Good evening, everyone. I'm pleased to hold this presentation today together with our CFO, Angélique Cristofari. Just keep in mind that the figures we are presenting today are financial data that have not been yet approved by the board of director and as well, they are not audited. Angélique will provide further details later on regarding the financial framework behind all these figures. I will start with a short introduction on where we stand in our transformation journey, followed by our key financial indicators for the full year 2025. I will provide you with a brief reminder of our Renouveau strategic plan ambition, and then followed by an overview of key 2025 business achievement per brand. Then Angélique will walk you through our financial performance for 2025, and I will close the presentation by providing you with some perspective and insight on the French retail market.
We'll take your question at the end of the presentation. Let's start with a quick update on the turnaround plan status. Casino turnaround is a long-term, three-phase mission, restore, recover, and grow. After an intense period of transformation, we're entering in the phase of recovering. Our strategic plan, Renouveau 2030, defined in Q4 2024, had been updated and expanded by two years last November with the objective to generate value over the period 2026-2030. We have also launched in November 2025, the adaptation, the strengthening of our balance sheet structure. Angélique will provide you with more detail during this presentation. Let me first start by introducing our 2025 financial data estimate. First and foremost, 2025 marks a new momentum in a strong increase in profitability for the group. 2025 financial data estimates are fully in line with our value creation plan and confirm that the turnaround is well underway.
Regarding our sales performance, and for the first time since the financial restructuring, we are posting a positive like-for-like sales growth. Net sales reach EUR 8.3 billion with a like-for-like growth of +0.5% versus PY. Regarding our profitability, Adjusted EBITDA before lease payment is growing by 14% versus last year and reached EUR 655 million. This result reflects the efficiency of our cost optimization, our store fleet rationalization measures, and last but not least, the improvement of our retail gross margin. The Adjusted EBITDA after lease payment reaches EUR 198 million, representing a growth of EUR 86 million. Finally, our free cash flow reached -EUR 120 million, an improvement of EUR 519 million versus PY. Let me give you a brief reminder of our Renouveau strategic plan ambition before to enter into the key business 2025 achievement per brand.
If I have to summarize our long-term strategy in one sentence, I would say differentiate brands as possible and centralize resources as necessary. We are a group of seven well-known brands that are all unique and complementary, which is Casino, Cdiscount, Franprix, Monoprix, Naturalia, Spar, and the last one, Vival. We are now fully engaged in delivering Renouveau 2030 ambitions to offer our customer the best brands in convenience retailing. We have just updated and expanded our Renouveau strategic plan by two years, and our vision, mission, and direction remain unchanged. Our 2030 strategic plan is based on five key strategic levers supporting unchanging core vision for the group. Strength of our brands, our culture of service, our strength as a group, the energy of our people, and our societal and environmental values. These levers are all connected, interconnected, and declined per brand to specific actionable measure.
The entire company is focusing on execution on a day-to-day basis. Before providing you with a key business FY 2025 achievement per brand, let me give you a brief summary of our Group FY 2025 focus. Here are six core execution focus of 2025. First, brands and store concept investment, focusing on actions, on creating, testing, and launching pilots, and rolling out store concept, as well as refining brand personality. Investing in our franchisees' development with now circa 85% of our store portfolio is franchised. Streamlining our store portfolio to eliminate loss-making store with the profitability as a key driver versus market share at any cost. Managing COGS improvement, rationalizing and massifying private label volumes, increasing national brands assortment overlapping across brands, implementing Aura Retail and Everest alliances, and continuing cost reduction, notably through the rollout of several group shared services such as IT, accounting, payroll, legal, name it.
Last but not least, cash management with a definition and a follow-up of a detailed CapEx program and optimization of our remodeling costs. I will now guide you through an overview of the key business 2025 achievement per brand. Let me start first by Monoprix. For your recall, Monoprix business unit represents 624 stores by the end of 2025, of which 283 are owned stores and 341 are franchised. Let me present you in one slide the main Monoprix achievement in 2025. Monoprix sales reached EUR 4 billion in 2025, representing a like-for-like growth of +0.6% and an Adjusted EBITDA growth by 10.9% versus PY. This result reflects the good performance of Monoprix, especially in fresh products, non-food categories, such as fashion and home decoration. What are the main Monoprix achievements in 2025? First, several initiatives have been launched in the key quick meal solutions market.
