Grupo Carrefour BrasilQ4 2019 and FY 2019 results

February 21, 2020

NEW ADVANCES IN OUR ECOSYSTEM IN 2019

2EXPANSION

OMNICHANNEL

FOOD TRANSITION

FINANCIAL SERVICES

PARTNERSHIPS

ACQUISITIONS

+28 stores

+20 Atacadão

+5 Express

+3 Market

+12 side stores

e-commerce

2019

54

110

+405% GMV

food e-

commerce (including last mile

delivery)

30 stores

49%

stake

100%

stake

New value

proposition forCarrefour Card

+15 point

improvement

in NPS

+28% in total

billings

(vs. 2018)

Healthy food

aisles in 82

hypermarkets

~3,100 organic

and healthy

product SKUs

+2,600 private

label SKUs (13%of total net sales

in Q4 19)

Business units update

PROFITABLE GROWTH IN Q4 AND 2019

4

Positive growth trend thanks to strong

commercial initiatives across channels

Cost dilution and efficiency efforts resulting in

strong EBITDA and EBITDA margin

Robust growth at Atacadão, multi-format Retail

and Banco Carrefour, enabling investments in

our food e-commerce strategy

Q4

20

19

20

19

LfLEX PETROL

GROSS SALESINC. PETROL

ADJUSTED

EBITDA

ADJ. NET INCOME GROUP SHARE

7.6%R$17.6 bn

+11.5% yoy

R$1.4 bn

+11.0%* yoy

8.7% margin

R$ 695 mn

+6.3%* yoy

4.3% margin

6.5%

R$62.2 bn

+10.4% yoy

R$4.5 bn

+7.4% yoy

7.9% margin

R$1.97 bn

+5.1% yoy

3.5% margin

3.0%3.9%

6.5%

2017 2018 2019

Consolidated LfL evolution

(ex-petrol)

3,516 4,183 4,492

7.4%8.2% 7.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

-

1,000

2,000

3,000

4,000

5,000

6,000

2017 2018 2019

Adjusted EBITDA evolution

14.2%14.1% 14.1%

2017 2018 2019

SG&A as % of net sales

evolution

* In order to make both years comparable, Q4 18 Gross Profit and EBITDA have been adjusted downwards for 9M months of ICMS-ST tax credits booked in Q4 and related to 9M 18. For Atacadão the adjustment of such tax credit was

a decrease o R$ 158 million in gross profit and EBITDA.

2,596 2,733

7.6% 7.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

2,000

2,200

2,400

2,600

2,800

3,000

3,200

2018 2019

733 825

7.5% 7.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

500

600

700

800

900

1,000

1,100

1,200

1,300

Q4 18 Q4 19

+12 bps -45 bps

+12.6%+5.3%

Adjusted EBITDA*(R$ Mn and % of net sales)

ATACADÃO: CONTINUED GROWTH AND EXPANSION

5

Price leadership strategy and ability to take advantage of volatile inflation trends generated impressive results in Q4:

8 new stores in the quarter and 1 whole sales, achieving the target of 20 openings in 2019 + 1 whole sales

7.0% 7.4% 7.3% 6.9% 6.0%

7.4% 6.8% 7.6%

1.8%5.5%

14.9% 13.6% 14.8%

9.0%

10.8%

Q4 18 Q1 19 Q2 19 Q3 19 Q4 19

Expansion LfL ex-petrol

Sales Performance

Acceleration in sales: 5.5% LfL vs 1.8% in Q3

Gross margin broadly stable even in a more competitive environment

Strong EBITDA growth (12.6%) thanks to cost dilution despite investments in expansion

1,517 1,669

15.6% 15.5%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

Q4 18 Q4 19

+10%

5,391 5,893

15.8% 15.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

7,500

8,000

2018 2019

Gross Profit*(R$ Mn and % of net sales)

+9.3%

-10 bps -36 bps

* In order to make both years comparable, Q4 18 Gross Profit and EBITDA have been adjusted downwards for 9M months of ICMS-ST tax

credits booked in Q4 and related to 9M 18. For Atacadão the adjustment of such tax credit was a decrease o R$ 158 million in gross profit

and EBITDA.

RETAIL: STRONG MULTI-FORMAT EBITDA ENABLES

ACCELERATION OF OUR E-COMMERCE STRATEGY

6

Highest quarterly increase in LfL in the last five years

Strong sales momentum in multi-format (+9.6% LfL) translated into impressive 17% growth in EBITDA thanks to cost

dilution

E-commerce: Additional investments in Q4 to maintain strong growth in non-food GMV and boost the

development of our food e-commerce offer (plus 4 side stores)

-1.4%

2.8%4.7%

6.7%8.5%

4.9%

3.3%

3.3%2.1%

4.2%

3.5% 6.1%

8.0%8.8%

12.7%

Q4 18 Q1 19 Q2 19 Q3 19 Q4 19

Carrefour ex-petrol E-Commerce

Sales Performance Adj. EBITDA

CARREFOUR RETAIL CARREFOUR MULTI-FORMAT*

825 806

4.8% 4.4%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

2018 2019

-118 bps-42 bps

-2.3%

Adjusted EBITDA (includes e-comm)(R$ mn and % of net sales)

