Carrefour

Earnings Release • Apr 25, 2023

Connued strong commercial momentum in Q1 LFL sales up +12.3% Full-year 2023 targets confirmed

● Strong commercial momentum in Q1

• o Sales growth of +12.3% like-for-like and +13.0% on a reported basis
• o Connued strong market share momentum in the Group's key countries
• o Strong acceleraon of private label sales, which reached 35% of sales (+3 pts vs Q1 2022)
• o E-commerce GMV up +26%, driven by Brazil and France
• ● In France, sales increased by +7.1% LFL, with a good performance in hypermarkets (+6.0% LFL), driven by food sales, and solid market share momentum, parcularly in volumes
• ● In Spain, Carrefour's growth accelerated (+9.3% LFL) in all formats, both in food and non-food
• ● In Brazil, sales increased +5.7% in LFL and +37.1% on a reported basis, driven by the consolidaon of Grupo BIG. Carrefour connued to gain market share in an environment marked by a slowdown in inflaon
• ● The integraon of Grupo BIG connues at a steady pace, with 23 conversions in Q1 (82 in total); all conversions to be completed in Q2 2023. Objecve of R\$2.0bn synergies by 2025 confirmed
• ● The Group confirms its financial targets for 2023: Growth in EBITDA, Recurring Operang Income and Net Free Cash Flow
• ● Carrefour has iniated its €800m share buyback program with €200m completed to date

Alexandre Bompard, Chairman and Chief Execuve Officer, declared: "In a context of very high food inflaon in most of its markets, Carrefour is staying the course and maintaining strong commercial momentum, with steady market share performance in all its key countries. The first months of the year confirm the relevance of our strategic pillars, notably with a strong increase in sales of our private label products, which benefit from excellent acceptance by our customers. At the same me, the Group is progressing in the implementaon of the Carrefour 2026 plan, rolling out the Maxi compeveness and producvity method in a growing number of stores and accelerang the Group's digital transformaon, while maintaining a rapid pace in the integraon of Grupo BIG and the achievement of synergies."

		First-quarter 2023
				Total variaon
	Sales inc. VAT (€m)	1 LFL	At current exchange rate	At constant exchange rate
France	10,216	+7.1%	+6.3%	+6.3%
Europe	6,011	+8.8%	+7.3%	+7.3%
Lan America (pre-IAS 29)	5,843	+26.0%	+35.1%	+46.1%
Group (pre-IAS 29)	22,071	+12.3%	+13.0%	+15.4%
2 IAS 29	(31)
Group (post-IAS 29)	22,040

FIRST-QUARTER 2023 KEY FIGURES

Notes: (1) Excluding petrol and calendar effects and at constant exchange rates; (2) Hyperinflaon and foreign exchange in Argenna

GOOD COMMERCIAL MOMENTUM IN Q1 2023

In a context marked in all European countries by persistently high food inflaon and slowing general inflaon, the food retail market showed further trading down and decreasing volumes in Q1.

In this environment, Carrefour is staying its course and maintaining its strong commercial momentum, thanks to the relevance of its model and the mobilizaon of all its teams. Carrefour connues to outperform in all its key markets and benefits from the aracveness of the Group's offer, which includes private labels, promoons, an-inflaon iniaves and discount formats. Carrefour-branded products increased strongly (+3 pts vs. Q1 2022), supported by their growing popularity (voted favorite retailer brand in France for the third successive year, as well as in Belgium for the first me this year). The "Simpl'" entry-range assortment is also successful.

At the same me, the Group connues to implement the Carrefour 2026 plan. The "Maxi" compeveness and producvity method is being rolled-out in a growing number of stores in all of the Group's countries; European mutualizaon is geng off to a good start; the digital plan iniaves are connuing to bear fruit, with +26% growth in e-commerce GMV in Q1, driven by Brazil and France, and connued development in Retail media acvity.

Carrefour is making further progress in CSR, notably in sustainable agriculture, the fight against climate change, packaging reducon and the fight against deforestaon in Brazil. The Group has updated its CSR and Food Transion Index to beer reflect the objecves of the Carrefour 2026 strategic plan.

The integraon of Grupo BIG is connuing at a steady pace, in terms of conversions as well as synergy generaon. The R\$2.0bn synergy target by 2025 is confirmed.

