Q2 2020 Sales

H1 2020 Results
July 28, 2020
Q2 and H1 Highlights

SUSTAINED COMMERCIAL ACTIVITY AND STRONG RELEVANCE OF CARREFOUR 2022 PLAN

GROWTH IN RESULTS CONFIRMED

Exceptional mobilization of all Carrefour employees Resilience of the multi-format and omnichannel model
in the face of the crisis
throughout the crisis

+6.3% LFL in Q2 despite lockdown measures Marked improvement in NPS® (+3 points in H1)

Strong rise in ROI(1): +29.1% at constant FX, to Commercial activity driven by investments in
€718m
price and non-price competitiveness

Further improvement in net free cash flow Continued strong cost-reduction momentum
restated for exceptional items: +€95m (€480m in H1)

Strategic orientations confirmed and cost-

savings plan raised to €3.0bn

(1) H1 2020 ROI includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group
employees (€128m in H1 2020) are accounted for under other non-current income and expenses
® Net Promoter, Net Promoter System, Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain &
H1 2020 RESULTS – 28/07/2020 Company, Inc., Fred Reichheld and Satmetrix Systems, Inc 2
 01

Carrefour, a
committed company
Exceptional mobilization in the face of the crisis

Carrefour responsibly ensured its essential mission as a food

distributor in the face of the COVID-19 pandemic

Employee and customer protection as an absolute priority: Strong

measures taken regarding social distancing, hygiene protocols, employee
protection equipment, etc.

Adaptation of offering and price freeze on thousands of prices in all

countries to help customers cope with purchasing power constraints

Social responsibility measures and concrete solidarity actions: Creation of

dedicated services for priority customers, donations from the Carrefour
Foundation, support for local producers

H1 2020 RESULTS – 28/07/2020 4

 02

Relevance of
Carrefour 2022 plan
and confirmation of
strategic orientations
The Group is accelerating, supported by the pillars of the Carrefour 2022
plan

Resilience of the multi-format and omnichannel model throughout the crisis

Customer satisfaction: Further three-point increase in NPS®

Food e-commerce: Growth of above +100% in Q2 2020 (c. +70% in H1)

Price competitiveness: Continuation of price investments

Organic and local: Organic sales up by c.+25% in H1 2020

Cost-reduction momentum and financial discipline: Cost-savings plan raised to €3.0bn

Consolidation strategy through targeted acquisitions: First achievements in Brazil and Taiwan

H1 2020 RESULTS – 28/07/2020 6

Confirmation of strategic orientations
Financial objectives
Organic product sales (per year, €bn) Cost-reduction plan (cumulative)
4.8 2020 target raised
€3.0bn
from €2.8bn to €3.0bn €2,440m
€1,960m
2.3 €1,400m
1.8
1.3 €930m
€460m
1.1 in H1 1.4 in H1

2017 2018 2019 2020 2022 June 2018 Dec 2018 June 2019 Dec 2019 June 2020 Dec 2020

Food e-commerce sales (per year, €bn)

Disposal of non-strategic real estate assets
4.2
First objective of €40m out of the
€500m achieved new objective of
1.3 one year ahead €300m additional
0.8 1.0 of plan, in 2019 disposals by 2022
0.7 in H1 1.1 in H1

2017 2018 2019 2020 2022

H1 2020 RESULTS – 28/07/2020 7

Confirmation of strategic orientations
Operational objectives

Since beginning of the plan End 2019 End June 2020 Objective

Improvement in the Group NPS® +8 points +11 points +23 points by 2022

350,000 sq.m
Reduction of hypermarkets sales area 115,000 sq.m 133,000 sq.m
by 2022

Reduction in assortments -10.1% -10.3% -15% in 2020

27% of sales 29% of sales One third of sales

Sales of Carrefour branded-products
+2 points yoy +2 points yoy in 2022

Convenience store openings +1,042 +1,563 +2,700 by 2022

® Net Promoter, Net Promoter System, Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain &
H1 2020 RESULTS – 28/07/2020 Company, Inc., Fred Reichheld and Satmetrix Systems, Inc 8
 03

