Carrefour (CA) Deutsche Bank’s Depositary Receipts Virtual Investor Conference summary

Strategic overview and market presence

• Operates in eight countries, with core markets in France, Spain, and Brazil, and leads in the cash-and-carry segment in Brazil through Atacadão.

• Serves 80 million households via 15,000 multi-format, omnichannel stores, with e-commerce outpacing physical store growth.

• Maintains a robust data lake with 10 billion transactions, supporting retail media ambitions and customer insights.

• Aims to be the leader in European retail media, partnering with Publicis and leveraging data-driven advertising.

• Holds top employer status in France and Brazil, emphasizing ESG and food accessibility.

Strategic plan and operational transformation

• Four-year plan targets 40% private label food sales by 2026, up from 20% seven years ago.

• Convenience store network densification is a key growth lever, especially in Europe.

• Carbon neutrality targeted by 2030 for e-commerce and 2040 for integrated stores, with supplier compliance required by 2026.

• European operations are being mutualized for purchasing and support services, driving cost savings and efficiency.

• Franchise and management lease models are expanding to reduce costs and cyclicality.

Financial performance and shareholder returns

• Consistent annual cost savings of €1 billion over seven years, with a midterm EBIT margin target of 3%.

• Cash flow generation is central, with a stable CapEx below €2 billion and a €1.7 billion net free cash flow target for 2026.

• Shareholder compensation policy prioritizes dividends, with a minimum 5% annual increase and continued share buybacks.

• 2023 saw a temporary cash flow boost from inflation-driven working capital effects.