Plesio (formerly Casino): adjusted EBITDA up 9.3%, leverage still above the threshold
Plesio published a business update on 10 November 2026 that juxtaposes two developments with opposite implications. Over the first nine months, its adjusted EBITDA rose 9.3% to €498 million. At 30 September, the net leverage ratio calculated for the financial covenant reached 7.33 times, above the maximum threshold of 6.11 times.
This breach, announced on 30 July 2026, was the subject of waivers from lenders. On 20 October 2026, the group adopted the name Plesio to replace Casino. On 9 November, it reached an agreement on the main terms of its restructuring with its majority shareholder and the TLB lenders' steering committee.
Adjusted EBITDA rises despite published sales down 2.7%
Consolidated revenue reached €5,916 million over nine months. It rose 0.3% on a like-for-like basis but fell 2.7% on a reported basis, as the rationalisation of the proximity store network removed approximately 3.1 points.
The third quarter shows the same pattern: €1,949 million, or +0.3% like-for-like and -2.7% reported.
Over nine months, 343 stores were closed or sold, 44 directly operated stores were converted to franchise or leasehold management, and 182 stores were opened. Despite this decline in published sales, adjusted EBITDA increased by €42 million and its margin rose 93 basis points, to 8.4%.
The group attributes this increase in particular to the consolidation of purchasing within alliances, lower markdowns, the streamlining of the network and savings from the value creation plan. Adjusted EBITDA after rent rose 54%, to €172 million, and its margin went from 1.8% to 2.9%.
Free cash flow before financial expenses came to +€16 million, compared with -€45 million a year earlier, and to -€104 million after financial expenses. The group confirmed its target of free cash flow before financial expenses at break-even in 2026. It reported a deteriorated social climate, marked by acts of vandalism and looting in certain stores.
Monoprix and Franprix drive the increase in adjusted EBITDA
Monoprix, which generated €900 million in sales in the third quarter, remains the main contributor. Its adjusted EBITDA reached €305.2 million over nine months, up 6.5%, and its margin rose 99 basis points, to 10.6%. This improvement came while its like-for-like sales fell 2.6% over the quarter.
Textiles weighed on performance, with a 16.9% decline in September, a month marked by record temperatures, in a market that fell 17.6%. In food, volumes decreased 2.0%, largely due to the persistent absence of agreements with certain suppliers.
Franprix recorded like-for-like growth of 1.1% over the quarter, with footfall up 4.2%. Its adjusted EBITDA rose 14.3%, to €107.5 million, and its margin gained 142 basis points, to 9.7%. Naturalia, which is smaller in size, added €2.9 million of adjusted EBITDA, bringing it to €18.5 million.
At Cdiscount, gross merchandise volume rose 6.9% over the quarter, driven by the marketplace (+11.9%), which accounts for 73% of gross merchandise volume. Revenue increased 0.4% like-for-like, while direct sales fell 6.8%, and adjusted EBITDA grew 4.0%, to €49.8 million.
Conversely, Casino Spar Vival accelerated its sales, up 5.4% like-for-like over the quarter, but its adjusted EBITDA fell 3.3%, to €27.1 million. The group cited the effect of fuel price inflation on logistics costs, amounting to approximately €5 million.
Banking waivers and agreement on the restructuring terms
The rise in the leverage ratio is due to debt. Net debt as defined for the covenant rose from €902 million at the end of 2025 to €1,563 million at the end of June, and then to €1,811 million at the end of September.
Over the same period, adjusted EBITDA over twelve months, calculated on the same basis, rose from €194 million to €247 million, and the ratio went from 4.66 times to 6.47 times at the end of June.
On 22 October 2026, the TLB lenders accepted, by the required majority, to waive the events of default linked to the breach recorded at 30 September. On 3 November, the revolving credit and operational financing lenders did the same. These waivers will become final subject to the signing of a lock-up agreement between the stakeholders.
The agreement of 9 November involves the company, France Retail Holdings and the TLB steering committee, which holds approximately 90% of the principal of this debt. The partner banks will submit it, with a favourable recommendation, to their credit committees. They will do the same for the request to extend the operational financing until 4 January 2027.
Liquidity reached €634 million at 30 September, mainly in available cash, after the drawdown of most credit lines. The publication therefore combines an increase in adjusted EBITDA across all banners except Casino Spar Vival with banking waivers whose finality depends on the signing of the lock-up agreement.
