the real estate of nine Carrefour Market supermarkets were sold for around 37 million euros net of transaction costs; on November 13, 2025, the real estate of 16 Carrefour Market supermarkets and three Carrefour hypermarkets were sold for around 113 million euros net of transaction costs. The real estate of a 17 th supermarket could be sold in 2026. This London investment fund had already acquired a portfolio of 17 Carrefour Market supermarkets in April 2024 (16 of which were leased back to Carrefour - see Note 2.1.3 to the 2024 consolidated financial statements). With negotiations on the agreements finalised and other conditions precedent satisfied, 27 of these assets have been leased back to Carrefour since January 9, 2025 and November 13, 2025 respectively (closing dates of the transactions and signing of the leases for a term of 12 years, of which a fixed 10 years, with one renewal option at Carrefour's initiative). These transactions led to the recognition of a 41 million euro capital gain in non-recurring income in 2025 (10 million euros on the first transaction and 31 million euros on the second). Sale and leaseback transaction (Brazil) In December 2025, the real estate of 15 Atacadão stores were sold to the Guardian Real Estate investment fund for disposal proceeds net of transaction costs of 679 million Brazilian reals (or 105 million euros at the December 31, 2025 exchange rate), while the real estate of seven Atacadão stores were sold to the TRX investment fund for disposal proceeds net of transaction costs of 296 million Brazilian reals (or 45 million euros). With negotiations on the agreements finalised and other conditions satisfied, these assets have been leased to Atacadão since that date (closing date of the transaction and signing of the leases for fixed 15-year terms, with two five-year renewal options exercisable at Atacadão's initiative). This transaction led to the recognition of a capital gain of around 100 million Brazilian reals (or 15 million euros) in non-recurring income in 2025. Sale and leaseback transaction (Spain) On December 10, 2025, the real estate of four Spanish hypermarkets was sold to the property company Realty Income, for around 47 million euros net of transaction costs. With negotiations on the agreements finalised and other conditions precedent satisfied, these assets have been leased back to Carrefour since December 10, 2025 (closing date of the transaction and signing of the leases for a fixed term of 10 years, with three renewal options of five years each at Carrefour's initiative). This transaction led to the recognition of a 4 million euro capital gain in non-recurring income in 2025. As a reminder, the real estate of 28 other Spanish hypermarkets had previously been sold and subsequently leased back to the same buyer (Realty Income) as from 2020 as part of regular sale and leaseback arrangements. Disposal of Carrefour Banque's life insurance portfolio (France) On April 14, 2025, Carrefour Banque France sold its life insurance portfolio to Lucya for 21 million euros. A disposal gain for the same amount was recognised in non-recurring income for 2025. Closure of underperforming former Grupo BIG stores further to decisions made at the end of 2024, and sale of store businesses and/or real estate (Brazil) In December 2024, the Group decided to sell or close 64 Bompreço and Nacional supermarkets (acquired in 2022 on the purchase of Grupo BIG) due to underperformance (47 Nacional and 17 Bompreço supermarkets). These stores were classified as "Assets held for sale" based on their estimated fair value less costs to sell as of December 31, 2024 (see Note 2.1.2 to the 2024 consolidated financial statements). In 2024, the reclassification resulted in the recognition as non-recurring items of (i) an impairment loss of around 150 million Brazilian reals (around 26 million euros), (ii) the write-off of the Bompreço and Nacional brands for 60 million Brazilian reals (around 10 million euros) and (iii) other costs associated with these closures for a total of around 220 million Brazilian reals (around 38 million euros). In 2025, store assets (businesses and/or real estate) were sold to various buyers for a total price of around 400 million Brazilian reals (around 63 million euros), of which 300 million Brazilian reals (around 48 million euros) were received in 2025 (not including the 45 million Brazilian reals, around 7 million euros, received for stores sold or closed in second-half 2024). As sale prices were broadly in line with the fair value of the assets as of December 31, 2024, the impact on non-recurring income and expenses for 2025 was immaterial. Five stores will not be closed in the end and have been converted into Carrefour supermarkets. As a result, the fixed assets of these five stores were reclassified as "property and equipment" as of December 31, 2025. Securing the Group's long-term financing Carrefour