H1 2025 Results
Q2 2025 Sales
July 24th, 2025
Key takeaways
Alexandre Bompard, Chairman & CEO
Sales accelerating in Q2
+4.4% LFL in Q2
(after +2.9% in Q1)
Accelerating LFLs
Operating Income up in all 3 key markets excl. Cora & Forex
ROI at €761m ex. Cora & Match
(vs €743m in 1H24)
€681m incl. Cora & Match
Ex. Cora & Match:
France
Spain
Brazil
Positive in all formats
LFL sales growth acceleration
Dynamic sales on high historicals
France
Spain
Brazil
-
ROI up +20.0% YOY
-
Margin up +34bps YOY
ROI +9.4% YOY
ROI +6.5% YOY (const. x-rate)
Reported: €340m in 1H25 vs.
€366m in 1H24 (current x-rate)
Full acquisition of Carrefour Brazil
Disposal of 7% of Carmila's share capital
New buying alliance Concordis
Carrefour 29.8%
Others 70.2%
Strategic rationale
Net sales by format
FY 2024
Stores
Hyper 41
Cash & Carry 12
Market 315
1,188
Express 820
Italy grocery retail market share (1)
Cash & Carry 4%
Express 23%
€3.7bn
Hyper 32%
Market 41%
Carrefour
~4%
(1) Source: NielsenIQ
Ranking of European buying alliances by turnover (2024)(1)
(€bn)
96
>150
~150
~190
~100
66
Vasco
Epic/ Everest
Concordis objective
Eurelec Agecore/
Concordis v0
Eureca
competitiveness and market share
(1) Total turnover including VAT
+400 stores in H1 in France & Europe
Convenience stores
+16% to €3.4bn
E-commerce
Integration progressing well
M&A
37.4% of food sales (+0.4pt YOY)
Private labels
ESG
Delivering results on our operational initiatives
Cost savings
€1.2bn in 2025
€610m in H1
107%
Financial Results
Matthieu Malige, Group CFO
Evolution of FMCG markets in Q2 2025 - Market data
Value Volume
Value Volume
Value Volume
Value
Volume
Value Volume
Value Volume
Value Volume
Value
Volume
Brazil: +4.4%
Atacadão: +5.4%
Retail: +1.6%
Sam's Club: +0.1%
Argentina: +38.8%
Hypermarkets: +0.6%
Supermarkets: +0.7%
Convenience/other formats: +7.6%
Spain: +2.9%
Italy: +1.6%
Belgium: :+1.9% Romania:+2.7% Poland: -0.3%
Group LFL sales growth
H1 25
+3.7%
+4.4%
+2.9%
Q1 2025
Q2 2025
|
Q2 sales LFL |
|
|
Group |
+4.4% |
|
› France |
+2.1% |
|
› Europe |
+2.2% |
|
› LatAm |
+9.7% |
+5.2%
€22,708m
+5.5% +1.0%
+4.4% (0.9)%
(4.8)% €23,885m
› France: +2.1%
› Europe: +2.2%
› LatAm: +9.7%
|
Q2 2024 Gross |
LFL |
Expansion & |
Petrol |
Calendar |
Forex |
Q2 2025 Gross |
|
sales |
M&A |
sales |
Group Recurring Operating Income
Operating margin
€823m
2.0%
€761m
1.9%
€743m
1.8%
€681m
1.6%
-€80m
-€62m
H1 2024 H1 2025
at constant Fx, excl. Cora & Match
Forex impact H1 2025
at current Fx, excl. Cora & Match
Cora & Match
impact
H1 2025
France Q2 2025 LFL of +2.1% ROI temporarily impacted by Cora & Match
› Positive LFL in all formats driven by the success of the commercial policy focusing on value
› Positive volumes in a more supportive French market
› Positive performance in food sales (+2.3% LFL) and stabilization in non-food sales (-0.3% LFL)
› Excl. Cora & Match: H1 2025 ROI up +20.0% with ROI margin up +34bps at 1.9%
-
Cora & Match impact of €(80)m
› Cora & Match: €130m synergies objective
confirmed by 2027
-1.5%
-0.3%
+4.9%
+0.6%
+0.7%
+7.6%
-3.6%
-1.3%
+1.9%
› Hypermarkets
› Supermarkets
› Convenience & others
+0.2%
+2.1%
-1.7%
France
H1 25
Q2 25
Q1 25
LFL sales growth
+20.0%
€344m
€286m
o/w
€264m
incl.
