18/02/2021 - Carrefour SA: Q4 2020

STRONG CASH GENERATION

• 01 REFLECTING SOLID &

  PROFITABLE GROWTH

• 02 FOCUS ON FRANCE

• 03 A COMMITTED COMPANY

HIGHLIGHTSStrong cash flow generation reflecting solid and profitable growth

1 SOLID GROWTH

MOMENTUM

2 STEADY IMPROVEMENT

IN PROFITABILITY

3 STRONG CASH

GENERATION

• › Record commercial performance in 2020

• › Strong increase in customer satisfaction

• › Heightened commercial competitiveness

• › Good positioning on dynamic market segments to support future growth

›

2020 ROI increases again: +16.4% at constant FX

› Sharp increase in retail activities profit

›

Food e-commerce growth now contributing positively to ROI and operating margin improvement

›

Strong increase in net FCF at €1.1bn in 2020

› Efficient capex policy and steadily reducing inventory

CONFIRMATION OF STRATEGIC OBJECTIVES & NEW ANNOUNCEMENTS:

› Target of €2.4bn additional cost savings on an annual basis by 2023 › Target of net FCF generation above €1bn/year from 2021 › Normalization of the dividend policy at €0.48 per share, fully in cash, expected to grow regularly › Explicit capital allocation policy combining operational investments, dividend and continuation of the bolt-on M&A strategy

Notes: 2019 comparison basis is restated for the IFRS IC decision on IFRS 16; 2020 ROI includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group employees (€128m in H1 2020) are accounted for under other non-current income and expenses

1 SOLID GROWTH MOMENTUM

SEQUENTIAL ACCELERATION IN LFL

1 SOLID GROWTH MOMENTUM

STRONG INCREASE IN CUSTOMER SATISFACTION,

AN ASSET FOR FUTURE GROWTH

First Covid-19 wave

+12 points in 2020

Dec.	Jan.	Feb. March April	May	June	July	Aug.	Sep.	Oct.	Nov.	Dec.	Dec.	Jan.	Feb. March April	May	June	July	Aug.	Sep.	Oct.	Nov.	Dec.
2019	2020	2020 2020 2020	2020	2020	2020	2020	2020	2020	2020	2020	2019	2020	2020 2020 2020	2020	2020	2020	2020	2020	2020	2020	2020

® Net Promoter, Net Promoter System, Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc

1 SOLID GROWTH MOMENTUM

STRATEGIC INITIATIVES WELL ALIGNED

WITH CUSTOMER TRENDS (1/2)

Food e-commerce GMV growth over +70% yoy

in Spain

+1.3 million new customers

in Brazil

2,225 Drive worldwide at end Dec. (+529 in 2020)

Organic product sales increase to €2.7bn in 2020 › So.Bio expansion, inc. BioAzur acquisition › Bio c' Bon acquisition

Food e-commerce GMV (per year, €bn)

2018

2019

2020

Organic product sales (per year, €bn)

4.2

2022

4.8

2018

2019

2020

2022

1 SOLID GROWTH MOMENTUM

STRATEGIC INITIATIVES WELL ALIGNED

WITH CUSTOMER TRENDS (2/2)

Increase of 2 points yoy of

Carrefour-branded products penetration at 29% of sales

Development of growth formats

• › +1,874 convenience store openings since beginning of the plan (+832 in 2020)

• › 71 Supeco at end Dec. 2020 (+17 stores in 2020)

• › +20 Atacadão in 2020 (14 organic + 6 Makro conversions)

Carrefour-branded products penetration (per year, % of sales)

33%

2019

2020

2022

2,700

2019

2020

2022

1 SOLID GROWTH MOMENTUM

TARGETED M&A STRATEGY PROGRESSING WELL

2020 acquisitions for a total EV of c.€760m should contribute more than 2% of additional sales on a full-year basis

COUNTRY	ANNOUNCEMENT	STATUS	COMPLETION DATE
ACQUISITIONS
Potager City	France	January 2020	Completed	January 2020
DejBox	France	January 2020	Completed	January 2020
30 Makro stores	Brazil	February 2020	Partially completed	Expected H1 2021
Wellcome	Taiwan	June 2020	Completed	December 2020
Supersol	Spain	August 2020	Signed	Expected H1 2021
Bio c' Bon	France	November 2020	Completed	November 2020
Bioazur	France	October 2020	Completed	November 2020
DISPOSALS
Rue du Commerce	France	November 2019	Completed	April 2020
60% of MarketPay	France	October 2020	Signed	Expected H1 2021