Monoprix defined, tested, and launched the new concept, La Cantine, in 12 stores by the end of 2025, posting encouraging double-digit growth. During Q2, Monoprix introduced a new quick meal solution assortment with circa 250 SKUs, rolled out in all of our stores. Second, regarding the food category, Monoprix was focusing on developing the fresh category with the rollout of 25 new fresh counters in 14 stores with a new fruit and veg concept. The team continued to strengthen Monoprix singularity and personality brand, thanks to the introduction of over 800 innovations to the assortment this year. As far as the non-food is concerned, Monoprix sustained growth in the beauty and fashion category by defining, testing, and launching a new beauty concept rollout already in 14 stores. By developing a new collection supported by our 11 partnerships with designers in 2025 in home and fashion category.
Fourth, we have also worked to continue our digitalization to position Monoprix as an omni-channel brand. To name a few, we extended our partnership with Amazon to 22 additional cities. We developed quick commerce solution with Uber Eats and Deliveroo, covering today 92% of our store network in France. We finally developed our new e-commerce site, monoprixshopping.fr, dedicated to fashion and decoration categories. In parallel, we kept on working core retail fundamentals, improving products availability and reducing shrinkage, increasing the number of conveyor belt checkouts, plus 10 points versus last year, giving more shelf space to highly profitable non-food category. We took the opportunity by closing 28 magazine and newspaper departments in our store. Regarding the Monoprix and Monop' store network management, 26 new stores opened over the period while 20 underperforming ones were closed. 30 owned stores were switched to franchise.
Last but not least, we started store remodeling with 7 stores in 2025. Let's now continue with Franprix. For your recall, Franprix business units represent 999 stores by the end of 2025, of which 296 are owned stores and 703 are franchised. Let me present you in one slide main Franprix achievement in 2025. 2025 obviously was, for Franprix, a year of unlocking potential. Franprix sales reached EUR 1.5 billion in 2025, almost flattish with an Adjusted EBITDA growth by circa 20% versus PY. The execution of the Renouveau strategic plan includes several important achievements. First, the rollout of our performing Oxygène concept in 89 stores in 2025, summing up to 107 stores at year-end.
As far as our quick meal solution is concerned, we have proceeded with important space reallocation for snacking, development of a new snacking assortment and menus such as breakfast at EUR 1.9 or a pizza menu at EUR 5.5, positioning Franprix as the cheapest among all our home competition in the market, and launching a set of exclusivity such as Krispy Kreme. We also launched several customer-focused commercial initiatives. The new loyalty program, BiB+, with circa 50,000 additional subscribers in 2025. We launched as well the prix francs initiative that includes essential articles at highly competitive price. The rollout of daily in-store services such as Nannybag, Franpclés, et cetera. Finally, the rollout of Leader Price as a core private label of Franprix and Tous les Jours as a brand as an entry price range.
We also developed specific B2B promotional offers under the concept of buy more, pay less, to help our franchisee in boosting their sales and profit. Finally, in terms of store network management, we maintain a disciplined approach with 20 new store openings, 85 store exits, and six owned stores converted to franchise. Now, let's continue with Casino, Spar, and Vival brands. For your recall, Casino, Spar, and Vival business units in France represent 4,528 selling points by the end of 2025, of which 236 are owned stores and 4,292 are franchised, which is 95% of the stores are franchised. Let me show you in one slide, like for the previous brands, 2025 achievement.
Casino, Spar, Vival sales reached EUR 1.28 billion in 2025, representing a positive like-for-like growth of +0.6% with an Adjusted EBITDA decreased by circa -37% versus PY, mainly driven by HMSM disposal dyssynergy, that we carry them since 2024. The execution of the Renouveau strategic plan includes several important achievements. We launched in 2025 two new store concepts. We defined, tested, and launched the new concept of Spar, called Origins, in five stores by the end of 2025, posting including double-digit growth. We define a new Casino brand identity in Q4 2025, and the first two stores will be inaugurated not later than tomorrow in Saint-Étienne. In case you are close by, please, you will be welcome to visit us. In the key quick meal solution market, we continue to roll out of our Curvably concept.
