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Jeronimo Martins
Earnings Release • Oct 29, 2025
1906_iss_2025-10-29_2633e50c-c768-4ad5-8d38-7fb4608adf6e.pdf
Earnings Release
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MARKET RELEASE
29 OCTOBER 2025
> FACTSHEET
This release includes, in Appendix 1, for comparison purposes, the Financial Statements excluding the effect of the IFRS16.
INVESTOR RELATIONS OFFICE
+351 21 752 61 05
Cláudia Falcão: [email protected] Hugo Fernandes: [email protected] MEDIA RELATIONS OFFICE
+351 21 752 61 80
Pedro Rio: [email protected]
Jerónimo Martins, SGPS, S.A.
FIRST NINE MONTHS 2025 | KEY FIGURES
FOCUS ON SALES AND OPERATIONAL DISCIPLINE BOOSTS GROWTH AND ENSURES GOOD RESULTS
- Sales grew 7.1% to €26.5 BN (+6.6% at constant exchange rates).
- EBITDA increased 10.9% to €1.8 BN (+9.9% at constant exchange rates), with the EBITDA margin at 6.8% (6.6% in 9M 24).
- Net Profit reached €484 MN.
- Cash Flow in 9M 25 was €128 MN.
- Net Debt stood at €3.6 BN. Excluding IFRS16, the Group posted a net cash position of €467 MN by the end of September.
PERFORMANCE OVERVIEW & KEY DRIVERS
Across our markets, food demand remained cautious throughout the first nine months of the year, as consumers continued to prioritize affordability and promotions. Thanks to the strength and consistency of our banners' value proposition and their firm focus on price leadership, we maintained customer preference and delivered strong sales performance.
A strong focus on cost discipline, efficiency, and productivity, together with sales growth, helped sustain our margins despite rising cost inflation - particularly in salaries - and heightened competitive pressure.
The Group's sales grew by 7.1% (+6.6% at constant exchange rates) and EBITDA increased by 10.9% (+9.9% at constant exchange rates), with the respective margin rising 0.23 p.p. to 6.8%. Overall, all our banners performed well, contributing to this sales and EBITDA delivery.
Net profit was 484 million euros, 10% higher than in the first nine months of the previous year.
The investment programme, our top priority for capital allocation, progressed in line with the plan and amounted to 816 million euros in the first nine months.
At the end of September, the Group's balance sheet showed a net cash position (excluding IFRS16) of 467 million euros.
MESSAGE FROM THE CHAIRMAN AND CEO
PEDRO SOARES DOS SANTOS
"The ongoing global geopolitical uncertainty is affecting consumers' confidence and behaviour, increasing their interest in finding savings opportunities.
In this environment, our banners have reinforced their commitment through price leadership and worked with determination to significantly enhance productivity and efficiency, thereby protecting profitability.
We recognize that maintaining our market position requires both a short-term and a long-term perspective. For this reason, we continue to invest in innovation and in the quality of our product assortment, as well as in improving our store networks and shopping experience through the expansion and remodelling programs carried out by each banner.
As such, and despite the intensity of the competitive contexts and the growing pressure on the cost structure, our banners grew sales and results, while having, over this period, opened 274 stores and remodelled 170 locations.
I therefore thank all the teams for these remarkable three quarters that leave us well-prepared for the decisive Christmas and New Year's season."
OUTLOOK 2025
We confirm the outlook disclosed on 1 August 2025.
In an uncertain environment, our banners remain committed to ensuring price competitiveness, sustaining consumer preference, and reinforcing our market positions.
The 9.2% minimum wage increase in Poland boosted household disposable income. However, competitive intensity shows no signs of easing in a food retail market that offers muted growth.
Biedronka, honouring its 30-year commitment to operating in the Polish market with low prices every day, will continue to lead in price and provide the best savings opportunities for Polish families. The priority will continue to be sales performance, a significant challenge given the consistent outperformance of our main banner in recent years.
To protect profitability and respond to pressure from low basket inflation, rising wage costs, and weak food consumption dynamics in the country, Biedronka will also continue to focus on cost efficiency and implement additional productivity measures.
The banner plans to strengthen its market presence by opening 130 to 150 stores (net) in 2025, with formats that have a proven track record of strong performance. Additionally, the renovation programme is expected to cover c.200 locations in the year. The Company also plans to add a new distribution centre to the existing 17.
