Casino Guichard-Perrachon (CO) H2 2025 TU earnings summary

Executive summary

• Net sales grew +0.5% like-for-like (LFL) in 2025, with Q4 also at +0.5% LFL, despite a total decline of -2.5% due to network changes and calendar effects.

• Convenience brands saw +0.7% LFL growth in 2025, driven by new store concepts and quick meal solutions.

• Cdiscount returned to net sales growth in Q4 (+3.7%), marking its first positive quarter since Q3 2021.

Financial highlights

• 2025 consolidated net sales: €8,260m (+0.5% LFL, -2.5% total); Q4 net sales: €2,180m (+0.5% LFL, -1.6% total).

• Gross merchandise volume (GMV) for the group: €12,800m in 2025 (-0.7%), with Cdiscount GMV up +3.5%.

• Naturalia posted strong LFL net sales growth of +8.3% in 2025, with food sales up +9.0%.

Outlook and guidance

• Full-year 2025 results to be published by 31 March 2026, with ongoing negotiations to adapt and strengthen the financial structure.

• Further updates on restructuring discussions expected throughout March 2026.