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STRATEGIC PLAN Carrefour 2030 February 18, 2026
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>€91Bn Sales Leading positions #1 Brazil | #2 France | #2 Spain Multi-format & omnichannel Franchise at the heart15,700 stores Our Purpose Food Transition for All +80 million household customers 10 Bn transactions One of the largest data lakes in Europe Our model Digital Retail Company 500,000 people working for Carrefour banners worldwide CARREFOUR: KEY ASSETS 2
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€1bn+ cost savings per year +30pts Net Promoter Score© since 2017 ~40% sales from Private labels in 2026e +15 p.p. vs. 2018 +>1,800 convenience stores in France & Spain since 2018 +220 Atacadão since 2018 x4 in e-commerce Sales between 2019 & 2025 47% sales through franchises in France1, +20 p.p. since 2018 MAJOR ACHIEVEMENTS 31. 2025 Gross Turnover through Franchise, including Cora
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Strong balance sheet BBB rating by S&P ~€6.0bn cash returned to shareholders since 2020 x2.4 in ROI since 2018 in France1 €8.0bn Net Free Cash Flow generated since 2020 A STRONG FINANCIAL PERFORMANCE 4 1. Excluding Cora and Match
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Among the top 4% Ranked 3rd out of 116 CAC40 65/100#1 of the top 12,000 companies worldwide companies in the Food Retail sector Member of the CAC40 ESG index European retailer for CSR performance Global Top 5 and member of the DJSI World. RECOGNIZED BEST-IN-CLASS EXTRA-FINANCIAL PERFORMANCE 5 A Grade
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SUCCESSFULLY NAVIGATING IN ALL BUSINESS ENVIRONMENTS 6 Stronger focus on purchasing power A volatile geopolitical environment Consumer trade-offs New entrants Strained supply chainsMarket polarization An imperative of price competitiveness
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STRATEGIC REFOCUSING: 3 CORE COUNTRIES 7 99% Recurring Operating Income1 85% of Turnover1 France Spain Brazil 1. Full-Year 2025 Results, Group scope at 31/12/25 (including Carrefour Romania)
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STRATEGIC REFOCUSING: ACTIONS TAKEN 8 Acquisition of the entire share capital of Carrefour Brazil Sale of Carrefour Italy May 2025 December 2025 Announcement of the sale of Carrefour Romania February 2026
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9 EVOLUTION OF REPORTING SEGMENTS France Spain Brazil Other countries ● Argentina ● Belgium ● Poland ● Romania1 3 core countries Non-core, smaller scale Objective: maximize value creation ●14% Group Turnover ●<1% Group Recurring Operating Income2 ●2 640 stores ●22% Group Turnover ●33% Group Recurring Operating Income ●720 stores ●13% Group Turnover ●21% Group Recurring Operating Income ●1 600 stores ●51% Group Turnover ●46% Group Recurring Operating Income ●6 600 stores Note Full-Year 2025 Results, Group scope at 31/12/25, # of stores without international Master Franchise stores 1. Announcement of the sale of Carrefour Romania on 12/02/2026 2. Including Group Global Functions
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A REINFORCED AMBITION FOR INTERNATIONAL FRANCHISE 10 Carrefour countries at year-end 2025 (including international franchise) #1 Retailer Worldwide in geographical footprint in 2030 with 60 countries #1 Retailer in Africa with 22 countries
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11 CARREFOUR 2030: 3 PRIORITIES Win on product offering and customers Consolidate growth from the stores Accelerate performance through AI, Tech & Data
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12 CARREFOUR 2030: A GROWTH PLAN Win on product offering and customers Consolidate growth from stores Price & Club driving competitiveness Confirm our position as the ultimate leader in choice Win the battle for fresh food Develop our growth banners Boost e-commerce growth from stores Continue to transform and upgrade our hypermarkets Accelerate performance through AI, Tech & Data AI to optimize central functions Seize the full potential of agentic commerce Data: a springboard for personalization & Beyond Retail AI & Tech powered stores Pioneer “healthier eating”
