Carrefour (CA) Q3 2025 earnings summary

Executive summary

• Q3 2025 group sales rose 2.1% like-for-like, with positive growth in France, Europe, and Latin America, driven by food sales up 2.9% like-for-like at group level.

• France and Spain showed continued positive momentum in food sales, with France food like-for-like sales up 2.2% and Spain up 2.4% year-over-year.

• E-commerce GMV grew 18% year-on-year group-wide, with online food sales in Latin America up 62% and overall e-commerce GMV up 36% in Brazil.

• Strategic initiatives advanced, including the disposal of Carrefour Italy (expected to close by year-end), Concordis expansion, Brazilian debt refinancing, and Cora & Match integration.

• FY 2025 financial targets and €1.2bn cost savings goal reaffirmed.

Financial highlights

• Q3 2025 gross sales reached €22,614m, up 2.1% like-for-like; 9-month 2025 gross sales totaled €67,193m, up 3.3% like-for-like year-over-year.

• Food sales up 2.9% like-for-like at group level; France food sales +1.5% like-for-like.

• Latin America posted 5.5% like-for-like growth in Q3, with Argentina up 26.6% like-for-like (pre-IAS 29).

• Forex impact at -2.8% in Q3, less negative than H1 or Q2 due to BRL appreciation.

• Cost savings at end of September in line with annual target of €1.2bn.

Outlook and guidance

• 2025 objectives confirmed: slight growth in EBITDA, recurring operating income, and net free cash flow.

• Guidance based on positive trends in France and Spain, anticipated slowdown in Brazil, and cost savings on track.

• Sale of Carrefour Italy expected by end of 2025.