Third-quarter 2025 sales​ October 22, 2025




Q3 2025 Sales: up +2.1% LFL
Full-year 2025 financial targets confirmed

●​ Like-for-like (LFL) sales growth of +2.1% in Q3 2025
○​ In France, the food market remained dynamic in Q3 with strong activity in September (market growth: +2.0%)1
▪​ Carrefour confirms its solid market share momentum, notably in September (market share growing +30bps)1
▪​ Sales increased by +0.7% LFL, or +1.6% LFL excluding Cora and Match. Legacy hypermarkets posted positive
growth (+0.5% LFL), confirming the improvement initiated in Q2 (+0.6% LFL), with increasingly positive momentum
in food
○​ In Spain, sales were up +1.3% LFL, with continued strong momentum in food (+2.4% LFL after +2.9% in Q2)
○​ In Brazil, Carrefour posted growth of +1.1% LFL, outperforming the market. High interest rates continue to weigh on
purchasing power, with volumes remaining negative in the Cash & Carry market
●​ The commercial transformation of ex-Cora stores has been completed: alignment of prices to Carrefour legacy
hypermarkets, roll out of all private label products, integration into Carrefour's promotional mechanisms, leading to a steady
increase in the number of tickets in stores; implementation of cost synergies per plan
●​ Sound execution of the cost savings plan: €1.2bn target for 2025 confirmed
●​ Further progress on the strategic review: finalization of the sale of Carrefour Italy progressing in line with the plan and
expected at the end of Q4; completion during Q3 of the refinancing of almost all of Carrefour Brazil's debt, with a positive
impact of c.€100m on the Group's net income and net free cash-flow from 2026 onwards; expansion of the European buying
alliance Concordis with the integration of the German group RTG International, effective as of the next negotiations for 2026
●​ Full-year 2025 targets confirmed: slight growth in EBITDA, Recurring Operating Income, and Net Free Cash-Flow




Alexandre Bompard, Chairman and Chief Executive Officer, declared: “This third quarter confirms the strength of our
model and the relevance of our strategic choices. In Europe, we posted continued sales growth, supported by strong
momentum in food consumption in France and Spain. The integration of Cora and Match is progressing in line with our
expectations and we are already observing the positive effects of our investments in prices and promotions, our loyalty
program and our private label products. In Brazil, Carrefour continued to gain market share in an environment that
remains marked by declining volumes. At the same time, we have taken further steps in the implementation of our strategic
review, with the refinancing of almost all of Carrefour Brazil's debt and the expansion of the buying alliance Concordis,
which will sustainably strengthen the Group's competitiveness. Thanks to sound sales momentum in Europe, the successful
execution of our cost savings plan and our financial discipline, we confirm our 2025 targets.”




1
Source Worldpanel by Numerator P10: FMCG market +2,0%; Carrefour gains 30bps of market share



​ PAGE 1
Third-quarter 2025 sales​ October 22, 2025

THIRD-QUARTER 2025 KEY FIGURES
Third-quarter 2025
Total variation
Sales inc. ​
LFL1 At current At constant
VAT (€m)
exchange rate exchange rate
France 11,643 +0.7% -0.2% -0.2%
Europe 5,448 +1.0% -0.7% -0.5%
Latin America (pre-IAS 29) 5,523 +5.5% -5.0% +5.7%
Group (pre-IAS 29) 22,614 +2.1% -1.5% +1.2%
IAS 292 -151
Group (post-IAS 29) 22,463

Notes: (1) Excluding petrol and calendar effects and at constant exchange rates; (2) Hyperinflation and foreign exchange in
Argentina
Note: Carrefour Italy is accounted for as discontinued operations in accordance with the IFRS 5 accounting standard