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CARREFOUR 2030 Price & Club driving competitiveness Confirm our position as the ultimate leader in choice Reinforce our commitment to price competitiveness Strengthen loyalty through the Club Win on product offering and customers Pioneer “healthier eating” Win the battle for fresh food 13
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14 Maintain price leadership in Spain and Brazil PRICE COMPETITIVENESS Maintain Atacadão’s price leadership with a target price index of 1.5 point below Assai2 Maintain Carrefour price leadership with a target price index 1 point below Market average1 vs. market average vs. 1. On FMCG, based on panelists surveys, 2025 data 2. Internal surveys based on 2025 data
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15 PRICE COMPETITIVENESS Our commitment: Improve price competitiveness vs. market each year1 based on “Distriprix Net” Index2 by Already price leader in fruits & vegetables with the Club Average Price Index 20253, “Distriprix Net” Average price positioning on Fruits & Vegetables, integrating loyalty discounts4 Carrefour Hypermarket = index 100 Based on weekly internal price surveys for Drive on a 5-week period, early 2026 151. Average annual price index vs. market average 2. See details in the following section: “A new framework of communication” 3. Excluding September, October & November, omitted due to poor quality data 4. Permanent prices & Club 10% discounts, without temporary discount offers
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1000 “unbeatable products” 200 everyday essentials at cost price Private-label items, for Club members in France, from 23/02/2026 AMPLIFICATION INITIATIVES: EFFECTIVE IMMEDIATELY FMCG and fresh products nationwide from 19/02/2026 16
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IMPROVE PURCHASING PERFORMANCE TO FUEL PRICE COMPETITIVENESS 1. Rossmann, Globus, Bartels-Langness, Bünting, Netto, Tegut, Kaes & Klaas & Kock 2. Total 2025 Europe Revenue (incl. VAT) from Carrefour Europe 3. Total Revenue (incl. VAT) from Carrefour, U and RTG in Europe 4. Total Revenue (incl. VAT) from banners under Concordis (target) • Concordis : European Buying Alliance launched in 2025 with Coopérative U, joined by RTG1 • #1 Buying Alliance in France by market share vs. Aura (Intermarché, Auchan, Casino) • Way forward: extension of the alliance to new partners ~€125Bn3 ~€68Bn2 2025 Today Build a co-leadership among European Buying Alliances 17 ~€150Bn4 Target for 2030 with new partners
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STRENGTHEN LOYALTY WITH THE CLUB France Spain Brazil ● Rollout of Nosso Clube in Brazil starting in Q1 2026: one of the country’s largest cross-banner loyalty programs, with a target of 18M customers by 2030 (+11M) Club members drove 90% of revenue growth between 2023 and 2025 Club members spend 3x more than non-members1 Loyalty members account for 70% of total sales Focus Spain App-users within the Club spend 2.8x more than non-users1 2025 2030 50 M 60 M Number of active Club cardholders Note : Group scope at 31/12/25 1. YTD data as of December 2025, all formats in Spain 18
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CARREFOUR 2030 Price & Club driving competitiveness Confirm our position as the ultimate leader in choice Enhance our fresh food offering across core banners Partner with experts Pioneer “healthier eating” Win the battle for fresh food Expand Match banner Train our catering experts Win on product offering and customers 19
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Fresh food powering shopping frequency, traffic, and customer loyalty Leadership positions 1. Source: Worldpanel, all channels, including Cora & Match 2. Food retail prices, based on internal surveys ALREADY GOOD POSITIONS IN FRESH FOOD 20 #1 In Fresh market share1 FY 2025 #1 for fruits & vegetables prices for Hypermarkets with the Club in 2025 2 #1 for fruits & vegetables prices in 2025 2
