Q3 2022 Sales

October 26th, 2022

Carrefour outperforms in the current environment

In the current inflationary and uncertain environment, Carrefour has set the objective to
protect customer purchasing power while consolidating its economic model

In Q3:
• Inflation accelerated in all European markets
• Shopping patterns evolved but consumption is overall resilient
• Carrefour outperformed, with market share gains in all key countries
• Carrefour private labels and accessible products stand out as a strong customer value proposition
• +38% growth in Group e-commerce, GMV above €1bn in Q3
• Grupo BIG integration proceeding smoothly with an acceleration in conversion program

Confidence in Carrefour performance for Q4/FY 2022

FY 2022 Net Free Cash Flow now expected comfortably above €1bn

Q3 2022 SALES October 26, 2022 2

Q3 2022 sales up +11.3% LFL

+19.0%

+2.9% €23,504m
+4.9%
+11.3%
(0.1)% (0.1)%

€19,751m

Q3 2021 LFL Expansion & Petrol Calendar Forex Q3 2022

Gross sales M&A Gross sales

Q3 2022 SALES October 26, 2022 3

France:
FRANCE
Further market share gains
Q3 Sales inc. VAT
€10,547m

€5,114m
€3,470m
€1,964m

France Hypermarkets Supermarkets Other formats

Variation vs. Q3 21 +6.7% +5.1% +5.3% +14.2%

LFL ex. petrol

+6.6% +5.0% +6.3% +10.8%
ex. calendar

France outperforming the market with solid market share gains in value (+0.3pts) and volumes (+0.5pts)(1)

Strong LFL sales growth amid lower inflation vs other European countries

Food sales up +7.8% LFL, offsetting a (2.2)% LFL decrease in non-food

+22% growth in e-commerce, supported by dynamic home delivery

2022 lease management transfers completed (16 hypermarkets and 27 supermarkets)

New plan for 41 stores (16 hypermarkets and 25 supermarkets) announced for 2023
(1) Source: Nielsen

Q3 2022 SALES October 26, 2022 4

Europe: Continued strong momentum
Q3 Sales inc. VAT
€6,374m

€3,008m

€1,086m €1,053m
€555m €672m

Europe Spain Italy Belgium Poland Romania

Variation vs. Q3 21 +8.7% +12.2% +1.2% +4.3% +11.4% +11.8%

LFL ex. petrol

+8.6% +8.7% +7.1% +5.2% +18.5% +8.8%
ex. calendar

Spain: Solid performance and continued market share gains thanks to price leadership

Italy: Fifth consecutive quarter of LFL growth and continued increase in customer satisfaction

Belgium: First signs of recovery in a challenging market after management change in July 2022

Poland: Strong commercial momentum with outperformance in each format

Romania: Solid quarter in a context of high inflation

Q3 2022 SALES October 26, 2022 5

Latin
LATIN
America:
AMERICADouble-digit LFL growth
Q3 Sales inc. VAT
€6,583m
€5,551m

€1,031m

Latin America Brazil Argentina (1)

Variation vs. Q3 21 +49.6% +41.4% +93.1%

LFL ex. petrol

+24.6% +11.5% +91.3%
ex. calendar

€129m

Brazil: Strong momentum both in food and non-food

• Atacadão: +10.5% LFL in a context of sequential deflation on commodities
• Carrefour Retail (+15.0% LFL): Strong growth in food (+17.4%) and continued recovery in non-food (+10.8%)
• Food e-commerce GMV up 131% (total e-commerce up +95%), driven by rapid development of online sales at
Atacadão
• Financial services continued to improve, with credit portfolio up +24.5% and billings up +8.7%
Argentina: Another quarter of strong market outperformance, with sales growth exceeding inflation, driven by volumes
(1) Pre-IAS 29 (hyperinflation and foreign exchange)

Q3 2022 SALES October 26, 2022 6

Grupo
LATINBIG
AMERICA
integration ahead of plan and accelerating

New governance and management structure implemented on Day 1 (June 7)

Integration processes progressing smoothly

Acceleration of store conversions:

• 15 stores converted and reopened to date (7 in Q3: 4 to Atacadão and 3 to Carrefour)

• Converted stores performing above expectations €129m

• At least 50 store conversions by end-2022 (vs 35 initially)

Agreements signed for the disposal of 14 stores, as required by antitrust authority

(CADE), for R$443m

Q3 2022 SALES October 26, 2022 7

APPENDIX
CSR – Q3 2022 initiatives

› Climate and energy: First major retailer to partner with EcoWatt and EcoGaz
• Participation in the energy consumption reduction in France, notably in case of high
demand

› Disability: Agreement signed with French Handisport Federation to support inclusion

and increase recruitment of people with disabilities

› Fighting deforestation: Additional Action Plan to reinforce previous initiatives:

• Strengthened Governance (creation of a Forest Committee)
• €10m investment to support the preservation of Brazilian biomes
• 50% reduction in volumes of beef originating from critical areas by 2026