We have 53 corners deployed in 2025, summing up since 2024 to 62 stores up to date. We complete our snacking assortment by introducing 17 new SKUs in 2025. We also launch several customer-focused commercial initiatives. We continue to roll out our loyalty program, launched in 2024, with circa 128 new subscribers in 2025. In parallel, the team continues to transform Casino's power, Vival singularity, and personality, thanks to the introduction of new assortment tailored to the trade areas, as well as corner of Naturalia, for example, in 20 stores. As for Franprix, we introduced B2B promotional offer, buy more, pay less type offer, and we launch new AI functionality of Casino Pro. Casino Pro is a tool for franchising, an ordering tool that helps them to better manage their store performance.
In terms of store network management, we opened 151 new selling points, 1,052 stores were exited, and additionally, 78 owned stores were converted to franchise. Now, let me switch to Naturalia. As you recall, Naturalia business unit represents 213 stores, of which 152 are owned stores and 61 are franchised, meaning 29% only are franchised. Let me show you in one slide what has happened in 2025 for Naturalia. It was a year of growth acceleration for Naturalia. Sales reached EUR 300 million, representing a positive like-for-like growth of +8.6%, and an Adjusted EBITDA increased by circa 57% versus PY. Main achievement for Naturalia was the rollout of our performing La Ferme concept in 25 stores in 2025. End of December to date, 36 stores are already rolled out. Naturalia had launched a new organic quick meal solution concept in 35 stores and a new beauty concept in 47.
Teams have also worked to continue Naturalia digitalization by adding 17 new stores with our partner Uber Eats and launched several commercial initiatives. In terms of store network management, six underperforming stores were closed, and one store was opened in 2025. Let's finalize an overview per brand of 2025 by Cdiscount. 2025 was for Cdiscount the year of customer acquisition. Cdiscount GMV reached EUR 2.75 billion in 2025, representing a growth of +3.5% versus PY. EUR 1 billion of net sales and an Adjusted EBITDA of EUR 67 million. Starting with our solid B2C performance, we saw sustained 3P momentum with a GMV increase by 7.7% in 2025, reaching +8.1% in Q4. Our marketplace business grew, representing now 67.3% of our total GMV, a 2 percentage point increase over 2024. We continue to expand our customer base, acquiring 2 million new customer in 2025.
Our major investment plan has been fully deployed, providing support for both sales uplift, brand equity, and obviously, customer acquisition. Moving on to our B2B activities, we've seen significant progress in enhancing the experience of our sellers, resulting in a notable or noticeable 20% reduction in support tickets. Furthermore, our retail media business has experienced strong growth with net sales up 13% compared to last year. Finally, we develop in-house conversational chatbot deployed with more than 900,000 customers, leveraging generative AI to enhance search and improve conversion. Let me now share with you a few group initiatives, starting with our store portfolio streamlining and how we strengthen our relationship with our franchisee. We continue streamlining our store portfolio to eliminate loss-making store and coordinate selective expansion with profitability, as I said, as a key driver versus market share at any cost.
From January to end of December, 1,178 stores left our network portfolio. During the same period of time, we also opened 207 stores, and we switched 112 stores to franchise. In parallel, we continue to strengthen our franchisee relationship by organizing, for example, annual franchisee event, sharing monthly newsletter, implementing B2B Net Promoter Score, and involving our current franchises in the franchisee selection process for new store openings. Finally, we support franchisees' store performance by providing them with user-friendly store performance report versus their local competition, for example, or versus the average network performance. As far as cost reduction is concerned, we have put a lot of effort in efficiency improvement, cost reduction, and CapEx monitoring. In the first half of 2025, we successfully launched seven group shared service centers covering key functions like IT, accounting, payroll, and others.
We kept on increasing assortment overlap for national brands across all our business units. We are continuously managing our CapEx with detailed calendarization and reduction of our concept remodeling cost per square meters. Finally, we strengthen our process to recover overdue receivables, ensuring better financial discipline. Last but not least, two purchasing alliances are now operational, supporting our retail gross margin improvement. The Aura Retail purchasing alliance with Intermarché and Auchan in place since March 2025 for large 20/80 suppliers. The European Everest purchasing alliance since August 2025 for international purchasing. By the end of 2025, 37 suppliers were at rollout. Let me now hand over to Angélique.
