Full Year 2025 Carrefour SA Earnings Call Transcript
Key Points
- Carrefour (CRERF) reported solid commercial dynamics in France and Spain, with a growing recurring operating income and strong cash flow generation.
- The company achieved a significant milestone by reaching a 3% operating margin, driven by strict cost control and purchasing synergies.
- Carrefour (CRERF) expanded its convenience store network, opening a record 456 new stores in France, which contributed to an increase in market share.
- In Spain, Carrefour (CRERF) saw a 13.5% increase in profitability, driven by strong food sales growth and improved profit margins.
- The company maintained a disciplined capital allocation strategy, proposing an increased ordinary dividend and a special dividend following the disposal of its Romanian operations.
- Carrefour (CRERF) faced challenges in Brazil due to a difficult macroeconomic environment, including high interest rates and negative volumes.
- The integration of Cora and Match had a temporary negative impact on France's operating results, with a recurring operating income loss of €120 million.
- Currency fluctuations, particularly the depreciation of the Argentine peso and Brazilian real, negatively impacted total sales growth.
- The company experienced a slowdown in like-for-like sales growth in France during Q4, attributed to consumer trade-downs on festive products.
- Carrefour (CRERF) faced challenges in Poland and Romania, with a highly competitive market environment and a slowdown in volumes.
Good day and thank you for standing by. Welcome to the full year 2025 webcast and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you will need to press 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press one and one again. Please be advised that today's conference is being recorded. I would now like to have the conference over to your first speaker today, Mr. Boonpar, Chairman and CEO. Please go ahead.
Mercy, good evening, everyone.
Thank you for joining us for the presentation of our 2025 results.
As we look forward to welcoming you tomorrow morning in Massi for the presentation of our new strategic plan.
Today's call will mostly focus on 2025 achievements.
On a strategic note, we accelerated our portfolio reshaping,
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