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Carrefour (CA) investor relations material
Carrefour Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Q2 2025 sales accelerated to +4.4% like-for-like, with improved trends in France, Spain, and Brazil, and H1 2025 sales reached €46,559m (+3.7% LFL).
Recurring operating income was €681m (1.6% of sales), down from €743m last year, mainly due to Cora/Match integration costs and FX impacts.
Net result swung to a €401m loss, mainly due to €529m in non-recurring charges, including asset impairments in Italy and Poland.
Strategic initiatives included full acquisition of Brazil, sale of 7% Carmila stake, launch of Concordis alliance, and agreement to sell Italian operations.
Full-year 2025 financial targets confirmed, expecting slight growth in EBITDA, ROI, and net free cash flow.
Financial highlights
H1 2025 EBITDA: €1,936m (+1.1% y/y); recurring operating income: €681m (-8.4% y/y); net loss: €401m.
Net free cash flow: -€2,091m, reflecting Cora/Match consolidation and lower real estate divestment.
Gross margin improved to 19.6% of net sales (+18bps y/y); recurring operating margin at 1.6% (1.9% excl. Cora/Match).
Net debt at €6,989m as of June 30, 2025, up due to acquisitions and dividend payments.
Adjusted EPS at €0.32, down 30% year-over-year.
Outlook and guidance
Full-year 2025 guidance reaffirmed: slight growth in EBITDA, ROI, and net free cash flow.
H2 2025 expected to see stronger net free cash flow, with Cora/Match no longer a drag and higher real estate disposals.
2026 targets: €10bn e-commerce GMV, >€1.7bn net free cash flow, >5% annual dividend growth, and €1.24bn cost savings.
Cost savings target of €1.2bn for 2025 confirmed, with €610m already achieved in H1.
Full impact of Brazil debt refinancing expected from 2026, with partial benefit in 2025.
Quantify Brazil debt refinancing impact.
Detail Cora & Match synergy realization timeline.
What is the expected financial benefit of Concordis?
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Q3 202522 Oct, 2025
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Frequently asked questions
Carrefour SA operates retail stores in various formats and channels. The company’s network of distribution centers supports its retail operations directly or indirectly. It operates under several brands, including Hyper U, E.Leclerc, Carrefour Express and Geant Casino. Carrefour SA was founded in 1959 and is based in Massy, France.
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