2022 results confirm the strength of Carrefour's model Recurring Operang Income up +8% (€2,377m), of which +10% in France Growth in Net Free Cash Flow to €1,262m

● Strong sales growth in 2022, up +16.1% on a reported basis and +8.5% on a like-for-like basis (LFL)
- o Market share gains in 2022 in all key countries
- o E-commerce GMV up +26.0%, reaching €4.2bn in 2022
- o In Q4, sales increased by +18.0% on a reported basis, and by +10.9% LFL
● Rapid integraon of Grupo BIG in Brazil
- o 59 stores converted to Carrefour banners at end-2022; conversion plan to be completed in 2023
- o Implementaon of synergies in line with plan; R\$2.0bn synergy target by 2025 confirmed
● Recurring Operang Income (ROI) up +8.3% (+€182m), reaching €2,377m
- o Operang margin excluding Grupo BIG was stable vs. 2021
- o In France, ROI increased by +10.2% (+€77m) at €834m, with an operang margin of 2.2% (+7bps)
● +14% growth in Adjusted EPS, at €1.63 in 2022 vs. €1.43 in 2021(1)
● Growth in Net Free Cash Flow at €1,262m in 2022, following €1,227m in 2021
- o Capital expenditure increased to €1,861m in 2022 vs. €1,558m in 2021
● Capital allocaon policy
- o Dividend of €0.56 per share (+8%) to be proposed at the Annual Shareholders' Meeng on May 26, 2023
- o New share buyback program of €800m in 2023
● CSR and Food Transion Index 2022 objecves achieved, with index at 109%

Alexandre Bompard, Chairman and CEO, declared: "Carrefour once again demonstrated the strength of its model by delivering a remarkable performance in 2022 in an unprecedented inflaonary environment. The pillars of the Carrefour 2022 plan allowed us to offer soluons to customers to address pressure on purchasing power, while staying the course on the food transion for all and maintaining strict financial discipline. Over the past five years, the Group has succeeded in reposioning itself as a leader in its industry. This transformaon stems from the hard work and exceponal everyday commitment of Carrefour teams and franchised partners in our stores, warehouses and headquarters. With the Carrefour 2026 plan, we are embarking on a new phase of conquest, with greater ambion in digital, the development of our discount offer and new social and environmental commitments. In 2023, Carrefour will connue to differenate itself for the benefit of its customers and shareholders."

2022 KEY FIGURES

(in €m)	(1) 2021	2022	Variaon
Sales inc. VAT	78,645	90,810	+8.5% LFL
Recurring Operang Income (ROI)	2,194	2,377	+8.3% (+€182m); +4.6% at constant FX
Recurring operang margin	3.1%	2.9%	-19pbs; -4bps excl. Grupo BIG
Adjusted net income, Group share	1,126	1,212	+7.6% (+€86m)
Adjusted EPS	1.43	1.63	+14%
Net Free Cash Flow	1,227	1,262	+€35m
Net financial debt at December 31	2,633	3,429	+€797m

Note: (1) Carrefour Taiwan's operaons are accounted for as held for sale, in accordance with IFRS 5

2022: CARREFOUR DEMONSTRATES THE STRENGTH OF ITS MODEL

Amid a complex year in 2022 marked by a high level of inflaon, Carrefour has delivered on the commitments set out at the beginning of the year, namely to protect customer purchasing power, while connuing to strengthen its business model, thanks to the granular steering of its commercial strategy and strengthened iniaves in terms of cost savings. The Group achieved all its operaonal objecves, with further market share gains in all its key countries, sustained growth in sales of Carrefour-branded products, the rapid integraon of Grupo BIG in Brazil, advances in its digital plan and the ongoing transformaon of the store base through franchising and lease management.

Group sales connued to grow (+8.5% LFL in FY 2022, of which 10.9% in Q4), driven by record inflaon in Europe and Carrefour's good commercial momentum. Carrefour implemented an extremely granular commercial policy, which enabled further improvement in compeveness. The priority given by the Group to Carrefour-branded products and the "Simpl'" entry price range was parcularly appreciated by customers. These products now account for more than one-third of sales, in line with the objecve set out in the Carrefour 2022 plan. The Group has launched many iniaves to support its customers in the face of price increases, notably campaigns such as "30 products for 30 euros," "Tight prices" and "100 prices frozen for 100 days." The Group has also benefited from its most discount formats (hypermarkets, Supeco, Atacadão, etc.).

The Group's digital strategy has connued to bear fruit. Despite the industry-wide slowdown in e-commerce, In 2022, Carrefour recorded a +26% increase in its online GMV to €4.2bn, a significantly faster pace than in 2021 (+11%). This growth is notably driven by Brazil, where e-commerce doubled over the year. The retail media acvity is gaining momentum with over 450 partner clients to date and a growing contribuon to results.

The Group connued to make advances on CSR, achieving 109% of the CSR and Food Transion Index targets and a parcularly sasfactory performance in the fight against global warming, packaging reducon and employee engagement.

At the same me, the Group managed to preserve its economic model, thanks to strong cost discipline. Its annual savings target, raised to €1bn, was achieved, contribung to the growth in Recurring Operang Income. The laer showed an improvement of +8.3%, at €2,377m, including +10.2% for France, where margin gained +7bps to 2.2% for the year. The Group's operang margin, excluding the effect of the Grupo BIG acquision, was stable in 2022 (-4bps vs. 2021).

This performance supported the growth of Net Free Cash Flow, which reached a new record of €1,262m. In this context, the Group will propose to the General Shareholders' Meeng of May 26, 2023 a dividend increase of +8% to €0.56 per share and the Group will implement a new €800m share buyback program over 2023, aer €750m in 2022 and €700m in 2021.

On November 8, 2022, the Group presented its new strategic plan, Carrefour 2026. This plan includes numerous iniaves to make the best accessible to our customers, notably the growth in private labels, the development of Atacadão in Brazil, an objecve of €8bn in sales of cerfied sustainable products and growth in e-commerce GMV reaching €10bn in 2026. At the same me, Carrefour is innovang in terms of organizaon, new adjacent businesses and social iniaves, with an addional €4bn cost savings and an ambious plan to reduce energy consumpon and, more generally, to fight global warming. The Group is also accelerang its efforts in the field of retail media with the creaon of a joint venture with Publicis, is boosng its real estate strategy in France and Brazil, and is reinforcing its approach to inclusion, with strong iniaves in terms of diversity and handicap and an ambious employee shareholding plan. Building on this, the Group is targeng Net Free Cash Flow of at least €1.7bn by 2026, with steady growth each year.

