家乐福Carrefour S.A.（CRERF）2025财年第四季度及全年业绩报告「OTC」（英文版）（26页）.pdf

1、Q4 2025 sales and FY 2025 results February 17,2026 2025 results A solid year,driven by a marked improvement in performance in France and Spain 2025 sales up+2.8%on a like-for-like basis(LFL)Q4 2025 sales up+1.6%LFL EBITDA:4,506m,broadly stable(+3.4%at constant exchange rates)Recurring Operating Inco

2、me(ROI):2,158m,including-120m linked to the consolidation and integration of Cora&Match and a strong negative currency effect of-102m(vs.2,280m in 2024)o France:ROI excluding Cora&Match up+11.3%to 1,103m,representing a+31bps improvement in operating margin to 3.0%-reported ROI of 983m o Europe(exclu

3、ding France):ROI up+3.7%,with a strong improvement in Spain(+13.5%)o Latin America:Stable ROI at constant exchange rates in Brazil and Argentina-reported ROI of 779m vs.879m in 2024 Cora&Match integration:Successful completion of store,system and assortment transition;the synergy program is being im

4、plemented as planned;130m synergies target by 2027 confirmed Net Free Cash-Flow:1,565m in 2025 excluding Italy(1,305m reported)5.4%increase in the ordinary dividend to 0.97 per share,compared with 0.92 last year;special dividend of 150m(or 0.21 per share),contingent on the closing of the Carrefour R

5、omania disposal 113%achievement rate of the CSR and Food Transition Index Alexandre Bompard,Chairman and CEO,declared:“In 2025,Carrefour delivered a solid performance with a marked improvement in France and Spain alongside more challenging market conditions in Brazil.The year was shaped by several m

6、ajor milestones,including the integration of the Cora&Match banners in France,the launch of our European buying platform Concordis,the buyout of minority interests in Carrefour Brazil and the disposal of Carrefour Italy,followed by the announcement of the disposal of Carrefour Romania in early 2026.