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.

• Net free cash flow (excluding Italy) reached €1,565m; net debt increased by €185m to €3,965m at year-end.

• 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.

• Achieved a 113% CSR and Food Transition Index, surpassing sustainability and social responsibility targets.

• Ordinary dividend proposed at €0.97/share (+5.4%), 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); CapEx reduced to €1,523m.

• Net debt at year-end: €3,965m.

Outlook and guidance

• Confident in 2026 due to positive market trends, improved business dynamics, and technical tailwinds, with synergies from Cora & Match expected to ramp up and no further integration costs.

• France expected to maintain positive volume trends; Spain to reinforce price leadership; Brazil anticipated to recover with macro improvements and cost savings.

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

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