Interim Financial Report 2025
Contents
Business review as of June 30, 2025 page 4
Condensed consolidated interim
financial statements as of June 30, 2025 page 24
Statutory Auditors' review report on the
interim financial information page 69
Declaration by the persons responsible page 72
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Business review and consolidated income analysis page 5
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Main income statement indicators
-
Analysis of the main income statement items
-
-
Group financial position and cash flows page 12
-
Shareholders' equity
-
Net debt
-
Statement of cash flows
-
Financing and liquidity resources
-
Restrictions on the use of capital resources
-
Expected sources of funding
-
-
Outlook page 16
-
Other information page 17
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Accounting principles
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Significant events of the period
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Main related-party transactions
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Subsequent events
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Risk factors
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Main income statement indicators
Argentina is classified as a hyperinflationary economy within the meaning of IAS 29 - Financial Reporting in Hyperinflationary Economies, which is therefore applicable to the condensed consolidated interim financial statements for the six months ended June 30, 2025; data for the comparative period presented have been adjusted accordingly for inflation.
(in millions of euros)
First-half 2025
First-half 2024
% change
% change at constant exchange rates
Net sales
41,755
40,619
2.8%
7.5%
Gross margin from recurring operations
8,195
7,898
3.8%
9.2%
in % of net sales
19.6%
19.4%
Sales, general and administrative expenses, depreciation and amortisation
(7,513)
(7,155)
5.0%
10.2%
Recurring operating income
681
743
(8.4)%
(0.1)%
Recurring operating income before depreciation and amortisation
1,936
1,916
1.1%
6.3%
Recurring operating income after net income from equity-accounted companies
695
757
(8.2)%
(0.1)%
Non-recurring income and expenses, net
(529)
(126)
320.9%
320.0%
Operating income
166
632
(73.7)%
(63.8)%
Finance costs and other financial income and expenses, net
(308)
(430)
(28.4)%
(20.1)%
Income tax expense
(189)
(164)
14.9%
20.8%
Net income/(loss) from continuing operations - Group share
(371)
26
(1509.2)%
(1454.0)%
Net income/(loss) from discontinued operations - Group share
(30)
(1)
2844.4%
2844.4%
Net income/(loss) - Group share
(401)
25
(1685.0)%
(1627.5)%
Free cash-flow ¹
(1,224)
(900)
Net free cash-flow ²
(2,091)
(1,704)
Net debt ³
6,989
5,418
-
Free cash flow corresponds to cash flow from operating activities before net finance costs and net interests related to lease commitment, after change in working capital, less net cash from/(used in) investing activities.
-
Net free cash flow corresponds to free cash flow after net finance costs and net lease payments.
-
Net debt does not include lease liabilities or assets related to leases (see Note 2.2).
Net sales amounted to 41.8 billion euros in the first half of 2025, an increase of 2.8% at current exchange rates and 7.5% at constant exchange rates in comparison with the first half of 2024.
Recurring operating income before depreciation and amortisation came in at 1,936 million euros, up 1.1% at current exchange rates and 6.3% at constant exchange rates.
Recurring operating income totalled 681 million euros, down 8.4% at current exchange rates and stable at constant exchange rates in comparison with the first half of 2024.
Non-recurring operating income and expenses represented a net expense of 529 million euros, versus a net expense of 126 million euros in the first half of 2024. This expense mainly comprises
(i) the impairment of property and equipment, intangible assets, and goodwill in Italy for 460 million euros to align the asset values with their fair value (see Note 4.4), (ii) the partial impairment of Polish goodwill for 50 million euros (see Note 6.1 to the condensed consolidated interim financial statements), (iii) the derecognition of a portion of Brazilian goodwill following asset disposals (see Note 4.2.1.3), (iv) restructuring costs following measures implemented at headquarters and stores in Spain and Italy, and (v) provisions for litigation and claims in some of the Group's geographies. This expense is partially offset by capital gains on the sale of
9.87 million Carmila shares through a private placement for approximately 45 million euros (see Note 8.2 to the condensed consolidated interim financial statements) and the sale of Carrefour Banque's life insurance portfolio in France for 21 million euros (see Note 4.2.1.3), as well
as gains on the sale and leaseback of the real estate of eight supermarkets in France for 9 million euros (see Note 4.2.1.3).
Finance costs and other financial income and expenses represented a net expense of 308 million euros, an improvement of 122 million euros compared with the first half of 2024, mainly reflecting the improvement in Argentina (see Note 1.2).
The income tax expense for the first half of 2025 amounted to 189 million euros, compared with 164 million euros for the first half of 2024.
The Group reported net loss from continuing operations - attributable to the Group of 371 million euros, versus net income of 26 million euros in the first six months of 2024.
The Group reported net loss from discontinued operations - attributable to the Group of 30 million euros, versus 1 million euros in the first six months of 2024.
In view of the above, net loss - attributable to the Group came to 401 million euros, versus net income of 25 million euros in the first half of 2024.
Free cash flow amounted to a negative 1,224 million euros, versus a negative 900 million euros for the first half of 2024. Net free cash flow was a negative 2,091 million euros, compared with a negative 1,704 million euros for the same period of 2024.
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Analysis of the main income statement items
The Group's operating segments consist of the countries in which it does business, combined by region, and "Global functions", corresponding to the holding companies and other administrative, finance and marketing support entities.
Net sales by region
(in millions of euros)
First-half 2025
First-half 2024
% change
% change at constant exchange rates
France
20,270
18,146
11.7%
11.7%
Europe (excluding France)
11,269
11,289
(0.2)%
(0.3)%
Latin America
10,217
11,183
(8.6)%
8.6%
TOTAL
41,755
40,619
2.8%
7.5%
The Group reported net sales of 41.8 billion euros, up 2.8% at current exchange rates and 7.5% at constant exchange rates, and up 3.7% on a like-for-like basis1, compared with the first half of 2024.
-
In France, sales rose by 11.7% in the first half of 2025, lifted by the integration of Cora and Match. On a like-for-like basis, sales were up 0.2%, including growth of 2.1% in the second quarter (up 2.3% LFL on food and down 0.3% LFL on non-food). After a first quarter down by 1.7% like-for-like, the investments made by the Group in its competitiveness over the last few quarters are paying off with positive volumes across all formats. The Group continued these investments in the first half with waves of price cuts on hundreds of key products and the overhaul of "Le Club Carrefour" loyalty program.
-
In Europe (excluding France), net sales were down by a slight 0.3% at constant exchange rates and up by 1.3% like-for-like compared with the first half of 2024, reflecting the positive outcome of the commercial strategy and price investments pursued throughout the half-year. In Spain, in a buoyant market that saw positive volumes, business momentum accelerated to drive sales up 2.2% LFL, supported by a further improvement in price
1Like-for-like (LFL) sales generated by stores opened for at least 12 months, excluding temporary store closures, at constant exchange rates, excluding petrol and calendar effects and excluding IAS 29 impact.
positioning. In Italy (down 0.1% LFL), net sales rose in the second quarter (up 1.6% LFL) in a more favourable market environment, which continues to be shaped by intense competitive pressure. After a first quarter featuring intense competition, operations in Belgium delivered growth in sales in the first half (up 0.4% LFL) thanks to a healthy performance in the second quarter (up 1.9% LFL) shared by all formats and benefiting from an upturn in volumes driven by successful sales initiatives. In Romania (up 2.7% LFL), Carrefour maintained its positive trajectory and continued to invest in competitiveness. In Poland (down 1.1% LFL), sales sequentially improved in a market that remained competitive in the first half (down just 0.3% LFL in the second quarter after dipping 1.9% LFL in the first).
