Carrefour S.A.

For full-year 2025, Carrefour reported recurring operating income of EUR 2.158 billion, or 2.6% of net sales, and adjusted net income group share of EUR 1.090 billion with adjusted EPS of EUR 1.60. Q4 total sales were EUR 24.3 billion, with like-for-like sales up 1.6%; foreign exchange reduced total sales growth by 2.3% and expansion/M&A by 0.7%. Net free cash flow was EUR 1.565 billion excluding Italy, and net debt was close to EUR 4 billion at December 31, 2025. Looking ahead, management reiterated EUR 130 million of Cora & Match synergies by 2027, said there will be no more integration costs for Cora & Match next year, and said the EUR 1.7 billion free cash flow target for 2026 remains within reach, helped by EUR 75 million from Brazilian debt refinancing and the absence of Cora integration cash costs.

Alexandre Bompard said Carrefour’s 2025 performance reflected steady execution, stronger commercial momentum in France and Spain, and progress on portfolio reshaping, including taking full control of Brazil, selling Italy, and moving toward the Romania disposal. He emphasized that France benefited from price investment, convenience expansion, and cost control, while Spain remained a very strong market with continued price leadership. His tone was confident on 2026, arguing that market conditions, internal momentum, and technical tailwinds support further improvement.

Matthieu Malige highlighted the hard numbers behind the year: recurring operating income of EUR 2.158 billion, adjusted EPS of EUR 1.60, and net free cash flow of EUR 1.565 billion excluding Italy. He said gross margin rate fell 22 basis points because of price investment and a greater franchise mix, but SG&A improved to 14.4% of sales, down 16 basis points, and the core recurring operating margin improved to 2.9% excluding Cora & Match. He also said CapEx fell to EUR 1.523 billion, working capital contribution normalized to EUR 263 million, net debt was close to EUR 4 billion, and the company plans an ordinary dividend of EUR 0.97 per share plus a EUR 150 million special dividend if Romania closes.

Analysts pressed for more detail on 2026 profit expectations, France margin gains, Spain’s stronger second-half performance, Cora & Match synergies, CapEx, and receivables factoring. Management declined to give a precise 2026 operating profit number before the next day’s strategy presentation, but said it was confident in 2026 because of favorable market trends, cost savings, and several technical tailwinds. On Cora, management said integration is complete, there will be no more integration costs next year, and the stores are already showing better traffic, tickets, market share, and NPS; on receivables, CFO said the bulk is Brazilian credit-card receivables, with some franchisee receivables in France, and that selling receivables is broadly neutral year-on-year.