COMMUNIQUÉ RÉGLEMENTÉ

par CARREFOUR (EPA:CA)

Carrefour Full-Year 2023 Results

image

 FY 2023 results confirm the strength of Carrefour’s model

 Adjusted Earnings Per Share up +12%

 Net Free Cash Flow: €1,622m (+€360m)

●    2023  sales  up  +10.4%  on  a  like-for-like  basis  (LFL)  (+10.2%  LFL  in  Q4) ,  with  strong  increase  in  sales  of  Carrefour-branded products (+3pts to 36% of food sales)  and  in e-commerce GMV ( +26.0% to €5.3bn)

●    Recurring  Opera ng  Income  (ROI)  of  €2,264m,  with  solid  growth  in  France  (+19%  to  €988m,  margin  up  +37bps to  2.6%)  and in Spain (+14%); Improved momentum in  ROI margin, which was stable in H2

●    Con nued growth in adjusted EPS, up +12%  to €1.83  in 2023 vs. €1.63 in 2022

●    Strong  growth  in  Net  Free  Cash  Flow,  at  €1,622m  in  2023  vs.  €1,262m  in  2022,  reflec ng  the  strength  of  Carrefour’s  cash-oriented model, as well as efficient inventory management

●    Enhanced capital alloca on policy  o  Dividend  increase  of  +55%  to  €0.87  per  share  (€600m  in total)   vs.  €0.56 last   year.  Confirma on  of  the  annual  dividend growth target of at least +5% on this higher base

                 o     New €700m share buyback program in 2024

●    110   % achievement rate of the CSR and Food Transi on Index in 2023

 Alexandre  Bompard,  Chairman  and  CEO,  declared:  “As  we  present  our  results  today,  I  would  like  to  express,  on  behalf  of  the  en re  Carrefour  Group,  our  deepest  emo on  following  the  passing  of  our  shareholder  and  friend  Abilio  Diniz.  The  Board  of  Directors  met  today  and  once  again  expressed  its  affec on  and  full  support  to  Abilio's  family  in  this  trying me.   His  personal history will forever be associated with that of our Group.

In   2023,  Carrefour  confirmed  the strength   of  its  model,  in  an  environment  marked  by high   infla on  in  Europe,  and  con nued  to  improve  its  economic  performance.  These  results  stem  from  the  hard  work  and  excep onal  everyday  commitment  of  Carrefour  teams  and  franchised  partners.  They  confirm  the  relevance  of  the  Carrefour 2026  plan,  whose  effects  are  already no ceable,   with  strong  momentum  in  private  label  sales  and  e-commerce  and  strong  cost discipline.   The  Group  also seized  opportuni es   to  reinforce  its  posi on  in  its  key  markets, notably   with  the  announcement  of  the  acquisi ons  of  Cora  and  Match  in  France.  At  the  same me,   the  integra on  of  Grupo  BIG  in  Brazil  is progressing  rapidly.   This  performance  allowed  Carrefour  to  generate  a  high  level  of  net  free  cash  flow,  raise  its  dividend  significantly,  announce  a  new  share  buyback  program  and  increase  once  again  employee  profit-sharing  in  France. In   2023,  we  con nued  to  outperform  our  targets in   terms  of  social  and  environmental  responsibility,  with  a  110%  achievement  rate  of  the  CSR  and  Food  Transi on  Index.  The  Group  also  reinforced  its  employees’  engagement  with  the  launch  of  Carrefour  Invest,  the  employee  shareholder  plan  launched  in  2023,  that  allowed  more  than  30,000  of  them  to  become  shareholders  of  their  Group. Carrefour enters this new year with confidence and con nues its trajectory towards the objec ves set for 2026.”

 2023 KEY FIGURES

 (in €m)

 2022

 2023

 Varia on

 Sales inc. VAT

 90,810

 94,132

 +10.4% LFL

 Recurring Opera ng Income (ROI)

 2,377

 2,264

 -4.7% (-€113m);  +9.8% at constant FX

 Recurring opera ng margin

 2.9%

 2.7%

 -20bps; stable in H2

 Net Income, Group share

 1,348

 1,659

 +23.1% (+€312m)

 Adjusted net income, Group share

 1,212

 1,304

 +7.6% (+€92m)

 Adjusted EPS

 1.63

 1.83

 +12%

 Net Free Cash Flow

 1,262

 1,622

 +€360m

 Net financial debt at December 31

 3,378

 2,560

 -€818m

             2023:  CARREFOUR CONTINUES ITS TRANSFORMATION

 Carrefour  was  fully  mobilized  in  2023  in  a  challenging  environment,  allowing  the  Group  to  reach  the  vast  majority  of  its  opera ng  objec ves.  This  took  place  against  a  backdrop  of  par cularly  high  infla on  in  Europe  and  in  Argen na,  as  well  as  con nued  strong  pressure  on  customer  purchasing  power,  with  nega ve  volumes  in most of Group’s markets.

 The  priority  given  to  Carrefour-branded  products  and  to  the  “Simpl’”  entry  price  range  was  par cularly  appreciated  by  customers.  These  products  now  account  for  36%  of  food  sales,  increasing  by  +3  points  compared  to  2022,  in  line  with  the  40%  objec ve  set  out  in  the  Carrefour  2026  plan.  Carrefour  also  ini ated  moves  to  improve  compe veness  in  autumn,  launching  many ini a ves   to  support  its  customers  in  the  face  of  price  increases,  with  several  price-reduc on  and  promo onal  campaigns  on  thousands  of  products.  These  ini a ves  enabled  an  improvement  in  customer  sa sfac on,  with  a  Group  NPS  increase  of  +4pts  in  2023.  The  Group's  digital  strategy  con nues  to  bear  fruit.  Online  GMV  increased  +26%  to  €5.3bn  in  2023.  This  growth  is  notably  driven  by  Brazil  (+40%)  and  by  France  (+16%),  where  Carrefour  further  strengthened  its  leadership  on  the  high-growth  segment  of  home  delivery.  Regarding  Retail  media,  the  year  was  marked  by  the  launch  and  first commercial successes of Unlimitail  , a joint venture with Publicis.

 At  the  same  me,  the  Group  con nued  its  transforma on  with  the  rapid  integra on  of  Grupo  BIG  in  Brazil  and  transfers  of  stores  to  franchise  and  lease  management,  notably  in  France.  Finally,  Carrefour  con nued  its  value-crea ng  acquisi on  policy ,  notably  with  the  announcement  of  the  Cora/Match  acquisi on  in  France,  which  should  close  by  summer  2024,  and  the  announcement  of  the  acquisi on  of  31  ex-Casino  stores  in  January.

 The  Group  con nued  to  make  advances  on  CSR,  achieving  110%  of  the  CSR  and  Food  Transi on  Index  targets,  and  par cularly  material  progress  in  the  fight  against  global  warming,  food  transi on,  employee  inclusion  and  packaging reduc on. Several 2025 and 2026 objec ves have already been achieved at end-2023.

 At  the  same  me,  the  Group  succeeded  in  preserving  its  economic  model ,  thanks  to  strong  cost  discipline  and  the  beneficial  effects  of  the  deployment  of  the  Carrefour  2026  plan.  With  savings  of  €1,060m  in  2023,  its  target  of  €1bn  was  achieved.  ROI  showed  a  decrease  of  -4.7%,  to  €2,264m,  mainly  due  to  opera ons  in  La n  America  (ROI  at  €763m  vs  €1,005m  in  2022),  penalized  by  the  costs  linked  to  the  integra on  of  Grupo  BIG  in  Brazil  and  the  devalua on  of  the  Argen nian  peso  in  December,  weighing  on  2023  performance  for  c.€60m.  Excluding  currency  effects,  the  Group’s  ROI  increased  by  +10%  in  2023.  The  BIG  stores  converted  to  Atacadão  posted  posi ve  results,  with  LFL  sales  up  +17%  and  an  EBITDA  margin  of  5%  in  Q4.  In  France,  ROI  rose  sharply  by +18.5 %,  with  margin  up +37 bps  to 2.6 %  in 2023  .  The  Group’s  margin  was  stable  in  H2,  reflec ng  the  outstanding  performance  in  France  and  the  sequen al  improvement  in  Brazil.  The  opera ng  performance,  combined  with  good  management  of  inventory,  investments  and  cash,  allowed  Carrefour  to  generate  a  net  free cash-flow of €1,622m.

 In  this  context,  and  with  reaffirmed  confidence  in  its  structurally  cash-genera ng  model,  the  Group  is  enhancing  its  shareholder  return  policy  with  the  payment  of  an  ordinary  dividend  of  €0.87,  an  increase  of  +55%  (vs.  €0.56  in  2022),  represen ng  a  total  amount  of  €600m .  It  will  be  submi ed  for  approval  to  the  Annual  General  Mee ng  on  May 24,  2024.  At  the  same  me,  the  Group  is  announcing  a  new  €700m  share  buyback program over 2024 .

