Good morning, everyone. I am pleased to hold this presentation today together with Angélique, our CFO. I will start with a short introduction on where we stand in our transformation journey, followed by our key financial indicators for half-year 2026. Then I will provide you with an overview of 2026 first half business achievement per brand. Then Angélique will walk you through our detailed financial performance for the first semester 2026, and we will take your question at the end of the presentation. Let us start with a quick update, then, on the turnaround plan status and where do we stand. Casino turnaround is a long-term three-phase mission, as you know, restore, recover, and grow. We are now close to achieve the two first phases, restore and recover, and entering into the growth phase when the adaptation and the strengthening of our balance sheet structure will be behind us.
Angélique will give you more details on this a bit later on. Our strategic plan, Renouveau 2030, has been updated and extended, with the objective to generate value over the period 2026-2030. Let me first start by introducing our main H1 2026 three focus. First, brand and store investment. We have focused our action on creating, testing, launching pilots, and rolling out store concepts, as well as defining brand personality. We just inaugurated our new Monoprix brand platform beginning of July in Aix-en-Provence. This Monoprix store regroups all our Monoprix concepts cut into several modules, such as modern decoration, beauty, quick mix solution with La Cantine, et cetera. Investing in our franchise development and streamlining our store portfolio to eliminate loss-making stores with profitability as a key driver versus market share at any cost.
Continuing cost reduction, such as, for example, the preparation of our Paris region headquarters reunification in La Défense district from three headquarters to only one. Managing cost improvement and last but not least, cash management with a follow-up of our detailed CapEx program that includes IT, store remodeling, store opening, for example, and the monitoring and optimization of our remodeling costs for Oxygène, La Ferme, SPAR or Casino concepts, for example. Let me now introduce you with our H1 2026 results. I will now guide you through an overview of the key business achievement per brand. Let us start first with Monoprix. May we go to the slide? Yes.
Just so you recall, Monoprix business with around 620 Monoprix and Monop' stores by the end of H1 2026, of which 260, means 42%, are owned store and 360, 58% of the fleet, are franchised. Let me present you now the more details of Monoprix achievements. Obviously, 2026 is a crucial year for the turnaround of Monoprix. Monoprix sales reach EUR 1.95 billion in H1 2026, representing a like-for-like decrease of -1% versus last year during the H1. Food sales were significantly impacted during the Q2 2026 by the absence of agreement with several major supplier, 0.7 points impact on the Q2, and our targeted price repositioning initiative that we have started in the quarter two. Monoprix has launched a comprehensive food assortment curation during the H1 2026 with two key pillars.
Strengthening Monoprix differentiation with a redevelopment of our premium private label range, Monoprix Gourmet, the reinforcement of the fresh food offer through our marketplace concepts, and the expansion of high growth segments such as sport nutrition, high protein or functional food, for example. While initiating the rationalization of low turnover products. This food repositioning is short-term painful, obviously, but long-term saving and we have to do it. What have been done in 2024, 2025 for all the other brands is happening this year for Monoprix. The turnaround we are operating is crucial because it implies a cultural transformation, a structural transformation, and a commercial transformation. Meanwhile, the Monoprix adjusted EBITDA reached EUR 207 million, representing a growth of 11% versus PY. What are the main Monoprix H1 achievement?
First, we have launched a new Monoprix brand platform, inaugurated in the beginning of July 2026, and this store, obviously, will be the base for our future remodelings. Second, we have continued the rollout of our new concept, La Cantine, in the seven additional stores during H1 2026. By the end of the semester, 20 stores are now rolled out with La Cantine concept, posting very encouraging double-digit growth. Regarding the food category, Monoprix was focusing on developing fresh category. Rollout of 22 stores with new food and drink module, opening additional of four Asian and Mediterranean food composition, and the development of north of 80 private label SKUs. As already shared, the team initiated an assortment curation to strengthen Monoprix singularity and personality, and more to come in the second half of the year.
