Carrefour (CA) Q4 2024 earnings summary

Executive summary

• Net sales for FY 2024 reached €85.4 billion, up 2.6%, with EBITDA of €4,637 million (+1.7%) and recurring operating income (ROI) of €2,213 million, up 1.4% at constant FX but down 2.2% year-over-year due to currency headwinds.

• Strong performances in France, Brazil, and Spain, with France achieving its best price positioning since 2020 and successful integration of Cora and Match stores.

• Major acquisitions included Cora, Match, Casino/Intermarché, Supercor, and Alma, strengthening market position in France and Europe.

• E-commerce GMV reached €6 billion (+18%), reinforcing leadership in home delivery and click & collect.

• Cost-saving plan delivered €1.24 billion in annual savings, supporting price investments and operational efficiency.

Financial highlights

• Q4 sales reached €25.7 billion, up 2.6%; group like-for-like sales rose 9.9% for FY 2024, mainly driven by Latin America.

• Recurring operating income stood at €2,213 million; EBITDA grew by 1.7%; net free cash flow reached €1,457 million, in line with the 2026 trajectory.

• Adjusted net income group share was €1,081 million, with adjusted EPS of €1.61, down 6% year-over-year.

• Net financial charges increased to €759 million, mainly due to Argentina's currency devaluation and higher bond interest in Europe.

• Net debt increased to €3,780 million, mainly due to acquisitions.

Outlook and guidance

• 2025 guidance targets slight growth in recurring operating income, EBITDA, and net free cash flow, with continued investment in competitiveness in France, Spain, and Brazil.

• Strategic review of all business activities and organizational models underway, including an offer to acquire all minority shares in Carrefour Brazil.

• 2026 targets include e-commerce GMV of €10 billion, 40% private label share of food sales, and over €1.7 billion net free cash flow.