Commentary & Deal Flow

Reoffer: 8yr: MS+107bp / 99.172 / 3.998%
Benchmark: 8yr: DBR 2.2 Feb-34 @ 95.435 / B+113.1bp / HR 101%

Final Books above €1.6bn. Peak book above €2.2bn.

Launched: 8yr: €750m @ MS+107bp - Books above €1.8bn (pre-rec)
Guidance: 8yr: MS+110a - Books above €2.2bn


IPTs: 8yr: MS+140a

• Issuer: Carrefour S.A.
• Ticker: CAFP
• Country: FR
• Issuer 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
• Settlement Date: 04-Jun-26 (T+6)
• Maturity Date: 04-Jun-34 (8-year)
• Size: €750m
• Coupon: 3.875% Fixed (Annual, Act/Act, ICMA), following unadjusted
• Reoffer: MS+107bps / 3.998 / 99.172
• Spread vs DBR: DBR 2.2 Feb-34 (95.435) + 113.1bps / HR 101%
• ISIN / Common Code: FR0014018Q93 / 338965583
• Docs: EMTN / French Law / MWC (B+20) / 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 €800,0000,000 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
• 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
• ToE: 15.14 UKT
• FTT: 15.35 UKT