5493000O0NZ1BCXO8K39-2025-03-31-0-en.xhtml

Annual Report 2024/25

with Sustainability statement

Halle, 13 June 2025

FINANCIAL YEAR 2024/25

Annual report presented by the Board of Directors

to the Ordinary General Meeting of Shareholders

of 25 September 2024 and Independent auditor’s report

The Dutch annual report in the European Single Electronic

Format (ESEF) is the only official version.

Dit jaarverslag is ook verkrijgbaar in het Nederlands.

Ce rapport annuel est également disponible en français.

Financial year 2024/25 covers the period from

1 April 2024 to 31 March 2025.

This annual report is also available on

colruytgroup.com/en/annualreport.

Our corporate website also includes all press releases,

extra stories and background information.

Table of contents

Halle, 13 June 2025

FINANCIAL YEAR 2024/25

Annual report presented by the Board of Directors

to the Ordinary General Meeting of Shareholders

of 25 September 2024 and Independent auditor’s report

The Dutch annual report in the European Single Electronic

Format (ESEF) is the only official version.

Dit jaarverslag is ook verkrijgbaar in het Nederlands.

Ce rapport annuel est également disponible en français.

Financial year 2024/25 covers the period from

1 April 2024 to 31 March 2025.

This annual report is also available on

colruytgroup.com/en/annualreport.

Our corporate website also includes all press releases,

extra stories and background information.

Table of contents

p04 Preface

p06 Who are we?

p07 Our culture and identity

p08 Our strategy

p15 Our vision on sustainability

p21 Management report

p30 Key figures

Intro

Activities

Corporate governance

Only available online:

p97 Sustainable corporate governance

p127 Sustainability statement (CSRD)

p232 Financial report

Full annual report online:

colruytgroup.com/en/annualreport

or scan this QR code

p94 Governance, supervision and management

p97 Share ownership, Colruyt shares and bonds

p69 p75 p80

p39

Food retail

p57 Wholesale

p63 Food service

p66 Food production

p84 Group support activities

Table of contents

Food

Health and

Well-being

Non-

food

Energy

p04 Preface

p06 Who are we?

p07 Our culture and identity

p08 Our strategy

p15 Our vision on sustainability

p21 Management report

p30 Key figures

Intro p03

Activities p37

Corporate governance p93

Sustainability statement p127

p94

Governance, supervision and management

p97 Sustainable corporate governance

p119 Share ownership, Colruyt shares and bonds

p69 p75 p80

p39

Food retail

p57 Wholesale

p63 Food service

p66 Food production

p84 Group support activities

Food

Health and

Well-being

Non-

food

Energy

p128 General information

p149 Environment

p199 Social

p216 Governance

p228 Audit report

Financial report p232

Table of contents

Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

Word from the

Chairman

We are living in turbulent times

and that comes with a huge dose

of unpredictability, uncertainty and

unrest: we are increasingly feeling the

effects of climate change; geopolitical

tensions and conflicts are on the

increase; the digital world is still racing

ahead; and the mental health of many

people is under pressure.

All of this puts a burden on our current

socioeconomic fabric, and I feel that

the political world is searching for ‘the

steering wheel’.

Colruyt Group is increasingly having to

deal with the impact of disrupted supply

chains, such as those for coffee and

cacao. Global warming and geopolitical

conflicts will only make this worse. Our

craftsmanship in retail and our resilience

will continue to be crucial in this matter.

In the midst of all this frenzy and

commotion, we also notice that

customers are constantly on the look-out

for equilibrium and moments of peace.

In addition to managing their household

budget, it’s also a matter of managing the

available time, convenience, and being

able to enjoy this together on a regular

basis.

There is one absolute certainty: we are

going to have to deal with uncertainty, as

a society, as a company, and as human

beings.

Colruyt Group, with its strength and

drive, wants to continue doing business

alongside all its employees and use

our joint craftsmanship to make a

meaningful contribution. In the main

by ensuring that customers have the

food they need, at an affordable price

and sustainably produced. Belgian,

sustainable and healthy are the key

words in this respect.

This primary focus gives us the inner

space to do business inventively,

resiliently and productively. Together with

employees, suppliers and financiers, on

behalf of our customers. Always thinking

about the long term.

Our optimistic disposition means

we can continue to see the multiple

opportunities that present themselves.

This family business has always been true

to its individuality, which is in essence

about faith in people and possibilities,

in a world where change is the only

constant. We would like to be a valuable

point of reference by consistently doing

what we say and saying what we’re going

to do, and in this way building trust

with everyone that comes into contact

with us.

Without being naive or losing touch with

reality. The reality of doing business

means that we sometimes question

roads already travelled and have to make

difficult choices. For example, we have

now found a new ‘home’ for Dreamland,

Dreambaby and Parkwind, where they

can continue to flourish. We will also be

doing all in our power to offer employees

from our French retail format Colruyt Prix

Qualité the best possible support.

Sustainable growth presupposes that as

a company we are permanently creative

with the resources at our disposal and

that we use them as meaningfully and

productively as possible. It also requires

that we remain innovative throughout

the entire retail chain, right up to the

customer.

In this vein, from its philosophy of

entrepreneurship and customer focus,

the group supplemented its food retail

activities a few years ago with a great

range of products and services in health

prevention. Because that’s what the

consumer is looking for. The group

would like to do its bit for the health

of employees, customers, and society

at large. Because prevention is better

than cure, and often cheaper too. Jims,

Newpharma and Yoboo are the most

visible players in this venture, but other

brands are also prioritising health.

Together, they are helping to develop a

more holistic approach to health, which

will bear fruit in the long term.

Thinking and acting with a focus on our

legacy for future generations is part of

what we see as the task of our company.

Creating added value sustainably

and together by making a meaningful

contribution. We will continue to

navigate this course, even if we have to

battle storms along the way. The Board

of Directors of Colruyt Group, which with

the future in mind is also systematically

rejuvenating, will stick to this path. Of

that you can be assured, dear employees,

customers, partners and shareholders.

I would like to extend a special thanks

to all our employees for the work they

put in every day, over and over, to

deliver meaningful added value to every

single one of our customers. Your smile

combined with the quality you deliver

continues to inspire. Congratulations.

“ Sustainable growth

also presupposes

being permanently

creative and using

the resources at

our disposal as

meaningfully and

productively as

possible.”

Jef Colruyt

Word from the CEO

We can categorically describe the

previous financial year 2024/25 as

challenging. Our revenue, which rose to

almost eleven billion euros, was largely

impacted by unfavourable summer

weather, diminishing food inflation

and generally fierce competition in the

Belgian retail market. The consolidation

of the acquired Match and Smatch

stores, Degrenne Distribution, Délidis

and NRG again had a positive effect on

revenues. The market share in Belgium

itself fell slightly, but as a group we

succeeded in achieving a gross profit

margin of 30,0%.

We remain focused on our long-term

objectives and continue to invest with

a view to consistently maintaining our

strategy and further reinforcing our

position as the last remaining Belgian

retailer. In addition, we plan to combine

all our efforts to, among other things,

further enhance employee expertise,

increase general productivity throughout

the entire chain, and direct the

necessary focus on the returns from our

investments.

As a Belgian retailer, we want to be

readily accessible to all consumers. Our

food stores serve customers across the

country and at every stage of life, where

proximity, convenience and speed,

breadth of range, friendly service and

most of all price are important.

As a Belgian group, we are also

firmly committed to the anchoring

of agricultural production and the

associated local expertise in our own

country. We sell the products of more

than six thousand Belgian agricultural

producers. We have a direct working

relationship with six hundred producers,

often in cooperatives that we have

helped establish. We are also continuing

to invest in our own production facilities,

for example our vineyard and the marine

farm.

In short, whether it’s farming, retail or

wholesale, today we are very consciously

investing in growth on the local market.

Not only is this an economically sensible

strategy, we also want to fulfil our local

social role as a business, employer and

engine of sustainable development.

Our Belgian store network continues

to grow steadily and we are still giving

an extra push in areas where we were

previously less visible. Take, for example,

the 54 stores that we acquired in April

2024 from Smatch-Match, of which forty

were quickly able to re-open under the

provisional Comarkt/Comarché format.

On our local market, we are constantly

responding to the evolving needs of

the consumers, focusing on budget,

convenience, health and sustainability.

We offer, for example, more convenience

by complementing our store range

with product categories such as

parapharmaceuticals, magazines and

flowers.

Furthermore, we have invested in the

gourmet bar BON, the delicatessen

Délitraiteur and the meal box Foodbag.

Convenience also means that people

may rest assured that they are not paying

too much. We make it possible for them

to keep their budget under control,

especially via Colruyt Lowest Prices,

Belgium’s cheapest retailer for more

than 50 years already. For those wanting

to combine the convenience of price

and time via online shopping, there is

Collect&Go with its collection service and

steadily growing home delivery service.

With this inherent interconnectivity

alone, we are making the conscious

decision to grow further as a retailer in

food and health. With almost a century

of experience, food retail remains

our strength, while in recent years we

have increasingly been exploring the

specialist area of health. In the last few

years, our customers have become more

concerned with their health and we are

seeing an increase in food intolerances

and allergies, obesity and diabetes. This

is a wide-ranging societal challenge,

for which we want to offer accessible

and smart solutions, with a focus on

prevention. As an example, our food

range enables our customers to make

healthier choices and inspires them to

live healthier lives. Our fitness brand

Jims, the online pharmacy Newpharma,

the health platform Yoboo, Colruyt Group

Academy and Bio-Planet are leading the

way in guiding people towards a ‘healthy

lifestyle’.

Sustainability has been a common

thread in our business activities since the

group was founded. I am therefore proud

to announce that, last financial year, we

reached all our priority sustainability

goals. Greenhouse gas emissions were

further reduced, there were more

plant-based proteins in our range, and

almost all our private-label packaging

is recyclable or reusable. In the coming

years, too, we will continue to focus

unremittingly on more sustainable

products and services, step by step, for

tomorrow’s generations.

Sustainable business in the long term

therefore means getting better at what

we’re good at, but also pushing the

boundaries. That’s why we are continuing

to evolve as a phygital retailer, by

focusing on digitisation, data-driven

business, AI and Gen AI. There are a great

many innovations taking place behind

the scenes, which helps us to work as

productively as possible in the entire

chain. The stores, too, are stepping up

their digitisation, with for example our

Easy Check-out and the smart shopping

cart, and in logistics with the self-driving

vehicles.

Colruyt Group continues to be an

open but above all a people-oriented

business that aims to make the

maximum positive contribution to

society. For this reason, our Colruyt Group

Foundation has appreciably expanded its

scope of action to almost thirty projects.

Customers are also putting their full

weight behind these projects via our

sustainable savings programme. For

this, I would like to express my heartfelt

gratitude, as well of course for their trust

in our brands and in the group.

And a warm thanks to all our employees

who work hard day in day out to fulfil our

long-term strategy.

Stefan Goethaert

A family business

Colruyt Group is a Belgian family business that has grown over

three generations into an international retail group with more than

33.000 employees and 9 shared values that form the core of our

common identity.

It all began with the baker Franz Colruyt who initially delivered bread and then

later spices and coffee to major consumers around Lembeek. In 1928, he

set up as a wholesaler in colonial goods, and in the 1930s he began bottling

wine, roasting coffee and cutting cheese. His son Jo Colruyt further developed

the wholesale business in the 1950s and opened his first supermarket in

1964. Jo’s son, Jef Colruyt, then grew the business into a retail group with very

diverse and complementary brands.

Our core activity is our supermarket Colruyt, which has delivered on its

promise of ‘Lowest Prices’ for 50 years already. Over the past decades, we

have diversified our activities considerably. That said, we remain true to retail,

which still accounts for more than four fifths of our revenue. Today, we operate

with around ten business formats in the specialist areas of Food, Health

and Well-being and Non-food, with both physical outlets and webshops in

Belgium, Luxembourg and France. We are also active in wholesale, where our

roots lie, both as a partner for the independent Spar stores and through the

Solucious food service, among other things. As a dedicated partner, we also

continue to believe strongly in the activities in renewable energy from wind,

sun and water, which we have brought together within Virya Energy.

Finally, and typically for Colruyt Group, we are involved along the entire chain.

Over the years, we have developed a wealth of experience and craftsmanship

in areas such as the production and distribution of meat, coffee, cheese

and wine, but also in IT, sustainability and technology. We build reliable and

long-term relations with our partners and customers and are continuously

searching for simple solutions so that together we can make a positive

contribution to society.

Who

are we?

Doing business with passion and a belief in people

At Colruyt Group, doing business starts with the passion and drive

of people who are willing to put their shoulders to the wheel of

a common goal. People who show the courage to give their all

and, if necessary, take the rough with the smooth. After all, you

can’t keep doing business if your heart isn’t in it. The satisfaction

of each and every employee so that they can contribute to the

common goal and feel appreciation is what we aim for.

That shared goal is our mission:

“ Together, we create

sustainable added value

through value-driven

craftsmanship in retail.”

Complementary brands, shared values

At Colruyt Group, we seek to make a positive difference in

everything we do. In every phase of life and at every important

moment in the lives of our customers, we want to be there for

them in whatever way fits. For this reason, we aim for maximum

complementarity between our different brands. Each in their own

specific way, our brands express the ‘simplicity in retail’ that

we represent as Colruyt Group. In this way, each brand helps us

achieve our common goal. Each business format also embodies

the same group values. Together, they constitute the roots that

give us the confidence and strength to make a positive difference

as a group and a beacon of trust in this fast-changing world. For

ourselves, for our partners and for our customers.

Working towards our goals

In stormy times, it is the roots that determine how firmly our

tree stands. The fruits on our tree are our results. But results

are merely a consequence. They merely tell us something about

how we have performed in a given context. That’s why, at Colruyt

Group, we don’t focus on results but on goals. That means setting

a goal and doing the right thing to reach it in the here and now.

We are focused, have confidence in our own ability and hope for

the best possible outcome. Not by concentrating on the fruits,

but by staying focused on our orchard and taking good care of

our terroir.

Our values

We have respect for every individual. That is the starting point

for all our interactions. Every person is equal, regardless of

differences in appearance, culture, origin, skills, knowledge,

interests, etc. Our togetherness and the realisation that we

depend on each other in order to deliver good work, means that

we work together well as a team. We love to serve others. Our

readiness to serve means that we deliver quality day in and day

out. In doing so, we aim for simplicity by reducing things to their

essence. This helps us work efficiently and effectively.

To be able to produce good work, we also need several other

things. Starting with our faith in people’s positive intentions.

From there comes trust. Our hope then invites us to invest the

necessary time and resources, to be clear in our expectations and

in due time to let go and be open to the results that follow. For

this, it is essential that we allow ourselves the space to pause,

take a step back and consider what we are doing. As soon as our

head is too ‘full’, that consciousness vanishes and we will always

be on the back foot. Finally, we display the courage needed for

doing business. With a positive attitude and a fresh, creative

view, constantly working hard and mastering our craft, step by

step. This is where our strength lies, and how we experience

satisfaction and fulfilment in our job.

Our culture and identity

Our strategy

Simplify, empower, connect

To enable us to fulfil our mission, we have

developed a long-term strategy and formulated

clear ambitions and objectives. Our drive has

been for years that we want to make a positive

difference, do business sustainably and stimulate

conscious consumption.

Our starting point at all times is our customers and their

evolving needs, which include greater control over the

family budget, their desire to live healthier and more

sustainable lives, and their need for greater convenience,

with the right offer at the right time. We aim to meet

these needs in three ways:

• Simplify

Making the customer’s life easier with relevant, simple

solutions.

• Empower

Offering the customers options so that they can make

more (environmentally) conscious decisions.

• Connect

Connecting customers with each other, with our

company and with society.

To be truly relevant in our customers’ lives, we offer

them products and services in the specialist fields of

Food, Health and Well-being, and also Non-food.

We are active in each of these specialist areas with

several complementary brands and activities, together

representing around a quarter of the average household

budget.

We are working intensively within each specialist field

but are also developing synergies across specialist fields,

always with the goal of offering the customer the best

possible solutions. Partly thanks to insights gained from

our shopping assistant Xtra, we continue to match our

range more closely to the needs of the customer.

In order to realise our ambitions and objectives, we

have defined a number of strategic objectives, which

will be high on the agenda in the coming years. For

example, we are aiming to be the most cost-efficient

retailer, by focusing on economies of scale, international

collaboration, innovation and automation. We are also

focusing on the combination of physical and digital,

whereby physical stores and digital solutions reinforce

each other. Furthermore, we want to be the best retailer

for our customers, by ensuring excellent craftsmanship

in all that we do. Lastly, we want to grow together, by

developing new commercial undertakings and synergies,

both in the city and on the b2b market, among others.

Below, we will illustrate our progress with a few clear

examples of trajectories and achievements.

Food retail is and

remains our business.

We continue to renew

and enrich our range,

for example with

parapharmacy, meal

boxes or flowers. We

produce about a third

of the revenues from

private-label products

ourselves.

Food

We want to have a

positive impact on

everyone’s health.

This includes building

an ecosystem that

takes a preventive

approach to health

and well-being, via

Jims, Newpharma and

Yoboo, among others.

Health and

Well-being

Non-food remains an

essential component

of our total range. We

are well represented

with strong brands

like Zeb, Bike Republic

and our stake in

Dreamland.

Non-

food

As a dedicated partner

of Virya Energy, we

firmly believe in the

sustainable added

value of renewable

energy production.

Energy

Our specialist fields

Cost-efficient retailer

We are aiming to be the most cost-efficient retailer, by focusing on economies of scale, the international collaboration and

automation.

Economies of scale and purchase terms

We continue to steadily expand our retail network, both with

new stores and by renovating and expanding existing sites. With

this increase in scale, we can organise our transport more cost

efficiently and optimise the supporting costs, among other things.

Growing sales volumes allow us to stipulate better purchase terms.

With the same goal in mind, we are also involved in international

collaborations at various levels. As an example, we are a long-

time member of the retail alliance Agecore, which negotiates

additional international terms on well-known A-brands. Since

mid-2023, we have been a partner of the European international

alliance EMD, which specialises in the collective negotiating

of purchase terms on private-label products. Lastly, in March

2025 Colruyt Group was one of the founding members of the

new purchase alliance Vasco International Trading B.V., together

with the Dutch Superunie and the Swiss Coop Group. The aim of

this alliance is to strengthen the purchasing power of the three

partners and to negotiate competitive terms with international

suppliers of well-known A-brands. Negotiations with the first

suppliers will start in the autumn of 2025.

Technology for extra productivity and ergonomics

We continue to introduce new technology at a steady rate, among

other things by automating various processes in the stores, in

logistics and in production. Those projects are beneficial for both

productivity and ergonomics, and also help counteract shortages

in the labour market.

As an example, Colruyt is testing a store application with robots

that stock full pallets on an extra floor above the ground-floor

warehouse. The award-winning system creates extra storage and

store space, saves on working hours and can be integrated in

around fifty stores.

The Collect&Go distribution centre in Londerzeel uses smart

vehicles that can autonomously navigate the warehouse and

drive employees via the most efficient route to the place where

the products need to be picked. The work is carried out 20% faster

than before and is physically less taxing.

Physical and digital

We strive to be a phygital retailer, whereby the physical stores and digital solutions optimally reinforce each other. We also

want to create maximum added value from the wealth of data we have.

Maximum added value from data

The group has drawn up a long-term strategy to create the

maximum sustainable added value from data, analytics and AI.

This strategy will enable us to turn Colruyt Group into a real data-

driven business, not only with all our digital data and processes

but also with our craftsmanship and the right mindset.

We have been active in data analysis for years already within

the group. To take one example, the logistics chain makes sales

forecasts with software that works on the basis of statistical

models also used by the social media company Meta. This tool

has recently been fed much more data than previously, allowing

logistics to make far more accurate predictions with fewer

manual interventions. The team was able to reduce the number

of employees from twelve to nine and now makes forecasts not

only for Colruyt Lowest Prices but also for Okay and Bio-Planet.

This data-driven approach has already resulted in a quarter less

out-of-stock articles in the stores, which is ultimately good for

customer satisfaction.

AI and Gen AI

We are employing the latest AI tools in order to optimise or

automate our processes still further. AI is also able to perform a

great many repetitive tasks very well, allowing employees to focus

more on the complex tasks. Recently, we have also deployed

Gen AI to create new content, such as text or images.

A few applications to date:

• Support for our software engineers by predicting codes when

programming.

• Categorising thousands of reviews that come in at customer

service. This allows us to analyse customer feedback fast and

efficiently, gain insights and propose possible improvements to

the business.

• Inspiration for the Lekker Koken team when putting together

new recipes

We are, moreover, the first Belgian retailer with an ethical body:

the Data, Privacy & Security Board, supported by an AI Advisory

Team consisting of ten experienced colleagues with diverse

profiles. They give considered advice about how we in the group

handle AI and Gen AI, obviously in line with our values and the

privacy laws..

Digital solutions in the store

Our stores also make intelligent use of data, computer vision,

Internet of Things and robotics, for a carefree customer

experience, a more efficient organisation and more ergonomic

working for employees.

• Colruyt is planning to install its Easy checkout in 50 stores

by September 2025 and in all 270 stores by the end of 2026.

The computer vision system that automatically scans products

results in significant productivity gains, shorter queues and

more ergonomic working. Colruyt is also testing a smart

checkout weighing system that can recognise fruit and

vegetables in bulk.

• Newpharma has a new price-setting tool that also makes

automatic price calculations for families of products, takes into

account the objectives for price adjustments and predicts the

possible impact thereof.

• Okay will eventually equip all its stores with self-scan

checkouts, where customers can scan and pay for their

groceries independently, enabling them to exit the store more

quickly. There is always an employee nearby for support and to

guide customers to available checkouts.

Xtra is the common shopping assistant (with app and card) for more than ten Colruyt Group stores and webshops in

Belgium. To offer customers even more convenience, the app is gradually bundling more applications and services.

For example, the separate apps of Collect&Go and MyColruyt and the webshop of Newpharma were integrated

completely into Xtra at the beginning of the financial year.

In one year, the number of registered app users grew by

12%. Each user carries out an average of seven transactions

per month. All features together are used 4,5 to 5 million

times a month. The QR code is used in about four out of

ten interactions in order to take advantage of the in-store

discounts. Other popular functions are the Colruyt shopping

list, Collect&Go, the product finder, the recipes and the Eco-

score savings programme. Xtra is rated one of the best Belgian

retail apps.

Customers can now also save digital ‘stamps’ in the app for

free products at Bio-Planet, Okay and Spar. When purchasing

the participating products, the stamps automatically appear

on the digital savings card.

Xtra has also invested heavily in privacy and security, by

introducing two-step verification, among other things.

Future plans include authentication through biometrics, the

integration of the Okay app, a counter with the total amount

saved with Xtra and an English version.

4,2 million Xtra customers

1,78 million registered app users

mijnxtra.be

The best retailer

Our customers are and remain our reason for being. We therefore strive to serve them as best we can, via excellent

craftsmanship in everything we do.

Conscious consumption

Our commitment to sustainable business also means that we

help consumers to consume more consciously and to make more

sustainable choices.

• As of 2021, all our private-label products carry the Eco-score,

a simple colour and letter code representing the product’s

ecological footprint.

• We actively promote low environmental impact products. This

includes our sustainable savings programme. By purchasing

products with good Eco-scores, customers automatically save

digital points in their Xtra app. They can then use these points to

support ecological and social projects run by the Colruyt Group

Foundation. A great way to reward conscious consumption and to

support good causes together with our customers.

• Our new product range Boni Plan’t already consists of more than

a hundred plant-based products, including meat substitutes,

legumes, plant-based dairy alternatives, dips and desserts. Easy to

recognise, affordable, high quality and delicious!

Always a suitable store format

nearby

Our food stores serve customers all over

the country and in every phase of their life,

whether they want convenience and proximity,

or speed, price, freedom of choice, etc.

Colruyt Lowest Prices remains the guardian par

excellence of the customer’s wallet, while Okay

stands out for convenience and proximity.

Bio-Planet is the only supermarket with

over 5.000 organic and ecological products

on its shelves. The unique Cru fresh market

spoils food lovers with pure quality and

craftsmanship, while the independent

Spar Colruyt Group retailers add their own

accents in their friendly neighbourhood

supermarkets. Finally, for more than 25 years

Collect&Go has been the market leader in food

e-commerce, with a vast network of collection

points and home delivery staff.

A feel for the customer’s needs

We want to get close to our customers and

offer relevant solutions for their evolving

needs, with a focus on convenience, budget,

health and sustainability.

• We make it easy for our customers to make

healthier choices and to keep control of

their budget. To this end, we are continuously

improving the nutritional composition of our

private-label products. Colruyt Lowest Prices

remains the cheapest retailer in Belgium,

with the lowest price for every product, at any

point in time.

• We inspire our customers to adopt a

healthier lifestyle, with a focus on

prevention via sleep, exercise, relaxation,

etc. Fitness chain Jims, online pharmacy

Newpharma and health platform Yoboo are

taking the lead, in partnership with Colruyt

Group Academy and our store formats.

• We are enriching our store product

ranges, among other things with

parapharmaceuticals and convenience, and

are adapting our range to local traditions and

demography. For instance, with more, or less,

organic items, on-the-go, articles per piece,

smaller or if required bigger packs.

Growing together

As a retailer, we want to continue growing by developing synergies and new business in the city, in convenience and

e-commerce, in the commercial market, etc.

Convenience in the city

We are keen to accelerate our presence in urban environments, with a focus on major cities like Brussels, Antwerp and Ghent over the

next 10 years. With our different formats, we can respond perfectly to the needs of the growing, diverse population and to the demand

for more convenience.

The recent strategic acquisitions are a perfect complement to our existing brand portfolio.

In September 2024, the group acquired a 45,65% stake in BON. The gourmet bar has been serving city

customers since 2015 with high-quality breakfasts and lunches, for eat-in or take-away. The central

kitchen delivers freshly prepared meals on a daily basis to its eleven stores in Brussels, Antwerp and

Liège. Through BON, we are becoming better acquainted with the urban consumer, and we can also

detect the latest trends, which can also serve to inspire our other retail formats.

In May 2025, the group received approval from the Belgian Competition Authority for the acquisition of

all shares in Delitraiteur NV, part of Louis Delhaize. This chain was established in 1990 and has forty

stores, almost all of them independently operated. Customers can purchase, among other things,

200 freshly prepared meals, salads and sandwiches, to consume on the premises or to take away.

Every Delitraiteur has its own kitchen and is open every day from 7.30 a.m. to 10 p.m.

Convenience for professionals

In recent years, our food service company Solucious

has continued to grow organically and strengthen

itself with strategic acquisitions, such as the Walloon

company Valfrais at the beginning of 2024. In October

of that year, Solucious reached an agreement with

Groep Peeters-Govers for the acquisition of 100% of the

shares of Délidis. This leading Kempen-based supplier

of (ultra)fresh products to the hospitality sector, the

catering industry and the retail trade is renowned for its

craftsmanship and customisation.

Growth in health

At the end of 2024, our fitness chain Jims reached an agreement to acquire the Belgian fitness

chain NRG. With these forty additional clubs, Jims has now become the second biggest player

on the Belgian market. The acquisition ensures the necessary economies of scale to grow into

a unique fitness brand. Jims is mainly present in cities such as Ghent and Brussels, while NRG

is well represented in Antwerp and Limburg. Jims excels at inspirational group lessons and

personal coaching, while NRG is strong in community building, local anchoring and membership

recruitment.

Convenience in a box

As the undisputed market leader in online shopping,

Collect&Go continues to expand its network of collection

points and home delivery staff.

In April 2025, we increased our stake in Smartmat from

41,36% to 100%. Smartmat is the company behind the

Belgian meal box supplier Foodbag, which in recent

years has consistently been the fastest-growing player

in this market. Foodbag stands out with its high-

quality, sustainable products and increasingly offers

more hyperconvenience, such as pre-cut or pre-cooked

ingredients. The meal box is delivered to the home or to a

Collect&Go collection point.

Our vision on sustainability

more than 11,000

business partners

more than

25 brands

more than 33,000

co-workers

more than 4,000,000

customers

An accessible,

sustainable

and healthy

range

YOU

value-driven

retailer with

a focus on

food and health

for the

generation

of tomorrow

more than 11,000

business partners

more than

25 brands

more than 33,000

co-workers

more than 4,000,000

customers

An accessible,

sustainable

and healthy

range

YOU

value-driven

retailer with

a focus on

food and health

for the

generation

of tomorrow

For more than 50 years now, sustainability has been at

the heart of how we do business at Colruyt Group. What

we do today shapes tomorrow. As a family business,

we make choices with a long-term focus and take

into consideration what we want to pass on to future

generations. We always think and act with respect for

people, the environment and society, drawing guidance

from the five Ps of sustainable business: people, planet,

prosperity, peace and partnership.

We take action with the necessary pragmatism and realism.

Since the very beginning, our vision on sustainability has been

based on simplicity and efficiency – in other words, handling

energy and resources with care. We want to set an example in

what we do, always acting and communicating transparently,

openly and with the necessary nuance. We think ahead. For

us, sustainability forms the basis for real growth.

This chapter describes our vision and strategy with regard to

sustainability and how we make it a reality, together with our

stakeholders. And we do that step by step, which means we

are always on the move.

Together, step by step, for

the generations of tomorrow

When we think now about the future, we aim to embrace

three themes that are important to us collectively:

environmentally conscious, healthy and caring for one

another.

We want our customers to be able to enjoy an accessible,

sustainable and healthy range of products, at any time. This

is how we make conscious consumption an easy thing to

achieve.

As a value-driven employer, producer and retailer focusing on

nutrition and health, we have set specific objectives, which

we actively monitor. We deploy the following three drivers

to help us meet these objectives: our products, our own

infrastructure and people.

While striving for sustainability ourselves, we want to set a

broader positive movement in motion. After all, we cannot

achieve this on our own. Together with our employees –

across all our brands – we are continuing to learn every day.

But we also need our customers and business partners. That

is why we are encouraging them to make sustainable and

healthy choices together with us, each and every day. With

each other and for each other.

Whether big or small, each step brings us closer to a healthier

society. Together, we can really make a difference.

Are you in?

Sustainability as a compass

Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

Our sustainability objectives

Our work on sustainability at Colruyt Group is guided by three drivers. Our aim is to make our products and services, our

infrastructure and the way in which we interact with customers, employees and society more sustainable.

PRODUCT

Our products and services form the core of our activity as a retailer. We are very aware of

the fact that our products and services have an impact on people and the environment.

As a major player, we want to assume our responsibility in this respect, so we opt to:

• focus on circularity: we handle valuable raw materials with care, minimise waste and

maximise reuse;

• reduce the environmental impact of our products: we lower our greenhouse gas

emissions, protect ecosystems and reduce the water footprint of our products;

• purchase in a socially responsible way: we monitor fair pay, healthy working

conditions and respect for human rights in our supply chains.

INFRASTRUCTURE

We are also increasing the

sustainability of the infrastructure

we use to bring our products

and services to our customers.

We reduce the environmental

impact of our own activities by

consuming less energy, cutting our

direct greenhouse gas emissions,

adopting circular building practices

and reducing waste to a minimum.

Intro

> Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

HUMAN

As a people-oriented organisation, it is essential for us to adopt a strong social driver. We actively focus on:

• making it easier for our customers to consume more consciously by including more plant-based products in our range and

providing clear information, such as the Eco-score, Nutri-Score and clarifications from our employees. What is more, our sustainable

savings programme helps customers support sustainable projects in an easily accessible way;

• supporting target groups in a vulnerable context by making balanced and sustainable nutrition available to all, creating

opportunities and ensuring that each customer feels welcome and respected;

• providing workable and meaningful jobs for our employees in an environment in which they feel valued for their input and where

everyone can be themselves.

PRODUCT

Circular products

By 2030, all our products will comply with the

principles of the circular economy.

Buying socially responsibly

By 2035, we will purchase all our products and

services in a socially responsible manner.

Reducing environmental impact

of our products

By 2035, we will halve the environmental

impact of the products we sell.

1 2 3

INFRASTRUCTURE

Reducing environmental

impact of our own operations

We are working towards the lowest

possible environmental impact

of our business operations and

infrastructure.

HUMAN

Promoting

sustainable consumption

By 2030, 50% of our recognised

customers will display more

sustainable consumption

patterns.

No one left behind

We are using our leverage to

support target groups in a

vulnerable context.

4 5 6

Workable and meaningful jobs

We provide and promote

workable and meaningful work

for every employee.

Packaging

By 2030, all packaging in our stores will be

recyclable or reusable.

Climate change

By 2027, 77% of our suppliers

(by purchase figures) will have

science-based climate plans.

Due diligence

By 2025, we will know the country and region of origin (and where possible also links

in the chain) for our private-label products. By 2030, this will also apply to national brands

and indirect purchases. By 2027, we will have fully integrated due diligence into

our business processes.

Protection and restoration of ecosystems

By 2030, we will eliminate deforestation and

land use conversion for products from

high-risk chains.

Human rights

We promote human rights by actively

identifying and remedying human right

violations.

Direct greenhouse gas emissions

By 2030, we will reduce our

greenhouse gas emissions for scopes

1 and 2 by 42% compared to 2021.

By 2030, we will also have net-zero

emissions in scopes 1 and 2.

Protein shift

By 2028, 60% of the proteins

in our sold products will come

from plant sources and

40% from animal sources.

We have set clear ambitions for each driver (product,

infrastructure and people): 7 core objectives supported by 27

sub-objectives.

We obviously cannot address all these challenges at the

same time. That is why last financial year we opted to

primarily focus on our objectives in the areas of greenhouse

gas emissions, packaging, protein shift, human rights,

deforestation and due diligence. Here are a few concrete

results:

• Our Scope 1 and Scope 2 greenhouse gas emissions

dropped by 19,99% compared to base year 2021.

• We purchase 36,5% of our products from suppliers who

have ambitious climate plans of their own.

• 99,7% of the packaging for our private-label products is

recyclable or reusable.

• 30,89% of our protein sold is plant-based.

• Our policy and approach in the areas of deforestation,

human rights and due diligence have been thoroughly

updated.

Last financial year, we linked the variable remuneration of

middle and higher management to the achievement of the

above objectives.

Next financial year too, we will again prioritise a number of

carefully selected objectives.

We are working towards a Living Income Reference Price with

179 cocoa farmers from our chain collaboration in Ivory Coast.

Via our Boni Plan’t label, we make over 100 plant-based

products even more accessible to our customers.

This financial year, we donated almost 19 million meals to the

Food Banks. In this way, we prevented 9.445 tonnes of food

(gross) from being thrown away.

Sustainably on the road: Collect&Go delivers shopping to homes

using electric vans.

Our ‘Dinner

is served at

1-2-3 euros’

project supports

more than

11.500 families

who struggle

financially to

prepare balanced

meals.

Colruyt Temse is an excellent example of circular construction

with CO₂-negative bricks, 80% of which comprise recycled raw

materials.

Aan tafel in 1 - 2 - 3 euro

6 gemakkelijke recepten voor elke dag

Prijzen geldig van 16/7 t.e.m. 29/7/2025.

opdracht-15134_vi1525 - levi_NL.indd 1

20/06/2025 12:09

How do we measure how

sustainable we are?

We do not pay lip service to sustainability – we want

to create a real and tangible impact. That is why last

financial year, we made huge efforts to substantiate our

progress in the area of sustainability more effectively with

clear indicators and reliable data. We invested in further

expanding our IT platform. So we can now gain insight

into the actual impact of our products, services and

organisation, and see where improvements can be made.

This enables us to adjust our strategy and choices and

invest specifically in areas in which we can make the most

difference. Our efforts in this area will continue over the

next few years.

How are we organised?

Sustainability involves teamwork at Colruyt Group. Our

sustainability strategy is set by the Board of Directors and

Management Committee with support from a central sustainability

team (Service Centre Sustainability), headed by the Colruyt Group

Sustainability Officer. A number of steering committees further

shape the policy (see ‘Sustainable corporate governance’ in the

‘Corporate governance’ chapter).

Various teams within the organisation then start working on the

actual implementation of this policy, each calling on their own

expertise:

• our experts in product sustainability make our private labels

more sustainable;

• our buyers work together with suppliers to find more sustainable

solutions;

• the environmental department monitors waste and food loss;

• our colleagues from Supply Chain and Technics focus on

greening our vehicle fleet;

• Real Estate enhances the sustainability of our buildings;

• our marketing experts encourage customers to make more

sustainable and healthier choices;

• our colleagues from Farming work together with Belgian farmers

on adopting more environmentally sound cultivation practices;

• the team from People & Organisation ensures workable and

meaningful jobs;

• etc.

Because sustainability is deeply embedded in our values,

we expect each employee to go about their daily work with

sustainability consciously in mind and make the corresponding

choices. After all, it is only with the joint commitment and focus

of each and every one of us in the group that we can continue to

make progress in achieving our objectives.

Our sustainability statement

This financial year, in line with the EU Corporate

Sustainability Reporting Directive, Colruyt Group has

published a sustainability statement in a new format.

Please consult chapter ‘Sustainability statement’.

Management report

Headlines financial year 2024/25

(1)

As a retailer and the market leader in Belgium, Colruyt Group

continues to actively fulfil its role in society by ensuring that

customers receive an affordable and qualitative offering in our

stores and online, in the most sustainable way possible.

“ Revenue grows 1,1%

Operating profit declines

to a limited extent”

As in previous periods, the 2024/25 financial year was marked

by a highly competitive Belgian retail market in a challenging

and uncertain macroeconomic context. Revenue rose by 1,1%

to almost EUR 11,0 billion. The revenue evolution was primarily

impacted by the intensified competitive environment in the

Belgian retail market, the decreased food inflation, and the

unfavourable weather conditions last summer. This has led to

a decline in market share (Colruyt Lowest Prices, Okay, Spar and

Comarkt/Comarché) in Belgium. The full consolidation of the

acquired Match and Smatch stores, Degrenne Distribution, Délidis

and NRG positively impacted the revenue evolution.

The difference between sales price inflation and purchase price

inflation was predominantly negative in 2024/25. In this context,

Colruyt Lowest Prices continues to consistently implement its

lowest-prices strategy. The group nevertheless succeeded in

achieving a gross profit margin of 30,0%, inter alia driven by

activities with a higher gross margin and whose share in revenue is

increasing.

Operating expenses increased primarily because of the full

consolidation of Comarkt/Comarché and of higher employee

benefit expenses (influenced by the automatic wage indexation

system in Belgium). This is partly offset by lower energy costs and

a persistent focus on processes, cost control and efficiency.

Both the previous and the current financial year were marked by a

number of one-off effects:

• The 2023/24 financial year demonstrated a net positive one-off

effect of EUR 704 million related to Virya Energy following Virya

Energy’s sale of Parkwind to JERA (including a final capital gain

of EUR 678 million) and following the sale of part of the stake

in Virya Energy to Korys (presented as a share in the result of

investments).

• The result for the financial year from discontinued operations

in 2024/25 and 2023/24 included one-off effects amounting to

EUR 3 million and EUR -10 million, respectively.

Excluding the one-off effects outlined above, this results in a

limited decline in the operating result to EUR 446 million (4,1%

of revenue) and a decrease in the net result from continuing

operations to EUR 334 million (3,1% of revenue).

Colruyt Group’s investments amounted to EUR 479 million in

2024/25 (4,4% of revenue) and primarily related to new stores

and the renovation of existing stores, expanding production

capacity with a focus on vertical integration and logistics capacity

in Belgium, automation, innovation and digital transformation

programmes, and energy efficiency.

Our aim in 2024/25 was to match the 2023/24 results. Driven

by the intensified competitive landscape in the Belgian retail

market and the lower-than-expected food inflation, our group’s

operating profit experienced a limited decline, despite our

continued efforts. Even in the face of headwinds, we remain

committed to our group’s long-term vision and continue to

make the necessary investments to consistently pursue our

strategy. Additionally, we are proud of the important steps we

have taken in our sustainability policy, particularly in achieving

our objectives for 2024/25. In the years ahead, we want to

strengthen our position as the only Belgian retailer even

further. Alongside our ongoing commitment to commercial

growth, we will further intensify our efforts in several key

areas, including improving our overall productivity and

focussing on the return on investment expenditures. This is

essential to enable our group, along with all our employees,

to in the longer term continue to create sustainable added

value together and to focus on local anchoring. I would like

to sincerely thank all our employees for their daily dedication

and for putting their shoulders to the wheel in support of our

long-term strategy.

CEO Stefan Goethaert

(1) The headlines have been prepared based on the consolidated income statement, in which both DATS 24 NV (‘DATS 24’),

Dreamland NV (‘Dreamland’) and Dreambaby NV (‘Dreambaby’) are presented as discontinued operations.

(in million EUR)

1/04/2024

31/03/2025

1/04/2023

31/03/2024

Variance

Revenue 10.963 10.845 +1,1%

Gross profit 3.287 3.230 +1,8%

% of revenue 30,0% 29,8%

Operating cash flow (EBITDA) 859 893 -3,9%

% of revenue 7,8% 8,2%

Operating profit (EBIT) 446 470 -5,0%

% of revenue 4,1% 4,3%

Profit before tax 447 1.176 -62,0%

Profit before tax excluding one-off effects

(2)

447 472 -5,3%

% of revenue 4,1% 4,4%

Profit for the financial year from continuing operations 334 1.072 -68,8%

Profit for the financial year from continuing operations

excluding one-off effects

(2)

334 368 -9,0%

% of revenue 3,1% 3,4%

Result for the financial year from discontinued operations 3 -21

Profit for the financial year 337 1.051 -67,9%

Profit for the financial year excluding one-off effects

(2)

334 357 -6,4%

% of revenue 3,0% 3,3%

Earnings per share (in EUR)

(3)

2,73 8,33 -67,2%

From continuing operations 2,71 8,50 -68,1%

From discontinued operations 0,02 -0,17

Earnings per share excluding one-off effects (in EUR)

(2)(3)

2,71 2,83 -4,3%

From continuing operations 2,71 2,91 -7,0%

From discontinued operations 0,00 -0,08

Consolidated income statement

(1)

(1) In the consolidated income statement, DATS 24, Dreamland and Dreambaby are presented as discontinued operations.

(2) In order to facilitate comparability across the two financial years, some lines are presented excluding one-off effects.

For an overview of the one-off effects in the financial year 2024/25 and 2023/24, we refer to the ‘headlines’ above.

(3) The weighted average number of outstanding shares totalled 123.489.687 in 2024/25 and 126.163.912 in 2023/24.

Consolidated profit and loss statement

Colruyt Group’s revenue rose by 1,1% to nearly EUR 11,0 billion

in 2024/25. The revenue evolution was primarily impacted by the

intensified competitive landscape in the Belgian retail market, the

decreased food inflation and the adverse weather conditions last

summer. The full consolidation of Comarkt/Comarché, Degrenne

Distribution, Délidis and NRG positively impacted the revenue

evolution. Furthermore, there also was a negative impact from

the extension of the financial year of Newpharma in the previous

financial year and a change in the financial year of The Fashion

Society during the current financial year. As a result, Newpharma

and The Fashion Society are fully consolidated for twelve and ten

months respectively in 2025/24, compared to fifteen and twelve

months in 2023/24. Excluding Comarkt/Comarché, Degrenne

Distribution, Délidis and NRG and excluding Newpharma and The

Fashion Society, revenue remained virtually stable (-0,4%).

Colruyt Group’s market share in Belgium (Colruyt Lowest Prices,

Okay, Spar and Comarkt/Comarché) declined to 29,0% in the

financial year 2024/25 (29,3% in 2023/24). Since the beginning of

2025, the number of parties included in Nielsen’s market share

calculations has changed, as has the calculation method. As a

result, last year’s market share was also revised.

The difference between sales price inflation and purchase price

inflation was predominantly negative in 2024/25, yet the group

succeeded in achieving a gross profit margin of 30,0%. This can,

among other factors, be attributed to certain activities with a

higher gross margin whose share in consolidated revenue is

increasing. The Belgian retail market remains highly competitive.

As a retailer and as the market leader, Colruyt Group continues to

fulfil its role in society, with customers able to count on the group

to help them stay on top of their household budgets.

Net operating expenses increased by EUR 92 million and

amounted to 22,2% of revenue. Operating expenses increased

primarily because of the full consolidation of Comarkt/Comarché

and higher employee benefit expenses (influenced by the

automatic wage indexation system in Belgium). This is partly

offset by lower energy costs and a persistent focus on process

simplification or automation, cost control and efficiency.

Colruyt Group maximises its efforts to enhance productivity and

manage day-to-day expenses. In addition, the group maintains

its long-term focus and pursues its targeted investments in

its employees, sustainability, efficiency, digital transformation,

innovation and of course affordable and qualitative private-

label products. In the years ahead, the group will further commit

to raising the collective productivity (revenue growth and an

improved cost base), investment expenditures targeted at this

and at sustainability, as well as a further reduction in required

working capital.

Operating cash flow (EBITDA) decreased by 3,9% and amounted

to EUR 859 million or 7,8% of revenue (8,2% in 2023/24).

The depreciation, amortisation and impairment charges

decreased by EUR 11 million. Depreciation and amortisation

charges rose by EUR 22 million, mainly as a result of continuous

investments in stores, distribution and production centres and

transformation programmes.

Impairment charges decreased by EUR 33 million: there are no

significant impairments in 2024/25.

Operating profit (EBIT) showed a limited decrease by 5,0% to

EUR 446 million or 4,1% of revenue in 2024/25 (4,3% in 2023/24).

The net financial result increased by EUR 4 million to a net

financial income of EUR 1 million. This increase stems primarily

from an increase in financial income, inter alia as a result of the

return realised on the cash and cash equivalents.

The share in the result of investments decreased with EUR 709

million. Last year there was a one-off net positive effect of EUR

704 million related to Virya Energy following Virya Energy’s sale of

Parkwind and following Colruyt Group’s sale of part of the stake in

Virya Energy to Korys.

Colruyt Group fulfils a role in society by contributing nearly half of

its net added value generated in Belgium to the Belgian treasury

(over EUR 1 billion), notably through corporate income taxes. The

effective tax rate on the profit before tax, excluding the share in

the result of investments, amounted to 25,2%.

The profit for the financial year from continuing operations

amounted to EUR 334 million (or 3,1% of revenue). The

comparable figure excluding one-off effects in 2023/24 totalled

EUR 368 million (or 3,4% of revenue). This comes down to a

9,0% decrease.

In the financial year 2024/25, the result for the financial year

from discontinued operations included a positive one-off effect

of EUR 3 million. In 2023/24, the loss for the financial year

from discontinued operations amounted to EUR 21 million

and consisted of DATS 24’s result (for a two-month period),

Dreamland’s result (for a six-month period), Dreambaby’s result

(for a twelve-month period) and several one-off effects totalling

EUR -10 million.

The above developments resulted in a profit for the financial

year of EUR 337 million. Adjusted for one-off effects, the profit

for the financial year amounted to EUR 334 million or 3,0% of

revenue (versus EUR 357 million or 3,3% of revenue in 2023/24).

Segment information

In recent years, Colruyt Group has adapted its legal structure to

better align with the four core pillars of its long-term strategy:

‘Food’, ‘Health & Well-being’, ‘Non-food’ and ‘Energy’. The parent

company, Colruyt Group, provides support across all these areas

of expertise, connecting them to create and leverage synergies,

ensuring smooth and efficient management and helping to

achieve the group’s long-term objectives.

In this context, the legal structure of Colruyt Group was further

adjusted in the financial year 2024/25, with Colruyt Group

contributing its stake in the company Colruyt Food Retail NV and

its associated subsidiaries into Ahara NV. Following this internal

legal restructuring, a one-off income of approximately EUR 2

billion will be recognised in the statutory financial statements

of Colruyt Group NV for the financial year 2024/25, without any

impact on Colruyt Group’s consolidated financial statements.

Following the revision of the legal structure in the past years, the

operating segments were reassessed and adjusted accordingly:

• The ‘Food’ segment offers a diverse range of food brands

and sells directly to bulk and other consumers through

its own stores and online channels (retail). In addition, it

supplies independent entrepreneurs, professional customers,

wholesalers and other businesses (including Wholesale, Food

service and Food production operations).

• The ‘Health & Well-being and Non-food’ segment comprises

the areas of expertise ‘Health & Well-being’ and ‘Non-food’

and includes the operations of Newpharma, Jims, The Fashion

Society and Bike Republic.

• The ‘Group Activities, Real Estate and Energy’ segment comprises

the ‘Energy’ area of expertise along with a range of support

services (including IT, technical services, digital services etc.),

corporate services and real estate services. These services

primarily support the other areas of expertise.

Accordingly, the segment information presented below has

been revised to reflect the above restructuring of the operating

segments. As a result, the relevant comparative figures have also

been restated.

Colruyt Group revenue (in million EUR)

4,6%

HEALTH & WELL-BEING

AND NON-FOOD

95,2%

FOOD

0,2%

OTHER

ACTIVITIES

REVENUE

(1) Revenue including DATS 24 NV, the sale of which was finalised at the beginning of June 2023.

(2) Revenue excluding DATS 24 NV, Dreamland NV and Dreambaby NV, the sale of which was finalised

at the beginning of June 2023, the beginning of October 2023 and the end of May 2024, respectively.

(3) Revenue excluding Dreambaby NV, the sale of which was finalised at the end of May 2024.

Income statement per segment

Food

The revenue of Food rose by 1,6% to 10,4 billion. Excluding

Comarkt/Comarché, Degrenne Distribution and Délidis, the

revenue from these activities remained practically stable (-0,4%

compared to 2023/24).

Food activities accounted for 95,2% of the consolidated revenue

in 2024/25.

In the face of intense market competition, with low food inflation

and a growing number of independent retailers opening on

Sundays, Food retail revenue remained stable (+0,3%). Excluding

Comarkt/Comarché, Food retail revenue contracted by 1,3%.

To safeguard the group’s competitive position in Belgium and to

stand its ground in a challenging and constantly evolving market,

Colruyt Group, together with two partners, has established a new

international buying alliance for the procurement of multinational

brands: Vasco International Trading. Leveraging its strong

international competitive position, this independent company will

enhance the purchasing effectiveness, which will ultimately also

benefit the customers.

Revenue of Colruyt Lowest Prices in Belgium and Luxembourg,

including the revenue of Comarkt/Comarché, remained stable.

Colruyt Lowest Prices continues to consistently implement its

lowest-prices strategy and delivers on its commitment to its

customers day after day.

In 2024/25, more than fifteen Colruyt stores were renovated or

converted, and nine new stores were opened, including the first

two Professionals in Wallonia. Three of these new stores are

former Match stores.

Colruyt Lowest Prices ranked first again in both the 2024 summer

and 2024 winter report of YouGov (formerly GfK).

On 31 March 2025, Comarkt - or Comarché in French-speaking

Belgium - a Colruyt Group format that is used temporarily until

the stores have been converted to their final store concept, still

had 35 stores. Following the approval by the Belgian Competition

Authority for the acquisition of 54 Match and Smatch stores in

Belgium, 39 stores were rebranded as Comarkt/Comarché stores.

Meanwhile, several have been converted into the final store

concept.

15/16

9.177

16/17

9.493

17/18

9.031

18/19

9.434

19/20

9.581

20/21

9.931

21/22

10.049

22/23

(1)

10.820

23/24

(2)

10.845

24/25

(3)

10.963

Colruyt Group results (in million EUR)

HEALTH & WELL-BEING

AND NON-FOOD

101%

FOOD

-2%

GROUP ACTIVITIES,

REAL ESTATE AND ENERGY

EBIT

(1) EBIT and profit for the financial year including DATS 24 NV, the sale of which was finalised at the beginning of June 2023.

(2) EBIT excluding DATS 24 NV, Dreamland NV and Dreambaby NV, of which the sale was finalised at the beginning of June 2023, the beginning of October 2023 and

the end of May 2024 respectively. Profit for the financial year includes the total result of continuing as well as discontinued operations and includes one-off effects.

15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23

(1)

23/24

(2)

24/25

(2)

446

337366 383 374 384 431 416 288 201 1.051

507

493

488

485

511

523

375

279

470

Okay, Bio-Planet and Cru reported an aggregate revenue growth of

1,9% in 2024/25.

As a neighbourhood discounter, Okay continues to commit to

providing a quick, cheap and easy shopping experience.

The store network of Okay, Okay City and Okay Direct includes

170 stores, nine of which were renovated during the 2024/25

financial year. At the end of 2024, Okay Compact was rebranded

as Okay City – a format specifically designed to meet the needs of

urban customers: easily accessible, offering a carefully selected

product range, budget-friendly and open seven days a week. In

part through this format, the group aims to expand its market

share in urban areas.

In the 2024 summer and 2024 winter report of YouGov (formerly

Gfk), Okay ranked third and second, respectively.

Bio-Planet remains a sustainability pioneer with an extensive

range of organic, eco-friendly and local products and healthy

food. The organic market is gradually recovering from a period in

which the energy crisis and inflation caused it to contract sharply.

This led to a limited increase in revenue in 2024/25. Four new

stores (former Match and Smatch stores) were opened: at the end

of March there were 39 Bio-Planet stores in Belgium and one in

Luxembourg.

Bio-Planet successfully implemented a range of measures to drive

revenue growth and improve profitability, and will continue to

monitor progress closely.

Cru has four markets. A passion for tasty artisan products and

customer experience combined with pure mastery remain at

the forefront for the Cru multi-experience markets, while they

also continue to further improve operational efficiency. Over the

past two years, priorities have been clearly defined, and a recent

decision was taken to divest the operation of the eateries located

at the Cru markets to independent entrepreneurs.

Revenue of Colruyt in France (both including and excluding the

fuel activities of DATS 24 in France) remain broadly stable (-0,2%

and +0,3%, respectively). The French retail market experienced

downward pressure on volumes, accompanied by virtually no

food inflation. In 2024/25, two new stores were opened in France.

Colruyt Prix-Qualité is a conveniently laid out neighbourhood

supermarket, where customers can find everything they need for

their daily and weekly groceries.

Despite increased focus on profitability, the projected results have

not been achieved and the integrated French retail operations

remain unprofitable. While the stores contribute positively, the

operations currently lack the necessary scale to attain sufficient

purchasing leverage and to cover overhead and logistics expenses.

As announced in early April 2025, and in the light of the above

circumstances, the Board of Directors has requested that

various strategic options be explored for the French integrated

EBIT

Profit for the

financial year

retail operations. On 16 June 2025 Colruyt Group entered into a

put option agreement with Groupement Mousquetaires (from

the banners Intermarché and Netto) for a contemplated sale

of 81 stores of its French integrated retail activites. For more

information we refer to ‘II. Events after the balance sheet date’.

Wholesale revenue increased by 6,8%. Excluding Degrenne

Distribution, which was fully consolidated for an entire financial

year in 2024/25 as opposed to nine months in 2023/24, revenue

increased by 2,8%. The increase in Belgium is mainly explained by

the acquisition of several Match and Smatch stores operated by

independent retailers, as well as by continued expansion.

Colruyt Group continues to focus on a close, long-term

collaboration with the independent entrepreneurs and intends to

keep expanding its high-performance, independent store network

in Belgium and France over the coming years.

At the end of October Colruyt Group announced the acquisition

of Delitraiteur, which was part of the Louis Delhaize group.

Today, Delitraiteur operates 40 stores in Belgium and one in

Luxembourg, all but three of which are run by independent

operators. Through this acquisition, Colruyt Group aims to

continue its growth trajectory while placing greater focus on

delivering convenience to its customers. This transaction was

approved by the Belgian Competition Authority (BCA) in May. As a

result, Delitraiteur will be fully consolidated as of June 2025.

Revenue from the Food service activities of Colruyt Group

increased by 21,6% in 2024/25. This can be partly attributed to

the acquisition of Délidis at the end of September 2024. Délidis

operates in a large part of Flanders and is known as a leading

supplier of (ultra)fresh products to professional customers from

the hospitality industry. The acquisition of Délidis aligned with

Solucious’ ambition to continue its growth within the hospitality

industry. It also fits with Colruyt Group’s long-term strategy, which

sees considerable growth potential in the B2B market.

Excluding Délidis, revenue from the food service activities rose by

15,9%. Solucious, which delivers food service and retail products

throughout Belgium to professional customers, including

hospitals, SMEs and the hospitality industry, accounted for most

of this revenue. Solucious is increasingly valued by customers

for its convenience, wide product range, smooth and reliable

deliveries, and fair and consistent pricing.

Food production primarily comprises Colruyt Group’s industrial-

scale production departments, which were grouped under

Fine Food. Fine Food’s activities include meat processing, the

production of spreads, cheese cutting and packaging, wine

bottling, coffee roasting, and bread baking. Fine Food mainly

generates revenue within the group and the products are

subsequently sold under private labels in Colruyt Group’s stores.

A smaller proportion of revenue is generated externally, more

specifically by Fine Food Bread (the industrial bakery Roelandt

Group).

The external revenue from food production increased by 2,4% to

EUR 28 million.

The group continues to invest in its own production and vertical

integration, thus enabling further sustainability improvements in

its range of private-label products.

Health & Well-being and Non-food

These activities accounted for 4,6% of the group revenue in

2024/25. On a comparable basis, revenue from the Health & Well-

being and Non-food segment increases by approximately 5%.

In the published figures, revenue from the Health & Well-being

and Non-food segment declined by 8,7%. This is attributable

to the previously mentioned changes in the financial years of

Newpharma and of The Fashion Society.

On a comparable basis, revenue from Health & Well-being

increased by approximately 15%. Taking into account the

extension of the financial year of Newpharma in 2023/24 and the

acquisition of NRG in December 2024, revenue showed a 3,9%

decrease in 2024/25.

Jims’ revenue climbed by 47,9%, in part as a result of the

acquisition of NRG. The acquisition aligns with Colruyt Group’s

ambition to make health accessible to all and establishes Jims

as the second-largest fitness operator in the Belgian market.

Excluding the acquisition of NRG, revenue rose by 23,4%,

reflecting continued expansion and organic growth. Including

the acquired NRG clubs, Jims’ network now comprises 83 fitness

centres, of which 77 are located in Belgium and 6 in Luxembourg.

On a comparable basis, Newpharma’s revenue increases by nearly

15%. Due to the previously mentioned change in the financial year

in 2023/24, Newpharma reported a revenue decrease of 9,3% in

2024/25.

‘Health & Well-being’ form an important pillar of the group’s long-

term strategy. Colruyt Group provides a broad and accessible offer

to help customers, companies and their employees take even

greater control of their health, and is developing a preventive

approach with long-term benefits. We are committed to making

good health accessible to everyone by actively supporting

customers and employees to take charge of their own health.

The Jims fitness club and Belgian online pharmacy Newpharma

demonstrate this commitment, as does also the digital health

platform Yoboo, in which the group has a stake since June 2023.

In addition, Colruyt Group has four physical pharmacies and a

medical centre linked to Yoboo.

Revenue from Non-food mainly includes the revenue from The

Fashion Society and Bike Republic. On a comparable basis, the

revenue showed a modest decrease. Taking into account the

change in the financial year of The Fashion Society, Non-food

revenue decreased by 12,6%.

On a comparable basis, The Fashion Society - the holding

company comprising the fashion retail chains ZEB, PointCarré and

The Fashion Store - recorded a limited increase in revenue. There

are 133 stores in total, four of which are located in France.

Bike Republic’s revenue declined by 3,4%. In a market under

pressure, Bike Republic remains a leading player. The company

operates 29 stores and three service points. In March 2025, it

opened its first store in the south of Belgium.

Group Activities, Real Estate and Energy

External revenue from the remaining segment amounted to

EUR 23 million and primarily concerned the external revenue from

Symeta Hybrid, active in printing and document management

solutions. Symeta Hybrid is the Belgian market leader in the

distribution of personalised marketing and transactional

communications, combining cutting-edge print technology with a

high-performance data platform that offers maximum security.

Colruyt Group is a co-shareholder of Virya Energy and holds a

30% stake. Virya Energy is active in the development, financing,

construction, operation and maintenance of renewable energy

sources. Virya Energy invests in onshore wind energy, as well as

in other technologies including solar power and hydrogen, and

continues to extend its scope to new geographies. In support of

this, a capital increase of EUR 75 million was carried out by Virya

Energy in late May 2025, to which Colruyt Group contributed

EUR 23 million.

Following the sale of Parkwind to JERA by Virya Energy in July

2023 and the sale of part of Colruyt Group’s shareholding in

Virya Energy to Korys in March 2024, the share in the result of

investments included a one-off net positive effect of EUR 704

million in 2023/24.

Colruyt Group is pursuing targeted investment and innovation in

its online store concepts and digital applications.

Colruyt Group’s online sales accounted for nearly 8% of the retail

revenue

(1)

in 2024/25. Colruyt Group’s online revenue is primarily

generated by Collect&Go, the market leader in the Belgian online

food market, and by Newpharma.

Besides its widespread collection network (over 340 collection

points in Belgium, Luxembourg and France), Collect&Go also offers

home delivery, through its own personnel in and around Brussels

and Antwerp or private ‘Drivers’ in the wide vicinity of dense urban

areas in Belgium. This service was further expanded in March

2025 and again in early June 2025, and now reaches 60% of the

Belgian households. The number of regions where home delivery

is available continues to expand.

Since April 2025, Foodbag has been an integral part of Colruyt

Group (compared to a 41,36% shareholding previously). The

Belgian-based Foodbag delivers meal boxes across Belgium

every week, distinguishing itself through quality, flexibility and

sustainability. Every week, customers can flexibly choose from

35 dishes, without the need for a subscription. The diverse menu

caters to all tastes, featuring Belgian-inspired meals, vegetarian

and vegan options, as well as new flavours and international

cuisines. In addition to home delivery, meal boxes can also

be picked up at more than 100 Collect&Go collection points,

while ‘one meal’ kits are being sold in Okay stores; Foodbag

differentiates itself through its omni-channel strategy. Through

Foodbag Colruyt Group is able to further expand and strengthen

its position in the online food market.

The Xtra app is steadily evolving as more applications and tools

are being integrated to further enhance customer convenience.

The single app strategy fosters synergies between the group’s

different formats. Both app usage and the number of app

functionalities used continue to grow.

Innovation and sustainability remain the key values guiding all

Colruyt Group’s operations.

Colruyt Group is the reference point for sustainable

entrepreneurship and a source of inspiration for conscious

consumption. The group works towards this objective step by step

through a wide array of initiatives and partnerships.

Colruyt Group has long been committed to offering the widest

possible range of Belgian products. To this end, the group

collaborates with 6.000 Belgian farms and has direct partnerships

with 600 both large-scale and smaller farms. Sustainability plays

a key role in these collaborations. An example is the recently

renewed partnership aimed at further improving the sustainability

of Belgian milk production, including efforts to reduce

greenhouse gas emissions.

In early 2025, Colruyt Group grouped its plant-based range under

a new sub-brand of its private label Boni Selection, called Boni

Plan’t. The existing range is being complemented with several

completely new products. This allows consumers, regardless

of their dietary preferences, to make more conscious and

sustainable choices. At the same time, Colruyt Group is making

significant progress towards its protein shift ambitions.

In the years ahead, the group will further strengthen its leadership

position in making its real estate patrimony and transport

more sustainable in various areas such as energy efficiency and

greenhouse gas emission reduction.

(1) Retail revenue includes both the revenue from ‘Food’ - excluding the revenue from Wholesale,

Food service and Food production - and the revenue from ‘Health & Well-being and Non-food’.

(2) The segmented information has been adjusted in financial year 2024/25

on the basis of a revision of the operational segments.

(3) Excluding DATS 24 NV, Dreamland NV and Dreambaby NV,

as these are included as discontinued business operations.

(4) Including the revenue from Comarkt.

(5) Includes the revenue from Délidis since October 2024.

(6) Includes the revenue from NRG since January 2025.

(7) Includes The Fashion Society for 10 months instead of 12 months.

01/04/2024 - 31/03/2025

Revenue

EBIT

Food

(4)(5)

10.441 452

Food retail 8.835

• Colruyt Belgium and Luxembourg

(4)

6.952

• Okay, Bio-Planet and Cru 1.168

• Colruyt France (incl. DATS 24) 715

Wholesale 1.246

Food service

(5)

332

Food production 28

Health & Well-being and Non-food

(6)(7)

500 2

Health & Well-being

(6)

234

Non-food retail

(7)

265

Group Activities, Real Estate

and Energy

23 -8

Other 23

Total Colruyt Group consolidated 10.963 446

Segment information

(2) (3)

Consolidated balance sheet

(1)

The net carrying amount of goodwill and tangible and

intangible fixed assets increased by EUR 233 million to

EUR 3.996 million.

The increase is primarily the net effect of new investments

(EUR 479 million), business combinations (EUR 88 million,

including the acquisition of NRG and Délidis), an IFRS 16

reassessment in relation to the acquired Match and Smatch stores

(EUR 33 million) and depreciation charges (EUR 410 million).

Colruyt Group continues to make targeted investments in its

distribution channels, logistics and production departments,

renewable energy and digital transformation programmes.

Investments accounted for using the equity method rose by

EUR 9 million to EUR 269 million. The increase is mainly driven by

the recent shareholding in BON, the gourmet bar serving high-

quality, home-made meals.

Cash and cash equivalents amounted to EUR 627 million at

31 March 2025. In addition, surplus cash for a total amount of

approximately EUR 31 million was invested in readily redeemable

funds. This is presented as financial assets in the consolidated

balance sheet.

Net financial debt (including IFRS 16 and including readily

redeemable funds) amounted to EUR 297 million as at 31 March

2025 (EUR 93 million as at 31 March 2024). Excluding IFRS 16,

there is a net cash position of EUR 78 million.

Colruyt Group’s equity totalled EUR 3.172 million at 31 March

2025, and represented 49,1% of the balance sheet total.

Treasury shares

In 2024/25, 4.414.803 treasury shares were purchased for an

amount of EUR 174,8 million.

3.000.000 treasury shares were cancelled in December 2024.

After year-end, 186.066 treasury shares were purchased for an

amount of EUR 7,1 million.

On 13 June 2025, Colruyt Group held 3.804.237 treasury shares,

which represented 3,06% of the total number of shares issued.

Events after the balance sheet date

France

Following the assessment of several strategic options for its

French integrated retail activies, Colruyt Group entered into

a put option agreement on 16 June 2025 with Groupement

Mousquetaires: the latter has committed on behalf of its affiliates

(independent retailers) to acquire 81 stores from Colruyt Group’s

French integrated retail activities for a total cash consideration

of about EUR 215 million, entailing the transfer of related

employees. As a people-oriented employer, Colruyt Group will take

utmost care to safeguard the continuity of the operations and as

much as possible employment, also with regard to operations and

employees not in scope of Groupement Mousquetaires’ offer.

We refer to the seperate financial press release published on

17 June for more information.

Foodbag

In April 2025, Colruyt Group increased its stake in Smartmat NV,

a company specialising in meal boxes under the Foodbag brand,

from 41,36% to 100%. This transaction involved the acquisition

of the remaining shares held by Korys Investments NV and

the remaining founders. Up until the financial year 2024/25,

Smartmat NV was accounted for in Colruyt Group’s consolidated

figures using the equity method. Following this transaction,

Smartmat NV will be fully consolidated as from the beginning of

April 2025.

Arm’s length principles were applied for the valuation. At the time

of the initial transaction in February 2022, in which Colruyt Group

acquired 41,36% of the shares of Smartmat NV, the requisite

measures had been taken in the context of the conflict of interest

rules. As part of the transaction, call and put options were

structured, which were exercised in April 2025.

This transaction is expected to result in the following impacts in

the 2025/26 financial year:

• Colruyt Group’s cash flow statement will include a net cash

outflow of approximately EUR 50 million;

• Colruyt Group’s income statement will include a one-off positive

impact of EUR 10 to 15 million (presented as share in the result

of investments) as a result of the change in consolidation

method;

• goodwill amounting to approximately EUR 90 million will be

recognised. In line with IFRS 3, a Purchase Price Allocation will

be performed, which means that the recognised amount of

goodwill is not yet final.

In the 2024/25 financial year, Smartmat recorded revenue of

approximately EUR 50 million and an EBITDA margin exceeding

10%.

Delitraiteur

In October 2024, Colruyt Group reached an agreement to acquire

100% of the shares of Delitraiteur NV. Today, Delitraiteur operates

40 stores in Belgium and 1 in Luxembourg, all but 3 of which

are run by independent operators. The stores are open seven

days a week from 7.30 a.m. to 10.00 p.m., providing both meal

solutions and a wide range of food products. This acquisition

was approved by the Belgian Competition Authority in May 2025.

The transaction was completed at the beginning of June. This

acquisition enables Colruyt Group, as a Belgian retailer, to foster

further growth and strengthen its focus on providing convenience

to its customers.

As of June 2025, Delitraiteur will be fully accounted for in Colruyt

Group’s consolidated figures. No significant impact is expected on

the operating profit and the net result.

Other

There were no other significant events after the balance sheet

date.

(1) In the consolidated balance sheet as per 31 March 2024, Dreambaby was presented as

‘Assets from discontinued operations’ and ‘Liabilities from discontinued operations’.

Outlook

Colruyt Group expects the macroeconomic context to remain

challenging and uncertain and the fierce competitiveness in the

Belgian retail market to continue.

The group observed the following trends in the Belgian retail

market in recent months:

• Food inflation stabilised at around 2%;

• The difference between sales price inflation and purchase price

inflation became less negative.

Colruyt Group aims to ensure the operating profit of the financial

year 2024/25 remains stable in the financial year 2025/26.

Colruyt Group will present its full-year 2025/26 guidance at the

General Meeting of Shareholders on 24 September 2025.

The group continues to focus on driving growth across all

activities (inter alia through the integration of earlier acquisitions,

through expansion and through targeted opportunities). Given

the current uncertain macroeconomic and geopolitical climate

and the highly competitive landscape in the Belgian retail market,

Colruyt Group seeks to reinforce its strong position with a view

to continuing to create sustainable added value together. To that

end, Colruyt Group will further intensify its efforts improving its

overall productivity (revenue growth and an improved cost base),

focussing on the return on investment expenditures and working

towards a further reduction of the required working capital.

As a retailer and as the market leader in Belgium, Colruyt Lowest

Prices will continue to fulfil its role in society and to consistently

deliver on its lowest-price promise. Because of its permanent

focus on efficiency and operating cost control, Colruyt Lowest

Prices can continue to live up to its promise to its customers.

Dividends

The Board of Directors will propose a gross dividend of EUR 1,38

per share to the General Meeting of Shareholders of 24 September

2025.

Earnings and gross dividend per share (in EUR)

Gross

dividend

per share

Net earnings

per share

Dividend

pay-out ratio

2,21

2,49

2,60 2,60

2,78

3,14

3,06

1,57

1,00 1,12 1,18 1,22 1,31 1,35 1,47 1,10 0,80

14/15 15/16 16/17 17/18 18/19 19/20

(1)

20/21 21/22 22/23

2,73

1,38

24/25

50,5%

45,2%

45,1%

45,3%

46,9%

47,2%

48,0%

50,8%

51,0%

8,33

2,38

23/24

(2)

28,6%

2,16

43,0%

(1) Excluding the one-off positive effect related to the contribution of Parkwind to Virya Energy, which had no material impact on the 2019/20 cash flow statement, the net profit per share amounted

to EUR 2,81 and the pay-out ratio was 48,0%.

(2) The total proposed gross dividend for the 2023/24 financial year consisted of an interim gross dividend of EUR 1,00 in respect of the one-off added value gained by the sale of Parkwind by Virya

Energy (interim dividend paid in December 2023) and of an ordinary gross dividend of EUR 1,38. Excluding the one-off net positive effect of EUR 704 million related to Virya Energy and excluding

the interim dividend, net profit per share amounted to EUR 2,75 and the pay-out ratio was 50,2%.

Key figures

The investments in 2024/25 mainly related to:

• new stores and the renovation of existing stores (including the

transformation costs for the acquired Match and Smatch stores)

in food and non-food activities;

• the expansion of logistics capacity in Belgium (such as the new

distribution centre of Okay and Bio-Planet);

• the production capacity in Belgium, with a focus on vertical

integration;

• automation and innovation (such as automated machinery and

installations in the distribution centres and innovations in the

stores);

• innovative change programmes and digital transition;

• renewable energy (such as solar panels and charging plazas) and

energy efficiency (for example, the sustainable renovation of

buildings and making the vehicle fleet more sustainable).

Excluding any acquisitions or stakes, Colruyt Group expects

to carry out an investment programme of more than 4,5% of

revenues in financial year 2025/26. The group will continue to

invest in:

• new stores and the renovation of existing stores (including the

transformation costs for the acquired Match and Smatch stores)

and fitness clubs (new openings as well as renovation of existing

clubs);

• the expansion of logistics capacity in Belgium (such as the

further development of the new distribution centre of Okay and

Bio-Planet);

• the production capacity in Belgium, with a focus on vertical

integration;

• automation and innovation (such as automated machinery and

installations in the distribution centres and innovations in the

stores);

• innovative change programmes and digital transition;

• renewable energy (such as solar panels and charging

infrastructure for trucks) and energy efficiency (for example, the

sustainable renovation of buildings and making the vehicle fleet

more sustainable).

Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

(in million EUR)

01/04/2024

31/03/2025

01/04/2023

31/03/2024

(2)

Food 47 57

Food retail 33 46

Wholesale 3 5

Food service 5 3

Food production 5 3

Health & Well-being and Non-food 28 23

Health & Well-being 18 13

Non-food retail 10 10

Group Activities, Real Estate and Energy 403 353

Total Colruyt Group consolidated 479 433

EUR 479 million

investments

Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

Investments realised

(1)

(1) Excluding acquisitions through business combinations, right-of-use assets and changes in consolidation method.

(2) The comparative figures were revised as a result of the revision of the operational segments.

Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

Production and distribution centres

and offices

The square metres for production and

distribution centres relate to building surfaces

and therefore don’t take into account multiple

storeys.

The total available surface is approximately

950.000 m².

The freehold percentage (based on m²)

of production and distribution centres in

Belgium, Luxembourg and France combined

amounts to approximately 85%.

The freehold percentage (based on m²) of

offices in Belgium, Luxembourg and France

combined amounts to approximately 100%.

Intro

> Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

m² number

Production and distribution centres 770.877 47

Belgium and Luxembourg 660.489 40

France 110.388 7

Offices (floor space) 101.962 11

Belgium and Luxembourg 100.871 10

France 1.091 1

Company-operated stores of Colruyt Group

Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

2024/25 2023/24

(1)

2022/23 2021/22 2020/21

BELGIUM AND LUXEMBOURG

Colruyt

- number 270 261 259 254 252

of which leased externally 27 24 24 23 22

- in net ‘000 m² 477 464 460 454 444

Okay

- number 170 169 159 156 150

of which leased externally 39 40 33 31 32

- in net ‘000 m² 98 97 93 92 89

Comarkt

- number 35 37

of which leased externally 28 30

- in net ‘000 m² 42 45

Bio-Planet

- number 40 36 33 31 31

of which leased externally 20 17 16 14 15

- in net ‘000 m² 26 23 21 20 20

Cru

- number 4 4 4 3 3

of which leased externally 2 2 2 2 2

- in net ‘000 m² 2 2 2 2 2

Dreamland

(2)

- number 48 48 47 47

of which leased externally 15 15 15 16

- in net ‘000 m² 82 82 80 83

Dreambaby

(3)

- number 27 32 31 30

of which leased externally 13 15 16 15

- in net ‘000 m² 18 20 19 18

Bike Republic

- number 32 29 27 21 15

of which leased externally 30 28 26 21 15

- in net ‘000 m² 20 18 24 24 18

The Fashion Society

(4)

- number 125 125 117 109 101

of which leased externally 124 124 116 109 100

- in net ‘000 m² 103 103 120 108 99

FRANCE

Colruyt

- number 103 101 95 92 91

of which leased externally 4 1 2 2 4

- in net ‘000 m² 102 100 94 90 89

The Fashion Society

(4)

- number 3

of which leased externally 3

- in net ‘000 m² 3

Total number of own stores

(5) (6)

782 762 774 744 720

Total store area of own stores

(in net ‘000 m²)

(5) (6)

872 854 917 889 861

(1) The number of recorded square metres was fine-tuned in financial year 2023/24, with the net number of ‘000 m² now being presented.

Before, the gross number of ‘000 m² was presented for some activities.

(2) The number of Dreamland stores in financial year 2023/24 relates to the situation at 30/09/2023. Since October 2023,

Dreamland is no longer an integral part of Colruyt Group (the group still has a stake of 25%).

(3) Since the end of May 2024, Dreambaby is no longer part of Colruyt Group.

(4) The Fashion Society includes the clothing chains Zeb, The Fashion Store and PointCarré. In addition to the integrated stores,

there are stores in Belgium that are operated by franchisees.

(5) Excluding the Jims fitness clubs.

(6) From 2023/24 excluding the Dreamland and Dreambaby stores.

Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

Key figures over five years

Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

(In million EUR) 2024/25

(1)

2023/24

(1)

2022/23

(2)

2021/22 2020/21

Revenue 10.963 10.845 10.820 10.049 9.931

Food

(3)

10.444 10.299

Health & Well-being and Non-food

(3)

500 548

Group Activities, Real Estate and Energy

(3)

29 24

Intersegment

(3)

-9 -26

Gross profit 3.287 3.230 2.931 2.752 2.792

EBITDA 859 893 685 741 850

EBITDA margin 7,8% 8,2% 6,3% 7,4% 8,6%

EBIT 446 470 279 375 523

EBIT margin 4,1% 4,3% 2,6% 3,7% 5,3%

Profit before tax 447 1.176 270 383 521

Taxes 113 104 69 95 105

Net profit 337 1.051 201 288 416

Net profit margin 3,1% 9,7% 1,9% 2,9% 4,2%

Cash flow from operating activities 739 1.516 705 499 708

Free cash flow 382 1.173 153 -108 114

Total equity 3.172 3.173 2.510 2.462 2.527

Balance sheet total 6.465 6.571 6.148 5.614 5.195

Investments

(4)

479 433 463 488 469

ROIC

(5)

11,8% 13,9% 8,9% 13,4% 17,6%

Market capitalisation at year-end

(in million EUR)

4.731 5.453 3.609 5.019 6.925

Weighted average number

of outstanding shares

123.489.687 126.163.912 127.967.641 132.677.085 135.503.424

Number of outstanding shares on 31/3 124.497.858 127.348.890 134.077.688 133.839.188 136.154.960

Net profit per share (EPS) (in EUR)

(6)

2,73 8,33 1,57 2,16 3,06

Gross dividend per share (in EUR)

(7)

1,38 2,38 0,80 1,10 1,47

Dividend yield

(8)

3,63% 5,56% 2,97% 2,93% 2,89%

Number of employees on 31/3

(9)(10)

33.852 33.575 33.273 32.996 32.945

Number of employees in FTE on 31/3

(9)(10)

32.418 32.103 31.938 31.210 31.189

Number of own stores in Belgium,

Luxembourg and France

(11)(12)

782 762 774 744 720

Store area of own stores in ‘000 m²

(11)(12)

872 854 917 889 861

Number of independent storekeepers in Belgium,

affiliated stores in France (excluding independent

retailers) and franchisees of the multi-brand chain

The Fashion Society

1.006 1.056 576 588 591

(1) Excluding DATS 24 NV, Dreamland NV and Dreambaby NV, the sale of which was finalised at the beginning of June 2023, the beginning of October 2023 and the end of

May 2024, respectively. Net profit includes the total result of continued as well as discontinued business operations and includes one-off effects.

(2) Including DATS 24 NV, the sale of which was finalised at the beginning of June 2023.

(3) The operational segments are revised in financial year 2024/25. As a result of this, the relevant comparative figures for financial year 2023/24 were also revised.

(4) Excluding acquisitions through business combinations, right-of-use assets and changes in consolidation method.

(5) In financial year 2021/22, corrections were made for the acquisitions of Culinoa, Jims and Roelandt Group, in financial year 2022/23 for the acquisition of Newpharma, in

financial year 2023/24 for the acquisition of the Match and Smatch stores and the divestment of DATS 24, Dreamland and Dreambaby, and in financial year 2024/25 for

the acquisition of Délidis and NRG and the divestment of Dreambaby.

(6) Including one-off effects.

(7) In 2023/24, the gross dividend per share consists of an interim dividend of EUR 1,00 related to the one-off realised added value on the sale of Parkwind by Virya Energy,

and an ordinary gross dividend of EUR 1,38.

(8) The dividend yield based on the ordinary gross dividend, and therefore excluding the interim dividend in financial year 2023/24 relating to the one-off realised added

value on the sale of Parkwind by Virya Energy, is 3,22%.

(9) Excluding employees of DATS 24 NV, Dreamland NV and Dreambaby NV from 2023/24.

(10) The definition of the number of employees (in FTE) was refined in financial year 2023/24. The number of employees (in FTE) on 31/03/2023 was also revised on this basis.

(11) Excluding the Jims fitness rooms.

(12) From 2023/24 excluding the Dreamland and Dreambaby stores.

1.112,3

million EUR

contributed to the

Belgian treasury

Contributions paid to the Belgian treasury

in proportion to the added value

In the last financial year, all Belgian companies of Colruyt Group together passed on EUR 1.112,3 million

in social, fiscal and product-related taxes to the Belgian treasury. In addition, the net VAT payment

(difference between payable and deductible VAT) to the tax authorities amounted to EUR 314,6 million.

Distribution of the net added value generated

by Colruyt Group in Belgium

All these taxes are the result of the creation of added value by

the group. The net added value

(1)

generated by Colruyt Group

in Belgium amounts to EUR 2,36 billion. Of this, 47,0% goes

as taxes to the various local and federal governments and

40,5% is paid to our staff for services rendered. 6,4% is paid to

shareholders

(2)

and the remaining 6,1% is invested back into

the group to finance future projects.

(1) The excise duties paid have been integrated into the net added value so as to be able to

express the total contribution to the treasury of EUR 1.112,3 million as a percentage of

the net added value corrected in this way.

(2) This calculation method takes no account of the purchase or disposal of own shares.

Contributions paid to the Belgian treasuryContributions paid to the Belgian treasury (in million EUR) (in million EUR)

Social securitySocial security

(1) (1)

453,8453,8

Withholding tax on wagesWithholding tax on wages

(1) (1)

199,6199,6

Income tax on profitsIncome tax on profits 104,6104,6

Product-related taxes (customs, excise)Product-related taxes (customs, excise) 309,5309,5

Withholding tax on income from investmentsWithholding tax on income from investments 16,4 16,4

Property withholding taxProperty withholding tax 15,2 15,2

Registration duties, provincial and municipal taxes and other federal taxesRegistration duties, provincial and municipal taxes and other federal taxes 13,2 13,2

Total Total 1.112,31.112,3

Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

47,0%

Local and federal

authorities

40,5%

Colruyt Group

employees

6,4%

Shareholders

6,1%

Retained earnings

Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

(1) Including burden reductions obtained at federal and regional level.

Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

Investing in our employees

Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

Colruyt Group includes

106 nationalities

Inclusive workplace

At Colruyt Group, respect and inclusivity are fundamental pillars of our culture. We want to be an inclusive organisation where everyone is

welcome, feels heard and can be themselves. Respect for everyone forms the basis upon which diversity can grow.

We believe that every individual contributes a unique mix of characteristics, talents and experiences. By valuing and using this diversity,

together we create added value. As an organisation, we strive to remove barriers and to support each other, without distinction or

discrimination.

An important step in our policy is the recent update, whereby it is now possible for store employees to wear religious symbols, as long as

safety continues to be guaranteed. This contributes to the visibility and recognition of the diversity within our teams. In this way, we are

building an organisation in which everyone feels at home and can participate fully.

Colruyt Group continues to invest in diversity, equality and inclusion. Step by step, we are moving forward in this process so that we as an

organisation continue to build on a strong, inclusive future.

Intro > Preface > Who are we? > Our identity > Our strategy > Our vision on sustainability > Management report > Key figures

Profit-sharing

Every year since the 1990s, Colruyt Group has let all its employees

in Belgium share in the profits – insofar as financial results have

allowed – as a token of appreciation for their efforts. A separate

system operates for employees in France, in line with French

legislation. For the 2024/25 financial year – subject to approval by

the General Meeting – the total profit-sharing amounts to 24,00

million euro, divided as follows: a payment of 1,96 million euros

profit participation in cash as determined pursuant to the law of

22 May 2001 concerning employee participation in the capital of

entities and the establishment of a profit bonus for employees, as

well as a payment of 22,04 million euro pursuant to collective labour

agreements 90 and 90bis regarding non-recurring results-related

benefits. Since financial year 2001/02, Colruyt Group has shared

more than 505 million euro of profits with its own employees.

Financial year 2024/25

• Profit participation (in million EUR) 1,96

• Results bonus (in million EUR) 22,04

• Total amount profit-sharing (in million EUR) 24,00

• Number of eligible employees 25.322

The stated remuneration amounts are gross amounts from which

the following deductions are made when paying out to employees:

• Profit participation: 13,07% solidarity contribution and 7%

participation tax.

• Results bonus (CLA 90): 13,07% employee social security

contribution. Employer social security contributions of 7,27

million euro are also due on the results bonus (CLA 90).

On top of this, we pay out annual incentives and bonuses to middle

and senior management based on the group’s profits. For financial

year 2024/25, these profit incentives and bonuses amount to gross

19,00 million euro.

The total employer cost of all variable remunerations in Belgium

amounts to approx. 50 million euro or 11% of the group’s EBIT.

More than just remuneration

Our employees can count on a competitive

salary package. In addition, we want them

to benefit financially from the company’s

growth. Under an annual capital increase

system that has been in operation since 1987,

our employees can subscribe to shares in

Colruyt Group NV on attractive terms. These

capital increases are proposed by the Board

of Directors and approved by an Extraordinary

General Meeting. The shares remain blocked for

five years. In 2024, 1.261 employees subscribed

to 148.968 shares, resulting in a capital

contribution of 5,7 million euros.

Year

Amount

(in million EUR)

Number

of shares

2019 15,9 380.498

2020 10,3 222.372

2021 7,3 184.228

2022 5,4 238.500

2023 8,8 271.202

2024 5,7 148.968

Evolution of employees’ capital contribution

Activiteiten > Food > Gezondheid en welzijn > Non-food > Energie > Ondersteunende diensten

Safe and healthy workplace

• We aim for zero occupational accidents by prioritising risk

analysis and prevention.

• The Connection assists employees who have personal or

family problems. While not directly providing psychological

support, this neutral service does offer a listening ear and can

refer employees to external professional help if necessary.

Last financial year, the Connection recorded more than 10.000

contacts with the long-term sick and with staff experiencing

personal or family problems.

• 61,65% of our employees have voluntarily joined our Solidarity

Fund, which intervenes in cases of long-term illness, among

other things. Last year, the fund disbursed 1,12 million euros.

Learning and developing together

As a consciously development-oriented organisation,

we encourage lifelong learning and development, both

professional and personal, for everyone. We are continuously

optimising our range of employee training to boost the

quality and meet current learning needs. In addition to

professional training, we are investing in training focused on

our staff’s personal, mental, emotional, physical and spiritual

development. Equipped with a good knowledge of themselves

and their stressors, employees boost their own resilience and

that of their colleagues.

• In financial year 2024/25, we invested 47,01 million euro in

the training and education of employees. This corresponds

to 3,04% of the total wage mass.

Activities

Food

Health and

Well-being

Non-

food

Energy

p84 Group support activities

p69 p75 p80

p39

Food retail

p57 Wholesale

p63 Food service

p66 Food production

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Geographic segmentation of revenue

Revenue per specialist area

Revenue distribution

The operational activities of Colruyt Group are divided into several

specialist areas. All specialist areas can count on supporting or

corporate services, such as IT, Technics, HR, etc.

Food includes all our activities in food retail and food wholesale, as well as

in food service.

Health & Well-being includes the activities of Newpharma and Jims.

Non-food mainly includes the activities of Bike Republic and

The Fashion Society.

Other includes the external revenue of Symeta Hybrid and Food production.

0,8%

Other

9,3%

France

89,9%

Belgium

80,6%

Food retail

11,4%

Wholesale

3,0%

Food service

2,1%

2,4%

0,5%

Food retail

Food

Colruyt Group makes approx. four fifths of its revenue in food retail, mainly via physical stores in Belgium,

but also in France and Luxembourg. In Belgium, the group is also the market leader in the online food retail sector.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Companies in which Colruyt Group has a stake

Colruyt Lowest Prices is

primarily aimed at families

who do their weekly shopping

in a price-conscious way. It

is also the ideal format for

professionals, associations and

households doing big shopping

in an efficient way. Colruyt has

a wide range, a considerably

expanded butcher’s section

and fresh food department.

Day after day, the store chain

guarantees its customers the

lowest prices for national

brands as well as the Boni

Selection and Everyday private

labels. If a product is cheaper

elsewhere nearby, then Colruyt

immediately lowers its price.

On top of this, the format

offers its own promotions and

responds to all competitors’

promotions, both nationally

and regionally. Colruyt

prioritises simplicity, efficiency

and readiness to serve.

1976

EUR 6.952 million

revenue (+0,1%)

(incl. revenue from

the Comarkt stores)

270 stores

(264 in Belgium and

6 in the Grand Duchy of

Luxembourg)

1.700 m

average

store area

10.500 food and 7.500

non-food items

More than 15.400

employees in FTE

Lowest prices

colruyt.be / colruyt.lu

Slight fall in revenue in stagnating market,

customer retains lowest price guarantee

Colruyt Lowest Prices saw its revenue backslide slightly in the previous financial year. The first

half of the year was negatively impacted due to the bad weather right into July, which was

disastrous for sales of the summer winners such as drinks and BBQ products. In the second

half of the year, Colruyt had an average end-of-year period. After the social unrest in the

privatised Delhaize stores had subsided, Colruyt saw a number of their customers visiting

the stores less frequently again.

Nor was revenue stimulated by the sustained global unrest, the persistent low consumer

confidence and an increasing number of independent stores opening on Sundays. In a

stagnating food market, the customer wallet shrank and shopping frequency fell as well as

average spend, all of which contributed to pressure on the market share. This trend stabilised

in the first three months of 2025.

Colruyt experienced ongoing relatively high promotion pressure and stuck to its lowest prices

guarantee, which caused some pressure on the margins. The profitability also suffered under

the prevalent lower food inflation that stayed way under average inflation. This meant that

certain operational costs could not be sufficiently passed on through retail prices.

From autumn 2024, a few new stores opened in former branches of Match in Wallonia.

Colruyt is satisfied that these stores got up to cruising speed quite quickly.

New stores in Chimay, Florennes, Grâce-Hollogne, Jumet,

Wandre, Aarschot, ’s Gravenbrakel, Lessines and Tienen

Reopenings after renovation: Wavre, Chênée, Temse,

Kalmthout, Geel, Molenbeek, Waremme, Lochristi, Virton, Schoten,

Anderlues, Marbais, Hooglede, Tertre and Mersch (Lux.)