Carrefour remains mobilized to protect the purchasing power of its customers, while connuing to consolidate its economic model, thanks to the granular steering of its commercial strategy and its cost reducon policy, including iniaves related to the €1bn cost-savings target in 2023 and specific acons to adjust to the decrease in volumes sold.

The Group is moving forward with confidence and confirms the targets communicated to the market last February for the 2023 financial year: growth in EBITDA, Recurring Operang Income and Net Free Cash Flow.

FIRST-QUARTER 2023 SALES INC. VAT

First-quarter sales inc. VAT increased by +12.3% on a like-for-like basis (LFL). They reached €22,071m pre-IAS 29, an increase of +15.4% at constant exchange rates. This increase includes a negave petrol effect of -2.0%. Aer taking into account a negave exchange rate effect of -2.4%, mainly linked to the depreciaon of the Argennian Peso, the total sales growth at current exchange rates amounted to +13.0%. The impact of the applicaon of IAS 29 was €(31)m.

LFL	Q1 2023
France	+7.1%
Europe	+8.8%
Lan America	+26.0%
Group	+12.3%

In France, Q1 LFL sales were up +7.1%. This good performance was driven by food sales (+8.3% LFL), while non-food sales remained down in the quarter (-3.4% LFL). The hypermarket format experienced a good sequenal acceleraon (+6.0% LFL), benefing from its discount posioning and driven by a strong +7.5% increase in LFL food sales. Carrefour maintained solid market share momentum in Q1, parcularly in volumes, reflecng a gain of more than 560,000 new customers over the period.

LFL	Q1 2023
Hypermarkets	+6.0%
Supermarkets	+7.1%
Convenience/other formats	+9.6%
o/w Convenience	+9.1%
France	+7.1%

In Europe, sales increased by +8.8% LFL in the quarter, with strong sales momentum in all countries:

• In Spain (+9.3% LFL), Carrefour posted strong momentum in food (+11.7% LFL) and a solid performance in non-food (+2.3% LFL)
• In Italy (+5.6% LFL), the Group connues its recovery, thanks to the ongoing improvement of NPS® and price percepon
• In Belgium (+9.9% LFL), the iniaves led by the new management team connued to bear fruit in Q1, with strong sales growth, notably in hypermarkets, and market share gains aer stabilizing in H2 2022
• In Poland (+6.1% LFL), sales growth remained strong despite a high comparable base linked to the beginning of the war in Ukraine in March 2022
• In Romania (+12.5% LFL), Carrefour maintained its good momentum in Q1 despite volume declines in the sector, with sustained market share gains

LFL	Q1 2023
Spain	+9.3%
Italy	+5.6%
Belgium	+9.9%
Poland	+6.1%
Romania	+12.5%
Europe (excl. France)	+8.8%

In Lan America, LFL sales grew by +26.0%.

• In Brazil, LFL sales rose by +5.7%. Amid slowing food inflaon and pressure on purchasing power aer several quarters of high inflaon, the Group connued to gain market share in Q1. Total sales grew by +30.7% at constant exchange rates, thanks to a +25.9% contribuon from openings and acquisions. The foreign exchange effect was a favorable +6.4%.
• o Atacadão sales were up +10.3% at constant exchange rates in Q1 2023, with LFL sales up +5.7% on a high comparable base (+9.2% LFL in Q1 2022)
• o Carrefour Retail also posted LFL growth of +5.7% in Q1, with a parcularly strong performance in non-food (+9.9% LFL) and a rapid increase in the sales of Carrefour-branded products
• o Sam's Club LFL sales were up +7.6% with a +6.8% increase in acve members vs. Q1 2022
• o E-commerce GMV was up +43%, thanks to the ramp-up of Atacadão's online business and the integraon of Grupo BIG
• o Financial services connued to grow, with a +28.7% increase in credit porolio and billings up +14.8% in Q1, benefing from the addion of former Grupo BIG customers
• In Argenna (+116.8% LFL), against a backdrop of connuing acceleraon of inflaon, Carrefour succeeded in increasing its volumes and connued to significantly strengthen its leadership with market share gains for the 18 th consecuve quarter

GRUPO BIG INTEGRATION

The integraon of Grupo BIG is connuing at a steady pace with 23 addional conversions in Q1 (82 stores converted to date). All planned conversions (42 remaining stores) will be completed in Q2.