For 2023, the Group ancipates growth in its main aggregates: EBITDA, Recurring Operang Income and Net Free Cash Flow.

CONTINUED STRONG GROWTH IN Q4

The Group's fourth-quarter 2022 sales totaled €25,415m pre-IAS 29, up +18.0%. This increase includes a favorable currency effect of +1.9%, due in parcular to the appreciaon of the Brazilian real, a favorable petrol effect of +0.5%, a neutral calendar effect, and posive effects of +0.5% from net expansion and +4.2% from acquisions. The impact of the IAS 29 standard was a negave €437m.

Like-for-like sales rose sharply, to +10.9%, in line with Q3 2022 performance (+11.3% LFL). This increase was primarily driven by food (+12.0% LFL), while non-food grew by +5.1% LFL in Q4.

LFL	Q4 2022
France	+5.6%
Europe	+6.2%
Lan America	+28.2%
Group	+10.9%

In France, Q4 2022 like-for-like sales were up +5.6%. Growth was driven by solid food sales (+7.0% LFL), while non-food sales decreased over the quarter (-3.2% LFL).

LFL	Q4 2022
Hypermarkets	+3.7%
Supermarkets	+5.9%
Convenience/Other formats	+10.7%
o/w convenience	+10.0%
France	+5.6%

In Europe, like-for-like revenues were up +6.2% compared to Q4 2021, with growth in all countries:

In Spain (+4.6% LFL), the Group connued to report strong growth in food (+8.0% LFL), while non-food was down -4.1% LFL, with the country's parcularly high inflaon level weighing on household purchasing power
In Italy (+4.5% LFL), momentum remained posive, driven by the ongoing improvement in customer sasfacon, parcularly in terms of price percepon
In Belgium (+3.4% LFL), Carrefour confirmed its return to sales growth. In a market that remains extremely compeve, operaonal indicators, such as market share trends, are showing signs of improvement
In Poland (+9.6% LFL), Carrefour maintained solid momentum in a context of high inflaon
In Romania (+17.8% LFL), growth accelerated sharply over the quarter (aer +8.8% LFL in Q3) thanks in parcular to the good performance of hypermarkets, in a normalized context for those located in shopping centers, access to which had been limited in Q4 2021

LFL	Q4 2022
Spain	+4.6%
Italy	+4.5%
Belgium	+3.4%
Poland +9.6%
Romania	+17.8%
Other European countries	+6.2%

In Lan America, like-for-like sales were up +28.2%.

In Brazil (+11.1% LFL), like-for-like growth was in line with the previous quarter (+11.5% LFL), with improved volume dynamics offseng a sequenal slowdown in food inflaon. At constant exchange rates, sales were up +38% in Q4 2022, driven by the effect of the consolidaon of Grupo BIG and expansion for +28%
- o Atacadão sales were up +14.6% at constant exchange rates in Q4, with like-for-like sales up +10.0% (vs. +10.5% LFL in Q3) and market share gains
- o Carrefour Retail again delivered strong growth (+14.4% LFL) with food sales up +13.4% LFL and an excellent performance in non-food (+16.5%), confirming the acceleraon seen in previous quarters
- o E-commerce GMV grew strongly, doubling compared to Q4 2021 at both Atacadão and Carrefour Retail
- o Financial services connued their good momentum, with +27.2% growth in the credit porolio and billings up +9.1% in Q4
- In Argenna (+101.8% LFL), the Group further strengthened its leadership posion and achieved significant market share gains. Growth excluding inflaon remains very dynamic, with a strong increase in volumes

LFL	Q4 2022
Brazil	+11.1%
Atacadão	+10.0%
Carrefour Retail	+14.4%
Argenna	+101.8%
Lan America	+28.2%

COMMERCIAL AND OPERATIONAL PERFORMANCE IN FY 2022 BY REGION

France: Excellent momentum

In 2022, LFL growth reached +3.4%, with a +4.4% LFL increase in food and a -3.5% LFL decrease in non-food. Carrefour's market share in France increased over the year by +0.2 points in value and +0.3 points in volume according to Nielsen 1 (respecvely +0.1 points and +0.4 points according to Kantar 2 ). In volume terms, Carrefour outperformed all French food retailers in 2022, ranking first in terms of market share gains 2 . The Group connues to outperform in each of its flagship formats: hypermarkets, supermarkets and convenience stores 3 . E-commerce in France grew by +13% in 2022.

Recurring operang income increased by +10.2% (+€77m) to €834m, compared to €757m in 2021. In a context of high inflaon, in parcular in distribuon costs, the good commercial performance and the strong cost reducon momentum enabled operang margin to increase by +7bps to 2.2% vs. 2.1% in 2021. Margin in France thus improved for the fourth consecuve year.

² Source: Kantar MyWorldPanel

³ Market shares based on NielsenIQ RMS data for FMCG+Fresh excluding wine for the 52 weeks ending 01/01/2023 for Carrefour Hypermarket vs. total Hypermarket chains, Carrefour Supermarket vs. total Supermarket chains and Carrefour Proximité vs. total Proximity chains in France (Copyright © 2023, NielsenIQ)

Europe (excluding France): Contrasng situaons between countries

LFL sales rose by +4.9% in FY 2022.

Sales in Spain grew +5.4% LFL over the year, in a context of rapidly increasing inflaon to parcularly high levels, affecng household purchasing power. Carrefour benefited from its compeve offering and gained market share in 2022 (+0.3pts).

Italy confirmed its recovery in 2022, with like-for-like growth of +4.2%. This good momentum is the result of improved customer sasfacon, parcularly in terms of price compeveness.

In Belgium, sales were down slightly by -0.9% LFL, in a very compeve environment.

In Poland and Romania, the Group maintained very posive momentum with, respecvely, +12.0% and +9.0% LFL growth.

Recurring operang income for Europe was €606m, compared with €718m in 2021. It was negavely impacted by two countries, Spain and Belgium. The other countries are performing well. Italy, in parcular, connued to recover strongly.

