Salute e Benessere
Casino Group: Q2 SALES AND H1 2025 RESULTS
Q2 SALES AND H1 2025 RESULTS
The New Casino: an improving first half-year
Growth in net sales: +2.4% LFL in Q2 and +0.5% in H1
Supported by a more favourable market environment in Q2 and the initial results of its “Renouveau 2028” strategic plan, the Group is back to growth for the first time since its financial restructuring, with a second-quarter rise across all convenience brands.
+12% growth in adjusted EBITDA
The initial measures to streamline the store network and to cut costs are paying off, enabling the Group to improve its adjusted EBITDA over the first half of the year:
Cash-flow and debt
A +€366m improvement in free cash-flow before financial expenses, to -€48m, driven by growth in adjusted EBITDA after lease payments, better control of operating expenses and a basis of comparison adversely affected by the Q1 2024 payment of €153m in social security and tax liabilities placed under moratorium in 2023. After financial expenses, free cash-flow nevertheless reaches -€131m.
The Group also paid -€185m in costs related to discontinued HM/SM operations, taking its net debt to €1,407m and its net leverage ratio to 9.75x.
The consolidated financial statements of Casino, Guichard-Perrachon for the six months ended 30 June 2025 were approved for publication by the Company’s Board of Directors on 29 July 2025. Review procedures were performed on the condensed interim consolidated financial statements by the Statutory Auditors. Their review report, which contains no reservations or observations, is in the process of being issued.
Philippe Palazzi, Chief Executive Officer of Casino Group, said:
“The operating and financial results for the second quarter of 2025 are encouraging. Thanks to the success of our new concepts, the roll-out of new quick meal solutions and the further streamlining of our store network, the Group’s transformation continues. The performance over the last few months shows the relevance of our “Renouveau 2028” strategic plan, and our positioning in convenience retailing, focused on our three key markets: daily food shopping, quick meal solutions and new everyday services.”
Q2 SALES AND H1 2025 RESULTS
In Q2 2025, net sales amounted to €2,077m, up +2.4% on a like-for-like basis and down -0.4% in total , after taking into account a -0.3-pt calendar effect and the roughly -2.5-pt effect of streamlining the convenience brand network.
In H1 2025, consolidated net sales amounted to €4,077m, a rise of +0.5% like for like and decrease of -2.7% in total , after taking into account a -0.7-pt calendar effect (leap year in 2024) and the -2.5-pt effect of streamlining the convenience brand network.
Group adjusted EBITDA came in at €286m (+12.2%), reflecting a margin of 7.0% (+93 bps).
Group adjusted EBITDA after lease payments amounted to €55m (vs. €26m in H1 2024).
Monoprix
MONOPRIX
Actions to streamline the store network resulted in the closure of 10 stores and the opening of 7 new outlets in Q2 2025 (13 closures and 11 openings in H1 2025).
The highlight of the quarter for Monoprix was the inauguration of its first three “La Cantine” food concept pilot stores at the beginning of April, in Paris (Beaugrenelle) and in the Paris region (Neuilly-sur-Seine and Colombes), with promising initial results and a positive effect observed in the other sections of these pilot stores. Monoprix plans to extend the concept to around ten stores by the end of the year.
FRANPRIX
Customer traffic jumped +7.2% in Q2 (after a +2.4% increase in Q1 and a +1.8% increase in Q4 2024) as a result of strong sales momentum: (i) the
"prix francs" (fair prices) campaign in Q1 , with prices cut and frozen on 30 private-label products, (ii)
the launch of the new "le +bibi" loyalty programme in May 2025, (iii)
the development of services with the launch of the "franpclés" key copying service at the end of June and the restart of the “Nannybag” luggage security service for the summer period.
Actions to streamline the Franprix network continued during the quarter , with 22 store closures, 9 openings, and 1 conversion from integrated to the franchise/business lease model (40 closures, 17 openings and 6 transfers in H1 2025).
During the first half of the year, the Franprix brand also pursued initiatives targeting franchisees ; in particular, seven B2B promotional campaigns.
Casino
CASINO
The store network saw 332 stores leave the network in Q2 2025 (including 263 Magne master franchisee stores), 45 store openings and 37 transfers from integrated stores to the franchise/business lease format (768 exits, 64 openings and 48 transfers in H1 2025).
