Carrefour (CRERF) Full Year 2025 Earnings Call Highlights: Strong Performance in France and …

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Wed, February 18, 2026 at 10:05 AM GMT+9 4 min read

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**Total Sales Q4:** 24.3 billion, with like-for-like sales up 1.6%.

**Recurring Operating Income:** 2,158 million, or 2.6% of net sales.

**France Market Share:** Increased to 22%, highest since 2015.

**France Operating Margin:** Reached 3% milestone.

**Spain Profitability Increase:** 13.5% in 2025, with a 445 basis points improvement in profit margin.

**Brazil Recurring Operating Income:** 709 million, with a 4% margin.

**Net Free Cash Flow:** 1.5 billion, excluding Italy.

**Adjusted Net Income Group Share:** 190 million, translating to an adjusted EPS of 1.60.

**Dividend Proposal:** Ordinary dividend of 0.97 per share, with a special dividend of 150 million proposed.

**Store Expansion in France:** Opened 456 new convenience stores.

**Integration Costs for Cora and Match:** 145 million in OpEx and 85 million in CapEx.

**CSR Index Score:** Achieved 113%.

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Release Date: February 17, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Carrefour (CRERF) reported solid commercial dynamics in France and Spain, with a growing recurring operating income and strong cash flow generation.

The company achieved a significant milestone by reaching a 3% operating margin, driven by strict cost control and purchasing synergies.

Carrefour (CRERF) expanded its convenience store network, opening a record 456 new stores in France, which contributed to an increase in market share.

In Spain, Carrefour (CRERF) saw a 13.5% increase in profitability, driven by strong food sales growth and improved profit margins.

The company maintained a disciplined capital allocation strategy, proposing an increased ordinary dividend and a special dividend following the disposal of its Romanian operations.

Negative Points

Carrefour (CRERF) faced challenges in Brazil due to a difficult macroeconomic environment, including high interest rates and negative volumes.

The integration of Cora and Match had a temporary negative impact on France's operating results, with a recurring operating income loss of 120 million.

Currency fluctuations, particularly the depreciation of the Argentine peso and Brazilian real, negatively impacted total sales growth.

The company experienced a slowdown in like-for-like sales growth in France during Q4, attributed to consumer trade-downs on festive products.

Carrefour (CRERF) faced challenges in Poland and Romania, with a highly competitive market environment and a slowdown in volumes.

 






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Q & A Highlights

Q: Can you provide insights into the 2026 outlook and how it aligns with consensus expectations for ROI? Also, what drove the strong performance in Spain and how do you plan to improve market share in France? A: Alexandre Bompard, CEO: We are confident about 2026 due to positive market dynamics and supportive technical factors. France has shown solid performance, and we anticipate similar trends in 2026. Spain’s market was robust, and we maintain price leadership. In Brazil, we believe we’ve turned a corner with improved macro conditions. We plan to continue investing in prices in France to stabilize market share. More details will be shared tomorrow.

Q: Can you elaborate on the 30 basis point margin improvement in France and the potential disposal of some Korra stores? Also, what synergies were realized from Korra in 2025? A: Alexandre Bompard, CEO: The 3% profitability milestone in France is due to consistent strategy and cost savings. We are evaluating a small number of Korra stores for potential disposal. Matthieu Malige, CFO: Synergies from Korra in 2025 were small, with cost synergies offset by negative commercial synergies. We expect improvement in 2026 as commercial dynamics strengthen.

Q: Why was there a decline in convenience store performance in Q4, and what are the expectations for financial costs and CapEx in 2026? A: Alexandre Bompard, CEO: The decline was due to trade-offs on festive products, but overall dynamics remain positive. Matthieu Malige, CFO: We expect a significant decrease in financial costs due to Brazilian debt restructuring. CapEx was reduced in 2025 due to strategic reviews and will focus on store transformation and logistics in 2026.

Q: What led to the decision not to pursue a share buyback, and how will the Romanian proceeds be used? Also, what is the status of the franchisee relations in France? A: Matthieu Malige, CFO: We opted for a special dividend instead of a share buyback due to tax considerations. Romanian proceeds will provide balance sheet flexibility. Alexandre Bompard, CEO: Franchisee relations are generally positive, with a few disagreements being addressed.

Q: Can you clarify the impact of Korra’s integration costs on 2025 profits and the expectations for 2026 free cash flow? Also, explain the factoring of receivables. A: Matthieu Malige, CFO: Korra’s integration costs were well-controlled, and no further costs are expected in 2026. We are confident in achieving the 2026 free cash flow target of 1.7 billion. Factoring of receivables, mainly in Brazil, is neutral year-on-year and helps manage working capital.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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