In Spain, Carrefour was affected, notably in H2, by a parcularly sharp increase in energy costs and by an increase in cost of risk in financial services amid pressure on purchasing power
In Belgium, Recurring Operang Income was impacted by the persistently difficult compeve environment and logiscs issues in H1. H2 was more posive, driven by iniaves implemented by the new management team

Lan America: Solid performance of exisng assets and rapid integraon of Grupo BIG

In 2022, Lan America's sales rose sharply again, by +24.6% LFL.

In Brazil, like-for-like sales grew +12.4% in 2022. Growth at constant exchange rates reached +33.1%, thanks to a +21.2% contribuon from store openings and acquisions. Currency effect was a favorable +23.9%. 2022 is characterized by a return to growth in non-food (+7.0% LFL), while food connues to grow strongly (+13.2% LFL). Grupo BIG's store conversions are taking place faster than inially planned, with 59 stores already converted to the Group's banners at the end of December (38 to Atacadão, 20 to Carrefour hypermarkets and 1 to Sam's Club) vs. the approximately 35 inially planned. Synergies are being implemented in line with plan
In Argenna, like-for-like sales rose by +84.3%, aer a +50.0% increase in 2021. This excellent performance in a highly inflaonary environment reflects rising volumes and connued market share gains

Lan America's recurring operang income in 2022 was up +30.8% (+€237m) to €1,005m, or +20.4% at constant exchange rates.

In Brazil, recurring operang income was up +28% (+€200m) to €914m in 2022, or +9% at constant exchange rates. ROI increased in all segments. Margin was down (-111bps) due to the integraon of Grupo BIG, impacted by conversion costs, store closures for conversion, discounts on Grupo BIG inventories and the lower profitability of non-converted stores. Excluding Grupo BIG, operang margin in Brazil was roughly stable (-6bps), reflecng Atacadão's aggressive commercial strategy which resulted in new customers and market share gains. R\$160m of Grupo BIG synergies have already been booked in the 2022 accounts, allowing Carrefour to confidently confirm the target of R\$2.0bn of synergies by 2025
Recurring operang income in Argenna connued to improve significantly thanks to excellent sales momentum and ongoing aenon to costs. It totalled €92m, represenng margin of 3.1% (+72bps), including a €(48)m impact from IAS 29 (hyperinflaon accounng)

2022 INCOME STATEMENT

Gross sales for 2022 increased by +8.5% on a comparable basis. Group sales (including VAT) totaled €90,919m pre-IAS 29, an increase of +13.5% at constant exchange rates. This increase includes the +3.2% expansion and scope effect, the +0.1% calendar effect and the +1.7% petrol effect. Aer taking into account a posive currency effect of +2.6% due to the appreciaon of the Brazilian Real, the total variaon in sales was +16.1%.

Net sales totaled €81,385m.

Gross margin stood at 20.0% of net sales, down -110bps. This change notably reflects:

investments in compeveness
change in the integrated/franchise store mix
the sharp rise in gasoline sales, with low margins
purchasing gains, parally offseng the previous impacts

Distribuon costs improved by +69bps, to 14.7% of sales excluding VAT, from 15.4% in 2021, despite sharp cost inflaon (energy, paper, services, etc.), reflecng good sales momentum and cost-saving plans.

Group Recurring Operang Income (ROI) totaled €2,377m, up €182m (+8.3%), or +4.6% at constant exchange rates (the currency effect was a posive €81m, taking into account the appreciaon of the Brazilian Real). The growth in operang profit in 2022 reflects the very good commercial dynamic, with market share gains in all key countries, as well as the Group's strong cost management discipline, reflected in the successful execuon of the savings plan, with €1.0bn achieved in 2022.

Operang margin stood at 2.9%, compared with 3.1% in 2021 (-19bps). Excluding Grupo BIG effects, the Group's operang margin remained stable (-4bps) compared with 2021.

Non-current income totaled €36m, compared with €(366)m in 2021. This improvement is mainly due to low restructuring costs in 2022.

Net income, Group share, totaled €1,348m, compared with €1,072m in 2021 (+26%). It includes the following items:

Net financial expenses of €(490)m vs. €(270)m in 2021, in a context of rising interest rates and higher debt, notably in Brazilian Reais, following the acquision of Grupo BIG in Brazil
An income tax charge of €(408)m compared with €(360)m in 2021. The normave tax rate improved to 28.8% 4 from 30.2% in 2021, reflecng in parcular the change in the geographical mix and the lower statutory rate in France
Net income from disconnued operaons, Group share, of €(21)m compared to €70m in 2021

Adjusted net income, Group share, improved by +7.6% (+€86m), reaching €1,212m compared to €1,126m in 2021.

Adjusted EPS increased by +14% to €1.63 from €1.43 in 2021.

⁴ Excluding non-current income and taxes not based on pre-tax income

CASH FLOW AND DEBT

The Group posted record Net Free Cash Flow ⁵ generaon of €1,262m in 2022, rising from €1,227m in 2021.

The improvement in net free cash flow in 2022 mainly reflects:

A €306m increase in EBITDA
A €23m increase in tax-related payments
An increase of €135m in cash oulows for exceponal items, notably related to a one-off tax payment at Carrefour Bank in Brazil for c.€110m
A €428m improvement in working capital requirements, due to a greater increase in trade payables than in inventories and trade receivables. The level of inventories remains stable measured in days
An increase of €304m in capital expenditure (Capex), to €1,861m in 2022 (from €1,558m in 2021), of which approximately €160m relates to the integraon of Grupo BIG
A €164m increase in cost of net financial debt, driven by higher interest rates as well as higher debt in Brazil following the acquision of Grupo BIG

Net financial debt, including disconnued operaons, totaled €3,429m as of December 31, 2022, compared with €2,633m as of December 31, 2021. This increase reflects the following factors:

Net Free Cash Flow generaon of €1,262m
Dividend payments of €(481)m, including €(380)m in ordinary dividends to Group shareholders, and dividends paid to minority shareholders
Acquisions and disposals for a net total of €(880)m, including the acquision of Grupo BIG for €(862)m
Share buybacks totaling €(750)m in 2022

STRENGTHENED LIQUIDITY AND SOLID BALANCE SHEET

Carrefour benefits from a solid balance sheet, which is an important asset in the current context, marked by rapid changes in food retailing and macroeconomic uncertaines.

As of December 31, 2022, the Group was rated Baa1 stable outlook by Moody's and BBB stable outlook by Standard & Poor's.