FIRST €3.0bn cost savings plan delivered

NEW €2.4bn cost savings plan launched

€3.0bn at end 2020

€2.4bn

June Dec. June Dec. June Dec. 2018 2018 2019 2019 2020 2020

COGS	Distribution costs
› Joint purchasing across Carrefour geographies › Similar non-food assortments across geographies to leverage international sourcing organization › Sourcing and buying protocols launched for Carrefour-branded products › New services offered to suppliers, leveraging Carrefour's extensive customer data	› Purchasing protocols further generalized (countries and categories) › Joint purchasing accross Carrefour geographies › Efficiency measures on SG&A rolled-out to all countries › Process simplification factory (lean method) › In-store productivity improvement

Obj. 2023

ANOTHER YEAR OF PROFITABLE GROWTH

ROI

ROI margin

2018

2019

2020

2018

2019

2020

Note: 2020 ROI includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group employees (€128m in H1 2020) are accounted for under other non-current income and expenses

2 STEADY IMPROVEMENT IN PROFITABILITY2020 recurring operating income (ROI) up +16.4% at constant FX

2019 ROI

Good performance of retail activities

Food e-commerce growth contributing to

ROI and operating margin improvementRetail business evolution

Financial servicesOther services, BtoB Europe (incl. France)

2020 ROI at constant FX

2020 ROI at current FX

Notes: 2019 comparison basis is restated for the IFRS IC decision on IFRS 16; 2020 ROI includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group employees (€128m in H1 2020) are accounted for under other non-current income and expenses

FRANCE

Strongest growth in almost 20 years

• › Growth in all segments

• › Hypermarkets: Focus on operational excellence and customer satisfaction bearing fruit

• › Supermarkets and convenience: Confirmation of solid momentum

• › Positive market share trends

  • • H2 2020: Best half in 3 years

  • • Q4 2020: +0.1 point of market share

LFL Q4	LFL 2020
France	+5.5%	+3.6%
› Hypermarkets	+3.9%	+1.0%
› Supermarkets	+9.8%	+6.8%
› Convenience	+5.9%	+8.3%

€555m

2019 ROI

c.€(90)mc.€160m

Retail business evolutionFinancial services, other services, Promocash

€629m

2020 ROI

Notes: 2019 comparison basis is restated for the IFRS IC decision on IFRS 16; 2020 ROI includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group employees are accounted for under other non-current income and expenses; Market share based on NielsenIQ's RMS data for total store value sales (excluding gas) for the 156-week period ending 27/12/2020 for the French total retail market (Copyright © 2021, NielsenIQ)

EUROPE

Accelerating momentum

SPAIN

Strong growth of NPS® and improvement in price perception underscore continued enhanced attractiveness for consumers

BELGIUM

Return to market share gains in 2020 and strengthened price positioning

LFL Q4	LFL 2020
› Spain	+6.0%	+7.1%
› Italy	-7.6%	-5.2%
› Belgium	+5.7%	+8.3%
› Poland	-4.2%	-0.6%
› Romania	+1.6%	+2.1%

2019 ROI

Financial services, other services,

BtoB

2020 ROI at constant

FX

Forex

2020 ROI at current

FX

Notes: 2019 comparison basis is restated for the IFRS IC decision on IFRS 16; 2020 ROI includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group employees are accounted for under other non-current income and expenses

LATIN AMERICA

Another exceptional performance

2020 Latin America LFL of +23.0%	Brazil ROI up +22.0% at constant FX
BRAZIL	€1,020m
Carrefour's ecosystem confirms its attractiveness
c.€(90)m

• › Carrefour Retail: Three consecutive quarters of double-digit growth. Strong market share gains

• › Atacadão: Price competitiveness reinforced.

