Casino Guichard-Perrachon (CO) H2 2025 earnings summary

Executive summary

• Net sales for 2025 reached €8.3 billion, up 0.5% like-for-like, with adjusted EBITDA at €655 million, a 13.7% increase year-over-year, and trading profit turning positive at €64 million.

• Free cash flow before financial expenses improved by €519 million to -€120 million, reflecting strong operational discipline.

• The group advanced its Renouveau 2030 plan, focusing on brand differentiation, cost control, centralized resources, and franchise expansion.

• Net loss, group share, widened to €402 million, mainly due to asset impairments and financial expenses.

• Net debt increased to €1.5 billion, up €290 million from December 2024, with liquidity at €1 billion at year-end.

Financial highlights

• Adjusted EBITDA before lease payments grew 13.7% to €655 million; after lease payments, €198 million (+77% year-over-year).

• Trading profit turned positive at €64 million, up €113 million from 2024.

• Free cash flow improved to -€120 million, a €519 million improvement year-over-year.

• Net debt rose to €1,493 million at year-end, with group liquidity at €1 billion.

• Financial covenant net debt/adjusted EBITDA ratio at 4.66x, below the 7.17x threshold.

Outlook and guidance

• Renouveau 2030 plan targets value creation through 2030, with continued focus on profitability, cost discipline, and execution.

• CapEx program and store remodeling to continue, with €1.7 billion planned investment in network by 2030.

• Free cash flow before financial expenses targeted at €286 million by 2030; Cdiscount at €67 million.

• Extension of operational financing maturities to May 2026 secured, with further agreements targeted by June 2026.

• Ongoing negotiations with creditors to adapt and strengthen financial structure, with potential for significant shareholder dilution.