Carrefour (CA) Q4 2025 earnings summary

Executive summary

• Achieved net sales of €82.1bn in FY 2025, up 2.8% like-for-like, with stable EBITDA at €4,506m and recurring operating income (ROI) of €2,158m, down 0.9% at constant FX, driven by strong commercial momentum in France and Spain despite challenges in Brazil and currency headwinds.

• Major milestones included the integration of Cora & Match in France, launch of new buying alliances, buyout of minorities in Brazil, and disposal of Italian and Romanian operations.

• Transformation initiatives included price investments, private label expansion, e-commerce growth, and franchise model growth.

• Achieved a 113% CSR and Food Transition Index, surpassing sustainability and social responsibility targets; 87 top suppliers aligned with 1.5°C climate trajectory.

• Ordinary dividend proposed at €0.97/share (+5.4% YoY), with a special dividend of €0.21/share contingent on the Romania sale.

Financial highlights

• Group sales (pre-IAS 29) reached €91,484m, up 2.8% LFL and 4.8% at constant FX; net sales were €82,102m.

• EBITDA was €4,506m, broadly stable (+3.4% at constant FX).

• Recurring operating income: €2,158m (2.6% of net sales), penalized by -€102m Forex and -€120m Cora/Match integration.

• Adjusted net income, Group share: €1,090m; adjusted EPS: €1.60.

• Net free cash flow: €1,565m (excluding Italy); net financial debt at €3,965m at year-end.

Outlook and guidance

• Confident outlook for 2026, supported by positive market trends in France and Spain, improved macro in Brazil, and completed Cora/Match integration; €130m in synergies confirmed for 2027.

• Free cash flow target of €1.7bn for 2026 reaffirmed; no further integration costs anticipated.

• Sale of Carrefour Romania expected to close in H2 2026, with proceeds partly used for a special dividend.