Carrefour Israel Operator France Israel Group Files for Tel Aviv IPO
Carrefour Israel operator France Israel Group filed a preliminary IPO prospectus on the Tel Aviv Stock Exchange targeting a valuation of up to 1 billion NIS, alongside reporting its second-quarter financial results for 2026.
Carrefour Israel is moving closer to an initial public offering on the Tel Aviv Stock Exchange. France Israel Group, which holds Global Retail—the operator of the Carrefour supermarket chain in Israel—has submitted a preliminary prospectus to the Israel Securities Authority based on its financial reports for the second quarter of 2026.
IPO Plans and Valuation Targets
Following this move, Electra Consumer Products, which holds a 49.49% stake in France Israel Group, is considering a secondary offering of a portion of its shares in the subsidiary in accordance with the Promotion of Competition and Reduction of Concentration Law. The company's valuation for the potential IPO has not been finalized yet, but it is expected to range between 750 million NIS and 1 billion NIS.
The company emphasized that the submission of the draft prospectus does not constitute a public offer or a commitment to carry out the offering, and at this stage, there is no certainty that the IPO will take place. If the offering is executed, there is no guarantee regarding its scope, terms, structure, pricing, or timing.
Tвика Schwimmer, CEO of Electra Consumer Products, stated:
«The submission of the draft prospectus is a first step toward the possibility of floating Global Retail. This IPO is a significant milestone in our strategic plan as we have announced on numerous occasions. I hope this step will be successfully completed and that we will continue implementing our plans in other sectors as well.»
Financial Performance in Q2 2026
Carrefour, which currently operates 145 branches across the country, closed the second quarter with revenues totaling 817 million NIS, marking a 2.6% decrease compared to the same period last year. Same-store sales—referring to branches that also operated in the corresponding quarter of last year—experienced a sharper decline of 7.2%.
The drop was attributed to the negative timing impact of the Passover holiday, which fell entirely in the first quarter this year, whereas last year's holiday shopping was largely recorded in the second quarter. However, competing supermarket chains recorded milder declines, with industry estimates suggesting that Carrefour's steeper drop was also influenced by the "Basket of Israel" initiative. Under a tender issued by the Ministry of Economy, the chain sells a 100-item basket priced roughly 30% lower than standard discount chain prices.
Despite the revenue dip, Carrefour's sectoral operating profit remained stable at 86 million NIS, similar to the parallel quarter last year, though profitability eroded slightly to 5.1% of sales compared to 5.2% previously. The food retail sector reported an EBITDA excluding IFRS 16 of 38 million NIS for the second quarter and 76 million NIS for the first half of the year, compared to 35 million NIS and 66 million NIS in the respective periods last year. Operating profit, excluding excess cost adjustments, totaled 42 million NIS for the quarter compared to 39 million NIS last year, while net profit rose to 8 million NIS from 5 million NIS in the second quarter of the previous year.