Financial analysis
Q2 2020 Sales (+6.3% LFL): Sustained commercial activity

+6.3% -0.4% +1.2% -1.0% -5.8%

+0.3% -6.7%
-6.3% €(66)m

+0.7% +4.7% +20.9% -2.5%

France Europe LatAm Asia

€20.0 €20.0
bn €18.7 €18.6
bn
bn bn

Q2 2019 LFL Calendar Openings Scope, Petrol Q2 2020 Forex Q2 2020 IAS 29 Q2 2020
pre- ex petrol closures at at current at current
IAS29 ex and other constant FX rates FX rates
calendar effects* FX rates pre-IAS post-IAS
pre-IAS 29 29
29

H1 2020 RESULTS – 28/07/2020 * Including transfers 10

Sequential acceleration in LFL

Reported Group LFL

+7.8%
+7.0%

+6.3%

+3.5%
+2.7%
+2.0%

+0.7%

H1 2018 H2 2018 H1 2019 H2 2019 H1 2020 Q1 2020 Q2 2020

H1 2020 RESULTS – 28/07/2020 11

Second quarter: Atypical activity, marked by the sanitary crisis

Resilience of the multi-format and omnichannel

LFL evolution model

April: A month marked by lockdown

April May/June Q2 • Consumers favored convenience and supermarkets,
which were more accessible, at the expense of
Group +0.3% +9.4% +6.3%
hypermarkets
• Non-food was penalized, in particular certain
o/w hypermarkets -4.6% +8.0% +3.9% categories, which were deemed non-essential
o/w supermarkets +8.3% +5.5% +6.4%
May and June: Good post-lockdown
o/w convenience +19.0% +8.9% +12.2%
momentum
• Food markets were generally buoyant, benefiting
Food +1.6% +7.5% +5.5% from shift from out-of-home consumption to in-home
consumption
Non-food -7.9% +19.9% +11.0%
• Convenience and supermarket formats confirmed
their attractiveness. Hypermarkets, once again fully
accessible, experienced sustained activity
• Non-food regained momentum

H1 2020 RESULTS – 28/07/2020 12

Acceleration in food e-commerce growth

Food e-commerce sales

€1.3bn

€1.1bn

€1.0bn
+70% Q2: +100%
growth Q1: +45%
€0.8bn yoy
+30%
growth
yoy
+25%
growth
yoy

2017 2018 2019 H1 2020

H1 2020 RESULTS – 28/07/2020 13

Results unfavorably impacted by FX

H1 2020
CURRENCY
Evolution
-5.5%
Brazilian Real -19.7% negative FX impact on
H1 2020 Gross Sales
Argentine Peso -34.2%

Polish Zloty -2.8% -€86m

negative FX impact on
Romanian Leu -1.6% H1 2020 ROI

Taiwanese Dollar +5.8%

H1 2020 RESULTS – 28/07/2020 14

H1 2020 ROI growth of +29.1% (at constant exchange rates)

Evolution
in €m H1 2019 H1 2020 at constant FX
(€m / %)

Net sales 34,885 34,265 +7.0% LFL

Gross margin from recurring operations as a %

22.0% 21.8%
of net sales

Total distribution costs(1) (6,015) (5,700)

As a % of net sales 17.2% 16.6%
Depreciation and amortization as a % of net sales 2.9% 3.0%
Recurring operating income (ROI) 624 718 +€181m / +29.1%
As a % of net sales 1.8% 2.1%

Gross margin down 21bps, taking into account price investments, the momentary increase in logistics costs
and the evolution of the integrated/franchisee mix, partly offset by purchasing gains
Distribution costs down 61bps, benefiting from cost-savings and including costs related to store openings
and new services offered to customers, notably in digital

H1 2020 RESULTS – 28/07/2020 (1) Total distribution costs are composed of sales, general and administrative expenses 15
H1 2020 ROI evolution in specific COVID-19 context