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21 Enhance our fresh food offering across core banners ● Targeted refurbishment and expansion of fresh market areas with enlarged offering (up to 10%) ● Excellence in fruits & vegetables for increased basket penetration (+5 p.p. by 2030) ● Rollout of 200 concessions with Blachère for fruits & vegetables in hypermarkets & supermarkets in France by 2030 ● Acceleration on ready-to-eat, to account for 20% of Fresh Food revenue by 2030 ○Expanded assortment ○Freshly prepared in-store meals capitalizing on Cora and Match know-how Boost Fresh Market areas & Ready-to-eat offering Further deploy Fresh Counters ● Deployment of Fresh counters in 80% of Atacadão stores: +150 stores by 2030 (+~70% vs. today) WIN THE BATTLE FOR FRESH FOOD
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A new Carrefour Hypermarket banner focused on fresh products & discount ● 10 hypermarkets specialized in fresh food and discount inspired by 'Marché Frais by Carrefour' by 2030 ○ Including 7 in the Greater Paris region with Marché Frais by 2028 (B. Quattrucci) ● Share of fresh food ~50% of total sales area vs. ~25% in general ● High share of private labels for FMCG 22 WIN THE BATTLE FOR FRESH FOOD - PARTNER WITH EXPERTS 1. Pictures of Marché Frais in the Greater Paris Area Region 1 1
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160 stores by 2030 (140 by 2028) vs. 114 today (+40%) Expanding WIN THE BATTLE FOR FRESH FOOD 23 Enlarged fresh offering for new stores 80% vs. 45% fresh sales mix
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WIN THE BATTLE FOR FRESH FOOD >50,000 partnerships with local producers including >15,000 Filière Qualité Carrefour partners >30,000 partnerships with local producers in 2025 incl. 6,000 within Filière Qualité Carrefour #1 partner for French agriculture Today 24
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Training our catering experts Bakers, butchers, deli expert, fishmongers, pastry chefs, greengrocers,… WIN THE BATTLE FOR FRESH FOOD 8,000/year employees trained in fresh food excellence by 20301 25 1. Group scope at 31/12/25
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CARREFOUR 2030 Price & Club driving competitiveness Confirm our position as the ultimate leader in choice Assert our leadership in innovative offerings Continue to grow our private labels Pioneer “healthier eating” Win the battle for fresh food Win on product offering and customers 26
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Up to 25% of the assortment renewed each year by 20301 INNOVATIVE AT HEART 4,000 innovations per year, including 1,000 from our private labels2 Pleasure Convenience Health Influence Innovations & renewals drivers of Traffic Average basket Profitability (commercial margin) Rule: Higher Margin for new listed products 271. Europe, FMCG 2. France, Spain, Brazil (excl. Atacadão), FMCG
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Price accessibilityThe reference for the tasteQuality promiseDifferentiation & Innovation ~40% of food sales from Private Labels in Europe Private Labels ~25% to 30% cheaper than national brands on average OUR PRIVATE LABELS TO POWER COMMERCIAL GROWTH 28
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Growing our food private labels >1,5 x faster than national brands every year by 2030 First Choice Premium 1. On FMCG for France, Spain, Belgium and Brazil Gain market share for our food private labels in Europe & Brazil1 OUR PRIVATE LABELS TO POWER COMMERCIAL GROWTH 29
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CARREFOUR 2030 Price & Club driving competitiveness Confirm our position as the ultimate leader in choice Offer a comprehensive range of 'health and nutrition' products Make unprecedented transparency commitmentsPioneer “healthier eating” Win the battle for fresh food Scale up our climate ambitions Win on product offering and customers 30
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PIONEER“HEALTHIER EATING” of food sales contributing to a healthier diet by 2030 50% Scope: Group scope at 31/12/25, excluding Atacadão 1. National Health Nutrition Program in France 2. Non-exhaustive Recommendations based on categories linked to the “Programme National Nutrition Santé” (PNNS)1 Excluded2Included2 ● A, B, C Nutri-Score ● Fruits and vegetables ● Legumes ● Starches ● Milk / Dairy / Eggs ● Fish / Poultry ● Protein products ● "Free-from" products (gluten-free, no added sugar...) 31 ● D and E Nutri-Score ● Sugary drinks ● Cold cuts and red meat ● Products with controversial additives