The start of operations in Slovakia was marked, in the first three quarters of the year, by the opening of eight Biedronka stores and the inauguration of our first distribution centre. By the end of 2026, the operation is expected to have at least 50 stores nationwide.
Hebe, throughout the first three quarters of this year, responded with reinforced price assertiveness to intensifying competition while operating amid significant deflation in its basket. The banner is working to strengthen cost discipline and mitigate the resulting margin pressure.
Expanding selectively its store network in Poland, Hebe plans to open, in 2025, c.30 new stores, while maintaining the e-commerce channel at the centre of its growth and internationalisation strategy.
In Portugal, despite the 6.1% increase in the minimum wage, food consumer demand remains promotion-driven.
Pingo Doce, which has been benefiting from the success of its All About Food store concept, will continue its remodelling programme that in 2025 is expected to cover c.50 stores. The Company also plans to open c.10 new locations in the year.
Recheio will continue to focus on offering the best deals for each of its customer segments while progressing with its store renovation programme, enhancing the value proposition for the HoReCa channel. The Amanhecer partnership store network, which already has more than 700 locations, will continue to expand.
In Colombia, despite some improvement, consumption growth is expected to remain modest, given the persisting negative impact of ongoing inflation on household real disposable income.
Ara will continue to work on maintaining consumer preference, implementing its expansion plan, and improving its profitability.
The banner expects to open more than 150 new stores in the year. In addition, c.70 locations previously operated by Colsubsidio, in premium areas, were progressively integrated into Ara's network till the end of July.
To support store network expansion, investment in logistics includes the opening of a new distribution centre, which is now operational, and preparatory work to increase logistics capacity in the coming years.
In 2025, the Group investment programme, which remains the top priority for capital allocation, is expected to be in line with recent years: slightly above 1 billion euros.
PERFORMANCE ANALYSIS BY BANNER
POLAND
In Poland, food inflation stood at 5.3% during the first nine months of the year, with Q3 average at 4.7%. Throughout this period, families restricted food consumption and focused on low prices and promotions, contributing to an intense competitive environment.
Biedronka LFL
Biedronka maintained its commitment to offer the best savings opportunities to Polish consumers. This leadership, together with the continuous evolution of the assortment and the expansion of the store network, led sales to grow 5.8% in local currency, with LFL at 1.8%, reinforcing market share. In euros, sales reached 18.8 billion, up 7.4% from 9M 24.
In Q3, sales, in local currency, grew by 7.4%, with LFL at 3.6%. In euros, sales amounted to 6.4 billion, a value 8% higher than in Q3 24.
EBITDA increased by 10% (+8.3% in local currency), with the respective margin reaching 7.9% (7.7% in 9M 24). The remarkable performance resulted from the combined focus on sales growth and disciplined cost and productivity management, which enabled the Company to mitigate the pressure from price competition and cost inflation, particularly in salaries.
The execution of store expansion and remodelling programs led to the opening of 111 stores during the period (99 net additions) and the remodelling of 110 locations.
Hebe, operating in an increasingly price competitive market, grew its sales by 5.3% in local currency, with LFL growth of -0.1%, pressured by the unfavourable context and high basket deflation. In euros, sales reached 451 million, 6.9% above 9M 24.
In Q3, sales in local currency rose by 1.7%, with LFL at -2.7%, totalling, in euros, 154 million, 2.3% ahead of Q3 24.
The banner worked to protect profitability through its sales mix and cost management. Thus, despite pressure on LFL growth, EBITDA increased by 7.2% (+5.6% in local currency), with the respective margin standing at 8.4% (8.3% in 9M 24).
Hebe opened 13 stores in Poland and 2 in the Czech Republic, ending the period with a total of 386 stores in Poland, 5 in the Czech Republic, and 2 in Slovakia.
PORTUGAL
In Portugal, average inflation for food and non-alcoholic products was 2.6% in 9M and 3.9% in Q3. Food customers continued to be remarkably price-sensitive and promotion-oriented.
Pingo Doce maintained an intense promotional dynamic and proceeded with its remodelling plan as scheduled.
Sales grew by 5.4%, with a strong LFL of 4.1% (excluding fuel) to reach 3.9 billion euros.
In Q3, sales increased by 5% to 1.4 billion euros, with LFL at 4.4% (excluding fuel).
In the first nine months of the year, Pingo Doce opened five stores and remodelled 38 locations.