+€181m improvement at constant FX

incl. COVID-19 related income and expenses

c.€(70)m
c.€(50)m €805m
c.€300m €(86)m €718m
€624m

H1 2019 ROI Retail business Financial services Other services H1 2020 ROI Forex H1 2020 ROI
evolution (travel, ticketing at constant at current
for shows, etc.) exchange rates exchange rates
BtoB Europe
(incl. France) 16
H1 2020 RESULTS – 28/07/2020
Cost-reduction target raised once again to €3.0bn; €2,440m to date,
ahead of plan

Cost-reduction plan COGS Distribution costs

€2.8bn  €3.0bn
Gains recorded from joint Simplified and agile
€2.4bn purchasing across Carrefour organisations
geographies
€2.0bn
Efficiency measures implemented
€1.4bn Benefits of purchasing alliances on SG&A
(Tesco, Système U, etc.)
€930m Know-how developped with
€460m recruitment of experts in
purchasing protocols and process
simplification
June Dec. June Dec. June 2020
2018 2018 2019 2019 2020 Target

Costs savings part of daily operations, momentum will continue beyond 2020

H1 2020 RESULTS – 28/07/2020 17

France
LFL growth driven by convenience and supermarkets

Convenience &
Q2 - in €m Total Sales Hypermarkets Supermarkets
other formats

Sales inc. VAT 8,896 4,327 3,052 1,516

Total variation -8.4% -12.6% -6.3% +0.6%

LFL ex. petrol ex.

+0.7% -3.6% +4.3% +6.3%
calendar*

Hypermarkets (-3.6% LFL):

• Marked improvement in performance since mid-May, after having particularly suffered during lockdown due to mobility restrictions
Supermarkets (+4.3% LFL):
• Solid performance; continued to benefit from the repositioning initiated in 2018
Excellent momentum in Convenience (+11.4% LFL)
• Carrefour is continuing to expand this growth format for the Group with +79 openings in H1 2020
Promocash’s activities were penalized by restaurant closures and lockdown

H1 2020 RESULTS – 28/07/2020 18

France
Increase in profitability

in €m H1 2019 H1 2020 % change

Net sales 16,789 16,357 -2.6%

LFL ex. petrol ex. calendar +2.4%

ROI 120 125 +4.2%

ROI margin 0.7% 0.8% +5bps

France H1 2020 ROI at €125m, up +4.2%. Operating margin increase of +5bps

It reflects:
• Good dynamics of retail activities, despite the drop in hypermarket sales during lockdown
• c.€(70) million impact of the sharp slowdown in financial services, service activities and Promocash

H1 2020 RESULTS – 28/07/2020 19

Other European countries
Solid +4.7% LFL growth in Q2

Q2 - in €m Total Sales Spain Italy Belgium Poland Romania

Sales inc. VAT 5,717 2,355 1,150 1,193 479 540

Total variation -0.1% +1.7% -11.1% +16.0% -10.3% -1.7%

LFL ex. petrol

+4.7% +9.8% -7.4% +15.9% -4.2% -2.2%
ex. calendar

Spain (+9.8% LFL): Market benefiting from a shift away from eating out-of-home; increased attractiveness, including in
hypermarkets; excellent momentum confirmed; food e-commerce sales doubled

Italy (-7.4% LFL): Market entered negative territory in June; penalized by exposure to shopping centers, closed until May
18th, and to tourist areas, which were particularly affected by the crisis

Belgium (+15.9% LFL): Dynamic market benefiting from border closures; continued market share gains; capitalization on a
well-adapted store network and on price investments

Poland (-4.2% LFL) and Romania (-2.2% LFL): Penalized by strong exposure to stores located in shopping centers, which
have reopened only gradually since May