CONTINUED POSITIVE MOMENTUM IN FRANCE AND SPAIN AND
SUCCESSFUL STRATEGIC INITIATIVES IN Q3 2025
Third quarter of 2025 activity marks the continuation of the positive momentum of Q2, notably in France and
Spain, with volumes slightly growing, while Brazil experienced a slowdown in growth against a backdrop of high
interest rates weighing on consumption, notably on the Cash & Carry market.
In France, the food retail market maintained its growth trajectory, in both value and volume, initiated in Q2,
despite a high basis of comparison linked to the Paris Olympic Games in July and August 2024. Carrefour
delivered a solid commercial performance over the quarter with a stable market share and a 30bps gain in
September (P10 Worldpanel by Numerator). The Group's efforts to accelerate commercial momentum in the
hypermarket format are bearing fruit, with continued growth in NPS®, a stabilized market share in Q3, and
sustained growth in food sales.
The integration of Cora & Match is progressing according to plan. The ex-Cora hypermarkets benefit from the
alignment of prices to Carrefour’s hypermarkets, the ramp-up of private labels, the adoption of the Group's
promotional mechanisms, the loyalty program “Le Club Carrefour” and the modernization of the customer
experience. These initiatives, which are temporarily weighing on sales, are already producing their first visible
effects, particularly in terms of price perception, customer satisfaction and gradual acceleration in the number
of tickets in stores.
In Spain, in a market that remains well-oriented, the price investments made since the beginning of the year
pay off, with a clear improvement in customer perception and solid growth in NPS®, up +2 points year-on-year.
Sales growth in food remains on the positive momentum of Q2.
In Brazil, the quarter was marked by a decline in volumes in the Cash & Carry market, in an environment of
high interest rates weighing on consumption. Atacadão continues to outperform the Cash & Carry format.
The Group continues to implement the strategic initiatives of the Carrefour 2026 plan:
●​ Carrefour-branded products accounted for 37.0% of food sales in Q3 2025, up +0.3pt compared to last
year
●​ GMV e-commerce grew by +18% in the third quarter (+20% in Q2 2025)
●​ Cost savings at the end of September are in line with the annual target of €1.2bn
●​ 132 convenience stores were opened during the quarter in France and in Europe
●​ Carrefour continues to make progress in the field of CSR, notably in the areas of the circular economy,
diversity, and inclusion




​ PAGE 2
Third-quarter 2025 sales​ October 22, 2025
At the same time, Carrefour continued to undertake initiatives during the quarter as part of the strategic
review initiated at the beginning of the year.
●​ The sale of Carrefour Italy should be completed by the end of 2025
●​ Concordis, the new European buying alliance, began its internationalization phase in August with the
integration of the German group RTG International2 (Rossmann, Globus, Bartels-Langness, Bünting,
Tegut, Netto, Kaest, and Klaas & Kock). The three partners (Carrefour, Coopérative U and RTG
International) represent a combined turnover of more than €125bn
●​ In Brazil, the Group has already refinanced €1.4bn of its Brazilian real-denominated debt,
representing almost all of Carrefour Brazil's c.€1.5bn external debt. The repurchase of the remaining
€100m is underway. This transaction is expected to generate an annual positive impact of around
€100m on net free cash-flow and on the Group's net income from 2026 onwards, with an impact of
€20m to €25m expected as early as 2025

Based on these elements, the Group reiterates its targets for 2025: slight growth in EBITDA, Recurring
Operating Income and Net Free Cash-Flow.



THIRD-QUARTER 2025 SALES INC. VAT
Third-quarter Group sales inc. VAT increased by +2.1% on a like-for-like basis (LFL). They reached €22,614m
pre-IAS 29, an increase of +1.2% at constant exchange rates. This increase includes a negative petrol effect of
-0.1% and a calendar effect of -0.2%. The net impact of changes in scope was negative at -0.6%. After taking
into account a negative exchange rate effect of -2.8%, mainly linked to the depreciation of the Brazilian real
and the Argentine peso, total sales growth at current exchange rates amounted to -1.5%. The impact of the
IAS 29 standard was -€151m. Food sales grew by +2.9% LFL in Q3, and non-food sales declined by -3.5% LFL.
LFL Q3 2025
France +0.7%
Europe +1.0%
Latin America +5.5%
Group +2.1%


