Plesio Posts €1.9 billion Q3 Sales as Lenders Waive 7.33x Covenant Breach

Plesio reported Q3 2026 net sales of €1,949m, up 0.3% like-for-like and down 2.7% in total, while its net leverage ratio of 7.33x exceeded the 6.11x covenant threshold. The figures were published by GlobeNewswire on November 10, 2026. Plesio is the French convenience retailer formerly known as Casino, whose seven brands include Monoprix, Franprix, Casino, Spar, Vival, Cdiscount and Naturalia.

Plesio's Sales and Covenant Breach

Over the first nine months of 2026, consolidated net sales amounted to €5,916m, up 0.3% like-for-like and down 2.7% in total, after a roughly -3.1-point effect from streamlining the convenience brand network. Group adjusted EBITDA reached €498m, up 9.3%, a margin of 8.4%. Adjusted EBITDA after lease payments rose €60m to €172m.

Monoprix recorded a like-for-like sales decline of 2.6% in the quarter, with non-food sales down 3.8% and textiles down 6.7%, including a 16.9% fall in September. Franprix grew 1.1% like-for-like, Casino Spar Vival rose 5.4% and Naturalia 3.5%. Cdiscount's gross merchandise volume rose 6.9%, with its marketplace up 11.9%.

The net leverage ratio stood at 7.33x at September 30, 2026, against a maximum threshold of 6.11x. TLB lenders consented on October 22, 2026, to waive the resulting events of default, and the relevant RCF and operational financing lenders consented on November 3, 2026. The waivers are definitive, subject to the signing of a lock-up agreement between the stakeholders. Plesio said it confirms its objective of break-even free cash flow before financial expenses in 2026.

Plesio's Restructuring and Zouari Deal

On November 10, 2026, Plesio announced a principle agreement on its financial restructuring reached on November 9, 2026, with France Retail Holdings and the TLB SteerCo, reducing Term Loan B principal from €1.4 billion to €800 million and converting the difference into capital, according to GlobeNewswire.

On November 2, 2026, Plesio and the Zouari family finalized a partnership strengthening operation announced on June 8, 2026. The Zouari family now holds about 60% of the Franprix network and Franprix about 40%, and Franprix fully owns Pro Distribution, which operates around 90 stores, GlobeNewswire reported.

Plesio's Next Steps on Financing

Plesio's banking partners said they would submit the restructuring terms, with a favourable recommendation, to their respective credit committees for approval. The Group also asked its banking partners to submit a request to extend the maturity of its operational financing until January 4, 2027. Plesio intends to approve its 2025 and first-half 2026 financial statements upon signing the lock-up agreement, then file its 2025 Universal Registration Document and convene its general meeting.