Thank you very much, Philippe, and good evening to you all. Let me first provide the context and financial framework behind these key financial data estimates for 2025. This publication is intended to provide the market with financial information relating to 2025, subject to the formal approval of the financial statement for the year. As such, this information does not stem from a full set of financial statements, since it has neither been approved by the board of directors, nor audited by the statutory auditors. However, the process related to the preparation of the consolidated financial statement has been completed. This financial data have been prepared on a similar basis as that used for preparation of the consolidated financial statements in accordance with the IFRS reference framework, and are based on the information known by the group as at the date of this presentation.
This data have been reviewed by the board of directors at its meeting held today. The approval of the financial statements on the basis of the going concern assumption remains subject to a favorable outcome of ongoing negotiations among the stakeholders involved in the group financial restructuring. Here is a summary of our full year financial data estimates. As you can see from the table, the trend is rather positive, with a net sales like-for-like growth over the full year period at + 0.5%, driven by solid initial results of the rollout of new concepts in the food business and the sustained momentum of the non-food activity. I saw a significant improvement in profitability with a 14% growth in Adjusted EBITDA, driven by, first, the implementation of action plans, such as reducing shrinkage and improving receivables collection. Second, the benefit of purchasing massification under alliances.
Third, the measures to streamline the network, as Philippe mentioned. Fourth, our cost discipline. Our consolidated net loss group share would come out at -EUR 402 million, mainly due to the net financial expenses in continuing operations. Free cash flow before financial expenses remains negative at EUR 120 million, representing a strong improvement versus last year, mainly derived from the growth in operating cash flow and the change in working capital. Net debt stood at EUR 1.5 billion, up EUR 290 million compared to December 2024, still impacted by cash outflows from discontinued operations. The group liquidity position was EUR 1 billion at the end of December 2025. It includes operational financings for which the group has obtained from its creditors an extension of the maturity to May 28th of 2026.
The group aims to reach an agreement with its creditors and FRH, its main shareholder, within this period, and at the latest by the end of June. Let's now go into the market environment. According to Circana data for 2025, and more specifically, the FMCG category, value sales across all channels were up +1.9% in 2025, with inflation up +0.6%. The positive news last year is that volumes rebound in 2025 with +0.9% growth versus 2024, after four years of decline in France, alongside a slight premiumization trend. Combined with moderate inflation, these factors are driving revenue growth. In this context, the convenience store segment continued to outperform other store formats in 2025 in both value, +6.3%, and volumes, +4.9%. This support our strategic positioning in line with changing consumer trends. As for Monoprix, its performance followed the general trend among supermarkets category.
However, in Q4, market trends were marked by a significant decline in festive products in all segments over the key four-week period ending January the 4th. It was -4.4% in value and -3.4% in volume. A similar trend was also observed in our operational performance for December 2025. First of all, a quick overview of our group sales figures. Full year 2025 net sales totaled EUR 8.3 billion, up +0.5% like-for-like. This performance must be split into, first, a return to growth for our convenience brands, up +0.7% like-for-like, with +0.6% at Monoprix, Casino, Spar, Vival, where Naturalia increased by +8.3%, but Franprix slightly declined. Second, a -0.7% decline for the Cdiscount on net sales, sorry, which however reflects an improvement over the year with a strong acceleration in Q4 with +3.7%.
On JMV side, as Philippe mentioned, Cdiscount was at +3.5%, also supported by an acceleration in Q4 with +6%. Let's now focus on Monoprix. Monoprix net sales amounted to EUR 4 billion in 2025, up +0.6% like-for-like, of which -0.5% in Q4. Non-food sales, representing about 30% of net sales, were up +2.1% and once again supported the trend driven by fashion and home, which is outperforming the market. Food sales, representing about 70% of net sales, were stable, reflecting a contrasted performance with positive momentum in fresh products, +1.3%, offset by unfavorable market trends in festive products in December, as mentioned before. The brand recorded a +0.4% increase in footfall in 2025. In terms of Adjusted EBITDA, Monoprix totaled EUR 424 million in 2025, up EUR 42 million year-on-year.
