Carrefour (CA) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales grew 2.2% like-for-like, with strong momentum in France and Spain and resilience in Brazil despite macroeconomic and geopolitical challenges.

• Market share gains in France, especially in former Cora and Match stores, reflect successful integration and commercial model rollout.

• The Carrefour 2030 strategy plan advanced, focusing on price competitiveness, digital integration, and convenience store expansion.

• No material operational impact from the Middle East crisis; energy costs for 2026 are over 85% hedged.

• Operations in Romania are now classified as discontinued, with reporting focused on France, Spain, and Brazil.

Financial highlights

• Group Q1 sales reached €21,078m pre-IAS 29, up 2.2% like-for-like and 2.5% at constant currency; reported growth was 0.5%.

• France: €11,139m (+1.4% LFL); Spain: €2,806m (+3.1% LFL); Brazil: €4,666m (-0.8% LFL); Other countries: €2,468m (+9.3% LFL).

• Food sales up 2.6% LFL, non-food down 0.7% LFL; e-commerce up 21% group-wide.

• Scope effect was -0.8% (mainly Brazil divestments); petrol and calendar effects added 0.8% and 0.4% respectively.

• Forex impact was -2.1%, mainly from Argentine peso depreciation.

Outlook and guidance

• Full-year 2026 financial targets confirmed, including ROI growth, >25bps operating margin increase vs. 2025, net free cash-flow growth, and high single-digit adjusted EPS growth.

• Inflation in Europe expected to rise marginally (1.5%-3%), not triggering significant consumer behavior changes.

• Continued focus on cost savings, price competitiveness, and digital transformation.