 In  2024,  the  Group  will  con nue  the  implementa on  of  the  Carrefour  2026  plan  and  the  transforma on  of  its  model,  contribu ng  to  ever  more  posi ve  financial  performance.  The  Group  should  benefit  from  more  favorable  market  condi ons  in  Europe,  with  slowing  infla on  and  a  recovery  in  customer  purchasing  power.  In  Brazil,  the  ramp-up  of  converted  stores  in  a  normalizing  environment  should  enable  to  significantly  improve  profitability.  The  year  will  also  be  marked  by  the  integra on  of  Cora/Match  in  France  and  the  recently-acquired  former  Casino  stores.  Carrefour  will  con nue  its  efforts  in  compe veness  to  support  its  market  share  dynamics, notably in France.

 CONTINUED GOOD MOMENTUM IN Q4

 Group  sales  incl.  VAT  increased  by  +10.2%  on  a  like-for-like  basis  (LFL)  in  Q4.  They  reached  €25,055m  pre-IAS 29,  an  increase  of  +6.6%  at  constant  exchange  rates.  This  increase  includes  a  nega ve  petrol  effect  of  -3.0%  and  a  nega ve  calendar  effect  of  -0.8%.  A er  taking  into  account  a  nega ve  exchange  rate  effect  of

 -8.1%,  linked  to  the  devalua on  of  the  Argen nian  Peso,  total  sales  at  current  exchange  rates  were  down  -1.4%.  The  impact  of  the  IAS  29  standard  on  total  sales  was  a  nega ve  €1,484m,  due  to  the  strong  devalua on  of  the  Argen nian  Peso  in  December.  During  this  quarter,  marked  by  the  further  sequen al  slowdown  in  infla on,  the  Group  invested  in  its  compe veness  in  several  countries,  notably  in  France,  in  Spain  and  in  Brazil,  its  three  key  markets,  contribu ng  to  an  improvement  in  its  NPS  (+4  points  in  2023).  E-commerce  GMV  con nued to grow strongly, with an increase of +31% in Q4.

                                                    LFL                                                                 Q4 2023

image

                                                    France                                                             +1.0 %

                                                    Europe                                                             +2.4 %

                                                     La n America                                              +30.2 %

 Group

        +10.2 %

 In  France ,  Q4  2023  like-for-like  sales  were  up  +1.0%.  In  a  market  marked  by  further  slowdown  in  food  infla on  and  volumes  which  remained  under  pressure,  sales  increased  in  all  formats.  Growth  was  driven  by  food  sales  (+1.9% LFL),  while  non-food  sales  decreased  over  the  quarter  (-5.8%  LFL).  E-commerce  GMV  delivered  strong  growth of +16% in Q4, in line with the previous quarters.

                                                    LFL                                                                 Q4 2023

image

                                                    Hypermarkets                                              +0.3%

                                                   Supermarkets                                               +0.6%

 Convenience/Other formats     +3.6%  o/w convenience                +3.2       %

 France

 +1.0%

 In  Europe ,  like-for-like  sales  were  up  +2.4%  in  the  quarter,  a  slowdown  of  1.6  points  compared  to  Q3  (+4.1%  LFL) in a context of average slowdown in food infla on of around 4pts, reflec ng be er volumes.

●     In  Spain  (+2.2%  LFL),  the  Group  con nued  to  report  solid  growth  in  food  (+4.3%  LFL),  while  non-food  was  down  -4.0%  LFL.  Carrefour  posted  a  good  performance  in  December,  notably  during  the  holiday  season

●     In  Italy  (+0.9%  LFL),  Carrefour  maintained  posi ve  sales  growth  against  a  backdrop  of  market  slowdown.  The  Group  con nues  to  strengthen  its  price  compe veness,  resul ng  in  improvement  in  customer sa sfac on

●     In  Belgium  (+6.5%  LFL),  Carrefour  con nued  its  posi ve  trajectory  in  Q4,  with  excellent  commercial  momentum reflec ng rising volumes

●     In  Romania  (+4.7%  LFL),  growth  remained  strong  over  the  quarter  (a er  +4.5%  LFL  in  Q3),  despite  a  high  comparable  base  (+17.8%  LFL)  and  slowdown  in  infla on.  This  good  performance  reflects  improved  volumes  and  increased  in-store  traffic.  The  quarter  was  marked  by  the  integra on  of  the  Cora store network

●     In  Poland  (-3.8%  LFL),  sales  were  down  in  the same  propor ons   as  in  the previous     quarter  (-3.9%  LFL),  on a s ll-high comparable base (+9.6% LFL in Q4 2022) in the context of the war in Ukraine

 LFL

image

 Q4 2023

image

 Spain

+2.2 %

 Italy

+0.9 %

 Belgium

+6.5 %

 Romania

+4.7 %

 Poland

-3.8   %

 Other European countries

           +2.4 %

             In La n America  , like-for-like sales were up +30.2%.

●     In  Brazil ,  LFL  sales  decreased  -2.2%  in  Q4,  improving  vs  Q3  (-3.7%  LFL).  This  sequen al  improvement  in  each  segment  reflects  be er  volume  dynamics  in  a  context  of  slowdown  in  food  infla on  -  and  even  defla on  of  -1.0%  in  Q4  -  and  the  ramp-up  of  Grupo  BIG  stores  converted  to  the  Group’s  banners.  At  constant exchange rates, sales were down -1.2%, with a favorable currency effect of +0.8%.

o        Sales  at  Atacadão  were  down  -1.8%  LFL  in  Q4,  improving  versus  Q3  (-2.7%  LFL),  thanks  to  be er  volume  momentum  during  the  quarter.  Sales  at  former  Grupo  BIG  stores  converted  to  Atacadão  confirmed  their  rapid  ramp-up,  with  LFL  growth  of  +17%  in  Q4  a er  +22%  in  Q3.  Total  sales  growth  amounted  to  +3.2%,  notably  driven  by  Atacadão’s  organic  expansion,  with

15  stores opened in 2023 on top of Grupo BIG store conversions  o  Carrefour  Retail sales   (-5.5%  LFL)  con nued  to  be  more  affected  by  the  economic  environment,  but  they  also  posted  a  sequen al improvement   versus  Q3  (-7.7%  LFL),  notably  thanks to a solid performance in non-food (+3.9% LFL in Q4), driven by a good  Black Friday

o        Sam’s  Club  sales  increased  sharply  in  Q4,  with  total  growth  of  +18%  at  constant  exchange  rates  (vs.  +9%  in  Q3),  including  +8%  LFL  growth  and  the  addi on  of  8  stores  over  the  year.  The  number  of  ac ve  members  increased  by  +25%  over  the  year,  notably  thanks  to  the  recruitment of new customers through digital tools

o        E-commerce  GMV  posted  growth  of  +38%,  including  +58%  in  food  e-commerce,  driven  by  the rapid ramp-up of Atacadão's online business

o        Financial  services  con nued  their  good  commercial momentum,   with  +24% growth   in  the  credit por olio and billings up +15% in Q4

●     In  Argen na  (+193.0%  LFL),  the  Group  con nued  its  excellent  sales  momentum  with  further  market  share  gains  and  an  increase  in  volumes.  In  a  market  impacted  by  very  high  infla on  and  temporary  product  shortages,  Carrefour  managed  to  stand  out  from  the  compe on and   to  further strengthen   its  price  leadership posi on.  The   quarter  was also   marked  by  the very  strong   devalua on  of the  Argen nian  Peso,   which  had  a  strong  nega ve impact  on  both   sales and   ROI  in  Argen na  for the  full  year due to the applica on of the IAS 29 standard. 

 LFL

image

 Q4 2023

image

 Brazil

 -2.2%

 Atacadão

 -1.8%

 Carrefour Retail

 -5.5%

 Sam’s Club

 +8.0%

 Argen na

 +193.0%

 La n America

 +30.2%

 PERFORMANCE IN FY 2023 BY REGION

 France: Strong increase in opera ng margin (+37bps)

 In  2023,  LFL  growth  reached  +4.7% ,  with  a  +6.0%  LFL  increase  in  food  and  a  -4.9%  LFL  decrease  in  non-food.  E-commerce  GMV  was  up  +16%.  A er  more  than  two  years  of  recurring  gains,  Carrefour  observed  a  slowdown  in  its  market  share  momentum  in  value  in  2023.  In  volume  terms,  market  share  remained  broadly  stable  between  2022  and  2023  (source:  Kantar).  The  Group  launched  strong  compe veness  ini a ves  in  the  second  half of the year, with several successive price reduc on campaigns on more than 2,000 products.

 Recurring  Opera ng  Income  increased  by  +18.5%  (+€154m)  to  €988m ,  compared  to  €834m  in  2022.  In  a  context  of  high  infla on,  the  good  commercial  performance  and  the  strong  cost  reduc on  momentum  enabled  opera ng  margin  to  increase  by  +37bps  to  2.6%  vs.  2.2%  in  2022.  Margin  in  France  thus  improved  for  the  fi h  consecu ve  year.  The  Group  is  notably  benefi ng  from  such  ini a ves  of  the  Carrefour  2026  plan  as  increasing  sales  of  Carrefour-branded  products,  transforming  opera ng  modes  and  improving  the  profitability  of  digital  ac vi es.