Fourth, as far as non-food is concerned, Monoprix sustained growth in the beauty and fashion category. By rolling out the new beauty concept in 14 additional stores. At the end of H1, 29 stores are now rolled out in our fleet. By developing a brand new collection supported by three new designer partnerships in H1 2026 in home decoration, as well as fashion categories. We have also worked out to continue our digitalization to position Monoprix as a omnichannel brand. To name a few, we developed quick commerce solutions with Uber Eats and Deliveroo, covering today 96% of our store network. Fashion online shopping net sales has gone up by 19% versus PY. In parallel, we kept on working retail fundamental by reducing shrinkage. That's paying off a lot.
Regarding the Monoprix and Monop' store network management, eight new stores were opened over the period, while 11 underperforming ones were closed. Six owned stores were converted to franchise. Now, let's switch to Franprix. Just for recall, Franprix business unit belongs to 1,002 stores by the end of June 2026, of which 291 are owned stores and 711 are franchise. Now, let me show you in one slide achievement of the first semester. Franprix sales reach EUR 0.76 billion sales in H1 2026, representing a positive like-for-like growth of 0.8%, with an adjusted EBITDA growth by circa 19% versus PY. The execution of the Renouveau strategic plan includes several important achievements. First, the rollout of our performing Oxygène concept in 63 additional stores, summing up now to 170 stores by the end of June 2026.
As far as our quick meal solutions is concerned, we continue to proceed with important space reallocation for snacking. We also launched our customer focus commercial initiative, the duality program called BiBi+, with circa 45,000 additional subscribers during the semester. A new price repositioning for the top 160 SKUs, and we have launched new promotional campaign up to -80% discount for ice cream, beer, or sun care, for example. I forgot also to mention that quick commerce overall solution, like Uber Eats, Deliveroo, covering today + 49 additional stores with the network. We have worked out an important topic as well, which is our warehouse purchase loyalty rates. We have organized specific supplier events for franchising, and as well as specific presentation for the fruit and vegetable lists we have with a specific exhibition with our franchisee.
Finally, we have signed a new deal with co-distribution on master franchising with the Zouari family. That means, as you know already, Franprix will acquire 100% of Pro Distribution's capital and will operate circa 90 stores. A new entity will be created dedicated to the Franprix store network development owned 50% by the Zouari family and 40% by Franprix. This entity will operate circa 30 Franprix stores. Last but not least, in terms of store network management, we maintain a disciplined approach with 21 new store openings, 18 store exits, and three owned stores converted to franchise. Let's switch to Casino, SPAR, and Vival brands. For your recall, Casino, SPAR, and Vival business unit in France represents 4,508 selling points at the end of June 2026, of which 191, 4%, are owned stores. The rest of the fleet are franchise.
Now, let me show you in one slide the achievements of the first half of the year. Over three brands, sales reached EUR 0.62 billion in H1 2026, posting a positive like-for-like growth of 3.5%, with an adjusted EBITDA decreased by EUR 3 million versus PY, mainly driven by the oil price increase due to recent conflict in the Middle East. You must know that 60% of our logistic costs at Casino, SPAR, and Vival, is transportation with diesel trucks. That is not the case for Franprix, Monoprix, and Naturalia, where 25% of the logistic cost is transportation with a fleet using gas or biofuel. The execution of the Renouveau strategic plan includes several important achievements. We have continued to roll out two new store concepts. 11 additional stores were rolled out during the H1 2026 with a new SPAR Origines concept.
At the end of the semester, 15 stores are being rolled out, and four stores are now rolled out with a new Casino concept. We have also launched several customer-focused commercial initiatives. We continue to roll out our Coup de Pouce loyalty program, where we won circa 70,000 new subscribers in the first half of the year. We have initiated as well a new price repositioning of the top key 50 SKUs. In parallel, the team continued to transform Casino, SPAR, and Vival singularity and personality, thanks to the introduction of the new assortment. In private label, for example, 30 new SPAR private label sourced internationally were added to the assortment or 30 seafood fresh counter were implemented as well into the network of brands. Casino, SPAR, and Vival team were focused on delivering the best logistic service rate, especially during the seasonal peaks.