H1 2020 RESULTS – 28/07/2020 20

Other European countries
Sharp ROI increase

% change at % change at
in €m H1 2019 H1 2020
current FX constant FX

Net sales 9,988 10,246 +2.6% +3.0%

LFL ex. petrol ex. calendar +5.4%

ROI 126 199 +58.9% +59.0%

ROI margin 1.3% 1.9% +69bps +68bps

Europe H1 2020 ROI increased by +59.0% (+€74m) at constant FX to €199m

Operating margin improved by +69bps to 1.9%

All countries saw an increase in ROI

Profitability in Europe benefited from a significant increase in activity as well as good cost-cutting dynamics across all
geographies

H1 2020 RESULTS – 28/07/2020 21

Latin America
Remarkable momentum

Q2 - in €m Total Sales Brazil Carrefour Retail Atacadão Argentina*

Sales inc. VAT 3,586 2,982 988 1 995 603

Total variation -11.8% -14.1% -11.3% -15.4% +1.4%

LFL ex. petrol ex.

+20.9% +14.9% +30.3% +8.6% +54.0%
calendar
* pre-IAS 29

Brazil (+14.9% LFL): Sales up at +15.4% at constant FX, with +4.5% contribution from openings and an unfavorable petrol
effect of -2.9%

• Carrefour Retail (+30.3% LFL): Remarkable momentum driven by both food and non-food; reflects the repositioning
of hypermarkets since 2018, allowing significant market share gains; food e-commerce posted growth of more than
+360%
• Atacadão (+8.6% LFL): Sales are up +13.5% at constant exchange rates with a contribution from openings of +6.3%;
opening of 1 new store in Q2 and 5 in the first half
• Financial services: Broadly stable billing (+0.3%), given greater selectivity in granting credit since Q1
Argentina (+54.0% LFL): Strong commercial momentum continued with an increase in volumes; good commercial
positioning and proximity to customers
H1 2020 RESULTS – 28/07/2020 22
Latin America
Very strong increase in ROI

% change at % change at
in €m H1 2019 H1 2020
current FX constant FX

Net sales 7,134 6,569 -7.9% +20.0%

LFL ex. petrol ex. calendar +19.0%

ROI 362 373 +2.9% +27.5%

ROI margin 5.1% 5.7% +60bps +31bps

Latin America H1 2020 ROI at €373m, up +27.5% at constant exchange rates

In Brazil, ROI up by +20.3% at constant exchange rates, reinforcing Carrefour’s leading position in the country

Positive ROI in Argentina in H1, a first since 2012, underscoring the turnaround based on customer satisfaction initiated in
2018

H1 2020 RESULTS – 28/07/2020 23

Asia (Taiwan)
Sales growth at constant FX

Q2 - in €m Total Sales Taiwan

Sales inc. VAT 511 511

Total variation +8.7% +8.7%

LFL ex. petrol ex. calendar -2.5% -2.5%

Taiwan (-2.5% LFL ): Sales up at +2.2% at constant FX

• Stable market share in a decreasing market
• Consumers have postponed certain non-food purchases in view of the distribution of coupons from the government
scheduled for July

H1 2020 RESULTS – 28/07/2020 24

Asia (Taiwan)
Continued growth in profitability

% change at % change at
in €m H1 2019 H1 2020
current FX constant FX

Net sales 974 1,092 +12.1% +6.0%

LFL ex. petrol ex. calendar +2.1%

ROI 40 49 +21.6% +15.0%

ROI margin 4.1% 4.5% +35bps +35bps

Taiwan H1 2020 ROI up +15.0% at constant exchange rates

ROI of €49m, i.e. an increase in operating margin to 4.5% vs 4.1% in H1 2019

Good expansion and tight cost control

H1 2020 RESULTS – 28/07/2020 25

Increase in adjusted net income, Group share, from continuing operations
to €253m

in €m H1 2019 H1 2020

Recurring operating income 624 718

Net income from associates and JV's (1) (2) Significant reduction in non-recurring
expenses
Non-recurring income and expenses, net (610) (234)
H1 2020 includes payment of exceptional
EBIT 12 482 bonuses and similar benefits for €(128)m
Net financial expenses (165) (173)

Income before taxes (153) 308 Tax expenses increase reflects higher income
before taxes
Income tax expense (192) (238)

