Casino Guichard-Perrachon (CO) investor relations material

Executive summary

• Net sales for 2025 reached €8.3bn, up 0.5% like-for-like, with adjusted EBITDA rising 13.7% to €655m and margin improving to 7.9%.

• Trading profit turned positive at €64m, up €113m from 2024.

• Free cash flow before financial expenses improved by €519m to -€120m, reflecting operational discipline.

• The Renouveau 2030 strategic plan was updated and extended, focusing on brand differentiation, centralized resources, and franchise expansion.

• The group continued to streamline its store portfolio, invest in store concepts, and strengthen franchisee relationships, with 85% of stores now franchised.

Financial highlights

• Adjusted EBITDA after lease payments increased 77% to €198m, with margin up to 2.4%.

• Consolidated net loss, group share, was -€402m, mainly due to asset impairments and financial expenses.

• Net debt rose to €1.5bn, up €290m from December 2024, mainly due to financial expenses and discontinued operations.

• Group liquidity position was €1bn at year-end 2025, with all minimum liquidity covenants met.

• Free cash flow before financial expenses was -€120m, a €519m improvement year-over-year.

Outlook and guidance

• The group aims to reach an agreement with creditors and its main shareholder by end of June 2026.

• CapEx for 2025 was €252m, slightly below plan due to phasing; over €1.7bn is planned through 2030 for store investments.

• Renouveau 2030 plan targets GMV of €15.8bn, adjusted EBITDA after lease payments of €644m, and leverage ratio below 1.7x by 2029.

• Free cash flow before financial expenses targeted at €286m by 2030; Cdiscount is expected to deliver €67m free cash flow.

• Additional savings of over €150m expected for 2029-2030.