Carrefour Reports 2.8% Growth in 2025 Driven by France and Spain
The retail group concluded the year 2025 with a 2.8% increase in comparable sales, supported by significant operational improvements in France and Spain. This performance comes in a context marked by the integration of Cora and Match stores and major strategic adjustments in its geographic portfolio.
Financial Performance and Operational Highlights
Carrefour recorded a revenue of 91.484 billion euros in 2025, up by 2.8% on a like-for-like and constant currency basis compared to 90.362 billion the previous year. The fourth quarter saw a 1.6% increase in comparable terms. EBITDA stood at 4.506 billion euros, nearly stable at -0.4%, but grew by 3.4% at constant exchange rates. The recurring operating income fell by 5.4% to 2.158 billion euros, a decline attributable to 120 million euros in consolidation and integration costs of Cora and Match, and 102 million euros due to a negative exchange rate effect in Latin America. Excluding Cora and Match, the ROC improved by 2.2%, and the operating margin gained 13 basis points to reach 3.0% in France, a performance described as achieving a long-standing commercial goal. In Spain, the ROC increased by 13.5%, while in Latin America, it remained stable at constant exchange rates despite an unfavorable macroeconomic context in Brazil.
Net Results and Financial Position
The group's adjusted net income decreased by 6.6% to 1.090 billion euros, equivalent to 1.60 euros per share compared to 1.74 euros the previous year. The net free cash flow was reported at 1.305 billion euros, penalized by a negative contribution of 260 million euros from Italy until the completion of its sale in November. Excluding Italy, the free cash flow reached 1.565 billion euros. The net financial debt increased by 185 million euros to 3.965 billion euros, with 140 million related to the buyout of minority stakes in Brazil and 240 million to support the sale of the Italian operations. The group proposes a 5.4% increase in the ordinary dividend to 0.97 euros per share, complemented by an exceptional dividend of 150 million euros or 0.21 euros per share, conditioned on the finalization of the sale of Carrefour Romania announced on February 12, 2026.
Operational Integration and Market Dynamics
In France, the integration of Cora and Match was successfully completed in 2025, with the group deploying its business model through significant price reductions, an increased share of Carrefour brand products, and alignment of promotional policies. These efforts led to a 2.9% increase in transactions in the fourth quarter with market share gains at the year-end, but temporarily impacted the ROC of Cora and Match with a deficit of 120 million euros, including 95 million of non-recurring costs. The synergy program aiming at 130 million euros by 2027 is unfolding as planned. The expansion in proximity accelerated with 456 openings over the year, surpassing the previous record. In Spain, investments in competitiveness initiated since 2024 continue to yield results, strengthening the price leadership position. In Brazil, an interest rate context of 15% impacted volumes throughout the year, although the fourth quarter saw improved dynamics with the deflation of some raw materials. The group anticipates a gradual recovery of volumes for 2026.