SA issued three new Sustainability-Linked Bonds during the period: a 500 million euro bond issued on January 17, 2025, maturing in 5.5 years (due in June 2030) and paying a coupon of 3.25%; a 500 million euro bond issued on April 29, 2025, maturing in 4 years (due in May 2029) and paying a coupon of 2.875%; a 650 million euro bond issued on June 17, 2025, maturing in 7.9 years (due in May 2033) and paying a coupon of 3.75%. The first two bonds are indexed to two greenhouse gas emission reduction targets: one relating to Scopes 1 and 2, and the other to purchases of goods and services (Scope 3). The third bond is indexed to a greenhouse gas emission reduction target relating to Scopes 1 and 2, and to another target relating to the number of the Group's suppliers that have committed to a climate strategy. These bonds were issued as part of a financing strategy aligned with the Group's Corporate Social Responsibility (CSR) objectives and ambitions as well as the Sustainability-Linked Bond Framework of its Euro Medium-Term Notes (EMTN) programme, which was revised in June 2025. On August 28, 2025, Carrefour SA also placed a 500 million euro bond maturing in 3.3 years (due in December 2028) and paying a coupon of 2.875%. This issue was carried out as part of its EMTN programme, and the funds raised were used to restructure the debt of the Brazilian subsidiary Atacadão as from August 2025. Conversely, on May 7, 2025, Carrefour SA bought back 200 million euros worth of its existing 2.625% 1 billion euro bond due in December 2027. All the redeemed bonds were cancelled. On June 3, 2025, Carrefour SA also redeemed 750 million euros' worth of 1.25% 10-year bonds. These transactions guarantee the Group's liquidity over the short and medium term in an unstable economic environment, and are part of the strategy to ensure the necessary financing is in place to meet Carrefour's needs. The average maturity of Carrefour SA's bond debt was therefore 3.7 years at end-December 2025, versus 3.8 years at end-December 2024. As of December 31, 2025, the Group was rated BBB with a stable outlook by Standard & Poor's. Financing of the Brazilian subsidiary Atacadão The Group has restructured the debt of its Brazilian subsidiary Atacadão denominated in Brazilian reals. All of its debt was either repaid early or redeemed, and was replaced by inter-company financing, which in turn was financed by euro-denominated debt issued by Carrefour SA (see above). Bonds and notes As part of its debt restructuring, the Brazilian subsidiary Atacadão redeemed early: all of its debentures for 3.2 billion Brazilian reals (approximately 495 million euros at the December 31, 2025 exchange rate) between August 4 and August 11, 2025; some of its simple unsecured, non-convertible debentures ( Certificado de recebíveis do agronegócio - CRA) for 2,784 million Brazilian reals (approximately 430 million euros at the December 31, 2025 exchange rate) between August 5 and August 19, 2025. On November 28, 2025, it also redeemed the four last series of its simple unsecured, non-convertible debentures (CRA) for 646 million Brazilian reals (approximately 100 million euros at the December 31, 2025 exchange rate). Details of these transactions are provided in Note 14.2.2. Bank loans covered by Brazil's law 4131/1962 On April 14, 2025, the Group obtained bank financing denominated in USD with a maturity of six months which was immediately swapped for a total of 750 million Brazilian reals (approximately 116 million euros at the December 31, 2025, exchange rate), enabling the repayment of two bank loans maturing on the same day for 744 million Brazilian reals. This bank financing has also since been repaid (see below). In addition, another bank loan due on June 20, 2025, was repaid for an amount of 767 million Brazilian reals (approximately 119 million euros at the December 31, 2025 exchange rate). Between August 19 and August 29, 2025, as part of the restructuring of its debt, the Brazilian subsidiary Atacadão fully repaid its bank loans totalling 3,028 million Brazilian reals (approximately 468 million euros at the December 31, 2025 exchange rate), representing the financing taken out in: December 2023, for 2,323 million Brazilian reals, of which only 778 million reals had not yet been repaid (779 million reals were repaid in December 2024 and 767 million reals were repaid in June 2025, see above); December 2024, for 1,500 million Brazilian reals; April 2025, for 750 million Brazilian reals (see above). Inter-company financing As a reminder, in 2022 and 2023, two inter-company financing lines were set up between Carrefour Finance and Atacadão: on May 25, 2022, an initial revolving credit facility (RCF) of 1.9 billion Brazilian reals, bearing annual interest at 14.25% and maturing in three years; on May 2, 2023, a second RCF of 6.3 billion Brazilian reals, bearing annual interest at 14.95% and maturing in three