Carrefour S.a Stock Earnings Reports

Key points for investors: Carrefour delivered a solid 2025 with strategic portfolio reshaping (full control of Carrefour Brazil, sale of Carrefour Italy, exclusivity on Romania). Operationally, France performed strongly (market share up to 22%, core recurring operating margin reached the 3% milestone) driven by price investments, private label and convenience expansion (456 new stores). Cora & Match integration weighed on 2025 recurring operating income by about EUR 120m (including EUR 95m nonrecurring integration costs) but management says integration is complete and customer metrics (tickets, NPS, market share) are improving; synergies target remains EUR 130m by 2027. Spain was a growth and margin driver (food sales +2.3%, margin 4.2%, recurring operating income +13.5%). Brazil faced a tough macro (high rates, negative volumes) but showed sequential improvement in Q4 and management expects the trough may be behind them. Cost savings progressed as planned (EUR 1.1bn annual savings excl. Italy). Group EBITDA was roughly stable; adjusted net income group share was EUR 1.09bn and adjusted EPS EUR 1.60. Net free cash flow was EUR 1.565bn excluding Italy; total net debt ~EUR 4bn at end-2025. CapEx was reduced (EUR 1.523bn) with selective reinvestment in France and logistics. Capital allocation: ordinary dividend proposed EUR 0.97/share (+~5%), and subject to Romania sale a EUR 150m special dividend (~EUR 0.21/share) — total potential cash dividend ~EUR 1.18/share (~8.3% yield on 12/31/25 price). Management expressed confidence in 2026 underlying market trends and their ability to capture momentum, and reiterated a net free cash flow ambition of around EUR 1.7bn for 2026.