Normative tax rate 33.9% 32.1% Normative rate reflects the geographic mix
Net income from discontinued operations (45) 3 evolution and a reduction in income tax rate
in Belgium
Consolidated Net income (390) 73

Net income, Group share (458) (21)

Net income from continuing operations, Group share (415) (23)

Net income from discontinued operations, Group share (43) 3

Non-controlling interests 68 94

Net income from continuing operations, Non-controlling interests 70 94

Net income from discontinued operations, Non-controlling interests (2) -

Adjusted net income, Group share, from continuing operations 155 253

+€98m

H1 2020 RESULTS – 28/07/2020 26

Significant reduction in non-recurring expenses

in €m H1 2019 H1 2020

H1 2019 included France hypermarkets and

Italy transformation initiatives
Restructuring costs (342) (42)
Incl. write-down by Carrefour Banque
Impairment and asset write-offs (92) (55) following C-Zam discontinuation

Results from asset disposals 17 (31) Incl. loss incurred on the sale of Rue du
Commerce (completed on April 30, 2020)
Other non-current items (194) (106)
Incl. payment of exceptional bonuses and
Non-recurring income and expenses, net (610) (234) similar benefits for €(128)m

H1 2020 RESULTS – 28/07/2020 27

Improvement of +€95m in net free cash-flow generation
(excl. exceptional items and discontinued operations)

in €m H1 2019 H1 2020 Variation

EBITDA 1,770 1,886 116 Lower cash-out from restructuring (€184m

vs €269m last year). €128m cash-out related
Income tax paid (231) (227) 4
to exceptionnal bonuses and similar benefits
Financial result (excl. cost of debt and interest related to leases obligations) 7 (34) (41) in H1 2020. Absence of dividend payment
Others (incl. cash impact of restructuring items) (283) (365) (82) from Carmila (vs. €73m last year)
Gross cash-flow (excl. discontinued) 1,263 1,260 (3)
Dynamic activity. Stable level of inventories.
Change in working capital (2,159) (2,102) 57
Negative calendar impact on trade payables.
Discontinued operations (9) (27) (18) Lower petrol sales
Operating cash-flow (incl. exceptional items and discontinued) (904) (869) 35
Capital expenditure (628) (449) 179 Capex reduced in the crisis context and
Change in net payables to fixed asset suppliers (183) (328) (145) benefiting from selectivity and productivity
Net asset disposals (business-related) 50 51 1 measures
Discontinued operations (23) - 23
Free cash-flow (1,689) (1,595) 94 2020 Capex expected to be
Free cash-flow from continuing operations, excl. exceptional items (1,350) (1,241) 109 contained below €1.5bn
Operating leases payment (incl. interests) (finance lease IAS 17) – Excl. China (24) (19) 5
Operating leases payment (incl. interests) net of financial sub-lease payment received
(448) (488) (40)
– Excl. China
Operating leases payment (incl. interests) - China (117) - 117
Cost of debt (112) (91) 21 Better refinancing of bond issues
Net free cash-flow (2,390) (2,193) 197
Net free cash-flow from continuing operations, excl. exceptional items (1,934) (1,839) 95
(1)
Exceptional items and discontinued operations (456) (354) 102
(1) Discontinued operations, restructuring (€184m in H1 2020 and €269m in H1 2019),
H1 2020 RESULTS – 28/07/2020 Exceptional bonuses and similar benefits (€128m in H1 2020), Cargo capex cashed out (€29m in H1 2019), 28
Operating leases payment (incl. interests) – China (€117m in H1 2019) and others
 Decrease in net debt

in €m +€935m improvement at constant FX

inc. €619m cash-out related to exceptional items and
discontinued operations

(619)
(255) (194)
(278)

1,140
947

(5,958) €3,510m
Total net FCF (5,218)
(5,023)
€521m
€2,545m €2,615m

June 30, 2019 Net FCF (excl. Exceptional Disposals of Dividends Others* June 30, 2020 Forex June 30, 2020
Net Debt exceptional items and Cargo and 80% Net Debt at Net Debt at
items and discontinued of Carrefour constant FX current FX
discontinued operations China
operations) in net FCF

