Salute e Benessere
Casino Group: FIRST-QUARTER 2025
FIRST-QUARTER 2025
The New Casino rolls out its strategic plan
Q1 2025
In an challenging economic climate, activity remained steady, while financial performance continued to be impacted by the Group's transformation
Total change of -4.8% in convenience brand net sales, including the -2.8-pt negative effect of streamlining the store network and a -1.3 pt calendar effect
Net sales
In Q1 2025, consolidated net sales amounted to €2.0bn, down -1.2% on a like-for-like basis and down -5.0% as reported , after taking into account a -1.1-pt calendar effect (leap year in 2024 and Easter date shift to April) and the roughly -2.7-pt effect of streamlining the convenience brand store network.
In a challenging economic environment, the Group recorded a sequential improvement in like-for-like net sales
(-1.2% vs. -1.8% in Q4 2024), confirmed by initial trends in April. Due to its geographical positioning centred on France, the Group's exposure to recent customs duty decisions should remain limited.
Convenience brands
Convenience brands (Monoprix, Naturalia, Franprix and Casino) recorded a -0.7% decline in net sales on a like-for-like basis in Q1 2025, an improvement compared with the previous quarter (-1.2% decline in Q4 2024).
Convenience brands recorded net sales of €1.7bn for the quarter, down -4.8% as reported, including the -2.8-pt negative effect of streamlining the store network and a -1.3-pt calendar effect. Wholesale sales (sales to franchisees by convenience brand warehouses) accounted for 31.3% of net sales in Q1 2025 (compared with 30.3% in 2024).
Actions to streamline the store network continued throughout Q1 2025 , with the closure of 466 stores , 96% of which were operated by franchisees or under business leases, and the transfer of 18 integrated stores to franchises or business leases . In addition, the brands opened 31 stores , 90% of which were operated by franchisees or under business leases.
The roll-out of new concepts accelerated over the quarter for all brands:
The "Oxygène" concept was extended to a further 16 stores over the quarter, including the 8 opened during the period, bringing the total number of stores converted to the new concept to 34 at the end of March 2025.
The "La Ferme" concept was rolled out to 5 new stores over the quarter (for a total of 15 stores by the end of March 2025), and the brand is planning to extend the concept to a further 7 stores in 2025.
The brand opened the first three "La Cantine" food concept pilot stores at the beginning of April, including one in Paris (Beaugrenelle) and two in the Paris region (Neuilly and Colombes). The first few weeks have shown promising results in terms of net sales, gross merchandise volume and customer traffic. Monoprix is planning to roll the concept out to a further 6 stores in 2025.
The Group has decided to unify its various different brands, such as Petit Casino and Casino Shop, around a single Casino brand in urban areas in order to (i) gain visibility in a uniform environment,
(ii) simplify network management, and (iii) enable more powerful communication. This strategy of refocusing on a single brand resulted in the opening of a new store in Lyon at the end of March and should be extended to other stores in Lyon during 2025.
"Cœur de Blé" concept: the new store inaugurated in Lyon offers an on-site eating area and a "Cœur de Blé" snack corner, with a new self-serving offering.
Cdiscount
In Q1 2025, overall like-for-like GMV was up by +2% , still supported by the relaunch strategy initiated by Cdiscount in Q3 2024. Product GMV was up +2% on a like-for-like basis over the quarter, reflecting (i) a +7% increase in Marketplace GMV , which now accounts for 67% of Product GMV
(+3.3 pts) and (ii) a -7% decrease in Direct Sales GMV , which is gradually improving after a decline of -27% in H1 2024 and -9% in Q4 2024.
Cdiscount net sales (down -4.6% on a like-for-like basis)
naturally remain impacted by the assertive strategy of streamlining direct sales in favour of the Marketplace, but the
sequential improvement observed over the last year has continued . (2024: -21% in Q1, -17% in Q2, -8% in Q3, -5% in Q4).
Financial indicators
Adjusted EBITDA
Adjusted EBITDA for the first quarter of 2025 came to €100m, down -€6m compared to Q1 2024. Excluding disynergies , adjusted EBITDA would have increased by +€6m.
