This article first appeared on GuruFocus .
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Total Sales:EUR22.7 billion in Q2 2026.
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Group Like-for-Like Sales Growth:Up 1.9% in Q2 2026.
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Reported Revenue Growth:Up 2.8% in Q2 2026.
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Recurring Operating Income Growth:Up 13.8% in H1 2026.
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Operating Margin:1.9% in H1 2026.
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EPS Growth:Up 18.3% to EUR0.49 in H1 2026.
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Net Free Cash Flow:Slightly down, excluding Italy, at minus EUR1,922 million in H1 2026.
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Net Financial Debt:Decreased by EUR1.1 billion to EUR5.8 billion as of June 30, 2026.
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France Sales Growth:Up across all formats, with former Cora stores up 5% in Q2 2026.
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Spain Like-for-Like Sales Growth:Up 2.2% in Q2 2026.
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Brazil Like-for-Like Sales Growth:Turned positive at 0.4% in Q2 2026.
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Argentina Like-for-Like Sales Growth:Up 23.5% in H1 2026.
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Store Expansion:234 new convenience stores opened in France in H1 2026.
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Net Promoter Score (NPS) Improvement:Up 2 points in France and 4 points in Spain in Q2 2026.
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Release Date: July 23, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Carrefour ( CRERF ) reported a solid performance with sales up, driven by strong e-commerce and commercial dynamics.
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The company confirmed all its financial targets for the year, with recurring operating income growing in its three main countries.
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Carrefour ( CRERF ) successfully completed the disposal of Carrefour-Romania, aligning with its geographical focus strategy.
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The rollout of Vision's AI technology in hypermarkets led to added sales and productivity improvements.
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Carrefour ( CRERF ) saw positive momentum in France and Spain, with sales up across all formats and improved price positioning.
Negative Points
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The macroeconomic environment in Brazil remains complex, impacting consumer purchasing power and resulting in negative volumes.
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In Argentina, challenging market conditions and pressure on consumer purchasing power negatively affected operating performance.
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Poland's competitive environment led to a decline in sales, with the company needing to implement strict cost control measures.
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Non-recurring expenses increased, reflecting a more usual level compared to the previous year, impacting overall financial performance.
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The integration of Cora and Match stores resulted in losses, with expectations for breakeven still uncertain.
Q & A Highlights
Q: How is Carrefour planning to drive more market share gains in France, and what are the main drivers for margin expansion in H2? A: Alexandre Bompard, CEO, stated that Carrefour's market share in France was stable in H1, with positive volume growth. The company is confident in reaching its 2030 market share target, driven by improvements in commercial offerings and a strong loyalty program. For margin expansion, the focus is on maintaining positive market dynamics in France and Spain, improving volumes in Brazil, and stabilizing costs in Argentina.
Q: What are the plans for further price investments in France, and how is the AI technology deployment progressing? A: Bompard mentioned that Carrefour continues to invest in price competitiveness with initiatives like price reductions on national brands and private labels. The AI technology deployment, particularly Vision, is progressing well, with eight hypermarkets equipped and plans to reach 50 by year-end. The technology is enhancing productivity and customer behavior analysis.
Q: Can you explain the losses from Cora and Match, and what is the outlook for Argentina? A: Bompard explained that Cora and Match's losses were due to integration costs and aligning with Carrefour's commercial model. However, sales are accelerating, and a turnaround is expected by year-end. In Argentina, despite challenges, volumes have turned positive, and the new commercial approach is expected to improve the situation in H2.
Q: How is Carrefour managing the competitive environment in France, and what is the outlook for financial expenses? A: Bompard noted that Carrefour's repositioning in the French market has been significant, moving from fourth to second in price positioning. The market remains rational, and Carrefour's price investments are yielding positive volume growth. CFO Matthieu Malige added that financial expenses are expected to decrease further in H2 due to refinancing efforts in Brazil.
Q: What is the impact of franchising on Carrefour's financials, and how is the non-food segment performing? A: Malige explained that franchising has a positive impact on the bottom line despite reducing gross margins, as operating costs are transferred. Bompard highlighted that Carrefour is transforming its non-food model with new categories like parapharmacy and pet food, gaining market share despite overall market challenges.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