  Continuing expansion with new stores and Makro acquisition

• › Financial services: Billings up +19.2% in Q4

ARGENTINA

Good commercial momentum continued

LFL Q4	LFL 2020
Brazil	+22.9%	+18.2%
› Retail	+13.3%	+19.6%
› Atacadão	+27.0%	+17.6%
Argentina	+39.6%	+49.3%

Notes: 2019 comparison basis is restated for the IFRS IC decision on IFRS 16; 2020 ROI includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group employees are accounted for under other non-current income and expenses

2019 ROI

Retail business evolutionFinancial services

2020 ROI at constant

FX

Forex

2020 ROI at current

FX

Argentina ROI improved significantly at €22m

TAIWAN

Strengthened position

› Finalization of the acquisition of 224 Wellcome convenience stores, to be converted to the Carrefour banner in H1 2021

›

Increase in ROI reflected the good momentum of expansion and strict cost control

LFL Q4	LFL 2020
Taiwan	+0.1%	+1.2%

2019 ROI

Retail business

evolution

2020 ROI at constant

FX

2020 ROI at current

FX

Notes: 2019 comparison basis is restated for the IFRS IC decision on IFRS 16; 2020 ROI includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group employees are accounted for under other non-current income and expenses

Increase of +€154m in adjusted net income, Group share

in €m

2019 restated

Recurring operating income

Net income from associates and JV's Non-recurring income and expenses, net EBIT

Net financial expenses Income before taxes Income tax expense

Normative tax rate

Net income from discontinued operations Consolidated Net income

Net income, Group share

Net income from continuing operations, Group share Net income from discontinued operations, Group share Minority interests

Net income from continuing operations, Non-controlling interests Net income from discontinued operations, Non-controlling interests

Adjusted net income, Group share

(1,030) (474)

31.4% 30.1%

2,099

1,071 (352) 719

1,308

1,092 (22)

(503) (498)

1,126 641

29 663

1,097 (22)

182 190

187 190

Adjusted earning per share

Significant reduction in non-recurring expenses

2020 includes payment of exceptional bonuses and similar benefits for €(128)mNormative rate reflects the geographic mix evolution and a reduction in income tax rate in some geographies

Notes: 2019 comparison basis is restated for the IFRS IC decision on IFRS 16; 2020 ROI includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group employees (€128m in H1 2020) are accounted for under other non-current income and expenses

3 STRONG CASH GENERATION2020 net FCF up +€732m vs 2019

Net Free Cash Flow (in €m)

Strong focus on FCF since the beginning of the transformation plan

Exceptional items

New Net FCF target: >€1bn from 2021 onwards

3 STRONG CASH GENERATION

EFFICIENT CAPEX POLICY AND DECREASE IN INVENTORY

1.7

2019

Note: 2018 excluding China (IFRS 5)

[1.5-1.7]

2020

Normative

2019

2020

3 STRONG CASH GENERATIONEBITDA to FCF

in €m

2019 restated

EBITDA Income tax paid

Financial result (excl. cost of debt and interest related to leases obligations) Cash impact of restructuring items and others

Gross cash flow (excl. discontinued)

Change in working capital requirement Discontinued operations

Operating cash flow (incl. exceptional items and discontinued)

Capital expenditure

Change in net payables to fixed asset suppliers Net asset disposals (business-related) Discontinued operations

Free cash flow

Free cash flow from continuing operations, excl. exceptional items Operating leases payment (incl. interests) (finance lease IAS 17) - excl. China

Operating leases payment (incl. interests) net of financial sub-lease payment received - excl. China

Operating leases payment (incl. interests) - China Cost of debt

4,417 (499) (17) (614)

3,286 (149) 109 3,247 (1,725)

99 98 (33) 1,686 2,229

(42)

(1,241)(1) 484

4,465

3,462 (14) (54) 3,395

2,223 537

2,761 532

(477) 22

(475) 139

(50) (33)

(75) (174)

(37) 5

145 46

- 33

49

176 135 (163) 148

(927)

(959) (31)

Net Free Cash Flow

Net Free Cash Flow from continuing operations, excl. exceptional items

Exceptional items and discontinued operations(2)

Note: 2019 comparison basis is restated for the IFRS IC decision on IFRS 16

Lower cash-out from restructuring (€341m vs €580m in 2020). €128m cash-out related to exceptional bonuses and similar benefits in H1 2020

2020 benefitting notably from:

• • Dynamic activity

• • Lower level of inventories

Partly offset by:

• • Lower tax payables as a result of lower petrol sales

• • Decrease in SG&A payables linked to cost reductions

Capex benefiting from selectivity and productivity measures and reduced in the sanitary crisis context

