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, and strong commercial momentum in France and Spain.

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

• Major milestones included the integration of Cora & Match, full control of Brazil, disposal of Italy, and exclusivity agreement for Romania.

• Delivered on social and environmental commitments, achieving a CSR Index score of 113%.

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

Financial highlights

• Q4 total sales: €24.3bn; FY net sales: €82.1bn, up 2.8% LFL; EBITDA €4,506m; recurring operating income €2,158m (2.6% of net sales), penalized by -€102m FX and -€120m Cora/Match integration.

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

• Net free cash flow: €1,565m (excluding Italy); CapEx reduced to €1,523m.

• Net debt at year-end: €3,965m.

• Gross margin: 19.5% of net sales (down 22bps); SG&A/Distribution costs: 14.4% of sales (improved by 16bps).

Outlook and guidance

• Confident in 2026 due to positive market trends, improved business dynamics, and technical tailwinds; France and Spain expected to maintain positive momentum, Brazil showing signs of recovery.

• Integration costs for Cora/Match are complete; synergies expected to ramp up in 2026, with €130m synergy target by 2027.

• Free cash flow target of €1.7bn for 2026 reaffirmed.

• Strategic, operational, and financial priorities for the multi-year plan to be presented at Capital Market Day.