H1 2020 RESULTS – 28/07/2020 (*) including acquisitions 29

Enhanced liquidity and solid balance sheet

Debt redemption schedule (in €m) Credit Rating as of June 30, 2020: BBB
stable outlook (S&P) and Baa1
3.88% negative outlook (Moody’s)

1.75% 1.75% 2.08% March 2020: Successful issuance of €1bn

1.25%
0.49% 0.51% bonds with a maturity of 8 years and
2.625% coupon
1,500
April 2020: Bond redemption for €802m

1,197 At June 30, 2020, average debt maturity

is at 4.1 years
1,000
947 447 1,000
871 2 credit facilities for €3.9bn undrawn
750 to date, extended to June 2025 for 95% of
447 total amount

500 Solid balance sheet is an important

asset in the current context, marked by
750 rapid changes in the food retail sector, the
500 500 COVID-19 pandemic and an economic
slowdown

2021 2022 2023 2024 2025 2026 2027

Average annual coupon 2020 Issuance
USD issuance Previous issuance
H1 2020 RESULTS – 28/07/2020 30
Strategic orientations and objectives confirmed

Carrefour is continuously working on precisely assessing the FINANCIAL OBJECTIVES

impact of the COVID-19 pandemic, notably on the evolution of
consumer purchasing behavior Cost reduction plan
raised to €3.0bn
on an annual basis by end 2020

The Group reiterates the orientations of the Carrefour 2022

strategic plan, is raising its cost-reduction plan objective and
confirms all of its operational and financial objectives €4.2bn of food
e-commerce sales
in 2022

Operational objectives
€4.8bn sales in
• Group NPS® up +15 points over 2020-2022 period organic products
in 2022
• Reduction of 350,000 sq.m hypermarket sales area worldwide by 2022
• -15% reduction in assortments by 2020
• Carrefour-branded products accounting for one-third of sales in 2022
€300m additional disposals of
non-strategic
• 2,700 convenience stores openings by 2022 real estate assets
by 2022

H1 2020 RESULTS – 28/07/2020 31

Appendix

July 28, 2020

Impact of the COVID-19 on the interim financial statements

Impact in Income Statement:

Income and expenses for first-half 2020 have been recorded and are presented using the same principles as
those applied in the 2019 Consolidated Financial Statements. As a result, the effects of the COVID-19 crisis
are reflected at all levels of the income statement. The costs incurred in connection with the COVID-19
health crisis were recognized in recurring operating income for first-half 2020, including necessary costs
relating to logistics or product distribution in stores or to customers’ homes, as well as costs relating to
protecting the health of employees, customers and service providers. In accordance with the Group’s
accounting principles, exceptional bonuses and similar benefits have been recognized in non-current
expenses for a total amount of €128m.

Others:

For further detail, please refer to note 3.1 of the Condensed Consolidated Financial statements.

H1 2020 RESULTS – 28/07/2020 33

H1 2020 gross sales

Change at current Change at constant LFL Organic growth

Gross sales
exch. rates inc. exch. rates inc. ex. petrol ex. petrol
(in €m)
petrol petrol ex. calendar ex. calendar

France 18,188 -3.0% -3.0% +2.4% +1.6%

Hypermarkets 8,952 -6.8% -6.8% -1.4% -2.0%
Supermarkets 6,235 -0.4% -0.4% +6.2% +4.5%
Others, inc. convenience 3,001 +4.2% +4.2% +6.6% +7.3%
Other European countries 11,364 +2.6% +3.0% +5.4% +5.1%
Spain 4,636 +3.5% +3.5% +8.3% +8.1%
Italy 2,376 -5.3% -5.3% -2.6% -4.1%
Belgium 2,247 +11.5% +11.5% +11.2% +11.1%
Poland 1,005 -2.2% +0.5% +2.0% +1.7%
Romania 1,101 +4.8% +6.4% +3.5% +6.0%
Latin America (pre-IAS 29) 7,463 -6.1% +20.7% +19.0% +22.2%
Brazil 6,224 -8.2% +13.8% +11.4% +15.3%
Argentina (pre-IAS 29) 1,239 +6.0% +60.6% +61.4% +60.4%
Asia 1,140 +12.1% +6.0% +2.1% +7.0%
Taiwan 1,140 +12.1% +6.0% +2.1% +7.0%
Group total (pre-IAS 29) 38,155 -1.6% +3.8% +7.0% +7.3%
IAS 29 impact -76
Group total (post-IAS 29) 38,079