• (1) Excl. Makro

• (2) Discontinued operations (€54m in 2020 and €(76)m in 2019), restructuring (€341m 2020 and €580m 2019), exceptional bonuses and similar benefits (€128m in 2020), Cargo capex cashed out (€35m in 2019), Operating leases payment (incl. interests) - China (€178m in 2019) and others

3 STRONG CASH GENERATION

Decrease in net debt at constant FX (in €m)

Total Net FCF €1,056m

(2,615)

41

(289)

(640)

(169)

(2,327)

(2,616)

1,594

(538)

December 31, 2019 Net Debt

Net FCF (excl. exceptional items and discontinued operations)Exceptional items and discontinued operations in net FCF

Note: 2019 comparison basis is restated for the IFRS IC decision on IFRS 16

Dividends

M&A

Others

December 31, 2020 Net Debt at constant FX

Forex

December 31, 2020 Net Debt at current FX

3 STRONG CASH GENERATION

Target of Net FCF generation above €1bn/year from 2021

2020 (in €m)	2021
Evolution	Impact on FCF vs 2020
EBITDA	4,465	Increase in EBITDA expected
Tax and non-cash financial results	(527)
Cash impact of restructuring items and others	(475)	Decrease expected in exceptional cash-out
Gross cash flow	3,462
Change in working capital requirement	(14)	Change in WC expected to contribute positively to cash flow
Capex Change in net payables to fixed assets suppliers	(1,241) (75) (1,	316) Capex target: €1.5bn-€1.7bn
Net asset disposals	145
Discontinued operations	(54)
Cost of debt	(171)	Further decrease in cost of debt expected
Operating leases payment	(996)
Net Free Cash Flow	1,056	> €1bn

NORMALIZED DIVIDEND POLICY

Representing a total amount of c.€388m proposed to the General shareholders' meeting on May 21, 2021

Dividend of €0.48

Payment fully in cash

Investments in business and customer offer, serving the "raison d'être"

Ordinary dividend:

Fully in cash, intended to grow regularlyBolt-on M&A strategySolid investment grade ratingPotential share buy-backs or equivalent

CONFIRMATION OF STRATEGIC OBJECTIVES

OPERATIONAL OBJECTIVES 2020	Status
Improvement in the Group NPS® by 2022 of +30 points (vs +23 points) since the start of the plan +20 points INCREASED
Target to reduce assortments by -15% by 2020 -15% REACHED
Carrefour-branded products accounting for one-third of food sales in 2022 29% of sales CONFIRMED
2,700 convenience store openings by 2022 +1,874 CONFIRMED
Target to reduce hypermarket sales areas by 350,000 sqm worldwide by 2022 145,000 sqm SUSPENDED

FINANCIAL OBJECTIVES 2020	Statuts
€4.2bn in food e-commerce GMV in 2022 €2.3bn CONFIRMED
€4.8bn in sales of organic products in 2022 €2.7bn CONFIRMED
3-year savings plan of €3.0 billion on an annual basis by end-2020 €3.0bn REACHED
€300m in additional disposals of non-strategic real estate assets by 2022 €100m CONFIRMED

NEW FINANCIAL OBJECTIVES 2020	Status
Increase in Net Free Cash Flow to a level above €1bn per year from 2021, after cash-out of exceptional charges (notably related to restructuring plans) €1.1bn NEW
€2.4bn in additional cost savings by 2023 on an annual basis, after having already achieved €3.0bn since the start of the plann.a. NEW
Annual level of capex of around €1.5bn to €1.7bn €1.2bn NEW

® Net Promoter, Net Promoter System, Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc

THE 555 CULTURE

IMPROVING NPS® ACROSS FORMATS

THE TOP PROJECT TO IMPROVE EFFICIENCY

3 DEDICATED TEAMS

• › « Front »: Shelving

• › « Scan »: Labels, expiration dates, shrinkage and shortage management

• › « Back »: Pallets reception, storage management

ROLL-OUT › More than 130 hypers and almost 20 supers to date › Full roll-out by end of summer 2021