295 271

6.4%

5.2%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

100

200

300

400

500

600

700

800

Q4 18 Q4 19

-8.1%

Q4 18 Q4 19 2018 2019

+17% +10%

CARREFOUR RETAIL

* Hypermarkets and proximity formats

STRONG MOMENTUM IN E-COMMERCE: INVESTING IN

FUTURE GROWTH

NON-FOOD FOOD

GMV 2019: R$ 2 billion (+49% growth)

Marketplace accounted for 21%, with 92% growth in 2019

E-commerce already represents 34% of total group sales

Marketplace3,756 sellers

~4 million SKUs

Building up

capacities

New Distribution Center in Cajamar

34%

66%

E-commerce non food

Store non food

14%

86%

Home Delivery

Click and Collect

Non-food sales in Q4 19

GMV 2019: R$209 million +398% growth

13 18 28

54

30%

22%

41% 39%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0

10

20

30

40

50

60

70

Q1 19 Q2 19 Q3 19 Q4 19

Number of Touchpoints Penetration

Drive and Click & Collect Food

5688

115138

0

20

40

60

80

100

120

140

160

180

200

Q1 19 Q2 19 Q3 19 Q4 19

Last-mile delivery touchpoints

7

R$ 1.45 bnR$ 761mn

BANCO CARREFOUR: A RECORD-BREAKING YEAR

8

Acceleration in growth of Atacadão card, which already

contributes 28% of total billings

Black Friday: +20% growth in transactions and +25% in average

ticket

+264.3% increase in accounts sold by digital channel

+17.3% in active portfolio y/y

34.8%*

efficiency

+31.4% in

insurance sales

+15 points at

Carrefour

NPS

2,456

2,945

2018 2019

649

827

Q4 18 Q4 19

Total Revenues (in

R$ Mn)

+27.4% +19.9%

8,382

11,570

2018 2019

Total Credit Portfolio

IFRS (in R$ Mn)

+38.0%

895

1,097

2018 2019

274

334

Q4 18 Q4 19

Adjusted EBITDA (in R$

Mn)

+21.9% +22.6%

25,852

33,097

2018 2019

Total Billings (in R$ Mn)

+28.9% +28.0%

7,543

9,722

Q4 18 Q4 19

* Total general expenses divided by financial margin. In 2018 the ratio was 36.7%

+2.4 million new

accounts

HEALTHY BALANCE SHEET WHILE INVESTING

9

R$2.8 bn0.58x net cash/ adj

EBITDA LTM

R$ 253 mnInc. discounted receivables

0.1x net cash/ adj

EBITDA LTM

NET DEBT AND

LEVERAGE

R$482 million

Dividends in 2019(R$470mn already paid) $

S&P rating

AAAEUR450 million committed

credit line as a guaranteed

alternative to finance Makro

acquisition at competitive cost

MAKRO: 1.5 YEARS OF EXPANSION IN PRIME

LOCATIONS

10

21

11

1

1 11

11

21

2

722

3

Atacadão Acquired stores

Strong geographic complementarity

30 stores

(22 fully-owned

and 8 rented)

14 gas stations

165,000 m² of sales area

+14%of sales area

Transaction value of 1.95 billion Reais

186

(Stores 2019)

30*

(Stores)

236+27% Growth

202020 organic

expansion

* Subject to CADE´s approval

MAKRO: AN ACCRETIVE TRANSACTION

11$

STORES AS IS POST RAMP-UP ATACADÃO KPIs

Gross

sales

Procurement

Scale

SG&A

EBITDA

2.8 billion reais

~R$ 16,000/m²

+60% sale increase

~R$ 26,000/m²~R$ 36,000/m²

68 stores(out of which we will acquire 30*)

Benefit from

economies of scale

187 stores

28 wholesale

Lack of Optimization 8.3% of net salesComparable to

Atacadão

Improvement

Opportunities7.2% of net sales

6.5% of gross sales

Comparable to

Atacadão

* Subject to CADE´s approval

Closing Remarks

DISCLAIMER

13

This document contains both historical and forward-looking statements on expectations and projections about operational and financial

results of the Company. These forward-looking statements are based on Carrefour management's current views and assumptions. Such

statements are not guarantees of future performance. 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

CVM (Brazilian Securities Commission) in particular the Reference Form. The Company does not assume any obligation to update or revise any

of these forward-looking statements in the future.

IR Contact

Sébastien Durchon Natália Lacava Ludimila Aielo

CFO and Director of Investor Relations Investor Relations Director IR Coordinator

Telephone: +55 11 3779-8500

ribrasil@carrefour.com

www.grupocarrefourbrasil.com.br