-
In Latin America, net sales rose by 8.6% at constant exchange rates and by 10.9% like-for-like versus the first half of 2024. In Brazil, net sales rose by 4.8% at constant exchange rates and 4.9% on a like-for-like basis, in a market affected by a degree of consumer caution due to persistently high inflation and the highest interest rates seen in 20 years. The prevailing uncertainty is negatively impacting volumes. The cash & carry format saw solid like-for-like growth of 6.1% in the first half of 2025, reflecting a good performance in both the B2B and B2C segments, and the positive results of commercial initiatives. The Retail format also reported an increase, with like-for-like growth of 2.2% in the first half of 2025. Food sales were particularly strong (up 5.9% LFL), reflecting the success of the commercial strategy developed for B2B customers and offsetting the performance of non-food sales (down 3.8% LFL). Continued improvement in customer satisfaction in this segment is driven by price perception. In Argentina (up 44.7% LFL), inflation continued to slow down throughout the second quarter, while volumes remained under pressure. In this environment, Carrefour reported strong market share gains, in terms of both value and volume, capitalising on its assertive price leadership.
-
Net sales by region - contribution to the consolidated total
|
(in %) |
First-half 2025 ¹ |
First-half 2024 |
|
France |
46.4% |
44.7% |
|
Europe (excluding France) |
25.8% |
27.8% |
|
Latin America |
27.8% |
27.5% |
|
TOTAL |
100% |
100% |
(1) At constant exchange rates.
At constant exchange rates, the proportion of sales generated outside France fell to 53.6% from 55.3% in the first half of 2024, mainly due to an increase in the relative weight of France, which benefited from the integration of Cora and Match.
Recurring operating income by region
|
(in millions of euros) |
First-half 2025 |
First-half 2024 |
% change |
% change at constant exchange rates |
|
France |
264 |
286 |
(8.0)% |
(8.0)% |
|
Europe (excluding France) |
80 |
84 |
(4.6)% |
(3.8)% |
|
Latin America |
366 |
417 |
(12.2)% |
2.5% |
|
Global functions |
(28) |
(44) |
(35.3)% |
(34.7)% |
|
TOTAL |
681 |
743 |
(8.4)% |
(0.1)% |
Recurring operating income for the first half of 2025 came to 681 million euros, compared with 743 million euros in the first half of 2024, representing a decline of 62 million euros that included a 62 million euro negative currency effect and an adverse impact of around 80 million euros from integrating Cora and Match in France.
In France, recurring operating income totalled 264 million euros in the first half of 2025, down 8.0% compared with the first half of 2024. The decrease is entirely attributable to the negative impact of integrating Cora and Match for around 80 million euros. Excluding the integration of Cora and Match, recurring operating income rose by 20.0% (up 57 million euros), with an operating margin up 34 bps to 1.9%. This development reflects the Group's good sales performance, ongoing cost discipline and progress in implementing the various initiatives set out in the Carrefour 2026 plan.
In Europe (excluding France), recurring operating income remained broadly stable, at 80 million euros in the first half of 2025, versus 84 million euros in the first half of 2024. Spain posted a solid 9.4% growth in recurring operating income, driven by strong commercial performance. Business in Poland was penalized by increased investments in competitiveness in a persistently challenging competitive environment.
In Latin America, recurring operating income came to 366 million euros, versus 417 million euros in the first half of 2024, penalized by negative currency effects. In Brazil, recurring operating income was down 7.1% to 340 million euros versus 366 million euros in the first half of 2024. At constant exchange rates, it climbed 6.5%, driven by the solid performance of Atacadão and effective cost control. The financial services business also reported an increase in recurring operating income at constant exchange rates. In Argentina, recurring operating income came to 26 million euros compared with 51 million euros in the first half of 2024.
Depreciation and amortisation
Depreciation and amortisation of property and equipment, intangible assets and investment property amounted to 695 million euros in the first half of 2025 compared with 654 million euros in the first half of 2024.
Depreciation of right-of-use assets (IFRS 16) relating to property and equipment and investment property totalled 413 million euros in the first half of 2025 compared with 378 million euros in the first half of 2024.
Including depreciation and amortisation of logistics equipment and of the related right-of-use assets (IFRS 16) included in the cost of sales, a total depreciation and amortisation expense of 1,255 million euros was recognised in the consolidated income statement for the first half of 2025, compared with an expense of 1,173 million euros for the first half of 2024.
Net income from equity-accounted companies
Net income from equity-accounted companies amounted to 14 million euros, on a par with the first half of 2024.
Non-recurring income and expenses
This classification is applied to certain material items of income and expense that are unusual in terms of their nature and frequency, such as impairment of non-current assets, gains and losses on disposals of non-current assets, restructuring costs and provision charges and income recorded to reflect revised estimates of risks provided for in prior periods, based on information that came to the Group's attention during the period under review.
Non-recurring items represented a net expense of 529 million euros in the first half of 2025, and the detailed breakdown is as follows:
|
(in millions of euros) |
First-half 2025 |
First-half 2024 |
|
Gains and losses on disposals of assets |
132 |
37 |
|
Restructuring costs |
(65) |
(77) |
|
Other non-recurring income and expenses |
(42) |
(2) |
|
Non-recurring income and expenses, net before asset impairments and write-offs |
25 |
(42) |
|
Asset impairments and write-offs |
(554) |
(84) |
|
of which impairments and write-offs of goodwill |
(96) |
(44) |
|
of which impairments and write-offs of property and equipment, intangible assets and others |
(458) |
(40) |
|
NON-RECURRING INCOME AND EXPENSES, NET |
(529) |
(126) |
of which:
|
Non-recurring income |
225 |
302 |
|
Non-recurring expense |
(754) |
(428) |
Gains and losses on disposals of assets
Gains on disposals of non-current assets mainly include capital gains on the sale of
9.87 million Carmila shares through a private placement for approximately 45 million euros (see Note 8.2 to the condensed consolidated interim financial statements) and the sale of Carrefour Banque's life insurance portfolio in France for 21 million euros (see Note 4.2.1.3), as well as gains on the sale and leaseback of the real estate of eight supermarkets in France for 9 million euros (see Note 4.2.1.3). It also includes gains and losses arising on various asset disposals (store real estate and businesses), in particular in Brazil and to franchisees in France.
Restructuring costs
Restructuring costs recognised in the first half of 2025 mainly correspond to restructuring initiatives implemented at headquarters and stores in Spain and Italy.
Other non-recurring income and expenses
Other non-recurring income and expenses in the first half of 2025 mainly included provisions for
litigation and claims in some of the Group's geographies.