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retailer worldwide to clearly flag 'no main ultra-processed ingredients' across its own-label ranges #1 PIONEER “HEALTHIER EATING” 32
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SCALE UP OUR CLIMATE AMBITIONS Onboard our suppliers Extend from 100 to 150 the # of suppliers Committed to a 1.5°C climate trajectory by 2030 Reduce food waste -60% food waste vs. 2016 by 2030 Continue investing in decarbonation €200M energy-related, per year by 2030 33 Note: Group scope at 31/12/25
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Carrefour 2030 objective: Growing NPS year on year across all geographies Price competitiveness OPTIMIZE OFFER, BOOST SATISFACTION Fresh FoodClub Private Labels Renewed Offering & Innovation 2017 - 2025 +30pts Carrefour Group NPS1 1. Group scope at 31/12/25 34 Healthy Eating
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35 CARREFOUR 2030 Develop our growth banners Continue to transform and upgrade our hypermarkets Boost e-commerce growth from stores Continue Atacadão targeted expansion Accelerate Market and its franchise Densify our convenience store network in Europe Consolidate growth from the stores
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CONTINUE ATACADÃO TARGETED EXPANSION IN BRAZIL Strengthening commercial model +70 stores by 2030 ● Fresh counters in 80% of stores ● New private-label brand: Bulnez ● B2B banking solutions ● x2 on E-commerce >455 stores in 2030 36
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7,500 Convenience stores in France and in Spain by 2030 +1,000 in France by 2030 +750 in Spain by 2030 (+450 by 2028) DENSIFY OUR CONVENIENCE STORE NETWORK IN EUROPE 37
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ACCELERATE MARKET AND ITS FRANCHISE new stores by 2030+50 40 stores converted to franchise per year Openings / Rallyings 38 Modernized store concept emphasizing fresh and ready-to-eat
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39 CARREFOUR 2030 Develop our growth banners Continue to transform and upgrade our hypermarkets Boost e-commerce growth from stores Drive forward our franchise policy Upgrade and revitalize our hypermarkets Consolidate growth from the stores
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DRIVE FORWARD OUR FRANCHISE POLICY FOR HYPERMARKETS 40 Hypermarkets in France Maintain the pace of store transfers to franchise 15 transfers in 2026
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● Invest in-store to revitalize food, non-food and service concepts and deliver a higher value, more profitable mix ○ Fresh, self service, frozen ○ Pet care, drugstore, personal care & beauty ○ Home & Living, Sport ○ Merchant and financial services 41 MODERNIZE THE HYPERMARKET COMMERCIAL MODEL 5 to 10% of our sqm reallocated to growth categories €200M Invested each year in store modernization1 41 An offensive push towards growth verticals 1. Scope: France Market share gains NPS improvement LFL growth Margin growth● Modernize our assets where needed and keep accelerating on decarbonization
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Personal Care & Beauty MODERNIZE THE HYPERMARKET COMMERCIAL MODEL 42 Drugstore Pet care Home & Living Sport & Leisure Frozen food > +30% sales YoY in France +10% volume YoY in Spain > +10% sales YoY in Spain +c.10% sales YoY in France & Spain +20% volume YoY in Spain High single digit sales growth in Spain Note: Evaluations based on pilots conducted in 2025-2026, with multi-month testing periods
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Merchant services GMV by 2030 (+30% vs. 2025)1 Financial services customers in 2030 vs 20251€3Bn +40% 431. Group scope at 31/12/25 MODERNIZE THE HYPERMARKET COMMERCIAL MODEL InsuranceCar Rental Financing solutions Energy Contracts Travel
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44 CARREFOUR 2030 Develop our growth banners Continue to transform and upgrade our hypermarkets Boost e-commerce growth from stores Consolidate growth from the stores
