Carrefour SA

Latest Results (28.01.2026):

Carrefour SA — first half (H1) 2025 (covering Q1 and Q2 2025): The Group reported net sales of €41.8bn (up 2.8% at current rates; +7.5% at constant rates) but recorded a net loss attributable to the Group of €401m for H1 2025, driven by large non‑recurring impairments and integration impacts; recurring operating income was €681m and operating income €166m. Cash generation was negative (free cash flow €‑1,224m; net free cash flow €‑2,091m) and net debt rose to €6,989m at June 30, 2025.

Sales performance

Net sales €41,755m (+2.8% vs H1 2024, +7.5% constant). France +11.7% (LFL +0.2%) largely reflecting integration of Cora/Match; Europe ex‑France slightly down at constant rates but +1.3% LFL; Latin America +8.6% at constant rates and +10.9% LFL (Argentina +44.7% LFL; Brazil +4.9% LFL).

Profitability — recurring vs overall

Recurring operating income €681m (‑8.4% at current rates; broadly stable at constant rates). Recurring EBITDA before D&A €1,936m (up +1.1% current, +6.3% constant). Operating income after non‑recurring items fell to €166m due to large one‑offs.

Non‑recurring charges

Non‑recurring net expense €529m (vs €126m in H1 2024), dominated by asset impairments/write‑offs (€458m) — notably €460m impairment in Italy and €50m partial impairment of Polish goodwill — partly offset by disposals gains (Carmila share sale ≈€45m; sale of life‑insurance portfolio €21m; sale‑and‑leaseback gains €9m).

Net income and tax

Net loss attributable to the Group €401m (continuing operations loss €371m; discontinued operations loss €30m) vs. net income €25m in H1 2024. Income tax expense €189m; effective tax rate adversely impacted by non‑taxable/ non‑deductible impairments and a special French corporate contribution.

Cash flow and balance sheet

Free cash flow negative €1,224m (vs €‑900m prior year); net free cash flow negative €2,091m (vs €‑1,704m). Net debt €6,989m at June 30, 2025 (vs €3,780m at Dec 31, 2024) reflecting seasonality, dividends, scope changes and cash outflows.

Capital, scope changes and disposals

Major scope moves: acquisition of remaining Carrefour Brazil shares (raising stake to 100% with cash ≈€140m paid and 58.35m Carrefour SA shares issued); Cora & Match integration in France (final price adjusted to €1,169m) which weighed on H1 results (~€80m integration effect). Disposals included sale & leaseback of 8 supermarkets and sale of Carrefour Banque life portfolio.

Financing and rating

Issued three sustainability‑linked bonds (two €500m and one €650m) in H1; repurchased €200m of a 2027 bond and redeemed €750m of 10‑year bonds. EMTN and commercial paper programmes remain in place; S&P rating BBB stable. Average bond maturity extended to 4.2 years.

Outlook / targets reiterated

Group reaffirmed 2026 objectives (e.g., Carrefour‑brand food share target 40%, e‑commerce GMV €10bn by 2026, €1.24bn cumulative cost savings target 2023–2026) and said liquidity and financing resources are adequate, while near‑term performance will reflect integration costs, asset restructuring and market dynamics in Latin America and Europe.