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Carrefour (CA) investor relations material
Carrefour Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Q3 2025 group sales rose 2.1% like-for-like, with positive growth in France, Europe, and Latin America, driven by food sales up 2.9% like-for-like at group level. 
- France and Spain showed continued positive momentum in food sales, with France food like-for-like sales up 2.2% and Spain up 2.4% year-over-year. 
- E-commerce GMV grew 18% year-on-year group-wide, with online food sales in Latin America up 62% and overall e-commerce GMV up 36% in Brazil. 
- Strategic initiatives advanced, including the disposal of Carrefour Italy (expected to close by year-end), Concordis expansion, Brazilian debt refinancing, and Cora & Match integration. 
- FY 2025 financial targets and €1.2bn cost savings goal reaffirmed. 
Financial highlights
- Q3 2025 gross sales reached €22,614m, up 2.1% like-for-like; 9-month 2025 gross sales totaled €67,193m, up 3.3% like-for-like year-over-year. 
- Food sales up 2.9% like-for-like at group level; France food sales +1.5% like-for-like. 
- Latin America posted 5.5% like-for-like growth in Q3, with Argentina up 26.6% like-for-like (pre-IAS 29). 
- Forex impact at -2.8% in Q3, less negative than H1 or Q2 due to BRL appreciation. 
- Cost savings at end of September in line with annual target of €1.2bn. 
Outlook and guidance
- 2025 objectives confirmed: slight growth in EBITDA, recurring operating income, and net free cash flow. 
- Guidance based on positive trends in France and Spain, anticipated slowdown in Brazil, and cost savings on track. 
- Sale of Carrefour Italy expected by end of 2025. 
Next Carrefour earnings date

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