24/04/2025 - Carrefour SA: Financial document (Carrefour Q1 2025 Presentation 0)

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1Q25: LFL dynamic in line with 4Q24; consistent with FY25 trajectory

Group sales up +2.9% LFL in Q1

• France: Sequential improvement in LFL sales; market shares dynamic improving again, benefiting from price investments
• Spain: Sequential improvement in LFL food sales following investments in competitiveness; dynamic market with positive volumes
• Brazil: Ongoing growth driven by Atacadão posting LFL above market

Executing strategic initiatives in Q1

• Carrefour-brandedproducts continued increase in sales, reaching 38% of food sales (+1pt YoY)
• E-commerceGMV up +19%, driven notably by Brazil
• NPS® up +3 points, fuelled by strong execution and price image
• Franchise: French geographical footprint and franchise network reinforced with strong organic expansion and the integration of Groups Puig and Magne (convenience stores). 2025 plan of conversions of hypers & supers to lease management engaged in April
• Good progress of the 2025 cost savings plan to date. €1.2bn objective confirmed

FY 2025 financial targets confirmed: Slight growth in EBITDA, Recurring Operating Income and Net FCF

(1) Excluding Argentina (experiencing sharp decrease in inflation)

Q1 2025 sales growth

France: Positive market share dynamic backed by price investments

Q1 Sales inc. VAT

Slight sequential improvement in LFL sales: -1.7% vs -2.1% in Q4 24, on the back of continued investments in competitiveness, in an environment marked by sluggish consumption

Continued market share gains in volume in Q1 (ex. Cora/ Match)

Strong improvement in price perception following the launch of Carrefour's new loyalty program "Le Club Carrefour" and the first wave of the 2025 planned price decreases, launched end-March

Strengthening leadership in the convenience store format with 72 additional stores opened organically; Puig (92 stores) and Magne (101 stores) joining the Carrefour franchise convenience network

Le Club : A powerful program driving loyalty and competitiveness

• Launched on January 13th 2025
• Common to all formats and online
• Increasing customer loyalty and supporting price investments
• 10% everyday rebate on Carrefour Organic products and all fruits & vegetables (-15%for Carrefour Pass cardholders)
• 15% rebate on all Carrefour-branded products for all Carrefour Pass cardholders on Tuesdays
• Consistent with data enrichment for digital & retail media
• Strong increase in new members +500k YTD to 14m

Europe: Strengthened price investments in competitive markets

Q1 Sales inc. VAT

Spain: Good momentum in food sales (+2.5% LFL) benefiting from strong price investments in 2024; Non-food LFL down -2.1% on strong historical in TV sales(1) (Non-food sales up +1.1% LFL excl. TV sales)

Italy: Mild decrease in sales on the back of price investments in a slightly declining market

Belgium: Customer satisfaction at record levels in a competitive market

Romania: Solid commercial momentum with a sequential improvement in Q1 (+2.7% LFL vs +1.4% in Q4); strong increase in sales in ex-Cora stores (+9% LFL) driven by volumes

Poland: Sequential improvement in sales benefiting from commercial investments in an environment still marked by intense competition

(1): Strong comparison basis in Electronics in Q1 2024 related to the end of analog TV broadcasting in February 2024

Spain: Strategy at work

A dynamic market with positive volumes and slight inflation in Q1

Positive topline momentum driven by volumes

Food sales up 2.5%,

Non Food up 1.1% w/o TV sales (strong positive one off in Q1 2024 related to the change in TV norms)

Stable market share in volume in Q1

Good credit production in Financial Services (up +4%)

Conversion of SuperCor stores complete

Progressive ramp-up per plan

Brazil: Cash & Carry maintains above market sales momentum

Continued strong LFL sales growth at

Atacadão (+6.9% in Q1 25), outperforming

Cash & Carry market and key peers

Steady performance of converted stores from former Grupo BIG, with LFL growth of 15.1% (on top of 20.9% LFL growth in Q1 24)

LFL volume expansion at Retail segment, notably in B2B, with the development of a dedicated offer

Sam's Club LFL performance impacted by significant footprint expansion and FX

depreciation (that reflected in higher prices of imported products)

E-commerce GMV +29%

Financial services keeping double-digit portfolio expansion rhythm reflecting ability to capture new clients at recently converted stores and to expand principality with good credit quality clients