Recheio LFL
Recheio reached sales of 1 billion euros, 2.6% above the first nine months of the previous year, with LFL at 2.4%.
The solid sales performance was particularly driven by the competitiveness of the offer designed for the HoReCa channel, which combines price with quality of the assortment, with special emphasis on perishables, and on the service provided.
In Q3, sales reached 391 million euros, 3.9% higher than Q3 24, with LFL at 3.9%, supported by strong performance in the HoReCa segment, with solid growth in customer numbers, and the expansion of Amanhecer partners.
The EBITDA of Distribution Portugal was 287 million euros, 6.8% above the same period of the previous year, with the margin reaching 5.8% (5.7% in 9M 24), driven by strong sales performance and productivity initiatives that mitigated cost pressures.
COLOMBIA
In Colombia, food inflation was 5% in the first nine months of the year (5.8% in Q3). Household consumption patterns remained very cautious with a strong focus on price.
Ara LFL
Ara maintained an intense commercial dynamic, designing its promotional strategy to create significant savings opportunities for Colombian families.
Sales grew by 16.9% in local currency, with LFL at 5.6%. In euros, sales reached 2.3 billion, 9.6% above the 9M 24.
In Q3, sales in local currency rose by 19.5%, including LFL at 6.2%. In euros, sales increased by 14.9% to 798 million.
The banner opened 135 new stores (129 net additions), including the integration throughout the first seven months of 2025 of 70 stores previously operated by Colsubsidio.
EBITDA was 93 million euros, 42.4% above the 9M 24 period (+51.9% in local currency), with the corresponding margin at 4% (3.1% in 9M 24). The strong margin performance reflects not only sales growth, but also the work initiated in 2024 to protect the gross margin and limit the impact of inflation on costs.
CONSOLIDATED FINANCIAL HEADINGS
Net Financial Costs amounted to 243 million euros. The increase compared to the previous year mainly reflects the execution of the expansion programme and the consequent impact on capitalised operational lease interest.
Other Losses and Gains were -66 million euros, including, among others, write-offs, indemnities and provisions, as well as the allocation of 40 million euros from the 2024 results to the Jerónimo Martins Foundation.
The Investment Programme reached a value of 816 million euros.
The Cash Flow generated in the period, before the payment of dividends, which took place in May, was 128 million euros.
KEY PERFORMANCE FIGURES
KEY CONSOLIDATED RESULTS
| (€ Million) | 9м 2 | 9м 2 | Δ | Q3 2 | Q3 24 | Δ | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales and Services | 26,534 | 24,765 | 7.1% | 9,138 | 8,467 | 7.9% | ||||
| Gross Profit | 5,460 | 20.6% | 5,066 | 20.5% | 7.8% | 1,894 | 20.7% | 1,749 | 20.7% | 8.3% |
| Operating Costs | -3,648 | -13.7% | -3,433 | -13.9% | 6.3% | -1,230 | -13.5% | -1,156 | -13.6% | 6.5% |