The performance of the converted stores, the implementaon of purchasing synergies and cost opmizaon reinforce the Group's confidence in achieving synergies of R\$2.0bn by 2025.

In parallel, this April, Carrefour Brazil, Advent and Walmart agreed on a R\$1.0bn price reducon on the acquision of Grupo BIG, upon release of certain obligaons.

IMPLEMENTATION OF THE €800M SHARE BUYBACK

On 14 February, the Group announced the launch of a share buyback plan for €800m.

11,099,084 shares were repurchased between 27 February and 31 March 2023, at an average price of €18.02, for a total amount of €200m.

As of 31 March 2023, the number of shares making up the capital of Carrefour S.A. amounts to 742,157,461 shares, including 15,784,459 repurchased shares as part of the share buyback programs, slated to be canceled, and 6,413,709 treasury shares. The total number of outstanding shares as of 31 March thus amounts to 719,959,293 shares.

CARREFOUR ADAPTS ITS CSR INDEX TO THE CARREFOUR 2026 PLAN

The Group has updated its CSR and Food Transion Index to beer reflect the objecves of the Carrefour 2026 strategic plan. New targets have been added, notably on the fight against climate change and deforestaon, the sale of sustainable products and the promoon of diversity and inclusion. Other targets have been raised to reflect the Group's heightened ambions, notably on supplier engagement to the Food Transion Pact, development of partnerships with producers and in-store visibility of the food transion.

The CSR and Food Transion Index, reflecng the Group's performance in achieving these objecves, is part of the criteria for execuve compensaon.

In the first quarter, Carrefour connued its ambious CSR policy with a number of concrete iniaves:

• Carrefour has become the first French retailer to be awarded the naonal "an-food waste" label for its Montesson hypermarket. The Group aims to obtain the label for 20 stores by end-2023, contribung to reach its objecve of reducing food waste by 50% by 2025
• Carrefour and Bel Group signed an innovave commercial agreement to support the food and climate transion, working towards a 1.5°C trajectory. This includes a wider plant-based offering and formats that cater to accessibility requirements, as well as support for the dairy sector with a higher price for milk and a review clause
• "Carrefour Energies" has reached 100 charging staons (i.e. more than 850 charging points) for electric vehicles in France, making Carrefour the leading charging staon network in the country. Carrefour aims to reach 800 staons and 5,000 charging points by 2025
• The Group reaffirmed its commitment to people with ausm spectrum disorders by equipping 93 stores with fing rooms converted into "quiet spaces" and store maps on the bars of shopping trolleys to make it easier to find their way around the store. Carrefour plans to equip 100% of its hypermarkets in 2023

The Group also launched in April a major iniave on women's health. Carrefour will now grant 12 days of paid absence per year to its female employees suffering from endometriosis, as well as 3 days following a miscarriage and 1 day in the context of an IVF. These measures are accompanied by a vast internal awareness campaign on women's health.

AGENDA

• Annual General Meeng: May 26, 2023
• Q2 sales and H1 2023 results: July 26, 2023

CONTACTS

Investor Relaons Sébasen Valenn, Anthony Guglielmo and Louise Brun Tel : +33 (0)1 64 50 82 57 Shareholder Relaons Tel : 0 805 902 902 (toll-free in France) Group Communicaon Tel : +33 (0)1 58 47 88 80

