Grupo Carrefour BrasilQ4 2020 Results

February 18, 2021

Q4 20: STRONG PERFORMANCE CONSOLIDATING OUR POSITIONING

2A resilient integrated omnichannel ecosystem

Building customer relationship platforms

» Structural changes in commercial

model

» Market share gains: +130 bps in Q4

» +22% y/y private label products

volume

» New app: 2X more clients and 75%

engagement of recurring clients

generating more sales

» Cybercook: 1.9 mn users (+73% y/y)

» Migration to digital marketing leverages efficiency gains

» Less out-of-stock and losses

» New e-commerce platform

generating the highest NPS of the

year in Q4 20

» R$949 mn GMV

» +163% y/y food e-commerce

» E-commerce accelerating

contribution to margin y/y

» Total growth: 32.4%

» Market share gains in same stores

» Record LFL growth: 27%

» Higher participation of B2B clients

» Increase in volumes

» E-commerce evolution: +142% vs. Q3 20

» Rapid conversion of Makro stores with 6

store openings in Q4

» Growth accelerating with billings up

19.2% y/y

» Revenues 16.5% higher vs. Q3 20

» NPL indicators bel2X more clients

ow pre-pandemic levels

» +157% y/y in new accounts through

digital channels

» Product diversification evolution

3

CONSISTENT STRATEGY DELIVERS ANOTHER STRONG

PERFORMANCE IN Q4...

5.5%

27.0%12.7%

13.3%

7.6%

22.9%

Q4 19 Q4 20

Atacadão Retail

CONSOLIDATED LFL(EX- PETROL)

12.8%

11.2%

Q4 19 Q4 20

SG&A EVOLUTION AS % OF NET SALES

GROSS SALES INCL. PETROL(R$ MILLION)

17,638

21,962

Q4 19 Q4 20

+24.5%

Q4 2020

ADJUSTED EBITDA (R$ MILLION)

1,465

1,732

Q4 19 Q4 20

+18.2%

ADJ. NET INCOMEGROUP SHARE.(R$ MILLION)

676

886

Q4 19 Q4 20

+31.1%-163 bps

4

... AND RECORD PROFITABILITY OF 4.1% IN THE FULL YEAR

5.4%

17.6%9.1%

19.6%

6.5%

18.2%

2019 2020

Atacadão Retail

CONSOLIDATED LFL(EX- PETROL)

13.7%

12.4%

2019 2020

SG&A EVOLUTION AS % OF NET SALES

FY 2020

GROSS SALES INCL. PETROL(R$ MILLION)

62,220

74,751

2019 2020

+20.1%

4,754

5,610

2,500

3,500

4,500

5,500

2019 2020

ADJUSTED EBITDA (R$ MILLION)

+18%

ADJ. NET INCOMEGROUP SHARE. (R$ MILLION) AND

% OF NET SALES

1,927

2,758

1,000

2,000

3,000

2019 2020

+43.1%

3.4%

4.1%

-134 bps

5

STRONG CASH GENERATION TO FUND GROWTH

25% »»» 45%of Adjusted Net Income

R$ 482 million payed in 2020

(IOE)

+R$ 759 million* additional payment

in 2021 (Dividends)

=R$ 1,241 million*

R$ 0.62 per share

NEW DIVIDEND PAYOUT POLICY

*Subjected to AGM approval in April 13, 2021

Strong cash generation

from EBITDA growth and better

Working Capital management,

providing high CAPEX (R$ 1,683

million) as well as strong FCF growth

FREE CASH FLOW*(IN R$ MILLION)

962

2,426

2019 2020

+152%R$ 313 mn*

0.06x net cash/ Adj. EBITDA LTM

R$ -(1.5 bn)*Includes lease debt (IFRS16)

-0.28x net debt/Adj. EBITDA LTM

LEVERAGE & DEBT

Robust balance sheet and

strong investment capacity

*Includes discounted receivables of R$ 2,100 million

*Excluding investments in 30 Makro stores

6

Surpassing even the high level of Q3

Adjusted EBITDA evolution(in R$ million)