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OUR STORES AT THE HEART OF E-COMMERCE GROWTH #2 food e-commerce in Spain3 1. Scope: Large Scale Food Retailers, Source : Fox Intelligence 2. +1,3% market share for Drive in 2025, Source: Kantar 3. Source: Nielsen Solid E-commerce positions today #1 for Home Delivery in France1 #1 for food e-commerce in Brazil3 Continuous improvement on tools, processes and productivity Improving key operational metrics (Same-day delivery compliance, product availability) #1 in market share gains for Drive in 2025 in France2 45
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20% market share for Drive by 2030 (+5 p.p. vs. 2025)1 40% market share for Home Delivery by 2030 (+4 p.p. vs. 2025) +10% Spain E-commerce Sales annual growth through 2030 x2 Atacadão E-commerce Sales by 2030 ● 100% of FMCG products available in Drive from 2026 ● Continuous improvement to optimize same-day delivery performance and fulfillment rates ● Boosting coverage to 90% fulfillment-capable stores by 2030 (+10 p.p. vs. 2025) ● Further development of partnerships ● Acceleration of B2B sales through customer journey digitalization and enhanced CRM personalization ● Meu Atacadão App 46 STRONG E-COMMERCE AMBITIONS, LEVERAGING OUR STORE NETWORK 1. On food E-commerce market share
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47 CARREFOUR 2030 Data: a springboard for personalization & Beyond Retail AI & Tech powered stores AI to optimize central functions Seize the full potential of agentic commerce Accelerate performance through AI, Tech & Data
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10bn transactions processed by our Data Lake1 X2 Unlimitail revenue by 2028 X2 share of personalized promotion by 2030 Reinforce loyalty and personalization Develop new services2 1. Group Scope, over 2023-2025 CUSTOMER DATA: POWERING PERSONALIZATION & BEYOND RETAIL GROWTH 48 2025 2030 2025 2028 Note: Group scope at 31/12/25 New services also include merchant & financial services 2. New services also include merchant & financial services
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VUSION PARTNERSHIP TO ACCELERATE STORE DIGITIZATION 49 Holistic solution Cameras, electronic shelf labels, connected rails and AI Use Cases Out-of-stock detection, price compliance, shelf monitoring, layout management, data monetization for suppliers Investment >€150m to equip all French supermarkets & hypermarkets over 2026-2030 Franchise Solution proposed to franchises
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50 REVOLUTIONIZING OUR PROCESSES THROUGH AI An AI training program rolled out to 100% Group Employees Stores ● Orders ● Stockout Detection ● Geolocation ● Layout management Marketing ● Discount offers ● Loyalty & CRM ● Communication ● Personalization ● Media Support Functions ● Finance ● HR ● Customer service ● Expansion Offer / Merchandise ● Assortment ● Pricing ● Innovation ● Negotiation Supply Chain ● Supply ● Flows Management ● Logistics
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ACCELERATE PERFORMANCE THROUGH AI AND TECH €100M invested in AI /year AI Factory 200 internal & external specialists 51
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Our own agents Hopla+ in France ClubIA in Spain CARREFOUR AT THE FOREFRONT OF AGENTIC COMMERCE 52 A partnership with Google Co-creating a shopping experience directly from Gemini (UCP Protocol) Benefits for the customers: ●Time-saving ●Smart inspirations ●Personalized experience 60% of consumers report using AI in their shopping journey¹ 80% of our e-commerce shoppers using AI in their Carrefour shopping journey² 1. BCG analysis, Adobe study, 2025; 2. Internal study France, 2025
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53 CARREFOUR 2030: A GROWTH PLAN Win on product offering and customers Consolidate growth from stores Price & Club driving competitiveness Confirm our position as the ultimate leader in choice Win the battle for fresh food Develop our growth banners Boost e-commerce growth from stores Continue to transform and upgrade our hypermarkets Accelerate performance through AI, Tech & Data AI to optimize central functions Seize the full potential of agentic commerce Data: a springboard for personalization & Beyond Retail AI & Tech powered stores Pioneer “healthier eating”
