Slides
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FY 2025 Results Q4 2025 Sales February 17th, 2026
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Strategic overview
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February 17, 2026FY 2025 RESULTS 3 2025: Structural transformation & operational progress Romania Exclusive negotiations Sale expected in H2-26 Private labels 38% of food sales E-commerce €7.0bn GMV (+21% vs. 2024) Cora & Match Good progress in integration ESG 113% Carrefour Brazil Full acquisition and taken private in May 2025 Italy Completion of the sale in December 2025 Concordis Launch of the buying alliance in December 2025
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February 17, 2026FY 2025 RESULTS 4 Recurring Operating Income €2,158m -0.9% at constant FX Net Free Cash-Flow €1,565m excl. Italy (€1,305m reported) Net Sales €82.1bn +2.8% LFL EBITDA €4,506m stable vs. 2024 Net debt at December 31st,2025 €3,965m (+€185m vs Dec. 31st, 2024) Cost savings €1,100m (excl. Italy) 2025: Key financial results Ordinary dividend €0.97/share (+5.4% vs. last year) Special dividend(1) €150m €0.21 / share (1) Payment of special dividend will be conditioned to the closing of the sale of Carrefour Romania
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February 17, 2026FY 2025 RESULTS 5 Disposal of Carrefour Romania Strategic rationale Refocus on Carrefour core and strategic countries Small business unit for Carrefour Group • Carrefour Romania represents 3.5% of Group sales Attractive offer received • 30% sales • 4.8x EBITDA • 28.4x ROI Express 202 Market 191 Hyper 55 Supeco 30 Stores split 478 Express 7% Market 24% Hyper 64% Supeco 6% Net sales by format FY 2025 €2.8bn Romania 3.5% 3.5% of total Group gross sales Based on 2025A financials
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February 17, 2026FY 2025 RESULTS 6 Food transition €664m in sales of plant-based alternatives (ahead of the 2026 target of €650m) Nutrition and health Employees Removal of 2,155 tons of sugar and 350 tons of salt from Carrefour-branded products (2026 target: 2,600 tons of sugar & 250 tons of salt) 14,403 employees with disabilities CSR & Food Transition Index: 113% achievement rate Climate 87% of Top 100 suppliers have a 1.5°C trajectory (+34pts vs end-2024) 31 SLBP(1) contracts signed with our suppliers 51 490 partner producers (ahead of the 2026 target of 50,000) The Science Based Targets initiative (SBTi) validated the Group’s climate trajectory for 2035 Carrefour obtained the A rating in the CDP Climate assessment Carrefour is in the CAC 40 ESG index (1) Sustainable Linked Business Plans: Non-financial agreements, supplementary to commercial contracts, focused on the Group's priorities: decarbonization, plastic reduction, biodiversity, animal welfare notably
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Financial results
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February 17, 2026FY 2025 RESULTS 8 Q4 2025 total sales growth Q4 2024 Gross sales LFL Expansion & M&A Petrol Calendar Forex Q4 2025 Gross sales (1.2)% +1.6% +0.2% (2.3)% €24,593m €24,291m(0.0)%(0.7)%› France: +0.4% › Europe: +0.9% › LatAm: +4.4%
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February 17, 2026FY 2025 RESULTS 9 Cora & Match and Forex weighing on ROI €2,280m €2,380m €2,278m €2,158m -€102m -€120m 2024 IFRS 5 2025 at constant Fx, excl. Cora & Match Forex impact 2025 at current Fx, excl. Cora & Match Cora & Match 2025 reported 2.8% 2.6% 2.9% 3.0% Group Recurring Operating Income Operating margin o/w €95m of non-recurring integration costs
