Grupo Carrefour BrasilQ2 20 Results

July 28, 2020

OUTSTANDING PERFORMANCE IN Q2 AND H1 20

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Capturing the benefits of our omnichannel strategy: connected ecosystem and leveraging synergies between businesses

» Strong performance whatever the

circumstances

» LfL 8.6% even without “Dia A”* in 2020

» Strong sales in June with B2B gradual

reopening and higher flow in B2C

» Best one-stop-shop offer

» Growth twice that of market

» LfL ex-petrol 30.3%

» Simplified promotional program

» Record NPS

» +30% share of wallet

» +30% PGC volumes – private label

» Full-fledged bank

» +8% on-us billings in Q2 20

» +12.7% billings in June, signaling

recovery

» Assistance to clients during crisis

» 3 years of growth in a single quarter

» 39 p.p. above market growth

» R$918 million total GMV

» +377% food GMV and +65% non-food

» 39% appliances online sales penetration

» 7.7% food online sales penetration

» 60% penetration of perishables in the

basket

* Atacadão’s Anniversary Campaign (“Dia A”), usually held in April, w as cancelled in 2020 due to COVID-19 pandemic.

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Q2 20: EXCELLENT PERFORMANCE ACROSS THE BOARDQ

2 2

020

GROSS SALESINC PETROL

R$ 17.6 bn

+15.4% yoy

ADJ. NET INCOME

GROUP SHARE

R$ 713 ml

+74.9% yoy

4.5% margin

(+160 bps)

7.7%

14.9%

7.2%11.4%

Q2 19 Q2 20 H1 19 H1 20

LfL consolidated sales evolution

(ex-petrol)

1,117 1,424 2,160

2,539

8.1% 9.0%8.1%

8.4%

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

Q2 19 Q2 20 H1 19 H1 20

Adjusted EBITDA evolution

13.7% 12.6% 14.0% 13.3%

Q2 19 Q2 20 H1 19 H1 20

SG&A evolution as

% of net sales

Consolidated 14.9%

Atacadão 8.6%

Retail 30.3%

+27.5%

+17.5%

LfLEX-PETROL

ADJUSTED

EBITDA

R$ 1.4 bn

+27.5% yoy

9.0% margin

(+90 bps)

LEVERAGE & DEBT

R$ 2.7 bn*0.52x net debt/ Adj. EBITDA LTM

R$ 4.7 bn*Includes discount of receivables

0.92x net debt/ Adj. EBITDA LTM

*Includes lease debt (IFRS16)

IoE payment: R$482 ml (R$0.24/share) - first installment on 9/25 and second on 11/23

ATACADÃO: STRONG PERFORMANCE WHATEVER THE CIRCUMSTANCES

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+13.5% yoyGross sales

8.6% LfL Even without “Dia A” in 2020

6.2% Expansion +1 new store

Adjusted EBITDA

R$862 million+28.3% yoy

Adjusted EBITDA Margin

8.1% (+100 bps yoy)

Best price perfectly suited

to crisis

Sustained B2B and B2C

growth, more than offsetting the impacts of crisis

Sales remained strong in June,

with gradual reopening of B2B and sustained activ ity in B2C

c

1.8%

5.5%

7.0%

8.6%

Q3 19 Q4 19 Q1 19 Q2 20

LfL ex calendar

Best

quarter

since the IPO

672

862

Q2 19 Q2 20

Adjusted EBITDA evolution

(R$ million)

+28.3%

5

c

RETAIL: GROWING TWICE AS FAST AS THE MARKET

+30%Share of wallet

Record

NPS +30.3% LfL

ex-petrol

13.6%15.6%

28.8%31.8%

Retail Hypermarkets

Market Carrefour

Source: Nielsen –the methodology used show s a slight ly

different grow th for Carrefour Retail.Best one-stop-

shop offer

Simplified promotional program

best price perception among clients

Twice market growth

+25%productivity

Market share gain in

hypermarkets

c

+16.2%

Food+52.3%

Non-food

+30%Private label

PGC Volumes

yoy

16.0%

Retail + C&C

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RETAIL: CLEAR EFFICIENCY GAINS

Retail Adjusted EBITDA (R$ million)

+78%

Retail adjusted EBITDA

R$424 million

+78.2% yoy

Adjusted EBITDA margin

8.1% (+2.8 p.p. yoy)

Adjusted EBITDA margin

9.3% (+5.1 p.p. yoy)

Adjusted EBITDA (ex-petrol and galleries)

R$449 million

+187.5% yoy +293 million

+122 bpsgross margin

Adjusted EBITDA margin expansion expetrol and galleries

-396bps SG&A

+dilution, productivity and

e-commerce expansion

Nominal reduction in SG&A if we were to exclude COVID-

19 expenses

+93 bps reduction in shrinkage /

+29 bps efficiency in supply

+5.1 p.p.