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CARREFOUR 2030: A GROWTH PLAN 25% market share by 2030 20% market share by 2030 #2 reinforced market share position by 2030 France Brazil Spain Note: France: FMCG scope (all formats); Spain: FMCG scope (all formats); Brazil: Total store (all formats) 54
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CARREFOUR 2030: ALIGNING OUR RESOURCES WITH OUR STRATEGIC GOALS €1.8-2bn investments per year 55 €1bn annual cost savings 2026-2030 Scope : Group scope at 31/12/2025
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CARREFOUR 2030: AMBITIOUS FINANCIAL TARGETS Scope : Group at 31/12/2025 €5bn Net Free Cash Flow over 3 years (2026-2028) Increasing each year3.5% operating margin by 2030 3.2% operating margin by 2028 56
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CARREFOUR 2030: AN ATTRACTIVE SHAREHOLDER RETURN POLICY & COMMITMENT TO THE BBB STABLE OUTLOOK RATING Ordinary dividend 50 to 60% of adjusted annual net income1; objective to grow each year Commitment to BBB rating (stable outlook) Standard & Poor’s rating Decided annually Additional returns High single-digit annual growth Adjusted net income per share1 571. Group share
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CARREFOUR 2030: STRENGTHENED DIALOGUE WITH SHAREHOLDERS AND INVESTORS A new reporting framework New reporting segments Net Free Cash Flow distinguishing between operational and real estate cash flows Increased visibility on the value and evolution of our real estate assets 58 AI & Tech RoadmapESG commitments France Hypermarkets Strategy June 2026 November 2026 January 2027 Thematic workshops
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FINANCIAL WRAP UP 59
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A NEW FRAMEWORK OF COMMUNICATION A new reporting format aligned with our priorities 60
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NEW REPORTING OFFERING MORE VISIBILITY ON CORE MARKETS PREVIOUS REPORTING NEW REPORTING (from 2026 onward) LATAM (Brazil, Argentina) France France Europe (Spain, Belgium, Romania, Poland) Spain Other countries (Belgium, Romania(1), Poland, Argentina) 61 Global functions Brazil Global functions 85% of sales 99% of ROI 1: Romania will be reported as Asset Held For Sale in 2026 financials as per IFRS 5
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THREE HIGH POTENTIAL CORE MARKETS 62 Market fundamentals • Resilient and consolidated with further consolidation underway (top 4 = 76% of the market) • Hypermarket a reference format in France (48% of the food retail market) • Dynamic macro and retail market • Fragmented market with consolidation opportunities • Above average profitability market • Demographic tailwinds driving long-term volume growth • Average personal income growing • High potential for store expansion • Structurally above Europe margin levels Carrefour strengths & opportunities in this market • Strong #2 position • Powerful brand equity • Continued market share gains (22%, highest over 10 years) • Regular ROI growth (x2.1 since 2018) • Synergies from Cora & Match • Strong growth potential for convenience through franchise • Solid #2 position • Largest retailer for national brand products • Well performing financial services • Opportunity in convenience • Clear #1 market position • Solid price leadership with Atacadão • Powerful financial ecosystem with Banco Carrefour France Spain Brazil
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A VALUE GENERATING REAL ESTATE PORTFOLIO 63 ~2,300 owned stores 7.9m sqm €14.2bn Real estate value(1) France €9.2bn Spain €1.9bn Brazil €3.1bn Value of real estate will be updated annually €2.8bn increase in real estate value between 2021 and 2025 11.4 1.0 1.7 14.20.6 (in €bn) 1.0 -1.5 Δ = 0.6 Real estate asset rotation reflected in Net Free Cash-Flow +€2.8bn (1) Valuation as of 31/12/25 based on appraisals from CBRE, JLL, Colliers and EY. Perimeter addressed is France, Spain and Brazil