 Europe (excluding France): Contras ng situa ons between countries, strong growth in Spain

 LFL sales rose by +5.5% in FY 2023.

 Sales  in  Spain  grew  +5.8%  LFL  over  the  year,  with  a  strong  increase  in  all  formats.  The  year  was  marked  by  the  announcement  of  the  acquisi on  of  47  supermarkets  from  El  Corte  Inglés,  with  closing  expected  in  the  first  half 2024.

 Italy  con nued  its  good  sales  momentum  in  2023,  with  like-for-like  growth  of  +3.1%,  driven  by  improved  customer sa sfac on, par cularly in terms of price compe veness.

 In  Belgium ,  a er  a  difficult  year  in  2022,  Carrefour  is reaping  the   rewards  of  its  recovery strategy,   with  posi ve key   indicators:  strong NPS  increase,   market  share  gains  and  volume  growth.  This  drove  a  LFL  sales  increase of  +9.0 %, in an environment that remained very compe ve.

 In  Romania ,  the  Group  maintained  posi ve  momentum  with  +7.0% LFL   growth,  notably  thanks  to  successful  commercial campaigns.

 In  Poland ,  sales  were  down  slightly  by  -0.6%  LFL,  against  a  backdrop  of  strong  pressure  on  customer  purchasing power and high base effects linked to the war in Ukraine.

 Recurring  Opera ng  Income  for  Europe  was  stable  at  €604m,  compared  with  €606m  in  2022.  Spain  posted  a  good  performance  with  a  14%  increase  in  ROI  despite  an  unfavorable  environment  for  financial  services.  Poland  recorded  a  sharp  decrease  in  profitability,  on  a  high  2022  base  marked  by  the  impact  of  the  war  in  Ukraine. In Italy, Belgium and Romania, ROI was close to the 2022 level.

 La n America: Successful integra on of Grupo BIG in an adverse environment

 In  2023,  sales  in  La n  America  rose  by  +23.5%  LFL,  driven  by  infla on  in  Argen na.  Recurring  Opera ng  Income  decreased  to  reach  €763m  versus  €1,005m  in  2022  (-24.1%  and  +10.3%  at  constant  exchange  rates),  notably from the integra on of Grupo BIG in Brazil.

 In  Brazil :

●     Like-for-like  sales  were  slightly  down,  by -1.3 %  in 2023 .  Against  a  difficult  market  backdrop  marked  by  food  defla on  in  H2,  the  Group  demonstrated  good  resilience,  notably  thanks  to  its  Cash  &  Carry  format  (-1.1%  LFL)  which  benefits  from  its  price  leadership  on  the  Brazilian  market.  Sam’s  Club’s  subscrip on  model  demonstrated  its  relevance  and  sales  were  up +5.0 %  LFL.  The  Retail  segment,  with  a more premium posi oning, was more impacted with a -2.8% decrease in LFL sales in 2023

●     Recurring  Opera ng  Income  reached  €668m ,  down  -26.9%  (-€246m).  This  decrease  was  mainly  driven  by  Grupo  BIG’s  integra on,  with  non-recurring  integra on  costs  of  -c.€80m,  mainly  in  H1  (-€65m)  and  losses  at  converted  stores  in  the  months  following  their  reopening  (-c.€110m),  as  is  the  pa ern  in  the  ramp-up  phase.  The  legacy  business’s  opera ng  income  was  down  -c.€55m  in  2023,  notably  penalized  by  the  Retail  segment.  Carrefour  Brazil  posted  significant  improvement  in  H2 ,  with  the  end  of  conversion  costs  of  former  Grupo  BIG  stores  and  the  rapid  ramp-up  of  converted  stores,  notably  to  the  Atacadão  banner.  The  la er  generated  posi ve  EBITDA  with  a  5.0%  margin  in  Q4,  contribu ng  to  the  Cash  &  Carry  segment’s  strong  improvement  in  performance  over  the  quarter.  In  an  environment  marked  by  high  interest  rates  and  a  higher  cost  of  risk,  financial  services  were  under  pressure.  The  Group  demonstrated  a  steady  improvement  in  default  ra os  throughout  the  second  half,  benefi ng  from  its  selec ve  credit  gran ng  policy  and  improving  market  condi ons.  ROI  in  Brazil  was  thus  down -17 % in H2 a er a decrease of -39% in H1.

 As  announced  during  its  Investor  Day  in  November,  Carrefour  Brazil  launched  a  rapid  adjustment  of  its  Retail  por olio .  123  structurally  loss-making  stores  (mainly  supermarkets  under  the  Todo  Dia,  Nacional  and  Bom  Preço  banners)  have  been  iden fied  to  be  sold  or  closed;  they  represented  sales  of  c.€260m  for  a  nega ve  EBITDA  of  c.€(40)m.  At  end-January  2024,  104  stores  were  already  closed  or  sold;  the  19 remaining  stores  will  be  closed  or  sold  by  the  end  of  Q2  2024.  The  Group  also  launched  the  conversion  of  40  addi onal  hypermarkets  to  Atacadão  and  Sam’s Club  banners,  of  which  20  expected for 2024.

 At  the  same me,   Carrefour  Brazil  is  making  rapid  progress  in  implemen ng  cost  synergies,  with  R$1.6bn  already  delivered  on  an  annualized  basis.  These  cost  synergies  were  offset  by  the  nega ve  performance  of  converted  stores,  which  are  ramping  up  following  their  recent  reopening.  The  Group  confirms its synergy target of R$2bn by 2025.

 In  Argen na :

●     Sales  con nued  to  grow  sharply  (+151.9%  LFL),  a er  an  increase  of  +84.3%  in  2022.  This  increase  reflects a steady rise in volumes and strong market share gains in a context of hyperinfla on

●     Recurring  Opera ng  Income  and opera ng  margin   con nued  to  improve  thanks  to  excellent  sales  momentum  and  ongoing  a en on  to  costs.  It  totalled  €96m vs.   €92m  in  2022,  including  a  €(92)m  impact  from  IAS  29  (hyperinfla on  accoun ng), of   which  €(60)m  following  the  devalua on  of  the  Peso  in December. ROI margin was up +138bps to 4.5% (vs 3.1% in 2022)

2023 INCOME STATEMENT

 Gross  sales  for  full-year  2023  increased  by  +10.4%  on  a  LFL  basis.  Group  sales  (including  VAT)  totaled  €94,132m  pre-IAS  29,  an  increase  of  +9.3%  at  constant  exchange  rates.  This  increase  includes  the  +1.4%  expansion  and  scope  effect,  the  -0.2%  calendar  effect  and  the  -2.5%  petrol  effect.  A er  taking  into  account  a  nega ve  currency  effect  of  -5.7%,  mainly  due  to  the  deprecia on  of  the  Argen nian  Peso,  the  total  varia on  in  sales was +3.5%.

 Net sales  totaled €83,270m.

 Gross  margin  stood  at  20.0%  of  net  sales,  down  -7bps.  This  change  notably  reflects  the  evolu on  of  the  change  in the integrated/franchise store mix.

 Distribu on  costs  represented  14.8%  of  net  sales,  up  +12bps  vs.  2022  due  to  strong  cost  infla on,  notably  on energy (+c.€170m compared to 2022), offse ng good sales momentum and cost-saving plans.

 Recurring  Opera ng  Income  before  D&A  (EBITDA)  totaled  €4,459m,  down  €(54)m.  It  increased  by  +8.9%  at  constant exchange rate, notably thanks to strong cost discipline.

 Group  Recurring  Opera ng  Income  (ROI)  totaled  €2,264m,  down  €(113)m  (-4.7%;  +9.8%  at  constant  exchange  rates). It notably includes the following items:

●     Strong  growth  in  retail  opera ons ,  excluding  excep onal  items,  thanks  to  good  commercial  momentum  and  strong  cost  discipline.  The  Group’s  cost  savings  amounted  to  €1,060m  in  2023,  in  line with the objec ve

●     A  decrease  of  c.€(105)m  in  the  contribu on  of  financial  services  (excluding  excep onal  costs  linked  to  the  recruitment  of  former  Grupo  BIG  customers  for  c.€(35)m),  taking  into  account  the  margin  squeeze  linked  to  the  more  rapid  rise  in  interest  rates  than  the  increase  in  rates  invoiced  to

 customers, and the rise in cost of risk linked to the pressure on customer purchasing power

●     Non-recurring integra on costs  from Grupo BIG for  €(80)m

●     A   c.€(60)m  impact  of  the  very  strong  devalua on  of  the  Argen nian  peso  in  December  from  the  applica on  of  the  IAS  29  standard ( restatement  of  the  full  P&L  of  Argen na based   on  the year-end   exchange rate)

 Opera ng margin stood at 2.9%, compared with 2.7% in 2022 (-20bps). It remained stable in H2 at 3.7%.