Adj. EBITDA

Q2 19

Retail Gas Stations +

Galleries

Adj. EBITDA

Q2 20

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E-COMMERCE: 3 YEARS OF GROWTH IN A SINGLE QUARTER

Total GMV Growth*

* Includes last-mile delivery

473 480

833550

918

Q2 19 Q3 19 Q4 19 Q1 20 Q2 20

+94%

80%

119%

E-commerce E-bitCarrefour.com.br

c

c3-year growth in a quarter in e-commerce - we are close to breakeven

Ranked 7th in # of visits in July (vs. 46th at launch)

Source: E-bit – excludes players that are exclusively marketplace

+39 p.p.

c

25.4% 28.6% 31.5%

Online Penetration

2.0% 2.5%7.7%

jun/19 jan/20 jun/20

São Paulo

14%

Curitiba

19%

Appliances

39%

% non food online / total non food

% food online / total food

We grew much faster than the market in June, reaching levels above Q4 19 (Black Friday)

E-COMMERCE: REMARKABLE ACCELERATION

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c Increase of 12 p.p in repeat purchase rate among

new and +11 p.p. for existing clients

RECURRENCE

+377% growth of Food GMV(includes last-mile delivery)

c 97% of clients received their order on

time, +10 p.p. versus Q120

EFFICIENCY

c 60% penetration of perishables in the

basket

WE HAVE FRESH

60% of online sales come from NEW clients and

70% of them are totally new to the hypermarkets

as well

NO CANIBALIZATION

cc Food GMV by platform

Last-mile delivery Carrefour

56%

44%

1T20

41%

59%

2T20Q1 20 Q2 20

c

c

BANCO CARREFOUR: FULL-FLEDGED BANK

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» Digitalization Acceleration

Acquisit ion +85% yoy

Channels Access

+27% yoy

Agreements

+273% yoy

Post-cancellat ion payments+256% yoy

» Revenue diversification

» Insourcing of bank settlement, reducing costs

» Improved management of financial flows and reduced number of intermediaries

» Full bank

» As expected, slowdown and increased provisions.

EBITDA: R$ 184 million (-27% yoy)

» June showed signs of an improved trend (+12.7% billings yoy)

» Platform to support cardholders to publicize their

business during the crisis

» +450 registered partners

» Communication to clients with +200k hits

Assisting clients

during crisis

Investments in the bank’s long-term strategy continue at the same pace

Support for increasingly sustainable production models

We changed how we work and manage

TRANSFORMATIONAL ACTIONS

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A new e-commerce platform developed in 6 months with an agile methodology based on a

new architecture concept» over 150 people (+100 developers) and 3,000

stories

» centralized customer base (omni process)» own payment engine

TIME» Site functionalities adjustments could take from 2

to 3 weeks. In the new architecture, this can be

achieved within days or even hours» Recruitment process reduced by 9 days/1,000

new hires per month, 100% digitally

Act for Change building transformation, generating

synergies and more business

» partnership with 460 local producers

» support for 51 social projects - impacting 2.6 million people

» Signatory of the Global Compact

In 2019, the Company:» Reduced CO2 emissions by 1,300 tons

» Replaced 5.5 million plastic bags

Commitment until 2025:

» 100% of product packages will be made from more

sustainable materials

» 50% cut in food waste at Carrefour and Atacadão stores

Environment

preservation and

protection

Social Role

Commitment to zero deforestation

Sustainability report published in June

AGILITY – Agile Continued Improvement Center (CMD)

STRUCTURAL CHANGES

» 3-year growth in one quarter in e-commerce

» 1.5-year expansion upon Makro deal approval

» Proven omnichannel business model

» Strong brand perception and engagement of the

client

» Higher share of wallet

» Higher NPSc

ECOSYSTEM PROMOTING STRUCTURAL AND SUSTAINABLE IMPROVEMENTS

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WE GREW ONLINE & OFFLINEDIGITAL ACCELERATION» 39% of appliances sales and 7.7% of

food came from online retail in June

» Launch of ATACADÃO MARKETPLACE

» 85% increase in the acquisition of online

cards (vs. Q2 19)

RetailLfL

Store

LfL

E-commerce

LfL

Total

Food 14.0% 377.0%* 16.2%

Appliances (1P) 79.5% 51.0% 70.7%

» Highest LfL for Atacadão since IPO, even without

“Dia A” in 2020

» Profitable financial arm

c c

* Includes l1st-mile delivery

DISCLAIMER

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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 guarantee 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.

Telephone: +55 11 3779-8500

ribrasil@carrefour.com

www.grupocarrefourbrasil.com.br

IR Contactc

Sébastien Durchon

Vice-President of Finance (CFO) and

Director of Investor Relations

Natália Lacava

Investor Relations Director

Ludimila Aielo | Victor Bento

Investor Relations Specialist