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64 NFCF NEW FORMAT TO DETAIL RETAIL AND REAL ESTATE CONTRIBUTIONS Allocation of capex and asset disposals between retail and real estate for increased clarity on operational performance Operating cash flowEBITDA RETAIL Operational net free cash flow REAL ESTATE Operational net free cash flow Total Net Free Cash Flow - Income tax paid - Financial result (operations related) - Restructuring - Change in WC Leases + RETAIL Capital expenditures & Asset disposals REAL ESTATE Capital expenditures & Asset disposals Cost of debt New reporting Operating cash flowEBITDA Capital expenditures & Asset disposals Free cash flow Leases + Cost of debt Total Net Free cash flow - Income tax paid - Financial result (operations related) - Restructuring - Change in WC Previous reporting
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A REFERENCE INDEX TO MONITOR COMPETITIVENESS IMPROVEMENT 1. Average annual price index vs. market average 65 Carrefour’s competitive objective in France • “Improve price competitiveness vs. market each year1” • Carrefour will report annually on the improvement of its competitiveness based on the index “Distriprix Net” “Distriprix Net” by : a more comprehensive index • Most comprehensive index closer to what customers actually pay • Integrates most consumer benefits, including loyalty discounts and promotional mechanics • Published by Nielsen every quarter • National brands only (excl. notably private labels and Fresh) Included✔ Excludedx Components of value Permanent price Immediate discounts - single unit Immediate discounts - multi-buy Deferred discounts / single unit Premium card benefits Vouchers & coupons Deferred discounts / multi-buy Standard Price Index ✔ ✔ x x x x x Distriprix Net ✔ ✔ ✔ ✔ x x ✔
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CARREFOUR 2030 Value creation backed by commercial success and disciplined execution 66
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OPERATIONAL LEVERS FUELING PROFITABLE GROWTH IN CORE MARKETS 67 Accelerating commercial momentum (top line growth) High cash conversionTransforming the business model (margin expansion) ● Grow market share (LFL basis) ○ NPS® ○ Loyalty ○ Fresh ○ Private labels ○ Innovation ○ Commercial concepts ○ Services ● Price competitiveness: ○ Maintain price leadership in Brazil and Spain ○ Improve price competitiveness in France every year ● Expansion acceleration: Rolling out growth formats (Atacadão, convenience, opportunistic M&A) ● Operating leverage ● €1.0bn/year cost savings program ● Ramp up Concordis ● Franchise ● Ramp up of high margin activities: ○ Financial and Merchant Services ○ Data monetization ○ Retail Media ● High EBITDA cash conversion ● Capex policy focused on high return / impact projects ● Inventory reduction ● Real estate value creation ● BBB Balance sheet leading to controlled interest expenses Sustainable value creation ● Revenue growth ● Margin expansion ● Growing cash flow generation
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68 A steady margin expansion profile 2.6% 3.2% 3.5% +90bps BUILDING TOWARDS 3.5% ROI MARGIN IN 2030 >+25bps Each core market will contribute to margin expansion Growth expected each year, in each core country Margin expansion objective (2025-2030) Note: ROI margin objectives in 2026 (>+25bps), 2028 (3.2%) and 2030 (3.5%) are based on Carrefour Group perimeter as of 31/12/25. No perimeter change taken into account 2026 target: >+25bps growth in ROI margin Group France vs Group Spain vs Group Brazil vs Group 2.6% 2.4% 4.2% 4.0% Starting point (FY 2025) +90bps +/= -/= +/=
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69 SUSTAINED CAPEX TO SUPPORT GROWTH AND OPERATIONAL EXCELLENCE • 60-65% allocated to commercial concepts modernization, maintenance & real estate ○ Including €200m/year for store modernisation in France ○ Including €200m/year for decarbonization • ~25-30% allocated to tech/data/AI ○ Including €100m/year for AI initiatives • ~10-15% allocated to expansion ○ Notably Atacadão in Brazil CAPEX ALLOCATION MIX ANNUAL CAPEX PROFILE (in €m) Steady annual CapEx of ~€1.8-2.0bn planned through 2030 ~1,800 ~1,900 ~2,000
