Carrefour (CA) Q2 2026 earnings summary

Executive summary

• H1 2026 saw robust topline and earnings growth, with recurring operating income up 4.0% to €757m and adjusted EPS up 18.3% to €0.49.

• All core markets (France, Spain, Brazil) delivered ROI and margin growth, while net financial debt was reduced by €1.1bn to €5.8bn.

• Strategic initiatives advanced rapidly, including the Carrefour 2030 plan, AI deployment, store modernization, and expansion in convenience formats.

• E-commerce grew 14.3% in Q2, with 900,000 new loyalty members added in H1.

• Sale of Carrefour Romania completed, sharpening geographic focus and resulting in an interim special dividend of €0.21/share to be paid July 30, 2026.

Financial highlights

• H1 2026 net sales reached €39.4bn, up 2.0% year-over-year; group like-for-like sales up 2.1%.

• Recurring operating income rose 4.0% to €757m; recurring operating margin stable at 1.9%.

• Adjusted net income, group share, was €345m (+26.8%); adjusted EPS up 18.3% to €0.49.

• Net free cash flow improved by €95m YoY to -€1,987m; net financial debt at €5,849m as of June 30, 2026.

• Gross margin: 19.1% of net sales (down 28bps YoY); SG&A improved by 30bps to 14.7% of sales.

Outlook and guidance

• All 2026 financial targets confirmed, including ROI growth, >25bps operating margin expansion, high single-digit adjusted EPS growth, and €1bn cost savings.

• Net free cash flow expected to increase versus 2025 (€1,565m); capex guidance at ~€1.7bn.

• Continued focus on strategic initiatives, digital transformation, and cost discipline.