In March 2022, the Group successfully issued a Sustainability-Linked bond for a total amount of €1.5bn. The bond consists of two tranches, rated BBB by S&P, and is indexed to the Group's sustainability objecves:

A first fixed-rate tranche with a maturity of 4.6 years and a coupon of 1.875% per year
A second fixed-rate tranche maturing in 7.6 years for an amount of €750m, with a coupon of 2.375% per year

This issue was exceponally well received by the market, with total demand of nearly €8bn.

In June 2022, the Group redeemed a €1bn bond maturing in July, with a coupon of 1.75%.

In October 2022, Carrefour again issued, in the same Sustainability-Linked bond format, a €500m fixed-rate bond rated BBB by S&P, with a maturity of 6 years and a coupon of 4.125%. In November 2022, this bond was raised by a further €350m.

Carrefour will report annually in its Universal Registraon Document on the progress of its key non-financial performance indicators, which will be assessed by an independent third party. The amounts raised are used to finance the Group's general purpose and ensure bond refinancing.

In Brazil, the Group has taken out debt for a total of R\$4.8bn in 2022.

⁵ Net Free Cash Flow corresponds to free cash flow aer net finance costs and net lease payments. It includes cash-out of exceponal charges

DIVIDEND INCREASE TO €0.56/SHARE

The proposed dividend for the financial year 2022 amounts to 0.56 euros per share (compared with 0.52 euros in 2021). It will be paid fully in cash and will be submied for approval to the Annual General Meeng on May 26, 2023.

NEW SHARE BUYBACK FOR €800M

In view of the good results for 2022 and strong cash generaon, and in line with the commitments made under the Carrefour 2026 plan, the Board of Directors has approved the repurchase of up to €800m of Carrefour shares for cancellaon.

This iniave is in line with the Group's capital allocaon policy, which aims to achieve the right balance between a sustained investment program, external growth and return on equity.

This new buyback reflects management's confidence in the Group's operang performance, its Free Cash Flow generaon and its business outlook.

Subject to market condions 6 , Carrefour expects this buyback to take place in the course of 2023.

SALE OF CARREFOUR TAIWAN

On July 19, 2022, Carrefour announced the signing of an agreement to sell its enre interests in its Taiwanese subsidiary (i.e. 60%) to the Uni-President group (holder of the remaining 40%). This transacon values Carrefour Taiwan on the basis of an enterprise value of €2.0bn. The compleon of the transacon is subject to the approval of the Taiwanese compeon authories and other customary closing condions. The transacon is expected to be completed by mid-2023.

Carrefour Taiwan's operaons have been accounted for in financial year 2022 as assets held for sale since the publicaon of the third-quarter 2022 sales, in accordance with IFRS 5.

Following the compleon of the acquision of Grupo BIG in Brazil in June 2022, this transacon completes Carrefour's geographic rebalancing and strengthens the weight of its key markets in Europe and Lan America.

⁶ The implementaon of these buybacks, their duraon, and the final amounts thus repurchased will depend in parcular on market condions. Carrefour reserves the right to change all or part of the terms of these buybacks, within the limits indicated above

CARREFOUR, A COMMITTED COMPANY – CSR INDEX: 109%

In 2022, Carrefour once again exceeded its CSR objecves, with a 109% ⁷ achievement rate for the Group's CSR and Food Transion Index. This index, introduced in 2018, assesses Carrefour's yearly performance in implemenng CSR commitments.

The Group made parcular progress on the following commitments 8 :

● Packaging:
- o 16,390 tons of packaging avoided since 2017 (of which 5,483 tons in 2022)
- o Carrefour extended internaonally the measurement of the rate of reusable, recyclable or compostable packaging. In France, Brazil, Belgium and Romania, this rate reached 57% in 2022
● Climate and waste:
- o -29% reducon in store greenhouse gas emissions (scopes 1 and 2) vs. 2019 (-25% in 2021 vs. 2019). The Group is ahead of plan on the target of -50% in 2030 and -70% in 2040 (vs. 2019), corresponding to a 1.5°C trajectory. Carrefour confirms its store carbon neutrality target (scope 1 and 2) by 2040 9
- o -40% reducon in food waste by 2022 compared to 2016, ahead of plan on the target of -50% by 2025 (vs. 2016) 10

● Food transion:

o 204 suppliers commied to the Food Transion Pact vs. 114 in 2021
o 11,945 local and regional partner producers in 2022 (+2,104 vs. 2021)
● Employees:
- o 26% of managers (Top 200) were women by the end of 2022 (+1 point vs. 2021)
- o 73% of employees have received training in 2022 with a target of 50%, with an average of 11 hours of training per employee
- o 3.7% of employees with disabilies in 2022 (vs. 3.4% in 2021), or 11,281 people. Target raised to 15,000 employees with disabilies by 2026

Carrefour maintained its leading posion in extra-financial assessments. The Group has obtained an A rang from the Carbon Disclosure Project (CDP) for its commitment to the fight against global warming (A in 2021 as well). Carrefour ranks among the 294 best companies out of a panel of 15,000 companies evaluated by the CDP. Carrefour was ranked second in the retail sector by Moody's (formerly Vigeo EIRIS), with a score of 73/100 (+9 points compared to 2021).

When the Carrefour 2026 strategic plan was announced in November 2022, the Group strengthened its commitments to sustainable agriculture, climate change, packaging reducon, the fight against deforestaon in Brazil, nutrion and inclusion. The new commitments will be integrated into the CSR and Food Transion Index from 2023.

The Group launched early 2023 an employee shareholding plan open to 350,000 employees and used in part to finance CSR projects.