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NFCF GROWTH MAINLY EBITDA DRIVEN Indicator Ambition 2026-2028 EBITDA YoY growth driven by core countries consistent with ROI growth profile Taxes Broadly stable rate Restructuring Broadly stable Working capital €100-300m contribution per year thanks to inventory reduction, growth of business and inflation Capex €1.8-€1.9bn per year Real estate asset disposals Stable €200-300m annual net contribution to NFCF per year harvesting value created on real estate projects Cost of debt Down in 2026 thanks to BRL debt refinancing(1), then broadly stable 70 €5bn Net Free Cash Flow cumulated over 2026-2028 NFCF Growing every year 2026 target: Increase NFCF vs 2025 (€1,565m) Note: NFCF objective in 2026 is based on Carrefour Group perimeter as of 31/12/25. No perimeter change taken into account (1) Savings estimated at €75m in 2026 vs 2025
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BALANCED CAPITAL ALLOCATION DRIVING SUSTAINABLE GROWTH AND ATTRACTIVE RETURNS INVESTMENTS IN CUSTOMER EXPERIENCE, OPERATIONS, AND ARTIFICIAL INTELLIGENCE COMMITMENT TO BBB STABLE OUTLOOK ORDINARY DIVIDEND REPRESENTING 50% TO 60% OF ADJ. EPS(1) WITH OBJECTIVE TO GROW EACH YEAR ADDITIONAL RETURN DECIDED ANNUALLY BASED ON FINANCIAL SITUATION AND OUTLOOK 71 1 2 3 4 (1) Group share
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72 2026 2028 2030 Cost savings €1bn per year over the course of the plan ROI >+25bps margin(1) 3.2% margin(1) 3.5% margin(1) CAPEX ~ €1.8bn ~ €1.9bn ~ €2.0bn Net Free Cash Flow €5bn cumulative NFCF growing each year(2) Further growth Adj. EPS, Group share High single digit growth each year Ordinary dividend 50% to 60% ordinary dividend payout on adj. EPS, Group share CARREFOUR 2030 FINANCIAL TARGETS (1) Based on Carrefour Group perimeter as of 31/12/25 (2) 2026 NFCF target: increase NFCF vs 2025 (€1,565m)
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INVESTMENT CASE: A successful retail platform offering high cash generation Focused Focus on 3 core markets with leadership positions • 99% of Group ROI(1) generated by 3 core markets (France, Spain, Brazil) • #1 or strong #2 positions in core markets • Non-core assets driven by value maximization Disciplined Capital allocation driving attractive returns • Continuous cost savings program (€1.0bn per year) fueling investments • Disciplined capital allocation sustaining commercial success and attractive returns • Solid balance sheet: Commitment to BBB stable outlook Winning Commercial excellence powered by Data • Market share gains: price competitiveness, excellence in Fresh and modern concepts/stores driving growth • Scalable winning models: fast roll-out of winning formats & Retail Media expansion • Clear ambition to reach 25% market share in France and 20% in Brazil & to strengthen #2 position in Spain • Tech-enabled commercial efficiency: AI & Data optimizing customer relationship, operations and assortment Growing returns Delivering profit and cash flow growth • ROI margin growth: on track to 3.2% ROI(1) margin in 2028 and 3.5% in 2030 • Strong cash conversion model: Delivering €5bn Net free cash-flow cumulative over 2026-2028 • Dividend offering high yield and expected to grow every year 73 (1) ROI: Recurring Operating Income; based on Carrefour Group perimeter as of 31/12/25
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74 APPENDIX
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75 CARREFOUR 2030 OPERATIONAL TARGETS 2026 2028 2030 Market share Steady gains Steady gains ● France: 25% ● Brazil: 20% ● Spain: strengthened #2 position Price competitiveness ●Maintain price leadership in Brazil and Spain ●Improve price competitiveness in France every year “Le Club” 60M active loyalty cardholders Expansion ● France: 140 Match stores ● Spain: +450 convenience stores ● Brazil: +40 Atacadão ● France: +1,000 convenience stores, +50 Market, 160 Match stores ● Spain: +750 convenience stores ● Brazil: +70 Atacadão Transfers to franchise / lease -management 40 Market transferred to franchise each year in France 15 hypermarkets transferred to lease-management in France Private labels ● Grow our food private labels >1.5 x faster than national brands every year in Europe(1) ● Gain market share for our food private labels in Europe & Brazil(2) International franchise ● #1 Retailer Worldwide in geographical footprint in 2030 with 60 countries ● #1 Retailer in Africa with 22 countries (1) Scope: France, Spain, Belgium; (2) On FMCG for France, Spain, Belgium and Brazil
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76 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. DISCLAIMER