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Unie van familiebedrijven

Hoogstraten Aardbeien is het werk van

120 familiebedrijven die hun

vakmanschap al generaties lang inzetten.

Het merendeel van onze telers zijn in de

voetsporen van hun ouders of grootouders

gestapt en zijn bij wijze van spreken

geboren en getogen in de aardbeivelden.

Allemaal met dezelfde ambitie: aardbeien

van topkwaliteit telen met respect voor

de natuur en oog voor duurzaamheid.

Daarvoor is het k waliteitsmerk vandaag

bekend in België en ver daarbuiten.

De aardbei

spant de kroon

KWALITEIT IN DE KIJKER

Mooi rode en heerlijk zoete aardbeien zijn zonnetjes op je bord. Onze telers

uit Hoogstraten zorgen ervoor dat je ze het hele jaar door in onze rekken vindt.

Dankzij hun vakmanschap bieden ze op elk moment smaakvolle aardbeien

van topkwaliteit. Hoe het allemaal begon voor het Belgische kwaliteitsmerk

Hoogstraten? Dat lees je hier.

Alle aardbeien worden voorzichtig met

de hand geplukt als ze glanzend rood

en lekker sappig zijn. De plukkers

draaien de vruchten voorzichtig van de

steeltjes. Zo blijft het fruit mooi gaaf.

Alle smaken

van de regenboog

Onder het kwaliteitsmerk Hoogstraten vind

je een waaier van aardbeiensoorten met

een gevarieerd smaakpalet. Lekker om

zo te eten of in verschillende bereidingen.

En sowieso altijd van topkwaliteit.

Minutieuze teelt

De telers van Hoogstraten oogsten

jaarlijks 30 miljoen kilo aardbeien,

verspreid over het hele jaar. Dat doen ze

door rassen nauwkeurig te selecteren

en hun teeltsystemen af te stemmen op het

seizoen. In de winter groeien de aardbeien

in verwarmde glazen serres, in de lente

in tunnels en de rest van het jaar in de

openlucht. Zo brengen ze het hele jaar

door verse aardbeien in je winkel.

Geldig va n 9/4 t.e.m. 22/4/2025.

Versmarkt

Hoogstraten

aardbeien

500 g

Herkomst: België/

Nederland.

€

€ 11,9 8/kg

SMAAKMAKER

TOP promotions, top results

At the start of the financial year, Colruyt

launched the TOP promotion campaign:

strong and clearly recognisable offers such as

2+1 or 1+1 free on a wide range of products.

The promotions are very visible in the

brochures, online, in the stores and on the

receipt, and increase customer confidence in

the lowest prices.

All-in one folder

Since the beginning of 2025, customers receive in their two-weekly

envelope just one single, thinner and more user-friendly folder, instead of

the previous themed brochures such as ‘Price campaign’ and ‘Inspiration’.

• Relevance. The folder focuses on price and opens with 8 strong TOP

promotions, tailored to the customer’s needs, according to the research.

• Efficiency. The inspiration part is more concise than before and

contains, for example, fewer recipes. For inspiration on cooking or

conscious consumption, Colruyt refers customers more readily to its

digital platforms.

• Savings. The circulation for the printed brochure was reduced, while the

focus on communication through digital channels increased.

Geldig van 9/4 t.e.m. 22/4/2025.

Versmarkt

Hoogstraten

aardbeien

500 g

Herkomst: België/Nederland.

€

€ 11,9 8/kg

Amandelbriwats met vanille-ijs en

salade van aardbei en oranjebloesem

recept p. 37

SMAAKMAKER

Jij het lentedessert,

wij de aardbeien

2Geldig va n 9/4 t.e.m. 22/4/2025.

Alcoholmisbruik schaadt de gezondheid

Deze promo’s word en verrekend als p rocentkor ting op de totaa lprijs van de

deelnemende producten (bv. 2+2 gra tis = -50 % verrekend aan de kassa).

* + statiegeld.

De sterkste promo’s

van het moment.

Diepvries

McCain

alle Airfryer-producten

550 g of 600 g

Klassiek 60 0 g - € 4,99 (€ 8,32/kg)

Allumet tes 600 g - € 5,19 (€ 8,65/kg)

1+1

gratis

Combineer naar keuze

Versmarkt

Boursin of Apéricube

volledig assortiment

Apéric ube Classic 250 g

€ 8,15 (€ 32,60/k g)

Boursin Garlic & Herbs 250 g

€ 5,45 (€ 21,80/k g)

2+1

gratis

Combineer naar keuze

Vandemoortele

alle olie

1 L of 2 L

Zonnebloe molie 1 L - € 3,64

Frituuro lie 2 L - € 8,99 (€ 4,50/L)

2+1

gratis

Combineer naar keuze

Zeisner

burgersaus

425 ml

€ 2,99 (€ 6,10/L)

1+1

gratis

Half a century of lowest prices

Colruyt has been guaranteeing the lowest price for more than 50 years, something that has been confirmed by consumer

organisation Testaankoop year on year. Even in challenging circumstances, Colruyt continues to stick to its promise, in part by

remaining consistent in its commitment to lowest costs. As an example, take the low-key store layout, the permanent quest

for simplicity and efficiency, the use of innovative technology, the constructive relations with suppliers and the international

collaboration concerning purchasing conditions.

Colruyt started using a new price comparison tool last financial year and optimised the frequency of the price recordings at

competitors. So now, with the use of AI, prices are adjusted faster, more accurately and more cost efficiently, and the chain

is better equipped to substantiate its lowest price guarantee.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Choose Belgian products

As a Belgian retailer, Colruyt offers a maximum of Belgian-made products. The retail chain

prioritises local anchoring and quality, in combination with the lowest prices for the

consumer.

• For the second year in a row and together with Colruyt butchers, Belgian cattle farmers

organised two tasting weekends in fifty stores. The breeders are affiliated to three

producer organisations with whom Colruyt has worked directly for many years, and

they supply exclusively beef from female cattle, among other things.

• Colruyt is proud of its wide range of almost 300 beers, of which 90% is produced in

Belgium. More than a third of all Colruyt customers regularly buys alcohol-free drinks.

Colruyt therefore offers more than 30 alcohol-free beers and in August 2024 launched

the Cara 0.0, which is the alcohol-free version of the well-known Cara pils.

• Colruyt sells premium strawberries from the Hoogstraten cooperative, which bundles

the expertise of more than 120 family businesses.

From 2 to 4 Colruyt Professionals

Colruyt Professionals opened new stores in an

acquired Match store near Charleroi and in a

former Newpharma warehouse in Liège. The

stores are only open to professional customers

such as grocery store owners, night shops and

hotel and catering businesses. There, they can

find specific products in larger packs and a

service that is adapted to wholesale purchases.

Colruyt now has a total of 4 cash&carry stores

and wants to grow that to ten in Belgium. The

other Colruyt stores also enjoy a great deal of

B2B business.

Focus on new technology

Colruyt continues to invest in technology that delivers greater simplicity

and efficiency in the organisation and greater ergonomics in everyday

work.

• Since March 2024, staff have been testing out a smart shopping cart

with a tablet for self-scanning products and payment. The testers are

overwhelmingly enthusiastic about the time saved, avoiding queues

at the checkout, and the screen with an overview of the shopping and

discounts and the total bill. At the end of 2025, the cart will be tested for

the first time on a limited scale by customers.

• During more than a year of practice tests in twenty stores, the

Easy checkout was further refined. The smart checkout system that

automatically scans products results in a significant productivity gain,

shortens the queues at the checkout and is more ergonomic for staff. By

September 2025, it will be implemented in fifty stores, and by the end of

2026 in all stores.

• A test is being carried out of a smart checkout scale that can identify

vegetables and fruit in bulk, even in a reusable net bag. This means the

checkout staff no longer have to enter codes or look inside the bags,

which will save a lot of time.

Award-winning pallet automation

Colruyt is testing an automation with robots that stock full pallets on an

extra floor above the ground-floor warehouse. The system creates extra

storage and store space and saves work hours. A great advantage, because

it is more cost effective to supply the stores with full pallets and there

will be no need to stock so much on the top shelves. The automation can

deliver added value for fifty stores with enough height for an additional

mezzanine. In 2025, the system won a RETA Award for innovative

technology in retail.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Ever-changing assortment

Colruyt continues to enhance its product ranges. For instance, the range of alcohol-free drinks is increasing significantly, as is the

parapharmacy shelf, put together with advice from Newpharma. Premium pet food is also doing well and is helping to lift the whole

range to new heights. The sale of cut flowers and magazines is now generating almost as much as the ceased tobacco sales.

• Colruyt stopped selling tobacco to individuals in March 2025,

a month before the official ban came into force. Staff were

thoroughly briefed so as to be able to inform customers

correctly about the ban. From now on, the stores only sell

tobacco products to registered professional customers whom

they identify via the checkout system.

• Since autumn 2024, five popular magazines and an assortment

of bouquets of cut flowers have been available for purchase

by customers at the checkout counter. In addition, during the

course of 2025 there will be larger racks for flowers and plants

in the checkout zones and also in Collect&Go collection points.

• Since the beginning of 2025, all stores have had a Trending

online shelf with twenty or so drinks and snacks popular among

teenagers, such as Dubai chocolate. The shelf has been a great

success and brings younger target groups to Colruyt, which

translates into more followers on TikTok.

• The easily recognisable new private label Boni Plan’t was given

a prominent place on the shelves. This range includes more than

100 affordable and high-quality plant-based products, such as

meat substitutes, legumes, dips, desserts and dairy alternatives.

• Spread across various stores, there are thirty tests running with

new products and categories.

- Plant-based range from Bio-Planet. This allows Colruyt

to develop more expertise in organic products, while

customers will get a taste of the range on offer in the organic

supermarket.

- Two hundred hotel and catering products from our food

service specialist Solucious, an additional service for the many

hotel and catering businesses that shop at Colruyt. In the

butcher’s department, they can also have meat cut and packed

to order.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

For years, Comarkt has been

a temporary signboard for

acquired stores, in anticipation

of their conversion to a

permanent store format of

the group. The format has a

wide range of high-quality

products at affordable prices

and regularly launches strong

promotion campaigns.

Customers receive a weekly

brochure and also enjoy

automatic access to all

ongoing promotions and

discounts via Xtra.

EUR 154 million revenue

35 stores

at 31/03/2025

1.200 m²

average store area

More than 500

employees in FTE

comarkt.be

From Match to Comarkt to Okay, Colruyt, Spar ...

In April 2024, Colruyt Group concluded its biggest ever acquisition, with 54 Match and Smatch

stores from Louis Delhaize nv. After minor reconstruction, lasting barely one week, forty stores

reopened under the temporary flag of Comarkt or Comarché, to ensure maximum continuity.

Seven franchise stores joined Retail Partners Colruyt Group and are run as independent Spar

stores. The remaining stores were immediately closed for extensive renovation. A number of

those have since been reopened in their definitive format.

The aim is to convert all Comarkt stores in the long run into a permanent format. Each

site was extensively evaluated to find the most suitable format in order to offer the local

neighbourhood a customised range. Where necessary, the changeover is adapted further to

meet the needs of local customers as best possible.

Thanks to the acquisition of Match and Smatch, by the end of 2027 Colruyt Group is expected

to expand its store count with 21 Spar Colruyt Group, 14 Okay, 8 Colruyt Lowest Prices,

6 Bio-Planet and 2 Colruyt Professionals. This expansion will also ensure that, from now on,

the group has a stronger presence in Wallonia and Brussels.

Powerful springboard

• Most of the acquired stores that reopened

as Comarkt and Comarché quickly

performed as expected. The smaller

retail outlets in particular soon achieved

volume increases of 30% and revenue

increases of up to 20%, partly as a result of

considerable price reductions.

• In eight larger stores, sales started less

rapidly in the first months. Following an

analysis of customer feedback, we decided

to match the range of fresh products better

to customer needs. To that end, the stores

were incorporated into the logistics chain

of Retail Partners Colruyt Group, which also

supplies the independent Spar stores.

• By April 2025, five Comarkt outlets had

transitioned to their definitive format.

They are performing in line with

expectations and are increasing the market

share of their format. The end target was

defined for virtually all other sites.

• After the acquisition, all 950 staff made

the transition to Colruyt Group. For

managers in particular, there have been

various development trajectories since

autumn 2024, focusing on the typical roles,

positions and culture of the group.

2 Colruyt

1 Colruyt Professional

7 Spar or other independent store

4 Bio-Planet

Acquired Match and

Smatch stores that were

converted at the end of

the financial year into

their definitive format:

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Stable revenue in consolidated market

The revenue from the online grocery service stabilised at the level of the previous financial

year. The results are consistent with a consolidated e-commerce food market, which has

maintained the status quo.

Since the end of 2023, Collect&Go has offered meal boxes from Foodbag; as of the end of

2024 it also offers the premium drinks from the new webshop Boir.

There are also partnerships with our online pharmacy Newpharma and Jims fitness club,

according to the recipe-to-basket principle. This means that customers can click to add

ingredients from recipes that match their health or sports profile to their Collect&Go grocery

list. Five culinary websites of external partners also have a Collect&Go button.

Collect&Go has been the

market leader in the Belgian

online food market for 25

years. Customers reserve their

groceries via the website or the

Xtra app and can choose from

15.000 products from Colruyt

and Bio-Planet. More than

two thirds of the orders are

prepared in the stores, and one

third in the distribution centres

at Londerzeel and Erpe-Mere.

Customers who order before

midnight can collect their

shopping the next day from

246 collection points.

Collect&Go also delivers to

the door, either with its own

employees or with private

delivery personnel. The

shopping service stands for

quality, reliability, expertise and

personal service.

2000

246 collection points

(242 in Belgium and

4 in Luxembourg)

More than 600

employees in FTE

Live life to the fullest.

Grocery shopping made

easy online.

collectandgo.be

Home delivery is becoming increasingly important

Collection is still the most popular means of delivery, but home delivery is becoming gradually

more important, certainly in the bigger cities, where the service significantly outstrips

the average popularity. Collect&Go can already make home deliveries to half of all Belgian

households and is ready to grow that further.

• In the Brussels and Antwerp regions, home deliveries are mainly taken care of by company

employees who supply groceries from the distribution centre in Londerzeel. Since mid-

2024, they have also been using electric delivery vans.

• For the other regions, Collect&Go uses Drivers, approx. 5.000 private delivery personnel

who take groceries from a collection point in their area to the customer, for a fee of 7 euro.

In March 2025, the Drivers network expanded to 78 municipalities in East Flanders, and now

reaches 80% of families there. Since April 2024, the Ghent delivery personnel can make free

use of an electric cargo bike.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Since the end of 2024, the Boir

webshop has offered a unique

selection of a thousand items in

wine, beer, aperitifs, digestifs and

alcohol-free drinks, all of which

are not available in the other retail

formats of the group.

• Boir is a user-friendly webshop

with clear product info, transparent

pricing, a simple ordering process

and delivery in a Collect&Go

collection point or at home.

• Following on from the First-class

Wines webshop, Boir is building on

80 years of wine expertise within

the group. With a better shopping

experience and more guidance, the

brand is aiming at more young and

urban target groups.

• Boir is strong in wine but also, for

example, in alcohol-free drinks that

are of the same calibre as wine or

beer, and in exclusive products such

as gin by Ricky Gervais.

Test with chilled lockers

In 2024, Collect&Go tested an extremely flexible solution for grocery

collection outside the usual opening hours, the first of its kind in Belgium.

Customers were able to order fresh products online (from the Okay range)

and collect them the same day until 11 p.m. from chilled lockers in an

Okay store car park. The test was well received, and Collect&Go is looking

at the possibility of rolling out the service on a bigger scale.

Efficiency and ergonomics in logistics

Since May 2024, staff in the Londerzeel distribution centre have been

assisted by smart, self-driving vehicles. These vehicles navigate the

warehouse independently and take the employees via the most efficient

route to the place where they have to pick the fresh products. The work is

done 20% faster than before and is a lot less physically taxing. Collect&Go

is investing in additional automation on the site, with a view to further

process optimisation.

Busy summer 2024

• In July and August, the collection points at the coast were also open

on Sunday mornings.

• Collect&Go distributed 450 free VIP tickets for the Beach Festival in

Nieuwpoort.

• For the third year in a row, the Collect&Go Summer Roadshow made its

way along the coast and inland, with entertainment for young and old.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Strongest growth ever

Foodbag performed strongly in 2024 and reported a 35% revenue increase compared to

the previous record year of 2023. This makes Foodbag consistently the strongest performer in

the market in recent years.

• The concept of meal boxes remains largely the same, although the range of

hyperconvenience offers, such as pre-cut and pre-cooked ingredients or ready-to-heat

meals is growing. Ideal for those wanting to cook healthy and fresh meals in a short time.

• In 2024, successful partnerships were initiated with the renowned Slagerij Dierendonck and

famous chefs like Julien Lapraille and Piet Huysentruyt.

• Foodbag was the first in Europe to introduce a reusable box, developed with the support

of the Flemish ‘Green Deal Anders Verpakt’. The alternative for the cardboard box was well

received by customers and is likely to result in a saving of 150 tonnes of cardboard in the

first two years.

Foodbag delivers fresh,

balanced meal boxes to

homes throughout Belgium.

In-house chefs and famous

guest chefs put together

more than 35 balanced meals

every week, in six different

culinary styles. Foodbag

guarantees quality and taste,

by opting for sustainability

and seasonal products from

Belgian suppliers. Customers

can put together their personal

box with three to six meals,

in portions from one to six

persons.

Foodbag is unique in that it

offers the possibility to place

one-off orders or to choose

a subscription (which is easy

to pause). More than 220

enthusiastic drivers deliver

the chilled boxes to homes,

every week from Friday to

Tuesday. On Mondays, Foodbag

is also available at a hundred

collection points from

Collect&Go.

Since February 2022

Stake:

41,36% in Smartmat nv

on 31 March 2025

10 years of Foodbag, 2014–2025

2014

Established in Ghent under the

inspiration of Stéphane Ronse.

2019

Foodbag merges with the Belgian meal

box Smartmat and becomes a brand

under the eponymous nv.

2021

Smartmat nv acquires the food box

15gram to become the largest fresh food

e-commerce business in Belgium.

2022

Colruyt Group acquires a 41,36% stake in

Smartmat nv.

2025

• Jessie Maras (ex Collect&Go) is the new

Foodbag CEO, Ronse remains member

of the Board of Directors of Smartmat.

• Acquisition of Foodprepper, Belgian

specialist in ready-to-eat food boxes.

• Colruyt Group raises its stake to 100%

in April 2025.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

For more than 25 years,

Okay has been the handy

neighbourhood supermarket

where people can shop

quickly, inexpensively and

conveniently. The easily

accessible, well laid-out stores

offer a complete range of daily

shopping products within a

limited space. Okay is strong

in high-quality fresh products,

especially fruit and vegetables,

meat, ready-to-eat meals and

bread baked on site. Customers

can count on a warm welcome

and lots of inspiration for

simple, easy meals.

Okay City is the city

supermarket, with a complete

range on less than 400 m²,

open 7/7 and easily accessible

on foot or by bicycle.

Okay Direct is the 24/7

store where customers shop

completely autonomously.

1998

EUR 1.168 million

combined revenue Okay,

Bio-Planet and Cru (+1,9%)

170 stores,

(of which 145 Okay,

22 Okay City and

3 Okay Direct)

400-650 m

average

store area

+ 4.700 items,

+ 3.000 in Okay City

More than 2.500

employees in FTE

Easy does it.

okay.be

Successful investments in price,

promotions and assortment

Okay is satisfied with the last financial year: revenue increased slightly, despite limited

expansion and lower inflation. Store frequency rose and the average shopping basket

contained less, which ultimately resulted in higher expenditure per customer. The third

quarter was good, mainly due to stronger promotional offers with among other things

1+1 free offers. Despite this, the positive effect of investments in price, promotions and

assortment was limited because of Sunday openings by the competition, among other things.

Margins remained stable and the results went in the right direction, partly thanks to lower

energy costs as well as productivity gains in the stores and the logistics chain. As an example

of the latter, certain products are now picked per item instead of by package. This reduces the

waste volumes and ultimately the total distribution cost as well.

In the next financial year, we are expecting to open four new Okay City and ten Okay stores,

of which four are converted Comarkt branches. In this way, after several years of slower

expansion, the chain is again engaging in strong growth. The target remains 250 branches in

Belgium.

To facilitate further growth, the Laekebeek distribution centre will be fitted with a new

hall, with sufficient space for automation at the beginning of 2026. To keep the complexity

manageable, the different types of transport carts for chilled and non-chilled products will

gradually be replaced by uniform rolling containers.

2 new Okay City stores

1 closure in Eghezée

(conversion to Colruyt)

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Open on Sunday

Okay announced plans at the end of February 2025 to open all stores on

Sunday morning. This is a response to the growing demand among customers

to be able to do their shopping every day of the week. With its focus on speed

and ease, Okay is the perfect format for this. Furthermore, its customers often

want bread, pastries and fresh products on Sunday morning, which happens

to be one of Okay’s strengths. Okay is in close talks with all stakeholders in

order to work out the Sunday working arrangements.

The Okay City stores have already been open on Sunday morning for a long

time, and some also on Sunday afternoons and public holidays. Those more

flexible opening times were extended at the end of the last financial year to all

City stores.

Smart shopping with self-checkout

In October 2024, Okay began installing its assisted self-checkout, so that

customers can check out their purchases themselves. The average store

combines three traditional, manned checkouts with 2 to 3 self-scan

checkouts. By the end of the financial year, the system was installed in all

branches of Okay City and the roll-out was underway in the remaining Okay

stores. At Okay, an average of one third of customers check out their own

shopping items; at Okay City this figure is three in five.

• Speed. Self-checkout is in line with changing consumer behaviour, whereby

customers do smaller shops and want to be in and out of the store more

quickly.

• Customer contact. There is always a member of staff nearby for support and

to guide customers to available checkouts in busier periods.

• Efficiency. Shorter queues at the manned checkouts give staff more time to

serve customers in the shop.

More and better baking

The Okay stores already bake 40% of

their bread in-store. Given the positive

customer reactions, Okay would like to

increase that amount to 90% by the end

of 2025. With that in mind, there will be

additional ovens installed in the bigger

stores.

Colruyt Group Fine Food supplies

part-baked bread of a stable quality and

in increasing varieties. Since March 2025,

exclusively for Okay, rustic sourdough

bread made with Belgian wheat is on offer.

Okay tested a new tool for bread sales

forecasts and as a result was able to

reduce waste by more than a third.

Use of bank card at Okay Direct

The unmanned self-service store Okay Direct simplified the shopping and

payment process in February 2025. Customers can now do their shopping and

pay with their bank card instead of the Xtra card. This lowers the threshold for

new customers, limits unpaid bills and ensures a faster shopping experience.

Okay City,

the ideal city format

Okay City is the new flagship for

the group’s city format and replaces

the former Okay Compact. In the last

quarter of 2024, all Compact stores

were converted.

• The old name ‘Compact’ didn’t quite

fit the bill. With up to 400 m² of

store area and 3.000 items, these

are complete supermarkets for

everyday shopping. The new logo

clearly shows the link with the

Okay family but has its own distinct

colours.

• The format is now even more

adapted to the city customer. For

instance, the fresh products are at

the front of the shop and there are

more on-the-go, ready-to-eat, -heat

and -cook meals on the shelves.

There are also specific promotions,

such as discounts on purchases of

one product.

• Okay City is the spearhead in Colruyt

Group’s strategic plan for growth in

the city. The target is to open up to

eight stores per year, with a focus on

major cities like Brussels, Antwerp

and Ghent.

• All new stores will have a more

standardised layout, which

should save 25% on costs without

impacting the look of the stores.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Bio-Planet is a sustainable,

organic supermarket, where

customers can find all they

need for a healthy and

balanced lifestyle, with a wide

range of tasty and original

products. All products are

chosen with care and are

guaranteed to be made from

natural, pure ingredients,

with respect for people and

the planet. The wide range

of natural care products and

cosmetics is 100% ecological,

with no hormone disruptors or

other unwanted substances.

Bio-Planet is for anyone who

wants to live a more balanced

life, is curious and wants to

discover how consumers can

do things differently.

Bio-Planet is for foodies,

athletes, everyone who wants

to be healthy, energetic and

feel alive.

Bio-Planet is also for people

with specific needs, such as

gluten or lactose intolerances

or diabetes.

2001

EUR 1.168 million

combined revenue Okay,

Bio-Planet and Cru (+1,9%)

39 stores

in Belgium and

1 in Luxembourg

650 m

average

store area

5.500 items

More than 450

employees in FTE

Healthy starts here

bioplanet.be

Stable growth

Bio-Planet recorded a slight rise in revenue, driven partly by the opening of four new stores

in the second half of 2024, partly by inflation and a slight increase in volume in the existing

stores. On a comparable basis, both store frequency and store basket remained more or less

stable.

The four new stores are converted Match and Smatch branches that were previously acquired

by Colruyt Group, to facilitate accelerated growth. They were repurposed in a relatively short

space of time, for a considerable part with reclaimed materials. From 2026, there will be more

renovations in Puurs and Waremme.

The new store in the centre of Saint-Gilles quickly became one of the busiest stores in the

chain. This success strengthens Bio-Planet in its goal of further expansion in the big cities

of Antwerp, Brussels, Ghent and Liège. In time, the chain sees a potential for fifty stores in

Belgium.

New stores in Gembloux,

Zottegem, Saint-Gilles and

Oudenaarde

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Focusing hard on profitability

Less waste. Start of fast sale with 30% discount on

ultra-fresh products that are nearing their sell-by date.

All stores are now also signed up to ‘Too good to go’,

the platform for unsold food at a discount.

Fewer staff costs. From April 2025, most stores will close

at 7 p.m., half an hour earlier than before, with practically

no impact on sales. A few city stores will continue to stay

open until 7.30 p.m.

Innovative and local product range

Bio-Planet is joining forces with local partners for the

development of innovative products. Roughly half of the

products are plant-based.

• Development of a tofu burger and aperitif croquettes

made from draff, together with food pioneer Abinda,

Brunehaut brewery and Vives Technical School.

• Development of falafels made from locally grown split

peas, together with the Belgian La vie est belle.

And: since autumn 2024, all stores offer a dozen different

plants for house, garden and balcony, grown eco-friendly

in Belgium and the Netherlands. Early sales have been

encouraging.

Staying on the radar

Alongside the campaign around health, Bio-Planet is also

undertaking other initiatives that are attracting interest.

• The online brochure

appears bi-weekly instead

of monthly, and is therefore

attracting the attention of

customers more regularly.

• A few Colruyt stores

are testing a clearly

recognisable Bio-Planet

shelf with a changing array

of drinks and plant-based

food.

• Information sharing and

tastings during events from

Colruyt Group Academy

and the lifestyle magazine

Libelle, among others.

Gezond begint hier.

La santé à croquer.

Healthy starts here

At the end of 2024, health became the

spearhead of the supermarket strategy. The

new slogan ‘Healthy starts here’ shows clearly

that Bio-Planet wants to be the benchmark for

a broad group of consumers that are interested

in being, staying or becoming healthy. It also

targets specific consumer groups such as those

with food intolerances, vegetarians, vegans and

diabetics.

In 2025, Bio-Planet ran a large-scale campaign

three times around health, with strong

promotions on healthy food and inspiration on a

mini website.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Cru is the fresh food market

for everyone who loves good

food. For connoisseurs who

love authentic high-quality

products, are curious to explore

extraordinary flavours and

respect pure craftsmanship.

Here, they will always find

really good sourdough bread,

seasonal fruit and vegetables,

meat of the very best quality,

fresh fish, unique cheeses

and much more. The staff in

the four Cru markets proudly

inspire and advise customers

on their craft, with their know-

how and their pure passion for

the products.

2014

EUR 1.168 million

combined revenue Okay,

Bio-Planet and Cru (+1,9%)

4 markets: Ghent Kouter,

Antwerp Groenplaats,

Overijse and Dilbeek

650 m

average

store area

1.000 to 1.100 items

More than 100

employees in FTE

The taste of authenticity

cru.be

Cru maintains its momentum

Cru was able to continue the positive evolution achieved last financial year. It reported a

considerable increase in revenue, half of which was driven by volume growth due to a clear

increase in the number of receipts. In the second half of December 2024, Cru improved on its

record revenue of the previous year by more than 15%.

In the market sector, Cru has become the benchmark for the tastiest, pure products. There are

a great many opportunities with this market format in the current consumer trends, where

customers value quality over quantity, pure products of impeccable origin and delicious food

to treat themselves or for entertaining.

Further commitment to

profitability

Cru successfully made cost savings

without impacting the customers and

the store experience.

• Optimised logistics flow

• Lower IT expenditure

• Cheaper partners for e.g. laundry

and waste processing

• Better staff planning and increased

productivity

• Later opening hours (9 a.m. instead

of 8 a.m. from Monday to Thursday),

without impacting sales.

Focus on fresh food

market, selling off

eateries

At year end, Cru announced its intention

to stop operating the Cuit eateries in the

markets in Ghent, Overijse and Dilbeek.

This decision will allow Cru to focus more

intensively on its core business, the fresh

food market.

Cru went looking for passionate hotel

and catering owners to take over the

restaurants. In May 2025, there was

already one candidate for Cuit in Ghent. All

eateries will remain open until new owners

have been found and all staff who so wish

will be able to work in the Cru markets.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Campaigns to increase revenue and customer base

This last financial year, Cru attracted a great many new customers with its various

initiatives and also increased store visit frequency.

1. Long-running media campaign around the new slogan ‘The Taste of Authenticity’

and a PR campaign with good results in relevant magazines and supplements.

2. Renewed and expanded range of products, with strong growth in the most

innovative trades.

3. More experience in the markets, with tastings of star products such as Belgian mussels

or the tomato and events for spring, the tenth anniversary, and New Year festivities.

Around Christmas, there were successful speed dates in the markets between

well-known chefs and Cru partners such as Hendrik Dierendonck, Sarah Renson and

Benoit Dewitte.

4. New loyalty programme with more targeted offers based on customers’ store visit

frequency.

5. More expertise in the markets via continuous training in collaboration with the

partners and training in hospitality and commerce, to offer better customer service.

6. Commitment to local anchoring around the markets. For example, Cru Ghent took

part in the event Gand Gourmand, a culinary discovery tour for residents of Ghent.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Colruyt Prix Qualité stands

for a clearly laid-out

neighbourhood supermarket,

where customers can find

everything they need for their

daily and weekly shopping.

The stores offer the best value

in the neighbourhood for a

similar shopping cart, and are

strong on fresh produce, meat,

charcuterie and bread. Other

assets are the wine section

and the wide range of organic,

regional and local produce.

The stores are mainly located

along approach roads in

(semi-) rural areas and almost

all of them have a Collect&Go

collection point. Approximately

half of them also have a

DATS 24 filling station as an

extra service for customers.

The contribution of the filling

stations is included in Colruyt

Prix Qualité’s revenue.

1996

EUR 715 million

revenue (-0,2 %,

including fuels)

103 stores

with 102 Collect&Go

collection points and

45 DATS 24 filling stations

990 m

average

store area

9.000 food and

2.500 non-food items

More than 2.100

employees in FTE

l’Essentiel,

tout simplement

colruyt.fr

Revenue stable in deflationary market

Revenue of the French Colruyt stores (both including and excluding fuels) remained more or

less stable, despite slight price deflation, after long periods of inflation in France. The average

store basket was a little lighter, in line with the structurally diminishing volumes in the market.

However, store frequency and the number of receipts experienced an upward trend, so that

Colruyt performed a little better than the market in general, something that was reflected in a

fractional increase in market share.

Deflation put some pressure on margins, certainly given the relatively competitive price

positioning of Colruyt compared to its competitors and the insatiable appetite among

consumers for promotions. The French retail market remained very competitive and

consolidated further after the disappearance of two historic store formats.

Since the beginning of 2025, it has focused on the continued implementation of its

profitability and commercial recovery plan. This focuses on the one hand on higher store

revenue by attracting more customers via changes in reception, availability and product range,

as well as revising price positioning on the market.

On the other hand, Colruyt aims to bring the operational costs further under control, by

working on productivity in the stores and in logistics, among other things by focusing on

multi-skilled employees and also by not replacing employees who leave. Aside from that,

the viability of each store location is being examined.

2 new stores

1 total renovation

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Attracting more customers

Colruyt introduced successful initiatives to generate additional

traffic.

• New partnership with the organisation Too Good To Go.

On a daily basis, the stores put together competitively priced

packages of fresh produce that is nearing its expiry date;

these can be ordered online and picked up the same day.

Since the start of this initiative, Colruyt has sold more than

250.000 packages and was also able to tap into a new target

audience. The food packages were judged as the best on the

French market in the Too Good To Go app.

• Always-price promotion Gratt’itude in autumn 2024, on

the basis of a scratch card with both physical and digital

benefits and game elements.

• Installation of autonomous lockers in store car parks,

as an extra service for customers.

Digitalisation

• In autumn 2025, Colruyt introduced the Xtra loyalty system,

on the same IT platform as in Belgium.

• Customer communication is switching from paper to digital,

aiming for zero paper by the beginning of 2026.

Colruyt Group investigates

various strategic options

In a fiercely competitive French food retail

market, a lot of work is being done on improving

the profitability of the French integrated retail

activities. The bulk of the stores have made a

positive contribution, but the activities lack

the scale to achieve sufficient purchasing

power and to cover overheads and the logistics

costs. Within this context, various strategic

options are being investigated for the French

integrated retail activities (including DATS 24),

such as a recovery plan or a divestment. As a

people-oriented employer, Colruyt Group will

do everything to safeguard the continuity of the

activities and maximum employment.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

The gourmet bar BON has

been serving urban customers

since 2015 with high-quality,

healthier breakfasts and

lunches, including freshly

squeezed juices, soups, salads,

sandwiches, hot meals and

desserts, to be consumed on

site or to take away. From the

central kitchen in Brussels,

high-grade, freshly prepared

meals are delivered to 11

integrated stores in the centre

of Brussels, Antwerp and Liège.

BON also does home and

office deliveries. Since 2023,

there has been a selection of

products available at Okay City.

Since September 2024

Stake: 45,65%

On course to further

expansion

Colruyt Group acquired a 45,65% stake in BON

in September 2024, a move that fits in with the

strategy to grow in the cities and to focus more

on convenience. Via the gourmet bar, we get to

know the urban consumer better, and we can

also detect the latest food trends more quickly.

In this way, BON offers our other retail formats

valuable insights and inspiration.

Since the group came on board, sales have

continued to go well. In the next financial year,

four openings are planned in the Brussels

region. The broader expansion plan remains

focused on busy commercial locations, such as

shopping centres and larger office complexes.

Four fifths of the revenue is obtained from

individual consumers, one fifth from B2B

customers.

Robi Professional has been

installing high-quality drinking

water taps at companies,

schools, catering establishments,

sports clubs, and events of

every kind since 2018. More

than 40 models of taps deliver

freshly filtered tap water, cooled

or room temperature, still or

sparkling. The sustainable and

cheaper alternative to bottled

water results in significant

savings on transport and plastic

waste. There is also a Robi water

filter for the home, available at

Colruyt Lowest Prices, Collect&Go

and Bio-Planet.

Since 2021

Stake:

99,5% in De Leiding

Partner for festival

and events

Since 2018, Robi Professional has been

providing water for artists, employees and

public at numerous festivals, including

Tomorrowland, Sfinks and Dranouter. The

company is also a trusted partner of a great

many sporting events such as the Ghent

Marathon, the Kevin De Bruyne Cup and the

Antwerp 10 Miles. There, they filled more than

280.000 cups with 45.000 litres of water in less

than two hours.

Robi Professional is expecting to take

advantage of the increased federal tax

deduction from 30 to 40% on the purchase of

drinking water dispensers connected to the

water mains.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Wholesale

Food

Colruyt Group makes more than 10% of its revenue in wholesale business. This comes mainly from deliveries to

independent food stores in Belgium (mainly Spar franchisees) and in France, as well as exports to Africa.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Positive across the board

Retail Partners Colruyt Group has experienced a strong year, with positively evolving sales

volumes, revenue and market share, thanks partly to a strong end of year. The six former

Match/Smatch stores that became Spar franchisees have had a successful transition.

In the second half of the year, a lot of work was done on supporting a number of larger

Comarkt stores, which were acquired from Match/Smatch by Colruyt Group. The stores are

being temporarily operated under the flag of Comarkt and will in the coming years gradually

be handed over to independent (Spar) managers. RPCG was responsible, among other things,

for installing its own checkout system with accompanying automatic inventory management

and re-stocking from its distribution centre in Mechelen.

The above-mentioned Comarkt stores successfully transitioned and are now being supported

on the way to further growth. An important lever for this is the introduction of strong Spar

categories with service, such as cheese, meat, fish, charcuterie, bakery and delicatessen.

The number of stores affiliated to the purchasing group Alvo remained stable, as did the

revenue that RPCG recorded via the Alvo stores. Since the beginning of 2025, they have also

taken items from RPCG’s frozen range, which will have a positive effect on sales.

Reliability as an asset

• RPCG continued to be a reliable partner and succeeded in delivering to stores on time,

meeting the pre-established service levels. That was even more challenging in the previous

financial year, partly due to the volume growth in the Comarkt stores and the difficult

calendar in December, with all the public holidays directly after a weekend.

• The wholesaler is also proud of the fact that the pre-established margins for all retailers and

customer groups remained nicely on target.

• RPCG continues to build on good dialogue structures with its Spar retailers, including via

various tastings and regional councils and via the highly valued annual inspiration fair and

study tour.

Retail Partners Colruyt Group is

a licensee for the Spar format

in Belgium. Besides supply

and assortment management,

RPCG also takes care of

commercial policy for the

affiliated independent Spar

stores, from promotion and

marketing to sales support.

Together with its independent

retailers, RPCG helps shape

the store style, assortment

and commercial focus, as well

as the future of Spar Colruyt

Group.

RPCG also supplies fresh

products and grocery items to

independent storeowners of

Alvo and to unaffiliated clients.

2003 Spar Retail, in 2014

renamed Retail Partners

Colruyt Group

226 Spar stores

45 Alvo stores

61 independent retailers,

including

16 Mini Markets

More than 800

employees in FTE

Doing business together

is to grow

retailpartners-

colruytgroup.be

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

85 format shops

Ten stores switched to the new Spar format, resulting in a total of 85 format shops by

the end of the financial year. In the first half of 2026, the aim is to reach 100 stores.

After remodelling, the stores have a strong ‘Spar Colruyt Group’ feel, with room for the

specialities of the retailers, such as a cheese or fresh fish section. All stores continue to

perform well, both in terms of influx of new customers and in terms of shopping basket and

revenues.

The retailers get the necessary support for putting together their range of products.

This includes a new calendar with stronger shelf plans or assistance in using those plans on

the shop floor. These initiatives are delivering satisfying results in participating stores

Spar Colruyt Group is the

friendly neighbourhood

supermarket for daily grocery

shopping, offering a good

range of fresh products,

personal service and

competitive prices. With

their skills and specialities,

the independent retailers

set their own accents in

their stores. Spar provides

inspiration through its free

KOOK magazine and is well-

known for its weekly 50% off

Top Deals. Most stores are also

open on Sunday (mornings).

226 stores, of which

176 with Spar Colruyt

Group branding

350-1.800 m² average

store area

mijnspar.be

4 new stores

10 remodellings

2 closures

9 new stores (of which 6 former Comarkt) and

9 remodellings expected in financial year 2025/26

Going up a gear

• The strong results in the participating stores have encouraged Spar Colruyt Group to

accelerate the remodelling of the retail group. Retailers who want to invest in sustainable

equipment and techniques can go to the organisation for expert advice and financial

support.

• Spar is satisfied that it can strengthen its position in Wallonia in 2025/26 with the opening

of six new stores on former Comarkt sites.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

7/7 convenience is an asset

At Delitraiteur, customers have all-day access to more than 200 freshly made meals,

plus a huge assortment of salads and sandwiches, to take away or eat in. The stores also

offer a wide range of foods, such as vegetables, fruit, bread, soup, roast chicken, cheese

and wine and numerous exclusive articles. Every Delitraiteur has its own kitchen and

is open 7/7, from 7.30 a.m. to 10 p.m. Today, there are 40 stores in Belgium and one in

Luxembourg, almost all of which are run by independent retailers.

Delitraiteur was set up in 1990 and has been an integral part of Colruyt Group since the

end of May 2025. The acquisition is part of our ambition to increase growth in urban

settings and to offer customers more convenience, with easy and healthy meals, ready-

to-eat or ready-to-heat. The unique and very distinctive concept is a perfect complement

to our other store formats.

The taste of

pleasure

At the end of the financial

year, Spar introduced its

new brand identity with

the baseline ‘That’s what

pleasure tastes like’. The

accompanying advertising

campaign reinforced the

idea that Spar is all about

a shopping experience

full of taste and quality,

passion and pleasure,

where shopping is just

that little bit more fun.

Recognisably Spar, but

more intensive.

The website, the flyers and

the magazine Kook were

all overhauled. The new

brand identity is gradually

becoming more visible in

the Spar stores.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Strong dynamic in store openings

Codifrance had an exceptional year with a strong increase in revenue, partly facilitated by the

acquisition of Degrenne Distribution and the expansion of the network. The French wholesaler

also recorded a considerable operating profit, thanks in part to sustained cost control.

In the first quarter of 2025, twelve new stores were opened under the flag of Coccinelle

Supermarché. In a store area of 500 to 750 m², customers can find all their daily grocery

shopping. The modern and cosy stores embody everything that Codifrance stands for:

strong local anchoring, passionate owners with friendly and helpful teams who know their

customers, a broad range of products and services and flexible opening hours.

For more than 55 years,

Codifrance has been a key

player in distribution to

convenience stores spread

across three quarters of France.

Codifrance delivers dried

goods, as well as fresh and

frozen products to

740 affiliated stores, in its

own formats Panier Sympa,

Épi Service and VivÉco and the

Coccinelle and Coccimarket

licences. In addition,

Codifrance supplies almost

2.200 other independent

retailers. The complete range

combines major national

brands with private labels

(Belle France) and a large

selection of organic and

ecological products.

2004: acquisition of

Panier Sympa and licence

holder of Coccinelle and

Coccimarket

2023: acquisition of

Degrenne Distribution,

including the brands

Épi Service and VivÉco

740 affiliated stores:

239 Coccimarket

192 Panier Sympa

129 VivÉco

105 Épi Service

75 Coccinelle

80 à 750 m² average

store area

Approx. 8.000 items

in the three temperatures

More than 350

employees in FTE

55 years’ experience

of food distribution in

convenience stores

codifrance.fr

Essential for local cohesion

Codifrance supplies more than 3.000 independent convenience stores every day, and in so

doing helps to keep local retailers in business, even in remote or sparsely populated areas.

As meeting places, the local superettes and grocery stores fulfil an essential role for the

cohesion of local communities. The retailers deliver vital services, ensure local employment

and contribute to the viability of neighbourhoods and villages.

Synergy with Degrenne Distribution

• In 2023, Codifrance acquired the whole of Degrenne Distribution, based in Villers-Bocage

in Normandy. This important strategic step allowed Codifrance to start saving on transport

costs and to double the number of retail outlets and its revenues.

• Since then, hard work has gone into promoting the synergies between the sites in

Villers-Bocage and those of Codifrance in Châteauneuf-sur-Loire. The focus here is on

simplicity and efficiency in the logistics processes and a continued effort to keep business

costs under control.

• With two logistics platforms of 25.000 and 16.000 m², Codifrance is well equipped to supply

all customers quickly and reliably.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Colex (Colruyt export) supplies

retail and food service

products to distributors,

wholesalers and supermarkets

all over the world, with a focus

on the African continent and

French and Dutch Overseas

Territories. The export

department does especially

well in Central and Western

Africa, with the Democratic

Republic of the Congo as its

largest sales market.

Colex offers a wide range of

food and non-food items,

from grocery wares and frozen

goods through household

products to baby and personal

care articles. The focus is on

Colruyt Group’s private labels

(Everyday, Boni Selection and

Culino), supplemented with a

peripheral range of A-brands,

including extended shelf-life

products specifically for export.

The export company does not

have its own stores but works

closely with local partners,

using their distribution

networks. Colex stands out with

its unique all-in export service

and for the support it gives its

customers in marketing the

products.

1985

Approx. 150 active

customers

5.000 items

More than 40

employees in FTE

Bringing quality

products to the world

colex-export.com

Growth in Western Africa

In a competitive market where mostly French retailers are active, Colex has succeeded in

growing, in partnership with local small supermarkets, wholesalers and convenience stores.

In Western Africa, Colex actively supports its customers, via targeted marketing campaigns in

the retail outlets that put the Colruyt Group brands on the map.

Retaining the largest sales market

In Central Africa, Colex combines campaigns at local partners with national campaigns for

Everyday and Boni Selection. In Congo, large billboards and popular social media communities

ensure growing brand awareness and permanent attention for the two private labels.

Bringing partners together

Successful B2B events have taken place both in Central and Western Africa, with large

numbers of local partners taking part. The perfect opportunity for sharing valuable insights

and best practices, and a boost for the growth of Colex and the Colruyt Group brands. Lastly,

the website was redesigned, with more focus on prospection.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Food service

Food

The food service activities of Colruyt Group in Belgium consist of supplying food items to the hospitality industry,

businesses, schools, hospitals and care institutions, as well as supporting industrial kitchens.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

The food service company

Solucious supplies foodstuffs

to professional clients all

over Belgium; these clients

are mainly in the hotel and

catering industry, social

catering (e.g. schools, hospitals,

care institutions) and company

catering.

They offer dried, fresh and

frozen products, in both small

and large packs. The food

professionals select from

national brands, private labels

for professional chefs Culino

and Econom and the private

retail labels Boni Selection and

Everyday.

Solucious stands out with its

ease of use, fair and consistent

pricing with bulk discounts and

reliable customer service.

2013. Acquisition Culinoa

in 2021, Valfrais and

Délidis in 2024

EUR 332 million revenue

in food service (+21,6%)

More than 20.000

customers

More than 13.000 items

More than 1.000

employees in FTE

Making food service easy

solucious.be

Combination of organic growth and acquisitions

Solucious maintained the growth of recent years, with an increase of approx. 10% in volume

and almost 12% in revenue, mostly in the hotel and catering industry and partly in social

catering. Partly due to the acquisition of Valfrais and Délidis, the whole food service activity

achieved more than 330 million euro revenue, a fifth more than the previous year. This

enabled the food service to gain market share in a difficult, stable market.

The Culinoa department made use of new kitchen management software, an efficient and

future-oriented solution to better support large-scale kitchens in the care sector. In so doing,

Culinoa aims to expand its area of activity from mainly residential care homes in Wallonia to

Brussels and Flanders.

Since the acquisition in January 2024, Valfrais has professionalised further. Renewals of

the website, vehicle fleet, machines and picking circuit have allowed us to better serve our

customers.

Solucious reached an agreement in October 2024 with Groep Peeters-Govers for the

acquisition of 100% of the shares of Délidis. Since then, work has been done on the

integration and synergy with HR, Finance and IT, among others. Délidis customers can

continue to rely on their trusted service and range of products.

Easier than ever for customer and delivery staff

• A more regionally managed planning means that the delivery staff serve the same customers

more often. This means that they can get to know the customers’ needs better and provide

them with a more personal and efficient service.

• The delivery staff can process orders as well as bank card payments on their PDAs,

which simplifies and speeds up the delivery process.

• For the second year in a row, Solucious was awarded an IFS Wholesale certificate,

with very high scores for quality and food safety.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Extended range of products for the hotel and

catering industry

• With the acquisition of Délidis, Solucious has strengthened its

range of fresh products for the hotel and catering industry

across Belgium. This includes meat from its own butcher and

fruit and vegetables from the auction or from local farms.

• New, high-quality range of Mediterranean, halal-certified

products.

• Expansion of own private label Culino to some 400 products.

Recognisable, high-quality and competitively priced, specifically

for daily use in the hotel and catering industry.

• For two years already, Solucious has been the exclusive supplier

of Belgian mussels from the Colruyt Group sea farm. These

mussels won the public prize for most innovative product at

the Horecatel fair in 2025, and have strengthened the name of

Solucious in the hotel and catering industry.

• Test with two hundred typical hotel and catering products from

Solucious in a few specifically chosen Colruyt Lowest Prices

stores. For Colruyt Group this means an additional channel for

reaching hotel and catering businesses.

Popular at Spar

In September 2024, Solucious was present for the first time at

the annual fair of Retail Partners Colruyt Group. The aim was to

introduce independent Spar retailers to get to know the products

that are not in the RPCG range, mostly raw ingredients for their

catering departments. The revenue via RPCG rose by 40 % last

financial year.

Solucious is also increasingly taking the lead in approaching the

B2B market with other internal partners. An example of this is

its joint participation in hotel and catering fairs in Flanders and

Wallonia.

Culinoa takes the worries away from catering kitchens in care institutions by offering an efficient

central purchasing point, user-friendly kitchen management software, training and advice for kitchen

staff. This means that chefs and their teams can focus all their attention on preparing meals. Forty

staff members serve approx. 160 active customers.

Valfrais supplies fresh, ultra-fresh, dried and frozen products to both horeca and catering kitchens

in Wallonia and Luxembourg. From the distribution centre in Bastogne, 35 staff deliver to more than

800 active customers on a daily basis.

Délidis from the Antwerp Kempen is a leading supplier of (ultra)fresh vegetables, fruit and meat to

professional hotel and catering customers, industrial kitchens and the retail trade. The wholesaler is

known for its professionalism and customisation, including advising, portioning, cutting, packaging,

prepping and ripening. More than 80 staff deliver to more than 800 active customers 6 days a week.

Sustainable business

• The transport model at Solucious focuses on limiting the

number of kilometres and the associated emissions. The last

mile from the nine transport hubs to the customer is done by

cargo bike or with electric lorries and vans. All delivery staff are

trained in eco-driving.

• In 2024, approx. 15% of deliveries in the big cities was

emission-free. The five electric chilled lorries made

6.525 deliveries. In the distribution centres, all transport devices

are already fully electric.

• After a first evaluation, Solucious received an EcoVadis bronze

medal, meaning that it reached the top 35% of evaluations and

scored higher than average in the sector.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Food production

Food

Fine Food

Colruyt Group is the only Belgian food retailer with industrial product departments and tens of years experience

in development, production and packaging of foods. More than 1.300 employees on nine production sites process

meat, make salad spreads, cut and package cheese, bottle wine, roast coffee and bake bread. In-house production

enables us to work cost-effectively, guarantee constant quality and create added value for the group and the

customers. The products are marketed under our private labels such as Colruyt Beenhouwerij, Boni Selection,

Everyday and Spar.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Production and

farming under

one roof

In 2014, all the production activities of

the group were grouped under Fine Food,

and then merged in 2024 with the farming

department under the management of

Food Production. Both activities are of

huge strategic importance and are very

alike in operational terms. By aligning

them better with each other, the group

can respond even more efficiently to

the needs of the market and provide the

store formats with suitable, innovative

solutions.

Fine Food celebrated its tenth anniversary

with an on-the-road tasting market,

an ideal opportunity to showcase its

craftsmanship and increase professional

pride.

Lower volumes

Most production volumes at Fine Food fell

slightly last financial year, partly as a result

of reduced demand from Colruyt Lowest

Prices. Coffee production fell a little due

to strong price inflation on the global

market. Evolving consumer habits meant

a scaling-back of the volumes of meat and

charcuterie, although classics like gourmet

and turkey experienced strong sales at the

end of the year.

Fine Food has since responded to this

negative impact on profitability by taking

staffing and other productivity measures.

The meat-processing department is

also responding to the growing demand

for convenience, with the development

of more pre-cooked and ready-to-eat

products.

Strong in fresh and part-baked

bread

The bakery guarantees almost 100%

availability of the requested volumes

of freshly baked bread, proportionally

distributed across all Colruyt stores. The

freshly baked range continues to grow,

and now includes a new rustic wheat

sourdough bread from our own Belgian

production chain. This exclusivity for Okay

is made on a new line, also suitable for

products such as currant bread.

The bread department is steadily

supplying more volume and varieties of

part-baked bread of a stable quality. This

is because Okay is aiming to part-bake

approx. 90% of its bread in the stores

themselves by the end of 2025.

The bakery has also invested in a new

machine for sandwiches and has

attracted new European customers for its

hamburger buns.

Sustainable innovation

• New, fully automatic production line

for more sustainable coffee pads using

industrial compostable paper without

a plastic valve. Thanks to the higher

capacity, all kinds of pads are now made

in-house.

• Development of hybrid meat products

enriched with plant-based proteins,

which contributes to the protein shift.

• Thin ‘flow pack’ bag for lardons, resulting

in an annual saving of 50 tonnes of

plastic packaging, a first for Belgium.

• More than 99,7% of all packaging is now

completely recyclable.

• More home alternatives for typical

international products, such as Holstein

rib eye instead of Irish meat.

Focus on quality and efficiency

• Redesigned organisational structure

with three divisions and allocation

of new roles and responsibilities at

each production site. With the result

that each site now has its own quality

manager and team, which stimulates

commitment and ownership.

• New, long-term leadership programme,

whereby team leaders learn to the

best of their ability how to lead,

communicate and deal with change,

opposition and conflict.

• Digital transformation: the cheese

department was the first to switch to

an ERP package that integrates and

supports all processes. The other sites

will follow by the end of 2027. More

data-driven work processes will increase

efficiency and ultimately improve service

levels and quality.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Focus on local anchoring

As the only Belgian food retailer, Colruyt Group chooses Belgian agricultural products where possible. After all, it’s important

to safeguard local farming and expertise as well as our autonomy. Our agricultural activities also contribute to the sustainability

goals of the group and the agricultural sector.

Our stores offer products from 6.000 agricultural enterprises. We have a more intensive working relationship with 600 of those,

for example in cooperatives.

Almost 100% of the fresh meat, milk and eggs that we sell comes from Belgium, as do most of the fruit and vegetables. A win-

win: on the one hand, the group is guaranteed a continuous supply, and on the other hand the producers are ensured of a long-

term distribution outlet, which gives them more room to invest in, for example, new crops and more sustainable techniques.

We also want to make the chains we operate in more (cost) efficient, which ultimately benefits the producer and customer.

Colruyt Group also invests in its own production facilities, whereby we do as much as we can ourselves: from procurement of

raw ingredients, through cultivation, processing and packaging to sales. By producing goods in-house, we have more control

over quality, traceability and price. At the same time, we safeguard our expertise and strengthen the relationship with our stores.

Some great examples of our own production include the marine farm in the North Sea, and the vineyard in Hainaut, where we

not only grow the vines and make the wine, but also take care of the bottling and (future) commercialisation.

Finally, we have more than 700 hectares of farmland where some of the crops for our own chain are grown. Some of the land

is contracted out indefinitely to independent farmers, other parcels are made available to young farmers via seasonal contracts.

We also use the land for innovation, sustainable farming, nature, biodiversity and greening.

Successful second mussel season

In the summer of 2024, the second complete harvest of

farmed mussels from our marine farm – about 30 tonnes

or 30.000 normal portions – came on the market. Approx.

two thirds of these mussels were sold at Cru, the rest in the

hospitality sector. In 2025, the very first Belgian mussels were

awarded the public prize for most innovative product at the

Horecatel fair.

Since its beginnings in 2022, the marine farm has gradually

expanded, and in summer 2026 the harvest is expected to rise

to 300 tonnes. In spring 2025, we commissioned a second,

bigger boat: the Moules Frites can harvest more and faster,

even in more adverse weather conditions.

New and renewed partnerships

• In 2024, we signed an indefinite contract with organic

horticultural company De Lochting in Roeselare, which

is unique in the sector and an important step towards

guaranteeing an in-store Belgian organic range. We have

been working since 1999 with De Lochting, a company

that employs those who find it difficult to find work on

the regular labour market. Today, we purchase about 85%

of their production, i.e. 35 kinds of organic vegetables at

Colruyt and Bio-Planet.

• In March 2025, the group helped start up the new

cooperative BE-AVICOP. As a result, we now work directly

with fifteen Walloon chicken farmers, and purchase

all their birds. They adhere to the welfare standards of

the Better Chicken Commitment, which means healthier

chickens and a less labour-intensive breeding process.

The chicken products are labelled ‘Home-grown chicken’.

30% of the chicken in our stores comes from this range.

• We renewed the unique partnership that has been running

since 2020 with dairy business Inex and three hundred

dairy farmers. Over the next three years, we will introduce

a market-based pricing system, which ensures stability for

all parties. Together, we will put our efforts into setting up

a sustainability trajectory with the main focus on lower

greenhouse gas emissions. End result: more sustainable

Boni milk for our customers.

Agriculture

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Health and

Well-being

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Colruyt Group is active in Belgium in the specialist area of Health and Well-being, with the physical fitness clubs Jims

and the online health platform Yoboo. The online pharmacy Newpharma serves customers in Belgium and six other

European countries.

Company in which Colruyt Group has a stake

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

25% increase in revenue

For the second financial year in a row, Jims saw its revenue rise by almost a quarter.

This rise is partly due to an almost 20% increase in membership and a further rise in the

average spend per member. More than half of the new members opt for the two broadest

subscription formulas, which give access to group lessons, an intake session, an individual

training plan, etc.

There is a quick uptake of the new website and app by new customers, and more than a third

of sales are made online. The flawlessly integrated CRM system offers more accurate and more

relevant reporting, and allows Jims to take a data-driven approach to working.

Jims opened eight new clubs and has renovated an equal number of existing clubs. In total,

21 clubs were sporting the new Jims look by the end of the financial year. The focus in the

coming financial year is on the further renovation of existing Jims clubs and acquired NRG

clubs. The combination of the new club concept and the commercial clout of the Jims/NRG

tandem will help accelerate the maturity of the new clubs.

Jims operates 83 fitness clubs

in Belgium and Luxembourg.

The clubs offer members

a comfortable and safe

environment to take part in

condition or strength training

and a wide range of group

lessons.

Jims stimulates members to

adopt a healthy lifestyle, with

a focus on health in the broad

sense. Members enjoy access

to all clubs and are supervised

by experts and enthusiastic

trainers. Jims also generates

revenue in the commercial

market, via the sale of

subscriptions, team events and

wellness packages tailored to

companies and organisations.

Acquisition of Jims in

2021

Acquisition of NRG end

2024

EUR 234 million

combined revenue

Health & Well-being

(

)

(-3,9% and approx. +15%

on comparable basis)

83 fitness clubs

(77 in Belgium,

6 in Luxembourg)

More than 300

employees in FTE

We move with you

jims.be

jims.lu

(

) Includes Newpharma for 12 months

in financial year 2024/25 vs 15 months

in financial year 2023/24.

Jims doubles in size thanks

to acquisition of fitness chain NRG

• In December 2024, Jims reached an

agreement with the management of fitness

chain NRG for the acquisition of 40 fitness

clubs in Belgium. This agreement doubled

the number of clubs and made Jims the

second biggest fitness player in the

Belgian market. All 180 personnel have

moved from NRG to Jims.

• The acquisition has speeded up Jims’

ambitious growth plans. It brings the

necessary scale for the broader expansion

of various initiatives, such as nutrition

coaching, pre- and postnatal supervision,

partnerships with care providers, etc.

• Jims and NRG are complementary,

both in terms of location and services.

Jims is mostly present in cities like

Ghent and Brussels, while NRG is well

represented in Antwerp and Limburg.

Jims excels in inspiring group lessons and

personal coaching, while NRG is strong in

community building, local anchoring and

membership recruitment. Together, they

have all they need to evolve into a unique

player in the fitness market.

• By April 2025, all acquired clubs were

commercially integrated, with new front

of building marketing, common IT systems,

online platforms, common subscription

and pricing structures, among other things

Activities > Food > Health and Well-being > Non-food > Energy > Group support activitiesActivities > Food > Health and Well-being > Non-food > Energy > Group support activities

Complementing the traditional care system

On the back of the group mission to make preventive

health more accessible to everyone, Jims is developing

initiatives that complement the traditional care system.

• Via the programme Move for Health, Jims has

formalised the strong partnerships with various

hospitals and healthcare institutions in Ghent, Halle

and Genk, among others. On referral, small groups of

chronic cardio patients and obesity patients can come

to Jims and work on their recovery and establish healthy

routines. With this after-care programme, Jims is taking

some of the pressure off hospitals while also acquiring

new club members.

• Jims is increasing its presence in hospitals. For

example, it has already made cardio equipment

available and there are plans to operate a fully fledged

club on the campus of one hospital. Furthermore,

coaches are being trained on site and there is scope for

interchange with the doctors and mutual referrals.

• In autumn 2024, the elite sport physio business SPRS

opened four treatment rooms in Jims Kortrijk and

Kuurne. Members can go there for advice, treatment or

an adapted programme, while SPRS patients who are

not members get access to the modern infrastructure.

Of course, this pilot project also offers scope for an

instructive interaction between fitness coaches and

physiotherapists.

More than fitness

With the long-running campaign ‘Choose more than

fitness’, Jims is showcasing its desire to support people in

various different ways to improve their lifestyle.

• As of mid-2024, sports enthusiasts can take an online

test to ascertain their primary goals and associated

sport profile. Based on their profile they receive specific

training and nutrition advice with matching recipes.

They can order the necessary ingredients via Collect&Go,

which is a perfect example of synergy with the food

activity of the group.

• In the monthly podcast ‘Jims on the move’, experts and

coaches take a deep dive into topics such as mental

resilience, nutrition and motivation. The podcast is

recorded in a mobile studio, which can also be used for

events on location.

• As of August 2024, all Jims clubs are equipped with

AED devices and staff have been trained to be able to

intervene quickly in the event of cardiac arrest. During

opening hours, the devices are also accessible for

passers-by. Eventually, all of the acquired NRG clubs will

also be equipped with an AED.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

$Graphics$

Steady growth

For the second year in a row, Newpharma reported a clear increase in revenue. In Belgium,

sales peaked in the third quarter of the financial year, thanks partly to a record Black Friday,

with almost 17.000 orders. In December 2024, 1,7 million articles were taken into stock, twice

that of a normal month. The second half of the year experienced strong competition and

promotion pressure. The pharmacy has since focussed more on efficiency, productivity and

cost control and has succeeded in remaining the cheapest on the Belgian market.

The pharmacy expects the online drugs market to grow further, as customers become more

accustomed to ordering online. At the same time, they are becoming more price-aware,

requiring Newpharma to promote its price advantage even more.

Newpharma foresees further growth in the sale of beauty, skincare and pet food. Via targeted

marketing and pricing, it will stimulate customers to place bigger orders, rather than trying to

encourage more transactions.

Newpharma advises store formats such as Colruyt Lowest Prices and Okay on the composition

of their parapharmacy shelf. The pharmacy is also actively developing synergies with internal

partners such as Xtra, the fitness club Jims and the online shopping service Collect&Go.

Newpharma is Belgium’s

largest online pharmacy,

with more than 45.000

products and 1.700 brands at

reasonable prices, available

via the Xtra app. Two thirds of

the orders are delivered to the

customer’s home within 24

hours, the rest to one of the

3.500 pick-up points.

In addition, Newpharma Group

delivers to ten countries, six

of which are supplied with

specific product ranges: France,

Switzerland, the Netherlands,

Germany, Austria and Romania.

The pharmacy also operates

four of its own physical outlets

in Antwerp, Liege and Halle.

Stake since 2017, 100%

consolidated since

October 2022

EUR 234 million

combined revenue Health

& Well-being

(

)

(-3,9%

and approx. +15% on

comparable basis)

45.000 items for

the Belgian market

More than 300

employees in FTE

Your pharmacy,

always there for you

Newpharma.be

(

) Includes Newpharma for 12 months

in financial year 2024/25 vs 15 months

in financial year 2023/24.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activitiesActivities > Food > Health and Well-being > Non-food > Energy > Group support activities

Online connection

Newpharma is investing in digital channels to strengthen

the connection with its customers.

• Successful live webinars since the end of 2024.

Pharmacists share their expertise and answer

questions via the chat.

• The new app makes it easier for customers to find

the right products and get personal advice. It also

makes Newpharma less dependent on external search

engines.

• Customers from all sections of the population are

increasingly making online appointments for a digital

consultation with one of the pharmacists. This can be

about pharmaceutical concerns and pharmaceutical

products but also about diet, exercise, sleep, etc.

International expansion

• In France, Newpharma remained the biggest online pharmacy

and recorded an increase in revenue of more than 25%. That

was also the case in the Netherlands, where the premium

online pharmacy scored mainly on the care and beauty lines.

• In Switzerland, Newpharma is the second player in the market

in terms of revenue. They opened their own pharmacy near

Lausanne to send out the orders instead of the site in Liège. This

shortens the delivery time from a week to one day.

• The activities in Germany and Austria remain relatively stable.

Newpharma wants to grow from 2025 onwards by including

more products from the country of establishment in its range.

• In September 2024, the online pharmacy started up in Romania.

Thanks to its on-site presence, Newpharma is aiming for fast

organic growth.

Smarter pricing adjustments

At the end of 2024, Newpharma implemented a new software

program for price management. This has equipped the company

for operating in an extremely competitive environment and

for finding a better balance between being competitive and

protecting margins. The technology enables them to operate a

coherent pricing policy for clusters of products. It also takes into

account the possible objectives behind price adjustments (more

volume, revenue or margin ...) and predicts the possible impact

thereof. By the end of the financial year, the tool was being used

in the six largest countries.

Ecological and smart packaging

The new packing machine makes cardboard boxes to fit the

product, which means a lot less cardboard and filling material is

required. Great cost savings and a smaller ecological footprint!

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Shift from cure to prevention

Yoboo takes a personal and low-threshold approach to coaching people in how to optimise their lifestyle, with a focus on

diet, serenity and exercise, among other things. The user enjoys digital, interactive support in the app, and coaching via an

affiliated independent pharmacist. The pharmacists in turn receive the necessary support to advise their customers personally

and professionally, because often this is still quite a new service.

Yoboo helps the pharmacists to evolve from curative product provider to a service provider that stands out with preventive

health advice. This shift is necessary, given the saturated Belgian pharmacy market and the growing pressure on sales margins

from online pharmacies.

In order to get pharmacies on board with the health narrative, Yoboo invested more heavily last financial year in marketing

material, such as window stickers, info pedestals, medication boxes and quarterly campaigns advertising certain products.

Growing network

At the end of last financial year Yoboo had forty affiliated independent pharmacies. The network is growing slowly but surely

and the members are incredibly loyal. Generally, we’re talking about pharmacies with at least three employees and suitable,

separate rooms with sufficient privacy. There, customers have a quiet space to, for instance, test products, receive individual

coaching or undergo innovative tests that map the most important health parameters in a matter of moments.

Yoboo also has a few of its own pharmacies that have been designed explicitly to focus on interaction and that, for example,

no longer have the traditional counter.

Customised for companies

Yoboo is developing custom lifestyle trajectories for companies. For a period of 3-12 months these programmes prioritise

well-being and coach employees to lead a healthier life, individually and as a group. Yoboo also offers services from Jims

(e.g. day tickets, team building sessions, etc.) and from Colruyt Group Academy, e.g. webinars or physical workshops on health.

Since 2023

Stake on 31 March 2025: 94,16%

In line with its ambition to make health and well-being

accessible to all, Colruyt Group has further increased

its stake in the Belgian digital health platform Yoboo

to 94,16%.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Non-

food

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Colruyt Group is active in Belgium in the non-food retail sector with the bicycle shop Bike Republic and the fashion

chains Zeb, The Fashion Store and Pointcarré. Zeb also has several stores in France. The group also has a stake in

the toy shop Dreamland.

Company in which Colruyt Group has a stake

Engaging in growth in a shrinking market

In a slightly shrinking fashion market with limited inflation, The Fashion Society managed to

grow again after two difficult seasons. The nice increase in revenue was partly driven by a few

new shops but also by an influx of new customers in existing stores. The group even achieved

the highest profitability in the Belgian fashion market.

These results are due on the one hand to more normal weather conditions during the winter

season 2024/25 (compared to the warm autumn of 2023). On the other hand, the fashion

group made a number of strategic manoeuvres that yielded fruit.

• The buyers took more account of the weather-dependent nature of the fashion market and

the impulsive buying habits of their customers. A number of collections came a little later in

the shop but also on time to be able to service early customers.

• Zeb came up with a new promotions policy, with attractive but more targeted discounts on

fewer or smaller product groups.

• In the area of marketing, Zeb seriously cut back on the number of direct mailings of its

brochures. Additional mailbox leaflets and digital campaigns attracted new customers.

The Fashion Society groups

three multi-brand fashion

chains, operating mainly

in Belgium, but also in

Luxembourg and France.

These are out-of-town

destination stores, with a focus

on shopping experience and

customer satisfaction.

The three brands target broad

but distinct groups, covering

a large portion of the fashion

market. Zeb is for self-aware,

young customers who are

looking for inspiration and

a bargain. Family stores

PointCarré and The Fashion

Store target multi-generational

trend followers and focus on

personal advice and a personal

touch.

Stake since 2014 and fully

consolidated since 2020

EUR 265 million

combined revenue

Non-food retail

(1)

(-12,6%

and slight decrease on

comparable basis)

133 stores

(2)

1.000 m² average

store area

Average of 39.000 items

on an annual basis

More than 850

employees in FTE

Zeb.be

thefashionstore.be

Pointcarre.be

(1) Includes The Fashion Society for 10 months

in financial year 2024/25 vs 12 months in

financial year 2023/24.

(2) Situation on 31 January 2025, end of

financial year The Fashion Society.

FASHION SOCIETY

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

• 84 stores, of which 3 in France

• Potential for more than

100 stores in Belgium, of which

70 in Flanders

Zeb opened three integrated stores

in France. In addition, the French

store that was previously PointCarré

reopened as a Zeb, bringing the total

to four. The stores are operating

as planned and can also attract

French customers with the same top

brands as in Belgium. Zeb is going

to promote its multi-brand concept

more intensively and help customers

and staff to become more familiar

with the far-reaching Belgian service

model.

Diverse and inclusive

Zeb launched a warm campaign

around ‘self-love’ among young

people, with famous influencers

fronting the campaign. Customers

received codes for a pep talk and

20% discount, and the youth

organisation JAC received financial

support. The high-profile initiative

was nominated for the Mercurius

prize.

Zeb celebrated diversity in a

striking New Year’s campaign, which

also featured a model with a leg

prosthesis. Zeb has been investing for

years in accessible stores and training

staff about shopping with a physical

impairment.

• 21 stores

• 1 new store in May 2025

• Potential for 50 stores in

Flanders

Since the acquisition in 2018, the

number of stores has tripled, as

has the revenue. The store in Veerle

presented the new brand identity

and the accompanying store concept,

for a better atmosphere, a distinctive

look and extra space for accessories

and a number of home decor articles.

In the coming financial year, a new

store and a renovation are planned.

In August 2024, The Fashion Store

acquired the name of the Belgian

fashion brand Terre Bleue, which

was already a regular presence in

the range. In autumn 2025, an entire

new Terre Bleue collection will be

presented, loyal to the brand but a

little younger and more affordable.

The fashion chain is proud of its

exclusive collaboration with

Ellen Callebout, whose stylish

collection ‘Ellen’ went on sale in

spring 2025.

• 28 stores, of which 23

are owned and the other

5 are franchises

• Potential for 30 stores in

Wallonia

With its family feel and warm

welcome, the PointCarré chain in

Wallonia has staked its claim next

to Zeb. The six previously acquired

franchise stores are now successfully

integrated and are performing as

expected.

Last financial year, the chain

implemented numerous

improvements in management, store

organisation and customer service.

It was decided to restyle the brand

and open a pilot store in spring 2026.

PointCarré is also working for the first

time with an ambassador, the well-

known media personality

Sara De Paduwa.

More sustainable business

• The Fashion Society is committed to mapping the CO

emissions of its products and activities

and is using more and more organic cotton in its collections

• The suppliers sign codes of conduct around working conditions, animal welfare and sustainable

production processes.

• The programme for 2025 includes a large clothing collection activity in collaboration with

the second-hand shops and the start-up of repair shops to give existing clothes a longer life.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activitiesActivities > Food > Health and Well-being > Non-food > Energy > Group support activities

Above-average performance in difficult market

In a still shrinking bike market with falling volumes, Bike Republic saw its revenue decrease

slightly, but still performed above average. Consumers are still hesitating when it comes to

purchasing large-ticket items. The margins are under fierce pressure as a result of strong

promotions and stock sales, by other market players too.

Bike Republic managed to retain its market share and remains the biggest bike store with

multiple quality brands in Belgium. A few competitors disappeared in 2024 from an already

downsized market and there was otherwise very little consolidation.

In the previous financial year, the overstock was largely reduced, which had a positive impact

on the working capital. The brand portfolio was also further rationalised.

The in-store workshops are now profitable.

In financial year 2025/26, the brand is further focusing on stability and profitability of

the existing store fleet and may open a few Service Points.

2 new stores,

including in Chênée (Liège),

the first in Wallonia

3 new Service Points

Bike Republic is a leading

player in brand-name bicycles

and e-bikes, cycling clothing

and accessories. As a reliable

‘compagnon de route’, the

bike specialist sets out to

provide pure cycling pleasure

at any moment, whether

to commuters, recreational

cyclists or sports enthusiasts.

Bike Republic excels in

accessibility, via its strong

network of stores and flexible

opening hours. Customers

can rely on an excellent

service, with sound advice,

outstanding after-sales service,

maintenance and repairs in

their own workshops. Business

customers can purchase or

lease bicycles and have bicycle

plans tailor-made for them.

2019: acquisition of

Fiets! by Colruyt Group,

renamed Bike Republic

in 2021

EUR 265 million

combined revenue

Non-food retail

(

)

(-12,6%

and slight decrease on

comparable basis)

29 stores

en 3 Service Points

800 to 1.200 m² average

store areae

More than 150

employees in FTE

Your all-time companion

on the road

bikerepublic.be

(

) Includes The Fashion Society for 10 months

in financial year 2024/25 vs 12 months in

financial year 2023/24.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Complementary Service Points

Since the end of 2024, Bike Republic has opened three

Service Points in Leuven, Antwerp and Kortrijk, and foresees

more of them in other cities from autumn 2025. This new format

without sales activity makes service and repairs even more

accessible for city cyclists. This is important because for many

people the bike is the primary mode of transport. The Service

Points complement a larger Bike Republic store on the periphery

of the city, for example in terms of staffing and opening hours.

Renewed focus on care and sport

Bike Republic serves mostly the end consumer, either via

individual purchase or via leasing formulas from the employer.

It offers all types of bikes, from children’s bikes to city bikes to

cargo bikes, and is going to focus more on:

• Care bikes for people with impaired mobility, such as hand

bikes, rehab bikes, tandems and three-wheelers, electric cargo

bikes and duo bikes, including adaptations and customisation.

The store in Diest has the largest range plus an indoor test track;

five other stores also have in-house solutions.

• Sports bikes for the road, all terrain and gravel. Stores in

popular cycling areas stock a wider range, aimed at quite a

broad target audience.

Strong in leasing

More than a third of Bike Republic’s revenue comes from leasing

contracts. This business continues to grow, thanks to long-term

relations with the leasing companies and increasingly wide access

to leasing, among other things for care and education. Other

strengths include the expanded and geographically spread store

network, the wide range of services and the portfolio with popular

leasing brands. Now that there are more lease bikes coming to the

end of their term, Bike Republic is looking at various options for

giving them a second life.

Fewer brands, better service

In 2024, Bike Republic defined a smaller and more balanced

range of (top) brands, including an accessible offer of starter

models. Fewer brands, technologies, parts and warranties lead

to more simplicity and efficiency, better service and customer

satisfaction.

• More reliable advice and less choice stress when purchasing

• Greater spare parts availability

• Faster maintenance and repair service

• Better relationships with a select supplier group

Experienced technical staff

High-quality and accessible service is an ideal lever for customer

loyalty and also for sales in the long run. Bike Republic therefore

relies on technical staff with ample expertise in all types of bikes

and brands, who can also serve customers that have purchased

their bikes elsewhere.

The in-house Bike Academy trains new technical staff and the

store workshops guarantee continuous training. Several stores

are collaborating successfully with schools that offer bike repair

courses within a dual learning trajectory.

In October 2023, Colruyt Group sold three quarters of its shares in Dreamland to

ToyChamp Holding nv, owned by the Nolmans family. The strong partnership with

ToyChamp has enabled Dreamland to envisage a healthy future in a very challenging toy

market. Both chains together became the largest toy retailer in Belgium, now with more

than 90 stores in Belgium and the Netherlands. Since the acquistion, Dreamland has

focussed heavily on profitability, by reducing the store product range and stock, among

other things.

In October 2024, ToyChamp also acquired the Dutch toy chain Intertoys, thus becoming

the biggest toy retailer in the Benelux, with more than 300 stores and an annual revenue

of more than 500 million euro. This expansion has led the holding to renew the brand

architecture. From September 2025, all ToyChamp and Dreamland stores in Belgium

and the Netherlands will operate under the Dreamland flag. The brand is being retained

because of its familiarity, its brand value and strong image, but is also getting a complete

makeover. There will be a new logo, a new story, and from the beginning of 2026 a new

store concept that focuses on experience and inspiration.

Since 2023

Stake: 25%

Activities > Food > Health and Well-being > Non-food > Energy > Group support activitiesActivities > Food > Health and Well-being > Non-food > Energy > Group support activities

Energy

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Virya Energy is active in the development, financing, building and operation of projects in the field of energy

transition. The company, based in Belgium, was founded at the end of 2019 by Colruyt Group and its majority

shareholder, Korys.

Virya Energy is active throughout the entire value chain of sustainable energy, in fifteen countries within Europe

and Asia. This includes onshore production of green energy via wind, solar and water, as well as the delivery of

fit-for-purpose energy solutions.

Virya Energy is also involved in the development of sustainable hydrogen projects. Lastly, the company has

interests in service providers to the offshore industry.

Company in which Colruyt Group has a stake

Korys main shareholder

As a joint shareholder and one of Virya Energy’s

biggest clients, Colruyt Group supports the growth

plans of the energy holding. Conversely, the holding

is a crucial partner in the realisation of the group’s

ambitions in terms of the energy transition, such

as emission-free transport. Colruyt Group held an

interest of approximately 59,94% in Virya Energy

from its establishment in 2019. At the end of March

2024, the group sold part of that stake to Korys, the

Colruyt family’s investment company. As a result,

the group still has a 30% stake in Virya Energy, while

Korys is the main shareholder with 70%.

2019

Stake in Virya Energy: 30,00%

Stronger commercial focus

The companies in the Virya Energy portfolio produce green energy from various sources, partly for the public grid (in front of the meter)

or directly for large corporate clients (behind the meter). Virya Energy has reinforced its commercial focus in order to bring in more

corporate projects. The organisational structure was adapted and now consists of separate pillars for public and corporate clients.

The energy company is working to expand in Europe and Asia, where several countries have started liberalising the energy market.

It won a tender in Malaysia for a large solar farm and is participating in tenders in Thailand and Vietnam.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Pioneering with hydrogen development

Since 2007, Virya Energy has been a pioneer in production, storage, distribution and use of green hydrogen, made from water

and green energy. The company also develops, finances and builds hydrogen plants on an industrial scale. The hydrogen can

be used, among other things, as a raw material for industry, as a fuel for heavy transport and shipping and as a buffer for green

energy.

First hydrogen valley near Liège

Virya Energy, John Cockerill and Novandi won a tender and subsidies from the Walloon Region to develop VALLHYÈGE, the first

hydrogen valley in Wallonia. The aim is to set up a fully fledged value chain with a 15 MW production facility and guaranteed

consumption by Colruyt Group and six Belgian transport companies. Virya Energy is also actively involved in the development

of industrial hydrogen projects in the Netherlands and Germany.

First stone in Zeebrugge

With Flemish and European support, the first stone

was laid in Zeebrugge in August 2024 of Hyoffwind,

the first Belgian plant for the industrial production of

green hydrogen. The Hyoffwind consortium combines

the expertise of Virya Energy, Messer and Hyoffgreen,

and encompasses the entire energy value chain.

The plant, with a starting capacity of 25 MW, will be

operational by the end of 2026 and will eventually be

able to quadruple its capacity and play a leading role in

the energy transition.

More corporate solar projects

Virya Energy has a wealth of experience in the development of

solar systems, building on the experience of Constant Energy in

Asia, among others, and on that of the recently acquired French

Sunopée. The company develops large-scale solar farms that

supply energy to the grid and is also active in the commercial &

industrial segment (C&I). This concerns solar installations that are

customised to the energy needs of corporate clients (fit for purpose)

who are increasing their energy autonomy and significantly

reducing energy costs. Those installations on industrial rooftops,

parking lots and car parks or derelict land can be integrated in

a smart energy management system that includes storage (in

batteries) and car consumption, e.g. via charging infrastructure. In

Belgium, Colruyt Group is the biggest customer for these types of

solution.

In October 2024, Virya Energy acquired the French company

Sunopée, a subsidiary of the Groupe Léon Grosse which specialises

in decentralised solar systems. In so doing, Virya Energy acquired

almost 100 MW in advanced projects and more than 300 MW in

prospection phase, and has significantly reinforced its position on

the French solar market.

In July 2023, Virya Energy acquired a 75% stake in Constant Energy,

a reputed Singaporean platform for renewable energy production,

storage and distribution. The company has extensive expertise in

developing, financing, building and operating rooftop installations

for industrial customers in South-East Asia.

Virya Energy combines more than 30 years’

experience in the production of wind energy,

acquired through earlier offshore stakes in the

North Sea, and via the now integrated companies

Eoly Energy in Belgium and Eurowatt in

France, Poland, Spain and Portugal, among other

countries. Today, the company manages more

than 30 wind farms in Europe, which provide

green energy for both companies and individuals.

In Belgium, work is continuing on the

development of ten new land-based wind

projects, despite the difficult regulatory

environment. There is also a focus on repowering

the oldest wind farms: replacing the turbines with

new versions or extending their lifespans with new

parts.

For the activities in Poland, the company received

European funds for the development of a new

wind farm of 31,5 MW and the support of an

existing wind farm.

30 years’ expertise

in wind energy

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Energy distribution in Belgium

Energy supplier DATS 24 offers both traditional and alternative energy sources and ensures that consumers can also make the transition

to more sustainable energy. The brand is on Colruyt Group’s Xtra loyalty platform, which offers customers additional benefits.

• Electric mobility

In the coming years, DATS 24 wants to install approx. 10.000

(semi-)public charging points and become the biggest operator

of electric charging infrastructure, including energy provision,

maintenance, etc. More than twenty charging areas have

already been installed in Colruyt store car parks, with at least

ten charging points, in partnership with Pluginvest and Colruyt

Group Technics. At the end of 2024, the charging area in the

Colruyt Group headquarters car park in Halle was extended to

326 charging points, making it the biggest in Europe at that

time.

• Traditional fuels and hydrogen

Via a Belgian network of more than 150 filling stations, DATS

24 distributes high-grade fuels at competitive prices, including

AdBlue and natural gas (CNG) and from the summer of 2025

also HVO biodiesel for lorries. There are also six public hydrogen

stations, for heavy goods vehicles as well as passenger vehicles.

• Energy at home and at work

DATS 24 supplies 100% green electricity and natural gas at

competitive prices to individuals and corporate clients in

Flanders and Wallonia. Its simple, transparent range makes it

one of the best energy suppliers in Belgium.

Services for offshore energy infrastructure

Virya Energy Services has a stake in various service providers for the offshore energy sector. With their groundbreaking

technology and far-reaching expertise, they offer essential support during the whole lifecycle of the energy infrastructure.

• GEOxyz specialises in ocean floor research and monitoring. It is performing well in a booming market and is looking

for third parties for reinforcement.

• Fluves and Marlinks specialise in the permanent monitoring of under- and above-ground pipelines and electricity cables,

including those with optic fibre sensors.

• dotOcean develops location software and systems for e.g. autonomous navigation and monitoring.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Support services

IT TechnicsReal Estate

People

& Organisation

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

From IT and technology to print & document management: the group has a wealth of in-house expertise

to offer internal partners, employees and customers. Myreas and Symeta Hybrid also serve external customers.

Colruyt Group Academy and Colruyt Group Foundation aspire to deliver added value for people and society.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Welcome, new colleagues

There is a new initiative to create an overall working framework for the onboarding of new

colleagues following an acquisition. The aim is to offer support to help new people become

familiar with our mission, values and general company culture, as well as our vision on

leadership, development and remuneration, among other things. There was an urgent need

for a roadmap back in April 2024 when approx. 950 employees came on board from

54 acquired Match and Smatch stores. Since the autumn, there has been a special

development trajectory for managers, with the focus on the typical roles, functions and

culture of the group. Similar trajectories are planned for the integration of new employees

from fitness chain NRG and wholesaler Délidis.

Greener mobility

• The bike fleet continues to grow. More

than a fifth of our employees cycle

to work, adding up to more than

85.000 cycling kilometres per day.

• The mobility budget was widely rolled

out as a sustainable alternative for the

company car. At the end of the financial

year, more than 120 employees received

an attractive mobility budget, which they

could spend on housing, public transport,

shared mobility or a bike.

• The company car fleet is being electrified

at lightning speed. The percentage of

completely electric vehicles is around one

fifth of the total, with the aim of reaching

100% by 2030. Since the beginning of

2025, only fully electric passenger cars can

be ordered.

Attracting young talent

Colruyt Group is taking a great many initiatives

to attract and retain young employees in the

organisation. The results are looking good,

with 155 young starters recruited in this

financial year. Many of them join the Young

Grads Community, which actively promotes

connections between 350 young employees

and helps them to integrate.

• Between September 2024 and April 2025,

the group had a new stand at forty job

fairs across Flanders. Approx. 25 of those

were aimed at recent graduates, the rest

at young professionals looking for a new

challenge. The selection of fairs and the

relevance of the participants was rated as

overwhelmingly positive.

• In various webinars launched during the

job fair season, young people were able

to discover more about specific areas of

expertise within the company.

• Throughout the year, there was also a

social media marketing campaign aimed

at Bachelor and Master students.

• In the exam period, the office in Zwijnaarde

offered twenty study spaces for students.

• The highlight of the intensive collaboration

with the education sector and the main

student organisations was the delivery

of a business case for the Leuven Case

Competition by Ekonomika.

People&Organisation

coordinates and supports

Colruyt Group’s HR policy.

More than 400 employees

(in FTE) are active in payroll

processing, recruitment,

prevention, medical services,

legal advice, social relations

and the management of all

training and education. The

HR knowledge centre works

on topics such as personal

and team development,

remuneration, personal

growth, leadership, well-being

and craftsmanship. P&O is

increasingly focusing on data

and digitalisation, for example

with self-service applications

that give employees greater

autonomy to work and develop

at their own pace.

People

& Organisation

Continued growth in India

Colruyt Group India is a separate operating unit within Colruyt Group. With a growing number

of employees, this unit works closely with Colruyt Group IT. It is responsible, among other

things, for all hardware and software maintenance, thereby guaranteeing the continuity of

crucial systems and applications. Thanks to the sizeable time difference, many maintenance

tasks can be performed outside Belgian office hours.

With more than 700 permanent employees and around 150 external consultants, the unit

makes a significant contribution to the cost management of the group and to continued

sustainable growth. India is gradually taking on more support services and, for example,

already takes care of 15% of all IT helpdesk calls in English.

Focus on Field Services

Field Services delivers, installs and services

all IT equipment, i.e. approx. 3.650 unique

items, or more than 100.000 assets in

the stores alone. Although the retail

park continues to grow, the number of

malfunctions and interventions is decreasing

and more than 80% of malfunctions are

repaired in-house.

• Thanks to the new management tool for

the purchase and storage of IT equipment,

the field engineers can now carry out

many of their tasks efficiently on their

smartphone, and can easily track and trace

assets, which means fewer losses in the

long run.

• The 450 stores of Colruyt, Okay and Bio-

Planet started using 1.900 new barcode

readers; they are lighter, more powerful and

easier to use than the previous models. In

addition, 18.000 second-generation digital

store assistants were rolled out. The

devices combine smart phone functions

with store applications such as searching

for product info and operating instructions

or activating electronic price tags. They are

not only more robust, but also far easier for

the store employees to use. Half of the fifty

or so apps were developed in house.

Refined Eco-score

The methodology for calculating the

Eco-score has been refined, on the basis of

the latest insights and product info from

the international GDSN network. With an eye

to efficiency, the adapted algorithm for the

Nutri-Score was also included. With the result

that, at the beginning of 2024, Colruyt Group

was the first retailer in Belgium to display the

new Nutri-Scores for all products of national

brands and private labels online.

Strong ambassadors

The IT department is adopting a great many

initiatives to attract new talent and keep

existing employees on board. For instance,

approx. 45 people were trained to be analysts

via traineeships. Together with the data

department within the group, IT is also a

pioneer in ambassadorial work. More than

200 internal ambassadors regularly share

messages on their socials that showcase

services, achievements or job vacancies, all

of which boosts internal engagement and the

employer’s image.

Colruyt Group IT supports

the group in the area of IT

and process optimisation.

In many business projects,

such as the self-scan check-

out, IT takes care of all the

technological aspects and

the implementation of a

solid and secure technology.

The organisation offers all-

in services: from building

and implementing bespoke

IT solutions to managing,

supporting, maintaining

and updating them. It

closely follows technological

developments and innovations,

and translates them into the

needs of the internal partners.

IT is fully committed to more

sustainable solutions, such as

energy-efficient data centres

and the repair, re-use and

recycling of equipment.

Colruyt Group IT employs more

than one thousand employees,

in addition to two hundred

external staff.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

The real estate specialist of

Colruyt Group is active in

project development and

building of store premises,

offices, logistics sites and car

parks for its own activities.

Approx. 800 employees look

for suitable sites, ensure

the necessary permits, write

specifications and take care

of all the required steps for

the delivery of a wind and

watertight building, including

the technology, shelving,

furniture, etc. Real Estate also

develops property solutions

for solvent businesses in the

broader retail sector and rents

property to individuals and

corporate customers.

In order to valorise its

wide-ranging expertise in

sustainable building more

externally, Real Estate seeks to

create a higher profile on the

market. More brand familiarity

can attract new clients, and

also real estate owners who

want to sell, partners such

as contractors, fitters and

architecture agencies as well

as future employees. Real

Estate would also like to relieve

the burden from its growing

portfolio of external clients

by offering them complete

solutions for affordable and

sustainable property in the

right location in Belgium. The

multidisciplinary teams are

familiar with capital-intensive,

complex projects and new

challenges such as the

increasingly strict legislation

for obtaining permits.

Real Estate

Largest charging plaza in Europe

With more than 326 charging stations, the DATS 24 charging plaza installed at the end of

2024 at the headquarters in Halle instantly became the largest in Europe, with access for

both employees and Halle residents and visitors. A mixed team from Technics and Real Estate

supervised the entire project and developed their own unique energy management system

that optimises the supply of green energy to each charging station. The project took barely

three months to complete. The charging plaza is a new milestone in the evolution to

greener mobility.