 Non-current  income  totaled  €(558)m,  compared  with  €36m  in  2022,  driven  by  higher  provisions  linked  to  reorganiza on  projects  in  the  context  of  the  European  mutualiza on  and  impairment  of  assets  in  Brazil  (essen ally non-cash) on stores being closed.

 Net  income,  Group  share ,  totaled  €1,659m,  compared  with  €1,348m  in  2022  (+23%).  It  includes  the  following  items:

●     Net  financial  expenses  decreasing  to  €(410)m  vs.  €(490)m  in  2022,  reflec ng  notably  the  decrease  in  net  debt,  following  the  disposal  of  Carrefour  Taiwan  in  July  2023,  and  higher  returns  on  short-term  deposits

●     An  income  tax  charge  increase  to  €(439)m  vs.  €(408)m  in  2022,  linked  to  the  deprecia on  of  deferred  tax assets on Grupo BIG in 2023 vs. the recogni on in 2022 of a one-off tax credit in Brazil

●     Net  income  from  discon nued  opera ons,  Group  share ,  of €729m   in  2023,  mainly  linked  to  the  capital gain recorded following the disposal of the Carrefour Taiwan stake

 Adjusted  net  income,  Group  share ,  improved  by  +7.6%  (+€92m),  reaching  €1,304m  compared  to  €1,212m  in  2022.

 Adjusted EPS  increased by +12%  to €1.83 from €1.63  in 2022.

CASH FLOW AND DEBT

 The  Group  posted  strong  growth in   Net Free   Cash  Flow  [1]  genera on  to  €1,622m  in  2023,  rising  from  €1,262m  in 2022. This +€360m increase includes:

●     A €(98)m impact from the disposal of Taiwan (12 months consolidated in 2022 vs. 6 months in 2023)

●     A  €363m  increase  in  net  free  cash-flow  from  opera ons,  reflec ng  notably  the  improvement  in  working  capital  requirements  with  good  control  of  inventories  (three-day  decrease,  and  an  18-day  decrease in non-food) and trade receivables

●     A  €94m  increase  in  asset  disposals, including   a  “sale   and  leaseback ”  transac on  in  Brazil  in  H1  2023  for  c.€230m

 Net  financial  debt ,  including  discon nued  opera ons,  totaled  €2,560m  as  of  December  31,  2023,  compared  with  €3,378m  as  of  December  31,  2022 [2]   .  This  decrease is  mainly  linked   to  the  disposal  of  Carrefour  Taiwan  for  €1bn. It includes the following items:

●     Net Free Cash Flow genera on of €1,622m

●     Dividend  payments  of  €(481)m,  including  €(405)m  in  ordinary  dividends  to  Group  shareholders,  and  dividends paid to minority shareholders

●     Share buybacks totaling €(802)m in 2023

 STRENGTHENED LIQUIDITY AND SOLID BALANCE SHEET

 Carrefour  benefits  from  a  solid  balance  sheet,  which  is  an  important  asset  in  the  current  context,  marked  by  rapid changes in food retailing and macroeconomic uncertain es.

 As  of  December  31,  2023,  the  Group  was  rated  Baa1  stable  outlook  by  Moody's  and  BBB  stable  outlook  by  Standard & Poor's.

 In  2023,  the  Group  successfully  issued  two  new  Sustainability-Linked  Bonds  (“SLB”),  respec vely  oversubscribed four and three mes:

●     In  May  2023,  for  an  amount  of  €500m,  maturing  in  October  2030,  with  a  coupon  of  3.75%.  This  issuance  allowed  to  par ally  refinance  the  expira on  of  two  bonds  maturing  in  June  2023  (one  $500m conver ble bond and one €500m Eurobond)

●     In November 2023, for an amount of €750m, maturing in November 2031, with a coupon of 4.375%. 

 These two   SLB  issuances  are  indexed  to  two  objec ves  linked  to  greenhouse  gas  emissions,  one  on  Scopes  1  &  2,  the  other one   on  Scope  3.  Carrefour  will  report  annually  in  its  Universal Registra on   Document  on  the  progress  of  its  key  non-financial  performance  indicators,  which  will  be  assessed  by  an  independent  third  party.  The amounts raised are used to finance the Group's general purpose and ensure bond refinancing.

 At  December  31,  2023,  the  bond  por olio  totaled €8.1bn,   including  €7.5bn  in  Eurobonds  with  an  average  maturity of 3.8 years, and the equivalent of €0.6bn in Brazil (CRA).

INCREASE IN ORDINARY DIVIDEND TO €0.87 PER SHARE (€600m)

 The  Group’s  profound  transforma on  over  the  past  six  years  enabled  a  strongly-enhanced  model,  resul ng  in high net free cash-flow genera on            .

 In  this  context,  the  Group  decided  to  reinforce  its  shareholder  remunera on  policy  with  an  increase  in  ordinary  dividend .  The  proposed  ordinary  dividend  for  the  financial  year  2023  amounts  to  0.87  euros  per  share,  up  +55%  compared  with  0.56  euros  in  2022,  for  a  total  amount  of  €600m.  It  will  be  paid  fully  in  cash  and  will  be  submi ed  for  approval  to  the  Annual  General  Mee ng  on  May 24,  2024.  It  will  be  detached  on  May 28 , 2024 and paid on May 30, 2024.

 Carrefour  confirms  its  objec ve  of  at  least  5%  growth  in  dividend  each  year,  with  this  enhanced  level  as  the  baseline.

 NEW €700M SHARE BUYBACK PROGRAM

 At  the  same  me,  the  Board  of  Directors  decided  to  launch  a  new  share  buyback  program  for  a  total  amount of €700m                .

 This  ini a ve  is  in  line  with  the  Group’s  capital  alloca on  policy,  which  aims  to  achieve  the  right  balance  between a sustained investment program, external growth and return on equity.

 This  new  buyback  reflects  management’s  confidence  in  the  Group’s  opera ng  performance,  its  Free  Cash  Flow  genera on and its business outlook.

 Subject to market condi ons [3]   , this buyback will take  place in the course of 2024.

 At  December  31,  2023,  the  total  number  of shares   making up   the  share  capital  totaled  708,790,816  shares,  including 17,609,525 treasury shares, and  the number  of shares in issue is therefore 691,181,291.

 GEOGRAPHICAL  REFOCUS  AND  GROUP’S  STRENGTHENING  IN  ITS  KEY  MARKETS

 On  June  30,  2023,  Carrefour  announced  the  closing  of  the  disposal  of  its  60%  stake  in  Carrefour  Taiwan  to  Uni-President for c.€1bn.

2023           was  also  marked  by  several  acquisi ons,  notably  in France   and  in  Spain,  demonstra ng  the  Group’s  ability  to con nue its targeted external growth strategy.

●     In  April  2023,  Carrefour  announced  the  acquisi on  of  Cora’s  ac vi es  in  Romania ,  including 10   hypermarkets and 9 Cora Urban stores. This transac on  was completed in October.

●     In  July  2023,  Carrefour  reached  an  agreement  with  Louis  Delhaize  to  acquire  Cora  and  Match  in  France .  The  acquisi on,  which  is  expected  to  be  completed  in  the  summer  of  2024,  will  be  paid  100%  in  cash,  based  on  an  enterprise  value  of  €1.05bn.  This  value  corresponds  to  an  EV/EBITDA  acquisi on  mul ple  of  around  4.2x  post-synergies.  The  synergies  are  es mated  at  €110m  in  EBITDA  on  an  annual  basis, three years a er the effec ve comple on of the transac on.

●     In  September  2023,  Carrefour  announced  the  acquisi on  of  47  supermarkets  and  convenience  stores  from  El  Corte  Inglés ,  consolida ng  its  posi on  in  Spain  and  further  diversifying  its  store  network.  The  transac on is expected to close in the first half 2024.

 Finally,  on  January 24      , 2024   ,  Carrefour  announced  the  acquisi on  of 31        former  Casino  stores  in  France.  The  value  of  the  acquisi on  is  not  material.  The  transac on  is  expected  to  be  completed  in  the  second  quarter  of  2024.

CSR AND FOOD TRANSITION INDEX AT 110% IN 2023

 In  2023,  Carrefour  once  again  exceeded  its  CSR  objec ves,  with  a  110%  achievement  rate  for  the  Group's  CSR  and  Food  Transi on  Index  (a er  109%  in  2022).  This  index,  created  in  2018  and  updated  in  2023  to  include  the  targets  of  Carrefour  2026  strategic  plan,  assesses  Carrefour's  yearly  performance  in  implemen ng  CSR  commitments.

 In  2023,  the  Group  made  strong  progress  on  several  commitments  and  some  have  been  achieved  several  years  ahead of plan.

