Casino Guichard-Perrachon (CO) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 net sales reached €1.95bn, up 0.3% LFL, with convenience brands up 0.6% LFL and Cdiscount down 1.3% LFL.

• Adjusted EBITDA rose 10.4% to €110m, driven by operational action plans, cost savings, and store network streamlining.

• Store concepts like "Oxygène" at Franprix and "La Ferme" at Naturalia expanded, supporting fresh product sales and quick meal solutions.

• Fashion & Home segment at Monoprix showed growth, offsetting declines in food sales.

Financial highlights

• Group adjusted EBITDA margin improved to 5.7% (+67 bps year-over-year).

• Free cash flow before financial expenses improved to -€45m from -€81m in Q1 2025.

• Liquidity stood at €802m at 31 March 2026, mainly from available cash.

• Financial covenant net debt/adjusted EBITDA ratio at 5.98x, below the 7.41x threshold.

Outlook and guidance

• Objective of break-even free cash flow before financial expenses in 2026, excluding non-recurring litigation effects.

• Ongoing negotiations with creditors and FRH to reach a financial restructuring agreement by end of June 2026.

• Inflation expected to persist, but impact on transport and energy costs remains controlled.