years (2.3 billion Brazilian reals drawn in the first half of 2023 and the remaining 4 billion Brazilian reals in July 2023, replacing an RCF for an identical amount which was maturing). During the first half of 2024, the annual interest rate on the first RCF was reduced to 10.25%. It was raised to 15.90% on May 17, 2025, then revised to 14.80% on November 17, 2025. In addition, it has been renewed for a 3-year term (maturing in July 2028). Similarly, during the first half of 2024, the annual interest rate on the second RCF was reduced to 11.10%, and this rate had not been changed as of December 31, 2025. In addition, as part of the restructuring of the subsidiary Atacadão's debt in Brazilian reals, two new inter-company credit lines between Carrefour Finance and Atacadão were signed in 2025: on July 15, 2025 for 750 million Brazilian reals, bearing annual interest at 15.40% and with a maturity of three years; on July 25, 2025 for 9.05 billion Brazilian reals, bearing annual interest at 15.40% and with a maturity of three years. On July 25, 2025, an inter-company credit line between Carrefour Finance and WMS (an Atacadão subsidiary) was also signed for an amount of 750 million Brazilian reals, bearing annual interest at 15.40% and with a maturity of three years. These intra-group RCF loans; totalling 18.75 billion Brazilian reals as of December 31, 2025 (approximately 2.9 billion euros at the December 31, 2025 exchange rate), are qualified as net investments in foreign operations and are therefore remeasured at fair value through other comprehensive income. Payment of the 2024 dividend in cash At the Shareholders' Meeting held on May 28, 2025, the shareholders decided to set the 2024 dividend at 0.92 euro per share, supplemented by a special distribution of 0.23 euros per share, to be paid entirely in cash. On June 3, 2025, the dividend was paid out in an amount of 812 million euros. ‌NOTE 3: SCOPE OF CONSOLIDATION Accounting principles Basis of consolidation The consolidated financial statements include the financial statements of subsidiaries from the date of acquisition (the date when the Group gains control) up to the date when the Group ceases to control the subsidiary, and the Group's equity in associates and joint ventures accounted for by the equity method. Subsidiaries A subsidiary is an entity over which the Group exercises control, directly or indirectly. An entity is controlled when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group considers all facts and circumstances when assessing whether it controls an investee, such as rights resulting from contractual arrangements or substantial potential voting rights held by the Group. The profit or loss of subsidiaries acquired during the year is included in the consolidated financial statements from the date when control is acquired. The profit or loss of subsidiaries sold during the year or that the Group ceases to control, is included up to the date when control ceases. Intra-group transactions and assets and liabilities are eliminated in consolidation. Profits and losses on transactions between a subsidiary and an associate or joint venture accounted for by the equity method are included in the consolidated financial statements to the extent of unrelated investors' interests in the associate or joint venture. Associates and joint ventures Entities in which the Group exercises significant influence (associates), and entities over which the Group exercises joint control and that meet the definition of a joint venture, are accounted for by the equity method, as explained in Note 9 "Investments in equity-accounted companies". Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control of those policies. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Other investments Investments in companies where the Group does not exercise control, joint control or significant influence over financial or operating policy decisions are qualified as either financial assets at fair value through other comprehensive income (irrevocable option at initial recognition, which is usually elected by the Group) or financial assets at fair value through profit or loss. In all cases, they are reported under "Other non-current financial assets". The accounting treatment of these investments is described in Note 14 "Financial assets and liabilities, finance costs and other financial income and expenses". Business combinations Business combinations, where the set of activities and assets acquired meets the definition of a business and where the Group obtains control of them, are accounted for by the purchase method. As from January 1, 2020, to be considered a business, an acquired set of activities and assets shall include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The Group may elect to apply a concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the acquired set of activities and assets does not