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olivLaw · European equity research

Carrefour SA CA.PA

France · Euronext Paris · ISIN FR0000120172 · Vertical: Listed companies from France

13.64EUR+1.37% · 1 dayClose 05 Nov 2026

Carrefour is a major food retail group in Europe and Latin America, active in eight countries including Romania. Its 2025 sustainability report sets out an extended climate commitment to 2035, validated by SBTi on a 1.5 °C pathway, at a time when cost pressures and climate regulation are growing.

At the close of 05 Nov 2026, Carrefour SA (CA.PA) stock was 13.64 EUR (+1.37% on the day), with market capitalisation 9.3 bn EUR, P/E 29.0 on diluted EPS of 0.47 EUR over the last 12 months, dividend yield 6.74%, beta 0.17, 52-week range 12.85–17.46 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
9.3 bn EUR
shares as of 31 Dec 2025
P/E (TTM)
29.0
Diluted EPS TTM 0.47 · TTM to 31 Dec 2025
E/P (TTM)
3.45%
TTM to 31 Dec 2025
Dividend yield
6.74%
DPS 12m 0.92
Beta (2y)
0.17
Volatility (1y) 28%
52-week range
12.8517.46

Price history

Loading chart…

Technical reading

RSI (14)
35.9
weak (30–45)
Bollinger (20, 2)
11.73 – 17.38
in the lower half of the band · %B 0.34 · band width 38.8%
SMA 50 / 200
15.54 / 15.89
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.75 / -0.68
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−13.1%−0.6%−12.4 pp—
3 months−14.3%−4.2%−10.2 pp—
6 months−20.3%+4.3%−24.6 pp—
Year to date−4.1%+7.5%−11.7 pp—
1 year+6.1%+9.9%−3.9 pp−6.8%
3 years−20.1%+49.8%−70.0 pp−15.9%
5 years−11.6%+42.8%−54.4 pp—
Max drawdown (1y)
−25.3%
18 May 2026 → 30 Oct 2026
Max drawdown (5y)
−44.5%
16 May 2022 → 26 Jun 2025
Compound annual growth (5y)
−2.4%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 67 percentile of its own 3-quarter history (min 7.2, median 12.8, max 30.3; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue83.3 bn83.5 bn84.0 bn
Revenue YoYunavailable+0.2%+0.7%
Net income1.7 bn723.0 m319.0 m
Net income YoYunavailable−56.4%−55.9%
Diluted EPS2.311.070.47
Diluted EPS YoYunavailable−53.7%−56.1%
net %2.0%0.9%0.4%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
6.2 bn EUR
Financial debt
10.3 bn EUR
Net debt
4.2 bn EUR
Equity
11.7 bn EUR
Total assets
55.2 bn EUR
Debt / equity
0.89x
Current ratio
0.87x
ROE
2.6%
ROA
0.6%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
83.3 bn
2024
83.5 bn
2025
84.0 bn

