First-quarter 2022 sales April 20, 2022

Continued good momentum in Q1

Sales up +9.0% (+3.4% like-for-like)

 Continued strong commercial momentum in the first quarter

o Reported sales growth of +9.0%, including an increase in petrol sales and a favorable exchange rate effect
o Like-for-like (LFL) sales growth of +3.4% on a high comparable base (+4.2% LFL in Q1 2021)
o Continued market share gains in main countries, notably in France, Spain and Brazil
 Carrefour outperformed the market1 in France with stable LFL sales, after strong +3.5% LFL growth in Q1 last year
 Carrefour’s growth accelerated in Spain (+3.4% LFL) with continued market share gains
 Strong sequential improvement in Brazil (+7.5% LFL in Q1), both at Atacadão (+9.2%) and at Carrefour Retail (+3.1%),
supported by a return to volume growth during the quarter
 Continued good momentum in e-commerce, GMV up +10% in Q1
 Target of net free cash flow above €1bn in 2022 confirmed
 €400m already achieved on the €750m share buyback program

Alexandre Bompard, Chairman and Chief Executive Officer, declared: “Carrefour continued its good commercial
performance in the first quarter, posting particularly marked growth in Latin America. The Group continues to gain market
share in all its main countries.
In an inflationary environment accentuated by the conflict in Ukraine, Carrefour relies on the professionalism and
experience of its teams to secure availability of products and protect the purchasing power of its customers.
Driven by its solid growth momentum and strengthened by its cost savings plan, the Group is continuing to consolidate its
economic model and reaffirms its confidence in achieving its strategic objectives.”

FIRST-QUARTER 2022 KEY FIGURES

First-quarter 2022
Total variation
Sales inc.
LFL2 At current At constant
VAT (€m)
exchange rate exchange rate
France 9,612 0.0% +4.9% +4.9%
Europe 5,602 +0.7% +2.5% +2.8%
Latin America (pre-IAS 29) 4,325 +16.6% +31.8% +22.3%
Asia 700 -0.6% +6.8% -1.4%
Group (pre-IAS 29) 20,239 +3.4% +9.0% +7.1%
IAS 293 23
Group (post-IAS 29) 20,261

Notes: (1) Based on NielsenIQ RMS data, (2) Excluding petrol and calendar effects and at constant exchange rates, (3) Hyperinflation and
foreign exchange in Argentina

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First-quarter 2022 sales April 20, 2022
First-quarter activity confirmed the Group’s good commercial momentum, in an environment marked by a
material acceleration of inflation and by the conflict in Ukraine. Carrefour posted solid revenue growth (+3.4%
LFL) on an already high comparable base, as the first quarter of 2021 had benefited from sanitary constraints
(widespread working from home and restaurant closures). Carrefour continued to gain market share in its key
countries, thanks to the improvement of customer satisfaction, a Group priority.
In a context of general consumer price increases, Carrefour is committed to preserving the purchasing power of
its customers thanks to its differentiating advantages in terms of offer and formats. In the face of potential
tensions on supply chain, Carrefour teams are fully mobilized to ensure availability of products at affordable
prices.
To remain at the side of its customers, while continuing to consolidate its economic model, Carrefour is
strengthening its cost savings plan, which will exceed €900m in 2022, within the framework of the €2.7bn to be
achieved over three years by 2023.
The target of generating net free cash flow in excess of €1bn in 2022 is confirmed.

FIRST-QUARTER 2022 SALES INC. VAT

First-quarter sales inc. VAT increased by +3.4% on a like-for-like basis (LFL). They reached €20,239m pre-IAS 29,
an increase of +7.1% at constant exchange rates. This increase includes a favorable petrol effect of +3.3% (rise
in oil price and recovery in volumes). After taking into account a positive exchange rate effect of +1.9%, mainly
linked to the appreciation of the Brazilian Real, the total sales variation at current exchange rates amounted to
+9.0%. The impact of the application of IAS 29 was +€23m.
Growth in Q1 2022 came on top of strong increases in the first quarters of 2020 and 2021, up +7.8% and +4.2%
respectively on a LFL basis.
Q1
LFL 2020 2021 2022
France +4.3% +3.5% 0.0%
Europe +6.1% -1.6% +0.7%
Latin America +17.1% +15.7% +16.6%
Taiwan +6.0% -6.4% -0.6%
Group +7.8% +4.2% +3.4%