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February 17, 2026FY 2025 RESULTS France excl. Cora & Match France incl. Cora & Match 2024 2025 France excl. Cora & Match 10 › Q4 sales impacted by market slowdown in November and December; January back to better trend similar to previous quarters › Continued positive momentum in food (+0.9% LFL) driven by successful commercial policy; non-food (-3.7% LFL) still impacted by selective consumer spending and high household savings levels › Solid performance in the convenience format and 107 new stores opened in the quarter LFL sales growth Q4 25 FY 24 FY 25 France +0.4% -2.3% +0.4% › Hypermarkets -0.7% -4.2% -1.1% › Supermarkets +0.6% -1.4% +0.2% › Convenience & others +3.2% +0.7% +4.4% France ex. Cora & Match +0.8% -2.3% +0.7% France Q4 2025 LFL of +0.4% ROI temporarily impacted by Cora & Match France: Underlying performance improving for another year › Excl. Cora & Match: FY 2025 ROI up +11.3% with ROI margin up +31bps at 3.0% › Cora & Match ROI: €(120)m of which €(95)m non-recurring integration costs +11.3% (5.7)% €991m 2.7% €1,103m 3.0% €1,042m 2.6% €983m 2.4%
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February 17, 2026FY 2025 RESULTS 11 Integration Cost Cycle concluded Commercial integration ramping up Cora & Match integration implemented per plan €130m synergies confirmed for 2027 Banner conversion realized in Q4 2024 Carrefour commercial model implemented over summer 2025 (more competitive, weighing on margin) • Price alignment with Carrefour stores • Carrefour private label roll-out, meeting strong success with sales penetration up +10pts YoY • Deployment of Carrefour’s promotional policy Customers starting to react positively to the new commercial model • Increase in the number of tickets (+2.9% in Q4) • +20pts in NPS® • Market share gains since December 2025 -80 -40 -120 -30 5 -25 H1 2025 H2 2025 FY 2025 ROI ROI ex. integration costs ROI Cora & Match (€m) 130 2025 2026 2027 €m 2024 2025 Total H1 H2 Opex 50 50 45 145 Capex 40 20 25 85 vs €150m expected vs €100m expected 2025 Integration costs: €95m
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February 17, 2026FY 2025 RESULTS 12 French margin keeps increasing & passes 3% mark (ex Cora & Match) €466m €555m €629m €757m €834m €988m €991m €1,103m 1.3% 1.6% 1.8% 2.1% 2.2% 2.6% 2.7% 3.0% 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5% 00 400 800 1200 2018 2019 2020 2021 2022 2023 2024 2025 Recurring Operating Income (excl. Cora & Match) Operating margin (excl. Cora & Match)
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February 17, 2026FY 2025 RESULTS 13 Europe: Improving ROI driven by Spain Increase in ROI driven by Spain › Strong increase of ROI in Spain and sound performance in Belgium › ROI under pressure in Romania and Poland › Solid momentum in Spain in a dynamic market › Resilient LFL sales growth in Belgium and Romania despite strong competition and pressure on volumes respectively › Disappointing LFL in Poland in a highly competitive market Europe Q4 LFL of +0.9% 20252024 €481m 2.4% €464m 2.3% +3.7% LFL sales growth Q4 25 FY 24 FY 25 Other Europe +0.9% -0.6% +1.2% › Spain +2.0% -0.2% +1.9% › Belgium +0.2% -1.6% +0.8% › Romania +0.5% +1.2% +1.5% › Poland -2.8% -3.0% -1.7%
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February 17, 2026FY 2025 RESULTS 14 Spain: Strong momentum Buoyant market Solid dynamics in food sales (+2.3% LFL in 2025) with an outstanding performance in fresh products Positive non -food sales (+0.7% LFL in 2025) Sustained price leadership in the market (best price positioning since 2022) Ongoing development of convenience stores network ROI up +13.5% in 2025 to €463m driven by both retail and financial services, with ROI margin up +45bps at 4.2%
