Casino Guichard-Perrachon (CO) investor relations material

Executive summary

• FY 2025 net sales reached €8.3bn, up 0.5% like-for-like, with adjusted EBITDA at €655m, a 13.7% increase year-over-year and margin improving to 7.9%.

• Free cash flow before financial expenses improved by €519m to -€120m, reflecting strong operational discipline.

• Trading profit turned positive at €64m, up €113m from 2024.

• Net loss, group share, widened to €402m, impacted by asset impairments and financial expenses.

• The group continues to execute its RENOUVEAU 2030 plan, focusing on brand differentiation, cost control, and franchise expansion.

Financial highlights

• Adjusted EBITDA after lease payments rose to €198m (+77.3% year-over-year), margin up to 2.4%.

• Net debt increased by €290m to €1,493m at year-end, mainly due to financial expenses and discontinued operations.

• Liquidity at year-end stood at €1.0bn, with minimum liquidity covenants met.

• Convenience brands net sales were €7.1bn (+0.7% LFL); Cdiscount sales were €1.0bn (-0.7% LFL).

• Financial covenant net debt/adjusted EBITDA ratio at 4.66x, below the 7.17x threshold.

Outlook and guidance

• The group is focused on executing the RENOUVEAU 2030 plan, with ongoing discussions to adapt and strengthen its financial structure.

• Extension of operational financing maturities to May 2026 secured, with further agreements targeted by June 2026.

• Renouveau 2030 plan targets GMV of €15.8bn, adjusted EBITDA after lease payments of €644m, and leverage ratio below 1.7x by 2029.

• Additional savings of over €150m expected for 2029-2030, with cumulative net capex of €1.7bn over 2025-2030.

• Market trends indicate continued growth in convenience and e-commerce, but consumer confidence and regulatory risks persist.