●     Climate                

 ○  38%  reduc on  in  store  greenhouse  gas  emissions  (Scopes  1  and  2)  in  2023  vs  2019  (+9 points  in  one  year).  The  Group  reached  its  target  of  -30%  in  2025  two  years  ahead  of  plan.  As  a  reminder,  the  1,5°C  trajectory  set  out  corresponds  to  -30%  in  2025,  -50%  in  2030  and -70% in 2040 vs 2019

○   44%  of  TOP  100  suppliers  already  have  a  1.5°C trajectory   (+17  points  vs  2022),  in  line  with  the objec ve of 100% in 2026 or run the risk of dereferencing for non-compliance

●     Food transi on   :   o  €514m  in  sales  of  plant-based  alterna ves  in  2023.  Upon  request  of  our  stakeholders,  legumes  have  been  added  to  the  scope  (€142m  sales  in  2023)  and  the  target  was  raised  to

 €650m sales in 2026 (vs. €500m ini ally) o             306  suppliers  partnering  in  the  Food  Transi on  Pact  (vs  204  in  2022);  target  of  500  suppliers  in 2030 confirmed

●     Packaging            :   o          20,738  tons  of  packaging  avoided  since  2017,  of  which  4,348  tons  in  2023.  The  target  of  20,000  tons  avoided  has  been  reached  two  years  ahead  of  plan.  A  new  target  will  be  set  out  in 2024 to further strengthen the Group’s ambi on to reduce packaging

●     Employees :  o    +2,077  employees  with  disabili es  at  end-2023  (13,358  vs  11,281  at  end-2022).  Carrefour  confirms its target of 15,000 employees with disabili es by 2026

 The year 2023 was also marked by several key CSR ini a ves:

●     Carrefour  has  made  a  commitment  to  women’s  health  in  the  workplace  by  implemen ng  unprecedented  measures  in  France  to  take  into  account  endometriosis,  miscarriage  and  medically  assisted procrea on (MAP)

●     Carrefour  launched  the  employee  shareholder  plan  Carrefour  Invest  to  allow all   employees  of  the  Group  to  par cipate  and  to  directly  share  in  the  value  created  by  the  company.  Out  of  the  funds  raised, €37m will be used to finance environmental and social projects

●     Carrefour  launched  a  coali on  on  plant-based  alterna ves  with  7  major industrial   partners  (Danone,  Unilever,  Bel,  Andros,  Bonduelle,  Nutri on  &  Santé,  Savencia)  with  the  target  of  reaching  €3bn in sales of plant-based alterna ves by 2026

●     The  Group  made  progress  on  the  supply  of  renewable  energy  with 137   stores  equipped  with  photovoltaic  power  plants  at  end-2023  (vs  18  stores  in  2022).  Carrefour also   signed  four  Power  Purchase  Agreements  that  will provide   100  Gwh/year,  equivalent  to  the  consump on  of  29  hypermarkets

 Carrefour  maintained  its  leading  posi on  in  extra-financial  assessments.  The  Group  has  obtained  a  score  of  76/100  from  Moody's  (+3  points  compared  to  2022,  +12  points  compared  to  2021).  Carrefour  is  one  of  the 7  food  retailers,  and  the  only  French  food  retailer,  to  be  part  of  the  Dow  Jones  Sustainability  World  index,  with  a score of 67/100.

CARREFOUR 2026: OPERATIONAL AND FINANCIAL OBJECTIVES

                                                                                                        End of 2022                       End of 2023                   2026  objec ve

 Opera onal objec ves

 

 

 Private labels

33 % of food sales

36 % of food sales

     40    % of food sales

 Convenience store openings

 n.a.

            +653           

        +2 ,400 vs. 2022

 Atacadão store openings

 n.a.

              +92            

        >+200  vs. 2022

 Reduc on in energy consump on

           -14 % (1)         

           -21 % (1)         

     -27.5 % in 2026 vs.

2019      at Group level

            -10 %

            -22 %

-20       % in 2024 vs. 2019     in France

 ESG objec ves

 Sales of cer fied sustainable products

        €5.1bn (2)        

        €5.3bn (2)        

 € 8 bn

 Top 100 suppliers to adopt a 1.5°C  trajectory

             27 %

             44 %

                  100 %

 Employees with disabili es

          11 ,281

          13 ,358

                15 ,000

 Financial objec ves

 

 

 E-commerce GMV

 €4.2bn

 €5.3bn

                 € 10 bn

 Cost savings

 €1,010m in 2022

 €1,060m in 2023

 €  4bn (cumul. 2023-26)         

 Net Free Cash Flow (3)       

 €1,262m

 €1,622m

 >€1.7bn

 Investments (Capex)

 €1,861m

 €1,850m

 €2bn/year

 Cash dividend growth

 +8%

 (€0.56/share)

 +55%

 (€0.87/share)

 >+5%/year

 Note:  (1)  Data  excluding  Brazil;  2019  basis  is  being  recalculated  for  the  Grupo  BIG  scope  recently  acquired,  which  will  enable  to  include

 Brazil  in  this  indicator  in  2024.  In  2023,  energy  consump on  per  sqm  of  sales  area  totaled  459.5  kWh  for  the  Group  (including  Brazil);  (2)  Sales  in  private  labels  cer fied  “sustainable  fishing”  and  “sustainable  forest”  are  not  taken  into  account  for  now  and  will  be  added  to  the  repor ng  in  2024;  (3)  Net  Free  Cash  Flow  corresponds  to  free  cash  flow  a er  net  finance  costs  and  net  lease  payments.  It  includes  cash-out of excep onal charges

 AGENDA

●     First-quarter 2024 sales: April 24, 2024

●     General Shareholders’ Mee ng: May 24, 2024

●     Second-quarter 2024 sales and half-year 2024 results: July 24, 2024

 The  Carrefour  Board  of  Directors  met  on  February  20,  2024  under  the  chairmanship  of  Alexandre  Bompard  and  approved  the  condensed  consolidated  financial  statements  for  the  2023  financial  year.  These  accounts  have

 been  audited  and  the  cer fica on  report  is  being  issued.  The  accounts  are,  and  the  related  auditors'  report  will  be, available at:  h ps://www.carrefour.com/en/finance/financial-publica ons

 CONTACTS

 Investor rela ons

 Sébas en Valen n, Anthony Guglielmo, Mathilde Novick

 Tel: +33 (0)1 64 50 79 81

 Shareholder rela ons

 Tel: 0 805 902 902 (toll-free in France)

 Group communica on

 Tel: +33 (0)1 58 47 88 80

 APPENDIX

 Applica on of IFRS 3

 On  March  31,  2023,  an  agreement  was  signed  with  Advent  and  Walmart,  resul ng  in  a  defini ve  reduc on  in  the  acquisi on  price  of  R$900m.  In  accordance  with  IFRS  3  on  consolida on  of  companies,  the  price  reduc on  in  the  12  months  post-closing  is  booked  retrospec vely  in  the  opening  balance  sheet  of  Grupo  BIG  as  compensa on  of  goodwill.  The  balance  sheet  at  December  31,  2022  has  thus  been  restated  for  the  price  reduc on,  as  well  as  for  other  minor adjustments.

 Applica on of IFRS 5

 On  July  19,  2022,  Carrefour  announced  the  signing  of  an  agreement  to  sell  its  en re  interests  in  its  Taiwanese  subsidiary  (i.e.  60%)  to  the  Uni-President  group  (holder  of  the  remaining  40%).  As  the  condi ons  precedent  have  been  met,  in  par cular  the  approval  of  the  local  compe on  authority  obtained  in  May  2023,  this  agreement  resulted in the loss of control of the subsidiary on June 30, 2023.

 The  compara ve  consolidated  income  statement  and  cash-flow  statement  informa on  presented  in  this  document  has  been  restated  to  reflect  the  classifica on  of  Carrefour  Taiwan  as  a  discon nued  opera on  in  accordance  with  IFRS 5 - Non-current assets held for sale and discon nued opera ons.