This change is driven by the reduction in shrinkage, the margin gains resulting from the alliance with Aura Retail, the cost savings which partially offset the rise in store staff costs. Franprix net sales came to EUR 1.5 billion in 2025, slightly decreasing by -0.4% like-for-like, of which -1.4% in Q4. The good performance of stores converted to the Oxygène concept was offset by negative impacts from price cuts rolled out in September of 2024, and the non-renewal of a promotional operation in Q1 2025. However, footfall rose by +3.8% in 2025, of which +2.5% in Q4, as a result of commercial offer developments. Loyalty program acceleration, as Philippe mentioned, the prix francs campaign with prices cut and frozen on 30 private-label products, the development of services such as Franpclés for key duplication service, or the Nannybag luggage security service.
Adjusted EBITDA for Franprix totaled EUR 136 million in 2025, up EUR 22 million year-on-year, driven by strong cost management and lower impairment of receivables as a result of actions to streamline the store network. Casino brands net sales amounted to EUR 1.3 billion in 2025, up 0.6% like-for-like, of which 0.3% in Q4. 2025 net sales performance was positively impacted by strong momentum for seasonal stores, as well as the efficiency of the supply chain, with an improvement of service rate at 94.9%, +2.5 points versus 2024. Adjusted EBITDA amounted to EUR 29 million in 2025, down EUR 17 million year-on-year. Excluding the impact of EUR 21 million in the synergies on operating costs and EUR 12 million in logistics synergies, Adjusted EBITDA would have increased by EUR 60 million, supported by the important streamlining of the store network and cost savings.
As for Naturalia, net sales came to EUR 310 million in 2025, up +8.3% like-for-like, of which +8.4% in Q4. The brand definitely benefited from a good momentum in the organic market and the success of its La Ferme concept, plus the effectiveness of measures taken in terms of product offering and assortments. E-commerce sales also performed well in 2025 for Naturalia, with double-digit growth of website, +19.1%, while the partnership with Uber Eats on quick commerce continues to be rolled out, covering 72 stores at the end of 2025. Naturalia continues to benefit from a strong growth in footfall, up +8.2% in 2025, and a solid loyalty customer base, since 74% of its revenue is generated by loyalty card holders. Adjusted EBITDA amounted to EUR 22 million in 2025, up EUR 8 million year-on-year, driven by volume effects and cost discipline.
As for Cdiscount, the brand has enjoyed positive momentum in 2025, thanks to its relaunch strategy initiated 18 months ago. Global GMV has returned to growth in 2025, supported by marketplace GMV with +8% growth, while the direct sales GMV decreased by -1% but keeps recovering with a return to growth in Q4, +3%. The discount net sales came to EUR 1 billion in 2025, down 0.7%, of which +3.7% in Q4, confirming the sequential improvement underway since 2024. Adjusted EBITDA came to EUR 67 million in 2025, down EUR 4 million year-on-year due to higher marketing costs as part of this reinvestment plan, which was partially offset by strong commercial momentum, operational efficiency, and cost savings. By contrast, Adjusted EBITDA after lease payment increased by EUR 5 million, primarily supported by a significant decrease in lease payments resulting from the rationalization of warehouse capacities.
By working through the P&L statement, we would arrive at a consolidated net loss of EUR 402 million, including a net loss from continuing operations of -EUR 571 million and a net profit from discontinued operations of +EUR 168 million. The net loss from continuing operations was mainly impacted by EUR 64 million trading profit, resulting from an Adjusted EBITDA of EUR 655 million, but EUR 591 million of depreciation and amortization. Second, a reduction in other operating expenses, which amounted to -EUR 258 million in 2025, including EUR 87 million related to asset disposals, mainly real estate assets, -EUR 275 million asset impairment losses, including EUR 218 million in goodwill impairment, and -EUR 41 million from risks and litigations.
A negative impact of EUR 369 million from net financial expenses, including a net cost of debt of EUR 192 million, interest expenses on lease liabilities, EUR 445 million, and the financial cost of CB4X for sale discount of EUR 25 million. As regards the discontinued operations, the net profit of EUR 168 million was mainly due within the HMSM segment to favorable settlements of liabilities related to reorganization cost, termination of operational contracts, and store closures. It does reflect costs that are ultimately lower than initially estimated. In 2025, we reported a free cash flow deficit of EUR 120 million, an improvement of EUR 519 million versus 2024. This change reflects the growth in Adjusted EBITDA after lease payment for EUR 86 million, a positive impact of EUR 403 million due to change in working capital.
