Salute e Benessere
Casino Group presents a detailed overview of “Renouveau 2030” plan and its project to strengthen financial structure
In support of the execution of its strategic plan, and given the maturity of its debt , the Group has initiated work on adapting and strengthening its financial structure. Assisted by the Court appointed administrators overseeing the implementation of the plan and the administrators overseeing the implementation of the conciliation agreements, it aims to complete its work by the end of the second quarter of 2026.
France Retail Holdings (FRH), Casino Group majority shareholder, supports the objectives pursued by Casino management in order to adapt and strengthen its financial structure. Accordingly, FRH would be prepared to guarantee a share capital increase of €300m, subject to a satisfactory outcome of the Group's discussions with its creditors and acceptable conditions, in line with the target leverage ratio, and maintaining shareholding control of Casino.
said Philippe Palazzi, Chief Executive Officer of Casino Group.
Given the high net leverage ratio , incompatible with a refinancing in the medium-term under standard market conditions, and the weak interest coverage , highlighting a balance sheet structure that is unsuited to cash flow generation, the Group’s objectives are as follows:
The detailed objectives pursued by Casino Group in adapting and strengthening its financial structure are set out in Appendix 1.
The parameters related to the FRH proposal are set out in Appendix 2.
The Group is still in discussions with its creditors regarding their undertaking not to use the forthcoming discussions on the Group's balance sheet structure as any means of action in respect of (i) the financing documentation forming an integral part of the accelerated safeguard plans or (ii) the approved operational financing documentation under the conciliation protocols. The Group considers that these ongoing discussions do not prevent it from starting work with creditors to adapt and strengthen the Group's balance sheet structure.
Accordingly, Casino Group is meeting its creditors today, under the supervision of Court appointed administrators overseeing the implementation of the plan and the administrators overseeing the implementation of the conciliation agreements, in order to present the Renouveau 2030 plan and its objectives for strengthening its financial structure, based on the presentation published on its website (link to the presentation).
By 2030, the Group's financial objectives are as follows:
Leveraging the strong execution of its plan, the Group confirms its initial financial targets for 2028:
Casino Group is today publishing the details of its Renouveau 2030 plan, which builds on the trajectory successfully pursued since April 2024. This plan reflects the Group's commitment to consolidate its turnaround and pursue its development across its three key markets: daily food shopping, quick meal solutions and new everyday services.
The operational objectives are as follows:
Casino Group will present its 2025 annual results on February 26, 2026.
Consistent with Company’s objectives:
This capital increase will result in a significant dilution of the current shareholders who do not participate in the contemplated operation.
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 margin corresponds to adjusted EBITDA expressed as a percentage of net sales excluding taxes.
Adjusted EBITDA after lease payments is defined as trading profit plus recurring depreciation and amortisation presented in trading profit less repayments of lease liabilities and net interest paid on lease liabilities.
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 adjusted for the effects related to the strategic disposal plan and the financial restructuring.
Free cash flow after financial expenses is calculated by deducting net interest paid from free cash flow before financial expenses, excluding interest on leases restated in accordance with IFRS 16.
Net debt 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.
1 Term Loan B (€1,410m) matures in March 2027
2 Net leverage defined as Net Debt / EBITDA after lease payments
3 Interest Coverage Ratio defined as EBITDA after lease payments / financial interests
4 As of September 30, 2025, the contractual leverage ratio covenant stood at 7.68x
5 Before financial expenses
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