⁷ 100% implies that Carrefour is in-line with its trajectory to meet its mid-term objecves

⁸2021 data restated for Carrefour Taiwan. The detailed scopes are published in the Extra Financial Performance Statement

⁹Excluding Atacadão for refrigerant emissions

¹⁰Excluding Atacadão, Belgium and Spanish supermarkets

CARREFOUR 2026: OPERATIONAL AND FINANCIAL OBJECTIVES

	End of 2022	2026 objecve
Operaonal objecves
Private labels	33% of food sales	40% of food sales
Convenience store openings	-	+2,400 vs. 2022
Atacadão store openings	-	>+200 vs. 2022
Reducon in energy consumpon	-9%	-20% in 2026 vs. 2019 (in 2024 for France)
ESG objecves
Sales of cerfied sustainable products	€5.4bn	€8bn
Top 100 suppliers to adopt a 1.5°C trajectory	27%	100%
Employees with disabilies	11,281	15,000
Financial objecves
E-commerce GMV	€4.2bn	€10bn
Cost savings	€1.0bn in 2022	€4bn (cumul. 2023-26)
(1) Net Free Cash Flow	€1,262m	>€1.7bn
Investments (Capex)	€1,861m	€2bn/year
Cash dividend growth	+8% (€0.56/share)	>+5%/year

Note: (1) Net Free Cash Flow corresponds to free cash flow aer net finance costs and net lease payments. It includes cash-out of exceponal charges

AGENDA

First-quarter 2023 sales: April 25, 2023
General Shareholders' Meeng: May 26, 2023
Second-quarter 2022 sales and half-year 2022 results: July 26, 2023

The Carrefour Board of Directors met on February 14, 2023 under the chairmanship of Alexandre Bompard and approved the condensed consolidated financial statements for the 2022 financial year. These accounts have been audited and the cerficaon report is being issued. The accounts are, and the related auditors' report will be, available at: hps://www.carrefour.com/en/finance/financial-publicaons

CONTACTS

Investor relaons Sébasen Valenn, Anthony Guglielmo, Louise Brun Tel: +33 (0)1 64 50 79 81

Shareholder relaons Tel: 0 805 902 902 (toll-free in France) Group communicaon Tel: +33 (0)1 58 47 88 80

APPENDIX

Applicaon of IFRS 5

On July 19, 2022, Carrefour announced the signing of an agreement to sell its enre interests in its Taiwanese subsidiary (i.e. 60%) to the Uni-President group (holder of the remaining 40%). This agreement will result in the loss of control of Carrefour Taiwan, subject to the approval of the Taiwanese compeon authories and other customary closing condions.

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

Historical LFL sales growth, excl. Taiwan

Quarter
Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022
+7.9%	+6.5%	+8.7%	+8.9%	+4.6%	+3.8%	+1.0%	+0.7%	+3.5%	+7.8%	+11.3%	+10.9%

Half-year						Full year
H1 2020	H2 2020	H1 2021	H2 2021	H1 2022	H2 2022	2020 2021 2022
+7.2%	+8.8%	+4.2%	+0.8%	+5.7%	+11.1%	+8.0%	+2.5%	+8.5%

Fourth-quarter 2022 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 rate
France	11,496	+5.6%	+4.9%	+8.0%	+8.0%
Hypermarkets	5,811	+3.7%	+2.0%	+6.2%	+6.2%
Supermarkets	3,749	+5.9%	+6.3%	+8.1%	+8.1%
Convenience / Other formats	1,936	+10.7%	+12.0%	+13.8%	+13.8%

Other European countries	6,941	+6.2%	+5.9%	+6.2%	+6.4%
Spain	3,196	+4.6%	+5.3%	+6.7%	+6.7%
Italy	1,178	+4.5%	-0.5%	-0.2%	-0.2%
Belgium	1,155	+3.4%	+3.5%	+3.5%	+3.5%
Poland	655	+9.6%	+10.6%	+6.9%	+9.3%
Romania	758	+17.8%	+19.6%	+20.1%	+19.4%

Lan America (pre-IAS 29)	6,977	+28.2%	+31.1%	+59.8%	+50.0%
Brazil	5,860	+11.1%	+14.4%	+64.1%	+38.2%
Argenna (pre-IAS 29)	1,118	+101.8%	+102.9%	+40.5%	+103.2%

Group total (pre-IAS 29)	25,415	+10.9%	+10.9%	+18.0%	+16.0%
(1) IAS 29	(437)
Group total (post-IAS 29)	24,977

Note : (1) hyperinflaon and foreign exchange

Comparable base - Fourth quarter

LFL change excl. petrol and calendar	Q4 2020	Q4 2021	Q4 2022
France	+5.5%	-0.3%	+5.6%
Hypermarkets	+3.9%	-1.8%	+3.7%
Supermarkets	+9.8%	-1.3%	+5.9%
Convenience / Other formats	+2.0%	+6.9%	+10.7%

Other European countries	+1.8%	0.0%	+6.2%
Spain	+6.0%	+1.6%	+4.6%
Italy	-7.6%	+2.5%	+4.5%
Belgium	+5.7%	-6.8%	+3.4%
Poland	-4.2%	+5.7%	+9.6%
Romania	+1.6%	-3.3%	+17.8%

Lan America	+25.3%	+4.0%	+28.2%
Brazil	+22.9%	-6.1%	+11.1%
Argenna	+39.6%	+61.0%	+101.8%

Group total	+8.9%	+0.7%	+10.9%

Technical effects – Fourth-quarter 2022

	Calendar	Petrol	Foreign exchange
France	-0.1%	(1) +3.2%	-
Hypermarkets	-0.3%	(1) +4.5%	-
Supermarkets	+0.1%	(1) +1.6%	-
Convenience / Other formats	-0.1%	(1) +1.9%	-

Other European countries	-0.1%	+0.3%	-0.2%
Spain	-0.1%	+0.8%	-
Italy	+0.2%	+0.1%	-
Belgium	+0.0%	-	-
Poland	-0.7%	-0.6%	-2.4%
Romania	-0.1%	-0.1%	+0.7%

Lan America	+0.4%	-2.2%	+9.7%
Brazil	+0.4%	-2.2%	+25.9%
Argenna	+0.3%	-	-62.7%

Group total	-0.0%	+0.5%	+1.9%

Note : (1) Petrol rebates from French government for the full year 2022 are accounted for as petrol sales in the fourth-quarter vs. in cost of sales previously

