Carrefour SA

Latest Results (14.03.2026):

Carrefour SA — Q2 2025 (and H1 2025): Sales accelerated in Q2 2025 with like‑for‑like (LFL) growth of +4.4% (Group LFL H1 2025 +3.7%). EBITDA was €1,936m (+1.1% vs H1 2024) while Recurring Operating Income (ROI) was €681m (down vs €743m in H1 2024), reflecting a ~‑€80m hit from the consolidation of Cora & Match and a ~‑€62m currency headwind. Net free cash flow was negative at ‑€2,091m (as expected given acquisitions and reduced working‑capital contribution). The Group confirmed full‑year 2025 targets (slight growth in EBITDA, ROI and Net Free Cash Flow) and continued strategic portfolio actions (Brazil buyout, sale of 7% of Carmila, launch of Concordis, and agreement to sell Carrefour Italy).

Q2 sales momentum

Q2 2025 Group sales accelerated to +4.4% LFL (food +4.9% LFL, non‑food +1.4% LFL). Q2 strength was broad‑based: France +2.1% LFL (after ‑1.7% in Q1), Europe ex‑France +2.2% LFL and Latin America +9.7% LFL (Argentina very strong; Brazil +4.4% LFL).

Profitability and P&L

H1 2025 EBITDA was €1,936m (+1.1% year‑on‑year). Recurring Operating Income fell to €681m (‑8.4%) but was only ‑0.1% at constant FX once currency and Cora & Match effects are adjusted. France (ex‑Cora & Match) saw ROI +20% and a 34bp margin improvement to 1.9%.

Adjusted earnings and one‑offs

Adjusted net income, Group share was €210m (€275m excl. Cora & Match) vs €313m in H1 2024. Non‑recurring items included a €460m impairment on Carrefour Italy, driving total non‑recurring charges of €529m and Group net income (reported) of ‑€401m for H1 2025.

Cash flow and balance sheet

Net free cash flow was ‑€2,091m (vs ‑€1,704m), mainly due to consolidation of Cora & Match, lower real‑estate rotation and weaker working‑capital contribution. Net financial debt increased to €6,989m (from €5,418m) reflecting M&A (Cora & Match, Brazil minorities), dividends and buybacks. Carrefour remains investment‑grade (S&P BBB stable) and completed several bond issues in 2025.

France and store model

France improved sharply in Q2 with positive volumes across formats. Excluding Cora & Match, France ROI rose and operating margin improved; Carrefour added 274 convenience stores in H1 and continues store transfers to lease management as planned.

Europe and Spain

Europe ex‑France showed sequential improvement. Spain delivered an acceleration in Q2 (+2.9% LFL) and ROI +9.4% vs H1 2024. Poland remained competitive and weighed on regional ROI stability (~€80m).

Latin America and Brazil

Latin America LFL sales +10.9% in H1. Brazil reported ROI +6.5% at constant FX (reported ROI €340m) driven by Atacadão and financial services; currency weakness (BRL) was a material negative on reported numbers. Argentina posted very strong nominal LFL growth but with volume pressure.

Strategic moves and synergies

Key actions: acquisition of remaining Carrefour Brazil shares, sale of 7% of Carmila (~€170m), creation of Concordis buying alliance with Coopérative U, and exclusive agreement to sell Carrefour Italy (potential cash impact ~‑€240m). Cora & Match integration on track with confirmed €130m synergy target by 2027.

ESG / CSR progress

Carrefour achieved a 107% score on its CSR & Food Transition Index in H1 2025, with notable progress on climate (Scopes 1&2 emissions down 57% vs 2019), supplier SLBPs, food‑waste targets and other Carrefour 2026 KPIs.

Outlook

Management confirmed full‑year 2025 targets: slight growth in EBITDA, Recurring Operating Income and Net Free Cash Flow, and expects Q2 momentum to continue into H2 while delivering planned cost savings (€610m in H1; €1.2bn target for 2025).