As you know, 2024 was marked by the financial restructuring with a return to normalized payment terms, leading to a higher level of disbursement in 2024. In 2025, we saw the implementation of the suppliers' shared service center with a new organization requiring a complete overhaul of processes. Changes in working cap were also impacted by faster inventory turnover due to seasonal effects end of 2025. Generally speaking, the basis of comparison had been adversely affected last year as well by the payment of EUR 153 million social security and tax liabilities placed under moratorium in 2023, of which EUR 142 million coming from working capital and EUR 11 million from taxes. Excluding this effect, the free cash flow before financial expenses last year would have been negative for minus EUR 486 million, and the free cash flow would then have increased by EUR 360 million positive year-on-year.
Now starting from the -EUR 120 million free cash flow of the previous slide, our net debt position has been mainly impacted by the net financial expenses, of which EUR 118 million interest paid for the restated term loan, EUR 19 million cash flows from discontinued operations and asset disposal, including a negative impact of EUR 152 million in cash related to discontinued activities, but a positive impact of EUR 170 million from real estate disposals. As a result, our net debt has increased by EUR 290 millio- EUR 1.5 billion end of 2025. On this slide, we can see our debt maturity profile. As you know, most of our debt except our main RCF matures in March next year. For operational financing, we have secured last week an extension of the maturity from our banks until the end of May 2026.
In the meantime, ongoing discussions with creditors are continuing with a view to reaching a comprehensive agreement that would, in particular, extend the maturity of the operational financing to a longer term and also revise downward the cost of debt. You can also see on the right the cost of our main debt instruments. In light of this maturity and cost of debt, last November, the group has launched a work to adapt and strengthen its financial structure, as most of you know. Now let's give you some insight on our liquidity position at the end of December last year, which ended at EUR 1 billion, including EUR 11 million of undrawn overdrafts. All the other credit lines were drawn as of December 2023.
As you can see here, the main RCF for EUR 711 million, EUR 249 million of overdraft facilities, EUR 95 million of the Monoprix Exploitation RCF, and EUR 60 million of the French state-guaranteed loan, plus EUR 36 million of Monoprix's bilateral lines of credit, and EUR 20 million of another bank available line. Just as a reminder, under the loan documentation, available cash is defined as cash and cash equivalents, excluding the float and any trapped cash. Now moving on to our financial covenants. The financial covenants under those financing agreements include EUR 100 million minimum liquidity on the last day of each month. Hence, EUR 1 billion end of December was satisfying, and the same covenants also applies to each month of the subsequent quarter.
Important for you to know that our liquidity position estimate for the end of Q1, which is tomorrow, is EUR 0.8 billion, of which EUR 0.2 billion is attributable to factoring, reverse factoring, and similar programs. The total net leverage ratio at the end of each quarter must also comply with specific thresholds. As at December 25, 2023, this ratio was 4.66, based on EUR 194 million covenant Adjusted EBITDA and EUR 900 million covenant net debt. It is below the threshold of 7.17 we were to comply with, and it doesn't take into account any pro forma restatement, as warranted by the documentation. I would add that the ceiling of this ratio is set at 7.41 for March 2026, and our EBITDA forecast for Q1 is to ensure compliance with these March tests. Let's now focus on the project to adapt and strengthen the financial structure of the group.
In order to support the execution of the strategic plan, and in light of the maturity of our various indebtedness, we have initiated work to adapt and strengthen our financial structure since last November 25. The key terms of the proposals made by either the controlling shareholder or the creditors were made public in February and March, and are detailed in the presentation available on the group website. It's important to highlight that should such a transaction to adapt and strengthen the financial structure be completed, it would result in a significant dilution for our existing shareholders. The company has last week secured an extension of the standstill agreement from the RCF, TLBs, and operating financing creditors until May 28, 2026. While the standstill granted by the Quatrim creditors is in the process of being extended from end of April to end of May.
Banks have also agreed to extend the maturity of the operational financing to the end of May 2026. As of today, unfortunately, no agreement has been reached between Casino, FRH, and the creditors regarding the adaptation and strengthening of the Casino Group financial structure, and discussions are continuing. That concludes my presentation. Thank you for your attention, and I give the floor back to Philippe for his closing remarks.