The logistics service rate reached 96% during the H1 period, which is a high level in the standard in France. We launched a new functionality of Casino Pro, which is our digital tool in anticipating volume commitments for our franchisee, well appreciated by our clients. Finally, we have signed the renewal of our partnership with SPAR International until 2039. That demonstrates trust in our business model. In terms of store network management, we opened 82 new selling points, and 223 selling points were evicted from our network. Additionally, 21 own stores were converted to franchise. Let's now continue with Naturalia brand. For your record, Naturalia business runs 212 stores at the end of June 26, of which 151 stores, 71%, are own stores . 61 stores, means 39%, are franchise. Let's now show you in one slide achievement of the first half of the year.
Naturalia sales reached EUR 166 million, representing a positive like-for-like growth of +5.7%, and an adjusted EBITDA increased by circa 10% versus PY. Main Naturalia achievements, I'm going to present to you now. First, the rollout of our performing La Ferme concept in 16 additional stores during the first half of the year, means that by the end of June, we have now 52 stores already rollout. Naturalia continued rollout of its new organic quick meal solution concept. 22 additional stores were made during the first half of the year, and end of June, we are reaching 57 stores. Naturalia team also worked out to continue Naturalia digitalization by adding 15 new stores with our partner, Uber Eats and Deliveroo, covering now 60% of the store fleet.
We also launched several customer focus commercial initiatives, [our] price repositioning, 85 additional SKUs are now included in this perimeter of the initiative Prix Bas, and this initiative now reach 265 SKUs. A promotional high low activity, more than 300 SKUs per month are regularly launched. The focus of Naturalia brand level progress is pack rebranding and in terms of store network management, one underperforming store was closed, and one new store was opened during the period. Now, let's go on the Cdiscount perimeter. Cdiscount GMV reached EUR 1.3 billion in H1 26, posting a +5.7% growth versus PY, EUR 0.45 billion of net sales, and an adjusted EBITDA of EUR 29 million. Starting with our solid B2C performance, we saw sustained key momentum with our GMV increasing by 12.5% in H1 26. Our marketplace business grew, representing now 71% of our total GMV, a 3 percentage points increase versus H1 2025.
Furthermore, our delivery business is experiencing strong growth, with net sales up to 18% compared to last year. We continue to expand our customer base, acquiring +1 million new customers in H1 2026, and reaching a repeat purchase rate of 37%. Moving on to our B2B activities. We've been significantly progressing in enhancing the experience of our sellers, resulting in a noticeable 17% reduction in support tickets. Our NPS with sellers has grown by 4.5 points versus PY. Finally, we are leveraging GenAI in Cdiscount operation to personalize customer purchasing experience, optimizing acquisition costs, and obviously accelerate IT development. Now, let me share with you the group initiatives, starting with our store network portfolio streamlining. Key topic for us, as you know, we continue streamlining our store network portfolio to eliminate loss-making stores and coordinate selective expansion with profitability as a key driver.
From January to end of June 2026, 254 stores left our network. During the same period of time, we have also opened 112 new stores, and we converted 41 own stores to franchise. In parallel, we continue to strengthen our franchisee relationship, ensuring a very high level logistic rates with a high focus during seasonal peaks, continuously organizing annual franchisee event, sharing a newsletter, and trusting the performance with the B2B Net Promoter Score. As far as cost reduction and synergy is concerned, we have put a lot of effort in efficiency improvement, cost reduction and CapEx monitoring. In the first half of 2026, we successfully finalized the rollout of our seven group shared service center covering key functions such as IT, accounting, payroll and others. We started the Paris region headquarters reunification planned for November 2026 from three HQ to one Parisian site in La Defense district.
We are continuously managing our CapEx with a detailed calendarization and reduction of our concept remodeling cost of square meters. In parallel, we continue to work on our assortments, including national brand assortment overlapping between Monoprix, Franprix, and Casino Proximités. As of today, 63.2% of sales are with a common assortment. Rationalizing and massifying private label volume, integrating continuously product innovation. Close to 600 SKUs were included in our assortment during the H1 2026. Redeveloping our premium product label range, Monoprix Gourmet, to strengthen Monoprix singularity and personality. 50 SKUs will be launched in November 2026. Let me hand over to Angélique.