This performance, driven by food, also reflects a sequential acceleration over the last two quarters of 2021.
LFL Q1 21 Q2 21 Q3 21 Q4 21 Q1 22
Group +4.2% +3.6% +0.8% +0.7% +3.4%

In France, Q1 2022 LFL sales were stable (+0.8% LFL in food and -5.9% LFL in non-food) in a market that was
slightly down, given a high comparable base and significantly lower inflation than in the rest of Europe. Market
share continued to grow over the quarter1. The transformation continues, with the transition to lease-
management of 8 hypermarkets and 6 supermarkets since the start of the year; the balance of the 43 stores
announced for 2022 (16 hypermarkets and 27 supermarkets) will be transferred in the coming months.

1
Market share based on NielsenIQ RMS data for total food and non-food sales for the 13-week period ending 03/04/2022 for Carrefour Group vs
the total French retail market (Copyright © 2022, NielsenIQ)

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First-quarter 2022 sales April 20, 2022

Q1
LFL 2020 2021 2022
Hypermarkets +0.9% +3.3% -1.1%
Supermarkets +8.1% +7.0% -2.9%
Convenience/other formats +6.8% -2.7% +9.4%
o/w Convenience +11.0% -2.8% +3.8%
France +4.3% +3.5% 0.0%

In Europe, LFL sales were up +0.7% over the quarter. This performance reflected growth in almost all countries:
 In Spain (+3.4% LFL), trends remained very solid, notably thanks to continued market share gains.
Supersol stores posted good growth
 In Italy (+0.5% LFL), Carrefour continued its transformation with a third consecutive quarter of LFL sales
growth. This performance reflected the continuous improvement in customer satisfaction and price
image, resulting in strong growth in NPS®, in a context of pressure on purchasing power
 In Belgium (-7.0% LFL), sales were down in Q1, after two years of marked growth (+6.2% in Q1 2020 and
+2.9% in Q1 2021), in an environment that remains very competitive
 In Poland (+5.5% LFL), Carrefour confirmed its commercial momentum in a dynamic market
 In Romania (+1.6% LFL), the Group posted a clear recovery, benefiting during the quarter from the end
of sanitary restrictions that limited access to shopping malls
Q1
LFL 2020 2021 2022
Spain +6.6% +1.7% +3.4%
Italy +2.5% -11.3% +0.5%
Belgium +6.2% +2.9% -7.0%
Poland +8.8% -2.3% +5.5%
Romania +9.7% -1.8% +1.6%
Europe (excl. France) +6.1% -1.6% +0.7%

In Latin America, LFL sales grew by +16.6%.

 In Brazil (+7.5% LFL), sales were up sharply over the quarter on a high comparable base. Growth was
supported by a return to volume expansion during the quarter. Market share was up. Q1 sales increased
by +14.5% at constant exchange rates thanks to a contribution from openings and acquisitions of +7.0%
and a positive petrol effect of +0.8%. The foreign exchange effect was a favorable +14.6%
o Atacadão’s sales were up +18.6% at constant exchange rates in Q1 2022, with LFL sales up by a
sharp +9.2% on a high comparable base (+12.9% LFL in Q1 2021). The strong acceleration during
the quarter, driven by the gradual stabilization of volumes, confirms the strength of the
Atacadão model and the effectiveness of its commercial policy
o Carrefour Retail also accelerated in Q1 (+3.1% LFL), thanks to a return to volume growth during
the quarter. The strong growth in food sales (+8.6% LFL) more than offset a decline in non-food
(-5.5% LFL)
o E-commerce GMV grew by +51% thanks to the ramp-up in Atacadão’s online activity
o Financial services activity kept growing with a +11% increase in billings in Q1
o After a positive recommendation by the General Superintendent at the end of January, the
Brazilian competition authority’s final decision regarding the acquisition of Grupo BIG is under

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First-quarter 2022 sales April 20, 2022
review. Completion of the transaction is still expected by June 2022. As a reminder, the
synergies target was recently raised to more than BRL 2.0bn
 In Argentina (+62.2% LFL), sales rose sharply in both food and non-food, in a strongly inflationary
context. Carrefour continues to increase volumes and gain market share
In Taiwan (Asia), Q1 LFL sales were down -0.6%, penalized by sanitary measures linked to the pandemic. The
Wellcome stores, now all converted to the Carrefour banner, posted a good performance.