Sustainable building

together with suppliers

Step by step, we are integrating the

sustainability criteria from the EU Taxonomy

in our specifications and operations. In

doing so, it is essential that our building

partners join us in reaching our objectives.

Therefore, at the beginning of 2025 we

welcomed 150 suppliers to a sustainability

event at which we gave explanations about

the sustainability criteria, and discussed the

impact of these on our building projects.

By including the suppliers in our plans and

expectations, together we can achieve more

for people and planet, faster and more

efficiently.

Acquisition of

11 Makro-Metro sites

Real Estate and the Belgian property

developer LCV Real Estate reached an

agreement with Metro Properties Holding at

the end of January 2025 for the acquisition

of the 11 Makro-Metro sites in Belgium.

These sites, in strategically excellent

locations and with huge redevelopment

potential, cover more than 750.000 m

ground, of which almost 160.000 m

is built

on. The aim is to redevelop these sites to a

high architectural and sustainable standard,

with a mix of SMEs, retail, leisure and offices.

New standard for sustainability

The 37-year-old Colruyt store in Temse was

thoroughly and sustainably redeveloped

and completely rebuilt. The demolition was

performed using a new system, whereby all

the materials are sorted on site and tested

for quality, so that they can be recycled in a

high-quality way wherever possible. As an

example, the concrete was ground on site

into gravel for new sub-base concrete. For

the first time, we used CO

-negative facade

stones, made from 80% waste streams,

in addition to numerous energy-efficient

techniques, such as heat recovery. The new

store has a large covered car park, allowing

for a reduction in the size of the outdoor

car park. This has created more space for

greenery, which allows for better water

infiltration and a smaller heat-island effect.

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Attracting new employees

Technics and Real Estate have adopted many targeted initiatives to bring new employees on

board.

• Over the course of two job days,

45 interested individuals enjoyed an

extensive guided tour in the workshops, a

practical test and a motivation interview. In

the end, ten new colleagues were recruited.

• For some years, Technics has been a

regular participant at the science festival

Nerdland. Visitors get to know Technics in

a fun way as one of the largest technical

organisations in the country.

• In 2025, Technics again hosted the finale

of the Solar Olympiade, with more than

600 pupils in 150 teams taking part in

one of the biggest STEM competitions in

Belgium.

Steps to zero emissions

Technics is directing the group’s transition to zero-emission transport. In addition to fully

electrifying the fleet of company cars, the group is also continuing work on its ambition to

reduce greenhouse gas emissions from freight transport to zero by 2030. To this end, twenty

battery electric and two hydrogen electric lorries have been acquired already. The logistics

centres already have two hydrogen filling stations for heavy goods vehicles and from 2025

they will also be equipped with powerful charging stations. Finally, from mid-2025 more

than 400 diesel vehicles will switch to biofuel HVO100, a renewable, fossil-free and low CO

emission alternative for diesel.

Colruyt Group Technics is

responsible in Belgium and

Luxembourg for fleet, for

automations and for industrial

machines such as the coffee

roasting facility and the crate

washing facility. In addition,

Technics houses various

support services such as

Facility and Theft prevention.

More than 800 employees

in FTE offer a complete

service, from research and

development, through

purchasing, building and

installation to maintenance.

With innovative solutions and

sustainable technologies,

Technics meticulously follows

environmental management

rules, often above and beyond

the statutory requirements.

Technics

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Strong in training and education

Technics and Real Estate have been running their own technical school for more than five years already, mainly for their own

employees but also for external participants.

• ColTech is a new insourcing programme for people with little to no technical experience. Candidates are given a year to

master a number of technical skills at their own pace. After two months in the protective school environment, they venture

out and work in various departments. In the course of 2025, ColTech aims to prepare ten candidates to be fully-fledged

technicians, and double that number in the long term.

• Teachers and pupils are regular guests at the technical school. As a result of this, structural support was given to a secondary

school so as to be able to offer all learning objectives despite the shortage of teachers.

Strategic partner in enterprise architecture

Myreas was set up in 2020 as a spin-off within Colruyt Group to further develop craftsmanship

in enterprise architecture and strategic programme management.

Initially, the mission of Myreas was to attract talented enterprise architects and programme

managers and train them in the Colruyt Group methodology.

The company now has eighty specialists, including business architects, IT architects and

programme managers. Myreas plays an essential role as a strategic partner for the long-term

development of Colruyt Group. In response to the huge demand in the market, approx. 15% of

the profiles have been seconded to ten external companies since September 2024.

Since 2020

Stake: 90%

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

More external focus

• Symeta Hybrid continues to win a

considerable number of tenders for large

volumes of transactional communication

and also wants to market its broader

range of services better. With that in mind,

there will be more focus on cross-selling

other services, including direct marketing,

signage and payment solutions such as QR

codes on invoices, to clients who (already)

use its transactional communication

services.

• Symeta Hybrid will more actively undertake

prospecting and has strengthened its sales

team with three experienced members.

A new website and presentation material

showcase the product portfolio more

clearly.

Clever transition from data

to letter

The virtual postal service Mail-IT-Wize is an

interesting alternative for organisations that

regularly send letters. The client uploads

their letter and address list, and Symeta

Hybrid takes care of the printing, enveloping,

franking, sorting and sending of the post.

Easy to use, good for a single letter or large

volumes and for scarcely the price of a

postage stamp.

Lower volumes

In the previous financial year, Symeta Hybrid saw the volumes of commercial printing from

internal partners decline further, to keep paper and postage costs under control, among other

things. Marketing communications diminished in terms of print run or frequency, in favour of

digital channels.

The external revenue remained more or less stable, whereby the departure of a number

of clients was offset by the influx of new clients. For example, since the end of 2024

Symeta Hybrid has been printing and sending registered letters for the French and German

departments of credit manager Intrum, following on from the Belgian and Dutch branches.

The revenue breakdown is further evolving towards 50% internal and 50% external. In the

medium term, the company wants to grow to 60% revenue from external clients.

With the focus on profitability, more efforts were made in the area of transparency in the

costing structure. To improve operational excellence, the productivity of the machinery was

further optimised, for example.

Symeta Hybrid is Belgium’s

leading specialist in the

creation and sending of

personalised marketing

communication and

transactional communications

(administrative document

flows such as invoices and

payslips). The company uses

the latest printing technology

and a high-performance data

platform, with the highest

possible level of security. A

key asset for continuity and

data security are also the two

physical sites in Sint-Pieters-

Leeuw and Leuven, which act

as back-up services.

Symeta Hybrid serves both

internal and external clients

(1)

in diverse sectors such as HR,

finance, healthcare, telecoms,

government and industry. The

company holds ISO certificates

14001 (environment), 9001

(production) and 27001

(information security).

(1) The external revenue is included

under ‘Group activities, Real Estate

and Energy’

2020: merger of Symeta

and Joos Hybrid

More than 200

employees in FTE

symeta-hybrid.com

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Consumer-conscious and healthy living

When it was set up in 2014, Colruyt Group Academy’s aim was to inspire and connect

customers, by means of educational activities on nutrition, specifically via a whole series of

cooking workshops. The Academy is developing this further with its wider mission ‘to inspire

people to live a consumer-conscious and healthy life every day’. With that in mind, in recent

years there has been more focus on a healthy diet and eating habits and the range was

extended with other themes on health and well-being, budgeting and sustainability. Themes

that people are really concerned about and that the group is also working hard on. Themes

that are often interconnected, because for instance plant-based food can be beneficial for

health as well as the environment.

The Academy continues to offer a mix of learning formats, both physical in one of the

9 learning centres and digital, or a combination of the two (phygital). The digital range has

grown significantly, with, in addition to live webinars, content and blogs that are free to

watch. Lastly, the new website and the free magazine Stay inspired also offer a great deal of

interesting content.

Healthy pleasures

The Academy remains strong in dietary

topics, often with an implicit or explicit link

to health.

• A broad and varied range of cooking

workshops, because learning to cook

(with children too) contributes to healthier

eating patterns.

• The workshops focus not only on delicious

food but also on nutritional values.

• Every workshop includes at least one

vegetarian or alcohol-free recipe.

• More choice concerning mindful eating,

different kinds of fats, food labels, food

preservation ...

Live webinars are booming

In 2024, the Academy organised 75 live

webinars, with a host of new topics on

health, mental well-being, parenting and

sustainability. Experts give explanations

and practical tips, while participants can

ask questions and share tips and personal

experiences via the chat. The most

successful digital sessions attract up to

1.500 subscribers and are also eagerly

re-watched later.

Interaction and connection asset

New on offer are the monthly physical

lectures of about an hour and a half on

health and well-being, in the Academy in

Melle. Experts and experience experts share

insights and tips with a maximum of one

hundred people. The educational sessions

are all about interaction, with the chance

to ask questions and have a good chat

afterwards.

The Babbelcafé is a new low-threshold, safe

format whereby people can learn from each

other and share experiences, supervised

by an expert or moderator. The first test

sessions on the theme of menopause

received a lot of positive reactions.

Colruyt Group Academy

inspires people to live a

more consumer-conscious

and healthy life, with a really

diverse range of workshops,

lectures and webinars on more

than 100 topics, as well as

walks, experience activities,

parties and day camps for

children. Everything revolves

around inspiring, learning

and connecting, taking a

low-threshold approach and

usually with a link to one of

the group’s brands. Experts

share knowledge, insights and

practical tips to help people

make small steps in their daily

life. Like-minded participants

can share experiences and

identify with each other’s story.

The Academy has 9 learning

centres spread across the

country, which are also rented

out to companies for team

activities. Every year, approx.

16.000 employees from the

group hold their meetings or

attend courses there.

colruytgroupacademy.be

Digital offer

27.000 participants

Physical offer

23.700 participants

Summer day camps

3.350 children

931 kids parties,

10.000 participants

B2B

220 team activities

with 4.650 participants

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Corporate governance > Bestuur, toezicht en directie > Deugdelijk/duurzaam bestuur > Aandeelhouderschap

More ambition, more commitment

Colruyt Group Foundation supports training projects for young people in a socially

vulnerable context, with the focus on professional integration and citizenship. In 2024, the

Foundation extended its social contribution to projects that make a balanced diet accessible

to everyone and that help farmers to implement more sustainable farming practices. It is no

coincidence that these are themes with which Colruyt Group also wants to make a meaningful

difference as a retailer. By purposefully focusing on those same themes, the Foundation wants

to expand the positive impact of the retailer and create more social added value.

Get more people involved

The Foundation would like to increase its

influence by actively involving more people

in its activities and projects.

As of mid-2024, customers can support

the Foundation’s Belgian projects via the

sustainable saving programme in the

Colruyt Group Xtra app. By purchasing

products with a good Eco-score of A or B,

they automatically save points, which can be

used for a project of their choice. This is a

good way for the group to reward conscious

consumption and support the social projects

together with their customers. Colruyt Group

employees are also involved in the activities.

For example, every year colleagues give

a warm welcome to Indonesian trainees.

Others commit to mentoring young people

from Belgian projects or participate in team

activities in collaboration with a partner

organisation, such as planting trees and

shrubs.

Thorough selection process

The Foundation chooses its partners via a

thorough selection process that has been

completely fine-tuned over recent years.

In Belgium, the preference is for upscaling

initiatives that have a proven track record in

terms of added value and for which a project

tender is issued every year. The Foundation

also jointly initiates new training projects

for young people, preferably in foreign

regions where the group has set up a

sustainable production chain together with

local farming cooperatives. Between both of

the separately managed trajectories, a fruitful

exchange can emerge.

Long-term partnership

Colruyt Group Foundation chooses active

partnerships, based on mutual trust and

clear objectives. The Foundation offers its

partners financial support for three to six

years, giving them the space and stability

to completely focus on their project. The

partners can rely on strategic advice of

specialists and coaching on leadership or

reaching their goals. The Foundation also

actively ensures exchange and connections

between the organisations and partners,

so that together they can make a bigger

difference.

Colruyt Group Foundation

works on positive change

for people and planet, both

in Belgium and in countries

that supply the group. For

this reason, the Foundation

supports people-oriented

projects of organisations with

similar values and ambitions.

There are three areas of focus:

the development of vulnerable

young people, the transition

to sustainable agriculture, and

making healthy food more

widely accessible. Colruyt

Group Foundation continues

to build on more than

20 years of expertise and,

with 29 active projects, five

permanent employees and an

annual budget of 2,5 million

euro, is one of the largest

corporate foundations in

the country.

colruytgroupfoundation.org

EUR 2.475.633

support to 29 active

projects in 2024

98.758

beneficiaries

Activities > Food > Health and Well-being > Non-food > Energy > Group support activities

Corporate

governance

This chapter contains information about the governance, operation and

internal controls of Colruyt Group and about all aspects of corporate

governance. We divide ‘Corporate Governance’ into three main sections.

One about governance, supervision and management, another about

sustainable corporate governance and a third about share ownership.

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

1. Board of Directors

1.1. Composition of the Board of Directors - 2024/25 ﬁ nancial year

Governance, supervision and management

Position Name

Audit

Committee

member

Rem.

Committee

member

Mandate

expires

at GM of

Executive director

• Stefan Goethaert BV, permanently represented by:

Stefan Goethaert

2028

Representatives of the

principal shareholders,

non-executive directors

• Kriya One BV, permanently represented by:

Jef Colruyt (Chairman)

2026

• Korys NV, permanently represented by:

Griet Aerts

X 2028

• Korys Business Services I NV,

permanently represented by: Senne Hermans

2025

• Korys Business Services II NV,

permanently represented by: Frans Colruyt

2025

• Korys Business Services III NV,

permanently represented by: Wim Colruyt

X 2026

• Korys Management NV,

permanently represented by: Lisa Colruyt

X 2026

Independent directors

• 7 Capital SRL, permanently represented by:

Chantal De Vrieze

X 2025

• Fast Forward Services BV, permanently represented by:

Rika Coppens

X 2025

• Rudann BV, permanently represented by:

Rudi Peeters

X 2025

Secretary • Kris Castelein

In addition to their appointments as directors of Colruyt Group companies, Messrs Jef Colruyt, Frans Colruyt, Wim Colruyt, Rudi Peeters,

as well as Ms Griet Aerts, Ms Chantal De Vrieze and Ms Rika Coppens also hold other external directorships. However, in accordance with

the recommendations of the Belgian Corporate Governance Code 2020, the above-mentioned directors do not exceed the maximum

number of ﬁ ve directorships in listed companies.

1.2. Statutory auditor

ERNST&YOUNG BEDRIJFSREVISOREN BV (B00160), indirectly represented by Eef Naessens (A02481), appointed until and including the

General Meeting of 2025. The statutory auditor’s mandate will expire aft er the 2025 General Meeting. The Board of Directors proposes to

reappoint the statutory auditor ERNST&YOUNG BEDRIJFSREVISOREN BV (B00160) represented by Eef Naessens (A02481) for a period of

three years, i.e. up to and including the General Meeting of 2028.

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

Position Name

Audit

Committee

member

Rem.

Committee

member

Mandate

expires

at GM of

Executive director

• Stefan Goethaert BV,

permanently represented by: Stefan Goethaert

2028

Representatives of the

principal shareholders,

non-executive directors

•

Kriya One BV,

permanently represented by: Jef Colruyt (Chairman)

2026

• Korys NV,

permanently represented by: Griet Aerts

X 2028

• Korys Business Services I NV,

permanently represented by: Senne Hermans

2029

• Korys Business Services II NV,

permanently represented by: Hilde Cerstelotte

2029

• Korys Business Services III NV, p

ermanently represented by: Wim Colruyt

X 2026

• Korys Management NV,

permanently represented by: Lisa Colruyt

X 2026

Independent directors

• 7 Capital SRL,

permanently represented by: Chantal De Vrieze

X 2027

• Fast Forward Services BV,

permanently represented by: Rika Coppens

X 2029

• Rudann BV,

permanently represented by: Rudi Peeters

X 2029

Secretary • Kris Castelein

1.3. Reappointment and appointment of directors at the General Meeting of 24 September 2025

The directorship of Korys Business Services I NV, permanently

represented by Mr Senne Hermans, will expire at the General

Meeting of 24 September 2025. The Board of Directors proposes to

extend its mandate for four years until the 2029 General Meeting.

The directorship of Korys Business Services II NV, permanently

represented by Mr Frans Colruyt, will expire at the General Meeting

of 24 September 2025. Frans Colruyt will step down as permanent

representative and be succeeded within the family-owned

majority shareholder by Ms Hilde Cerstelotte, who previously took

up a directorship in the company. The Board will therefore propose

to the General Meeting of Shareholders on 24 September 2025

that the directorship of Korys Business Services II NV be renewed

for four years with Ms Hilde Cerstelotte as its new permanent

representative. The mandate will run until the 2029 General

Meeting.

The Board would like to thank Mr Frans Colruyt for his highly

valued contribution over the years in implementing the group’s

long-term strategy.

The directorships of the three other independent directors,

7 Capital SRL with Ms Chantal De Vrieze as permanent

representative, Fast Forward Services BV with Ms Rika Coppens as

permanent representative and Rudann BV with Mr Rudi Peeters

as permanent representative, also expire at the General Meeting

of 24 September 2025. They are eligible and standing for re-

election. The Board of Directors proposes to grant 7 Capital SRL,

permanently represented by Ms Chantal De Vrieze, a two-year term

of oﬃ ce that will expire aft er the 2027 General Meeting. As regards

the independent directors Fast Forward Services BV, permanently

represented by Ms Rika Coppens, and Rudann BV, permanently

represented by Mr Rudi Peeters, the Board proposes that they be

granted a new four-year term of oﬃ ce that will expire aft er the

2029 General Meeting.

Subject to approval by the General Meeting of 24 September 2025,

the composition of the Board of Directors will then be as follows:

1.4. Honorary director

• Director François Gillet (for a period of ﬁ ve years as of the end of his mandate in 2020)

2.1. Changes to Senior Management in the reporting period

The following manager or deputy manager appointments and changes were made in the past ﬁ nancial year:

• Peter VANBELLINGEN COO Group Services as of 01/09/2024

• Jo JANSSENS Technics Manager as of 01/09/2024

• Pascal PAUWELS IT Manager as of 01/10/2024; Management Committee member as of 01/04/2025

• Christophe GARCIA General Manager France (integrated and aﬃ liated stores) as of 18/11/2024

• Tom DE PRATER Manager of Collect&Go as well as Digital Services; Management Committee member as of 01/04/2025

Members of management who have ended their positions as managers in the group and whom we would like to thank for their

commitment and valued contribution to the sustainable growth of Colruyt Group:

• Bart DE SCHUTTER General Manager Colruyt France (integrated and aﬃ liated stores) (in retirement as of 31/12/2024)

• Wim BAUWENS Sales Manager RPCG (until 31/03/2025)

2.2. Management Committee – at 01/04/2025

• Stefan GOETHAERT CEO

• Jo WILLEMYNS COO Food Retail and General Manager Colruyt Lowest Prices

• Stefaan VANDAMME CFO

• Peter VANBELLINGEN COO Group Services

• Christophe DEHANDSCHUTTER General Manager of Okay

• Johan VERMEIRE General Manager Retail Partners Colruyt Group (RPCG) and Food service

• Tom DE PRATER Manager of Collect&Go and Digital Services

• Liesbeth SABBE Manager of People & Organisation

• Koen BAETENS Real Estate Manager

• Pascal PAUWELS IT Manager

2.3. Future Board – at 01/04/2025

In addition to the above-mentioned Management Committee members, the following managers and deputy managers are also members

of the Colruyt Group Future Board:

• Geert ROELS Purchasing Manager Colruyt Lowest Prices

• Koen DE VOS Supply Chain Manager Colruyt Lowest Prices

• Fabrice GOBBATO Sales Manager Colruyt Lowest Prices

• Jochen DE RAES Deputy Sales Manager Colruyt West Colruyt Lowest Prices

• Jean-Christophe BURLET Deputy Sales Manager Colruyt Centre-West Colruyt Lowest Prices

• André GIGLIO Deputy Sales Manager Colruyt South-East Colruyt Lowest Prices

• Geert GILLIS Deputy Sales Manager Colruyt Centre-North Colruyt Lowest Prices

• Bart DE SCHOUWER Marketing Services Manager

• Peter LANOIZELE Deputy Manager Logistics RPCG

• Jo JANSSENS Technics Manager

• Gunther UYTTENHOVE Colruyt Group Fine Food Manager

• Ruben MISSINNE Data and Analytics (DAO) Manager

• Wim MERTENS Deputy Manager Social Relations People & Organisation

• Christophe GARCIA General Manager France (integrated and aﬃ liated stores)

• Antonio LOPEZ GUTIERREZ Deputy Sales Manager Colruyt Prix Qualité France (integrated stores)

• Anthony MEILLER Deputy Manager Codifrance (aﬃ liated stores)

2. Colruyt Group Management

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

1. Sustainable corporate governance statement

1.1 Reference code

As a Belgian listed company (Euronext Brussels – COLR), Colruyt

Group has followed the 2020 Belgian Corporate Governance Code

in application of the Royal Decree of 12 May 2019 indicating the

code to be followed by listed companies with regard to corporate

governance, as a mandatory frame of reference for sustainable

corporate governance in Colruyt Group in the sense of article 3:6

§ 2, 4th paragraph of the Code on Companies and Associations

(WVV).

The transposition into Belgian law of Directive 2017/828/

EU of the European Parliament and of the Council of 17 May

2017 amending Directive 2007/36/EC on promoting long-term

shareholder engagement and containing various provisions

regarding companies and associations came into force on 6 May

2020. The new provisions regarding the remuneration report and

remuneration policy apply to the Company as of the 2020/21

ﬁ nancial year. Approval of the remuneration policy was renewed

at the General Meeting of 25 September 2024 and is valid for four

years. The Act of 21 March 2024 containing provisions on the

digitalisation of the justice system and various Ibis provisions has

largely been in force since 8 April 2024. These provisions impose

additional obligations regarding the appointment of independent

directors. The transposition into Belgian law of Directive (EU)

2022/2464 of the European Parliament and of the Council of 14

December 2022 amending Regulation (EU) No 537/2014, Directive

2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as

regards consolidated corporate sustainability reporting (CSRD)

and Taxonomy information, has been in force since 2 December

2024.

For positions during the 2024/25 ﬁ nancial year that are not in

line with the 2020 Code, the reasons for deviating from the 2020

Code have been stated by the Board under the comply or explain

principle. We present below the explanations of and deviations

from the principles and provisions of the 2020 Belgian Corporate

Governance Code as applicable to listed companies. Most of

the deviations are due to the fact that the Colruyt family is the

main reference shareholder of Colruyt Group. The Colruyt family

wants to concentrate fully on guiding all companies of the group

and wants to propagate in them the values of sustainability

and sustainable entrepreneurship. In addition, the reference

shareholder places stability and long-term vision above short-

term proﬁ t.

• Principle 2 - The powers of the members of the Management

Committee, other than the CEO, are determined by the CEO and

not by the Board of Directors. This deviation from provision 2.19

of the 2020 Code is explained by the fact that the members of

the Management Committee exercise their duties under the

leadership of the CEO, to whom day-to-day management and

additional speciﬁ c powers have been delegated by the Board

of Directors in accordance with the appointment of the CEO as

managing director.

• Principle 3 - At the end of the 2024/25 ﬁ nancial year, the

Board of Directors is composed of nine non-executive

directors, three of whom are independent directors. There is

one executive director. The three independent directors meet

the independence criteria as set out in the 2020 Code and the

Code on Companies and Associations. The Board of Directors

believes that any increase in the number of members should be

accompanied by an enrichment in experience and skills, without

jeopardising its eﬃ cient operation.

Since the Board functions and takes its decisions as a collegial

body, only the general attendance rate of the Board and its

committees is given, with no information about the attendance

rate of each director individually.

The non-executive directors, including the Chairman of the Board

of Directors, meet on an ad hoc basis and at least once annually

without the CEO.

• Principle 4 - The Board of Directors has appointed an Audit

Committee composed of one independent director and two

non-executive directors. Based on the current composition of

the Board as well as the various skills present, this composition

is optimal for the eﬃ cient operation of this committee.

• Principle 4/5 - Notwithstanding provision 4.19 of the

2020 Code, the Board of Directors has not established an

Appointments Committee. Appointments therefore remain

the responsibility of the entire Board of Directors. Prospective

directors are proposed to the General Meeting by the entire

Board of Directors. Appointments of managers are made on

the proposal of the Chairman of the Management Committee,

discussed in the Remuneration Committee and approved by

the entire Board of Directors. The limited number of directors

means that this procedure works perfectly well.

• Principle 7 - The Board of Directors has opted not to grant

share-related payments to directors or executive management.

Non-executive directors do not receive remuneration in the

form of shares of the Company and members of the executive

management are not required to hold a minimum threshold of

shares in the Company.

Sustainable corporate governance

The following is the corporate governance statement for the 2024/25 ﬁ nancial year which contains the information in line with the Code

on Companies and Associations and the provisions of the 2020 Code. The Corporate Governance Charter and the internal regulations of

the committees can be consulted on the Company’s website.

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

This deviation from provisions 7.6 and 7.9 of the 2020 Code is

justiﬁ ed, since the Board of Directors has a dual role in our one-

tier board model, which is to support entrepreneurship on the

one hand and to ensure eﬀ ective supervision and control on the

other. To avoid the granting of shares to non-executive directors

increasing the likelihood of a conﬂ ict of interest, these persons do

not receive performance-related remuneration or share-related

compensation. The Board of Directors is of the opinion that the

directors and executive management are suﬃ ciently focused on

sustainable long-term value creation.

Notwithstanding provision 7.12 of the 2020 Code, the Board of

Directors has decided for the time being not to avail itself of the

possibility to reclaim variable compensation paid or to withhold

payment of the same, as considerable uncertainty remains as to

the legal validity and enforceability under Belgian law of a right of

recovery of variable remuneration in favour of the Company.

The Board of Directors will reassess the outlines of the

remuneration policy, including the share-based compensation, on

an annual basis.

• Principle 8 – The Board of Directors is of the opinion that,

notwithstanding provision 8.7 of the 2020 Code, there is

no need to conclude a relationship agreement between the

Company and the controlling shareholders as there is already a

close relationship between the two.

• Principle 9 - With a view to the eﬃ cient and eﬀ ective

functioning of its governing bodies, the Board evaluates its own

performance and that of the committees on an ongoing basis.

To ensure their commitment and constructive involvement

in decision-making, the performance of the directors is also

evaluated on an ongoing basis.

• Pursuant to the new Code on Companies and Associations, the

articles of association may provide for the granting of double

voting rights for fully paid-up registered shares that have been

held by a shareholder for a minimum of 2 years. In view of their

administrative complexity, the Board of Directors has decided

not to propose double voting rights at this stage.

1.2 Corporate Governance Charter

The Corporate Governance Charter has been updated to a limited

extent. As of the annual report for the 2022/23 ﬁ nancial year, it

is included as a separate document and as such is available for

consultation on the Company’s website at www.colruytgroup.

com/en/invest stakeholder-information/sustainable corporate

governance. This Charter explains the main aspects of corporate

governance in Colruyt Group including the governance structure,

the functioning of the general meetings, the governing bodies and

its committees as well as information on remuneration policy and

the shareholder structure.

1.2.1 Annual General Meeting

As required by the articles of association, the Annual General

Meeting is held on the last Wednesday of the month of September

at 16h00 at the Company’s registered oﬃ ce. In past years, holders

of more than 70% of the shares were present or represented. For

a summary of the votes taken at the General Meetings, please

refer to the reports on the Company’s website under

www.colruytgroup.com/en/investor-relations/stakeholder-

information.

The rules and procedures applicable to shareholder meetings

are described in the Corporate Governance Charter, which can be

consulted on the Company’s website at www.colruytgroup.com/

en/investor-relations/stakeholder information.

1.2.2 Board of Directors

With the introduction of the 2020 Corporate Governance Code, the

Board of Directors chose to operate under a one-tier governance

model in which the Board assumes the dual role of supporting

entrepreneurship on the one hand and ensuring eﬀ ective

supervision and control on the other. The Board is empowered

to take all actions relevant to the Company’s purpose and with

the exception of those assigned by law to the General Meeting. In

addition, within the Board of Directors the Chairman applies the

rule of a unanimous vote for every decision or investment with

material consequences for the future of the group.

COMPOSITION

The composition of the Board of Directors is the result of the

structure of the share ownership of the Company, in which

family shareholders are reference shareholders. As evidenced

by the past, the family shareholders ensure the stability and

continuity of the Company, and in so doing protect the interests

of all shareholders. They choose to propose a limited number of

representatives with diverse backgrounds, extensive experience

and sound knowledge of the company as directors. The directors

form a small team with the necessary ﬂ exibility and eﬃ ciency to

be able to adapt constantly to market events and opportunities.

There are no rules in the articles of association regarding

the appointment of the directors and the renewal of their

appointments. However, the Board of Directors has decided

to nominate candidates for terms of no more than four years,

which may or may not be renewed. The General Meeting has

the exclusive right to appoint the directors. Directors can be

dismissed ad nutum, but the General Meeting can, on dismissing

them, grant a severance payment or notice period.

Since March 2019, three independent directors have been active

on the Board. The Board of Directors believes that an increase

in the number of members should be accompanied by an

enrichment in skills and experience supporting the development

of Colruyt Group. At the end of the 2024/25 ﬁ nancial year, the

Board of Directors consisted of ten directors, of whom one was an

executive director and nine were non-executive directors, three of

whom were independent directors (30%).

The Board of Directors is chaired by non-executive director

Jef Colruyt, who ensures that genuine interaction takes place

between the Board and executive management. The Board has

made agreements among its members to appoint a replacement

chairperson to chair the Board meetings in the chairman’s

absence.

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

There is no employee representation on the Board of Directors.

Employees are represented in the works council organised

in accordance with the Act of 20 September 1948 on the

organisation of economic life and the Code on Companies and

Associations (WVV).

COMMITTEES WITHIN THE BOARD OF DIRECTORS

The Board of Directors has had an Audit Committee since

September 2006 and a Remuneration Committee since 2011.

The work of both committees is explained in the Corporate

Governance Charter, which can be consulted on the Company’s

website.

Both the Audit Committee and the Remuneration Committee

perform their duties based on the relevant internal rules of

procedure, which can also be consulted on the Company’s website

at www.colruytgroup.com/en/investor-relations/stakeholder-

information.

In view of the small number of members of the Board of Directors,

there is currently no Appointments Committee.

REMUNERATION

The remuneration of the directors and CEO (individually) and the

other members of the Management Committee (collectively) is

published in the remuneration report under item 2.5.

1.2.3 Day-to-day management

The daily management of the Company is in the hands of CEO

Stefan Goethaert, to whom the Board of Directors has delegated

the powers for the daily management of the Company, and who

in turn delegates a number of powers internally. In the execution

of this mandate, he has the requisite autonomy to manage

the group’s operations. Following the appointment of Stefan

Goethaert, permanent representative of Stefan Goethaert BV, as

director of the company at the General Meeting of 25 September

2024, the Board of Directors resolved to appoint him as managing

director of Colruyt Group NV.

Under the chairmanship of CEO Stefan Goethaert, the Colruyt

Group Management Committee consists of the general managers

of the various commercial and production activities of the group

and the managers of the support services. The Colruyt Group

Management Committee determines general strategy and policy

options at group level and coordinates the group’s various

activities and corporate services.

The General Future Board consists of all senior Colruyt Group

managers. As a consultation and contact platform, it focuses

primarily on the group’s long-term development and consults

on Colruyt Group’s common vision and objectives. For topics not

reserved to the directors, all business unit managers and division

managers are also invited to the Colruyt Group’s Future Board in

order to provide relevant information and insights relating to their

areas of responsibility.

Management Committee and Future Board meetings take place

at ﬁ xed four-week and eight-week intervals. Both meetings are

chaired by the Chairman of the Management Committee.

1.2.4 Day-to-day management regarding sustainability

At Colruyt Group, sustainability is teamwork. The sustainability

strategy is an integral part of Colruyt Group’s overarching strategy,

which is set out by the Board of Directors. The implementation

of the sustainability strategy is determined and orchestrated

by the Board together with the Management Committee and

supported by a central sustainability team (Sustainability Service

Centre) directed by the Colruyt Group Sustainability Oﬃ cer (CGSO).

In shaping the sustainability strategy, the Board of Directors,

the Management Committee and management can call on the

aforementioned Sustainability Service Centre, which brings

together extensive expertise on sustainability in the retail sector

with a wider network of both internal and external experts.

The team also provides the necessary internal and external

reporting on sustainability. This is done in close cooperation with

the group’s statutory auditor who audits the reporting for the

sustainability report, as required by law.

Colruyt Group’s sustainability policy is being ﬂ eshed out with the

help of steering groups made up of members of the management

of the relevant departments and/or members of the Management

Committee. These meetings take place every two months on

average. Each steering group is responsible for one or more

material sustainability matters and is led by a business lead

responsible for implementation. The steering groups periodically

monitor the objectives formulated in the policy and the related

indicators and intermediate targets.

The Sustainability Service Centre serves the steering committees

by facilitating and preparing the meetings with an expert working

group. The Sustainability Service Centre prepares the reporting

necessary for this in each case. The relevant project managers

also report on the progress and eﬀ ectiveness of the relevant

changes and actions.

The following process is carried out annually:

We closely monitor our material sustainability matters and carry

out at least a minor update of the double materiality assessment

(DMA) on an annual basis. We integrate any changes into our

sustainability strategy. We evaluate the progress on our objectives

through the related indicators and intermediate targets. On this

basis, we determine what needs to be amended in or added to

the existing policy. If necessary, strategic choices are adjusted and

additional targets and indicators are created. These new targets

are validated by the Management Committee. Finally, related

roadmaps are also adjusted.

The business lead is responsible for implementing the policy. He

or she takes ownership of realising the policy and determines

the changes and actions needed to achieve the objectives. The

Sustainability Service Centre is responsible for providing the

reporting necessary to help monitor the eﬀ ectiveness of the

implementation of the policy.

The CEO meets with the CGSO on a monthly basis in an

overarching Sustainability steering group. The ﬁ nal responsibility

for implementing Colruyt Group’s sustainability policy is

ultimately held by the Management Committee led by the

CEO. The Board of Directors approves Colruyt Group’s DMA and

sustainability strategy. Within the Board of Directors, the Audit

Committee in particular oversees the consolidated sustainability

reporting. A report on sustainability is made to the directors every

quarter. It is therefore a recurring agenda item for the Board of

Directors and its committees. In the past reporting year, there

was a speciﬁ c focus on the following topics: climate change,

biodiversity and ecosystems, circular economy and workforce in

the value chain.

Members of the Management Committee and Board of Directors

have the skills and expertise to oversee our material sustainability

matters. This is based on, among other things,

their extensive individual experience and the

long time that Colruyt Group has been active

in the ﬁ eld of sustainable entrepreneurship.

A number of members of the Board of

Directors also have expertise and experience in

sustainability on the basis of their professional

activities outside Colruyt Group (see section

1.2.5.).

Moreover, as mentioned, they can always rely

on the expertise of the Sustainability Service

Centre and of the many internal subject-matter

experts (e.g. within Technics, Architecture,

Packaging, Energy etc.) and an extensive

network of external sustainability experts.

The sustainability reporting’s thematic

chapters provide more information on how

Colruyt Group is organised for a speciﬁ c topic

(e.g. the highest level within the organisation

responsible for implementing a speciﬁ c

policy).

100

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

1.2.5 Diversity policy

Colruyt Group carefully applies article 3:6 (§2, 6°) of the Code

on Companies and Associations regarding information on the

diversity policy pursued. In general terms, an equality principle is

applied within Colruyt Group, whereby each employee is selected

and coached in their career development based on factors such

as competences, talents and skills. As a result, our diversity policy

forms part of our DNA and emanates from our core value ‘respect’.

The group is convinced that diversity of employees (including in

terms of age, gender, cultural and professional background) is an

absolute asset for a fresh, agile and growing company. A company

which also operates in a society characterised by diversity. We

explicitly recognise the importance of diversity within all levels

of the organisation. We endeavour to display this throughout the

organisation, including in the management teams. Aiming for

teams that are as diverse as possible at all levels of management

raises the quality of leadership, promotes balanced decision-

making and therefore inherently contributes to the realisation of

the group’s strategy.

At the end of the 2024/25 ﬁ nancial year, the Company’s Board

of Directors was composed of representatives with suﬃ cient

diversity in backgrounds, competences and experience to support

the development of Colruyt Group. In this way, the board members

representing the family shareholders can present a thorough

knowledge of the company. Director Jef Colruyt has held several

roles in the company since 1984, becoming Chairman of the Board

of Directors at the end of 1994. Director Wim Colruyt has an IT-

technical background and is well versed in business architecture.

Director Senne Hermans is an expert in work simpliﬁ cation and

director Lisa Colruyt is well versed in strategic marketing. Directors

Frans Colruyt and Griet Aerts have played active roles within

the group in the past. As COO Retail, Frans Colruyt managed all

retail activities in the group, while Griet Aerts led Colruyt Group

Academy and is now CFO of the family holding company Korys.

Stefan Goethaert, permanent representative of Stefan Goethaert

BV, was appointed executive director by the General Meeting of 25

September 2024, aft er which the Board of Directors also appointed

him managing director of the company. Within the group, he gained

experience in logistics, production and business&group services to

take over as CEO of the group in mid-2023. Before that, he had held

various international management positions in other sectors. The

independent directors can also present solid credentials. As CEO,

Chantal De Vrieze is at home in general management and the IT

world. Rika Coppens also has CEO experience both in retail and in

HR services, and also brings comprehensive ﬁ nancial expertise. And

Rudi Peeters, in addition to his rich management experience, has

extensive knowledge of the deployment of digital services in the

banking world.

For more detailed information on diversity in Colruyt Group and the

non-ﬁ nancial information required to be included, please refer to

the Corporate Governance Charter on the company’s website and

the chapters ‘Who we are’ and ‘Sustainability statement’ in this

annual report.

101

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

• Core industry expertise

• Strategy development

• Business leadership

• Operational excellence

• Financing and risk

• Sustainability

8 out of 10

6 out of 10

9 out of 10

8 out of 10

7 out of 10

• Age group (year)

• Gender

• Length of time

in oﬃ ce (year)

• Member of the

Management

Committee (year)

In summary, the diversity of the Board of Directors in terms of background, competences and experience can be represented as

follows:

Moreover, the three independent directors on the Board of Directors meet the independence criteria of article 7:87 of the Code on

Companies and Associations and the 2020 Corporate Governance Code.

The Board also scores well in terms of gender diversity. At the end of the 2024/25 ﬁ nancial year, the Board of Directors had

four female directors (40%): (i) Griet Aerts, permanent representative of Korys NV, (ii) Lisa Colruyt, permanent representative of

Korys Management NV, (iii) independent director Chantal De Vrieze, permanent representative of 7 Capital SRL and (iv) independent

director Rika Coppens, permanent representative of Fast Forward Services BV. The Board thus complies with article 7:86 of the Code

on Companies and Associations, which stipulates that, from 2017 onwards, at least one third of the members of the Boards of

Directors of listed companies must be of a diﬀ erent gender than that of the other members.

The diversity of the Board of Directors in terms of age and years in oﬃ ce as a director of the Company can be summarised as

follows:

A diverse range of backgrounds, competences and experience is also found at the level of the Management Committee.

The members of the Management Committee are all group managers and chosen in such a way that there is solid representation

from all sections of the group, especially general management, the most important commercial brands (CLP, Okay, RPCG, B2B),

e-commerce, digital services and the Finance, IT, P&O, Real Estate and Technics support services.

Additional aspects of diversity at the level of the Management Committee level are summarised below. In its succession

management, the Board of Directors ensures that diversity remains an important factor, and recommendations for future

composition take due account of this.

<40

Men

<12

<10

>12

<15 >15

>40

>50

>60

Women

1 out

of 10

0 out

of 10

9 out of 10

5 out of 10

2 out of 10 2 out of 10

2 out of 10

3 out of 10

1 out

of 10

2 out of 10

7 out of 10

1 out

of 10

3 out of 10

5 out of 10

0 out

of 10

1 out

of 10

3 out of 10

2 out of 10 1 out

of 10

1.2.6 Shareholders

TRANSPARENCY NOTIFICATION

Every shareholder holding at least 5% of the voting rights must

comply with the Act of 2 May 2007 on the disclosure of signiﬁ cant

holdings, the Royal Decree of 14 February 2008 and the Code

on Companies and Associations. The statutory thresholds per

5% bracket apply. To this end, those concerned must send a

notiﬁ cation to the Financial Services and Markets Authority

(FSMA) and to the Company. The latest transparency notiﬁ cation

received before the close of the 2024/25 ﬁ nancial year is always

published in the Company’s annual report and at colruytgroup.

com/en/investor-relations/stakeholder-information.

INSIDE INFORMATION – MEASURES TO PREVENT MARKET ABUSE

AND THE USE OF INSIDE INFORMATION

Colruyt Group NV has drawn up a Dealing Code in which,

in accordance with the Market Abuse Regulation (MAR) of

03/07/2017, measures are set forth to prevent market abuse

and the use of inside information. A brief description of this

is included in the Corporate Governance Charter, which can be

consulted on the Company’s website.

1.2.7 Information for shareholders

All useful information for shareholders is published on our

website at colruytgroup.com/en/investor-relations/stakeholder-

information. Any interested persons may register with the

Company to be informed automatically by email alerts whenever

the website is updated or when new ﬁ nancial information is

published on the website.

102

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

2. Activity report of the Board of Directors and committees

in the 2024/25 ﬁ nancial year

2.1 Audit Committee

The Audit Committee was created in September 2006. Since the

end of September 2020, the Audit Committee has been chaired

by independent director Rika Coppens, permanent representative

of Fast Forward Services BV. Non-executive directors Griet

Aerts, permanent representative of Korys NV, and Wim Colruyt,

permanent representative of Korys Business Services III NV, are

the other permanent members of the committee.

The Audit Committee’s internal regulations are available on the

Company’s website at colruytgroup.com/en/investor-relations/

stakeholder-information.

Chaired by Rika Coppens, the Audit Committee met on 31 May

2024, 16 September 2024, 7 November 2024, 29 November 2024,

11 February 2025 and 24 March 2025. All committee members

were present at each meeting.

On each occasion, the ﬁ gures in the working document for the

meeting of the Board of Directors were analysed in detail and

explained by the ﬁ nance department. The statutory auditor

is invited to attend all meetings and also presents its audit

approach and ﬁ ndings from the audit of the half-yearly and

annual results. Colruyt Group’s Risk and Compliance Unit (internal

audit) also draft ed a quarterly report for the Audit Committee on

each occasion. Members of the Accounting and Consolidation

departments are also present to explain the accounting treatment

of stakes and new companies in the consolidation scope, as well

as the application of new IFRS standards and the legal obligations

with respect to sustainability reporting.

The additional meetings in November 2024 and February 2025

discussed the amended IFRS reporting based on subject areas

and the statutory auditor appointment procedure, respectively.

The ﬁ ndings and recommendations of the Audit Committee are

a ﬁ xed item on the agenda of Board meetings, with validation of

what has been discussed if necessary.

2.2 Remuneration Committee

The Remuneration Committee was formed in September

2011. Independent director Chantal De Vrieze, permanent

representative of 7 Capital SRL, has chaired the committee

since the end of September 2021. Non-executive director

Hilde Cerstelotte, permanent representative of Korys Business

Services I NV, and independent director Rudi Peeters, permanent

representative of RUDANN BV, joined her as permanent members

of the Remuneration Committee. Aft er the General Meeting of

25 September 2024, Lisa Colruyt, permanent representative of

Korys Management NV, became a permanent member of the

committee, replacing Hilde Cerstelotte.

The Remuneration Committee’s internal regulations are available

on the Company’s website at colruytgroup.com/en/investor-

relations/stakeholder-information.

The remuneration policy, which underwent a number of minor

changes in the 2023/24 ﬁ nancial year, was approved again at the

General Meeting of 25 September 2024 and is valid for another

four years.

Chaired by Chantal De Vrieze, the Remuneration Committee

held its regular meetings on 31 May 2024, 13 September 2024,

3 December 2024 and 21 March 2025. The attendance rate at

each meeting was 100%. All meetings could also be followed via

video conference if necessary.

The meetings’ objectives included applying the group’s general

remuneration policy and determining how to link variable

remuneration to ﬁ nancial and sustainability indicators and

how to evaluate them. The ﬁ xed and variable remuneration

components of CEO Stefan Goethaert and the entire Management

Committee were evaluated. Furthermore, the committee

discussed proposals relating to managers’ retirement beneﬁ t

schemes and also exchanged views on succession management

in the group. All the proposed resolutions of the Committee are

submitted for approval to the Board of Directors.

103

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

The result of all this work is also recorded in a Remuneration

Report that is published in full under item 2.5. The ﬁ nal version

of this report was ﬁ nalised during the Remuneration Committee

meeting of 6 June 2025.

The Compensation & Beneﬁ ts unit of the People & Organisation

department assisted the Committee at each meeting.

2.3 Meetings of the Board of Directors

The Board of Directors held its four ordinary quarterly meetings

in this ﬁ nancial year on 6 and 7 June 2024, 19 and 20 September

2024, 5 and 6 December 2024 and 27 and 28 March 2025. The

main discussion points at the meetings were the evolution of

the performance of the group’s various store formats and trading

activities. Board meetings generally took place at the Halle

headquarters and could also be followed by video conference if

necessary. The June and December 2024 meetings were preceded

by half a day of information on the half-yearly and annual results

presented by the ﬁ nance department. The March 2025 Board

meeting took place at the headquarters of the French wholesale

activities in Châteauneuf-sur-Loire. The average attendance rate

of directors at the aforementioned ordinary quarterly meetings

can be summarised as follows: 100% in June and December 2024,

94% in September 2024 and 100% in March 2025.

The Board also held additional sessions on:

• 5 November 2024 to discuss a potential business opportunity.

All directors were present.

• 22 January 2025 to discuss a potential business opportunity.

The attendance rate was 80%.

• 5 March 2025 to discuss Colruyt Group’s renewed strategic plan.

The attendance rate for the initial session was 70%.The absent

directors were heard in a separate follow-up session.

Finally, in light of the mission and values of the group, at all

meetings, the Board evaluated the internal cooperation but also

the interactions with the Audit and Remuneration Committees on

a permanent basis.

2.3.1 Transactions with application of the conﬂ ict

of interest rules

(1)

In accordance with articles 7:96 and 7:97 of the Belgian Code

on Companies and Associations, each member of the Board of

Directors is required to inform the Board of Directors of any item

on the agenda that gives rise to a direct or indirect conﬂ ict of

interest of a ﬁ nancial nature. The director(s) concerned shall not

participate in the deliberation and vote on this agenda item.

In the 2024/25 ﬁ nancial year, there were no conﬂ icts of interest

pursuant to article 7:97 of the Belgian Code on Companies and

Association.

2.4 Remuneration policy

INTRODUCTION

ROLE OF THE REMUNERATION COMMITTEE

Remuneration Committee

The Remuneration Committee is responsible

for assessing and drawing up Colruyt Group’s

remuneration policy.

Board of Directors

The Board of Directors decides on the proposals

elaborated by the Remuneration Committee.

General Meeting

In the event of a material change and at least every

four years, the remuneration policy is submitted

to the General Meeting of Shareholders of Colruyt Group

for approval.

The Remuneration Committee also makes recommendations

regarding the level of the remuneration of directors, including

the Chairman of the Board of Directors, as reported in the

remuneration report. The Remuneration Committee also

submits recommendations to the Board of Directors for approval

regarding the remuneration of the CEO, the CFO and the COOs

and, on the recommendation of the CEO, with regard to the other

members of the Management Committee.

These recommendations are subject to approval by the entire

Board of Directors and subsequently by the General Meeting.

The policy was approved for the ﬁ rst time by the General

Meeting of 29 September 2021. Due to material changes, the

remuneration policy was resubmitted to the General Meeting

of 25 September 2024, where it was approved for a duration of

4 years unless materially amended.

The Board of Directors slightly amended the text of the

remuneration policy in 2025 to improve its readability. This did

not involve any substantive changes to the remuneration policy.

(1) This section is part of the annual report of the Board of Directors pursuant to articles 3:6 and 3:32 of the Belgian Code on Companies and Associations (WVV).

104

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

INFORMATION ON THE GENERAL PRINCIPLES OF THE

REMUNERATION POLICY

GENERAL PRINCIPLES OF THE COLRUYT GROUP REMUNERATION

POLICY

Colruyt Group has various activities in retail food and non-food,

health and energy in Belgium and abroad. At the same time,

these diﬀ erent activities share a single common identity and

culture which is translated into our mission statement and nine

core values. With the Colruyt Group remuneration policy, we

are therefore committed to maximally stimulating the group’s

interests and achieving our strategic objectives. For this reason,

the Colruyt Group remuneration policy is based on the following

principles:

One policy for the whole group

The remuneration policy applies to the members of the Board

of Directors and the Management Committee. However, the

principles applied in the policy are extended to all employees,

with no requirement here for approval by the General Meeting.

This ensures that all activities are governed by the same

principles.

Variable pay linked to the group’s collective results

We consider it important to link employees’ variable

remuneration to the group’s collective results because working

together is an essential part of our culture and we also want to

encourage this through the remuneration policy.

Fair remuneration for all employees

At Colruyt Group, we strive for a fair salary for every employee

linked to their responsibilities and work context. We compare

each remuneration package with both the internal and external

market to arrive at a fair remuneration.

Individual performance and growth potential are valued

We want to honour visible individual performance and growth

potential. That is why we focus on various remuner-ation

elements (both ﬁ nancial and non-ﬁ nancial).

Remuneration is more than just salary

At Colruyt Group, opportunities for growth and development,

a sustainable context, and a work-life balance, in addition to

remuneration, are essential parts of the total remuneration

package. We strive to stimulate internal job mobility as much as

possible.

With its remuneration policy, Colruyt Group strives to contribute

to its business strategy, to the realisation of both short- and long-

term objectives, to promoting sustainable value creation and to

safeguarding the group’s ability to recruit and retain employees

and motivate them on a daily basis.

COMPOSITION OF THE REMUNERATION PACKAGE FOR THE

MANAGEMENT COMMITTEE

The total remuneration package of the members of the

Management Committee consists of the following components:

1. Gross annual salary

2. Beneﬁ ts

3. Education and training

4. Sustainable context

The remuneration framework is presented in greater detail below.

Sustainable context

1. Organisation - sustainable entrepreneurship

2. Work - sustainable careers / work-life balance

3. Relations - atmosphere / being able to be yourself

Total Remuneration

Education & training

1. Professional training

2. Personal growth

3. Orientation & Coaching

Total Reward

Beneﬁ ts

1. Insurances

2. Mobility

3. Net compensations

Annual salary

Gross annual salary

1. Basic salary & performance meter

2. Collective variable pay

3. Individual variable pay

4. Bonuses

Gross annual salary consists of two main elements:

• Basic remuneration and

• Variable remuneration.

To guarantee fair remuneration for Management Committee

members, the gross annual salary is compared with that of

senior managers on the general Belgian market. For this, we rely

on market data provided by a specialised external partner. The

companies whose remuneration practices are consulted include

large Belgian companies and foreign companies with signiﬁ cant

operations in Belgium, which are suﬃ ciently comparable to

Colruyt Group in terms of size and complexity. The market

comparison is intended to align the gross annual remuneration,

consisting of the basic remuneration and the target level of the

variable remuneration, with the median of the market so as to

achieve a remuneration package that is sustainable in the long

term.

The remuneration package also includes a market-based package

of beneﬁ ts, namely:

• Group insurance;

• Disability insurance;

• Hospitalisation insurance;

• Company car or mobility budget;

• Flat-rate expense allowance.

At Colruyt Group, we believe that people make the diﬀ erence and

that they are intrinsically motivated to become better at what

they do, to learn and develop themselves, both professionally and

personally. Colruyt Group provides an extensive collective training

oﬀ ering. We also oﬀ er individual coaching and orientation

programmes.

Finally, we also consider it crucial to oﬀ er our people a

sustainable context where a pleasant working atmosphere, room

for initiative and a healthy work-life balance are paramount.

105

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

Category

Total target

variable

remuneration

(as % of basic

remuneration)

% Collective (C)

% Individual (I)

Collective target

variable remuneration

(as % of basic remuneration)

Individual target

variable remuneration

(as % of basic remuneration)

CEO 62,5%

(1)

70% (C) 30% (I)

(62,5% x 70%) = 43,75%

Of which 39,375% is linked to

EBIT and 4,375% is linked to

sustainability

(62,5% x 30%) = 18,75%

Of which 9,375% is linked to

EBIT and 9,375% is linked to

sustainability

COO/CFO 62,5% 70% (C) 30% (I)

(62,5% x 70%) = 43,75%

Of which 39,375% is linked to

EBIT and 4,375% is linked to

sustainability

(62,5% x 30%) = 18,75%

Of which 9,375% is linked to

EBIT and 9,375% is linked to

sustainability

Other

Management

Committee

members

50% 70% (C) 30% (I)

(50% x 70%) = 35%

Of which 31,50% is linked to

EBIT and 3,50% is linked to

sustainability

(50% x 30%) = 15%

Of which 7,50% is linked to

EBIT and 7,50% is linked to

sustainability

VARIABLE REMUNERATION

In order to establish a direct link between remuneration and

performance of both employee and organisation, a signiﬁ cant part

of the remuneration package consists of a variable remuneration.

• TARGET LEVEL

For the variable remuneration of Management Committee

members, we start out with a total target variable that divides into

two components:

• Collective variable remuneration;

• Individual variable remuneration.

(1) This regards a percentage of the basic remuneration, which for all clarity excludes the payment of partial compensation of certain beneﬁ ts.

• PERFORMANCE CRITERIA INCLUDING SUSTAINABILITY OBJECTIVES

70% of the annual variable remuneration of the CEO and the other

Management Committee members is determined by collective

criteria and 30% by individual criteria.

The collective criteria, which account for 70%, are broken down as

follows:

• 90% is based on Colruyt Group’s operating proﬁ t. The Board of

Directors determines what level of operating proﬁ t (EBIT) we set

as the target level, taking into account performance compared

with other retail companies. Operating proﬁ t as the ﬁ nancial

performance criterion reﬂ ects Colruyt Group’s ambition to create

added value in a sustainable way.

• 10% is based on collective sustainability objectives proposed

by the Remuneration Committee and validated by the Board of

Directors. These are selected annually from the 27 sustainability

objectives adopted in the context of Colruyt Group’s

sustainability policy.

The following objectives are retained for the ﬁ nancial year

2024/25:

- Direct greenhouse gas emissions: we will reduce Colruyt

Group’s total CO

emissions.

- Packaging: we will ensure that more of our private labels’

packaging is recyclable or reusable.

- Climate change: we will encourage our suppliers to comply with

recognised climate standards.

- Protein shift : we will sell more plant-based proteins.

A quantitative target has been set for these four objectives and an

externally validated baseline measurement will be undertaken.

In addition, there are three objectives for which we do not set a

measurable target or baseline, but for which we set and follow up

commitments on eﬀ orts to be made:

- Protection and restoration of ecosystems: we will guarantee

customers that products we sell have not been produced on

recently deforested land.

- Human rights: we will develop a process that can demonstrate

that the private labels we sell are covered by a human rights

identiﬁ cation process.

- Due diligence: we will develop a process that will make all links

in the chain of our private label products transparent.

The Board of Directors will, on the proposal of the Remuneration

Committee, ﬁ nally decide at the end of the ﬁ nancial year whether

and to what extent the collective remuneration will be awarded

based on the proposed targets for the ﬁ nancial year 2024/25.

For the record, we note that the variable remuneration paid

during the 2024/25 ﬁ nancial year (based on performance in

the 2023/24 ﬁ nancial year) did not yet take into account the

aforementioned sustainability targets. These only apply to the

variable remuneration that will be paid in the 2025/26 ﬁ nancial

year (based on performance in the 2024/25 ﬁ nancial year).

106

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

The remaining 30% is determined by individual criteria as

follows:

• 50% is based on the following individual general objectives:

− Assisting in deﬁ ning Colruyt Group’s ambition & strategy, with a

focus on sustainability and value creation

− Translating the group’s mission and making the vision,

ambition, strategy and clear goals explicit in one’s own

management area and/or operating unit

− Creating a sense of shared purpose centred on mission,

ambition and strategy

− Continuous attention to the sustainable creation and

development of human potential, including the manager’s

succession

− Mentoring and coaching employees

− Creating commitment and promoting Colruyt Group’s values

and culture

• 50% is linked to individual sustainability objectives proposed

by the Remuneration Committee and validated and assessed by

the Board of Directors. These objectives will again be selected

from among the 27 sustainability policy objectives.

• LOWER AND UPPER LIMIT & EVALUATION

However, if the group’s EBIT for the relevant ﬁ nancial year falls

below a certain threshold, no collective or individual variable

remuneration will be paid at all, with the exception of the

additional envelope described on the next page.

Depending on the collective results achieved in the areas of EBIT

and sustainability, a multiplier is applied to the collective variable

remuneration at target level. It can therefore be higher or lower

than 1 but at most 1,75.

Individual performance plays a role in determining individual

variable remuneration. It is determined based on the achievement

of the general objectives and sustainability objectives agreed. A

multiplier is applied to the individual variable remuneration at

target level. It cannot be higher than 1.

The table below contains a visual representation:

The amount of the variable remuneration of each Management Committee member is determined as follows, depending on their

individual evaluation:

< EBIT lower limit

Collective variable remuneration

No variable remuneration

(multiplier variable remuneration = 0)

Individual variable remuneration

No variable remuneration

(multiplier variable remuneration = 0)

Discretionary envelope

EBIT lower limit/upper limit

Collective variable remuneration

Target x multiplier variable remuneration between 0 and 1,75

Individual variable remuneration

Target x multiplier depending on achievement of individual

objectives (between 0 and 1). Maximum = 1

Discretionary envelope

> EBIT upper limit

Collective variable remuneration

Target x 1,75

Individual variable remuneration

Target x multiplier depending on achievement of individual

objectives (between 0 and 1). Maximum = 1

Discretionary envelope

Achievement of individual objectives < 50% = 50% > 50% >= 100%

Impact on individual variable

remuneration (max. 30% total)

0 50%

Pro rata score

(e.g. 75%)

100%

Impact on collective variable

remuneration (max. 70% total)

Maximum 50% Maximum 50% 100% 100%

107

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

The CEO and Management Committee members are evaluated

annually, in the ﬁ rst few months following the end of the ﬁ nancial

year. For the CEO, COOs and CFO, performance is assessed by

the Board of Directors based on proposals by the Remuneration

Committee. For the other Management Committee members,

their performance, on the basis of recommendations from the

CEO, is assessed by the Remuneration Committee and validated

by the Board of Directors.

• ADDITIONAL ENVELOPE

The Remuneration Committee may also propose that the Board of

Directors apply an additional envelope for the CEO or for the other

members of the Management Committee on top of the above-

mentioned variable remuneration. This envelope can amount to

up to 10% of the ﬁ xed basic remuneration.

Management Committee members can earn this additional

variable remuneration by achieving predetermined individual

performance criteria or for exceptional performances. These are

linked to qualitative business KPIs at the level of the management

area and/or operating unit being managed. These KPIs, where

relevant, are linked to sustainability.

The individual performance criteria and KPIs are determined

annually for each individual and embody the various levers

identiﬁ ed from the strategic objectives. For the CEO, COOs and

CFO, these individual performance criteria are proposed by

the Remuneration Committee and validated by the Board of

Directors. For the other Management Committee members,

they are proposed by the Remuneration Committee based on

recommendations from the CEO and validated by the Board of

Directors.

OTHER PROVISIONS

The Extraordinary General Meeting of 13 October 2011 decided

to make use of the authorisation provided by article 7:91 of the

Code on Companies and Associations (formerly article 520ter

of the Companies Code) and expressly decided not to apply the

provision regarding the permanent acquisition of shares and

share options or the provision regarding the staged payment

of the variable remuneration to all persons covered by these

provisions. Article 13 of the articles of association was amended

accordingly. The company will therefore not be bound by the

restrictions stipulated by article 7:91 of the Code on Companies

and Associations regarding the staged payment of the variable

remuneration to the executive management.

In Belgian law, there is still considerable uncertainty as to the

legal validity and enforceability of a right of recovery, in favour

of the Company, of variable remuneration. For this reason, in

deviation from article 7.12 of the Belgian Corporate Governance

Code 2020, Colruyt Group has opted to refrain for the time

being from regulating on a right of recovery of the variable

remuneration.

The variable remuneration of the members of the Management

Committee does not include any share-related remuneration. The

long-term focus is part and parcel of our day-to-day operations,

in part because of our focus on sustainability. The CEO, COO Retail

and CFO were oﬀ ered the opportunity to participate in a long-

term investment plan. In this context, Colruyt Group sold treasury

shares to a subsidiary CGMI BV in the ﬁ nancial year 2023/24 in

the context of a long-term investment plan in which the CEO, COO

Retail and CFO participated.

DIRECTORS

The directors are remunerated with a ﬁ xed remuneration

(emolument), regardless of the number of meetings of the

Board of Directors or one of its committees. This reﬂ ects the fact

that the directors are expected to spend a signiﬁ cant amount

of time (20 – 25 days for most directors) in the exercise of

their mandates. We believe that structuring the Board and its

committees with a single clear and transparent remuneration

for the eﬀ orts of the directors is more desirable for corporate

governance in a listed company. The Board of Directors has

a collective responsibility and we also want to approach the

remuneration of the directors from this perspective.

In line with previous years, non-executive directors at Colruyt

Group did not receive any share-based remuneration. This

deviation from the recommendations of the Belgian Corporate

Governance Code 2020 is in our view justiﬁ ed, since the Board

of Directors has a dual role in our one-tier board model,

which is to support entrepreneurship on the one hand and to

ensure eﬀ ective supervision and control on the other. To avoid

the granting of shares to non-executive directors increasing

the likelihood of a conﬂ ict of interest, these persons do not

receive performance-related remuneration or share-related

compensation.

By way of deviation from article 7.9 of the Belgian Corporate

Governance Code 2020, the Board of Directors has decided not to

apply a minimum share ownership threshold for the CEO and the

other Management Committee members. In this context, account

was taken of the fact that Management Committee members can,

as the case may be, participate in capital increases for the beneﬁ t

of staﬀ that take place on a regular basis and/or the long-term

investment plan.

MAIN FEATURES OF THE AGREEMENTS WITH THE MEMBERS OF THE

BOARD OF DIRECTORS AND THE MANAGEMENT COMMITTEE

• GENERAL FEATURES

All members of the Board of Directors and the CEO fulﬁ l their

directors’ roles as self-employed persons (or, as the case may

be, as permanent representatives of companies functioning as

directors).

All Management Committee members have employee status, with

the exception of the CEO.

• AGREEMENTS WITH RESPECT TO THE MANDATES OF THE

MEMBERS OF THE BOARD OF DIRECTORS

Mandates in the Board of Directors last for 2 to 4 years. Expiring

mandates can be extended, with a maximum of 12 years for

independent directors.

Members of the Board of Directors have no contractual right to

any severance payment upon termination of their mandates.

• AGREEMENT WITH RESPECT TO THE CEO MANDATE

The CEO mandate has been held by Stefan Goethaert BV since

1 September 2024, with Mr Stefan Goethaert as its permanent

representative.

As approved by the General Meeting, the CEO is contractually

entitled to a severance payment if its permanent representative

reaches the then current age limits applied for membership

of the Colruyt Group Management Committee. In that case,

the CEO will be entitled to a termination payment equal to: (i)

15 months of the ﬁ xed remuneration applicable at that time;

108

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

and (ii) 15 months of variable remuneration, calculated based

on the average monthly variable remuneration over the last

three reference periods. However, the Board of Directors may,

upon the unanimous advice of the Remuneration Committee,

increase this remuneration to 18 months of the ﬁ xed and variable

remuneration as described above.

• AGREEMENT WITH REGARD TO THE MANDATES OF THE OTHER

MANAGEMENT COMMITTEE MEMBERS

Management Committee members other than the CEO do not

have an individual contractual agreement with Colruyt Group

regarding any severance payment.

DEVIATIONS FROM THE REMUNERATION POLICY

In exceptional circumstances, the Board of Directors can decide

to deviate from the remuneration policy, when this is deemed

necessary to serve the interests and sustainability of Colruyt

Group in the long term. Such a deviation will be discussed in

the Remuneration Committee, which will make a substantiated

recommendation to the Board of Directors. Any deviation from

the remuneration policy will be described and explained in Colruyt

Group’s annual remuneration report.

SHAREHOLDERS’ VOTES AND POSITIONS

Below we explain how, in the context of the changes made to the

remuneration policy, shareholders’ votes and positions on the

remuneration policy and remuneration reports have been taken

into account.

The current remuneration policy was approved by more than

97% of the shareholders present or represented by proxy. The

remuneration reports, for the period since 2021, have always

been approved by a very large majority of the shareholders

present (e.g. by approximately 90% of the shareholders present

and represented by proxy for the remuneration report for the

ﬁ nancial year 2023/24).

The remuneration policy as amended in 2024 takes into account

the request from various shareholders to link Management

Committee members’ variable remuneration to sustainability

criteria. The necessary transparency will also be provided about

the selected sustainability objectives and their assessment in the

remuneration report.

2.5. REMUNERATION REPORT FOR THE FINANCIAL YEAR 2024/25

(1)

INTRODUCTION

A general overview of the Company’s performance and the main environmental factors, relevant events, developments and decisions

that have inﬂ uenced this can be found in the management report (pages 13-24).

GENERAL PAYOUT OF VARIABLE SALARY IN FINANCIAL YEAR 2024/25 (based on results for the ﬁ nancial year 2023/24)

Relative

weight

Lower limit Upper limit

Payout 2024/25

(based on

the ﬁ nancial

year 2023/24

results)

Criterion

Impact of variable

remuneration

Criterion

Impact of variable

remuneration

Collective 70% EBIT lower limit Collective target x 0 EBIT upper limit Target x 1,75

Collective

target x 0,89

Individual 30%

EBIT lower

limit <50%

individual target

achieved

Individual target x 0

AND collective

payout x 0,5

100% individual

target achieved

Target x 1

Individual

target x 1

(1) This section is part of the annual report of the Board of Directors pursuant to articles 3:6 and 3:32 of the Belgian Code on Companies and Associations (WVV).

109

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

REMUNERATION OF THE CEO (CHAIRMAN OF THE MANAGEMENT

COMMITTEE)

The remunaration paid directly or indirectly to the CEO in the

ﬁ nancial year 2024/25 consists of:

REMUNERATION OF THE OTHER MEMBERS OF THE MANAGEMENT

COMMITTEE

We list the changes in composition and responsibilities of the

Management Committee that occurred during the ﬁ nancial year

2024/25:

• Bart De Schutter, General Manager of Colruyt France, has not

been a member of the Management Committee since November

2024.

• Peter Vanbellingen went from IT manager to COO Group

Services on 1 September 2024 and remained a member of the

Management Committee in that capacity.

The remuneration paid directly or indirectly to the other members

of the Management Committee in the ﬁ nancial year 2024/25

comprised overall:

60,56%

Fixed

3,26%

Group insurance

9,23%

Group insurance

36,18%

Variable

Basic remuneration

(1)

EUR 788.100

Variable remuneration in cash

(2)

EUR 470.770

Contributions paid for group insurance

(3)

EUR 42.378

Other components

(4)

EUR 1.575

Total EUR 1.302.823

(1) As of 1 September 2024, the CEO has independent director status. The basic remuneration

includes both remuneration paid under the status of salaried director and under the status

of independent director.

(2) The variable remuneration was calculated on the results of ﬁ nancial year 2023-2024 and

paid out in ﬁ nancial year 2024-2025.

(3) As a salaried employee, the CEO had a supplementary pension plan. This supplementary

pension plan was a deﬁ ned contribution plan, with Colruyt Group paying an annual

contribution of 18% of the basic remuneration. This plan was discontinued upon the switch

to independent director status.

(4) The ‘Other components’ heading consists solely of a ﬂ at-rate expense allowance. The payout

was discontinued upon the switch to independent director status.

56,15%

Fixed

34,63%

Variable

Basic remuneration EUR 2.611.533

Variable remuneration in cash

(1)

EUR 1.610.469

Contributions paid for group insurance

(2)

EUR 429.126

Other components

(3)

EUR 27.122

Total EUR 4.678.250

(1) The variable remuneration was calculated on the results of ﬁ nancial year 2023-2024 and

paid out in ﬁ nancial year 2024-2025.

(2) The members of the Management Committee beneﬁ t from a supplementary pension

plan. This supplementary pension plan is a deﬁ ned contribution plan, with Colruyt Group

paying an annual contribution of 18% of the monthly salary x 13,92. This amount includes

additional individual pension commitments.

(3) The ‘Other components’ heading consists solely of a ﬂ at-rate expense allowance. The

members of the Management Committee are also entitled to other beneﬁ ts, such as

disability insurance, hospitalisation insurance and a company car. These are not included

in the above table.

The pay ratio is 18,6 and is the ratio of the CEO’s contractual

base hourly pay to the median contractual base hourly pay

among permanent employees (excluding students). For more

information, please see the Sustainability Reporting (‘Own

Workforce - 3. Equal opportunities and treatment’ chapter).

110

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

CHANGE IN THE REMUNERATION OF CEO AND MANAGEMENT COMMITTEE MEMBERS AND OF THE PERFORMANCE OF COLRUYT GROUP

EBIT increased sharply by 68,64% between the 2022/23 and 2023/24 ﬁ nancial years. This meant that variable remuneration was again

paid for the 2023/24 ﬁ nancial year, both to the CEO and other members of the Management Committee.

Colruyt Group, as always, remains strongly committed to the creation of social added value and sustainability. Please refer to the key

ﬁ gures in the introduction and the Corporate Sustainability section for further explanation of the social added value achieved and the

sustainability objectives.

FY 2019/20

compared to

FY 2018/19

FY 2020/21

compared to

FY 2019/20

FY 2021/22

compared to

FY 2020/21

FY 2022/23

compared to

FY 2021/22

FY 2023/24

compared to

FY 2022/23

Total remuneration

(1)

CEO 4,38% 4,34% -14,33% -13,59% 16,13%

Senior management 10,87% 14,94% -13,27% -14,11% 11,31%

Variable remuneration

(1)

CEO 7,31% 3,14% -38,21% -50,34% 135,39%

Senior Management 10,30% 2,60% -29,61% -70,31% 261,45%

Performance Colruyt Group

EBIT margin 0,16% -0,07% -1,53% -1,13% 1,70%

EBIT 5,36% 2,37% -28,32% -25,76% 68,46%

Social added value

Employment FTE 2,53% 7,34% 0,07% 1,04% 4,13%

Contributions to Belgian treasury 3,48% -2,97% 2,42% -0,12% 5,52%

Food donated to social organisations (tonnes) 26,27% 5,68% 24,82% 18,27% 18,26%

Average pay per FTE Colruyt Group

(2)

Wage mass / FTE 1,00% 0,05% 4,37% 8,38% -3,56%

(1) For the calculation of total remuneration and variable remuneration, we operate here with the accumulated salary.

This means that we always take into account the variable remuneration paid in year X+1, which was accumulated in year X.

This approach simpliﬁ es comparison between the group’s results and the remuneration paid.

This means that the total remuneration for the ﬁ nancial year, as stated above, consists of:

• Remuneration received in the previous ﬁ nancial year 2023/24:

- The ﬁ xed remuneration,

- Group insurance contributions and

- Other components

• Supplemented with the variable remuneration calculated using the results of ﬁ nancial year 2023-2024 and received in the subsequent ﬁ nancial year 2024/25.

NB: For the 2022/23 ﬁ nancial year, the full remuneration of Jef Colruyt as CEO is still included.

(2) This is based on the total remuneration as stated in the consolidated annual report divided by the total number of FTEs.

111

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

REMUNERATION OF MEMBERS OF THE BOARD OF DIRECTORS

EMOLUMENTS

All directors of the group receive emoluments as payment for their mandates. On the advice of the Remuneration

Committee, the Board of Directors decided not to adapt directors’ individual emoluments for the ﬁ nancial year 2024/25.

Thus, in the ﬁ nancial year 2024/25, the members of the Board of Directors received the following emoluments:

EMOLUMENTS RECEIVED IN FINANCIAL YEAR 2024/25

(1)

Korys NV (with permanent representative Griet Aerts) EUR 97.000

Korys Business Services I NV (with permanent representative Hilde Cerstelotte)

(2)

EUR 48.500

Korys Business Services I NV (with permanent representative Senne Hermans)

(3)

EUR 48.500

Korys Business Services II NV (with permanent representative Frans Colruyt) EUR 97.000

Korys Business Services III NV (with permanent representative Wim Colruyt) EUR 97.000

Korys Management NV (with permanent representative Lisa Colruyt) EUR 97.000

Kriya One BV (with permanent representative Jef Colruyt) (Chairman)

(4)

EUR 291.000

Stefan Goethaert BV (with permanent representative Stefan Goethaert, managing director)

(3)

EUR 48.500

7 Capital SRL (with permanent representative Chantal De Vrieze, independent director) EUR 97.000

Fast Forward Services BV (with permanent representative Rika Coppens, independent director) EUR 97.000

Rudann BV (with permanent representative Rudi Peeters, independent director) EUR 97.000

TOTAL EUR 1.115.500

(1) Gross amounts on an annual basis.

(2) Directorship ended aft er the General Meeting of 25 September 2024.

(3) Directorship commenced aft er the General Meeting of 25 September 2024.

(4) Since 6 June 2024, Kriya One BV, permanently represented by Jef Colruyt has assumed the chairmanship of the Board of Directors.

OPINION OF THE SHAREHOLDERS

In accordance with article 7:149 of the Code on Companies and Associations, we inform you that the previous

remuneration report as part of the annual report for the ﬁ nancial year 2023/24 was presented at the General Meeting

of Shareholders of 25 September 2024 and was approved by 89,63% of those present and shareholders represented by

proxies. The amended remuneration policy was approved with slightly more than 97% of the votes at the General Meeting

of 25 September 2024.

3. Risk management and internal controls

(1)

3.1 Introduction

“Doing business means taking calculated risks,” is a group

principle of Colruyt Group. Only by doing business and setting

up new initiatives will we remain relevant in the future. However,

doing business also brings with it the risk of failure. That is

why we consider the relevance, viability and feasibility of new

initiatives in advance. We work carefully to identify and mitigate

risks. Once in action, we are willing to learn from our mistakes

and have the courage to walk away when something really is not

working.

3.2. Risk philosophy

Colruyt Group aims to pursue a policy of sustainable

entrepreneurship. In practice, this policy is converted into the

strategic, tactical and operational objectives of Colruyt Group

and of each operating unit, domain, group programme etc.

Colruyt Group’s activities are exposed to a number of internal

and external risks, or uncertainty factors that may aﬀ ect Colruyt

Group’s ability to achieve these objectives.

Colruyt Group believes that risk management should be an

integral part of the organisation’s culture. Thus, it creates an

environment in which people are motivated to recognise and

deal with risks with the necessary transparency. Colruyt Group

maintains a rather low to medium risk appetite.

The group’s risk management focuses on the one hand on risk

awareness and on controlling and/or limiting the most serious

risks or threats, while also giving room to take manageable risks

in pursuit of strategic objectives.

Controlling these key risks is a core task of each member of the

Management Committee, within their operational responsibilities.

To assist management, Colruyt Group has set up a series of risk

management systems with the aim of providing reasonable

certainty in the following domains:

• realisation of strategic objectives;

• protecting the health and safety of customers and staﬀ ;

• safeguarding the reputation of Colruyt Group and its brands;

• eﬀ ectiveness and eﬃ ciency of the business processes;

• reliability of ﬁ nancial reporting;

• compliance with applicable laws and regulations;

• management of potential ﬁ nancial impacts;

• monitoring the impact of Colruyt Group on its environment.

This section of the annual report covers the main features of

these systems. The principles enshrined in the COSO and ISO

reference frameworks have served as inspiration for Colruyt Group

in setting up these risk management systems.

3.3. Components of risk management and internal

control systems

3.3.1. Governance

The Board of Directors has overall responsibility for monitoring

risks and maintaining a robust system for risk management and

internal control, and also determines Colruyt Group’s risk appetite.

The Board of Directors recognises the importance of identifying

and actively monitoring strategic, ﬁ nancial, operational,

environmental, social, governance, information & technology,

markets & commercial risks and other longer-term threats, trends

and challenges to the company. The Audit Committee supports

the Board of Directors in risk management and is responsible

for assessing the eﬀ ectiveness of risk management and internal

control processes throughout the year.

Members of the Management Committee are responsible for day-

to-day risk management within their respective operating units,

domains etc. Management Committee members thus identify,

together with their respective teams, key and emerging risks and

ensure their internal follow-up and monitoring.

In addition, the Management Committee focuses on evaluating

proposed risk management strategies, as well as the design,

implementation and evaluation of internal control. This is

reported periodically at the Audit Committee.

The Risk Management department coordinates and facilitates

the risk process by providing methodologies and guidelines,

supporting risk analyses and ensuring a structured approach to

identifying, assessing and managing risks. In addition, it ensures

the consolidation of risks identiﬁ ed within the operating units,

domains, group programmes etc. and provide these to the

Management Committee and the Audit Committee.

3.3.2. Risk management process

A. BACKGROUND AND OBJECTIVE

Colruyt Group has developed a group-wide risk management

system based on the principles of Enterprise Risk Management

(ERM) under the name of ‘CORIS’ (Colruyt Opportunity & Risk

Management). The main objectives are to increase the risk

awareness of management in the organisation and to draw up an

inventory of the risks to which Colruyt Group and its subsidiaries

are exposed, with a view to controlling them.

“Everybody is an entrepreneur” is a principle that is fundamental

to Colruyt Group. We wish to encourage our employees to take

controlled risks, because entrepreneurship is based on conscious

risk-taking. All Colruyt Group operating units and also its

overarching domains (where relevant), group programmes and

major projects have gone through the process described below,

and update this on a regular basis.

B. RISK CULTURE

Colruyt Group applies an integrated risk management approach

based on the ‘three lines of defence model’. This model

determines how speciﬁ c responsibilities can be assigned

within the organisation to achieve Colruyt Group’s objectives

112

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

(1) This section is part of the annual report of the Board of Directors pursuant to articles 3:6 and 3:32 of the Belgian Code on Companies and Associations (WVV).

113

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

and manage the associated risks. This approach contributes

to strengthening the risk culture, taking responsibility for the

management of risks and internal control, and further optimising

and integrating independent control functions (risk management

function, compliance function and internal audit).

First line – ownership and management of risks and their control:

the business itself is responsible for all the risks emanating

from its own processes and must ensure their identiﬁ cation and

eﬀ ective controls. In this area, the business ensures that proper

controls are in place, that the business’s self-assessment is of

suﬃ cient quality, that adequate risk awareness exists, and that

suﬃ cient resources are assigned to risk issues.

Risk management is an integral part of Colruyt Group’s operations.

It ranges from day-to-day ﬁ nancial and operational management

(including the four-eye principle), the analysis of new investment

cases to the formulation of strategy and objectives.

Risk management is thus the responsibility of every employee,

with diﬀ erent responsibilities at each level.

Second line – continuous monitoring of risks and their control:

these functions provide support to the business and management

by applying expertise and making independent judgements of the

risks faced by Colruyt Group. These functions provide assurance

that the business itself (through ﬁ rst-line management) is in

control of its risks. Naturally, primary responsibility still lies with

the ﬁ rst line.

Third line – provision of an independent audit system: internal

audit can be understood as an independent assessment function

embedded in the organisation and tasked with investigating and

evaluating the proper functioning, eﬀ ectiveness and eﬃ ciency

of Colruyt Group’s processes, procedures and activities. This may

cover areas such as operating processes, ﬁ nancial transactions

or compliance with applicable accounting and other regulations.

Through this independent review, the internal audit provides

an assessment to the Audit Committee on the operational

eﬀ ectiveness of the ﬁ rst- and second-line risk management and

internal control processes. In addition, the risk management

function is evaluated annually by our Statutory Auditor (with a

focus on ﬁ nancial reporting), with any remarks presented to the

Audit Committee and/or the Board of Directors.

C. PROCESS AND METHODOLOGY

The entire group is divided into operating units and domains,

among other things. Each operating unit and, where relevant, the

domain, group programmes and major projects must go through

the following process steps in a structured manner. This process

is also performed at Colruyt Group level.

A risk coordinator is appointed for each operating unit, tasked

with providing support to the risk owners. Moreover, a knowledge-

sharing network spanning Colruyt Group ensures that risk

management is kept alive within the organisation. We also

go through this process in our group programmes and major

projects.

1. Risk identiﬁ cation

Risk identiﬁ cation is carried out on a regular basis, for example

in preparation for an operating unit’s new strategic plans. The

evolution of the risks already identiﬁ ed and any new risks arising

internally or as a result of changes in the outside world are then

reviewed on an annual basis. Every major incident is also analysed

with a focus on its possible recurrence and then included or not

as a risk in the risk log.

2. Risk assessment

Following each risk identiﬁ cation process, the risks are assessed

and given a risk score. This assessment involves mapping out

the causes and consequences of a risk. Taking into account the

eﬀ ectiveness of the control measures introduced, the risks are

scaled according to likelihood and impact.

The probability of an event occurring is estimated based on a

ﬁ ve-year time horizon and rated according to a ﬁ ve-category

scale: from ‘Rare’, where the event is expected to occur only in

exceptional cases, to ‘Almost certain’, where the event is almost

guaranteed to occur.

The impact scale is based on the risk appetite established in

consultation with the Management Committee and the Board of

Directors. In order to assess the scale of the impact, four impact

criteria are used: ﬁ nancial impact, reputational impact, the impact

on the health and safety of both customers and employees and

environmental impact. Reputation is interpreted very broadly here

as the response of all possible stakeholders, whether customers,

employees, shareholders or suppliers, local residents or interest

groups.

3. Risk management

A risk matrix is then created for each operating unit based on the

risk scores, with risks divided into critical, high, medium, low and

insigniﬁ cant categories. Each risk is assigned to a risk owner who

is responsible for the design and implementation of action plans.

Critical risks should be avoided as much as possible; if not

possible, mitigation plans should be provided immediately.

High risks must be addressed with an action plan.

Medium risks should be monitored periodically, with action plans

implemented if necessary.

Low risks are generally accepted; quick wins may be implemented.

All risks are recorded in the risk log of the operating unit

concerned and subsequently integrated into a consolidated risk

log by the Risk Management department.

4. Risk monitoring

The risk owners are responsible for monitoring the action plans.

The Risk Management department periodically provides an

overview to the responsible risk owner, so that the risk owner

can check the residual risk within each risk category against

the predeﬁ ned risk appetite and take additional action where

necessary.

Identify

Evaluate Plan

Mitigate

5. Internal & external risk reporting

The entire process is coordinated and

facilitated by the Risk Management

department, in consultation with the

Management Committee. Reporting takes

place on a quarterly basis to the Management

Committee and, via the Audit Committee, to

the Board of Directors. The members of the

Management Committee are instructed to

include risk management as an explicit chapter

in their periodic activity reports.

The highest Colruyt Group risks are

documented annually in the annual report.

This contains an overview of the risk factors

speciﬁ c and important to Colruyt Group with

their description and a brief overview of the

management measures already in place to

mitigate these risks.

Risk Why is this a risk for us? What are our mitigating actions?

STRATEGIC RISKS

Colruyt strategy

& business

model

Our customers’ needs are constantly evolving. To remain relevant to our

customers and diﬀ erentiate ourselves from the competition,

Colruyt Group focuses on a strong and complementary range of

products and services. This includes our retail formats, own brands and

private-label products for which we are the manufacturer or exclusive

distributor.

The consolidation in the retail market is likely to continue due to

increased competition from larger players. In addition, demographic

shift s and changing consumer preferences are a major challenge.

If Colruyt Group does not anticipate these in time – for example, by

introducing new and improved products and services – this could

reduce demand for what we oﬀ er and have a negative impact on our

revenue. Changes in consumer behaviour may also require us to adjust

our strategy and adapt or expand our existing product range.

We operate cost-consciously in each of our business formats and also

develop new formats to respond to the constantly changing market

and diﬀ erentiate ourselves from competitors. Continuously monitoring

consumer preferences provides the input necessary for our strategic

decisions. Our group mission, “Together, we create sustainable added

value through value-driven craft smanship in retail”, is central to these

decisions and forms the basis of our new strategic plan to eﬀ ectively

address this risk.

Supplier relati-

ons & bargaining

power

Colruyt Group has an extensive network of suppliers to ensure the

availability of products in its shops. Eﬀ ective relationships with

these suppliers are crucial to Colruyt Group’s operational success

and sustainability objectives. Poorly managed supplier relationships

can lead to problems such as supply chain disruptions, inconsistent

product quality or non-compliance with ethical and environmental

standards. Moreover, dependence on a limited number of suppliers

can increase vulnerability, aﬀ ecting business continuity and ﬂ exibility.

In addition, our bargaining power is under pressure due to the impact

of international competitors with higher revenue and the further

concentration of suppliers. As a result, our position as the Belgian

market leader risks losing relevance, as decisions are increasingly taken

outside Belgium.

We are aﬃ liated to several procurement organisations (EMD and

Agecore) and also recently announced the creation of a new retail

alliance. These collaborations enable us to strengthen our negotiating

positions and obtain better terms from suppliers. This also enables

us to establish bilateral collaborations with new partners. Such

collaborations beneﬁ t our customers, as they are necessary to keep

sales prices under control and this allows for continued investment in

innovations.

In addition, we maintain an ongoing dialogue with our suppliers

to build long-term partnerships, make progress together on our

sustainability objectives and strive for value-driven collaborations.

This is how we take steps towards more sustainable transport and

ensure compliance with ethical and environmental standards.

114

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

3.3.3. Measures regarding risk management and internal controls

A. MAIN RISKS AND MANAGEMENT MEASURES OF COLRUYT GROUP

The main risks relating to Colruyt Group’s operations are reﬂ ected in a risk

universe divided into eight categories:

• Strategic: such as strategy and business model, market dynamics, supplier

relationships and mergers & acquisitions;

• Financial: such as the risks associated with ﬁ nancial markets (interest rates,

currencies, commodities), liquidity and credit, capital structure, accounting

and ﬁ nancial reporting;

• Operational: such as supply chain, crisis management and asset

management;

• Environment: such as risks related to climate change, biodiversity and

resource use and circular economy;

• Social: such as risks related to talent management, human rights, health and

safety;

• Governance: including corporate governance and ethics risks;

• Information & technology: such as risks related to data management,

cybersecurity, innovation and digitalisation;

• Markets & commercial: including risks related to pricing, market relevance

and digital strategy.

Enterprise Risk Management (ERM) and Corporate Sustainability Reporting

are closely linked, as both focus on identifying and managing risks and

opportunities, including sustainability-related issues. Some of the risks

described below are addressed further and in more detail in our sustainability

reporting.

115

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

Risk Why is this a risk for us? What are our mitigating actions?

FINANCIAL RISKS

Financing risk

The group maintains its long-term focus and will continue to invest in a

targeted manner in sustainability and eﬃ ciency, digital transformation

and innovation, its employees and its products and services. This may

require the group to raise ﬁ nancing on debt and capital markets.

Colruyt Group’s ﬁ nancial performance, the macroeconomic context,

changing investor expectations and the level of outstanding ﬁ nancial

debt may aﬀ ect Colruyt Group’s ability to issue new debt or securities or

attract additional ﬁ nancing.

If Colruyt Group is unable to attract new funding, it runs the risk of not

having suﬃ cient funds to invest and thus to implement its long-term

strategy.

Colruyt Group had a net cash position on 31 March 2025. Besides

working cost-eﬀ ectively, there is also a continued focus on improving

working capital.

Moreover, in addition to various bilateral credit lines, Colruyt Group also

has a syndicated credit facility of EUR 670 million, which was undrawn

on 31 March 2025.

OPERATIONAL RISKS

Supply chain &

business

continuity

Disruptions in internal business processes, such as interruptions

in logistics, IT infrastructure or corporate facilities, can aﬀ ect the

availability of products in shops and jeopardise Colruyt Group’s

operational continuity. Problems such as system failures, distribution

centre outages or insuﬃ cient transport capacity can lead to delays

and increased costs. In addition, the actions of third parties, industrial

action or a health crisis may disrupt the operation of the supply chain,

posing further challenges. Such disruptions can have a signiﬁ cant

impact on commercial activities, customer satisfaction and Colruyt

Group’s overall reputation.

We have established a clear business continuity policy, supported by

several business continuity plans and substantial investments in our

supply chain and logistics. In addition, we are (partially) insured to

mitigate any remaining residual risks.

Diversifying our supply chain, in both the area of procurement and of

operational organisation, allows us to respond to the constraints of

local production and better manage risks such as climate change and

geopolitical instability.

COMMERCIAL RISKS

Competition &

market

dynamics

Colruyt Group operates in a highly competitive market with

international players and supplier consolidation. Changing consumer

preferences and a volatile macroeconomic and geopolitical

environment mean constant monitoring and innovation are needed in

the areas of products, branding and market strategies. Factors such as

inﬂ ation, economic growth, geopolitical tensions or trade tariﬀ s can

put pressure on operating costs and proﬁ t margins. If Colruyt Group

does not adapt to this in time, it could lead to declining demand, loss of

market share, and additional pressure on margins.

We continue to constantly scan market dynamics and consumer

spending, while closely monitoring the macroeconomic and geopolitical

situation so that we can respond quickly and eﬃ ciently. In addition, the

focus remains on operational excellence and continuous cost control,

principles that Colruyt Group systematically applies successfully.

Product quality

& safety

Ensuring high-quality products and strict compliance with safety

standards is essential to protect Colruyt Group’s reputation and reduce

the risk of product recalls, customer dissatisfaction and legal disputes.

Colruyt Group runs liability risks during the production, packaging

and sale of goods. Colruyt Group is vulnerable to both accidental

and intentional product contamination, spoilage and disruptions in

transport or storage, especially with perishable products.

The Quality Management System ensures our range’s food and product

safety through continuous monitoring, analysis and improvement. We

maintain strict quality standards, certiﬁ cations, norms and controls to

ensure a high level of quality.

In addition, we continue to actively invest in product defence, product

fraud and food safety culture to protect the integrity and safety of our

products. We also work closely with suppliers to monitor quality in

a systematic and permanent way. Colruyt Group also has insurance

against the risks of product liability and recalls.

Risk Why is this a risk for us? What are our mitigating actions?

