Grupo Carrefour BrasilQ1 2020 Results

May 12, 2020

CARREFOUR MOBILIZED TO CONFRONT COVID-19

2

R$ 15 million donation of basic products

“Buy-and-give (“Compra solidária”): donation campaign at

cashiers and on the dedicated website www.comprasolidaria.carrefour.com.br

“Community masks”

project (“Ma ́scaras solida ́rias”): support to low-income women

Solidarity

Recurring negotiat ions with suppliers in order to avoid or limit price adjustments

Price freeze on 200 private-label products for two months

Specifc measures in

perishables category

Purchasing power

protection

Masks and hand sanit izer gel in all stores

Plaxiglass panels at cash registers

Social distance

signage

Temperature measurement

External and internal communication

Thermo-fogging and atomizer

Paramount

focus on safety

Increased inventories for the most crit ical products

Management of product assortment

Risk monitoring

5,000 hirings

Expansion of our food e-commerce capacity

Ensuring supply

1

1

1

1

1

1

First to implement in Brazil1 Innovative Only Carrefour

>240 initiatives in 15 days One of the 10 top-of-mind brands for Brazilians*

*During pandemic, according t o Croma consult ancy research published in Exame magazine.

Business units update

PROFITABLE GROWTH IN AN UNPRECEDENTED ENVIRONMENT

4

Strong sales growth: Robust pre-crisismomentum boosted by increaseddemand during the second half of March.

Cost dillut ion and suply chain efficiency

gain, especially in Retail, result ing in strongEBITDA, even considering COVID-19-related costs and the conservativeapproach in risk provisioning by BancoCarrefour.

Commitment to delivering consistentresults, ensuring safety and the continuityof our business in a disrupted scenario.

Q1

20

20

LfL EX PETROL

7.6%

GROSS SALESINC. PETROL

R$ 15.9 bn+12.2% yoy

ADJUSTED EBITDA

R$ 1.1 bn+6.9% yoy

7.7% margin

ADJ. NET INCOME

GROUP SHARE

R$ 401 ml-1.5% yoy

2.8% margin

6.6%7.6%

Q1 19 Q1 20

Consolidated LfL Evolut ion(ex-petrol)

1,043 1,115

8.1% 7.7%

00%

01%

02%

03%

04%

05%

06%

07%

08%

09%

-

1000. 0

2000. 0

Q1 19 Q1 20

Adjusted EBITDA evolut ion

14.3%

14.0%

Q1 19 Q1 20

SG&A Evolut ion (% of net sales)

635694

7.4%7.1%

00%

01%

02%

03%

04%

05%

06%

07%

08%

09%

500.0

550.0

600.0

650.0

700.0

750.0

800.0

850.0

900.0

950.0

1000. 0

Q1 19 Q1 20

1,373

1,503

15.9%15.4%

00%

02%

04%

06%

08%

10%

12%

14%

16%

18%

1000. 0

1100. 0

1200. 0

1300. 0

1400. 0

1500. 0

1600. 0

1700. 0

1800. 0

1900. 0

2000. 0

Q1 19 Q1 20

-30 bps

Adjusted EBITDA(R$ mn and % of net sales)

ATACADÃO: WELL POSITIONED IN THE CURRENT ENVIRONMENT

5

Nationwide presence, strategic positioning in basic products and agile commercial model are key assets to deliver

impressive results in an uncertain scenario:

Sales: Strong pre-crisis growth and surge in demand since mid-March (+18.6%), with 7.0% LfL (ex-calendar) vs. 5.5% in Q4 19

Gross margin: Stable compared to Q4 19 and -50 bps vs. Q1 19 due to a strong comparison basis

EBITDA: Strong 9.3% growth due to cost dillution, compensating additional costs caused by the COVID-19 pandemic

Strong expansion maintained: 4 new stores in the quarter, 16 under construction, acquisition of 30 Makro stores

Sales Performance Gross Profit(R$ mn and % of net sales)

-50 bps

+9.3%+9.5%

7.4% 7.3% 6.9% 6.0% 6.0%

6.8% 7.6%

1.8%5.5%

7.0%

13.6% 14.8%

9.0%

10.8%13.6%

Q1 19 Q2 19 Q3 19 Q4 19 Q1 20

Expansion LfL ex-petrol

Q1 19 Q1 20

203 213

4.8% 4.6%

-10%

-08%

-06%

-04%

-02%

00%

02%

04%

06%

08%

100.0

150.0

200.0

250.0

300.0

350.0

400.0

Q1 19 Q1 20

RETAIL: STRONG GROWTH AND EFFICIENCY GAINS IN MULTI-FORMAT

6

Strong growth in online and offline sales, specially in the food category. LfL ex-petrol reached 8.9% (vs. 6.1% in Q1 19),

maintening its strong pre-crisis momentum

Multi-format: Strong performance with increased volumes (+5.6%) and average ticket (+8.5%) offsetting the lower traffic in stores, which was already expected as a result of the confinement measures.