RESULTS

• › Price accuracy and display

• › Product availability

• › Waiting time

• › Staff availability NPS®

IMPROVING HYPERMARKET BAROMETER

Score

2020 YoY evolution

Quality of shopping

Store accessibility

Cleanliness

Circulation in store

Parking

Price

Price of Carrefour-branded products

Accuracy of prices between shelf and cashier

Price of gas

Overall prices Promotion/ loyalty

Interest of promotions

Generosity of the loyalty program Choice and product availability

Choice in food

Availability of permanent products

Availability of promotions Quality of products

Freshness of products

Expiration date of products

Freshness of fruits and vegetables

Overall value for money of products Waiting/staff

Waiting at cash register

Staff availability

GIVING THE CUSTOMER A VOICE TO IMPROVE OPERATIONS

Collecting customer verbatim

Sharing customer verbatim in store

Customer verbatim log and action plan

« Thanks to the cashier staff for their welcome despite the customers' mood. However, a Scan terminal has been out of order for a long time!!! »

CUSTOMERS AT THE HEART

An organization focused on customer

Customers

ownership

Managers

Excom

CEO

A PROFITABLE GROWTH MODEL GAINING MOMENTUM

Customer satisfaction

› Numerous projects in place to sharply improve customer satisfaction and experience

›

Price image improving

 Strong increase in satisfaction (NPS®)

Renewed sales dynamics

• › Strongest growth in almost 20 years

• › All segments positive

• › H2 2020: Best market share trend over a half-year in 3 years(1)

• › Market share growth of +0.1 point in Q4 2020(1)

France Recurring Operating Income

Operating model well under control

• › TOP roll-out underway

  2018

  ROI (2)

• › Challenge costs and capital allocation

• › Plan delivering good performance and further opportunities identified

›

Contained capex and inventories

ROI margin

2019

2020

• (1) Market share based on NielsenIQ's RMS data for total store value sales (excluding gas) for the 156-week period ending 27/12/2020 for the French total retail market (Copyright © 2021, NielsenIQ)

• (2) Published recurring operating income

A committed company

EXCEPTIONAL MOBILIZATIONCarrefour responsibly ensured its essential mission as a food distributor

Employee and customer protection as an absolute priority:

• › Strong measures taken

• › Certification in several countries

Concrete solidarity actions:

• › Creation of dedicated services for priority customers

• › Donations from the Carrefour Foundation

• › Support for local producers

Social and societal responsibility measures:

• › Exceptional bonuses and similar benefits to employees (€128m)

• › Reduction in management and Directors remuneration, with corresponding sums allocated to financing solidarity actions for Group employees

CSR AND FOOD TRANSITION INDEX AT 115% IN 2020

• 1. Organic agriculture

  90%

• 2. Agroecology 101%

PRODUCTSSTORESCUSTOMERSEMPLOYEES

3. Sustainable fishing 88%

4. Sustainable forests 83%

106%

• 5. Packaging 168%

• 6. Food waste 191%

• 7. Waste

  96%

• 8. CO2 emissions 303%

• 9. "Food transition superheroes" 114%

  163%

• 10. Food transition 106%

• 11. Local products and purchasing

  93%

• 12. Act For Food program 100%

• 13. Healthier diet action plan 100%

• 14. Gender equality

  88%

• 15. Disability 103%

• 16. Training

  69%

• 17. Health and safety in the workplace 100%

SIGNIFICANT PROGRESS IN 2020

Doubling of the initial objective of packaging reduction at -20,000 tons by 2025

• › Strong reduction on fruit and vegetables

• › First « returnable » project on national brands

Decrease in food waste accelerated by « baskets »

• › -29% in 2020 vs an objective of -50% in 2025 (vs 2016)

• › 2.5 million « Too Good To Go » baskets and +40% in « Zero Gaspi » baskets in Europe

New objective to reduce CO2 emissions by -30% before 2030, approved by SBTi

›

-9% CO2 emissions in 2020 vs 2019

2017

Packaging reduction (tons)

2018

2019

2020

2025

PERFORMANCE RECOGNIZED IN EXTRA-FINANCIAL INDICES

Appendix

DEFINITION NPS®Net Promoter Score

0

1

2

3

4

5

6

7

8

9 10

DETRACTORS

PASSIVES

PROMOTERS

• › The Net Promoter Score (NPS®) is a benchmark indicator in the business world. NPS® is a measure of customer satisfaction that is based on the answer to a simple and precise question: "Based on your recent experience at Carrefour and on a scale of 0 to 10, to what extent would you recommend Carrefour to a friend or colleague?"