A RECORD QUARTER FOR E-COMMERCE

Online sales reached a record level in the first quarter, with +10% growth in GMV compared to Q1 2021. The
performance was driven by a strong increase in home delivery in Europe, a segment in which Carrefour has built
a solid leadership position, notably in France, as well as by the fast rise of e-commerce at Atacadão in Brazil. The
Group is implementing its digital strategy at a sustained pace, with 273 pick-up points added to its network over
the quarter and the opening of two large fulfillment centers in Marseille (France) and Madrid (Spain).
Carrefour Links is meeting with growing commercial success among industrials partners, with 235 active clients
at March end.

INFLATIONARY CONTEXT IMPACT

Consumer price inflation accelerated in Q1 in all countries; Carrefour committed to preserve customer
purchasing power.
As expected, the inflationary dynamics that began in the second half of 2021 intensified in the first quarter of
2022. In this context, Carrefour is committed to preserving the purchasing power of its customers while
continuing to reinforce its economic model. To do this, Carrefour relies on its differentiating assets: Carrefour-
branded products, which offer excellent value for money, an enhanced range of very accessible "Simpl'"
products, promotional action, as well as a loyalty program that contributes to enhance the competitiveness of
the Group's banners. Carrefour is also strengthening its cost reduction dynamic: The Group is targeting more
than €900m savings in 2022, as part of its objective of €2.7bn in savings by 2023.
The Group remains vigilant regarding the risk of shortages. Carrefour did not face any significant supply
problems during the quarter despite a few localized and temporary stockouts. However, in a context of pressure
on supplies, the Group is fully mobilized to ensure regular supply of goods, for example by building up security
inventories in certain sensitive categories, in order to improve product availability and benefit from favorable
purchase conditions.

IMPLEMENTATION OF THE €750 MILLION SHARE BUYBACK

On February 16, the Group announced the launch of a €750m buyback of Carrefour shares.
A first tranche of buybacks for an amount of €400m has already been completed: 21,232,106 shares were
repurchased between March 7 and April 13, 2022, at an average price of 18.84 euros. The Group plans to launch
the second tranche in the coming days.
On April 20, 2022, the Board of Directors decided to reduce the share capital of Carrefour S.A. by cancelling the
21,232,106 repurchased shares, representing approximately 3.6% of the share capital.

Following this cancellation of shares, the number of shares making up the capital of Carrefour S.A. will amount
to 754,663,786 shares and the number of treasury shares, consequently, will be 6,859,495 shares, representing
approximately 0.9% of the share capital. The number of voting shares will be 747,804,291 shares.

PAGE 4
First-quarter 2022 sales April 20, 2022

CARREFOUR, A COMMITTED COMPANY

Carrefour continued its ambitious CSR policy in Q1 2022.
An Engagement Department, positioned at the level of the Group's Executive Committee, was created in
February 2022 with the aim of accelerating Carrefour's commitments in terms of CSR. This approach, a sign of
strong maturity on these subjects, reflects the desire to go further in integrating CSR issues into the heart of
operations.
Carrefour also stepped up concrete CSR initiatives during the first quarter:
 Environment and carbon neutrality: The Group launched the 20 Megaton Platform, which involves
Carrefour's main industrial partners in reducing their CO2 emissions included in Scope 3 by up to
20 megatons. Carrefour also announced the gradual deployment of electric charging stations in its
stores’ parking lots, in order to support its customers in their transition to electric mobility
 Food transition: Carrefour has invested €5m in the MiiMosa collaborative platform, which finances
innovative projects related to sustainable agriculture
 Inclusion and diversity: The Group has generalized its policy of silent hours in stores, in order to offer
more suitable conditions for people with autism disorders. A silent hour will now take place twice a day
in all hypermarkets and supermarkets in France. The Group has also continued its policy of increasing
female representation in the Group's decision-making bodies, with the Group's Executive Committee
now counting 30% of women
 Solidarity: In addition to its commitment to its traditional partners, such as the Restos du Cœur or the
Pièces Jaunes campaign, Carrefour has mobilized in favor of Ukrainian refugees, with an emergency
action by the Carrefour Foundation – donations of food and hygiene products in Poland and Romania –
and the setting up of collections points at checkout counters in all the Group's European countries

ISSUANCE OF A €1.5 BILLION SUSTAINABILITY-LINKED BOND

On March 23, 2022, the Group successfully placed a Sustainability-Linked Bond issue for a total amount of
€1.5bn. It is made up of two tranches, rated BBB by S&P, and is indexed to the Group's sustainable development
objectives:
 A first tranche at a fixed rate with a maturity of 4.6 years in an amount of €750m, with a coupon of
1.875% per year
 A second tranche at a fixed rate with a maturity of 7.6 years in an amount of €750m, with a coupon of
2.375% per year
This issue was exceptionally well received by the market, with total demand of nearly €8bn.
Carrefour will report each year in its Universal Registration Document on the level of progress of its key non-
financial performance indicators, which will be assessed by an independent third party. The amounts raised will
finance the general needs of the Group and allow for bond refinancing.