Asset impairments and write-offs
Asset impairments and write-offs recorded in the first half of 2025 mainly include (i) the impairment of property and equipment, intangible assets, and goodwill in Italy for 460 million euros to align the asset values with their fair value (see Note 4.4), and (ii) the partial impairment of Polish goodwill for 50 million euros (see Note 6.1 to the condensed consolidated interim financial statements), along with the derecognition of a portion of Brazilian goodwill for 20 million euros following the disposal of unprofitable store premises which were closed during the period (see Note 4.2.1.3). They also included the impact of a number of asset impairments and retirements in France and Brazil.
Main non-recurring items in the first half of 2024
Gains and losses on disposals of non-current assets mainly comprised gains and losses on the sale of 17 supermarkets in France, 16 of which were leased back. They also included gains and losses
arising on various asset disposals (store real estate and businesses), in particular to franchisees in France.
Restructuring costs mainly related to restructuring measures implemented at headquarters and stores in Spain, Italy, Belgium and Brazil.
Other non-recurring income and expenses mainly comprised provisions for tax risks, litigation and claims in some of the Group's geographies, offset overall by reversals of provisions in Brazil, mainly for tax risks relating to ICMS tax credits following the expiry of statutory limitation periods or further relief under tax amnesty programmes.
Lastly, asset impairments and write-offs included the derecognition of a portion of Belgian goodwill following the disposal of seven former Alma store businesses and Brazilian goodwill following the disposal of unprofitable store premises which were closed during the period. They also included the impact of a number of asset impairments and retirements in Brazil and Spain.
Operating income
The Group ended the first half of 2025 with operating income of 166 million euros, versus 632 million euros in the first half of 2024.
Finance costs and other financial income and expenses
Finance costs and other financial income and expenses represented a net expense of 308 million euros in the first half of 2025, corresponding to a negative 0.7% of sales, versus a negative 1.1% in the first half of 2024.
|
(in millions of euros) |
First-half 2025 |
First-half 2024 |
|
Finance costs, net Net interests related to leases Other financial income and expenses, net |
(210) (119) 21 |
(198) (111) (121) |
|
TOTAL |
(308) |
(430) |
Finance costs, net amounted to 210 million euros, up slightly compared with the first half of 2024 as a result of opposing trends. On the one hand, an improvement was seen in Argentina, where investments were made at interest rates very close to the inflation rates observed in the country during the first half of 2025, whereas they were made at interest rates well below inflation rates during the first half of 2024. On the other hand, net finance costs increased in Brazil, due to the rise in CDI (Certificado de Deposito Interbancário) interest rates beginning in November 2024, and they also worsened in Europe, due to the increase in bond coupons and borrowing volumes following the acquisition of Cora and Match.
In addition, in accordance with IFRS 16, this item also includes interest expenses on leases along with interest income on finance subleasing arrangements. The increase in net interest expense reflects in particular the impact of integrating Cora and Match (July 2024) and certain Casino stores (May 2024) in France.
Other financial income and expenses consist for the most part of the impact of hyperinflation in Argentina (IAS 29), taxes on financial transactions in Latin America, interest payments on tax and labour disputes (mainly in Brazil) and interest expense on defined benefit obligations.
The sharp increase in the first half of 2025 reflects (i) financial income related to the recognition of interest on prior-period ICMS tax credits by the Brazilian subsidiaries during the first half of 2025;
(ii) an improvement in the hyperinflation adjustment in Argentina, which represented modest income in the first half of 2025 compared with a large expense in the first half of 2024, helped by the sharp fall in inflation over the period; and (iii) the absence of the financial expense relating to the purchase/sale of financial securities that enabled the Argentine subsidiary to pay dividends in US dollars during the first half of 2024.
Income tax expense
The income tax expense for the first half of 2025 amounted to 189 million euros, representing a negative effective tax rate of 133%, compared with the 164 million euro expense recorded in the first half of 2024, which corresponded to an effective tax rate of 82%.
The effective tax rate for the first half of 2025 was mainly negatively affected by the non-tax impact of the impairments of tangible and intangible assets (including goodwill) in Italy (see Note 4.4).
The effective tax rate for the first half of 2025 was also impacted by a special corporate income tax contribution of 41.2% for large companies in France with net sales in excess of 3 billion euros.
The effective tax rates for the first six months of 2025 and 2024 were mainly negatively impacted by
(i) the non-recognition of deferred tax assets primarily in Brazil (at certain Grupo BIG and Carrefour Brazil subsidiaries), and in Italy, (ii) the lack of any tax effect relating to goodwill impairment and derecognition, and (iii) certain non-deductible provisions for risks.
Conversely, the effective tax rate for the first half of 2025 was favourably impacted by (i) the capital gain on the disposal of Carmila shares accounted for by the equity method, (ii) the recognition of deferred tax assets at the former Grupo BIG cash & carry subsidiary in Brazil since the closing of the consolidated financial statements as of December 31, 2024, and (iii) the recognition of ICMS tax credits relating to prior years in Brazil.
Apart from these factors, the first-half 2025 effective tax rate reflects the geographical breakdown of income before tax, with no other items significantly distorting the tax proof.
Furthermore, the probable recoverability of deferred tax assets recognised in the consolidated statement of financial position as of December 31, 2024, was confirmed as of June 30, 2025, based in particular on a comparison between the budgeted performance of the different countries and the most recent landing.
Net income attributable to non-controlling interests
Net income attributable to non-controlling interests came to 40 million euros in the first half of 2025, versus 11 million euros in the first half of 2024.
Net loss from continuing operations - Attributable to the Group
As a result of the items described above, continuing operations represented net loss - Attributable to the Group of 371 million euros in the first half of 2025, compared with net income of 26 million euros in the first half of 2024.
Net loss from discontinued operations - Attributable to the Group
Discontinued operations represented a net loss - Attributable to the Group of 30 million euros in the first half of 2025, compared with a net loss of 1 million euros in the first half of 2024.
-
Shareholders' equity
As of June 30, 2025, shareholders' equity stood at 10,970 million euros, compared with 12,484 million euros as of December 31, 2024, representing a decrease of 1,514 million euros.
The decrease mainly reflects:
-
The net loss for the period of 361 million euros;
-
other comprehensive loss, net of tax, amounting to 138 million euros, reflecting the unfavourable exchange differences following the significant decrease in the value of the Argentine peso compared with December 31, 2024, partially offset by income arising on the adjustment for hyperinflation in Argentina;
-
2024 dividends distributed in a total amount of 814 million euros, of which 812 million euros paid to Carrefour SA shareholders (entirely in cash) and 2 million euros to non-controlling shareholders;
-
the special tax on capital reductions carried out by cancelling shares, for 60 million euros;
-
the acquisition of all outstanding shares in Carrefour Brazil for 150 million euros (including costs). 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.
-
-
Net debt
The Group's net debt amounted to 6,989 million euros as of June 30, 2025 compared to 3,780 million euros as of December 31, 2024. The change in net debt between December 31 and June 30 is due to seasonal effects, with the year-end figure being structurally lower due to the significant volume of business recorded during December.