Thank you very much, Philippe, and good morning, everyone. Let me first provide the context and financial framework, which is behind these key financial data estimates for our first half of 2026. As produced in December 2025, this publication is intended to provide the market with preliminary financial information, which remains subject, here again, to the formal approval of the half-year financial statements. As such, this information does not stem from a full set of financial statements since it has not been approved by the Board of Directors, and the limited review work by the statutory auditors is underway. However, this financial data has been prepared on similar basis to that used for preparation of the consolidated financial statements in accordance with the IFRS reference framework.
These data are based on the information known by the group as at the date of this presentation, and then reviewed by the Board of Directors at its meeting held yesterday. They remain subject to potential adjustment in connection with the approval of the financial statements and the completion of the procedures of the audit of the December 2025, and for the limited review of the interim financial statements as of June 2026. The approval of the financial statements on the basis of the going concern assumption remains subject to the successful outcome of our financial reposition. Here is the summary of our half-year financial data estimates.
As you can see, the trend is rather positive, with first, the net sales like-for-like growth over the half-year period at 0.4%, which is driven by the confirmation of the positive impact of the store concepts on our performance, and the strong contribution of fresh products, plus the development of the quick meal solutions offering, as well as the continuation of the outperformance of the fashion and home segment at Monoprix. Second, there is a significant improvement in profitability with +14% growth in our adjusted EBITDA, driven by the measures to streamline the store network, the shrinkage reduction, and our cost discipline together with the benefits of purchasing massification under alliances. Our consolidated net loss group share came out at EUR -205 million , mainly due to net financial expenses in continuing operations and other operating expenses. Free cash flow before financial expenses remains negative at EUR 30 million.
It however improved by EUR 23 million versus H1 2025, mainly derived from the growth in our operating cash flow. Let me now indicate here that our H1 2025 consolidated net loss group share and free cash flow before financial expenses had to be restated with regard to the 20% indirect stake we hold in GPA, our Brazilian retail group. As a reminder, following the loss of control in GPA in March 2024, the Casino indirect stake in GPA retained by the group was classified as assets held for sale in accordance with IFRS 5. As of December 2025, given the ongoing litigation and uncertainties affecting the possibility of transferring our shares, the group concluded that the criteria for held for sale classification were no longer met. As a consequence, historical information had to be restated, and more details are available in the press release we issued this morning.
Let's return to the key financial data estimates for the first half. Our net debt stood at EUR 1.7 billion. That's EUR 197 million compared to December position, still impacted by cash outflows from discontinued operations. The group liquidity position was EUR 713 million at the end of June, of which EUR 701 million of available cash at the group cash flow level after mobilization of most of the credit lines, o ther than factoring, reverse factoring and similar programs. There were also EUR 12 million of undrawn overdrafts as of that date. It includes our operational financing, for which the group has obtained from its creditors an extension of the maturity until the 24th of September of this year, when the RCF and the RCF at the level of Monoprix Exploitation maturity dates have been postponed to September the 29th this year. Moving to the market environment.
According to Circana data, FMCG category value sales across all channels are up +2.1% in H1 2026. The positive performance of volumes in H1, for +1%, is combined with a positive inflation of +0.9% in our inflationary environment. Both are driving the revenue growth. In this context, the convenience store segment continues to outperform other store formats in H1, in both value +7.5% and volumes +5.9%. Moving to our net sales performance for the first half. Our net sales total EUR 4 billion, up 0.4% on a like-for-like basis, as we said. You must split it into a positive growth for our convenience brand, up 0.5% like-for-like, in which you find Casino, SPAR, and Vival at +3.5% this six months. Franprix with +0.8%, where Naturalia increased by +5.7%, but Monoprix declined by 1%.
