Commentary & Deal Flow

Guidance: 8yr: MS+110bp area (+/-3 wpir) - Books above €2.2bn

IPTs: 8yr: MS+140bp area

• Issuer: Carrefour S.A.
• Ticker: CAFP
• Country: FR
• LEI: 549300B8P6MUJ1YWTS08
• Issuer Rating: BBB (outlook stable) by S&P
• Expected Issue Ratings: BBB by S&P
• Format: Senior, unsecured, Reg S (Cat2) Bearer Dematerialised Form
• Settle: 04-Jun-26 (T+6)
• Maturity Date: 04-Jun-34 (8-year)
• Size: € Benchmark
• Coupon: Fixed (Annual, Act/Act, ICMA), following unadjusted
• ISIN / Common Code: FR0014018Q93 / 338965583
• Docs: EMTN / French Law / MWC / No Change of Control / Clean-Up Call 75% / 3m Par Call / €100k+100k
• Listing: Euronext Paris
• Global Coordinators: CIC CIB, Deutsche Bank, HSBC (B&D), ING, IMI - Intesa Sanpaolo, Natixis
• UoP: The net proceeds of the issue of the Notes will be used by the Issuer for general corporate purposes, including the refinancing of the €1,000,000,000 2.625% Dec-2027 Bond (ISIN: FR0013505260), of which €800,000,000 are outstanding, and the €850,000,000 4.125% Oct-2028 Bond (ISIN: FR001400D0F9) which are also subject to a concurrently launched capped tender offer.
• Sustainability Performance Targets (SPTs): KPI 1: SPT for Group Greenhouse Gas (GHG) emissions reduction (scope 1 and 2, in tCO2eq.) (KPI 1): 50% reduction by 31 December 2030 compared to 2019 levels KPI 2.b: SPT for Number of suppliers committed to a climate strategy (scope 3) (KPI 2.b): Reach 150 suppliers committed to a climate strategy by 2030
• Observation Date: 31-Dec-30 (KPI 1 & 2.b)
• Step Up Mechanism: +25bp from the next coupon payment date, i.e. 04-Jun-31, up to the Maturity Date if one or two of the SPTs is not met (i.e. 4 coupons potentially impacted)
• SLB Framework & SPO: Available on Issuer's website under sections “Finance/Debt and Rating“ www.carrefour.com/en/finance/debt-and-rating
• Timing: Books open, today’s business
• Books Subject Deadline: Books to go subject at 12.30 UKT
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary have been prepared as not available to retail in EEA or the United Kingdom, respectively.
• Advertisement: The Base Prospectus dated 26-May-26 is available at www.amf-france.org and the Final Terms when published will be available on the French Stock Exchange at www.amf-france.org