Casino Guichard-Perrachon (CO) Q3 2025 TU earnings summary

Executive summary

• Q3 results confirm the effectiveness of strategic and operational choices, with tangible signs of recovery and improved operational and financial performance.

• Like-for-like net sales grew 0.5% in Q3 and 0.6% over the first nine months, confirming the positive impact of the strategic plan.

• Adjusted EBITDA increased by 13% to €456 million for the first nine months, with margin up 106 bps to 7.5%.

• Store network optimization continued, with nearly 1,000 outlets closed or exited and 143 new stores opened year-to-date.

• Free cash flow before financial expenses improved to -€39 million at end-September, a significant recovery from -€539 million a year earlier; liquidity reserves stood at €1.22 billion.

Financial highlights

• Q3 net sales reached €2,002 million, up 0.5% like-for-like; nine-month net sales were €6,080 million, up 0.6% like-for-like.

• Convenience brands posted 1.1% like-for-like growth in Q3 and over nine months.

• Adjusted EBITDA after lease payments rose to €112 million for the first nine months, up from €59 million year-over-year.

• Free cash flow before financial expenses improved by €500 million year-over-year.

• Financial interest totaled €159 million, resulting in negative free cash flow of €198 million.

Outlook and guidance

• Renewal 2030 plan aims for profitable, sustainable growth, with break-even cash flow before financial expenses targeted for 2026.

• Financial objectives from the previous Renewal 2028 plan are confirmed.

• Q4 EBITDA forecast supports compliance with upcoming covenant tests.