Carrefour S.A.

Q4 total sales were EUR 24.3 billion, with like-for-like sales up 1.6%. Full-year recurring operating income was EUR 2.158 billion, or 2.6% of net sales. Adjusted net income group share reached EUR 1.090 billion, with adjusted EPS of EUR 1.60 for FY25. Net free cash flow was EUR 1.565 billion in 2025 excluding Italy, while gross margin rate fell 22 bps and SG&A improved to 14.4% of sales, down 16 bps. Management said 2025 recurring operating income grew 2.2% excluding Cora & Match, and core recurring operating margin expanded 13 bps to 2.9%. Looking ahead, management said there would be no more Cora & Match integration OpEx or CapEx next year, confirmed EUR 130 million of synergies by 2027, and said the EUR 1.7 billion free cash flow target for 2026 is still within reach. A special dividend of EUR 150 million would be proposed if Romania closes, alongside an ordinary dividend of EUR 0.97 per share.

Alexandre Bompard framed 2025 as a year of steady execution and portfolio reshaping, pointing to full control of Carrefour Brazil, the exit from Italy, and the planned Romania disposal. He emphasized France’s market-share gains, the convenience-store rollout, and the 3% operating margin milestone, calling it proof that the company’s strategy is working. His tone was constructive and confident on 2026, citing better market conditions in France and Brazil, strong Spain momentum, and the ending of Cora & Match integration costs.

Matthieu Malige focused on the bridge from reported to core performance. He said Q4 sales were EUR 24.3 billion, full-year ROI was EUR 2.158 billion, adjusted EPS was EUR 1.60, and net free cash flow was EUR 1.565 billion excluding Italy; he also noted Italy was a negative EUR 260 million cash flow contribution and net debt was close to EUR 4 billion. On margins, he highlighted gross margin down 22 bps but SG&A down 16 bps to 14.4% of sales, and core recurring operating margin up 13 bps to 2.9%. He added that Cora & Match integration costs totaled EUR 145 million versus EUR 150 million expected, with EUR 95 million of one-offs in FY25, and said there will be no more integration OpEx or CapEx next year.

Analysts pressed on the 2026 outlook, especially whether consensus operating profit expectations were realistic, and management declined to give detailed guidance before the next day’s strategic-plan presentation. Questions also focused on Spain’s strong second-half acceleration, France’s ability to keep gaining share, and whether Carrefour might divest a small number of Cora stores; management said Spain’s pricing and commercial execution remain strong, France will keep investing in price and franchise/convenience, and any Cora store review is only exploratory with no decision taken. On cash flow, management said the EUR 1.7 billion target for 2026 remains “at sight,” helped by the absence of Cora integration costs and by Brazilian debt refinancing, while receivables factoring was explained mainly as Brazilian credit-card receivables plus some franchisee receivables in France.