Yeah. Thank you, Angélique. I will go to a conclusion. That means, I would like to provide you with an overview of our market perspective and upcoming challenges that Casino Group will face in the coming month. First of all, I'm convinced that we are at the right place and at the right moment. Convenience retail market, as you have seen in Angélique's presentation, shows a positive trend aligned with change in the consumer habits, especially in the growing segment of quick meal solutions. There are still wide scope for expansion in our targeted zone in France. Organic specialized distribution and e-commerce penetration are still growing, offering important opportunities for the group. Many French retailers operate a move towards growing convenience retail sector, on which they do a significant investment, especially in Paris. Rivalry will increase drastically in the upcoming month, most likely leading to a territory and price war.
Moreover, traditional retailer position is exposed to risk from the aggressive expansion of non-food discounters and ultra-fast fashion e-commerce platforms such as Temu or Shein. Finally, from a macroeconomic perspective, we'll also face consumption decline that may lead to political instability in France, low consumer confidence, recent conflict in the Middle East, and the oil price increase. It's now the moment to conclude. I would say that we're in a dynamic convenience market at the right place with the right brands at the right moment. In a market increasingly competitive, where players are fighting for price leadership. 25 financial data estimates are fully in line with our Renouveau 2030 business plan, and confirm the relevance of our positioning and the successful execution of our strategic plan. We'll focus in the coming months on execution and constantly adapting our model to market evolution as well as to market revolution.
I would like to thank you for your attention, and we will now answer your questions. Thank you.
Okay. The first question is, when will the group pay the rest of the Quatrim bond, given the high interest burden? So you may have noticed that EUR 21 million were repaid last Friday to the Quatrim secured bond holders. Hence, the nominal amount of the Quatrim bond is now EUR 120 million versus what it was end of December. The gross asset value of our real estate asset presently stands above EUR 200 million at the end of last year. We are ahead of schedule, which means that thanks to this disposal program, we have reduced the coupon at 7.5% since April 2025, instead of an initial coupon of 8.5%. This bond matures on January 27, and it benefits from a one-year extension option exercisable by the company, which we will see in the future how this is extended.
We also have a question from ODDO, "What to expect on margins from Casino and Cdiscount, which were somehow below expectations going forward?" On margin, Casino and Cdiscount are not below our expectations. In the next year, we expect that Casino free cash flow should be EUR 0 in 2030, as was shared through the Renouveau 2030 plan, and it should be for Cdiscount, EUR 67 million free cash flow.
Yeah, I think the question. I will take that one. The question, it seems that somehow CapEx is below target slightly, but above all, is it enough to ignite growth in the context of increasing competition in proximity? I mean, cash flow reached EUR 252 million in 2025, slightly below our plan of EUR 263 million, which was just phasing effect we had at this time. As you recall, the renovation that I mentioned, that we are very careful in the cost per square meters, and as well as to make sure that we implement the right CapEx at the right store and at the right place. This year, we have accelerate, at Monoprix as well, all the investment, the CapEx investment we are doing in turnaround stores.
You know that every store by the end of the plan of Monoprix will be touched till 2030. Every single store will be touched on that one. If you take 2025, 2030 is more than EUR 1.7 billion that will be invested into our network. Yes, to answer your question, it is highly sufficient to fight against competition and even leading the pack.
So...
Maybe next question.
Yes. We have a question on net debt. Can you elaborate on the position as of December 2025 and real estate disposals? How much of the cash from those disposals is this level of net debt a kind of run rate, or shall we make some adjustment to have an idea of the real net debt excluding divestments? The consolidated net debt stood at EUR 1.5 billion end of December 2025, increasing by EUR 290 million as explained during the call. This variation was mainly impacted by real estate disposal for EUR 170 million, but financial expenses for -EUR 782 million, cash flows from discontinued operation for EUR 152 million, and free cash flow before financial expenses of -EUR 120 million. Net debt end of December 2025 was, yes, impacted by the real estate disposals and discontinued activities, notably as indicated.
Ongoing discussions to change the group financial structure will impact what is the level of group indebtedness and cost of debt going forward. It's a bit early to answer what is the run rate for the net debt.
Apparently, there is no more questions. We would like to thank you for the time today and for your question. We're gonna see most of you quite pretty soon. Next financial update will be end of the quarter as well. First quarter. Thank you.