| EBITDA | 1,811 | 6.8% | 1,633 | 6.6% | 10.9% | 664 | 7.3% | 593 | 7.0% | 11.9% |
| Depreciation | -848 | -3.2% | -779 | -3.1% | 8.9% | -286 | -3.1% | -265 | -3.1% | 7.9% |
| EBIT | 964 | 3.6% | 855 | 3.5% | 12.8% | 378 | 4.1% | 328 | 3.9% | 15.2% |
| Net Financial Costs | -243 | -0.9% | -195 | -0.8% | 24.7% | -85 | -0.9% | -64 | -0.8% | 32.2% |
| Gains/Losses in Joint Ventures and Associates | -1 | 0.0% | -1 | 0.0% | 19.8% | 0 | 0.0% | 0 | 0.0% | 13.1% |
| Other Profits/Losses | -66 | -0.2% | -74 | -0.3% | n.a. | -6 | -0.1% | -12 | -0.1% | n.a. |
| EBT | 654 | 2.5% | 585 | 2.4% | 11.8% | 286 | 3.1% | 251 | 3.0% | 14.0% |
| Income Tax | -163 | -0.6% | -140 | -0.6% | 16.2% | -63 | -0.7% | -57 | -0.7% | 10.1% |
| Net Profit | 492 | 1.9% | 445 | 1.8% | 10.4% | 223 | 2.4% | 193 | 2.3% | 15.2% |
| Non-Controlling Interests | -8 | 0.0% | -6 | 0.0% | 46.2% | -8 | -0.1% | -6 | -0.1% | 34.4% |
| Net Profit Attributable to JM | 484 | 1.8% | 440 | 1.8% | 10.0% | 214 | 2.3% | 187 | 2.2% | 14.6% |
| EPS (€) | 0.77 | 0.70 | 10.0% | 0.34 | 0.30 | 14.6% | ||||
| EPS without Other Profits/Losses (€) | 0.87 | 0.80 | 8.6% | 0.35 | 0.31 | 11.6% |
BALANCE SHEET
| (€ Million) | 9М 25 | 2024 | 9M 24 |
|---|---|---|---|
| Net Goodwill | 646 | 639 | 639 |
| Net Fixed Assets | 6,149 | 5,891 | 5,678 |
| Net Rights of Use (RoU) | 3,736 | 3,530 | 3,387 |
| Total Working Capital | -3,978 | -4,062 | -3,726 |
| Others | 379 | 318 | 331 |
| Invested Capital | 6,931 | 6,317 | 6,308 |
| Total Borrowings | 1,063 | 1,003 | 847 |
| Financial Leases | 153 | 128 | 123 |
| Capitalised Operating Leases | 4,048 | 3,790 | 3,627 |
| Accrued Interest | 14 | 25 | 22 |
| Cash and Cash Equivalents | -1,698 | -1,882 | -1,405 |
| Net Debt | 3,580 | 3,064 | 3,214 |
| Non-Controlling Interests | 238 | 247 | 244 |
| Share Capital | 629 | 629 | 629 |
| Reserves and Retained Earnings | 2,483 | 2,377 | 2,220 |
| Shareholders Funds | 3,351 | 3,253 | 3,094 |
CASH FLOW
| (€ Million) | 9м 25 | 9M 24 |
|---|---|---|
| EBITDA | 1,811 | 1,633 |
| Capitalised Operating Leases Payment | -297 | -285 |
| Interest Payment | -237 | -205 |
| Other Financial Items | 0 | 1 |
| Income Tax | -192 | -242 |
| Funds From Operations | 1,086 | 902 |
| Capex Payment | -798 | -760 |
| Change in Working Capital | -102 | -472 |
| Others | -58 | -57 |
| Cash Flow | 128 | -387 |
DISCLAIMER
This release's forward-looking statements are based on current expectations of future events. They are subject to risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties, which have increased as a result of the war in Ukraine, of the conflict in the Middle East and trade tensions, relate to factors that are beyond Jerónimo Martins' ability to control or estimate precisely and include but are not limited to general economic conditions, actions taken by governmental authorities and their impacts over the economy, competition, industry trends, credit markets, foreign exchange fluctuations, and regulatory developments.