In France, the market maintained in Q3 the positive momentum initiated in Q2, particularly in September
(market growth of +2.0% according to Worldpanel by Numerator P10).
Q3 sales increased by +0.7% LFL, driven by food up +1.5% LFL (-6.6% LFL in non-food). The price investments
made in recent quarters to reposition ex-Cora stores at the level of Carrefour hypermarkets and the ramp-up of
private label products mechanically weighed on Q3 LFL. E-commerce activity was particularly strong, up +9%
over the quarter. Carrefour delivered solid commercial momentum during the quarter, particularly in
September, reflected in a 30 bps market share gain (Worldpanel by Numerator P10).
Excluding Cora & Match, growth was +1.6% LFL, driven by food at +2.2% LFL in Q3 (after +2.3% LFL in Q2),
reflecting continued positive momentum across all formats, notably in hypermarkets with sales up +0.5% LFL
(after +0.6% LFL in Q2). Hypermarkets were driven by a clear improvement in food sales, up +1.7% LFL in Q3,
after +1.2% in Q2 and -3.1% in Q1. This growth is the result of the commercial investments implemented since
2024, which have led to a steady improvement in customer satisfaction (NPS® up +3 points in Q3).




2
RTG International represents a combined turnover of c.€31bn




​ PAGE 3
Third-quarter 2025 sales​ October 22, 2025



LFL Q3 2025 Excl. Cora & Match
Hypermarkets -0.9% +0.5%
Supermarkets +0.7% +1.0%
Convenience/other formats +4.7% +4.7%
incl. Convenience +4.8% +4.8%
France +0.7% +1.6%

The integration of Cora and Match is progressing rapidly. The Match banner, which has been retained,
benefits from strong recognition among its customers, with particularly renowned expertise in fresh
products, and is posting satisfactory results. Cora hypermarkets, which were converted to the Carrefour
banner, have undergone a profound transformation aimed at bringing them up to the same level of
performance as the Group's hypermarkets in France. Since the beginning of the year, the Group has invested
in their competitiveness to align prices with those of Carrefour; the promotional policy, historically centered
around a few “Big Volume” operations, has been aligned with that of Carrefour stores, which is much more
permanent through the year. At the same time, the Group is continuing to roll out Carrefour-branded
products, which now account for 28% of food sales (+8 points vs. September 2024). The “Le Club Carrefour”
loyalty program is now active throughout the whole network, with 1.7 million active households from the
ex-Cora stores, bringing the total number in France to 14.5 million.

These initiatives, which negatively weighed on the Group's sales growth in France in the third quarter, are
already bearing fruit with a gradual acceleration in the number of tickets. At the same time, cost synergies,
notably through the closure of the Cora and Provera headquarters, the consolidation of logistics platforms,
and the centralization of support functions, are beginning to yield positive results. In this context, the Group
reiterates its €130m synergy target by 2027.

In Europe, sales were up +1.0% on a like-for-like basis over the quarter. The return to a more buoyant
consumer environment was confirmed in most countries.
●​ In Spain (+1.3% LFL), in a still dynamic market, sales growth was driven by food at +2.4% LFL, a strong
momentum close to Q2 (+2.9% LFL). This offset the decline in non-food (-2.3% LFL in Q3), slowing
down after a dynamic Q2 (+3.1% LFL) which benefited from favourable weather. Price investment
initiatives continued to bear fruit, with a +2 point increase in NPS®
●​ In Belgium (+2.1% LFL), the Group strengthened its strong sales momentum, driven by an increase in
volumes. This continued growth in activity reflects the success of commercial initiatives and the
resilience of Carrefour Belgium's unique multi-format model, despite an environment marked by high
competitive pressure
●​ In Romania (+0.2% LFL), the market is impacted by the austerity measures implemented, which are
weighing on consumer confidence
●​ In Poland (-1.3% LFL), growth was penalized by a market environment that remains competitive. NPS®
rose by +6 points in Q3 2025, driven by a clear improvement in price image, reflecting the good
perception of price investments made since the beginning of the year