 Historical LFL sales growth, excl. Taiwan

 Quarter

 Q1 2020

 Q2 2020

 Q3 2020

 Q4 2020

 Q1 2021

 Q2 2021      Q3 2021

 Q4 2021

 Q1 2022

 Q2 2022

 Q3 2022

 Q4 2022

 +7.9%

 +6.5%

 +8.7%

 +8.9%

 +4.6%

 +3.8%            +1.0%

 +0.7%

 +3.5%

 +7.8%

 +11.3%

 +10.9%

 Half-year

 Full year

 H1 2020       H2 2020

 H1 2021     H2 2021

 H1 2022

 H2 2022

 2020

 2021

 2022

 +7.2%              +8.8%

 +4.2%            +0.8%

 +5.7%

 +11.1%

 +8.0%

 +2.5%

 +8.5%

 Fourth-quarter 2023 sales inc. VAT

 Varia on ex petrol ex

 Total varia on inc. petrol

                                                                                     Sales                            calendar

image

 inc. VAT ( €m)

 LFL

 Organic

image

 At current  exchange  rate

 At constant  exchange  rate

 France

10       ,974

        +1.0 %

0.0    %

        -4.5 %

      -4.5 %

 Hypermarkets

 Supermarkets

5 ,529

        +0.3 %

        +0.6 %

-0.9   %

-0.4   %

        -4.9 %

        -5.6 %

      -4.9 %

      -5.6 %

3 ,539

 Convenience / Other formats

1 ,906

        +3.6 %

+3.3   %

image

        -1.6 %

      -1.6 %

 Other European countries

7 ,063

        +2.4 %

+2.1 %

        +1.8 %

     +1.2 %

 Spain

 Italy

3 ,167

        +2.2 %

        +0.9 %

+2.1     % -1.5       %

        -0.9 %

        -2.4 %

      -0.9 %

      -2.4 %

1 ,149

 Belgium

1 ,216

        +6.5 %

+5.6   %

        +5.3 %

     +5.3 %

 Romania

       868  

        +4.7 %

+7.3   %

       +14.5 %

    +15.6 %

 Poland

       664  

        -3.8 %

-4.1   %

image

        +1.3 %

      -5.4 %

 La n America  (pre-IAS 29)

 7,019

 +30.2%

 +32.1%

 +0.6%

 +30.4%

 Brazil

 Argen na  (pre-IAS 29)

 

 5,833

 -2.2%  +193.0%

 -0.2%  +199.1%

 -0.5%

 +6.1%

 -1.2%  +198.7%

 1,186

 Group total  (pre-IAS 29)

 25,055

 +10.2%

 +10.2%

 -1.4%

 +6.6%

 IAS 29 (1)                      

 (1,484)

              Group total  (post-IAS 29)                  23,571

image

 Note : (1) hyperinfla on and foreign exchange

 Technical effects – Fourth-quarter 2023

image

 Calendar

 Petrol

 Foreign  exchange

 France

        -0.8 %

-3.6 %

 Hypermarkets

        -0.5 %

-3.4 %

 Supermarkets

        -1.3 %

-4.0 %

 Convenience / Other formats

        -1.1 %

-3.6 %

 Other European countries

        -0.7 %

-1.2 %

+0.5   %

 Spain

        -0.9 %

-2.1 %

 Italy

 -0.5%

 -0.5%

 -

 Belgium

 -0.3%

 -

 -

 Romania

        +0.2 %

-0.0 %

-1.1    %

 Poland

        -1.3 %

-0.0 %

+6.7   %

 La n America

        -1.0 %

-0.5 %

-29.8   %

 Brazil

        -1.1 %

+0.2 %

+0.8   %

 Argen na

        -0.4 %

-192.5       %

 Group total

        -0.8 %

-3.0 %

-8.1    %


Full-year 2023 sales inc. VAT

 Varia on ex petrol ex

 Total varia on inc. petrol

                                                                                    Sales                            calendar

image

 inc. VAT ( €m)

 LFL

 Organic

image

 At current  exchange  rates

 At constant  exchange  rates

 France

    42 ,518

        +4.7 %

+3.8 %

        +1.2 %

     +1.2 %

 Hypermarkets

 Supermarkets

    20 ,702

        +4.1 %

        +4.7 %

+2.7   %

+3.9   %

        -0.1 %

        +1.6 %

      -0.1 %

     +1.6 %

    14 ,097

 Convenience / Other formats

7 ,719

        +6.5 %

+6.7   %

image

        +4.3 %

     +4.3 %

 Other European countries

    26 ,028

        +5.5 %

+5.0 %

        +3.8 %

     +3.6 %

 Spain

 Italy

    11 ,821

        +5.8 %

        +3.1 %

+5.9   %

+0.8   %

+2.8         % -0.1         %

+2.8 % -0.1    %

4 ,398

 Belgium

4 ,584

        +9.0 %

+7.7   %

        +7.6 %

     +7.6 %

 Romania

2 ,900

        +7.0 %

+8.7   %

      +10.7 %

    +11.2 %

 Poland

2 ,325

        -0.6 %

-0.6   %

image

        +1.5 %

      -1.8 %

 La n America  (pre-IAS 29)

 25,586

 +23.5%

 +25.6%

 +7.3%

 +29.5%

 Brazil

 Argen na  (pre-IAS 29)

 

 21,393

 -1.3%  +151.9%

 +1.4%

 +154.9%

 +6.9%

 +9.8%

 +6.9%

 +155.0%

 4,193

 Group total  (pre-IAS 29)

 94,132

 +10.4%

 +10.4%

 +3.5%

 +9.3%

 IAS 29 (1)                      

 (1,518)

                Group total  (post-IAS 29)               92,614

image

 Note : (1) hyperinfla on and foreign exchange

 Technical effects – Full-year 2023

 Foreign

                                                                                                                 Calendar            Petrol

 exchange

 France

        -0.1 %

-2.5 %

 Hypermarkets

        -0.0 %

-2.8 %

 Supermarkets

        -0.1 %

-2.3 %

 Convenience / Other formats

        -0.2 %

-2.2 %

 Other Europeans countries

        -0.2 %

-1.6 %

+0.3 %

 Spain

        -0.3 %

-2.8 %

 Italy

 -0.0%

 -0.8%

 -

 Belgium

 -0.1%

 -

 -

 Romania

        +0.1 %

-0.0 %

-0.4   %

 Poland

        -0.3 %

-0.9 %

+3.4 %

 La n America

        -0.3 %

-0.9 %

-22.2     %

 Brazil

        -0.3 %

-0.3 %

-0.0   %

 Argen na

        +0.1 %

-145.3   %

 Group total

        -0.2 %

-2.5 %

-5.7 %


Geographic breakdown of 2023 net sales and recurring opera ng income

                                                                                           Net sales                                               Recurring Opera ng Income

( in €m)

2022       

2023       

 Varia on

 at

 constant

 exchange  rates

 Varia on

 at

 current

 exchange  rates

2022        

2023       

 Varia on

 at

 constant

 exchange  rates

 Varia on

 at

 current

 exchange  rates

 France

37 ,706

38 ,220

+1.4         %

+1.4         %

834          

988         

+18.5      %

+18.5      %

 Europe (excl. France)

 22,643

 23,650

 +4.2%

 +4.4%

 606

 604

 -0.4%

 -0.4%

 La n America

21 ,036

21 ,399

+39.6      %

+1.7         %

1 ,005

763         

+10.3      %

-24.1       %

 Global func ons

-69      

-91          

+31.2      %

+32.6      %

 TOTAL

81 ,385

83 ,270

+12.0      %

+2.3        %

2 ,377

2 ,264

+9.8        %

-4.7         %


 Consolidated income statement 2023 vs 2022

                                                                                                                               2022                                                                                                                                      

( in €m)

       2023             

 Varia on  at constant

 exchange  rates

 Varia on

 at current

 exchange  rates

 Net sales

     81   ,385

     83   ,270

      +12.0 %

+2.3    %

 Net sales, net of loyalty program costs

     80   ,543

     82   ,276

      +12.0 %

+2.2    %

 Other revenue

2 ,546

2 ,632

       +7.3 %

+3.4    %

 Total revenue

     83   ,089

     84   ,908

      +11.8 %

+2.2    %

 Cost of goods sold

(66,776)      

   (68,278)  

      +11.0 %

+2.2    %

 Gross margin

     16   ,313

     16   ,630

      +15.2 %

+1.9    %

 As a % of net sales

     20.0 %

      20.0 %

      +56 bps

-7 bps

 SG&A

(11,958)      

   (12,335)  

      +17.5 %

+3.2    %

 As a % of net sales

     14.7 %

      14.8 %

      +72 bps

+12   bps

 Recurring opera ng income before D&A (EBITDA)  (1)

4 ,613

4 ,559

       +8.9 %

    -1.2 %

 EBITDA margin

 5.7%

 5.5%

 -16bps

 -19bps

 Amor za on

(1 ,978)

(2 ,031)

       +7.4 %

+2.7    %

 Recurring opera ng income (ROI)

2 ,377

2 ,264

       +9.8 %

    -4.7 %

 Recurring opera ng margin

 2.9%

 2.7%

 -6bps

 -20bps

 Income from associates and joint ventures

 50

 44

 Recurring opera ng income including from associates and joint  ventures

 2,427

 2,308

 Non-recurring income and expenses

         36    

      (558)             

 Opera ng income

 2,463

 1,749

 Financial result

      (490)             

      (410)             

 Finance cost, net

      (336)             

      (258)             

 Net interests related to leases commitment

 (167)

 (208)

 Other financial income and expenses

         13    

         56    

 Income before taxes

1 ,973

1 ,339

 Income tax expense

 (408)

 (439)

 Net income from con nuing opera ons

 1,564

 900

 Net income from discon nued opera ons

 1

 742

 Net income

 1,566

 1,642

 of which Net income, Group share

 1,348

 1,659

 of which con nuing opera ons

 1,368

 930

 of which discon nued opera ons

 (21)

 729

 of which Net income, Non-controlling interests

 218

 (17)

 of which con nuing opera ons

 196

 (30)

 of which discon nued opera ons

 22

 13

 Net income, Group share, adjusted for excep onal items

 1,212

 1,304

 Deprecia on from supply chain (in COGS)