The forward-looking statements herein refer only to this document and its publication date. Unless required by applicable law or regulation, Jerónimo Martins assumes no obligation to update the information contained in this release or notify a reader if any matter stated herein changes or becomes inaccurate.
APPENDIX INCOME STATEMENT BY FUNCTIONS
1. Financial Statements
| (€ Million) |
|---|
| Net Sales and Services |
| Cost of Sales |
| Gross Profit |
| Distribution Costs |
| Administrative Costs |
| Other Operating Profits/Losses |
| Operating Profit |
| Net Financial Costs |
| Gains/Losses in Other Investments |
| Gains/Losses in Joint Ventures and Associates |
| Profit Before Taxes |
| Income Tax |
| Profit Before Non Controlling Interests |
| Non-Controlling Interests |
| Net Profit Attributable to JM |
| IFRS | 16 | Excl. IF | RS16 |
|---|---|---|---|
| 9М 25 | 9M 24 | 9м 25 | 9M 24 |
| 26,534 | 24,765 | 26,534 | 24,765 |
| -21,075 | -19,699 | -21,075 | -19,699 |
| 5,460 | 5,066 | 5,460 | 5,066 |
| -4,072 | -3,822 | -4,217 | -3,944 |
| -424 | -390 | -426 | -392 |
| -66 | -74 | -66 | -74 |
| 898 | 781 | 751 | 657 |
| -243 | -195 | -45 | -33 |
| 0 | 0 | 0 | 0 |
| -1 | -1 | -1 | -1 |
| 654 | 585 | 706 | 623 |
| -163 | -140 | -170 | -146 |
| 492 | 445 | 535 | 477 |
| -8 | -6 | -10 | -7 |
| 484 | 440 | 525 | 470 |
INCOME STATEMENT (Management View)
| (€ Million) | (Excl. IFRS16) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (€ Million) | 9М 2 | 25 | 9М 2 | 24 | Δ | Q3 2 | 25 | Q3 2 | 24 | Δ |
| Net Sales and Services | 26,534 | 24,765 | 7.1% | 9,138 | 8,467 | 7.9% | ||||
| Gross Profit | 5,460 | 20.6% | 5,066 | 20.5% | 7.8% | 1,894 | 20.7% | 1,749 | 20.7% | 8.3% |
| Operating Costs | -4,146 | -15.6% | -3,885 | -15.7% | 6.7% | -1,399 | -15.3% | -1,309 | -15.5% | 6.9% |
| EBITDA | 1,313 | 5.0% | 1,182 | 4.8% | 11.1% | 495 | 5.4% | 440 | 5.2% | 12.6% |
| Depreciation | -497 | -1.9% | -451 | -1.8% | 10.1% | -168 | -1.8% | -154 | -1.8% | 9.3% |
| EBIT | 817 | 3.1% | 730 | 2.9% | 11.8% | 327 | 3.6% | 286 | 3.4% | 14.4% |
| Net Financial Costs | -45 | -0.2% | -33 | -0.1% | 34.3% | -14 | -0.2% | -10 | -0.1% | 42.5% |
| Gains/Losses in Joint Ventures and Associates | -1 | 0.0% | -1 | 0.0% | 26.3% | 0 | 0.0% | 0 | 0.0% | 18.0% |
| Other Profits/Losses | -66 | -0.2% | -74 | -0.3% | n.a. | -6 | -0.1% | -12 | -0.1% | n.a. |
| EBT | 706 | 2.7% | 623 | 2.5% | 13.3% | 307 | 3.4% | 264 | 3.1% | 16.3% |
| Income Tax | -170 | -0.6% | -146 | -0.6% | 16.7% | -67 | -0.7% | -59 | -0.7% | 12.2% |
| Net Profit | 535 | 2.0% | 477 | 1.9% | 12.2% | 240 | 2.6% | 205 | 2.4% | 17.5% |
| Non-Controlling Interests | -10 | 0.0% | -7 | 0.0% | 42.2% | -9 | -0.1% | -7 | -0.1% | 35.3% |
| Net Profit Attributable to JM | 525 | 2.0% | 470 | 1.9% | 11.8% | 231 | 2.5% | 198 | 2.3% | 16.9% |
| EPS (€) | 0.84 | 0.75 | 11.8% | 0.37 | 0.31 | 16.9% | ||||
