In the third quarter, the French retailer reported organic growth of 2,1%: France and Spain performed well, while Brazil slowed. The convenience network continued to expand, e-commerce was strengthened, and Cora and Match were fully integrated.
In the third quarter of the 2025 Carrefour has recorded growth like-for-like of 2,1%, confirming a trend of consolidation in Europe and a slowdown in Latin America, mainly linked to the credit crunch in Brazil. The French group closed the period with a turnover of 22,6 billion euros (at constant exchange rates and pre-IAS 29), supported by a solid performance in the food sector, while non-food sales continue to contract.
The dynamics of the quarter confirm that the heart of the business remains food, up 2,9% LFL, compared to a 3,5% decline in non-food. France, the group's key market, sales grew by 0,7% on a like-for-like basis, with a +1,5% in food, and Carrefour conquered 30 basis points of market share in September (source: Worldpanel by Numerator). The progressive integration of stores Cora and Match, acquired in 2023, is proceeding according to the expected timeframe: price alignment, strengthening of the (private-label and the harmonization of the offering have contributed to increasing customer satisfaction and purchase frequency.
The Spain shows a positive evolution, with sales growing by 1,3% LFL and an increase of 2,4% in food, while Belgium achieved a +2,1% supported by volumes. In Latin america, sales increased by 5,5% LFL overall, but with strong differences between countries: in Brazil, growth stops at 1,1% due to the impact of high interest rates on households' purchasing power, while in Argentina inflationary pressure and price leadership allow for a 26,6% increase.
On the strategic front, Carrefour confirmed the financial targets for 2025, which predict a slight growth of EBITDA, recurring operating income and net cash flowThe group has almost entirely completed the Carrefour Brazil debt refinancing, an operation that will generate an estimated positive impact of 100 million euros per year starting from 2026. In terms of purchasing synergies, the strengthening of theEuropean Concordis Alliance, which now also includes German RTG International, expanding the group's negotiating capacity on continental markets.
The digital channel continues to represent one of the main drivers of growth: thee-commerce recorded an increase of 18% of GMV in the quarter, supported by an expansion of the proximity network, with 132 new convenience stores opened between France and Europe.
Overall, Carrefour confirms a balanced growth trajectory, based on operational efficiency, strengthening its positioning in the food sector, and targeted investments in highly profitable channels. In a still challenging macroeconomic environment, the group's financial strength and strategic coherence remain the key factors in the resilience of the Carrefour model in Europe and emerging markets.