Cora & Match effects
(1) Excluding Cora & Match impact
H1 2024
H1 2025
Europe Q2 LFL of +2.2%
› Solid commercial momentum across Europe led by Spain, thanks to price investments driving volumes in improving markets
› Italy and Belgium back to positive territory in Q2
Stabilized ROI thanks to Spain and despite Poland
› Spain: Strong increase in ROI (+9.4%) and ROI margin
› Good dynamics in Belgium and Italy
› Highly competitive market in Poland leading to further price investments
(4.6)%
€84m
€80m
|
LFL sales growth |
Q1 25 |
Q2 25 |
H1 25 |
|
Other Europe |
+0.3% |
+2.2% |
+1.3% |
|
› Spain |
+1.4% |
+2.9% |
+2.2% |
|
› Italy |
-1.7% |
+1.6% |
-0.1% |
|
› Belgium |
-1.1% |
+1.9% |
+0.4% |
|
› Romania |
+2.7% |
+2.7% |
+2.7% |
|
› Poland |
-1.9% |
-0.3% |
-1.1% |
H1 2024 H1 2025
and inflation
Services: ROI slightly up in H1
LatAm Q2 2025 LFL of +9.7% H1 2025 ROI impacted by FX
› Sound performance in Brazil (+4.4% LFL) driven by Atacadão (+5.4% LFL) in an uncertain environment with high inflation and record level of interest rates weighing on customers purchasing power
› Steady progression in Argentina (+38.8% LFL) with continued market share gains in volume and value
-
Normalization of the macro economic context with continued slowdown in inflation
-
Markets showing still negative volumes on the
back of pressure on purchasing power
› Brazil: €340m vs €366m in H1 2024 (up +6.5% at constant exchange rate)
› Argentina: €26m vs €51m in H1 2024
› Negative FX impact of -€61m in LatAm
+2.5%(1)
€417m
o/w
€366m
incl. FX effect
€427m
|
LFL |
Q1 2025 |
Q2 2025 |
H1 2025 |
|
LatAm |
+12.2% |
+9.7% |
+10.9% |
|
Brazil |
+5.4% |
+4.4% |
+4.9% |
|
› Atacadão |
+6.9% |
+5.4% |
+6.1% |
|
› Retail |
+2.6% |
+1.6% |
+2.2% |
|
› Sam's Club |
-3.8% |
+0.1% |
-1.9% |
|
Argentina |
+51.5% |
+38.8% |
+44.7% |
H1 2024
(1) Growth at constant exchange rate
H1 2025
Stable
Primarily driven by the consolidation of Cora & Match -
-12bps excl. Cora & Match
+10bps excl. Cora & Match
Mainly Cora & Match
-30bps excl. Cora & Match
at constant rates
|
in €m |
H1 2024 |
H1 2025 |
Variation |
|
Net Sales |
40,619 |
41,755 |
+2.8% |
|
Gross margin |
7,898 |
8,195 |
+3.8% |
|
As a % of net sales |
19.4% |
19.6% |
+18bps |
|
SG&A |
(6,122) |
(6,405) |
+4.6% |
|
As a % of net sales |
15.1% |
15.3% |
+27bps |
|
Recurring operating income before D&A (EBITDA) |
1,916 |
1,936 |
+1.1% |
|
D&A |
(1,032) |
(1,108) |
+7.4% |
|
Recurring operating income (ROI) |
743 |
681 |
-8.4% |
|
Recurring operating margin |
1.8% |
1.6% |
-20bps |
|
Recurring operating margin excl. Cora & Match |
1.8% |
1.9% |
+10bps |
|
in €m |
H1 2024 |
H1 2025 |
|
|
Recurring operating income Net income from associates and JVs Non-recurring income and expenses, net |
743 14 (126) |
681 14 (529) |
|
|
EBIT |
632 |
166 |
|
|
Net financial expenses |
(430) |
(308) |
|
|
Cost of debt, net |
(198) |
(210) |
|
|
Net interest related to lease commitments |
(111) |
(119) |
|
|
Other financial income and expenses |
(121) |
21 |
|
|
Income before taxes |
201 |
(142) |
|
|
Income tax expense |
(164) |
(189) |
|
|
Normative tax rate |
27.6% |
31.6% |
|
|
Net income from discontinued operations |
(1) |
(30) |
|
|
Consolidated Net income |
36 |
(361) |
|
|
Net income, Group share |
25 |
(401) |
|
|
Net income from continuing operations, Group share |
26 |
(371) |
|
|
Net income from discontinued operations, Group share |
(1) |
(30) |
|
|
Minority interests |
11 |
40 |
|
|
Net income from continuing operations, Non-controlling interests |
11 |
40 |
|
|
Net income from discontinued operations, Non-controlling interests |
- |
- |
|
|
Adjusted net income, Group share |
313 |
210 |
|
|
Adjusted earning per share (EPS) |
0.46 |
0.32 |
Stable level of cost of debt
Normalization after impact of dividend & forex in Argentina in 2024
Impairment of Italy & lower restructuring
Evolution of the geographic mix
-33% (€275m, -12% excl. Cora & Match)
-30% (€0.42, -8% excl. Cora & Match)
Net Free Cash Flow
Less cash-out of reorganization plans
