Carrefour (CA) Q2 2025 earnings summary

Executive summary

• Q2 2025 sales accelerated to +4.4% like-for-like, with strong trends in France, Spain, and Brazil, and H1 2025 sales reaching €46,559m (+3.7% LFL), driven by improved consumption in Europe and LatAm despite FX headwinds.

• Recurring operating income (ROI) was €681m, down from €743m in H1 2024, mainly due to Cora & Match integration and currency effects; EBITDA rose 1.1% to €1,936m.

• Net result swung to a €401m loss, mainly due to €529m in non-recurring charges, including a €460m impairment in Italy.

• Strategic moves included full acquisition of Brazil, sale of 7% stake in Carmila, launch of Concordis buying alliance, and exclusive negotiations to divest Italian operations.

• 400 new proximity stores opened in Europe in H1, with ongoing store conversions and integration of Cora and Match progressing.

Financial highlights

• H1 2025 group like-for-like sales up 3.7%, with Q2 accelerating to 4.4%; total Q2 sales reached €23.9bn, and H1 gross sales at €46,559m.

• EBITDA up 1.1% to €1,936m; recurring operating income at €681m (1.6% of sales), down from €743m (1.8%) last year.

• Net income group share at -€401m, impacted by non-recurring charges; adjusted net income at €210m (vs €313m in H1 2024); adjusted EPS at €0.32 (down 30% y/y).

• Net free cash flow at -€2,091m, reflecting Cora & Match consolidation and lower real estate divestment.

• Net financial debt at €6,989m as of June 30, 2025, up due to acquisitions and dividend payments.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: slight growth in EBITDA, recurring operating income, and net free cash flow.

• H2 2025 expected to see improvement in net free cash flow, with Cora and Match no longer weighing on profits.

• 2026 targets include €10bn e-commerce GMV, >€1.7bn net free cash flow, and >5% annual dividend growth.

• Cost savings plan of €1.2bn for 2025 confirmed, with €610m already achieved in H1.