Casino Guichard-Perrachon (CO) Q3 2025 TU earnings summary

Executive summary

• Like-for-like net sales grew 0.5% in Q3 2025 and 0.6% over nine months, confirming the positive impact of the Renouveau plan and strategic initiatives.

• Adjusted EBITDA increased by 13% to €456 million for the first nine months, with margin up 106 bps to 7.5%.

• Free cash flow before financial expenses improved to -€39 million at end-September 2025, a €500 million year-over-year increase.

• Liquidity reserves stood at €1.22 billion at September 30, 2025, with the covenant leverage ratio at 7.68x, below the 8.34x threshold.

• The group targets break-even free cash flow before financial expenses in 2026 and reaffirms its 2028/2030 strategic plan objectives.

Financial highlights

• Q3 2025 net sales: €2,002 million (+0.5% like-for-like); nine-month net sales: €6,080 million (+0.6% like-for-like).

• Convenience brands posted +1.1% like-for-like growth in Q3 and over nine months.

• Adjusted EBITDA after lease payments rose to €112 million for nine months, up from €59 million year-over-year.

• Free cash flow before financial expenses improved by €500 million year-over-year.

• Cost savings and operational actions reduced the impact of dissynergies and inflation.

Outlook and guidance

• Renewal/Renouveau 2030/2028 plan aims for profitable, sustainable growth, with break-even free cash flow before financial expenses targeted for 2026.

• Financial objectives from the previous Renewal 2028 plan are confirmed.

• Q4 2025 EBITDA forecasts expected to ensure covenant compliance at year-end.