Mainly the consolidation of Cora & Match (-€80m), high historicals in Argentina due to inflation
(-€170m) and in Brazil (-€130m)
Normalization after negative impact in Argentina in 2024
o/w c.-€180m from Cora & Match & -€81m from lower real estate divestment
Lower disposal of assets, mainly
real estate
Lower capex, mainly seasonality
effect
|
in €m |
H1 2024 |
H1 2025 |
Variation |
|
EBITDA |
1,916 |
1,936 |
21 |
|
Income tax paid |
(209) |
(217) |
(8) |
|
Financial result (operations-related)(1) |
(121) |
21 |
142 |
|
Cash impact of restructuring items and others |
(82) |
(57) |
25 |
|
Gross cash flow (excl. discontinued) |
1,504 |
1,684 |
180 |
|
Change in working capital requirement (incl. change in consumer credit) (1,795) |
(2,283) |
(489) |
|
|
Discontinued operations (0) |
(0) |
0 |
|
|
Operating cash flow (incl. exceptional items and discontinued) |
(291) |
(600) |
(309) |
|
Capital expenditure |
(659) |
(575) |
85 |
|
Change in net payables and receivables on fixed assets |
(189) |
(233) |
(44) |
|
Asset disposals (business related) |
239 |
184 |
(55) |
|
Discontinued operations |
- |
- |
- |
|
Free cash flow |
(900) |
(1,224) |
(324) |
|
Payments related to leases (principal and interests) net of subleases payments received |
(606) |
(655) |
(49) |
|
Net cost of financial debt |
(198) |
(210) |
(12) |
|
Discontinued operations |
- |
- |
- |
|
Net Free Cash Flow |
(1,704) |
(2,091) |
(386) |
Mainly Cora & Match
-
Excluding cost of debt and interest related to leases commitments
(in €m)
H1 2024
H1 2025
Variation
Net free cash-flow (incl. real estate)
(1,704)
(2,091)
(386)
Real estate Capex
96
106
+10
Real estate asset disposal
208
138
(70)
Net real estate investment/(disposal)
(112)
(32)
(81)
Net free cash-flow (excl. real estate)
(1,816)
(2,122)
(306)
NFCF
(in €m)
H1 2025
vs H1 2024
Expected
H2 2025 NFCF vs. H2 2024 NFCF
Expected
FY 2025 NFCF vs. FY 2024 NFCF
Trend
Comments
Trend
Comments
EBITDA
+21
++
Improving business trends
End of Cora & Match negative impact
++
Increase in EBITDA
Income tax paid
(8)
~
~
Financial result
+142
~
+
High financial expenses in 2024 (Argentina notably)
Restructuring costs
+25
++
Less reorganization plans cash out
++
High cash out from restructuring in 2024
Working Capital
(489)
-/~
--
Normalization of working capital contribution on high historicals
Capex & change in working capital on fixed assets
40
-
Seasonality of Capex
~
Roughly stable Capex expected
Asset disposals
(55)
+
Seasonality of asset rotation
-/~
Lower to similar asset monetization vs 2024
Others
(62)
~
-
Net free cash-flow (386)
++
>=
Improvement in NFCF generation expected in H2 2025 vs H2 2024 mainly driven by EBITDA growth and easier comps
Net debt increases mainly following Cora/Match acquisition
382
258
1,177
+€1,571m
6,989
5,418
in €m
(1,071) 826
|
June 30, 2024 |
LTM Net FCF |
Dividends(1) |
Share buyback |
Net M&A(2) |
Forex and |
June 30, 2025 |
|
Net Debt |
Others |
Net Debt |
Notes: (1) Including €15m dividends paid to minority shareholders
-
Notably including Cora & Match acquisition closed on July 1st 2024 (c.€1.1bn)
-
Partial effect in 2025
-
Full impact expected from 2026 onward
Carrefour Italy in a nutshell
|
in €m |
FY 2024 |
|
Gross sales including fuel |
€4.2bn |
|
Recurring Operating Income |
€(67)m |
|
Net Free Cash Flow |
€(180)m |
|
# stores |
1,185(1) |
|
Local market share |
~4% |
Transaction structure
Transaction timeline
regulatory approvals
(1) At December 31, 2024
APPENDIX
Confirmed
Confirmed
Cora & Match acquisition
€130m run-rate EBITDA synergies by 2027
€250m integration costs
(2024-25)
-
6 hypermarkets (incl. 3 ex-Cora and 1 ex-Casino) out of which 4 bought by Coopérative U and 2 by Intermarché
-
2 Carrefour Market, 1 Carrefour City and 1 Match bought by Coopérative U
-
Total value of c.€70m
Confirmed
Opex
~€150m
Capex
~€100m
Both transactions are subject to the approval of the French Competition Authority and to the usual conditions. They should be effective by the end of H1 2026.
