Casino Guichard-Perrachon (CO) Q1 2025 TU earnings summary

Executive summary

• Strategic plan advanced with streamlining of convenience brands, closure of 466 outlets, and rollout of new store concepts across Franprix, Naturalia, Monoprix, and Casino.

• New organizational structure operational, with shared services and first purchases under Aura Retail contracts.

• €111m in real estate disposals completed, supporting debt reduction.

Financial highlights

• Q1 2025 consolidated net sales: €2.0bn, down -1.2% like-for-like and -5.0% as reported, showing sequential improvement from Q4 2024 (-1.8%).

• Adjusted EBITDA: €100m, down €6m year-over-year; excluding disynergies, would have been up €6m.

• Negative free cash flow: -€81m, a significant improvement from -€327m in Q1 2024 (which included €153m in non-recurring payments).

• Group gross merchandise volume: €2.9bn, down -3.6% including calendar effects.

Outlook and guidance

• Sequential improvement in like-for-like net sales expected to continue, with positive trends observed since early April.

• EBITDA forecasts for the next two quarters are critical to meet covenant test (target ratio 8.34x by 30 September 2025).