constitute a business, the transaction is recognised as an asset deal. Business combinations carried out since January 1, 2010 are measured and recognised as described below, in accordance with the revised IFRS 3 - Business Combinations . As of the acquisition date, the identifiable assets acquired and liabilities assumed are recognised and measured at fair value. Goodwill corresponds to the excess of (i) the sum of the consideration transferred (i.e., the acquisition price) and the amount of any non-controlling interest in the acquiree, over (ii) the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. It is recorded directly in the statement of financial position of the acquiree, in the latter's functional currency, and is subsequently tested for impairment at the level of the operating segment to which the acquiree belongs, by the method described in Note 7.3. Any gain from a bargain purchase (i.e., negative goodwill) is recognised directly in profit or loss. For each business combination on a less than 100% basis, the acquisition date components of non-controlling interests in the acquiree (i.e., interests that entitle their holders to a proportionate share of the acquiree's net assets) are measured at either: fair value, such that part of the goodwill recognised at the time of the business combination is allocated to non-controlling interests ("full goodwill" method), or the proportionate share of the acquiree's identifiable net assets, such that only the goodwill attributable to the Group is recognised ("partial goodwill" method). The method used is determined on a transaction-by-transaction basis. The provisional amounts recognised for a business combination may be adjusted during a measurement period that ends as soon as the Group receives the information it needs at the latest 12 months from the acquisition date. Adjustments during the measurement period to the fair value of the identifiable assets acquired and liabilities assumed or the consideration transferred are offset by a corresponding adjustment to goodwill, provided they result from facts and circumstances that existed as of the acquisition date. Any adjustments identified after the 12-month measurement period or not resulting from new information about facts and circumstances that existed at the acquisition date are recognised directly in profit or loss. For a business combination achieved in stages (step acquisition), when control is acquired the previously held equity interest is remeasured at fair value through profit or loss. In the case of a reduction in the Group's equity interest resulting in a loss of control, the remaining interest is also remeasured at fair value through profit or loss. Transaction costs are recorded directly as an operating expense for the period in which they are incurred. At the IFRS transition date, the Group elected to maintain the accounting treatment for business combinations applied under previous accounting standards, in line with the option available to first-time adopters under IFRS 1 - First-time Adoption of International Financial Reporting Standards . Changes in ownership interest not resulting in a change of control Any change in the Group's ownership interest in a subsidiary that does not result in control being acquired or lost is qualified as a transaction with owners in their capacity as owners and recorded directly in equity in accordance with IFRS 10 - Consolidated Financial Statements . It is shown in cash flows from financing activities in the statement of cash flows. Translation of the financial statements of foreign operations The consolidated financial statements are presented in euros. An entity's functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Group entities is the currency of their home country. The financial statements of entities whose functional currency is not the euro and is not the currency of a hyperinflationary economy are translated into euros as follows: assets and liabilities are translated at the period-end closing rate; income and expenses are translated at the weighted average exchange rate for the period; all resulting exchange differences are recognised in other comprehensive income and are taken into account in the calculation of any gain or loss realised on the subsequent disposal of the foreign operation; items in the statement of cash flows are translated at the weighted average rate for the period unless the rate on the transaction date is materially different. Argentina has been classified as a hyperinflationary economy within the meaning of IAS 29 - Financial Reporting in Hyperinflationary Economies since 2018. In accordance with this standard: non-monetary assets and liabilities are restated by applying a general price index, i.e., the consumer price index (CPI) published by INDEC, with a base value of 10,082 as of December 31, 2025, an increase of 31% compared with December 31, 2024; all