esef· 07 Apr 2026verified

Cost of revenue
2023
68.3 bn
2024
67.3 bn
2025
68.0 bn

esef· 07 Apr 2026verified

Gross profit
2023
16.6 bn
2024
16.1 bn
2025
16.0 bn

esef· 07 Apr 2026verified

Operating income
2023
1.7 bn
2024
1.9 bn
2025
—

esef· 15 Apr 2025verified

Pre-tax income
2023
1.3 bn
2024
1.4 bn
2025
1.6 bn

esef· 07 Apr 2026verified

Income tax
2023
439.0 m
2024
302.0 m
2025
516.0 m

esef· 07 Apr 2026verified

Net income
2023
1.7 bn
2024
723.0 m
2025
319.0 m

esef· 07 Apr 2026verified

Diluted EPS
2023
2.31
2024
1.07
2025
0.47

esef· 07 Apr 2026verified

Dividend per share
2023
—
2024
0.87
2025
0.92

esef· 07 Apr 2026verified

Balance sheet · EUR

Cash
2023
6.3 bn
2024
6.6 bn
2025
6.2 bn

esef· 07 Apr 2026verified

Inventories
2023
—
2024
6.7 bn
2025
6.4 bn

esef· 07 Apr 2026verified

Current assets
2023
23.4 bn
2024
23.8 bn
2025
22.8 bn

esef· 07 Apr 2026verified

Property, plant & equipment, net
2023
12.4 bn
2024
13.0 bn
2025
12.2 bn

esef· 07 Apr 2026verified

Goodwill
2023
8.7 bn
2024
8.9 bn
2025
8.7 bn

esef· 07 Apr 2026verified

Intangibles (excl. goodwill)
2023
1.6 bn
2024
1.6 bn
2025
1.5 bn

esef· 07 Apr 2026verified

Total assets
2023
56.2 bn
2024
57.4 bn
2025
55.2 bn

esef· 07 Apr 2026verified

Short-term debt
2023
2.2 bn
2024
3.2 bn
2025
3.3 bn

esef· 07 Apr 2026verified

Long-term debt
2023
7.3 bn
2024
7.6 bn
2025
7.0 bn

esef· 07 Apr 2026verified

Current liabilities
2023
25.3 bn
2024
27.1 bn
2025
26.1 bn

esef· 07 Apr 2026verified

Equity
2023
13.4 bn
2024
12.5 bn
2025
11.7 bn

esef· 07 Apr 2026verified

Shares outstanding at year end
2023
715.1 m
2024
669.4 m
2025
678.7 m

esef· 07 Apr 2026derived

Cash flow · EUR

Operating cash flow
2023
4.7 bn
2024
4.2 bn
2025
3.9 bn

esef· 07 Apr 2026verified

Investing cash flow
2023
-739.0 m
2024
-2.4 bn
2025
-1.2 bn

esef· 07 Apr 2026verified

Financing cash flow
2023
-2.7 bn
2024
-1.1 bn
2025
-3.0 bn

esef· 07 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
0.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-55.9%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-56.1%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
19.1%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
2.2%
computed by olivLawFY 2025
Net margin
0.4%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
2.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
0.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
7.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
6.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
195.7%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
4.2 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.9x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.6x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
3.9 bn EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
35 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
9.3 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
13.4 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
29.0x
computed by olivLawFY 2025
P/E (TTM)
29.0x
computed by olivLawFY 2025
Earnings yield
3.4%
computed by olivLawFY 2025
P/B
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
7.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
0.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
6.7%
computed by olivLawFY 2025
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 31.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

13.64 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 9.3 bn EUR

Key indicators

Market capitalisation
9.3 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
29.0x
computed by olivLawFY 2025
P/B
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
2.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
0.4%
computed by olivLawFY 2025
Revenue growth (YoY)
0.7%
computed by olivLawFY 2025
Dividend yield
6.7%
computed by olivLawFY 2025

Coverage and freshness

24/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 07 Apr 2026
verified 73derived 3

Score by group

31% · Insufficient data

Estimated value range

Low
8.86
EUR per share
Mid
11.24
EUR per share
High
15.53
EUR per share
Price: 13.64 EUR
The price is within the range
Potential to the central value: -17.6% (value / price − 1)
Margin of safety: -21.3% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.21 – 17.06 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E5.21 – 14.01 (Mid 8.05)
    20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x
    74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
  • Dividend discount (DDM)12.51 – 17.06 (Mid 14.44)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%

FactorValueScoreWeight used
ROIC · Quality7.6%48 (vs peers)33%
Net margin · Quality0.4%36 (vs peers)20%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.9x6 (on a fixed band)13%
P/E (TTM) · Valuation29.0x39 (vs peers)33%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial6/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality43/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial39/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

CARREFOUR (CA.PA). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 84.0 bn EUR in 2025; YoY growth 0.7%; net margin 0.4%; ROE 2.9%.

The estimated value range is 8.86–15.53 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 11.24 EUR, the price of 13.64 EUR leaves a potential of -17.6% (value / price − 1) and a margin of safety of -21.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Current ratio: 0.9x
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Listed companies from France · same country · compared with 39 companies

