Carrefour Launches Debt Repurchase Offer Ahead of New Securities Issue
On Wednesday, Carrefour announced the launch of a public tender offer for two series of bonds maturing in 2027 and 2028, with a maximum amount of 200 million euros. Concurrently, the group declared its intention to issue new sustainability-linked debt securities.
The offer targets the 2.625% bonds maturing on December 15, 2027 (ISIN: FR0013505260), with an issuance volume of 1 billion euros, of which 800 million are in circulation, and the Sustainability-Linked 4.125% bonds maturing on October 12, 2028 (ISIN: FR001400D0F9), with an issuance volume of 850 million euros fully in circulation. The acceptance cap is set at 200 million euros in total for both series, with the possibility for the group to increase or decrease it at its discretion. The offer extends from May 27 to June 2, 2026, at 4 PM (Paris time). The results are to be announced on June 3, 2026.
Managing Debt Maturity and Liquidity
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This operation aims to efficiently manage the group's debt maturity profile and liquidity. It is contingent upon the pricing and the signing of the new securities that Carrefour intends to issue in euros under its EMTN program with a sustainability-linked note structure.
Objectifs 2026 confirmes : croissance du ROC, marge operationnelle en hausse de plus de 25 pbs vs 2025, cash-flow libre net en croissance vs 2025 (1 565 M€), resultat net ajuste par action en croissance dans le haut de la fourchette a un chiffre. Plan d'economies de 1 Md€ confirme (490 M€ realises au S1).
Risks mentioned
Résultat non courant dégradé à -165 M€ contre -39 M€ au S1 2025
ROC des Autres pays à -34 M€, fortement pénalisé par l'Argentine
Marge commerciale en baisse de -28 pbs à 19,1 % du CA lié aux investissements prix
Opportunities identified
490 M€ d'économies de coûts réalisées au S1, en ligne avec l'objectif de 1 Md€ pour 2026
Objectif confirmé de 130 M€ de synergies Cora & Match à horizon 2027
Cession de Carrefour Roumanie finalisée pour environ 500 M€ et recentrage sur 3 pays cœur
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Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