ENVIRONMENTAL RISKS

Resource use &

circularity

Colruyt Group recognises the crucial importance of using raw materials

responsibly and applying circular practices to ensure long-term

sustainability. Ineﬃ cient use of natural resources, dependence on ﬁ nite

materials and waste production pose risks to both the environment

and Colruyt Group’s operational eﬃ ciency. A central issue here is the

use of packaging. This is an integral part of Colruyt Group’s activities, in

terms of product protection, logistics and brand perception. If Colruyt

Group does not move quickly enough towards packaging solutions with

an (even) lower environmental impact, this could lead to reputational

damage and additional costs with an impact on our competitive

position and revenue.

At Colruyt Group, we are working to achieve more sustainable

management of raw materials by making our products and packaging

and services increasingly circular. We apply the principles of the circular

economy here. Our packaging policy relies on 3 design pillars:

(1) focus on resource reduction through refusing, reducing and reusing

packaging (refuse/reduce/reuse), (2) use sustainable materials and

(3) commit to recycling. As a result, we use raw materials as eﬃ ciently

as possible and minimise waste.

We have also drawn up a plan to achieve full circularity by 2050 with

regard to our construction and furnishing materials. We focus here on

using reusable and recyclable materials and increasing the eﬀ ective

reuse ratio.

Climate change

adaptation

The impacts of climate change are felt globally and include rising

sea levels, more frequent and intense extreme weather events and

disruptions to ecosystems and biodiversity. These extreme weather

conditions such as droughts, ﬂ oods and storms can lead to crop

failures and supply chain interruptions, thus directly aﬀ ecting Colruyt

Group’s critical operational processes and the availability of our

products.

To ensure the availability of our products, we have developed a policy

in which strategic choices have been made regarding supply chain

interruptions. We are also working on plans for our private labels.

Colruyt Group also has trading operations in Hong Kong and Thailand

with Colimpo Ltd in order to be able to source items as broadly as

possible and move quickly when needed.

As far as our own operations are concerned, we carry out thorough

analyses with a speciﬁ c focus on the physical impacts of climate

change. These identify the speciﬁ c risks, and we take measures to

mitigate these risks where necessary.

SOCIAL RISKS

Talent

management

Colruyt Group’s success largely depends on attracting, developing

and retaining qualiﬁ ed talent in a competitive labour market. High

staﬀ turnover or diﬃ culties ﬁ lling key positions can impede strategic

implementation and operational eﬃ ciency.

Colruyt Group invests heavily in attracting, developing and retaining

qualiﬁ ed talent through job days, direct recruitment, internal job

rotation and training. We apply the principle ‘staﬃ ng is more than

hiring’ by organising our own training courses for hard-to-ﬁ nd proﬁ les

and focusing extra eﬀ ort on retraining. We also optimise our services

through automation, outsourcing and oﬀ shoring. Finally, the focus is on

creating a pleasant working environment in line with our values.

Health & safety

Colruyt Group has to take account of occupational health and safety

risks in its retail, logistics and distribution activities. These risks mean

that daily attention must be paid to preventing accidents at work,

addressing ergonomic issues and tackling mental health challenges.

Employee welfare programmes and a daily focus on safety, inherent

in all tasks and activities, are essential to ensuring a safe and healthy

working environment.

The safety and job satisfaction of our employees is at the heart of

all our processes. Colruyt Group has implemented programmes with

robust safety measures to ensure the well-being of employees and

integrates them into daily work processes. This enables Colruyt Group

to prevent accidents. Providing a healthy and safe working environment

makes a positive contribution to the company’s operating proﬁ t. In

addition, we focus proactively on factors that contribute to high-quality,

meaningful work and reactively on supporting employees with their

reintegration aft er illness.

116

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

117

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

Risk Why is this a risk for us? What are our mitigating actions?

GOVERNANCE RISKS

Non-compliance

with regulations

Colruyt Group is facing an increasingly complex and stringent regulatory

landscape that requires signiﬁ cant resources and attention. This

complexity increases the risk of inadvertent non-compliance, which can

lead to ﬁ nes, operational disruptions and reputational damage.

Non-compliance may also limit Colruyt Group’s ability to expand and

invest in strategic initiatives such as sustainability and innovation

initiatives.

Colruyt Group carefully tracks developments in legislation and

regulations and continuously assesses the impact on our operations.

This continuous monitoring allows us to react quickly to changes, make

well-considered decisions and take proactive measures to minimise

risks and ensure compliance.

RISKS RELATED TO INFORMATION & TECHNOLOGY

Data privacy &

security

Protecting sensitive customer, employee and corporate data is essential

to maintaining the trust of customers and complying with data

protection legislation, such as the GDPR. Risks include data breaches,

unauthorised access or insuﬃ cient encryption, which may lead to

ﬁ nancial penalties and reputational damage. Proactively managing

cybersecurity and implementing robust data protection measures is

crucial.

Ethical data handling not only guarantees integrity but also ensures the

creation of sustainable value from information. Colruyt Group continues

to invest in data ethics, transparency and security to minimise these

risks. This is achieved partly through continuous monitoring by the

Data, Privacy & Security Board and the Data Protection Oﬃ cer (DPO) at

group level.

Within Colruyt Group, customer/employee/supplier data is only

accessible to those employees who need it to carry out their work. All

these employees are given thorough GDPR training. We collect only

the data we need from our customers to provide them with the best

possible service, and we treat this data ethically. We do not ask for more

data than necessary to oﬀ er our services and we never sell privacy-

sensitive customer data to third parties.

Cybersecurity

Colruyt Group is at risk from cyber threats, such as phishing,

ransomware and DDoS attacks, which may disrupt operational systems

and lead to ﬁ nancial or reputational damage. These risks arise from

both internal vulnerabilities and external threats.

With more than 33.000 employees and numerous online channels and

applications, Colruyt Group is exposed to numerous threats. This leads

us to invest heavily in cybersecurity and in a long-term security strategy

with appropriate prevention and detection measures. Apart from that,

we continuously focus on raising the awareness of and training our

employees.

Technological

innovation &

digitalisation

Remaining competitive requires Colruyt Group to innovate and

eﬀ ectively implement digital technologies. Risks include slow adoption

of new technologies, resistance to digital transformation or failed

innovation pathways, which may harm our competitiveness, reduce

operational eﬃ ciency and negatively impact the customer experience.

We are ﬁ rmly committed to pioneering ways to simplify, speed up

or automate our (logistics and retail) processes. Eﬃ ciency is one of

Colruyt Group’s core values, which is why there is a continuous focus

on technological innovation within the various departments. For

example, in February 2025, we received an award for introducing pallet

automation in shops. As an organisation, we continuously ask ourselves

what our strategic needs are in terms of digitalisation and continue to

invest in the training of our employees, further digitalisation and the

use of artiﬁ cial intelligence (AI).

118

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

3.3.4. Information and communication

In order to enable employees at diﬀ erent hierarchical levels

of Colruyt Group to perform their jobs properly and to assume

their responsibilities, Colruyt Group has extensive and intensive

information and communication ﬂ ows. This ranges from

transactional data used to support the completion of individual

transactions, to operational and ﬁ nancial information with

regard to the performance of processes and activities, from

department to group level. The general principle that applies here

is that employees receive the information they need to perform

their work, while supervisors receive information regarding

the elements on which they have an impact. The main control

information concerns cockpit reporting on performance versus

expectation for the main ﬁ nancial and operational KPIs:

• ﬁ nancial scorecards include revenue, gross proﬁ t, wage costs,

other direct and indirect costs and depreciation, EBIT and

EBITDA;

• operational reporting includes detailed reporting on revenue,

gross proﬁ t, wage costs, store contribution, store productivity;

• project or programme reporting for project and programme

follow-up.

Monitoring

The Board of Directors supervises the proper functioning of the

risk management systems through the Audit Committee. For

this, the Audit Committee uses the information provided by the

external auditors and interaction with the Risk Management and

Legal & Compliance departments and the Finance operating unit.

These report on the activities performed and results on a quarterly

basis.

Both external audit and the Risk and Legal & Compliance

departments assess the design and operation of the internal

controls embedded in processes and systems from their

respective perspectives: for external audit, this concerns the

certiﬁ cation of the consolidated ﬁ nancial statements and the

separate statutory ﬁ nancial statements, for the Risk Management

department the emphasis is more on controlling process risks

and their possible negative consequences, and for the Legal &

Compliance department it is on monitoring compliance with

applicable internal policies and legislation in all our processes.

Day-to-day monitoring is done by management itself based on

supervision, analysis and follow-up of the information mentioned

in the previous paragraph, the follow-up of exception reports and

monitoring in the context of the CORIS programme. If necessary,

corrective measures are initiated.

3.4. Risk management and internal controls

regarding the ﬁ nancial reporting process

Late or incorrect reporting of ﬁ nancial ﬁ gures can have a

considerable impact on Colruyt Group’s reputation. In order to

ensure the quality and timeliness of the ﬁ nancial ﬁ gures produced

and reported, Colruyt Group has introduced the following

management measures and internal controls:

3.4.1. Closing process

While the accounts are closed on a monthly basis, mainly for

management reporting, Colruyt Group ﬁ nancial ﬁ gures are

consolidated four times per year based on a formalised closing

process. This process speciﬁ es the various steps with their

respective timelines, the ﬁ gures and other information to be

supplied, as well as the roles and responsibilities of and the

interaction between the diﬀ erent parties in the process. At the

end of each closure, the process is evaluated and adjusted if

necessary. During the half-yearly and annual closure, the process

also provides for coordination with external auditors at regular

points in time.

To support the closing process, a reporting manual has been

prepared and introduced and an IFRS competence cell was set up,

among other things.

3.4.2. Monitoring of the quality of the ﬁ gures supplied

The closing process passes through diﬀ erent roles such as

Accounting, Financial Controlling, Consolidation and Investor

Relations, the purpose of the last two being to provide information

to the Board of Directors. Each department performs quality

control as part of the segregation of functions. These quality

controls mainly concern links (for example with the various

ledgers), reconciliations (for example of accounts), alignment

of ﬁ nancial reporting with management and operational

reporting, variance analyses and validation rules (for example of

consolidation ﬂ ows and consolidated ﬁ gures).

At the end of the closing process, the consolidated ﬁ gures are

analysed with respect to previous periods, and ﬂ uctuations must

be substantiated. The ﬁ nancial results achieved are also compared

with the expectations set in advance. Lastly, there is a ﬁ nal check

for validation by the ﬁ nancial management.

3.4.3. Communication of ﬁ nancial reporting

In order to communicate and publish information as transparently

as possible, Colruyt Group publishes ﬁ nancial press releases on

pre-agreed dates. The communication eﬀ orts of management also

ﬁ nd expression via roadshows and regular telephone contacts, as

well as actual visits by and with investors and analysts.

119

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

1. Calendar for shareholders

2. Dividend for ﬁ nancial year 2024/25

(1)

Share ownership –

Colruyt shares and bonds

At the proposal of the Board of Directors, the General Meeting may

decide to allocate the distributable proﬁ t entirely or partially to a

free reserve or to carry it forward to the following ﬁ nancial year.

The Board of Directors endeavours to have the annual dividend per

share evolve in proportion to the changes in group proﬁ t. Although

this is not a ﬁ xed rule, and subject to the company posting a

positive result, at least one third of the economic group proﬁ t is

paid out annually.

The Board of Directors will propose to the General Meeting of

Shareholders on 24 September 2025 that a gross dividend of

EUR 1,38 be paid to the shares of Colruyt Group NV that participate

in the proﬁ t for the ﬁ nancial year 2024/25. On this gross dividend

of EUR 1,38, shareholders will receive a net amount of EUR 0,966

aft er deduction of 30% withholding tax.

The ordinary gross dividend for ﬁ nancial year 2024/25 will be

made payable as of 30 September 2025, against electronic

submission of coupon no. 16 via the ﬁ nancial institutions.

BNP Paribas Fortis Bank will act as the Principal Paying Agent for

the dividends.

Since 1 January 2017, 30% withholding tax has been due on

income from movable assets such as dividends and interest. Since

1 January 2018, Belgian taxpayers who are natural persons can

annually recover the withholding tax withheld on certain dividends

from their Belgian and foreign shares up to a limited amount

via the personal income tax return (for the 2024 income year, a

maximum of EUR 249,90 in withholding tax on dividends can be

recovered, equivalent to gross dividends of EUR 833). The amount

of the net dividend for foreign shareholders may vary, depending

on the double taxation treaties applying between Belgium and

the various countries. The necessary certiﬁ cates must be in our

possession by 10 October 2025 at the latest.

(1) Subject to the approval of the General Meeting of Shareholders of 24 September 2025.

10/09/2025 Record date for depositing shares for participation in the annual General Meeting of Shareholders

24/09/2025 (16h00) General Meeting of Shareholders for the 2024/25 ﬁ nancial year

Dividend for ﬁ nancial year 2024/25 (coupon no. 16)

25/09/2025 Cum dividend date (last trading day on which the stock including dividends is traded)

26/09/2025 Ex-date (posting of coupons)

29/09/2025 Record date (centralisation of coupons)

30/09/2025 Payability

10/10/2025 Certiﬁ cates relating to exemption from or reduction of withholding tax on dividends must be in our possession

09/10/2025

Extraordinary General Meeting on Capital Increase at Colruyt Group NV reserved for Colruyt Group employees

(article 7:204 of the Code on Companies and Associations)

16/12/2025 Publication of consolidated half-yearly information for ﬁ nancial year 2025/26

17/12/2025 Information meeting for ﬁ nancial analysts

16/06/2026 Publication of consolidated annual information for ﬁ nancial year 2025/26

17/06/2026 Information meeting for ﬁ nancial analysts

31/07/2026 Publication of the annual report for ﬁ nancial year 2025/26

30/09/2026 General Meeting of Shareholders for the 2025/26 ﬁ nancial year

120

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

Since the stock market ﬂ otation in 1976, the Colruyt

share has been split a number of times. The most recent

split dates from 15 October 2010, when the share was

divided by ﬁ ve. Since 15 October 2010, only shares with

ISIN code BE0974256852 have been listed on Euronext

Brussels. Referring to the Act of 14 December 2005

abolishing bearer securities, as amended by the Act of

21 December 2013, Colruyt sold its remaining bearer

shares (in total 28.395 shares) on the regulated market

of Euronext Brussels on 24 March 2015. Persons who

were still in possession of old paper Colruyt shares and

who could demonstrate their capacity as shareholders of

these documents, had the option, from 1 January 2016 to

31 December 2024, to obtain the exchange value in cash,

within the legal limits, from the Deposit and Consignment

Oﬃ ce. Since 1 January 2025, these paper securities have

been worthless.

Financial

year

2024/25

(1)

Financial

year

2023/24

(2)

Financial

year

2022/23

Gross dividend

per share

1,38 2,38 0,80

Dividend yield 3,63% 5,56% 2,97%

Payout ratio 50,5% 28,6% 51,0%

Dividend yield

Colruyt share information

Change in Colruyt share price over the previous ﬁ nancial year

Change in Colruyt share price over the last ﬁ ve ﬁ nancial years

(1) Subject to the approval of the General Meeting of Shareholders of 24 September 2025..

(2) Including the interim dividend already paid of EUR 1,00 per share following the one-oﬀ

realised gain on the sale of Parkwind by Virya Energy. Excluding the one-oﬀ net positive eﬀ ect

related to Virya Energy and excluding the interim dividend, the dividend yield is 3,22% and the

payout ratio is 50,2%.

2021 2022 2023 2024 2025

2025

Market listing

Euronext Brussels (since 1976)

Member of the Bel Mid index since 20/03/2023

Share ticker COLR

ISIN code BE0974256852

Source: www.euronext.com

121

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

3. Overview of Colruyt Group NV share structure

(6)

At 31 March 2025, the Company’s capital amounted to EUR 384.689.455,45, fully paid up and represented by 124.497.858 shares without

par value, which may be registered or dematerialised.

By notarial deed dated 17 December 2024, 148.968 new shares were issued following a capital increase reserved for Colruyt Group

employees. At the same time, 3.000.000 treasury shares were also cancelled.

With the exception of the treasury shares held by the Company itself, the voting rights of which are suspended pursuant to article

7:217 §1 paragraph 2 of the Code on Companies and Associations, there are no restrictions on the exercise of the voting rights attached

to the shares of the Company.

(6) This section is part of the annual report of the Board of Directors pursuant to articles 3:6 and 3:32 of the Belgian Code on Companies and Associations (WVV).

(1) Situation on 06/06/2025 and 07/06/2024, respectively.

(2) The treasury shares sold to subsidiary CGMI BV are not included because they are entitled to dividends.

(3) The total proposed gross dividend for the 2023/24 ﬁ nancial year consists of an interim dividend of EUR 1,00 gross in respect of the one-oﬀ gain on the sale of Parkwind by Virya Energy (interim dividend paid

in December 2023) and of an ordinary gross dividend of EUR 1,38.

(4) For the 2023/24 ﬁ nancial year: excluding the one-oﬀ net positive eﬀ ect of EUR 704 million related to Virya Energy. Including this eﬀ ect, earnings per share in the 2023/24 ﬁ nancial year amounted to EUR 8,33.

(5) Calculated on the basis of the number of shares participating in proﬁ t, aft er deduction of the shares participating in proﬁ t owned by the company and subsidiaries (the treasury shares sold to subsidiary CGMI

BV are not included because they are entitled to dividends).

Overview of changes 2024/25

Total number of shares at 01/04/2024 127.348.890

Creation of new shares following the capital increase reserved for

employees on 17/12/2024

+ 148.968

Cancellation of purchased treasury shares on 17/12/2024 - 3.000.000

Total number of shares at 31/03/2025 124.497.858

Number of shares

(1)

2024/25 2023/24

Ordinary shares 124.497.858 127.348.890

Shares participating in proﬁ t 124.497.858 127.348.890

Treasury shares - 3.587.486 - 2.347.419

Shares held by subsidiaries

(2)

Balance of shares participating in proﬁ t in June 120.910.372 125.001.471

Ordinary gross dividend

(3)

1,38 1,38

Net dividend 0,966 0,966

Proﬁ t

(4)

2,73 2,75

Calculation base (weighted average)

(5)

123.489.687 shares 126.163.912 shares

Market price in Brussels (in EUR)

Market price on 31 March 38,00 42,82

Highest price of the ﬁ nancial year (closing price) 48,00 44,38

Lowest price of the ﬁ nancial year (closing price) 34,62 24,94

Market value on 31 March (in million EUR) 4.730,92 5.453,08

122

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

4. Bonds

(1)

On 8 February 2023, Colruyt Group announced an issue of ﬁ xed-rate green retail bonds in

the name of Colruyt Group NV in a total amount of EUR 250 million. The bonds are listed

on the regulated market of Euronext Brussels over a ﬁ ve-year period until 21 February

2028. The bonds were issued in denominations of EUR 1.000 at an issue price of

101,875%. The market price on 31 March 2025 was EUR 1.046,30 per denomination.

Supported by the internally developed Sustainable Financing Framework, which governs

sustainability in ﬁ nancing, the issue of this green retail bond allows Colruyt Group to

continue its long-term investments, in particular those in sustainability, in a targeted

manner, as well as to set up a diversiﬁ ed ﬁ nancing mix by optimally handling all

possible interest and liquidity risks. Colruyt Group has been able to allocate the full

EUR 250 million of the green retail bond to green investment projects. In line with the

evolution of expenditure on these green investment projects, reports on their allocation

were published in February 2024 and February 2025. Both reports, together with the

prospectus, are available on the Company’s website at www.colruytgroup.com/en/

investor-relations/debt-ﬁ nancing.

Allocation by eligible category

Issuer Colruyt Group NV

Market Euronext Brussel

Type Corporate Bond

ISIN code BE0002920016

Nominal amount EUR 250 million

Issue date 21 February 2023

Due date 21 February 2028

Annual

gross return

4,25%

64%

green

buildings

17%

cleaner

transport

16%

renewable

energy

energy effi ciency

Source: www.euronext.com

Price development of green retail bond of Colruyt Group NV – ISIN code BE000292016

Jul

2023

Jan

2024

Jul

2024

Jan

2025

(1) This section is part of the annual report of the Board of Directors pursuant to articles 3:6 and 3:32 of the Belgian Code on Companies and Associations (WVV).

123

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

(1) This section is part of the annual report of the Board of Directors pursuant to articles 3:6 and 3:32 of the Belgian Code on Companies and Associations (WVV).

5. Purchase and disposal of treasury shares

(1)

For the past several years, the Extraordinary General Meeting of Shareholders has authorised the Board of Directors of Colruyt Group NV

to acquire treasury shares. These acquisitions of shares take place in accordance with articles 7:215 to 7:218 of the Code on Companies

and Associations and in accordance with articles 8:3 and 8:6 of the Royal Decree of 29 April 2019 by way of implementation of the Code

on Companies and Associations.

Purchases of treasury shares are carried out by an independent intermediary under a discretionary mandate, making it possible to

purchase shares during both open and closed periods.

The Extraordinary General Meeting of Shareholders of 8 October 2024 decided to renew the aforementioned authorisation of the Board

of Directors for a period of ﬁ ve years. In accordance with article 8:4 of the Royal Decree of 29 April 2019, information on executed

purchasing transactions is reported to the Financial Services and Markets Authority (FSMA), at the latest on the seventh trading day

following the date of the transaction, and is published by the Company simultaneously through a press release on our website www.

colruytgroup.com.

Within the mandate granted by the Extraordinary General Meeting of 8 October 2024, Colruyt Group has repurchased a total of

4.414.803 treasury shares on the stock exchange over the period from 1 April 2024 to 31 March 2025.

During the 2024/25 ﬁ nancial year, Colruyt Group cancelled a total of 3.000.000 treasury shares by notarial deed dated 17 December

2024.

As a result of the above-mentioned transactions, the Company directly or indirectly owned a total of 3.618.171 treasury shares on

31 March 2025. These represent 2,91% of the total number of issued shares (124.497.858) at the end of the reporting period.

In accordance with article 7:217, §1 of the Code on Companies and Associations, the Board of Directors decides that the dividend rights

attached to the shares or units held directly by Colruyt Group NV are permanently suspended and expire for the period in which they are

held. Consequently, no dividends are paid and the voting rights attached to these shares are also suspended.

Overview of treasury share purchases

During the reporting period 2024/25

Total treasury shares held at the start of the

reporting period (01/04/2024)

2.203.368

Number of treasury shares cancelled on

17/12/2024

- 3.000.000

Purchase of treasury shares in 2024/25 + 4.414.803

Total treasury shares held, directly or

indirectly, at the end of the reporting

period (31/03/2025)

3.618.171

Aft er the reporting period 2025/26

Total treasury shares held at the start of the

reporting period (01/04/2025)

3.618.171

Purchase of treasury shares in the period

from 01/04/2025 to 06/06/2025

181.988

Total treasury shares, directly or

indirectly in our possession on

06/06/2025

3.800.159

124

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

(1) This section is part of the annual report of the Board of Directors pursuant to articles 3:6 and 3:32 of the Belgian Code on Companies and Associations (WVV).

6. Structure of share ownership

The Company has the Colruyt family (structured through their investment company Korys) and relatives as reference shareholder. The

Board does not consider it necessary for relationship agreements to be concluded between the reference shareholder and the Company

since the reference shareholder is strongly represented in the Board of Directors, and Colruyt Group is also a family business, as a result

of which a very close bond already exists between the Company and the family shareholders.

In the 2024/25 ﬁ nancial year, the following communications and transparency notiﬁ cations were made, reﬂ ecting the changes in the

Company’s shareholding structure.

6.1 Notice of an agreement to act in concert (article 74 of the Act of 1 April 2007 on public takeover bids)

(1)

On 26 August 2024, Korys NV, in the name of the parties acting in concert (Korys NV, the Colruyt family and relatives, and Colruyt

Group), communicated an update of holdings in the Company to the Financial Services and Markets Authority (FSMA). On that date, the

aforementioned parties had an agreement to act in concert pursuant to article 74 §7, paragraph 3 of the Act of 1 April 2007 on public

takeover bids.

Under the same law, an update of the holdings concerned must be communicated once per year at the end of August. The full letter can

be found on our website colruytgroup.com/en/investor-relations.

Shareholding structure based on the latest update following the notiﬁ cation of acting in concert dated 26/08/2024

As of 26 August 2024, the number of shares involved represented 74,04% of the total number of Colruyt shares.

Parties involved Situation at 25/08/2023 Situation at 26/08/2024

Korys NV 74.058.801 81.075.093

Korys Investments NV 1.241.605 1.241.605

Korys Management Investments BV 193.915 193.915

Colruyt Group NV 7.762.826 2.854.482

Korys Business Services I NV 1.000 1.000

Korys Business Services II NV 1.000 1.000

Korys Business Services III NV 1.000 1.000

Stift ung Pro Creatura, foundation under Swiss law 146.755 144.755

Impact Capital NV 60.000 60.000

Natural persons (who directly or indirectly own less than 3% of the voting

securities of the Company)

8.566.764 8.499.368

TOTAL 92.033.666 94.284.391

125

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

6.2 Transparency notiﬁ cations (Act of 2 May 2007)

In the context of the Act of 2 May 2007 and the Royal Decree of 14 February 2008 (disclosure of signiﬁ cant stakes in listed companies),

Korys NV, the Colruyt family and relatives, acting in concert, together with Colruyt Group, published only one transparency notiﬁ cation in

the 2024/25 ﬁ nancial year, on 29 October 2024. This transparency notiﬁ cation of 28 October 2024 showed that the shareholders Korys,

the Colruyt family and relatives acting in concert, together with Colruyt Group held a total of 96.015.638 Colruyt Group shares on 22

October 2024, together representing 75,40% of the total number of shares issued by the Company (127.348.890).

The Company has no knowledge of other agreements between shareholders. The statutory thresholds per 5% bracket apply. All

transparency notiﬁ cations are available on the website colruytgroup.com/en/investor-relations/stakeholder-information.

Transparency notiﬁ cation 28 October 2024

Complete chain of controlled companies through which the holding is actually held:

• Colruyt Group NV and its subsidiary CGMI BV are controlled by Korys NV, which in turn is controlled by Stichting Administratiekantoor

Cozin.

• Korys Investments NV and Korys Management Investments BV are controlled by Korys NV.

• Korys Business Services I NV, Korys Business Services II NV and Korys Business Services III NV are controlled by Korys NV.

• Stift ung Pro Creatura, a foundation under Swiss law, and Impact Capital NV are controlled by natural persons who directly or indirectly

hold less than 3% of the securities with voting rights of the Company.

Colruyt Group NV and its subsidiary CGMI BV are not a party to the agreements to act in concert, but these treasury shares are included in

their capacity as subsidiaries of Korys NV (article 6, §5, 3° of the Transparency Act); with Korys NV deemed to hold these shares indirectly.

Previous notiﬁ cation Aft er the transaction

Holders of voting rights # of voting rights

# of voting rights

attached to securities

# of voting rights

attached to securities

Stichting Administratiekantoor Cozin 0 0 0,00%

Korys NV 78.110.483 82.065.193 64,44%

Korys Investments NV 1.241.605 1.241.605 0,97%

Korys Management Investments BV 193.915 193.915 0,15%

Korys Business Services I NV 1.000 1.000 0,001%

Korys Business Services II NV 1.000 1.000 0,001%

Korys Business Services III NV 1.000 1.000 0,001%

Stift ung Pro Creatura 146.755 144.255 0,11%

Impact Capital NV 60.000 60.000 0,05%

Colruyt family shareholders 8.615.948 8.504.008 6,68%

Colruyt Group NV 1.990.695 3.590.989 2,82%

CGMI BV 212.673 212.673 0,17%

TOTAL 90.575.074 96.015.638 75,40%

Denominator: 127.348.890

126

Corporate governance > Governance, supervision and management > Sustainable corporate governance > Share ownership

6.3 Updating of share ownership at the end of ﬁ nancial year 2024/25

Based on the shareholding structure following the above-mentioned transparency notiﬁ cation by the reference shareholders of

28 October 2024 and the treasury shares held by the Company and subsidiaries on 31 March 2025 and the amended denominator

following capital increase for employees and cancellation of treasury shares at 17 December 2024, the distribution of the total number

of shares and equivalent ﬁ nancial instruments at the end of the 2024/25 ﬁ nancial year is:

At 31 March 2025, the shareholders acting in

concert held approximately 77% of the Company’s

shares. The remaining shares (free ﬂ oat of 23%)

are held by institutional or individual shareholders

who, individually or in concert, do not exceed

the statutory threshold of 5% for making a

transparency notiﬁ cation.

Shareholders acting in concert 95.830.147

Colruyt family and Korys companies 92.211.976

Colruyt Group and subsidiaries 3.618.171

Free ﬂ oat 28.667.711

TOTAL 124.497.858

77%

Shareholders

acting in concert

23%

Free ﬂ oat

Sustainability

statement

This chapter contains Colruyt Group’s ﬁ rst sustainability statement according to the

requirements of the ‘Corporate Sustainability Reporting Directive’. The report is divided into

four major sections, namely: General Information, Environment, Social and Governance.

The auditor’s report is also included at the back of this chapter.

127

Sustainability statement > General information > Environment > Social > Governance > Audit report

GENERAL INFORMATION

Basis for preparaƟon of informaƟon

1. ConsolidaƟon and the value chain

Colruyt Group’s sustainability reporting was drawn up in

accordance with the European Sustainability Reporting

Standards (hereinafter ‘ESRS’) and the European

Taxonomy Regulation (hereinafter ‘EU Taxonomy’). It is

for the reporting period 2024/25 (01/04/2024 –

31/03/2025) and has been prepared on a consolidated

basis. This means that we use the same principles as for

financial reporting. Reporting includes all fully

consolidated subsidiaries unless otherwise specified.

The ‘Financial report’ chapter includes an overview of

Colruyt Group’s consolidated companies (see Note 34.

‘List of consolidated entities’ in the ‘Financial report’

chapter). In addition, the reporting also covers Colruyt

Group’s upstream and downstream value chain. The

double materiality assessment (hereinafter ‘DMA’) takes

the entire value chain into account and determines the

scope of this sustainability reporting’s content. We

further clarify the scope where necessary for specific

policies – and also specific actions or goals.

We do not use the option to omit specific pieces of

information corresponding to intellectual property,

know-how or the results of innovation. In addition, we

also have not made use of the option of omitting

impending developments or matters in the course of

negotiation from reporting, as provided in Articles

19a(3) and 29a(3) of Directive 2013/34/EU.

Sustainability statement > General information > Environment > Social > Governance > Audit report

128

2. Disclosures in relaƟon to specifi c circumstances

Our sustainability reporting uses the time intervals

defined in the ESRS unless otherwise indicated. Thus, in

principle, ‘short-term’ refers to the reporting period for

the financial reporting, ‘medium-term’ refers to up to

five years and ‘long-term’ refers to more than five years.

When calculating specific indicators, there is obviously

some degree of uncertainty, and estimates and

assumptions are used. This applies in particular to

matters relating to the upstream and/or downstream

value chain and, more specifically, to reporting on

Scope 3 greenhouse gas emissions and resource use. We

provide more information on this in the sustainability

reporting where necessary, alongside the relevant

indicators. For example, in particular the reporting

principles in the reporting on our greenhouse gas

emissions in the thematic chapter ‘Climate change’ (see

‘4.2 Greenhouse gas emissions’) oﬀer more explanation.

We believe the estimates and assumptions are

reasonable in nature. They are based on experience,

input by experts, available data, etc. We closely monitor

the estimates and assumptions with a view to further

improving our reporting in the future.

As prescribed by the ESRS, we use the Greenhouse Gas

Protocol when calculating our greenhouse gas

emissions. In line with this latter standard and for the

sake of comparability, we provide more information on

the thematical chapter ‘Climate change’ regarding a

number of revisions we have made to our targets for the

2021 base year (see ‘2. Climate change mitigation’). This

is due to an update of the emission factors and

structural changes within Colruyt Group.

We include little information in the sustainability

reporting by way of reference to other parts of the

annual report. This mainly happens in the ‘General

information’ section. We state this explicitly in each

case. In addition, for those reporting requirements for

which we use a reference, this is also mentioned in each

case in the ‘Overview of ESRS reporting requirements’ at

the end of this sustainability reporting.

The information included in the sustainability reporting

has only been validated by our auditor and not by any

other external bodies.

Sustainability statement > General information > Environment > Social > Governance > Audit report

129

Governance

Please refer to the ‘Corporate governance’ chapter for

more information on Colruyt Group’s governance and

internal control, but also specifically corporate

governance with regard to sustainability. The same

applies to the integration of sustainability into

remuneration (see ‘Activity report of the Board of

Directors and committees in financial year 2024/25’ in

the ‘Corporate governance’ chapter). The sustainability

reporting’s thematic chapters provide more information

on how we organise for a specific topic, e.g. the highest

level within the organisation responsible for

implementing specific policies.

Below, we elaborate on the statement on due diligence,

risk management and internal controls for sustainability

reporting.

1. Statement on due diligence

Colruyt Group wants to comply with due diligence

requirements or its ‘duty of care’. More specifically, this

involves detecting adverse impacts on people and the

environment relating to our own activities or those of

actors in our value chain, and taking action to address

them. The necessary processes should allow these

impacts to be prevented, mitigated or ceased as far as

possible.

Our due diligence process is based on the

United Nations’ Guiding Principles on Business and

Human Rights (UNGP) and the Organisation for

Economic Co-operation and Development’s (OECD)

Due Diligence Guidance for Responsible Business

Conduct. The upcoming European legislation regarding

due diligence also refers to this guidance. The due

diligence process is a continuous process. We want to

improve our insights and measures on adverse impacts

on people and the environment step by step.

The table below summarises where more information on

the various features of our approach to due diligence

relating to people and the environment can be found in

the sustainability reporting.

Core elements of due diligence

Page of annual report

a) Embedding due diligence in governance, strategy and business

model

p. 99-100, 103-108, 130, 136-145,

161-162, 199, 210-211

b) Engaging with affected stakeholders in all key steps of the due

diligence

p. 99-100, 130, 133-135, 163-165, 182,

184-185, 187, 191, 208-211, 216-220

c) Identifying and assessing negative impacts

p. 136-145, 161-162, 182, 184,

187, 199, 210-211, 216

d) Taking actions to address those adverse impacts

p. 166-168, 174, 183, 185-186, 188-189, 191, 195, 197,

199-201, 203-204, 206-207, 212-213, 216-220

e) Tracking the effectiveness of these efforts and communicating

p. 162-165, 169-172, 174-181, 183, 186,

190, 192-207, 212-213, 216, 218

Sustainability statement > General information > Environment > Social > Governance > Audit report

130

2. Risk management and internal controls for

sustainability reporƟng

At Colruyt Group, we organise risk management and

internal controls for consolidated sustainability reporting

as far as possible on the same basis as the financial

reporting. Robust internal processes with eﬀective

control mechanisms should ensure the quality of our

reporting. We also carefully consider the applicable

audit requirements here. This is particularly important

for reporting the quantitative data points related to the

material sustainability matters pursuant to the DMA.

Partly in response to the entry of the Corporate

Sustainability Reporting Directive (CSRD) into force, we

have updated the process for internal and external

reporting of sustainability information. The process is

adapted to Colruyt Group’s size and structure, and

allows our sustainability reporting eﬀorts to be centrally

defined, monitored and approved. At the same time, the

validated sustainability information can be made

available by the responsible departments within the

organisation for subsequent consolidation. Finally, the

Audit Committee monitors the annual sustainability

reporting overall, again on the same basis as the

financial reporting.

When updating the process, we considered risks to

sustainability reporting and the severity and likelihood

of their occurrence. Above all, the necessary control

mechanisms have to ensure that we report relevant

sustainability information completely, consistently,

accurately and transparently. The important factors here

include good governance based on a clear process and

comprehensive quality control of the delivered figures in

various steps and forms. Examples of the quality controls

incorporated in the process include validation rules,

variance analyses, etc.

Sustainability statement > General information > Environment > Social > Governance > Audit report

131

Strategy

1. Strategy, business model and value chain

Colruyt Group is a Belgian family business and retail

group with more than 33,000 employees. We have a

diverse brand portfolio in varied yet complementary

areas. Nevertheless, we always remain true to retail,

which accounts for most of our revenue. Today, we

operate with a variety of business formats in the fields of

Food, Health and Well-being and Non-food, with both

physical outlets and online shops in Belgium,

Luxembourg and France. We are also active in

wholesale, including as a partner for the independent

Spar stores and through the Solucious food service.

Finally, as a committed partner, Colruyt Group also

continues to believe strongly in the renewable energy

activities, which come together within Virya Energy.

Sustainability has been a common thread through our

activities for more than 50 years. We put our ambition

into concrete terms with seven sustainability objectives

and 27 sub-objectives (see ‘Our vision on sustainability’

in the ‘Intro’ chapter for more information). These

objectives are part of Colruyt Group’s overarching

strategy and address our main sustainability challenges.

They were shaped by and relate to our own corporate

activities and the wider value chain.

For more information about Colruyt Group’s strategy,

business model and value chain, please refer to the

general explanation of our strategy and activities in this

annual report (see ‘Our strategy’ in the ‘Intro’ chapter

and the ‘Activities’ chapter) and the visualisation with

the overview of our material sustainability matters in the

value chain (see ’3. Material sustainability matters in our

values chain’ in this ‘General information’ chapter).

Colruyt Group’s consolidated revenue can be found in

the consolidated income statement in the financial

report (see ‘Consolidated income statement’ in the

‘Financial report’ chapter). We report the number of

employees per geographical area in the thematic

chapter ‘Own workforce’(see ‘2. Employment and

working conditions’).

Sustainability statement > General information > Environment > Social > Governance > Audit report

132

2. Interests and views of stakeholders

At Colruyt Group, we are committed to making a positive

diﬀerence in everything we do. We are part of society

and take our social role seriously in order to serve our

customers to the best of our ability, both now and in the

future. As a retailer, we are at the heart of society.

Moreover, our unique position in the value chain – from

producer to retailer, right up to the consumer – puts us

in direct contact with various players and gives us a

unique perspective on their needs and expectations.

We work hard every day to create sustainable added

value together. Not only for us as a company, but also for

our stakeholders. We believe in the power of

collaboration and sustainable relationships, because

many of our objectives can only be achieved together.

This is why we actively pursue stakeholder engagement.

By truly listening and maintaining an open dialogue with

our stakeholders, we are able to:

x remain relevant and create added value together;

x sharpen our strategic focus;

x build sustainable value and long-term relationships;

x strengthen our reputation and credibility.

We define stakeholders as individuals, groups or

organisations that may directly or indirectly influence, or

be influenced by, our operations and the achievement of

our objectives. As Colruyt Group, we distinguish

between:

x business stakeholders: customers, employees,

business partners and shareholders with whom we

have a direct, transactional relationship;

x public stakeholders: public authorities, civil society

organisations, sector federations, knowledge

institutions, trade unions, financial analysts and media

with whom we have an indirect relationship.

In every interaction with our stakeholders, we act from

our values, with respect as our guiding principle. We

base our approach on transparency and mutual trust.

Even when interests diﬀer, we look for connection and

shared progress. We maintain an open, constructive

dialogue with our stakeholders, tailored to their role,

needs and level of involvement. The following tables

provide an overview of our most important stakeholder

groups and how we actively engage with them.

Sustainability statement > General information > Environment > Social > Governance > Audit report

133

2.1 Business stakeholders

Stakeholder group

What they mean to us

How we actively engage with them

Customers

• Customers are at the heart of

everything we do: they are the reason we

exist.

• We actively listen to their expectations

and needs so that we can best serve our

customers.

• We also transparently communicate to

them about our choices.

• Direct contact through store, website, social media

and customer service

• Customer satisfaction surveys, studies and focus

groups

• Communication and awareness campaigns

• Test groups for private-label products

• Events, workshops and webinars (Colruyt Group

Academy)

• Double materiality assessment consultations

Employees

• Our employees are the driving force

behind our success. They provide the

added value for our customers.

• We continuously invest in their

craftsmanship, commitment, well-being

and professional growth, with a strong

focus on development and job

satisfaction.

• Manager as first-line HR manager

• De Schakel: providing in-house social support

• 'Shocking events' support team

• Cultural circles, value workshops

• Training programmes, learning paths and growth

paths

• Initiatives around mental, physical and social health

• Employee surveys

• Communication through the intranet, newsletters

and consultations

• Double materiality assessment consultations

Suppliers

• Our suppliers are an important

sounding board for us. Their insights are

essential for the dynamics and innovation

in our product range and services.

• We work closely together to achieve

our goals. In this way we can also

strengthen each other.

• Structural and informal consultations, feedback and

evaluations

• Market research, benchmarks and reputation

measurement

• Newsletters and online communication

• Partnerships, international supply chain projects

and direct collaborations

• Double materiality assessment consultations

Shareholders,

investors

• We are building a stable relationship of

trust with our shareholders through

transparent communication and regular

dialogue.

• We aim for sustainable value creation,

making responsible choices that

safeguard both their interests and the

future of our company.

• General Meeting and quarterly reporting: financial

and non-financial presentations by the Board of

Directors, Remuneration Committee, Audit

Committee and Management Committee

• Roadshows and strategic presentations

• Individual and collective consultations

• Double materiality assessment consultations

Sustainability statement > General information > Environment > Social > Governance > Audit report

134

2.2 Public stakeholders

In addition to our business stakeholders, we also

maintain a proactive and constructive dialogue with our

public stakeholders. After all, they play a crucial role in

the social and economic context in which we operate.

This ongoing collaboration is essential in order to find

solutions to societal challenges, remain agile and

respond promptly to changes in regulations, societal

trends, consumer expectations and market dynamics.

This enables us to continue growing sustainably, take

responsibility and meet the ever-increasing demands

from customers and society.

Stakeholder group

How we actively engage with them

National governments and local

authorities, policymakers

• Group and individual meetings, written communication and direct contact

• Participation in conferences and public meetings

• Collaborative initiatives

• Sector consultations and industry associations

• Double materiality assessment consultations

Civil society organisations and NGOs

• Group and individual meetings, written communication and direct contact

• Partnerships and collaborative initiatives (Colruyt Group Foundation)

• Site visits and dialogue sessions

• Sponsorships and donations

• Participation in sector-wide initiatives, networks

• Double materiality assessment consultations

Associations, federations and

networks

• Group and individual meetings, written communication and direct contact

• Chairmanship roles

• Partnerships, membership of federations, associations and networks

• Exchanging information and best practices within industry associations

• Newsletters, dialogue sessions

• Collaborative initiatives

• Double materiality assessment consultations

Knowledge institution/research

institution

• Partnerships with research centres and universities

• Internships, practical lessons, guest lectures, workshops, dual learning

programmes, in-service training programmes and guided tours

• Collaborative initiatives

Trade unions

• Structural consultation through works councils, union committees and

delegations

• Ad hoc and regular working groups

• Participation in sector and other consultative bodies

Press/media

• Direct communication by press office

• Press releases, news via website and social media

• Organisation of press meetings and events

Stakeholder engagement is not a one-time eﬀort for us,

but a dynamic and continuous process. We

systematically incorporate insights and, where relevant,

translate them into concrete adjustments in our strategy

and operations. We combine stakeholder insights with

other analyses to monitor fundamental developments in

the market, society, competitors and within the value

chain. This information is then taken into account when

preparing new business initiatives or reviewing existing

operations, and provides an indispensable basis for

determining our course and shaping our future plans. It

therefore goes without saying that our governance

bodies receive targeted stakeholder insights on a regular

basis so that they can make informed decisions. We also

provide clear and transparent feedback on our strategy

and the insights gained to our stakeholders through the

dialogue mentioned, the annual report and other

channels.

Sustainability statement > General information > Environment > Social > Governance > Audit report

135

3. Material sustainability maƩers in our value chain

Impacts, risks and opportunities (hereinafter ‘IROs’) are

found along our entire value chain, from the mining of

raw materials or farming to the sale of our products. We

want to take a more concrete approach to this with our

sustainability strategy. The DMA has identified material

IROs across 15 sustainability matters that can also be

traced back to the topics and (sub-)sub-topics in the

ESRS. Of these, eight material matters can be found

within the environmental standards, five within the

social standards and two within the governance

standards. For the overview of the material IROs of

Colruyt Group, we refer to the tables in this chapter

under ‘Impact, risk and opportunity management’.

The visualisation further on provides an overview of our

material sustainability matters identified in the DMA.

The figure places the matters within our broader value

chain, thus providing insight into how they interact with

our strategy and our business model. We explain the

eﬀects of material IROs on our operations and

corresponding approach in more detail in the

description of the DMA and the thematic chapters of the

sustainability reporting.

In addition, for risk and opportunity management, we

would also like to draw your attention to the group-wide

management system that we developed internally based

on the principles of Enterprise Risk Management (ERM).

Within our organisation, risk and opportunity

management is generally a continuous process

integrated into our operational and strategic planning

(see ‘Risk management and internal controls’ in the

‘Corporate governance’ chapter). We want to bridge the

gap as much as possible between the DMA process and

the overarching approach to risk and opportunity

management within the company. This also applies to

our due diligence processes. The above elements ensure

that we are convinced of the resilience of

Colruyt Group’s strategy and business model in light of

the material IROs.

Sustainability statement > General information > Environment > Social > Governance > Audit report

136

Sustainability statement > General information > Environment > Social > Governance > Audit report

137

Impact, risk and opportunity management

In spring 2024, we conducted a double materiality

assessment. This was done in preparation for reporting

in accordance with the requirements of the CSRD, but

mainly to continue honing our own sustainability

strategy. We were able to use its results of as input for

the new DMA. As of now, we are planning an annual

review of the DMA, taking into account any changes in

the organisation’s scope or activities and external factors

that may aﬀect the material IROs. A more thorough

review may be conducted every three years.

We will start with an overview of the outcome of the

DMA, more specifically of the material impacts, risks and

opportunities. We will then take a closer look at the

DMA itself and the process we went through.

1. Our material impacts, risks and opportuniƟes

The following tables – broken down by topical standard

(ESRS) – provide an overview of the material IROs we

identified and investigated as a result of our DMA. In

addition to the description of the IRO, we also specify in

which part of the value chain each material IRO

manifests itself (OO = own operations, U/D = upstream

or downstream) and whether it is a positive or negative

impact. The IRO is actual unless we explicitly state that it

is potential in nature. The tables also provide more

insight on how the IRO ties in with our strategy and

when it will happen. Finally, we link the IRO to the

United Nations Sustainable Development Goals (SDG).

Sustainability statement > General information > Environment > Social > Governance > Audit report

138

E1 Climate change (SDG 7 and 13)

Material IROs

Description

Field

Time horizon

Climate Change Mitigation

● Negative impact

(U)

Fertilisers and pesticides

in agricultural activities

Impact of the production and use of

fertilisers and pesticides in agricultural

activities on the product footprint and

greenhouse gas emissions.

Food; non-

food textiles

Short-term

● Negative impact

(U)

Livestock farming for

meat and dairy

Impact of livestock farming (including

animal feed) for meat and dairy on

greenhouse gas emissions.

Food

Short-term

● Negative impact

(U)

Production of plastics

Impact of the production of plastics for

non-food, near-food and packaging on

greenhouse gas emissions.

Food

Short-term

● Negative impact

(U/OO/D)

Fossil fuels for freight

transport

Impact of the use of fossil fuels for freight

transport on greenhouse gas emissions.

General

Short-term

● Negative impact

(OO/D)

Fossil fuels for customer

transport

Impact of the use of fossil fuels for

customer transport on greenhouse gas

emissions.

General

Long-term

● Negative impact

(D)

Fossil fuels for heating

and industrial processes

Impact of the use of fossil fuels for heating

and industrial processes.

General

Short-term

● Negative impact

(D)

Product use at the

consumer

Impact of the use phase of products sold by

Colruyt Group (fossil fuels, electronics,

charcoal) on climate change.

Food

Short-term

Climate Change Adaptation

● Risk

(U)

Supply problems as a

result of extreme

weather conditions

Risk of disruption to business continuity

and loss of revenue through interruptions

in the supply chain as a result of failed

harvests due to extreme weather

conditions.

Food

Short & long

term

● Opportunity

(U)

Own trading company

Opportunity for our own trading company

(Colimpo) to provide back-up options in

case of disruptions in the supply chain

caused by climate change.

General

Short-term

Energy

● Opportunity

(OO)

Independence from

municipal grid

Opportunity to become less dependent on

the municipal grid by generating more of

our own energy.

General

Short-term

● Opportunity

(OO)

Energy efficiency

Opportunity for energy efficiency in both

processes and the energy consumption of

buildings.

Real Estate

Short-term

Sustainability statement > General information > Environment > Social > Governance > Audit report

139

E3 Water and Marine Resources (SDG 6 and 14)

Material IROs

Description

Field

Time horizon

Water footprint of products in the supply chain

● Negative impact

(U)

Water consumption in

water-sensitive regions

Impact of water consumption for the

production of products on water

availability if sourced in water-sensitive

regions

Food; non-

food textiles

Short-term

E4 Biodiversity and ecosystems (SDG 13, 14 and 15)

Material IROs

Description

Field

Time horizon

Biodiversity in the supply chain

● Negative impact

(U)

Land conversion for

agriculture

Impact of land conversion for agriculture

on vulnerable nature and forestry

Food; non-

food textiles

Short-term

● Negative impact

(U)

Use of fertilizers and

pesticides

Impact of the use of fertilisers and

pesticides on natural cycles (including

nitrogen and phosphorus), soil health and

biodiversity.

Food; non-

food textiles

Short-term

Sustainability statement > General information > Environment > Social > Governance > Audit report

140

E5 Resource use and Circular economy (SDG 12)

Material IROs

Description

Field

Time horizon

Material use for merchandise

● Negative impact

(U)

Product design and

choice of material

Impact of product design and choice of

material (type of material, material

efficiency, modularity, etc.) on the material

footprint of merchandise (clothing, bikes,

non-food items on sale).

Food; non-

food textiles;

non-food

bikes

Short-term

● Negative impact

(OO)

Food product design in

our own production

Impact of food product design (ingredients,

efficiency in raw materials, etc.) in our own

production activities on the material

footprint of merchandise (e.g. coffee, beef,

etc.).

Food

Long-term

Packaging

● Risk

(OO)

(Outer) packaging and

packaging with high

environmental impact

Reputational risk if Colruyt Group does not

shift (fast enough) to less (outer) packaging

and packaging with lower environmental

impact.

Food

Short-term

● Negative impact

(U/OO)

Design and choice of

material in primary

packaging

Impact of design and choice of material

(fossil, mineral, metal, renewable, recycled,

recyclable, etc. raw materials) in primary

packaging on the material footprint of

packaging (and ultimately on humans and

the environment).

General

Short-term

● Negative impact

(U/OO)

Design and choice of

material in secondary

and tertiary packaging

Impact of design and choice of material

(fossil, mineral, metal, renewable, recycled,

recyclable, etc. raw materials) of secondary

and tertiary packaging on the material

footprint of packaging.

General

Short-term

● Negative impact

(U/OO)

Outer packaging and

'per' packaging

Impact of outer packaging/'per' packaging

on the material footprint of packaging.

General

Short-term

Food loss and food waste

● Opportuniteit

(OO/D)

Food waste and

inventory management

Opportunity to reduce food waste by

means of the range of goods on sale and

inventory management.

Food

Short-term

● Negative impact

(U)

Food waste in the value

chain as a result of

farming

Impact of farming on food waste in the

value chain (oversupply, 'ugly fruit and

vegetables', etc.).

Food

Short-term

● Negative impact

(U)

Food waste and

sourcing from distant

countries

Impact of the distance of the sourcing

country on transport, packaging and

ultimately food waste.

Food

Short-term

● Negative impact

(OO)

Food waste as a result

of logistics activities and

transport

Impact of food transport and logistics

activities on food waste.

Food

Short-term

● Negative impact

(OO/D)

Portion sizes and food

waste at the consumer

Impact of the portion sizes of food sold by

Colruyt Group on food waste at the

consumer.

Food

Short-term

● Negative impact

(D)

Food waste and broad

range in stores

Impact of the breadth of our range (to

meet consumer expectations) on food

waste in stores.

Food

Short-term

● Positive impact

(U/OO)

Food waste and our

promotions

Impact of our promotions on food waste at

the producer.

Food

Short-term

Sustainability statement > General information > Environment > Social > Governance > Audit report

141

E5 Resource use and Circular economy (SDG 12)

Material IROs

Description

Field

Time horizon

● Positive impact

(U/OO)

Food waste and the use

of residual food streams

Impact of reusing residual food streams on

the amount of food waste (e.g. using

leftover bread to grow mushrooms or

processing bruised apples into apple juice).

Food

Short-term

● Negative impact

(D)

Food waste at the

consumer

Impact of the way food is used at the

consumer on food waste.

Food

Short-term

S1 Own workforce (SDGs 3, 4, 5 and 8)

Material IROs

Description

Field

Time horizon

Working and employment conditions

● Risk

(OO)

Labour shortage

Risk at the level of business continuity as a

result of a shortage of (qualified)

employees in the labour market (for all

activities).

General

Short-term

● Risk

(OO)

Short-term employee

turnover

Risk at the level of business continuity as a

result of employees leaving Colruyt Group

shortly after having been recruited and

onboarded.

General

Short-term

Equal treatment and opportunities

● Opportunity

(OO)

Labour shortage and

new employees who are

non-native speakers

Opportunity to counter labour shortages by

offering language support and practice-

based training to new employees who are

non-native speakers.

General

Short-term

● Negative impact

(OO)

Unwanted transgressive

behaviour

Impact of unwanted transgressive

behaviour at work, leading to impaired

employee well-being and safety of

employees.

General

Short-term

● Positive impact

(OO)

Inclusive selection

procedures

Impact of (inclusive) selection procedures

on equal opportunities and diversity among

our own employees.

General

Short-term

● Negative impact

(OO)

Diversity in our

management teams

Impact of less diversity in the governing

bodies of Colruyt Group on balanced and

inclusive decisions.

General

Short-term

Sustainability statement > General information > Environment > Social > Governance > Audit report

142

S2 Workers in the value chain (SDGs 1, 3 and 8)

Material IROs

Description

Field

Time horizon

Human rights

● Negative impact

(U)

Health and safety:

working conditions

Impact of unsafe working conditions in

factories (unclear instructions, no

protective clothing, unsafe building, etc.)

on the health and safety of workers in the

value chain.

Food; non-

food textiles;

non-food

bikes

Short-term

● Negative impact

(U)

Pay

Impact of insufficient, non-timely and/or

conditional pay on the living conditions of

workers in the value chain, including in

agriculture (e.g. making applicants pay to

be recruited).

General

Short-term

● Negative impact

(U)

Health and safety:

working time

Impact of overtime and insufficient rest

time on the health and safety of workers in

the value chain (e.g. in the fruit and

vegetables sector, in chains using many

family farmers, such as coffee and cocoa

growers, in the construction sector, etc.).

General

Short-term

● Negative impact

(U)

Transparency in cost

structure and cost

composition

Impact of a lack of transparency in the cost

structure and composition of our suppliers

and in the various links of the chain on

adequate pay for workers in the value

chain.

Food

Short-term

● Negative impact

(U)

Health and safety: use

of pesticides

Impact of the use of pesticides on the

health and safety of workers in the value

chain.

Food

Short-term

● Negative impact

(U)

Safety in mines

Impact of unsafe working conditions in

mines on the well-being of employees

(batteries, IT materials, solar panels, etc.).

General; non-

food bikes

Short-term

● Negative impact

(U)

Child well-being and

safety

Impact of child labour on human rights, the

well-being and safety of children in the

value chain (greatest in agriculture, mining

and the production of overseas

commodities).

Food; non-

food textiles

Short-term

● Negative impact

(U)

Forced labour

Impact of forced labour on the human

rights of workers in the value chain (greater

in chains with many subcontracted

suppliers, e.g. fruit and vegetables, coffee,

cocoa, textiles; as well as specifically in

Thailand and China).

Food; non-

food textiles

Short-term

● Positive

potential impact

(U)

Pay

Impact of paying decent wages and buying

sufficient quantities on decent incomes for

workers and their families.

Food

Short-term

Sustainability statement > General information > Environment > Social > Governance > Audit report

143

S4 Consumers and end-users (SDG 16)

Material IROs

Description

Field

Time horizon

Privacy and data security

● Risk

(OO)

Data security

Financial and reputational risk caused by a

data leak.

General

Medium

term

● Risk

(OO)

Cybersecurity

Risk of cyberattacks on the continuity of

our organisational governance.

General

Short-term

Sustainability statement > General information > Environment > Social > Governance > Audit report

144

G1 Business conduct (SDGs 2, 12, 16 and 17)

Material IROs

Description

Field

Time horizon

Business ethics

● Opportunity

(OO)

Corporate culture

Opportunity of a strong corporate culture for

the success of takeovers and partnerships.

General

Short-term

● Opportunity

(OO)

Business ethics

Financial opportunity of strong business

ethics when banks assess a loan application.

General

Short-term

Management of supplier relations

● Opportunity

(U)

Cooperation in the

chain

Opportunity for close cooperation in the chain

(including future-proofing smaller suppliers)

for product supply security and thus resilience

of Colruyt Group.

Food

Short-term

● Risk

(OO)

Continuity in the supply

chain

Risk of disruption to processes in the supply

chain as a result of actions taken by partners

in the chain trying to create visibility around

an issue (e.g. because of dissatisfaction with

costs being passed down the value chain or

policy decisions).

General

Short-term

● Risk

(U)

Transparency in terms

of origin and chain

structure

Risk of stock shortages or high costs because

we do not know the origin and chain structure

of important ingredients or products and are

therefore unable to anticipate climate

disasters, structural changes of producing

regions or geopolitical events.

General

Medium

term

● Positive impact

(U)

Cooperation with

suppliers

Impact of annual negotiations on the quality

and duration of cooperation with suppliers (of

predominantly national brands), with an

effect on workers in the value chain.

Food

Short-term

● Negative

potential impact

(U)

Procurement practices

Impact of procurement practices (e.g. pricing

and pricing practices, interpretation practices,

quality requirements, etc.) on our relations

with suppliers, with an effect on workers in

the value chain.

Food

Short-term

● Negative impact

(U)

Contracting with

suppliers

Impact of short-term and flexible contracts on

cooperation with suppliers (of predominantly

private labels) and transport partners, with an

effect on workers in the value chain.

Food

Short-term

● Positive impact

(U)

Cooperation with

smaller Belgian

suppliers

Impact of substantive and financial

cooperation around sustainability matters

with smaller Belgian suppliers on mutual

relations and the environmental impact of the

suppliers.

General

Medium

term

● Negative impact

(U)

Sustainability training

for employees

Impact of a lack of sustainability training for

employees interacting with suppliers on the

involvement of suppliers in environmental

and social topics.

General

Short-term

● Positive impact

(U)

Local and regional

anchoring

Impact of local and regional procurement

practices on the survival of smaller and

Belgian suppliers.

General

Short-term

Sustainability statement > General information > Environment > Social > Governance > Audit report

145

2. Our double materiality assessment

In accordance with the ESRS, the implementation

guidance (IG 1) of the European Financial Reporting

Advisory Group (EFRAG) and existing market practices,

we developed our methodology and the process steps to

be followed for the DMA.

2.1 Methodology

2.1.1 Scope

We conducted the DMA for Colruyt Group's

consolidated scope. In doing so, we assigned

characteristics to each entity, such as the type of activity

and link with Colruyt Group’s strategy. Thus, the above

IRO tables make the link to our specialist fields that

comprise clusters of activities and are linked to our

group strategy. In addition, we also included the

geographical dimension and the position of the activities

in the value chain in the assessment. For the latter,

please see the visualisation of our value chain earlier in

this chapter (see ‘3. Material sustainability matters in

our value chain’). Although some very specific activities

(e.g. Jims) fit less well in this general value chain, those

activities were naturally also part of the materiality

assessment.

The impact analysis identified both positive and negative

impacts. The financial analysis identified risks and

opportunities that could have a positive or negative

impact on the organisation. In each case, the analysis

took into account not only our own corporate activities

but also the upstream and downstream value chain.

While at a more generic level, it was already possible to

include some input in the assessment, it was not yet

always possible to include the entire geographic

dimension beyond our own corporate activities in detail

each time. This is one of the areas where we will be able

to further refine our assessment in the coming years,

thanks in part to the planned steps regarding our

due diligence processes and insights from them.

2.1.2 Stakeholder engagement

Stakeholders are central to the DMA. Engaging with a

diverse group of internal and external stakeholders

ensures that we get a full picture of the IROs. We have

compiled a comprehensive stakeholder plan with a

format following the guidelines of ESRS 1 General

requirements and based on an existing internal

stakeholder register.

To begin with, we carefully identified our internal

stakeholders. We ensured suﬃcient representation by

mapping stakeholders to the topics and activities. In

addition, in the context of financial materiality, we put

together a representative group of financial experts.

External stakeholders were identified in close

cooperation with, among others, the Public Aﬀairs

department. Here, we supplemented the categories

from ESRS 1 with some sector- and entity-specific

stakeholder groups, taking into account the unique

nature of Colruyt Group. We also took our value chain

into account to ensure that key stakeholders from the

upstream and downstream value chain were

represented.

After identification, we used two diﬀerent methods for

consulting stakeholders: workshops (internal

stakeholders) and interviews (internal and external

stakeholders).

Sustainability statement > General information > Environment > Social > Governance > Audit report

146

2.1.3 Scoring

IMPACTS

We based the format of the scoring scale for impacts as

much as possible on the requirements of ESRS 1 and

EFRAG’s supporting documentation. We scored impacts

by scale, scope, irremediable character (for negative

impacts) and likelihood (for potential impacts) and

applied this as follows:

x The scale reflects the depth of impact on people and

the environment, ranging from negligible to

catastrophic.

x The scope refers to the extent of the impact and

ranges from limited to widespread.

x The irremediable character indicates how

easy/diﬃcult, cheap/expensive it is to partially or fully

reverse an impact.

x Likelihood could be scored from rare to certain.

RISKS AND OPPORTUNITIES

To score the sustainability-related risks, we used a scale

based on current materiality measures for financial

reporting and on percentages of the operating result

(EBIT) (based on the three-year average). The scale

ranged from non-significant to major/important and, for

financial impacts, was supplemented by a specific scale

for reputational risk assessment in line with the internal

risk and opportunity management system according to

ERM principles. As mentioned earlier, this framework is

used internally to manage risks and opportunities in

general (see ‘Risk management and internal controls’ in

the ‘Corporate governance’ chapter). In the coming

years, we want to further bridge the gap between this

general management system and the DMA. Like with

impacts, to score risks and opportunities, we also took

likelihood into account using the same definition.

THRESHOLDS

We defined thresholds to enable us to identify

Colruyt Group’s material IROs. We did this based partly

on existing processes for general risk and opportunity

management (cf. Enterprise Risk Management) and

using methodological recommendations from a neutral

expert. The scales for impact materiality and financial

materiality have a score from 1 to 5. For impact

materiaity, we follow the applicable regulations of,

among other things, the EFRAG implementation

guidance (IG 1) and set the threshold at 3.5/5. For

financial materiality, we base ourselves on percentages

of the EBIT (three-year average) and set the threshold at

2/5. The thresholds have a thorough underpinning and

were approved by the Management Committee.

Sustainability statement > General information > Environment > Social > Governance > Audit report

147

2.2 Process

A brief description of the DMA process is presented

below. Within this process, we set up appropriate

governance, built in the necessary control mechanisms

and involved not only an external partner but also our

auditor. We did this to ensure the process ran smoothly

and meet applicable audit requirements.

2.2.1 PreparaƟon and contextualisaƟon

In a preliminary stage, we set out the methodology (see

previous explanation of scope, stakeholder engagement

and scoring), and compiled the list of potentially

material sustainability matters using various sources. For

the latter, we used the matters from the ESRS as a basis

and added sector- and entity-specific matters.

2.2.2 IdenƟficaƟon of the IROs

We then identified the IROs using input from the source

research and interviews with both internal and external

stakeholders. For each impact, we determined whether

it was a positive or negative impact. For the risks and

opportunities, the focus was on the matters that most

aﬀect our financial performance and on reputational

risks and opportunities. We also examined whether

potential risks and opportunities arose from the impacts

identified. An example of this could be that a

reputational risk is associated with a negative impact.

We also checked whether the various IROs are current or

potential IROs and where exactly they fit with our

business, strategy and value chain. Finally, we linked

time horizons to each IRO, as defined in ESRS 1.

2.2.3 EvaluaƟon of IROs

We grouped the IROs on the basis of the sustainability

matters and conducted workshops with internal content

experts for the evaluation of impacts. We evaluated the

risks and opportunities at a separate workshop with

financial experts. We tested the identified IROs among

the participants and then scored them using our scoring

methodology. Afterwards, relevant information from

existing datasets was also taken into account, such as

the WWF Risk Filter and the ENCORE tool of the ‘UN

Environment Programme’. The WWF Risk Filter

determines based on an organisation’s locations to what

degree risks occur in terms of water and biodiversity.

The ENCORE tool on the other hand is based on an

organisation’s activities for more insight in the impacts in

terms of climate, pollution, water, biodiversity, wasted

and the communities.

We discussed the outcome of this with external experts

during some 20 structured interviews.

2.2.4 ValidaƟon

The validation of the outcome of the materiality

assessment followed a carefully designed process.

Ultimately, the Management Committee and the

Board of Directors validated the conclusions.

2.3 IdenƟficaƟon and assessment of IROs

related to polluƟon

The IROs in terms of pollution were not found to be

material in the DMA. In other words, the proposed

thresholds were not met. This is somewhat in line with

the fact that our activities are less polluting compared to

certain other sectors. It is true that certain IROs related

to pollution are included in other themes. For example,

think of the use of fertilizers and pesticides under

biodiversity and ecosystems. For the general DMA

process, please refer to the previous explanation. We

would like to additionally mention that the identification

and evaluation of IROs for our own operations included

identifying the types of environmental permits. These

provide relevant insights into environment-related IROs.

In addition, we conducted a screening of our private

labels and consumer products containing substances of

(very high) concern. For the wider value chain, we drew

insights from Colruyt Group’s Organisational

Environmental Footprint, in which we apply a life cycle

analysis (LCA) approach.

Sustainability statement > General information > Environment > Social > Governance > Audit report

148

ENVIRONMENT

EU Taxonomy

1. EU Taxonomy reporƟng Colruyt Group

1.1 ClassificaƟon system for sustainable

acƟviƟes

The aim of the EU Taxonomy is to redirect capital flows

towards sustainable economic activities with a view to

achieving the goals stated in the European Green Deal.

The EU Taxonomy is essentially a classification system to

determine whether an economic activity can be

considered sustainable. It thus helps companies, as well

as investors or policymakers, to identify sustainable

economic activities. Moreover, the regulation includes a

financial reporting requirement.

The EU Taxonomy requires companies to report on their

economic activities that contribute to six environmental

objectives:

1. Climate change mitigation (CCM)

2. Climate change adaptation (CCA)

3. Sustainable use and protection of water and marine

resources (WTR)

4. Transition to a circular economy (CE)

5. Pollution prevention and control (PPC)

6. Protection and restoration of biodiversity and

ecosystems (BIO)

Please note that the legislation and market practices

regarding EU Taxonomy reporting are still evolving

(cf. the European Commission's Omnibus package). We

are closely monitoring these evolutions, organising

ourselves as best as possible for this reporting

requirement.

1.2 ReporƟng year and scope of applicaƟon

For reporting year 2024/25, we examined which of our

economic activities are potentially sustainable in light of

the six environmental objectives of the EU Taxonomy

('eligible activities under the EU Taxonomy'). We then

test these eligible activities against the technical

screening criteria. This includes assessing the so-called

minimum safeguards. We thus identify the activities that

are eﬀectively environmentally sustainable according to

the EU Taxonomy (‘EU Taxonomy-aligned activities’). For

financial year 2024/25, we report the share of our

turnover and capital expenditures (CapEx) from these

eligible and aligned economic activities.

The scope of our EU Taxonomy reporting covers the

economic activities of all our fully consolidated

companies.

Sustainability statement > General information > Environment > Social > Governance > Audit report

149

1.3 Eligible acƟviƟes under the EU Taxonomy

Within the EU Taxonomy, the European Union prioritises

economic activities able to make the most relevant

contribution to the six environmental objectives.

Colruyt Group is mainly active in food and non-food

retail, as well as wholesale and food service. As these

economic activities are not contained in the

EU Taxonomy, our group's main activities are outside its

scope. One exception is Bike Republic, our bicycle chain.

In addition, within Colruyt Group we perform several

important group support activities that do qualify for

EU Taxonomy reporting.

Due to the phased entry into force of the EU Taxonomy,

we have been identifying eligible activities for all six

environmental objectives since last year. The following

table provides an overview of the eligible activities for

reporting year 2024/25. The table makes it clear that our

activities contribute primarily to the first environmental

objective: climate change mitigation.

1.4 EU Taxonomy-aligned acƟviƟes

To determine whether the eligible activities are also

aligned with the EU Taxonomy, we analyse the activities

in depth, testing them against the technical screening

criteria. For each environmental objective, these

ambitious criteria set the conditions for determining

whether an activity:

makes a substantial contribution to one of the six

environmental objectives ('substantial contribution’);

and

does no significant harm to the five other environmental

objectives (‘do no significant harm’ or 'DNSH’).

While we tested eligible activities against the technical

screening criteria for the environmental objectives of

climate mitigation and adaptation in 2023/24, for

financial year 2024/25 we did so for all six

environmental objectives. The following table

summarises the activities meeting or not meeting the

technical screening criteria (substantial contribution as

well as DNSH), while also briefly explaining the

assessment of the criteria at activity level. For the

requirements listed in Annex A of the Delegated Climate

Regulation, we conducted a comprehensive risk

assessment exercise on the physical impact of climate

change on our corporate activities and their

corresponding assets. In this, we considered climate

projec

tions till 2050 and evaluated both existing and

additional adaptation measures. Our analysis confirms

that we have this risk under control and that the existing

adaptation solutions are eﬀective. For more information

on the risk assessment, see the thematic chapter

‘Climate change’ (see ‘1. Impacts, risks and

opportunities’).

We report a change in the assessment of activity

CCM 6.5. Transport by motorbikes, passenger cars and

light commercial vehicles. This year's assessment of the

DNSH criteria brought an additional complexity to light.

The testing against the combined criterion for the rolling

sound emission and rolling resistance coeﬃcient of the

tyres applied per car turns out to be more extensive

than initially conceived, due in part to the degrees of

freedom within this criterion. Specifically, it is about

determining the 'highest populated class' per tyre size

for the combination of the two aforementioned

parameters and then checking whether the tyre type

applied belongs to this highest populated class. This has

to be done for each tyre type used in all the diﬀerent car

models we purchased this financial year. The number of

vehicles meeting the predetermined criteria ultimately

turned out to be smaller, leading to a retroactive

adaptation of the figure reported for the previous

financial year (see ‘2. Overview of Financial KPIs’).

Sustainability statement > General information > Environment > Social > Governance > Audit report

150

Activity

Number

Activity Name

Colruyt Group’s

main activities

Assessment using the technical screening criteria

Taxonomy-

aligned

activities

Climate change mitigation and adaptation

CCM 1.1.

Afforestation

Forest planting in

the Democratic

Republic of the

Congo

We rated the technical screening criteria positively,

thanks in part to a well-supported afforestation plan

and associated documentation. Furthermore, climate

benefits are being analysed, while its permanent

nature is ensured. We also had a third-party audit

conducted. The project is also achieving a

demonstrable improvement in terms of water

resources and biodiversity, while pollution is being

avoided.

Aligned

CCM 3.6.

Manufacture of

other low carbon

technologies

Liquid ice container:

self-developed

refrigerated cart

based on a frozen

but liquid mixture

('liquid ice')

The contribution to the reduction of greenhouse gas

emissions is substantial, as confirmed in an externally

verified, quantitative LCA analysis. In addition, the

principles of the circular economy are met, while the

use of hazardous materials is avoided. Finally, an EIA

(environmental impact assessment) screening was

conducted.

Aligned

CCM 4.9.

Transmission and

distribution of

electricity

High and medium-

voltage cabinets

We rated the technical screening criteria positively. It

thus constitutes an activity as described in the

substantial contribution criteria, while the DNSH

criteria are also met. The high and medium voltage

cabinets installed as part of the newbuild projects

aligned with activity CCM 07.07 are included under

that activity.

Aligned

CCM 6.4.

Operation of

personal mobility

devices, cycle

logistics

• Activities of our

bike chain Bike

Republic

• Making purchased

bikes available to

employees within

the 'Bike to work'

programme and

leasing bikes

through a flex

budget'

The activities of our bicycle chain Bike Republic meet

the technical screening criteria, primarily because of

the nature of the activities (cf. substantial

contribution). This includes cycling programmes for

our employees. As part of these activities, we are

taking measures in accordance with the principles of

the circular economy, both by properly maintaining

the bikes and by reusing the bikes themselves, parts

or materials.

Aligned

CCM 6.5.

Transport by

motorbikes,

passenger cars

and light

commercial

vehicles

Company-operated

vehicles, in

particular company

cars

The electric cars, plug-in hybrids and hydrogen cars in

our fleet meet the substantial contribution criteria

through their low CO2 emissions. Comprehensive

assessments led to DNSH criteria also being assessed

positively, such as those of the circular economy (e.g.

% recyclable) and pollution (e.g. Euronorm

requirements or rolling noise emissions).

Aligned

CCM 6.6.

Freight transport

services by road

Company heavy

goods vehicles

The technical screening criteria have a similar

structure to Activity CCM 06.05. We purchased an

electric truck that meets the criteria, with the

exception of those applicable to the vehicle's tyres.

Thus, the activity is not aligned.

Not

aligned

Sustainability statement > General information > Environment > Social > Governance > Audit report

151

Activity

Number

Activity Name

Colruyt Group’s

main activities

Assessment using the technical screening criteria

Taxonomy-

aligned

activities

CCM 7.1.

Construction of

new buildings

Newbuild projects

including the sale of

part of the buildings

A positive assessment of alignment with all technical

screening criteria for the construction of our

buildings, especially the DNSH criteria, cannot yet be

given.

Not

aligned

CCM 7.2.

Renovation of

existing buildings

Renovation of

branches and sites

with energetic

interventions

A positive assessment of alignment with all technical

screening criteria for the renovation of our existing

buildings cannot yet be given. We are currently

analysing the requirements, checking how we can

meet them over time.

Not

aligned

CCM 7.3.

Installation,

maintenance and

repair of energy

efficiency

equipment

LED lighting

The technical screening criteria have been met for LED

lighting. This refers to the individual measure

'Installation and replacement of energy-efficient light

sources'. In addition to Appendix A for climate

adaptation, compliance with Appendix C was also

confirmed for the DNSH criteria.

Aligned

CCM 7.4.

Installation,

maintenance and

repair of charging

stations for

electric vehicles

in buildings (and

parking spaces

attached to

buildings)

Charging stations

for electric vehicles

The technical screening criteria were met for this

activity, mainly because of the nature of the activities.

According to the substantial contribution criteria,

these must be charging stations for electric vehicles.

Except for Appendix A for climate adaptation, no

other DNSH criteria apply.

Aligned

CCM 7.6.

Installation,

maintenance and

repair of

renewable energy

technologies

• Solar panels

• Heat recovery

In relation to solar panels and heat recovery, our

activity meets the technical screening criteria, again

mainly because of the nature of the activities. Except

for Appendix A for climate adaptation, no other DNSH

criteria apply. Where installation occurred as part of

newbuild projects aligned with activity CCM 7.7, we

include it under that activity.

Aligned

CCM 7.7.

Acquisition and

ownership of

buildings

• Acquisition of

buildings and

buildings under own

management

(excluding the rights

of use of buildings

recognised in our

balance sheet

pursuant to IFRS 16)

• Newbuild projects

for own use

The activity is aligned with the technical screening

criteria for newbuild projects conducted in the

reporting year. Those buildings are intended for own

use and not for sale. The main focus when assessing

alignment with the criteria is on the energy

performance of the buildings. Furthermore, the DNSH

criteria for climate adaptation in Appendix A apply.

Aligned

Water, circular economy, pollution and biodiversity

CE 3.2.

Renovation of

existing buildings

Renovation of

branches and sites

without energetic

interventions

A positive assessment of alignment with all technical

screening criteria for the renovation of our existing

buildings cannot yet be given. We are currently

analysing the requirements, checking how we can

meet them over time.

Not

aligned

Sustainability statement > General information > Environment > Social > Governance > Audit report

152

1.5 Minimum safeguards

In addition to the technical screening criteria, the EU

Taxonomy’s minimum safeguards must also be met.

These relate to human rights, anti-corruption, taxation

and fair competition. The minimum safeguards require

organisations to establish processes in alignment with

the OECD Guidelines for Multinational Enterprises and

the UN Guiding Principles on Business and Human

Rights.

Colruyt Group's commitment to the minimum

safeguards of the EU Taxonomy is resolutely in line with

these guidelines. We assess minimum safeguards at

group level, including taking account of the report of the

Platform on Sustainable Finance (cf. Final Report on

Minimum Safeguards). This complements the

EU Taxonomy. We also conduct an analysis to check

whether key suppliers for the relevant activities have a

high risk of not complying with the minimum safeguards.

See the 'Corporate Governance' chapter for more

information on corporate/sustainable governance at

Colruyt Group. We also refer to the ‘Social’ chapter in

the sustainability reporting (see especially the thematic

chapter ‘Employees in the value chain’) and especially

the following policy texts on our website

www.colruytgroup.com: Human Rights Policy, Anti-

Bribery and Corruption Policy and Tax Policy.

1.6 EU Taxonomy key performance indicators

(KPIs)

The EU Taxonomy legislation mainly includes a financial

reporting requirement on the allocation of financial

flows to eligible and aligned activities. In this section, we

provide more details on the share of turnover and

capital expenditures (CapEx) we report on. Beginning

with this year, we no longer report the share of

operating expenses (OpEx) because the OpEx eligible

and aligned to the EU Taxonomy is not material. This is

due to the fact that Colruyt Group's main activities do

not come under the scope of the EU Taxonomy. While

that aﬀects the calculation of the other two financial

KPIs we continue to report on (turnover and CapEx), our

ambition for our retail activities is to continue being a

point of reference for sustainable business and an

inspiration for conscious consumption, throughout the

value chain. In the overview of financial KPIs, we

continue to include the mandatory table relating to

operational expenses.

To avoid double counting, we have always followed our

financial reporting processes, eliminating intra-group

transactions at the consolidated level. The complete

overview of all financial information for our eligible and

EU Taxonomy-aligned activities is available further in this

chapter (see '2. Overview of Financial KPIs').

1.6.1 Turnover

Turnover in terms of the EU Taxonomy definition

corresponds to the consolidated revenue of

Colruyt Group, to be found in the consolidated income

statement in the financial report (see 'Consolidated

income statement' in the ‘Financial report’ chapter). Our

valuation rules can be found in Note 1. Significant

accounting policies in the 'Financial report' chapter).

For reporting year 2024/25 (like the previous year),

eligible turnover relates to the operations of our

bike chain Bike Republic. This accounts for 0.37% of our

total consolidated turnover compared to 0.39%last year.

Since the activities of our bike chain passed the test

against the technical screening criteria, the aligned

turnover also corresponds to 0.37%.

Sustainability statement > General information > Environment > Social > Governance > Audit report

153

1.6.2 CapEx

The CapEx reported under the EU Taxonomy includes

capital expenditure and investments resulting from

business combinations for tangible and intangible assets,

including capitalised development costs and assets

corresponding to a right of use and excluding goodwill.

Reported CapEx as part of the EU Taxonomy may diﬀer

from other investments listed in the annual report.

Colruyt Group also uses further alternative performance

measures to provide insight into its investments.

The total CapEx for calculating the financial KPIs can be

reconciled directly with the items reported in Note 10.

Intangible assets and 11. Property, plant and equipment

(in the 'Financial report' chapter) and is composed as

follows:

(in million EUR)

Note

2024/25

Intangible assets

10.

Acquisitions

76.6

Acquisitions through business combinations

15.1

Property, plant and equipment

11.

Acquisitions

444.4

Acquisitions through business combinations

38.9

Total CapEx EU Taxonomy

575.0

For reporting year 2024/25, total CapEx for the

EU Taxonomy was EUR 575.0 million. Total eligible

CapEx ended up at 46.76%, of which 14.75% was aligned

CapEx. This compares with last year's eligible CapEx of

48.12%, of which 13.22% was aligned CapEx. As already

mentioned, we made a retroactive adaptation to the

reported figure for activity CCM 6.5. Transport by

motorbikes, passenger cars and light commercial

vehicles.

Sustainability statement > General information > Environment > Social > Governance > Audit report

154

In February 2023, Colruyt Group went ahead with

issuing a green retail bond, following the principles of

the International Capital Market Association (ICMA). In

line with the obligations associated with the issuance of

this retail bond, Colruyt Group has since published its

allocation reports on our website

www.colruytgroup.com. On the basis of the claimed use

of the proceeds of the issue in these reports, the EU

Taxonomy requires us to explain its share in the

reporting. Specifically, we deduct these amounts from

the aligned CapEx reported in financial year 2023/24 and

2024/25 (see following table). When taking into account

the retail bond, this results in EUR 11.0 million or 2.16%

aligned CapEx for financial year 2023/24 and EUR 46.6

million or 8.10% for financial year 2024/25.

Key performance indicator

Unit

2024/25

2023/24

Total CapEx

million EUR

575.0

507.8

EU Taxonomy-aligned CapEx

14.75%

13.22%

Of which allocated under the green bond

6.65%

11.07%

Eligible CapEx, excluding EU Taxonomy-aligned CapEx

32.01%

34.90%

Non-eligible CapEx

53.24%

51.87%

CapEx taxonomy-aligned

activities:

14.75%

Taxonomy-eligible but non-

taxonomy-aligned CapEx:

32.01%

CapEx non-taxonomy eligible

activities: 53.24%

Sustainability statement > General information > Environment > Social > Governance > Audit report

155

2. Overview of financial KPIs

Turnover Fiscal Year 2024/25

Substantial contribution criteria

DNSH criteria ('Does Not

Significantly Harm')

Economic activities (1)

Code (2)

Turnover (3)

Proportion of CapEx, 2024/25 (4)

Climate Change Mitigation (5)

Climate Change Adaptation (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity (10)

Climate Change Mitigation (11)

Climate Change Adaptation (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum safeguards (17)

Proportion of Taxonomy-aligned (A.1.) or -eligible

(A.2.) CapEx, 2023/24 (18)

Category enabling activity (19)

Category transitional activity (20)

in million

EUR

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

A. TAXONOMY-ELIGIBLE

ACTIVITIES

A.1. Environmentally

sustainable activities

(Taxonomy-aligned)

Operation of personal mobility

devices, cycle logistics

CCM

6.4.

40.2

0.37%

N/EL

0.39%

Turnover of environmentally

sustainable activities

(Taxonomy-aligned) (A.1.)

40.2

0.37%

0.39%

Of which enabling

0.0

0.00%

Of which transitional

0.0

0.00%

A.2. Taxonomy-Eligible but not

environmentally sustainable

activities (not Taxonomy-

aligned activities)

EL; N/EL

Turnover of Taxonomy-eligible

but environmentally

unsustainable activities (non-

Taxonomy-aligned activities)

(A.2.)

0.0

0.00%

Turnover of Taxonomy-eligible

activities (A.1. + A.2.)

40.2

0.37%

0.39%

B. TAXONOMY-NON-ELIGIBLE

ACTIVITIES

Turnover of non-taxonomy

eligible activities

10,923.2

99.63%

TOTAL

10,963.4

100%

Sustainability statement > General information > Environment > Social > Governance > Audit report

156

CapEx Financial Year 2024/25

Substantial contribution criteria

DNSH criteria ('Does Not

Significantly Harm')

Economic activities (1)

Code (2)

CapEx (3)

Proportion of CapEx, 2024/25 (4)

Climate Change Mitigation (5)

Climate Change Adaptation (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity (10)

Climate Change Mitigation (11)

Climate Change Adaptation (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum safeguards (17)

Proportion of Taxonomy-aligned (A.1.) or -eligible (A.2.)

CapEx, 2023/24 (18)

Category enabling activity (19)

Category transitional activity (20)

million

EUR

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable

activities (Taxonomy-aligned)

Afforestation

CCM 1.1.

1.2

0.20%

N/EL

0.16%

Manufacture of other low carbon

technologies

CCM 3.6.

3.7

0.64%

N/EL

0.32%

High-efficiency combined heat and

power from fossil gaseous fuels

CCM 4.9.

1.0

0.18%

N/EL

0.00%

Operation of personal mobility

devices, cycle logistics

CCM 6.4.

4.1

0.71%

N/EL

0.56%

Transport by motorbikes, passenger

cars and light commercial vehicles

CCM 6.5.

16.2

2.82%

N/EL

2.61%

Freight transport services by road

CCM 6.6.

0.0

0.00%

N/EL

0.16%

Installation, maintenance and repair

of energy efficiency equipment

CCM 7.3.

2.2

0.38%

N/EL

0.73%

Installation, maintenance and repair

of charging stations for electric

vehicles in buildings (and parking

spaces attached to buildings)

CCM 7.4.

4.9

0.86%

N/EL

0.29%

Installation, maintenance and repair

of renewable energy technologies

CCM 7.6.

5.2

0.90%

N/EL

0.42%

Acquisition and ownership of

buildings

CCM 7.7.

46.4

8.06%

N/EL

7.96%

CapEx of environmentally

sustainable activities (Taxonomy-

aligned) (A.1.)

84.8

14.75%

13.22%

Of which enabling

17.2

2.99%

1.78%

Of which transitional

16.2

2.82%

2.61%

A.2. Taxonomy-Eligible but not

environmentally sustainable

activities (not Taxonomy-aligned

activities)

EL; N/EL

Transmission and distribution of

electricity

CCM 3.6.

0.6

0.10%

N/EL

0.00%

Transmission and distribution of

electricity

CCM 4.9.

4.1

0.71%

N/EL

0.11%

Transport by motorbikes, passenger

cars and light commercial vehicles

CCM 6.5.

29.2

5.08%

N/EL

5.56%

Freight transport services by road

CCM 6.6.

8.6

1.50%

N/EL

0.97%

Construction of new buildings

CCM 7.1.

3.0

0.52%

N/EL

0.67%

Renovation of existing buildings

CCM 7.2.

35.7

6.20%

N/EL

6.16%

Acquisition and ownership of

buildings

CCM 7.7.

50.8

8.84%

N/EL

18.60%

Sustainability statement > General information > Environment > Social > Governance > Audit report

157

CapEx Financial Year 2024/25

Substantial contribution criteria

DNSH criteria ('Does Not

Significantly Harm')

Economic activities (1)

Code (2)

CapEx (3)

Proportion of CapEx, 2024/25 (4)

Climate Change Mitigation (5)

Climate Change Adaptation (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity (10)

Climate Change Mitigation (11)

Climate Change Adaptation (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum safeguards (17)

Proportion of Taxonomy-aligned (A.1.) or -eligible (A.2.)

CapEx, 2023/24 (18)

Category enabling activity (19)

Category transitional activity (20)

million

EUR

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

Renovation of existing buildings

CE 3.2.

52.1

9.06%

N/EL

2.84%

CapEx of Taxonomy-eligible but not

environmentally sustainable

activities (A.2.)

184.1

32.01%

34.90%

CapEx of Taxonomy-eligible

activities (A.1. + A.2.)

268.9

46.76%

48.12%

B. TAXONOMY-NON-ELIGIBLE

ACTIVITIES

CapEx of Taxonomy-non-eligible

activities

306.1

53.24%

TOTAL

575.0

100%

Sustainability statement > General information > Environment > Social > Governance > Audit report

158

OpEx financial year 2024/25

Substantial contribution criteria

DNSH criteria ('Does Not

Significantly Harm')

Economic activities (1)

Code (2)

OpEx (3)

Proportion of OpEx, 2024/25 (4)

Climate Change Mitigation (5)

Climate Change Adaptation (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity (10)

Climate Change Mitigation (11)

Climate Change Adaptation (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum safeguards (17)

Proportion of Taxonomy-aligned (A.1.) or -eligible (A.2.) OpEx, 2023/24

(18)

Category enabling activity (19)

Category transitional activity (20)

million

EUR

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y; N;

N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities

(Taxonomy-aligned)

OpEx of environmentally sustainable

activities (Taxonomy-aligned) (A.1.)

0.0

0.00%

Of which enabling

0.0

0.00%

Of which transitional

0.0

0.00%

A.2. Taxonomy-Eligible but not

environmentally sustainable activities (not

Taxonomy-aligned activities)

EL;

N/EL

EL;

N/EL

EL;

N/EL

EL;

N/EL

EL;

N/EL

EL;

N/EL

OpEx of Taxonomy-eligible but not

environmentally sustainable activities (A.2.)

0.0

0.00%

OpEx of Taxonomy-eligible activities (A.1. +

A.2.)

0.0

0.00%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

OpEx of Taxonomy-non-eligible activities

233.3

100%

TOTAL

233.3

100%

Sustainability statement > General information > Environment > Social > Governance > Audit report

159

Nuclear energy related activities

YES/NO

The undertaking carries out, funds or has exposures to research, development,

demonstration and deployment of innovative electricity generation facilities that produce

energy from nuclear processes with minimal waste from the fuel cycle.

The undertaking carries out, funds or has exposures to construction and safe operation

of new nuclear installations to produce electricity or process heat, including for the

purposes of district heating or industrial processes such as hydrogen production, as well

as their safety upgrades, using best available technologies.

The undertaking undertakes, finances or has exposures to the safe operation of existing

nuclear installations producing electricity or process heat, including for district heating

or industrial processes such as the production of hydrogen from nuclear energy, as well

as improving their safety.

Fossil gas related activities

YES/NO

The undertaking carries out, funds or has exposures to construction or operation of

electricity generation facilities that produce electricity using fossil gaseous fuels.

The undertaking carries out, funds or has exposures to construction, refurbishment, and

operation of combined heat/cool and power generation facilities using fossil gaseous

fuels.

The undertaking carries out, funds or has exposures to construction, refurbishment and

operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.

Sustainability statement > General information > Environment > Social > Governance > Audit report

160

Climate change

Climate change is one of the major challenges of our

time. We therefore assume our responsibility as a large

company, by contributing to global eﬀorts to reduce

greenhouse gas emissions. We started forging this path

many years ago to address emissions under our direct

control. And in our upstream and downstream value

chains as well, we will play an active role to promote

sustainable practices. At the same time, we see and

recognise the huge potential impact that a changing

climate can have on our supply chains. Building resilient

chains will therefore be a focus of our attention more

than ever over the next few years.

This chapter covers the material subtopics of climate

change mitigation, energy and climate adaptation in

terms of impact and from a financial perspective,

including risks and opportunities. It comprises our

climate transition plan, describing the path to be

followed to achieve climate-neutral business operations,

with greenhouse gas emissions as close to zero as

possible. The first markers towards 2030 have already

been set, and we are now working step by step towards

an integrated plan to horizon 2050.