This amount breaks down as follows:
(in millions of euros)
June 30, 2025
December 31,
2024
Bonds and notes Other borrowings
Commercial papers
8,803
1,740
1,750
8,107
1,712
991
Total borrowings excluding derivative instruments recorded in liabilities
Derivative instruments recorded in liabilities
12,293
74
10,811
7
TOTAL BORROWINGS
12,368
10,818
of which borrowings due in more than one year
8,326
7,589
of which borrowings due in less than one year
4,042
3,229
Other current financial assets ¹
357
474
Cash and cash equivalents
5,021
6,564
TOTAL CURRENT FINANCIAL ASSETS
5,378
7,038
NET DEBT
6,989
3,780
(1) This item does not include the current portion of amounts receivable from finance subleasing arrangements (see Note 12.2.5 to the condensed consolidated interim financial statements as of June 30, 2025).
Long- and short-term borrowings (excluding derivatives) mature at different dates, through 2033 for the longest tranche of bond debt, leading to balanced repayment obligations in the coming years, as shown below:
(in millions of euros)
June 30, 2025
December 31,
2024
Due within 1 year
3,968
3,222
Due in 1 to 2 years
1,791
1,709
Due in 2 to 5 years
3,851
3,836
Due beyond 5 years
2,683
2,044
TOTAL BORROWINGS (EXCLUDING DERIVATIVE INSTRUMENTS RECORDED IN LIABILITIES)
12,293
10,811
Cash and cash equivalents totalled 5,021 million euros as of June 30, 2025 versus 6,564 million euros as of December 31, 2024, representing a decrease of 1,544 million euros.
-
Statement of cash flows
Net debt rose by 3,210 million euros in the first half of 2025, versus a 2,858 million euro increase in the first half of 2024. The change is analysed in the Group's simplified statement of cash flows presented below:
(in millions of euros)
First-half 2025
First-half 2024
Change
OPENING NET DEBT
(3,780)
(2,560)
(1,220)
Cash flow from operations
1,683
1,503
180
Change in working capital requirement
(2,142)
(1,883)
(259)
Change in consumer credit granted by the financial services companies
(141)
88
(229)
Net cash (used in)/from operating activities - total
(600)
(291)
(309)
Acquisitions of property and equipment and intangible assets
(575)
(659)
85
Proceeds from the disposal of property and equipment and intangible assets -Business-related
184
239
(55)
Change in amounts receivable from disposals of non-current assets and due to suppliers of non-current assets
(233)
(189)
(44)
Free cash-flow
(1,224)
(900)
(324)
Payments related to leases (principal and interest) net of subleases payments received
(655)
(606)
(49)
Finance costs, net
(210)
(198)
(12)
Net free cash-flow
(2,091)
(1,704)
(386)
Acquisitions of investments
(189)
(158)
(31)
Disposal of investments
180
7
173
Change in treasury stock and other equity instruments
(1)
34
(35)
Carrefour SA capital increase / (decrease)
(60)
(483) 422
Proceeds from share issues to non-controlling interests
6
42
(36)
Dividends paid
(817)
(617)
(200)
Other (including effect of changes in exchange rates)
(238)
21
(259)
Decrease/(Increase) in net debt
(3,210)
(2,858)
(351)
CLOSING NET DEBT
(6,989)
(5,418)
(1,571)
Net free cash flow came to a negative 2,091 million euros in the first half of 2025, versus a negative 1,704 million euros in the first half of 2024, and mainly comprised:
-
cash flow from operations of 1,683 million euros, up 180 million euros year-on-year. The increase is mainly due to the favourable trend in other financial income and expenses (see Note 1.2 - Finance costs and other financial income and expenses) and, to a lesser extent, the improvement in recurring operating income before depreciation and amortisation;
-
the negative change in working capital of 2,142 million euros, compared with 1,883 million euros in the first half of 2024, largely attributable to slower inflation in Argentina and the effect of changes in scope with the integration of Cora and Match stores in France from July 1, 2024;
-
the 229 million euro deterioration in the change in consumer credit mainly reflects the fact that less financing was arranged in Brazil during the first half of 2025, as well as in Europe due in particular to the disposal of Carrefour Banque's life insurance portfolio in France (see Note 4.2.1.3);
-
an increase of 50 million euros in lease payments due to rent indexation clauses, changes in the scope of consolidation (acquisition of Supercor in Spain, integration of Casino stores and Cora and Match in France) and sale and leaseback transactions in Spain and France in 2024 and early 2025.
-
-
Financing and liquidity resources
The Group's main measures for strengthening its overall liquidity consist of:
-
promoting prudent financing strategies in order to ensure that the Group's credit rating allows
it to raise funds on the bond and commercial paper markets;
-
maintaining a presence in the debt market through regular debt issuance programmes, mainly in euros, in order to create a balanced maturity profile. The Group's issuance capacity under its Euro Medium-Term Notes (EMTN) programme totals 12 billion euros;
-
using the 5 billion euro commercial paper programme filed in Paris with the Banque de France;
-
maintaining undrawn medium-term bank facilities that can be drawn down at any time
according to the Group's needs.
The main transactions in the first half of 2025 were as follows:
-
two Sustainability-Linked Bond issues of 500 million euros each, indexed to two greenhouse gas emission targets, one relating to Scopes 1 and 2, and the other to purchases of goods and services (Scope 3). The first has a 5.5-year maturity (due in June 2030) and pays a coupon of 3.25%, and the second has a 4-year maturity (due in May 2029) and pays a coupon of 2.875%;
-
a 650 million euro Sustainability-Linked Bond issue 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, maturing in 7.9 years (due in May 2033) and paying a coupon of 3.75%;
-
the buyback worth 200 million euros of its existing 2.625% 1 billion euro bond due in December 2027;
-
the redemption of 750 million euros' worth of 1.25% 10-year bonds.
Other financing transactions were carried out by Brazilian subsidiary Atacadão during the first half of 2025. These transactions are described in Note 4.2.2.
As of June 30, 2025, the Group was rated BBB with a stable outlook by Standard & Poor's.
The Group's financial position and liquidity were solid at the end of June 2025. The average maturity of Carrefour SA's bond debt was 4.2 years at the end of June 2025, compared with 3.8 years at the end of December 2024 and 3.9 years at the end of June 2024.
-
-
Restrictions on the use of capital resources
There are no significant restrictions on the Group's ability to recover or use the assets and settle the liabilities of foreign operations, except for those resulting from local regulations in its host countries. The local supervisory authorities may require banking subsidiaries to comply with certain capital, liquidity and other ratios and to limit their exposure to other Group parties.
As of June 30, 2025, and December 31, 2024, there was no restricted cash.
-
Expected sources of funding
To meet its commitments, Carrefour can use its net free cash flow and raise debt capital using its EMTN and commercial paper programmes, as well as its credit lines.