LFL Q3 2025
Spain +1.3%
Belgium +2.1%
Romania +0.2%
Poland -1.3%
Europe (excl. France) +1.0%




​ PAGE 4
Third-quarter 2025 sales​ October 22, 2025
​ In Latin America, sales rose by +5.5% LFL.
●​ In Brazil, sales were up +1.1% LFL in an environment marked by unprecedented interest rates
impacting consumer purchasing power. The currency effect was unfavorable at -4.3% for the quarter
o​ Sales at Atacadão were up +1.3% LFL, outperforming the market. The Cash & Carry market
experiences declining volumes, in a macroeconomic environment marked by very high interest
rates
o​ Carrefour Retail (+0.1% LFL) confirmed its solid momentum in food (+5.4% LFL) with positive
volumes in a more resilient Retail market (Varejo). Commercial initiatives developed in stores,
notably for B2B customers, are bearing fruit and have resulted in a 4-point increase in NPS® in
hypermarkets. Hypermarkets and supermarkets posted like-for-like growth of +3.3% and +4.0%
respectively; the segment's performance was penalized by the sharp slowdown in non-food
e-commerce, as Carrefour Brazil has prioritized the profitability of its digital business
o​ Sales at Sam's Club rose by +0.8% on a comparable basis, with an improvement in the trend in
September
o​ GMV e-commerce continued to show solid growth, up +36% in Q3, notably driven by food
sales, up +62%
o​ The financial services activity once again posted strong growth, with a 10% increase in billings
and 17% growth in credit portfolio
●​ In Argentina (+26.6% LFL), Carrefour confirmed its strong commercial momentum, bolstered by its
price leadership. The Group continued to make significant gains in market share in terms of both
volume and value, in an environment still marked by pressure on volumes


LFL Q3 2025
Brazil +1.1%
Atacadão +1.3%
Carrefour Retail +0.1%
Sam’s Club +0.8%
Argentina +26.6%
Latin America +5.5%




CARREFOUR EXTENDS ITS €4.0BN SYNDICATED CREDIT LINE BY ONE YEAR
Carrefour announces that it has activated the first extension of its €4 billion syndicated credit facility, extending
the maturity date from November 2029 to November 2030. This extension has received the support of all the
banks in its syndicate and is part of Carrefour's strategy to secure long-term sources of financing.




CARREFOUR, STAYING TRUE TO ITS COMMITMENTS
In September 2025, Carrefour topped the CSR Retail Index® ranking created by ESSEC Business School and BDO
which assesses all European retailers on their CSR commitments based on their CSRD publications. This leading
position in Europe recognizes the Group's balanced performance across the three environmental, social and
governance pillars as well as the transparency demonstrated in its sustainability report.

At the same time, in Q3 2025, the Group continued to implement the major CSR pillars of the Carrefour 2026
strategic plan.



​ PAGE 5
Third-quarter 2025 sales​ October 22, 2025
●​ Circular economy:
o​ Carrefour Spain has been awarded the Aenor label for its efforts to combat food waste. For the
second year running, Spain has been recognized for its effective management of food waste
through this external certification, which acknowledges the effectiveness of the measures
implemented by the company as part of its #ZeroFoodWaste initiatives
o​ Carrefour has prevented the waste of 20 million Too Good To Go baskets in five countries
(France, Spain, Poland, Italy and Belgium). Since 2018, Carrefour has been working with Too
Good To Go, an app that saves unsold food that is still perfectly edible through surprise
baskets. Each basket sold represents 2.7 kg of CO₂ avoided, 2.9 m² of agricultural land
preserved, and 810 liters of water saved
o​ Carrefour has joined Réseau Vrac et Réemploi (Bulk and Reuse Network) to accelerate
cooperation within the packaging reuse sector and its transition to scale. This collaboration
now paves the way for new ambitious projects based on innovation, cooperation, and
massification to accelerate the reduction of single-use packaging and support consumers in
adopting new sustainable consumption practices
●​ Diversity and inclusion:
o​ In October 2025, Carrefour launched an ambitious action plan in partnership with the
association Faire face au harcèlement scolaire (Confronting Bullying in Schools) focused on
raising awareness, providing guidance and offering support. An awareness campaign will be
conducted in the Group's 6,000 stores, and action sheets will be sent to all employees with
advice on how to respond to bullying in schools
●​ Climate:
o​ During the week dedicated to plant-based products from September 26th to October 4th, 2025,
Carrefour promoted a wide range of affordable and tasty plant-based products for all lifestyles.
In 2025, 715 plant-based products are available in stores and drive, including 89 under the
Carrefour brand