local currency items in the income statement and statement of other comprehensive income are restated by applying the change in the general price index from the dates when the items of income and expenses were initially recorded in the financial statements; the statement of financial position, income statement and statement of comprehensive income are translated into euros at the closing rate for the reporting period; the restatement of reserves for the indexation of Argentinean equity items is presented in exchange differences on translating foreign operations in the statement of comprehensive income and in the translation reserve in the statement of changes in consolidated equity; items in the statement of cash flows are translated at the weighted average rate for the period unless the rate on the transaction date is materially different (see Note 6.4). Translation of foreign currency transactions Transactions by Group entities in a currency other than their functional currency are initially translated at the exchange rate on the transaction date. At each period-end, monetary assets and liabilities denominated in foreign currency are translated at the period-end closing rate and the resulting exchange gain or loss is recorded in the income statement. Intra-group loans to certain foreign operations are treated as part of the net investment in that operation if settlement of the loan is neither planned nor likely to occur. The gain or loss arising from translation of the loan at each successive period-end is recorded directly in "Other comprehensive income" in accordance with IAS 21 - The Effects of Changes in Foreign Exchange Rates . Non-current assets and disposal groups held for sale and discontinued operations If the Group expects to recover the carrying amount of a non-current asset (or disposal group) principally through a sale transaction rather than through continuing use, it is presented separately in the consolidated statement of financial position under "Assets held for sale" in accordance with IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations . Liabilities related to non-current assets held for sale are also reported on a separate line of the consolidated statement of financial position (under "Liabilities related to assets held for sale"). Following their classification as held for sale, the assets concerned are measured at the lower of their carrying amount and fair value less costs to sell and they cease to be depreciated or amortised. All the assets and liabilities of the discontinued operation are presented on separate lines on each side of the statement of financial position after eliminating intra-group items. A discontinued operation is a component of an entity that has been either disposed of or classified as held for sale, and: represents a separate major line of business or geographical area of operations; or is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or is a subsidiary acquired exclusively with a view to resale. A component is a cash-generating unit or a group of cash-generating units when held for use. It is classified as a discontinued operation at the time of sale or earlier if its assets and liabilities meet the criteria for classification as held for sale. When a component of an entity is classified as a discontinued operation, comparative income statement and cash flow information is restated as if the entity had met the criteria for classification as a discontinued operation on the first day of the comparative period. Main changes in scope of consolidation Changes in 2025 The main transactions in 2025 are detailed in Note 2.1 and include the acquisition of all outstanding shares of Carrefour Brazil, the sale of Carrefour Italy, the ongoing sale of stores in France following the decisions of the French competition authority validating the takeover of the Cora and Match banners and certain Casino stores, sale and leaseback transactions in France, Brazil and Spain, the sale of Carrefour Banque's life insurance portfolio in France, and the closure of underperforming former Grupo BIG stores. Changes in 2024 The following main transactions were carried out in 2024: acquisition of Cora and Match and the Provera purchasing centre in France, acquisition of some Casino/Intermarché stores in France and Supercor stores in Spain, acquisition of stores owned by the Alma franchisee in Belgium, closure of underperforming former Grupo BIG stores in Brazil and sale of real estate owned by the company, and sale and leaseback transactions in France, Spain and Brazil. The Group also participated in a 50 million euro capital increase by the French subsidiary Carrefour Banque to the extent of its holding, and acquired a 45% stake in franchisee RH Aulnay, which opened an Atacadão store in France, for 5 million euros. Scope of consolidation as of December 31, 2025 The list of consolidated companies (subsidiaries and