Core Insights - The company reported consolidated net sales of €8,260 million for 2025, reflecting a 0.5% increase on a like-for-like basis but a 2.5% decrease in total sales [6][11] - Adjusted EBITDA rose by €79 million to €655 million, marking a 13.7% increase, with adjusted EBITDA after lease payments increasing by 77% to €198 million [6][14][20] - The company is undergoing financial restructuring and aims to reach an agreement with creditors by June 2026, with a focus on strengthening its financial structure through the "Renouveau 2030" strategic plan [3][41][45] Financial Performance - The company achieved a trading profit of €64 million in 2025, a significant recovery from a loss of €49 million in 2024 [11][22] - The net loss attributable to the Group was €402 million, compared to a loss of €295 million in 2024, primarily due to financial restructuring costs [29][27] - Free cash flow improved by €519 million to -€120 million, indicating a positive trend despite ongoing challenges [30] Operational Highlights - The company closed or exited 1,178 outlets while opening 207 new stores and integrating 112 stores into franchises or business leases in 2025 [12] - Convenience brands generated €7.1 billion in sales, reflecting a 0.7% increase on a like-for-like basis, while Cdiscount sales decreased by 0.7% to €1.0 billion [12] - Cost-cutting measures and operational action plans were implemented to reduce shrinkage and improve receivables collection [12] Financial Position - As of December 31, 2025, the company's liquidity stood at €1,002 million, with cash and cash equivalents of €1,190 million [10][34] - The net debt increased to €1,493 million, up €290 million from the previous year, influenced by real estate disposals and finance expenses [32] - The company satisfied financial covenant requirements with a net debt to adjusted EBITDA ratio of 4.66x, below the threshold of 7.17x [9][38] Strategic Initiatives - The "Renouveau 2030" plan aims for a gross merchandise value of €15.8 billion and adjusted EBITDA after lease payments of €644 million by 2030 [41] - The company is targeting additional savings of over €150 million from 2029 to 2030 and plans to reduce the nominal value of Term Loan B to €800 million [47] - Ongoing negotiations with creditors are crucial for the successful implementation of the strategic plan and financial restructuring [45][43]