Convenience brands
Adjusted EBITDA for convenience brands fell by -€8m in Q1 2025. Excluding disynergies, adjusted EBITDA would have increased by +€3m.
In more detail:
The convenience brands are focused on streamlining their store networks and business recovery plans, the impact of which will be gradual.
Cdiscount
Adjusted EBITDA fell by -€2m, due to the implementation of the reinvestment plan, which had a €7 million impact on operating costs and was not fully offset by the margin improvement.
Other
Adjusted EBITDA from other subsidiaries and the holding company increased by +€5m, thanks to savings at the holding company.
Adjusted EBITDA after lease payments
Free cash flow
In Q1 2025, free cash flow stood at -€81m, up +€246m compared to Q1 2024 (-€327m in Q1 2024, including payments of €153m in social security and tax liabilities placed under moratorium in 2023). Excluding this non-recurring amount of -€153m, free cash flow would have improved by +€93m year on year in Q1 2025.
Covenant
It should be noted that, although the calculation is required by the loan documentation, the covenant is indicative at this time ("holiday period") until 30 September 2025. The scope of the covenant test corresponds to the Group, adjusted mainly for the subsidiaries Quatrim, Mayland (Poland) and Wilkes (Brazil).
The covenant net debt/covenant adjusted EBITDA ratio stood at 14.63x, with the EBITDA forecasts for the next two quarters to ensure compliance with the next test (ratio level to be met of 8.34x on 30 September 2025).
Real estate disposals
The Group disposed of €111m of real estate assets in T1 2025 , including €82m through Quatrim and its subsidiaries:
The transactions will reduce Casino Group's debt toward the noteholders of its subsidiary Quatrim. Following the €30m repayment on 18 February 2025, the nominal value of the Quatrim secured debt was reduced to €272m at 31 March 2025 .
After the end-March reporting date, on 7 April 2025, the Group settled all interest accrued to that date, of which €13m was paid in cash and €5m was capitalised.
Another repayment of €56m was made on 24 April 2025, including €55.8m in principal and €0.2m in accrued interest on the repaid principal.
To date, the nominal amount of the Quatrim secured notes has been reduced to €221m.
Proceedings for the buy-out of minority shareholders of Cnova
In accordance with the judgement rendered by the Enterprise Chamber of the Court of Appeal in Amsterdam on 11 February 2025, the buy-out procedure of the minority shareholders of Cnova began on 2 April 2025. Casino holds 98.8% of Cnova's capital and voting rights. 1.2% of Cnova's share capital will therefore be subject to the buy-out procedure.
The Enterprise Chamber has set the buy-out price per Cnova share at €0.09, increased by statutory interest accruing from 30 June 2024 to 20 June 2025, resulting in a final amount of €0.0958 per share.
Starting from 2 April 2025 and until 11 June 2025 (13 June 2025 for shareholders whose account holding intermediaries are registered with Depositary Trust Company (DTC), the shareholders of Cnova will be invited to voluntarily comply with the Enterprise Chamber's order by transferring their Cnova shares to Casino. The last day of the Voluntary Transfer Period will be 11 June 2025 (or 13 June 2025 for certain shareholders), and all transfer orders will be settled on 18 June 2025. After this period, shareholders will only be able to obtain payment for the price of their shares that have not been voluntarily transferred through the consignment fund of the Dutch Ministry of Finance.
In order to facilitate these operations, and in the holders' interest, Cnova has requested that Euronext Paris suspend trading of Cnova shares as from 2 April 2025.
See the press release
On 18 April 2025, Casino announced that Euronext Paris had approved the request for the delisting of Cnova shares. The delisting will be effective as of the date of completion of the Mandatory Buy-Out (scheduled to occur on 20 June 2025).
See the press release
APPENDICES
Gross merchandise volume by brand
Store network of continuing operations
BL: business lease(s)
APPENDICES – ACCOUNTING INFORMATION
Discontinued operations
In accordance with IFRS 5, the earnings of the following businesses are presented within discontinued operations for the 2024 and 2025 periods:
APPENDICES – GLOSSARY
Like-for-like net sales
Like-for-like net sales include e-commerce sales and sales of merchandise excluding fuel from stores open for at least 12 months. The figure is calculated at constant exchange rates, excluding calendar effects and taxes.
