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Casino Guichard-Perrachon (CO) investor relations material
Casino Guichard-Perrachon H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 2026 results align with the Renouveau business plan, showing operational and financial progress, with net sales at €3,967m (+0.4% LFL, -2.7% total) and transformation focused on restructuring, cost control, and franchise development.
Adjusted EBITDA rose 13.9% to €326m, with margin up 119 bps to 8.2%, reflecting cost savings and improved store performance.
Trading profit turned positive at €49m (vs. -€11m in H1 2025), and net loss narrowed to -€205m from -€225m.
Free cash flow before financial expenses improved by €23m to -€30m.
Financial restructuring and transformation plan (Renouveau 2030) are ongoing, with creditor consents extended to September 2026.
Financial highlights
Net sales: €3,967m in H1 2026 (+0.4% LFL, -2.7% total); Q2 net sales €2,021m (+0.4% LFL).
Adjusted EBITDA: €326m (+13.9%); after lease payments: €109m (+97%).
Trading profit: €49m (vs. -€11m in H1 2025).
Net loss (Group share): -€205m (improved by 8.9%).
Free cash flow before financial expenses: -€30m (vs. -€53m in H1 2025).
Liquidity at €713m; net debt at €1.7bn (up €197m from Dec 2025).
Outlook and guidance
Targeting break-even free cash flow before financial expenses for full-year 2026, excluding non-recurring litigation.
Continued execution of Renouveau 2030 plan, focusing on financial structure adaptation and operational efficiency.
Financial restructuring expected to be completed by end of 2026; approval of 2025 financials contingent on successful restructuring.
Projected minimum liquidity of €0.5bn in Q3 2026.
- All 42 AGM resolutions passed as the group pivots to convenience retail after deep restructuring.CO
AGM 20249 Jul 2026 - Adjusted EBITDA up 10.4% and sales stable, amid ongoing restructuring and legal actions.CO
Q1 2026 TU29 Apr 2026 - Adjusted EBITDA rose 13.7% to €655m as trading profit turned positive, but net loss widened.CO
H2 202525 Apr 2026 - 2025 saw modest LFL sales growth, strong Naturalia gains, and Cdiscount's Q4 rebound.CO
H2 2025 TU26 Feb 2026 - All resolutions passed as the group pivots to convenience retail and implements Renewal 2028.CO
AGM 20253 Feb 2026 - Debt cut by €5.1bn as restructuring advanced and a new value plan is due post-Q3.CO
H1 20242 Feb 2026 - Renouveau 2028 targets €15bn GMV, €500m EBITDA, €600m savings, and break-even cash flow by 2026.CO
Strategy Update14 Jan 2026 - Adjusted EBITDA up 13% to €456m, with net sales and liquidity both rising.CO
Q3 2025 TU16 Dec 2025 - Renouveau 2030 drives growth and efficiency but hinges on major refinancing and equity injection.CO
Investor Presentation25 Nov 2025
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