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February 17, 2026FY 2025 RESULTS 15 Challenging environments in Brazil and Argentina in 2025 €879m LatAm Q4 2025 LFL of +4.4% 2025 ROI impacted by FX LFL Q4 25 FY 24 FY 25 LatAm +4.4% +38.1% +7.9% Brazil 0.0% +4.9% +2.6% › Atacadão -0.4% +5.4% +3.2% › Retail +1.2% +3.4% +1.4% › Sam’s Club +0.3% +3.5% -0.6% Argentina +24.3% +176.0% +33.6% › Negative FX impact of -€101m in Latin America › Brazil: FY 2025 ROI at €709m; resilient operating margin at 4.0% despite price investments › Argentina: FY 2025 ROI at €70m vs €115m in 2024 › Performance in Brazil (0.0% LFL) still affected by a difficult backdrop with record high interest rates • Food inflation slowing down to low single digit in Q4 with deflation of commodities (supporting purchasing power) • Progressive improvement in volumes: low single digit negative in Q4 vs mid single negative in Q3 › Solid progression in Argentina (+24.3% LFL) with strengthened leadership in an environment still marked by pressure on volumes • Steady market share gains throughout the year, both in value and in volumes Stable (at constant ex. rate) 2024 2025 €879m o/w €779m incl. FX effect
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February 17, 2026FY 2025 RESULTS 16 2025 ROI of €2,158m; ROI margin 2.6% Continued price investments and evolution of the integrated/franchised store mix in €m 2024 IFRS 5 2025 Variation Net Sales 81,705 82,102 +0.5% Gross margin 16,126 16,024 -0.6% As a % of net sales 19.7% 19.5% -22bps SG&A (11,874) (11,800) -0.6% As a % of net sales 14.5% 14.4% -16bps Recurring operating income before D&A (EBITDA) 4,522 4,506 -0.4% D&A (1,972) (2,067) +4.8% Recurring operating income (ROI) 2,280 2,158 -5.4% Recurring operating margin 2.8% 2.6% -16bps Recurring operating margin excl. Cora & Match 2.8% 2.9% +13bps Consistent cost discipline -0.9% at constant exchange rates +13bps excl. Cora & Match
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February 17, 2026FY 2025 RESULTS 17 Adjusted EPS: €1.60 in €m 2024 IFRS 5 2025 Recurring operating income 2,280 2,158 Net income from associates and JVs 65 42 Non-recurring income and expenses, net (253) (62) EBIT 2,093 2,137 Net financial expenses (726) (578) Cost of debt, net (386) (396) Net interest related to lease commitments (204) (223) Other financial income and expenses (136) 41 Income before taxes 1,367 1,559 Income tax expense (302) (516) Normative tax rate 27.0% 27.9% Net income from discontinued operations (275) (658) Consolidated Net income 790 385 Net income, Group share 723 319 Net income from continuing operations, Group share 998 976 Net income from discontinued operations, Group share (275) (657) Minority interests 66 66 Net income from continuing operations, Non-controlling interests 67 66 Net income from discontinued operations, Non-controlling interests (0) (0) Adjusted net income, Group share(1) 1,167 1,090 Adjusted earning per share (EPS), Group share 1,74 1,60 Normalization after impact of dividend & forex in Argentina in 2024 Lower restructuring -8.4% (1) See detail of adjustments in appendix slide 34 Stable level cost of debt Increase in pre-tax income, geographic mix, contribution for large companies in France, certain non-deductible expenses Mainly Italy -2.2%