› Fight against food waste: “Nous Anti-Gaspi” anti-waste products launched in stores at
20% discount

Q3 2022 SALES October 26, 2022 9

Q3 2022 GROSS SALES
Change at
Change at current LFL Organic growth
Gross sales constant
exch. rates inc. ex. petrol ex. petrol
(in €m) exch. rates inc.
petrol ex. calendar ex. calendar
petrol
France 10,547 6.7% 6.7% 6.6% 5.1%
Hypermarkets 5,114 5.1% 5.1% 5.0% 2.6%
Supermarkets 3,470 5.3% 5.3% 6.3% 4.6%
Others, inc. convenience 1,964 14.2% 14.2% 10.8% 12.8%
Other European countries 6,374 8.7% 9.0% 8.6% 7.9%
Spain 3,008 12.2% 12.2% 8.7% 9.2%
Italy 1,086 1.2% 1.2% 7.1% 0.7%
Belgium 1,053 4.3% 4.3% 5.2% 5.1%
Poland 555 11.4% 15.6% 18.5% 19.2%
Romania 672 11.8% 11.3% 8.8% 11.2%
Latin America (pre-IAS 29) 6,583 64.4% 49.6% 24.6% 27.8%
Brazil 5,551 64.8% 41.4% 11.5% 14.9%
Argentina (pre-IAS 29) 1,031 62.3% 93.1% 91.3% 93.3%
Group total (pre-IAS 29) 23,504 +19.0% +16.1% +11.3% +11.0%
IAS 29 impact 225
Group total (post-IAS 29) 23,729

Q3 2022 SALES October 26, 2022 10

Q3 LFL OVER 3 YEARS

LFL ex. petrol ex. calendar Q3 2020 Q3 2021 Q3 2022

France 3.8% -0.3% 6.6%

Hypermarkets 2.5% -2.8% 5.0%
Supermarkets 4.9% 2.2% 6.3%
Others, inc. convenience 5.4% 2.5% 10.8%
Other European countries 1.9% -1.2% 8.6%
Spain 6.3% -2.3% 8.7%
Italy -8.0% 0.8% 7.1%
Belgium 5.4% -5.4% 5.2%
Poland -1.4% 0.9% 18.5%
Romania 0.0% 5.9% 8.8%
Latin America 28.4% 7.3% 24.6%
Brazil 26.0% -1.8% 11.5%
Argentina 41.4% 57.0% 91.3%
Group total +8.7% +1.0% +11.3%

Q3 2022 SALES October 26, 2022 11

Q3 2022 TECHNICAL EFFECTS

Calendar Petrol Forex

France 0.0% 1.5% -

Hypermarkets 0.1% 2.3% -
Supermarkets -0.1% 0.8% -
Others, inc. convenience -0.2% 1.0% -
Other European countries -0.2% 0.7% -0.3%
Spain -0.1% 1.8% -
Italy -0.2% 0.7% -
Belgium -0.8% - -
Poland 0.1% -3.7% -4.3%
Romania 0.2% 0.0% 0.4%
Latin America -0.1% -1.3% 14.8%
Brazil 0.0% -1.3% 23.4%
Argentina -0.2% - -30.8%
Group total -0.1% -0.1% +2.9%

Q3 2022 SALES October 26, 2022 12

STORES UNDER BANNERS AT END Q3 2022

Cash & Soft

(#) Hypermarkets Supermarkets Convenience Total
Carry discount
France 253 1,039 4,406 148 33 5,879
Other European countries 459 2,006 3,492 12 86 6,055
Spain 205 160 1,076 - 51 1,492
Italy 43 440 1,025 12 - 1,520
Belgium 40 439 310 - - 789
Poland 94 151 683 - 7 935
Romania 43 189 122 - 28 382
Others 34 627 276 - - 937
Latin America 183 522 572 277 - 1,554
Brazil 100 427 147 264 - 938
Argentina 83 95 425 13 - 616
Others(1) 166 450 49 23 - 688

Total 1,061 4,017 8,519 460 119 14,176

(1) Africa, Middle-East, Dominican Republic and Asia

Q3 2022 SALES October 26, 2022 13

DISCLAIMER
This presentation contains both historical and
forward-looking statements. These forward-
looking statements are based on Carrefour
management's current views and assumptions.
Such statements are not guarantees of future
performance of the Group. Actual results or
performances may differ materially from those
in such forward-looking statements as a result
of a number of risks and uncertainties, including
but not limited to the risks described in the
documents filed with the Autorité des Marchés
Financiers as part of the regulated information
disclosure requirements and available on
Carrefour's website (www.carrefour.com), and
in particular the Universal Registration
Document. These documents are also available
in the English language on the company's
website. Investors may obtain a copy of these
documents from Carrefour free of charge.
Carrefour does not assume any obligation to
update or revise any of these forward-looking
statements in the future.