1. Impacts, risks and opportuniƟes

A general explanation of the double materiality

assessment is provided in the ‘General information’

chapter (see ‘Impact, risk and opportunity

management’). The identification and assessment of

climate-related IROs naturally follow the same process

under the same methodology.

1.1 Climate-related impacts

The inventory of Colruyt Group’s Scope 1, Scope 2 and

Scope 3 greenhouse gas emissions was analysed

specifically for impacts linked to climate mitigation,

enabling us to assess actual or potential impacts of our

total greenhouse gas emissions. This inventory provides

us with an insight into where our direct and indirect

impacts on climate change are situated in the value

chain (see also the visualisation of our value chain under

‘3. Material sustainability themes in our value chain’ in

the ‘General information’ chapter). This will be explained

in more detail under ‘Indicators’.

1.2 Climate-related risks

In 2024, we carried out an analysis across the whole

value chain, based on TCFD guidelines (Task Force on

Climate-related Financial Disclosures), to assess our

climate-related transition risks and high-level physical

risks. We have not yet carried out a general-scenario

analysis, but have done so for specific risks, namely for

our own assets and the supply chain of products which

are currently the most vulnerable (fruit and vegetables).

We intend to further expand on this in the future. In

2023, we carried out an analysis of physical climate risks

specifically for our own activities and physical assets.

The relevant climate risks were selected based on the

Climate Delegated Act (Annex I) of the EU Taxonomy,

diﬀerentiating between acute and chronic hazards. Any

missing climate risks were added. The following factors

played a role in the selection process: geographical

location, possible adverse eﬀects for the execution of

operations, mitigation measures by a third party and

own mitigation measures. The following acute and

chronic risk categories were selected:

Acute

Temperature-related risks:

heat wave, cold wave, forest fires

Wind-related risks:

tornado or storm

Water-related risks:

flooding and precipitation, drought

Soil-related risks:

landslide

Chronic

Water-related risks:

saline intrusion

Soil-related risks:

Soil degradation and erosion

For operations with an expected life of less than

10 years, an exposure analysis was carried out in relation

to current risks. For operations with an expected life of

over 10 years, exposure to current as well as future risks

was analysed (10-30 years). Time horizon 2030 as well as

2050 were included, based on two scenarios of the

Intergovernmental Panel on Climate Change (IPCC), i.e.

the RCP 2.6 scenario and the RCP 8.5 scenario, with RCP

meaning Representative Concentration Pathway. The

RCP 2.6 scenario aligns with the Paris Agreement

(limiting global warming to 1.5°C above pre-industrial

levels). The RCP 8.5 scenario and time horizon 2050

were chosen because this represents the worst-case

Sustainability statement > General information > Environment > Social > Governance > Audit report

161

scenario, oﬀers the most conservative approach, is well

established and is widely applied in scientific research

and policy-making. Each year, new assets are analysed to

map out possible new risks.

In early 2025, we carried out an in-depth risk analysis

relating to physical climate risks in the upstream value

chain. We used the following three climate scenarios for

this analysis: an increase in temperature of 1.5°C

(moderate scenario), an increase of 3°C (base scenario)

and 5°C (extreme scenario). We selected the time

horizons of 2030 and 2040. We scored the selected

product groups within the category of fruit and

vegetables on dependency risks, country risks and crop

risks, based on primary data and independent, scientific

knowledge. We also included the impact on our

organisation and on consumers. For the ten highest-risk

product groups, we then drew up a purchase plan for

one fruit and one vegetable in each product group.

Application of this risk analysis method will continue to

be scaled up over the next few years, which – in

combination with our impact analysis (due diligence

process) – will lead to procurement plans for the

highest-risk and highest-impact product categories.

1.3 Resilience analysis

We identified heat waves, flooding and heavy rainfall as

acute physical climate risks within our own operations.

Heat waves can have consequences for freight transport

services (delays), for the health and productivity of

workers and for the quality of specific product

categories. During hot weather periods, energy

consumption in the refrigerated distribution centres will

be significantly higher. Flooding and heavy rainfall can

cause damage to infrastructure, equipment and

material, and may disrupt the operations of essential

utilities. However, these risks do not exceed the financial

threshold in the DMA. Potential eﬀects of climate-

related risks are included in our risk management, but

this has not revealed any factors having a material eﬀect

on the life and value of Colruyt Group’s assets.

Within our upstream and downstream value chain, the

risk of disruption to business continuity and potential

loss of revenue through interruptions in the supply chain

as a result of failed harvests due to extreme weather

conditions exceeded the financial threshold.

Colruyt Group’s business strategy oﬀers a degree of

resilience against this physical risk. Our strategic choices

to mitigate this risk are described in more detail further

on (see ‘3. Climate adaptation’).

1.4 TransiƟon risks due to locked-in

emissions

We identified and investigated our key assets which are

a source of potential locked-in emissions in Scope 1 and

Scope 2, including the expected expansion of assets with

significant emissions. This concerns a number of

industrial installations which use fossil fuels, packaging

systems with fumigation in a protective atmosphere,

furnaces in central buildings and gas boilers in stores.

Emissions from these assets do not jeopardise our target

to reduce Scope 1 and Scope 2 emissions by 2030, but

we are nevertheless giving high priority to investigating

the potential to reduce them.

Our locked-in Scope 3 emissions are limited, because we

sell hardly any products which generate emissions over a

life of several years, such as electronic devices. However,

products of particular significance in the ‘use of sold

products’ category are primarily fuels and specific

product groups, such as charcoal. We estimate that the

presence of our own filling stations in France might

aﬀect the feasibility of the targets in the transition plan,

particularly the target to reduce emissions from the use

phase of our sold products by 42% by 2030, compared

to base year 2021.

Sustainability statement > General information > Environment > Social > Governance > Audit report

162

2. Climate change miƟgaƟon

2.1 Our approach

Our climate change mitigation policy applies to all

consolidated operations of Colruyt Group in Belgium,

Luxembourg and France. Each operation follows the

principles set out in this policy, but has the flexibility to

set its own accents in line with its own strategy. Our

policy explains our strategic choices and targets

providing a group-wide response to our material

impacts, risks and opportunities, linked to the topics of

climate change mitigation and energy. Colruyt Group is

not excluded from the EU Paris-aligned Benchmarks.

Our climate change mitigation policy aims to restrict and

mitigate climate change by reducing our Scope 1,

Scope 2 and Scope 3 emissions, in line with our ‘net

zero’ aspiration by 2050 and with the targets we have

set to achieve this aspiration (see further under

‘2.3 Targets’). We do not apply any internal carbon

pricing. By covering all emission scopes, the policy

encompasses emissions from our own operations

(Scope 1 and Scope 2), as well as our upstream and

downstream value chain (Scope 3).

The Real Estate Manager heads the climate change

mitigation policy for Scope 1 and Scope 2. The chief

operation oﬃcer Food Retail (hereinafter ‘COO Food

Retail’) heads it for Scope 3. The chief purchasing oﬃcer

is responsible for the policy on sustainable sourcing and

the impact of products in the value chain. They assume

final responsibility for implementation of the policy and

corresponding targets, and determine the requisite

changes and actions.

2.1.1 Scope 1 and Scope 2

Our mitigation policy for Scope 1 and Scope 2 focuses on

energy eﬃciency, renewable energy and carbon

removal. It incorporates six strategic choices leading to

four decarbonisation levers (see further under

‘2.2 Actions’). Decisions are guided by principles such as

maximum impact per invested euro and active

monitoring. We also keep a close eye on legislative

initiatives, sector-specific trends and developments, and

possible (pre-competitive) collaborations.

WE ARE PIONEERS IN ZERO-EMISSION FREIGHT

TRANSPORT AND CIRCULAR BUILDING WITHIN THE

BUSINESS WORLD

For zero-emission freight transport, we are again playing

a pioneering role with the introduction of electric and

hydrogen-electric trucks, just as we did in the past with

Compressed Natural Gas (CNG) as a transition fuel. To

further reduce our emissions, we seek solutions in the

area of circular building, embodied carbon and building

materials with a low carbon footprint. We do this via

active collaborations with construction companies,

suppliers and building material recycling companies. For

other areas, we opt to wait for (profitable) solutions

involving market-ready technologies.

WE FOCUS ON ENERGY EFFICIENCY: THE MOST

SUSTAINABLE ENERGY IS THE ENERGY WE DO NOT

CONSUME

Completely in line with our ongoing commitment to

simplicity and eﬃciency, we continue to focus on energy

conservation. Energy eﬃciency, energy recovery and

energy control form integral components of energy

conservation, helping to shape our day-to-day decisions

in our business processes and buildings. We are aware

that energy eﬃciency does not always go hand in hand

with lower costs. However, if it is shown to have a

suﬃciently positive impact, we are nevertheless willing

to invest in it.

WE USE RENEWABLE ENERGY AS FAR AS POSSIBLE AND

KEEP INVESTING IN IT

In addition to using renewable energy sources,

such as solar and wind, as well as green hydrogen and

bio fuels for specific applications, we optimise our use of

renewable energy by ensuring maximum simultaneity

between energy production and consumption. We

generate electricity ourselves using solar installations at

our store sites and logistics sites. While continuing to

invest in renewable energy – as we have been doing for

decades now –, we are increasing our expertise in the

production of green hydrogen with pioneering projects.

WE INVEST IN CLIMATE-NEUTRAL BUILDINGS

We continue to invest in making our buildings emission-

free throughout their use phase. What is more, we want

to reduce emissions from our buildings to zero

throughout their entire life. However, this will

necessarily involve a longer journey, depending partly on

external factors. We have, nevertheless, already

completed demonstrable steps and will continue along

this road over the coming years. We research and test

new materials and processes with lower CO₂ emissions,

which also involves experimenting with biomass, urban

mining and reuse of materials to close the loop.

WE TAKE INVESTMENT DECISIONS WITH DUE REGARD

FOR THE OVERALL ENVIRONMENTAL IMPACT

When taking investment decisions, we look not only at

the impact on climate change, but also at the overall

environmental impact. We do this based on the

consultation of experts and impact analyses, among

other things. We only make informed choices. In this

way, we limit any negative eﬀects on other key

environmental matters as a result of focusing too one-

sidedly on climate change mitigation.

Sustainability statement > General information > Environment > Social > Governance > Audit report

163

WE INVEST IN AFFORESTATION TO OFFSET OUR

RESIDUAL SCOPE 1 AND SCOPE 2 EMISSIONS

We continue to systematically reduce our emissions,

including beyond 2030, with the necessary ambition,

while opting for a complementary solution. After

thoroughly analysing the various alternatives, we opted

for CO₂ removal via forest planting in the Democratic

Republic of the Congo. By means of this aﬀorestation

project, we want to oﬀset at least the equivalent of our

residual Scope 1 and Scope 2 emissions (see further

under ‘4.3 Carbon removal and storage’).

2.1.2 Scope 3

Two major stakeholder groups play a key role in our

climate change mitigation policy for Scope 3: our

customers and our business partners.

We want to encourage our customers to change their

behaviour through the products we oﬀer. By doing

business sustainably, we want to facilitate conscious

consumption. To achieve this, we are steering customer

behaviour towards low(er)-carbon products, while

making the corresponding adjustments to our own way

of working. That is reflected in the following strategic

choices:

WE ARE COMMITTED TO THE PROTEIN TRANSITION

FOR A MORE SUSTAINABLE AND BALANCED DIET

We are guiding customers towards a more balanced and

sustainable diet, while leaving the ultimate choice up to

them within the scope of their lifestyle. To increase sales

of plant-based protein, we oﬀer products that are

accessible in terms of price, taste and visibility. This is

done via our physical and digital stores, and through our

marketing communication.

WE ENCOURAGE MORE SUSTAINABLE CHOICES WITH

ECO-SCORE AND OUR SUSTAINABLE SAVINGS

PROGRAMME

We position our Eco-score code not only as an

achievable, aﬀordable and scalable means of informing

consumers or raising their awareness, but above all as a

means of bringing about an eﬀective change in

behaviour. This is also why we link it to our sustainable

savings programme, via which we explicitly reward

customers for purchasing products with a lower

environmental impact. Customers can use their saved

points to support a charitable cause in Belgium, attend a

Colruyt Group Academy webinar or select a free product

with an A or B Eco-score.

We work together with our business partners to

encourage more sustainable purchasing and minimise

the impact of the products in our stores. That is

reflected in the following strategic choices:

WE ADOPT TRANSPARENT CLIMATE CRITERIA FOR OUR

PRODUCTS AND THE COMPOSITION OF OUR RANGE

We determine product criteria per product category, for

our private labels as well as national brands, with the

aim of minimising the footprint of our products in the

stores. We want to develop a transparent set of climate

criteria which we will consistently apply to our products

and the composition of our range. In doing so, we want

to make it as straightforward as possible for our

customers to make more sustainable choices.

WE ARE WORKING ON A SECTOR-WIDE APPROACH

AND ROLLOUT IN THE AREA OF CLIMATE CHANGE

MITIGATION FOCUSING ON HIGH-IMPACT FOOD

COMMODITIES

To reduce the climate impact of food commodities in our

products with high emissions – such as dairy, meat or

chocolate –, we preferably adopt a raw-material-based

approach, working in cooperation with the sector. We

enter into pre-competitive collaborations to create an

even playing field and actively participate in multi-

stakeholder initiatives and sector organisations, based

on our role as a retailer as well as a producer. Moreover,

our experience in international chain projects and

Belgian farming projects helps in the process of mapping

product criteria and rolling them out in phases.

WE TAKE A HOLISTIC VIEW OF ENVIRONMENTAL

IMPACT

A measure that may appear positive in the light of

climate change mitigation might have negative eﬀects,

for example on animal welfare or nitrogen pollution. It

can also work the other way around: social matters, such

as an adequate income, are sometimes a lever or even a

condition for achieving climate targets.

WE FOCUS ON REDUCING OUR ENVIRONMENTAL

IMPACT WITH OUR BONI PRIVATE LABEL

Alongside the strategic choices we have made, we are

preparing a specific CO₂ reduction plan for our Boni

private label. For our other private labels, we follow

market trends per brand layer.

Sustainability statement > General information > Environment > Social > Governance > Audit report

164

WE CLEARLY STATE OUR EXPECTATIONS AND

COLLABORATE ON TARGETED ASPECTS WITH OUR

BUSINESS PARTNERS FOR NATIONAL BRANDS

The national brands are responsible for the majority of

our Scope 3 emissions. We are therefore initiating

discussions with them, with a long-term focus on climate

change mitigation and CO₂ reduction. We now ask them

all to set climate targets based on the methodology of

the Science Based Targets initiative (hereinafter ‘SBTi’),

but our aim is to further expand our expectations into

targets, ambition level, reduction paths and reporting of

product emissions. In addition, we want to identify

promising projects and opportunities for high-impact

products and product groups with the right business

partner so that together we can achieve reductions in

our shared value chains. Such collaborations will enable

us to deepen and enhance the relationships we have

with our business partners.

WE SUPPORT BELGIAN PRODUCERS

As a Belgian retailer, we fill our shelves with as many

Belgian products as possible. As part of our climate

eﬀorts too, we want to specifically support our Belgian

producers and suppliers so that together the necessary

advances can be made in reducing CO₂. This can be done

in diﬀerent ways, depending on the needs.

WE PROACTIVELY SEEK PARTNERSHIPS AND

INNOVATIONS GEARED TO DECARBONISATION

We are aware that CO₂ reduction calls for eﬀorts and

investment in the short term from the whole sector. We

are proactively looking for smart partnerships and

innovations in creative ways, which could lead to a

win-win situation for ourselves, our business partners

and our customers.

Sustainability statement > General information > Environment > Social > Governance > Audit report

165

2.2 AcƟons

2.2.1 Scope 1 and Scope 2

Within Scope 1 and Scope 2 of the Greenhouse Gas

Protocol Corporate Standard, we are reducing our

emissions by phasing out the existing emission sources,

where this is technologically and economically possible.

This applies to our installations and vehicles which

generate emissions (Scope 1), as well as the energy we

purchase and use (Scope 2). This (Scope 1 and Scope 2)

action plan is monitored and managed by our internal

‘direct greenhouse gas emissions’ steering committee.

The steering committee has designated a diﬀerent

person to be responsible for each decarbonisation lever

identified. They then ensure the specific implementation

of the action plan. We have identified the following four

decarbonisation levers contributing to our reduction

target and focus first on Scope 1 today (in order of size):

ZERO-EMISSION PASSENGER TRANSPORT

Colruyt Group’s existing fleet of company vehicles

comprises vehicles powered by CNG, diesel, petrol,

hydrogen and electricity. The share of electric company

vehicles will increase to 100% by 2030, at least for the

group’s central fleet which is managed in Belgium. In the

coming financial year, we will start preparing reduction

plans for the group’s non-integrated activities.

NATURAL REFRIGERANTS

Our aim is to replace all our cooling systems running on

synthetic refrigerants or to modify them in line with the

new regulations. This means that we are installing new

cooling systems running on natural refrigerants and

modifying existing systems to comply with the lower

Global Warming Potential (GWP) requirements under

the EU F-Gas Regulation. This is being or will be done for

all systems in the branches of Bio-Planet, Colruyt

Lowest Prices, Okay and Comarkt.

REDUCTION IN FOSSIL FUELS FOR HEATING

A preliminary key action under this decarbonisation

lever is to use residual heat from the cooling systems in

the branches of Bio-Planet, Colruyt Lowest Prices, Okay

and Comarkt. When installing the new cooling systems

running on natural refrigerants, a further system will be

installed enabling the residual heat from the cooling

plant to be used to heat the store buildings. In many

cases, this residual heat will be suﬃcient to cover the

majority or even the entirety of store heat demand.

A second key action under this lever is to add further

insulation to (the roofs of) the store buildings which we

own. This is being implemented in the branches of

Bio-Planet, Colruyt Lowest Prices, Okay and Comarkt.

For renovation work, we are looking into whether it is

possible to add additional insulation to lower the heat

demand of the buildings and reduce the need for

external heating as far as possible. The optimum degree

of insulation will be determined, ensuring that the

amount of emissions released in the production phase

of the insulation material does not exceed the amount

of emissions avoided in the use phase of the building

thanks to the additional insulation.

ZERO-EMISSION FREIGHT TRANSPORT

We want to reduce our greenhouse gas emissions in the

area of freight transport to zero by 2030 by means of

zero-emission freight transport. This target is applicable

to our own fl eet, in other words all freight vehicles

involved in Davytrans, Solucious, Northlandt (Belgium)

and Codifrance (France) operations. We will switch our

trucks to electric vehicles (Battery Electric Vehicle or

Fuel Cell Electric Vehicle) and are exploring ways of

deploying bio fuel HVO100 in the short term. Lastly, we

are working on the electrification of our refrigerated

trucks and terminal tractors

Sustainability statement > General information > Environment > Social > Governance > Audit report

166

(in tCO2eq)

Reductions

achieved

Planned

reductions

2024/25

until 2030/31

Zero-emissiepassenger transport

898.9

11,400.8

Natural Refrigerants

11,332.3

Reduction in fossil fuels for heating

2,161.5

6,611.6

Zero-emission freight transport

8,643.3

Disclosure principles

These projections are based on the planned investments

within our group. They obviously do not take into

account any possible acquisitions or divestments in the

future. What is more, the forecast is subject to

methodological restrictions, such as updates to emission

factors or to the Greenhouse Gas Protocol Corporate

Accounting and Reporting Standard (hereinafter ‘GHG

Protocol’). The feasibility of the target and calculations

per lever are based on the following assumptions:

x The reduction in fossil fuels for heating depends on

the speed of renovation achieved in our store

buildings.

x The feasibility of zero-emission freight transport is

closely tied to the challenges faced in aspects such as

charging infrastructure, technological solutions and

availability of renewable energy.

x In this forecast, we have assumed that we can

continue to purchase renewable electricity on a large

scale, so that market-based Scope 2 emissions can be

kept as close as possible to zero. At the same time, we

know that electricity consumption will keep rising, due

to the increasing electrification of transport and

heating among other reasons, as well as due to

organic growth.

x Our Belgian stores will only use natural refrigerants as

of 2030, whereas in France (temporary) use may also

be made of refrigerants with a lower GWP.

x Organic growth is proactively factored in by applying

an annual percentage increase of the emissions.

Sustainability statement > General information > Environment > Social > Governance > Audit report

167

2.2.2 Scope 3

To implement our strategic choices (see ‘2.1 Our

approach') and targets (see ‘2.3 Targets’), we selected six

decarbonisation levers in the 2024/25 financial year

which should allow us to mitigate our impact on climate

change. In the 2025/26 financial year, we will also

quantify, refine and substantiate these levers in an

action plan. We will then be in a position to report more

specifically on progress in the transition plan.

ECO-SCORE AND SUSTAINABLE SAVINGS PROGRAMME

We want to actively influence the behaviour of our

customers and encourage them to consume more

sustainably. That is why we link the Eco-score to a

savings programme. Customers earn extra points when

they purchase products with an A and B Eco-score, such

as plant-based alternatives or fresh vegetables and fruit.

In addition, we want to further consolidate this system

by involving more suppliers and seeking its possible

establishment in law.

PROTEIN TRANSITION

We endeavour to reduce the ecological footprint of food

by encouraging our customers to gradually consume less

animal protein and opt more often for plant-based

alternatives. In addition to the conventional marketing

approach, we take advantage of pivotal moments when

people are open to change, such as via Colruyt Group

Academy, our taste tests and other customer contacts.

Lastly, we are increasing the visibility of plant-based

products in our stores and marketing channels, at a rate

matching that of our customers.

PRODUCT RANGE

We are exploring ways of how we can accommodate

climate impact in our management of product ranges

and selection of the product mix and of how we can set

this lever out in concrete terms in an action plan. With

our Boni Plan’t sub-label launched in early 2025 and by

revamping our existing Boni Eco sub-label, we want to

oﬀer a more climate-friendly alternative to carbon-

intensive products in our private labels. By focusing on

various parameters (such as distribution level, promo-

intensity and marketing communication) together with

our store formats, we want to persuade even more

customers to buy these products.

SUPPLIER CRITERIA

We ask all our suppliers to set climate targets approved

by the SBTi. Our purchasing department is now actively

putting this requirement (for science-based climate

targets from existing and new business partners) on the

agenda.

We are exploring additional expectations to be asked of

our suppliers, such as emissions monitoring, reporting

on progress in the targets and action plans plus data

exchange at product level. A really important factor in

this respect is to achieve standardisation across the

sector in terms of methodology adopted and platform

used. In the coming financial year, we will further shape

and/or make adjustments to our approach.

PRODUCT CRITERIA

We intend to apply this lever to lower the climate impact

of our sales products by defining and introducing

sustainability criteria per identified product group, after

first carrying out an internal analysis. Direct measures

could include certifi cation or sustainable energy

requirements for production. When needed, we will

enter into collaborations with suppliers and other

external parties to identify feasible reduction measures

– preferably at pre-competitive level to encourage a

broad sectoral approach. We will translate the

knowledge gained into our purchasing policy.

ZERO-EMISSION FREIGHT TRANSPORT

By 2035, all transportation to and from our distribution

centres, stores and customers must be completely

emission-free. Some of our outgoing transportation

activities are performed by independent transport

partners. Our transport department is currently working

closely together with transport and business partners to

bring about the first zero-emission transport flows in the

short term. We support this transition not only by

providing the requisite infrastructure and

fixed delivery

windows, but also through sharing know-how and

producing custom business cases and tailored solutions.

In cooperation with Virya Energy, we are also building

ecosystems for the production and oﬀ-take of

sustainable energy.

Sustainability statement > General information > Environment > Social > Governance > Audit report

168

2.3 Targets

2.3.1 Scope 1 and Scope 2

Colruyt Group defines one target linked to Scope 1 and

Scope 2 climate change mitigation.

BY 2030, WE WILL REDUCE OUR SCOPE 1 AND SCOPE 2

GREENHOUSE GAS EMISSIONS BY 42% COMPARED TO

2021 (MARKET-BASED).

This target describes our intended reduction of

greenhouse gas emission between base year 2021 and

target year 2030. The target applies to all the group’s

consolidated subsidiaries. Measures contributing to the

reduction of greenhouse gas emissions are calculated in

absolute values (tCO2eq) and projected to the total

greenhouse gas emissions of Colruyt Group in base year

2021.

The target was created in 2022 in accordance with the

methodology of the SBTi and then successfully validated

by this organisation. This means that the ambition level

of our target is compatible with reducing global warming

to 1.5°C, in line with the Paris Agreement. The retail and

distribution sector is not a sector that was assigned an

individually plotted reduction path by the SBTi. Colruyt

Group therefore opted for the ‘cross-sector pathway’ to

elaborate science-based targets.

We can present a good result for the past financial year.

Impactful contributions mainly came from the transition

of the acquired Comarkt stores to green electricity

contracts, the choice of biomethane instead of fossil

natural gas at Colruyt Prix Qualité, and the further roll-

out of heat recovery in our stores. Emissions from our

company fleet are also reducing. We are well on track to

meet this target by 2030. We will continue to implement

the reduction plans for our central entities and have

started to produce and implement reduction plans for

the non-integrated entities.

(in tCO2eq)

Base year

2021

2024/25

Variance

Target 2030

By 2030, we will reduce our Scope 1 and Scope 2 greenhouse gas emissions

by 42% compared to 2021 (market based).

107,711.5

86,421.1

-19.8%

-42%

-55%

-45%

-35%

-25%

-15%

-5%

2021 2022 2023 24/25 25/26 26/27 27/28 28/29 29/30 30/31

Targett Evolution

Target Measured figures Forecast

Sustainability statement > General information > Environment > Social > Governance > Audit report

169

Disclosure principles

This target applies to all Colruyt Group’s consolidated

subsidiaries, in accordance with the principle of financial

control. For the sake of comparability and in line with

the provisions of the Greenhouse Gas Protocol, the

base year is recalculated, where necessary, to reflect

structural and methodological changes, applying a

recalculation threshold of 5%. A retroactive adjustment

is made to base year 2021 (calendar year 2021) on

account of structural organisational changes: the

divestment of Dreambaby and material acquisition of

Match and Smatch stores under the Comarkt store

format. From now on, we are also using an emission

factor for natural gas based on the highest combustion

value, which is more accurate in methodological terms.

We calculate progress towards this target in line with the

Greenhouse Gas Protocol guidelines, using the indicators

‘Gross Scope 1 emissions’ and ‘Gross market-based

Scope 2 emissions’. For more information on the

calculation method used, see further under

‘4.2 Greenhouse gas emissions’. Base year 2021 against

which the variance is measured is representative in

terms of operations and emission sources, as well as the

influence of external factors, such as unforeseen

weather conditions or economic shocks.

As of this sustainability reporting, we are using the

financial year instead of the calendar year as the

reporting period. Because both constitute a period of

twelve months, seasonal eﬀects are irrelevant. We are

therefore not retroactively adjusting data from the base

year to the new reporting period.

Sustainability statement > General information > Environment > Social > Governance > Audit report

170

2.3.2 Scope 3

Colruyt Group has defined two targets linked to climate

change mitigation in Scope 3. It goes without saying that

targets for other topics (e.g. packaging and

deforestation) also contribute indirectly to the reduction

of greenhouse gas emissions in the supply chain.

Colruyt Group falls under the SBTi FLAG guidance: given

that, as a food retailer, we have significant Scope 3

emissions within the FLAG sectors (Forest, Land and

Agriculture), we will separate the FLAG emissions from

our existing greenhouse gas inventory and will define

separate targets for these. We will take this step in the

course of the 2025/26 financial year.

BY 2027, WE WILL PURCHASE 77% OF OUR PURCHASE

FIGURE IN THE CATEGORY ‘PURCHASED GOODS AND

SERVICES’ FROM SUPPLIERS WITH SCIENCE-BASED

CLIMATE TARGETS

This target was also created and validated in accordance

with the methodology of the SBTi. This is the target for

supplier engagement, which means that we will prompt

our business partners to set their own science-based

climate change mitigation targets and develop action

plans. We consider this to be an essential interim step to

enable us to move towards an absolute reduction target.

An integrated Scope 3 cockpit to which more primary

data from our business partners is gradually added will

prepare us for the corresponding monitoring.

In the last financial year, we made visible progress in

prompting suppliers to create their own science-based

climate targets and plans. In the financial year 2025/26,

we will continue and intensify this approach.

(in %)

2023/24

2024/25

Variance

Target

2027

By 2027, we will purchase 77% of our purchase figure in the category

‘Purchased goods and services’ from suppliers with science-based climate

targets.

30.7

36.5

5.8

Disclosure principles

We calculate progress towards this target by linking the

purchase figure per supplier to their status in the SBTi

dashboard. Only the ‘Targets set’ status counts towards

meeting the target. A percentage is then calculated by

dividing the purchase figure generated from suppliers

with science-based climate targets by the total purchase

figure.

This target applies to the overall purchase figure of

Colruyt Group’s consolidated subsidiaries, within the

‘Purchased goods and services’ category of the

Greenhouse Gas Protocol. To comply with this definition

and avoid double counting, we are not including any

purchase figure linked to diﬀerent Scope 3 categories or

to Scope 1 and Scope 2.

Sustainability statement > General information > Environment > Social > Governance > Audit report

171

BY 2030, WE WILL REDUCE SCOPE 3 EMISSIONS IN THE

USE PHASE OF OUR PRODUCTS SOLD BY 42%

COMPARED TO 2021

As with the other two climate targets, this target was

created and validated in accordance with the

methodology of the SBTi. It relates specifically to

emissions linked to products with direct emissions in the

use phase, such as fossil fuels, electronic devices or

specific products, such as charcoal. Products with

indirect emissions in the use phase are not included in

this target – in line with the rules of the Greenhouse Gas

Protocol and the SBTi.

(in tCO2eq)

Base year

2021

2024/25

Variance

Target 2030

By 2030, we will reduce Scope 3 emissions in the use phase of our products

sold by 42% compared to 2021.

357,759.1

462,522.8

29.3%

-42%

Disclosure principles

The target applies to all Colruyt Group’s consolidated

subsidiaries, for the greenhouse gas emissions reported

in the ‘Direct use-phase emissions’ category in Scope 3

of the Greenhouse Gas Protocol.

We calculate progress towards this target via the ‘Gross

Scope 3 emissions from use of sold products’ indicator.

For more information on the calculation method used,

see further under ‘4.2 Greenhouse gas emissions’.

Base year 2021 (calendar year 2021) against which the

variance is measured is representative in terms of

operations and emission sources, as well as the

influence of external factors, such as seasonal eﬀects or

economic shocks.

A retroactive adjustment is made to base year 2021 on

account of structural organisational changes: the

divestment of Dreambaby and material acquisition of

Match and Smatch stores under the Comarkt store

format. Data from Codifrance and Roelandt was also

added, because the cumulated impact of the various

structural changes this year exceeded the threshold

value of 5%. We also fine-tuned our methodology and

calculation values.

As of this sustainability reporting, we are using the

financial year instead of the calendar year as the

reporting period. Because both constitute a period of

twelve months, seasonal eﬀects are irrelevant. We are

therefore not retroactively adjusting data from the base

year to the new reporting period.

Sustainability statement > General information > Environment > Social > Governance > Audit report

172

2.4 Alignment with business model and

financial planning

Sustainability has always been important to

Colruyt Group. We defined it in concrete terms in seven

sustainability objectives and 27 sub-objectives (see

‘Our vision on sustainability’ in the ‘Intro’ chapter for

more information). The reduction target for Scope 1 and

Scope 2 as well as for Scope 3 form part of this. Our

strategic policy choices (see ‘2.1 Our approach’) support

the objectives, such as energy reduction, protein

transition, Eco-score and sustainable savings

programme. These objectives are also set and validated

by the Management Committee. The actual objectives as

well as their progress are placed on the agenda by the

CEO and discussed in the Board of Directors. The

transition plan, together with the corresponding policy

and actions to realise it, is approved by the Management

Committee under the direction of the CEO.

To achieve our objectives, and to implement the

corresponding requisite actions in the organisation, the

entities involved assign the necessary priority to

releasing people and resources via their roadmaps. We

ensure the CapEx investments required to achieve the

objectives in the financial planning are amply integrated.

In this way it is possible to transparently assess

sustainable investments and then validate them (or not).

Given that Colruyt Group already invests annually in the

various decarbonisation levers, we expect that the

planned investments up to financial year 2030/31 will be

in line with the financial planning under the existing

strategy.

If the planned investments are financed externally, this

will be done as far as possible via green or sustainable

instruments. Our sustainability linked revolving credit

facility forms a key component of our financing strategy.

So from now on, our reduction target for Scope 1 and

Scope 2 and our supplier engagement target for Scope 3

are linked to the interest rate at which we can borrow. If

green or sustainable instruments are issued on the

public market, this will be done in accordance with the

principles set out in our Sustainable financing

framework, available on our website

www.colruytgroup.com. For example, we issued a

Green Retail Bond under this framework in

February 2023. The entire amount of EUR 250 million

allocated under this Green Retail Bond can be linked to

the decarbonisation levers in our transition plan. For

more information in this respect, please refer to the

Allocation & Impact Report available on our website.

2.5 Alignment with the EU Taxonomy

RegulaƟon

We strive to ensure maximum integration between our

climate transition plan and the requirements of the

EU Taxonomy. To align with the EU Taxonomy, we report

in particular on activities relating to the first

environmental objective, which is: climate change

mitigation. We do not currently report any activities for

the objective of climate change adaptation.

For more information, particularly on the KPIs of the

eligible CapEx aligned with the EU Taxonomy for the

2024/05 financial year, please refer to the

‘EU Taxonomy’ chapter. Our aim is to further increase

the aligned CapEx over the coming years. To do so, we

are working to produce a positive assessment of the

technical criteria for CCM 7.2 activity ‘Renovation of

existing buildings’. In addition, a number of investments

within the scope of our climate transition plan, which fall

under the activities of the EU Taxonomy (e.g. CCM 7.6

‘Installation, maintenance and repair of renewable

energy technologies’) are expected to have a positive

eﬀect on the KPIs of the aligned CapEx.

Sustainability statement > General information > Environment > Social > Governance > Audit report

173

3. Climate change adaptaƟon

3.1 Our approach

The eﬀects of climate change also aﬀect Colruyt Group.

We are fully aware of the challenges facing us and are

already implementing actions accordingly. We see our

existing policy as a basis on which to establish a more

formal policy responding even more specifically to our

material risks and opportunities based on strategic

choices.

The results of the double materiality assessment clearly

point towards the upstream value chain and, in

particular, the food product supply chain. Over the

coming years, the due diligence process and further risk

analyses will continue to give direction to our policy to

be adopted and its corresponding scope. In geographical

terms, the scope really depends on the various product

groups and sourcing choices made, with focus primarily

lying on the producing regions which are currently the

hardest hit by climate change.

Our policy also contains a number of strategic choices

based on current practices. For instance, we proactively

ensure extra stocks if we believe there is a credible risk

of disruption in the supply chain due to events such as

climate disasters or failed harvests. We also prepare

phased plans for all relevant product groups of our

private labels. These plans deliberately cover a broader

scope than climate risks alone. Lastly, we opt for a local

presence in East Asia (Colimpo, our own trading

company), enabling us to shift gear more quickly.

Responsibility for this policy lies with the CEO as owner

of the climate adaptation risk area within the enterprise

risk management of Colruyt Group.

At present, we have not yet linked any formal action

plan or measurable targets to our material risks and

opportunities relating to climate adaptation in the

upstream value chain. In the coming year, we will look at

the steps we can take – where relevant – in accordance

with the implementation of our strategy. In any event,

we will continue to work on the purchase plans for the

relevant product groups of our private labels and start

implementing them.

Sustainability statement > General information > Environment > Social > Governance > Audit report

174

4. Indicators

4.1 Energy

Energy consumption and mix

2024/25

Fuel consumption from coal and coal products (MWh)

Fuel consumption from crude oil and petroleum products (MWh)

102,150.7

Fuel consumption from natural gas (MWh)

180,874.5

Fuel consumption from other fossil sources (MWh)

1,887.6

Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources (MWh)

5,638.8

Total fossil energy consumption (MWh)

290,551.5

Share of fossil fuels in total energy consumption (%)

48.1

Consumption of electricity purchased or acquired from nuclear sources (MWh)

3,745.9

Total energy consumption from nuclear sources (MWh)

3,745.9

Share of consumption from nuclear sources in total energy consumption (%)

0.6

Fuel consumption from renewable sources, including biomass (MWh)

8,342.9

Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources (MWh)

281,421.7

Consumption of self-generated non-fuel renewable energy (MWh)

19,398.4

Total renewable energy consumption (MWh)

309,163.0

Share of renewable sources in total energy consumption (%)

51.2

Total energy consumption (MWh)

603,460.4

Disclosure principles

The total energy consumption for our own operations

includes fuel consumption at the sites under our control

(stores, distribution centres, oﬃces, etc.), fuel

consumption of own and leased vehicles and the

consumption of purchased and self-generated electricity.

Purchased energy which is resold is not included in the

energy consumption figures.

To convert fuel consumption figures into energy

consumption figures, we use data from the grid operator

and reliable literature values, such as the JEC Tank-to-

Wheel report (v5) and guidelines from the Carbon

Disclosure Project (CDP). In accordance with ESRS

provisions, we will now use the lowest combustion value

for this conversion.

When purchasing grey electricity, the residual mix is split

between electricity from fossil, nuclear or renewable

sources, based on the residual mix for EU countries (AIB

data) and the electricity production mix for non-EU

countries (data by International Energy Agency,

hereinafter ‘IEA’).

51%

48%

Energyy mix

Renewable

Nuclear

Fossil

Sustainability statement > General information > Environment > Social > Governance > Audit report

175

Energy intensity

2024/25

Total energy intensity from activities in high climate impact sectors (MWh per million EUR of net revenue)

54.8

Disclosure principles

This indicator is calculated by dividing the energy

consumption of legal entities active in high climate

impact sectors by the net revenue from this same

selection of legal entities. The numerator and

denominator incorporate the same legal entities and

follow the same reporting period. For Colruyt Group,

this mainly concerns activities within NACE sectors A

(agriculture), C (industry), G (retail) and H (transporting

and storage). Not all Colruyt Group’s activities are

considered to be high climate impact sectors, but this

indicator nevertheless comprises the majority of the

group’s energy consumption and revenue.

The reported financial figures of this indicator are

compatible with our financial reporting.

Energy production

2024/25

Total production of non-renewable energy (MWh)

30,881.6

Total production of renewable energy (MWh)

24,474.4

Disclosure principles

The production of non-renewable energy comes almost

exclusively from our combined heat and power

installations. The production of renewable energy comes

from photovoltaic installations subject to financial

control. Both production figures are monitored using

measuring devices on the actual installations.

Sustainability statement > General information > Environment > Social > Governance > Audit report

176

4.2 Greenhouse gas emissions

Greenhouse gas emissions

2024/25

Scope 1 greenhouse gas emissions

Gross Scope 1 emissions (tCO2eq)

84,335.8

Share of Scope 1 emissions regulated under emission trading schemes (%)

Scope 2 greenhouse gas emissions

Gross location-based Scope 2 emissions (tCO2eq)

35,747.7

Gross market-based Scope 2 emissions (tCO2eq)

2,085.3

Share of market-based Scope 2 emissions covered by contractual instruments (%)

96.6

Share of market-based scope 2 emissions covered by Guarantees of Origin (%)

81.5

Share of market-based scope 2 emissions covered by power purchasing agreements (PPAs) (%)

15.2

Significant Scope 3 greenhouse gas emissions

Gross Scope 3 emissions (tCO2eq)

5,928,732.1

1: Purchased goods and services

4,324,265.4

2: Capital goods

158,850.6

3: Fuel and energy-related activities (not included in Scope 1 or Scope 2)

14,171.3

4: Upstream transportation and distribution

655,758.1

5: Waste generated in own operations

53,860.7

6: Business traveling

4,490.9

7: Employee commuting

34,824.5

9: Downstream transportation and distribution

39,072.4

11: Use of sold products

462,522.8

12: End-of-life treatment of sold products

156,965.4

14: Franchises

21,335.3

15: Investments

2,614.5

Total greenhouse gas emissions

Total location-based greenhouse gas emissions (tCO2eq)

6,048,815.6

Total market-based greenhouse gas emissions (tCO2eq)

6,015,153.2

Greenhouse gas intensity

Location-based greenhouse gas intensity (tCO2eq per million EUR)

551.7

Market-based greenhouse gas intensity (tCO2eq per million EUR)

548.7

Sustainability statement > General information > Environment > Social > Governance > Audit report

177

Disclosure principles

We report on our Scope 1, Scope 2 and Scope 3

greenhouse gas emissions in accordance with the

principles of the GHG Protocol. The greenhouse gas

inventory contains a calculated CO

equivalent, defined

as actual CO

emitted plus equivalent emissions of other

relevant greenhouse gases, as defined by the GHG

Protocol.

To calculate the greenhouse gas inventory, we adopt the

audit approach: we take into account 100% of the

greenhouse gas emissions from activities over which we

have financial control. The definition of operational

control is the same as that of financial control: based on

voting rights in the Board of Directors of an entity.

Therefore, the calculation of emissions follows the

consolidation scope. Colruyt Group does not have

control over its joint ventures and associates. All

emissions from these activities are therefore included in

category 15 of Scope 3 (‘Investments’), in line with the

GHG Protocol.

We apply the following approach for Scope 1 and

Scope 2 emission factors:

x To calculate the combustion emissions from fuels, we

use the ADEME Carbon Base V23.4.

x To determine the fossil and biogenic combustion

emissions from bio fuels, we apply the DEFRA emission

factors (2024).

x For non-CO

gases – such as leakage losses from

synthetic refrigerants –, we always use the most recent

GWP values published by the IPCC (AR6) based on a

time horizon of a hundred years.

x For the location-based emission factors for electricity,

we use datasets from the IEA. For the market-based

emission factors (residual mix), we use the values

published by AIB (2023) where available. Otherwise,

the IEA factors are again applied.

Colruyt Group makes use of Guarantees of Origin and

power purchasing agreements (PPAs) to purchase

renewable electricity. The share of market-based

Scope 2 emissions covered by contractual instruments is

therefore equal to the sum of the share covered by

Guarantees of Origin and the share covered by power

purchasing agreements. This share is calculated each

time on the basis of activity data for Scope 2, so it is

in kWh instead of tCO

eq. Because Colruyt Group only

purchases electricity in Scope 2, the electricity

consumption covered by contractual instruments is

divided by the total electricity consumption.

Our greenhouse gas inventory for Scope 3 contains 12 of

the 15 categories defined by the GHG Protocol. We

mainly adopt average data and spend-based methods

from the GHG Protocol. We decide on the appropriate

method for each Scope 3 category. We invest our time

and resources in the most significant categories, linked

to our sales products. We do not report on Scope 3

categories ‘Upstream leased assets’, ‘Downstream

leased assets’ and ‘Processing of sold products’, as these

activities are either not applicable or not significant for

Colruyt Group.

The calculation for Scope 3 is far more complex than for

Scope 1 and Scope 2. There is therefore a higher degree

of uncertainty in the reported data points. Of the total

Scope 3 emissions, less than 1% is calculated using

primary supplier data or information from specific

activities in the upstream or downstream value chain.

This mainly concerns data linked to upstream and

downstream transport. We are working towards

integrating more primary supplier data to increase the

quality of our calculations.

We adopt the following approach based on the

individual category:

x Purchased goods and services: in this category, we

make a distinction in the approach we adopt for

purchased trade goods and purchased consumer

goods and services. Trade goods make up the key part

of our Scope 3 inventory. We adopt a weight-based

approach for these goods: for each sales activity, we

obtain the weights of the sold products, adjusted by

the waste figures. All products are then matched to a

corresponding category in Agribalyse V3.2 (for food

products) or LCA models based on data from ecoinvent

V3.9 (for non-food products). For purchased consumer

goods and services, we apply the spend-based

method, using emission factors from Carbon Base

V23.4.

x For capital goods: this category is calculated based on

the spend-based method, using emission factors from

Carbon Base V23.4.

x Fuel and energy-related activities: this category is

calculated by combining the activity data from Scope 1

and Scope 2 with the well-to-tank emission factors for

fossil fuels from Carbon Base V23.4 (for fossil fuels)

and from DEFRA (2024) (for bio fuels) and the lifecycle

upstream emission factors for electricity from the IEA

(2024 edition).

75%

12%

Greenhousee gass emissionss alongg thee

vvaluee chainn (%)

Upstream

Transport

Own operations

Downstream

Sustainability statement > General information > Environment > Social > Governance > Audit report

178

x Upstream transportation and distribution: in this

category, we make a distinction between the

kilometres driven by our tier-1 suppliers and our own

buildings, the kilometres driven on our behalf

between our own buildings by independent transport

partners. The first calculation is the same as the

weight-based approach for trade goods in the

‘Purchased goods and services’ category. We use the

same LCA databases and the relevant transport

component is isolated. The second calculation is

distance-based: the number of kilometres driven is

multiplied by a well-to-wheel emission factor from

Carbon Base V23.4.

x For waste generated in own operations: this category

is calculated based on the average data method, using

emission factors from Carbon Base V23.4. The waste

volumes per processing method are derived from the

registers of our waste collection and processing firms.

x For business travelling: this category is calculated

based on the spend-based method, using emission

factors from Carbon Base V23.4.

x For employee commuting: this category is calculated

using the distance-based method. Distances per

means of transport and per employee are provided by

the central payroll department and extrapolated to all

subsidiaries. Emission factors (well-to-wheel) come

from Carbon Base V23.4.

x Downstream transportation and distribution: this

category is partly made up of well-to-wheel emissions

from transportation between our own sites and the

customer, for example for e-commerce. It also includes

emissions from distribution in B2B sales, especially in

the case of independent retailers purchasing their

goods from our wholesale operations Retail Partners

Colruyt Group and Codifrance. In that case, we apply

the same method as for franchises: the Scope 1 and

Scope 2 emissions per m² of the stores under our own

management are extrapolated according to the

average store size of the independent retailers.

x Use of sold products: this category only includes direct

emissions in the use phase of specific trade goods, for

example fuels or electronic devices, as prescribed by

the GHG Protocol. For fuels, the sold volume is linked

to the relevant emission factor for combustion in

Carbon Base V23.4. For other products, we use data

from LCA models based on ecoinvent V3.9.

x End-of-life processing of sold products: in this

category, we calculate the emissions linked to the

waste processing of the sold trade goods (non-edible

part of food products, the non-food products and

packaging of the products). This information is likewise

based on Agribalyse V3.2 (for food products) or LCA

models based on data from ecoinvent V3.9 (for non-

food products).

x Franchises: this category is calculated by extrapolating

the Scope 1 and Scope 2 emissions per m² of the

stores under our own management according to the

store size of our franchises. A distinction is made here

between food stores and non-food stores.

x Investments: this category is primarily calculated using

the average data method, according to which we link

the revenue and participation percentage to the

average greenhouse gas intensity of comparable

companies.

To calculate the greenhouse gas intensity, we divide the

gross Scope 1, Scope 2 and Scope 3 emissions by the

total net revenue of Colruyt Group. This is done for both

the location-based and market-based method.

Numerator and denominator have the same reporting

period but diﬀer in terms of scope. For the denominator,

we use the consolidated revenue, which is compatible

with the financial reporting.

Sustainability statement > General information > Environment > Social > Governance > Audit report

179

Biogenic emissions

2024/25

Biogenic Scope 1 emissions from combustion or bio-degradation of biomass (tCO2eq)

2,912.1

Biogenic Scope 2 emissions from combustion or bio-degradation of biomass (tCO2eq)

Biogenic Scope 3 emissions from combustion or bio-degradation of biomass (tCO2eq)

Disclosure principles

Biogenic Scope 1 emissions include the gross

CO2 emissions from the combustion of bio fuels and the

bio fractions in traditional fossil fuels. The emission

factors for this calculation come from DEFRA (2024

version).

Because the requisite information on the biogenic

energy mix is not available in the existing sets of

emission factors, it is not possible to calculate the

(possible) biogenic Scope 2 emissions from combustion

or bio degradation of biomass – either for the market-

based method or the location-based method. We

therefore do not report any figures for this indicator.

Biogenic Scope 3 emissions currently only include the

upstream carbon removals of the bio fuels used. This is

because well-to-tank emissions for the production of

these fuels are included in fossil Scope 3 emissions. They

fully cancel out the biogenic Scope 1 emissions. The

figure is therefore negative. To prevent a distorted view,

we therefore do not report this figure. We have no other

information from our value chain enabling us to

calculate this figure more accurately from the other

Scope 3 categories. We anticipate addressing this

issue in the next sustainability reporting, once the

exercise to separate our FLAG emissions from the total

greenhouse gas inventory has been completed.

Sustainability statement > General information > Environment > Social > Governance > Audit report

180

4.3 Carbon removal and storage

Carbon removals

2024/25

Total carbon removal in own activities (tCO2eq)

Reversals of carbon removal and storage (tCO2eq)

Total purchase of carbon credits from projects outside the value chain (EUR)

We do not make any neutrality claim in this reporting

period. However, by 2030 we want to be emission-

neutral (Scope 1 and Scope 2) in our business

operations. This is separate from our climate change

mitigation targets (see ’2.3 Targets’). The management

of climate change mitigation targets is integrated into

decision-making bodies at management level which, for

the most part, diﬀer from the decision-making bodies

for the neutrality claim. The (future) neutrality claim will

also be monitored separately. The ambition level for the

climate change mitigation targets is not in any way

influenced by the existence of a neutrality claim.

To achieve emission neutrality, we have launched the

aﬀorestation project ‘N’situ Pelende’ in the

Democratic Republic of the Congo. We are aﬀoresting

former savannah grasslands with the aim of optimising

carbon storage and boosting biodiversity. The

aﬀorestation strategy, carbon storage projections,

modelling, monitoring and reporting are in line with the

technical screening criteria of the EU Taxonomy and the

Gold Standard quality criteria. The project complies with

the definition of a nature-based solution.

In early 2025, the project acquired the status of

Gold Standard Certified Design for its project area of

7.023 hectares. This status means that we can acquire

certified carbon credits after regular monitoring. What is

more, the project and calculation of greenhouse gas

removal will be audited and verified at least once every

ten years, in line with the requirements of the

EU Taxonomy. The aim is to ultimately aﬀorest

10.000 hectares.

Disclosure principles

The greenhouse gases included in this calculation are

the removal of CO

through tree growth (primary eﬀect),

the initial CO

emissions as a result of removing the

existing vegetation and the N

O emissions as a result of

using fertilisers (secondary eﬀect).

It is expected that we will report net-positive carbon

removals as of the 2029/30 financial year.

Sustainability statement > General information > Environment > Social > Governance > Audit report

181

Water and marine resources

Water is essential in the production of our sales items.

It is required to grow food commodities and raw

materials for the textiles we sell. The eﬀects of climate

change and population growth place stress on the

supply of water throughout the world, especially in

specific high-risk river catchment areas. This section

discusses how we address the impact of water

consumption on water availability in water-sensitive

regions when sourcing our products.

1. Impacts, risks and opportuniƟes

A general explanation of the double materiality

assessment is provided in the ‘General information’

chapter (see ‘Impact, risk and opportunity

management’). The identification and assessment of

IROs relating to water and marine resources naturally

follows the same process under the same methodology.

Specifically for the IROs relating to water and marine

resources, we can additionally rely on existing internal

monitoring systems for our own activities, which means

that we have data available in-house on water

consumption, such as the percentage of water

consumption from rainwater or wastewater and our

biggest known water consumers. As mentioned earlier in

the general explanation of the double materiality

analysis, we also use the WWF Risk Filter to assess the

financial materiality (risks and opportunities). We upload

a list of Colruyt Group locations – buildings as well as

agricultural land – to this tool, which then enables us to

identify potential IROs. We also use the ENCORE tool of

the UN Environment Programme to assist our scoring of

impact materiality within our own activities and the

wider value chain. This tool is based on the activities of

an organisation to determine how great the impact of

the activity is on water, as well as on factors such as the

climate and biodiversity.

Lastly, for the upstream and downstream value chain,

we also refer to the Organisational Environmental

Footprint of Colruyt Group, as well as the consolidated

report of Sustainable Initiative Fruit and Vegetables

(SIFAV) with respect to the sourcing of vegetables and

fruit in high-water-risk countries. The latter is part of a

sector initiative in which Colruyt Group participates. In

the upstream value chain, our due diligence process

continues to map high-risk food commodities and their

corresponding sourcing areas so that we can determine

actual and potential impacts, risks and opportunities

relating to water and marine resources in a more

targeted way. A

ﬀected communities will also be included

in this, in addition to the stakeholders we currently

already consult.

Sustainability statement > General information > Environment > Social > Governance > Audit report

182

2. Water footprint of products in the supply chain

2.1 Our approach

We aim to systematically reduce the water footprint of

our products. For the future, we have set ourselves the

voluntary goal of 75% of our products from high-water-

risk countries meeting best practice water standards.

Since 2021, Colruyt Group has been a member of SIFAV,

an initiative striving for sustainable water consumption

in supply chains for fresh vegetables and fruit. As part of

this initiative, we therefore already map the water risk

involved in our volumes of vegetables and fruit.

Within the scope of our due diligence approach, we are

going to expand this mapping process to all our water-

intensive products and identify their origins. To

determine the best practice water standards, we will use

the SIFAV Basket of Good Water Management Standards

as a basis.

At present, we do not yet report any specific policy,

actions, targets or indicators for our impact arising from

the water footprint of our products.

We first want to gain better insight into our impacts and

levers by applying our due diligence processes. To do so,

we use the transitional provision for information on the

value chain.

Sustainability statement > General information > Environment > Social > Governance > Audit report

183

Biodiversity and ecosystems

The disappearance of ecosystems has a negative impact

on climate change and, in turn, on the availability of

products from specific regions. What is more, our food

supply directly depends on ecosystem services

(pollination, soil, water, genetic diversity).

One of the biggest causes of loss of biodiversity is

land-use change, namely, natural areas being converted

into agricultural land. Another key impact stems from

the use of fertilisers and pesticides.

This section describes our policies, targets and actions

to mitigate our impact on biodiversity, focusing in

particular on the prevention of deforestation – our

most material impact.

1. Impacts, risks and opportuniƟes

A general explanation of the double materiality

assessment is provided in the ‘General information’

chapter (see ‘Impact, risk and opportunity

management’). The identification and assessment of

IROs relating to biodiversity and ecosystems naturally

follow the same process and methodology.

With respect to our own activities, we also analyse the

various operations and their specific location so that we

can map their impact on biodiversity and ecosystems as

well as the dependencies of biodiversity and

ecosystems on our own sites. This also involves looking

at the ecosystem services. Each time we apply for an

environmental permit, we map potential environmental

impacts or risks that our own activities may have on

biodiversity and ecosystems in a specific project zone or

location. Based on the conditions for obtaining the

permit, we adopt – where necessary – mitigation

measures or a strict monitoring programme.

Environmental permits also involve consulting with the

aﬀected communities and providing them with

information enabling them to identify possible negative

impacts on biodiversity and ecosystems.

As mentioned earlier in the general explanation of the

double materiality assessment, we also use the

WWF Risk Filter to assess the financial materiality (risks

and opportunities). We upload a list of Colruyt Group

locations – buildings as well as agricultural land – to this

tool, which then enables us to identify potential IROs.

We also use the ENCORE tool of the UN Environment

Programme to assist our scoring of impact materiality

within our own activities and the wider value chain.

This tool is based on the activities of an organisation to

determine how great the impact of the activity is on

water, as well as on factors such as the climate and

biodiversity.

Lastly, we also take the Organisational Environmental

Footprint of Colruyt Group into account with respect to

the upstream and downstream value chain. We

supplement this information with a literature review

relating to key causes of loss of biodiversity worldwide

and the corresponding impact on our upstream value

chain. In the upstream value chain, our due diligence

process continues to map high-risk food commodities

and their corresponding sourcing areas so that we can

determine biodiversity and ecosystem dependencies as

well as actual and potential impacts on biodiversity and

ecosystems in the supply chain in a more targeted way.

Aﬀected communities will also be included in this, in

addition to the stakeholders we currently already

consult.

We have investigated system risks, transition risks,

physical risks and opportunities, but did not identify

any material risks and opportunities with respect to

biodiversity and ecosystems.

Sustainability statement > General information > Environment > Social > Governance > Audit report

184

2. Biodiversity in the supply chain

2.1 Our approach

We want to guarantee our customers that our sales

products are not wholly or partially produced on land

deforested after 2020. Our commitment to protecting

ecosystems helps reduce our environmental impact,

thus aligning with our general sustainability policy.

Moreover, we want to comply with European

regulations on deforestation – the EU Deforestation

Regulation (hereinafter ‘EUDR’ or ‘Deforestation

Regulation’) once it enters into eﬀect. Our policy sets

out how we intend to achieve this. Our policy is shaped

by three strategic choices:

WE GUARANTEE THAT OUR PRODUCTS ARE

DEFORESTATION-FREE AS PART OF THE PROCESS TO

MAKE THE VALUE CHAIN OF OUR SALES PRODUCTS

MORE SUSTAINABLE

When developing our product criteria, we take a

holistic look at the environmental impact to prevent

secondary negative eﬀects on key matters, such as

health, human rights and local anchoring. We are

further guided by our policy on due diligence and

sustainable sourcing, as well as our relationships with

business partners.

WE SEEK SMART PARTNERSHIPS WITH OUR BUSINESS

PARTNERS

To do so, we adopt a cross-sector approach with various

stakeholders, such as purchasing alliances, knowledge

institutions, multi-stakeholder platforms, etc.

Economies of scale ensure a win-win situation for

ourselves, our business partners and our customers

alike.

WE PUT A MIX OF MEASURES IN PLACE

At Colruyt Group, we put a number of diﬀerent types of

measures in place to mitigate negative environmental

and/or social impacts in our supply chains: measures at

product level, measures relating to our business

partners and also measures concerning commercial

practices or oﬀering for customers. Over the next few

years, we will be developing and combining these

measures according to the type of business partner,

supply chain, negative impact and size of risk. We adopt

a phased, action-oriented approach with the priority

aim of mitigating the key negative impacts in our value

chain.

In this phase, we only focus on products within the

scope of the EUDR: soya, palm oil, wood (including

paper), cocoa, coﬀee, rubber, beef products (including

leather) and their derivative products. This embraces all

activities of Colruyt Group in Belgium, Luxembourg and

France which sell products within this scope and their

upstream value chains.

The policy applies to national brands as well as our

private labels. The chief purchasing oﬃcer is

responsible for implementing the policy on

deforestation, sustainable sources and the impact of

products in the value chain.

At present, we do not yet report any specific policy,

actions, targets or indicators for our impact arising from

the use of fertilisers and pesticides in the value chain.

We first want to gain better insight into our impacts and

levers by applying our due diligence processes. To do

so, we use the transitional provision for information on

the value chain.

2.2 AcƟons

To deliver the above policy and associated targets, we

implement the following due diligence process steps:

x collect data and information relating to products and

business partners;

x conduct overarching impact analyses;

x plan and implement mitigating actions;

x create, manage and review EUDR-specific

due diligence statements;

x adjust the selected products and business partners;

x set up a monitoring system to track and report on

progress.

Colruyt Group has launched an overarching project to

implement the EUDR. Impact analyses were carried out

in the 2024/25 financial year, while in the 2025/26

financial year, we are focusing on a project-based

approach as we continue to implement the EUDR.

2.2.1 AcƟons at product level

For our private-label products containing palm oil, soya,

coﬀee, cocoa or wood fibres, we already opt for

sustainability certificates focused on ecological and

social aspects. These are certification programmes to

address and minimise deforestation and land

conversion. If certified material is not available, we

purchase credits to directly support farmers producing

certified soya. We are looking into relevant

sustainability certificates being developed for rubber

and beef products (including leather).

Sustainability statement > General information > Environment > Social > Governance > Audit report

185

2.2.2 AcƟons at the level of cooperaƟon with our

business partners

Within the scope of the EUDR, we question relevant

suppliers on their approach and position vis-à-vis the

Deforestation Regulation and explore ways of eﬃciently

exchanging the requisite information. In the wider

context of due diligence, we explore (pre-competitive)

collaborations that would lead to a win-win situation

for our group and its business partners, with focus

placed on the exchange of information, standards,

methodologies and results, as well as support for

eﬀorts in the area of supply chain mapping.

2.3 Target

BY 2030, WE WILL ELIMINATE DEFORESTATION AND

LAND USE CONVERSION FOR PRODUCTS FROM HIGH-

RISK CHAINS

In an initial phase towards achieving our target, we will

focus on products containing food commodities within

the scope of the EUDR. In a second phase, we will

identify and define other high-risk food commodities.

By preventing land conversion, we are preventing

negative impact on biodiversity – the preferred

approach in the mitigation hierarchy. We do not deploy

any oﬀsets to achieve this target.

To measure our progress, we take stock of our products

falling under the EUDR and their suppliers. We then

examine which indicators at product and supplier level

are relevant for tracking our progress more specifically.

Sustainability statement > General information > Environment > Social > Governance > Audit report

186

Circular economy

A considerable volume of raw materials and resources

are required to exercise our activities as a retailer, but

these materials and resources are at risk of becoming

increasingly scarce. So we want to be eﬃcient in our

handling of the raw materials we use throughout the

chain. Our objective is twofold: to maintain stability in

the availability of these raw materials and to reduce the

negative impact of their extraction and use on people

and the environment. To achieve this, we are

increasingly adopting circular economy principles,

especially for our key entity-specific flows: food (loss)

and packaging.

1. Impacts, risks and opportuniƟes

A general explanation of the double materiality

assessment is provided in the ‘General information’

chapter (see ‘Impact, risk and opportunity

management’). The identification and assessment of

IROs relating to the circular economy naturally follow

the same process under the same methodology.

More specifically, IROs relating to the circular economy

are identified using input from the Operational

Environmental Footprint, waste figures from previous

years, the recycling rate of waste (sales-related) and

data on food loss. In the process of identifying the IROs,

we also relied on internal and external expertise on the

use and availability of (packaging) materials (including

data analyses from Fost Plus and relevant literature).

Existing applications of circular economy principles –

for example, for packaging and construction methods –

were included in the analysis. No direct consultations

with aﬀected communities were arranged, but

organisations such as Bond Beter Leefmilieu and

Recycling Network were interviewed so that insights

from actors such as households (packaging waste and

other household waste) could be included in the

analysis.

2. Packaging

2.1 Our approach

Good packaging is important and sometimes it is

necessary or even mandatory. It protects products,

allows food to be kept for longer and provides useful

and legally required information. At Colruyt Group, we

want to reduce the environmental impact of our

products, including their packaging. In this section, we

will describe our strategic choices to keep making our

product and packaging combinations more sustainable.

EACH SUSTAINABILITY INITIATIVE TAKES INTO

CONSIDERATION THE VARIOUS PACKAGING FUNCTIONS

THROUGHOUT THE VALUE CHAIN

Packaging is selected on the basis of the product.

Together they embark on quite a journey from the time

of production until when they reach the customer. The

sustainability of product and packaging together is also

analysed so that a sustainable product-packaging

combination can be achieved.

The following figure shows our approach in this respect.

Sustainability statement > General information > Environment > Social > Governance > Audit report

187

FOR SHORT SHELF-LIFE PRODUCTS, WE OPT FOR

PACKAGING THAT EXTENDS SHELF LIFE

For products with a short shelf life, we first opt for

packaging that extends shelf life and reduces potential

food loss. As a second option, we reduce the impact of

the actual packaging via ecodesign, as food loss is having

a growing influence on the environmental impact of a

food product.

The following figure illustrates our approach in this

respect.

WE OPT FOR ECODESIGN FOR THE PACKAGING OF

LONG SHELF-LIFE PRODUCTS AND TRANSPORTATION

For products with a long shelf life and for outer and

transport packaging, focus is directly placed on applying

ecodesign principles when designing the packaging. This

means that we (1) avoid, reduce or reuse packaging,

(2) use sustainable materials and (3) focus on reuse and

recycling. Avoiding packaging or making it reusable

requires diﬀerent business models, changes to logistics

processes, adjustments in the stores and information to

customers so that they are aware of the changes.

Our policy applies to our private labels and to any type

of packaging (sales packaging, outer packaging,

transport packaging and packaging for e-commerce).

The COO Food Retail is responsible for implementing the

policy on packaging.

2.2 AcƟons

Colruyt Group has launched various initiatives to

enhance the sustainability of packaging, in line with the

policy and principles of ecodesign.

Sustainability statement > General information > Environment > Social > Governance > Audit report

188

TRANSITION TO RECYCLABLE PACKAGING FOR OUR

PRIVATE LABELS

We optimise the use of materials to facilitate the

recycling process. Our aim is to recover the greatest

possible amount of clean and high-quality materials

during the end of life phase of the packaging. We then

use these materials again in the production of new

packaging. We can maintain the cleanliness of materials

by ensuring correct sorting processes and opting for

transparent packaging and packaging composed of as

few diﬀerent materials as possible.

Our analyses show that we already introduce a high

percentage of recyclable packaging onto the market. To

further increase this percentage to 99.95%, we primarily

worked on researching alternatives in 2024 so that we

could then switch the remaining volume of non-

recyclable material over to a recyclable alternative in

2025. This process encompasses projects within our own

production facilities, our stores and at our suppliers’

sites. In addition, we are paving the way for more

stringent standards by 2030, by working closely together

with Fost Plus.

We also endeavour to reduce the weight of packaging,

make optimum use of recycled material and ask

suppliers for FSC/PEFC (Forest Stewardship Council /

Programme for the Endorsement of Forest Certification

Schemes) certification if they use non-recycled fibres in

packaging made of paper or cardboard.

PREVENTION OF PACKAGING WASTE

Colruyt Group commits to reuse and innovation within

packaging through various projects and collaborations.

These include refill stations in stores, refill packaging,

research into reusable logistics packaging and

collaboration with other retailers within the Reusable

Packaging Coalition. This collaboration includes a first

pilot project focusing on standardised reusable

packaging for fresh vegetables and fruit. Together we are

looking into the impact this would have on customers

and our own work processes.

TRANSPOSITION OF THE LEGISLATIVE FRAMEWORK

A project is currently under way to ensure that

Colruyt Group will meet all requirements of the

Packaging and Packaging Waste Regula

tion (PPWR). In

the 2024/25 financial year, we conducted impact

analyses and produced an initial version of the roadmap.

In the 2025/26 financial year, we will refine the roadmap

and the first actions will be prepared.

Sustainability statement > General information > Environment > Social > Governance > Audit report

189

2.3 Target

BY 2030, ALL PACKAGING IN OUR STORES WILL BE

RECYCLABLE OR REUSABLE. FOR OUR PRIVATE LABELS,

WE WANT TO REACH THIS TARGET BY AS EARLY AS

31 DECEMBER 2025

European legislation requires all packaging in our stores

to be recyclable or reusable by 2030. At Colruyt Group,

we want to voluntarily bring this deadline forward to the

end of 2025 for our private labels.

(in %)

2023

(1)

2024

Target

2025

By 2025, all packaging of our private labels will be recyclable or

reusable

99.5

99.7

100

(1) This historical data is available, but was no longer explicitly audited

The result in 2024 is due to our action plan ‘Transition to

recyclable packaging for our private labels’ which has

been running for years now. This action plan also defines

the actions for dozens of references to work towards the

target by the end of 2025.

Disclosure principles

We calculate our progress via the percentage (weight) of

the packaging of our sold private-label products that is

recyclable or reusable. Fost Plus, the packaging waste

management body, provides the tool (MyFost) for

submitting the mandatory legal declarations by calendar

year. Using the data in this tool, we can calculate and

monitor the recyclability of our private-label packaging.

The declaration submitted to Fost Plus is specifically

applicable to Belgium, which means that our non-

Belgian activities are not included in the percentage.

We understand ‘weight of packaging’ to be the total

weight of all components of the primary packaging (or

household multipacks) of a product, multiplied by the

sold amount per product. This is included in the

declaration to Fost Plus and validated by them.

We understand ‘primary packaging’ to be the first layer

of protection in direct contact with the product. Primary

packaging is used to preserve, protect and present the

product to the consumer.

For ‘sold products’, we only include our private-label

products from the declaration to Fost Plus, which were

sold at Colruyt Lowest Prices, Collect&Go, Okay,

Bio-Planet, Retail Partners Colruyt Group and Comarkt.

For ‘recyclable or reusable’, we follow the definitions

provided by Fost Plus.

2.4 Indicators

The figures relating to packaging inflow form an integral

part of the figures for merchandise inflow, in accordance

with CSRD definitions (see ‘5.2 Indicators’).

The figures relating to packaging waste from our own

activities form an integral part of the general waste

figures, in accordance with the waste registers to be

maintained by law (see ‘3.4 Indicators’)

Sustainability statement > General information > Environment > Social > Governance > Audit report

190

3. Food loss and food waste

3.1 Our approach

At Colruyt Group, we want to reduce the environmental

impact of our products. So focus on reducing food loss

and food waste is a key lever to achieving this. By doing

so, we would also reduce negative impacts on climate

and biodiversity resulting from the loss of all land, time,

energy, raw materials and costs that were required to

produce, transport, cool and/or prepare the food.

Our policy describes how we prevent and restrict food

loss and food waste at Colruyt Group.

WE MINIMISE ECONOMIC FOOD LOSS IN OUR OWN

ACTIVITIES

Products not getting sold (in time) cannot be avoided in

our retail activities. Each item of merchandise that we

fail to sell – for whatever reason – means an economic

loss for the company, irrespective of whether it is still

eaten by humans or animals. We primarily try to ensure

that as little food as possible remains on our shelves. We

gear the fresh produce on sale in our stores – in other

words, our supply – to the expected demand.

WE PREVENT UNSOLD FOOD FROM NOT ENDING UP

FOR HUMAN (OR ANIMAL) CONSUMPTION

Food products that can no longer be sold are often still

perfectly edible. They have already been produced,

processed, packaged and transported, using up precious

raw materials and energy. That is why we opt to

re-allocate this unsold but still edible food for human (or

animal) consumption. As a result, we prevent food waste

and reduce the corresponding negative impacts on the

environment and society. By prioritising donations to

social organisations and thus making food accessible to

vulnerable target groups, we are also creating a positive

social impact – a win-win situation reflecting our holistic

view of the sustainability of our product value chains.

WE VALORISE, TO THE HIGHEST DEGREE POSSIBLE, ANY

FOOD SURPLUS THAT IS NO LONGER SUITABLE FOR

HUMAN OR ANIMAL CONSUMPTION

To achieve this, we aim as far up Moerman’s ladder as

possible. This is a cascading value retention model,

showing how unsold food can be used to generate as

much value as possible. Preventing waste is the most

desirable situation and – if that is not possible – food

can be processed into new raw materials for animal feed

or high-value materials. Food recycling, composting or

incineration are the least desirable options.

WE COLLABORATE WITH SUPPLIERS, PRODUCERS,

CONSUMERS AND AUTHORITIES TO REDUCE FOOD

LOSS THROUGHOUT THE CHAIN

The greatest amount of food loss happens before and

after us in the chain. It is therefore very relevant to take

action there too.

All our food activities (production and sales) and our

own distribution centres fall within the scope of this

policy. All food products, whether they have a short or

long shelf life, lie within the scope. We focus more on

short shelf-life products because that is where the

biggest levers to reduce food loss and waste lie.

The COO Food Retail is responsible for implementing the

policy on food loss.

3.2 AcƟons

We have a long history of actions and projects to reduce

food loss and food waste within our food retail activities.

We will continue our eﬀorts and expand them to include

future iterations of PDCA cycles (Plan, Do, Check, Act).

We detect and analyse hotspots and focus on

expanding, adjusting and optimising the following:

x a range tailored to each store and the customers who

shop there (preventing);

x the variables of forecasts for automated stocking

processes (preventing);

x the cold chain from supplier’s site to distribution

centres to stores (reducing);

x innovative storage technologies extending shelf life

(reducing);

x monitoring, managing and allocating food a few days

before its use-by date (optimising and contributing to

circular economy);

x collaboration with social organisations (optimising);

x pilot projects to identify potential to upgrade residual

food streams into new products (contributing to

circular economy).

We prioritise measures which contribute to meeting our

targets (see ‘3.3 Targets’). So most of our attention is

directed towards our own activities of our biggest B2C

food retail formats in Belgium. Monitoring is therefore

performed by tracking the indicators for the targets

accordingly.

Sustainability statement > General information > Environment > Social > Governance > Audit report

191

3.3 Targets

Colruyt Group defines two targets linked to the

prevention and reduction of (economic) food loss and

food waste. The scope of both targets encompasses the

retail outlets and distribution centres of Colruyt Lowest

Prices, Okay and Bio-Planet in Belgium, because that is

where the greatest impacts and levers lie within our own

activities. The targets are voluntarily set and do not

entail any legal obligation.

Our first target focuses on the reduction of (economic)

food loss.

EVERY YEAR, WE SELL AT LEAST 97.4% OF OUR FRESH

PRODUCE

(in %)

2022

(1)(2)

2023

(2)

2024/25

Annual

Target

Every year we sell at least 97.4% of our fresh produce.

96.8

97.2

97.1

97.4

(1) This historical data is available, but was no longer explicitly audited

(2) These figures were historically calculated by calendar year and not by

financial year

In the last eight years, we have only met this target

twice. A benchmark carried out by the Dutch initiative

‘Samen tegen voedselverspilling’ shows that it is an

ambitious target.

In the past financial year, we sold 97.1 of our fresh food

products in Belgium. This year, we just missed our

revenue-linked target figure of 97.4%. After analysing

the causes, we will make adjustments to our actions so

that we manage to meet the target in the future.

Disclosure principles

The share of sales of fresh products is calculated by

dividing the total revenue (excluding VAT) from fresh

food sold by the total value of all fresh food (calculated

as the sum of revenue (excluding VAT) from sold fresh

food and unsold fresh food at purchase value). These

figures have been consistently monitored since 2009 and

are therefore the best indicator of tracking trends in

performance. The Belgian stores of Colruyt Lowest

Prices, Okay and Bio-Planet are included in the

percentage. These activities generate more than 90% of

our food retail revenue. The target therefore reflects a

substantial share of our food retail activities.

Fresh food products are a segment of foods with a short

shelf life, which makes them most susceptible to loss,

such as fresh vegetables, fruit and dairy.

The current figure is based on our 2024/25 financial

year, where previous figures were reported per calendar

year. Q1 of calendar year 2024 is therefore not included

in the figures. However, the diﬀerence between the

calendar year and financial year is less than 0.05, so the

consequences of not including the data from Q1 of

calendar year 2024 are negligible.

Our second target aims to ensure that unsold food is not

wasted, but can still be consumed by humans or

animals.

Sustainability statement > General information > Environment > Social > Governance > Audit report

192

BY 2030, AT LEAST 50% OF OUR UNSOLD PRODUCTS

THAT ARE STILL EDIBLE WILL SERVE FOR HUMAN OR

ANIMAL CONSUMPTION

(in %)

2022

(1)

2023

(1)

2024/25

Variance

Target

2030

By 2030, at least 50% of our unsold products that are

still edible will serve for human or animal consumption

38.3

44.7

47.6

2.9

(1) This historical data is available by calendar year, but was no longer explicitly audited

Due to a combination of higher revenue and the further

professionalisation of the Belgian Federation of

Food Banks the volume of donated food increased to

9,445.3 tonnes (gross). 47.6% of our unsold but still

edible products were allocated for human consumption

or animal feed. The share of food surpluses going to

human consumption increased to 28.9%. We thus made

good progress in our eﬀorts to circularise surplus food.

Disclosure principles

The share of ‘unsold but still edible products for human

or animal consumption’ is calculated by dividing the

total weight of our food bank donations and commercial

food loss routed to animal consumption by the total

weight of food loss in our residual flows. This takes into

account the loss of food in the stores and distribution

centres of Colruyt Lowest Prices, Okay, Bio-Planet and

Comarkt. These activities generate more than 90% of

our food retail revenue. The target therefore reflects a

substantial share of our food retail activities.

The calculation is based on a number of standard

assumptions to exclude the share of packaging in the

written-oﬀ flows, along with the share of non-edible

components in food products, such as peel, pips and

bones. In addition, for our mixed residual flow, we apply

a percentage to identify the share of food waste, based

on a composition analysis of this waste flow.

Sustainability statement > General information > Environment > Social > Governance > Audit report

193

3.4 Indicators

The figures relating to food product inflow form an

integral part of the figures for merchandise inflow, in

accordance with CSRD definitions (see ‘5.2 Indicators’).

The following table shows our figures relating to food

loss and food waste:

Food loss and food waste

(in ton)

2024/25

Total food loss and food waste

27,920.3

Food loss and food waste re-routed from

disposal

27,920.3

Prevention of food waste

13,584.4

Of which donations to food banks

6,283.3

Recycling

12,464.5

Other types of recovery

1,871.3

Food waste routed to disposal

Incineration (without energy recovery)

Landfill

Other forms of waste disposal

Disclosure principles

The figures relating to food loss and food waste include

all our active operations in the area of food production

and sales. The figures partly reflect our eﬀorts to

prevent food from going to waste as far as possible, with

Colruyt Group also demonstrating its social engagement

via donations of food which is still edible to social

organisations. Apart from the food bank donations,

eﬀorts to prevent food waste also include unsold food

being processed into animal feed via external partners.

The amount of food loss and food waste is based on the

main waste flows composed of (what used to be) food,

such as bread, meat, residual and organic waste. In

terms of methodology, we apply the Food Loss and

Waste Protocol (FLW), with our figures not including the

share of packaging and non-edible parts – such as peel,

pips and bones. The weight of packaging and non-edible

parts was therefore subtracted from the underlying

waste flows to ascertain the weight of food loss. To

exclude these two components, we work partly on the

basis of sector agreements, with the share of food in

residual waste also being based on a previous

composition analysis.

Sustainability statement > General information > Environment > Social > Governance > Audit report

194

4. Food and packaging waste: recycling

4.1 Our approach

We believe it is also our responsibility to ensure that

whatever is recyclable at the time of the inflow is indeed

recycled in the outflow, and consider this to be a

necessary contribution to the circular economy. We

therefore focus significantly on the recycling of materials

and raw materials. In our stores as well as our return

centres, we have structured work instructions to ensure

the materials are eﬀectively sorted. In this way, it is

possible to optimally reuse, recycle or valorise each

waste flow. We therefore go further than the legislation:

we sort more flows than is mandatorily required.

4.2 Target

OUR AIM IS A MINIMUM RECYCLING RATE OF 85%

(in %)

2022

(1)(2)

2023

(1)(2)

2024/25

Annual

Target

Our aim is a minimum recycling rate of 85%.

85.5

85.9

86.5

(1) This historical data is available, but was no longer explicitly audited

(2) These figures were historically calculated by calendar year and not by

financial year

In the past year, our waste (excl. donations to the food

banks) reduced by 740.1 tonnes (-1.1%) to 67,563.1

tonnes. At 86.5%, we achieved our highest recycling rate

ever. Residual waste with no possibility of reuse which

was incinerated with energy recovery decreased to

10,390.3 tonnes: the lowest level since we started

measuring in 2003.

Disclosure principles

The recycling rate is calculated by dividing the total

weight of our waste flows routed to recycling (including

the total weight of donations to social organisations) by

the total weight of the waste flows. The percentage

includes the waste flows from the stores and distribution

centres of Colruyt Lowest Prices, Okay, Comarkt and Bio-

Planet, as well as the waste from oﬃces collected via

our return centres.

Because food sales form the main activity of the

activities included in the scope, we can say with a high

degree of certainty that the material flows of packaging

and food make up the significantly largest share of the

reported figures.

The recycling rate diﬀers from the share of non-recycled

waste specified under ‘4.3 Indicators’ because the target

covers a narrower organisational scope with respect to

the recycling rate.

Sustainability statement > General information > Environment > Social > Governance > Audit report

195

4.3 Indicators

Waste

(in ton)

2024/25

Total waste generated (mainly comprising

packaging and food waste)

97,859.0

Waste re-routed from disposal

97,853.7

Preparing for reuse

9,973.5

Recycling

73,327.3

Other types of recovery

14,553.0

Waste routed to disposal

5.3

Incineration (without energy recovery)

Landfill

5.3

Other forms of waste disposal

Disclosure principles

The waste flows taken into consideration are those of

the food retail and food production activities of

Colruyt Group. The waste flows therefore primarily

comprise packaging-related materials and (what used to

be) food. The generated waste flows specifi cally include

the following waste materials: paper and cardboard,

organic waste, meat, bread, food bank donations, plastic

film, hard plastics, PMD, glass, metal, wood, textiles and

mixed residual waste.

Because waste has to be separated by type of material

for collection (PMD, paper and cardboard, plastic film,

etc.), irrespective of the previous functional application

of the material that has become waste – in other words,

whether or not the material was used as packaging or

had a diﬀerent application – there is a possibility that

the reported waste flows of packaging also include

materials having a diﬀerent previous application.

A composition analysis was previously carried out for

Colruyt Lowest Prices, Okay and Bio-Planet only covering

mixed residual waste, which by definition comprises

more than one type of material, with the aim of

identifying the food share in terms of our target to route

as much material as possible from food waste to human

and animal consumption.

The figures are mainly taken from waste registers

maintained on the basis of data provided by external

partners, with maximum focus placed on the recycling of

waste flows. Where there are no established external

partners for collecting and processing waste,

assumptions were made based partly on municipal

waste thresholds and, in excepti

onal cases, on more

general waste statistics.

The term ‘reuse’ also includes our food donations to

social organisations – such as the Food Banks. The

category ‘waste routed to other types of recovery’

includes waste flows incinerated with energy recovery,

with the main flow being mixed residual waste for which

no recycling is possible.

2024/25

Total non-recycled waste (tonnes)

14,558.3

Share of non-recycled waste (%)

14.9

Under non-recycled waste we include all waste flows

apart from the flows that are (re)used or recycled. The

high share of non-recycled waste is in line with

expectations and reflects our prioritisation of high-value

processing of residual flows. This share diﬀers from our

target relating to the recycling rate, because the scope

of the target is more limited, as explained in more detail

in ‘4.2 Target’.

Given that the main waste flows within the scope of

these figures come from packaging and food, there is no

hazardous waste or radioactive waste to be reported.

Sustainability statement > General information > Environment > Social > Governance > Audit report

196

5. Resource use for merchandise

5.1 Our approach

We take a holistic view of the sustainability of the value

chain of the products we sell. Our policy, actions and

targets relating to resource use for merchandise are

included in the policy, actions and targets of the

individual matters (packaging, food loss, climate,

biodiversity, water, etc.).

5.2 Indicators

Resource inflow

2024/25

Total weight of used products and

materials (tonnes)

3,485,669.7

Share of sustainably purchased organic

materials compared to total inflow (%)

1.7

Total weight of secondary reused and

recycled materials (tonnes)

Share of secondary reused and recycled

materials compared to total inflow

(tonnes)

Disclosure principles

The total weight of used products and biological

materials is based on purchases of raw materials and

products (including packaging) for commercial purposes,

which are either directly resold to customers or are

processed into private labels which are then resold to

customers. Purchases of operational materials, such as

oﬃce supplies, have been excluded from the figures

based on the materiality analysis.

Because only the products and raw materials for

commercial purposes were found to be material, the

scope of this indicator is geared to our activities within

food and non-food retail and our food production

activities. The figures are based on weights and volumes

of food and non-food products, raw materials purchased

for food production, including primary and secondary

packaging. A number of standard assumptions are made

to ascertain the weight of the primary and secondary

packaging. Where no weights of individual products are

available, assumptions are also made based on similarity

of products.

For the percentage of sustainably purchased organic

materials, the weight of sustainably purchased organic

materials within our private labels is divided by the total

weight of purchased products. Our private labels

containing the following raw materials (which are known

to entail significant sustainability-related risks and for

which the sustainability certifi cates specified hereafter

are provided) are included under ‘sustainably purchased

organic materials’:

x Chocolate and products containing cocoa: Bio,

Fairtrade and Rainforest Alliance

x Wood and paper: PEFC, FSC and Der Blaue Engel (for

paper only)

x Cotton: GOTS (Global Organic Textile Standard)

x Coffee: Bio, Fairtrade and Rainforest Alliance

x Palm oil and palm kernel oil: RSPO (Roundtable on

Sustainable Palm Oil)

x Soya: Bio, ProTerra and RTRS certification (Round Table

on Responsible Soy Association), plus compensation

via RTRS credits

x Farmed fish, shellfish and crustaceans: ASC

(Aquaculture Stewardship Council) and Bio

x Wild-caught fish, shellfish and crustaceans: MSC

(Marine Stewardship Council) and a positive

assessment from the ILVO (Flanders Research Institute

for Agriculture, Fisheries and Food) or from the ISSF

(International Seafood Sustainability Foundation) for

canned tuna

The reported percentage is an underestimate of the

actual situation, because the numerator only includes

private labels containing one of the above raw materials

as an ingredient, whereas the denominator includes the

total weight of the purchases of all products. Given that

no structural information is currently available on the

sustainability certification of national brands or other

raw materials, the reported percentage is a significant

underestimate of the actual share of sustainably

purchased organic materials.

In terms of the methodology applied, the reported

percentage is subject to restrictions due to the lack of

systematic information on the share of raw materials in

products, conditions concerning external reporting and

certificate-specific requirements.

If the scope only covers private labels containing these

raw materials, the percentages of certified products are

significantly higher.

Sustainability statement > General information > Environment > Social > Governance > Audit report

197

Percentage of certified private-label products

(in %)

2024/25

Chocolate and products containing cocoa

89.7

Wood and paper

100.0

Cotton

68.6

Coffee

90.4

Palm and palm kernel oil

100.0

Soya

61.3

Farmed fish, shellfish and crustaceans

100.0

Wild-caught fish, shellfish and crustaceans

98.3

Lastly, we do not report on the share of secondary

reused and recycled materials, because the largest share

of Colruyt Group’s purchases comprises food products,

for which reuse and recycling are not taken into

consideration in the purchase.

Sustainability statement > General information > Environment > Social > Governance > Audit report

198

SOCIAL

Own workforce

At Colruyt Group, doing business starts with the passion

and drive of people who are willing to put their weight

behind achieving our common goal. Our success is

largely due to the eﬀorts made by our employees, each

and every day. They are our true capital. Our aim is to

have over 33,000 proud, committed and satisfied

employees. That is why we do everything in our power

to provide them with decent, workable and meaningful

jobs. We also invest significantly in their health and

development.

We would like to elaborate here on how we do this. We

will cover the following three material matters:

employment and working conditions, equal treatment

and opportunities, and, lastly, training and development.

For each of these matters, we will describe our policy,

actions and a number of indicators. These are in line

with applicable standards. In view of Colruyt Group’s

longstanding focus on these themes, the actions we take

are largely embedded in our operational HR processes

and are ongoing, unless explicitly stated otherwise. An

explanation will also be given of the processes we adopt

to consult with our employees and ascertain any

concerns they may have.

1. CharacterisƟcs of our employees and non-

employees

As at 31 March 2025, the number of employees at

Colruyt Group stood at 33,468 permanent employees

(compared to 33,827 permanent employees as at

31 March 2024) and 2,670 non-employees.

Regular employees are employees who are employed

under a standard (legal) employment contract, with the

aim of fulfilling a specific role, whether on a permanent

or fixed-term basis.

Non-employees are employees who perform work for

one of Colruyt Group’s legal entities under a commercial

agreement with a temporary employment agency, on a

self-employed basis or via an independent party – either

as interim personnel or internal consultants – and who

are important for daily business operations.

All figures on employees are reported in absolute

numbers.

Although indicators relating to our workforce were also

included in previous sustainability reporting, they will

not be referred to here, because the organisation’s

scope adopted in the past was more restricted. We only

adopted the same scope for the number of regular

employees, so those figures are still used for comparison

purposes.

By opting to report in absolute numbers, student

workers are only taken into consideration where

relevant – otherwise a distorted view would be obtained

for more than one indicator if we included student

workers in the figures.

In principle, the IROs encompass all regular employees,

including student workers. Non-employees also fall

within the scope of these policies where legally or

contractually applicable to them. Where more specific

target groups are taken into consideration, we will point

this out in the description of the IROs and our approach.

Sustainability statement > General information > Environment > Social > Governance > Audit report

199

2. Employment and working condiƟons

2.1 Our approach

At Colruyt Group, we consciously opt for sustainable

employment and decent work. By creating a healthy,

safe work context where everyone can be the best

version of themselves, we strive to build a long-term

relationship with each and every employee. We invest in

a healthy work-life balance and career development on

an ongoing basis. Recruiting and retaining suitable

employees – especially in a diﬃcult labour market – is a

major challenge which we take up by focusing broadly

on training and a smart division of labour, while taking

steps to enhance retention.

The policy adopted for employment and working

conditions is applicable throughout Colruyt Group. Each

entity implements the policy principles within its own

operation, with space for adding their own accents

based on strategy, context and growth phase.

We invest in sustainable employment focusing on the

following five strategic choices. These choices are key

levers in terms of recruiting new employees as well as

optimally exploiting our internal potential.

FAIR REMUNERATION

Colruyt Group’s remuneration policy is based on fair

remuneration for each employee, ensuring that the

variable pay of employees is linked to the collective

result of the group, and individual performance and

growth potential are valued.

Remuneration is more than just a wage. At

Colruyt Group, opportunities for growth and

development, a sustainable context, and a healthy work-

life balance, alongside remuneration, are essential parts

of the total remuneration package.

SUSTAINABLE CAREERS IN THE LONG TERM

Sustainable careers are a priority for Colruyt Group. We

oﬀer over 1,500 roles in diﬀerent areas of expertise

spread across the group’s various entities. We select

candidates in an objective and professional way with a

mindset towards growth and consideration for growth

potential. We ac

tively encourage career development.

TRAINING AND DEVELOPMENT OPPORTUNITIES

Our training and development programme oﬀers a wide

range of training and workshops providing employees

and managers with the necessary specialist knowledge

and skills to perform their current or future job.

A wealth of training courses is also available to support

personal growth.

A HEALTHY WORK-LIFE BALANCE

We facilitate flexible working for our employees and

make clear arrangements for such work. 85% of our

employees’ work is time- and place-dependent (stores,

logistics and production). They work within a set shift or

working-time system in which overtime can be

recovered.

For our oﬃce workers in central services, we start from

the principle of working together in a flexible and

output-oriented way, with flexible working time and the

option to work from home, work in the oﬃce and work

locally. We do not expect employees to be available

and/or accessible outside their normal working hours –

and this has been embedded in our corporate culture for

many years now.

A SAFE AND HEALTHY WORKING ENVIRONMENT IN

PHYSICAL, MENTAL AND SOCIAL TERMS

We create a safe and healthy work environment with

attention to physical, mental and social well-being.

We also undertake to ensure the following to attract

new employees:

CONSISTENTLY BUILDING OUR EMPLOYER BRANDING

Colruyt Group is a place where employees can be

themselves, feel safe and at home in a close-knit team,

and work together in a spirit of complementarity.