AGENDA
 Annual General Meeting: June 3, 2022
 Second-quarter sales and first-half 2022 results: July 27, 2022
 Presentation of Carrefour’s new strategic plan: fall 2022

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First-quarter 2022 sales April 20, 2022

CONTACTS
Investor Relations
Sébastien Valentin, Anthony Guglielmo and Louise Brun Tel : +33 (0)1 64 50 82 57
Shareholder Relations Tel : 0 805 902 902 (toll-free in France)
Group Communication Tel : +33 (0)1 58 47 88 80

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First-quarter 2022 sales April 20, 2022

APPENDIX
First-quarter 2022 sales inc. VAT
The Group's sales amounted to €20,239m pre-IAS 29. The foreign exchange effect in the first quarter was a favorable
+1.9%, mainly due to the appreciation of the Brazilian Real. The petrol effect was a favorable +3.3%. The calendar
effect was an unfavorable -0.5%. Openings contributed +1.1%. The effect of acquisitions was +0.8%. The impact of the
application of IAS 29 was +€23m.
Variation ex petrol ex Total variation inc.
Sales calendar petrol
inc. VAT
at current at constant
(€m) LFL Organic exchange exchange
rate rates

France 9,612 0.0% -0.8% +4.9% +4.9%

Hypermarkets 4,767 -1.1% -1.6% +3.8% +3.8%
Supermarkets 3,200 -2.9% -4.9% +2.0% +2.0%
Convenience /other formats 1,645 +9.4% +10.1% +15.0% +15.0%

Other European countries 5,602 +0.7% +0.2% +2.5% +2.8%

Spain 2,516 +3.4% +3.8% +9.9% +9.9%
Italy 1,030 +0.5% -5.0% -3.5% -3.5%
Belgium 996 -7.0% -6.8% -7.2% -7.2%
Poland 505 +5.5% +6.1% +2.3% +4.1%
Romania 555 +1.6% +4.4% +2.7% +4.2%

Latin America (pre-IAS 29) 4,325 +16.6% +20.2% +31.8% +22.3%

Brazil 3,551 +7.5% +11.6% +29.1% +14.5%
Argentina (pre-IAS 29) 774 +62.2% +63.3% +45.7% +63.3%

Asia 700 -0.6% -0.6% +6.8% -1.4%

Taiwan 700 -0.6% -0.6% +6.8% -1.4%

Group total (pre-IAS 29) 20,239 +3.4% +3.4% +9.0% +7.1%

(1)
IAS 29 23
Group total (post-IAS 29) 20,261

Note: (1) hyperinflation and foreign exchange

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First-quarter 2022 sales April 20, 2022

Comparable base – First quarter

LFL change excl. petrol and

Q1 2020 Q1 2021 Q1 2022
calendar

France +4.3% +3.5% 0.0%

Hypermarkets +0.9% +3.3% -1.1%
Supermarkets +8.1% +7.0% -2.9%
Convenience /other formats +6.8% -2.8% +9.4%

Other European countries +6.1% -1.6% +0.7%

Spain +6.6% +1.7% +3.4%
Italy +2.5% -11.3% +0.5%
Belgium +6.2% +2.9% -7.0%
Poland +8.8% -2.3% +5.5%
Romania +9.7% -1.8% +1.6%

Latin America +17.1% +15.7% +16.6%

Brazil +7.6% +11.6% +7.5%
Argentina +70.0% +32.9% +62.2%

Asia +6.0% -6.4% -0.6%

Taiwan +6.0% -6.4% -0.6%

Group total +7.8% +4.2% +3.4%

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First-quarter 2022 sales April 20, 2022

Technical effects – First-quarter 2022

Foreign
Calendar Petrol
exchange

France -0.2% +6.0% -

Hypermarkets -0.7% +6.1% -
Supermarkets +0.3% +6.5% -
Convenience /other formats +0.2% +4.9% -

