Casino financial calendar

FIRST-QUARTER

• Consolidated net sales of €bn in Q1 ¹

  • Convenience brands: €bn (+% on a same-store basis)

    • Monoprix: €bn (+%)

    • Franprix: €m (+%)

    • Casino: €m (%)

  • Cdiscount: €m (%) linked to the planned reduction in direct sales

• Adjusted EBITDA after lease payments² of -€10m (vs. €35m in Q1 )
  
  

• Free cash flow excluding disposal plan/restructuring costs³ of -€m in Q1 (-€m in Q1 ) after payment of social charges and tax debts placed under moratorium in ( M€)
  
  

• Net financial debt⁴ of €bn at 31 March (€bn at 31 December )
  
  

• Covenant⁵
  
  

  • The Covenant net financial debt⁶ / Covenant adjusted EBITDA⁶ ratio stands at x

  • It will be tested for the first time on September 30, (ratio to be met: x)
    
    

• Asset disposals and loss of control
  
  

  • Conclusion of agreements with Auchan Retail France and Groupement Les Mousquetaires for the sale of stores on 24 January The completion of the sales would take place in 3 waves by 1^st July

  • Finalization of the sale of the 34% direct stake in Grupo Éxito for gross proceeds of $m (€m excluding fees) on 26 January

  • Completion of GPA's capital increase on 14 March , at which point the Group lost control and now holds % of GPA's capital

• Financial restructuring closed on 27 March

  • Change of control in favour of France Retail Holdings, the Consortium's controlling holding company

  • Par value of gross debt and undated deeply subordinated notes reduced by €bn

  • Cash capital increase of €bn

Net sales

Consolidated net sales amounted to €bn in Q1 , down % both on a same-store¹ and organic¹ basis and % as reported after taking into account the effects of changes in scope (%) and fuel (%), and the calendar effect (+%).

Convenience brands (Monoprix, Franprix and Casino) reported virtually stable net sales on a same-store basis (+%) despite a high basis of comparison in Q1

• Monoprixrecordedsame-store sales growth of +% over the quarter, reflecting the momentum of Monop (+%) and Naturalia (+%) banners and a stable performance from Monoprix City, impacted by disappointing textile sales (%) relating to insufficient inventory levels. This non-food performance at Monoprix City had an impact on food sales, which nevertheless remained positive (+%), while the banner continued to win customers over the period (customer traffic up by +%). Among the significant events of first-quarter , Monoprix launched its new THL (Textiles, Home, Leisure) sales website in late February and continued to expand its store network, in particular opening its first store in Belgium (Waterloo) and a Monoprix City store in the western Paris suburb of Ville-d'Avray.

• Franprix posted same-store sales growth of +%, led by good customer traffic momentum (+%) and double-digit growth in e-commerce (+16%), which continued to benefit from buoyant marketplace sales (Uber Eats, Deliveroo, etc.). The banner saw slower sales in the Paris suburbs (%), but growth of +% and +% in Paris and the provinces, respectively.

For Monoprix and Franprix, the challenge as from Q2 will be increased competition in the Ile-de-France region as Casino supermarkets convert to Intermarché or Auchan.

• Net sales by Casino brands (Vival, Spar, Petit Casino, etc.) fell by % on a same-store basis over the quarter, in an environment disrupted by the ongoing sale of Casino hypermarkets and supermarkets, which had a temporary impact on service levels at sales outlets. However, the franchise expansion strategy continued, with 53 franchises opened in France during the quarter and 26 stores transferred from an integrated to a franchise model over the period.

  • Cdiscount sales⁹ (% on a same-store basis) continue to be impacted by the rationalization of direct sales in favor of the Marketplace. Marketplace GMV¹⁰ (%) accounted for % of Product GMV over the quarter (+ pts year-on-year). Revenues from services (Marketplace, Advertising, B2C services and B2B activities) rose by +4% over the quarter.

Financial indicators

Adjusted EBITDA¹²

Adjusted EBITDA for the first quarter came to €m (-€10m after lease payments), compared with €m in Q1 (€35m after lease payments), i.e., a decrease of €39m.