Employees are given every opportunity to develop their

talents via training and learning, in turn creating a

sustainable career within Colruyt Group. Through

numerous sustainable and innovative projects, we oﬀer

employees the chance to do business and build the

future together with us.

GEARING OUR RECRUITMENT AND SELECTION

PROCESSES TO THE TARGET GROUP

We are constantly on the lookout for a match with our

Colruyt Group culture, the necessary skills and a healthy

dose of motivation. We recruit on the basis of growth

potential and growth mindset, focusing on developable

talent. We select in a targeted way, using our inflow as

eﬃciently and eﬀectively as possible to fulfil our

organisational needs. We oﬀer each candidate

development-oriented feedback, irrespective of whether

they are actually recruited or not.

2.2 AcƟons

To implement our policy, we actively focus on the

following levers:

FAIR REMUNERATION

Paying each employee correctly and on time, and

submitting the necessary returns to the various external

bodies are obviously the most important core tasks. In

the 2024/25 financial year, we integrated sustainability

objectives into the variable pay policy and introduced

the federal mobility budget. Moreover, a key action

Sustainability statement > General information > Environment > Social > Governance > Audit report

200

point for the 2025/26 financial year is to ensure the

necessary transparency on remuneration.

SUSTAINABLE CAREERS IN THE LONG TERM

Our managers also assume the role of first-line

HR oﬃcer. They provide employees with information on

and support with their career and personal development

in an easily accessible way. To perform this role, our

managers are given training and support from HR

partners on a wide range of social, legal and work

organisation aspects. Colruyt Group is committed to

ensuring personal consultation between employees and

managers, devoting the necessary time and attention to

discussions such as the employee’s career and

ambitions.

In the 2024/25 financial year, we focused on using

toolboxes for career development. And we will continue

to invest in a data-driven HR policy in the 2025/26

financial year as well. This entails promoting the

improvement and use of data between various tools. In

this way, we can stimulate internal mobility, with the

right person being in the right place at the right time.

We also adopt measures to prolong our employees’

working life. These measures are set out in the

employment plans (CLA104).

INVESTING IN A HEALTHY WORK-LIFE BALANCE

Our principles on switching oﬀ, working from home and

working at the oﬃce are set out in a policy document.

We will continue to work on ‘hybrid cooperation’ in all

entities of the group – in other words, establishing a

healthy mix of working at the oﬃce and working from

home.

In the last financial year 2024/25, system has been rolled

out for our store staﬀ, enabling them to set up their own

work schedule semi-autonomously.

A SAFE AND HEALTHY WORKING ENVIRONMENT IN

PHYSICAL, MENTAL AND SOCIAL TERMS

We manage health and safety risks at the workplace,

focusing on work safety, ergonomics, health (physical,

mental and social) and work hygiene. We pay special

attenti

on to training managers in these matters, assisting

employees in the process of reintegration, conducting

health campaigns and raising awareness of psychosocial

welfare. To assist in this work, managers and employees

can call on a number of internal support services, such

as The Connection, and confidential counsellors. In the

2024/25 financial year, we set up health programmes in

cooperation with Jims and Yoboo. In the 2025/26

financial year, we are preparing a B2C solution for

employees, again in cooperation with Jims and Yoboo.

We will also organise various events focusing on social

health.

CONSISTENTLY BUILDING OUR EMPLOYER BRANDING

By setting up recruitment and employer-branding

campaigns, we want to position Colruyt Group as an

attractive employer in the market, tailored to specific

target groups.

GEARING OUR RECRUITMENT AND SELECTION

PROCESSES TO THE TARGET GROUP

We put significant eﬀort into the selection of new

employees. Selection is done via vacancies on our

jobsite and via cooperation with temporary employment

agencies, recruitment agencies, the VDAB public

employment service and non-profit organisations

specifically geared to assisting disadvantaged groups.

In addition, we are investing in a new recruitment

system in the 2025/26 financial year so that we can

recruit with greater quality, eﬃciency and eﬀectiveness,

and make optimum use of the external and internal

labour market.

At present, we have not yet linked any measurable

targets to our material impacts and risks relati

ng to

employment and working conditions. In the coming year,

we will look at the steps we can take – where relevant –

in accordance with the implementation of our strategy.

Sustainability statement > General information > Environment > Social > Governance > Audit report

201

2.3 Indicators

WORKFORCE BY TYPE OF CONTRACT AND GENDER

(total number)

Women

Men

Other (*)

Not specified

Total

Number of employees

13,350

20,118

33,468

Number of regular employees

13,146

19,911

33,057

Number of temporary employees

204

207

411

Number of non-guaranteed hours

employees

(*) Gender as specified by employees themselves

Disclosure principles

In the breakdown of number of employees by contract

type, we disclose regular employees on a permanent or

fixed-term basis and non-guaranteed hours employees.

We apply the principle of equivalent contract types for

all countries. Non-guaranteed hours workers are workers

with an employment contract without any guaranteed

minimum or fixed number of working hours. For the

majority of our workforce, non-guaranteed hours

employees are deployed via temporary employment

agencies and are therefore categorised as non-

employees, so they are not included in this section. Any

discrepancies in the number of employees mentioned

elsewhere in the annual report are due to a conservative

approach to materiality.

EMPLOYEES BY COUNTRY

Country

Number of employees (in

headcount figures

Belgium

29,684

France

2,756

Luxembourg

183

Other countries

845

Disclosure principles

The breakdown by number of regular employees per

country is based on the location where the company

is legally established. In addition to the countries in

which Colruyt Group has over 50 employees

representing at least 10% of our total number of

employees, we opt to also provide information on

France and Luxembourg, as in the previous years.

OUTGOING TURNOVER

In the 2024/25 financial year, 4,535 of our permanent

regular employees left the company. This concerns

13.7% of our average number of permanent regular

employees. Employees who joined a company not under

the central management of Colruyt Group over the

course of the financial year are also included in the

outgoing turnover figure.

The figure covers all outgoing staﬀ, irrespective of the

reason for their departure. The percentage of outgoing

turnover is calculated by comparing the number of

outgoing staﬀ against the average number of permanent

regular employees.

ADEQUATE WAGES

No Colruyt Group employee receives a wage below the

legal minimum wage of the country where the relevant

entity is established.

Sustainability statement > General information > Environment > Social > Governance > Audit report

202

3. Equal treatment and opportuniƟes

3.1 Our approach

Colruyt Group has a people-oriented culture at the heart

of which lie respect and togetherness. We are strong

believers in the power of diversity, equality and

inclusion. Everyone should be given the chance to fully

develop and contribute in a way corresponding to their

talents. This is not a new vision of ours – inclusion has

formed an essential component of our culture and

values for years now. The first documents referring to it

date back to the 1990s. In 2023, we translated this vision

into a concrete policy and strategic choices, so that

inclusion will become even more of a reality. We

recognise and value each person’s unique contribution

and actively focus on creating a working environment in

which everyone feels welcome and is given the same

opportunities. We are always on the lookout for new

initiatives that support and encourage inclusion and

equality in a context of diversity. We are committed to

all aspects of diversity, with a focus on gender diversity,

age diversity, cultural diversity and linguistic diversity.

To make progress in these matters, we have formulated

three overarching strategic choices:

WE WANT TO ENSURE EQUAL OPPORTUNITIES

Inclusion is made possible by removing barriers together

so that everyone can participate. This calls for inclusive

co-worker processes, practices and targeted actions to

increase the diversity of our employees and

management. We look at diversity from a broad

perspective and know that diﬀerent people have

diﬀerent needs. So a tailored approach is required,

respecting and reinforcing the individuality of each

entity.

WE WANT TO INCREASE OPPORTUNITIES

Colruyt Group wants to ensure that, as an organisation,

we do not exclude anyone. We want to make society and

the labour market more inclusive, also for vulnerable

target groups. In other words, people who have diﬃculty

in connecting with the labour market due to societal

inequalities (such as people living in poverty or people

with disabilities). We also invest in the continuous

development of our employees and actively encourage

them to evolve vertically and horizontally. We provide

training for all employees in the areas of professional

and personal growth.

WE ARE AGAINST DISCRIMINATION

There is no place for discrimination at Colruyt Group. We

believe in a working environment in which everyone is

treated with respect and enjoys equal opportunities.

Based on each person’s unique identity, we strive to

achieve inclusive and neutral interaction with each

other. We emphatically condemn discrimination and

unequal treatment, in how we work together as well as

in our wider role in society.

Our policy on equal treatment and opportunities applies

throughout Colruyt Group, in all countries in which we

are active and for all our employees. Each entity

implements the principles of this policy within its own

operation, with the option of adding its own accents

based on its specific strategy and context. For newly

aﬃliated entities within the group, we endeavour to

achieve a phased implementation of the policy, in

accordance with their growth phase and integration

process. Responsibility for this policy and for monitoring

its implementation lies with the People & Organisation

Manager.

3.2 AcƟons

We carry out many actions to implement our policy:

IN TERMS OF EQUAL OPPORTUNITIES

Inclusion is a top priority for us, in all phases of our

people’s careers – from their recruitment to subsequent

promotion. We ensure this by making informed choices

in our recruitment process, career options and

leadership development. We carefully draw up our

vacancies in accessible and inclusive language, so that

everyone feels included and is encouraged to apply. We

make it explicitly clear that anyone is welcome,

irrespective of their personal characteristics or

background. What is more, we are experimenting with

alternative selection methods, such as blind hiring, to

minimise any unconscious bias, thus guaranteeing a

more objective selection process. We are also investing

in training for managers involved in recruitment and

selection managers, so that they are aware of possible

biases and have the right tools to make inclusive

decisions. Finally, we are analysing growth data with a

view to gaining insight into opportunities and barriers,

and are creating awareness so that we achieve

representative mobility of people through the company.

Developing talent is of the essence: we encourage

opportunities for employees from a range of diﬀerent

backgrounds to grow and guide them along the path to

management. As a Silver Partner of the Women on

Board association, we actively contribute to gender

diversity within our Board of Directors.

IN TERMS OF INCREASING OPPORTUNITIES

We are committed to lowering thresholds to the labour

market and creating equal opportunities for everyone.

We do this by investing in targeted language and

practical training and entering into collaborations with

external organisations. For new employees who are non-

native speakers, we oﬀer language courses in the form

of language coaching and training, in addition to

practical training. In this way, we support them in their

professional development and strengthen their

integrati

on at the workplace. In addition, we actively

collaborate with organisations supporting people who

Sustainability statement > General information > Environment > Social > Governance > Audit report

203

are distanced from the labour market. Through these

collaborative activities, we are increasing accessibility to

sustainable employment and oﬀering extra support to

those who need it.

IN TERMS OF DISCRIMINATION

We adopt a proactive policy against discrimination, with

a focus on analysing and preventing risks, and raising

awareness. At least once every five years, we carry out a

risk analysis to identify and reduce psychosocial risks in

the work environment. Based on the findings of this

analysis, we take targeted measures to ensure a safe and

inclusive workplace. If incidents or conflicts arise, we

adopt a rapid and mediating approach centred around

mutual understanding. Employees can approach their

managers, HR, the in-house social service or confidential

counsellors for support and follow-up. We are also

bolstering the managers’ role by providing them with

specific training and practical tools to recognise, prevent

and tackle unwanted transgressive behaviour.

Awareness is also raised amongst employees through

workshops, so that they can better identify and discuss

boundaries. This is further supported with targeted

communication campaigns to increase awareness and

encourage a change in behaviour.

At present, we have not yet linked any measurable

targets to our material impacts relating to equal

treatment and opportunities. In the coming year, we will

look at the steps we can take – where relevant – in

accordance with the implementation of our strategy.

3.3 Indicators

3.3.1 Diversity

AGE DISTRIBUTION

Age

Number of

regular

employees

% of regular

employees

Under 30 years old

6,439

19.2

30 – 50 years old

18,074

54.0

Over 50 years old

8,955

26.8

GENDER DISTRIBUTION

Gender

Number

Staff

Women

13,350

Men

20,118

Other

Not reported

Employees (total)

33,468

Disclosure principles

Gender diversity is reported on the basis of voluntary

disclosures made by our regular employees. Students

are not included in this. ‘Other’ is used to indicate

employees who do not identify as a woman or man. If

the diversity characteristic of gender is not known in our

source systems, the biological sex (woman/man) is used.

GENDER DIVERSITY IN TOP MANAGEMENT

Gender

Number of

employees in

topmanagement

% of employees in

topmanagement

Women

137

29.6

Men

326

70.4

Employees

(total)

463

100

Disclosure principles

Employees within Colruyt Group form part of top

management if they are responsible for developing

and implementing strategy, if they ensure

management of the organisation so that the

objectives are reached and if they have other

employees reporting to them. These figures also

include the non-employee top managers.

Sustainability statement > General information > Environment > Social > Governance > Audit report

204

3.3.2 Pay

2024/25

Average gender pay gap (%)

4.2

Total annual pay ratio

18.6

Disclosure principles

We express the average gender pay gap at Colruyt Group

as the average diﬀerence in basic contractual hourly pay

level between permanent male and female employees,

expressed as a percentage of the basic contractual

hourly pay level of permanent male employees. In this,

we apply a weight according to the number of

employees per entity.

The total annual pay ratio is the ratio between the basic

contractual hourly pay level of the highest paid person

(CEO) at group level and the median basic contractual

hourly pay level amongst regular employees (excluding

student workers). The indicator is measured as a ratio

and reflects the situation on the last day of the relevant

financial year. The basis of calculating this ratio is the

basic contractual hourly pay level for each regular

employee. Please refer to the ‘Corporate governance’

chapter for more information on our remuneration

policy (see ‘Activity report of the Board of Directors and

committees in financial year 2024/25’).

3.3.3 Incidents, complaints and severe impacts in

the area of discriminaƟon

2024/25

Number of discrimination

incidents

165

Number of complaints

Total amount in euro of

fines, fines and damages for

damages

Disclosure principles

We disclose the number of work-related discrimination

incidents and requests that are reported with respect to

our own workforce (including student workers). These

incidents/requests may pertain to potential

discrimination arising in the form of harassment,

aggression, unwanted sexual conduct and other forms.

We also disclose the number of formal work-related

discrimination complaints lodged in accordance with the

internal procedures of Colruyt Group companies and

those submitted to the National Contact Point. They

were recorded based on the time at which they were

notified or lodged during the 2024/25 financial year. If a

formal complaint was lodged via the internal procedures

as well as with the National Contact Point, this is only

counted once.

Incidents/requests and complaints always relate to

discrimination on the grounds of gender, racial or ethnic

origin, nationality, religion or belief, disability, age or

sexual orientation.

Complaints and incidents relating to non-employees are

not included here.

Sustainability statement > General information > Environment > Social > Governance > Audit report

205

4. Training and development

4.1 Our approach

Colruyt Group has explicitly chosen to be a consciously

development-oriented organisation. We endeavour to

embed learning and development opportunities and

encourage self-development in everything we do. We

want our investment in learning and development to be

advantageous for the organisation and employees alike.

Our aim is for employees to grow stronger and feel good

about themselves so that they are happy to continue

working at Colruyt Group and, based on their strength,

to fully contribute to their work. Our policy on learning

and development is grounded in five principles.

AS PEOPLE GROW, THE COMPANY GROWS

The importance of learning and development is deeply

embedded in the DNA of Colruyt Group, with the

underlying point being that the process of achieving

human potential and that of achieving organisational

potential need not be on opposite sides of the spectrum.

Quite the reverse – we firmly believe that the

development of people and the organisation goes hand

in hand. To the extent the employees grow, so does the

company.

OUR STARTING POINT IS A POSITIVE VIEW OF PEOPLE

We are convinced that employees make the diﬀerence

and that developing them is essential for the business to

succeed. After all, as they grow, so will their self-

confidence, self-reliance, independence and

entrepreneurial spirit, among other qualities.

Development stems from believing in each person and is

one of the reasons why we have chosen to be a

consciously development-oriented organisation. We

believe that each and every person is inherently

motivated, so they are naturally driven to keep learning

and developing.

HARMONIOUS BALANCE BETWEEN EMPLOYEE AND

ORGANISATION

Employee and organisation are interconnected. As a

result, when determining learning and development

objectives, we deliberately take into consideration the

talents, motivation and wishes of the employee as well

as the needs of the role, team and organisation. On the

one hand, we continue to build on the employee’s

strengths, successes and known talents, while on the

other, we also invite them to step out of their comfort

zone. We decide which learning and development

objectives are the most valuable and make sure this is

always done in dialogue between the employee and

organisa

tion.

A LEARNING ORGANISATION IS AN AGILE

ORGANISATION

As long as employees and teams keep reinventing

themselves, the organisation will keep learning. Learning

means change and change means learning. Our

behaviour changes through greater knowledge and skills

and by looking at ourselves and the world around us in a

diﬀerent way. That is how we remain agile as an

organisation, are able to adapt to new influences and

stay relevant in a rapidly evolving world.

WE INVEST IN LEARNING AND DEVELOPMENT

At Colruyt Group, we invest in developing the specialist

as well as the person. This involves not only investing in

specific know-how, attitudes and concrete skills

(learning), but also in an increasing level of maturity and

personal growth (development).

Our policy on learning and development applies

throughout Colruyt Group, in all countries in which we

are active and is applicable for all our employees. Each

entity implements the principles of this policy within its

own operation, with the option of adding its own

accents based on its specific strategy and context. For

newly aﬃliated entities within the group, the goal is to

achieve phased implementation of the policy, in

accordance with their growth phase and integration

process. Responsibility for this policy and for monitoring

its implementation lies with the People & Organisation

Manager.

4.2 AcƟons

To implement our policy, we focus on three key levers: 1)

an extensive range of high-quality learning material, 2) a

network of learning professionals and 3) the role of our

managers in employee development.

RELEVANT AND HIGH-QUALITY LEARNING MATERIAL

We want to always oﬀer the best learning solution for

each learning need, geared to the specific context and

provided at the best possible time for the employee. We

therefore oﬀer a central range of training as well as

training per entity. Apart from a few exceptions, a total

of over five thousand training courses are all visible and

available to Colruyt Group employees across the board.

This range of training includes a significant segment of

courses focusing on personal growth, which are available

for employees wanting to work on their personal

development. In addition to the training organised in-

house, employees can also attend external training

courses on specific topics. The training teams in the

entities draw up a training plan and assign a mentor for

each employee. Learning actions are recorded in our

learning management system, so that employees and

managers alike can access the learning history at any

time.

We continuously invest in new forms of learning and

development, so we now oﬀer a diverse range of

learning formats, including training, coaching,

mentoring, e-learning, training on the job, supporting

Sustainability statement > General information > Environment > Social > Governance > Audit report

206

apps on the job, social learning, peer review, serious

games, VR and learning experience platforms.

A NETWORK OF LEARNING PROFESSIONALS

At group level, the (strategic) orientation is set by the

Learning & Development team within the Colruyt Group

People & Organisation department. There are also

centres of excellence which determine the expertise

required for the main fields of knowledge, on the basis

of which training initiatives are then elaborated.

Decentralised training teams are also set up within each

entity, so that a more targeted response can be given to

the specific learning needs. They also maintain a

network of mentors and trainers to receive and train

new employees. Each entity can also call upon a

Leadership & Development partner within

People & Organisation, for assistance in creating tailored

input on topics such as leadership, team development,

learning culture and other development topics. We

focus on the expertise of these various learning

professionals by creating individual training material,

toolboxes and a community approach for them.

ROLE OF THE MANAGER

Our managers are the first point of contact for

employees and play a key role in their development. An

important component of their toolbox is the personal

consultation. This is a dialogue to discuss the

craftsmanship as well as development of the employee.

We record these dialogues via a talent management

system, so that the employee can continue to grow

throughout their career at Colruyt Group, building on

their previous experience gained and dialogues. Each

manager is given extensive training on their role as a

‘developer’ and, where necessary, can access assistance

from a Leadership & Development partner for coaching

on the job.

The various existing reports on learning and

development are currently being collated and revised to

create one central, streamlined report which can then

be used to further advance in the process of enhancing

our learning intelligence. We will use it to report the

indicators for learning and development in the 2025/26

financial year.

At present, we have not yet linked any measurable

targets to our material impacts relating to training and

expertise. In the coming year, we will look at the steps

we can take – where relevant – in accordance with the

implementation of our strategy.

Sustainability statement > General information > Environment > Social > Governance > Audit report

207

5. Processes for employee involvement

5.1 Our approach

CONSULTATION WITH OUR OWN WORKFORCE AND

WORKERS’ REPRESENTATIVES ON IMPACTS

At Colruyt Group, we are committed to open

communication and a culture of equality. It must be

possible for anyone to talk to anyone else, irrespective

of hierarchy or organisational structure. We believe in

having engaged employees who help reflect and take

decisions – across departments – on how to improve

their work and results. We do this by really listening and

maintaining dialogue.

The People & Organisation Manager has final

responsibility for the overall engagement processes and

monitors consistency and alignment with our values.

Direct employee involvement is essential in this process.

Personal contact between managers and employees is

key: managers are the first point of contact within HR

and ensure that signals from the work context are picked

up and – where necessary – escalated. To support them

in this work, they are given training, at a work-related as

well as personal level, on how to enter into dialogue

with their employees.

Colruyt Group has two internal services which provide

support in personal issues aﬀecting employees. The

Connection, our social service, oﬀers employees

assistance with personal or family problems, in complete

confidentiality. The ‘shocking events’ support team – a

team specifically trained in this area – oﬀers assistance

for employees coping with a shocking event, such as the

death of a colleague, a serious traﬃc accident or a hold-

up. This team provides support from the time of initial

contact and through the processing period, and helps

find specialist help.

Our employees are the driving force behind our success

and create added value for our customers. That is why

we continuously invest in their craftsmanship, well-being

and professional growth. Regular dialogue sessions are

arranged via which we reinforce their engagement and,

together, build a forward-looking workplace culture. We

also create opportunities for identity and culture to be

discussed within Colruyt Group via culture circles and

value workshops. These discussions provide us with

insight into how employees perceive our values. A

number of diﬀerent surveys are conducted to gauge the

experiences and needs of employees. The risk analysis of

psychosocial aspects is carried out in each department

once every four to fi

ve years, focusing on well-being and

working environment. Integration and exit surveys are

also conducted when an employee starts and ends their

career with the group. Lastly, an engagement survey is

held, the frequency of which is determined by each

entity. Managers are sent the results and are given

specific guidance by their People & Organisation contact

person on what to do with them.

Trade unions play an important role at Colruyt Group.

We invest in structured consultation via works councils,

trade union committees and delegations. There are also

ad-hoc and regular working groups and we participate in

sector consultation bodies. In addition, within the

various entities, we set up collaborative projects with

non-profit organisations supporting vulnerable target

groups to get closer to the labour market. This helps us

identify barriers and find solutions in consultation with

managers and partners from People & Organisation.

To keep our employees engaged, we place considerable

value on transparent and accessible communication. We

share news on Colruyt Group via the intranet,

newsletters and team briefings. Furthermore, we

encourage personal and professional development via

training programmes, learning and growth paths, and

initiatives focusing on mental, physical and social health.

In this way, together we are building an open, engaged

and forward-looking work environment.

PROCESSES TO REMEDIATE NEGATIVE IMPACTS

We are committed to preventing and remedying

material negative impacts on our employees, paying

particular attention to psychosocial risks and unwanted

transgressive behaviour and obstacles to inclusive

decision-making. Considerable eﬀorts are made to

prevent all types of unwanted transgressive behaviour.

Unwanted transgressive behaviour that is nevertheless

identified (by a risk analysis of psychosocial aspects) is

immediately addressed via existing procedures. The

relevant entity is given advice on what action to take and

monitored in the process by means of training and

awareness campaigns. If an employee is directly facing

psychosocial problems – such as conflict, stress or

unwanted behaviour – that person can contact a

confidential counsellor or the prevention adviser on

psychosocial aspects. There are two possible procedures

to follow depending on the situation: an informal

procedure or a formal one. We regularly keep our

employees informed of the available channels for

confidential contact and reporting, and encourage them

to speak out. We monitor and evaluate these processes

to ensure a safe and inclusive working environment.

Moreover, we recognise that diversity within

management is essential for a balanced decision-making

process and an inclusive corporate culture. A diverse

leadership group ensures broader perspectives, boosts

innovation and helps create a working environment in

which all employees feel recognised and represented.

We therefore aim to create awareness of the

composition of our management teams and how that

impacts decision-making. We do this by measuring

progress, implementing specific actions and reporting

figures on diversity within management. We continue to

focus on an inclusive leadership culture in which all

Sustainability statement > General information > Environment > Social > Governance > Audit report

208

voices are heard and diversity is seen as a strength that

contributes to the success of our organisation.

PROCESSES AND CHANNELS FOR OWN WORKERS TO

RAISE CONCERNS

As a people-oriented organisation, we strive to achieve a

safe and open working environment in which each

employee can report any concerns or complaints they

may have in an accessible way. To this end, we oﬀer a

range of support channels, depending on the nature of

the issue. The manager is the first point of contact for

work-related issues, career advice or other needs an

employee may have. Managers are trained as the first-

line HR contact – they help fi nd solutions or refer the

employee to the right place. If, for whatever reason,

employees do not wish to turn to their manager,

alternative channels are available. For practical issues on

matters such as salary, mobility, IT or facilities, our

internal employee platform is a quick and eﬃcient way

of finding answers to frequently asked questions. If

further support is required, employees can reach out to

the HR contact centre via email or telephone. They can

also get in direct touch with employees from the

People & Organisation department for specific needs,

such as health or legal advice.

If an employee is directly facing psychosocial problems –

such as conflict, stress or unwanted behaviour – that

person can contact a confidential counsellor or the

prevention adviser on psychosocial aspects. There are

two possible procedures to follow depending on the

situation: an informal procedure or a formal one.

A further channel is The Connection, our internal social

service, where employees can obtain assistance with

personal or family problems in all confidentiality.

Finally, we have a whistle-blowers’ scheme, an

independent and autonomous channel for reporting

possible abuses, such as fraud, corruption or other

irresponsible conduct within Colruyt Group. This system

guarantees protection for the whistle-blower and those

close to them against any negative consequences as a

result of their report. By o

ﬀering this wide range of

support channels, we ensure that each and every

employee feels heard and supported.

Sustainability statement > General information > Environment > Social > Governance > Audit report

209

Workers in the value chain

The ‘Business conduct’ chapter goes into greater detail

about the importance of maintaining a good relationship

with our suppliers so that quality products and services

can be oﬀered each and every day (see ‘3. Management

of supplier relationships’). We also look closely at the

conditions of workers in the many supply chains. There

is obviously a very large number of local and

international, simple and complex chains, in turn

involving a huge number of workers. An eﬀective

approach is therefore required to address issues such as

human rights abuses in the value chain. Consideration

must also be given to the systemic nature of human

rights abuses. Taking all this into account, we firmly

believe in the need for cooperation throughout the

chain. Only in this way can we create a more positive

impact and achieve more stable, inclusive and

sustainable product chains.

This section will provide information on how we intend

to facilitate humane working and living conditions across

the value chain and reduce possible violations.

1. Human rights

1.1 Our approach

Our policy applies to workers in the supply chains

associated with Colruyt Group’s operations. This

concerns upstream chains of the products and services

that:

x we sell or offer to our commercial outlets (direct

purchasing), for our private labels as well as for

national brands;

x we need as a company in terms of conducting our

activities (e.g. within the scope of our infrastructure

and daily operations).

These chains may be within Belgium or located

internationally. Generally speaking, we do not

distinguish between the type of workers, either in terms

of the various sectors in which they work or in terms of

the type of role they perform or type of employment

relationship they have.

We do, of course, recognise specific vulnerable groups,

such as children, women, migrant workers, ethnic

minorities and indigenous peoples, including local

farmers, who run an increased risk of exploitation,

discrimination and unjust working conditions in the

global supply chains. They merit specific attention in the

process of checking and overseeing their human rights.

Systemic problems such as child labour, slavery and

forced labour are most widespread within the food-

related industries, calling for extra attention and

targeted measures.

The chief purchasing oﬃcer heads our human rights

policy and is responsible for its implementation. The

chief purchasing oﬃcer is the one who identifies the

necessary changes and actions to meet the set

objectives.

EUROPEAN AND INTERNATIONAL STANDARDS

The engagement enshrined in our policy is in line with

key human rights treaties and standards:

x The International Bill of Human Rights;

x The OECD Guidelines for Multinational Enterprises;

x The ILO Declaration on Fundamental Principles and

Rights at Work;

x The UN Guiding Principles on Business and

Human Rights (UNGP);

The UN Sustainable Development Goals;

x The UN Convention on the Rights of the Child

(UNCRC);

x The UN Women’s Empowerment Principles;

x The European Convention on Human Rights;

x The EU Regulation on prohibiting products made with

forced labour on the Union market.

We expect our suppliers of our private labels to also

recognise and comply with these standards by

(mandatorily) signing a Letter of Commitment (see

further under ‘1.2 Actions’).

We subscribe to five strategic choices in our

Human Rights Policy:

WE FOCUS ON A STRATEGIC NUMBER OF SUBSTANTIVE

MATTERS WITH A VIEW TO MITIGATING THE MAIN

NEGATIVE IMPACTS

These matters are determined on the basis of results

from our social audits and are linked to our sourcing

regions and specific sectors in which we are active. They

concern:

x reasonable working hours: these must comply with

local legislation and international standards;

x healthy and safe working environment: we ensure

regular risk assessments, appropriate safety measures

and training in safety procedures in our supply chains;

x right of association and collective bargaining: workers

must be able to form trade unions and join them

without fear of reprisals or discrimination. We

encourage constructive negotiations with worker

representatives throughout the supply chain;

Sustainability statement > General information > Environment > Social > Governance > Audit report

210

x forced labour, slavery and human trafficking: we

identify and remedy any forms of forced labour,

slavery and human trafficking in our supply chains;

x child labour: we aim to prevent child labour by setting

up stringent control mechanisms, cooperating with

local and international communities and carrying out

training.

If violations are identified, we enter into constructive

dialogue with the relevant suppliers, with a view to

rectifying the violation(s) to the maximum extent

possible in the long term. However, a zero-tolerance

policy is adopted in cases of unethical practices and the

most serious violations (1). If no tangible remedies are

applied in the short term, the contractual cooperation

with the relevant supplier may be discontinued with

immediate eﬀect.

WE FIRST FOCUS ON OUR PRIVATE LABELS IN FOOD

RETAIL. OUR APPROACH IS AN INSPIRATION FOR THE

MARKET

We adopt various collaboration mechanisms to ensure a

broad and eﬀective approach thanks to their

complementarity. These mechanisms are:

x As a co-founder of the amfori BSCI initiative, we

collaborate internationally in the area of social audits.

x We commit to organisations responsible for product-

related certification.

x We participate in sector initiatives for high-risk

products, both nationally and internationally.

x We work intensively together with chain actors within

the scope of cooperation in the chain.

We prioritise our private labels in the interests of the

higher degree of control and responsibility we have, as

well as greater flexibility and deeper cooperation

relationships. And, of course, there is also an obligation

to ensure accountability. As a secondary factor, we focus

on the supply chains of national brands in terms of our

own activities.

WE PAY SPECIFIC ATTENTION TO IDENTIFYING AND

HANDLING COMPLAINTS WHEN COMPLETING DUE

DILIGENCE PROCESSES

In additi

on to identifying and mitigating negative

impacts, we want to proactively identify and remedy

human rights abuses. To this end, we are incorporating

an eﬀective complaints mechanism within our due

diligence process.

FOR OUR KEY PRIVATE-LABEL CHAINS, WE ESTABLISH

CHAIN COLLABORATION IN THE LONG TERM

In a limited number of end-to-end product chains, we

adopt the principles of inclusive business practices. By

this, we mean an intensive cooperation process aimed at

long-term chain collaboration in economic, social and

ecological terms. It also involves determining a shared

objective, having access to market forces and innovating

(1)

The most serious violations are determined via

our internal LOC/COC agreements, subject to the

profile of the parties involved and the context.

inclusively. Focus is placed on establishing fair and

transparent governance and measurable results.

These chain collaborations are a key aspect of our due

diligence policy, with the aim of creating maximum

transparency and mitigating negative impacts. They may

be set up as an own initiative or at sector level for the

key food commodities, such as milk, meat, coﬀee, cocoa

and fruit. Via Colruyt Group Foundation, we are also

dedicated to an inclusive society and we support farmers

in the process of adopting more sustainable farming

practices, for Belgian as well as international product

chains. The policy on chain collaborations overlaps with

social and ecological matters and is currently being

updated and fine-tuned.

WE RECOGNISE ADEQUATE WAGES AND INCOME AS A

BASIC PRINCIPLE IN OUR STRATEGY RELATING TO HIGH-

RISK FOOD COMMODITIES

We place adequate wages and income on the agenda –

and where possible make them a reality – in the chain

collaborations in which we have a direct influence,

especially for risk food commodities within our private

labels. Where possible, we scale up within our various

brand layers.

Sustainability statement > General information > Environment > Social > Governance > Audit report

211

1.2 AcƟons

1.2.1 Current measures

LETTER OF COMMITMENT AND AMFORI CODE OF

CONDUCT

For each new collaboration and/or introduction of

private labels, a new socially responsible business

engagement is initiated. A Letter of Commitment (LOC)

is produced in which private-label suppliers undertake to

comply with our standards and the international

guidelines. In addition, they commit to sharing

information on their value chain down to production

level, so that we can check compliance to this level.

We also make it mandatory for all suppliers of our

private labels to sign the amfori Code of Conduct (COC).

This applies as standard for respecting working

conditions and human rights within the supply chains.

TARGETED CHECKS

We take additional measures for products from high-risk

countries – as identified by the Worldwide Governance

Indicators (WGI). We regularly carry out audits to check

working conditions via our partners, amfori and Sedex.

We also work with third-party certifications at product

and raw-material level to mitigate specific risks.

Checks are targeted at the supply chains associated with

private labels, mainly made up of food production

chains.

We step up our checks in the event of specific risks per

type of product, origin or systemic abuses. This may

include:

x participating in sector initiatives – including our active

role in Beyond Chocolate – within the scope of

combating child labour and deforestation, and

promoting adequate wages;

x setting up specific product or raw-material chains, in

which we cooperate closely with chain actors based on

maximum positive impact and transparency (see

strategic choice 4);

x carrying out additional checks in product and raw-

material chains requiring greater focus. For these

reasons, we carefully monitor the cocoa and coffee

chains through collaborations with partners, while

seeking improvements in tomato concentrate chains

from Italy and Xinjiang via targeted actions and stricter

monitoring.

Sustainability statement > General information > Environment > Social > Governance > Audit report

212

1.2.2 Short-term

We thoroughly investigate the five main impacts in the

area of human rights for private-label food commodities

identified in the due diligence analysis. Based on the

severity rate and our knowledge of the chain, we check

whether or not it is relevant to carry out a more

in-depth Human Rights Impact Assessment (HRIA)

and/or a Human Rights Landscape Assessment (HRLA).

For both methodologies, we work together with relevant

actors within specific raw material chains. After these

pilot projects, we assess how and when we can best

incorporate HRIA and/or HRLA further into our

processes.

We are implementing a pilot project geared to

developing and integrating an initial complaints

mechanism process, inspired by the amfori Speak for

Change programme. The voice of workers in the value

chain will play a central role in this project. The project

will help us obtain more detailed information on risks

and areas of improvement and further hone our

strategy. And this is just the beginning. We will continue

to grow and work towards a value chain in which

workers are not only heard, but also have a real impact.

Just as is the case with chain collaborations.

We are systematically improving communication and

reporting processes as well as our ability to identify

incidents and remedial actions. This involves further

expanding existing processes, and refining and

optimising them.

We are thoroughly reviewing the issue of child labour,

forced labour and slavery and continue to hone our

strategy in this respect. As part of this work, we

cooperate as far as possible with experts and relevant

stakeholders.

At the same time, we are mapping our stakeholders

involved in achieving our objectives and are preparing

an action plan for further collaboration, with chain and

sector actors as well as organisations with relevant

expertise in human rights from a range of diﬀ

erent

domains, such as NGOs, researchers and universities.

We inform and inspire our colleagues – both internally

and externally – via training sessions and visionary

sessions, especially those colleagues involved in the

performance of due diligence processes and objectives,

such as purchasing oﬃcers, quality service providers and

business partners.

1.2.3 Medium-term

We continue to expand our social compliance process by

extending the focus of social audits to a broader

application of human rights standards among our

suppliers. We are systematically increasing the scope

from our private labels to national brands and chains

associated with our own activities.

We are elaborating the following objectives and defining

a corresponding action plan. In this way, we will make

these objectives concrete and measurable.

BY 2030, WE WILL INTEGRATE THE PRINCIPLES OF

INCLUSIVE BUSINESS PRACTICES IN THE KEY PRIVATE-

LABEL CHAINS

BY 2030, WE WILL CLOSE THE GAP IN ADEQUATE

WAGES AND INCOME FOR OUR TOP FIVE RISK

COMMODITIES

Sustainability statement > General information > Environment > Social > Governance > Audit report

213

Consumers and end-users

In the course of conducting its activities, Colruyt Group

processes a large amount of personal data. We always

take the greatest of care in doing so. After all,

infringements of privacy and personal data aﬀect

people’s rights and integrity and can lead to high fines,

reputational damage and loss of trust from our

customers. By customers and end-users, we mean all

customers who make purchases or buy services from our

retail formats. They may exist in B2C, B2B or B2B2C

relationships. Where more specific target groups are

taken into consideration, we will point this out in the

description of the IROs and our approach.

Ensuring the right to privacy and protection of personal

data is a key pillar of our human rights policy, especially

as far as our customers and end-users are concerned.

Not only does that translate into clear and transparent

communication with and support for customers when it

comes to managing and using their personal data, but it

also involves ensuring easy access (in terms of reporting

complaints or possible infringements) and respectful and

eﬃcient guidance.

Our human rights policy is in line with internationally

recognised human rights treaties and standards, such as

the Universal Declaration of Human Rights. Moreover,

Colruyt Group monitors any changes to data protection

provisions under European Union or Member State law

and, where necessary, updates its own policy

accordingly.

This section will cover how we handle privacy and data

security. We do not report any measurable targets in this

respect, with our primary aim being to reduce any

infringements to the maximum extent possible.

1. Privacy and data security

1.1 Our approach

1.1.1 Privacy

To prevent infringements in the area of privacy to the

greatest extent possible, we focus on adopting a

straightforward and coherent privacy policy compliant

with the applicable legislation, in particular the

General Data Protection Regulation, the Camerawet

(Belgian Surveillance Camera Act) and the ePrivacy

Directive.

Customers and end-users can always consult our privacy

declaration when visiting our various websites or using

our applications, such as the Xtra app. Each website and

app states how personal data is collected, stored and

used and how users can access and edit their personal

data.

Our privacy declaration relates to online as well as

oﬄine data collected via our websites, applications (such

as the Xtra app) and points of sale, etc.

1.1.2 InformaƟon

The internal policy on information provides our

employees with clear guidance on how they are to

handle data and information. The guidance takes

account of external standards, such as ISO 27001 quality

standards, the NIST Cybersecurity standards and the

Data Management Body Of Knowledge. These are each

further elaborated into internal guidelines on the

encryption of information, physical security of

information, information transfer, information

compliance, crisis situations in terms of information and

the handling of information incidents.

Although it is not required by law for each legal entity

within Colruyt Group, we consciously opt to attain

NIS2 level ‘important’ across the group based on the

Network and Information Systems Directive 2 (NIS2) of

the European Union. This level of security best matches

the choices we have defined on our security roadmap.

Sustainability statement > General information > Environment > Social > Governance > Audit report

214

1.1.3 ArƟficial intelligence

We have given special consideration to the use and

impact of artificial intelligence (AI). All data used in

developing and operating AI systems must comply with

the General Data Protection Regulation (GDPR) and

rights of customers and end-users. The data is securely

processed in accordance with Colruyt Group’s

Data Protection Policy and the relevant legislation on

data protection.

If we apply AI – whether it is used internally or externally

– it has to have a clear added value for us, our customers

and our end-users. Any use of AI must align with our

group mission, values and focal areas.

A central monitoring system for governance, risk

management and compliance ensures that we remain

compliant with our internal policy, while mitigating risks

and complying with legal requirements.

1.1.4 Governance

Given the importance we attach to ensuring privacy and

data security, we have set up a clear governance

framework. The internal Data Privacy & Security Board

defines and controls responsible practices in the use of

data at Colruyt Group. This use of data encompasses AI,

robotisation, data sharing under competition law, data

trading, etc. It is important to ensure coordination with

corporate culture and identity, comply with legal

provisions and reduce risks. This body validates the

policies, monitors that they are complied with, reports

incidents and verifies assessments of high risks and risk

mitigation measures. The Data Privacy & Security Board

is composed of the CEO, COOs, People & Organisation

Manager, information security oﬃcer, data & analytics

oﬃcer, data protection oﬃcer and head of Legal &

Compliance.

The ‘General information’ chapter provides explanatory

information on our stakeholder engagement policy (see

‘2. Interests and views of stakeholders’).

1.2 AcƟons

1.2.1 Privacy

On a preventive basis, the data protection oﬃcer

together with the DPO (Data Protection Oﬃce) team

provides the necessary knowledge and expertise to

prevent any infringements to the maximum extent

possible. They are responsible for passing information

on to employees and raising their awareness. This is

done in onboarding sessions for all new employees as

well as for employees who handle the personal data of

customers and end-users in particular. They always keep

abreast of any changes in the legal landscape, provide

support when analyses are carried out and give advice

where necessary.

The DPO team conducts independent audits and acts as

the contact point for the customers involved as well as

the authorities in the event of an infringement.

1.2.2 InformaƟon

We keep our employees informed of risks and security

mechanisms present in the use of IT. In doing so, we also

stress how important cybersecurity is. We provide

training and install additional security measures in daily

activities and processes.

An action plan is also drawn up in compliance with the

NIS2 Directive.

1.2.3 ArƟficial intelligence

We oﬀer employees guidelines and supporting

documentation so that they can gauge the risks of using

AI and, as a result, use it responsibly. We also carry out

regular checks to ensure that the policy on AI is

complied with. Customers and end-users must be clearly

and transparently notified whenever they come into

contact with an AI application, such as a chatbox.

We integrate AI into the organisation’s existing processes

and ensure eﬀective oversight via a monitoring system.

We are also going to set up a process for audits to assess

compliance with ethical guidelines and identify areas for

improvement. Further information about our policy on

the use of artificial intelligence can be found on our

website www.colruytgroup.com.

Sustainability statement > General information > Environment > Social > Governance > Audit report

215

GOVERNANCE

Business conduct

Colruyt Group is a value-driven company. Our corporate

culture is therefore key in how we approach business

conduct. By actively promoting the company’s values,

we want to encourage each employee to connect with

other parties genuinely and with integrity, both inside

and outside the organisation, including with our

suppliers. At the same time, we have clear guidelines

and policies to prevent the risk of corruption and bribery

to the maximum extent possible as well as mechanisms

to investigate and mitigate possible violations.

This section will cover how we handle business ethics

and manage supplier relations. For more information on

governance, please refer to the ‘Corporate governance’

chapter.

1. Impacts, risks and opportuniƟes

A general explanation of the double materiality

assessment is provided in the ‘General information’

chapter (see ‘Impact, risk and opportunity

management’). The identification and assessment of

IROs relating to business ethics and the management of

supplier relations follow the same process under the

same methodology.

2. Business ethics

2.1 Our approach

2.1.1 Corporate culture

At Colruyt Group, we want to make a positive diﬀerence

in everything we do. Our group mission, values, focal

areas and group principles provide crucial guidance in

this respect. Our nine core values – readiness to serve,

simplicity, respect, togetherness, faith, hope, space,

courage and strength – form an essential part of the

overall identity and culture of Colruyt Group. They lie at

the heart of who we are and how we present ourselves

in the world. We integrate these values into our daily

work by allocating an interpretation (we refer to them as

‘focal areas’) to each one of them. For instance,

‘eﬃciency’ is the focal area for ‘simplicity’, and ‘quality’

is a way of interpreting ‘readiness to serve’. Focal areas

enable us to readily reflect on our intentions and

behaviour and provide a means of discussing them with

each other. This is how we intend to grow, step by step,

as individuals, as a team and as a company.

Group principles help us in the process of visualising our

values and focal areas and breathing life into the value-

driven craftsmanship that makes us stand out as an

organisation. Some typical slogans include: ‘to the

extent they grow, so does the company’, ‘the most

sustainable kilometre is the one not driven’ or ‘there are

no sirs here, sir’. These slogans are firmly embedded in

the organisation and have been guiding each employee

for decades.

LIVING BY AND APPLYING CORPORATE CULTURE INSIDE

OUR ORGANISATION

A whole raft of instruments exists within our

organisation for individual employees and teams to keep

our culture and identity alive. There has long been a self-

developed leadership model in the group, reflecting the

various aspects of leadership. A key component of that

model is the aspect of a ‘cultural anchor’, in that each

manager consciously focuses on fostering a stimulating

context and working environment. Employees then have

the space to be themselves in such an environment –

this helps them further develop and greatly boosts

entrepreneurship and initiative. We believe that this

contributes to personal satisfaction and pride.

Managers are also regularly invited to take part in

culture circles. These events are intended to provide a

time for reflection as well as an opportunity to exchange

experiences and breathe life into our business

operations. Members of the Board of Directors have

their own familiarisation programme for our mission,

values and group principles.

Sustainability statement > General information > Environment > Social > Governance > Audit report

216

LIVING BY AND APPLYING CORPORATE CULTURE

OUTSIDE OUR ORGANISATION

Based on our values, focal areas and group principles,

we have also formulated nine collaboration principles

setting out how we want to interact with external

partners and stakeholders. Examples of these principles

include transparency, trust and respect for each person’s

individuality. The principles provide guidance for all

departments which initiate and maintain such

collaborations, such as Purchasing, Farming, Innovation

and Infrastructure.

A second way in which we instil our culture is the

identity and culture scan. This scan is a valuable step for

each strategically important task, and makes us

consciously reflect on who we are and how strategic

business decisions could have an impact on our

activities. Specifically in the area of takeovers, we are

developing a scan to help screen other organisations in

terms of their corporate culture, with a view to their

possible integration into the group. This culture scan is

being thoroughly tested and will be incorporated into

the due diligence process for takeovers.

DEVELOPING AND PROMOTING CORPORATE CULTURE

The mission, values, focal areas and group principles are

available for all employees of Colruyt Group. They are all

integrated into the onboarding process and (mandatory)

training for new employees. In addition, we also

incorporate them into specific processes and principles

for departments such as Finance, Public Aﬀairs,

Purchasing and Sales, in which employees are in regular

contact with customers, suppliers, authorities, pressure

groups, investors and financial institutions. Instruments

such as value barometers, culture circles, a culture

compass, etc. are always available for employees and are

used specifically in team assessment sessions or

coordination meetings with senior management. Finally,

all employees are encouraged to follow corporate

culture training courses on a regular basis. For more

information on our policy and actions regarding training

and development, we refer to the thematic chapter

‘Own staﬀ’ (see ‘4. Training and development’).

MONITORING AND ASSESSING CORPORATE CULTURE

The highest level with responsibility for implementation

of the policy is the CEO. The way it typically works at

Colruyt Group is that the Board of Directors also keeps a

close eye on culture and identity. Within the

organisation – with the CEO assuming final responsibility

– we have a large number of bodies who play a role in

the area of corporate culture. They make sure it remains

healthy and contribute to the process of implementing

the corresponding policy. An expertise and service team

works on this matter on a daily basis. It is involved in

strategic processes, facilitates workshops on the matter,

etc. The team is operationally responsible for

implementing the policy and forms part of the Identity,

Brand and Marketing division. The division manager –

together with the head of the expertise and service

team – sits on the Identity, Culture & Brand board which

generally monitors and strategically develops the

corporate culture of Colruyt Group. This board is

composed of the CEO, the COOs, the chair of the Board

of Directors, the Identity, Brand and Marketing division

manager, the head of Identity and Culture and the

Colruyt Group brand manager.

2.1.2 AnƟ-corrupƟon and anƟ-bribery

One of our group principles of particular relevance in

this area is ‘We organise ourselves on the basis of trust’.

At Colruyt Group, we want to create an organisation

built on the foundations of trust. We fi rmly believe that

as we give trust, we also receive it. We therefore base

ourselves on the belief that each employee is motivated

to perform honest and good work for which they take

responsibility.

As a value-driven company, Colruyt Group attaches great

importance to doing business with integrity, both in

terms of our own employees and our partners, helping

us to create sustainable added value each and every day.

The anti-bribery and anti-corruption policy sets out

specific guidelines applicable to all entities under Colruyt

Group’s control and is published on our

websitewww.colruytgroup.com.

Preventing and mitigating conflicts of interest or

potential cases of corruption or bribery ties in closely

with our outlook on transparency, ethical business

management and sustainability, which are essential for

Colruyt Group in the long term. Each employee assumes

clear responsibility in this respect, not only for acting in

a manner always in the best interest of Colruyt Group

and its stakeholders, but also for reporting (potential)

incidents concerning themselves as well as colleagues.

The policy is based on the underlying position that the

group will not tolerate any form of fraud or corruption.

Under no circumstances may Board members, members

of the Management Committee or employees of

Colruyt Group commit or accept, either directly or

indirectly, an act of corruption or bribery. Failure to

uphold this position may lead to disciplinary and other

measures, possibly resulting in the termination of

employment or – in the case of external parties –

termination of commercial relati

ons.

We encourage our employees to report indecent

behaviour and all potential cases of anti-corruption and

bribery internally. If in any doubt or if there is a conflict,

the possible conflict must always be reported to the

compliance team. This team handles such issues in

accordance with the highest ethical standards, oﬀers

support in preventing conflicts of interest and, where

necessary, carries out an independent investigation.

Reports regarding indecent behaviour can also be

directed to an employee’s immediate supervisor (or

their manager), the head of HR, the confidential contact

person or, if they prefer to be anonymous, via the

Colruyt Group reporting channel for whistle-blowers,

which can also be accessed by external stakeholders.

The Compliance department tracks these reports

without delay, independently and objectively, and –

where necessary – orders further investigation. Internal

Sustainability statement > General information > Environment > Social > Governance > Audit report

217

or external audit services carry out independent

investigations into potential fraud, suspicions or reports.

We also request the management of the companies to

confirm each year that the policies are being observed

and all potential incidents – if there were any – are

reported. An overview of the reports made and

investigations launched – if there were any – is reported

to the Management Committee and the

Audit Committee. The report of the Audit Committee is

subsequently reported to the Board of Directors.

We actively inform employees and make them aware of

the responsibilities of their role. This also applies to

directors and members of the Board of Directors. As

soon as their employment commences, they commit to

the values and principles of our group and how they can

use these in the execution of their role.Particular focus is

given to the specific target group of employees with a

high-risk position, to increase their awareness and

know-how of anti-bribery and anti-corruption. The

following functions are considered as risk functions

within Colruyt Group regarding bribery and corruption:

customer-oriented functions (B2B sales), supplier-

oriented functions (purchasing) and members of the

Future Board.

This target group receives an annual survey in which

they receive specific questions about anti-bribery, anti-

corruption, but also conflict of interest or corporate

culture in general. Buyers sign an ethical charter that

includes important principles of cooperation with

external partners, including anti-corruption and anti

bribery. In the future, we will continue to focus on

ongoing active training of our employees regarding this

matter.

We already provide information on a number of

guidelines and agreements under our anti-corruption

and anti-bribery policy, which is applicable to all

employees of Colruyt Group.

GIFTS AND PERSONAL BENEFITS

All employees act in the interest of the group and not in

their own interest. Any gifts and personal benefits

should always be refused. Only in exceptional cases may

this principle be deviated from, in consultation with the

employee’s direct manager. For instance, attending

events or business lunches within the scope of the

employee’s function.

ATTITUDE TO COMPETITION

Each employee undertakes to ensure fair competition

and adheres to the laws governing fair competition.

They may only share confidential information where

strictly necessary within the scope of a professional

relationship and subject to the corresponding

conditions.

POLITICAL CONTRIBUTIONS AND GOVERNMENT

BODIES

Employees may not use any company assets to support

political parties, government bodies, movements,

committees, political organisations and trade unions, or

for representatives and candidates.

CHARITY AND GOOD CAUSES

Our organisation runs many initiatives supporting good

causes or charities. These initia

tives may involve

financial contributions as well as services, such as

oﬀering space, personal time or know-how. Any

contribution must meet the following conditions: the

good cause is known and legitimate, it involves a

‘reasonable’ donation, the contribution is in line with

the group’s corporate social responsibility and must not

entail any unauthorised benefit, either for us or for third

parties.

2.2 Indicators

Business ethics

2024/25

Amount of fines for violation of anti-bribery

and anti-corruption laws (EUR)

0.0

Number of convictions for violation of anti-

bribery and anti-corruption laws

Percentage of high-risk positions covered by

training programmes (%)

71.0

218

Sustainability statement > General information > Environment > Social > Governance > Audit report

3. Management of supplier relaƟons

3.1 Our approach

For Colruyt Group, our supplier relations and their

correct management are essential for our daily retail

activities to run eﬀectively and smoothly, not only in

terms of the products we sell, but also the services we

oﬀer. Each supplier relationship is unique with its own

type of supply chain, whether the chain is far away or

close by, straightforward or complex, high risk and/or

high impact. All these elements aﬀect how the

relationship with each type of supplier is established and

maintained. A continuous, open dialogue and clear

principles on how we work with suppliers are important

conditions for relations to run smoothly. We are

currently working on an overarching supplier policy in

the area of sustainability. In the meantime, we can

provide an overview of a number of key points showing

our approach with respect to the identified IROs.

WE BELIEVE IN THE POWER OF COOPERATION

We have clear guidelines and collaboration principles

based on our decades of experience. They provide useful

guidance for the daily running of our supplier relations,

whether they involve short- or long-term collaborations.

Here are three of them: a win-win-win for each partner,

the importance of a long-term relationship and clear

agreements about information exchange and resources.

There always has to be a clear win-win-win for each

party involved – for our suppliers, ourselves and our

customers. We take a broad view of the win-win-win,

with due regard for the social and ecological impacts our

suppliers and their employees may encounter. We want

to screen and – where necessary – mitigate these social

and environmental impacts as part of our due diligence

processes.

We build long-term relationships with our suppliers, an

important aspect of which is continuous, open dialogue

with space for feedback. If the context suddenly changes

or if one of the partners is disadvantaged in the short

term, we want to keep backing the shared objective

together, with the long term view taking precedence.

We make clear agreements about what information and

which resources are required from each party and

document them. More specifically, this may concern

sustainability informa

tion required as part of the

due diligence processes, information and training

required to comply with these processes, or specific

investment costs associated with sustainability.

WE CONSOLIDATE COLLABORATIONS IN THE BELGIAN

AGRI-FOOD CHAINS

For decades now, we have been a key partner in the

Belgian farming sector. We work closely together with

farmers or groups of farmers, such as cooperatives,

producer organisations and sector organisations.

Strategic food products include meat, dairy, vegetables

and fruit.

Where expedient, we dare to go one step further. We set

up (innovation) projects together with Belgian growers,

especially for foodstuﬀs such as (conventionally and

organically grown) potatoes, vegetables, fruit and meat.

This may be in line with a broader Belgian oﬀering,

bigger volumes and/or the (re)introduction of new

products. We are also endeavouring to extend the

Belgian season, where possible. For example, we select

varieties that thrive in Belgium and yield quality harvests

for longer periods. As a result, we do not need to switch

over to imports so quickly.

219

Sustainability statement > General information > Environment > Social > Governance > Audit report

WE RESPECT PROTECTIVE MEASURES FOR SUPPLIERS

Specifically for the farming and food supply chains,

additional rules are implemented in the area of unfair

trading practices. These rules are designed to reduce the

disparity between strong and weak players in the

market. We are committed to strictly observing these

rules, with a focus on protecting small-scale suppliers

and producers from unreasonable contract conditions.

For example, we respect the statutory payment terms of

30 days, which is intended to help respond to the

liquidity needs of small-scale suppliers and producers.

We also champion temporary protective mechanisms for

farmers’ income, where this is necessary to support

their activities involved in switching over to sustainable

farming.

WE DEFINE SOCIAL AND ECOLOGICAL CRITERIA

At present, we have only defined social and ecological

criteria for private labels. Especially with international

chains, social as well as ecological criteria must be met

to obtain certification, such as RSPO, Rainforest Alliance,

FSC and Fairtrade. Typical product chains include coﬀee

and chocolate which are 100% certified. In addition, we

make it mandatory for all our private-label suppliers to

sign the amfori Code of Conduct. This applies as

standard for respecting working conditions and human

rights within the supply chains. The Letter of

Commitment commits them to sharing information on

their entire value chain down to production level, so that

we can check compliance to this level.

For product chains in which we cooperate throughout

the chain, additional social and/or ecological criteria

may be required. This may involve sector initiatives, such

as SIFAV or Beyond Chocolate or the specific chain

collaborations which we ourselves set up with suppliers

and facilitating partners, such as NGOs.

220220

Sustainability statement > General information > Environment > Social > Governance > Audit report

Overview ESRS disclosure requirements

ESRS 2

General disclosures

Page of annual report

BP-1

General basis for preparation of the sustainability statements

p. 128

BP-2

Disclosures in relation to specific circumstances

p. 129

GOV-1

The role of the administrative, supervisory and management bodies

p. 99-101, 130

GOV-2

Information provided to and sustainability matters addressed by the undertaking's

administrative, management and supervisory bodies

p. 99-100, 130

GOV-3

Integration of sustainability-related performance in incentive schemes

p. 103-108

GOV-4

Statement on due diligence

p. 130

GOV-5

Risk management and internal controls over sustainability reporting

p. 131

SBM-1

Strategy, business model and value chain

p. 8-20, 37-92, 132,

136-137

SBM-2

Interests and views of stakeholders

p. 133-135

SBM-3

Material impacts, risks and opportunities and their interaction with strategy and

business model

p. 136-145

IRO-1

Description of the processes to identify and assess material impacts, risks and

opportunities

p. 146-148

IRO-2

Disclosure requirements in ESRS covered by the undertaking's sustainability statement

p. 221-224

ESRS E1

Climate change

Page of annual report

GOV-3

(ESRS 2)

Integration of sustainability-related performance in incentive schemes

p. 103-108

E1-1

Transition plan for climate change mitigation

p. 161-173

SBM-3

(ESRS 2)

Material impacts, risks and opportunities and their interaction with strategy and

business model

p. 161-162

IRO-1

(ESRS 2)

Description of the processes to identify and assess material climate-related impacts,

risks and opportunities

p. 161-162

E1-2

Policies related to climate change mitigation and adaptation

p. 163-165, 174

E1-3

Actions and resources in relation to climate change policies

p. 166-168, 174

E1-4

Targets related to climate change mitigation and adaptation

p. 169-172, 174

E1-5

Energy consumption and mix

p. 175-176

E1-6

Gross Scopes 1, 2, 3 emissions and total GHG emissions

p. 177-180

E1-7

GHG removals and GHG mitigation projects financed through carbon credits

p. 181

E1-8

Internal carbon pricing

p. 162-165

E1-9

Anticipated financial effects from material physical and transition risks and potential

climate-related opportunities

Transitional provision

221

Sustainability statement > General information > Environment > Social > Governance > Audit report

ESRS E3

Water and marine resources

Page of annual report

IRO-1

(ESRS 2)

Description of the processes to identify and assess material water and marine

resources-related impacts, risks and opportunities

p. 182

E3-1

Policies related to water and marine resources

p. 183

E3-2

Actions and resources related to water and marine resources

p. 183

E3-3

Targets related to water and marine resources

p. 183

E3-4

Water consumption

Not material

E3-5

Anticipated financial effects from water and marine resources-related material

impacts, risks and opportunities

Not material

ESRS E4

Biodiversity and ecosystems

Page of annual report

E4-1

Transition plan and consideration of biodiversity and ecosystems in strategy and

business model

p. 136-137

SBM-3

(ESRS 2)

Material impacts, risks and opportunities and their interaction with strategy and

business model

Not material

IRO-1

(ESRS 2)

Description of processes to identify and assess material biodiversity and ecosystems-

related impacts, risks, dependencies and opportunities

p. 184

E4-2

Policies related to biodiversity and ecosystems

p. 185

E4-3

Actions and resources related to biodiversity and ecosystems

p. 185-186

E4-4

Targets related to biodiversity and ecosystems

p. 186

E4-5

Impact metrics related to biodiversity and ecosystems change

Transitional provision

E4-6

Anticipated financial effects from material biodiversity and ecosystems-related risks

and opportunities

Not material

ESRS E5

Resource use and circular economy

Page of annual report

IRO-1

(ESRS 2)

Description of the processes to identify and assess material resource use and circular

economy-related impacts, risks and opportunities

p. 187

E5-1

Policies related to resource use and circular economy

p. 187-188, 191, 195,

197

E5-2

Actions and resources related to resource use and circular economy

p. 188-189, 191, 195,

197

E5-3

Targets related to resource use and circular economy

p. 190, 192-193, 195,

197

E5-4

Resource inflows

p. 190, 194, 197-198

E5-5

Resource outflows

p. 190, 194, 196

E5-6

Anticipated financial effects from resource use and circular economy-related material

risks and opportunities

Transitional provision

222222

Sustainability statement > General information > Environment > Social > Governance > Audit report

ESRS S1

Own workforce

Page of annual report

SBM-2

(ESRS 2)

Interests and views of stakeholders

p. 133-135

SBM-3

(ESRS 2)

Material impacts, risks and opportunities and their interaction with strategy and

business model

p. 199

S1-1

Policies related to own workforce

p. 200, 203, 206

S1-2

Processes for engaging with own workforce and workers' representatives about

impacts

p. 208-209

S1-3

Processes to remediate negative impacts and channels for own workforce to raise

concerns

p. 208-209

S1-4

Taking action on material impacts on own workforce, and approaches to managing

material risks and pursuing material opportunities related to own workforce, and

effectiveness of those actions

p. 199-201, 203-204,

206-207

S1-5

Targets related to managing material negative impacts, advancing positive impacts,

and managing material risks and opportunities

p. 200-201, 203-204,

206-207

S1-6

Characteristics of the undertaking's employees

p. 199, 202

S1-7

Characteristics of non-employees in the undertaking's own workforce

p. 199

S1-8

Collective bargaining coverage and social dialogue

Not material

S1-9

Diversity Metrics

p. 204

S1-10

Adequate wages

p. 202

S1-11

Social protection

Transitional provision

S1-12

Persons with disabilities

Transitional provision

S1-13

Training and skills development metrics

Transitional provision

S1-14

Health and safety metrics

Not material

S1-15

Work-life balance metrics

Transitional provision

S1-16

Remuneration metrics (pay gap and total remuneration)

p. 205

S1-17

Incidents, complaints and severe human rights impacts

p. 205

ESRS S2

Workers in the value chain

Page of annual report

SBM-2

(ESRS 2)

Interests and views of stakeholders

p. 133-135

SBM-3

(ESRS 2)

Material impacts, risks and opportunities and their interaction with strategy and

business model

p. 210-211

S2-1

Policies related to value chain workers

p. 210-211

S2-2

Processes for engaging with value chain workers about impacts

p. 210-213

S2-3

Processes to remediate negative impacts and channels for value chain workers to

raise concerns

p. 210-213

S2-4

Taking action on material impacts on value chain workers, and approaches to

managing material risks and pursuing material opportunities to value chain workers,

and effectiveness of those actions

p. 212-213

S2-5

Targets related to managing material negative impacts, advancing positive impacts,

and managing material risks and opportunities

p. 212-213

223

Sustainability statement > General information > Environment > Social > Governance > Audit report

ESRS S4

Consumers and end-users

Page of annual report

SBM-2

(ESRS 2)

Interests and views of stakeholders

p. 133-135

SBM-3

(ESRS 2)

Material impacts, risks and opportunities and their interaction with strategy and

business model

p. 214

S4-1

Policies related to consumers and end-users

p. 214-215

S4-2

Processes for engaging with consumers and end-users about impacts

Not material

S4-3

Processes to remediate negative impacts and channels for consumers and end-users

to raise concerns

Not material

S4-4

Taking action on material impacts on consumers and end-users, and approaches to

managing material risks and pursuing material opportunities related to consumers

and end-users, and effectiveness of those actions

p. 215

S4-5

Targets related to managing material negative impacts, advancing positive impacts,

and managing material risks and opportunities

p. 214

ESRS G1

Business conduct

Page of annual report

GOV-1

(ESRS 2)

The role of the administrative, supervisory and management bodies

p. 99-101, 130, 216

IRO-1

(ESRS 2)

Description of the processes to identify and assess material impacts, risks and

opportunities

p. 216

G1-1

Business conduct policies and corporate culture

p. 216-220

G1-2

Management of relationships with suppliers

p. 219-220

G1-3

Prevention and detection of corruption and bribery

p. 217-218

G1-4

Incidents of corruption or bribery

p. 218

G1-5

Political influence and lobbying activities

Not material

G1-6

Payment Practices

Not material

224224

Sustainability statement > General information > Environment > Social > Governance > Audit report

Datapoints from other EU legislaƟon

Disclosure Requirement and related datapoint

SFDR(1)

Pillar 3(2)

Benchmark Regulation(3)

EU Climate Law(4)

Page of

annual

report

ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d)

p. 100-101

ESRS 2 GOV-1 Percentage of independent drivers paragraph 21(e)

p. 100-101

ESRS 2 GOV-4 Statement on due diligence paragraph 30

p. 130

ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d)

Not relevant

ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph

40(d) ii

Not relevant

ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph

40(d) iii

Not relevant

ESRS 2 SBM-1 Involvement in activities related to cultivation and production of

tobacco paragraph 40(d) iv

Not relevant

ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14

p. 161-173

ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16(g)

p. 163

ESRS E1-4 GHG emission reduction targets paragraph 34

p. 169-172

ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only

high climate impact sectors) paragraph 38

p. 175-176

ESRS E1-5 Energy consumption and mix paragraph 37

p. 175-176

ESRS E1-5 Energy intensity associated with activities in high climate impact sectors

paragraphs 40 to 43

p. 175-176

ESRS E1-6 Gross scope 1, 2, 3 and Total GHG emissions paragraph 44

p. 177-180

ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55

p. 177-180

ESRS E1-7 GHG removals and carbon credits paragraph 56

p. 181

ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks

paragraph 66

Transitional

provision

ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk

paragraph 66 (a)

ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c)

Transitional

provision

ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-

efficiency classes paragraph 67(c)

Transitional

provision

ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities

paragraph 69

Transitional

provision

ESRS E2-4 Amount of each pollutant listed in Annex II of the EPRTR Regulation

(European Pollutant Release and Transfer Register) emitted to air, water and soil,

paragraph 28

Not material

225

Sustainability statement > General information > Environment > Social > Governance > Audit report

Disclosure Requirement and related datapoint

SFDR(1)

Pillar 3(2)

Benchmark Regulation(3)

EU Climate Law(4)

Page of

annual

report

ESRS E3-1 Water en marine resources paragraph 9

p. 183

ESRS E3-1 Dedicated policy paragraph 13

Not relevant

ESRS E3-1 Sustainable oceans and seas paragraph 14

Not material

ESRS E3-4 Total water recycled and reused paragraph 28(c)

Not material

ESRS E3-4 Total water consumption in m3 per net revenue on own operations

paragraph 29

Not material

ESRS 2 — SBM-3 — E4 paragraph 16 (a) i

Not material

ESRS 2 — SBM 3 — E4 paragraph 16 (b)

Not material

ESRS 2 — SBM 3 — E4 paragraph 16 (c)

Not material

ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b)

p. 185

ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c)

Not material

ESRS E4-2 Policies to address deforestation paragraph 24(d)

p. 185

ESRS E5-5 Non-recycled waste paragraph 37(d)

p. 196

ESRS E5-5 Hazardous waste and radioactive waste paragraph 39

p. 196

ESRS 2 – SBM3 – S1 Risk of incidents of forced labour paragraph 14(f)

Not material

ESRS 2 – SBM3 – S1 Risk of incidents of child labour paragraph 14(g)

Not material

ESRS S1-1 Human rights policy commitments paragraph 20

Not material

ESRS S1-1 Due diligence policies on issues addressed by the fundamental International

Labor Organisation Conventions 1 to 8, paragraph 21

p. 199

ESRS S1-1 processes and measures for preventing trafficking in human beings

paragraph 22

Not material

ESRS S1-1 workplace accident prevention policy or management system paragraph 23

Not material

ESRS S1-3 grievance/complaints handling mechanisms paragraph 32 (c)

p. 208-209

ESRS S1-14 Number of fatalities and number and rate of work-related accidents

paragraph 88 (b) and (c)

Not material

ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88

(e)

Not material

ESRS S1-16 Unadjusted gender pay gap paragraph 97(a)

p. 205

ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b)

p. 205

ESRS S1-17 Incidents of discrimination paragraph 103 (a)

p. 205

ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD

Guidelines paragraph 104 (a)

Not material

ESA S2 – SBM3 – S2 Significant risk of child labour or forced labour in the value chain

paragraph 11 (b)

p. 210-213

ESRS S2-1 Human rights policy commitments paragraph 17

p. 210-211

ESRS S2-1 Policies related to value chain workers paragraph 18

p. 210-211

ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD

guidelines paragraph 19

Transitional

provision

226226

Sustainability statement > General information > Environment > Social > Governance > Audit report

Disclosure Requirement and related datapoint

SFDR(1)

Pillar 3(2)

Benchmark Regulation(3)

EU Climate Law(4)

Page of

annual

report

ESRS S2-1 Due diligence policies on issues addressed by the fundamental International

Labor Organisation Conventions 1 to 8, paragraph 19

p. 210-211

ESRS S2-4 Human rights issues and incidents connected to its upstream and

downstream value chain paragraph 36

Transitional

provision

ESRS S3-1 Human rights policy commitments paragraph 16

Not material

ESRS S3-1 nonrespect of UNGPs on Business and Human Rights, ILO principles or

OECD guidelines paragraph 17

Not material

ESRS S3-4 Human rights issues and incidents paragraph 36

Not material

ESRS S4-1 Policies related to consumers and end-users paragraph 16

p. 214-215

ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines

paragraph 17

Not material

ESRS S4-4 Human rights issues and incidents paragraph 35

Not material

ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b)

Not relevant

ESRS G1-1 Protection of whistle-blowers paragraph 10 (d)

Not material

ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a)

p. 218

ESRS G1-4 Standards of anticorruption and antibribery paragraph 24 (b)

p. 218

(1) Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-

related disclosures in the financial services sector (Sustainable Finance Disclosure Regulation) (OJ L 317, 9.12.2019, p. 1).

(2) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential

requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Capital

Requirements Regulation - 'CRR') (OJ L 176, 27.6.2013, p. 1).

(3) Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as

benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and

amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1).

(4) Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework

for achieving climate neutrality, and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 ('European Climate

Law') (OJ L 243, 9.7.2021, p. 1).

227

Sustainability statement > General information > Environment > Social > Governance > Audit report

Besloten vennootschap

Société à responsabilité limitée

RPR Brussel - RPM Bruxelles - BTW-TVA BE0446.334.711-IBAN N° BE71 2100 9059 0069

*handelend in naam van een vennootschap:/agissant au nom d'une société

A member firm of Ernst & Young Global Limited

EY Bedrijfsrevisoren

EY Réviseurs d’Entreprises

Kouterveldstraat 7B 001

B - 1831 Diegem

Tel: +32 (0) 2 774 91 11

ey.com/be

Statutory Auditor’s limited assurance report on the consolidated

sustainability statement of Colruyt Group NV

To the General Shareholders’ meeting of the Company

As part of the limited assurance engagement on the consolidated sustainability statement of Colruyt

Group NV (the “Company” or the “Group”), we are providing you with our report on this engagement.

We were appointed by the General Meeting of 25 September 2024 , in accordance with the proposal of

the Board of Directors following the recommendation of the Audit Committee and based on the

nomination of the Workers’ Council of Colruyt Group, to carry out a limited assurance engagement on

the Group's consolidated sustainability information, included in the Sustainability statement of the

annual report of 31 March 2025 and for the year then ended (the "Sustainability Statement").

Our mandate expires on the date of the general meeting deliberating on the annual financial statements

for the year ending 31 March 2025. We have carried out our assurance engagement on the

Sustainability Statement of Colruyt Group for 1 consecutive financial year.

Limited assurance conclusion

We have conducted a limited assurance

engagement on the Sustainability Statement of

Colruyt Group NV.

Based on the procedures we have performed and

the evidence we have obtained, nothing has come

to our attention that causes us to believe that the

Sustainability Statement, in all material respects:

• Is not prepared in accordance with the

requirements referred to in Article 3:32/2 of

the Belgian Code of Companies and

Associations, including compliance with

applicable European sustainability information

standards (the European Sustainability

Reporting Standards (“ESRSs”))

• is not compliant to the process carried out by

the Group (“the Process”) to identify the

information included in the Sustainability

Statement in accordance with the ESRS’s as

set out in note ESRS 2 IRO-1 “Impact, risk and

opportunity management”; and

• is not compliant with the requirements of

Article 8 of EU Regulation 2020/852 (the

“Taxonomy Regulation”) as disclosed in note

“EU taxonomy” within the environmental

section of the Sustainability Statement.

Basis for conclusion

We conducted our limited assurance engagement

in accordance with International Standard on

Assurance Engagements (ISAE) 3000 (Revised),

Assurance engagements other than audits or

reviews of historical financial information (“ISAE

3000 (Revised)”), applicable in Belgium and

issued by the International Auditing and

Assurance Standards Board.

Our responsibilities under this standard are

further described under the section “Statutory

Auditor’s responsibilities in relation with the

limited assurance engagement on the

sustainability information”.

We have complied with all ethical requirements

relevant to the assurance of sustainability

engagements in Belgium, including those relating

to independence.

The firm applies International Standard on Quality

Management 1 (“ISQM 1”), which requires the

firm to design, implement and operate a system

of quality management including policies or

procedures regarding compliance with ethical

requirements, professional standards and

applicable legal and regulatory requirements.

We have obtained from the Company's Board of

Directors and its appointees the explanations and

information necessary for our limited assurance

engagement.

228228

Sustainability statement > General information > Environment > Social > Governance > Audit report

Statutory Auditor’s limited assurance report on Colruyt Group NV’s consolidated

Sustainability Statement as of and for the year ended 31 March 2025 (continued)

We believe that the evidence we have obtained is

sufficient and appropriate to provide a basis for

our conclusion.

Other matters

The scope of our work is only restricted to the

limited assurance engagement on the Group's

Sustainability Statement with respect to the

current reporting period. Our assurance does not

extend to information relating to the comparative

figures.

Responsibilities of the Board of Directors in

relation with the preparation of

sustainability information

The Board of Directors of the Group is responsible

for designing and implementing a process to

identify the information reported in the

Sustainability Statement in accordance with the

ESRS and for disclosing this Process in note ESRS

2 IRO-1 “Impact, risk and opportunity

management” of the Sustainability Statement.

This responsibility includes:

• understanding the context in which the

Group’s activities and business relationships

take place and developing an understanding

of its affected stakeholders.

• the identification of the actual and potential

impacts (both negative and positive) related

to sustainability matters, as well as risks and

opportunities that affect, or could reasonably

be expected to affect, the Group’s financial

position, financial performance, cash flows,

access to finance or cost of capital over the

short-, medium-, or long-term;

• the assessment of the materiality of the

identified impacts, risks and opportunities

related to sustainability matters by selecting

and applying appropriate thresholds; and

• making assumptions that are reasonable in

the circumstances.

The Board of Directors of the Group is further

responsible for the preparation of the

Sustainability Statement, which contains the

sustainability information as determined in the

Process:

• in accordance with the requirements referred

to in Article 3:32/2 of the Belgian Code of

Companies and Associations, including

compliance with applicable ESRS’s;

• in compliance with the requirement provided

by Article 8 of EU Regulation 2020/852 (the

“Taxonomy Regulation”) as described in the

disclosures in note “EU taxonomy” within the

environmental section of the Sustainability

Statement.

This responsibility includes:

• designing, implementing and maintaining

such internal control that the Board of

Directors determines is necessary to enable

the preparation of the Sustainability

Statement that is free from material

misstatement, whether due to fraud or error;

and

• the selection and application of appropriate

sustainability reporting methods and making

assumptions and estimates that are

reasonable in the circumstances.

The Board of Directors is responsible for

overseeing the Group’s sustainability reporting

process.

Inherent limitations in preparing the

sustainability statement

In reporting forward-looking information in

accordance with ESRS, the Board of Directors of

the Group is required to prepare the forward-

looking information on the basis of disclosed

assumptions about events that may occur in the

future and possible future actions by the Group.

Actual outcomes are likely to be different since

anticipated events frequently do not occur as

expected. Actual results are likely to differ from

projections because the future events will not

generally occur as expected, and such differences

could be material.

Statutory Auditor’s responsibilities in

relation with the limited assurance

engagement on the sustainability

information

Our responsibility is to plan and perform the

assurance engagement to obtain limited

assurance about whether the Sustainability

Statement is free from material misstatement,

whether due to fraud or error, and to issue a

limited assurance report that includes our

conclusion. Misstatements can arise from fraud or

error and are considered material if, individually

or in the aggregate, they could reasonably be

expected to influence decisions of users taken on

229

Sustainability statement > General information > Environment > Social > Governance > Audit report

Statutory Auditor’s limited assurance report on Colruyt Group NV’s consolidated

Sustainability Statement as of and for the year ended 31 March 2025 (continued)

the basis of the Sustainability Statement as a

whole.

As part of a limited assurance engagement in

accordance with ISAE 3000 (Revised), as

applicable in Belgium, we exercise professional

judgment and maintain professional skepticism

throughout the engagement. The work performed

in an engagement with a view to obtaining limited

assurance is less extensive than in the case of an

engagement with a view to obtaining reasonable

assurance. The procedures performed in a limited

assurance engagement for which we refer to the

‘Summary of work performed’ section are less

extensive in nature and timing compared to a

reasonable assurance engagement. We therefore

do not express a reasonable audit opinion in the

framework of this engagement.

As the forward-looking information included in

the Sustainability Statement, and the

assumptions on which it is based, relate to the

future, they may be affected by events that may

occur and/or by actions taken by the Group.

Actual results are likely to differ from the

assumptions made, as the events assumed will

not necessarily occur as expected, and such

differences could be material. Accordingly, our

conclusion does not guarantee that the actual

results reported will correspond to those

contained in the forward-looking sustainability

information.

Our responsibilities in respect of the

Sustainability Statement, in relation to the

Process, include:

• understanding the Process but not for the

purpose of providing a conclusion on the

effectiveness of the Process, including the

outcome of the Process; and

• Designing and performing procedures to

evaluate whether the Process is consistent

with the Group’s description of its Process, as

disclosed in note ESRS 2 IRO-1 “Impact, risk

and opportunity management”.

Our other responsibilities in respect of the

Sustainability Statement include:

• To understand the Group's control

environment and the processes and

information systems relevant to the

preparation of sustainable information, but

without evaluating the design of specific

control activities, obtaining substantive

information on their implementation or

testing the effectiveness of the internal

control measures in place;

• Identify areas where material misstatements

of sustainability information are likely to

occur, whether due to fraud or error; and

• Designing and performing procedures

responsive to where material misstatements

are likely to arise in the sustainability

statement. The risk of not detecting a

material misstatement resulting from fraud is

higher than for one resulting from error, as

fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or

the override of internal control.

Summary of the work performed

A limited assurance engagement involves

performing procedures to obtain evidence about

the Sustainability Statement. The procedures in a

limited assurance engagement vary in nature and

timing from, and are less in extent than for, a

reasonable assurance engagement.

Consequently, the level of assurance obtained in

a limited assurance engagement is substantially

lower than the assurance that would have been

obtained had a reasonable assurance engagement

been performed.

The nature, timing and extent of procedures

selected depend on professional judgement,

including the identification of disclosures where

material misstatements are likely to arise in the

Sustainability Statement, whether due to fraud or

error.

In conducting our limited assurance engagement,

with respect to the Process, we:

• Obtained an understanding of the Process

through:

o Requesting information to understand

the sources of the information used

by management (e.g. stakeholder

engagement, business plans and

strategy documents); and

o assessing the Group’s internal

documentation of its Process;

• Evaluated whether the evidence obtained

from our procedures with respect to the

Process implemented by the Group was

consistent with the description of the Process

set out in note ESRS 2 IRO-1 “Impact, risk and

opportunity management”.

230230

Sustainability statement > General information > Environment > Social > Governance > Audit report

Statutory Auditor’s limited assurance report on Colruyt Group NV’s consolidated

Sustainability Statement as of and for the year ended 31 March 2025 (continued)

In conducting our limited assurance engagement,

with respect to the Sustainability Statement, we:

• Obtained an understanding of the Group’s

reporting processes relevant to the

preparation of its sustainability statement by:

o interviewing management and

relevant staff responsible for

consolidating and implementing

internal control measures related to

sustainability information;

o when deemed appropriate, obtaining

supporting documentation for the

relevant reporting processes

• Evaluated whether the information identified

by the Process is included in the Sustainability

Statement;

• Evaluated the compliance of the structure and

the preparation of sustainability information

with ESRS standards;

• Performed inquires of relevant personnel and

analytical procedures on selected information

in the Sustainability Statement;

• Performed substantive assurance procedures,

based on a sample, on selected information in

the Sustainability Statement;

• For a number of locations contributing to the

quantitative information included in the

sustainability information, we carried out

limited detailed testing of the data collection

and calculation processes, as well as

validation procedures related to the

quantitative information in question, either on

site or through remote connection, based on

professional judgement and on a sample

basis;

• Evaluated assurance information on the

methods for developing estimates and

forward-looking information as described in

the section ‘Statutory Auditor’s

responsibilities in relation with the limited

assurance engagement on the sustainability

information;

• Obtained an understanding of the Group’s

process to identify taxonomy-eligible and

taxonomy-aligned economic activities and the

corresponding disclosures in the

Sustainability Statement;

• On a sample basis, reconciled the economic

activities with supporting documentation that

substantiates the substantial contribution, the

do not significant harm contribution, and the

minimum safeguard requirements;

• Reconciled inputs to revenue, capital

expenditure, and operating expenses, with

underlying financial information of the

Company;

Statements regarding independence

Our audit firm and our network have not

performed any engagements that are

incompatible with the limited assurance

engagement, and our audit firm has remained

independent of the Group in the course of our

mandate.

Diegem, 29 July 2025

EY Bedrijfsrevisoren BV

Statutory auditor

represented by

Eef Naessens*

Partner

* Acting on behalf of a BV/SRL

25EN0328

231

Sustainability statement > General information > Environment > Social > Governance > Audit report

Financial

report

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

232

FINANCIAL REPORT

Consolidated income statement

Consolidated statement of comprehensive income

Consolidated statement of financial position

Consolidated statement of cash flows

Consolidated statement of changes in equity

Management responsibility statement

Notes to the consolidated financial statements

1. Significant accounting policies

1.1 Basis of presentation

1.2 Significant accounting estimates and assumptions

1.3 Statement of compliance

1.4 Consolidation principles

1.5 Other significant accounting policies

2. Segment information

2.1 Operating segments

2.2 Geographical information

3. Revenue and gross profit

3.1. Revenue

4. Other operating income and expenses

5. Services and miscellaneous goods

6. Employee benefit expenses

7. Net financial result

8. Income tax expense

8.1 Income taxes recognised in profit or loss

8.2 Tax impacts recognised in other comprehensive income

9. Goodwill

10. Intangible assets

11. Property, plant and equipment

12. Investments in associates

13. Investments in joint ventures

14. Financial assets

14.1 Non-current assets

14.2 Current assets

15. Business combinations

16. Assets held for sale, disposal of subsidiaries and discontinued

operations

16.1 Assets held for sale

16.2 Disposal of subsidiaries

16.3 Discontinued operations

17. Deferred tax assets and liabilities

17.1 Net carrying amount

17.2 Change in net carrying amount

18. Inventories

19. Trade and other receivables

19.1 Other non-current receivables

19.2 Current trade and other receivables

20. Cash and cash equivalents

21. Equity

21.1 Capital management

21.2 Share capital

21.3 Treasury shares

21.4 Dividends

21.5 Shareholder structure

22. Earnings per share

23. Provisions

24. Non-current liabilities related to employee benefits

24.1 Defined contribution plans with a legally guaranteed

minimum return

24.2 Other post-employment benefits

25. Interest-bearing liabilities

25.1 Terms and repayment schedule

25.2 Repayment schedule for lease liabilities

25.3 Repayment schedule for bank borrowings and others

25.4 Changes in liabilities arising from financing activities

26. Trade payables, liabilities related to employee benefits and

other liabilities

27. Risk management

27.1 Risks related to financial instruments

27.2 Other risks

28. Off-balance sheet rights and commitments

29. Contingent liabilities and contingent assets

30. Dividends paid and proposed

31. Related parties

31.1 Related party transactions excluding key management

personnel compensation

31.2 Key management personnel compensation

32. Events after the reporting date

33. Independent auditor’s remuneration

34. List of consolidated companies

34.1 Company

34.2 Subsidiaries

34.3 Joint ventures

34.4 Associates

34.5 Changes in consolidation scope

35. Condensed (non-consolidated) annual financial statements of

Colruyt Group NV, in accordance with Belgian accounting

standards

Definitions

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

233

Consolidated income statement

(in million EUR)

Note 2024/25

2023/24

Revenue 3.

10.963,4

10.844,8

Cost of goods sold 3.

(7.675,9)

(7.614,3)

Gross profit 3.

3.287,5

3.230,4

Other operating income 4.

164,4

188,6

Services and miscellaneous goods 5.

(767,3)

(769,7)

Employee benefit expenses 6.

(1.786,8)

(1.703,4)

Depreciation, amortisation and impairment of non-current assets

(412,1)

(423,2)

Other operating expenses 4.

(39,2)

(52,9)

Operating profit (EBIT)

446,4

469,8

Finance income 7.

37,1

33,2

Finance costs 7.

(36,6)

(36,2)

Net financial result 7.

0,5

(3,0)

Share in the result of investments accounted for using the equity method 12.,13.

0,2

709,1

Profit/(loss) before tax

447,1

1.175,9

Income tax expense 8.

(112,7)

(104,3)

Profit/(loss) for the financial year from continuing operations

334,4

1.071,6

Result for the financial year from discontinued operations 16.

2,6

(20,9)

Profit/(loss) for the financial year

337,0

1.050,7

Attributable to:

Non-controlling interests

(0,3)

(0,2)

Owners of the parent company

337,3

1.050,9

Earnings per share (EPS) – basic and diluted (in EUR) - from continuing operations 22.

2,71

8,50

Earnings per share (EPS) – basic and diluted (in EUR) - from discontinued operations 22.

0,02

(0,17)

Earnings per share (EPS) – basic and diluted (in EUR) 22.

2,73

8,33

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

234

Consolidated statement of comprehensive income

(in million EUR)

Note 2024/25

2023/24

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

337,0

1.050,7

ITEMS OF OTHER COMPREHENSIVE INCOME FROM FULLY CONSOLIDATED SUBSIDIARIES

Items that will not be reclassified to profit or loss

Revaluation of liabilities related to long-term post-employment benefits, after taxes

8., 24.

12,6

(7,1)

Net change in fair value of financial assets at fair value through other comprehensive income, after taxes

0,2

(1,0)

Total of the items that will not be reclassified to profit or loss

12,8

(8,1)

Items that may be reclassified subsequently to profit or loss

Profit/(loss) from currency translation of foreign subsidiaries, after taxes

(0,5)

(0,1)

Net change in fair value of derivative financial instruments, after taxes

(1,9)

(1,5)

Total of the items that may be reclassified subsequently to profit or loss

(2,4)

(1,6)

ITEMS OF OTHER COMPREHENSIVE INCOME FROM INVESTMENTS ACCOUNTED FOR USING THE EQUITY

METHOD

Items that will not be reclassified to profit or loss

Revaluation of liabilities related to long-term post-employment benefits, after taxes

Net change in fair value of financial assets at fair value through other comprehensive income

Total of the items that will not be reclassified to profit or loss

Items that may be reclassified subsequently to profit or loss

Profit/(loss) from currency translation of foreign operations, after taxes

0,3

(0,1)

Net change in fair value of derivative financial instruments, after taxes⁽¹⁾

12., 13.

(0,3)

(63,7)

Total of the items that may be reclassified subsequently to profit or loss

(0,1)

(63,8)

OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR

10,4

(73,5)

TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR

347,4

977,2

Attributable to:

Non-controlling interests

(0,3)

(0,2)

Owners of the parent company

347,7

977,4

(1) Mainly relates to interest rate swap contracts held by Virya Energy NV. The decrease in this financial year is mainly due to the elimination of Parkwind’s interest rate swap contracts within Virya Energy

NV.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

235

Consolidated statement of financial position

(in million EUR)

Note 31.03.25

31.03.24

Goodwill

449,2

415,3

Intangible assets

10.

423,0

396,2

Property, plant and equipment

11.

3.123,4

2.951,2

Investments accounted for using the equity method

12., 13.

269,0

260,1

Financial assets

14.

27,3

26,8

Deferred tax assets

17.

13,0

16,3

Other receivables

19.

43,0

48,2

Total non-current assets

4.347,9

4.114,1

Inventories

18.

776,0

757,8

Trade receivables

19.

539,8

566,6

Current tax assets

16,5

15,4

Other receivables

19.

92,4

104,0

Financial assets

14.

65,3

226,2

Cash and cash equivalents

20.

626,8

774,6

Assets from discontinued operations

16.

12,5

Total current assets

2.116,8

2.457,1

TOTAL ASSETS

6.464,7

6.571,2

Share capital

384,7

379,0

Reserves and retained earnings

2.787,6

2.794,5

Total equity attributable to owners of the parent company

3.172,3

3.173,6

Non-controlling interests

(0,4)

(0,1)

Total equity 21.

3.171,9

3.173,4

Provisions

23.

10,2

19,7

Liabilities related to employee benefits

24.

71,7

92,7

Deferred tax liabilities

17.

96,3

92,6

Interest-bearing and other liabilities

25., 26.

755,6

812,6

Total non-current liabilities

933,8

1.017,6

Provisions

23.

0,7

0,4

Interest-bearing liabilities

25.

206,9

211,9

Trade payables

26.

1.385,7

1.406,1

Current tax liabilities

29,8

33,7

Liabilities related to employee benefits and other liabilities

26.

735,8

719,0

Liabilities from discontinued operations

16.

8,9

Total current liabilities

2.359,0

2.380,1

Total liabilities

3.292,8

3.397,7

TOTAL EQUITY AND LIABILITIES

6.464,7

6.571,2

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

236

Consolidated statement of cash flows

The amounts shown below include both continuing and discontinued operations.