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February 17, 2026FY 2025 RESULTS 18 in €m 2024 IFRS 5 2025 Variation EBITDA 4,522 4,506 (16) Income tax paid (604) (603) 1 Financial result (operations-related)(1) (136) 41 177 Cash impact of restructuring items and others (327) (189) 139 Gross cash flow (excl. discontinued) 3,456 3,756 301 Change in working capital requirement (incl. change in consumer credit) 816 263 (553) Discontinued operations (1) (1) - Operating cash flow (incl. exceptional items and discontinued) 4,271 4,018 (253) Capital expenditure (1,711) (1,523) 188 Asset disposals (business related) 595 640 45 Change in net payables and receivables on fixed assets (27) 2 30 Free cash flow 3,128 3,137 10 Payments related to leases (principal and interests) net of subleases payments received (1,104) (1,177) (73) Net cost of financial debt (386) (396) (10) Discontinued operations - - - Net Free Cash Flow (excl. Italy) 1,637 1,565 (73) Italy (180) (260) (79) Net Free Cash Flow (incl. Italy) 1,457 1,305 (152) (1) Excluding net cost of debt and net interest related to lease liabilities EBITDA to Net FCFNet Free Cash Flow Normalization after negative impact in Argentina in 2024 Less cash-out related to reorganization plans Normalization of the contribution of working capital to NFCF post hyper inflation period; Good control of inventories (-1.2 day) 2025: From 01/01 to 30/11 Lower capex in perimeters under review
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February 17, 2026FY 2025 RESULTS 19 (in €m) 2024 IFRS 5 2025 Variation Net free cash-flow (incl. real estate) 1,469 1,305 (164) Real estate Capex (308) (253) 55 Real estate asset disposal 536 517 (18) Net real estate investment/(disposal) (227) (264) 37 Net free cash-flow (excl. real estate) 1,242 1,041 (201) Net Free Cash Flow excluding real estate Net Free Cash Flow excluding real estate
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February 17, 2026FY 2025 RESULTS 20 NFCF growth impacted by lower than expected EBITDA and lower Capex in perimeters under review NFCF (in €m) FY 2025 NFCF vs. FY 2024 NFCF Achievements FY 2025 vs FY 2024 Expected (disclosed in July 2025) EBITDA Increase in EBITDA ++ (16) FY 2025 EBITDA stable YoY Income tax paid Stable ~ +1 Stable YoY Financial result Improving after high financial expenses in 2024 (Argentina notably) + +177 Improved YoY due to high financial expenses in 2024 Restructuring costs High cash out from restructuring in 2024 ++ +139 Lower cash out related to restructuring Working Capital Normalization of working capital contribution on high historicals -- (553) Normalizing Working Capital contribution Capex & change in working capital on fixed assets Roughly stable Capex expected ~ +217 Lower Capex in perimeters under review Asset disposals Lower to similar asset monetization vs 2024 -/~ +45 Similar real estate asset disposals (€517m in 2025 vs €536m in 2024) Others - (83) Different from expectations Consistent with expectations FY 2025 Net Free Cash Flow compared to initial estimations
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February 17, 2026FY 2025 RESULTS 21 Sale of Carrefour Italy Net FCF Dividends and tax paid on 2024 share buyback Net M&A incl. the acquisition of minorities in Brazil Forex and others December 31, 2024 Net Debt (1,305) 3,780 866 181 in €m +€185m 337 Net debt variation 106 3,965 December 31, 2025 Net Debt
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February 17, 2026FY 2025 RESULTS 22 Disposal of Carrefour Romania Carrefour Romania in a nutshell Transaction timeline Closing expected in H2 2026 Completion subject to customary regulatory approval Transaction structure Exclusive negotiations with Paval Holding, founders of the Dedeman DIY retail chain Perimeter: All Carrefour activities in Romania Valuation : Enterprise value of €823m • 30% of 2025 sales • 4.8x of 2025 EBITDA • 28.4x of 2025 ROI FY 2025 Net sales €2.8bn EBITDA €173m Recurring Operating Income €29m Net Free Cash-Flow €(53)m IFRS16 debt €308m # stores 478 Use of proceeds Special dividend of €150m • Representing ~30% of Enterprise value excl. IFRS 16