associates) is presented in Note 18. The Group regularly reviews the subsidiaries in which it is not the sole investor, in light of changes in facts and circumstances during the year, and particularly those transactions described in Note 2.1. Based on its review, there were no changes in the type of control exercised over these subsidiaries. ‌NOTE 4: RESTATEMENT OF THE 2024 CONSOLIDATED FINANCIAL STATEMENTS On July 24, 2025, the Board of Directors approved the disposal for the whole of its operations in Italy ("Carrefour Italy") to NewPrinces Group. The disposal took effect on December 1, 2025, following approval from the European competition authorities, and resulted in the loss of control of these subsidiaries at that date. As Carrefour Italy represents a separate major geographic area of operations, in accordance with our consistently applied accounting practices, it has been treated as a discontinued operation in accordance with IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations . As a result, the net income and cash flows of these subsidiaries were reclassified within line items for discontinued operations in the consolidated income statement and consolidated cash flow statement for 2025. To allow for a meaningful comparison, the net income and cash flows for 2024 have been reclassified on the same lines (see Notes 4.1 and 4.2). Key consolidated income statement figures for Carrefour Italy in 2025 (covering the first 11 months of the financial year) and 2024 are as follows: (in millions of euros) 2025 2024 Net sales 3,199 3,739 Gross margin from recurring operations Sales, general and administrative expenses, 650 (772) 841 (909) depreciation and amortisation Recurring operating income (122) (67) Operating income (199) (240) Income before taxes (224) (274) Income tax expense 0 (2) Net income/(loss) for the year (224) (275) Capital expenditure (49) (61) Impact on the 2024 consolidated income statement of the IFRS 5 restatement applied to Carrefour Italy (in millions of euros) 2024 published IFRS 5 Reclassification 2024 IFRS 5 restated Net sales 85,445 (3,739) 81,705 Loyalty programme costs (918) (3) (922) Net sales net of loyalty programme costs 84,526 (3,743) 80,783 Other revenue 2,744 (73) 2,671 Total revenue 87,270 (3,816) 83,454 Cost of sales (70,302) 2,974 (67,328) Gross margin from recurring operations 16,968 (841) 16,126 Sales, general and administrative expenses, depreciation and amortisation (14,755) 909 (13,846) Recurring operating income 2,213 67 2,280 Net income/(loss) from equity-accounted companies 63 1 65 Recurring operating income after net income from equity-accounted companies 2,276 69 2,345 Non-recurring income and expenses, net (424) 171 (253) Operating income 1,852 240 2,093 Finance costs and other financial income and expenses, net (759) 33 (726) Finance costs, net (399) 12 (386) Net interests related to leases (222) 18 (204) Other financial income and expenses, net (138) 3 (136) Income before taxes 1,093 274 1,367 Income tax expense (303) 2 (302) Net income/(loss) from continuing operations 790 275 1,065 Net income/(loss) from discontinued operations 0 (275) (275) Net income/(loss) for the year 790 - 790 Group share 723 - 723 of which net income/(loss) from continuing operations - Group share 723 275 998 of which net income/(loss) from discontinued operations - Group share 0 (275) (275) Attributable to non-controlling interests 66 - 66 of which net income/(loss) from continuing operations - attributable to non-controlling interests 66 0 67 of which net income/(loss) from discontinued operations - attributable to non-controlling interests − (0) (0) Impact on the 2024 consolidated cash flow statement of the IFRS 5 restatement applied to Carrefour Italy (in millions of euros) 2024 published IFRS 5 Reclassification 2024 IFRS 5 restated Income before taxes 1,093 274 1,367 OPERATING ACTIVITIES Income tax paid (700) 2 (698) Depreciation and amortisation expense 2,424 (182) 2,242 Gains and losses on disposal of assets and other (73) 1 (72) Change in provisions and impairment (20) (71) (90) Finance costs, net 399 (12) 386 Net interests related to leases 222 (18) 204 Share of profit and dividends received from equity-accounted companies 25 (1) 23 Impact of discontinued operations (1) 9 8 Cash flow from operations 3,369 - 3,369 Change in working capital requirement 799 (15) 784 Impact of discontinued operations − 15 15 Net cash (used in)/from operating activities (excluding financial services companies) 4,168 - 4,168 Change in consumer credit granted by the financial services companies 32 − 32 Net cash (used in)/from operating activities - total 4,200 - 4,200 INVESTING ACTIVITIES Acquisitions of property and equipment and intangible assets (1,772) 61 (1,711) Acquisitions of non-current financial assets (36) − (36) Acquisitions of subsidiaries and investments in associates (1,378) 2 (1,376) Proceeds from the disposal of subsidiaries