• › The overall score is the difference between the percentage of "promoters" (customers who gave a score of 9 or 10) and the percentage of "detractors" (customers who gave a score between 0 and 6).

  Scores of 7 and 8 are not taken into account

® Net Promoter, Net Promoter System, Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc

Q4 2020 Sales (+8.7% LFL)

Q4 2019 pre-IAS29

€21.7

bn

*Including transfers

LFL ex petrol ex calendar

OpeningsScope, closures and other effects*

Petrol

Q4 2020 at constant FX rates pre-IAS 29

Forex

Q4 2020 at current FX rates pre-IAS 29

IAS 29

Q4 2020 at current FX rates post-IAS 29

Q4 2020 gross sales

France Hypermarkets Supermarkets

Gross sales

(in €m)Change at current exch. rates inc.

petrolChange at constant exch. rates inc.

petrol

LFL ex. petrol ex. calendarOrganic growth ex. petrol ex. calendar

10,073 5,298 3,332 1,443 6,429

-2.6% -3.2% -0.1% -5.9% -0.3%

-2.6% -3.2% -0.1% -5.9% +0.4%

+5.5% +3.8%

+3.9% +3.0%

+9.8% +6.1%

Others, inc. convenience Other European countries Spain

+2.0% +2.0%

+1.8%

+2.1%

2,796

+2.3%

+2.3%

Italy Belgium Poland Romania

1,188

+6.0% +6.4%

-10.0%

-10.0%

1,198

-7.6% -8.7%

+6.8%

+6.8%

590

+5.7% +6.0%

-7.6%

-2.9%

-4.2% -3.5%

656 4,008 3,417 592 464 464 20,975 -86 20,889

Latin America (pre-IAS 29)

Brazil

Argentina (pre-IAS 29)

Asia

Taiwan

Group total (pre-IAS 29)

IAS 29 impact

Group total (post-IAS 29)

+3.6% -10.7% -11.7% -4.6% +0.2% +0.2% -3.5%

+5.9% +26.5% +24.5% +38.8% +1.3% +1.3% +4.4%

+1.6% +5.4%

+25.3% +28.5%

+22.9% +26.7%

+39.6% +39.6%

+0.1% -1.0%

+0.1% -1.0%

+8.7%

+8.6%

FRANCE

+3.9%

+9.8%

+2.0%

EUROPE

Q4 - in €m

Spain

ItalyBelgiumPolandRomania

Sales inc. VAT

2,796

1,188

1,198

590

656

LATIN AMERICA

Q4 - in €m

Sales inc. VAT

ASIA (TAIWAN)

Q4 - in €m

Brazil

3,417

Taiwan

+0.1%

Carrefour RetailAtacadãoArgentina*

976

2,441

592

Q4 2020 technical effects

Calendar

Petrol

Forex

France Hypermarkets Supermarkets

Others, inc. convenience Other European countries Spain

Italy Belgium Poland Romania Latin America Brazil Argentina Taiwan

-0.3% -0.8% +0.2% +0.6% -0.0%

+0.1%

+0.8%

-0.7%

-5.4% -5.4% -6.7% -3.1% -1.7% -3.4% -1.3% -

- - - - -0.7% - - -

+0.3%

+0.3% -4.7%

+0.5% -0.0% +0.1% -0.8% +2.3%

-0.0% -2.2%

-2.0% -37.3%

-2.2% -36.3%

- -43.4%

-

-1.1%

Group total -0.1% -3.8%

-7.9%

FY 2020 Sales (+7.8% LFL)

+1.2%

€80.7

bn

FY 2019 pre-IAS29

*Including transfers

LFL ex petrol ex calendar

CalendarOpenings

Petrol

FY 2020 at constant FX rates pre-IAS 29

Forex

FY 2020 at current FX rates pre-IAS 29

IAS 29

FY 2020 at current FX rates post-IAS 29

2020 gross sales

Gross sales

(in €m)Change at current exch. rates inc.

petrolChange at constant exch. rates inc.