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February 17, 2026FY 2025 RESULTS 2021 2022 2023 2024 2025 2026 23 €0.97 ordinary dividend vs €0.92 in 2024 (+5.4%) 2026 Shareholder Remuneration €0.52 €0.56 €0.87 €0.48 €0.92 +€150m/€0.21 per share special dividend conditioned to the closing of the disposal of Carrefour Romania => €1.18 /share i.e. 8.3% yield (share price at 31/12/25) €0.23 €1.18 €0.21 €0.97
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APPENDIX
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February 17, 2026FY 2025 RESULTS 25 Gross sales (in €m) LFL ex. petrol ex. calendar Organic growth ex. petrol ex. calendar Change at current exch. rates inc. petrol Change at constant exch. rates inc. petrol France 12,190 +0.4% -0.5% +0.0% +0.0% Hypermarkets 6,238 -0.7% -1.7% -1.4% -1.4% Supermarkets 3,896 +0.6% -0.6% +0.0% +0.0% Others, inc. convenience 2,057 +3.2% +3.4% +4.7% +4.7% Other European countries 6,014 +0.9% +0.1% -0.2% -0.0% Spain 3,280 +2.0% +2.2% +2.0% +2.0% Belgium 1,189 +0.2% -2.8% -2.6% -2.6% Romania 885 +0.5% -0.6% -2.9% -0.7% Poland 660 -2.8% -3.7% -2.7% -4.2% Latin America (pre-IAS 29) 6,087 +4.4% +4.1% -4.6% +4.1% Brazil 5,192 -0.0% -0.8% -1.4% -0.6% Argentina (pre-IAS 29) 895 +24.3% +26.3% -19.8% +26.1% Group total (pre-IAS 29) 24,291 +1.6% +0.9% -1.2% +1.1% IAS 29 impact 59 Group total (post-IAS 29) 24,350 Q4 2025 gross sales
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February 17, 2026FY 2025 RESULTS 26 Calendar Petrol Forex France -0.1% +0.6% - Hypermarkets -0.4% +0.8% - Supermarkets +0.0% +0.6% - Others, inc. convenience +0.9% +0.3% - Other European countries +0.0% -0.2% -0.2% Spain +0.1% -0.3% - Belgium +0.2% - - Romania -0.1% - -2.2% Poland -0.3% -0.2% +1.5% Latin America -0.1% +0.1% -8.7% Brazil -0.1% +0.3% -0.8% Argentina -0.2% - -45.9% Group total -0.0% +0.2% -2.3% Q4 2025 technical effects
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February 17, 2026FY 2025 RESULTS 27 Gross sales (in €m) LFL ex. petrol ex. calendar Organic growth ex. petrol ex. calendar Change at current exch. rates inc. petrol Change at constant exch. rates inc. petrol France 46,301 +0.4% -0.2% +5.3% +5.3% Hypermarkets 22,998 -1.1% -2.1% +6.7% +6.7% Supermarkets 15,123 +0.2% -0.4% +3.6% +3.6% Others, inc. convenience 8,180 +4.4% +5.1% +4.9% +4.9% Other European countries 21,889 +1.2% +0.8% +0.2% +0.2% Spain 11,903 +1.9% +2.4% +1.5% +1.5% Belgium 4,427 +0.8% -1.9% -2.3% -2.3% Romania 3,175 +1.5% +1.1% -0.5% +0.9% Poland 2,384 -1.7% -2.4% -0.8% -2.3% Latin America (pre-IAS 29) 23,293 +7.9% +8.1% -5.1% +7.9% Brazil 19,585 +2.6% +2.5% -5.5% +2.5% Argentina (pre-IAS 29) 3,708 +33.6% +35.8% -3.2% +35.5% Group total (pre-IAS 29) 91,484 +2.8% +2.5% +1.2% +4.8% IAS 29 impact (299) Group total (post-IAS 29) 91,185 FY 2025 gross sales
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February 17, 2026FY 2025 RESULTS 28 Calendar Petrol Forex France -0.4% -0.4% - Hypermarkets -0.4% +0.0% - Supermarkets -0.3% -1.3% - Others, inc. convenience -0.4% +0.1% - Other European countries -0.3% -0.2% -0.0% Spain -0.3% -0.6% - Belgium -0.5% - - Romania -0.2% - -1.4% Poland -0.3% +0.4% +1.5% Latin America -0.4% +0.1% -13.0% Brazil -0.3% +0.3% -8.0% Argentina -0.3% - -38.7% Group total -0.4% -0.2% -3.5% FY 2025 technical effects
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February 17, 2026FY 2025 RESULTS 29 CURRENCY 2025 Evolution Brazilian Real -7.8% Argentine Peso -28.6% Romanian Leu -1.4% Polish Zloty +1.5% -3.5% negative FX impact on FY 2025 gross sales -102m negative FX impact on FY 2025 ROI FX impact on results