and investments in associates 13 − 13 Proceeds from the disposal of property and equipment and intangible assets 599 (4) 595 Proceeds from the disposal of non-current financial assets 11 − 11 Change in amounts receivable from disposals of non-current assets and due to suppliers of non-current assets (24) (4) (27) Investments net of disposals - subtotal (2,587) 56 (2,531) Other cash flows from investing activities 215 1 216 Impact of discontinued operations − (57) (57) Net cash (used in)/from investing activities - total (2,372) - (2,372) FINANCING ACTIVITIES Carrefour SA capital increase / (decrease) (483) − (483) Proceeds from share issues to non-controlling interests 42 − 42 Dividends paid by Carrefour SA (600) − (600) Dividends paid to non-controlling interests (26) − (26) Change in treasury stock and other equity instruments (222) − (222) Change in current financial assets 358 (0) 358 Issuance of bonds 1,459 − 1,459 Repayments of bonds (1,271) − (1,271) Net financial interests paid (314) 12 (302) Other changes in borrowings 1,289 (15) 1,274 Payments related to leases (principal) (1,074) 119 (955) Net interests paid related to leases (221) 19 (202) Impact of discontinued operations (14) (134) (148) Net cash (used in)/from financing activities - total (1,076) - (1,076) Net change in cash and cash equivalents before the effect of changes in exchange rates 752 - 752 Effect of changes in exchange rates (477) − (477) NET CHANGE IN CASH AND CASH EQUIVALENTS 275 - 275 Cash and cash equivalents at beginning of year 6,290 - 6,290 Cash and cash equivalents at end of year 6,564 - 6,564 ‌NOTE 5: SEGMENT INFORMATION Accounting principles IFRS 8 - Operating Segments requires the disclosure of information about an entity's operating segments derived from the internal reporting system and used by the entity's chief operating decision-maker to make decisions about resources to be allocated to the segment and assess its performance. The Group's operating segments consist of the countries in which it conducts its business through its integrated store network, as each country's results are reviewed monthly by the Group's Chairman and Chief Executive Officer who is the chief operating decision-maker within the meaning of IFRS 8. Countries located in the same region are considered to have similar characteristics and have been combined such that the Group reports on three geographical segments, as allowed by IFRS 8. These segments are: France; Europe (excluding France): Spain, Belgium, Poland and Romania (Italy was sold on December 1, 2025 and is therefore presented as a discontinued operation); Latin America: Brazil and Argentina. The income and expenses of certain support entities are allocated to the various countries proportionately to the services provided to each, with any unallocated income and expenses reported under "Global functions". Segment assets include goodwill, other intangible assets, property and equipment, investment property, right-of-use assets and "other segment assets", corresponding to inventories, trade receivables, consumer credit granted by the financial services companies and other receivables. Segment liabilities comprise lease liabilities, suppliers and other creditors, consumer credit financing and other payables. Segment capital expenditure corresponds to the acquisitions of property and equipment and intangible assets (other than goodwill) reported in the statement of cash flows. The disclosures in the tables below have been prepared using the same accounting policies as those applied to prepare the consolidated financial statements. 5.1 Reportable segments 2025 (in millions of euros) Group total France Europe out of which Spain Latin America out of which Brazil Global Functions Net sales 82,102 41,743 19,879 10,958 20,480 17,754 − Other revenue 2,876 937 548 392 1,318 1,232 73 Recurring operating income before depreciation and 4,506 2,218 1,194 807 1,173 1,038 (79) amortisation Depreciation and amortisation expense ¹ (2,349) (1,235) (713) (344) (394) (329) (7) Recurring operating income 2,158 983 481 463 779 709 (85) Capital expenditure 1,523 902 328 199 290 219 3 2024 IFRS 5 restated (in millions of euros) Group total France Europe out of which Spain Latin America out of which Brazil Global Functions Net sales 81,705 39,540 19,893 10,807 22,272 18,801 − Other revenue 2,671 845 578 431 1,176 1,112 71 Recurring operating income before depreciation and amortisation 4,522 2,166 1,157 736 1,298 1,117 (98) Depreciation and amortisation expense ¹ (2,242) (1,123) (693) (328) (419) (353) (8) Recurring operating income 2,280 1,042 464 408 879 764 (105) Capital expenditure 1,711 842 396 217 465 366 8 (1) Including the depreciation and amortisation relating to logistics equipment included in the cost of sales. Carrefour group - Consolidated financial statements as of December 31, 2025 -

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