APPENDIX

First-quarter 2023 sales inc. VAT

	Sales	Variaon	ex petrol ex calendar	Total variaon inc. petrol
	inc. VAT (€m)	LFL	Organic	at current exchange rate	at constant exchange rates
France	10,216	+7.1%	+6.1%	+6.3%	+6.3%
Hypermarkets	4,998	+6.0%	+4.3%	+4.8%	+4.8%
Supermarkets	3,394	+7.1%	+6.3%	+6.0%	+6.0%
Convenience /other formats	1,825	+9.6%	+10.7%	+11.0%	+11.0%
Other European countries	6,011	+8.8%	+8.1%	+7.3%	+7.3%
Spain	2,711	+9.3%	+9.6%	+7.8%	+7.8%
Italy	1,048	+5.6%	+1.8%	+1.8%	+1.8%
Belgium	1,087	+9.9%	+8.5%	+9.2%	+9.2%
Poland	527	+6.1%	+6.9%	+4.3%	+6.1%
Romania	638	+12.5%	+14.2%	+14.9%	+14.3%
Lan America (pre-IAS 29)	5,843	+26.0%	+34.2%	+35.1%	+46.1%
Brazil	4,868	+5.7%	+15.7%	+37.1%	+30.7%
Argenna (pre-IAS 29)	975	+116.8%	+117.6%	+26.0%	+117.8%
Group total (pre-IAS 29)	22,071	+12.3%	+13.5%	+13.0%	+15.4%
(1) IAS 29	(31)
Group total (post-IAS 29)	22,040

Note: (1) hyperinflaon and foreign exchange

Comparable base – First quarter

LFL change excl. petrol and calendar	Q1 2021	Q1 2022	Q1 2023
France	+3.5%	0.0%	+7.1%
Hypermarkets	+3.3%	-1.1%	+6.0%
Supermarkets	+7.0%	-2.9%	+7.1%
Convenience /other formats	-2.8%	+9.4%	+9.6%
Other European countries	-1.6%	+0.7%	+8.8%
Spain	+1.7%	+3.4%	+9.3%
Italy	-11.3%	+0.5%	+5.6%
Belgium	+2.9%	-7.0%	+9.9%
Poland	-2.3%	+5.5%	+6.1%
Romania	-1.8%	+1.6%	+12.5%
Lan America	+15.7%	+16.6%	+26.0%
Brazil	+11.6%	+7.5%	+5.7%
Argenna	+32.9%	+62.2%	+116.8%
Group total	+4.6%	+3.5%	+12.3%

Technical effects – First-quarter 2023

	Calendar	Petrol	Foreign exchange
France	+1.2%	-1.1%	-
Hypermarkets	+1.1%	-0.6%	-
Supermarkets	+1.3%	-1.6%	-
Convenience /other formats	+1.5%	-1.4%	-
Other European countries	+0.3%	-1.1%	0.0%
Spain	-0.2%	-1.7%	-
Italy	+0.5%	-0.5%	-
Belgium	+0.7%	-	-
Poland	+1.9%	-2.6%	-1.8%
Romania	+0.2%	-0.1%	+0.6%
Lan America	+0.6%	-1.7%	-10.9%
Brazil	+0.7%	-1.6%	+6.4%
Argenna	+0.2%	-	-91.8%
Group total	+0.8%	-2.0%	-2.4%

Change in the Company's Capital

	Dec. 31 2022	Mar. 31 2023
Total number of shares	742,157,461	742,157,461
Shares bought back for cancellaon	4,685,375	15,784,459
Other treasury shares	6,859,495	6,413,709
Total number of outstanding shares	730,612,591	719,959,293

Evoluon of the CSR and Food Transion index in 2023

Carrefour's CSR and Food Transion Index assesses the Group's non-financial performance. Designed to measure Carrefour's ability to meet the trajectory defined for its main societal commitments over several years, the Index sets an annual target on different indicators for each country and for the Group. The CSR Index evolved in 2023 to take into account new objecves and to adapt the Group's ambions within the framework of the Carrefour 2026 plan.