5.5%7.0%

8.6%

25.8%

27.0%

Q4 19 Q1 20 Q2 20 Q3 20 Q4 20

Gross sales

+32.4% yoy Q4 20

+23.2% yoy FY 2020

LfL

27.0% + 5.4% expansion Q420

17.6% + 5.7% expansion FY

2020

+22 new stores

Adjusted EBITDA

R$ 1.1 billion+25.7% yoy

Q4 20

R$ 3.6 billion

+28.6% yoyFY 2020

Adjusted EBITDA Margin

7.5% (- 39 bps yoy)

Q4 20

7.7% (+32 bps yoy)

FY 2020

» Robust growth with strong volumes and relevant contribution from

B2B customers

» Digital sales acceleration

» Market share gains in same stores

» Increase in price gap vs. competitors

» Healthy profitability

847 1,065

Q4 19 Q4 20

2,804

3,605

2019 2020

+25.7%

+28.6%

LfL ex Calendar

ATACADÃO: RECORD LFL GROWTH

2

5

42

3

2

3

1

5

1

24

2

7

ATACADÃO: STRONG EXPANSION PACE IN STORES AND ONLINE

+20 Stores and +2 Wholesale operationsFood sales online Evolution

(in R$ million)

+ 142% vs. Q3 20

A unique network:206 stores and 30

wholesale operations

Last-mile

delivery

Stores

» In only six months 25% of stores already have last-mile delivery

» 131,000 clients through Rappi and Cornershop

» Digital sales already represent 2% of revenues of stores in

which service is available

2021: Doubling expansion /

~45 new stores (+22%)

* Including 24 stores acquired from Makro, to be reopened by April/21 + stores from recurring organic expansion

RETAIL: FURTHER STRONG GROWTH AND INCREASING CLIENT ENGAGEMENT

New Meu Carrefour App

Outpacing the market in 2020

12.8% 12.5%

21.4% 23.0%

Retail Hypermarkets

MarketCarrefour

8

+150 bpsyoy

Market share

Hyper

FY 2020

+130 bpsyoy

Market share

Hyper Q420

+200 bpsMarket share yoy

over the last 2 years

» LFL continues at high levels even with cancellation of promotionalcampaigns and Black Friday

+13.3%* LfL Q4

+19.6% FY 2020ex-petrol

*includes e-commerce** Week from November 20 to 30, 2020

Source: NielsenNielsen methodology shows slightly different growth for Carrefour Retail.

Customer base 2X bigger since launch and already representing

75% of recurring clients in the

stores

Increase in incremental sales per client

1.9 million users in December

19.8% Total LfL

25.9% Non-food LfL

in Q4 20 excludingBlack Friday**

+12.2%* Q4Non-food

+27.3% FY 2020

+14.2%* Q4Food

+14.3% FY 2020

RETAIL: A STEP-UP IN PROFITABILITY

» A winning and optimized model: More efficient promotional dynamics and greater engagement

» Efficiency gains: SG&A with marginal growth leading to dilution as % of net sales

» Increase in e-commerce contribution

» EBITDA growth despite the impact of petrol and galleries

+48%

9

Q4 20 Adjusted EBITDA

R$ 455 million +42.2% yoy

Q4 20 Adjusted EBITDA Margin

8.1%(+200 bps yoy)

Gross Margin SG&A and % of Net Sales

23.9%

24.9%24.6%

25.1%

Q4 19 Q4 20 2019 2020

938 948

18.0% 16.9%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

0

200

400

600

800

1000

1200

1400

1600

1800

2000

Q4 19 Q4 20

-102 bps

3,532 3,698

19.3%18.0%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

0

1000

2000

3000

4000

5000

6000

2019 2020

-133 bps

Retail Adjusted EBITDA 2020 (in R$ million)

Adj.EBITDA2019

Retail Petrol+

Galleries

Adj. EBITDA2020

833550

918 895 949

Q4 19 Q1 20 Q2 20 Q3 20 Q4 20

10

DIGITAL: GMV NOW ABOVE R$ 3,3 BILLION

» GMV at high levels for three consecutive quarters

» Food e-commerce: 163.3%* growth

Total GMV* (In R$ million)

*Includes last-mile delivery**25% of Atacadão stores already has e-commerce

2,2433,337

2019 2020

+49% Retail:

31% of total non

food sales

5% of total food

sales

Atacadão:

2% of total sales in

stores with digital**

+14%

Structural changes positively impacting e-commerce results and marginc

New Carrefour e-commerce platform:

Record food NPS in October, closing the yearwith 90% growth vs. 2019

c

Cancellation of promotional campaigns andBlack Friday event impacting non-food GMV:1P non-food GMV: -3.1% in Q4 20 or +24.5%excluding Black Friday*

c

* Week from November 20 to 30, 2020

Acceleration in e-commerce with positivetrends in Januaryc

Over 30 and Over 90 – BRGAAP* (%)

9.9% 10.6%13.1% 11.8%

9.3%

12.9% 13.9%17.0%

13.8%11.2%

Q4 19 Q1 20 Q2 20 Q3 20 Q4 20

Over 90 Over 30

11

Improvement in risk indicators: Below pre-crisis levelsSales volume and

average ticketR$ 13.5 billion credit portfolio (IFRS9) +17%

yoy

Adjusted EBITDA: R$ 266 million (vs. R$ -4 million in Q3 20)

Accelerating the recovery

after the peak of Covid-19c

Volume recovering

Natural rollout of the portfolio

+19.2 %

Billings

Q4 19 Q1 20 Q2 20 Q3 20 Q4 20

BANCO CARREFOUR: CRISIS ALREADY OVERCOME, TOWARDS THE

NEXT STAGE OF GROWTH

*Information according to BACEN methodology No. 2682/99

BANCO CARREFOUR: DIGITAL ACCELERATION AND DIVERSIFICATION

12

New products and channels gaining traction

Record in new accounts through digital channels in Q4 20:

+157% yoy (32% of the total in Q4 20)

APAG already available in 65stores and 22 states in

February/21

Digital wallet available in

54 stores

Inclusion of revolving credit

49%

23%

48%

81%

Q1 20 Q2 20 Q3 20 Q4 20

Personal Loans(% digital application)c

58%61%

66%

70%

mar/20 jun/20 sep/20 dec/20

Digital Penetration(app + website + TAS + Whatsapp

active users / active portfolio)

REAL ESTATE: EXTRACTING VALUE FROM OUR REAL ESTATE ASSETS

13

Better infrastructure

Higher service offer

Mixed use projects

Corporate + Residential + Commercial

Renewed Stores and Galleries

62%

25%

12% 1%

< 20% 20-40% 40-60% > 60%

% Occupation of

the prioritized

projects

» Great potential to be explored by multiplying the efficiency of real estate

assets with minimal investments

» Real estate development program focused on boosting our sites through

the Carrefourecosystem

» Transformation of existing stores and galleries integrated with real estate

development capturing additional value

» 68 prioritized projects: Potential development increases the currently

explored area by 5-7x

Higher traffic

Less investment risk

290 real estate assets with

13.6 million sqm

ICONIC PROJECT IN SÃO PAULO’S MARGINAL PINHEIROS STARTED IN FEB/21

14

Site of Grupo Carrefour Brasil’s first store, inaugurated in 1975

Existing Developed

Strengthening the ecosystem

and generating value with minimal

investment

Corporate tower1

Residential building

2

Business/residential

tower

3

Hyper and shopping center

4Commercial

area

5Theater

6

Park7

Publictransportation

878% land

BENEFITS FOR CARREFOUR

Mixed use complex

13,000+ permanent residents and workers

320,000 sqm of total constructed area

Increase in traffic

Profitability 2X higher

Construction works

initiated

R$ 550 million (4x swap)

• 14.000 sqm in corporative area

• Galleries 3X bigger

• New hypermarket

15

MAIN INITIATIVES

Diversity Committee

“Carrefour por Elas”

“Amigos do Bem”

www.naovamosesquecer.com.br

TodXs+

R$ 40 million fund to the anti-racist cause

8 COMMITMENTS TO THE ANTI-RACIST FIGHT

1. Zero tolerance for racism and discrimination

2. Radical transformation of the security model

3. Disclosure of the zero tolerance policy for

discrimination

4. Investment in the career of black people

5. Private social investment in education,

entrepreneurship and employability

6. Minimum percentage of 50% of blacks in new hires

7. Prejudice and discrimination reporting mechanism

8. Stimulating black entrepreneurship

MAIN FRONTS

48%

63%

RESPECT AND EQUAL OPPORTUNITIES FOR ALL

+95 MIL

EMPLOYEES65 TRANSGENDERS 253 REFUGEES

Combating racism

Gender equality, LGBT inclusion and PCD

Social project to access basic needs

WOMEN IN THE GROUP BLACKS/COLORED IN THE GROUP

36.5% in

leadership

positions54.4% in leadership

positions

21% Senior directors

FIGHTING TO PRESERVE THE PLANET

16

» CO2 Emissions: Global Group

commitment to reduce them by

30% by 2030 and 55% by 2040.