Supply chain efficiency gains and fixed cost dillution, which we had already experienced in previous quarters, intensified in Q1 20 (+108 bps) and compensated increased costs related to COVID-19, resulting in a 24.1% EBITDA expansion in multi-format

and +4.9 % in the consolidated numbers.

Carrefour RetailSales Performance

2.8%4.7%

6.7%8.5% 7.8%3.3%

3.3%

2.1%

4.2%

1.1%6.1%

8.0%8.8%

12.7%

8.9%

Q1 19 Q2 19 Q3 19 Q4 19 Q1 20

Carrefour ex-petrol

E-Commerce -20 bps

Carrefour RetailAdjusted EBITDA

(R$ mn and % of net sales)

+24.1%

Carrefour Multi-formatAdjusted EBITDA

+4.9%

3%

25%

30%

42%

Q4 19

2%

36%

15%

47%

mar/20

31% 22%41% 39%

15%

69% 78%59% 61%

85%

Q1 19 Q2 19 Q3 19 Q4 19 Q1 20

Drive e Click&Collect Home delivery

E-BUSINESS: AN INCREASINGLY POPULAR CHANNEL

FOOD

Resilient even in an uncertain and unprecedented environment

Represents 23% of total non-food retail in Q1 20

NON-FOOD

Delivery Formats

25.345.9

62.8 74.7 84.8

0

10

20

30

40

50

60

70

80

90

100

1T19 2T19 3T19 4T19 1T20

+235%

* Includes last-mile delivery.

Food GMV Growth*

Food GMV by platform

FOOD Strong posit ive effect from

COVID-19

GMV growth of 235%

Record number of orders in a single day: 4,269

Side stores playing a strategic role

2%

36%

15%

47%

mar/20

Marketplace Side Store

Distribution center Last-mile delivery

7

BANCO: +2.9% GROWTH IN EBITDA DESPITE HIGHER CREDIT COSTS

8

Solid growth: Credit portfolio +34%, billings +26% and Atacadão card penetrat ion reaching c. 14%

COVID-19: Proactive strategy adjustment in early March

Credit: Restrict ion in policies, reinforced monitoring

Customer service: Difficult ies prevention, financial education

and preventive renegotiation

SG&A costs: Focus on core activit ies

EBITDA: +2.9% despite a cautious increase in provisions in an uncertain environment

7,135

9,019

Q1 19 Q1 20

Total Billings(R$ ml)

+26.4%

8,83611,876

Q1 19 Q1 20

Total Credit Portfolio - IFRS (R$ ml)

+34.4%

654

829

Q1 19 Q1 20

Total Revenues(R$ ml)

+26.8%

245 252

Q1 19 Q1 20

Adjusted EBITDA(R$ ml)

+2.9%

PROVISIONS: ADEQUATE COVERAGE

FOR PORTFOLIO GROWTH AND

INCREASED RISK

Provision 03/31: R$ 3.1 bn

Provision/portfolio (Bacen): 12.3% (Q1 20) vs. 11.7% (Q1 19)

Over90 (Bacen): 10.6% (Q1 20) vs. 9.5% (Q1 19)

Risk charge: +R$133 ml vs. Q1 19(IFRS9 methodology, except for Provision/portfolio

and Over90)

STRONG BALANCE-SHEET IN AN UNCERTAIN ENVIRONMENT

9

R$ 4.2 bn* 0.88x net debt / Adj. LTM

EBITDA

R$ 6.6 bn*Incl. discounted receivables

1.37x net debt / Adj. LTM

EBITDA

*Including lease (IFRS16)

LEVERAGE AND DEBT

S&P rating

AAAbr

April 17 report confirming the maintenance of the rating

EUR 450 million in a committed credit line to finance the

acquisition of Makro and a R$

1.5 billion loan to strengthen

financial structure

Closing Remarks

STRENGTHENING OUR ECOSYSTEM

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+5 Stores+4 Atacadão

+1 Market

Q1 2020

30 stores54

110

+235% GMVfood

e-commerce (including last-mile)

Healthy food aisles in

89 hypermarkets

~3,000 organic and

healthy products

+2,500 private- label

products SKUs

(13.3% of net sales in

Q1 20)

New growth drivers

+26.4% in total billings

(vs. Q1 19)

Financial strength

Focus on essential

activities

Strong growth maintained

EXPANSION

OMNICHANNEL

FOOD

TRANSITION

FINANCIAL

SERVICES

CAPITAL

STRUCTURE

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 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 Contacts

Sébastien Durchon Natália Lacava Ludimila Aielo | Victor Bento

CFO and Director of Investor Relations Investor Relations Director IR Specialist

Telephone: +55 11 3779-8500

ribrasil@carrefour.com

www.grupocarrefourbrasil.com.br