During the first half of the year, various actions targeting franchisees were carried out by the Casino, Spar and Vival brands, in particular (i) implementing dedicated B2B promotional campaigns, and (ii) developing
additional features in the CPRO ordering tool (suggested product replacements, display of back-in-stock dates for out-of-stock items, display of actual use-by dates when ordering, implementation of inventory reduction measures with discounts for franchisees), and (iii) stepping up collaboration with franchisees by involving them in working groups focused, in particular, on logistics and customer loyalty.
H1 also saw the roll-out of new concepts : (i) unification of Le Petit Casino and Casino Shop brands under a single
Casino brand in urban areas, (ii) roll-out of the “Cœur de Blé” quick meal solutions concept with the opening of 5 Cœurs de Blé corners in stores in H1 and 70 openings planned by the end of the summer, and (iii) the launch of the new Spar “Origines” concept , a locally integrated, flexible and user-friendly concept offering an expanded range, an increase in the surface area dedicated for fast food and practical services for everyday needs.
Naturalia
NATURALIA
E-commerce sales also performed well in Q2 , with double-digit growth for the brand's website (+13.9%), while the quick commerce partnership with Uber Eats continues to roll out, covering 38 stores at end-June 2025.
The brand continues to enjoy solid growth in customer traffic (up +8.5% in Q2, vs. +8.2% in Q1 and +6.7% in Q4 2024) and a loyal customer base (74% of net sales generated by loyalty card holders).
As with the Group's other brands, Naturalia also developed its quick meal solutions offer during the first half of the year, with the launch of a test phase for an organic snack concept in six stores (including three at the end of June). Initial results are encouraging, with additional net sales growth seen in the first few weeks of operation in the first three pilot stores.
Naturalia closed 2 stores in Q2 2025 (11 closures and 1 transfer from an integrated store to a business lease in H1 2025).
Cdiscount
CDISCOUNT
This performance was supported by the brand’s significant reinforcement,
driven by the marketing relaunch , including an ambitious media plan during winter and summer sales, and
operational excellence (record NPS levels, enhanced product assortment and improved after-sales service), which enabled the positive momentum in new customer acquisition to continue (+37% in H1 2025), allowing the active customer base to start growing again.
Against this backdrop, Cdiscount net sales – which, logically, had been impacted by the strategy of streamlining direct sales in previous quarters –
remained stable in Q2 2025 , confirming the sequential improvement underway for over one year. This performance was also underpinned by +9% growth in revenues from Cdiscount Advertising in Q2 2025, while B2B revenues from C-Logistics and Octopia declined by -7%.
Other and Quatrim
QUATRIM & OTHER
Consolidated trading profit was -€11 million (compared with -€56 million in H1 2024).
Other operating income and expenses
Other operating income and expenses amounted to -€20m in H1 2025 (vs. -€609m in H1 2024), including (i) +€70m from asset disposals, mainly real estate disposals, (ii) -€66m of asset impairment losses, including -€47m of goodwill impairment, and (iii) -€14m of restructuring costs.
Net financial expense
A net financial expense of -€179 million was recognised in H1 2025, compared with net financial income of €3,262m in H1 2024 (including €3,486m relating to the conversion of debt into equity and the fair value adjustment of reinstated debt). Net financial expense breaks down mainly into (i) net cost of debt of -€94m, (ii) interest expense on lease liabilities of -€74m and (iii) the financial cost relating to CB4X (Cdiscount) of -€8m.
Consolidated net profit (loss), Group share
Profit (loss) from continuing operations, Group share came out at a loss of €204m, compared with a profit of €2,549m in 2024.
Net loss from discontinued operations, Group share , was -€6m in H1 2025 (compared with -€2,511m in H1 2024), reflecting (i) +€16m from hypermarkets and supermarkets, and (ii) -€21m from GPA.
Consolidated net profit (loss), Group share amounted to a loss of -€210m vs. profit of €39m in H1 2024.
Free cash-flow before financial expenses – Continuing operations
In first-half 2025, free cash-flow improved by +366m to -€48m (-€413m in H1 2024). Excluding the payment in H1 2024 of €153m in social security and tax liabilities placed under moratorium in 2023, free cash-flow would have increased by +€213m.
Financial position at 30 June 2025
Consolidated net debt stood at €1.4bn , increasing by €205m from 31 December 2024, mainly impacted by real estate disposals (+€111m), cash-flows from discontinued HM/SM operations (-€185m), financial expenses (-€83m) and free cash-flow before financial expenses of -€48m.