Other European countries -0.5% +1.8% -0.3%

Spain -0.2% +3.0% -
Italy -0.7% +2.1% -
Belgium -0.4% - -
Poland -1.9% -0.1% -1.8%
Romania -0.3% +0.0% -1.4%

Latin America -1.0% +0.4% +9.5%

Brazil -1.2% +0.8% +14.6%
Argentina -0.1% - -17.5%

Asia -0.8% - +8.2%

Taiwan -0.8% - +8.2%

Group total -0.5% +3.3% +1.9%

Application of IAS 29
The impact on Group sales is presented in the table below:
2022 at 2022 at 2022 at
constant current current
Scope rates rates rates
2021 and pre-IAS pre-IAS post-IAS
Sales incl. VAT (€m) pre-IAS 29 LFL(1) Calendar Openings others(2) Petrol 29 Forex 29 IAS 29(3) 29
Q1 18,564 +3.4% -0.5% +1.1% -0.0% +3.3% +7.1% +1.9% 20,239 +23 20,261

Notes: (1) excluding petrol and calendar effects and at constant exchange rates; (2) including transfers; (3) hyperinflation and foreign exchange

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First-quarter 2022 sales April 20, 2022

Expansion under banners – Q1 2022

Openings/ Closures/
Dec. 31 Q1 2022 Mar. 31
Store Acquisitions Store reductions/
2021 change 2022
Thousands of sq. m enlargements Disposals

France 5,586 +17 +3 -11 +9 5,595

Europe (ex Fr) 5,908 +55 - -53 +2 5,910
Latin America(1) 2,790 +11 - -2 +9 2,799
Asia 572 - - - - 572
Others(2) 1,543 +46 - -13 +33 1,576
Group(1) 16,399 +129 +3 -78 +53 16,452
Notes: (1) Restated to align Atacadão and Carrefour Retail’s definition of selling space in Brazil; (2) Africa, Middle East and Dominican Republic

Store network under banners – Q1 2022

Dec. 31 Closures/ Total Q1 Mar. 31
Openings Acquisitions Transfers
N° of stores 2021 Disposals 2022 change 2022

Hypermarkets 1,130 +13 - -2 - +11 1,141

France 253 - - - - - 253
Europe (ex France) 457 +1 - -1 - - 457
Latin America 184 - - - - - 184
Asia 70 - - - - - 70
Others(1) 166 +12 - -1 - +11 177
Supermarkets 3,574 +67 - -46 - +21 3,595
France 1,043 - - -2 -1 -3 1,040
Europe (ex France) 1,926 +48 - -36 +1 +13 1,939
Latin America 151 - - - - - 151
Asia 4 - - - - - 4
Others(1) 450 +19 - -8 - +11 461
Convenience stores 8,642 +116 +14 -152 -2 -24 8,618
France 4,330 +42 +14 -48 -1 +7 4,337
Europe (ex France) 3,430 +67 - -91 -1 -25 3,405
Latin America 558 +7 - -11 - -4 554
Asia 274 - - - - - 274
Others(1) 50 - - -2 - -2 48
Cash & carry 440 +3 - - +1 +4 444
France 147 - - - - - 147
Europe (ex France) 12 - - - - - 12
Latin America 259 +2 - - +1 +3 262
Asia - - - - - - -
Others(1) 22 +1 - - - +1 23
Soft discount (Supeco) 108 +7 - - +1 +8 116
France 26 +4 - - +2 +6 32
Europe (ex France) 81 +3 - - - +3 84
Latin America 1 - - - -1 -1 -
Asia - - - - - - -
Others(1) - - - - - - -
Group 13,894 +206 +14 -200 - +20 13,914
France 5,799 +46 +14 -50 - +10 5,809
Europe (ex France) 5,906 +119 - -128 - -9 5,897
Latin America 1,153 +9 - -11 - -2 1,151
Asia 348 - - - - - 348
Others(1) 688 +32 - -11 - +21 709

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

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First-quarter 2022 sales April 20, 2022

DEFINITIONS

Free cash flow

Free cash flow corresponds to cash flow from operating activities before net finance costs and net interests related to
lease commitment, after the change in working capital, less net cash from/(used in) investing activities.

Net Free Cash Flow

Net Free Cash Flow corresponds to free cash flow after 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 emoticons 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 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 particular the Universal Registration 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 obligation to update or revise any of these
forward-looking statements in the future.

PAGE 11