Core Viewpoint - French retailer Casino is entering a new round of debt restructuring discussions to support its "Renouveau years 2030" recovery plan, aiming to improve its financial position and operational efficiency [1][3]. Debt Restructuring - Casino is negotiating with lenders regarding over €1.4bn ($1.61bn) of Term Loan B facilities maturing in March 2027, proposing to cut the nominal value from €1.4bn to €800m and reduce the interest rate from 9% to 6% [1][2]. - The proposed restructuring includes extending the maturity of all group financing by five years and implementing a payment-in-kind (PIK) interest structure for the first two years [2]. Financial Goals - The restructuring aims to lower net leverage to below 1.7x by 2029 and address identified liquidity requirements of €500m through equity raises and reduced interest costs [3]. - Casino has set ambitious targets under the Renouveau 2030 plan, including €15.8bn in gross merchandise volume (GMV) by 2030 and adjusted EBITDA of €644m after lease payments [5]. Operational Strategy - The company plans a full refurbishment of the Monoprix chain by 2030 and aims to expand the Franprix Oxygène format to 800 outlets [6]. - Additional plans include the development of Naturalia's La Ferme concept and the introduction of new Spar and Casino formats in 300 shops, along with over 210 new Casino, Vival, and Spar stores by 2030 [6].

Core Insights - Casino Group has expanded its Renouveau plan to 2030, reflecting confidence in its strategic direction and operational improvements [4][5][6] Financial Performance - The company reported a return to growth in like-for-like sales, with a 2.4% increase in Q2 and 0.5% in H1 2025, alongside a 12% growth in adjusted EBITDA [6][9] - As of September 30, 2025, Casino Group had a liquidity position of €1.22 billion and successfully passed its first solvency test [3][10] Strategic Initiatives - The Renouveau 2030 plan includes modernizing stores, rolling out new concepts, and enhancing franchising efforts, with a focus on convenience retailing and quick meal solutions [4][6][9] - Specific brand initiatives include refurbishing 100% of the Monoprix store network by 2030 and expanding the Oxygène concept in Franprix to around 800 stores [8][9] Market Context - The company is navigating a competitive landscape characterized by increasing pressure from non-food discounters and Asian e-commerce platforms, yet it remains well-positioned in the convenience and quick meal solutions markets [5][6] Financial Restructuring - Casino Group is initiating work to adapt and strengthen its financial structure, aiming to reduce debt from €6.2 billion at the end of 2023 to €1.6 billion by March 2024 [9][14] - The company plans to complete its financial restructuring by the end of Q2 2026, overseen by an Ad Hoc Committee [10][14]