| EPS without Other Profits/Losses (€) | 0.93 | 0.84 | 10.2% | 0.37 | 0.33 | 14.0% |
BALANCE SHEET
| (€ Million) | (Excl. IFRS16) | ||
|---|---|---|---|
| (e million) | 9M 25 | 2024 | 9M 24 |
| Net Goodwill | 645 | 639 | 639 |
| Net Fixed Assets | 6,149 | 5,891 | 5,678 |
| Total Working Capital | -3,975 | -4,058 | -3,721 |
| Others | 330 | 277 | 292 |
| Invested Capital | 3,149 | 2,749 | 2,888 |
| Total Borrowings | 1,063 | 1,003 | 847 |
| Financial Leases | 153 | 128 | 123 |
| Accrued Interest | 14 | 25 | 22 |
| Cash and Cash Equivalents | -1,698 | -1,882 | -1,405 |
| Net Debt | -467 | -726 | -413 |
| Non-Controlling Interests | 256 | 262 | 259 |
| Share Capital | 629 | 629 | 629 |
| Reserves and Retained Earnings | 2,731 | 2,584 | 2,413 |
| Shareholders Funds | 3,616 | 3,475 | 3,301 |
CASH FLOW
| (€ Million) | (Excl. IF | RS16) |
|---|---|---|
| (C Willion) | 9M 25 | 9M 24 |
| EBITDA | 1,313 | 1,182 |
| Interest Payment | -38 | -38 |
| Other Financial Items | 0 | 1 |
| Income Tax | -192 | -242 |
| Funds From Operations | 1,084 | 902 |
| Capex Payment | -798 | -760 |
| Change in Working Capital | -101 | -473 |
| Others | -57 | -57 |
| Cash Flow | 128 | -387 |
EBITDA BREAKDOWN
| IFRS16 | Excl. IFRS16 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| (€ Million) | 9M 25 | Mg | 9M 24 | Mg | 9M 25 | Mg | 9M 24 | Mg | |
| Biedronka | 1,477 | 7.9% | 1,343 | 7.7% | 1,138 | 6.1% | 1,035 | 5.9% | |
| Hebe | 38 | 8.4% | 35 | 8.3% | 10 | 2.2% | 10 | 2.4% | |
| Distribution Portugal | 287 | 5.8% | 269 | 5.7% | 223 | 4.5% | 208 | 4.4% | |
| Ara | 93 | 4.0% | 65 | 3.1% | 31 | 1.3% | 10 | 0.5% | |
| Others & Cons. Adjustments | -83 | n.a. | -79 | n.a. | -89 | n.a. | -82 | n.a. | |
| JM Consolidated | 1,811 | 6.8% | 1,633 | 6.6% | 1,313 | 5.0% | 1,182 | 4.8% |
NET FINANCIAL COSTS
| (€ Million) | IFRS16 | Excl. IFRS16 | |||
|---|---|---|---|---|---|
| 9M 24 | 9M 25 | 9M 24 | |||
| Net Interest | -35 | -31 | -35 | -31 | |
| Interests on Capitalised Operating Leases | -199 | -167 | - | - | |
| Exchange Differences | -1 | 12 | -2 | 7 | |
| Others | -8 | -9 | -8 | -9 | |
| Net Financial Costs | -243 | -195 | -45 | -33 |
SALES BREAKDOWN
| (€ Million) | 9M 25 | 9M 24 | D % | Q3 25 | Q3 24 | D % | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| % total | % total | excl. FX | Euro | % total | % total | excl. FX | Euro | |||||
| Biedronka | 18,753 | 70.7% | 17,460 | 70.5% | 5.8% | 7.4% | 6,397 | 70.0% | 5,921 | 69.9% | 7.4% | 8.0% |
| Hebe | 451 | 1.7% | 422 | 1.7% | 5.3% | 6.9% | 154 | 1.7% | 150 | 1.8% | 1.7% | 2.3% |
| Pingo Doce | 3,916 | 14.8% | 3,714 | 15.0% | 5.4% | 1,382 | 15.1% | 1,316 | 15.5% | 5.0% | ||
| Recheio | 1,048 | 3.9% | 1,021 | 4.1% | 2.6% | 391 | 4.3% | 376 | 4.4% | 3.9% | ||
| Ara | 2,331 | 8.8% | 2,127 | 8.6% | 16.9% | 9.6% | 798 | 8.7% | 694 | 8.2% | 19.5% | 14.9% |
| Others & Cons. Adjustments | 36 | 0.1% | 21 | 0.1% | n.a. | 16 | 0.2% | 9 | 0.1% | n.a. | ||