REALLOCATION OF TREASURY SHARES
As of September 30th, 2025, the Company held 30,081,251 treasury shares, including:

●​ 448,581 shares allocated to service the performance share unit plan for the benefit of its employees
(the "2023 LTI Plan"), which is expected to be delivered in February 2026 up to an estimated maximum
number of 2,291,000 shares
●​ 29,632,670 treasury shares held for future cancellation

The Carrefour Board of Directors, meeting on October 22, 2025, decided to reallocate 1,842,419 shares initially
held for future cancellation, to service the 2023 LTI Plan. Following this reallocation, the total number of shares
comprising the share capital remains unchanged at 736,314,789 shares, including 30,081,251 treasury shares.
The number of outstanding shares thus amounts to 706,233,538.


AGENDA
●​ Q4 sales and FY 2025 results: February 17th, 2026




​ PAGE 6
Third-quarter 2025 sales​ October 22, 2025

CONTACTS
Investor Relations
Sébastien Valentin, Andrei Dragolici, Mathilde Novick Tel: +33 (0)1 64 50 82 57
Shareholder Relations Tel: 0 805 902 902 (toll-free in France)
Group Communication Tel: +33 (0)1 58 47 88 80




​ PAGE 7
Third-quarter 2025 sales​ October 22, 2025

APPENDIX




Application of IFRS 5
On July 24, 2025, Carrefour Group announced that it had entered into exclusive negotiations with NewPrinces Group
regarding the sale of its operations in Italy. This agreement will result in the sale of Carrefour Italy, subject to approval
by the competition authorities and other customary closing conditions.

As a result, all of Carrefour Italy's assets and liabilities fall within the scope of IFRS 5 and have been reclassified as
held for sale.


Historical like-for-like sales changes (LFL), excluding Italy

Quarters
Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
+12.7% +10.6% +9.4% +10.6% +14.3% +11.7% +9.4% +7.5% +3.2% +4.6% +2.1%




Semesters Years
H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 2023 2024
+11.6% +10.1% +12.9% +8.4% +3.9% +10.7% +10.6%




​ PAGE 8
Third-quarter 2025 sales​ October 22, 2025

Third-quarter 2025 sales inc. VAT
Variation ex petrol ex
Total variation inc. petrol
Sales​ calendar
inc. VAT
At current At constant
(€m) LFL Organic exchange exchange
rate rates

France 11,643 +0.7% -0.3% -0.2% -0.2%
Hypermarkets 5,641 -0.9% -1.9% -1.5% -1.5%
Supermarkets 3,834 +0.7% -0.3% -0.6% -0.6%
Convenience /other formats 2,168 +4.7% +4.0% +4.4% +4.4%

Other European countries 5,448 +1.0% +0.1% -0.7% -0.5%
Spain 3,036 +1.3% +1.4% +0.5% +0.5%
Belgium 1,069 +2.1% -1.5% -2.6% -2.6%
Romania 773 +0.2% -0.5% -2.5% -0.6%
Poland 569 -1.3% -2.0% -1.5% -2.1%