petrol

LFL ex. petrol ex. calendarOrganic growth ex. petrol ex. calendar

France Hypermarkets Supermarkets

37,937

-2.4% -4.5% -0.2% -0.0% +1.1%

-2.4% -4.5% -0.2% 0.0% +1.6%

+3.6% +2.6%

19,126 12,792 6,020

+1.0% +0.4%

+6.8% +4.7%

Others, inc. convenience Other European countries Spain

+5.2% +5.5%

23,606

+3.5%

+3.5%

10,013

+3.0%

+3.0%

+7.1% +7.2%

Italy Belgium Poland Romania

4,665

-7.6%

-7.6%

-5.2% -6.6%

4,509

+8.6%

+8.6%

+8.3% +8.4%

2,093

-4.4%

-1.1%

-0.6% -0.6%

2,327

+3.6% -8.4% -9.8% -0.2% +6.7% +6.7%

+5.6% +24.5% +20.1% +48.9% +3.7% +3.7%

+2.1% +5.3%

Latin America (pre-IAS 29)

Brazil

Argentina (pre-IAS 29)

15,085

+23.0% +26.3%

12,711 2,375

+18.2% +22.1%

+49.3% +49.0%

Asia

2,191 2,191

+1.2% +4.3%

Taiwan

+1.2% +4.3%

IAS 29 impact

Group total (post-IAS 29)

Results unfavorably impacted by FX

2020

CURRENCY
Evolution(1)
-6.8%
Brazilian Real	-25.0%
negative FX impact on
2020 Gross Sales
Argentine Peso	-33.4%
Polish Zloty	-3.3%
-€269m
Romanian Leu	-1.9%	negative FX impact on
2020 ROI
Taiwanese Dollar	+2.8%
(1) Average foreign exchange rate

2020 ROI growth of +16.4% (at constant exchange rates)

in €m

2019 restated(1)Net sales

72,397

Gross margin from recurring operations as a % of net sales

22.2%

Total distribution costs(2)

(11,906)

As a % of net sales

16.4%

Depreciation and amortization as a % of net sales

(2.9%)

Recurring operating income (ROI)

2,099

As a % of net sales

2.9%

• (1) 2019 comparison basis is restated for the IFRS IC decision on IFRS 16

  2020

  70,719

  21.8%

  (11,233)

  15.9%

  (2.9%)

  2,173(3)

  3.1%

• (2) Total distribution costs are composed of sales, general and administrative expenses

• (3) 2020 ROI includes income and expenses related to COVID-19 effects.

  Evolution at constant FX

  (€m / %)

  +7.8% LFL

  +€343m / +16.4%

  GROSS MARGIN down 38bps, taking into account price investments, the momentary increase in logistics costs and the evolution of the integrated/franchisee mix, partly offset by purchasing gainsDISTRIBUTION COSTS down 63bps, benefiting from cost-savings and including costs related to store openings and new services offered to customers, notably in digital

  Exceptional bonuses and similar benefits to Group employees (€128m in H1 2020) are accounted for under other non-current income and expenses

Net sales and recurring operating income per region

NET SALES

in €m

France

Other European countries

2019 restated(1)

Latin America

Asia

Global functions

TOTAL

72,397

34,765 20,999 14,665 1,968

-

34,135 21,239 13,245 2,100

70,719

2020

-

• (1) 2019 comparison basis is restated for the IFRS IC decision on IFRS 16

  constant exch. rates

  RECURRING OPERATING INCOME

  (1.8%)

  1.6% 22.6% 3.7%

  4.3%

• (2) 2020 ROI includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group employees (€128m in H1 2020) are accounted for under other non-current income and expenses

Significant reduction in non-recurring expenses

Impairment and asset write-offsResults from asset disposals

(200) (295)

28 19

(1) 2019 comparison basis is restated for the IFRS IC decision on IFRS 16

2020 income statement

in €m

2019 restated(1)

2020

Net Sales

Net sales, net of loyalty program costs Other revenue

72,397

2,491 2,183

Total revenue Cost of goods sold Gross margin SG&A

Recurring operating income before D&A (EBITDA)

Amortization

Recurring operating income (ROI)

Recurring operating income including income from associates and joint ventures

Non-recurring income and expenses EBIT

Financial expense Income before taxes Income tax expense

Net income from continuing operations, Group share Net income from discontinued operations, Group share Net income, Group share

Adjusted net income, Group share Depreciation from supply chain (in COGS)

74,142 (58,051) 16,091 (11,906) 4,417 (2,086) 2,099 2,101 (1,030) 1,071 (352) 719 (503) 216 1,092 1,126 858 (232)

