French retailer Carrefour reported like-for-like (LFL) sales growth in 2025, with stable EBITDA as gains in France and Spain were offset by integration and currency pressures.
Group sales, including VAT, totalled €91.48bn ($108.25bn) in 2025, rising 2.8% on a LFL basis and 1.2% at current exchange rates, after a 3.5% negative currency impact mainly from the Brazilian real and Argentine peso.
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Net sales reached €82.10bn while gross margin declined 22 basis points to 19.5%, reflecting price investments and changes in store mix.
Net income, group share, dropped to €319m from €723m in 2024, due to higher tax of €516m and integration costs.
Adjusted net income was €1.09bn compared with €1.17bn a year earlier.
EBITDA stood at €4.51bn, down 0.4% on a reported basis but up 3.4% at constant exchange rates.
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By GlobalDataRecurring operating income (ROI) fell to €2.16bn from €2.28bn in 2024, including €120m related to the consolidation and integration of Cora & Match retail banner and €102m of adverse currency effects.
Operating margin was 2.6%, or 2.9% excluding Cora & Match.
Net free cash flow was €1.31bn, or €1.57bn excluding Italy, while net financial debt rose to €3.97bn from €3.78bn.
Fourth quarter LFL sales increased 1.6% to €24.29bn.
Regionally, France ROI excluding Cora & Match increased 11.3% to €1.10bn, with margin up 31 basis points to 3.0%.
Europe, excluding France, recorded ROI growth of 3.7% to €481m, led by Spain, which rose 13.5%.
Latin America ROI declined to €779m from €879m, stable at constant exchange rates but affected by currency depreciation.
During 2025, Carrefour completed the disposal of its Italian operations and raised its stake in Carrefour Brazil through a minority buyout.
The group also launched the Concordis buying alliance and recently entered exclusive negotiations to sell Carrefour Romania, with completion expected in the second half of 2026.
Carrefour confirmed €130m of synergies from integrating Cora & Match by 2027.
The board will propose an ordinary dividend of €0.97 per share for 2025, up 5.4%, alongside a €150m special dividend contingent on the closure of the Carrefour Romania disposal.
For 2026, the company expects ongoing strength in France and Spain, gradual volume recovery in Brazil, and benefits from the end of Cora & Match integration costs and refinancing of Brazilian debt.
Carrefour chairman and CEO Alexandre Bompard said: “The year was shaped by several major 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.”