H1 2020 RESULTS – 28/07/2020 34

Q2 2020 gross sales

Change at current Change at constant LFL Organic growth

Gross sales
exch. rates inc. exch. rates inc. ex. petrol ex. petrol
(in €m)
petrol petrol ex. calendar ex. calendar

France 8,896 -8.4% -8.4% +0.7% -0.0%

Hypermarkets 4,327 -12.6% -12.6% -3.6% -4.2%
Supermarkets 3,052 -6.3% -6.3% +4.3% +2.9%
Others, inc. convenience 1,516 +0.6% +0.6% +6.3% +7.0%
Other European countries 5,717 -0.1% +0.5% +4.7% +4.5%
Spain 2,355 +1.7% +1.7% +9.8% +9.8%
Italy 1,150 -11.1% -11.1% -7.4% -8.5%
Belgium 1,193 +16.0% +16.0% +15.9% +15.9%
Poland 479 -10.3% -5.6% -4.2% -4.5%
Romania 540 -1.7% +0.1% -2.2% +0.2%
Latin America (pre-IAS 29) 3,586 -11.8% +20.9% +20.9% +24.2%
Brazil 2,982 -14.1% +15.4% +14.9% +19.0%
Argentina (pre-IAS 29) 603 +1.4% +52.8% +54.0% +53.5%
Asia 511 +8.7% +2.2% -2.5% +1.6%
Taiwan 511 +8.7% +2.2% -2.5% +1.6%
Group total (pre-IAS 29) 18,710 -6.3% +0.3% +6.3% +6.6%
IAS 29 impact -66
Group total (post-IAS 29) 18,644

H1 2020 RESULTS – 28/07/2020 35

Q2 technical effects

Calendar Petrol Forex

France -0.2% -7.9% -

Hypermarkets -0.2% -8.2% -

Supermarkets -0.2% -9.3% -

Others, inc. convenience -0.4% -4.0% -

Other European countries -0.5% -3.5% -0.6%

Spain -0.6% -7.5% -

Italy -0.9% -1.7% -

Belgium +0.1% - -

Poland -0.4% -0.8% -4.7%

Romania +0.1% -0.1% -1.9%

Latin America -0.7% -2.7% -32.7%

Brazil -0.7% -2.9% -29.5%

Argentina -0.7% - -51.4%

Taiwan +0.6% - +6.5%

Group total -0.4% -5.8% -6.7%

H1 2020 RESULTS – 28/07/2020 36

Net sales and recurring operating income per region

NET SALES RECURRING OPERATING INCOME

Variation Variation Variation Variation

H1 2019 H1 2020 at constant at current H1 2019 H1 2020 at constant at current
in €m exch. rates exch. rates exch. rates exch. rates

France 16,789 16,357 (2.6%) (2.6%) 120 125 +4.2% +4.2%

Other European countries 9,988 10,246 +3.0% +2.6% 126 199 +59.0% +58.9%

Latin America 7,134 6,569 +20.0% (7.9%) 362 373 +27.5% +2.9%

Asia 974 1,092 +6.0% +12.1% 40 49 +15.0% +21.6%

Global functions - - - - (25) (28) (13.4%) (12.7%)