Category	Objecve	Status
Products
	8 billion euros in sales of cerfied sustainable products by 2026	New
Food transion	500 million euros in sales of plant-based proteins by 2026	New
Raw materials	100% of sensive producons for forest, animal welfare, soils, marine resources and human rights are covered by a risk migaon plan by 2030	Raised
Packaging	Three Carrefour targets on packaging reducon, bulk and reuse, and packaging recyclability implemented by 2026	Raised
Partner producers	50,000 partner producers by 2026	Raised
Stores
Food waste	50% reducon in food waste (vs. 2016)	Confirmed
Waste	100% of waste recycled by 2025	Confirmed
Climate (Scopes 1 and 2)	50% reducon in GHG emissions (Scopes 1 and 2) by 2030, and 70% reducon by 2040 (vs. 2019)	Confirmed
Climate (Scope 3)	Top 100 suppliers with a 1.5°C trajectory by 2026 and 20 megatons saved by 2030	New
Customers
Nutrion and health	Removal of 2,600 tons of sugar and 250 tons of salt from Carrefour-branded products by 2026 (vs. 2022)	New
Customer community	An acve community of consumers of healthy and sustainable products in each country	New
Supplier commitments	500 suppliers commied to the Food Transion Pact by 2030	Raised
Food transion in stores	Minimum score of 75/100 for the queson "Does Carrefour help you eat beer?"	Revised
Employees
Employees engagement	Minimum employer recommendaon score of 75/100 awarded annually to Carrefour by its employees	Confirmed
Gender equality	Women to account for 35% of Top 200 managers by 2025	Confirmed
Training	At least 50% of employees provided access to training every year	Confirmed
Disability	15,000 employees with a disability by 2026	Raised

Expansion under banners – Q1 2023

Thousands of sq. m	Dec. 31 2022	Openings/ Store enlargements	Acquisions	Closures/ Store reducons/ Disposals	Q1 2023 change	Mar. 31 2023
France	5,629	+21	+4	-29	-4	5,625
Europe (ex Fr)	5,965	+20	-	-171	-152	5,813
(1) Lan America	4,010	+13	-	-39	-21	3,989
(2) Others	1,638	+11	-	-143	-134	1,505
(1) Group	17,241	+64	+4	-383	-311	16,931

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

Store network under banners – Q1 2023

N° of stores	Dec. 31 2022	Openings	Acquisions	Closures/ Disposals	Transfers	Total Q1 2023 change	Mar. 31 2023
Hypermarkets	1,128	4	-	-7	-15	-18	1,110
France	253	-	-	-	-	-	253
Europe (ex France)	455	-	-	-1	-	-1	454
Lan America	252	-	-	-3	-15	-18	234
(1) Others	168	4	-	-3	-	1	169
Supermarkets	3,842	46	1	-127	-	-80	3,762
France	1,039	-	1	-2	-	-1	1,038
Europe (ex France)	2,088	41	-	-118	-	-77	2,011
Lan America	246	-	-	-1	-	-1	245
(1) Others	469	5	-	-6	-	-1	468
Convenience stores	8,573	96	10	-161	-	-55	8,518
France	4,472	37	10	-69	-	-22	4,450
Europe (ex France)	3,471	51	-	-85	-	-34	3,437
Lan America	581	8	-	-7	-	1	582
(1) Others	49	-	-	-	-	-	49
Cash & carry	541	14	-	-6	15	23	564
France	148	6	-	-4	-	2	150
Europe (ex France)	12	-	-	-	-	-	12
Lan America	356	3	-	-2	15	16	372
(1) Others	25	5	-	-	-	5	30
So discount (Supeco)	221	1	-	-4	-	-3	218
France	33	-	-	-3	-	-3	30
Europe (ex France)	91	1	-	-	-	1	92
Lan America	97	-	-	-1	-	-1	96
(1) Others	-	-	-	-	-	-	-
Sam's Club	43	-	-	-	1	1	44
France	-	-	-	-	-	-	-
Europe (ex France)	-	-	-	-	-	-	-
Lan America	43	-	-	-	1	1	44
(1) Others	-	-	-	-	-	-	-
Group	14,348	161	11	-305	1	-132	14,216
France	5,945	43	11	-78	-	-24	5,921
Europe (ex France)	6,117	93	-	-204	-	-111	6,006
Lan America	1,575	11	-	-14	1	-2	1,573
(1) Others	711	14	-	-9	-	5	716

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

DEFINITIONS

Free cash flow

Free cash flow corresponds to cash flow from operang acvies before net finance costs and net interests related to lease commitment, aer the change in working capital, less net cash from/(used in) invesng acvies.

Net Free Cash Flow

Net Free Cash Flow corresponds to free cash flow aer 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 emocons 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 assumpons. 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 uncertaines, including but not limited to the risks described in the documents filed with the Autorité des Marchés Financiers as part of the regulated informaon disclosure requirements and available on Carrefour's website (www.carrefour.com), and in parcular the Universal Registraon 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 obligaon to update or revise any of these forward-looking statements in the future.