The 2025 results show a clear dichotomy between the European and Latin American shores. In France, the operating margin reached 3.0%, confirming the effectiveness of the business model based on competitive pricing and the expansion of proximity formats. Spain also recorded a positive performance, with a jump in current operating profit of 13.5%, consolidating its role as a European pillar. In contrast, Brazil faced a challenging macroeconomic environment with interest rates at 15% that weighed on purchasing power, leading to a stable operating result at constant exchange rates but a 7.2% drop at current exchange rates. In Argentina, despite hyperinflation, the group managed to gain significant market share in both value and volume…