Gross Merchandise Volume (GMV)
For convenience brands, gross merchandise volume corresponds to the total value of goods sold by all the integrated and franchised stores and the e-commerce sites, including VAT. For Cdiscount, gross merchandise volume corresponds to the total value of goods sold by the Cdiscount group's websites and by independent Marketplace vendors.
Adjusted EBITDA
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) is defined as trading profit plus recurring depreciation and amortisation expense included in trading profit.
Adjusted EBITDA after lease payments
Adjusted EBITDA after lease payments is defined as trading profit plus recurring depreciation and amortisation presented in trading profit less repayments of rent liabilities and net interest paid on rent liabilities.
Free cash flow before financial expenses
Free cash flow before financial expenses corresponds to cash flow from operating activities as presented in the consolidated statement of cash flows, less net capex, rental payments subject to restatement in accordance with IFRS 16 and restated for the effects of the strategic disposal plan, conciliation and financial restructuring.
Covenant
The covenant is defined as the ratio between 'covenant net debt' and 'covenant adjusted EBITDA'. The scope of the covenant test corresponds to the Group adjusted for Quatrim and, to a lesser extent, the subsidiaries Mayland in Poland and Wilkes in Brazil.
Covenant adjusted EBITDA
“Covenant adjusted EBITDA” or pro forma EBITDA (depending on the financial documentation) corresponds to adjusted EBITDA after lease payments relating to the covenant scope, to which are added any impact of scope effects and pro forma restatements corresponding to future savings/synergies to be achieved within 18 months.
Covenant net debt
“Covenant net debt” corresponds to gross debt relating to the covenant scope (including borrowings from other Group companies by covenant companies) excluding mainly Quatrim note debt, (i) plus financial liabilities which are, in essence, debt, (ii) adjusted for the average drawdown on the Group's revolving credit lines over the last 12 months (from the date of restructuring) and (iii) reduced by cash and cash equivalents of the entities in the covenant scope and by non-deconsolidating receivables relating to operating financing programmes reinstated as part of the restructuring.
It differs from consolidated “net debt”, which corresponds to all gross borrowings and debt at the reporting date, including derivatives designated as fair value hedges (liabilities) and trade payables - structured programme, less (i) cash and cash equivalents, (ii) financial assets held for cash management purposes and as short-term investments, (iii) derivatives designated as fair value hedges (assets), and (iv) financial assets arising from a significant disposal of non-current assets.
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Disclaimer
This press release was prepared solely for information purposes, and should not be construed as a solicitation or an offer to buy or sell securities or related financial instruments. Likewise, it does not provide and should not be treated as providing investment advice. It has no connection with the specific investment objectives, financial situation or needs of any receiver. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Recipients should not consider it as a substitute for the exercise of their own judgement. All the opinions expressed herein are subject to change without notice.
1 See definitions in the appendices on page 9
2 Data published by Cdiscount, excluding like-for-like net sales (-4.6% contribution to Casino)
3 GMV (gross merchandise value): gross sales including tax
Overall like-for-like GMV: like-for-like data is adjusted for the leap year effect in 2024
Product GMV: Direct sales and Marketplace GMV (excluding B2C services, other revenues and B2B)
4 See definition in the appendices on page 9
5 No disynergies were recognised in Q1 2024. As a reminder, the Group has been reporting on disynergies since H1 2024 in the 'Other' segment. Starting in Q1 2025, these disynergies are allocated to Group entities following the implementation of shared services
6 Contribution to Casino
7 See definitions in the appendices on page 9
8 Contribution to Casino
9 International affiliate convenience stores include Leader Price franchises abroad. Leader Price franchises in France are presented within discontinued operations
10 International affiliate convenience stores include HM/SM affiliates abroad. The two HM/SM stores in France are presented within discontinued operations
11 The fall in the number of franchises/business leases in France is mainly due to the closure of master franchisee Puig&Fils in Q1 2025
12 Other businesses include 3C Cameroun
Attachment
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