Casino Guichard-Perrachon (CO) H1 2025 earnings summary

Executive summary

• H1 2025 marked by ongoing transformation and restructuring under the 'Renaissance 2028' plan, with a focus on financial, managerial, and organizational changes.

• Strategic emphasis on convenience retail, quick meal solutions, and new everyday services across key brands, supported by a favorable market environment.

• Store network streamlined with significant closures and selective expansion to boost efficiency.

• CSR policy updated with ambitious 2030 targets for gender parity, responsible sales, and carbon reduction, with progress on gender equality and environmental initiatives.

• Net sales rose 0.5% like-for-like in H1 2025, with a return to growth in Q2 across all convenience brands.

Financial highlights

• H1 2025 net sales €4.08bn (+0.5% LFL), adjusted EBITDA €286m (+12.2%), margin up to 7.0%.

• Free cash flow before financial expenses improved by €366m to -€48m year-over-year.

• Consolidated net loss, group share, of -€211m, mainly due to financial expenses and asset impairments.

• Net debt increased by €205m to €1,407m, with liquidity at €1.24bn as of June 2025.

• Trading loss (EBIT) improved to -€11m from -€56m in H1 2024.

Outlook and guidance

• Execution of 'Renaissance 2028' strategic plan to continue, focusing on operational recovery, cost reductions, and growth.

• Objective to return to break-even free cash flow before financial expenses in 2026.

• Liquidity projected to remain above €970m in Q3 2025, with a minimum monthly liquidity covenant of €100m.

• Next financial covenant test set for September 2025, with focus on maintaining liquidity and reducing leverage.

• Market outlook highlights shift to convenience retail, ongoing price competition, and consumer uncertainty due to macroeconomic factors.