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Carrefour SA is rated hold, reflecting strong core market performance but offset by Cora & Match losses and FCF uncertainty. France, Spain, and Brazil delivered ROI and margin growth, yet group margin and FCF excluding Italy/Romania deteriorated in H1 2026. Cora & Match remain loss-making; breakeven is targeted for FY2026, but H2 profit conversion is critical for sentiment and valuation.

Carrefour reported better-than-expected second-quarter sales on Thursday, as Europe's largest food retailer benefited from ​improving momentum in France and a return ‌to expansion in Brazil.