(in million EUR) Note 2024/25

2023/24

Profit/(loss) before tax

447,1

1.152,7

Adjustments for:

Depreciation, amortisation and impairment of non-current assets

412,1

430,3

Finance income and finance costs 7.

(0,5)

3,6

Share in the result of investments accounted for using the equity method 12., 13.

(0,2)

(709,1)

Losses/(gains) on the sale of property, plant and equipment, intangible assets and financial assets 4.

(7,2)

(7,5)

Discount on capital increase reserved for employees

0,8

2,5

Other

(4,0)

(3,2)

Cash flow from operating activities before changes in working capital and provisions

848,1

869,2

Decrease/(increase) in trade and other receivables

55,1

(2,0)

Decrease/(increase) in inventories

(18,3)

16,3

(Decrease)/increase in trade payables and other liabilities

(27,2)

80,5

(Decrease)/increase in provisions and liabilities related to employee benefits

(3,8)

58,2

Dividends received 7.

1,0

584,9

Income tax paid

(116,3)

(91,4)

Cash flow from operating activities

738,6

1.515,7

Acquisition of property, plant and equipment and intangible assets 2., 10., 11.

(478,7)

(433,8)

Business combinations (net of cash and cash equivalents acquired) 15.

(47,7)

(180,9)

Business disposals (net of cash and cash equivalents disposed of)

5,9

86,2

Increase in investment in the capital of associates and joint ventures 12., 13.

(15,7)

(1,9)

Proceeds from capital reimbursements of associates and joint ventures 12., 13.

0,3

345,0

(Purchases)/sales of financial assets 14.

167,5

(186,8)

Loans granted/repayment of loans granted

(3,4)

(3,6)

Proceeds from sale of property, plant and equipment and intangible assets

14,7

32,9

Cash flow from investing activities

(357,0)

(342,9)

Proceeds from the issue of share capital 21.

5,7

8,8

Acquisition of non-controlling interests

(0,4)

Purchase of treasury shares

(176,0)

(93,2)

New borrowings 25.

25,5

58,9

Repayment of borrowings 25.

(139,3)

(417,5)

Interest paid

(21,6)

(23,5)

Interest received

22,8

14,5

Payment of lease liabilities 25.

(76,4)

(69,2)

Dividends paid 21.

(171,1)

(226,5)

Cash flow from financing activities

(530,4)

(748,2)

NET INCREASE/(DECREASE) OF CASH AND CASH EQUIVALENTS

(148,8)

424,5

Cash and cash equivalents at 1 April

775,4

352,7

Effect of changes in consolidation scope

(1,8)

CASH AND CASH EQUIVALENTS AT 31 MARCH 20., 16.

626,7

775,4

Profit before tax is inclusive of discontinued operations. This is the sum of the result for the financial year from continuing operations

(EUR 447,2 million for 2024/25 and EUR 1.175,9 million for 2023/24) and the result for the financial year from discontinued operations

(EUR -0,1 million for 2024/25 and EUR -23,3 million for 2023/24).

The ‘Other’ item includes impairments and reversals of impairments on inventories and on trade and other receivables.

Business combinations comprise mainly the business combinations of Delidis and NRG (see note 15. Business combinations).

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

237

Consolidated statement of changes in equity

Attributable to the owners of the parent company

Other reserves

(in million EUR, except number of

shares)

Note

Number of shares

Share capital

Number of shares

Treasury shares

Revaluation reserves of liabilities related to

long-term post-employment benefits

Cumulative translation adjustments

Cash flow hedge reserves

Fair value reserves of financial assets through

Other comprehensive income

Retained earnings

Total

Non-controlling interests

Total equity

At 1 April 2024

127.348.890

379

2.203.368

(83,1)

(16,5)

(2,9)

5,1

3,5

2.888,4

3.173,6

(0,1)

3.173,4

Total comprehensive income

for the financial year

12,7

(0,2)

(2,3)

0,2

337,3

347,7

(0,3)

347,4

Profit/(loss) for the financial

year

337,3

(0,3)

337,0

Other comprehensive income

for the financial year

12,7

(0,2)

(2,3)

0,2

10,4

Transactions with the owners

(2.851.032)

5,7

1.414.803

(54,7)

0,7

(300,7)

(349,0)

Capital increase 21.

148.968

5,7

0,8

6,5

Treasury shares purchased

4.414.803

(174,8)

(0,5)

(175,2)

Cancellation of treasury shares

21.

(3.000.000)

120,1

(120,1)

Transactions with non-

controlling interests at

associates

(9,3)

Dividends 21.

(171,1)

Other

0,7

(0,6)

0,1

At 31 March 2025

124.497.858

384,7

3.618.171

(137,7)

(3,1)

2,8

3,7

2.925,0

3.172,3

(0,4)

3.171,9

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

238

Attributable to the owners of the parent company

Other reserves

(in million EUR, except

number of shares)

Number of shares

Share capital

Number of shares

Treasury shares

Revaluation reserves of liabilities related to

long-term post-employment benefits

Cumulative translation adjustments

Cash flow hedge reserves

Fair value reserves of financial assets through

Other comprehensive income

Retained earnings

Total

Non-controlling interests

Total equity

At 1 april 2023

134.077.688

370,2

6.687.980

(238,6)

(7,8)

(2,7)

78,0

4,5

2.306,6

2.510,3

0,1

2.510,5

Total comprehensive income

for the financial year

(7,1)

(0,2)

(65,2)

(1,0)

1.050,9

977,4

(0,2)

977,2

Profit/(loss) for the financial

year

1.050,9

(0,2)

1.050,7

Other comprehensive income

for the financial year

(7,1)

(0,2)

(65,2)

(1,0)

(73,5)

Transactions with the owners

(6.728.798)

8,8

(4.484.612)

155,5

(1,6)

(7,8)

(469,1)

(314,2)

(0,1)

(314,2)

Capital increase

271.202

8,8

1,6

10,4

Treasury shares purchased

2.533.995

(93,1)

(0,6)

(93,7)

Sale of treasury shares to

employees

(18.607)

0,9

Cancellation of treasury shares

(7.000.000)

247,8

(247,8)

Transactions with non-

controlling interests at

associates

(8,0)

Dividends

(226,6)

Changes in consolidation

method

(1,6)

1,6

Other

(7,8)

10,6

2,8

(0,1)

2,7

At 31 march 2024

127.348.890

379,0

2.203.368

(83,1)

(16,5)

(2,9)

5,1

3,5

2.888,4

3.173,6

(0,1)

3.173,4

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

239

Management responsibility statement

Stefan Goethaert, CEO, and Stefaan Vandamme, CFO, declare in the name and on behalf of the company that, to the best of their

knowledge:

x the consolidated financial statements for financial years 2024/25 and 2023/24, prepared in accordance with IFRS accounting

standards as adopted by the European Union up until 31 March 2025, give a true and fair view of the net assets, the financial

position and the results of the company, Colruyt Group NV, and of the entities included in the consolidation scope.

x the annual report related to the consolidated financial statements gives a true and fair view of the development and the results

of Colruyt Group’s activities, as well as of the position of the company and the entities that are included in the consolidation

scope, together with a description of the main risks and uncertainties that Colruyt Group faces.

Stefan Goethaert Stefaan Vandamme

CEO CFO

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

240

Notes to the consolidated financial statements

1. Significant accounting policies

Colruyt Group NV (hereinafter referred to as the ‘Company’) is domiciled in Halle, Belgium and is publicly traded on NYSE Euronext

Brussels under the code COLR. The consolidated financial statements for the 2024/25 financial year, which closed on 31 March 2025,

cover the Company, its subsidiaries and its interests in associates and joint ventures (hereinafter referred to collectively as ‘Colruyt

Group’).

Colruyt Group is a family business which, over three generations, has grown into a retail group with a diverse portfolio of food and Non-

food formats, in Belgium and abroad. Its main activity is the operation of supermarkets under the brand name ‘Colruyt Lowest Prices’.

Colruyt Group operates in the retail sector and has many different store formats, both physical and online, each with its own brand

promise, mainly in Belgium, Luxembourg and France, while also maintening a presence on the African continent

Colruyt is also active in

food services and the food wholesale trade, and has an expanding portfolio of health and well-being activities, including fitness clubs and

the distribution of medical and related products. It also operates as a retailer of clothing and bicycles. Finally, certain aspects of

technology, IT and communications are handled by the Colruyt Group itself, as is the case with the processing and/or packaging of meat,

bread, coffee, cheese and wine.

The consolidated financial statements and the annual report of the Board of Directors prepared in accordance with article 3:32 of the

Belgian Code on Companies and Associations and included under the ‘Corporate Governance’ section for the financial year 2024/25, were

authorised for issue by the Board of Directors on 13 June 2025, subject to the approval of the statutory non-consolidated financial

statements by the shareholders during the Annual General Meeting of Shareholders, which will be held on 24 September 2025. In

accordance with Belgian law, the consolidated financial statements will be presented for information purposes to the shareholders of

Colruyt Group during that same meeting. The consolidated financial statements are not subject to changes, unless decisions of the

shareholders regarding the statutory non-consolidated financial statements impact the consolidated financial statements.

1.1 Basis of presentation

The consolidated financial statements are expressed in millions of EUR rounded to one decimal place. As a result of rounding, the totals of

certain figures in the tables may differ from those in the main statements or between disclosure notes. The consolidated financial

statements include comparative figures from the previous financial year.

The consolidated financial statements describe the financial position as of 31 March and are prepared using the historical cost method,

with the exception of certain line items, including derivative financial instruments, financial assets at fair value through other

comprehensive income and financial assets at fair value through profit or loss, which are measured at fair value. Net liabilities related to

Belgian defined contribution plans with a legally guaranteed minimum return, which are accounted for as defined benefit plans, are not

measured at historical cost either but are measured using the projected unit credit method. Colruyt Group has prepared the consolidated

financial statements on the assumption that it will continue its operations as a going concern, as there are no material uncertainties and

there are sufficient resources to continue operations.

The consolidated financial statements are prepared before any distribution of profits of the Company as proposed to the Annual General

Meeting of Shareholders.

The significant accounting policies listed below have been applied consistently for all the periods presented in these consolidated

financial statements.

1.2 Significant accounting estimates and assumptions

Preparing the consolidated financial statements requires Colruyt Group’s management to make judgements, estimates and assumptions.

In most cases, estimates and related assumptions are based on past experience and various other factors that are believed to be

reasonable given the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are

assessed and adjusted annually. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the

revision affects only that period, or in the period of the revision and future period(s) if the revision affects both current and future

period(s).

Key sources of estimation uncertainty incurring a risk of material adjustments in the next financial year are:

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

241

Impairment of assets

Each year, and also whenever there are indications that their net carrying amount may exceed their recoverable amount, cash-generating

units to which goodwill or intangible assets with indefinite useful lives are assigned are tested for impairment. This analysis requires

management to calculate the recoverable amount. The recoverable amount is the higher of the fair value less costs to sell and the value

in use. The value in use is the present value of estimated future cash flows using a relevant discount rate (WACC) and terminal growth

rate. For more information on the assumptions used and the sensitivity of the carrying amounts to the assumptions, please see note 9.

Goodwill.

Recognition and measurement of internally developed intangible assets

Colruyt Group invests in internally developed innovative change programmes and IT. An important condition for the recognition of

intangible assets related to this is the future economic benefits of these programmes. These future economic benefits are based on

estimates by management and programme managers, which are validated and discussed on a regular basis. For more information on the

carrying amount of these programmes, see note 10. Intangible assets.

Income tax and deferred taxes

Deferred tax assets are recognised only to the extent that it is probable that future profits will be available against which the tax losses

carried forward and any unused tax credits able to be carried forward can be offset. Colruyt Group sets a time horizon of five years for

these estimates. The carrying amount of deferred tax assets is reviewed at each reporting date, based on estimates of future profits. For

more information on unrecognised deferred tax assets (or liabilities), see note 17. Deferred tax assets and liabilities.

Employee benefits – IAS 19

Each year, the defined contribution plan liabilities and annual costs are determined on the basis of actuarial assumptions. Discount rates

and inflation rates are set at group level by management. The other assumptions (such as expected future wage increases and the

chances of employees leaving) are determined at local level. All employee benefit plans are reviewed annually by independent actuaries.

For additional information regarding the assumptions and the sensitivity of the carrying amount of the liabilities to the assumptions, see

note 24. Non-current liabilities related to employee benefits.

Key sources of assumptions in the next financial year are:

Calculating the present value of lease payments and determining the lease term of contracts with renewal options

Determining the lease term requires a certain degree of judgement. Factors considered relate to the probability that early termination

options or renewal options will be exercised. All facts and circumstances relevant to assessing the lease terms are considered. Lease

terms are determined with the help of the departments with relevant knowledge thereof. Based on past experience and the fact that it is

commercially important to be present in a location for a longer period of time, the lease term is typically set at 9 years.

Colruyt Group cannot readily determine the interest rate implicit in the leases. As a result, the incremental borrowing rate (IBR) is used to

measure lease liabilities. The IBR is the interest rate that Colruyt Group would have to pay to borrow over a similar term, and with a

similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset. Colruyt Group estimates the IBR using

observable data (such as market interest rates) and certain entity-specific parameters.

Consolidation principles

Determining whether Colruyt Group has control, joint control or significant influence is based on the specific facts and circumstances.

These conclusions can differ from judgements purely based on the ownership percentage held by Colruyt Group.

1.3 Statement of compliance

Colruyt Group’s consolidated financial statements are prepared in accordance with the IFRS accounting standards, as issued by the

International Accounting Standards Board (IASB) and adopted by the European Union.

A. New standards and interpretations effective in 2024/25

The following (amended) standards and improvements are effective for Colruyt Group as from 1 April 2024:

• IAS 1 (Amendment), ‘Presentation of Financial Statements – Classification of Liabilities as Current or Non-current’;

• IFRS 16 (Amendment), ‘Leases – Lease Liability in a Sale and Leaseback’;

• IAS 7 (Amendment), ‘Statement of Cash Flows’ and IFRS 7 (Amendment), ‘Financial Instruments: Disclosures – Supplier Finance

Arrangements’.

B. Standards and interpretations published but not yet applicable in 2024/25

Colruyt Group did not early adopt the following published (amended) standards, interpretations and improvements relevant to the group

and effective only after 31 March 2025. Colruyt Group intends to apply these standards when they become effective.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

242

• IAS 21 (Amendment), ‘The Effects of Changes in Foreign Exchange Rates - Lack of exchangeability’ (effective date for Colruyt

Group 1 April 2025);

• Amendments to IFRS 9, ‘Classification and measurement requirements’ and IFRS 7, ‘Disclosures ’ (effective date for Colruyt

Group 1 April 2026);

• IFRS 18 (new standard), ‘Presentation and Disclosure in Financial Statements’ (effective date for Colruyt Group 1 April 2027);

• IFRS 19 (new standard), ‘Subsidiaries without Public Accountability: Disclosures’ (effective date for Colruyt Group 1 April 2027);

• Amendments to IFRS 9 and IFRS 7, ‘Contracts Referencing Nature-dependent Electricity’ (effective date for Colruyt Group 1 April

2026)

• Annual Improvements – Volume 11.

1.4 Consolidation principles

Colruyt Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries after elimination of

intragroup transactions and balances and Colruyt Group’s interest in associates and joint ventures.

A. Consolidation methods

Subsidiaries are those entities over which Colruyt Group has control. Joint ventures are those entities in which Colruyt Group has joint

control and where such control is established by a contractual arrangement, conferring upon Colruyt Group rights to the net assets of the

arrangement, but no rights to the assets of the arrangement and no obligations arising for the liabilities, relating to the arrangement.

Associates are those entities in which Colruyt Group has significant influence on the financial and operational policies but which it does

not control or jointly control.

Determining whether Colruyt Group has control, joint control or significant influence is based on the specific facts and circumstances.

These conclusions can differ from judgements purely based on the ownership percentage held by Colruyt Group.

In most cases, there is no ambiguity in determining the consolidation method within the group, since Colruyt Group often owns 100% of

the shares of its subsidiaries. The main judgement is in determining the consolidation method for joint ventures and associates.

Joint ventures and associates are recognised using the equity method where Colruyt Group recognises its share of the joint venture’s or

associate’s profit or loss through the income statement. When the joint venture or associate has a different accounting period than

Colruyt Group, they are either restated to Colruyt Group’s financial year for reporting purposes to the group, or a maximum difference of

three months is allowed, e.g. in the case of Virya Energy NV, where the result is adjusted for material transactions between December

and March for reporting purposes to the group.

Based on the materiality concept, Colruyt Group did not include companies of no significant size in the consolidation scope. These are

recognised at historical cost and tested annually for impairment. In total, these non-consolidated companies have an immaterial impact

on Colruyt Group’s consolidated financial statements.

B. Transactions eliminated on consolidation

Intragroup balances and transactions, including unrealised profit or loss on intragroup transactions, are eliminated when preparing the

consolidated financial statements.

When a subsidiary is sold to a joint venture or associate, Colruyt Group recognises the full result, not eliminating it in proportion to

Colruyt Group’s interest in the associate or joint venture.

Colruyt Group recognises changes within the equity of its joint ventures and associates related to transactions with their non-controlling

interests as changes in the group’s consolidated equity.

C. Financial statements of foreign companies in foreign currencies

To consolidate Colruyt Group and each of its subsidiaries, the financial statements of the individual subsidiaries are translated into euro,

the functional currency of the Company and the presentation currency of the group. The translation is performed as follows:

• assets and liabilities, including goodwill and fair value adjustments arising from acquisitions, at the closing exchange rate of the

European Central Bank at the reporting date;

• income, expenses and cash flows at the average exchange rate of the European Central Bank for the financial year (which

approximates the exchange rate at the date of the transaction);

• equity at the historical exchange rate.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

243

1.5 Other significant accounting policies

A. Goodwill

For company-specific valuation rules relating to goodwill and impairments, if any, see note 1.2. Significant accounting estimates and

assumptions and note 9. Goodwill.

B. Intangible assets

With regard to intangible assets, Colruyt Group distinguishes between internally developed intangible assets, externally purchased

software, licences and similar rights, acquired customer lists and customer relationships, and intangible assets under development.

Intangible assets under development (mainly change programmes) are reclassified to other categories when they are available for use.

Research and development

Colruyt Group invests in internally developed innovative change programmes and IT. An important condition for the recognition of

intangible assets related to this is the future economic benefits of these programmes. For the administrative follow-up of the

development costs to be capitalised, Colruyt Group distinguishes between substantial change programmes and IT investments, the so-

called group programmes, and smaller change programmes. For the smaller change programmes, a fixed allocation key is used to

determine the costs to be capitalised.

Expenditure related to development activities where the results are used for a plan or design intended for the production of new or

substantially improved products or processes are capitalised if the following conditions are met:

• the technical and commercial feasibility of the product or process has been demonstrated and the product or process will be

commercialised or will be used internally;

• the product or process will generate future economic benefits;

• Colruyt Group has the necessary technical, financial and other resources to complete and use or sell the development; and

• the product or process has been carefully described and the expenses can be separately identified and can be measured

reliably.

Depreciation

Intangible assets with a finite useful life are subject to straight-line amortisation over their estimated useful lives. Amortisation of

intangible assets only begins when assets are available for intended use.

Intangible assets that are not yet ready for their intended use and intangible assets with an indefinite useful life are tested for impairment

at least annually. For internally developed intangible assets, this evaluation is made at least twice a year.

Different useful lives are applied for each type of intangible asset:

• internally developed intangible assets: 3, 5, 7 or 10 years;

• externally purchased software, licences and similar rights: contractually defined period;

• customer lists arising from the acquisition of points of sale: indefinite useful life;

• customer relations: 5 to 20 years;

• other intangible assets: 3, 5 or 10 years.

The amortisation method and useful life are reviewed annually and amended if necessary.

C. Property, plant and equipment

With regard to property, plant and equipment, Colruyt Group distinguishes between land and buildings, plant, machinery and equipment,

furniture and vehicles, right-of-use assets, and assets under construction. Assets under construction (mainly buildings) are reclassified to

other categories when they are available for use.

Property, plant and equipment are recognised at cost less accumulated depreciation and impairments. The cost of self-constructed assets

includes direct labour costs in addition to the direct cost of material and a reasonable proportion of indirect manufacturing costs which

are necessary to bring the asset into its location and condition that are required for the asset to function in the intended way. Colruyt

Group does not consider residual value when calculating depreciation.

Colruyt Group has opted to recognise capital grants as a deduction from the cost of property, plant and equipment. Grants are recognised

when there is reasonable assurance that the grants will be received and that the group will comply with the conditions attached to them.

These grants are taken into profit or loss over the useful life of the asset by reducing the depreciation charge.

Depreciation

Property, plant and equipment are subject to straight-line depreciation in profit or loss based on the estimated useful life of each

component. Property, plant and equipment with an indefinite useful life are not depreciated but tested for impairment annually.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

244

The estimated useful lives are defined as follows:

• land: indefinite;

• buildings: 20 to 30 years;

• fixtures: 9 to 15 years;

• plant, machinery and equipment, furniture and vehicles: 3 to 20 years;

• IT equipment: 3 to 5 years;

• right-of-use assets: useful life of the asset or, if shorter, the lease term.

D. Leases

For all leases with a lease term of more than 12 months, a right-of-use asset and a corresponding lease liability are recognised on the date

on which the leased asset is made available for use.

Payments made for short-term leases or leases of low-value assets are recognised in profit or loss on a straight-line basis over the term of

the lease.

A limited number of premises that Colruyt Group leases are subleased to third parties (the so-called ‘sublease agreements’). When the

right of use of these assets is not fully transferred to the sublessee (which is the case, amongst others, when the rental period of the

sublease is significantly shorter than the one of the head lease), these ‘sublease agreements’ are classified as operating sublease

agreements and the rental income is recognised in profit or loss under ‘Other operating income’, on a straight-line basis over the lease

term.

Rental income under a financial sublease is treated in accordance with IFRS 16, whereby a lease receivable is recognised in the

consolidated statement of financial position. Lease receivables are presented in the consolidated statement of financial position under

‘Other receivables’. Any differences between the right-of-use asset and the lease receivable are accounted for in profit or loss at initial

recognition.

E. Financial assets

Classification

Colruyt Group classifies its financial assets at initial recognition in different categories.

The classification of a financial asset determines the measurement of this financial asset and whether the income and costs are

recognised in profit or loss, or directly in equity. The financial assets are classified as follows:

• financial assets at amortised cost;

• financial assets at fair value through other comprehensive income (‘FVOCI’);

• Colruyt Group irrevocably chooses to measure equity instruments at fair value through other comprehensive income. Colruyt

Group makes this choice for equity instruments which it has currently no intention to sell in the short term;

• financial assets at fair value through profit or loss (‘FVTPL’).

Expected credit losses

Financial assets are recognised according to the generally applicable measurement methods. At the end of each reporting period, Colruyt

Group assesses whether a provision for expected credit losses needs to be recognised for financial assets at amortised cost.

Colruyt Group has identified two categories of financial assets to which the requirements of expected credit losses apply: trade

receivables and other receivables. Expected credit losses are calculated using a model based on expected losses which represents the

weighted average of credit losses with the respective default risks as weighting factors.

To determine the expected credit losses Colruyt Group applies the simplified approach based on a provision matrix, and the general

approach, under which credit losses are determined at the level of the individual receivable. The choice depends on the type of asset and

the associated risk characteristics.

The simplified approach always applies to trade receivables. These do not generally contain a significant financing component. Under the

simplified approach, credit losses are estimated over the full lifetime of receivables. The calculation of percentages for historical credit

losses is done by categories of debtors with similar risk characteristics. In addition to historical credit losses, the provision matrix used

takes into account forward-looking and macroeconomic factors.

The general approach applies to other receivables, i.e. to a category of receivables of limited materiality, where credit losses are

determined at the level of the individual receivable. See note 27.1.C Credit risk for more information on how expected credit losses are

calculated at the level of other receivables.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

245

F. Impairment

Goodwill, property, plant and equipment and intangible assets with indefinite useful lives and property, plant and equipment and

intangible assets not available for use are tested for impairment at least annually (irrespective of whether indications of impairment exist

or not). For internally developed intangible assets, this review is completed at least twice a year.

For company-specific valuation rules relating to goodwill and impairments, if any, see note 1.2. Significant accounting estimates and

assumptions and note 9. Goodwill. Colruyt Group defines a ‘cash-generating unit’ as the operating unit to which the asset can

unequivocally be allocated.

G. Inventories

Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the ‘first in, first out’ (FIFO)

principle and includes all direct and indirect costs that are required to bring the goods to their condition at the reporting date, less

discounts and compensations received from suppliers. The indirect costs are made up of distribution costs, i.e. handling costs at the

distribution centre and transport costs, and shelving costs, i.e. the costs for store employees to fill the shelves with the goods. These

respective costs are updated on a periodic basis.

Rebates and incentives that Colruyt Group receives from its suppliers, mainly for promotions in stores, joint publicity, introductions of

new products and volume incentives, are included in the inventory cost and are recognised in profit or loss as and when the product is

sold, except when it relates to a repayment of specific, additional and identifiable costs which Colruyt Group incurred in order to sell the

supplier’s product. In that case the rebates and incentives are immediately recognised as a decrease of the respective costs incurred.

Estimating such supplier rebates is predominantly based on the actual revenue figures of the related period, but in certain cases requires

the use of assumptions and estimations regarding specific purchasing or sales levels.

H. Employee benefit expenses

Post-employment benefit expenses

There are different types of post-employment benefit expenses within Colruyt Group:

• Defined contribution plans with a legally guaranteed minimum return

In Belgium, the Law regarding supplementary pensions (‘WAP’) requires employers to guarantee a minimum return on defined

contribution plans over the course of the career. For contributions until 31 December 2015, this minimum return was 3,25% on employer

contributions and 3,75% on employee contributions. As a result of a law change in December 2015, the interest rate to be guaranteed is

variable starting from 1 January 2016, based on a mechanism linked to the return of the Belgian OLO bond with a minimum of 1,75% and

a maximum of 3,75%.

Given these legal changes, the clear stance taken by the regulatory authorities in 2016 and the ability to make reliable estimates for these

retirement benefit plans, the Belgian defined contribution plans have been considered as defined benefit plans since financial year

2016/17. They are measured in accordance with IAS 19 based on the ‘projected unit credit’ method.

We refer to note 24. Non-current liabilities related to employee benefit expenses for more detail on the actuarial assumption used by

Colruyt Group

• Other

Other post-employment benefits include departure benefits as a result of retirement or as a result of the application of the

’Unemployment regime with company supplement’ (Belgian entities) and statutory benefits (French and Indian entities). These benefits

are also treated as defined benefit plans.

The liabilities arising from these systems and the related costs are determined using the ‘projected unit credit’ method, based on

actuarial calculations that are executed at the end of each financial year. A comprehensive adjustment of demographic parameters based

on updated personnel information is carried out at least every 3 years. These parameters are used for 3 years for the annual actuarial

valuation. Certain financial parameters, such as the discount rate, are adjusted annually. These liabilities, recognised in the consolidated

statement of financial position, are calculated as the present value of estimated future cash outflows, based on a discount rate at the

reporting date which corresponds to the market yield of high quality corporate bonds with a remaining maturity that approximates the

maturity of these liabilities, decreased with the fair value of the plan assets. The liabilities related to the unemployment regime with

company supplement are recognised for the population of employees for which can be reliably assumed that it will join the

unemployment regime with company supplement. The liabilities for the defined contribution plans with a legally guaranteed minimum

return are recognised for all Colruyt Group employees entitled thereto.

Profit participation

In accordance with the Law of 22 May 2001 concerning employee participation in the share capital of entities and the establishment of a

profit bonus for employees, Colruyt Group offers its personnel based in Belgium a share in the profits in the form of a profit participation,

paid in cash. The profit participation is recognised in the financial year in which the profit is realised.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

246

Discounts on share capital increases

In accordance with article 7:204 of the Code on Companies and Associations, Colruyt Group offers a discount on its yearly share capital

increase which is reserved for its employees. This discount is recognised as an employee benefit expense in the period of the share capital

increase.

I. Financial liabilities

Financial liabilities are classified as follows:

• financial liabilities at amortised cost; and

• financial liabilities at fair value through profit or loss.

Financial liabilities at amortised cost

Financial liabilities of Colruyt Group measured at amortised cost include interest-bearing liabilities, trade payables and other liabilities.

Financial liabilities are initially measured at fair value, net of transaction costs. After initial recognition, these financial liabilities are

measured at amortised cost using the effective interest method, with interest expense recognised using the effective interest rate.

Financial liabilities at fair value through profit or loss

Financial liabilities of Colruyt Group at fair value through profit or loss include derivative financial instruments entered into by Colruyt

Group to hedge its exposure to foreign exchange risks arising from its operating activities. Colruyt Group does not carry out speculative

transactions.

These financial liabilities are initially recognised at fair value including any transaction costs directly attributable to these financial

liabilities. After initial recognition, these financial liabilities are measured at fair value with fair value changes through profit or loss.

J. Derivative financial instruments

Derivative financial instruments are initially recognised at fair value. After initial recognition these derivative financial instruments are

remeasured at fair value at the end of every reporting period. Derivative financial instruments can be subdivided into cash flow hedges,

fair value hedges and hedges of net investments. Colruyt Group designates its derivative financial instruments as cash flow hedges.

At the inception of the transaction and upon effective hedging, Colruyt Group documents the relationship between the hedging

instrument and the hedged instrument, as well as the risk management objectives and strategy for undertaking the hedge. Derivative

financial instruments are presented according to their non-current or current nature.

The effective portion of the changes in fair value of derivative financial instruments designated as cash flow hedges is included as a

separate component in equity, under ‘Cash flow hedge reserves’.

The gain or loss in respect of the ineffective portion or ineffective hedges is immediately recognised in profit or loss under ‘Finance

income’ or ‘Finance costs’.

K. Revenue

Revenue in Colruyt Group is broken down into the following segments:

Revenue in ‘Food’ segment

The sale of goods in the retail sales channels, at the cash desk or online, is limited to one single transaction, i.e. the sale of goods at the

cash desk or online. There is only one performance obligation within this context and revenue is recognised when control over the goods

is transferred to the customer. The transaction price is affected by a number of rebate mechanisms, which are recognised as variable

considerations and are included in profit or loss at the time of the sale of the goods. Online sales are not defined as a separate sales

channel, as the mode of revenue recognition is in line with that used for retail activities.

Revenue from the sale of goods through wholesale and production is recognised upon delivery to, or pick-up by the customer. To

determine the transaction price Colruyt Group uses collaboration arrangements. Any rebates granted to the customer are deducted from

the sales price.

For certain products or services, such as phone cards and tickets for amusement parks, Colruyt Group acts as an agent. Therefore, only

the commission is included in the revenue.

Revenue from the sale of gift cards and gift certificates is recognised when the gift card or gift certificate is redeemed by the customer.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

247

Revenue in the ‘Health & Well-being and Non-food’ segment

The sale of goods in the ‘Retail’ segment sales channels, at the cash desk or online, is limited to one single transaction, i.e. the sale of

goods at the cash desk or online. There is only one performance obligation within this context and revenue is recognised when control

over the goods is transferred to the customer. The transaction price is affected by a number of rebate mechanisms, which are recognised

as variable considerations and are included in profit or loss at the time of the sale of the goods. Online sales are not defined as a separate

sales channel, as the mode of revenue recognition is in line with that used for retail activities.

Revenue from the sale of goods through ‘Wholesale’ is recognised upon delivery to, or pick-up by the customer. To determine the

transaction price Colruyt Group uses collaboration arrangements. Any rebates granted to the customer are deducted from the sales price.

Revenue from the sale of subscriptions is recognised monthly during the term of the subscription.

Revenue in the ‘Group activities, Real Estate and Energy’ segment

Revenue in this segment mainly relates to revenue from the provision of printing and document management solutions and training, but

does not represent a significant share of Colruyt Group’s revenue.

L. Other operating income

Rental income

Rental income generated by ordinary leases or by operating subleases are recognised in ‘Other operating income’ on a straight-line basis

over the term of the lease.

Other operating income from remuneration received

Colruyt Group does not consider income from renewable energy, services rendered to third parties and income from waste recycling as

part of its ordinary operating activities. This item relates mainly to income from the cleaning of transport containers and from sales of

waste products (mainly plastic and cardboard).

M. Expenses

Incentives from suppliers

Incentives from suppliers are recognised net of expenses.

If such incentives are specifically received for the reimbursement of specific advertising expenses incurred, the reimbursements are

deducted from those specific expenses. In all other cases the reimbursements are recognised as a deduction from cost of goods sold.

Rental payments

Payments made for short-term leases or leases of low-value assets are recognised in profit or loss on a straight-line basis over the term of

the lease.

Employee benefit expenses and compensatory amounts

Employee benefit expenses are presented free of compensatory amounts. Compensatory amounts relate mainly to employee costs

capitalised in the context of non-current assets produced internally by Colruyt Group.

N. Income tax expense and deferred taxes

Income tax for the financial year comprises current and deferred taxes and is presented in accordance with IAS 12, ‘Income Taxes’. Taxes

are presented in profit or loss, except for taxes that relate to transactions not recognised in the consolidated income statement or that

relate to a business combination.

Deferred taxes are calculated using the ‘balance sheet liability method’, providing for temporary differences between the tax base of the

assets and liabilities and the carrying amount of assets and liabilities in the consolidated statement of financial position. A deferred tax

asset is recognised only to the extent that it is probable that future profit will be available against which the tax losses carried forward

and unused tax credits able to be carried forward can be offset. Colruyt Group sets a time horizon of 5 years for these estimates.

For an explanation of how Colruyt Group applies the ‘Pillar Two’ rules, see note 17. Deferred tax assets and liabilities.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

248

2. Segment information

Colruyt Group reports its operating segments based on the nature of its activities. In addition to the information on the operating segments,

Colruyt Group also provides geographical information on the regions in which it operates.

2.1 Operating segments

In recent years, Colruyt Group has adapted its legal structure to better align with the four core pillars of its long-term strategy: 'Food', 'Health

& Well-being', 'Non-food' and 'Energy'. The parent company, Colruyt Group NV, provides support across all these areas of expertise,

connecting them to create and leverage synergies, ensuring smooth and efficient management and helping to achieve the group's long-term

objectives.

In light of this, the operating segments were revised:

• The 'Food' segment offers a diverse range of food brands and sells directly to bulk and other consumers through its own stores and

online channels (retail). In addition, it supplies independent entrepreneurs, professional customers, wholesalers and other

businesses (including Wholesale, Food service and Food production operations).

• The 'Health & Well-being and Non-food' segment comprises the areas of expertise 'Health & Well-being' and 'Non-food' and

includes the operations of Newpharma, Jims, The Fashion Society and Bike Republic.

• The final segment, 'Group activities, Real Estate and Energy' comprises the 'Energy' area of expertise along with a range of support

services (including IT, technical services, digital services etc.), corporate services and real estate services. These services primarily

support the other areas of expertise.

Accordingly, the segment information presented below has been revised to reflect the above restructuring of the operating segments. As a

result, the relevant comparative figures have also been restated.

The CEO, in his capacity of Chief Operating Decision Maker (CODM) monitors the performance of the various segments.

Segment performance is measured based on the operating profit (EBIT) calculated in accordance with the accounting policies applied for

financial reporting. The net financial result, income tax expense, and the share in the results of investments accounted for using the equity

method are not monitored at segment level. Assets and liabilities are not reported to the CODM on a per-segment basis. Transactions

between legal entities are conducted at arm's length.

The operating profit of the group support services is allocated to the other segments based on the services consumed. The 'Group activities,

Real Estate and Energy' segment reports the investments made and the depreciation expenses for the investments made to support services

provided to the other segments.

The areas of expertise 'Health & Well-being' and 'Non-food' have been combined under the 'Health & Well-being and Non-food' segment as

individually they fail to meet the quantitative thresholds or exhibit similar economic attributes. Both areas of expertise include retail activities

and operate primarily in Belgium.

The 'Energy' area of expertise only comprises the shareholding in Virya Energy (which is accounted for using the equity method). This area of

expertise does not meet the criteria to qualify as an operating segment and is incorporated within the 'Group activities, Real Estate and

Energy' segment as a share in the result of investments accounted for using the equity method.

Given the nature of its activities, Colruyt Group does not rely on a limited number of major customers.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

249

		Health &
		Well-being	Group activities,
		and Non-	Real Estate and
	Food	food⁽³⁾	Energy	Eliminations	Colruyt Group
(in million EUR)	2024/25	2024/25	2024/25	2024/25	2024/25
Revenue - external	10.440,6	499,6	23,2	-	10.963,4
Revenue - internal	3,3	-	5,6	(8,9)	-
Total revenue	10.443,9	499,6	28,8	(8,9)	10.963,4
Operating expenses⁽¹⁾	(9.920,7)	(460,5)	267,5	8,9	(10.104,8)
Depreciation, amortisation and impairment of non-	(71,0)	(36,6)	(304,6)	-	(412,1)
current assets
Operating profit (EBIT)	452,3	2,5	(8,3)	-	446,4
Net financial result					0,5
Share in the result of investments accounted for using			0,2		0,2
the equity method
Income tax expense					(112,7)
Result from discontinued operations					2,6
Profit for the financial year					337,0
Acquisitions of property, plant and equipment and	47,4	28,1	403,2		478,7
intangible assets⁽²⁾

(1) Operating expenses include both cost of goods sold and operating expenses.

(2) Acquisition of property, plant and equipment and intangible assets does not include acquisitions through business combinations, right-of-use assets and changes in consolidation method.

(3) The 2024/25 financial year includes the result of The Fashion Society for 10 months.

		Health &
		Well-being	Group activities,
		and Non-	Real Estate and
	Food⁽²⁾	food⁽³⁾	Energy	Eliminations	Colruyt Group
(in million EUR)	2023/24	2023/24	2023/24	2023/24	2023/24
Revenue - external	10.273,0	547,5	24,2	-	10.844,7
Revenue - internal	25,9	-	-	(25,9)	-
Total revenue	10.298,9	547,5	24,2	(25,9)	10.844,7
Operating expenses⁽¹⁾	(9.700,5)	(506,8)	229,6	25,9	(9.951,7)
Depreciation, amortisation and impairment of non-	(88,9)	(40,1)	(294,2)	-	(423,2)
current assets
Operating profit (EBIT)	509,6	0,6	(40,3)	-	469,8
Net financial result					(3,0)
Share in the result of investments accounted for using			709,1		709,1
the equity method
Income tax expense					(104,3)
Result from discontinued operations⁽⁴⁾					(20,9)
Profit for the financial year					1.050,7
Acquisition of property, plant and equipment and	57,1	22,7	352,7		432,6
intangible assets⁽⁵⁾

(1) As adjusted following the revision of the operating segments. See note 3. Operating segments for more information on the adjustments to the comparative information.

(2) Including the revenue from Comarkt/Comarché but excluding Colex (part of Wholesale) and Food production.

(3) Including the revenue of Colex. The 2024/25 financial year includes 12 months of the result of Degrenne Distribution whereas the 2023/24 financial year includes only 9 months (from July 2023 onwards).

(4) The 2023/24 financial year includes 15 months of the result of Newpharma due to an extension of the financial year, whereas the 2024/25 financial year includes 12 months.

(5) The 2024/25 financial year includes 10 months of the result of The Fashion Society whereas the 2023/24 financial year includes 12 months.

2.2 Geographical information

As customers are mostly serviced in their own geographical areas, the geographical information is based on the location of the Company and

its subsidiaries. The geographical information presents the contribution to Colruyt Group of the countries in which the entities are domiciled.

The main geographical locations are Belgium (location of the Company and many of its subsidiaries), France and other countries. See note

34. List of consolidated entities for the locations of entities.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

250

	Belgium		France		Other		Total
(in million EUR)	2024/25	2023/24	2024/25	2023/24	2024/25	2023/24	2024/25	2023/24
Revenue	9.861,8	9.802,0	1.014,4	957,6	87,1	85,1	10.963,4	10.844,7
Fixed assets⁽¹⁾	3.199,4	3.004,0	327,2	332,7	62,9	59,0	3.589,5	3.395,6

(1) Non-current assets consist of property, plant and equipment, intangible assets and other receivables (>1 year).

3. Revenue and gross profit

(in million EUR)	2024/25	2023/24
Revenue	10.963,4	10.844,8
Cost of goods sold	(7.675,9)	(7.614,3)
Gross profit	3.287,5	3.230,4
As a % of revenue	30,0%	29,8%

Revenue rose by 1,1% to almost EUR 11,0 billion. The full consolidation of Comarkt/Comarché, Degrenne Distribution, Delidis and NRG

had a positive impact on revenue performance. In addition, revenue performance was mainly influenced by the stronger competitive

environment in the Belgian retail market, the decline in food inflation and the unfavourable weather in the past summer. The extension

of Newpharma’s financial year in the previous period and a change in the financial year at The Fashion Society in the period under review

also had a negative impact. As a result, Newpharma was consolidated for 12 and The Fashion Society for 10 months in 2024/25,

compared to 15 and 12 months respectively in 2023/24.

3.1. Revenue

(in million EUR)	2024/25	2023/24⁽¹⁾
Food	10.440,6	10.273,0
Food retail	8.834,8	8.806,3
Colruyt Belgium and Luxembourg⁽²⁾	6.951,8	6.943,7
Okay, Bio-Planet and Cru	1.167,8	1.146,2
Colruyt France (incl. DATS 24 France)	715,2	716,4
Wholesale⁽³⁾	1.246,0	1.166,7
Food service	332,3	273,2
Food Production	27,5	26,9
Health & Well-being and Non-food	499,6	547,5
Health and Well-being⁽⁴⁾	234,4	244,0
Non-food⁽⁵⁾	265,2	303,5
Group activities, Real Estate and Energy	23,2	24,2
Others	23,2	24,2
Total revenue Colruyt Group	10.963,4	10.844,8

(1) As adjusted to reflect the review of the operating segments. See note 2. Segment information for more information on the restatement of comparative information.

(2) Including the revenue of Comarkt/Comarché but excludes Colex (which is part of Wholesale) and food production.

(3) Including the revenue of Colex. Financial year 2024/25 includes the result of Degrenne Distribution for 12 months, compared to only 9 months (as from July 2023) for financial year 2023/24.

(4) The 2023/24 financial year included the result of Newpharma for 15 months due to an extension of the financial year, compared to 12 months in financial year 2024/25.

(5) The 2024/25 financial year includes the result of The Fashion Society for 10 months, compared to 12 months in financial year 2023/24.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

251

4. Other operating income and expenses

(in million EUR)	2024/25	2023/24
Rental and rental-related income	37,0	26,2
Gains on disposal of non-current assets	9,2	8,7
Remuneration received	92,3	121,7
Other	25,9	32,1
Total other operating income	164,4	188,6

Remuneration received includes, amongst others, income from services rendered to third parties and income from waste recycling. This

item relates mainly to income related to the cleaning of transport crates and to sales of waste products (mainly plastic and cardboard). In

financial year 2023/24, corporate services were provided to DATS 24 NV, Dreamland NV and Dreambaby NV. These have since been

discontinued and are gradually being wound down further.

(in million EUR)	2024/25	2023/24
Operating taxes	13,6	17,2
Property withholding tax	18,6	17,7
Losses on disposal of non-current assets	2,0	1,2
Other	5,1	16,9
Total other operating expenses	39,2	52,9

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

252

5. Services and miscellaneous goods

(in million EUR)	2024/25	2023/24
Rental and rental-related charges	64,4	52,5
Maintenance and repairs	98,8	94,9
Utilities	66,7	73,3
Logistic expenses	200,2	197,2
Fees, IT and IT-related expenses	197,1	215,1
Administration, marketing and other expenses	138,7	134,0
Impairment of current assets	1,5	2,5
Total services and miscellaneous goods	767,3	769,7

Rental and rental-related expenses relate mainly to IT licences and to assets with limited individual value.

6. Employee benefit expenses

(in million EUR)	2024/25	2023/24
Wages and salaries⁽¹⁾	1.355,4	1.283,1
Social security contributions	286,8	259,6
Consultants and interim personnel	153,3	136,0
Profit-sharing schemes for employees⁽²⁾	32,8	33,5
Contributions to defined contribution plans with a legally guaranteed minimum return	16,6	14,3
Other post-employment benefits	1,3	1,3
Discount on capital increase reserved for personnel	0,8	1,6
Other personnel costs	65,0	77,5
Compensatory amounts	(125,2)	(103,5)
Total employee benefit expenses	1.786,8	1.703,4
Number of employees (FTE) at reporting date	32.418	32.103

(1) Of which the Belgian wage bill for financial year 2024/25 amounts to EUR 1.240,7 million (EUR 1.172,1 million for financial year 2023/24).

(2) This line item consists of the full cost of the profit-sharing schemes, including the employer social security contributions.

Capital increase reserved for employees

Colruyt Group offers its employees the opportunity to subscribe to an annual capital increase of the parent company Colruyt Group NV.

The discount granted on this capital increase complies with Article 7:204 of the Code on Companies and Associations. During the most

recent capital increase, 1.261 employees subscribed to 148.968 shares, corresponding to a capital contribution of EUR 5,7 million. The

discount granted on this transaction was EUR 0,8 million and is accounted for as an employee benefit.

	2024/25	2023/24
Number of shares subscribed	148.968	271.202
Discount per share (in EUR)	5,4	5,8
Total discount granted (in million EUR)	0,8	1,6

Other personnel costs

Other personnel costs consist mainly of employee insurance and commuting allowances.

Compensatory amounts

Employee benefit expenses are presented free of compensatory amounts. Compensatory amounts relate mainly to employee costs

capitalised in the context of non-current assets produced internally by Colruyt Group.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

253

Number of employees

The number of employees in full-time equivalents (FTE) includes only employees on permanent employment contracts. As a result, the

members of the Board of Directors, interim personnel, consultants and students working under specific student conditions are not

included in these full-time equivalents.

7. Net financial result

(in million EUR)	2024/25	2023/24
Interest income on customer and other loans	1,4	2,5
Dividends received	1,0	0,6
Interest income on short-term bank deposits	22,5	11,7
Interest income on fixed-income securities and compound instruments at fair value through profit or loss	0,2	0,2
Fair value adjustments to financial assets and liabilities at fair value through profit or loss	2,4	14,0
Gains on disposal of financial assets	7,9	2,9
Adjustments for the time value of assets	0,7	0,4
Exchange gains	0,7	0,4
Other	0,3	0,5
Finance income	37,1	33,2
Interest expense on current and non-current loans	17,1	19,6
Fair value adjustments to financial assets and liabilities at fair value through profit or loss	2,7	3,8
Losses on disposal of financial assets	1,9	0,8
Adjustment for the time value of liabilities	12,1	9,2
Exchange losses	0,7	0,4
Other	2,1	2,3
Finance costs	36,6	36,2
Net financial result	0,5	(3,0)

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

254

8. Income tax expense

8.1 Income taxes recognised in profit or loss

(in million EUR)	2024/25	2023/24
A) Effective tax rate
Profit before tax (excluding share in the result of investments accounted for using the equity method)	446,9	466,8
Income tax expense	112,7	104,3
Effective tax rate	25,2%	22,3%
B) Reconciliation between the effective tax rate and the applicable tax rate	24,6%	24,6%
Profit before tax (excluding share in the result of investments accounted for using the equity method)	446,9	466,8
Income tax expense (based on applicable tax rate)	110,0	114,9
Non-taxable income/non tax-deductible expenses	7,3	10,5
Permanent differences	1,1	1,1
Impact of tax deductions	(8,0)	(21,2)
Other	2,3	(1,0)
Income tax expense	112,7	104,3
Effective tax rate	25,2%	22,3%
C) Income tax expense recognised in profit or loss
Current year taxes	116,6	115,9
Deferred taxes	0,7	(6,6)
Adjustments relating to prior years	(4,6)	(5,0)
Total income tax expense	112,7	104,3

The applicable tax rate is the weighted average tax rate for the Company and all its consolidated subsidiaries in different jurisdictions.

The impact of tax deductions comprises, amongst others, the effects of the deduction of dividends received, the deduction for tax losses,

the deduction for innovation and the application of the increased deduction for investments.

8.2 Tax impacts recognised in other comprehensive income

Certain tax effects have not been recognised in the income statement, but are included in the statement of comprehensive income for

the financial year.

(in million EUR)	2024/25	2023/24
Tax impact on revaluation of liabilities related to long-term post-employment benefits	(4,2)	1,7
Tax impact on cash flow hedge reserves	0,6	0,6
Total tax impacts recognised in other comprehensive income	(3,6)	2,2

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

255

9. Goodwill

The recognised goodwill relates to goodwill arising from the acquisition of complete business entities.

As described in the policies, goodwill is not amortised but tested annually for impairment at the level of the cash-generating unit (CGU) in

line with the provisions of IAS 36. Colruyt Group considers the stores to be CGUs for its retail activities and the business segments or

business entities to be CGUs for the other activities. In monitoring and testing goodwill, the retail CGUs are grouped in the same way in

which the areas of expertise manage their operations. Management monitors goodwill at the level of these groups of CGUs.

Furthermore, these groups must not be larger than the operating segments and comprise only activities within a single operating

segment. The impairment test of goodwill consists of comparing the recoverable amount of each of these groups of CGUs with its

carrying amount, including goodwill, with an impairment loss recognised if the carrying amount is higher than the recoverable amount.

Recoverable amounts are based on value in use. The latter is equal to the present value of the forecast cash flows of each CGU or group

of CGUs and is determined using the following data:

• cash flows based on the latest forecasts, including detailed planning for revenue, EBITDA and investment planning through

capital expenditure or leasing. When preparing cash flow forecasts, Colruyt Group uses estimated growth rates and expected

future margins derived from the actual figures of the most recent financial year and from forecasts;

• a residual value determined from an extrapolation of the cash flow of the last year of the forecast, influenced by a long-term

growth rate. To determine the residual value using the discounted cash flow method, the ‘Gordon growth model’ was used;

• discounting expected cash flows at a rate determined using the weighted average cost of capital (WACC) formula. To determine

the discount rate, Colruyt Group uses the ‘Capital Asset Pricing Model’. For its impairment testing, Colruyt Group uses a

minimum WACC of 8,0% or, if higher, a WACC calculated on the basis of the ‘Capital Asset Pricing Model’.

Given the importance of these assumptions for calculating value in use, a) they are monitored closely at a central level through alignment

and validation processes, and b) external sources of information are used to arrive at these parameters. The principal assumptions for

calculating value in use for the CGUs or groups of CGUs with material goodwill are shown in the following table:

					Time
					horizon	Discount rate based on
					business	Capital Asset Pricing
	Discount rate used in test		Long-term growth %		plan	Model
	31.03.25	31.03.24	31.03.25	31.03.24	31.03.25	31.03.25	31.03.24
Food retail Belgium & Luxembourg	8,0%	8,0%	1,0%	1,0%	5 years	4,2%	7,6%
Health & Well-being and Retail Non-food	8,0%	8,0%	1,0% - 2,0%	1,0% - 2,0%	5 years	4,2%	7,6%

The same WACC was calculated for all CGUs or groups of CGUs based on the ‘Capital Asset Pricing Model’. The WACC decreased to 4,2%

(as against 7,6% in the previous year) as a result of a decrease in net debt, a declining equity-to-capital ratio for Colruyt Group (mainly

due to a lower market risk premium) and a decreasing credit spread.

When determining the long-term growth rate, Colruyt Group takes into account internal sources of information, long-term inflation and

developments in and expectations of the market in which the CGU (or group of CGUs) operates.

The impairment tests were performed in February 2025. As a result of the tests performed, no impairments were identified for the

material CGUs and there was sufficient headroom for these CGUs. Colruyt Group is of the opinion that the above-described assumptions

used for calculating the value in use provide the best estimation of future evolutions.

Various sensitivity analyses indicate that a reasonably possible change in these assumptions would not result in impairment.

Goodwill by group of cash-generating units can be presented as follows:

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

256

(in million EUR)	31.03.2024	Acquisitions	Impairment	31.03.25
Food retail Belgium & Luxembourg	97,5	6,9	(0,3)	104,1
Wholesale Belgium	11,6	3,1	-	14,7
Wholesale France	6,4	-	-	6,4
Food service	18,3	1,0	-	19,3
Food	133,8	11,0	(0,3)	144,5
Health & Well-being	203,3	23,0	-	226,3
Retail Non-food	69,3	0,2	-	69,5
Health & Well-being and Retail Non-food	272,6	23,2	-	295,9
Other	8,8	-	-	8,8
Group activities, Real Estate and Energy	8,8	-	-	8,8
Total	415,3	34,2	(0,3)	449,2

In line with the revised segment structure, the table presenting goodwill by group of cash-generating units has been adjusted.

In the previous financial year, an amount of EUR 109,1 million was shown for ‘Food Belgium’; as a result of the review, this was broken

down into Retail Food Belgium and Luxembourg (EUR 97,5 million) and Wholesale Belgium (EUR 11,6 million) in the reporting year.

At the end of the previous financial year, ‘Non-food’ stood at EUR 272,6 million; in the reporting year, this was divided into Health & Well-

being and Retail Non-food.

Acquisitions mainly concern the business combination with NRG (see note 15. Business combinations).

The changes in ‘Goodwill’ can be detailed as follows:

				Gross
	Gross carrying		Net carrying	carrying		Net carrying
	amount	Impairment	amount	amount	Impairment	amount
(in million EUR)	2023/24	value 2024/25	2023/24	2022/23	2022/23	2022/23
At 1 April	450,3	(35,0)	415,3	398,6	(24,2)	374,5
Acquisitions	34,2	(0,3)	33,9	51,9	(11,0)	40,8
Sales and disposals	(0,3)	0,3	-	-	-	-
Other	-	-	-	(0,2)	0,2	-
At 31 March	484,1	(34,9)	449,2	450,3	(35,0)	415,3

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

257

10. Intangible assets

	Internally	External	Businesses
	developed	purchased	acquired and
	intangible	software, licences	customer	Other intangible	Assets under
(in million EUR)	assets	and permits	relationships	assets	development	Total
Acquisition value
At 1 April 2024	359,8	100,2	41,1	39,0	147,7	687,8
Acquisitions through business combinations	-	0,1	11,0	3,9	-	15,1
Acquisitions	9,3	4,9	2,1	0,1	60,3	76,6
Sales and disposals	(0,5)	(10,1)	-	(0,1)	-	(10,7)
Other reclassification / Other	70,2	0,5	-	-	(70,4)	0,4
At 31 March 2025	438,8	95,7	54,2	43,0	137,7	769,4
Amortisation
At 1 April 2024	(157,1)	(82,1)	(2,5)	(3,3)	-	(244,9)
Amortisation	(48,7)	(9,0)	(3,4)	(2,7)	-	(63,8)
Sales and disposals	0,3	9,9	-	0,1	-	10,3
Other reclassification / Other	-	(0,5)	-	-	-	(0,5)
At 31 March 2025	(205,5)	(81,7)	(5,9)	(5,8)	-	(298,9)
Impairment
At 1 April 2024	(16,9)	-	(4,3)	-	(25,5)	(46,7)
Impairment	(0,1)	-	-	-	(0,7)	(0,9)
Sales and disposals	0,1	-	-	-	-	0,1
At 31 March 2025	(16,9)	-	(4,3)	-	(26,2)	(47,4)
Net carrying amount at 31 March 2025	216,5	14,0	43,9	37,1	111,5	423,0

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

258

	Internally	External	Businesses
	developed	purchased	acquired and
	intangible	software, licences	customer	Other intangible	Assets under
(in million EUR)	assets	and permits	relationships	assets	development	Total
Acquisition value
At 1 April 2023	262,6	97,7	7,4	14,0	197,9	579,6
Acquisitions through business combinations	-	0,1	0,8	-	-	0,9
Acquisitions	8,0	5,0	0,3	-	41,0	54,3
Sales and disposals	(3,4)	(4,2)	(1,0)	-	-	(8,6)
Other reclassification / Other	92,7	2,1	33,6	25,0	(91,2)	62,2
Reclassification to assets from discontinued	-	(0,6)	-	-	-	(0,6)
operations⁽¹⁾
At 31 March 2024	359,8	100,2	41,1	39,0	147,7	687,8
Amortisation
At 1 April 2023	(121,7)	(77,6)	-	(0,5)	-	(199,8)
Amortisation	(36,5)	(9,7)	(2,5)	(3,2)	-	(51,9)
Sales and disposals	0,8	4,1	-	-	-	5,0
Other reclassification / Other	0,3	0,6	-	0,3	-	1,3
Reclassification to assets from discontinued	-	0,5	-	-	-	0,5
operations⁽¹⁾
At 31 March 2024	(157,1)	(82,1)	(2,5)	(3,3)	-	(244,9)
Impairment
At 1 April 2023	(14,5)	(0,1)	(4,3)	-	(20,9)	(39,8)
Impairment	(4,8)	-	-	-	(4,7)	(9,5)
Sales and disposals	2,4	-	-	-	-	2,4
Reclassification to assets held for sale⁽¹⁾ -		0,2	-	-	-	0,2
At 31 March 2024	(16,9)	-	(4,3)	-	(25,5)	(46,7)
Net carrying amount at 31 March 2024	185,9	18,2	34,2	35,8	122,2	396,2

(1) As adjusted due to discontinued operations. See note 16. Assets held for sale, disposal of subsidiaries and discontinued operations for more information.

The externally purchased software, licences and similar rights totalling EUR 14,0 million (previous financial year: EUR 18,2 million) consist

mainly of purchased IT security software. The internally generated software still under development (mainly transformation programmes)

at the end of the current financial year totals EUR 111,5 million (compared to EUR 122,2 million for the previous financial year). During

the current financial year, the group acquired intangible assets for an amount of EUR 76,6 million (compared to EUR 54,3 million during

the previous financial year), of which EUR 69,6 million were developed internally (compared to EUR 49,0 million during the previous

financial year).

Non-capitalised costs related to research and development amount to EUR 32,7 million (previous financial year: EUR 45,8 million). These

costs consist of externally purchased goods and services as well as internal transactions and cost allocations.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

259

11. Property, plant and equipment

					Other
		Plant,			property,
	Land and	machinery and	Furniture and	Right-of-use	plant and	Assets under
(in million EUR)	buildings	equipment	vehicles	assets	equipment	construction	Total
Acquisition value
At 1 April 2024	3.493,3	820,0	552,9	471,3	289,5	112,0	5.738,9
Revaluation	-	-	-	31,7	-	-	31,7
Acquisitions through business	7,6	1,0	0,4	25,5	8,2	(3,8)	38,9
combinations
Acquisitions	128,2	64,0	99,7	42,3	40,1	70,1	444,4
Sales and disposals	(23,6)	(22,5)	(41,8)	(2,0)	(39,1)	(0,6)	(129,6)
Other reclassification/Other	(34,5)	21,1	1,2	0,3	78,3	(63,7)	2,6
At 31 March 2025	3.570,9	883,6	612,4	569,1	377,0	114,0	6.127,0
Depreciation
At 1 April 2024	(1.572,6)	(551,8)	(381,1)	(151,5)	(112,3)	-	(2.769,3)
Revaluation	-	-	-	12,3	-	-	12,3
Depreciation	(135,2)	(56,5)	(70,9)	(61,7)	(21,9)	-	(346,1)
Sales and disposals	20,8	21,1	40,3	1,9	36,5	-	120,6
Other reclassification/Other	34,0	(0,9)	(0,3)	(0,4)	(36,7)	-	(4,2)
At 31 March 2025	(1.652,9)	(588,1)	(412,0)	(199,3)	(134,4)	-	(2.986,7)
Impairment
At 1 April 2024	(15,8)	(1,1)	-	-	(1,5)	-	(18,4)
Impairment	(0,7)	(0,3)	(0,1)	-	(0,6)	-	(1,6)
Sales and disposals	0,7	0,3	0,1	-	0,6	-	1,7
Other reclassification/Other	0,3	(0,2)	-	-	1,4	-	1,4
At 31 March 2025	(15,5)	(1,3)	-	-	(0,1)	-	(16,9)
Net carrying amount at 31 March 2025	1.902,5	294,2	200,4	369,8	242,4	114,0	3.123,4

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

260

					Other
		Plant,			property,
	Land and	machinery and	Furniture and	Right-of-use	plant and	Assets under
(in million EUR)	buildings	equipment	vehicles	assets	equipment	construction	Total
Acquisition value
At 1 April 2023	3.298,2	799,0	590,1	430,9	242,5	147,1	5.507,8
Revaluation	-	-	-	24,4	-	-	24,4
Acquisitions through business	37,7	2,7	3,2	-	8,7	10,5	62,8
combinations
Acquisitions	131,3	46,9	90,6	22,1	58,1	51,5	400,4
Sales and disposals	(38,7)	(16,9)	(119,9)	(0,2)	(6,4)	(2,5)	(184,6)
Change in consolidation method⁽¹⁾	(20,6)	(16,1)	(9,6)	-	(11,8)	-	(58,2)
Other reclassification/Other	91,4	7,6	1,0	(6,0)	3,7	(94,6)	3,1
Reclassification to assets from	(6,0)	(3,1)	(2,4)	-	(5,5)	-	(17,0)
discontinued operations⁽²⁾
At 31 March 2024	3.493,3	820,0	552,9	471,3	289,5	112,0	5.738,9
Depreciation
At 1 April 2023	(1.479,8)	(519,0)	(435,0)	(127,1)	(110,7)	-	(2.671,6)
Revaluation	-	-	-	30,7	-	-	30,7
Acquisitions through business	-	(1,4)	-	-	-	-	(1,4)
combinations
Depreciation	(137,4)	(60,3)	(63,2)	(57,8)	(18,3)	-	(337,0)
Sales and disposals	30,0	15,0	107,4	0,2	3,7	-	156,3
Change in consolidation method⁽¹⁾	13,9	13,1	8,1	-	10,2	-	45,3
Other reclassification/Other	(2,9)	(1,4)	(0,2)	2,5	(0,6)	-	(2,6)
Reclassification to assets from	3,7	2,1	1,8	-	3,5	-	11,1
discontinued operations⁽²⁾
At 31 March 2024	(1.572,6)	(551,8)	(381,1)	(151,5)	(112,3)	-	(2.769,3)
Impairment
At 1 April 2023	(11,0)	(1,2)	(0,2)	-	(3,1)	-	(15,5)
Impairment	(15,0)	(2,0)	(1,0)	-	(2,5)	-	(20,5)
Sales and disposals	2,5	0,8	0,3	-	0,4	-	4,1
Other reclassification/Other	-	-	0,1	-	0,3	-	0,3
Change in consolidation method⁽¹⁾	5,6	0,3	0,3	-	1,2	-	7,3
Reclassification to assets from	2,2	1,0	0,4	-	2,1	-	5,8
discontinued operations⁽²⁾
At 31 March 2024	(15,8)	(1,1)	-	-	(1,5)	-	(18,4)
Net carrying amount at 31	1.904,9	267,1	171,8	319,8	175,7	112,0	2.951,2
March 2024

(1) See notes 12. Investments in associates and 13. Investments in joint ventures for more information on the change in consolidation method.

(2) As adjusted due to discontinued operations. See note 16. Assets held for sale, disposal of subsidiaries and discontinued operations for more information.

During financial year 2024/25, Colruyt Group acquired property, plant and equipment and intangible assets (excluding right-of-use assets)

totalling EUR 478,7 million (EUR 432,6 million in financial year 2023/24). These investments relate to acquisitions of property, plant and

equipment amounting to EUR 402,1 million (EUR 378,3 million in financial year 2023/24) and to acquisitions of intangible assets

amounting to EUR 76,6 million (EUR 54,3 million in financial year 2023/24). Colruyt Group’s investments relate primarily to new stores

and the modernisation of existing stores, the expansion of production capacity with a focus on vertical integration and the expansion of

logistics capacity in Belgium, to automation, innovation and digital transformation programmes as well as to energy efficiency.

The net carrying amount of the ‘Right-of-use assets’ line item for the financial year under review amounts to EUR 369,8 million (compared

to EUR 319,8 million for the previous reporting period) and consists of leases for buildings (EUR 341,0 million) and vehicles, machinery,

ICT equipment and other property, plant and equipment (EUR 28,9 million).

The CapEx reported by the Company in accordance with Commission Delegated Regulation (EU) 2021/2178 amounts to EUR 575,0 million

for financial year 2024/25; it consisted of acquisitions of property, plant and equipment of EUR 444,4 million and of intangible assets of

EUR 76,6 million, plus EUR 38,9 million for acquisitions of property, plant and equipment and EUR 15,1 million for acquisitions of

intangible assets through business combinations.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

261

The grants received are included in the net carrying amount of the property, plant and equipment item concerned. These grants amount

(net) to:

					Other
		Plant,			property,
	Land and	machinery and	Furniture and	Right-of-use	plant and	Assets under
(in million EUR)	buildings	equipment	vehicles	assets	equipment	construction	Total
At 31 March 2024	(4,8)	(3,1)	(0,1)	-	-	-	(7,9)
At 31 March 2025	(4,3)	(2,7)	(0,0)	-	-	(1,8)	(8,8)

The grants recognised in profit or loss amount to EUR 0,7 million (EUR 1,2 million in the previous financial reporting period). The grants

consist mainly of the grant awarded for the construction of the logistics site in Ath/Lessines and in Ollignies.

12. Investments in associates

(in million EUR)	2024/25	2023/24
Carrying amount at 1 April	238,5	526,0
Acquisitions/capital increases	5,5	15,1
Transactions with non-controlling interests	(9,3)	(8,0)
Disposals/capital decreases	-	(165,2)
Change in ownership percentage	(0,3)	(179,6)
Share in the result for the financial year	3,1	716,8
Share in other comprehensive income	(0,3)	(63,6)
Dividend	-	(584,4)
Other	1,3	(18,6)
Carrying amount at 31 March	238,5	238,5

The investments in associates for the financial year 2024/25 relate to the non-quoted entities AgeCore S.A. (20,00%), Smartmat (41,36%),

Scallog SAS (23,73%), The Seaweed Company BV (84,05%), Dreamland NV (25,00%) and Virya Energy NV (30,00%). These investments are

considered as associates and are accounted for using the equity method given that Colruyt Group has a significant influence based on

indicators as defined under paragraph 6 of IAS 28, ‘Investments in Associates and Joint Ventures’.

On 31 December 2024, Colruyt Group made an additional contribution to The Seaweed Company BV, thereby increasing its interest from

21,30% to 84,05%.

Transactions with non-controlling interests mainly concern Virya Energy NV and include put options on non-controlling interests agreed

by Virya Energy NV with the respective shareholders. This liability is remeasured at each closing date, with subsequent changes

recognised in equity.

On 1 January 2025, Colruyt Group reduced its interest in AgeCore S.A. from 25,00% to 20,00% as a result of the entry of a new member

into the retail alliance.

In financial year 2023/24, Colruyt Group completed substantial financial transactions, which had a major impact on the consolidated

financial statements. On 26 July 2023, the sale of Parkwind by Virya Energy NV to JERA Green Ltd was successfully completed at a final

price of approximately EUR 1,6 billion; resulting in a one-off positive effect of EUR 677,7 million on the consolidated net result. In

addition, Virya Energy NV distributed a dividend of EUR 584,4 million in September 2023 and a capital decrease of EUR 164,8 million was

implemented in December 2023. Furthermore, on 25 March 2024, Colruyt Group sold part of its investment in Virya Energy NV to Korys;

as a result, thereby reducing its stake from 59,94% to 30%, while that of Korys increased to 70%. This transaction resulted in a cash inflow

of approximately EUR 179,6 million.

The investments in AgeCore S.A., Scallog SAS, Smartmat NV, Dreamland NV, Virya Energy NV and The Seaweed Company BV are reported

as part of the ‘Group activities, Real Estate and Energy’ operating segment.

Colruyt Group has the following interest in material associates:

Colruyt Group values its role as a co-shareholder of Virya Energy NV. On the one hand, it wants to actively contribute to the company’s

growth story, while on the other, it seeks cooperation to develop expertise and knowledge in the green energy transition and energy

supply.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

262

Smartmat’s activities are strategically aligned with Colruyt Group’s activities. As a valuable addition to the existing Collect&Go services,

they strengthen the positioning of the various brands within the retail group. In addition, Colruyt Group and Smartmat see opportunities

to exchange expertise in the field of logistics, distribution and other aspects, with the aim of improving the efficiency of online services.

For information on transactions relating to Smartmat NV resolved by the Board of Directors after the end of the year, we refer to note

32. Events after the balance sheet date.

The consolidated figures of the material associates are as follows:

2024 (in million EUR)	Virya Energy NV⁽¹⁾	Smartmat NV⁽²⁾
Non-current assets	843,4	3,7
Current assets	374,5	9,0
Non-current liabilities	397,0	0,6
Current liabilities	197,1	5,0
Net assets	623,8	7,1
of which non-controlling interests	(0,2)	-
of which equity attributable to owners of the parent company	624,0	7,1
Share of Colruyt Group in net assets	187,2	2,9
Adjustment for Colruyt Group⁽²⁾	-	26,2
Revenue	1.160,7	50,4
Profit/ (Loss) from continuing operations	15,2	2,7
Profit from discontinued operations	9,6	-
Other comprehensive income	3,9	-
Total comprehensive income	28,7	2,7
of which non-controlling interests	7,2	-
of which equity attributable to owners of the parent company	21,5	2,7
Share of Colruyt Group in total comprehensive income	6,4	1,1
Adjustment for Colruyt Group	0,0	-

(1) Virya Energy NV is in turn a sub-consolidation. Late statutory adjustments not recognised by Colruyt Group are not material and will be accounted for in the next financial year.

(2) The adjustment for Colruyt Group at Smartmat NV relates to goodwill.

2023 (in million EUR)	Virya Energy SA⁽¹⁾⁽²⁾⁽³⁾	Smartmat SA⁽³⁾
Non-current assets	688,4	4,2
Current assets⁽²⁾	450,7	6,8
Non-current liabilities	309,6	1,0
Current liabilities⁽²⁾	195,1	5,6
Net assets	634,4	4,5
of which non-controlling interests	0,5	-
of which equity attributable to owners of the parent company	633,8	4,5
Share of Colruyt Group in net assets	190,1	1,8
Adjustment for Colruyt Group⁽³⁾	-	26,2
Revenue	739,7	36,9
Profit/ (Loss) from continuing operations	(15,4)	1,5
Profit/ (Loss) from discontinued operations⁽²⁾	981,7	-
Other comprehensive income	(120,9)	-
Total comprehensive income	845,4	1,5
of which non-controlling interests	24,5	-
of which equity attributable to owners of the parent company	820,9	1,5
Share of Colruyt Group in total comprehensive income	492,0	0,6
Adjustment for Colruyt Group⁽³⁾	176,1	-

(1) Virya Energy NV is in turn a sub-consolidation. Late statutory adjustments not recognised by Colruyt Group are not material and will be accounted for in the next financial year.

(2) As a consequence of the sale of Parkwind by Virya Energy NV, the results related to the Parkwind Group within the sub-consolidation of Virya Energy NV were presented as discontinued operations in the

income statement at 31 December 2023.

(3) Following the sale of Parkwind by Virya Energy NV, the historical adjustments at Colruyt Group level that were mainly related to the value of the Parkwind entities were reversed. The adjustment for

Colruyt Group at Smartmat NV relates to goodwill.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

263

13. Investments in joint ventures

(in million EUR)	2024/25	2023/24
Carrying amount at 1 April	21,6	16,5
Acquisitions/capital increases	14,5	21,5
Disposals	(2,9)	(12,1)
Change in ownership percentage	-	0,7
Share in other comprehensive income	0,2	-
Share in the result for the financial year	(2,9)	(5,0)
Carrying amount at 31 March	30,5	21,6

Investments in joint ventures for financial year 2024/25 consist of investments in the non-quoted entities Achilles Dott BV (24,80%), Bon

Group NV (45,65%), De Leiding BV (99,50%), Intake BV (94,16%), Olda NV (50,00%), Vasco International Trading BV (33,33%), WREB

Redevelopment BV (50,00%), Apopharma S.A. (65,00%) and Aera Payment & Identification AS (21,55%). As Colruyt Group shares control

over these entities with other parties, these joint ventures are included in the consolidated financial statements using the equity method.

In the course of the financial year, interests were acquired in the following companies: Bon Group NV (August 2024), Olda NV (January

2025), Vasco International Trading BV (January 2025) and WREB Redevelopment BV (January 2025).

On 30 September 2024, Colruyt Group increased its stake in Intake BV from 70,53% to 91,98% and on 21 October 2024 from 91,98% to

94,16%.

As a result of different capital transactions, the interest in Aera Payment & Identification AS changed from 25,00% to 21,14% on 10 April

2024 and subsequently from 21,14% to 21,55% on 11 November 2024.

On 30 December 2024, Colruyt Group made an additional contribution to De Leiding BV, thereby increasing its interest from 51,99% to

99,50%.

In April 2024, Colruyt Group sold its investment in Digiteal NV and in December 2024 its investment in Kriket BV. Colruyt Group had

owned 26,84% and 43,82% of the shares, respectively.

Ticom NV was dissolved and disposed of on 31 March 2025.

The investments in Achilles Dott BV, Bon Group NV, De Leiding BV, Intake BV, Olda NV, Vasco International Trading BV, WREB

Redevelopment BV, Aera Payment & Identification AS and Apopharma S.A. are reported as part of the ‘Group activities, Real Estate and

Energy’ operating segment.

The main activities of these companies take place in Belgium, Norway (Aera Payment & Identification AS) and Switzerland (Apopharma

S.A.).

In both the current 2024/25 financial year and the previous 2023/24 financial year, there were no material joint ventures.

14. Financial assets

14.1 Non-current assets

(in million EUR)	31.03.25	31.03.24
Financial assets at fair value through other comprehensive income	12,3	12,0
Financial assets at fair value through profit or loss	15,0	14,8
Total	27,3	26,8

The financial assets presented under non-current assets changed as follows during the financial year:

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

264

(in million EUR)	2024/25	2023/24
At 1 April	26,8	10,8
Capital increases	2,0	2,3
Capital decreases	(2,3)	(5,4)
Fair value adjustments through other comprehensive income	0,2	(1,0)
Fair value adjustments through profit or loss	0,7	(1,6)
Other	(0,1)	21,7
At 31 March	27,3	26,8

The financial assets at fair value through other comprehensive income consist mainly of the investments in the holding company Sofindev

IV NV (9,42%), the investment in North Sea Wind CV (7,28%) and the holdings in investment funds Good Harvest Belgium I SRL (4,61%)

and Astanor Ventures Belgium II SRL (5,50%). The investments in the various companies are measured at fair value, calculated as the

share of Colruyt Group in the equity of these companies, corrected, in the case of the investment funds, for the fair value of their own

investment portfolios.

The financial assets at fair value through profit or loss consist mainly of the investments in First Retail International 2 NV (4,73%) and

Vendis Capital NV (13,45%). In the previous reporting period, they were reclassified from associates to financial assets.

14.2 Current assets

(in million EUR)	31.03.25	31.03.24
Equity instruments at fair value through profit or loss	44,7	151,4
Fixed-income securities at fair value through profit or loss	15,5	20,9
Financial assets at amortised cost	5,0	53,8
Derivative financial instruments – cash flow hedging instruments	-	0,1
Total	65,3	226,2

The financial assets presented under current assets changed as follows during the financial year:

(in million EUR)	2024/25	2023/24
At 1 April	226,2	31,3
Acquisitions through business combinations	-	1,0
Acquisitions	15,5	205,9
Sales and disposals	(174,9)	(14,0)
Fair value adjustments through profit or loss	(1,3)	2,0
Fair value adjustments through other comprehensive income	(0,1)	-
Currency translation adjustments	(0,1)	-
At 31 March	65,3	226,2

The equity instruments at fair value through profit or loss relate mainly to investments in money market funds investing primarily in

short-term, highly liquid and low-risk financial instruments (EUR 43,8 million compared to EUR 150,8 million in financial year 2023/24).

Fixed-income securities at fair value through profit or loss relate to financial assets held by the Luxembourg reinsurance company Locré

S.A. (EUR 15,5 million). The equity instruments and fixed-income securities are measured at their closing rates on 31 March 2025. Fair

value adjustments to current assets as at 31 March 2025 had a negative impact of EUR 1,3 million on the financial year under review

(compared to a positive impact of EUR 2,0 million for financial year 2023/24).

The derivative financial instruments are related to the fair value of the outstanding currency hedges for cash flow hedging purposes. The

cash flow hedging instruments are measured at their fair value at 31 March 2025. Fair value adjustments are accounted for through other

comprehensive income owing to the classification as hedge accounting.

More information on Colruyt Group’s risk management approach to investments can be found in note 27. Risk management.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

265

15. Business combinations

On 10 December 2024, Colruyt Group acquired control over 100% of the shares of NRG, following which this subsidiary was included in

the consolidated financial statements. As a result of this acquisition, Colruyt Group has acquired 40 fitness clubs in Belgium. NRG’s

operations are reported as part of the ‘Health & Well-being and Non-food’ segment. In line with IFRS 3, a Purchase Price Allocation was

performed. After this exercise, unallocated goodwill in the amount of EUR 22,0 million remained. This is underpinned by future synergies

that will be generated by NRG’s integration into Colruyt Group. These synergies will be generated by new business opportunities and cost

efficiencies, among other things.

The acquisition balance sheet after Purchase Price Allocation (PPA) can be summarised as follows:

(in million EUR)
Non-current assets	21,2
Current assets	2,1
Non-current liabilities	6,4
Current liabilities	14,3
Net assets	2,6

There were no other material business combinations in financial year 2024/25.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

266

16. Assets held for sale, disposal of subsidiaries and

discontinued operations

16.1 Assets held for sale

At the end of financial year 2024/25, there were no activities classified as ‘Assets held for sale’.

At the end of financial year 2023/24, the assets of Dreambaby NV were classified as ‘Assets held for sale’, after an agreement had ben

reached with the acquirer on 25 March 2024 to purchase 100% of the shares from Colruyt Group. For more information on this

transaction in financial year 2024/25, we refer to note 16.2 Disposal of subsidiaries.

16.2 Disposal of subsidiaries

At the end of March 2024, Colruyt Group reached an agreement with the management of Supra Bazar for the sale of 100% of Dreambaby

NV’s shares. The transaction was finalised at the end of May 2024. As from 1 June 2024, Dreambaby is no longer fully consolidated. For

the first two months of financial year 2024/25, Dreambaby NV’s results are presented as ‘Result from discontinued operations’. There

were no other disposals of subsidiaries in financial year 2024/25.

In financial year 2023/24, on 1 June 2023, Colruyt Group and Virya Energy NV reached an agreement to fully incorporate DATS 24 NV into

the energy holding company Virya Energy NV. Virya Energy NV, an associate of Colruyt Group and also a related party, paid a final

acquisition price of EUR 81,8 million.

16.3 Discontinued operations

In the consolidated income statement for financial year 2024/25, Dreambaby NV was presented as a discontinued operation. In financial

year 2023/24, Dreambaby NV, DATS 24 NV and Dreamland NV had been presented as discontinued operations.

The disposal of Dreamland NV has already been described in note 16.2. Disposal of subsidiaries.

In 2024/25, the result for the financial year from discontinued operations amounted to EUR 2,6 million, most of which was attributable to

a positive one-off effect of EUR 2,7 million.

In 2023/24, the result for the financial year from discontinued operations was EUR -20,8 million, consisting of:

• DATS 24 NV’s result of EUR 7,4 million (for a 2-month period) and a gain on disposal of EUR 8,5 million,

• Dreamland NV’s result of EUR -14,3 million (for a 6-month period and including a restructuring charge of EUR 6,5 million) and a

loss on disposal of EUR -3,6 million,

• Dreambaby NV’s result of EUR -9,2 million (for a 12-month period),

• one-off negative effect of EUR -9,6 million, among others in the context of the disposal of Dreambaby NV to the management of

Supra Bazar.

In financial year 2024/25, discontinued operations did not generate any material cash flows.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

267

17. Deferred tax assets and liabilities

Deferred tax assets and liabilities can be detailed as follows:

17.1 Net carrying amount

	Assets		Liabilities		Balance
(in million EUR)	31.03.25	31.03.24	31.03.25	31.03.24	31.03.25	31.03.24
Intangible assets	6,5	8,7	(19,9)	(16,8)	(13,4)	(8,1)
Property, plant and equipment	1,8	1,7	(54,0)	(61,0)	(52,2)	(59,4)
Right-of-use assets	-	-	(96,6)	(82,5)	(96,6)	(82,5)
Inventories	0,4	0,3	(2,3)	(0,5)	(1,9)	(0,3)
Receivables	7,0	6,1	(2,0)	(0,5)	5,0	5,6
Liabilities related to employee benefits	17,1	21,8	(15,0)	(12,5)	2,1	9,3
Other provisions	1,5	1,6	(12,9)	(11,3)	(11,5)	(9,7)
Other liabilities	2,3	4,6	(35,4)	(37,7)	(33,1)	(33,1)
Lease liabilities	95,0	81,0	-	-	95,0	81,0
Tax loss carry-forwards, deductible items and reclaimable tax paid	104,9	100,4	-	-	104,9	100,4
Gross deferred tax assets/(liabilities)	236,5	226,2	(238,2)	(222,9)	(1,6)	3,3
Unrecognised tax assets/liabilities	(97,1)	(117,3)	15,5	37,7	(81,7)	(79,6)
Offsetting tax assets/liabilities	(126,4)	(92,6)	126,4	92,6	-	-
Net deferred tax assets/(liabilities)	13,0	16,3	(96,3)	(92,6)	(83,3)	(76,3)

On 31 March 2025, Colruyt Group had unrecognised deferred tax assets and liabilities amounting to EUR 81,7 million (EUR 79,6 million on

31 March 2024). These temporary differences, tax losses and unused tax assets carried forward totalled EUR 327,0 million

(EUR 318,6 million for the 2023/24 financial year). The amount of EUR 327,0 million can be broken down as follows: Belgium EUR 129,0

million, France EUR 77,0 million and Luxembourg EUR 121,0 million. This amount mainly relates to tax losses and other unused tax credits

carried forward. Except for EUR 95,1 million, the transferability of which is limited to 17 years, these losses can be carried forward

indefinitely.

Colruyt Group only recognises deferred tax assets to the extent that it is probable that future taxable profit will be available against which

the unused tax losses and other unused tax credits can be utilised. Colruyt Group sets a time horizon of five years for these estimates.

The table in note 17.1 Net carrying amount has been adjusted for both financial years, with right-of-use assets and lease liabilities now

disclosed separately rather than under other liabilities on the assets side and property, plant and equipment on the liabilities side.

On the liabilities side, other liabilities relate to deferred tax liabilities that cannot be allocated to the other line items.

Pillar Two

The aim of the Pillar Two model rules is to test the tax incurred by large multinational corporations against a minimum tax rate of 15% on

a jurisdictional basis and to retain this rate as the minimum tax. As a multinational company with revenue exceeding EUR 750 million,

Colruyt Group is within scope of the Pillar Two legislation.

This minimum tax legislation has been adopted in Belgium and other jurisdictions in which Colruyt Group operates. The legislation is

applicable to Colruyt Group as of financial year 2024/25.

Colruyt Group has assessed the potential exposure to Pillar Two top-up tax in the relevant jurisdictions and does not expect any material

exposure.

The application of the transitional ‘safe harbour’ rules (de minimis, simplified effective tax rate, substance-based income exclusion) was

assessed as at 31 March 2025 and further assessments were made where necessary. On the basis of these assessments and current

legislation and guidance, Colruyt Group found that no additional income tax provision has to be recognised.

Colruyt Group will continue to monitor and refine this assessment as further legislation and guidance become available.

Colruyt Group applies the mandatory temporary exception for the recognition and disclosure of information on deferred tax assets and

liabilities arising from the Pillar Two model rules.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

268

17.2 Change in net carrying amount

	Assets		Liabilities		Balance
(in million EUR)	2024/25	2023/24	2024/25	2023/24	2024/25	2023/24
Net carrying amount at 1 April	16,3	18,2	(92,6)	(86,3)	(76,3)	(68,1)
Changes recognised in profit or loss	(3,3)	(1,9)	2,6	8,5	(0,7)	6,6
Changes recognised in other comprehensive income	-	-	(3,6)	2,2	(3,6)	2,2
Acquisitions through business combinations	-	-	(2,7)	(17,0)	(2,7)	(17,0)
Net carrying amount at 31 March	13,0	16,3	(96,3)	(92,6)	(83,3)	(76,3)

18. Inventories

(in million EUR)	2024/25	2023/24
Trade goods	657,6	640,9
Raw materials, packaging materials, finished goods and spare parts	118,5	116,9
Total inventories	776,0	757,8

The accumulated impairment on inventories of trade goods amounted to EUR 28,0 million in the current financial year, compared to EUR

29,9 million in the previous financial year. The cost of inventories recognised in the 2024/25 income statement totals EUR 7.675,9 million

and is reported under ‘Cost of goods sold’. In the previous year, this expense was EUR 7.614,3 million.

19. Trade and other receivables

19.1 Other non-current receivables

(in million EUR)	31.03.25	31.03.24
Loans to customers	4,6	4,6
Loans to associates	-	3,0
Loans to joint ventures	0,6	2,5
Guarantees granted	11,3	11,6
Lease receivables	25,2	25,2
Other receivables	1,3	1,4
Total other non-current receivables	43,0	48,2

Loans granted to customers mainly comprise loans to independent entrepreneurs of Retail Partners Colruyt Group NV. The loans are

usually granted for a maximum period of 15 years.

The ‘guarantees granted’ have been provided in respect of purchase obligations.

The lease receivables (EUR 25,2 million) relate to finance subleases for buildings.

Guarantees were received for the total outstanding lease receivables (current and non-current). The guarantees received exceed the

expected credit losses.

Other non-current receivables are presented net of any impairment. Impairments recognised for expected credit losses on the total of

other non-current receivables amount to EUR 0,3 million (comparative reporting period: EUR 1,5 million). To calculate the impairments,

the general approach under IFRS 9 was used, under which assets are assessed on an individual basis, with any impairment recognised on

the basis of expected credit losses. The credit risk assessment for loans to associates and joint ventures is linked to the analysis of

impairment indicators. The result of this analysis is that there are no expected credit losses for loans to associates and joint ventures. See

also note 1.5.E Financial assets – Expected credit losses.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

269

19.2 Current trade and other receivables

(in million EUR)	31.03.25	31.03.24
Food	486,3	517,6
Health & Well-being and Non-food	13,6	10,8
Group activities, Real Estate and Energy	39,9	38,1
Total trade receivables	539,8	566,6
VAT	16,6	14,0
Prepaid expenses	43,3	51,1
Loans granted to customers that expire within 1 year	1,0	0,9
Interest	3,0	0,8
Lease receivables	5,3	5,1
Other receivables	23,3	32,0
Total other current receivables	92,4	104,0

Trade receivables

The segment information presented above has been amended on the basis of the review of the operating segments. As a result, the

relevant comparative figures have also been restated. For more information on the review of operating segments, we refer to note

2.1 Operating segments.

Trade receivables are presented net of impairment. These impairments amounted to EUR 11,2 million at 31 March 2025 (compared to

EUR 11,5 million at 31 March 2024).

Trade receivables also include accrued compensations from suppliers.

The simplified approach always applies to trade receivables, see also note 1.5.E Financial assets – Expected credit losses.

Colruyt Group classifies debtors and the related receivables in different categories based on common risk characteristics and the age of

outstanding receivables. For all receivables not past due, Colruyt Group applies a percentage between 0,0% and 0,5%, (dependent on the

category), while for receivables less than six months overdue, Colruyt Group applies percentages between 1,0% and 20,0%, dependent on

the category. For receivables older than six months, Colruyt Group applies a percentage of 25,0% to 100,0%, again dependent on the

category.

For the Belgian wholesale activities, bank guarantees were received for EUR 30,6 million and credit insurance was also taken out. These

credit insurance policies cover 5,8% of the nominal value of outstanding trade receivables (5,2% at 31 March 2024).

Other receivables

‘Prepaid expenses’ relate mainly to IT contracts.

‘Other receivables’ consist mainly of claims for damages and miscellaneous advances.

Other receivables are presented net of impairment. These impairments amounted to EUR 0,7 million at 31 March 2025 (compared to EUR

0,6 million at 31 March 2024).

To calculate the impairment, the general approach under IFRS 9 was used, under which assets are assessed on an individual basis, with

any impairment recognised on the basis of expected credit losses. This methodology is in line with the guidance for other non-current

receivables, as listed in note 19.1. Other non-current receivables.

Guarantees were received for the total outstanding lease receivables (current and non-current). The guarantees received exceed the

expected credit losses.

The ageing of trade receivables is as follows:

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

270

	31.03.25		31.03.24
	Nominal		Nominal
(in million EUR)	value	Impairment	value	Impairment
Not past due	477,9	-	526,1	(0,2)
Past due for less than 6 months	54,4	(3,6)	37,5	(3,2)
Past due for more than 6 months	18,8	(7,6)	14,5	(8,1)
Total	551,0	(11,2)	578,1	(11,5)

The movements in impairments on trade and other receivables were as follows:

	Impairment trade		Impairment other
	receivables		receivables
(in million EUR)	2024/25	2023/24	2024/25	2023/24
At 1 April	(11,5)	(11,7)	(0,6)	(0,5)
Addition	(6,6)	(12,3)	(0,2)	(0,2)
Reversal	5,1	9,9	0,1	-
Use	2,6	2,5	0,1	0,1
Other	(0,8)	-	-	-
At 31 March	(11,2)	(11,5)	(0,7)	(0,6)

More information on how trade and other receivables are monitored can be found under note 27.1.C. Credit risk.

20. Cash and cash equivalents

(in million EUR)	31.03.25	31.03.24
Cash at bank and cash equivalents	612,7	757,3
Cash on hand	14,1	17,4
Cash and cash equivalents	626,7	774,6
Bank overdrafts	-	-
Total liabilities	-	-
Net cash and cash equivalents	626,7	774,6

Cash at banks and cash equivalents also include term deposits of EUR 285,0 million (EUR 409,40 million in financial year 2023/24) and

cash in transit of EUR 63,7 million (EUR 125,7 million in financial year 2023/24).

Term deposits are convertible into cash within a period of less than 3 months.

In financial year 2024/25, there was no cash intended for reinsurance activities (EUR 15,9 million in financial year 2023/24).

21. Equity

21.1 Capital management

Colruyt Group’s aim in managing its equity is to maintain a healthy financial structure with a minimal dependency on external financing as

well as to create value for shareholders. The Board of Directors aims to allow the dividend per share to evolve in proportion to group

profit on an annual basis. The pay-out ratio for this financial year is 50,5%. More details can be found in note 21.4. Dividends. According

to the bylaws, at least 90% of the distributable profits are reserved for shareholders and a maximum of 10% can be reserved for the

directors. Furthermore, Colruyt Group seeks to increase shareholder value by purchasing treasury shares. The Board of Directors was

authorised by the Extraordinary General Meeting of 8 October 2024 to acquire up to 25.469.778 of the company’s treasury shares. This

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

271

authorisation is valid for a period of five years. As employee commitment to the group’s growth is also one of Colruyt Group’s priorities,

an annual capital increase reserved for employees has been organised since 1987.