Latin America (pre-IAS 29) 5,523 +5.5% +5.6% -5.0% +5.7%
Brazil 4,701 +1.1% +1.0% -3.0% +1.3%
Argentina (pre-IAS 29) 823 +26.6% +28.2% -14.7% +28.1%

Group total (pre-IAS 29) 22,614 +2.1% +1.4% -1.5% +1.2%
IAS 29(1) -151
Group total (post-IAS 29) 22,463
​
Note: (1) hyperinflation and foreign exchange




​ PAGE 9
Third-quarter 2025 sales​ October 22, 2025



Technical effects – Third-quarter 2025

Foreign
Calendar Petrol
exchange

France -0.1% +0.1% -
Hypermarkets -0.0% +0.1% -
Supermarkets -0.1% -0.2% -
Convenience /other formats -0.5% +0.8% -

Other European countries -0.4% -0.2% -0.2%
Spain -0.4% -0.5% -
Belgium -1.1% - -
Romania -0.1% - -1.9%
Poland -0.1% 0.0% +0.6%

Latin America 0.0% +0.1% -10.7%
Brazil +0.1% +0.2% -4.3%
Argentina -0.0% - -42.9%

Group total -0.2% -0.1% -2.8%




​ PAGE 10
Third-quarter 2025 sales​ October 22, 2025

Nine-month 2025 sales inc. VAT

Variation ex petrol ex
Total variation inc. petrol
Sales calendar
inc. VAT
At current At constant
(€m) LFL Organic exchange exchange
rates rates

France 34,111 +0.4% -0.1% +7.4% +7.4%
Hypermarkets 16,761 -1.3% -2.2% +10.0% +10.0%
Supermarkets 11,227 +0.1% -0.3% +4.9% +4.9%
Convenience / Other formats 6,123 +4.8% +5.7% +5.0% +5.0%

Other European countries 15,876 +1.4% +1.0% +0.3% +0.3%
Spain 8,623 +1.9% +2.5% +1.3% +1.3%
Belgium 3,238 +0.9% -1.5% -2.2% -2.2%
Romania 2,291 +1.9% +1.8% +0.5% +1.5%
Poland 1,724 -1.2% -1.9% -0.1% -1.6%

Latin America (pre-IAS 29) 17,206 +9.1% +9.5% -5.3% +9.2%
Brazil 14,393 +3.6% +3.8% -6.8% +3.6%
Argentina (pre-IAS 29) 2,813 +37.8% +40.1% +3.6% +39.7%

Group total (pre-IAS 29) 67,193 +3.3% +3.1% +2.2% +6.2%
IAS 29(1) -357
Group total (post-IAS 29) 66,836


Note: (1) hyperinflation and foreign exchange




​ PAGE 11
Third-quarter 2025 sales​ October 22, 2025



Technical effects – Nine months 2025​

Foreign
Calendar Petrol
exchange

France -0.5% -0.8% -
Hypermarkets -0.4% -0.3% -
Supermarkets -0.4% -2.1% -
Convenience / Other formats -0.8% +0.1% -

Other Europeans countries -0.5% -0.3% 0.0%
Spain -0.5% -0.7% -
Belgium -0.7% - -
Romania -0.3% - -1.0%
Poland -0.3% +0.6% +1.5%

Latin America -0.5% +0.1% -14.5%
Brazil -0.4% +0.3% -10.5%
Argentina -0.4% - -36.1%

Group total -0.5% -0.4% -4.0%




​ PAGE 12
Third-quarter 2025 sales​ October 22, 2025



Expansion under banners – Q3 2025
Closures/​
Openings/​
Dec. 31​ June 30​ Store Q3 2025
Store Acquisitions Sept. 30 2025
2024 2025 reductions/ change
enlargements
Thousands of sq. m Disposals

France 6,632 6,669 9 6 -12 3 6,672
Europe (ex Fr) 5,015 4,943 48 - -124 -76 4,866
Latin America 3,784 3,762 4 - -54 -50 3,712
Others(1) 2,156 2,161 40 - -50 -11 2,151
Group 17,587 17,534 100 6 -241 -134 17,401