Updated
€50m in 2024
€100m in 2025
€40m in 2024
€60m in 2025
€130m synergies objective confirmed by 2027
€50m in
H1 2025
€50m in
H2 2025
€20m in
H1 2025
€40m in
H2 2025
Objective: strengthen competitiveness against major existing alliances and respond
to FMCG consolidation
Creation of a new European buying alliance
-
First milestone: An alliance between Carrefour & Coopérative U
Objective to welcome other partners
-
Scope: all European markets of Carrefour & Coopérative U and future alliance partners
Two key topics of negotiations: direct price negotiations and international services
Initial scope: 40 multinational branded FMCG suppliers for price negotiations & 60 for international services
Operational roll-out from 2026 negotiation campaign (after a 4-month review by the French
Competition Authority)
Duration of first term: 6 years (between Carrefour & Coopérative U)
Concordis aims at attracting additional European retail partners
-
Gradual ramp-up starting in 2026, expanding into 2027
-
Between 5 and 7 potential partners targeted across all Europe
-
Already advanced discussions with future partners
Target: €150bn+ cumulative turnover in the midterm
Ambitious financial objectives
-
Leverage increased purchasing volumes
-
Direct negotiation and sale of international services
-
Indirect gains through halo effect on other suppliers, best practices and market knowledge sharing
-
Additional collaboration is planned on:
-
Private labels with joint auctions
-
Non-food where Coopérative U will access Carrefour Global Sourcing Platform
-
Retail Media where Coopérative U will enter into an agreement with Unlimitail, Carrefour-Publicis joint venture
-
-
-
Before Concordis
With Concordis
|
Market share (%) |
|
|
29% |
|
2. E. Leclerc |
25% |
|
3. Carrefour |
22% |
|
4. Coopérative U |
12% |
|
5. Lidl |
8% |
|
6. Aldi |
3% |
|
Market share (%) |
|
|
34% |
|
29% |
|
3. E. Leclerc |
25% |
|
4. Lidl |
8% |
|
5. Aldi |
3% |
Kantar - My Worldpanel (P13 2024)
Carrefour 2026 objectives
|
OPERATIONAL OBJECTIVES |
2024 |
H1 2025 |
2026 |
|
Private labels |
37% of food sales |
37.4% of food sales (+0.4pt vs H1 24) |
40% of food sales |
|
Convenience store openings |
+1,556 vs. 2022 |
+2,068 vs. 2022 |
+2,400 vs. 2022 |
|
Atacadão store openings |
+110 vs. 2022 |
+114 vs. 2022 |
>+200 vs. 2022 |
|
ESG OBJECTIVES |
2024 |
H1 2025 |
2026 |
|
Sales of certified sustainable products |
€6.2bn |
€3.7bn |
€8bn |
|
Top 100 suppliers to adopt a 1.5°C trajectory |
53 |
63 |
100 |
|
Employees with disabilities |
14,290 |
14,507 |
15,000 |
|
FINANCIAL OBJECTIVES |
2024 |
H1 2025 |
2026 |
|
E-commerce GMV |
€5.9bn |
€3.4bn (+16%) |
€10bn |
|
Cost savings |
€1,240m |
€610m |
€4.2bn (cumul. 2023-2026)(1) |
|
Net Free Cash Flow(2) |
€1,457m |
-€386m vs n-1 |
>€1.7bn |
|
Investments (Capex) |
€1,772m |
€575m |
€2bn/year |
|
Cash dividend growth |
+6% (€0.92/share) |
- |
>5%/year |
Notes: (1) 2025 target raised to €1.2bn (vs €1.0bn initially); (2) Net Free Cash Flow corresponds to free cash flow after net finance costs and net lease payments. It includes cash-out of exceptional charges
Attachments
Disclaimer
Carrefour SA published this content on July 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 24, 2025 at 15:49 UTC.