» Livestock and sustainable fishing

» Plastics reduction

» Recycling stations

» Reduction in energy consumption

2020

Guarantee of Origin Seal

Member of the

Sustainable Livestock

Working Group

Committed to

Zero Deforestation

Sustainable Meat

Policy

Pioneer in adopting a

park in the Amazon

ZERO DEFORESTATION CIRCULAR ECONOMY

FIGHTING AGAINST WASTE

2019 2020

-19%

CO2 Emissions

» Unique and Sansform: Sale of non-

standard products - 38% increase in

sales in 2020

» Handling care

» Repackaging

» Cybercook: Recipes for reusing food

90’s

2007

2010

2016

2021

• Elaboration of the Harmonized Protocol

• 100% of meat suppliers monitored (vs.

40% in 2019)

• Creation of the livestock committee

• Partnership with WWF to track soy in feed

protein chain by 2025

• Small producers onboarding platform

17

» 2020 Achievements:

» Tooth clipping done only curatively

» Gestation cage time reduced from 35 to 28 days – Goal

achieved 2 years ahead of deadline

ANIMAL WELFARE

» Ambition: Commercialize only cage-free

eggs until 2028

» First retailer in Brazil to announce animal welfare

commitment in the pork chain until 2025 for Private

Label and 2028 for other brands.

» 2020 Achievements:

» 100% of eggs sold under the “Sabor &

Qualidade” private label from cage free hens

33% of Carrefour's private labor suppliers integrated in

the cage free system

SWINE CHAIN LAYING HENS

» Creation of the first Ampara Animal Hospital in SP, in partnership with Carrefour,

which offers free castration for dogs and cats, from residents of the peripheries

» More than 7,300 animals benefited

» Donation of food for animals rescued from the Pantanal fires and more than 120

tons of feed donated throughout Brazil

ANIMAL CAUSE

18

Banco

Carrefour

digitalization

Investments in health and

safety in the face of

COVID-19

Record sales growth

Higher

share of

wallet

Profitable strategy in e-commerce

B2B client integration in e-commerce

Atacadãomarketplace

Successful last mile delivery

partnerships

Among the lowest

distribution costs in Brazil

(Atacadão)

Super APP

Acquisition of Makro stores

New

e-commerce platform

Market

share gains

Volume growth

Strong cash generation

New

commercial

dynamics in

retailNew loyalty

program

2020: ANOTHER YEAR OF ACCELERATION IN OUR ECOSYSTEM

19

GOING FORWARD: MUCH MORE GROWTH AHEAD

2020 ACHIEVEMENTS 2021 PROSPECTS

Market share gains Further increase: Recognized and more competitive models

Changes in consumer behavior More people eating at home

Acquisition of 30 Makro stores Stores converted and reopened by April 21 + organic expansion

Banco Carrefour: Rapid recovery from the crisis;

improvement in credit indicators; strong portfolio growthStrong growth in 2021: More digitalized operation + new products =

step-up in business

Minimizing the impacts of the crisis on some activities: gas

stations, galleries and Black Friday cancellationRecovery: Returning to 2019 levels

“Boom” in food e-commerce

(5% penetration in 2020 vs. 1% in 2019)

• Roll-out of last-mile delivery at Atacadão (now available in 25% of

the stores)

• Ramp-up of the new e-commerce platform

• Growth of the Carrefour and Atacadão marketplace

DISCLAIMER

20

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 guarantee 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.

Telephone: +55 11 3779-8500

ribrasil@carrefour.com

www.grupocarrefourbrasil.com.br

IR Contactc

Sébastien Durchon

Vice-President of Finance (CFO) and

Director of Investor Relations

Natália Lacava

Investor Relations Director

Ludimila Aielo | Victor Bento

Investor Relations Specialists