The Group's objectives for 2026, as well as the situations at the end of 2024 and at the end of the first half of 2025, are detailed below:
Operational objectives
End of 2024
First half of 2025
2026 objective
sales
Carrefour-brand products 37% of food
37.4% of food
sales
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 Sales of certified sustainable products |
End of 2024 €6.2bn |
First half of 2025 €3.7bn |
2026 objective €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 E-commerce GMV |
End of 2024 €5.9bn |
First half of 2025 €3.4bn (+16%) |
2026 objective €10bn |
|
Cost savings |
€1,240m |
€610m |
€4.2bn1 (cumul. 2023-2026) |
|
Net free cash-flow 2 |
€1,457m |
-€386m vs. Y-1 |
>€1.7bn |
|
Capital expenditure |
€1,772m |
€575m |
€2.0bn/year |
(€0.92/share)
Cash dividend growth +6%
- >+5%/year
-
Full-year 2025 objective raised to 1.2 billion euros (from an original amount of 1.0 billion euros).
-
Net free cash flow corresponds to free cash flow after net finance costs and net lease payments. It includes cash-out for exceptional expenses.
-
Accounting principles
The accounting policies used to prepare the condensed consolidated interim financial statements for the six months ended June 30, 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 - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability; estimating the spot exchange rate at the measurement date.
The application of these amendments had no material impact on the Group's condensed consolidated
interim financial statements as of June 30, 2025.
Standards, amendments and interpretations published but applicable no earlier than January 1, 2026
Standards, amendments and interpretations
-
Effective date(1)
Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments; Contracts Referencing Nature-dependent Electricity
January 1, 2026
IFRS 18 - Presentation and Disclosure in Financial Statements January 1, 2027 IFRS 19 - Subsidiaries without Public Accountability: Disclosures January 1, 2027
(1) Subject to adoption by the European Union.
An analysis of the impacts of applying IFRS 18 is ongoing.
The Group does not expect any other standards, amendments or interpretations to have a material impact.
The Group has not early adopted any standards, amendments or interpretations.
-
Significant events of the period
-
Main changes in scope of consolidation
-
Main acquisitions completed in the first half of 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).
-
-
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 buildings 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 provisional 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, subsequent to the June 30, 2025 reporting date, Carrefour announced the signing of agreements with Coopérative U and Intermarché for the sale of these seven stores (see Note 4.4).
Changes in the period (i.e., operations carried out by Cora, Match and the Provera purchasing centre) are included in the consolidated income statement and statement of cash flows for the first half of 2025. Over the six-month period, net sales for the acquired entities amounted to around 2,350 million euros and an operating loss of 75 million euros was recognized.
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 for Cora and Match as of July 1, 2024, as included in the Group's consolidated financial statements, is presented in Note 3.1.2 to the condensed consolidated interim financial statements.
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 provisional purchase price of 41 million euros (including inventories taken over). Conditions were still not met for three of the four remaining transactions, (one with Casino and two with Intermarché). The fourth transaction (with Intermarché) will not proceed.
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, a further two convenience stores were acquired from Intermarché. The last remaining acquisition (one convenience store from Casino) is expected to be completed by the end of 2025 at the latest.
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 preliminary measurement of the assets acquired and liabilities assumed at the acquisition date of the various stores, final goodwill in the 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 acquired reflect unfavourable terms compared to current market conditions, i.e., at higher-than-market rent levels.
On July 10, 2025, subsequent to the June 30, 2025 reporting date, 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 Note 4.4).
-
Main disposals in the first half of 2025
Sale and leaseback transaction (France)
On January 9, 2025, the buildings of eight Carrefour Market supermarkets were sold to Supermarket Income REIT for around 34 million euros net of transaction costs. 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, these assets have been leased back to Carrefour since January 9, 2025 (closing date of the transaction 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). This transaction led to the recognition of a 9 million euro capital gain in non-recurring income in the first half of 2025.
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 the first half of 2025.
Closure of underperforming former Grupo BIG stores further to decisions made at the end of 2024, and sale in progress of store businesses and/or buildings (Brazil)
In December 2024, the Group decided to 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
-
other costs associated with these closures for a total of around 220 million Brazilian reals (around 38 million euros).
Already in the first half of 2025, the assets of 39 stores (businesses and/or buildings) were sold to various buyers for a total price of around 400 million Brazilian reals (around 63 million euros), of which 260 million Brazilian reals (around 41 million euros) had been received as of June 30, 2025 (not including the 45 million Brazilian reals, around 7 million euros, received for stores 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 the first half of 2025 was immaterial.
Five stores will not be closed in the end and will be converted into Carrefour Bairro convenience stores. As a result, the fixed assets of these five stores were reclassified as "property and equipment" as of June 30, 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 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.
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.
The average maturity of Carrefour SA's bond debt was therefore 4.2 years at the end of June 2025, compared with 3.8 years at the end of December 2024 and 3.9 years at the end of June 2024.
These transactions safeguard the Group's liquidity over the short and medium term in an unstable
economic environment, and are part of Carrefour's strategy to secure its financing.
As of June 30, 2025, the Group was rated BBB with a stable outlook by Standard & Poor's.
Financing of the Brazilian subsidiary Atacadão
Following on from previous years' transactions, Carrefour's Brazilian subsidiary Atacadão has set up
financing arrangements in 2025 enabling it to secure its medium- and long-term needs.
-
Bonds and notes
No new bonds were issued and no bonds matured during the period.
-
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 117 million euros at the June 30, 2025, exchange rate), enabling the repayment of two bank loans maturing on the same day for 744 million Brazilian reals.
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 June 30, 2025 exchange rate).
-
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. 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 June 30, 2025.
These intra-group RCF loans, totalling 8.2 billion Brazilian reals as of June 30, 2025, are qualified as net investments in foreign operations and are therefore remeasured at fair value through other comprehensive income.
On July 16, 2025, subsequent to the June 30, 2025 reporting date, a new inter-company credit line between Carrefour Finance and Atacadão was set up for an amount of 750 million Brazilian reals (approximately 115 million euros), bearing annual interest at 15.40% and maturing in three years. This intra-group financing is also qualified as a net investment in foreign operations.
-
-
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.
-
-
Main related-party transactions
There were no material changes in the nature of the Group's related-party transactions in the first half of 2025 compared to December 31, 2024.
-
Subsequent events
Agreements signed for the sale of nine stores in France
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 Cora and Match in France, the Provera purchasing centre, and 27 Casino stores. Seven stores will be taken over by Coopérative U and two by Intermarché.
These two transactions remain subject to approval by the French competition authority and other customary conditions. They are expected to be completed by the end of the first half of 2026 and represent a total value for Carrefour of around 70 million euros, compared with a net book value of around 30 million euros for the assets sold.
Financing of Brazilian subsidiary Atacadão by Carrefour Finance
On July 16, 2025, a new inter-company line of credit between Carrefour Finance and Atacadão was set up for an amount of 750 million Brazilian reals (approximately 115 million euros), bearing annual interest at 15.40% and maturing in three years (see Note 4.2.2).
Disposal of Carrefour Italy to NewPrinces Group
On July 24, 2025, the Board of Directors approved the disposal for the whole of its operations in Italy ("Carrefour Italy") to NewPrinces Group. This agreement includes forgiveness of the current account with the Group, as well as a cash injection. It would result in a loss on disposal of around 460 million euros. Consequently, the Group fully impaired in the condensed consolidated interim financial statements, the remaining Italian goodwill as well as the intangible assets for 26 and 105 million euros respectively. Tangible fixed assets were impaired for around 328 million euros.