On Cdiscount side, the GMV was at +5.7%, led by the marketplace performance, which arose +12.5%. On net sales, they declined by 0.6% over the first semester but were positive on Q2, up 0.2%. Monoprix with EUR 2 billion net sales over the half semester, they are here, sorry, was down 1%, as we said, of which -1.5% in Q2. The non-food sales, representing about 1/3 of net sales, were up 0.4% and once again supported the trend driven by fashion and home, which is outperforming its market. The food sales, 70% of net sales, were down 1.6%, reflecting, as Philippe mentioned, the temporary supply disruption due to the absence of agreement with certain major suppliers and some targeted price cuts. However, La Cantine roll-out continued with seven additional stores converted over the six months, showing an accretive impact on net sales of the shops.
In line with Renouveau 2030 strategic plan, Monoprix has embarked on a major transformation during the first half of the year. The brand, on its six months, recorded a -0.4% decrease in footfall. In terms of adjusted EBITDA, Monoprix reported EUR 207 million in H1, up EUR 20 million year-on-year, the change being driven by the reduction in shrinkage and cost savings. Franprix net sales came to EUR 755 million in H1, up 0.8% like-for-like. Same on Q2. The good performance of stores converted to the Oxygène concept were there for +4.8%, as well as the solid contribution from owned stores, with a contribution for +2.1%, and the warehouse sales to independent franchises, with a growth by 8.8%. All this is being slightly offset by the decline in performance of our consolidated master franchises, decreasing by 1.2%.
The footfall at Franprix rose by 2.6% in H1 as a result of commercial offering developments. There was this new bibi! loyalty program with 45,000 additional subscribers during the semester. There was also the new price repositioning on top 150 SKUs. Finally, the development of the quick commerce solutions with both Uber Eats and Deliveroo, covering today 49 additional stores within the network. Franprix adjusted EBITDA totaled EUR 72 million in H1, up to EUR 11 million year-on-year, driven by its activity performance and the margin improvement plus cost savings. Casino net sales were growing by 3.5% like-for-like, reaching EUR 619 million in H1. The net sales performance was positively impacted by the efficiency of the supply chain, improving the service rate at 95.4%.
There was also the strong performance in fresh products, +8.2% over the first semester, and the rollout of new concept in H1 with the accretive effect on the net sales. Adjusted EBITDA amounted to EUR 11 million in H1 2026, down EUR 3 million year-on-year. The effect of the store network streamlining was not enough to offset the impact of fuel inflation on the logistic costs. Naturalia net sales came to EUR 166 million, a growth by +5.7% like-for-like. The brand benefited from the positive momentum of the fresh products, each fresh product, +8%, as well as the continued success of the new concept, La Ferme, plus the quick meal solution offering. The e-commerce sales also performed well in H1 with double-digit growth of the website, +26.7%, while the partnership with Uber Eats on the quick commerce continues to be rolled out, covering 120 stores end of June.
Naturalia continues to benefit from a very strong footfall, the latter growing by +3.5% in H1. Its adjusted EBITDA came to EUR 14 million in H1, up EUR 1 million year-on-year, driven by the volume effect and the cost decision. As for Cdiscount, the brand has enjoyed positive momentum in H1, thanks to its relaunch strategy initiative over the past few years. Global GMV increased significantly, +5.7%, driven by the strong marketplace performance, GMV growing by 12.5%. Direct sales declined by 3.5%, reflecting a challenging comparison base since Q2 2025 had benefited from the launch of the Nintendo Switch 2. Cdiscount net sales came to EUR 454 million in 2026, down 0.6%, of which +0.2% growth in Q2.
Its adjusted EBITDA came to EUR 29 million in H1, a growth by EUR 2 million year-on-year, supported by the strong growth in site contribution margin driven by the marketplace outperformance, and also Cdiscount advertising margin expansion, as well as the structural cost discipline and marketing cost rationalization. I remind you that such growth was achieved despite an unfavorable Q1 base effect. By working through the P&L statement, we arrive at a consolidated net loss of EUR 205 million, including a net loss from continuing operations of EUR 212 million, but a net profit from discontinued operation of EUR 7 million. As regard the continuing operation, the net loss was impacted by EUR 49 million trading profit, positive trading profit, resulting from an adjusted EBITDA of EUR 326 million, but EUR 277 million of depreciation and amortization.