At 30 June 2025, the Group had cash and cash equivalents of €522m , of which €307m was immediately available .
The maturity of the debt, excluding Quatrim, is 1.88 years without an extension option, and 2.03 years with an extension option. In the light of these factors, the Group will pay specific attention to changes in its financial structure in the coming months.
Liquidity at 30 June 2025
At 30 June 2025, the Group had liquidity reserves of €1.24bn, including:
These amounts are available immediately in full.
Discontinued operations
In H1 2025, the Group paid €185m in costs related to discontinued HM/SM operations , mainly reflecting the gradual unwinding of employment protection plans, store closure expenses and working capital.
At 30 June 2025, the net amount remaining to be disbursed in respect of discontinued HM/SM operations was estimated at €300 million , mainly comprising (i) €160 million employment protection plan costs and (ii) €120 million contract termination costs related to the HM/SM disposals.
Covenants
Net leverage ratio
It should be noted that, although the calculation is required by the loan documentation since Q1 2024, the covenant is indicative at this time ("holiday period") until 30 September 2025 (exclusive). 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.
The Covenant net debt/Covenant adjusted EBITDA ratio stood at 9.75x at 30 June 2025; EBITDA forecasts for Q3 2025 are to ensure compliance with the minimum ratio requirement of 8.34x to be met at 30 September 2025.
Minimum liquidity
Liquidity of €1.24bn at 30 June 2025.
On the last day of each month, liquidity must be at least €100m.
Projected liquidity
Liquidity is projected to be a minimum of €0.97bn in Q3 2025.
At the end of each quarter, cash forecasts must show liquidity of at least €100m at the end of each month of the following quarter
Market environment
The Group operates in a market marked by the following trends:
Objectives
The Group is maintaining its objective of returning to break-even free cash-flow before financial expenses in 2026, as set out in its Renouveau 2028 strategic plan.
A press release and a presentation of the plan are available on the Company's website.
OTHER FIRST-HALF 2025 HIGHLIGHTS
New CSR policy
The Group is continuing to develop its CSR commitments and projects to best support its Renouveau 2028 strategic plan and has launched its 2025-2030 "+ Proches + Engagés" ("closer and more committed") CSR policy based on four pillars:
Team
In line with the social and societal challenges specific to the Group's activities, this pillar covers issues relating to equality, diversity and the fight against discrimination:
Territory
This pillar refers to the Group's regional footprint and its response to the needs of local communities, particularly through its community initiatives:
Product
The Group offers products that are committed to the environment (products made from sustainable materials, plant-based products, etc.), health (better nutritional profile, no antibiotics or controversial substances, etc.) and society (support for “made in France” and local producers, animal welfare, socially responsible products, etc.):
Planet
This pillar is dedicated to climate change, biodiversity and the protection of natural resources:
H1 2025 also saw the Group's CSR actions recognised by third-party organisations:
2030 CSR objectives
Partnerships
In H1 2025, Casino Group renewed strategic partnerships with entities that share its ambitions in terms of quality and operational excellence:
In February 2025, Casino and Avia Thevenin & Ducrot renewed their historic partnership for a further three years. For almost 20 years, this partnership has enabled Casino to offer customers of Avia Thevenin & Ducrot stores a varied selection of products under the Casino brand. The partnership covers 46 motorway service stations (including 39 operated under the Casino Express banner) and 41 urban or suburban service stations (including 11 under the Casino Express banner).
In May 2025, Monoprix and the Zouari family signed an agreement to franchise 27 Monop' stores as part of the joint venture between Monoprix and the Zouari family. This transaction is part of Monoprix’s strategy to step up sales momentum in its network and accelerate its development with the support of a long-standing partner.
In May 2025, Casino Group signed a strategic partnership with Moroccan group H&S Invest Holding, with plans to open more than 210 Franprix and Monoprix brand stores over the next ten years throughout Morocco.
Aura Retail alliance
The first purchases made under Aura Retail contracts have been in effect since 1 March 2025 .
On 23 September 2024, Intermarché, Auchan and Casino Group signed a long-term purchasing partnership with the creation of the Aura Retail alliance, offering purchasing partnerships between the three groups for a period of ten years (see the press release).