Completion of the agreement is contingent upon the approval of the relevant authorities, especially competition authorities as well as usual closing conditions.
The deal could close by the end of 2025.
Considering that no formal mandate had been granted by the Board as of June 30, 2025, the disposal of Carrefour Italy announced on July 24, 2025, was not highly probable as of June 30, 2025, in line with IFRS 5, Non-Current Asset Held for Sale and Discontinued Operations, considering the uncertainties existing at the closing date, assets and liabilities were not reclassified as held for sale in the statement of financial position. Additionally, the results as well as the cash flows were not presented as discontinued operations in the income statement as well as the statement of Cash Flows of the first half 2025.
The main items of the consolidated income statement of Carrefour Italy (excluding asset impairments mentioned above) for the first half 2025 and 2024 are disclosed in Note 13.4 of the condensed consolidated interim financial statements for the 6 month period ended June 30, 2025.
-
Risk factors
The risk factors are the same as those set out in Chapter 4 Risk Management of the 2024 Universal Registration Document.
Condensed consolidated interim financial statements as of June 30, 2025
Consolidated income statement page 25
Consolidated statement of comprehensive income page 26
Consolidated statement of financial position page 27
Consolidated statement of cash flows page 28
Consolidated statement of changes in shareholders' equity page 29
Notes to the condensed consolidated interim financial statements
page 30
Argentina is classified as a hyperinflationary economy within the meaning of IAS 29 - Financial Reporting in Hyperinflationary Economies, which is therefore applicable to the condensed consolidated interim financial statements for the six months ended June 30, 2025; data for the comparative period presented have been adjusted accordingly for inflation.
The condensed consolidated interim financial statements are presented in millions of euros. Due to rounding to the nearest million, amounts may not add up precisely to the totals provided.
|
(in millions of euros) |
Notes |
First-half 2025 |
First-half 2024 |
% change |
|
Net sales |
5.1 |
41,755 |
40,619 |
2.8% |
|
Loyalty program costs |
(450) |
(460) |
(2.2)% |
|
|
Net sales net of loyalty program costs |
41,306 |
40,159 |
2.9% |
|
|
Other revenue |
5.1 |
1,468 |
1,343 |
9.2% |
|
Total revenue |
42,773 |
41,502 |
3.1% |
|
|
Cost of sales |
(34,579) |
(33,604) |
2.9% |
|
|
Gross margin from recurring operations |
8,195 |
7,898 |
3.8% |
|
|
Sales, general and administrative expenses, depreciation and amortisation |
5.2 |
(7,513) |
(7,155) |
5.0% |
|
Recurring operating income |
681 |
743 |
(8.4)% |
|
|
Net income/(loss) from equity-accounted companies |
8.1 |
14 |
14 |
(0.9)% |
|
Recurring operating income after net income from equity-accounted companies |
695 |
757 |
(8.2)% |
|
|
Non-recurring income and expenses, net |
5.3 |
(529) |
(126) |
320.9% |
|
Operating income |
166 |
632 |
(73.7)% |
|
|
Finance costs and other financial income and expenses, net |
12.6 |
(308) |
(430) |
(28.4)% |
|
Finance costs, net |
(210) |
(198) |
6.3% |
|
|
Net interests related to leases |
(119) |
(111) |
7.1% |
|
|
Other financial income and expenses, net |
21 |
(121) |
117.4% |
|
|
Income before taxes |
(142) |
201 |
(170.7)% |
|
|
Income tax expense |
9 |
(189) |
(164) |
14.9% |
|
Net income/(loss) from continuing operations |
(331) |
37 |
(996.3)% |
|
|
Net income/(loss) from discontinued operations |
(30) |
(1) |
2844.4% |
|
|
Net income/(loss) for the period |
(361) |
36 |
(1105.5)% |
|
|
Group share |
(401) |
25 |
(1685.0)% |
|
|
of which net income/(loss) from continuing operations - Group share |
(371) |
26 |
(1509.2)% |
|
|
of which net income/(loss) from discontinued operations - Group share |
(30) |
(1) |
2844.4% |
|
|
Attributable to non-controlling interests |
40 |
11 |
274.0% |
|
|
of which net income/(loss) from continuing operations - attributable to non-controlling interests |
40 |
11 |
274.0% |
|
|
of which net income/(loss) from discontinued operations - attributable to non-controlling interests |
− |
− |
− |
|
|
Basic earnings per share (in euros) |
First-half 2025 |
First-half 2024 |
|
|
Net income/(loss) from continuing operations - Group share - per share |
11.3 |
(0.56) |
0.04 |
|
Net income/(loss) from discontinued operations - Group share - per share |
11.3 |
(0.05) |
(0.00) |
|
Net income/(loss) - Group share - per share |
11.3 |
(0.61) |
0.04 |
|
Diluted earnings per share (in euros) |
First-half 2025 |
First-half 2024 |
|
|
Net income/(loss) from continuing operations - Group share - per share |
11.3 |
(0.56) |
0.04 |
|
Net income/(loss) from discontinued operations - Group share - per share |
11.3 |
(0.05) |
(0.00) |
|
Net income/(loss) - Group share - per share |
11.3 |
(0.61) |
0.04 |
Consolidated statement of comprehensive income
First-half 2025
(in millions of euros) Notes First-half 2024
(401)
40
(361)
Net income/(loss) - Group share 25
Net income - Attributable to non-controlling interests 11
Net income/(loss) for the period 36
|
Effective portion of changes in the fair value of cash flow hedges ¹ |
11.2 |
(38) |
16 |
|
Changes in debt instruments at fair value through other comprehensive income |
11.2 |
(1) |
(1) |
|
Exchange differences on translation of intercompany loans qualifying as net investment of foreign operations, net of hedge effect ² |
11.2 |
(20) |
(83) |
|
Exchange differences on translating foreign operations ³ |
11.2 |
(87) |
(122) |
|
Items that may be reclassified subsequently to profit or loss |
(146) |
(190) |
|
|
Remeasurements of defined benefit plans obligation ⁴ |
11.2 |
8 |
14 |
|
Items that will not be reclassified subsequently to profit or loss |
8 |
14 |
|
|
Other comprehensive income/(loss) after tax |
(138) |
(176) |
|
|
Total comprehensive income/(loss) |
(499) |
(140) |
|
Group share |
(539) |
(0) |
|
Attributable to non-controlling interests |
40 |
(140) |
These items are presented net of tax (see Note 11.2).
-
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 the first half of 2025. To a lesser extent, this item also includes changes in the fair value of swaps in Spain, Italy 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. This amount remained unchanged as of June 30, 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 3.2). There was a significant decline in the value of the Brazilian real in the first half of 2024. During the first half of 2025, the Brazilian real remained relatively stable in value; derivatives were not rolled over when they were unwound (see Note 12.2.5).
-
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 to the 2024 consolidated financial statements - Translation of the financial statements of foreign operations).