Multiples and returns vs the median

P/E
29.0x
vertical median 18.3x
above median (+58.9%)
EV/EBITDA
—
vertical median 6.3x
P/S
0.1x
vertical median 0.5x
below median (−78.5%)
P/B
0.8x
vertical median 1.1x
below median (−20.1%)
ROE
2.9%
vertical median 4.2%
below median (−29.5%)
Net margin
0.4%
vertical median 1.1%
below median (−66.3%)
EBIT margin
2.2%
vertical median 3.2%
below median (−30.6%)
Revenue YoY
0.7%
vertical median 0.6%
above median (+16.2%)
Net debt/EBITDA
—
vertical median -1.2x
Dividend yield
6.7%
vertical median 1.7%
above median (+296.3%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude109.3 bn33.212.9%12.2%−2.0%+26% / +32%
AC.PAAccor13.8 bn30.79.6%8.0%+0.6%+6% / +56%
ADP.PAAeroports De Paris11.7 bn34.17.8%5.6%+12.1%−7% / +4%
CA.PACarrefour9.3 bn29.02.9%0.4%+0.7%+3% / −22%
AKE.PAArkema7.1 bn115.40.9%0.7%−5.0%+12% / −37%
ALO.PAAlstom5.8 bn18.33.1%1.7%+3.7%−51% / −4%
AF.PAAir France - Klm4.3 bn13.6—1.0%+4.8%+20% / +9%
ATE.PAAlten3.1 bn29.54.8%2.6%−1.1%+33% / −29%
BB.PASociete Bic2.7 bn31.35.0%4.1%−4.8%+32% / +5%
ANTIN.PAAntin Infrastructure Partners1.4 bn13.021.9%36.6%−8.1%−24% / −35%
74SW.PA74software792.7 m20.98.9%8.5%+44.8%−13% / +41%
AUB.PAAubay667.4 m17.813.6%6.3%+11.3%+3% / +45%
ASY.PAAssystem507.1 m69.92.5%1.1%+7.4%−19% / −18%
ATO.PAAtos Se483.0 m—-23,400.0%-17.5%−16.5%−45% / −94%
ARAMI.PAAramis Group298.8 m15.010.0%0.8%+6.3%−33% / −16%
ARVEN.PAArverne Group246.1 m—-14.0%-115.3%+27.0%+20% / −35%
BGO.PACompagnie Chargeurs Invest189.4 m—-8.6%-5.7%−2.9%unavailable / unavailable
ALCIS.PACatering International & Services145.0 m28.49.3%1.9%+5.8%+39% / +107%
ALCGM.PACegedim144.6 m—-2.6%-1.2%+10.9%−26% / −49%
ATEME.PAAteme144.0 m151.32.8%1.0%+2.2%+82% / +77%
ALHEX.PAHexaom144.0 m6.79.9%2.2%+13.1%−32% / +7%
ALBON.PACompagnie Lebon111.7 m16.54.2%8.8%−17.9%+6% / +8%
ALHYF.PALhyfe75.8 m—-33.4%-570.5%+287.2%unavailable / unavailable
ALFER.PASergeferrari Group61.5 m11.55.1%1.5%+7.4%−33% / −27%
ABEO.PAAbeo60.8 m7.36.9%3.0%+12.6%−13% / −54%

1- and 3-year price returns: for CA.PA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
7.75
Total return -41% · Per year -41%
13.73
Total return 4% · Per year 4%
20.72
Total return 56% · Per year 56%
3 years
6.96
Total return -42% · Per year -16%
13.92
Total return 13% · Per year 4%
23.14
Total return 83% · Per year 22%
5 years
6.25
Total return -42% · Per year -10%
14.11
Total return 21% · Per year 4%
25.85
Total return 113% · Per year 16%
What moves the 3-year price the most
  • Exit P/E± 3.48
  • Net margin± 2.44
  • Annual revenue growth± 2.08
  • Annual dilution± 0.20

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Carrefour is a major food retail group in Europe and Latin America, active in eight countries including Romania. Its 2025 sustainability report sets out an extended climate commitment to 2035, validated by SBTi on a 1.5 °C pathway, at a time when cost pressures and climate regulation are growing.

SWOT

Strengths

  • Climate commitment validated by SBTi on a 1.5 °C pathway and an A rating from CDP, indicating a high level of transparency.
  • Presence in several countries with unified policies and a reporting system structured on three control levels.
  • Large network of stores, warehouses and franchisees, which gives flexibility in sourcing and distribution.

Weaknesses

  • The report acknowledges that the transition plan is incomplete, with gaps on some scope 3 levers and on the investments required.
  • Data for newly integrated entities is estimated in the initial phase, which limits year-on-year comparability.
  • Transport and energy data are estimated or based on purchases rather than actual consumption, which limits accuracy.

Opportunities

  • Low-carbon product offers and optimised distribution processes could raise revenue and strengthen brand image.
  • Investment in lower-emission technology and on-site energy production could increase the group's energy autonomy.
  • SLBP contracts with suppliers could accelerate scope 3 emission cuts and bring new partners into the supply chain.

Threats

  • Rising energy and raw material prices could weigh on margins, especially if supply is disrupted.
  • Climate change could affect agricultural yields and disrupt supply chains over the long term.
  • Rules on fluorinated gases, the circular economy and food waste could generate high compliance costs.

Risks

  • Energy and raw material costshigh

    Higher prices for energy, raw materials and transport could reduce margins, especially if supply is disrupted.