Real estate disposals
The Group disposed real estate assets for €132m in H1 2025 , including €92m through Quatrim and its subsidiaries:
During H1 2025, the Group made payments of €102m to the creditors of its secured Quatrim debt, enabling reduction of the nominal value of this debt to €218m at 30 June 2025 . A further payment of €20m is scheduled for 1 August, bringing the total to €198m.
Voluntary buy-out offer and delisting of Cnova N.V.
Following the voluntary buy-out offer for the shares of Cnova N.V. (at a price of €0.0958 per share including statutory interest) initiated by Casino, and in accordance with the judgement rendered by the Enterprise Chamber of the Court of Appeal in Amsterdam, the Netherlands on 11 February 2025, the Cnova N.V. shares not tendered to the offer (i.e., 504,252 Cnova shares in total) were transferred to Casino on 19 June 2025 following the deposit of the corresponding funds (i.e., a total amount of €48,307.34) with the Dutch Consignment Fund.
As Casino consequently holds 100% of the capital and voting rights of Cnova, Cnova N.V. shares were delisted from Euronext on 24 June 2025, as announced in the press release dated 20 June 2025 (press release link).
APPENDICES – GROSS SALES
Gross merchandise volume by brand
APPENDICES – STORE NETWORK
Store network of continuing operations
BL: business lease
APPENDICES – ACCOUNTING INFORMATION
Consolidated income statement
Earnings (loss) per share
Consolidated statement of financial position
Consolidated statement of cash-flows
APPENDICES – GLOSSARY
Like-for-like (LFL) growth
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 tax.
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 lease liabilities and net interest paid on lease liabilities.
Trading profit (EBIT)
Trading profit (EBIT) is defined as operating profit before (i) items which, by definition, are not included in an assessment of a business unit’s recurring operating performance, such as gains and losses on disposals of non-current assets, impairment losses on non-current assets, and income/expenses related to changes in the scope of consolidation and (ii) non-recurring items that would distort analyses of the Group’s recurring profitability, (they are defined as significant items of income and expense that are limited in number, unusual or abnormal, whose occurrence is rare. Examples include restructuring costs and provisions and expenses for litigation and risks).
Free cash-flow before/after 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 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
Net debt corresponds to gross borrowings and debt including derivatives designed as fair value hedge (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 hedge (assets), and (iv) financial assets arising from a significant disposal of non-current assets.
Covenant – Net leverage ratio
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 documentation) corresponds to adjusted EBITDA after lease payments relating to the covenant scope, excluding 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), (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.
Analyst and investor contacts
Press contacts
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 Shrinkage corresponds to the difference between the recorded inventory and the actual physical inventory on hand in the store. It includes known shrinkage (broken items, items past their sell-by dates) and unknown shrinkage (theft)
2 See definitions in the appendices on page 16
3 See definitions in the appendices on page 16
4 See page 7
5 GMV (gross merchandise volume): gross sales including tax;
Product GMV: direct sales and Marketplace GMV (excluding B2C services, B2B and other revenues)
6 +13% adjusted for an exceptional item of €3.55m (including VAT) related to the sale of IT assets to a B2B customer in June 2024
7 As a reminder, the Group reported disynergies in the "Other" segment in H1 2024 (amounting to €25m). As from Q1 2025, disynergies were reallocated to Group entities following the introduction of shared services
Deferred payment plan enabling customers to pay in four instalments
9 Excluding restructuring and conciliation costs
10 The new financing documentation defines available cash as cash and cash equivalents excluding the float and cash not held in the cash pool; at 30 June 2025, 31 March 2025 and 31 December 2024, available cash corresponds to the cash held by Casino Finance, which operates the French companies’ cash pool
11 The €1,390m amount of the reinstated Term Loan takes into account the fair value impact determined at the instrument’s initial recognition date (27 March 2024), i.e., +€20m at 30 June 2025
12 See definition in the appendices on page 16
13 No pro forma restatements have been taken into account
14 Integrated and franchised stores
15 Contribution to Casino
16 International affiliate convenience stores include Leader Price franchises abroad. Leader Price franchises in France are presented within discontinued operations
17 International affiliate convenience stores include HM/SM affiliates abroad. The HM/SM stores in France are presented within discontinued operations
18 The fall in the number of franchises/business leases in France is mainly due to the exit of master franchisee Puig&Fils
19 The fall in the number of franchises/business leases in France is mainly due to the exit of master franchisee Magne
20 Other businesses include 3C Cameroun
Attachment
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