| Total JM | 26,534 | 100% | 24,765 | 100% | 6.6% | 7.1% | 9,138 | 100% | 8,467 | 100% | 7.9% | 7.9% |
SALES GROWTH
| Total Sales Growth | LFL Growth | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 25 | Q2 25 | H1 25 | Q3 25 | 9M 25 | Q1 25 | Q2 25 | H1 25 | Q3 25 | 9M 25 | |
| Biedronka | ||||||||||
| Euro | 3.4% | 10.7% | 7.1% | 8.0% | 7.4% | |||||
| PLN | 0.3% | 9.7% | 5.0% | 7.4% | 5.8% | -3.5% | 5.3% | 0.9% | 3.6% | 1.8% |
| Hebe | ||||||||||
| Euro | 11.9% | 7.2% | 9.4% | 2.3% | 6.9% | |||||
| PLN | 8.5% | 6.2% | 7.3% | 1.7% | 5.3% | 1.9% | 0.7% | 1.3% | -2.7% | -0.1% |
| Pingo Doce | 2.8% | 8.3% | 5.7% | 5.0% | 5.4% | 1.0% | 6.1% | 3.7% | 4.2% | 3.9% |
| Excl. Fuel | 2.9% | 8.8% | 5.9% | 5.2% | 5.7% | 1.1% | 6.5% | 3.9% | 4.4% | 4.1% |
| Recheio | -0.4% | 3.9% | 1.9% | 3.9% | 2.6% | -0.5% | 3.5% | 1.6% | 3.9% | 2.4% |
| Ara | ||||||||||
| Euro | 9.1% | 5.0% | 7.0% | 14.9% | 9.6% | |||||
| COP | 13.0% | 18.1% | 15.6% | 19.5% | 16.9% | 3.0% | 7.7% | 5.3% | 6.2% | 5.6% |
| Total JM | ||||||||||
| Euro | 3.8% | 9.6% | 6.7% | 7.9% | 7.1% | |||||
| Excl. FX | 1.9% | 10.0% | 6.0% | 7.9% | 6.6% | -2.2% | 5.4% | 1.6% | 3.8% | 2.4% |
STORE NETWORK
| Number of Stores | 2024 | Openings | Closings | ||||
|---|---|---|---|---|---|---|---|
| Q1 25 | Q2 25 | Q3 25 | 9M 25 | 9M 25 | 9M 24 | ||
| Biedronka ** | 3,730 | 56 | 25 | 30 | 12 | 3,829 | 3,659 |
| Hebe *** | 381 | 5 | 5 | 5 | 3 | 393 | 370 |
| Pingo Doce | 489 | 1 | 2 | 2 | 0 | 494 | 485 |
| Recheio | 43 | 0 | 0 | 0 | 0 | 43 | 43 |
| Ara **** | 1,438 | 9 | 87 | 39 | 6 | 1,567 | 1,377 |
| Sales Area (sqm) | Openings 2024 |
Closings Remodellings * |
9M 25 | 9M 24 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 25 | Q2 25 | Q3 25 | 9M 25 | ||||||
| Biedronka ** | 2,666,757 | 39,353 | 18,004 | 20,441 | -2,068 | 2,746,622 | 2,609,563 | ||
| Hebe *** | 97,041 | 1,285 | 1,260 | 1,249 | 596 | 100,239 | 94,264 | ||
| Pingo Doce | 578,755 | 200 | 2,480 | 1,467 | -2,960 | 585,862 | 575,689 | ||
| Recheio | 144,870 | 0 | 0 | 0 | -1,307 | 146,177 | 144,870 | ||
| Ara **** | 502,215 | 3,251 | 45,075 | 16,267 | 2,211 | 564,597 | 478,564 |
Includes adjustments to sales areas
Excluding the stores and selling area related to 26 Micro Fulfilment Centres (MFC) to supply Biek's operation (ultra-fast delivery)
Includes 7 stores outside Poland
Includes 70 Bodegas del Canasto (B2B)
CAPEX
| (€ Million) | 9M 25 Weight | 9M 24 Weight | ||
|---|---|---|---|---|
| Biedronka | 388 | 48% | 253 | 39% |
| Distribution Portugal | 172 | 21% | 220 | 34% |
| Ara | 144 | 18% | 107 | 16% |
| Others | 112 | 14% | 68 | 11% |
| Total CAPEX | 816 | 100% | 648 | 100% |
2. Notes
Like For Like (LFL) sales: sales made by stores and e-commerce platforms operated under the same conditions in the two periods. Excludes stores opened or closed in one of the two periods. Sales of stores that underwent profound remodelling are excluded for the remodelling period (store closure).