 (258)

 (264)

 Net income, Group share, adj. for excep onal items, per share

 1.63

 1.83

 Weighted average number of shares pre-dilu on (in millions)

 741

 714

 Note:  (1)  Recurring  Opera ng  Income  Before  Deprecia on  and  Amor za on  (EBITDA)  also  excludes  deprecia on  and  amor za on  from  supply  chain  ac vi es which is booked in cost of goods sold

Consolidated balance sheet

 December 31, 2022

( in €m)                                                                                                                    IFRS 3 (1)                                                                                                                                                                                                                

 December 31, 2023

 ASSETS

 Intangible assets

             10 ,143

             10 ,264

 Tangible assets

             12 ,612

             12 ,360

 Financial investments

2 ,448

2 ,370

 Deferred tax assets

                475           

                395          

 Investment proper es

                279           

                262          

 Right-of-use asset

4 ,190

4 ,464

 Consumer credit from financial-service companies - Long-term

1 ,867

1 ,911

 Other non-current assets

                609           

                697          

 Non-current assets

 32,622

 32,723

 Inventories

6 ,893

6 ,544

 Trade receivables

 3,330

 3,269

 Consumer credit from financial-service companies - Short-term

4 ,111

4 ,644

 Tax receivables

                948           

                824          

 Other current assets

1 ,025

1 ,008

 Other current financial assets

 771

 685

 Cash and cash equivalents

5 ,216

6 ,290

 Current assets

             22 ,294

             23 ,264

 Assets held for sale

1 ,641

                184          

 TOTAL

 56,558

 56,171

 LIABILITIES

 Shareholders’ equity, Group share

             11 ,144

             11 ,539

 Minority interests in consolidated companies

 2,042

 1,848

 Shareholders’ equity

             13 ,186

             13 ,387

 Deferred tax liabili es

                365           

                300          

 Provision for con ngencies

 3,979

 4,012

 Borrowings - Long-term

 6,912

 7,264

 Lease liabili es - Long-term

 3,574

 3,894

 Bank loans refinancing - Long-term

 1,550

 1,931

 Tax payables - Long-term

 85

 57

 Non-current liabili es

 16,464

 17,458

 Borrowings - Short-term

 2,646

 2,224

 Lease liabili es - Short-term

 955

 1,007

 Trade payables

 14,393

 14,242

 Bank loans refinancing - Short-term

 3,592

 3,771

 Tax payables - Short-term

 1,182

 1,222

 Other current payables

 2,943

 2,860

 Current liabili es

 25,712

 25,326

 Liabili es related to assets held for sale

 1,196

 -

 TOTAL

 56,558

 56,171

 Note: (1) Balance sheet at December 31, 2022 restated in accordance with IFRS 3 (reduc on in the purchase price of Grupo BIG)

 Consolidated cash flow statement

                                                                                                                                                               2022                                                                                                                                                                     

( in €m)

    2023    

 Varia on

 NET DEBT AT OPENING

(2 ,633)

(3 ,378)

    (745)    

 EBITDA

4 ,613

4 ,559

     (54)     

 Income tax paid

    (449)    

    (343)    

     106     

 Financial result (excl. net cost of debt and net interests related to leases  obliga ons)

      13      

      56      

      43      

 Cash impact of restructuring items and others

    (424)    

    (328)    

      95      

 Gross Cash Flow (excl. discon nued)

3 ,753

3 ,943

     190     

 Change in working capital requirement (incl. change in consumer credit)

     243     

     672     

     429     

 Discon nued opera ons

     224     

      35      

    (189)    

 Opera ng Cash Flow (incl. excep onal items and discon nued)

4 ,219

4 ,650

     430     

 Capital expenditures (1)         

 (1,861)

 (1,850)

 11

 Asset disposals (business related)

     379     

     473     

      94      

 Change in net payables and receivables on fixed assets

      55      

    (124)    

    (179)    

 Discon nued opera ons

     (36)     

     (11)     

      25      

 Free Cash Flow

 2,756

 3,138

 382

 Free Cash Flow (excl. excep onal items and discon nued)

 2,816

 3,376

 560

 Payments related to leases (principal and interest) net of subleases payments  received

 (1,047)

 (1,161)

 (114)

 Net cost of financial debt

 (336)

 (310)

 26

 Discon nued opera ons

    (111)    

     (45)     

      66      

 Net Free Cash Flow

1 ,262

1 ,622

     360     

 Net Free Cash Flow (excl. excep onal items and discon nued)

 1,433

 1,905

 472

 Excep onal items and discon nued opera ons  (2)

    (170)    

    (283)    

    (113)    

 Financial investments

 (980)

 (27)

 953

 Disposal of investments

 100

 1,078

 977

 Capital increase / (decrease) of Carrefour SA and share buyback

 (753)

 (728)

 25

 Dividends paid

 (481)

 (481)

 0

 Others

 136

 (431)

 (567)

 Discon nued opera ons

 (30)

 (216)

 (186)

 NET DEBT AT CLOSE

 (3,378)  (3)

 (2,560)

 818

 XX

 Notes: (1) Restated for Makro; (2) Restructuring (€262m in 2023 vs. €251m in 2022), discon nued opera ons and others;  (3) Restated in accordance with IFRS 3 (reduc on in the purchase price of Grupo BIG)

 Change in shareholders’ equity

 Total

                                                                                                                               shareholders’              Shareholders’                 Minority

( in €m)                                                                                                                         equity                equity, Group share           interests

 At December 31, 2022

          13 ,186

            11 ,144

2 ,042

 FY 2023 total net income

1 ,642

1 ,659

          (17)                

 Other comprehensive income/(loss) a er tax

            (147)            

             (196)          

            49                

 Dividends

            (475)            

             (405)          

          (70)                

 Impact of scope and others (1)               

            (819)            

             (664)          

         (155)                

 At December 31, 2023

          13 ,387

            11 ,539

1 ,848

 Note : (1) Mainly own share buyback

 Net income, Group share, adjusted for excep onal items

( in €m)

        2022               

        2023               

 Net income, Group share

1 ,348

1 ,659

 Restatement for non-recurring income and expenses (before tax)

 (36)

 558

 Restatement for excep onal items in net financial expenses

 51

 29

 Tax impact  (1)

         (193)                

         (119)                

 Restatement on share of income from companies consolidated by the equity  method

 Restatement on share of income from minori es

           21                

          (94)                

 Restatement for net income of discon nued opera ons, Group share

           21                

         (729)                

 Adjusted net income, Group share

 1,212

 1,304

 Note: (1) Tax impact of restated items (non-recurring income and expenses and financial expenses) and excep onal tax items

 CSR and Food Transi on Index at 110% in 2023

 Carrefour’s  CSR  and  Food  Transi on  Index  assesses  the  Group’s  annual  extra-financial  results.  Designed  to  measure  the  performance  of  CSR  policies  over  several  years,  the  index  sets  an  annual  target  for  the  strategic  CSR  indicators.  The overall index score is simply an average of the scores for these indicators.

 Category                             Objec ve                                                                                                                              2023                     2023                                                  score

 Products

 

 111%

 Cer fied sustainable  products

8  billion euros in sales of cer fied sustainable products by 2026

 €5.3bn

          93 %

 Alterna ve  plant-based products

650  million euros in sales of plant-based products  by 2026

 €514m

         103 %

 Raw materials

100         % of sensi ve produc ons for forest, animal welfare, soils, marine  resources and human rights to be covered by a risk mi ga on plan by

2030        

    70 %

         117 %

 Packaging

 Three Carrefour targets on packaging reduc on, bulk and reuse, and  packaging recyclability implemented by 2026

 136%

 1. 20,000 tons of packaging avoided by 2025 (cumula ve since 2017)

 20,738

 116%

2 . €300m bulk sales and re-use in 2026

     256      

         200 %

3 . 100% reusable, recyclable or compostable packaging by 2025

    69 %

          92 %

 Partner producers

 50,000 partner producers by 2026

 46,013

 105%

 Stores

         105 %

 Food waste

50 % reduc on in food waste (vs. 2016)

   -36 %

          92 %

 Waste

 100% of waste to be recycled by 2025

 70%

 92%

 Climate

 (Scopes 1 and 2)

50            % reduc on in GHG emissions (Scopes 1 and 2) by 2030, and 70%  reduc on by 2040 (vs. 2019)

   -38 %

         121 %

 Climate (Scope 3)

 Top 100 suppliers with a 1.5°C trajectory and 20 megatons saved

         117 %

 Top 100 suppliers with a 1.5°C trajectory by 2026

    44 %

         115 %

 20 megatons saved by 2030

 947,000

 118%

 Customers

         105 %

 Nutri on and health

 Removal of 2,600 tons of sugar from Carrefour-branded products by 2026 ( vs. 2022)

 261

         101 %

 Removal of 250 tons of salt from Carrefour-branded products by 2026 (vs.  2022)

 78

 Customer community

 An ac ve community of consumers of healthy and sustainable products in  each of the 8 countries

 3 4  

 100%

 Supplier

 commitments

 500 suppliers commi ed to the Food Transi on Pact by 2030

 306

 133%

 Act For Food  program

 Minimum score of 75/100 for the ques on “Does Carrefour help you eat  be er?”