There was an increase in other operating expenses, which amounted to EUR -83 million, including EUR 54 million mainly related to financial and organizational restructuring costs, and EUR 31 million asset impairment losses, of which EUR 20 million for Franprix goodwill. Finally, there was a negative impact of EUR 176 million from net financial expenses, including the net cost of debt of EUR 94 million, interest expenses on our lease liabilities for EUR 68 million, and the financial cost of CB4X at Cdiscount for EUR 14 million. In H1 2026, we reported a free cash flow deficit of EUR 30 million, an improvement of +EUR 23 million versus H1 2025. This change reflects the growth in our adjusted EBITDA after lease payment for EUR 54 million, but the negative impact of EUR 22 million of change in working capital. Generally speaking, the basis of comparison had been adversely affected versus H1 2025. Back to some background in that respect.
As you know, H1 2024, two years ago, had been marked by the financial restructuring with a return to normalized payment terms, leading to a higher level of disbursement in H1 2024. When moving to H1 2025, this period saw the implementation of the supplier's shared services center, with a new organization requiring a complete overhaul of our processes and also a strong activity in June 2025, both leading to an increase in outstanding amounts at the end of June 2025. The consequence of this background is that the positive change recorded in H1 2025 did not recur in H1 2026. Moving to the net debt.
If I start from the EUR -30 million free cash flow of our previous slide, our net debt position is also impacted by the net financial expenses of EUR 102 million versus EUR 83 million last year, of which EUR 63 million interest paid to our reinstated Term L oan B. There were also the EUR -45 million cash flows from the discontinued operations and asset disposal, of which EUR 67 million cash out related to the discontinued activities, but EUR +22 million cash in from the real estate disposals. We must also deduct EUR 21 million related to litigations prior to 2024, the period of the change of control, and EUR 11 million financial restructuring costs as part of our restructuring project launched in November last year. As a result of all this, our net debt increased by EUR 197 million to EUR 1.7 billion end of June.
Moving to our financial covenants. The financial covenants under our financing agreements include this EUR 100 million minimum liquidity on the last day of each month. End of June, the liquidity position was EUR 0.7 billion. The same covenant applies to each month of the subsequent quarter. Our liquidity estimate since stands at EUR 0.5 billion end of Q3 2026, of which EUR 0.3 billion is attributable to factoring, reverse factoring, and similar programs. Last is our total net leverage ratio at the end of each quarter, which must be below a specific threshold. End of June, the ratio was 6.47x, based on a EUR 242 million covenant-adjusted EBITDA and EUR 1.563 billion covenant net debt. This is below the threshold of 6.88x, hence we are compliant. Such calculation does not take into account any pro forma restatements as guaranteed by the documentation.
I would add that this covenant ratio has been calculated based on those estimated financial data end of June 2026. As the consolidated financial statements for both the year ending December 2025 and those six months ending June 2026 have not yet been approved by the Board. Such ratio could then subject to a change, depending on the adjustment that could be made on this set of data as part of the approval of the financial statement process. Finally, based on the current debt structure, including the drawdowns made at the beginning of the restructuring process back to November last year, and based on the financial projections available as of today, the group expects the leverage ratio end of September 2026 to exceed the maximum threshold of 6.11x set out in the financial covenant schedule currently under effect.
In such circumstances, the group would seek a waiver from its lenders not to use the event of default resulting from a breach of the financial leverage ratio as any means of action, again, under the relevant financing documentation. Let's now focus on the project to adapt and strengthen the financial structure. Here you have the status update of this project, which started back to November. The key terms of the proposals made by either the controlling shareholder, FRH, or the creditors, were made public in February, March, and July, and are detailed in the presentations all available on our 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 existing shareholders.