3. INCOME STATEMENT
Reconciliation notes
Following ESMA guidelines on Alternative Performance Measures from October 2015
| Income Statement in this Release (Management View) |
Consolidated Income Statement by Functions (in Consolidated Report and Accounts) First Nine Months 2025 Results |
|---|---|
| Net Sales and Services | Net sales and services |
| Gross Profit | Gross profit |
| Operating Costs | Includes headings of Distribution costs; and Administrative costs, excluding €-848 million related with Depreciations and amortisations (note - Segments Reporting) |
| EBITDA | |
| Depreciation | Value reflected in the note - Segments Reporting |
| EBIT | |
| Net Financial Costs | Net financial costs |
| Gains/Losses in Joint Ventures and Associates |
Gains (losses) in joint ventures and associates |
| Other Profits/Losses | Includes headings of Other operating profits/losses; Gains (losses) on disposal of business (when applicable); and Gains (losses) in other investments (when applicable) |
| EBT | Profit before taxes |
| Income Tax | Income tax |
| Net Profit | Profit before non-controlling interests |
| Non-Controlling Interests | Non-Controlling interests |
| Net Profit Attributable to JM | Net profit attributable to Jerónimo Martins Shareholders |
BALANCE SHEET
Following ESMA guidelines on Alternative Performance Measures from October 2015
| Balance Sheet in this Release |
Consolidated Balance Sheet at 30 September 2025 (in Consolidated Report and Accounts) |
|---|---|
| Net Goodwill | Amount reflected in heading Intangible assets |
| Net Fixed Assets | Includes the headings Tangible and Intangible assets (excluding the Net goodwill of €646 million); and adding the Financial leases (€165 million) |
| Net Rights of Use (RoU) | Includes the heading Rights of use excluding the Financial leases (€165 million) |
| Total Working Capital | Includes the headings Current trade debtors, accrued income and deferred costs; Inventories; Biological assets; Trade creditors, accrued costs and deferred income; Employee benefits; and also, €-68 million related to 'Others' due to its operational nature. Excludes €-13 million related with Interest accruals and deferrals heading (note - Net financial debt), and €70 million of Short-term investments that do not qualify as cash equivalents (note - Debtors, accruals and deferrals) |
| Others | Includes the headings Investment property; Investments in joint ventures and associates; Other financial investments; Non-Current trade debtors, accrued income and deferred costs; Deferred tax assets and liabilities; Income tax receivable and payable; Provisions for risks and contingencies. Excludes €-68 million related to 'Others' due to its operational nature |
| Invested Capital | |
| Total Borrowings | Includes the heading Borrowings current and non-current |
| Financial Leases | Includes the heading of Financial leases (2025: €153 million) according with IAS 17 in place before IFRS16 adoption |
| Capitalised Operating Leases | Amount in the heading of Lease liabilities current and non current, excluding Financial leases (heading above) |
| Accrued Interest | Includes the headings Derivative financial instruments and €-13 million related with Interest accruals and deferrals (note - Net financial debt) |
| Cash and Cash Equivalents | Includes the heading Cash and cash equivalents; and € 70 million of Short-term investments that do not qualify as cash equivalents (note - Debtors, accruals and deferrals) |
| Net Debt | |
| Non-Controlling Interests | Non-Controlling interests |
| Share Capital | Share capital |
| Reserves and Retained Earnings |
Includes the headings Share premium; Own shares; Other reserves; and Retained earnings |
| Shareholders' Funds |
CASH FLOW
Following ESMA guidelines on Alternative Performance Measures from October 2015
| Cash Flow in this Release |
Consolidated Cash Flow Statement (in Consolidated Report and Accounts) First Nine Months 2025 |
|---|---|
| EBITDA | Includes the headings Cash generated from operations before changes in working capital, including headings which did not generate cash flow, and excluding profit and losses that do not have operational nature (€57 million) |
| Capitalised Operating Leases Payment |
Included in the heading Leases paid, excluding €9 million related with the payment of financial leases according with previous accounting standards |
| Interest Payment | Includes the headings of Loans interest paid; Leases interest paid; and Interest received |
| Income Tax | Income tax paid |
| Funds from Operations | |
| Capex Payment | Includes the headings Disposal of tangible and intangible assets; Disposal of other financial investments and investment property; Acquisition of tangible and intangible assets; Acquisition of other financial investments and investment property; and Acquisition of businesses. It also includes acquisitions of tangible assets classified as finance leases under previous accounting standards (€-34 million) |
| Change in Working Capital | Includes Changes in working capital |
| Others | Includes the headings Disposal of business (when applicable); and Profit and losses which generated cash flow, although not having operational nature (€-57 million) |
| Cash Flow | Corresponds to the Net change in cash and cash equivalents, deducted from Dividends paid; Acquisition of subsidiaries to non-controlling interests; Net change in loans; and Net change in Short-term investments that do not qualify as cash. It also includes acquisitions of tangible assets classified as finance leases (€-34 million); and deducted from the payment of financial leases (€9 million), both according with previous accounting standards |
Jerónimo Martins, SGPS, S.A.
Head office: Rua Actor António Silva, n. º7, 1649-033 Lisboa | Share Capital: Euro 629.293.220,00 Registered at the C.R.C. of Lisbon and Tax Number: 500 100 144 www.jeronimomartins.com
This release includes, in Appendix 1, for comparison purposes,
the Financial Statements excluding the effect of the IFRS16.
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