Carrefour (CA) Deutsche Bank ADR Virtual Investor Conference summary

Strategic direction and market focus

• Emphasis on the 2030 plan, prioritizing France, Spain, and Brazil, which account for 85% of turnover and 99% of recurring operating income as of 2025.

• Non-core countries (Belgium, Poland, Argentina, Romania) are open for divestment, with Italy and Romania already in the process of being sold.

• Acquisition of full control of Carrefour Brazil in May 2025 to enhance operational agility.

• Shift in reporting to focus on France, Spain, and Brazil, aligning with the new strategic priorities.

• Continued rotation and investment in real estate, with a portfolio valued at EUR 14.2 billion as of December 2025.

Operational initiatives and innovation

• Focus on operational excellence, customer satisfaction, and market share gains through assortment changes and dedicated store corners for fresh and non-food categories.

• Expansion of convenience stores in France and organic growth in Brazil, especially in the cash-and-carry format (Atacadão).

• Significant investment in digital transformation and artificial intelligence, including partnerships for smart store technology.

• AI-driven inventory management and order placement already implemented, with ongoing annual investments of several hundred million EUR in tech and data.

• Launch of new private label brands and digital initiatives, such as a native app on ChatGPT.

Financial performance and targets

• Recurring operating income in France has doubled since 2018, with EUR 8 billion net free cash flow generated over five years.

• Targeting an EBIT margin increase from 2.6% in 2025 to 3.2% by 2028 and 3.5% by 2030, with the largest upside expected in France and Brazil.

• CapEx to rise from EUR 1.8 billion in 2026 to EUR 2 billion by 2030, with 25%-30% allocated to tech and AI.

• Net free cash flow target of EUR 5 billion accumulated from 2026 to 2028, driven by EBITDA growth in core markets.

• Real estate disposals expected to contribute EUR 250 million annually to free cash flow.