 63

 85%

 Employees

 119%

 Employees  engagement

 Minimum employee recommenda on score of 75/100 awarded annually

 to Carrefour by its employees  3

 83

 132%

 Gender equality

 Women to account for 35% of Top 200 managers by 2025

 29%

 99%

 Training

 At least 50% of employees provided access to training every year

 69%

 138%

 Disability

 15,000 employees with a disability by 2026

 13,358

 109%

 Notes:  (1)  Sales  in  private  labels  cer fied  “sustainable  fishing”  and  “sustainable  forest”  are  not  taken  into  account  for  now  and  will  be  added  to  the  repor ng  in  2024;  (2)  This  indicator  measures  the  sales  of  alterna ve  products  to  animal-based  products  (ex:  meat  subs tutes,  plant-based  milk  and  yogurts).  The  sales  of  legumes  have  been  added  to  this  indicator  in 2023  ( chickpeas,  len ls); (3)   The  target  is  raised  to  €300m  in  sales  vs  €150m  ini ally  to  take  into  account  sales  in  reuse on top of bulk sales; (4) France, Spain, Belgium; (5) Ipsos, July 2023 - 25,917 respondents out of a representa ve sample of 265,000 employees surveyed

Expansion under banners - Q4 2023

                                                                                        Openings /                                Closures / Store 

                                          Dec. 31            Sept. 30                                                                                              Q4 2023              Dec. 31

 Thousand of sq. m                                                    2022                   2023                         Store       Acquisi ons             reduc ons /             change               2023          enlargements         Disposals

 France

5 ,629

5 ,636

67  

-12           

61  

5 ,697

 Europe (excl. Fr)

5 ,965

5 ,813

52  

89             

-16           

124          

5 ,937

 La n America

4 ,010

3 ,933

29  

-11           

18  

3 ,951

 Others (1)                        

1 ,638

2 ,127

-14           

-14           

2 ,113

 Group

17 ,241

17 ,508

148          

95             

-52           

190          

17 ,698

 Note: (1) Africa, Middle-East, Dominican Republic and Asia

 Store network under banners - Q4 2023

 N° of stores

 Dec. 31

2022 (1)   

 Sept. 30 2023      

 Openings

 Acquisi ons

 Closures /  Disposals

 Transfers

 Total

 Q4 2023  change

 Dec. 31 2023            

 Hypermarkets

1 ,128

1 ,169

       10      

-3 

    13         

1 ,182

 France

 253

 253

 -

 -

 -

 -

 -

 253

 Europe (excl. Fr)

455    

455    

       10      

-1 

    14         

469    

 La n America

252    

223    

223    

 Others (2)                          

 168

 238

 1

 -

 -2

 -

 -1

 237

 Supermarkets

 3,842

 4,100

 97

 -

 -33

 -18

 46

 4,146

 France

1 ,039

1 ,037

-1 

1  037

 Europe (excl. Fr)

2 ,088

2 ,068

     79        

-8 

    71         

2  139

 La n America

 246

 232

 -

 -

 -2

 -18

 -20

 212

 Others (2)                          

469    

763    

     17        

    -22       

-5 

758    

 Convenience stores

8 ,573

8 ,608

192     

       34      

    -95       

    15        

146    

8 ,754

 France

4 ,472

4 ,524

     63        

       25      

    -51       

    37         

4 ,561

 Europe (excl. Fr)

 3,471

 3,382

 98

 9

 -44

 -

 63

 3,445

 La n America

581    

604    

     12        

    15        

    27         

631    

 Others  (2)

    49         

    98         

     19        

    19         

117    

 Cash & carry

 541

 574

 7

 -

 -

 3

 10

 584

 France

148    

150    

151    

 Europe (excl. Fr)

    12         

    12         

    12        

 La n America

 356

 380

 4

 -

 -

 3

 7

 387

 Others  (2)

    25         

    32         

    34        

 So discount (Supeco)

 221

 221

 4

 -

 -12

 -

 -8

 213

 France

 33

 33

 -

 -

 -

 -

 -

 33

 Europe (excl. Fr)

 91

 94

 4

 -

 -1

 -

 3

 97

 La n America

 97

 94

 -

 -

 -11

 -

 -11

 83

 Others  (2)

 -

 -

 -

 -

 -

 -

 -

 -

 Sam’s Club

 43

 47

 3

 -

 -

 1

 4

 51

 France

 -

 -

 -

 -

 -

 -

 -

 -

 Europe (excl. Fr)

 -

 -

 -

 -

 -

 -

 -

 -

 La n America

 43

 47

 3

 -

 -

 1

 4

 51

 Others  (2)

 -

 -

 -

 -

 -

 -

 -

 -

 Group

 14,348

 14,719

 309

 44

 -143

 1

 211

 14,930

 France

 5,945

 5,997

 65

 25

 -52

 -

 38

 6,035

 Europe (excl. Fr)

 6,117

 6,011

 186

 19

 -54

 -

 151

 6,162

 La n America

 1,575

 1,580

 19

 -

 -13

 1

 7

 1,587

 Others  (2)

 711

 1,131

 39

 -

 -24

 -

 15

 1,146

 Note: (1) Africa, Middle-East, Dominican Republic and Asia

DEFINITIONS

 Free cash-flow

 Free cash flow corresponds to cash flow from opera ng ac vi es before net finance costs and net interests related  to lease commitment, a er the change in working capital, less net cash from/(used in) inves ng ac vi es.

 Net free cash flow

 Net free cash flow corresponds to free cash flow a er net finance costs and net lease payments

 Like for like sales growth (LFL)

 Sales generated by stores opened for at least twelve months, excluding temporary store closures, at constant  exchange rates, excluding petrol and calendar effects and excluding IAS 29 impact.

 Organic sales growth

 Like for like sales growth plus net openings over the past twelve months, including temporary store closures, at  constant exchange rates.  Gross margin

 Gross  margin  corresponds  to  the  sum  of  net  sales  and  other  income,  reduced  by  loyalty  program  costs  and  cost  of  goods  sold.  Cost  of  sales  comprise  purchase  costs,  changes  in  inventory,  the  cost  of  products  sold  by  the  financial  services companies, discoun ng revenue and exchange rate gains and losses on goods purchased.

 Recurring Opera ng Income (ROI)

 Recurring Opera ng Income corresponds to the gross margin lowered by sales, general and administra ve expenses,  deprecia on and amor za on.

 Recurring Opera ng Income Before Deprecia on and Amor za on (EBITDA)

 Recurring Opera ng Income Before Deprecia on and Amor za on (EBITDA) also excludes deprecia on and  amor za on from supply chain ac vi es which is booked in cost of goods sold.

 Opera ng Income (EBIT)

 Opera ng  Income  (EBIT)  corresponds  to  the  recurring  opera ng  income  a er  income  from  associates  and  joint  ventures  and  non-recurring  income  and  expenses.  This  la er  classifica on  is  applied  to  certain  material  items  of  income  and  expense  that  are  unusual  in  terms  of  their  nature  and  frequency,  such  as  impairment  of  non-current  assets,  gains  and  losses  on  sales  of  non-current  assets,  restructuring  costs  and  provisions  recorded  to  reflect  revised  es mates  of  risks  provided  for  in  prior  periods,  based  on  informa on  that  came  to  the  Group’s  a en on  during  the  repor ng year.

DISCLAIMER

 This  press  release  contains  both  historical  and  forward-looking  statements.  These  forward-looking  statements  are  based  on  Carrefour  management's  current  views  and  assump ons.  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  uncertain es,  including  but  not  limited  to  the  risks  described  in  the  documents  filed  with  the  Autorité  des  Marchés  Financiers  as  part  of  the  regulated  informa on  disclosure  requirements  and  available  on  Carrefour's  website  (www.carrefour.com),  and  in  par cular  the  Annual  Report ( Document  de  Référence).  These  documents  are  also  available  in  English  on  the  company's  website.  Investors  may  obtain  a  copy  of  these  documents  from  Carrefour  free  of  charge.  Carrefour  does  not  assume  any  obliga on  to  update  or revise any of these forward-looking statements in the future.



[1] Net  Free  Cash  Flow  corresponds  to  free  cash  flow  a er  net  finance  costs  and  net  lease  payments.  It  also  includes  cash-out  of  excep onal  charges

[2] Restated IFRS 3 following the reduc on in the purchase  price of Grupo BIG, cf appendix on page 12

[3] The  implementa on  of  these  buybacks,  their  dura on,  and  the  final  amounts  thus  repurchased  will  depend  in  par cular  on  market  condi ons.

 Carrefour reserves the right to change all or part of the terms of these buybacks, within the limits indicated above

Voir toutes les actualités de CARREFOUR