Operator

Good day, and thank you for standing by. Welcome to the Carrefour Q1 2026 Sales Webcast and Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mr. Matthieu Malige, CFO. Please go ahead.

Matthieu Malige
Chief Financial Officer

Good afternoon to all of you, and thank you for attending this 2026 Q1 sales call. I'm here with Sebastien Valentin, Head of Investor Relations and the rest of our IR team.

Before we get into the numbers, I would like to remind you that Carrefour's operations in Romania are now accounted for as discontinued operations in accordance with the IFRS 5 accounting standard.

Moreover, as announced during the presentation of our Carrefour 2030 strategic plan, we are today introducing our new reporting format centered on our 3 core countries: France, Spain and Brazil.

Let me start with a few key highlights before we get into the details of our Q1 numbers. The group had a solid start of the year with Q1 like-for-like sales up 2.2%. This performance was driven by accelerating business trends in France and Spain. Brazil is resilient in a still challenging market marked by this quarter by a sharp deceleration in food inflation.

On the strategic front, we started the operational implementation of the Carrefour 2030 plan with numerous initiatives. In Europe, we started to see the first positive effects of Concordis, our new European buying alliance in our negotiations with major FMCG suppliers.