• (1) 2019 comparison basis is restated for the IFRS IC decision on IFRS 16

• (2) 2020 ROI includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group employees (€128m in H1 2020) are accounted for under other non-current income and expenses

Impact of the COVID-19 on the interim financial statements

Impact in Income Statement:

› The costs incurred in connection with the Covid-19 health crisis were recognized in recurring operating income for 2020, including necessary costs relating to logistics or product distribution in stores or to customers' homes, as well as costs relating to protecting the health of employees, customers and service providers. In accordance with the Group's accounting principles, which have been applied consistently, exceptional bonuses and similar benefits were recognized in non-recurring expenses for a total amount of 128 million euros during the first half of 2020. These bonuses did not compensate employees for their work as such. Rather, they represented an act of corporate social responsibility, offering tax and employee benefits. The exceptional bonuses supplemented the usual components of fixed and variable compensation awarded to the employees concerned (in respect of overtime pay, various types of bonuses, profit-sharing, etc.), i.e., without replacing said components.

Others:

› For further detail, please refer to note 2.1 of the Consolidated Financial statements.

Tax expense

(1,030)

(549)

(550)

(503)

(498)Effective tax rate

69.9%

36.9%

• (1) 2019 comparison basis is restated for the IFRS IC decision on IFRS 16

• (2) Full year Normative tax rate:

  - Reflects Carrefour's geographic footprint and the relative weighting of each country

  - Calculation based on local corporate income tax rate applied to pre-tax income excluding non-current items

• (3) CVAE: local business tax in France assessed on the basis of the value-added generated by the business, recorded as corporate income tax.

• (4) The DTA generated by non-current expenses in 2020 is partially depreciated

2019 was strongly affected by a high level of non-current expenses in pre-tax income and the major part of DTA is depreciated

Earnings per share

(€ per share)

Net income from continuing operations, Group share

Net income from discontinued operations, Group share

Net income, Group share

Adjusted net income, Group share

Weighted average number of shares pre-dilution (in millions)(2)

• (1) 2019 comparison basis is restated for the IFRS IC decision on IFRS 16

• (2) Non significant dilutive impact

2019 restated(1)

2020

0.04 1.39 1.42

1.09

790.7

Enhanced liquidity and solid balance sheet

3.88%

Debt redemption schedule (in €m)

1.75%

0.49%

0.51%

1.25%

1.75%

2.08%

1,500

• › Credit Rating as of December 31, 2020:

  BBB stable outlook (S&P) and Baa1 negative outlook (Moody's)

  2021

• › April 2020: Successful issuance of €1bn bonds with a maturity of 8 years and 2.625% coupon

• › April 2020: Bond redemption for €802m

• › At December 31, 2020, average debt maturity is at 3.6 years

• › 2 credit facilities for €3.9bn undrawn to date, extended to June 2025 for 95% of total amount

• › Solid balance sheet is an important asset in the current context, marked by rapid changes in the food retail sector, the COVID-19 pandemic

2022

2023

2024

2025

2026

2027

2020 IssuanceUSD issuancePrevious issuance

Stores under banners at end Q4 2020

(#)

France

Other European countries Spain

Italy Belgium Poland Romania Others

Latin America Brazil Argentina Asia Taiwan Others Others(1)

Total

(1) Africa, Middle-East and Dominican Republic

HypermarketsSupermarketsConvenienceCash & Carry

248 456

1,179 1,873

4,018 3,156 906 932

147

68

205

48

40

90

112

492

442

160

305 - 787

687 - 937

33 185

13 1,485

100

40

474 151 53 98 10

193

530 130 400 66

108 28 369

215

206 489

85 172

66

-

10 348

66 - 132

- - 116

9 592

57

Disclaimer

This presentation contains both historical and forward- looking statements. These forward-looking statements are based on Carrefour management's current views and assumptions. Such statements are not guarantees of future performance of the Group. Actual results or performances may differ materially from those in such forward-looking statements as a result of a number of risks and uncertainties, including but not limited to the risks described in the documents filed with the Autorité des Marchés Financiers as part of the regulated information disclosure requirements and available on Carrefour's website (www.carrefour.com), and in particular the Universal Registration Document. These documents are also available in the English language on the company's website. Investors may obtain a copy of these documents from Carrefour free of charge. Carrefour does not assume any obligation to update or revise any of these forward-looking statements in the future.