Full-year 2022 sales inc. VAT

	Sales	Variaon	ex petrol ex calendar	Total variaon inc. petrol
	inc. VAT (€m)	LFL	Organic		At constant exchange rates
France	42,009	+3.4%	+2.5%	+6.8%	+6.8%
Hypermarkets	20,728	+1.8%	+0.4%	+5.5%	+5.5%
Supermarkets	13,880	+2.2%	+1.0%	+5.0%	+5.0%
Convenience / Other formats	7,402	+10.2%	+11.7%	+14.4%	+14.4%
Other European countries	25,068	+4.9%	+4.3%	+5.9%	+6.2%
Spain	11,498	+5.4%	+5.9%	+9.8%	+9.8%
Italy	4,400	+4.2%	-1.7%	-0.4%	-0.4%
Belgium	4,261	-0.9%	-0.9%	-1.1%	-1.1%
Poland	2,290	+12.0%	+12.7%	+8.5%	+11.4%
Romania	2,619	+9.0%	+11.3%	+11.1%	+11.3%
Lan America (pre-IAS 29)	23,842	+24.6%	+27.7%	+55.9%	+42.0%
Brazil	20,021	+12.4%	+15.9%	+57.0%	+33.1%
Argenna (pre-IAS 29)	3,821	+84.3%	+85.6%	+50.5%	+85.8%
Group total (pre-IAS 29)	90,919	+8.5%	+8.4%	+16.1%	+13.5%
(1) IAS 29	(109)
Group total (post-IAS 29)	90,810

Note : (1) hyperinflaon and foreign exchange

Comparable base - Full year 2022

LFL change excl. petrol and calendar	2020	2021	2022
France	+3.6%	+1.8%	+3.4%
Hypermarkets	+1.0%	+0.6%	+1.8%
Supermarkets	+6.8%	+3.6%	+2.2%
Convenience / Other formats	+5.2%	+2.1%
Other European countries	+3.5%	-1.1%	+4.9%
Spain	+7.1%	-0.4%	+5.4%
Italy	-5.2%	-3.0%	+4.2%
Belgium	+8.3%	-4.2%	-0.9%
Poland	-0.6%	+3.0%	+12.0%
Romania	+2.1%	+2.0%
Lan America	+23.0%	+9.3%	+24.6%
Brazil	+18.2%	+1.0%	+12.4%
Argenna	+49.3%	+50.0%	+84.3%
Group total	+8.0%	+2.5%	+8.5%

Technical effects – Full-year 2022

	Calendar	Petrol	Foreign exchange
France	+0.2%	(1) +4.1%	-
Hypermarkets	+0.1%	(1) +5.0%	-
Supermarkets	+0.3%	(1) +3.6%	-
Convenience / Other formats	+0.1%	(1) +2.5%	-

Other Europeans countries	+0.0%	+1.2%	-0.3%
Spain	+0.2%	+2.4%	-
Italy	+0.1%	+1.2%	-
Belgium	-0.2%	-	-
Poland	-0.1%	-1.3%	-2.8%
Romania	+0.0%	-	-0.2%

Lan America	+0.1%	-0.9%	+13.9%
Brazil	+0.1%	-0.7%	+23.9%
Argenna	+0.2%	-	-35.3%
Group total	+0.1%	+1.7%	+2.6%

Note : (1) Petrol rebates from French government for the full year 2022 are accounted for as petrol sales in the fourth-quarter vs. in cost of sales previously

Geographic breakdown of 2022 net sales and recurring operang income

		Net sales				Recurring Operang Income
(in €m)	2021 IFRS 5	2022	Variaon at constant exchange rates	Variaon at current exchange rates	2021 IFRS 5	2022	Variaon at constant exchange rates	Variaon at current exchange rates
France	35,283	37,706	+6.9%	+6.9%	757	834	+10.2%	+10.2%
Europe (excl. France)	21,283	22,643	+6.7%	+6.4%	718	606	-15.3%	-15.6%
Lan America	13,895	21,036	+44.9%	+51.4%	768	1,005	+20.4%	+30.8%
Global funcons	-	-	-	-	-49	-69	+46.6%	+41.0%
TOTAL	70,462	81,385	+14.3%	+15.5%	2,194	2,377	+4.6%	+8.3%

Consolidated income statement 2022 vs 2021

(in €m)	2021 published	2021 IFRS 5	2022	Variaon at constant exchange rates	Variaon at current exchange rates
Net sales	72,958	70,462	81,385	14.3%	15.5%
Net sales, net of loyalty program costs	72,105	69,669	80,543	14.4%	15.6%
Other revenue	2,181	2,091	2,546	15.1%	21.7%
Total revenue	74,286	71,760	83,089	14.4%	15.8%
Cost of goods sold	(58,766)	(56,865)	(66,776)	15.8%	17.4%
Gross margin	15,520	14,896	16,313	9.1%	9.5%
As a % of net sales	21.3%	21.1%	20.0%	-97pbs	-110bps
SG&A	(11,229)	(10,837)	(11,958)	10.7%	10.3%
As a % of net sales	15.4%	15.4%	14.7%	-49pbs	-69pbs
(1) Recurring operang income before D&A (EBITDA)	4,550	4,307	4,613	4.9%	7.1%
EBITDA margin	6.2%	6.1%	5.7%	-50pbs	-44pbs
Amorzaon	(2,018)	(1,864)	(1,978)	5.1%	6.1%
Recurring operang income (ROI)	2,272	2,194	2,377	4.6%	8.3%
Recurring operang margin	3.1%	3.1%	2.9%	-26pbs	-19pbs
Income from associates and joint ventures	12	12	50
Recurring operang income including from associates and joint ventures	2,284	2,206	2,427
Non-recurring income and expenses	(374)	(366)	36
Operang income	1,911	1,840	2,463
Financial result	(279)	(270)	(490)
Finance cost, net	(172)	(173)	(336)
Net interests related to leases commitment	(106)	(97)	(167)
Other financial income and expenses	(1)	(1)	13
Income before taxes	1,632	1,570	1,973
Income tax expense	(372)	(360)	(408)
Net income from connuing operaons	1,259	1,210	1,564
Net income from disconnued operaons	42	92	1
Net income	1,301	1,301	1,566
of which Net income, Group share	1,072	1,072	1,348
of which connuing operaons	1,030	1,002	1,368
of which disconnued operaons	42	70	(21)
of which Net income, Non-controlling interests	229	229	218
of which connuing operaons	229	208	196
of which disconnued operaons	-	22	22
Net income, Group share, adjusted for exceponal items	1,158	1,126	1,212
Depreciaon from supply chain (in COGS)	(259)	(248)	(258)
Net income, Group share, adj. for exceponal items, per share	1.47	1.43	1.63
Weighted average number of shares pre-diluon (in millions)	787	787	741

Notes : (1) Recurring Operang Income Before Depreciaon and Amorzaon (EBITDA) also excludes depreciaon and amorzaon from supply chain acvies which is booked in cost of goods sold