Further to the receipt on July 6 from our Term Loan B creditor and our reference shareholder of binding financial restructuring proposals, the group announced on July 10 that upon the recommendation of the ad hoc committee, the Board of Directors, in the absence of a consensus agreement, decided to elect the shareholder's proposal as the one that best serves the Casino Group corporate interest, subject to, however, improving the terms of the TLB creditor security package by allowing them to benefit from the bank security package. Also, to get the waiver of the competition precedent requiring the approval of a two-third majority of the TLB creditors for amending the safeguard plan. On July 21st, the credit committees of all of our bank's creditors have given their agreement in principle to the group's request, and the Board of Directors could approve the terms of this agreement.
The group recalls that the RCF operational financing and cross-default consent are now valid until September 24. Furthermore, we indicate that we have obtained from our creditors an extension of the maturity of our operational financing at the same date, excluding the RCF and the RCF Monoprix Exploitation, since I said that their maturity is now postponed to September 29th. The group now intends, on the basis of the FRH proposal dated June 13th, to launch the procedure for amending the safeguard plan and the signing of the conciliation protocol with a view to implementing operations to adapt and strengthen this financial structure by the end of the second half of 2026. That concludes my presentation. I let Philippe conclude.
Thank you, Angélique, for your details of the presentation. To conclude, and before answering your questions, I would say that we're in a dynamic convenience market, and we are at the right place with the right brands and at the right moment. We are posting like-for-like positive sales growth for Casino, SPAR, Vival, Franprix, and Naturalia after an important turnaround of this brand in 2024 and 2025. We are in 2026 operating this crucial turnaround for Monoprix. This turnaround, as I told you, is a short-term painful, but a long-term saving. By the way, H1 2026 is in line with our Renouveau 2030 plan and confirms the relevance of our positioning and the successful execution of our strategic plan. We have doubled our EBITDA after lease payments at the end of H1 2026 compared to 2025, from EUR 55 million in 2025 to EUR 109 million in 2026.
We will focus during the coming month on execution, as always, and constantly adapting our model to the market evolution. In 2026, Casino mission is to achieve break even on free cash flow before financial expenses already mentioned previously. I would like to thank you for your attention. We will now answer your questions.
This operator, the Q&A session is going to start in a few minutes. Thank you.
Thank you for waiting. We have one question from [Jean-Michel] at ODDO. Two questions, actually. First, how do you assess the risk of a longer than expected negotiation between shareholders and creditors on your operational performance? I would say that the restructuring decisions taken early July now allow us to move forward according to a well-defined timeline. From the outset, we've kept our teams, as well as our commercial and financial partners, fully informed of the situation so that we try to maintain our operational performance on track, ensuring the successful execution of our strategic plan. We have a second question, which is, are you able to invest as much as you want because of the current situation?
Yes, we continue to honor our investment commitments in line with the plan, allocating capital based on expected returns on investments, but also on the returns that we already demonstrated by the projects completed to date. Another question?
Yeah, we have a question. What are your relationship with your key supplier during Q2 in this inflationary environment? Does the recent resurgence of tension in the Middle East in July increase the risk of contractual renegotiation in the short term? Well, our key suppliers are managed by Everest, which is an international purchasing alliance, while Aura, which is a national purchasing alliance, is responsible for the national brands here in France. We experienced some pressure in the segment of bottled water, and the home and personal care category, due to the higher plastic cost, which is one point. We also received requests relating to aluminum. Although aluminum price is already declined there in July, but still there is a tension in price on that aspect as well.
If pressure on cost persist like this, there could be the application of automatic price adjustment clause we have in some of our contracts, and as well on a case-by-case basis to contractual negotiation. But one thing is sure, we'll not accept any price increase without hiking.
Another question is referring to the TLB, who stated on July 23rd that they were refusing to extend their consent and were preparing an application for the termination of the company's safeguard plan. What are the consequences of this decision for the next step? Since the request for termination of the plan relates solely to a purely technical default, which is linked to having entered into discussions with our creditors, we do not anticipate that such a default could justify the termination of the plan. In the interim, anyway, we intend to pursue the modification of our accelerated safeguard plan in accordance with the timeline we have streamlined. This was the last question. Thank you for attending, and available through the IR team if any further question. Thank you very much.
Yes. Thank you. Bye-bye. Thank you.
Bye-bye.