Exchange differences recognised on translating foreign operations in the first half of 2025 mainly reflect the significant decline in the value of the Argentine peso compared to December 31, 2024, partially offset by gains resulting from adjustments for hyperinflation in Argentina.
Exchange differences recognised on translating foreign operations in the first half of 2024 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 the first half of 2025 reflects the slight increase in discount rates applied for the eurozone, from 3.20% at the end of December 2024 to 3.40% at the end of June 2025. In the first half of 2024, these discount rates had increased from 3.20% at the end of December 2023 to 3.60% at the end of June 2024.
ASSETS
|
(in millions of euros) |
Notes |
June 30, 2025 |
December 31, 2024 |
|
Goodwill |
6.1 |
8,887 |
8,946 |
|
Other intangible assets |
6.1 |
1,437 |
1,566 |
|
Property and equipment |
6.2 |
12,383 |
13,011 |
|
Investment property |
6.3 |
215 |
218 |
|
Right-of-use assets |
7.1 |
4,445 |
4,522 |
|
Investments in companies accounted for by the equity method |
8.1 |
950 |
1,120 |
|
Other non-current financial assets |
12.5 |
1,189 |
1,138 |
|
Consumer credit granted by the financial services companies - portion due in more than one year |
5.5 |
1,775 |
1,846 |
|
Deferred tax assets |
575 |
566 |
|
|
Other non-current assets |
600 |
623 |
|
|
Non-current assets |
32,456 |
33,557 |
|
|
Inventories |
6,972 |
6,709 |
|
|
Trade receivables |
3,458 |
3,305 |
|
|
Consumer credit granted by the financial services companies - portion due in less than one year |
5.5 |
4,539 |
4,567 |
|
Other current financial assets |
12.2 |
409 |
523 |
|
Tax receivables |
1,145 |
969 |
|
|
Other current assets |
1,189 |
1,084 |
|
|
Cash and cash equivalents |
12.2 |
5,021 |
6,564 |
|
Assets held for sale |
67 |
84 |
|
|
Current assets |
22,799 |
23,807 |
|
|
TOTAL ASSETS |
55,255 |
57,363 |
|
SHAREHOLDERS' EQUITY AND LIABILITIES
|
(in millions of euros) |
Notes |
June 30, 2025 |
December 31, 2024 |
|
Share capital |
11.1 |
1,841 |
1,695 |
|
Consolidated reserves (including net income) |
8,467 |
9,125 |
|
|
Shareholders' equity, Group share |
10,308 |
10,820 |
|
|
Shareholders' equity attributable to non-controlling interests |
662 |
1,665 |
|
|
Total shareholders' equity |
10,970 |
12,484 |
|
|
Borrowings - portion due in more than one year |
12.2 |
8,326 |
7,589 |
|
Lease liabilities - portion due in more than one year |
7.2 |
3,923 |
3,976 |
|
Provisions |
10 |
3,497 |
3,511 |
|
Consumer credit financing - portion due in more than one year |
5.5 |
2,843 |
2,113 |
|
Deferred tax liabilities |
376 |
494 |
|
|
Tax payables - portion due in more than one year |
45 |
53 |
|
|
Non-current liabilities |
19,009 |
17,736 |
|
|
Borrowings - portion due in less than one year |
12.2 |
4,042 |
3,229 |
|
Lease liabilities - portion due in less than one year |
7.2 |
1,084 |
1,093 |
|
Suppliers and other creditors |
13,395 |
14,997 |
|
|
Consumer credit financing - portion due in less than one year |
5.5 |
2,549 |
3,533 |
|
Tax payables - portion due in less than one year |
1,615 |
1,358 |
|
|
Other current payables |
2,586 |
2,931 |
|
|
Liabilities related to assets held for sale |
4 |
− |
|
|
Current liabilities |
25,275 |
27,143 |
|
|
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES |
55,255 |
57,363 |
|
|
(in millions of euros) |
First-half 2025 |
First-half 2024 |
|
Income before taxes |
(142) |
201 |
|
OPERATING ACTIVITIES |
||
|
Income tax paid |
(217) |
(209) |
|
Depreciation and amortisation expense |
1,255 |
1,173 |
|
Gains and losses on sales of assets and other |
(148) |
59 |
|
Change in provisions and impairment |
544 |
(82) |
|
Finance costs, net |
210 |
198 |
|
Net interests related to leases |
119 |
111 |
|
Share of profit and dividends received from equity-accounted companies |
63 |
53 |
|
Impact of discontinued operations |
(0) |
(0) |
|
Cash flow from operations |
1,683 |
1,503 |
|
Change in working capital requirement ¹ |
(2,142) |
(1,883) |
|
Net cash (used in)/from operating activities (excluding financial services companies) |
(459) |
(380) |
|
Change in consumer credit granted by the financial services companies |
(141) |
88 |
|
Net cash (used in)/from operating activities - total |
(600) |
(291) |
|
INVESTING ACTIVITIES |
||
|
Acquisitions of property and equipment and intangible assets |
(575) |
(659) |
|
Acquisitions of non-current financial assets |
(26) |
(4) |
|
Acquisitions of subsidiaries and investments in associates ² |
(163) |
(154) |
|
Proceeds from the disposal of subsidiaries and investments in associates ³ |
168 |
4 |
|
Proceeds from the disposal of property and equipment and intangible assets ⁴ |
187 |
239 |
|
Proceeds from the disposal of non-current financial assets |
9 |
3 |
|
Change in amounts receivable from disposals of non-current assets and due to suppliers of non-current assets |
(233) |
(189) |
|
Investments net of disposals - subtotal |
(633) |
(760) |
|
Other cash flows from investing activities |
(20) |
(58) |
|
Net cash (used in)/from investing activities - total |
(653) |
(818) |
|
FINANCING ACTIVITIES |
||
|
Carrefour SA capital increase / (decrease) ⁵ |
(60) |
(483) |
|
Proceeds from share issues to non-controlling interests |
6 |
42 |
|
Dividends paid by Carrefour SA ⁶ |
(812) |
(600) |
|
Dividends paid to non-controlling interests |
(4) |
(17) |
|
Change in treasury stock and other equity instruments ⁵ |
(1) |
34 |
|
Change in current financial assets ⁷ |
60 |
325 |
|
Issuance of bonds ⁷ |
1,650 |
470 |
|
Repayments of bonds ⁷ |
(950) |
(1,271) |
|
Net financial interests paid |
(120) |
(87) |
|
Other changes in borrowings ⁷ |
698 |
1,969 |
|
Payments related to leases (principal) ⁸ |
(562) |
(522) |
|
Net interests paid related to leases ⁸ |
(121) |
(110) |
|
Net cash (used in)/from financing activities - total |
(216) |
(250) |
|
Net change in cash and cash equivalents before the effect of changes in exchange rates |
(1,469) |
(1,360) |
|
Effect of changes in exchange rates ⁹ |
(74) |
(196) |
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
(1,544) |
(1,556) |
|
Cash and cash equivalents at beginning of the period |
6,564 |
6,290 |
|
Cash and cash equivalents at end of the period |
5,021 |
4,734 |
-
The change in working capital is set out in Note 5.4.1.