TOTAL 34,885 34,265 +3.9% (1.8%) 624 718 +29.1% +15.2%

H1 2020 RESULTS – 28/07/2020 37

H1 2020 income statement

in €m H1 2019 H1 2020

Net Sales 34,885 34,265

Net sales, net of loyalty program costs 34,549 33,949
Other revenue 1,204 1,121
Total revenue 35,752 35,070
Cost of goods sold (28,086) (27,612)
Gross margin 7,667 7,457
SG&A (6,015) (5,700)
Recurring operating income before D&A (EBITDA) 1,770 1,886
Depreciation and amortization (1,029) (1,039)
Recurring operating income (ROI) 624 718
Recurring operating income including income from
622 716
associates and joint ventures
Non-recurring income and expenses (610) (234)
EBIT 12 482
Financial expense (165) (173)
Income before taxes (153) 308
Income tax expense (192) (238)
Net income from continuing operations, Group share (415) (23)
Net income from discontinued operations, Group share (43) 3
Net income, Group share (458) (21)
Adjusted net income, Group share 155 253
Depreciation from supply chain (in COGS) (118) (129)

H1 2020 RESULTS – 28/07/2020 38

Tax expense

in €m H1 2019 H1 2020

Income before taxes (153) 308

Non-recurring income and expenses, net (610) (234)
Income before taxes
457 543
(excl. non-recurring income and expense)
Mainly reflects a geographic mix effect as
(1)
Normative tax rate 33.9% 32.1% well as reduction in income tax rate in
Belgium
Normative tax expense (155) (174)
(2)
Non income-based taxes (incl. CVAE ) (29) (33)
(3)
Others (8) (31)
Total tax expense (192) (238) H1 2019 was strongly affected by a high
Effective tax rate (125.0%) 77.2% level of non-current expenses in pre-tax
income and the major part of DTA is
depreciated

(1) Half-year normative tax rate:

- Reflects Carrefour’s geographic footprint and the relative weighting of each country
- Calculation based on local corporate income tax rate applied to pre-tax income excluding non-current items
(2) CVAE: local business tax in France assessed on the basis of the value-added generated by the business, recorded as corporate income tax.
(3) The major part of DTA generated by non-current expenses in June 2020 are depreciated.

H1 2020 RESULTS – 28/07/2020 39

Earnings per share

H1 2019 H1 2020

(€ per share)
Net income from continuing operations, Group share (0.53) (0.03)

Net income from discontinued operations, Group share (0.06) 0.00

Net income, Group share (0.59) (0.03)

Adjusted net income, Group share 0.20 0.32

Weighted average number of shares pre-dilution (in millions)(1) 781.6 801.3

H1 2020 RESULTS – 28/07/2020 (1) Non significant dilutive impact 40

Stores under banners at end Q2 2020

(#) Hypermarkets Supermarkets Convenience Cash & Carry Total

France 248 1,073 3,933 146 5,400

Other European countries 455 1,823 3,078 62 5,418
Spain 205 111 838 25 1,179
Italy 49 494 929 13 1,485
Belgium 40 440 309 - 789
Poland 90 154 679 - 923
Romania 38 195 107 24 364
Others 33 429 216 - 678
Latin America 185 151 528 200 1,064
Brazil 100 53 126 191 470
Argentina 85 98 402 9 594
Asia 174 9 69 0 252
Taiwan 68 - 69 - 137
Others 106 9 - - 115
Others(1) 145 319 57 14 535

Total 1,207 3,375 7,665 422 12,669

(1) Africa, Middle-East and Dominican Republic

H1 2020 RESULTS – 28/07/2020 41

 This presentation contains both historical and forward-
looking statements. These forward-looking statements
are based on Carrefour management's current views
and assumptions. 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 uncertainties, including but not limited to the
risks described in the documents filed with the Autorité
des Marchés Financiers as part of the regulated
information disclosure requirements and available on
Carrefour's website (www.carrefour.com), and in

Disclaimer
particular the Annual Report (Document de Référence).
These documents are also available in the English
language on the company's website. Investors may
obtain a copy of these documents from Carrefour free
of charge. Carrefour does not assume any obligation to
update or revise any of these forward-looking
statements in the future.