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February 17, 2026FY 2025 RESULTS 30 NET SALES RECURRING OPERATING INCOME in €m 2024 IFRS 5 2025 Variation at constant exch. rates Variation at current exch. rates 2024 IFRS 5 2025 Variation at constant exch. rates Variation at current exch. rates France 39,540 41,743 +5.6% +5.6% 1,042 983 (5.7%) (5.7%) Other European countries 19,893 19,879 (0.0%) (0.1%) 464 481 +3.8% +3.7% Incl. Spain 10,807 10,958 +1.4% +1.4% 408 463 +13.5% +13.5% Latin America 22,272 20,480 +5.9% (8.0%) 879 779 +0.0% (11.4%) Incl. Brazil 18,801 17,754 +2.4% (5.6%) 764 709 +0.6% (7.2%) Global functions - - (105) (85) (19.5%) (18.8%) TOTAL 81,705 82,102 +4.3% +0.5% 2,280 2,158 (0.9%) (5.4%) Net sales and recurring operating income by region
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February 17, 2026FY 2025 RESULTS 31 in €m 2024 IFRS 5 2025 Restructuring costs (150) (70) Impairment and asset write-offs (239) (496) Results from asset disposals 112 312 Other non-current items 24 191 Non-recurring income and expenses, net (253) (62) Non-recurring expenses Partial impairment of Polish and Belgian goodwill Gain on sale of Carmila and sales and lease back Mainly Reversal of provision following the abolition of the pre-pension scheme
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February 17, 2026FY 2025 RESULTS 32 in €m 2024 IFRS 5 2025 Net Sales 81,705 82,102 Net sales, net of loyalty program costs 80,783 81,149 Other revenue 2,671 2,876 Total revenue 83,454 84,025 Cost of goods sold (67,328) (68,001) Gross margin 16,126 16,024 SG&A (11,874) (11,800) Recurring operating income before D&A (EBITDA) 4,522 4,506 Amortization (1,972) (2,067) Recurring operating income (ROI) 2,280 2,158 Recurring operating income including income from associates and joint ventures 2,345 2,199 Non-recurring income and expenses (253) (62) Operating income 2,093 2,137 Financial expense (726) (578) Income before taxes 1,367 1,559 Income tax expense (302) (516) Net income from continuing operations, Group share 998 976 Net income from discontinued operations, Group share (275) (657) Net income, Group share 723 319 Adjusted net income, Group share(1) 1,167 1,090 Depreciation from supply chain (in COGS) (270) (282) 2025 income statement (1) See detail of adjustments in appendix slide 34
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February 17, 2026FY 2025 RESULTS 33 (1) Normative tax rate: - Reflects Carrefour’s geographic footprint and the relative weighting of each country - Calculation based on local corporate income tax rate applied to pre-tax income excluding non-current items (2) CVAE: local business tax in France based on a modified taxable income, recorded as corporate income tax Evolution of the geographic mix Tax expense in €m 2024 IFRS 5 2025 Income before taxes 1,367 1,559 Non-recurring income and expenses, net (253) (62) Income before taxes (excl. non-recurring income and expense and net income from associates) 1,619 1,621 Full-year normative tax rate(1) 27.0% 27.9% Normative tax expense (438) (453) Non income-based taxes (mostly CVAE(2)) (15) (14) Others 151 (49) Total tax expense (302) (516) Effective tax rate 22.1% 33.1% Income tax benefit due to non- recurring items and recognition of deferred tax assets in 2024 vs. income tax expense due to non-recurring items, a lower recognition of deferred tax assets, and the exceptional tax contribution in France in 2025