Consolidated balance sheet

(in €m)	December 31, 2021 published	December 31, 2022
ASSETS
Intangible assets	9,328	10,277
Tangible assets	10,721	12,612
Financial investments	2,408	2,360
Deferred tax assets	631	475
Investment properes	291	279
Right-of-use asset	4,361	4,190
Consumer credit from financial-service companies - Long-term	1,821	1,867
Other non-current assets	321	609
Non-current assets	29,883	32,667
Inventories	5,858	6,893
Trade receivables	2,581	3,330
Consumer credit from financial-service companies - Short-term	3,473	4,111
Tax receivables	675	948
Other current assets	943	1,025
Other current financial assets	532	720
Cash and cash equivalents	3,703	5,216
Current assets	17,765	22,243
Assets held for sale	20	1,641
TOTAL	47,668	56,551
LIABILITIES
Shareholders' equity, Group share	10,251	11,144
Minority interests in consolidated companies	1,579	2,042
Shareholders' equity	11,830	13,186
Deferred tax liabilies	374	364
Provision for conngencies	2,455	3,974
Borrowings - Long-term	5,491	6,912
Lease liabilies - Long-term	3,602	3,574
Bank loans refinancing - Long-term	1,573	1,550
Tax payables - Long-term	193	85
Non-current liabilies	13,688	16,458
Borrowings - Short-term	1,342	2,646
Lease liabilies - Short-term	995	955
Trade payables	13,072	14,393
Bank loans refinancing - Short-term	2,868	3,592
Tax payables - Short-term	1,108	1,182
Other current payables	2,765	2,943
Current liabilies	22,150	25,712
Liabilies related to assets held for sale	-	1,196
TOTAL	47,668	56,551

Consolidated cash flow statement

(in €m)	2021 published	2021 IFRS 5	2022	Variaon
NET DEBT AT OPENING	(2,616)	(2,616)	(2,633)	(16)
EBITDA	4,550	4,307	4,613	306
Income tax paid	(439)	(426)	(449)	(23)
Financial result (excl. net cost of debt and net interests related to leases obligaons)	(1)	(1)	13	14
Cash impact of restructuring items and others	(299)	(289)	(424)	(135)
Gross Cash Flow (excl. disconnued)	3,811	3,591	3,753	162
Change in working capital requirement (incl. change in consumer credit)	(136)	(186)	243	428
Disconnued operaons	(15)	255	224	(31)
Operang Cash Flow (incl. exceponal items and disconnued)	3,661	3,661	4,219	559
(1) Capital expenditures	(1,626)	(1,558)	(1,861)	(304)
Asset disposals (business related)	277	276	379	103
Change in net payables and receivables on fixed assets	124	122	55	(67)
Disconnued operaons	-	(67)	(36)	31
Free Cash Flow	2,435	2,435	2,756	322
Free Cash Flow (excl. exceponal items and disconnued)	2,721	2,518	2,816	298
Payments related to leases (principal and interest) net of subleases payments received	(1,035)	(931)	(1,047)	(116)
Net cost of financial debt	(172)	(173)	(336)	(164)
Disconnued operaons	-	(104)	(111)	(7)
Net Free Cash Flow	1,228	1,227	1,262	35
Net Free Cash Flow (excl. exceponal items and disconnued)	1,514	1,415	1,433	18
(2) Exceponal items and disconnued operaons	(286)	(187)	(170)	17
Financial investments	(331)	(331)	(980)	(649)
Disposal of investments	192	192	100	(92)
Capital increase / (decrease) of Carrefour SA and share buyback	(702)	(702)	(753)	50
Dividends paid	(576)	(533)	(481)	53
Others	172	126	84	(41)
Disconnued operaons	-	5	(30)	(35)
NET DEBT AT CLOSE	(2,633)	(2,633)	(3,429)	(797)

Notes: (1) Restated for Makro; (2) Disconnued operaons, restructuring (€251m in 2022 vs. €298m in 2021) and others

Change in shareholders' equity

(in €m)	Total shareholders' equity	Shareholders' equity, Group share	Minority interests
At December 31, 2021	11,830	10,251	1,579
FY 2022 total net income	1,566	1,348	218
Other comprehensive income/(loss) aer tax	595	467	128
Dividends	(507)	(380)	(127)
(1) Impact of scope and others	(297)	(542)	245
At December 31, 2022	13,186	11,144	2,042

Note : (1) mainly own share buyback

Net income, Group share, adjusted for exceponal items

(in €m)	2021 published	2021 IFRS 5	2022
Net income, Group share	1,072	1,072	1,348
Restatement for non-recurring income and expenses (before tax)	374	366	(36)
Restatement for exceponal items in net financial expenses	31	31	51
(1) Tax impact	(292)	(291)	(193)
Restatement on share of income from companies consolidated by the equity method	-	-	-
Restatement on share of income from minories	16	18	21
Restatement for net income of disconnued operaons, Group share	(42)	(70)	21
Adjusted net income, Group share	1,158	1,126	1,212

Note: (1) Tax impact of restated items (non-recurring income and expenses and financial expenses) and exceponal tax items

CSR and Food Transion Index at 109% in 2022

Carrefour's CSR and Food Transion Index assesses the Group's annual extra-financial results. Designed to measure the performance of CSR policies over several years, the index sets an annual target for the strategic CSR indicators. The overall index score is simply an average of the scores for these indicators (1) .