21.2 Share capital

As a result of the decision of the Extraordinary General Meeting of 8 October 2024, the capital was increased by 148.968 shares on

17 December 2024; this corresponds to a capital contribution of EUR 5,7 million.

The Company’s share capital on 31 March 2025 amounted to EUR 384,7 million, divided into 124.497.858 fully paid up ordinary shares

without par value. All shares, except treasury shares, participate in the profits.

The Board of Directors is authorised to increase the share capital in one or more instalments by a total amount of EUR 379,0 million,

within the limits of the authorised capital.

Capital increases undetaken under this authorisation may be by contribution in cash or kind, conversion of any reserves or issue of

convertible bonds, and can be organised in any way compliant with legal provisions. The conditions of the capital increases undertaken

under this authorisation, and the rights and obligations attached to the new shares, are determined by the Board of Directors, taking legal

provisions into account.

This authorisation is valid for a period of three years starting from the day of the publication of the authorisation granted by the

Extraordinary General Meeting of Shareholders in the Annexes to the Belgian Official Gazette. This authorisation can be extended once or

multiple times, each time for a maximum period of five years, by means of a decision of the General Meeting of Shareholders,

deliberating according to the guidelines that apply to amendments to the bylaws. The current authorisation will end in October 2027.

21.3 Treasury shares

Treasury shares are recognised at the cost of the treasury shares purchased. At 31 March 2025, Colruyt Group held 3.618.171 treasury

shares; this represents 2,91% of the shares issued at the reporting date. During the financial year, 4.414.803 treasury shares were

repurchased for an amount of EUR 174,8 million. We refer to the Corporate Governance section for more details on the purchase of

treasury shares.

By notarial deed dated 17 December 2024, the Board of Directors of Colruyt Group NV cancelled 3.000.000 of the treasury shares

purchased.

21.4 Dividends

On 13 June 2025, a gross dividend of EUR 166,9 million or EUR 1,38 per share was proposed by the Board of Directors. In the previous

financial year, it had totalled EUR 297 million or EUR 2,38 per share. This had included the ordinary dividend of EUR 1,38 in addition to

the interim gross dividend of EUR 1,00 per share distributed on 22 December 2023 in the context of the gain on the sale of Parkwind. The

gross dividend takes into account the number of treasury shares held on 13 June 2025. The dividend was not included in the consolidated

financial statements for financial year 2024/25.

21.5 Shareholder structure

Based on the most recent transparency notification published on 28 October 2024 and taking into account the treasury shares held by the

Company at 31 March 2025, the shareholder structure of Colruyt Group is as follows:

	Shares
Colruyt family and relatives	92.211.976
Colruyt group ⁽¹⁾	3.618.171
Total of parties acting in concert	95.830.147

(1) Treasury shares held directly or indirectly at 31 March 2025.

The remainder of the total shares issued (124.497.858 shares at 31 March 2025), i.e. 28.667.711 shares or 23,03%, are publicly held. We

refer to the Corporate Governance section for more details.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

272

22. Earnings per share

	2024/25	2023/24
Total operating activity
Profit for the financial year (group share), including discontinued operations (in million EUR)	337,3	1.050,9
Profit for the financial year (group share), excluding discontinued operations (in million EUR)	334,7	1.071,8
Weighted average number of outstanding shares	123.489.687	126.163.912
Earnings per share – basic (in EUR) - including discontinued operations	2,73	8,33
Earnings per share – diluted (in EUR) - including discontinued operations	2,73	8,33
Earnings per share – basic (in EUR) - excluding discontinued operations	2,71	8,50
Earnings per share – diluted (in EUR) - excluding discontinued operations	2,71	8,50

Weighted average number of outstanding shares

	2024/25	2023/24
Number of outstanding shares at 1 April	125.145.522	127.389.708
Effect of capital increase	42.621,0	81.361
Effect of off-exchange disposal of share to specified employees under specified conditions	-	6.719
Effect of shares purchased	(1.698.456)	(1.313.876)
Weighted average number of outstanding shares at 31 March	123.489.687	126.163.912

23. Provisions

(in million EUR)	Environmental risks	Ongoing disputes	Other risks	Total
Non-current provisions	1,8	6,6	1,8	10,2
Current provisions	-	-	0,7	0,7
At 31 March 2025	1,8	6,6	2,5	10,9
At 1 April 2024	3,3	5,5	11,4	20,2
Addition	0,2	4,8	2,6	7,6
Use	(1,2)	(0,1)	(10,8)	(12,1)
Reversal	(0,5)	(3,5)	(0,8)	(4,7)
At 31 March 2025	1,8	6,6	2,5	10,9
Non-current provisions	3,3	5,5	11,0	19,8
Current provisions	-	-	0,4	0,4
At 31 March 2024	3,3	5,5	11,4	20,2
At 1 April 2023	1,8	5,0	2,6	9,4
Addition	1,6	2,4	10,7	14,7
Use	(0,1)	(0,8)	(0,7)	(1,6)
Reversal	(0,1)	(1,1)	(1,3)	(2,4)
At 31 March 2024	3,3	5,5	11,4	20,2

The provision for environmental risks primarily relates to site remediation costs.

The other provisions consist mainly of provisions for vacant properties, reinsurance and onerous contracts.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

273

24. Non-current liabilities related to employee benefits

(in million EUR)	31.03.25	31.03.24
Defined contribution plans with a legally guaranteed minimum return	61,1	80,9
Other post-employment benefits	10,6	11,9
Total	71,7	92,7

Colruyt Group offers various types of post-employment benefits. These include retirement benefit plans and other arrangements in

respect of post-employment benefits. In accordance with IAS 19 ‘Employee Benefits’, the post-employment benefits are subdivided into

either defined contribution plans or defined benefit plans.

24.1 Defined contribution plans with a legally guaranteed minimum return

The amount resulting from the group’s liabilities related to its defined contribution plans with a legally guaranteed minimum return, as

recorded in the consolidated statement of financial position, is as follows:

(in million EUR)	31.03.25	31.03.24
Present value of the gross liabilities under the defined contribution plans with a legally guaranteed	279,4	276,7
minimum return
Fair value of plan assets	218,3	195,7
Deficit/(surplus) of funded plans	61,1	80,9
Total liability for employee benefits, of which:
Portion recognised as non-current liabilities	61,1	80,9
Portion recognised as non-current assets	-	-

The changes in present value of the gross liabilities under the defined contribution plans with a legally guaranteed minimum return can

be summarised as follows:

(in million EUR)	2024/25	2023/24
At 1 April	276,7	278,8
Current service cost	16,7	14,3
Interest expense	9,4	10,4
Experience adjustments	(1,0)	(5,9)
Change of financial assumptions	(7,5)	12,3
Change of demographic assumptions	-	(1,6)
Benefit payments from plan assets	(17,7)	(28,7)
Participant contributions	3,9	3,2
Expenses and taxes paid	(3,2)	(2,8)
Disposals through the sale of subsidiaries	-	(1,3)
Reclassification to discontinued operations	-	(2,1)
Other	2,1	-
At 31 March	279,4	276,7

Plan assets (EUR 218,3 million) are held with a third-party insurance company and consist of reserves accumulated by employer and

employee contributions. They consist entirely of insured contracts with guaranteed returns.

The fair values of plan assets changed as follows:

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

274

(in million EUR)	2024/25	2023/24
At 1 April	195,7	204,4
Employer contributions	23,7	20,7
Interest income	6,9	8,0
Return on plan assets	7,4	(6,5)
Benefit payments from plan assets	(17,7)	(28,8)
Participant contributions	3,9	3,2
Expenses and taxes paid	(3,2)	(2,8)
Disposals through the sale of subsidiaries	-	(0,9)
Reclassification to discontinued operations	-	(1,6)
Other	1,6	-
At 31 March	218,3	195,7

In the next financial year, employer contributions of EUR 24,3 million are expected to be made to the defined contribution plans with a

legally guaranteed minimum return.

The average term of the liabilities for defined contribution plans with a legally guaranteed minimum return is 16,4 years compared to

17,01 years in the previous financial year.

The amounts relative to these defined contribution plans with a legally guaranteed minimum return that are recognised in the

consolidated income statement and in the consolidated statement of comprehensive income can be summarised as follows:

(in million EUR)	31.03.25	31.03.24
Total service cost⁽¹⁾	16,6	14,3
Net interest expense⁽²⁾	2,4	2,4
Components recorded in the income statement	19,0	16,7
Experience adjustments	(1,0)	(5,9)
Change of financial assumptions	(7,5)	12,3
Change of demographic assumptions	-	(1,6)
Return on plan assets	(7,4)	6,5
Components recorded in other comprehensive income	(15,9)	11,3

(1) Included under ‘Employee benefit expenses’ in the consolidated income statement.

(2) Included under ‘Net financial result’ in the consolidated income statement.

The main actuarial assumptions that were used in the calculation of the liabilities related to the defined contribution plans with a legally

guaranteed minimum return can be summarised as follows:

• discount rate: 3,65% vs 3,40% in previous financial year;

• price inflation: 2,00% vs 2,20% in previous financial year;

• salary inflation: 2,50% vs 2,70% in previous financial year;

• expected future minimum WAP return: 2,90% vs 2,75% in previous financial year.

Application of the formula for calculating the WAP return has consistently led to a rate below the minimum rate since 2016. Since January

2022, the 10-year OLO rate has increased from 0,29% to 3,25% at 31 March 2025. Since 1 January 2025, the guaranteed WAP return has

risen to 2,50%. Based on OLO rates at longer maturities, the minimum legal return is estimated to be 2,90%.

Description of the main risks

Colruyt Group is exposed by its defined benefit plans to a number of risks, of which the most important ones are explained below:

Volatility of plan assets – investment risk

The retirement benefit liabilities are calculated using a discount rate determined by prime company returns. In the event the plan assets

do not reach this level of return, the defined benefit liabilities attributable to Colruyt Group may increase. Colruyt Group reduces the

investment risk by investing in insurance contracts instead of equity instruments.

Interest rate risk

A decrease in returns will increase the retirement benefit liabilities, although this will be partly compensated for by an increase in the

value of bonds held by the retirement benefit plans.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

275

Salary expectancy

The fair value of retirement benefit liabilities is calculated based on the current and estimated future salary of the participants in the

retirement benefit plans. As a result, an increase in salary of the participants in the retirement benefit plan will lead to an increase in the

retirement benefit liabilities.

24.2 Other post-employment benefits

(in million EUR)	2024/25	2023/24
At 1 April	11,8	13,5
Addition⁽¹⁾	1,2	1,2
Use	(1,3)	(1,0)
Net interest expense⁽²⁾	0,4	0,5
Experience adjustments⁽³⁾	(0,8)	(0,3)
Change of financial assumptions⁽³⁾	(0,6)	0,4
Change of demographic assumptions⁽³⁾	-	(2,7)
Acquisitions through business combinations	-	0,4
At 31 March	10,7	11,9

(1) Included under ‘Employee benefit expenses’ in the consolidated income statement.

(2) Included under ‘Net financial result’ in the consolidated income statement.

(3) Included in the consolidated statement of comprehensive income.

Other post-employment benefits include benefits under the ’Unemployment regime with company supplement’ and long-service benefits

(Belgian entities) and statutory benefits (French and Indian entities).

Colruyt Group regularly reviews the long-term assumptions in respect of liabilities arising from the ‘Unemployment regime with company

supplement’. For this financial year, the following assumptions were used:

• discount rate: 3,80% vs 3,40% in previous financial year;

• salary inflation: 2,50% vs 2,70% in previous financial year.

For the long-service benefits (Belgian entities), Colruyt Group uses the following assumptions:

• discount rate: 3,80% vs 3,40% in previous financial year;

• salary inflation: 2,50% vs 2,70% in previous financial year.

For the statutory benefits, the following assumptions are used:

French entities:

• discount rate: 3,80% vs 3,40% in previous financial year;

• salary inflation: 2,00% (same as previous financial year).

Indian entities:

• discount rate: 6,80% vs 7,20% in previous financial year;

• salary inflation: 10,00% (same as previous financial year).

Changes to the main assumptions impact on the group’s liabilities for employee benefits as follows:

	Defined contribution plans with a legally
	guaranteed minimum return
(in million EUR)	31.03.25	31.03.24
Base scenario	61,1	81,6
Discount rate + 0,5%	49,4	69,1
Discount rate - 0,5%	74,2	96,4
Salary inflation + 0,5%	66,6	87,8
Salary inflation - 0,5%	56,0	75,8

The above changes are purely hypothetical changes in individual assumptions, with all other assumptions held constant: economic factors

and their changes will often affect multiple assumptions simultaneously, and the impact of changes in assumptions is not linear. As a

result, the information above does not necessarily provide a reasonable reflection of future results.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

276

25. Interest-bearing liabilities

25.1 Terms and repayment schedule

(in million EUR)	< 1 year	1-5 years	> 5 years	Total
Lease and similar liabilities	71,8	230,1	99,5	401,3
Bank borrowings	135,2	140,8	26,0	302,0
Fixed-rate green retail bond	-	251,1	-	251,1
Other	-	0,6	-	0,6
Total at 31 March 2025	207,0	622,6	125,5	955,0
Lease and similar liabilities	59,1	194,1	98,0	351,3
Bank borrowings	152,8	205,2	55,0	413,0
Fixed-rate green retail bond	-	251,1	-	251,1
Other	-	2,8	-	2,8
Total at 31 March 2024	212,0	653,2	153,0	1.018,2

Interest-bearing liabilities consist primarily of lease liabilities, bank borrowings (including factoring) and the fixed-rate green retail bond.

Repayment of the green retail bond is scheduled in February 2028. Interest coupons worth EUR 10,6 million are due annually.

25.2 Repayment schedule for lease liabilities

(in million EUR)	31.03.25	31.03.24
< 1 year	79,7	64,9
1-5 years	250,0	210,0
> 5 years	106,0	104,9
Total undiscounted lease payments	435,8	379,7

25.3 Repayment schedule for bank borrowings and others

	Total	Interest	Principal	Total	Interest	Principal
(in million EUR)	31.03.25	31.03.25	31.03.25	31.03.24	31.03.24	31.03.24
< 1 year	139,9	4,7	135,2	158,0	5,1	152,8
1-5 years	151,3	9,9	141,4	218,5	10,6	208,0
> 5 years	26,8	0,8	26,0	58,9	3,9	55,0
Total	318,0	15,4	302,6	435,4	19,6	415,8

25.4 Changes in liabilities arising from financing activities

			Changes in	Business	Reclassi-
(in million EUR)	31.03.24	Cash flow	lease portfolio	combinations	fication	Other⁽²⁾	31.03.25
Lease and similar liabilities	351,3	(76,4)	54,2	26,9	-	45,3	401,3
Current	59,1	(73,7)	6,2	5,3	63,0	11,8	71,8
Non-current	292,2	(2,7)	48,0	21,6	(63,0)	33,5	329,5
Bank borrowings	412,9	(111,5)	-	0,4	0,2	-	302,0
Current	152,7	(119,5)	-	0,2	101,7	-	135,2
Non-current	260,2	8,0	-	0,2	(101,5)	-	166,8
Fixed-rate green retail bond	251,1	-	-	-	-	-	251,1
Non-current	251,1	-	-	-	-	-	251,1
Other	2,9	(2,2)	-	0,1	(0,2)	-	0,6
Total	1.018,2	(190,1)	54,2	27,4	0,0	45,3	955,0

(1) Changes in lease portfolio include both new leases and terminations.

(2) For lease liabilities and similar liabilities, this includes the effect of renewing existing lease agreements and revaluing leases due to indexations.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

277

			Changes in
			lease	Business	Reclassi-
(in million EUR)	31.03.23	Cash flow	portfolio⁽²⁾	combinations	fication	Other⁽³⁾	31.03.24
Lease and similar liabilities	328,4	(69,0)	58,3	-	(0,1)	33,8	351,3
Current	60,5	(69,0)	0,6	-	58,6	8,4	59,1
Non-current	267,8	-	57,7	-	(58,7)	25,4	292,2
Bank borrowings	761,3	(352,8)	-	4,7	(0,2)	-	413,0
Current	410,5	(366,2)	-	2,8	105,7	-	152,8
Non-current	350,8	13,4	-	1,9	(105,9)	-	260,2
Fixed-rate green retail bond	251,1	-	-	-	-	-	251,1
Non-current	251,1	-	-	-	-	-	251,1
Other	5,9	(5,8)	-	2,4	0,3	-	2,8
Total	1.346,7	(427,6)	58,3	7,1	(0,0)	33,8	1.018,2

(1) Cash flow excluding discontinued operations.

(2) Changes in lease portfolio include both new leases and terminations.

(3) For lease liabilities and similar liabilities, this includes the effect of renewing existing lease agreements and revaluing leases due to indexations, as well as reclassification to liabilities from discontinued

operations.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

278

26. Trade payables, liabilities related to employee benefits

and other liabilities

(in million EUR)	31.03.25	31.03.24
Trade payables (non-current)	3,9	2,6
Total trade payables (non-current)	3,9	2,6
Other liabilities (non-current)	3,6	3,6
Total other liabilities (non-current)	3,6	3,6
Trade payables	1.355,5	1.382,0
Guarantees received and advances on work in progress	30,1	24,2
Total trade payables (current)	1.385,7	1.406,1
Current liabilities related to employee benefits	633,1	618,3
VAT, excise duties and other operating taxes	66,6	62,5
Dividends	0,6	0,6
Deferred income and accrued costs	21,7	19,5
Other	13,8	18,1
Total liabilities related to employee benefits and other liabilities (current)	735,8	719,0

Terms and repayment schedule

(in million EUR)	< 1 year	1-5 years	> 5 years	Total
Trade payables (non-current)	-	3,9	-	3,9
Other liabilities (non-current)	-	3,6	-	3,6
Trade payables (current)	1.385,7	-	-	1.385,7
Liabilities related to employee benefits and other liabilities (current)	735,8	-	-	735,8
Total at 31 March 2025	2.121,5	7,5	-	2.129,0
Trade payables (non-current)	-	2,6	-	2,6
Other liabilities (non-current)	-	3,6	-	3,6
Trade payables (current)	1.406,1	-	-	1.406,1
Liabilities related to employee benefits and other liabilities (current)	719,0	-	-	719,0
Total at 31 March 2024	2.125,1	6,2	-	2.131,3

27. Risk management

27.1 Risks related to financial instruments

A. Currency risk

Most entities of Colruyt Group are located in the eurozone and trade with partners all over the world. Exchange rate risks as a result of

consolidating revenues and costs of subsidiaries not reporting in euros are not hedged.

Colruyt Group is exposed to transactional currency risk on purchases in foreign currency. Colruyt Group uses derivative financial

instruments to hedge its exposure to this type of currency risk, with no speculative purposes.

Colruyt Group’s exposure to exchange rate fluctuations is based on the following positions in foreign currencies:

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

279

	Net position (excl. Cash)
(in million EUR)	31.03.25	31.03.24
EUR/INR	6,5	6,1
EUR/RON	0,3	-
USD/EUR	5,5	4,3
NZD/EUR	-	0,2
Total	12,3	10,6

The net positions per currency are presented before intra-group eliminations. A positive amount implies that entities of Colruyt Group

have a net receivable in the first currency. The second currency of the pair is the functional currency of the Colruyt Group entity

concerned.

The impact of exchange rate changes against the euro is relatively limited.

B. Interest rate risk

Colruyt Group examines on a case-by-case basis whether it is appropriate to hedge its exposure to the interest rate risk on existing (or

future) borrowings. This can be done either by taking out longer-term loans with a fixed interest rate or by entering into a derivative

financial instrument.

At 31 March 2025 the total amount of bank and other borrowings as well as the fixed-rate green retail bond was EUR 553,7 million (non-

current and current combined) (EUR 666,9 million at 31 March 2024) or 8,6% of the balance sheet total and 88,3% of net cash and cash

equivalents. Given that EUR 135,1 million of the bank and other borrowings matures within the year, any refinancing of these borrowings

will incur higher interest rates.

Colruyt Group’s lease liabilities total EUR 401,3 million in the financial year under review, as against EUR 351,3 million in the previous

financial year. Lease liabilities are concluded under IFRS 16 with a fixed interest rate so that a change in the market interest rate cannot

impact the future cash flows of Colruyt Group’s current lease liabilities or the results to be realised.

A change in interest rates may have an effect on the consolidated income statement or on future cash flows of Colruyt Group.

C. Credit risk

Colruyt Group is subject to credit risk in its operating activities, its liquidity management and, to a limited extent, in other financial

activities.

To limit the credit risk for its liquidity management (term deposits, cash and cash equivalents, and bank guarantees), Colruyt Group

ensures that its liquidities and transactions are spread over several financial institutions with good credit ratings. Colruyt Group

proactively monitors the stability and associated credit rating of these financial institutions, adjusting its liquidity management strategy

where necessary.

The credit risk in relation to trade receivables from its operational activities is limited since most of Colruyt Group’s customers pay cash.

Most of Colruyt Group’s receivables are attributable to the ‘Food’ segment, for which Colruyt Group applies the payment terms

customary in the industry. The risks are mitigated as far as possible by regularly monitoring the creditworthiness of debtors and limiting

outstanding receivables through credit limits. Where necessary, Colruyt Group requests bank guarantees or covers credit risk through

credit insurance. The credit risk is spread over a large number of debtors.

The credit risk for other current and non-current receivables from its other financial activities is low for Colruyt Group due to the low level

of outstanding amounts. These receivables consist mainly of loans to customers, associates and joint ventures or receivables arising from

sublease agreements. The credit risk of the sublease receivables is further reduced by the bank guarantees received and the collateral on

the leased building. The credit risk for loans to customers and associates is assessed and controlled through regular monitoring of the

credit risk on an individual basis. For monitoring the credit risk for loans to associates, Colruyt Group can use the additional information

obtained as a related party.

Colruyt Group’s maximum credit risk is represented by defaulting counterparties, with a maximum exposure equal to the net carrying

amount of these assets. For the net carrying amounts of the various assets exposed to credit risk, see 27.1.F. Financial assets and

liabilities by category and class. From certain customers, bank guarantees are received or credit insurance policies taken out to secure the

collectability of receivables and limiting the real credit risk at the level of trade receivables. However, these bank guarantees or credit

insurance policies are not taken into account when assessing the creditworthiness of the parties involved, in line with the provisions

under

IFRS 9, ‘Financial Instruments’.

Colruyt Group considers a financial asset in default when internal or external information indicates that it is unlikely that the outstanding

contractual amounts will be received in full, before taking any credit protection into account.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

280

Credit losses are recognised using a model based on ‘expected credit losses’ in line with IFRS 9, ‘Financial Instruments’, taking into

account the impact of changes in economic factors on expected losses. To calculate expected credit losses, Colruyt Group makes use of

the simplified approach based on a provision matrix for trade receivables and of the general approach under which credit losses are

determined at the level of the individual receivable for all financial receivables other than current trade receivables. For receivables from

associates or joint ventures, an assessment is made as to whether an expected credit loss should be recognised as part of an indication of

impairment of the carrying amount of an investment accounted for using the equity method. See also note 1.5.E Financial assets:

Expected credit losses.

D. Liquidity risk

Colruyt Group NV and Finco France SARL act as Colruyt Group’s financial coordinators and ensure that all entities of Colruyt Group have

access to the financial resources they need and apply a cash pooling system under which any surplus cash and cash equivalents at Colruyt

Group entities are used to cover shortfalls among others. Colruyt Group NV is also responsible for investing Colruyt Group’s cash and cash

equivalents, and continuously monitors Colruyt Group’s liquidity position on the basis of cash flow forecasts.

Colruyt Group strives to always have sufficient credit lines and capital market instruments (including commercial paper) available as back-

up to minimise the group’s liquidity risk. As part of this, a sustainability-linked revolving credit facility for EUR 670 million was concluded

with a bank syndicate. At 31 March 2025, no credit had been drawn on this credit facility. Colruyt Group also has access to several other

bilateral lines of credit that it can use. In addition, a green retail bond issue was successfully completed in February 2023, with the

maximum amount of EUR 250 million raised. The 4,25% green retail bond, ISIN BE0002920016, which matures on 21 February 2028, is

listed on the regulated Euronext Brussels market.

Colruyt Group will make maximum use of green or sustainable instruments to meet its liquidity needs.

E. Other market risks

Colruyt Group’s current financial assets totalled EUR 65,3 million at 31 March 2025 (EUR 226,2 million at 31 March 2024). This decrease is

mainly due to the exit from money market funds (declining to a position of EUR 31,4 million at 31 March 2025) and a reduction in short-

term term deposits (declining to a position of EUR 2,0 million at 31 March 2025).

Colruyt Group’s reinsurance company, Locré S.A., manages a portfolio of fixed-income securities and money market funds. This is held to

cover the reinsurance risk and includes current financial assets of EUR 31,0 million (EUR 20,9 million at 31 March 2024).

Fluctuations in market parameters can therefore have an impact on Colruyt Group’s financial result. Remeasurement resulted in a total

net gain of EUR 1,5 million (previous reporting period: net remeasurement gain of EUR 2,0 million), which was fully recognised through

profit or loss.

The ratio of the current investment portfolio to net cash and cash equivalents of Colruyt Group amounts to 10,4% (29,2% for the previous

reporting period).

F. Financial assets and liabilities by category and class

In accordance with IFRS 7, ‘Financial Instruments: Disclosures’ and IFRS 13, ‘Fair Value Measurement’, financial instruments measured at

fair value are classified using a fair value hierarchy.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

281

	Measurement at fair value
			Non-
		Observable	observable
	Quoted prices	market prices	market prices
(in million EUR)	Level 1	Level 2	Level 3	Carrying amount
Financial assets at fair value through other comprehensive income
Equity instruments	-	-	12,3	12,3
Cash flow hedging instruments	-	0,0	-	0,0
Financial assets at fair value through profit or loss
Equity instruments	44,7	-	15,0	59,7
Fixed-income securities	15,5	-	-	15,5
Financial assets at amortised cost
Non-current assets
Other non-current receivables	-	43,0	-	43,0
Current assets
Term deposits	-	-	-	5,0
Trade and other receivables	-	-	-	632,2
Cash and cash equivalents	-	-	-	626,8
Total financial assets at 31 March 2025	60,2	43,0	27,3	1.394,6
Financial liabilities (excluding lease liabilities) at amortised cost
Non-current liabilities
Fixed-rate green retail bond	256,8	-		251,1
Bank borrowings and other	-	175,0	-	175,0
Current liabilities
Bank borrowings, bank overdrafts and other	-	-	-	140,2
Trade payables	-	-	-	1.385,7
Lease liabilities at amortised cost	-	-	-	401,3
Total financial liabilities at 31 March 2025	256,8	175,0	-	2.353,3

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

282

	Measurement at fair value
			Non-
		Observable	observable
	Quoted prices	market prices	market prices
(in million EUR)	Level 1	Level 2	Level 3	Carrying amount
Financial assets at fair value through other comprehensive income
Equity instruments	-	-	12,0	12,0
Cash flow hedging instruments	-	0,1	-	0,1
Financial assets at fair value through profit or loss
Equity instruments	150,8	-	15,4	166,2
Fixed-income securities	20,9	-	-	20,9
Financial assets at amortised cost
Non-current assets
Other non-current receivables	-	48,2	-	48,2
Current assets
Term deposits	-	-	-	53,8
Trade and other receivables	-	-	-	670,6
Cash and cash equivalents	-	-	-	774,6
Total financial assets at 31 March 2024	171,7	48,3	27,4	1.746,4
Financial liabilities (excluding lease liabilities) at amortised cost
Non-current liabilities
Fixed-rate green retail bond	256,2	-	-	251,1
Bank borrowings and other	-	269,2	-	269,2
Current liabilities
Bank borrowings, bank overdrafts and other	-	-	-	157,5
Trade payables	-	-	-	1.406,1
Lease liabilities at amortised cost	-	-	-	351,3
Total financial liabilities at 31 March 2024	256,2	269,2	-	2.435,3

The fair value hierarchy is based on the inputs used to measure financial assets and liabilities at the measurement date. The following

three levels are distinguished:

• Level 1: inputs used for measurement of fair value are officially quoted prices (unadjusted) in active markets for identical assets

or liabilities.

• Level 2: the fair value of financial instruments not traded on an active market is determined using valuation techniques. These

techniques use inputs of observable market prices, if available, as much as possible and avoid reliance on entity-specific

estimations.

• Level 3: financial instruments for which fair value is determined with valuation techniques using certain parameters not based

on observable market data.

The carrying amounts of current financial assets and liabilities measured at amortised cost are estimated to reasonably approximate their

fair values due to their short maturity.

The fair values of non-current bank borrowings and other liabilities are equated to the nominal value of the borrowings as there is no

material difference between the two. Colruyt Group does not apply complex models to determine their fair value.

For the amounts recognised at ‘Amortised cost’, we can conclude that the carrying amount equals the fair value in most cases due to the

nature of the instrument or due to the short-term character. Cases where amortised cost deviates from fair value are not material.

For the amounts measured at fair value, we refer to note 14. Financial assets, which describes how the fair value is measured.

The financial assets, classified under Level 3, include among others the investments in the portfolio company Sofindev IV NV, in the

investment funds Good Harvest Belgium I SRL and Astanor Ventures Belgium II SRL, in the real estate company First Retail International 2

NV, in Vendis Capital NV and in the cooperative company North Sea Wind CV, over which Colruyt Group has no significant influence.

The opening and closing balances of the financial assets classified under Level 3 can be reconciled as follows:

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

283

(in million EUR)	2024/25	2023/24
At 1 April	27,4	11,1
Acquisitions	-	0,3
Capital increases	2,0	2,3
Capital decreases	(2,3)	(5,4)
Fair value adjustments through other comprehensive income	0,2	(1,0)
Fair value adjustments through profit or loss	0,7	(1,6)
Other	(0,7)	21,7
At 31 March	27,3	27,4

27.2 Other risks

A. Financial consequences of the macroeconomic environment

The uncertain macroeconomic environment remains a source of uncertainty for Colruyt Group, with (in)direct consequences for its

financial statements:

• Inflation has an influence on income and operating costs, including the cost of goods sold. Colruyt Group periodically reviews

the expediency of hedging inflation risk by using a derivative financial instrument.

• Automatic wage indexation in Belgium increases personnel costs and may have an impact on provisions, liabilities and future

cash flows. Colruyt Group closely monitors (expected) wage indexations and adjusts provisions and liabilities if necessary.

• Interest rates affect discount rates used in impairment testing and non-current liabilities related to employee benefit expenses.

Discount rates are calculated periodically and adapted to changed interest rates.

For a detailed description of how we manage these risks, we refer to section 3. Risk management and internal controls of the annual

report.

B. Climate risks and sustainability

Colruyt Group takes account of climate-related operational risks and pursues the ambitions described in the Corporate Sustainability

section of the annual report. Sustainability ambitions and action plans, including ‘climate-related aspects’, are monitored and reported on

a regular basis. For Colruyt Group’s investments to achieve these ambitions, the lifetime of these investments and the assets that replace

them are closely monitored and adjusted if necessary.

For more information on our approach and the impact of climate risks, we refer to the Corporate Sustainability section of the annual

report.

C. Other risks

Colruyt Group is further exposed to various other risks that are not necessarily financial in nature, but can nevertheless impact Colruyt

Group’s financial position.

For a detailed description of these risks and our approach, we refer to section 3. Risk management and internal controls of the annual

report.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

284

28. Off-balance sheet rights and commitments

Colruyt Group has a number of commitments that are not recognised in the statement of financial position. These are mainly contractual

commitments related to future acquisitions of property, plant and equipment and future purchases of goods and services.

The amounts due in respect of these commitments are as follows:

(in million EUR)	31.03.25	< 1 year	1-5 years	> 5 years
Lease arrangements as lessee⁽¹⁾	2,1	1,1	1,1	-
Commitments relating to the acquisition of property, plant and equipment	131,1	122,7	8,4	-
Commitments relating to purchases of goods	174,0	172,9	1,1	-
Other commitments	47,2	26,6	20,3	0,4

(in million EUR)	31.03.24	< 1 year	1-5 years	> 5 years
Lease arrangements as lessee⁽¹⁾	2,5	1,4	1,1	-
Commitments relating to the acquisition of property, plant and equipment	134,2	101,9	32,3	-
Commitments relating to purchases of goods	161,5	160,6	0,9	-
Other commitments	46,0	23,6	21,2	1,1

(1) Leases outside the scope of IFRS 16.

The commitments relating to the acquisition of property, plant and equipment totalling EUR 131,1 million (EUR 134,2 million in the

previous reporting period) consist mainly of contractual commitments for the acquisition of land and buildings.

The commitments relating to purchases of goods for an amount of EUR 174,0 million (EUR 161,5 million in the previous reporting period)

are the result of forward contracts concluded with suppliers in order for Colruyt Group to ensure the sufficient supply of certain trade

goods, fashion collections and raw materials for production.

The ‘Other commitments’ line item mainly relates to commitments arising from various non-cancellable forward contracts for ICT services

(mainly for software maintenance and development) in an amount of EUR 43,1 million (EUR 46,0 million in the previous reporting period).

In addition to these commitments, Colruyt Group also has certain rights that are not recognised in the statement of financial position.

Colruyt Group leases certain properties under lease arrangements.

The amounts to be received in relation to these rights are classified as follows:

(in million EUR)	31.03.25	< 1 year	1-5 years	> 5 years
Lease arrangements as lessor	45,2	26,9	18,3	-

(in million EUR)	31.03.24	< 1 year	1-5 years	> 5 years
Lease arrangements as lessor	52,5	24,3	28,2	-

The off-balance sheet rights under lease arrangements amount to EUR 45,2 million (EUR 52,5 million at 31 March 2024) and mainly relate

to operating lease arrangements as lessor of subleased assets.

The rights resulting from non-cancellable agreements in respect of movables are not material.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

285

29. Contingent liabilities and contingent assets

Contingent liabilities and contingent assets are all those items in relation to third parties that are not recognised in the statement of

financial position, in accordance with IAS 37, ‘Provisions, Contingent Liabilities and Contingent Assets’.

The table below gives an overview of all contingent liabilities of Colruyt Group.

(in million EUR)	31.03.2025	31.03.2024
Disputes	12,8	3,8

At the reporting date, there were a limited number of legal actions outstanding against Colruyt Group which, although disputed,

constitute a contingent liability of EUR 12,8 million (EUR 3,8 million in the previous reporting period). The pending cases primarily concern

commercial law claims. As was the case in the previous reporting period, there are no contingent liabilities for pending cases in respect of

tax disputes, common law or labour law.

When acquiring interests and measuring goodwill, any contingent consideration is taken into account, with the most accurate estimate

possible of the amount to be settled at the end of the measurement period.

Colruyt Group expects no significant financial disadvantages to arise from these liabilities.

There are no material contingent assets to be reported.

30. Dividends paid and proposed

At 1 October 2024, an ordinary gross dividend of EUR 1,38 per share was paid to the shareholders in addition to the interim gross

dividend of EUR 1,00 per share distributed on 22 December 2023 in the context of the gain on the sale of Parkwind.

For financial year 2024/25, the Board of Directors has proposed a total gross dividend of EUR 1,38 per share, which will be declared

payable from 30 September 2025. As the decision to distribute a dividend is to be considered an event after the reporting date that is not

to be included in the statement of financial position, this dividend, which is still to be approved at the Annual General Meeting of

Shareholders on 24 September 2025, is not recognised as a liability in the statement of financial position.

Taking into account that the distribution proposed by the Board of Directors relates to 120.906.294 shares (after deduction of treasury

shares), as determined on 13 June 2025, the amount of proposed dividends is EUR 166,9 million.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

286

31. Related parties

An overview of related party transactions is given below. In this note, only the transactions that were not eliminated in the consolidated

financial statements are presented.

In accordance with IAS 24, 'Related Party Disclosures', Colruyt Group identifies different categories of related parties:

• key managers of Colruyt Group and relatives. Key management is made up of the members of the Board of Directors and the

Management Committee (see Corporate Governance section);

• entities that control Colruyt Group: Korys NV controlled by Stichting Administratiekantoor Cozin (see Corporate Governance

section);

• associates (see note 12. Investments in associates);

• joint ventures (see note 13. Investments in joint ventures); and

• entities controlled by persons belonging to the key management of Colruyt Group. In the year just ended, Colruyt Group had no

material transactions with these entities.

31.1 Related party transactions excluding key management personnel compensation

(in million EUR)	2024/25	2023/24
Revenue	48,9	45,6
Associates	40,3	33,0
Joint ventures	8,6	12,6
Costs	76,2	85,0
Key managers of Colruyt Group and relatives	-	0,1
Associates	73,3	79,5
Joint ventures	2,9	5,4
Receivables	15,7	18,2
Associates	10,4	14,2
Joint ventures	5,3	4,0
Liabilities	29,0	28,0
Key managers of Colruyt Group and relatives	0,2	0,1
Entities that control Colruyt Group	0,1	0,1
Associates	28,3	27,1
Joint ventures	0,4	0,7
Dividends paid	125,9	153,8
Key managers of Colruyt Group and relatives	11,7	15,4
Entities that control Colruyt Group	114,2	138,4
Portfolio transactions - out	-	261,4
Entities that control Colruyt Group	-	179,6
Associates	-	81,8

The amounts disclosed above result from transactions made on terms equivalent to those that prevail in arm’s length transactions

between independent parties.

The costs arising from transactions with various related parties amount to EUR 76,2 million and mainly relate to the purchase of energy-

related products (EUR 65,1 million).

Also, in the previous reporting period, Colruyt Group received dividends from Virya Energy NV (see note 12. Investments in associates).

31.2 Key management personnel compensation

The compensation awarded to key management personnel is summarised below. All amounts are gross amounts before taxes. Social

security contributions were paid on these amounts.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

287

		Number of		Number of
	Compensation	persons/shares	Compensation	persons/shares
(in million EUR)	2024/25	2024/25	2023/24	2023/24
Board of Directors		11		10
Fixed remuneration (directors’ fees)	1,1		1,1
Senior management		9		10
Fixed remuneration	3,4		3,9
Variable remuneration	2,1		0,6
Payments into defined contribution plans and other components	0,5		0,6

More information regarding the different components of key management personnel compensation can be found in the remuneration

report (see Corporate Governance section) as prepared by the Remuneration Committee.

32. Events after the reporting date

A. France

Colruyt Group has entered into a put option agreement with Groupement Mousquetaires on 16 June 2025 contemplating the sale of 81

of its Colruyt Prix Qualité stores and 44 of its DATS 24 fuel stations, entailing the automatic transfer of related employees, for a total cash

consideration of about EUR 215 million, plus transferred inventories. The project is embodied in a unilateral promise from Groupement

Mousquetaires to purchase (promesse unilatérale d’achat) on behalf of its members, which Colruyt Group has accepted strictly as an

offer (through the put option agreement). The relevant employee representative body of Colruyt Retail France SAS will be informed and

consulted in connection with the proposed transaction. The decision as to whether or not to exercise the put option will be taken by

Colruyt Group following completion of such procedures. In addition, the proposed transaction remains subject to customary regulatory

approvals, among which clearance by the French competition authorities. Closing of the proposed transaction is expected to occur in the

first half of 2026. The French integrated retail activities represented an operational loss of more than EUR 20 million in Colruyt Group’s

consolidated figures of financial year 2024/25. If a transaction with Groupement Mousquetaires and its independent retailers were to

proceed following completion of the information and consultation of the relevant employee representative bodies and potential

subsequent transactions with other parties for the remaining assets of the French integrated retail activities, there would be one-off

impacts in financial year 2025/26, amongst other possible capital gains/losses (yet to be determined) and restructuring costs (yet to be

determined). The French integrated retail activities will be presented as discontinued operations in the consolidated figures of Colruyt

Group for financial year 2025/26 (and financial year 2024/25 will be restated as such for comparability reasons only in the consolidated

information of financial year 2025/26).

B. Foodbag

In April 2025, Colruyt Group increased its stake in Smartmat NV, a company specialising in meal boxes under the Foodbag brand, from

41,36% to 100%. This transaction involved the acquisition of the remaining shares held by Korys Investments NV and the remaining

founders. Up until the financial year 2024/25, Smartmat NV was accounted for in Colruyt Group's consolidated figures using the equity

method. As a result of this transaction, Smartmat NV will be fully consolidated as from the beginning of April 2025. This transaction is

expected to result in the following impacts in the 2025/26 financial year:

• Colruyt Group's cash flow statement will include a net cash outflow of approximately EUR 50 million;

• the income statement of Colruyt Group will include a one-off positive impact of EUR 10 to 15 million (presented as share in the

result of investments accounted for using the equity method);

• goodwill amounting to approximately EUR 90 million will be recognised. In line with IFRS 3, a Purchase Price Allocation will be

performed, which means that the recognised amount of goodwill is not yet final.

Arm's length principles were applied for the valuation. At the time of the initial transaction in February 2022, in which Colruyt Group

acquired 41,36% of the shares of Smartmat NV, the requisite measures had been taken in the context of the conflict of interest rules. As

part of the transaction, call and put options were structured, which were exercised in April 2025.

C. Delitraiteur

In October 2024, Colruyt Group reached an agreement to acquire 100% of the shares of Delitraiteur NV. Today, Delitraiteur operates 40

stores in Belgium and one in Luxembourg, all but three of which are run by independent operators. The stores are open seven days a

week from 7.30 a.m. to 10.00 p.m., providing both meal solutions and a wide range of food products. This acquisition was approved by

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

288

the Belgian Competition Authority in May 2025. The transaction completed in late May/early June and since the beginning of June 2025,

Delitraiteur has been fully consolidated in the consolidated financial statement of Colruyt Group. This acquisition enables Colruyt Group,

as a Belgian retailer, to accelerate growth and enhance its focus on providing convenience to its customers.

D. Treasury shares

After year-end, 186.066 treasury shares were purchased for an amount of EUR 7,1 million. At 13 June 2025, Colruyt Group held 3.804.237

treasury shares, which represented 3,06% of total shares on issue.

E. Other

There were no further significant events after the balance sheet date.

33. Independent auditor’s remuneration

The table below provides an overview of remuneration paid to the independent auditor and its associated parties for services rendered to

Colruyt Group.

(in million EUR)	2024/25	2023/24
Audit assignments	1,3	1,3
Non audit assignments	0,1	0,1
Other assignments	0,4	0,1
Total	1,8	1,4

The consideration paid for audit services was EUR 1,3 million, of which EUR 0,1 million was recognised at the level of the Company and

EUR 1,2 million was recognised at the level of its subsidiaries.

The other assignments, such as other audit assignments and tax advice assignements, amounted to EUR 0,4 million.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

289

34. List of consolidated companies

34.1 Company

Colruyt Group NV

Edingensesteenweg 196

1500 Halle, Belgium

0400 378 485

34.2 Subsidiaries

AB Restauration SA	Avenue du Levant 13	5030 Gembloux, Belgium	0475 405 017	100%
Agripartners NV	Edingensesteenweg 196	1500 Halle, Belgium	0716 663 417	100%
Ahara NV	Edingensesteenweg 196	1500 Halle, Belgium	0779 443 696	100%
Alegre IT NV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0685 467 425	100%
Antwerp Fashion Outlet NV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0552 682 838	100%
Apotheek Beaujean Centrum BV	Ninoofsesteenweg 30	1500 Halle, Belgium	0417 394 958	100%
Apotheek Noorderlaan NV	Noorderlaan 104, bus H	2030 Antwerp, Belgium	0894 785 309	100%
Banden Deproost NV	Zinkstraat 6	1500 Halle, Belgium	0424 880 586	100%
Bavingsveld NV	Edingensesteenweg 196	1500 Halle, Belgium	0441 486 194	100%
Bellacoola NV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0550 532 804	100%
Bike Republic NV	Tramstraat 63	9052 Zwijnaarde, Belgium	0823 778 933	100%
Bio-Planet Luxembourg SA	Rue F.W. Raiffeisen 5	2411 Luxembourg, Grand Duchy of	B262737	100%
		Luxembourg
Bio-Planet NV	Victor Demesmaekerstraat 167	1500 Halle, Belgium	0472 405 143	100%
Bottles NV	Edingensesteenweg 196	1500 Halle, Belgium	1004 058 282	100%
Buurtwinkels OKay NV	Victor Demesmaekerstraat 167	1500 Halle, Belgium	0464 994 145	100%
Cavrilo NV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0458 979 551	100%
Cedox NV	Menenstraat 268	8560 Wevelgem, Belgium	0434 445 182	100%
CGMI BV	Edingensesteenweg 196	1500 Halle, Belgium	0779 301 067	100%
Chanteloup SCI	Boulevard du 13 Juin 1944, 21	14310 Villers-Bocage, France	893 918 532	100%
Codevco II RDC SASU	Av. Pierre Mulele 17, office 203,	Kinshasa, Democratic Republic of	CD/KNG/RCCM/21-B-	100%
	Infinity Center, Commune de Gombe	the Congo	01809
Codevco X NV	Edingensesteenweg 196	1500 Halle, Belgium	0779 300 572	100%
Codevco XIX NV	Edingensesteenweg 196	1500 Halle, Belgium	1018 082 405	100%
Codevco XVI NV	Edingensesteenweg 196	1500 Halle, Belgium	0795 538 768	100%
Codevco XVII NV	Edingensesteenweg 196	1500 Halle, Belgium	1004 058 480	100%
Codevco XVIII NV	Edingensesteenweg 196	1500 Halle, Belgium	1004 060 163	100%
Codifrance SAS	Zone Industrielle, Rue de Saint	45110 Châteauneuf-sur-Loire,	824 116 099	100%
	Barthélémy 66	France
Colim NV	Edingensesteenweg 196	1500 Halle, Belgium	0400 374 725	100%
Colimpo NV	Edingensesteenweg 196	1500 Halle, Belgium	0685 762 581	100%
	Unit 08-09, 13th floor, New Mandarin
Colimpo Private Limited	Plaza, Tower A 14, Science Museum	Kowloon, Hong Kong	59139630 000 11 18 0	100%
	Road, Tsimshatsui East
Colruyt Afrique SAS	Sacré Coeur III VDN, Villa numéro	Dakar, Senegal	SN DKR 2020 B 13136	100%
	10684, Boîte Postale 4579
Colruyt Cash and Carry NV	Edingensesteenweg 196	1500 Halle, Belgium	0716 663 318	100%
Colruyt Food Retail NV	Edingensesteenweg 196	1500 Halle, Belgium	0716 663 615	100%
Colruyt Gestion SA	Rue F.W. Raiffeisen 5	2411 Luxembourg, Grand Duchy of	B137485	100%
		Luxembourg
Colruyt Group India Private LTD	Building N°21, Mindspace, Raheja IT	Madhapur, Hyderabad, Telangana	U72300TG2007	100%
	Park, Survey nr 64 (Part) HITEC City	State, India - 500081	PTC053130
Colruyt Luxembourg SA	Z.I. Um Woeller 6	4410 Sanem, Grand Duchy of	B124296	100%
		Luxembourg
Colruyt Retail France SAS	Zone Industrielle, Rue des Entrepôts 4	39700 Rochefort-sur-Nenon, France	789 139 789	100%
CoMarkt NV	Edingensesteenweg 196	1500 Halle, Belgium	0795 538 570	100%

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

290

Cycles IMP BV	Tramstraat 63	9052 Zwijnaarde, Belgium	0444 947 017	100%
Daltix NV	Ottergemsesteenweg-Zuid 808, bus	9000 Ghent, Belgium	0661 713 511	100%
	B160
Daltix Unipessoal LDA	Avenida Antonio Augusto Aguiar 130	1050-020 Lisbon, Portugal	0514 607 769	100%
	Piso 1
Darzana NV	Edingensesteenweg 196	1500 Halle, Belgium	0779 443 795	100%
Davytrans NV	Edingensesteenweg 196	1500 Halle, Belgium	0413 920 972	100%
Delden SRL	Rue de Tubize 2	1440 Braine-le-Château, Belgium	0446 013 126	100%
Delidis NV	Kloosterstraat 58	2275 Lille, Belgium	0404 172 472	100%
Do Invest Lux SA	Rue de Beggen 233-241	1221 Luxembourg, Grand Duchy of	B181441	100%
		Luxembourg
Do Invest NV	Edingensesteenweg 196	1500 Halle, Belgium	0817 092 663	100%
Echo Bay NV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0839 710 489	100%
E-Logistics NV	Edingensesteenweg 196	1500 Halle, Belgium	0830 292 878	100%
EW 738/740 BV	Edingensesteenweg 196	1500 Halle, Belgium	0505 738 994	100%
Fashion For Stars BV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0822 734 402	100%
Fashion Store NV⁽¹⁾	Hulstsestraat 6	2431 Laakdal, Belgium	0438 233 132	100%
Faye NV⁽¹⁾	Hulstsestraat 6	2431 Laakdal, Belgium	0729 785 438	100%
Finco France SARL	Zone Industrielle, Rue des Entrepôts 4	39700 Rochefort-sur-Nenon, France	848 012 209	100%
Fitness New Generation BV	Statiestraat 3, bus B	2560 Nijlen, Belgium	0739 859 481	100%
Fleetco NV	Edingensesteenweg 196	1500 Halle, Belgium	0423 051 939	100%
Florin'Store BV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0835 080 918	100%
FS France Marmoutier SASU⁽¹⁾	Rue de la Gare 3087	59299 Boeschepe, France	980 818 892	100%
FS France Schweighouse SASU⁽¹⁾	Rue de la Gare 3087	59299 Boeschepe, France	980 838 700	100%
FS France Soissons SASU⁽¹⁾	Rue de la Gare 3087	59299 Boeschepe, France	980 833 123	100%
Gerli Erasmus NV	Edingensesteenweg 196	1500 Halle, Belgium	0700 575 174	100%
Hansamukh Software Solutions	Western Dallas Sy. No. 83/1 Raidurg	Hyderabad, Telangana State, India -
Private LTD⁽¹⁾	Village, 4th floor, Serilingampally	500032	U72900TG2018PTC122374	100%
	Mandal
Harrar NV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0848 568 965	100%
Het Zilverleen BV	Izenbergestraat 175	8690 Alveringem, Belgium	0715 775 767	100%
Immo Colruyt France SASU	Zone Industrielle, Rue des Entrepôts 4	39700 Rochefort-sur-Nenon, France	319 642 252	100%
Immo Colruyt Luxembourg SA	Rue F.W. Raiffeisen 5	2411 Luxembourg, Grand Duchy of	B195799	100%
		Luxembourg
Immo Roelandt NV	Edingensesteenweg 196	1500 Halle, Belgium	1018 078 148	100%
Immoco SARL	Zone Industrielle, Rue des Entrepôts 4	39700 Rochefort-sur-Nenon, France	527 664 965	100%
Izock BV	Kerkstraat 132-134	1851 Humbeek, Belgium	0426 190 284	100%
Jims Expansion NV	Edingensesteenweg 196	1500 Halle, Belgium	0545 977 663	100%
Jims NV	Edingensesteenweg 196	1500 Halle, Belgium	0423 644 035	100%
Kazo BV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0839 343 473	100%
KS Multimarques SAS⁽¹⁾	Avenue Marguerite Puhl Demange	54150 Val-de-Briey, France	888 024 056	100%
Locré SA	Rue de Neudorf 534	2220 Luxembourg, Grand Duchy of	B59147	100%
		Luxembourg
Megapara SAS	Avenue Franklin Roosevelt 8	59600 Maubeuge, France	880 595 731	100%
Monashee BV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0836 421 892	100%
Mycor NV⁽¹⁾	Hulstsestraat 6	2431 Laakdal, Belgium	0715 657 189	100%
Myreas BV	Tramstraat 63	9052 Zwijnaarde, Belgium	0733 909 522	90%
Nationale4 NV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0550 533 297	100%
Newpharma Group SA	Rue du Charbonnage 10, bus B2	4020 Liège, Belgium	0684 465 652	100%
Newpharma SA	Rue Basse-Wez 315/317	4020 Liège, Belgium	0838 666 156	100%
Northlandt NV	Moortelstraat 9	9160 Lokeren, Belgium	0459 739 517	100%
N'Situ Pelende SASU	Av. Pierre Mulele 17, office 203,	Kinshasa, Democratic Republic of	CD/KNG/RCCM/21-B-	100%
	Infinity Center, Commune de Gombe	the Congo	01787
Okay City NV	Edingensesteenweg 196	1500 Halle, Belgium	0820 198 247	100%

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

291

Pegotrans BV	Kloosterstraat 58	2275 Lille, Belgium	0861 967 437	100%
Point Carré Belgium BV⁽¹⁾	Brusselsesteenweg 185	6820 Merchtem, Belgium	0823 409 244	100%
Point Carre Franchise BV⁽¹⁾	Brusselsesteenweg 185	6820 Merchtem, Belgium	0466 709 758	100%
Point Carre International SA⁽¹⁾	Route d'Arlon 6	8399 Windhof, Grand Duchy of	B151070	100%
		Luxembourg
Point Carre NV⁽¹⁾	Brusselsesteenweg 185	6820 Merchtem, Belgium	0454 642 859	100%
Pointfosses BV⁽¹⁾	Brusselsesteenweg 185	6820 Merchtem, Belgium	0552 923 556	100%
Puur NV	Edingensesteenweg 196	1500 Halle, Belgium	0544 328 861	100%
Quarry Bay NV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0578 904 710	100%
Retail Partners Colruyt Group NV	Edingensesteenweg 196	1500 Halle, Belgium	0413 970 957	100%
Roecol NV	Spieveldstraat 4	9160 Lokeren, Belgium	0849 963 488	100%
Roelandt NV	Warandestraat 5	9240 Zele, Belgium	0412 127 858	100%
Samhati NV	Edingensesteenweg 196	1500 Halle, Belgium	0760 300 846	100%
Savanne NV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0887 174 272	100%
Savermo NV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0503 777 616	100%
Smart Innovation NV	Edingensesteenweg 196	1500 Halle, Belgium	0716 663 516	100%
Smartvalue Development SRL	Strada Rahovei 11	400212 Judet Cluj, Romania	43506711	100%
Smartvalue Distribution SRL	Rue du Charbonnage 10, bus B2	4020 Liège, Belgium	1004 124 303	100%
Smartvalue SA	Rue du Charbonnage 10, bus B2	4020 Liège, Belgium	0821 903 467	100%
Smartvalue Services SRL	Str. Ion Vidu 2, Ap. SAD 1	300225 Timisoara, Romania	34850154	100%
SmartWithFood NV	Edingensesteenweg 196	1500 Halle, Belgium	0739 913 228	100%
Société Agricole de Meester BV	Edingensesteenweg 196	1500 Halle, Belgium	0429 662 290	100%
Solisaco SRL⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0676 889 061	100%
Solomeo NV⁽¹⁾	Hulstsestraat 6	2431 Laakdal, Belgium	0715 656 991	100%
Solucious NV	Edingensesteenweg 196	1500 Halle, Belgium	0448 692 207	100%
Somnium NV⁽¹⁾	Hulstsestraat 6	2431 Laakdal, Belgium	0715 657 090	100%
Sukhino NV	Edingensesteenweg 196	1500 Halle, Belgium	0779 443 302	100%
Supermarkt De Belie BV	Edingensesteenweg 196	1500 Halle, Belgium	0433 756 581	100%
Symeta Hybrid NV	Interleuvenlaan 50	3001 Heverlee, Belgium	0867 583 935	100%
Terdeco BV	Edingensesteenweg 196	1500 Halle, Belgium	0462 018 027	100%
The Fashion Society NV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0553 548 910	100%
Usimex-Invest NV	Edingensesteenweg 196	1500 Halle, Belgium	0400 180 923	100%
Valfrais NV	Edingensesteenweg 196	1500 Halle, Belgium	0418 935 773	100%
Versatelier NV	Edingensesteenweg 196	1500 Halle, Belgium	0795 538 669	100%
Villers DIS SCI	Boulevard du 13 Juin 1944, 21	14310 Villers-Bocage, France	432 221 349	100%
VinoCol NV	Edingensesteenweg 196	1500 Halle, Belgium	0760 300 252	100%
Vleba NV	Kloosterstraat 58	2275 Lille, Belgium	0434 620 475	100%
Vlevico NV	Edingensesteenweg 196	1500 Halle, Belgium	0422 846 259	100%
Walcodis SA	Rue Du Parc Industriel 34	7822 Ath, Belgium	0829 176 784	100%
Wamo BV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0448 458 813	100%
Witeb 1 BV	Edingensesteenweg 196	1500 Halle, Belgium	0697 694 571	100%
Witeb 2 BV	Edingensesteenweg 196	1500 Halle, Belgium	0699 852 426	100%
Witeb 3 BV	Edingensesteenweg 196	1500 Halle, Belgium	0726 754 187	100%
Witeb 4 BV	Edingensesteenweg 196	1500 Halle, Belgium	0747 601 566	100%
Witeb 5 BV	Edingensesteenweg 196	1500 Halle, Belgium	0761 776 335	100%
WV1 BV	Tramstraat 63	9052 Zwijnaarde, Belgium	0627 969 585	100%
WV2 BV	Tramstraat 63	9052 Zwijnaarde, Belgium	0627 973 149	100%
WV3 BV	Tramstraat 63	9052 Zwijnaarde, Belgium	0477 728 760	100%
X-Fashion SA⁽¹⁾	Route d'Arlon 6	8399 Windhof, Grand Duchy of	B161246	100%
		Luxembourg

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

292

Xgo SA⁽¹⁾	Route d'Arlon 6	8399 Windhof, Grand Duchy of	B135233	100%
		Luxembourg
Z+H2B NV	Statiestraat 133-139	2070 Beveren-Kruibeke-	0792 393 097	100%
		Zwijndrecht, Belgium
Z+PHARMA NV	Statiestraat 131	2070 Beveren-Kruibeke-	0453 060 967	100%
		Zwijndrecht, Belgium
ZEB Luxembourg SA⁽¹⁾	Rue F.W. Raiffeisen 5	2411 Luxembourg, Grand Duchy of	B157583	100%
		Luxembourg
Zebulah NV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0818 345 349	100%
Zeeboerderij Westdiep BV	Edingensesteenweg 196	1500 Halle, Belgium	0739 918 869	80%
Zimpo NV⁽¹⁾	Brusselsesteenweg 185	1785 Merchtem, Belgium	0685 500 978	100%

(1) For these companies, the results included are for the period from 1 April 2024 to 31 January 2025.

34.3 Joint ventures

Achilles Dott BV⁽¹⁾	Borchtstraat 30	2800 Mechelen, Belgium	0691 752 926	24,80%
Aera Payment & Identification	Askekroken 11	0277 Oslo, Norway	917351538	21,55%
AS⁽¹⁾⁽²⁾
Apopharma SA	Rue de l'Arc-en-Ciel 14	1308 La Chaux (Cossonay),	CHE-381 251 553	65,00%
		Switzerland
Bon Group NV⁽¹⁾⁽²⁾	Arianelaan 25	1200 Sint-Lambrechts-Woluwe,	0736 373 223	45,65%
		Belgium
De Leiding BV⁽¹⁾	Ambachtsweg 36	9820 Merelbeke-Melle, Belgium	0694 734 685	99,50%
Intake BV	Quellinstraat 12, bus 6	2018 Antwerp, Belgium	0767 722 633	94,16%
Olda NV⁽¹⁾	Villalaan 96	1500 Halle, Belgium	1018 711 618	50,00%
Vasco International Trading BV⁽¹⁾	Industrieweg 22B	4153 Beesd, Netherlands	96026545	33,33%
WREB Redevelopment BV⁽¹⁾	Kouter 3	9790 Wortegem-Petegem, Belgium	1019 046 960	50,00%

(1) These companies close their financial year on 31 December and are included in the consolidated financial statements as at that date.

(2) These companies are sub-consolidations.

34.4 Associates

AgeCore SA⁽¹⁾	Rue de la Synagogue 33	1204 Geneva, Switserland	CHE-222 427 477	20,00%
DreamLand NV⁽²⁾	Jozef Huysmanslaan 59	1651 Beersel, Belgium	0448 746 645	25,00%
Scallog SAS⁽³⁾	Rue du Port 15	92000 Nanterre, France	791 336 076	23,73%
Smartmat NV⁽¹⁾⁽⁴⁾	Dok-Noord 6	9000 Ghent, Belgium	0841 142 626	41,36%
The Seaweed Company BV⁽¹⁾⁽⁴⁾	Polarisavenue 130, unit 0.3	2132JX Hoofddorp, Netherlands	72339225	84,05%
Virya Energy NV⁽¹⁾⁽⁴⁾	Villalaan 96	1500 Halle, Belgium	0739 804 548	30,00%

(1) These companies close their financial year on 31 December and are included in the consolidated financial statements as at that date.

(2) This company closes its financial year on 31 December and is included in the consolidated financial statements based on interim financial statements at 31 March.

(3) This company closes its financial year on 30 June and is included in the consolidated financial statements based on interim financial statements at 31 March.

(4) These companies are sub-consolidations.

34.5 Changes in consolidation scope

A. New investments

On 27 August 2024, Colruyt Group acquired a total of 45,65% of the shares of Bon Group NV. The objective of BON is to provide an

alternative to traditional fast food by offering high-quality, balanced, tasty and affordable products. They have an extensive range of

delicious fresh juices, as well as freshly prepared meals, salads, sandwiches and desserts. This company is accounted for as a joint venture

using the equity method.

On 30 September 2024, Colruyt Group acquired 100% of the shares of Delidis NV, Pegotrans BV and Vleba NV.

On 10 December 2024, Colruyt Group acquired 100% of the shares of NRG New Generation NV. NRG New Generation NV in turn holds

100% of the shares of Fitness New Generation BV. Both companies have been fully consolidated as subsidiaries since the acquisition date.

On 16 December 2024, Colruyt Group acquired 100% of the shares of Usimex-Invest NV.

On 7 January 2025, Colruyt Group acquired 100% of the shares of Apotheek Beaujean Centrum BV.

On 13 January 2025, Smartmat NV acquired 100% of the shares of Foodprepper BV.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

293

B. Mergers

On 4 October 2024, the deed of merger of Jims Oost BV (acquired company) with Jims NV (acquiring company) was executed. This merger

occurred with retroactive effect from 1 April 2024.

On 31 October 2024, the deeds of silent merger of Supermarkt Magda NV with Juliette BV and of Juliette BV with Colim NV were

executed. These mergers occurred with retroactive effect from 1 April 2024.

On 31 October 2024, the deeds of silent merger of Heylen-Engels BV with FD Company 2 BV and of FD Company 2 BV with Colim NV were

executed. These mergers occurred with retroactive effect from 1 April 2024.

C. Newly established companies

On 30 December 2024, the deeds of establishment of Immo Roelandt NV and Codevco XIX NV were executed.

On 2 January 2025, Colruyt Group together with Coop-Gruppe Genossenschaft (Switzerland) and Coöperatieve Inkoopvereniging

Superunie B.A. (Netherlands) established the new purchasing alliance, Vasco International Trading B.V. Vasco International Trading B.V. is

domiciled in Amsterdam, Netherlands. The objective of this independent company is to increase the purchasing effectiveness of its

shareholders; it enables them to secure competitive conditions with international suppliers of national brands from a stronger

international competitive position. This will ultimately benefit the customers of the shareholders.

On 14 January 2025, OLDA NV was established by Colruyt Group and Virya Energy NV. Each company holds 50% of the shares of OLDA NV.

On 22 January 2025, Colruyt Group together with LCV Invest NV established WREB Redevelopment BV. Each company holds 50% of the

shares of WREB Redevelopment BV.

Vasco International Trading B.V., OLDA NV and WREB Redevelopment BV are accounted for as joint ventures using the equity method.

D. Other changes

On 10 April 2024, Colruyt Group NV sold its 26,84% stake in Digiteal S.A. to Delcredere | Ducroire (Credendo). In addition, on the same

day, Credendo contributed all shares of Digiteal S.A. to Aera Payment & Identification AS against the issue of new shares. As a result, the

percentage of shares held by Colruyt Group in Aera Payment & Identification AS declined from 25,00% to 21,14%.

On 11 November 2024, Colruyt Group made an additional capital contribution to Aera Payment & Identification AS. As a result of this

transaction, the percentage of shares held by Colruyt Group in Aera Payment & Identification AS increased from 21,14% to 21,50%.

On 31 May 2024, Colruyt Group transferred 100% of the shares of Dreambaby NV to SBCO BV and VANDRE BV (from the Supra Bazar

group).

On 27 August 2024, Achilles Design BV was renamed Achilles Dott BV and on 24 October 2024, Okay Compact NV was renamed Okay City

NV. On 4 November 2024, Codevco XV NV was renamed Versatelier NV and on 27 December 2024, Codevco XIII NV was renamed Ahara

NV. In March 2025, NRG New Generation NV was renamed JIMS Expansion NV and Codevco VIII NV was renamed Samhati NV.

On 30 September 2024, Colruyt Group increased its stake in Intake BV from 70,53% to 91,98% and on 21 October 2024 from 91,98% to

94,16%.

On 16 December 2024, Colruyt Group sold all shares it held in Kriket BV to the founders.

On 31 December 2024, Colruyt Group made an additional contribution to The Seaweed Company BV, thereby increasing its interest from

21,30% to 84,05%.

On 1 January 2025, Kaufland Stiftung & Co. KG has joined the retail alliance AgeCore S.A. As a result of Kaufland’s admission, Colruyt

Group’s interest in AgeCore S.A. declined from 25,00% to 20,00%.

On 27 March 2025, the deeds of dissolution and liquidation of SmartRetail BV and Bons Plaisirs BV were executed.

On 31 March 2025, the deed of dissolution and liquidation of Ticom NV was executed.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

294

35. Condensed (non-consolidated) annual financial

statements of Colruyt Group NV, in accordance with

Belgian accounting standards

The annual financial statements of Colruyt Group NV are presented below in condensed form.

For the individual financial statements of Colruyt Group NV, an unqualified audit opinion was delivered by the auditor. The

statutory auditor's report confirms that the individual annual financial statements of Colruyt Group NV, prepared in accordance

with Belgian accounting standards, for the year ended 31 March 2025, give a true and fair view of the financial position of Colruyt

Group NV in accordance with all legal and regulatory requirements. In the report, no attention was drawn to any matter in

particular.

The annual report, the annual financial statements of Colruyt Group NV and the independent auditor’s report are filed with the

National Bank of Belgium, in accordance with Art. 3:10 and Art. 3:12 of the Code on Companies and Associations. A copy of these

documents can be obtained there on request.

These documents can also be obtained on request at the Company’s registered office:

Colruyt Group NV – Edingensesteenweg 196, 1500 Halle, Belgium

Tel. +32 (2) 363 55 45

Website: www.colruytgroup.com

E-mail: contact@colruytgroup.com

Condensed statement of financial position of Colruyt Group NV

(in million EUR)

31.03.2025

31.03.2024

Non-current assets 7.266,2

5.037,7

I. Formation expenses 0,2

0,3

II. Intangible assets 315,8

309,9

III. Property, plant and equipment 57,3

43,9

IV. Financial non-current assets 6.892,9

4.683,7

Current assets 1.374,9

1.564,9

V. Receivables exceeding one year 4,4

3,4

VI. Inventories and work in progress 55,1

64,7

VII. Receivables for less than one year 363,8

341,5

VIII. Cash investments 444,9

683,1

IX. Cash and cash equivalents 463,6

421,1

X. Prepayments and accrued income 43,1

51,1

Total assets 8.641,1

6.602,7

Equity 6.528,0

4.665,4

I. Share capital 384,7

379,0

IV. Reserves 179,0

125,2

V. Profit carried forward 5.964,3

4.161,2

Provisions and deferred taxes 0,5

0,3

Liabilities 2.112,5

1.937,0

VIII. Liabilities exceeding one year 396,2

490,2

IX. Liabilities for less than one year 1.703,5

1.434,2

X. Accruals and deferred income 12,8

12,6

Total liabilities 8.641,1

6.602,7

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

295

Condensed income statement of Colruyt Group NV

(in million EUR)

2024/25

2023/24

I. Operating income 1.019,9

4.759,8

II. Operating expenses (1.019,1)

(4.614,0)

III. Operating profit 0,8

145,8

IV. Finance income 2.209,4

1.686,4

V. Finance costs (64,0)

(80,2)

VI. Profit for the financial year before tax 2.146,2

1.752,0

VIII. Income tax 0,3

(19,3)

IX. Profit for the financial year 2.146,5

1.732,7

XI. Profit from the financial year

available for appropriation

2.146,5

1.732,7

In the past few years, Colruyt Group has adjusted its legal structure to align better with the four core areas of its long-term

strategy: ‘Food’, ‘Health & Well-being’, ‘Non-food’ and ‘Energy’. In this context, the legal structure of Colruyt Group was further

adjusted in financial year 2024/25: Colruyt Group NV contributed to Ahara NV its stake in Colruyt Food Retail NV and the

subsidiaries belonging to it. As a result of this internal legal reorganisation, one-off gain of approximately EUR 2,0 billion was

included in the statutory annual financial statements of Colruyt Group NV for financial year 2024/25; this had no impact on the

consolidated financial statements of Colruyt Group.

Profit appropriation of Colruyt Group NV

For the 2024/25 financial year, the Board of Directors will propose the following profit distribution to the General Meeting of

Shareholders on 24 September 2025:

(in million EUR)

2024/25

2023/24

Profit for the financial year available for appropriation 2.146,5

1.732,7

Profit carried forward from previous financial year 4.161,2

2.882,3

Profit available for appropriation 6.307,7

4.615,0

Transfer to the legal reserve 0,6

0,9

Addition to/(transfer from) other reserves 173,4

152,7

Result to be carried forward 5.964,3

4.161,2

Dividend to owners 165,7

297,4

Other debts 3,6

2,9

The shareholder dividend was calculated on the basis of the treasury share repurchase situation at 13 June 2025.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

296

Definitions

CapEx (capital expenditures)

The Company reports in accordance with Commission Delegated Regulation (EU) 2021/2178. Includes acquisitions of property,

plant and equipment and intangible assets (excluding goodwill), right-of-use assets and business combinations. These expenses are

recognised until date of classification to discontinued operations.

Capital employed

The value of the assets and liabilities that contribute to generating income.

Dividend pay-out ratio

Gross dividend per share divided by the profit for the financial year (group share) per share.

Dividend yield

Gross dividend per share divided by the share price at reporting date.

EBIT margin

EBIT divided by revenue.

EBITDA

Earnings before interest, taxes, depreciation and amortisation, or operating profit (EBIT) plus depreciation, amortisation and

impairments.

EBITDA margin

EBITDA divided by revenue.

Free cash flow

Free cash flow is defined as the sum of the cash flow from operating activities and the cash flow from investing activities.

FTE

Full-time equivalent; unit of account with which the number of personnel is expressed by dividing the contractual working time by

full-time working time.

Gross added value

The realisable value of the manufactured goods less the value of the raw materials and the auxiliary materials used in the

production process and the procured services.

Gross margin

Gross profit divided by revenue.

Gross profit

Revenue less cost of goods sold.

Investments in/acquisitions of property, plant and equipment and intangible assets

Acquisitions of property, plant and equipment and intangible assets are exclusive of acquisitions through business combinations,

contributions by third parties and right-of-use assets.

Market capitalisation

Closing price multiplied by the number of shares on issue at the reporting date.

Net added value

Consists of the gross added value less depreciation, amortisation, impairments on non-current assets, provisions and impairments

on current assets.

Net margin

Net profit divided by revenue.

Net profit

Profit for the financial year (after tax).

Operating profit (EBIT or earnings before interest and taxes)

The operating income less all operating costs (cost of goods sold, services and miscellaneous goods, employee benefit expenses,

depreciation, amortisation, impairments and other operating expenses).

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

297

Revenue

Revenue comprises the sale of goods and services provided to our own customers, affiliated customers and wholesale customers,

after the deduction of discounts and commissions allocated to these customers.

ROIC

'Return on invested capital', or operating profit (EBIT) after tax in relation to invested capital.

Share of the group

Interest that can be attributed to the owners of the parent company.

SPPI (solely payments of principal and interest)

The SPPI test requires that the contractual terms of the financial asset give rise to cash flows that only include principal and interest

payments on the principal amount outstanding.

Weighted average number of outstanding shares

The number of outstanding shares at the beginning of the period, adjusted for the number of shares cancelled, treasury shares

purchased or shares issued during the period multiplied by a time-correcting factor.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

298

Besloten vennootschap

Société à responsabilité limitée

RPR Brussel - RPM Bruxelles - BTW-TVA BE0446.334.711-IBAN N° BE71 2100 9059 0069

*handelend in naam van een vennootschap:/agissant au nom d'une société

A member firm of Ernst & Young Global Limited

EY Bedrijfsrevisoren

EY Réviseurs d’Entreprises

Kouterveldstraat 7B 001

B - 1831 Diegem

Tel: +32 (0) 2 774 91 11

ey.com/be

Independent auditor’s report to the general meeting of Colruyt Group NV for

the year ended 31 March 2025

In the context of the statutory audit of the Consolidated Financial Statements of Colruyt Group NV (the

“Company”) and its subsidiaries (together the “Group”)

, we report to you as statutory auditor. This

report includes our opinion on the consolidated statement of financial position as at 31 March 2025,

the consolidated income statement, the consolidated statement of comprehensive income, the

consolidated statement of changes in equity and the consolidated statement of cash flows for the year

ended 31 March 2025 and the disclosures including material accounting policies (all elements together

the “Consolidated Financial Statements”) as well as our report on other legal and regulatory

requirements. These two reports are considered one report and are inseparable

We have been appointed as statutory auditor by the shareholders’ meeting of 28 September 2022, in

accordance with the proposition by the Board of Directors following recommendation of the Audit

Committee and following recommendation of the workers’ council. Our mandate expires at the

shareholders’ meeting that will deliberate on the Consolidated Financial Statements for the year ending

31 March 2025. We performed the audit of the Consolidated Financial Statements of the Group during

9 consecutive years.

Report on the audit of the Consolidated Financial Statements

Unqualified opinion

We have audited the Consolidated Financial

Statements of Colruyt Group NV, that comprise of

the consolidated statement of financial position

on 31 March 2025, the consolidated income

statement, the consolidated statement of

comprehensive income, the consolidated

statement of changes in equity and the

consolidated statement of cash flows and the

disclosures including the material accounting

policies, which show a consolidated balance sheet

total of € 6.464,70 million and of which the

consolidated income statement shows a profit for

the year of € 337 million.

In our opinion, the Consolidated Financial

Statements give a true and fair view of the

consolidated net equity and financial position as

at 31 March 2025, and of its consolidated results

for the year then ended, prepared in accordance

with the IFRS Accounting Standards as adopted

by the European Union and with applicable legal

and regulatory requirements in Belgium.

Basis for the unqualified opinion

We conducted our audit in accordance with

International Standards on Auditing (“ISA’s”)

applicable in Belgium. In addition, we have applied

the ISA's approved by the International Auditing

and Assurance Standards Board (“IAASB”) that

apply at the current year-end date and have not

yet been approved at national level. Our

responsibilities under those standards are further

described in the “Our responsibilities for the audit

of the Consolidated Financial Statements” section

of our report.

We have complied with all ethical requirements

that are relevant to our audit of the Consolidated

Financial Statements in Belgium, including those

with respect to independence.

We have obtained from the Board of Directors and

the officials of the Company the explanations and

information necessary for the performance of our

audit and we believe that the audit evidence we

have obtained is sufficient and appropriate to

provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our

professional judgment, were of most significance

in our audit of the Consolidated Financial

Statements of the current reporting period.

These matters were addressed in the context of

our audit of the Consolidated Financial

Statements as a whole and in forming our opinion

thereon, and consequently we do not provide a

separate opinion on these matters.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

299

Audit report dated 29 July 2025 on the Consolidated Financial Statements

of Colruyt Group NV as of and

for the year ended 31 March 2025 (continued)

Compensations received from suppliers

Description of the key audit matter

The Group receives significant amounts of

discounts and compensations from its suppliers,

mainly for promotions in the stores, joint publicity,

introduction of new products, and volume- based

incentives. The determination of such supplier

discounts is mainly based on the actual supplier

purchases of the related period, which are

confirmed by the Group with the concerned

suppliers. To be able to determine these discounts

accurately and completely, management needs to

have a detailed insight in the contractual

arrangements and extent to which the conditions

of certain promotional programs are fulfilled. A

change in these contracts and/or conditions could

have a material impact on the Consolidated

Financial Statements. For these reasons, and

because of the magnitude of the related amounts,

the recognition of the compensations from

suppliers is a key audit matter. We refer to note 1

of the Consolidated Financial Statements for the

valuation rules in this respect.

Summary of the procedures performed

• We gained an insight in the company’s internal

processes around supplier interventions;

• Substantive procedures on settled

compensations from suppliers. These

procedures consist of a reconciliation, on a

sample basis, to supplier contracts and/or

equivalent supporting documentation such as

invoices, credit notes, receipts or supplier

confirmations of the received compensations

from suppliers;

• Substantive procedures regarding the

correctness and completeness of the

outstanding compensations from suppliers.

These procedures include the evaluation of

the appropriateness of applied purchase or

sales volumes, as well as the discount rates

applied by reconciling these, on a sample

basis, to the Group’s underlying supplier

agreements and accounting records;

• Evaluation of the presentation of the

compensations from suppliers in accordance

with the valuation rules included in note 1 of

the Consolidated Financial Statements.

Impairment of goodwill and property, plant and

equipment

Description of the key audit matter

The Group mainly operates stores in Belgium,

France and Luxembourg. The carrying amount of

the property, plant and equipment mainly relates

to the stores and related assets as detailed in note

11 of the Consolidated Financial Statements. The

total net book value amounts to € 3.123,4 million

as of 31 March 2025. Besides that, the group

recorded a goodwill with a net book value of

€ 449,2 million per 31 March 2025, following

various acquisitions in the past. The valuation of

goodwill is described in note 9 of the Consolidated

Financial Statements, the valuation of property,

plant and equipment in note 11. In accordance

with IAS 36 'Impairment of assets', management

reviews these assets at least once a year for

indications of impairment. This review is heavily

influenced by the future expectations of

management regarding the expected growth, in

particular the turnover and the operating result,

and by other assumptions, such as the discount

rate and long-term growth rate. A change in these

assumptions, or the use of inappropriate future

expectations could have a material impact on the

Consolidated Financial Statements. For these

reasons, the impairment of goodwill and property,

plant and equipment are a key audit matter.

Summary of the procedures performed

• We gained an insight in the company’s internal

processes around the goodwill impairment

exercise, more specifically management’s

review process of the discounted cashflow

model;

• Evaluation of the mathematical accuracy and

conformity with IAS 36 of the valuation model

used by the Group, with the support of a

valuation specialist from our firm;

• Evaluation of the most important assumptions

used (long-term growth rate and discount

rate), with the support of a valuation

specialist from our firm;

• Evaluation of the reasonableness of the

projected cash flows, as well as the estimated

future revenue growth and growth of the

operating result, by comparing with, and an

evaluation of, the budget approved by the

Board of Directors, and an assessment of the

Group's historical forecasting accuracy;

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

300

Audit report dated 29 July 2025 on the Consolidated Financial Statements

of Colruyt Group NV as of and

for the year ended 31 March 2025 (continued)

• Verification of the absence of additional

impairment indicators, through reading the

minutes of the Board of Directors,

independent evaluation of publicly available

market data, and through regular discussions

with management;

• Evaluation of the adequacy and completeness

of notes 9 and 11 of the Consolidated

Financial Statements.

Change in reporting segments

Description of the key audit matter

During the current financial year, Colruyt Group

adapted its legal and financial reporting structure

to align its reporting with the four core pillars of

its long-term strategy (“Food”, Health &

Wellbeing”, “Non-Food” and “Energy”). As the

reporting segments should align with the internal

reporting to the Chief Operating Decision Maker,

the Group also changed its segment disclosure

within the Consolidated Financial Statements.

Since the Group aggregated different operating

segments into one reporting segment, in

accordance with IFRS8 “Operating Segment”, the

definition of the reporting segments required

significant judgement from management, and an

incorrect aggregation or definition of reporting

segments could have a material impact on the

Consolidated Financial Statements. Besides that,

IFRS 8 requires a restatement of the previously

reported segment information. For these reasons,

the change in reporting segments required

significant audit efforts and hence is a key audit

matter.

Summary of the procedures performed

• We evaluated the reporting to the Chief

Operating Decision maker to ensure that the

identified operating segments align with the

Group’s internal management reporting;

• For operating segments that are aggregated

into one reporting segment, we gained an

understanding of the aggregation criteria

applied and evaluated the compliance thereof

with IFRS 8;

• We gained an insight in the Group’s segment

reporting process, validated the methodology,

and ensured a consistent application for all

reporting periods presented in the

consolidated financial statements;

• We evaluated the adequacy and completeness

of the segment disclosure presented in the

Consolidated Financial Statements, including

the restated segment information for the

comparative period, as required by IFRS 8.

Responsibilities of the Board of Directors

for the preparation of the Consolidated

Financial Statements

The Board of Directors is responsible for the

preparation of the Consolidated Financial

Statements that give a true and fair view in

accordance with the IFRS Accounting Standards

and with applicable legal and regulatory

requirements in Belgium and for such internal

controls relevant to the preparation of the

Consolidated Financial Statements that are free

from material misstatement, whether due to fraud

or error.

As part of the preparation of Consolidated

Financial Statements, the Board of Directors is

responsible for assessing the Company’s ability to

continue as a going concern, and provide, if

applicable, information on matters impacting

going concern, The Board of Directors should

prepare the financial statements using the going

concern basis of accounting, unless the Board of

Directors either intends to liquidate the Company

or to cease business operations, or has no realistic

alternative but to do so.

Our responsibilities for the audit of the

Consolidated Financial Statements

Our objectives are to obtain reasonable assurance

whether the Consolidated Financial Statements

are free from material misstatement, whether due

to fraud or error, and to express an opinion on

these Consolidated Financial Statements based on

our audit. Reasonable assurance is a high level of

assurance, but not a guarantee that an audit

conducted in accordance with the ISA’s will always

detect a material misstatement when it exists.

Misstatements can arise from fraud or error and

considered material if, individually or in the

aggregate, they could reasonably be expected to

influence the economic decisions of users taken

on the basis of these Consolidated Financial

Statements.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

301

Audit report dated 29 July 2025 on the Consolidated Financial Statements

of Colruyt Group NV as of and

for the year ended 31 March 2025 (continued)

In performing our audit, we comply with the legal,

regulatory and normative framework that applies

to the audit of the Consolidated Financial

Statements in Belgium. However, a statutory

audit does not provide assurance about the future

viability of the Company and the Group, nor about

the efficiency or effectiveness with which the

board of directors has taken or will undertake the

Company's and the Group’s business operations.

Our responsibilities with regards to the going

concern assumption used by the board of

directors are described below.

As part of an audit in accordance with ISA’s, we

exercise professional judgment and we maintain

professional skepticism throughout the audit.

We also perform the following tasks:

• identification and assessment of the risks of

material misstatement of the Consolidated

Financial Statements, whether due to fraud or

error, the planning and execution of audit

procedures to respond to these risks and

obtain audit evidence which is sufficient and

appropriate to provide a basis for our opinion.

The risk of not detecting material

misstatements resulting from fraud is higher

than when such misstatements result from

errors, since fraud may involve collusion,

forgery, intentional omissions,

misrepresentations, or the override of

internal control;

• obtaining insight in the system of internal

controls that are relevant for the audit and

with the objective to design audit procedures

that are appropriate in the circumstances, but

not for the purpose of expressing an opinion

on the effectiveness of the Company’s

internal control;

• evaluating the selected and applied

accounting policies, and evaluating the

reasonability of the accounting estimates and

related disclosures made by the Board of

Directors as well as the underlying

information given by the Board of Directors;

• conclude on the appropriateness of the Board

of Directors’ use of the going-concern basis of

accounting, and based on the audit evidence

obtained, whether or not a material

uncertainty exists related to events or

conditions that may cast significant doubt on

the Company’s or Group’s ability to continue

as a going concern. If we conclude that a

material uncertainty exists, we are required to

draw attention in our auditor’s report to the

related disclosures in the Consolidated

Financial Statements or, if such disclosures

are inadequate, to modify our opinion. Our

conclusions are based on audit evidence

obtained up to the date of the auditor’s

report. However, future events or conditions

may cause the Company to cease to continue

as a going-concern;

• evaluating the overall presentation, structure

and content of the Consolidated Financial

Statements, and evaluating whether the

Consolidated Financial Statements reflect a

true and fair view of the underlying

transactions and events.

We communicate with the Audit Committee within

the Board of Directors regarding, among other

matters, the planned scope and timing of the

audit and significant audit findings, including any

significant deficiencies in internal control that we

identify during our audit.

Because we are ultimately responsible for the

opinion, we are also responsible for directing,

supervising and performing the audits of the

subsidiaries. In this respect we have determined

the nature and extent of the audit procedures to

be carried out for group entities.

We provide the Audit Committee within the Board

of Directors with a statement that we have

complied with relevant ethical requirements

regarding independence, and to communicate

with them all relationships and other matters that

may reasonably be thought to bear on our

independence, and where applicable, related

safeguards.

From the matters communicated with the Audit

Committee within the Board of Directors, we

determine those matters that were of most

significance in the audit of the Consolidated

Financial Statements of the current period and

are therefore the key audit matters. We describe

these matters in our report, unless the law or

regulations prohibit this.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

302

Audit report dated 29 July 2024 on the Consolidated Financial Statements

of Colruyt Group NV as of and

for the year ended 31 March 2025 (continued)

Report on other legal and regulatory requirements

Responsibilities of the Board of Directors

The Board of Directors is responsible for the

preparation and the content of the Board of

Directors’ report on the Consolidated Financial

Statements and other information included in the

annual report.

Responsibilities of the auditor

In the context of our mandate and in accordance

with the additional standard to the ISA’s

applicable in Belgium, it is our responsibility to

verify, in all material respects, the Board of

Directors’ report on the Consolidated Financial

Statements and other information included in the

annual report, as well as to report on these

matters.

Aspects relating to Board of Directors’

report and other information included in

the annual report

The Board of Directors’ report on the

Consolidated Financial Statements contains the

consolidated sustainability information that is

subject to our limited assurance report. This

section does not cover the assurance on the

consolidated sustainability information included in

the annual report.

In our opinion, after carrying out specific

procedures on the Board of Directors’ report, the

Board of Directors’ report is consistent with the

Consolidated Financial Statements and has been

prepared in accordance with article 3:32 of the

Code of companies and associations.

In the context of our audit of the Consolidated

Financial Statements, we are also responsible to

consider whether, based on the information that

we became aware of during the performance of

our audit, the Board of Directors’ report and

other information included in the annual report,

being:

• Key figures

• Condensed (non-consolidated) financial

statements of Colruyt Group NV, in

accordance with Belgian accounting

standards

contain any material inconsistencies or contains

information that is inaccurate or otherwise

misleading. In light of the work performed, there

are no material inconsistencies to be reported.

Independence matters

Our audit firm and our network have not

performed any services that are not compatible

with the audit of the Consolidated Financial

Statements and have remained independent of

the Company during the course of our mandate.

The fees related to additional services which are

compatible with the audit of the Consolidated

Financial Statements as referred to in article 3:65

of the Code of companies and associations were

duly itemized and valued in the notes to the

Consolidated Financial Statements.

European single electronic format

(“ESEF”)

In accordance with the standard on the audit of

the conformity of the financial statements with

the European single electronic format

(hereinafter "ESEF"), we have carried out the

audit of the compliance of the ESEF format with

the regulatory technical standards set by the

European Delegated Regulation No 2019/815 of

17 December 2018 (hereinafter: "Delegated

Regulation").

The Board of Directors is responsible for the

preparation, in accordance with the ESEF

requirements, of the consolidated financial

statements in the form of an electronic file in

ESEF format (hereinafter 'the digital consolidated

financial statements') included in the annual

financial report available on the portal of the

FSMA (https://www.fsma.be/en/stori).

It is our responsibility to obtain sufficient and

appropriate supporting evidence to conclude that

the format and markup language of the digital

consolidated financial statements comply in all

material respects with the ESEF requirements

under the Delegated Regulation.

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

303

Audit report dated 29 July 2025 on the Consolidated Financial Statements

of Colruyt Group NV as of and

for the year ended 31 March 2025 (continued)

Based on the work performed by us, we conclude

that the format and tagging of information in the

digital consolidated financial statements included

in the annual financial report of Colruyt Group NV

as per 31 March 2025 available on the portal of

the FSMA (https://www.fsma.be/en/stori) are, in

all material respects, in accordance with the ESEF

requirements under the Delegated Regulation.

Other communications.

• This report is consistent with our

supplementary declaration to the Audit

Committee as specified in article 11 of the

regulation (EU) nr. 537/2014.

Diegem, 29 July 2025

EY Bedrijfsrevisoren BV

Statutory auditor

Represented by

Eef Naessens *

Partner

*Acting on behalf of a BV/SRL

25EN0329

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

304

Financial report > Consolidated statements > Statement > Notes > Deﬁ nitions > Independent auditor’s report

305

Contact

Limited liability company Colruyt Group

Headquarters: Wilgenveld

Edingensesteenweg 196

B-1500 HALLE

RPR Brussels

VAT: BE 0400.378.485

Enterprise number: 0400.378.485

+32 (0)2 363 55 45

colruytgroup.com

contact@colruytgroup.com

Investor relations (for questions about shares, ﬁ nancial

issues, annual rapport)

+32 (0)2 363 55 45

investor@colruytgroup.com

Press and media enquiries

+32 (0)473 92 45 10

press@colruytgroup.com

306

Contact

Risks relating to forecasts

Statements by Colruyt Group included in this publication, along

with references to this publication in other written or verbal

statements of the group which refer to future expectations

with regard to activities, events and strategic developments

of Colruyt Group, are predictions and as such contain risks

and uncertainties. The information communicated relates to

information available at the present time, which can diﬀ er

from the ﬁ nal results. Factors that can generate a variation

between expectation and reality are: changes in the micro- or

macroeconomic context, changing mar-ket situations, changing

competitive climate, unfavourable decisions with regard to

the building and/or extension of new or existing stores, procu-

rement problems with suppliers, as well as all other factors that

can impact the group’s result. Colruyt Group does not make any

commitments with respect to future reporting that might have

an inﬂ uence on the group’s result or which could bring about a

deviation from the forecasts in-cluded in this publication or in

other group communication, whether written or oral.

307

Publisher: Colruyt Group NV

Edingensesteenweg 196, B-1500 Halle • +32 (0)2 363 55 45

Design: Colruyt Goup Marketing Communication Services • Edingensesteenweg 249, B-1500 Halle