France · Delayed Price · Currency is EUR Carrefour Earnings Call Transcripts
Fiscal Year 2026
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Solid H1 2026 results with sales and recurring operating income growth in core markets, strong cost discipline, and successful execution of the Carrefour 2030 plan. Net debt reduced, guidance confirmed, and positive momentum expected in H2, despite macroeconomic and competitive challenges.
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CSR is central to value creation, with ambitious climate, biodiversity, and health targets. Achievements include early emissions reductions, supplier decarbonization, zero-deforestation beef, and strong governance. Plastic use and food waste are being cut, while healthier and plant-based products expand.
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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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The group unveiled a strategic plan focused on France, Spain, and Brazil, targeting significant market share gains, annual improvements in price competitiveness, and accelerated digital transformation through AI and tech investments. Financial goals include a 3.5% operating margin by 2030, €5 billion cumulative free cash flow, and increased dividends.
Fiscal Year 2025
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Solid 2025 results driven by strong performance in France and Spain, resilient cash flow, and successful portfolio reshaping. Integration of Cora/Match is complete, with synergies expected to ramp up in 2026. Dividend increases and positive outlook for all key markets.
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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, strong performance in key markets, and continued cost savings. Integration of Cora and Match is on track, with synergy targets confirmed. Financial guidance for 2025 is reiterated, despite forex headwinds and flat French market volumes.
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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A multi-format, omnichannel retailer with strong positions in Europe and Brazil, is executing a four-year plan focused on private label growth, operational efficiency, and digital innovation. Recent M&A consolidates leadership, while cost discipline and shareholder returns remain priorities.
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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 results were impacted by adverse weather and integration costs, but outlook for H2 is positive as one-off factors are expected to ease.