Notes: (1) Asia, Africa, Middle East and Dominican Republic


Store network under banners – Q3 2025
Dec. 31​ June 30​ Closures/​ Total Q3 Sept. 30​
Openings Acquisitions Transfers
N° of stores 2024 2025 Disposals 2025 change 2025

Hypermarkets 1,179 1,168 2 - -24 -1 -23 1,145
France 325 325 - - -1 1 - 325
Europe (ex France) 426 423 - - -1 - -1 422
Latin America 193 193 - - -3 -2 -5 188
Others(1) 235 227 2 - -19 - -17 210
Supermarkets 3,978 3,917 37 1 -184 -2 -148 3,769
France 1,171 1,165 1 1 -1 -1 - 1,165
Europe (ex France) 1,928 1,902 37 - -125 -1 -89 1,813
Latin America 160 131 - - -26 - -26 105
Others(1) 719 719 -1 - -32 - -33 686
Convenience stores 8,090 8,373 292 33 -82 2 245 8,618
France 4,784 5,001 44 33 -35 - 42 5,043
Europe (ex France) 2,440 2,429 157 - -46 1 112 2,541
Latin America 627 640 20 - -1 1 20 660
Others(1) 239 303 71 - - - 71 374
Cash & Carry 615 632 3 - - 1 4 636
France 153 157 - - - - - 157
Europe (ex France) - - - - - - - -
Latin America 413 417 - - - 1 1 418
Others(1) 49 58 3 - - - 3 61
Soft discount (Supeco) 139 140 3 - - - 3 143
France 35 37 - - - - - 37
Europe (ex France) 104 103 3 - - - 3 106
Latin America - - - - - - - -
Others(1) - - - - - - - -
Sam’s Club 58 58 - - - - - 58
France - - - - - - - -
Europe (ex France) - - - - - - - -
Latin America 58 58 - - - - - 58
Others(1) - - - - - - - -
Group 14,059 14,288 337 34 -290 - 81 14,369
France 6,468 6,685 45 34 -37 - 42 6,727
Europe (ex France) 4,898 4,857 197 - -172 - 25 4,882
Latin America 1,451 1,439 20 - -30 - -10 1,429
Others(1) 1,242 1,307 75 - -51 - 24 1,331

Note: (1) Asia, Africa, Middle East and Dominican Republic




​ PAGE 13
Third-quarter 2025 sales​ October 22, 2025

DEFINITIONS

Free cash flow
Free cash flow corresponds to cash flow from operating activities before net finance costs and net interests related to
lease commitment, after the change in working capital, less net cash from/(used in) investing activities.

Net Free Cash Flow
Net Free Cash Flow corresponds to free cash flow after net finance costs and net lease payments.

Like for like sales growth (LFL)
Sales generated by stores opened for at least twelve months, excluding temporary store closures, at constant
exchange rates, excluding petrol and calendar effects and excluding IAS 29 impact.

Organic sales growth
Like for like sales growth plus net openings over the past twelve months, including temporary store closures, at
constant exchange rates.

® Net Promoter, Net Promoter System, Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld
and Satmetrix Systems, Inc




DISCLAIMER
This press release contains both historical and forward-looking statements. These forward-looking statements are
based on Carrefour management's current views and assumptions. Such statements are not guarantees of future
performance of the Group. Actual results or performances may differ materially from those in such forward looking
statements as a result of a number of risks and uncertainties, including but not limited to the risks described in the
documents filed with the Autorité des Marchés Financiers as part of the regulated information disclosure
requirements and available on Carrefour's website (www.carrefour.com), and in particular the Universal Registration
Document. These documents are also available in English on the company's website. Investors may obtain a copy of
these documents from Carrefour free of charge. Carrefour does not assume any obligation to update or revise any of
these forward-looking statements in the future.




​ PAGE 14