-
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 3.1.1). In the first half of 2024, this amount mainly corresponded to purchases of certain Supercor (Spain) or Casino stores (France) and stores owned by the Alma franchisee (Belgium).
-
This amount corresponds to the net proceeds from the disposal of 9,866,421 Carmila shares for an amount of 17.30 euros per share (see Note 8.2).
-
This line mainly corresponds to the sale of underperforming stores in Brazil, the sale of the Carrefour Banque life insurance portfolio, and the sale and leaseback transaction in France (see Note 3.1.3). In the first half of 2024, this item corresponded mainly to the sale of other underperforming stores in Brazil and another sale and leaseback transaction in France.
-
In the first half of 2025, 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 1.3.2.).
In the first half of 2024, these lines corresponded to the first two share buyback mandates of 63 million euros and 19 million euros, as well as the 365 million euro share buyback from Galfa. These transactions amounted to a total of 448 million euros (including associated costs). The shares corresponding to the buybacks, which were still held in treasury as of June 30, 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 3.3). In 2024, the dividend was paid entirely in cash on May 30, 2024, for 600 million euros.
-
Note 12.2 provides a breakdown of debt. Changes in liabilities arising from financing activities are detailed in Note 12.4. With regard to the change in current assets, during the first half of 2024, the majority of US dollar- and inflation-indexed investments in Argentina had matured. In addition, the unwinding of the currency swap hedging to the 500 million US dollar non-dilutive convertible bond was repaid in March 2024.
-
In accordance with IFRS 16, payments under leases along with any related interest are shown in financing cash flows.
-
In the first half of 2025, exchange rate movements mainly reflect the significant depreciation in value of the Argentine peso. In the first half of 2024, these movements mainly reflected the significant decline in the value of the Brazilian real.
|
(in millions of euros) |
Shareholders' equity, Group share |
Total Shareholders' equity, Group share |
Total Non-controlling interests |
Total Shareholders' equity |
|||
|
Share capital ¹ |
Exchange differences 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 period - First-half 2024 |
− |
− |
− |
25 |
25 |
11 |
36 |
|
Other comprehensive income/(loss) after tax |
− |
30 |
(70) |
15 |
(26) |
(151) |
(176) |
|
Total comprehensive income/(loss) - First-half 2024 |
- |
30 |
(70) |
40 |
(0) |
(140) |
(140) |
|
Share-based payments |
− |
− |
− |
21 |
21 |
1 |
22 |
|
Treasury stock (net of tax) ⁵ |
− |
− |
− |
(83) |
(83) − |
(83) |
|
|
2023 dividend payment ⁴ |
− |
− |
− |
(600) |
(600) |
(18) |
(617) |
|
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) |
− |
31 |
31 |
39 |
70 |
|
Shareholders' equity at June 30, 2024 |
1,695 |
(1,689) |
(111) |
10,533 |
10,427 |
1,730 |
12,158 |
|
Shareholders' equity at December 31, 2024 |
1,695 |
(1,798) |
(166) |
11,089 |
10,820 |
1,665 |
12,484 |
|
Net income/(loss) for the period - First-half 2025 |
− |
− |
− |
(401) |
(401) 40 |
(361) |
|
|
Other comprehensive income/(loss) after tax |
− |
(87) |
(58) |
8 |
(138) (0) |
(138) |
|
|
Total comprehensive income/(loss) - First-half 2025 |
- |
(87) |
(58) |
(393) |
(539) 40 |
(499) |
|
|
Share-based payments |
− |
− |
− |
11 |
11 |
(0) |
11 |
|
Treasury stock - exceptional tax on capital reductions ⁶ |
− |
− |
− |
(60) |
(60) − |
(60) |
|
|
2024 dividend payment ⁴ |
− |
− |
− |
(812) |
(812) |
(2) |
(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 |
− |
(596) |
− |
717 |
122 |
(1,040) |
(919) |
|
Shareholders' equity at June 30, 2025 |
1,841 |
(2,481) |
(225) |
11,174 |
10,308 |
662 |
10,970 |
-
As of June 30, 2025, the share capital was made up of 736,314,789 ordinary shares (see Note 11.1).
-
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 to the 2024 consolidated financial statements - Translation of the financial statements of foreign operations).
Exchange differences recognised on translating foreign operations in the first half of 2025 mainly reflect the significant decline in the value of the Argentine peso compared to December 31, 2024, partially offset by gains resulting from adjustments for hyperinflation in Argentina.
Exchange differences recognised on translating foreign operations attributable to the Group in the first half of 2024 mainly reflected the significant decline in the value of the Brazilian real compared to December 31, 2023, more than 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 in the first half of 2025. The 2023 dividend distributed by Carrefour SA, totalling 600 million euros, was paid entirely in cash in the first half of 2024.
Dividends paid to non-controlling interests mainly concerned the Brazilian subsidiaries for an amount of 18 million euros in the first half of 2024.
-
In the first half of 2024, the 700 million euro share buyback programme had been launched via two mandates of and completed by a buyback from Galfa in a total amount of 447 million euros, corresponding to 30,458,085 shares. The second share buyback mandate began on June 18, 2024, and was still ongoing as of June 30, 2024. At that date, 19 million euros worth of shares had been bought back, leading to the recognition of a short-term financial liability of 116 million euros, with a corresponding reduction in shareholders' equity.
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. As of June 30, 2024, Carrefour held 14,834,582 shares in treasury (i.e., 2.2% of the 677,969,188 shares comprising its share capital).
-
In the first half of 2025, France's 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 3.1.1).
-
In the first half of 2025, the effect of changes in the scope of consolidation and other movements almost entirely correspond to the acquisition of minority interests in Carrefour Brazil.
In the first half of 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.
NOTE 1: BASIS OF PREPARATION OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS . - 31 -
NOTE 2: SEASONALITY.............................................................................................................................................. - 34 -
NOTE 3: SIGNIFICANT EVENTS OF THE PERIOD ......................................................................................................... - 35 -
NOTE 4: SEGMENT INFORMATION ............................................................................................................................. - 41 -
NOTE 5: OPERATING ITEMS ...................................................................................................................................... - 43 -NOTE 6: INTANGIBLE ASSETS, PROPERTY AND EQUIPMENT, INVESTMENT PROPERTY ............................................... - 49 -NOTE 7: LEASES ........................................................................................................................................................ - 52 -NOTE 8: INVESTMENTS IN COMPANIES ACCOUNTED FOR BY THE EQUITY METHOD.................................................... - 53 -NOTE 9: INCOME TAX ................................................................................................................................................ - 54 -NOTE 10: PROVISIONS AND CONTINGENT LIABILITIES ............................................................................................ - 55 -NOTE 11: EQUITY, OTHER COMPREHENSIVE INCOME AND EARNINGS PER SHARE ..................................................... - 58 -NOTE 12: FINANCIAL ASSETS AND LIABILITIES, FINANCE COSTS AND OTHER FINANCIAL INCOME AND EXPENSES .. - 60 -NOTE 13: OTHER INFORMATION ............................................................................................................................... - 67 -
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Carrefour SA published this content on July 31, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 31, 2025 at 07:29 UTC.