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February 17, 2026FY 2025 RESULTS 34 Net income, Group share, adjusted for exceptional items (1) Tax impact of restated items and exceptional tax items in €m FY 2024 published FY 2024 IFRS 5 FY 2025 Net income, Group share 723 723 319 Restatement of Recurring Operating Income (before tax) - 6 38 Restatement for non-recurring income and expenses (before tax) 424 253 62 Restatement for exceptional items in net financial expenses (before tax) 157 157 (55) Tax impact(1) (186) (209) 56 Restatement for exceptional items on share of income from companies consolidated by the equity method (40) (40) - Restatement on share of income from minorities 4 3 12 Restatement for net income of discontinued operations, Group share (0) 275 657 Adjusted net income, Group share 1,081 1,167 1,090
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February 17, 2026FY 2025 RESULTS 35 Earnings per share (€ per share) 2024 IFRS 5 2025 Net income from continuing operations, Group share 1.49 1.43 Net income from discontinued operations, Group share (0.41) (0.96) Net income, Group share 1.08 0.47 Adjusted net income, Group share 1.74 1.60 Weighted average number of shares (in millions) 669.7 682.7 Outstanding number of shares, year-end (in millions) 645.8 706.2
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February 17, 2026FY 2025 RESULTS 1 250 1 300 1 350 1 250 1 000 750 750 650 3.75% 36 2026 202920282027 2030 2031 Debt redemption schedule (in €m) – As of December 31, 2025 › Credit Rating as of December 31, 2025: BBB stable outlook by S&P › On December 31, 2025, average bond debt maturity is at 3.7 years › January 2025: Sustainability-linked Bond issuance for €500m (3.25%) › April 2025: Sustainability-linked Bond issuance for €500m (2.875%) › May 2025: Tender offer on the existing €1bn bond maturing in 2027 for €200m › June 2025: Sustainability-linked Bond issuance for €650m (3.75%) and €750m bond redemption (1.25% coupon) › August 2025: Bond issuance for €500m (2.875%) Bonds in eurosAverage annual coupon on Euro Bonds 1.83% 2.00% 3.66% 2.58% % Enhanced liquidity and solid balance sheet 2032 3.50% 4.38% 3.63% 2033
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February 17, 2026FY 2025 RESULTS 37 (1) Africa, Middle-East, Dominican Republic and Asia (#) Hypermarkets Supermarkets Convenience Cash & Carry Soft discount Sam’s Club Total France 325 1,167 5,084 157 33 - 6,766 Other European countries 462 2,143 3,385 12 106 - 6,108 Spain 204 162 1,159 - 70 - 1,595 Belgium 40 346 317 - - - 703 Romania 55 191 202 - 30 - 478 Poland 94 142 495 - 6 - 737 Others 69 1,302 1,212 12 - - 2,595 Latin America 188 103 668 422 - 58 1,439 Brazil 108 26 141 385 - 58 718 Argentina 80 77 527 37 - - 721 Others(1) 214 694 426 72 - - 1,406 Total 1,189 4,107 9,563 663 139 58 15,719 Stores under banners at end-2025
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DISCLAIMER This presentation contains both historical and forward-looking statements. These forward- looking statements are based on Carrefour management's current views and assumptions. Such statements are not guarantees of future performance of the Group. Actual results or performances may differ materially from those in such forward-looking statements as a result of a number of risks and uncertainties, including but not limited to the risks described in the documents filed with the Autorité des Marchés Financiers as part of the regulated information disclosure requirements and available on Carrefour's website (www.carrefour.com), and in particular the Universal Registration Document. These documents are also available in the English language on the company's website. Investors may obtain a copy of these documents from Carrefour free of charge. Carrefour does not assume any obligation to update or revise any of these forward-looking statements in the future.