Carrefour (CA) Deutsche Bank’s Depositary Receipts Virtual Investor Conference summary

Strategic overview and market presence

• Operates in eight countries, with core markets in France, Spain, and Brazil, and leads in the cash-and-carry segment in Brazil through Atacadão.

• Maintains a multi-format, omnichannel approach with 15,000 stores and a rapidly growing e-commerce segment.

• Leverages a vast customer base of 80 million households and a robust loyalty program, enabling advanced data-driven strategies.

• Pursues leadership in retail media in Europe through a joint venture with Publicis, aiming to replicate U.S. success.

• Holds strong ESG commitments, targeting food accessibility and carbon neutrality in e-commerce by 2030 and integrated stores by 2040.

Strategic plan and operational transformation

• Four-year strategic plan focuses on expanding private label share from 37% to 40% of food sales by 2026.

• Implements mutualization of purchasing and support services across Europe to drive cost savings and operational efficiency.

• Achieves approximately EUR 1 billion in annual cost savings over the past seven years.

• Expands convenience store network, the only retail format in Europe with significant growth potential.

• Franchise model conversion for hypermarkets and supermarkets reduces costs and cyclicality, enhancing earnings.

Financial performance and shareholder returns

• Consistent improvement in EBIT margin in France, targeting a midterm 3% margin.

• Retail media and private label penetration are key drivers of margin enhancement.

• E-commerce profitability is nearing breakeven, with expectations to achieve this by the end of the strategic plan.

• Maintains stable CapEx below EUR 2 billion annually, supporting steady EBITDA and net free cash flow growth.

• Shareholder compensation policy prioritizes dividends, with a minimum 5% annual increase commitment and ongoing share buybacks.