Category	Objecve	2022	2022 score
Products			103%
Sustainable agriculture	15% of fresh food sales are organic or agroecological by 2025	91%
Raw materials	100% of sensive raw materials to be covered by a risk reducon (1) plan by 2025	61%	96%
Packaging	20,000 tons of packaging avoided by 2025 (cumulave since 2017)	16,390
	(2) 100% reusable, recyclable or compostable packaging by 2025	57%	114%
Animal welfare	100% of our key animal welfare policy objecves deployed in all (3) countries by 2025	59%	101%
Suppliers engagement	300 suppliers to commit to the food transion pact by 2025	204	113%
Stores			110%
Food waste	50% reducon in food waste (compared to 2016)	-40%	108%
Waste	100% of waste to be recycled by 2025	75%	99%
CO2 emissions	Reduce CO2 emissions by -50% by 2030 and by -70% by 2040 vs 2019 (scopes 1 & 2)	-29%	138%
Partner producers	(4) 45,000 partner producers by 2025	37,758	97%
Customers			103%
Food transion in stores	+30 points increase in in-store customer surveys regarding organic and local products, the reducon of food waste and packaging, (5) health and nutrion by 2025	+11	110%
Act For Food program	80% of our customers believe that Carrefour helps them to enjoy a healthier and more responsible diet while remaining affordable by (6) 2022	74%	96%
Employees			118%
Employees engagement	Minimum employee recommendaon score of 75/100 awarded to (7) Carrefour every year by its employees	8.2	128%
Gender equality	35% of women in the top 200 managers by 2025	26%	99%
Training	Every year, at least 50% of employees have access to training	73%	146%
Disability	Employees with disabilies account for at least 4% the Group's total workforce	3.7%	100%

Note : (1) 3 objecves concerning: fisheries resources, materials with a risk of deforestaon (palm oil, Brazilian beef, soy, cocoa and trader traceability) and texle materials (coon, cashmere and viscose ; (2) Group objecve. France only, reporng is being rolled out to the other countries of the Group; (3) Four objecves concerning: the sale of "cage-free eggs," the use of "cage-free ingredient eggs," the condions under which chickens are reared and the carrying out of animal welfare audits in slaughterhouses; (4) This target includes organic, Carrefour Quality Chain, regional and local partner producers; (5) Target revised following the removal of Taiwan from the consolidated enes. The Customer Barometer measures customer sasfacon in shops on a scale of 0 to 200 for the following criteria: "Choice of organic products," "Choice of local products," "Reducon of plasc packaging," "Fight against food waste" and "Quality of Carrefour branded products." 4.4 million respondents in 2022; (6) Target revised following the removal of Taiwan from the consolidated enes. 1.2 million respondents in 2022; (7) Ipsos, March 2022 - 17,000 respondents out of a representave sample of 265,000 employees surveyed

Expansion under banners - Q4 2022

Thousand of sq. m	Dec. 31 2021	Sept. 30 2022	Openings / Store enlargements	Acquisions	Closures / Store reducons / Disposals	Q4 2022 change	Dec. 31 2022
France	5,586	5,615	19	3	-9	14	5,629
Europe (excl. Fr)	5,908	5,951	73	-	-59	14	5,965
Lan America	2,790	3,937	94	-	-21	73	4,010
(1) Others	1,551	1,619	21	-	-1	20	1,638
Group	15,835	17,121	207	3	-91	120	17,241

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

Store network under banners - Q4 2022

N° of stores	Dec. 31 2021	Sept. 30 (1) 2022	Openings	Acquisions	Closures / Disposals	Transfers	Total Q4 2022 change	Dec. 31 2022
Hypermarkets	1,062	1,133	6	-	-11	-	-5	1,128
France	253	253	-	-	-	-	-	253
Europe (excl. Fr)	457	459	1	-	-5	-	-4	455
Lan America	184	255	-	-	-3	-	-3	252
(2) Others	168	166	5	-	-3	-	2	168
Supermarkets	3,574	3,742	131	-	-31	-	100	3,842
France	1,043	1,039	1	-	-1	-	-	1,039
Europe (excl. Fr)	1,926	2,006	111	-	-29	-	82	2,088
Lan America	151	247	-	-	-1	-	-1	246
(2) Others	454	450	19	-	-	-	19	469
Convenience stores	8,368	8,519	204	22	-172	-	54	8,573
France	4,330	4,406	80	22	-36	-	66	4,472
Europe (excl. Fr)	3,430	3,492	114	-	-135	-	-21	3,471
Lan America	558	572	10	-	-1	-	9	581
(2) Others	50	49	-	-	-	-	-	49
Cash & carry	440	523	21	-	-3	-	18	541
France	147	148	-	-	-	-	-	148
Europe (excl. Fr)	12	12	-	-	-	-	-	12
Lan America	259	340	19	-	-3	-	16	356
(2) Others	22	23	2	-	-	-	2	25
So discount (Supeco)	108	216	6	-	-1	-	5	221
France	26	33	-	-	-	-	-	33
Europe (excl. Fr)	81	86	6	-	-1	-	5	91
Lan America	1	97	-	-	-	-	-	97
(2) Others	-	-	-	-	-	-	-	-
Sam's Club	-	42	1	-	-	-	1	43
France	-	-	-	-	-	-	-	-
Europe (excl. Fr)	-	-	-	-	-	-	-	-
Lan America	-	42	1	-	-	-	1	43
(2) Others	-	-	-	-	-	-	-	-
Group	13,552	14,175	369	22	-218	-	173	14,348
France	5,799	5,879	81	22	-37	-	66	5,945
Europe (excl. Fr)	5,906	6,055	232	-	-170	-	62	6,117
Lan America	1,153	1,553	30	-	-8	-	22	1,575
(2) Others	694	688	26	-	-3	-	23	711

Note: (1) Grupo BIG 372 stores acquired in 2022 were allocated into the following formats: 72 hypermarkets, 98 supermarkets, 63 cash & carry, 97 so discount and 42 Sam's Club; (2) Asia, Africa, Middle-East, 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.

Gross margin

Gross margin corresponds to the sum of net sales and other income, reduced by loyalty program costs and cost of goods sold. Cost of sales comprise purchase costs, changes in inventory, the cost of products sold by the financial services companies, discounng revenue and exchange rate gains and losses on goods purchased.

Recurring Operang Income (ROI)

Recurring Operang Income corresponds to the gross margin lowered by sales, general and administrave expenses, depreciaon and amorzaon.

Recurring Operang Income Before Depreciaon and Amorzaon (EBITDA)

Recurring Operang Income Before Depreciaon and Amorzaon (EBITDA) also excludes depreciaon and amorzaon from supply chain acvies which is booked in cost of goods sold.

Operang Income (EBIT)

Operang Income (EBIT) corresponds to the recurring operang income aer income from associates and joint ventures and non-recurring income and expenses. This laer classificaon is applied to certain material items of income and expense that are unusual in terms of their nature and frequency, such as impairment of non-current assets, gains and losses on sales of non-current assets, restructuring costs and provisions recorded to reflect revised esmates of risks provided for in prior periods, based on informaon that came to the Group's aenon during the reporng year.

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 Annual Report (Document de Référence). 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.

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