Casino Guichard-Perrachon (CO) H1 2026 earnings summary

Executive summary

• H1 2026 results align with the Renouveau business plan, showing operational and financial progress, with net sales at €3,967m (+0.4% LFL, -2.7% total) and transformation focused on restructuring, cost control, and franchise development.

• Adjusted EBITDA rose 13.9% to €326m, with margin up 119 bps to 8.2%, reflecting cost savings and improved store performance.

• Trading profit turned positive at €49m (vs. -€11m in H1 2025), and net loss narrowed to -€205m from -€225m.

• Free cash flow before financial expenses improved by €23m to -€30m.

• Financial restructuring and transformation plan (Renouveau 2030) are ongoing, with creditor consents extended to September 2026.

Financial highlights

• Net sales: €3,967m in H1 2026 (+0.4% LFL, -2.7% total); Q2 net sales €2,021m (+0.4% LFL).

• Adjusted EBITDA: €326m (+13.9%); after lease payments: €109m (+97%).

• Trading profit: €49m (vs. -€11m in H1 2025).

• Net loss (Group share): -€205m (improved by 8.9%).

• Free cash flow before financial expenses: -€30m (vs. -€53m in H1 2025).

• Liquidity at €713m; net debt at €1.7bn (up €197m from Dec 2025).

Outlook and guidance

• Targeting break-even free cash flow before financial expenses for full-year 2026, excluding non-recurring litigation.

• Continued execution of Renouveau 2030 plan, focusing on financial structure adaptation and operational efficiency.

• Financial restructuring expected to be completed by end of 2026; approval of 2025 financials contingent on successful restructuring.

• Projected minimum liquidity of €0.5bn in Q3 2026.