France · Delayed Price · Currency is EUR Carrefour Earnings Call Transcripts
Fiscal Year 2026
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The conference detailed a strategic focus on France, Spain, and Brazil, with divestment from non-core markets and increased investment in digital and AI. Financial targets include higher EBIT margins and EUR 5 billion in free cash flow by 2028, alongside a revised dividend policy and disciplined M&A in core regions.
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Q1 2026 delivered 2.2% like-for-like sales growth, led by France and Spain, with Brazil showing resilience despite macro headwinds. Price competitiveness and new initiatives supported market share gains, and full-year guidance is confirmed.
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Corrected summary: The strategic plan targets France, Spain, and Brazil, aiming for 25% market share in France and 20% in Brazil by 2030. Focus areas include price competitiveness, store modernization, AI-driven productivity, and cash flow. Investments in technology, sustainability, and store formats support growth, with strong shareholder returns prioritized.
Fiscal Year 2025
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Solid 2025 results with recurring operating income up, strong cash flow, and margin expansion in France and Spain. Integration of Cora/Match completed, portfolio reshaped, and positive 2026 outlook supported by market trends and cost discipline.
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Q3 2025 saw 2.1% like-for-like sales growth, led by strong food sales and e-commerce gains. France and Spain delivered robust results, while Brazil faced headwinds from high interest rates. 2025 guidance for slight growth in EBITDA and operating income is confirmed.
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H1 2025 saw strong sales growth and market share gains in France, Spain, and Brazil, despite integration costs and forex headwinds. Strategic moves include divesting Italy and launching the Concordis alliance, with 2025 guidance for slight EBITDA and cash flow growth reaffirmed.
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Q1 2025 saw 2.9% like-for-like sales growth, with strong performance in Spain and Latin America, and stable market share gains in France despite flat volumes. Integration of Cora and Match is on track, and financial targets for 2025 are reaffirmed.
Fiscal Year 2024
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2024 saw steady growth in recurring operating income and EBITDA at constant forex, with strong performances in France, Brazil, and Spain, despite challenging European markets. Strategic investments in price and transformation, along with disciplined capital allocation, supported market share gains and robust free cash flow.
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Q3 2024 saw 8.8% like-for-like sales growth, strong e-commerce gains, and improved consumer confidence. France and Europe showed sequential improvement, while Brazil delivered robust results. Full-year financial targets and cost savings guidance were confirmed.
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The conference detailed a four-year strategy focused on private label growth, digital innovation, and operational efficiency, with strong cost discipline and targeted M&A in core markets. Financial performance remains robust, with a focus on shareholder returns and sustainability.
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H1 2024 delivered strong growth in Brazil and France, with recurring operating income up 6.2% and robust cost savings offsetting price investments. European performance was impacted by adverse weather and country-specific factors, but full-year guidance for growth in EBITDA, ROI, and cash flow is confirmed.