  • Physical climate riskshigh

    Extreme events could damage stores and warehouses and interrupt operations, affecting operating performance.

  • Climate and environmental regulationmedium

    Requirements on fluorinated gases, anti-waste law and the circular economy need investment and could raise compliance costs.

  • Changing consumer behaviourmedium

    Lower meat consumption and a preference for local products could change the sales mix and affect some product categories.

  • Incomplete reporting datalow

    Some data is estimated or excludes certain entities, which may limit comparability and confidence in the indicators.

Investment thesis

What would need to be true (bull case)

  • If the SBTi validation and CDP rating translate into easier access to financing and customer loyalty, the group could gain a longer-term competitive edge.
  • If investment in low-energy stores and on-site energy reduces costs, margins could rise despite market pressure.
  • If SLBP supplier commitments expand, the group could cut scope 3 emissions and strengthen its supply chain.

What would break the thesis

  • If energy and raw material prices stay volatile, margins could come under pressure, especially in price-competitive categories.
  • If physical climate risks materialise more often, repair costs and supply interruptions could rise.
  • If the transition plan remains incomplete, the group could struggle to meet scope 3 targets and justify its investments.

What to watch

  • Update of the transition plan and inclusion of the missing scope 3 levers2027
  • Progress on scope 1 and 2 emission reduction against the 2028 pathway2028
  • Number of SLBP contracts signed with suppliers against the target of 2002030
  • Removal of estimates for newly integrated entities in reportingnext sustainability report

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Carrefour acts as a convergence point between producers, suppliers, employees, franchise partners and consumers. The group operates integrated stores, warehouses, head offices and banking activities, and its sustainability policies cover the eight integrated countries: Argentina, Belgium, Brazil, Spain, France, Italy, Poland and Romania 1. Reporting for 2025 follows the calendar year and includes newly integrated entities such as Cora and Match, based on progressive estimates.

Sustainability governance is split between the CSR Directorate, which sets objectives and analyses performance, and the Group financial control function, which handles data collection. The CSRD project mobilised close to 400 contributors across departments, and data is checked on three control levels before consolidation 1.

The group's activity rests on a large network of stores, warehouses and sales of own-brand and national-brand products. Sustainability indicators, including the CSR and Food Transition Index, are tracked quarterly and published semi-annually, with objectives for sourcing, store operations, consumers and human resources 1.

Market context

The market Carrefour serves is dominated by food consumption, sensitive to prices and to shifts in habits such as lower meat consumption and preference for local products. The report identifies changing demand as a market risk that directly affects customer purchasing decisions 1. At the same time, regulatory pressure on fluorinated gases and the circular economy creates new requirements for retail.

Energy, raw material and transport costs are influenced by resource scarcity and climate policy. The report warns that insufficient adaptation of stores, for example through low-carbon equipment, could weaken their attractiveness to customers and franchisees 1.

Trends

  • Climate regulation and fluorinated gasesmixed

    The EU fluorinated gas regulation and anti-waste laws require refurbishment of refrigeration systems in stores. Compliance costs may rise, but they also provide a clear framework for energy-efficient investment.

  • Shifting consumer habitsmixed

    Customers are reducing meat consumption and favouring local, low-energy products. This trend could support the group's organic and quality ranges but changes the structure of sales.

  • Physical climate risksheadwind

    Extreme weather and falling agricultural yields could disrupt supply and raise operating costs. The report classifies them as a short- and long-term risk.

  • Validated climate commitmentstailwind

    SBTi validation of the 1.5 °C pathway gives credibility to the group's targets and could help attract suppliers and investors focused on the transition.

Competitive position

The sustainability report does not contain an analysis of retail competition. Based on the document, competition appears indirectly through price pressure and product availability, both listed as major group risks 1.

Carrefour's differentiation rests on its CSR commitments, own-brand range and franchise network. An advantage could emerge if these translate into loyalty and lower costs over the long term.

  • European food retail operators

    The source does not name competitors, but price pressure in food retail is cited as a major risk.

  • Latin American food retail operators

    Activities in Argentina and Brazil appear in the reporting scope, but local competitors are not named in the document.

  • Retailers with strong own-brand ranges

    The source links own-brand products to sourcing strategy and product indicators, without naming direct competitors.

  • Retailers with advanced sustainability programmes

    The report indirectly benchmarks the group's commitments against SBTi and CDP standards, where Carrefour is rated A.

News & filings

In the press

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2026-12-31 (ESEF) · SEC / Carrefour SA · 31 Dec 2026

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.